Private Equity Portfolio Performance As of March 31, 2018

California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018

CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* ACON Equity Partners III, L.P. 2012 70,000,000 53,754,160 5,702,519 5.75 ACON Equity Partners IV, LP 2016 50,000,000 11,322,965 2,856,389 (41.99) Acon-Bastion Partners II, L.P. 2006 40,000,000 37,183,693 63,449,683 13.21 Advent Central & Eastern Europe IV LP 2008 100,024,323 78,087,390 48,559,263 (9.14) Advent International GPE VI LP 2008 271,014,851 271,014,851 427,289,807 16.27 Advent International GPE VIII-D L.P. 2016 150,000,000 73,725,000 0 5.38 Affinity Asia Pacific Fund III, L.P. 2007 150,000,000 141,505,804 175,604,729 10.73 Affinity Asia Pacific Fund V (NO.2) L.P. 2018 200,000,000 0 0 0.00 AG Capital Recovery Partners V, L.P. 2006 50,000,000 46,750,000 52,756,982 2.86 AG Capital Recovery Partners VI, L.P. 2008 100,000,000 100,000,000 142,032,622 7.41 AG Capital Recovery Partners VII, L.P. 2010 164,208,774 164,208,982 196,496,609 5.08 Alchemy Plan (Estrellita) L.P. 2002 259,509,125 259,515,793 301,963,646 3.50 Alchemy Special Opportunities Fund III 2014 56,253,693 34,630,998 5,715,068 9.56 Alchemy Special Opportunities Fund IV L.P. 2018 94,688,997 0 0 0.00 AlpInvest C Fund, L.P. 2018 100,000,000 36,228,888 0 (0.84) AlpInvest Co-Investment Fund (Onshore) VII, L.P. 2017 150,000,000 15,830,007 1,338 (1.70) Alta Communications IX, L.P. 2003 40,000,000 38,000,000 28,228,368 (3.03) Alta V Limited Partnership 1992 20,000,000 20,000,000 45,540,989 24.53 Apax Europe V 2001 115,649,884 115,617,147 248,668,795 36.06 Apax Europe VI - A, L.P. 2005 314,889,368 308,387,154 558,079,723 12.92 Apax Europe VII 2007 524,100,834 518,532,420 582,729,053 4.82 APAX Excelsior VI, L.P. 2000 100,000,000 98,422,784 162,486,894 11.81 Apax IX USD L.P. 2017 300,000,000 132,834,410 1,493,405 13.30 Apollo Investment Fund IX, L.P. 2018 300,000,000 0 0 0.00 Apollo Investment Fund VI, L.P. 2006 250,000,000 239,549,952 350,315,562 8.83 Apollo Investment Fund VII, L.P. 2008 350,000,000 300,308,679 531,521,603 23.38 ARCH Venture Fund VI, L.P. 2004 30,000,000 30,005,018 21,214,924 1.04 Ares Capital Europe II (D), L.P. 2013 50,000,000 41,203,083 20,253,807 7.53 Ares Corporate Opportunities Fund IV, L.P. 2012 150,000,000 125,255,774 55,260,619 15.11 Ares Corporate Opportunities Fund V, L.P. 2017 300,000,000 87,807,065 0 (8.51) Ares Euro Credit Strat Fund (C), L.P.-MA 2013 49,579,849 28,669,335 9,865,319 6.07 Arsenal Capital Partners IV 2016 83,000,000 34,708,454 88,968 12.23 Ascent Capital Holdings, LLC 2007 60,000,000 60,618,407 14,292,535 (11.00) ASF VII B L.P. 2015 250,000,000 75,507,003 1,191,655 20.89 Asper Renewable Power Partners 2 A L.P. 2010 62,888,483 51,522,204 9,854,325 (4.51) Asper Renewable Power Partners L.P. 2006 60,948,495 59,162,080 46,772,548 (4.47) Atria Private Equity Fund III FC PR 2007 39,572,538 26,611,155 16,639,355 (7.03) Avenue Special Situations Fund V, LP 2007 250,000,000 250,486,693 333,584,249 11.11 Bain Capital Asia Fund II, LP 2012 75,000,000 56,756,529 59,342,463 25.86 Bain Capital Asia Fund III, L.P. 2016 125,000,000 79,687,500 32,359,151 81.16 Bain Capital Asia Fund, L.P. 2007 25,000,000 23,974,820 33,149,107 7.56 Bain Capital Fund IX, L.P. 2006 100,000,000 97,500,000 135,160,325 6.45 Bain Capital Fund X, LP 2008 400,000,000 390,545,866 494,959,590 9.74 Bain Capital IX Coinvestment Fund, LP 2006 50,000,000 49,300,000 76,937,508 10.16 Bain Capital X Coinvestment Fund, LP 2008 14,000,000 12,250,000 12,009,879 3.39 BC European Capital IX 2011 259,346,002 258,222,161 154,387,742 12.88 BC European Capital VIII, L.P. 2005 607,873,468 582,415,564 685,435,019 4.60 BC European Capital X-8 LP 2017 304,315,051 70,867,186 0 (4.90) BC Partners VII, L.P. 2000 323,079,349 323,203,189 822,215,324 23.92 Blackstone - GSO Capital Solutions LP 2009 250,000,000 225,345,916 292,983,711 10.73 Blackstone Capital Partners IV, L.P. 2003 200,000,000 182,701,235 493,011,764 35.97 Blackstone Capital Partners V L.P. 2006 1,600,000,000 1,577,531,296 2,506,406,554 8.37 Blackstone Capital Partners VI, L.P. 2011 300,000,000 273,373,023 128,725,033 14.18 Blackstone Capital Partners VII L.P. 2016 450,000,000 116,489,515 6,476,359 16.31 Blackstone Communications Partners I, LP 2000 250,000,000 250,293,431 310,940,617 6.56 Blackstone Core Equity Partners CA - L.P. 2017 500,000,000 144,616,807 0 2.91 Blackstone Energy Partners II L.P. 2015 100,000,000 48,202,070 957,521 11.17 Blackstone Tactical Opportunities Fund - S L.P. 2017 250,000,000 205,691,773 20,397,734 17.95 Blue Run Ventures IV, L.P. 2008 23,595,506 22,651,685 50,185,193 29.01 Blue Run Ventures V, LP 2014 19,005,882 13,874,294 0 (0.33) *The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing chracteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds. 1 California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018

CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* Blue Run Ventures, L.P. 2005 31,415,730 31,101,573 40,316,345 5.55 BRV Opportunities Fund, L.P. 2015 2,710,843 2,006,024 282,015 9.66 BRV VI, L.P. 2017 16,807,229 3,361,446 0 (9.77) CalSTRS California Impact Fund, LLC 2003 75,000,000 63,008,681 50,431,914 0.26 CalSTRS Lower Middle Market Fund III, LLC 2007 200,000,000 180,258,012 147,796,238 7.97 CalSTRS Lower Middle Market Fund IV, LLC 2011 200,000,000 167,319,362 83,460,335 14.62 CalSTRS Lower Middle Market Fund V, L.P. 2014 100,000,000 52,520,394 3,048,209 10.72 CalSTRS Lower Middle Market Fund VI, L.P. 2018 250,000,000 0 0 0.00 CalSTRS New&Next Gen. Manager Fund II 2008 200,000,000 132,073,738 67,326,734 9.10 CalSTRS New&Next Gen. Manager Fund III 2012 250,000,000 134,117,358 7,920,792 8.71 CalSTRS New&Next Generation Manager Fund 2005 100,000,000 74,225,656 90,793,589 8.77 CalSTRS New&Next Generation Manager Fund IV, L.P. 2017 250,000,000 13,861,386 0 (50.05) Capital Partners III, L.P. 2014 22,500,000 20,850,503 1,453,547 3.14 Capital Partners IV, L.P. 2017 25,000,000 3,462,500 0 16.47 Carlyle Asia Partners V, L.P. 2018 250,000,000 0 0 0.00 Carlyle Europe Partners III, L.P. 2007 523,545,277 515,362,960 822,126,070 11.45 Carlyle Europe Partners IV, L.P. 2015 173,363,701 98,773,580 8,169,440 18.34 Carlyle Partners IV, L.P. 2005 100,000,000 91,995,351 190,493,710 12.96 Carlyle Partners V, L.P. 2007 500,000,000 442,490,894 735,964,558 13.71 Carlyle Partners VI, L.P. 2013 250,000,000 222,924,363 34,068,344 12.52 Carlyle Partners VII, L.P. 2018 500,000,000 0 0 0.00 Carlyle U.S. Equity Opportunity Fund II, L.P. 2015 150,000,000 60,987,577 591,773 7.81 Castlelake II, L.P. 2012 50,000,000 46,663,983 35,176,369 10.38 Castlelake III, L.P. 2014 100,000,000 92,598,965 24,876,832 13.27 Castlelake IV, L.P. 2015 150,000,000 130,367,826 965,835 25.49 Castlelake V, L.P. 2018 200,000,000 16,339,869 0 11.03 Centerbridge Capital Partners II, LP 2011 225,000,000 198,176,503 89,594,036 2.84 Centerbridge Capital Partners III, L.P. 2015 250,000,000 132,840,408 21,031,413 12.14 Centerbridge Capital Partners, LP 2006 150,000,000 139,340,109 293,288,278 19.52 Centerbridge Special Credit III - Flex 2018 87,500,000 0 0 0.00 Centerbridge Special Credit Partners II, L.P. 2012 250,000,000 225,000,000 163,204,542 2.70 Centerbridge Special Credit Partners III, L.P. 2016 37,500,000 20,625,000 445 3.54 Centerbridge Special Credit Partners, LP 2009 250,000,000 163,389,265 306,421,466 13.99 Cerberus Institutional (INTL) Series 1 2008 151,410,000 130,180,362 173,065,783 10.25 Cerberus Institutional (Series Four) LP 2007 500,000,000 462,475,952 713,371,296 9.18 Cerberus Institutional (Series Three) 2003 100,000,000 63,775,341 139,724,479 12.70 Charterhouse Capital VIII, L.P. 2006 134,570,061 122,558,717 117,495,234 (0.64) Clayton, Dubilier & Rice Fund IX, L.P. 2014 200,000,000 160,939,723 66,793,847 17.82 Clayton, Dubilier & Rice Fund VII, L.P. 2005 100,000,000 91,948,825 192,830,720 11.51 Clayton, Dubilier & Rice Fund X, L.P. 2018 250,000,000 24,885,509 0 (15.07) Clearstone Venture Partners III-A, L.P. 2004 35,000,000 33,950,000 17,960,362 6.15 Coller International Partners VI, L.P. 2012 100,000,000 71,126,733 71,554,265 16.47 Coller International Partners VII, L.P. 2016 150,000,000 46,826,712 0 43.56 Cortec Group Fund IV, L.P. 2006 58,641,176 53,524,565 112,925,014 13.89 Cortec Group Fund V, L.P. 2011 60,000,000 61,124,230 24,922,536 37.32 Cortec Group Fund VI, L.P. 2015 100,000,000 48,006,484 391,087 (6.51) Craton Equity Investors I, L.P. 2007 30,000,000 29,998,306 3,279,226 (30.27) Craton Equity Investors II, L.P. 2012 15,266,668 11,479,860 329 (20.83) CVC Capital Partners Asia Pacific II LP 2005 100,000,000 95,376,432 67,503,560 (5.25) CVC Capital Partners Asia Pacific III LP 2008 200,000,000 165,761,811 253,976,951 13.68 CVC Capital Partners Asia Pacific IV 2014 125,000,000 56,915,532 3,416,588 13.56 CVC Capital Partners VII (A), LP 2018 307,462,603 0 0 0.00 CVC European Equity Partners III L.P. 2001 200,000,000 198,037,443 555,947,278 40.61 CVC European Equity Partners IV, L.P. 2005 389,056,204 348,802,910 701,085,652 16.77 CVC European Equity Partners Tandem Fund 2007 515,052,116 474,963,890 644,997,914 6.83 CVC European Equity Partners V, L.P. 2008 417,612,075 364,470,310 569,996,346 15.39 CVI Credit Value Fund A III 2015 100,000,000 75,000,000 0 13.82 CVI Global Value Fund, L.P. 2007 196,000,000 186,794,533 255,207,357 6.83 Cypress Merchant Banking Partners II, L.P. 1999 250,000,000 262,116,559 254,256,007 (0.50) DCM IV 2004 15,000,000 15,000,000 14,935,149 5.31 *The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing chracteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds. 2 California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018

CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* ECI 10 A LP 2015 41,878,651 26,307,572 1,678,030 (4.88) ECI 9 A L.P. 2009 15,906,170 14,643,650 22,510,874 21.47 EnCap Energy Capital Fund IX, L.P. 2013 150,000,000 133,329,120 74,976,886 14.58 EnCap Energy Capital Fund VI, L.P. 2006 150,000,000 149,267,946 262,651,918 23.11 EnCap Energy Capital Fund VII, L.P. 2007 250,000,000 250,004,703 318,135,844 14.51 EnCap Energy Capital Fund VIII Co-Investors 2011 75,270,000 66,148,505 22,065,303 (2.70) EnCap Energy Capital Fund VIII, L.P. 2010 200,000,000 186,505,805 101,805,543 (3.66) EnCap Energy Capital Fund X, L.P. 2015 200,000,000 134,914,083 16,135,429 13.21 EnCap Energy Capital Fund XI 2017 300,000,000 21,209,012 0 (44.96) Encap Flatrock Midstream Fund III 2014 60,000,000 33,468,274 22,751,341 24.50 Encap Flatrock Midstream Fund IV 2018 91,000,000 3,652,264 0 (9.13) Energy Capital Partners I, L.P. 2006 220,000,000 202,410,686 101,160,567 (12.60) Energy Capital Partners II-A 2009 100,000,000 70,622,258 79,438,036 11.76 Energy Capital Partners III-A, LP 2014 200,000,000 182,057,117 7,445,396 11.84 Energy Spectrum Partners VI, L.P. 2011 75,000,000 61,327,834 41,433,870 5.07 Energy Spectrum Partners VII, L.P. 2014 75,000,000 37,435,604 0 28.55 Equistone Partners Europe Fund IV F L.P. 2012 64,713,739 62,824,472 63,325,928 16.39 Equistone Partners Europe Fund V "D" L.P 2015 131,760,446 109,285,057 0 15.22 Equistone Partners Europe Fund VI "E" SCSp 2018 166,029,805 0 0 0.00 FCO MA II LP 2010 195,000,000 119,642,984 196,261,867 18.05 FCO MA III, L.P. PE 2012 200,000,000 164,475,838 138,768,318 10.66 FCO MA IV L.P. PE 2015 200,000,000 97,798,497 16,527,590 10.31 First Reserve Fund X, L.P. 2004 200,000,000 200,000,000 364,857,999 30.45 First Reserve Fund XI, L.P. 2006 800,000,000 806,101,221 484,616,198 (8.40) First Reserve Fund XII, L.P. 2008 800,000,000 794,081,953 358,638,671 (8.12) First Reserve Fund XIII, L.P. 2014 200,000,000 98,205,932 19,668,120 12.11 FondInvest VI 2002 29,356,793 28,300,548 53,080,315 23.10 Fortress Credit Opportunities Fund II(A) 2010 5,000,000 3,244,334 5,066,807 16.84 FountainVest China Capital Partners Fund III, LP 2017 150,000,000 39,781,470 0 (39.29) FountainVest China Growth Cap Fund II LP 2013 45,000,000 37,662,441 15,518,787 15.88 FountainVest China Growth Capital Fund, L.P. 2008 50,000,000 44,508,983 29,552,593 9.03 Francisco Partners Agility, L.P. 2017 50,000,000 9,625,000 0 171.79 Francisco Partners III, L.P. 2011 75,000,000 68,817,046 94,195,177 20.86 Francisco Partners IV, L.P. 2015 140,000,000 136,430,000 0 21.67 Francisco Partners V, L.P. 2018 200,000,000 0 0 0.00 Frazier Healthcare Ventures V, L.P. 2005 47,473,830 47,473,830 73,462,596 15.56 FS Equity Partners IV, L.P. 1998 87,500,000 87,227,940 149,629,138 12.85 FS Equity Partners V, L.P. 2003 95,000,000 76,713,138 154,320,791 15.35 Genstar Capital Partners V, L.P. 2007 70,000,000 63,616,450 128,770,093 15.06 GGV Capital IV, L.P. 2011 60,000,000 60,710,631 21,925,288 20.47 GGV Capital Select, L.P 2015 50,000,000 32,250,000 0 11.03 GGV Capital V L.P. 2014 50,000,000 48,400,857 9,867,697 30.18 GGV Capital VI Plus, L.P. 2018 15,000,000 525,000 0 (0.02) GGV Capital VI, L.P. 2016 45,000,000 18,900,000 0 16.39 GI Partners V, L.P. 2018 250,000,000 40,912,321 0 (0.61) Giza Venture Fund IV 2006 20,000,000 20,173,813 7,989,879 (11.85) Giza Venture Fund V 2008 12,400,000 12,400,000 14,428,200 25.65 Gores Capital Partners II, L.P. 2007 100,000,000 94,863,550 111,219,347 7.90 Gores Small Capitalization Partners, L.P. 2012 30,000,000 22,563,657 19,566,775 15.22 GSO Capital Opportunities Fund II, LP 2011 250,000,000 192,783,638 135,850,933 13.60 GSO Capital Opportunities Fund III 2016 250,000,000 79,668,851 20,953,097 13.35 GSO Capital Opportunities Fund, L.P. 2008 100,000,000 97,413,810 160,453,746 17.27 GSO Capital Solutions Fund II, L.P. 2014 125,000,000 71,115,967 40,430,731 12.77 GSO Capital Solutions Fund III LP 2018 250,000,000 0 0 0.00 GSO COF III Co Investment Fund LP 2017 250,000,000 35,677,243 5,946,983 11.90 GSO CSF III Co-Investment Fund LP 2018 250,000,000 0 0 0.00 Hellman & Friedman Capital Partners V, L.P. 2004 100,000,000 89,943,097 237,997,156 27.45 Hellman & Friedman Capital Partners VI, L.P. 2007 200,000,000 193,306,491 317,866,231 13.23 Hellman & Friedman Capital Partners VII, L.P. 2011 100,000,000 95,056,408 84,209,044 24.86 *The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing chracteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds. 3 California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018

CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* Hellman & Friedman Capital Partners VIII, L.P. 2016 200,000,000 94,284,092 11,234,421 37.28 HgCapital 7 C L.P. 2013 74,032,950 69,463,009 23,846,234 15.29 HgCapital 8 A L.P. 2018 95,390,397 0 0 0.00 HGGC III 2017 100,000,000 22,839,230 0 13.74 Hony Capital Fund 2008, L.P. 2008 50,000,000 47,176,362 19,522,569 (1.96) Hony Capital Fund V, L.P. 2011 75,000,000 76,857,083 5,567,130 7.99 Huntsman Gay Capital Partners Fund, LP 2008 100,000,000 96,275,476 117,593,248 14.86 ICV Partners II, L.P. 2006 25,000,000 24,430,330 40,943,715 13.18 ICV Partners III, L.P. 2013 40,000,000 37,915,578 5,801,885 10.65 ICV Partners IV, L.P. 2018 60,000,000 0 0 0.00 Institutional Venture Partners XII, L.P. 2007 50,000,000 50,000,000 112,994,553 25.87 InterWest Partners IX, L.P. 2005 40,000,000 40,000,000 42,847,597 4.93 InterWest Partners VIII, L.P. 2000 75,000,000 75,000,000 38,861,111 (3.81) Investitori Associati IV 2004 34,132,172 33,809,720 17,694,511 (9.05) Irving Place Capital Partners III, L.P. 2006 175,000,000 130,829,221 155,240,052 2.80 Italian Private Equity Fund IV, LP 2003 42,562,724 35,721,344 32,151,470 (1.57) J.H. Whitney IV, L.P. 1999 100,000,000 85,289,686 33,470,651 (10.80) J.H. Whitney VI, L.P. 2005 75,000,000 74,296,328 62,914,516 (0.83) JMI Equity Fund V, L.P. 2005 30,000,000 30,000,000 152,719,707 38.82 JMI Equity Fund VI, L.P. 2007 50,000,000 50,000,000 83,020,648 11.21 JMI Equity Fund VII, L.P. 2011 50,000,000 48,900,000 33,320,581 13.42 JMI Equity Fund VIII, L.P. 2015 100,000,000 64,800,000 13,754,514 17.63 KKR 2006 Fund L.P. 2007 300,000,000 312,214,948 409,162,927 7.65 KKR Americas Fund XII L.P. 2017 300,000,000 37,929,577 0 (33.58) KKR Asian Fund III 2018 180,000,000 12,638,441 0 (23.88) KKR North America Fund XI 2013 150,000,000 141,550,173 51,125,527 20.90 LAV Biosciences Fund IV, L.P. 2017 40,000,000 14,450,749 0 6.54 Littlejohn Fund V, L.P. 2014 75,000,000 53,717,310 202,449 8.85 M/C Venture Partners V, LP 2000 75,000,000 74,597,584 119,939,248 8.29 M2 Private Equity Fund-of-Funds II, L.P. 2014 100,000,000 65,864,889 19,532,373 6.44 Madison Dearborn Capital Partners IV, LP 2001 300,000,000 301,958,775 561,931,750 14.08 Madison Dearborn Capital VII-A/B 2015 200,000,000 65,895,579 2,210,302 7.09 MatlinPatterson Global Opps. Ptnrs. III 2007 250,000,000 243,991,975 230,058,859 5.37 MBK Partners IV 2017 155,000,000 47,057,742 0 8.00 Nautic Partners V, L.P. 2000 200,000,000 193,640,339 395,167,727 16.87 Navis Asia Fund IV, L.P. 2005 30,000,000 30,528,989 44,096,398 7.19 Navis Asia Fund V, L.P. 2007 100,000,000 99,784,412 135,950,848 7.86 NEA 15 Opportunity Fund, L.P. 2015 35,000,000 23,012,500 4,008,950 12.87 New Enterprise Associates 14, L.P. 2012 160,000,000 150,400,000 24,949,931 18.06 New Enterprise Associates 15, LP 2015 195,000,000 151,125,000 0 25.79 New Enterprise Associates 16, LP 2017 300,000,000 51,750,000 0 0.93 New Enterprise Associates IX, L.P. 1999 60,000,000 58,800,000 23,263,489 (5.98) New Enterprise Associates VII, L.P. 1996 40,000,000 40,000,000 136,274,900 63.71 New Enterprise Associates X, L.P. 2000 200,000,000 200,000,000 183,983,620 3.35 New Enterprise Associates XI, L.P. 2004 75,000,000 75,000,000 171,731,712 15.11 New Enterprise Associates XII, L.P. 2006 160,000,000 157,600,000 186,451,848 6.78 New Enterprise Associates XIII, LP 2009 65,000,000 62,725,000 50,743,924 13.52 New Enterprises Associates VIII A, L.P. 2001 25,000,000 25,000,000 17,332,667 (2.63) New Enterprises Associates VIII, L.P. 1998 50,000,000 50,000,000 78,932,772 30.64 Newbridge Asia IV, LP 2005 150,000,000 140,119,143 314,297,152 16.77 NGEN II, L.P. 2005 15,000,000 14,435,912 966,186 (49.46) Nogales Investors Fund I, LP 2004 25,000,000 27,735,637 17,887,512 (8.17) Nogales Investors Fund II, LP 2007 30,000,000 10,940,106 1,269,035 (24.30) Oak Investment Partners XI, L.P. 2004 75,000,000 75,021,869 46,629,814 (0.35) Oaktree European Principal Fund III U.S. 2011 75,000,000 53,312,196 20,792,858 12.01 OCM Opportunities Fund IVb, L.P. 2002 100,000,000 48,610,586 124,479,793 43.91 OCM Opportunities Fund V, L.P. 2004 50,000,000 50,026,301 81,609,714 13.97 OCM Opportunities Fund VI, L.P. 2005 50,000,000 50,000,000 79,075,017 8.72 OCM Opportunities Fund VII, L.P. 2007 115,640,000 115,640,000 149,394,412 7.43

*The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing chracteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds. 4 California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018

CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* OCM Opportunities Fund VIIb, L.P. 2008 300,000,000 230,783,818 405,923,496 16.48 Olympus Growth Fund V, L.P. 2008 75,000,000 69,957,881 122,205,389 15.87 Olympus Growth Fund VI, L.P. 2014 250,000,000 155,900,925 37,304,481 17.65 Olympus Growth Fund VII, L.P. 2018 350,000,000 0 0 0.00 ONCAP III LP 2011 26,945,071 23,629,756 5,187,006 15.55 Onex Partners I, L.P. 2004 100,000,000 95,111,441 272,961,025 38.00 Onex Partners II, L.P. 2006 150,000,000 133,172,609 241,261,147 13.33 Onex Partners III, L.P. 2008 175,000,000 158,421,830 201,152,399 14.23 Onex Partners IV, L.P. 2014 200,000,000 151,922,733 10,370,053 2.20 Onex Partners V, L.P. 2018 250,000,000 0 0 0.00 OrbiMed Private Investments IV, L.P. 2010 40,000,000 36,224,776 59,874,833 35.13 OrbiMed Private Investments V 2013 40,000,000 37,121,682 37,121,682 53.97 PAG Asia I LP 2011 125,000,000 112,849,100 83,303,085 21.14 PAG Asia II LP 2016 150,000,000 79,881,125 0 24.44 Palladium Equity Partners III, L.P. 2006 90,000,000 80,746,245 122,100,330 16.69 Palladium Equity Partners IV, L.P. 2012 90,000,000 73,694,798 31,362,514 15.29 Paul Capital VIII-B, L.P. 2004 50,000,000 49,246,837 64,443,523 8.39 Peak Rock Capital Credit Fund II L.P. 2017 20,000,000 954,448 208,591 (4.25) Peak Rock Capital Fund II L.P. 2017 80,000,000 4,349,981 12,310 22.86 Peak Rock Capital Fund LP 2013 50,000,000 39,345,528 28,593,729 39.96 Permira Europe II 2000 310,169,279 310,169,279 614,299,139 23.52 Permira Europe III 2004 398,115,773 398,115,773 657,013,992 24.16 Permira IV 2006 953,594,984 935,946,631 1,377,562,517 8.67 Permira V, L.P. 2014 269,567,357 252,546,612 50,944,529 14.65 Permira VI, L.P.1 2016 361,437,048 90,623,988 0 20.21 Phildrew Ventures Fourth Fund B 1995 20,221,808 20,270,948 11,880,019 (14.44) Pond Ventures III, L.P. 2006 10,000,000 9,101,510 17,063,178 13.04 Prism Venture Partners V, L.P. 2005 25,016,853 25,016,853 15,048,494 (8.83) Providence Equity Partners V, L.P. 2005 350,000,000 319,340,153 389,741,508 3.26 Providence Equity Partners VI, L.P. 2007 700,000,000 665,414,244 673,079,427 6.15 Quadrangle Capital Partners II, L.P. 2005 100,000,000 85,798,933 118,519,941 6.92 Riverstone/Carlyle Renewable and Alternative Energy Fund II, L.P. 2008 300,000,000 223,473,363 146,091,782 4.53 RRJ Capital Master Fund III, L.P. 2015 200,000,000 121,955,104 6,799,172 12.68 Sankaty Credit Opportunities II, L.P. 2005 75,000,000 75,000,000 92,531,260 3.86 Sankaty Credit Opportunities III, LP 2007 300,000,000 300,000,000 319,363,411 1.97 Sankaty Credit Opportunities IV, L.P. 2008 250,000,000 237,500,000 319,498,095 11.56 Shasta Ventures II, L.P. 2008 22,500,000 21,375,000 15,616,661 18.47 Shasta Ventures III, L.P. 2012 26,500,000 23,850,000 1,760,226 6.94 Shasta Ventures IV, L.P. 2014 25,000,000 18,750,000 2,938,365 1.65 Shasta Ventures V, L.P. 2017 35,000,000 12,250,000 0 (2.72) Shasta Ventures, L.P. 2005 21,000,000 21,001,810 18,321,813 1.83 Sofinnova Venture Partners IX 2014 50,000,000 36,000,000 3,962,977 13.83 Sofinnova Venture Partners VII 2007 30,000,000 30,000,000 43,849,279 14.12 Sofinnova Venture Partners VIII, L.P. 2011 30,000,000 29,100,000 31,450,976 26.11 Spectrum Equity Investors V, L.P. 2006 101,839,889 95,474,896 218,737,085 17.72 Spectrum Equity Investors VI, L.P. 2010 70,000,000 64,382,902 104,576,619 19.68 Spectrum Equity VII, L.P. 2014 105,000,000 96,378,112 38,009,877 29.10 Spectrum Equity VIII-A, L.P. 2018 110,000,000 0 0 0.00 Spectrum VIII-A Discretionary Overage Program 2018 20,000,000 0 0 0.00 SSG Capital Partners III, LP 2014 75,000,000 60,541,405 23,095,271 10.71 SSG Capital Partners IV 2017 150,000,000 41,264,633 729,404 6.55 Strategic Investors Fund VIII-B, L.P. 2016 40,000,000 10,420,820 6,672 (10.19) Strategic Investors V-B, L.P. 2012 43,711,765 36,523,793 6,346,973 15.96 Strategic Investors VI-A 2013 45,000,000 40,119,772 1,810,688 12.21 Strategic Investors VII-A 2015 47,000,000 32,979,900 0 4.95 Strategic Partners Fund VII, L.P. 2016 250,000,000 107,260,556 8,414,464 93.01 Summit Accelerator Fund, L.P. 1999 10,000,000 9,873,887 16,918,290 9.70 Summit Partners Credit Fund B-2, L.P. 2014 120,000,000 73,771,703 18,119,231 11.05 Summit Partners Europe Growth Equity Fund II, SCSP 2018 61,421,195 2,695,838 0 (36.97) Summit Partners Europe PE Fund 2009 62,249,267 56,873,879 49,067,149 15.37 Summit Partners Growth Eqty Fd IX-A,L.P. 2017 200,000,000 45,800,000 19,947,251 66.17 *The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing chracteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained 5 herein has been reviewed or approved by the General Partners of the Funds. California State Teachers' Retirement System Private Equity Portfolio Performance As of March 31, 2018

CalSTRS Since Capital Capital Capital Inception Description VY Committed Contributed Distributed IRR* Summit Partners Growth Equity Fund VIII-A, L.P. 2012 100,000,000 87,811,726 71,510,305 24.92 Summit Partners Private Equity Fund VII-A, L.P. 2006 100,000,000 100,000,000 148,237,176 12.37 Summit Partners Venture Capital Fund IV-A, L.P. 2016 50,000,000 19,356,575 7,050,895 32.21 Summit Partners Venture Capital II-A, LP 2006 15,000,000 14,775,000 30,529,983 19.54 Summit Partners Venture Capital III-A 2012 20,000,000 18,735,459 17,027,905 18.81 Summit Subordinated Debt Fund III, L.P. 2004 30,000,000 28,572,623 38,461,860 9.35 Summit Subordinated Debt Fund IV, L.P. 2009 40,000,000 24,608,676 28,339,497 10.30 Summit Ventures V, L.P. 1998 45,000,000 43,425,000 60,073,145 8.06 Summit Ventures VI-A, L.P. 2001 73,000,000 73,817,096 155,829,424 15.17 Syndicated Communications Vent. Part. V 2007 20,000,000 20,278,298 227,049 (17.62) TA Subordinated Debt Fund II, L.P. 2006 42,500,000 36,975,000 47,954,278 8.11 TA Subordinated Debt Fund III, L.P. 2010 20,000,000 19,500,000 22,544,352 14.24 TA X, LP 2006 110,000,000 107,426,550 138,776,550 5.16 TA XI, L.P. 2010 80,000,000 78,600,000 105,757,014 22.12 TA XII, L.P. 2016 180,000,000 74,250,000 18,000,000 27.62 TCV V, L.P. 2004 50,000,000 49,575,000 73,754,402 10.57 TCV VI, L.P. 2006 70,000,000 69,671,000 100,059,891 13.75 TCV VII, L.P. 2008 200,000,000 196,800,000 364,862,815 23.74 Tenex Capital Partners II, L.P. 2016 75,000,000 28,805,584 2,145,607 7.57 The Resolute Fund II, L.P. 2007 350,000,000 320,054,741 336,811,642 9.05 The Resolute Fund III 2014 100,000,000 84,979,144 24,996,813 20.64 The Resolute Fund, L.P. 2002 100,000,000 95,428,191 241,626,462 16.90 Thoma Bravo Discover Fund II, L.P. 2018 100,000,000 0 0 0.00 Thoma Bravo Fund X 2012 100,000,000 85,898,067 195,503,251 37.58 Thoma Bravo Fund XI 2014 75,000,000 77,807,060 16,270,263 20.83 Thoma Bravo Fund XII, L.P. 2016 250,000,000 165,297,731 7,678,003 6.21 Thoma Bravo Special Opportunities Fund II, L.P. 2015 35,000,000 35,860,894 4,326,998 17.67 Thoma Bravo Special Opps Fund I, L.P. 2013 31,400,000 23,991,270 29,820,303 31.44 Thoma Cressey Fund VII, L.P. 2001 100,000,000 100,354,110 212,760,599 24.03 TPG Asia V, L.P. 2007 180,000,000 155,235,287 150,314,750 6.64 TPG Financial Partners, L.P. 2008 239,036,536 173,708,595 177,870,108 0.86 TPG Growth II, LP 2011 125,000,000 113,484,705 60,496,702 19.50 TPG Growth III (A), L.P. 2016 200,000,000 127,803,113 9,579,562 22.43 TPG Growth IV, L.P. 2018 200,000,000 0 0 0.00 TPG Opportunities Partners II, L.P. 2012 35,438,698 24,241,090 35,106,473 19.25 TPG Opportunities Partners III (A), L.P. 2014 150,000,000 74,700,155 10,983,075 12.14 TPG Partners III, L.P. 2000 300,000,000 255,472,950 664,771,802 24.43 TPG Partners IV, L.P. 2003 350,000,000 324,101,605 662,934,795 15.33 TPG Partners V, L.P. 2006 1,000,000,000 872,064,607 1,041,435,995 5.14 TPG Partners VI, L.P. 2008 450,000,000 421,628,065 463,112,536 10.84 Trident VII, L.P. 2017 150,000,000 16,420,479 0 (7.55) Triton Fund II L.P. 2006 67,748,054 64,809,200 139,834,339 18.91 Triton Fund IV, L.P. 2013 61,254,325 43,005,336 11,309,155 12.20 Valor Equity Partners IV, L.P. 2018 40,000,000 10,601,660 0 9.48 VantagePoint CleanTech Partners, L.P. 2006 15,211,765 15,211,765 7,731,638 (7.04) VantagePoint Venture Partners 2006 (Q) 2006 100,000,000 100,000,000 7,841,592 (15.18) VantagePoint Venture Partners III 1999 45,000,000 45,000,000 17,708,032 (15.81) VantagePoint Venture Partners IV 2000 150,000,000 150,000,000 130,420,694 (0.89) Vestar Capital Partners IV, L.P. 1999 100,000,000 97,470,858 172,238,130 13.43 Vestar Capital Partners V, L.P. 2005 150,000,000 149,891,241 163,210,161 3.92 VIP III LP 2017 187,391,249 3,552,519 0 (72.54) Vivo Capital Fund VIII, L.P. 2015 40,000,000 36,385,707 7,149,095 27.82 Vivo Capital Surplus Fund VIII, L.P. 2015 6,000,000 5,327,540 1,072,394 29.59 WCAS Capital Partners IV, L.P. 2005 150,000,000 150,000,000 188,263,266 5.60 Welsh, Carson, Anderson & Stowe X, L.P. 2005 323,961,111 317,481,885 524,794,706 8.19 Welsh, Carson, Anderson & Stowe XI, L.P. 2009 250,000,000 251,761,250 279,473,535 12.84 Welsh, Carson, Anderson & Stowe XII, L.P. 2015 150,000,000 61,907,194 14,140,409 18.90 Yucaipa Corporate Initiatives Fund 2003 150,000,000 130,251,818 43,458,452 (4.50) Yucaipa Corporate Initiatives Fund II, LP 2009 50,000,000 45,876,927 14,048,132 (1.14) *The limited partnership record keeping, including the internal rate of return or IRR, is maintained internally by CalSTRS for each limited partnership. The CalSTRS’ IRR calculation method may differ from calculation methods used by the General Partner or other Limited Partners. Differences in IRR calculations can be affected by cash flow timing, the account treatment of carried interest, partnership management fees, advisory fees, organization fees, other partnership expenses, sale of distributed stock and valuations. Importantly, there is no industry-standardized method for valuation or reporting, which makes comparisons of these numbers difficult. Additionally, the purchase of secondary interests makes for unique comparison problems due to the specific pricing and timing chracteristics of the transaction when contrasted with the Limited Partnership Investment. Until a partnership is liquidated, typically over 10 to 12 years, the IRR is only an interim estimated return. The IRR calculated for partnerships in the first three years of a partnership life are particularly not meaningful. The actual IRR performance of any limited partnership is not known until the final liquidation. Finally, please note, none of the information contained herein has been reviewed or approved by the General Partners of the Funds. 6