Private Equity Portfolio Performance Report As of March 31, 2012

California State Teachers' Retirement System Private Equity Portfolio Performance March 31, 2012 CalSTRS Since Vintage Capital Inception Description Year Capital Committed Capital Contributed Distributed IRR*

Total 38,521,723,753.95 30,725,783,132.26 21,039,189,215.64 12.35

ACON Equity Partners III LP 2011 70,000,000.00 0.00 0.00 N/A Acon-Bastion Partners II, L.P. 2006 40,000,000.00 33,974,793.00 6,541,242.00 16.61 Advent Central & Eastern Europe IV, LP 2008 103,646,859.39 57,103,952.02 0.00 (25.73) Advent International GPE VI, L.P. 2008 275,286,707.18 203,374,918.98 11,381,986.00 12.43 Affinity Asia Pacific Fund III, L.P. 2006 150,000,000.00 105,850,809.34 35,674,677.77 11.04 Alchemy Plan (Estrellita) L.P. 2002 258,985,732.44 258,154,612.44 156,127,959.47 (0.05) Alchemy Special Opps. Feeder Fund, L.P. 2006 80,329,252.19 59,646,405.83 26,038,419.63 4.75 Alta Communications IX, L.P. 2002 40,000,000.00 37,600,000.00 11,287,507.00 (4.80) Alta Communications VIII, L.P. 2000 45,000,000.00 44,100,000.00 27,911,226.00 (5.90) Alta V Limited Partnership 1992 20,000,000.00 20,000,000.00 45,540,989.12 24.54 AG Capital Recovery Partners IV, L.P. 2003 33,958,976.00 33,958,976.00 74,683,616.00 28.15 AG Capital Recovery Partners V, L.P. 2005 50,000,000.00 46,750,000.00 36,975,000.00 1.97 AG Capital Recovery Partners VI, L.P. 2008 100,000,000.00 100,000,000.00 12,056,466.00 6.78 AG Capital Recovery Partners VII, L.P. 2009 164,208,774.00 164,208,772.00 0.00 1.32 Apax Europe V 2001 115,649,883.55 115,649,883.54 230,369,390.33 36.34 Apax Europe VI - A, L.P. 2004 314,547,653.21 314,547,653.14 239,913,776.28 10.54 Apax Europe VII 2007 526,237,612.85 488,284,169.07 77,003,568.13 6.12 Apax Excelsior VI, L.P. 2000 100,000,000.00 98,422,784.00 131,749,983.00 11.79 Apollo Investment Fund VI, L.P. 2005 250,000,000.00 223,631,433.01 32,503,787.00 7.85 Apollo Investment Fund VII, L.P. 2008 350,000,000.00 221,516,694.61 53,058,761.39 21.38 ARCH Venture Fund VI, L.P. 2003 30,000,000.00 28,800,000.01 1,215,258.00 9.27 Atria Private Equity Fund III FC PR 2006 41,958,201.12 26,512,627.69 0.00 (9.50) Austin Ventures V, L.P. 1997 15,000,000.00 15,000,000.00 28,918,231.57 31.18 Austin Ventures VI, L.P. 1998 22,000,000.00 22,000,000.00 11,335,024.14 (6.37) Avenue Special Situations Fund V, LP 2007 250,000,000.00 250,000,000.00 308,350,668.00 11.25 Bain Capital Coinvest Fund X, L.P. 2007 50,000,000.00 12,250,000.00 169,578.00 (10.15) Bain Capital Fund IX, L.P. 2006 100,000,000.00 97,250,000.00 19,409,680.00 3.68 Bain Capital Fund X, L.P. 2007 400,000,000.00 302,000,000.00 35,663,837.00 (0.61) Bain Capital IX Coinvest Fund, LP 2006 50,000,000.00 48,500,000.00 18,223,733.00 8.94 Bain Capital Asia Fund, L.P. 2007 25,000,000.00 23,187,500.00 5,716,134.00 4.53 BC European Capital IX 2011 282,296,827.37 31,092,970.76 243,710.86 (12.98) BC European Capital VIII, L.P. 2005 611,613,851.63 570,264,573.41 219,864,742.10 6.85 BC Partners VII, L.P. 2000 323,203,188.55 323,203,188.54 803,514,181.28 23.98 BCI Growth IV, L.P. 1996 25,000,000.00 25,000,021.49 15,212,872.61 (5.44) Blackstone Capital Partners II, L.P. 1993 81,834,000.00 76,029,993.19 170,626,035.57 33.89 Blackstone Capital Partners III, L.P. 1997 323,945,000.00 305,141,241.39 611,744,743.63 14.54 Blackstone Capital Partners IV, L.P. 2001 215,000,000.00 179,118,342.70 319,305,253.21 37.79 Blackstone Capital Partners V, L.P. 2005 1,738,000,000.00 1,539,002,896.41 182,132,273.73 2.02 Blackstone Capital Partners VI, L.P. 2008 322,100,000.00 38,542,496.19 0.00 (23.48) Blackstone Capital Partners, II L.P.-2nd 1999 9,294,000.00 8,691,131.67 18,685,371.43 44.38 Blackstone Communications Partners I, LP 2000 275,000,000.00 249,899,684.90 234,340,639.64 6.15 Blackstone - GSO Capital Solutions LP 2009 250,000,000.00 157,031,016.00 19,083,896.00 13.88 Blue Run Ventures IV, L.P. 2008 23,595,506.00 14,865,168.19 3,943,323.19 28.49 Blue Run Ventures, L.P. 2005 31,415,730.00 28,902,471.84 10,052,556.83 2.08 Boston Ventures V, L.P. 1996 90,000,000.00 86,872,281.01 93,621,709.58 2.85 CalSTRS/B of A Capital Access Fund III 2006 200,000,000.00 118,739,282.26 4,085,989.28 (0.11) CalSTRS/B of A Capital Access Partners 2003 75,000,000.00 57,822,678.19 12,447,986.97 (2.21) CalSTRS/BOA/ML Cap Access LLC Fund IV 2010 200,000,000.00 12,210,656.21 0.00 (41.69) CalSTRS New&Next Gen. Manager Fund II 2008 216,947,782.00 75,517,990.21 0.00 3.64

* 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 characteristics 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. California State Teachers' Retirement System Private Equity Portfolio Performance March 31, 2012 CalSTRS Since Vintage Capital Inception Description Year Capital Committed Capital Contributed Distributed IRR* CalSTRS New&Next Generation Manager Fund 2005 105,645,634.00 70,959,172.79 4,654,972.00 6.11 Carlyle Europe Partners III, L.P. 2007 525,610,330.82 406,268,953.57 18,203,360.27 (0.43) Carlyle Partners IV, L.P. 2005 100,000,000.00 96,229,729.00 68,087,994.00 12.96 Carlyle Partners V, L.P. 2007 500,000,000.00 322,857,685.00 69,545,350.00 9.14 Carlyle/Riverstone Renew Energy Infrast 2006 50,000,000.00 49,681,484.98 4,535,974.00 (21.72) CVI Global Value Fund, LP 2007 196,000,000.00 186,200,000.00 49,681,889.69 3.61 Centerbridge Capital Partners II, L.P. 2011 225,000,000.00 59,255,483.00 0.00 (7.73) Centerbridge Capital Partners, L.P. 2006 150,000,000.00 132,122,464.13 88,668,720.00 20.97 Centerbridge Special Credit Partners 2009 250,000,000.00 237,500,000.00 0.00 16.19 Centerbridge Special Credit Partners II 2012 250,000,000.00 25,000,000.00 0.00 (0.01) Cerberus Institutional (INTL) Series 1 2008 151,410,000.00 82,817,051.61 0.00 (0.68) Cerberus Institutional (Series Four) LP 2007 500,000,000.00 461,721,438.42 79,927,472.09 6.84 Cerberus Institutional (Series Three) 2003 100,000,000.00 81,000,000.00 86,306,175.46 12.84 CGW Southeast Partners IV 1999 40,000,000.00 34,831,657.85 52,536,992.79 8.44 Charterhouse Capital VIII, L.P. 2006 136,918,845.85 117,984,548.19 3,223,328.35 (2.25) Chisholm Partners IV, L.P. 1999 29,500,000.00 28,981,412.23 28,991,848.90 0.61 Clayton, Dubilier & Rice Fund VII, L.P. 2004 100,000,000.00 91,260,942.00 30,727,698.00 8.75 Clearstone Venture Partners III-A, L.P. 2004 35,000,000.00 32,200,000.00 374,944.67 4.12 Coller International Partners VI, L.P. 2012 100,000,000.00 0.00 0.00 N/A Cortec Group Fund III, L.P. 2000 30,000,000.00 26,693,985.00 57,620,272.00 22.40 Cortec Group Fund IV, L.P. 2006 58,641,176.00 50,969,216.00 458,999.00 8.38 Cortec Group Fund V, L.P. 2011 60,000,000.00 1,655,400.00 0.00 (96.42) Craton Equity Investors I, L.P. 2006 30,000,000.00 27,787,605.00 76,424.00 (6.04) CVC European Equity Partners II L.P. 1998 300,000,000.00 279,114,218.58 611,494,638.76 18.93 CVC European Equity Partners III L.P. 2001 200,000,000.00 192,010,550.91 482,703,074.52 40.94 CVC European Equity Partners IV, L.P. 2005 392,604,909.33 346,900,733.11 274,773,312.50 15.67 CVC European Equity Partners L.P. 1996 40,000,000.00 39,292,286.90 97,903,249.36 23.16 CVC European Equity Partners Tandem Fund 2006 519,308,657.10 453,667,961.60 108,876,500.82 7.12 CVC European Equity Partners V, L.P. 2008 428,025,088.14 256,313,629.99 17,413,480.22 10.75 CVC Capital Partners Asia Pacific II, LP 2005 100,000,000.00 94,201,379.59 29,731,612.86 (9.47) CVC Capital Partners Asia Pacific III LP 2008 200,000,000.00 112,695,493.26 25,090,219.75 2.21 Cypress Merchant Banking Partners II LP 1999 278,125,000.00 261,260,997.00 185,434,437.38 (3.21) DCM IV, L.P. 2004 15,000,000.00 14,250,000.00 6,820,148.63 6.47 ECI 9 A L.P. 2008 16,034,658.46 5,968,831.14 0.00 (16.41) EnCap Energy Capital Fund VI, L.P. 2006 150,000,000.00 142,809,066.66 174,105,657.80 27.59 EnCap Energy Capital Fund VII, L.P. 2007 250,000,000.00 194,212,974.07 105,899,442.69 24.55 EnCap Energy Capital Fund VIII, L.P. 2010 200,000,000.00 49,650,692.41 46,310.56 79.05 EnCap Energy Capital VIII Co-Investors 2011 50,000,000.00 6,700,250.53 0.00 31.28 Energy Capital Partners I 2006 220,000,000.00 212,057,008.00 87,854,225.00 (2.56) Energy Capital Partners II-A 2009 100,000,000.00 41,069,181.00 1,634,270.00 11.05 Energy Spectrum Partners IV, L.P. 2004 50,000,000.00 51,318,768.15 60,387,167.20 14.73 Energy Spectrum Partners VI, L.P. 2011 75,000,000.00 9,364,123.63 0.00 (11.10) FCO MA II LP 2010 195,000,000.00 137,544,420.45 0.00 18.43 First Reserve Fund X, L.P. 2003 200,000,000.00 200,000,000.00 271,052,999.00 31.57 First Reserve Fund XI, L.P. 2006 800,000,000.00 770,253,614.00 204,613,213.23 4.77 First Reserve Fund XII, L.P. 2008 800,000,000.00 577,342,794.00 34,734,730.00 3.86 FondInvest VI 2002 29,615,682.44 28,300,547.66 46,792,621.85 24.39 Fortress Credit Opportunities Fund II(A) 2010 5,000,000.00 4,034,682.27 100,943.23 16.94 FountainVest China Growth Capital Fund 2008 50,000,000.00 27,192,719.33 576,830.00 9.26 Francisco Partners III, L.P. 2010 75,000,000.00 12,750,000.00 0.00 (7.27) Frazier Healthcare Ventures V, L.P. 2004 47,473,830.00 46,168,299.50 30,499,927.18 8.45 FS Equity Partners IV, L.P. 1998 87,500,000.00 87,208,814.00 149,210,976.33 12.93

* 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 characteristics 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. California State Teachers' Retirement System Private Equity Portfolio Performance March 31, 2012 CalSTRS Since Vintage Capital Inception Description Year Capital Committed Capital Contributed Distributed IRR* FS Equity Partners V, L.P. 2003 95,000,000.00 76,034,786.00 65,931,155.00 16.29 Genstar Capital Partners V, L.P. 2007 70,000,000.00 61,261,396.52 0.00 6.38 GGV Capital IV L.P. 2011 60,000,000.00 11,999,999.99 0.00 (11.01) Giza Venture Fund IV 2005 20,000,000.00 18,600,000.00 3,150,302.00 (11.52) Giza Venture Fund V 2007 12,400,000.00 7,564,000.00 0.00 (3.71) Gores Capital Partners II, L.P. 2007 100,000,000.00 83,293,136.59 51,046,869.90 11.48 Gores Small Capitalization Partners, LP 2012 30,000,000.00 0.00 0.00 N/A GSO Capital Opportunities Fund II, LP 2011 250,000,000.00 51,848,975.00 451,589.00 12.51 GSO Capital Opportunities Fund, L.P. 2006 100,000,000.00 92,555,055.00 41,308,258.00 16.72 Golder, Thoma, Cressey & Rauner Fund IV 1994 35,000,000.00 35,000,000.00 73,863,155.00 24.95 Golder, Thoma, Cressey & Rauner Fund V 1997 40,000,000.00 40,000,000.00 71,985,605.65 11.00 Hellman & Friedman Capital Partners V LP 2004 100,000,000.00 89,071,777.00 137,477,621.00 28.19 Hellman & Friedman Capital Partners VI 2006 200,000,000.00 188,715,130.00 68,305,110.00 5.58 Hellman & Friedman Capital Partners VII 2011 100,000,000.00 21,051,545.00 0.00 (10.18) Hg Renewable Power Partners 2 A, L.P. 2010 66,850,703.95 14,865,092.80 218,245.81 (18.98) Hg Renewable Power Partners, L.P. 2006 61,255,233.24 57,419,249.14 6,370,119.90 1.15 Hony Capital Fund 2008, LP 2008 50,000,000.00 45,208,450.13 0.00 6.63 Hony Capital Fund V, L.P. 2011 75,000,000.00 953,035.84 0.00 (84.55) Huntsman Gay Capital Partners Fund, LP 2008 100,000,000.00 83,855,878.49 16,367,679.38 10.39 ICV Partners II, L.P. 2006 25,000,000.00 18,912,923.49 9,547,945.67 8.86 InnoCal II, L.P. 2000 15,000,000.00 14,721,104.00 4,163,979.00 (14.48) Institutional Venture Partners XII, L.P. 2007 50,000,000.00 47,500,000.00 24,371,475.00 38.93 InterWest Partners IX, L.P. 2004 40,000,000.00 32,000,000.00 2,213,074.50 0.74 Interwest Partners VI 1997 15,000,000.00 15,000,000.00 44,438,292.32 48.91 InterWest Partners VIII, L.P. 2000 75,000,000.00 75,000,000.00 25,471,614.76 (5.69) Italian Private Equity Fund IV L.P. 2003 42,454,426.50 38,048,978.81 17,821,035.89 (1.00) Investitori Associati IV 2004 34,312,453.89 31,110,519.49 5,606,550.54 (17.57) Irving Place Capital Partners III, L.P. 2006 175,000,000.00 125,790,856.47 0.00 0.92 J.H. Whitney IV, L.P. 1999 100,000,000.00 85,289,686.46 30,121,674.00 (11.84) J.H. Whitney V, L.P. 2001 200,000,000.00 200,950,647.00 390,683,860.19 22.91 J.H. Whitney VI, L.P. 2005 75,000,000.00 73,303,859.00 31,344,729.00 4.28 JMI Equity Fund V, L.P. 2005 30,000,000.00 28,885,000.00 40,351,507.00 30.23 JMI Equity Fund VI, L.P. 2007 50,000,000.00 48,900,000.00 0.00 6.71 JMI Equity Fund VII, L.P. 2010 50,000,000.00 19,100,000.00 0.00 (6.51) KKR 1987 Fund - 2nd 1999 45,412,852.00 45,416,150.00 51,279,061.00 3.89 KKR 1996 - 2nd 1999 25,361,000.00 24,430,038.00 46,302,615.00 18.85 KKR 1996 Fund 1997 322,190,000.00 318,905,086.00 562,659,998.00 13.16 KKR 2006 Fund 2006 332,000,000.00 291,050,735.00 61,111,310.00 3.68 M/C Venture Partners V, L.P. 2000 75,000,000.00 74,597,584.00 106,343,795.00 8.45 Madison Dearborn Capital Partners III LP 1999 300,000,000.00 300,746,910.39 449,323,851.14 8.49 Madison Dearborn Capital Partners IV, LP 2001 300,000,000.00 301,958,774.96 372,508,061.58 13.35 MatlinPatterson Global Opps. Ptnrs. III 2007 250,000,000.00 201,888,628.68 89,511,366.81 1.73 Media Communications Partners III, L.P. 1996 30,000,000.00 28,500,000.00 45,244,892.00 9.96 Mezzanine Lending Associates III, L.P. 1989 50,000,000.00 39,982,987.29 139,410,315.03 16.35 Nautic Partners V, L.P. 2000 200,000,000.00 192,502,218.05 297,913,782.76 16.88 Navis Asia Fund IV, L.P. 2005 30,000,000.00 30,244,589.24 24,998,265.59 11.19 Navis Asia Fund V, L.P. 2007 100,000,000.00 95,098,044.00 13,750,581.52 10.92 New Enterprise Associates IX, L.P. 1999 60,000,000.00 58,800,000.00 15,603,029.43 (6.95) New Enterprise Associates VI, L.P. 1993 35,000,000.00 35,000,000.00 280,487,493.85 65.50 New Enterprise Associates VII, L.P. 1996 40,000,000.00 40,000,000.00 135,468,287.30 63.71 New Enterprise Associates VIII A, L.P. 2001 25,000,000.00 25,000,000.00 13,977,948.00 (2.89) New Enterprise Associates VIII, L.P. 1998 50,000,000.00 50,000,000.00 76,069,170.90 30.99

* 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 characteristics 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. California State Teachers' Retirement System Private Equity Portfolio Performance March 31, 2012 CalSTRS Since Vintage Capital Inception Description Year Capital Committed Capital Contributed Distributed IRR* New Enterprise Associates X, L.P. 2000 200,000,000.00 197,000,000.00 166,856,322.49 3.27 New Enterprise Associates XI, L.P. 2003 75,000,000.00 70,500,000.00 52,042,542.42 8.82 New Enterprise Associates XII, L.P. 2006 160,000,000.00 140,800,000.00 41,903,673.25 15.70 New Enterprise Associates XIII, L.P. 2009 65,000,000.00 43,550,000.00 2,486,902.00 15.48 Newbridge Asia IV, L.P. 2005 150,000,000.00 143,255,724.00 120,174,210.00 20.39 NGEN II, LP 2005 15,000,000.00 13,674,168.59 742,774.74 (27.66) Nogales Investors Fund I, LP 2003 25,000,000.00 27,678,479.30 10,555,867.59 (15.96) Nogales Investors Fund II, L.P. 2006 30,000,000.00 10,283,544.08 11,790.33 1.13 Oak Investment Partners XI, L.P. 2004 75,000,000.00 75,000,000.00 28,262,206.04 (0.37) Oaktree European Principal Fund III L.P. 2011 75,000,000.00 15,000,000.00 0.00 1.61 OCM Opportunities Fund II, L.P. 1997 25,000,000.00 25,000,821.91 37,757,577.71 8.44 OCM Opportunities Fund IVb, L.P. 2002 100,000,000.00 48,610,585.68 124,204,926.95 43.91 OCM Opportunities Fund V, L.P. 2004 50,000,000.00 50,000,000.00 72,826,310.00 14.04 OCM Opportunities Fund VI, L.P. 2005 50,000,000.00 50,000,000.00 42,007,931.00 8.52 OCM Opportunities Fund VII, L.P. 2007 115,640,000.00 115,640,000.00 70,534,726.00 7.89 OCM Opportunities Fund VIIb, L.P. 2007 300,000,000.00 230,783,818.00 190,283,818.00 18.02 Olympus Growth Fund V, L.P. 2007 75,000,000.00 50,793,467.00 6,066,859.00 22.11 ONCAP III LP 2011 29,893,435.08 6,751,151.82 454.52 (1.66) Onex Partners I, L.P. 2004 100,000,000.00 94,421,210.00 202,239,535.00 39.58 Onex Partners II, L.P. 2006 150,000,000.00 132,893,030.00 102,689,682.00 11.81 Onex Partners III, L.P. 2008 175,000,000.00 81,685,518.00 1,322,862.00 (3.76) OrbiMed Private Investments IV, L.P. 2010 40,000,000.00 8,980,000.00 717,467.12 (14.63) PAG Asia I LP 2011 125,000,000.00 35,095,951.07 21,226.83 (19.64) Palladium Equity Partners III, L.P. 2006 90,000,000.00 71,198,732.80 25,861,350.20 16.35 Paul Capital Partners VIII-B, L.P. 2004 50,000,000.00 49,246,836.97 40,893,682.74 9.42 Permira Europe II 2000 310,169,278.99 310,169,278.99 572,671,157.20 23.40 Permira Europe III 2003 392,143,707.13 392,143,707.12 503,717,832.37 27.47 Permira IV 2006 965,391,893.10 872,606,588.40 117,561,336.23 5.77 Phildrew Ventures Fourth Fund B 1995 20,221,808.47 20,270,947.58 11,819,892.95 (14.97) Pond Ventures III, L.P. 2006 10,000,000.00 7,866,397.44 3,303,666.72 (0.81) Prism Venture Partners V, L.P. 2004 25,016,853.00 23,766,011.27 5,867,731.52 (9.35) Providence Equity Partners V, L.P. 2005 350,000,000.00 320,352,262.00 166,643,619.00 4.08 Providence Equity Partners VI, L.P. 2007 700,000,000.00 583,584,545.00 30,737,232.00 6.01 Quadrangle Capital Partners II, L.P. 2005 100,000,000.00 79,145,252.00 26,632,378.00 7.48 Riverstone/Carlyle Renew & Alt Energy II 2008 300,000,000.00 192,077,720.93 17,868,119.43 12.83 Sankaty Credit Opportunities II, L.P. 2005 75,000,000.00 75,000,000.00 48,345,002.15 3.67 Sankaty Credit Opportunities III, L.P. 2007 300,000,000.00 300,000,000.00 10,179,352.39 (1.46) Sankaty Credit Opportunities IV, L.P. 2008 250,000,000.00 200,000,000.00 103,590,597.42 15.03 Shasta Ventures II, L.P. 2007 22,500,000.00 16,875,000.00 0.00 7.99 Shasta Ventures III, L.P. 2011 26,500,000.00 2,650,000.00 0.00 (9.03) Shasta Ventures, L.P. 2004 21,000,000.00 19,950,000.00 6,411,629.23 9.14 Sofinnova Venture Partners VI 2003 25,000,000.00 23,500,000.00 7,115,661.42 (3.88) Sofinnova Venture Partners VII 2006 30,000,000.00 21,900,000.00 12,577,403.55 20.18 Sofinnova Venture Partners VIII, L.P. 2011 30,000,000.00 900,000.00 0.00 (75.78) Spectrum Equity Investors III, L.P. 1999 65,000,000.00 64,675,000.00 60,763,390.51 1.47 Spectrum Equity Investors IV, L.P. 2000 150,000,000.00 145,500,000.00 184,412,672.99 7.51 Spectrum Equity Investors V, LP 2005 101,839,889.00 95,474,895.96 80,264,377.96 13.59 Spectrum Equity Investors VI, L.P. 2010 70,000,000.00 22,925,000.00 0.00 (10.21) Summit Accelerator Fund, L.P. 1999 10,000,000.00 9,873,886.88 15,500,354.95 9.51 Summit Partners Europe PE Fund 2008 66,031,569.86 21,086,702.23 0.00 1.31 Summit Partners Growth Equity VIII-A 2011 100,000,000.00 0.00 0.00 N/A Summit Partners Private Equity VII-A, LP 2005 100,000,000.00 97,000,000.00 19,824,713.00 7.93

* 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 characteristics 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. California State Teachers' Retirement System Private Equity Portfolio Performance March 31, 2012 CalSTRS Since Vintage Capital Inception Description Year Capital Committed Capital Contributed Distributed IRR* Summit Partners Venture Capital II-A, LP 2005 15,000,000.00 12,600,000.00 8,379,945.00 19.89 Summit Partners Venture Capital III-A 2011 20,000,000.00 0.00 0.00 N/A Summit Subordinated Debt Fund I, L.P. 1994 10,000,000.00 9,000,000.00 15,709,405.33 30.58 Summit Subordinated Debt Fund II, L.P. 1997 20,000,000.00 18,000,000.00 38,606,055.88 55.85 Summit Subordinated Debt Fund III, L.P. 2003 30,000,000.00 28,500,000.00 23,722,326.00 8.66 Summit Subordinated Debt Fund IV, L.P. 2008 40,000,000.00 21,400,000.00 1,579,605.00 8.01 Summit Ventures III, L.P. 1992 15,000,000.00 13,500,000.00 48,707,972.14 61.66 Summit Ventures IV, L.P. 1995 30,000,000.00 29,100,000.00 219,616,363.80 103.77 Summit Ventures V, L.P. 1998 45,000,000.00 43,425,000.00 59,166,054.39 8.00 Summit Ventures VI-A, L.P. 2001 73,000,000.00 73,817,096.46 85,568,453.12 13.88 Syndicated Communications Vent. Part. V 2007 20,000,000.00 17,049,070.00 147,172.00 (20.17) TA / Advent VIII, L.P. 1997 10,000,000.00 9,800,000.00 22,301,864.03 23.32 TA IX, L.P. 2000 50,000,000.00 48,585,000.00 109,148,658.95 21.76 TA Subordinated Debt Fund II, L.P. 2006 42,500,000.00 36,975,000.00 28,050,000.00 6.59 TA Subordinated Debt Fund III, L.P. 2009 20,000,000.00 7,900,000.00 300,000.00 8.46 TA X, LP 2006 110,000,000.00 107,426,550.00 42,251,550.00 2.67 TA XI, L.P. 2009 80,000,000.00 30,600,000.00 2,000,000.00 5.65 TCV V, L.P. 2004 50,000,000.00 49,170,000.00 39,620,940.04 9.96 TCV VI, L.P. 2005 70,000,000.00 67,648,000.00 64,110,084.95 11.27 TCV VII, L.P. 2007 200,000,000.00 152,500,000.00 6,194,914.08 12.59 The Resolute Fund II, L.P. 2007 350,000,000.00 210,201,101.00 21,097,976.00 3.44 The Resolute Fund, L.P. 2002 100,000,000.00 94,915,773.00 125,276,019.00 16.38 Thomas H. Lee Equity Partners V, L.P. 2001 400,000,000.00 417,846,936.00 517,972,446.00 13.08 Thoma Bravo Fund X, L.P. 2012 100,000,000.00 0.00 0.00 N/A Thoma Cressey Fund VI, L.P. 1998 60,000,000.00 58,140,000.00 51,076,488.01 (0.06) Thoma Cressey Fund VII, L.P. 2001 100,000,000.00 99,999,998.95 150,222,027.72 23.73 TPG Asia V, L.P. 2007 180,000,000.00 138,325,405.00 12,783,226.00 (0.19) T3 Partners I, L.P. 2000 100,000,000.00 74,369,728.00 287,539,042.00 29.32 TAC 2007, LP 2007 192,796,006.00 157,132,668.00 103,552,754.00 1.07 TPG Financial Partners, L.P. 2008 239,036,536.00 174,101,781.00 65,833,549.00 (3.86) TPG Partners III, L.P. 2000 300,000,000.00 255,472,950.00 602,415,592.00 24.47 TPG Partners IV, L.P. 2003 350,000,000.00 324,692,074.00 339,078,513.00 15.20 TPG Partners V, L.P. 2006 1,000,000,000.00 854,653,230.00 94,152,376.92 (4.67) TPG Partners VI, L.P. 2008 450,000,000.00 260,538,168.00 15,450,920.00 1.46 TPG Growth II, LP 2011 125,000,000.00 4,982,277.00 0.00 (30.21) TPG Opportunities Partners II, L.P. 2011 35,438,698.00 4,422,259.00 0.00 (5.16) Triton Fund II L.P. 2006 67,725,184.14 62,075,169.50 35,705,354.85 19.40 USRG Power and Biofuels Fund II, L.P. 2007 60,000,000.00 53,938,573.00 1,175,699.00 (0.13) Vantage Point Venture Partners III 1999 45,000,000.00 45,000,000.00 16,325,748.98 (13.97) Vantage Point Venture Partners IV 2000 150,000,000.00 150,000,000.00 62,543,639.23 (2.01) VantagePoint CleanTech Partners, L.P. 2006 15,211,765.00 12,929,999.85 7,731,637.86 11.87 VantagePoint Venture Partners 2006 (Q) 2005 100,000,000.00 70,000,000.00 3,144,010.91 (3.20) Vestar Capital Partners IV, L.P. 1999 100,000,000.00 97,299,172.86 135,405,182.37 13.75 Vestar Capital Partners V, L.P. 2005 150,000,000.00 146,477,253.12 44,485,499.72 2.58 Warburg, Pincus Ventures, L.P. 1994 110,000,000.00 110,000,000.00 572,831,102.17 49.15 WCAS Capital Partners IV, L.P. 2004 150,000,000.00 126,000,000.00 68,184,478.77 5.30 Welsh, Carson, Anderson & Stowe II 1990 30,000,000.00 30,000,000.00 46,788,602.63 10.10 Welsh, Carson, Anderson & Stowe III 1997 100,000,000.00 100,000,000.00 159,794,669.97 13.11 Welsh, Carson, Anderson & Stowe IX, L.P. 2000 400,000,000.00 392,000,000.00 512,581,407.01 11.16 Welsh, Carson, Anderson & Stowe VI 1993 50,000,000.00 50,000,000.00 102,770,349.25 13.85 Welsh, Carson, Anderson & Stowe VII 1995 150,000,000.00 150,000,000.00 324,543,135.52 17.58 Welsh, Carson, Anderson & Stowe VIII, LP 1998 300,000,000.00 300,000,000.00 379,562,218.88 3.00