The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made on or after January 1, 2017) Distributions + Investment Investment Name Address Vintage Year Commitments Contributions Distributions Total Gain/Loss Remaining Value Multiple §6254.26(b)(1) §6254.26(b)(1) §6254.26(b)(1) §6254.26(b)(2) §6254.26(b)(3) §6254.26(b)(4) §6254.26(b)(5) §6254.26(b)(9) §6254.26(b)(7) 1868 Univeritas Fund 3110 Main Street, Suite 310, Santa Monica, CA 90405 2018 192,500,000 132,071,454 - 124,962,519 (7,108,935) 0.95 A&E Real Estate Partnership Fund II 1065 Avenue of the Americas 31st Floor, , NY 10018 2017 100,000,000 59,934,541 - 51,329,393 (8,605,148) 0.86 ACM Alamosa I One Rockefeller Plaza 32nd Floor, New York, NY 10020 2017 333,614,286 264,204,478 24,020,229 328,673,019 64,468,541 1.24 Albacore Partners I 55 St James's St, London SW1A 1LA 2018 217,367,087 212,414,439 23,910,379 226,038,674 13,624,235 1.06 Apollo Catalina 9 West 43rd Floor, New York, NY 10019 2018 289,030,523 186,260,303 31,684 184,532,101 (1,728,202) 0.99 Apollo Financial Credit Investment III 9 West 57th Street 43rd Floor, New York, NY 10019 2017 200,000,000 181,284,627 65,641,088 219,456,050 38,171,423 1.21 Apollo Fund IX 9 West 57th Street 43rd Floor, New York, NY 10019 2019 135,000,000 36,409,982 3,410,904 33,300,305 (3,109,677) 0.91 Apollo Infra Equity 9 West 57th Street 43rd Floor, New York, NY 10019 2018 160,023,962 147,887,671 19,881,985 182,732,228 34,844,557 1.24 Arsenal Capital Partners V 100 31st Floor, New York, NY 10017 2019 94,500,000 43,571,905 52,484 42,446,752 (1,125,153) 0.97 Athene Dedicated Investment Pool ("ADIP") 9 West 57th Street 43rd Floor, New York, NY 10019 2019 160,000,000 22,700,426 2,256,270 24,185,634 1,485,208 1.07 Blackstone Capital Partners Asia , New York, NY 10154 2018 200,000,000 90,628,885 4,124,623 99,422,821 8,793,937 1.10 Blackstone Capital Partners VIII 345 Park Avenue, New York, NY 10154 2020 175,000,000 - - - - 0.00 Blackstone Property Partners Europe 345 Park Avenue, New York, NY 10154 2019 75,000,000 75,000,000 1,636,424 77,453,307 2,453,307 1.03 Blackstone Real Estate Partners Asia II 345 Park Avenue, New York, NY 10154 2018 90,000,000 38,525,608 2,623,431 37,552,606 (973,002) 0.97 Blackstone Real Estate Partners IX 345 Park Avenue, New York, NY 10154 2019 112,500,000 35,728,886 5,171,662 35,868,256 139,370 1.00 Blackstone Strategic Partners VIII 345 Park Avenue, New York, NY 10154 2019 175,000,000 36,863,152 1,312,500 52,195,079 15,331,927 1.42 Bow Ventures Fund I Upsize 2400 Sand Hill Rd Suite 200, Menlo Park, CA 94025 2018 91,104,550 38,029,979 - 40,546,950 2,516,971 1.07 BPEA VII Suite 3801, Two International Finance Centre, 8 Finance St, Central, HK 2019 87,500,000 26,808,258 3,894,884 25,797,675 (1,010,583) 0.96 Bregal Sagemount Credit Opportunities Fund II 277 Park Avenue 29th Floor, New York, NY 10172 2018 50,000,000 30,061,431 14,708,939 31,408,738 1,347,307 1.04 Bregal Sagemount Equity III 277 Park Avenue 29th Floor, New York, NY 10172 2020 105,000,000 5,439,747 - 3,010,040 (2,429,707) 0.55 Brookfield Antlia Co-Invest (Forest City) 181 Bay Street, Brookfield Place Suite 300, Toronto, ON M5J 2T3 2018 37,500,000 37,655,565 4,285,715 44,834,089 7,178,524 1.19 Brookfield Fairfield VAMF III 181 Bay Street, Brookfield Place Suite 300, Toronto, ON M5J 2T3 2018 100,000,000 51,470,722 3,266,115 59,825,210 8,354,488 1.16 Brookfield Strategic Real Estate Partners III 181 Bay Street, Brookfield Place Suite 300, Toronto, ON M5J 2T3 2018 200,000,000 74,912,328 16,001 73,695,865 (1,216,463) 0.98 Certares Holdings LLC 350 21st Floor, New York, NY 10017 2018 150,000,000 67,029,453 4,850,156 55,496,451 (11,533,002) 0.83 CIM Infrastructure II 4700 Wilshire Boulevard, Los Angeles, CA 90010 2018 100,000,000 24,558,537 175,151 42,583,824 18,025,286 1.73 DCP I 53/F, China World Tower A, 1 Jianguomenwai Ave, Chaoyang District, Beijing 2019 30,000,000 6,830,600 397,554 8,519,965 1,689,365 1.25 Digital Colony Partners 515 South Flower Street 44th Floor, Los Angeles, CA 90071 2018 100,000,000 48,739,656 552,094 55,825,878 7,086,222 1.15 EnCap Flatrock Midstream Fund IV 1100 Louisiana Street, Suite 4900, Houston, TX 77002 2018 35,000,000 12,783,874 914,172 13,413,223 629,349 1.05 EQT Infrastructure III Hovslagargatan 3, SE-111 48 Stockholm, Sweden 2017 84,000,000 80,945,149 6,597,114 103,343,238 22,398,088 1.28 EQT Infrastructure IV Hovslagargatan 3, SE-111 48 Stockholm, Sweden 2019 180,000,000 105,280,089 - 107,323,780 2,043,691 1.02 EQT Infrastructure VIII Hovslagargatan 3, SE-111 48 Stockholm, Sweden 2018 140,000,000 78,880,183 1,435,416 88,411,510 9,531,327 1.12 Falcon CI II 660 Madison Avenue 19th Floor, New York, NY 10065 2017 N/A 38,398,089 497,876 42,861,516 4,463,427 1.12 Focus Senior Housing Fund I 200 West Madison Street, Suite 2650, Chicago, IL 60606 2017 50,250,000 19,072,623 992,599 19,864,140 791,517 1.04 Further Global Capital I 445 Park Avenue 14th Floor, New York, NY 10022 2018 140,000,000 82,543,663 14,112,335 82,260,584 (283,079) 1.00 GAW (Separately Managed Account) 818 West 7th Street Suite 411, Los Angeles, CA 90017 2017 45,372,000 45,149,080 25,946,770 64,380,812 19,231,732 1.43 GGV Capital VII 3000 Sand Hill Road, Bldg 4, Ste 230, Menlo Park, CA 94025 2019 44,000,000 19,360,000 - 18,614,539 (745,461) 0.96 GGV Capital VII Plus 3000 Sand Hill Road, Bldg 4, Ste 230, Menlo Park, CA 94025 2019 11,000,000 5,940,000 - 5,942,888 2,888 1.00 GGV Discovery II 3000 Sand Hill Road, Bldg 4, Ste 230, Menlo Park, CA 94025 2019 15,000,000 6,000,000 - 6,095,724 95,724 1.02 Goldman Sachs Renewable Energy 200 West Street, New York, NY 10282 2018 175,000,000 61,654,795 4,551,448 68,251,448 6,596,653 1.11 H.I.G. Europe Middle Market LBO Fund 1450 Brickell Avenue 31st Floor, Miami, FL 33131 2020 112,000,000 2,800,000 - 1,764,160 (1,035,840) 0.63 H.I.G. Middle Market LBO Fund III 1450 Brickell Avenue 31st Floor, Miami, FL 33131 2019 94,500,000 4,727,123 - 3,311,331 (1,415,792) 0.70 Homeward Opportunity Fund II 1290 Avenue of the Americas, New York, NY 10104 2019 300,000,000 157,500,000 81,858 154,649,743 (2,850,257) 0.98 Iconiq Strategic Partners IV 394 Pacific Ave, San Francisco, CA 94111 2019 7,000,000 4,593,293 - 6,841,479 2,248,186 1.49 Inland Retail Property Fund 2901 Butterfield Road, Oak Brook, IL 60523 2018 100,000,000 85,990,000 3,461,728 85,986,064 (3,936) 1.00 The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made on or after January 1, 2017) Distributions + Investment Investment Name Address Vintage Year Commitments Contributions Distributions Total Gain/Loss Remaining Value Multiple §6254.26(b)(1) §6254.26(b)(1) §6254.26(b)(1) §6254.26(b)(2) §6254.26(b)(3) §6254.26(b)(4) §6254.26(b)(5) §6254.26(b)(9) §6254.26(b)(7) IPI Data Center Fund I 1133 Connecticut Avenue, NW #800, Washington, DC 20036 2018 50,000,000 33,380,001 6,854,238 39,677,761 6,297,760 1.19 John Hancock Infrastructure Fund 197 Clarendon Street, Boston, MA 02116 2018 140,000,000 128,581,103 16,056,695 150,949,921 22,368,819 1.17 JP Morgan Discretionary Debt Program , New York, NY 10017 2018 150,000,000 141,475,525 34,789,964 151,245,279 9,769,754 1.07 Key Square International SPV 650 Madison Ave, New York, NY 10022 2017 N/A 60,727,001 23,191,975 33,058,872 (27,668,128) 0.54 KKR Real Estate Partners II 9 West 57th Street, Suite 4200, New York, NY 10019 2018 100,000,000 65,349,718 19,425,178 73,343,993 7,994,275 1.12 KSL V 100 St. Paul St. Suite 800, Denver, CO 80206 2019 75,000,000 13,958,556 1,066,811 8,682,318 (5,276,238) 0.62 Manulife (Separately Managed Account) 200 Bloor Street East, Toronto, Ontario M4W 1E5, Canada 2018 679,244,940 695,475,525 345,024,374 731,814,256 36,338,731 1.05 Moraine Fund, Ltd 660 Madison Avenue 19th Floor, New York, NY 10065 2017 N/A 425,575,400 1,311,062 535,837,126 110,261,726 1.26 MSA Enterprises Fund I 3110 Main Street, Suite 310, Santa Monica, CA 90405 2017 15,162,500 5,682,177 557,700 9,413,313 3,731,136 1.66 Newport Crater Lake 9 West 57th Street Suite 2600, New York, NY 10019 2018 N/A 312,362,840 199,437,667 372,892,834 60,529,995 1.19 Olympus Growth Fund VII Metro Center 4th Floor, One Station Place, Stamford, CT 06902 2019 125,000,000 46,696,324 - 49,805,513 3,109,189 1.07 Orion Mine Finance Fund II 1211 Avenue of the Americas, Suite 3000, New York, NY 10036 2018 75,000,000 73,290,410 25,677,750 99,098,600 25,808,190 1.35 Owl Rock Tech Finance 38th Floor, New York, NY 10022 2018 200,000,000 107,975,966 5,756,275 127,382,433 19,406,467 1.18 Pattern Energy Group II 712 36th Floor, New York, NY 10019 2017 75,000,000 51,142,550 - 73,614,379 22,471,830 1.44 Pontifax AgTech 2025 S Westgate Ave, First Floor, Los Angeles, CA 90025 2017 12,500,000 11,197,486 2,440,967 13,659,153 2,461,667 1.22 Pontifax AgTech II 2025 S Westgate Ave, First Floor, Los Angeles, CA 90025 2019 20,000,000 5,923,148 4,633,383 5,597,228 (325,920) 0.94 Sequoia Capital Global Growth Fund III 2800 Sand Hill Road, #101, Menlo Park, CA 94025 2018 240,000,000 86,283,019 - 112,505,607 26,222,589 1.30 Stonepeak Infrastructure Fund III 717 Fifth Avenue 25th Floor, New York, NY 10022 2018 150,000,000 111,137,690 16,530,466 133,170,466 22,032,776 1.20 Strategic Industrial Venture, LLC - Diversified 4 Embarcadero Center Suite 3300, San Francisco, CA 94111 2019 76,032,000 75,953,722 2,134,127 84,048,273 8,094,551 1.11 Strategic Industrial Venture, LLC - Reno 4 Embarcadero Center Suite 3300, San Francisco, CA 94111 2019 27,126,000 26,993,421 961,846 32,332,924 5,339,503 1.20 Sycamore Partners III 9 West 57th Street 31st Floor, New York, NY 10019 2018 150,000,000 21,954,599 - 12,922,591 (9,032,007) 0.59 The Rise Fund 301 Commerce Street, Suite 3300, Forth Worth, TX 76102 2018 65,000,000 44,651,913 1,444,308 50,328,872 5,676,959 1.13 Thoma Bravo Fund XIII 150 North Riverside Plaza, Suite 2800, Chicago, IL 60606 2019 200,000,000 144,681,424 809 179,896,056 35,214,632 1.24 Thoma Bravo Fund XIII-A 150 North Riverside Plaza, Suite 2800, Chicago, IL 60606 2019 25,000,000 21,892,286 - 21,892,286 - 1.00 Topanga Private Opportunities 55 East , New York, NY 10055 2017 1,000,000,000 560,599,879 4,902,611 714,790,609 154,190,730 1.28 TPG Capital VIII 301 Commerce Street, Suite 3300, Fort Worth, TX 76102 2019 100,000,000 8,969,867 - 6,380,867 (2,589,000) 0.71 TPG Capital VIII (Healthcare Sidecar) 301 Commerce Street, Suite 3300, Fort Worth, TX 76102 2019 50,000,000 5,703,682 - 4,284,957 (1,418,725) 0.75 TPG Growth IV 301 Commerce Street, Suite 3300, Fort Worth, TX 76102 2018 74,750,000 47,249,132 639,722 44,729,150 (2,519,982) 0.95 TSG8 600 Montgomery St Suite 2900 San Francisco, CA 94111 2019 50,000,000 7,368,682 - 3,684,892 (3,683,790) 0.50 Upper Bay Infrastructure Fund I 230 Park Avenue Suite 453, New York, NY 10169 2020 25,000,000 23,929,007 - 23,400,000 (529,007) 0.98 Vida Ventures II 40 Broad Street Suite 201, Boston, MA 02109 2019 12,500,000 1,186,474 - 1,012,103 (174,371) 0.85 Warburg Pincus Private Equity XII 450 , New York, NY 10017 2017 50,000,000 47,379,215 5,940,493 59,898,798 12,519,583 1.26 ZEI ES Co-Invest C Two North Riverside Plaza, Suite 700, Chicago, IL 60606 2017 N/A 20,583,847 - 11,273,011 (9,310,836) 0.55 The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made on or after January 1, 2017) Management Partnership Profit Sharing Fees Paid by Mgmt Fees Mgmt Fees Exp and Carry Exp and Carry Fees and Exp Investment Name Net IRR1 Gross IRR1 Fees4 Expenses4 Paid4 Portfolio Companies4 Direct2,4 Indirect3,4 Direct2,4 Indirect3,4 (Total)4 §7514.7(b) & §6254.26(b)(1) §7514.7(b) §6254.26(b)(8) §6254.26(b)(8) §7514.7(a)(3) §7514.7(a)(4) §7514.7(a)(1) §7514.7(a)(2) §7514.7(a)(1) §7514.7(a)(2) §6254.26(b)(8) 6254.26(b)(6) 1868 Univeritas Fund -5% 0% 4,695,833 634,967 - 60,965 3,687,350 1,008,483 368,920 266,047 5,330,800 A&E Real Estate Partnership Fund II -10% -10% 473,239 397,244 - 1,495,782 363,940 109,299 - 397,244 870,483 ACM Alamosa I 8% 12% 5,292,428 4,113,377 179,538 793,794 - 5,292,428 - 4,292,915 9,405,805 Albacore Partners I -1% 6% 8,034,292 2,179,244 - - - 8,034,292 - 2,179,244 10,213,536 Apollo Catalina -1% 1% - 1,460,262 - - - - - 1,460,262 1,460,262 Apollo Financial Credit Investment III 17% 23% 3,877,447 5,627,126 - 1,662,621 3,751,298 126,150 - 5,627,126 9,504,573 Apollo Fund IX -13% 16% 4,559,047 1,636,199 - 624,698 4,151,960 407,087 1,636,199 - 6,195,246 Apollo Infra Equity 20% 23% 903,019 3,509,439 378,497 - - 903,019 - 3,887,936 4,412,458 Arsenal Capital Partners V -4% 4% 2,341,731 563,765 - - - 2,341,731 478,081 85,684 2,905,496 Athene Dedicated Investment Pool ("ADIP") 9% 9% - 666,061 - - - - 49,815 616,246 666,061 Blackstone Capital Partners Asia 10% 33% 6,166,667 3,060,510 - 2,460 5,416,667 750,000 2,797,814 262,696 9,227,177 Blackstone Capital Partners VIII N/M N/M 21,875 58,883 - - - 21,875 - 58,883 80,758 Blackstone Property Partners Europe 4% 6% 582,945 197,211 - - - 582,945 - 197,211 780,156 Blackstone Real Estate Partners Asia II -3% 9% 3,083,236 1,041,745 55,557 - 2,907,236 176,000 215,843 881,459 4,124,981 Blackstone Real Estate Partners IX 1% 20% 1,251,563 301,727 150,551 - 829,688 421,875 247,533 204,744 1,553,289 Blackstone Strategic Partners VIII 24% 41% 1,984,703 1,668,569 320,600 - 1,984,703 - - 1,989,169 3,653,272 Bow Ventures Fund I Upsize -7% 3% 7,248,516 602,825 - - 5,996,110 1,252,406 39,301 563,524 7,851,341 BPEA VII -5% 10% 3,031,037 1,157,621 - 150,547 - 3,031,037 - 1,157,621 4,188,658 Bregal Sagemount Credit Opportunities Fund II 7% 15% 740,333 542,872 - - - 740,333 330,417 212,456 1,283,205 Bregal Sagemount Equity III -71% 1% 2,102,892 451,882 - - 1,058,630 1,044,262 - 451,882 2,554,774 Brookfield Antlia Co-Invest (Forest City) 13% 16% 279,287 78,203 - 662,876 101,163 178,124 - 78,203 357,490 Brookfield Fairfield VAMF III 14% 15% 590,112 1,462,381 - 3,784,001 502,469 87,643 - 1,462,381 2,052,493 Brookfield Strategic Real Estate Partners III -2% 7% 4,791,635 546,993 - 678,884 4,292,974 498,661 - 546,993 5,338,628 Certares Holdings LLC N/M N/M 6,112,843 677,873 - - 4,524,635 1,588,208 199,783 478,090 6,790,716 CIM Infrastructure II 8% 10% 1,286,521 1,101,397 - 236,321 1,286,520 - - 1,101,397 2,387,918 DCP I 29% 78% 1,532,881 810,899 - 2,278 - 1,532,881 - 810,899 2,343,780 Digital Colony Partners N/M N/M 2,809,316 1,268,663 - - 2,191,665 617,651 605,827 662,836 4,077,979 EnCap Flatrock Midstream Fund IV 3% 13% 1,290,625 26,624 - - 1,290,625 - 2,428 24,196 1,317,249 EQT Infrastructure III 13% 21% 4,585,180 2,008,952 - - 4,540,236 44,944 763,066 1,245,886 6,594,132 EQT Infrastructure IV 4% 11% 4,715,384 1,716,168 - - 3,715,151 1,000,233 1,250,704 465,464 6,431,552 EQT Infrastructure VIII 16% 17% 4,473,288 2,087,421 - 6,804 4,249,623 223,664 1,718,340 369,081 6,560,709 Falcon CI II 4% 4% ------Focus Senior Housing Fund I 4% 10% 1,310,163 655,256 - - 167,015 1,143,148 - 655,256 1,965,419 Further Global Capital I 0% 6% 6,478,377 1,717,619 - - 5,202,009 1,276,368 1,018,100 699,518 8,195,996 GAW (Separately Managed Account) 15% 18% 1,355,138 - - - 1,135,385 219,753 - - 1,355,138 GGV Capital VII -5% 15% 1,582,929 73,954 - - 1,100,000 482,929 73,954 - 1,656,883 GGV Capital VII Plus 0% 14% - 9,673 - - - - 9,673 - 9,673 GGV Discovery II 2% 37% 431,667 55,696 - - - 431,667 55,696 - 487,363 Goldman Sachs Renewable Energy 10% 10% 820,313 1,080,181 854,059 - - 820,313 - 1,934,239 1,900,493 H.I.G. Europe Middle Market LBO Fund N/M N/M 740,547 163,066 - - 740,546 - - 163,066 903,613 H.I.G. Middle Market LBO Fund III N/M N/M 1,777,011 138,354 - - 1,264,286 512,725 - 138,354 1,915,365 Homeward Opportunity Fund II N/M N/M 199,679 17,041,337 - - - 199,679 - 17,041,337 17,241,016 Iconiq Strategic Partners IV N/M N/M 210,000 70,877 - - 175,000 35,000 8,907 61,970 280,877 The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made on or after January 1, 2017) Management Partnership Profit Sharing Fees Paid by Mgmt Fees Mgmt Fees Exp and Carry Exp and Carry Fees and Exp Investment Name Net IRR1 Gross IRR1 Fees4 Expenses4 Paid4 Portfolio Companies4 Direct2,4 Indirect3,4 Direct2,4 Indirect3,4 (Total)4 §7514.7(b) & §6254.26(b)(1) §7514.7(b) §6254.26(b)(8) §6254.26(b)(8) §7514.7(a)(3) §7514.7(a)(4) §7514.7(a)(1) §7514.7(a)(2) §7514.7(a)(1) §7514.7(a)(2) §6254.26(b)(8) 6254.26(b)(6) Inland Retail Property Fund 0% 3% 771,520 3,662,579 - - - 771,520 - 3,662,579 4,434,098 IPI Data Center Fund I 12% 16% 2,711,720 980,761 - - 1,660,357 1,051,363 696,289 284,472 3,692,481 John Hancock Infrastructure Fund 10% 14% 1,665,835 4,870,622 - - 1,665,835 - - 4,870,622 6,536,458 JP Morgan Discretionary Debt Program 6% 7% 1,371,585 544,548 - - 640,899 730,686 - 544,548 1,916,133 Key Square International SPV -30% -30% - 393,720 - - - - - 393,720 393,720 KKR Real Estate Partners II 11% 22% 2,775,655 1,485,650 - 380,746 1,882,839 892,816 455,560 1,030,090 4,261,306 KSL V -74% -51% 1,604,567 438,251 - - 1,025,194 579,373 189,597 248,654 2,042,818 Manulife (Separately Managed Account) 3% 4% 5,916,004 12,439,005 - 3,719,134 - 5,916,004 - 12,439,005 18,355,009 Moraine Fund, Ltd 42% 47% 7,723,214 - - - - 7,723,214 - - 7,723,214 MSA Enterprises Fund I 18% 30% 378,877 178,566 109,666 15,228 149,176 229,701 128,384 159,849 557,443 Newport Crater Lake 7% 11% 2,120,433 174,098 - - - 2,120,433 - 174,098 2,294,531 Olympus Growth Fund VII 8% 9% 3,125,000 53,799 - 1,224,892 1,972,024 1,152,976 - 53,799 3,178,799 Orion Mine Finance Fund II 19% 26% 5,075,790 687,698 - - 5,075,790 - 222,265 465,432 5,763,488 Owl Rock Tech Finance 23% 23% ------Pattern Energy Group II 17% 21% 750,000 375,091 - - - 750,000 104,313 270,778 1,125,091 Pontifax AgTech 14% 17% 913,868 417,754 - - 528,037 385,831 166,070 251,683 1,331,622 Pontifax AgTech II N/M N/M 277,083 70,151 - - 203,116 73,967 70,151 - 347,234 Sequoia Capital Global Growth Fund III 14% 18% 689,316 113,140 - - - 689,316 - 113,140 802,456 Stonepeak Infrastructure Fund III 22% 28% 4,372,660 966,551 - - 3,393,954 978,706 735,170 231,380 5,339,211 Strategic Industrial Venture, LLC - Diversified 12% 13% 406,889 655,796 - - - 406,889 - 655,796 1,062,686 Strategic Industrial Venture, LLC - Reno 23% 24% 144,606 327,690 - - - 144,606 - 327,690 472,296 Sycamore Partners III N/M N/M 6,275,522 179,983 - 80,418 6,275,522 - 148,385 31,598 6,455,505 The Rise Fund 8% 16% 3,275,094 3,315,169 - 116 3,195,326 79,769 1,771,700 1,543,469 6,590,264 Thoma Bravo Fund XIII 30% 92% 4,508,152 1,326,890 - 2,850,196 - 4,508,152 815,871 511,019 5,835,042 Thoma Bravo Fund XIII-A 32% 92% 563,519 165,278 - 570,039 343,816 219,703 100,211 65,067 728,797 Topanga Private Opportunities 14% 18% 7,838,427 2,058,016 - - 3,573,466 4,264,961 - 2,058,016 9,896,443 TPG Capital VIII -61% 2% 1,138,385 1,173,322 - 40,146 898,464 239,921 143,421 1,029,901 2,311,707 TPG Capital VIII (Healthcare Sidecar) -63% 4% 577,801 820,493 - - 471,991 105,810 49,929 770,564 1,398,294 TPG Growth IV -5% 8% 3,603,626 2,898,357 - 12,339 3,587,982 15,643 1,696,693 1,201,664 6,501,982 TSG8 -71% -47% 1,540,236 429,321 - - 1,540,235 - - 429,321 1,969,557 Upper Bay Infrastructure Fund I -6% -4% 129,781 109,877 - 24,402 31,778 98,003 109,877 - 239,658 Vida Ventures II -33% 65% 218,452 46,674 - - 218,452 - 25,773 20,902 265,126 Warburg Pincus Private Equity XII 12% 16% 2,404,353 946,244 61,250 713 653,892 1,750,461 61,250 946,244 3,350,596 ZEI ES Co-Invest C -17% -15% 880,777 254,242 - - 219,095 661,682 30,785 223,457 1,135,019 The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made prior to January 1, 2017) Management Partnership Profit Sharing Fees Paid by Mgmt Fees Mgmt Fees Exp and Carry Exp and Carry Fees and Exp Investment Name Net IRR1 Gross IRR1 Fees4 Expenses4 Paid4 Portfolio Companies4 Direct2,4 Indirect3,4 Direct2,4 Indirect3,4 (Total)4 §7514.7(b) & §6254.26(b)(1) §7514.7(b) §6254.26(b)(8) §6254.26(b)(8) §7514.7(a)(3) §7514.7(a)(4) §7514.7(a)(1) §7514.7(a)(2) §7514.7(a)(1) §7514.7(a)(2) §6254.26(b)(8) 6254.26(b)(6) A E NYC Workforce Housing -5% 173,480 540,677 - 4,543,553 108,133 65,348 - 540,677 714,158 AG Net Lease Realty Fund II 11% 17% 5,923,514 1,312,942 5,262,258 - - 5,923,514 - 6,575,201 7,236,456 AMB US Logistics Fund Amerra Capital 4% 4% 8,863,667 2,680,036 2,234,323 - - 8,863,667 - 4,914,359 11,543,703 Apollo Investment Fund VI 9% 12% 3,555,741 875,904 9,008,875 4,320,413 688,184 2,867,557 - 9,884,779 4,431,645 Apollo Investment Fund VII 22% 33% 2,106,037 585,376 5,669,979 1,066,605 1,211,959 894,078 42,489 6,212,866 2,691,413 Apollo Investment Fund VIII 10% 13% 4,955,691 1,678,674 3,617,309 1,620,735 3,359,040 1,596,651 - 5,295,983 6,634,365 Ares Corporate Opportunities Fund III Ares Corporate Opportunities Fund IV Arsenal Capital Partners IV 13% 21% 6,160,324 1,538,973 3,622,156 1,219,835 4,940,489 4,210,472 950,657 7,699,297 ASM Copt Bain Capital Credit Managed Account (Sankaty) Bain Capital Europe Fund III 18% 35% 6,761,596 287,455 23,475,655 1,183,840 5,577,756 - 23,763,109 7,049,050 Bain Capital Fund IX 8% 13% 8,860,367 190,683 14,063,965 233,438 8,626,929 - 14,254,648 9,051,050 Bain Capital Fund IX Coinvestment 7% 11% 2,641,795 80,078 2,726,425 - 550,086 2,091,709 - 2,806,503 2,721,873 Bain Capital Fund VIII 12% 21% 4,088,531 107,412 10,033,586 1,563,958 2,524,573 - 10,140,998 4,195,943 Bain Capital Fund VIII Coinvestment 12% 20% 1,282,233 64,493 1,891,742 - 772,082 510,151 - 1,956,235 1,346,726 Bain Capital Fund X 9% 16% 13,288,399 315,371 23,648,647 - 1,905,059 11,383,340 - 23,964,018 13,603,770 Bain Capital Fund XI 26% 34% 1,492,211 1,231,038 8,083,057 - 360,813 1,131,399 390,000 8,924,095 2,723,249 BFAM Asia Opportunities Fund BG Special Situations Biwa Fund Limited 1% 25% 31,202,197 10,068,010 35,391,547 - - 31,202,197 - 45,459,556 41,270,206 Blackstone Capital Partners IV Blackstone Capital Partners V Blackstone Capital Partners VI 11% 15% 2,732,584 754,910 2,413,544 1,130,777 1,420,269 1,312,315 903,739 2,264,715 3,487,494 Blackstone Real Estate Partners V Blackstone Real Estate Partners VI Blackstone Real Estate Partners VII Blackstone Strategic Alliance II 1% 2% 2,213,275 335,710 647,539 - 2,213,275 - 983,249 2,548,986 Blackstone Strategic Capital Holdings 3% 4% 4,360,362 9,066,803 - - 3,146,950 1,213,412 1,527,621 7,539,182 13,427,165 Bow Ventures Fund I -19% 3% 5,941,406 494,119 - - 4,335,298 1,606,108 32,214 461,904 6,435,525 Bridge (Separately Managed Account) -1% -1% 1,866,718 - - - 1,863,478 3,240 - - 1,866,718 Buchanan (Separately Managed Account) Caduceus Private Equity Investments III 16% 25% 4,158,886 330,945 7,069,377 420,651 3,738,235 588,977 6,811,345 4,489,831 Caduceus Private Equity Investments IV 33% 45% 3,927,472 425,240 14,924,564 866,863 3,060,609 5,640,545 9,709,260 4,352,712 California Smart Growth Fund IV 2% 5% 5,796,335 1,491,246 - - 4,797,218 999,117 - 1,491,246 7,287,581 Canaan IX Canaan VII Canaan VIII CD Capital Fund II -1% 3% 3,564,597 549,618 - 3,096,877 467,720 - 549,618 4,114,215 Cerberus Inst. RE Partners III 11% 13% 4,782,568 3,350,003 - 139,870 1,645,846 3,136,722 - 3,350,003 8,132,571 Charlesbank Equity Fund VI 9% 18% 3,241,922 448,078 2,640,631 3,241,922 - 19,517 3,069,192 3,690,000 Charlesbank Equity Fund VII 23% 35% 7,259,212 1,636,753 12,327,388 6,593,418 665,794 1,386,456 12,577,685 8,895,965 CIM Fund III 9.3% 11.6% 7,757,228 3,068,767 - - 6,215,773 1,541,454 - 3,068,767 10,825,994 The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made prior to January 1, 2017) Management Partnership Profit Sharing Fees Paid by Mgmt Fees Mgmt Fees Exp and Carry Exp and Carry Fees and Exp Investment Name Net IRR1 Gross IRR1 Fees4 Expenses4 Paid4 Portfolio Companies4 Direct2,4 Indirect3,4 Direct2,4 Indirect3,4 (Total)4 §7514.7(b) & §6254.26(b)(1) §7514.7(b) §6254.26(b)(8) §6254.26(b)(8) §7514.7(a)(3) §7514.7(a)(4) §7514.7(a)(1) §7514.7(a)(2) §7514.7(a)(1) §7514.7(a)(2) §6254.26(b)(8) 6254.26(b)(6) CIM Fund VIII 3% 4% 7,268,178 798,673 - - 6,883,039 385,138 - 798,673 8,066,850 Claremont Creek Ventures 4% 5% 2,894,454 221,433 1,500,151 2,559,913 334,542 - 1,721,584 3,115,887 Claremont Creek Ventures II -1% 0% 6,128,150 266,037 - 4,290,363 1,837,786 - 266,037 6,394,186 Clarion (Separately Managed Account) 11% 13% 34,067,067 93,610,650 8,453,376 27,086,303 33,926,922 140,146 - 102,064,026 127,677,717 Clarion Lion Industrial Trust 14% 16% 9,113,854 - 5,211,656 - 8,232,586 881,268 - 5,211,656 9,113,854 Clarion Lion Properties Colony Capital VIII N/M N/M 4,362,146 1,307,345 - - 829,475 3,532,671 - 1,307,345 5,669,491 Darwin Venture Capital Fund of Funds II DRI Drug Royalty III 8% 17% 3,352,948 2,776,174 - - 2,551,332 801,616 - 2,776,174 6,129,122 Elliott International Ltd 7% 11% 23,488,483 14,682,395 26,495,954 - - 23,488,483 - 41,178,349 38,170,878 EMG II 14% 18% 5,470,775 182,843 7,033,302 67,757 5,264,549 206,226 3,841,018 3,375,127 5,653,618 EMMES (Separately Managed Account) 10% 12% 8,424,375 2,783,467 - - 8,423,715 660 - 2,783,467 11,207,842 EnCap Flatrock Midstream Fund II 28% 39% 1,620,580 59,984 2,879,186 - 1,394,809 225,771 5,546 2,933,624 1,680,564 Encap Flatrock Midstream Fund III 5% 12% 3,259,689 51,944 - - 3,258,454 1,236 12,547 39,398 3,311,634 EQT Infrastructure II 16% 25% 5,145,136 1,828,135 3,769,235 - 4,354,511 790,625 1,778,648 3,818,722 6,973,271 EQT VI 13% 21% 3,999,930 637,465 4,622,153 3,356 3,099,369 900,561 4,624,516 635,102 4,637,395 Exuma Capital, L.P 5% 6% 8,711,197 7,462,828 4,941,444 - - 8,711,197 - 12,404,272 16,174,024 Falcon Edge Global, Ltd. 47% 63% 12,738,717 - 7,646,387 - - 12,738,717 - 7,646,387 12,738,717 Foundation Energy Fund IV FountainVest China Growth Cap Fund II FountainVest China Growth Capital Fund GGV Capital II 6% 11% 3,016,142 1,282,364 5,570,591 261,170 2,754,973 - 6,852,954 4,298,506 GGV Capital III 19% 26% 8,185,056 929,103 19,064,798 332,113 7,852,944 - 19,993,901 9,114,159 GGV Capital IV 18% 26% 5,966,659 393,239 - 1,669,814 4,296,845 20,634 372,605 6,359,898 GGV Capital V 31% 43% 3,756,616 983,991 2,120,419 1,134,310 2,622,306 11,667 3,092,743 4,740,606 H.I.G. Bayside II H.I.G. Capital Partners IV 33% 53% 778,400 155,586 3,025,802 479,743 44,070 734,330 550,852 2,630,536 933,986 H.I.G. Capital Partners V 13% 30% 1,329,840 361,842 548,531 1,564,814 480,789 849,051 437,194 473,179 1,691,682 H.I.G. Europe Capital Partners II -2% 20% 1,767,408 364,550 118,119 - 1,680,000 87,408 95,333 387,336 2,131,958 H.I.G. Middle Market LBO Fund II 16% 29% 3,000,000 766,085 1,144,777 - 454,899 2,545,101 301,420 1,609,442 3,766,085 Hazelton Fund 7% 48% 17,092,981 136,780,598 2,152,989 - - 17,092,981 - 138,933,587 153,873,579 Heitman America Real Estate Trust 7% 7% 6,113,056 1,248,167 - - 5,925,036 188,020 - 1,248,167 7,361,223 Horizon Capital Fund 2013 A Interstate (Separately Managed Account) -42% -41% 14,993,743 22,172,548 - 1,902,765 14,993,743 - 695,426 21,477,121 37,166,290 JOG Limited Partnership No. V JOG Limited Partnership No. VI JP Morgan (Separately Managed Account) Kepos Alpha Fund 3% 6% 24,932,257 5,769,539 10,688,482 - - 24,932,257 - 16,458,020 30,701,796 Key Square International -2% -1% 19,940,219 1,283,490 5,797,094 - - 19,940,219 - 7,080,585 21,223,709 Khosla Ventures III Khosla Ventures IV Khosla Ventures Seed Khosla Ventures Seed B Khosla Ventures V The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made prior to January 1, 2017) Management Partnership Profit Sharing Fees Paid by Mgmt Fees Mgmt Fees Exp and Carry Exp and Carry Fees and Exp Investment Name Net IRR1 Gross IRR1 Fees4 Expenses4 Paid4 Portfolio Companies4 Direct2,4 Indirect3,4 Direct2,4 Indirect3,4 (Total)4 §7514.7(b) & §6254.26(b)(1) §7514.7(b) §6254.26(b)(8) §6254.26(b)(8) §7514.7(a)(3) §7514.7(a)(4) §7514.7(a)(1) §7514.7(a)(2) §7514.7(a)(1) §7514.7(a)(2) §6254.26(b)(8) 6254.26(b)(6) KSL Capital Partners II KSL Capital Partners III 9% 19% 6,722,182 1,422,111 4,760,466 - 6,135,480 586,702 1,467,577 4,715,000 8,144,294 LBA Realty Fund III 0% 0% 5,916,950 - - - 318,408 5,598,542 - - 5,916,950 Legacy Partners Realty Fund II Lime Rock Partners V -2% 1% 4,770,783 367,960 - 36,888 4,525,029 245,754 13,594 354,366 5,138,743 Lime Rock Partners VI -4% 2% 4,040,638 390,773 - 636,657 3,797,057 243,581 34,700 356,073 4,431,411 Lionstone (Separately Managed Account) 10% 12% 13,025,034 - - - 11,839,406 1,185,628 - - 13,025,034 Madison Dearborn Capital Partners IV 14% 19% 2,809,265 435,891 11,319,564 - 455,595 2,353,670 - 11,755,455 3,245,156 Madison Dearborn Capital Partners V 7% 9% 7,541,603 764,690 12,534,103 2,828,504 5,296,661 2,244,942 10,251,620 3,047,173 8,306,293 Molpus - Seven States Timberland 6% 7% 7,616,630 5,750,342 - - - 7,616,630 - 5,750,342 13,366,971 Natural Gas Partners Fund X -1% 2% 4,890,926 373,286 - 4,784,328 106,597 - 373,286 5,264,212 Olympus Growth Fund V & AIG Secondary 16% 22% 13,848,144 85,763 36,170,737 5,857,405 7,369,123 6,479,021 5,372,624 30,883,876 13,933,907 Olympus Growth Fund VI 10% 17% 5,271,496 54,790 2,878,169 1,976,828 3,216,702 2,054,794 20,027 2,912,932 5,326,286 OrbiMed Royalties Fund I 2% 6% 5,036,076 2,497,447 - 1,946,967 3,089,109 - 2,497,447 7,533,523 Orion Resources Fund I -1% 4% 2,567,539 825,557 382,226 - 1,310,025 1,257,514 - 1,207,783 3,393,095 Orion Resources Fund I - A 14% 17% - 339,563 263,024 - - - - 602,587 339,563 Owl Rock Capital BDC Pine Brook Capital Partners 7% 12% 7,716,322 1,312,203 - - 3,761,954 3,954,368 49,994 1,262,209 9,028,525 Pine Brook Capital Partners II 1% 4% 12,433,827 1,584,254 - - 9,860,478 2,573,349 629,269 954,985 14,018,081 PRISA I Prudential 11% 11% 10,342,717 2,267,328 - - - 10,342,717 - 2,267,328 12,610,045 PRISA II Prudential Real Estate 6% 8% 17,909,872 4,678,749 - - - 17,909,872 - 4,678,749 22,588,621 Red Kite Fund I Ridgewood Energy Fund II -8% -1% 7,447,257 619,800 - 6,094,699 1,352,558 80,865 538,935 8,067,058 Ridgewood Energy Fund II Co-Invest RNT Associates 6% 6% 3,878,487 4,882,365 - - 1,110,000 2,768,487 - 4,882,365 8,760,852 Rockpoint Real Estate Fund III 14% 22% 3,790,996 1,766,389 3,759,412 - 3,790,996 - - 5,525,801 5,557,385 Rockpoint Real Estate Fund IV 12% 22% 2,555,777 1,069,558 926,979 46,031 2,555,777 - - 1,996,537 3,625,335 Roundtable Healthcare Capital Partnership III Santa Cruz Nutritionals Sentient Global Resources Fund III -8% -3% 8,142,372 611,430 - - 5,356,756 2,785,615 - 611,430 8,753,802 Sentient Global Resources Fund IV -16% -13% 7,962,753 787,087 - - 7,379,897 582,856 148,390 638,697 8,749,840 Shamrock Capital Growth Fund II 10% 12% 3,696,512 517,324 3,031,250 231,022 3,523,962 172,550 690,910 2,857,664 4,213,836 Shamrock Capital Growth Fund III 99% 102% 4,805,539 320,199 12,487,530 488,264 4,390,435 415,104 3,578,470 9,229,259 5,125,738 Sun Capital Partners IV Sun Capital Partners V Sun Capital Partners VI TA Realty (Separately Managed Account) 10% 12% 23,043,311 - 4,654,493 - 19,393,138 3,650,173 - 4,654,493 23,043,311 Trinitas Advantaged Agriculture IV 1% 1% 3,514,778 2,436,244 - - 3,391,897 122,881 - 2,436,244 5,951,021 TriPacific Capital Advisors 11% 14% 8,763,459 1,444,362 - 440,000 440,000 8,323,459 154,440 1,289,922 10,207,822 W Capital Partners II 10% 18% 8,951,805 837,399 5,332,519 - 480,400 8,471,405 - 6,169,918 9,789,204 W Capital Partners III 10% 13% 8,818,614 2,009,329 - - 4,001,362 4,817,252 124,236 1,885,093 10,827,943 Walton Street Real Estate Fund V Walton Street Real Estate Fund VI Wanaka Fund 1% 1% 9,725,357 7,328,654 4,047,835 - - 9,725,357 - 11,376,489 17,054,011 The Regents of the University of California Alternative Investment Fees and Expenses, Inception to 6/30/20 (Investments made prior to January 1, 2017) Management Partnership Profit Sharing Fees Paid by Mgmt Fees Mgmt Fees Exp and Carry Exp and Carry Fees and Exp Investment Name Net IRR1 Gross IRR1 Fees4 Expenses4 Paid4 Portfolio Companies4 Direct2,4 Indirect3,4 Direct2,4 Indirect3,4 (Total)4 §7514.7(b) & §6254.26(b)(1) §7514.7(b) §6254.26(b)(8) §6254.26(b)(8) §7514.7(a)(3) §7514.7(a)(4) §7514.7(a)(1) §7514.7(a)(2) §7514.7(a)(1) §7514.7(a)(2) §6254.26(b)(8) 6254.26(b)(6) Warburg Pincus Energy -8% -4% 7,827,780 1,110,522 - 1,215 - 7,827,780 - 1,110,522 8,938,302 Warburg Pincus Private Equity IX Warburg Pincus Private Equity VIII Warburg Pincus Private Equity X 9% 13% 17,063,516 3,940,779 25,387,829 557,833 3,076,882 13,986,634 9,792,085 19,536,523 21,004,295 Warburg Pincus Private Equity XI 12% 17% 5,522,602 2,415,426 8,690,577 76,198 812,717 4,709,884 5,312,768 5,793,236 7,938,028 Westbrook Real Estate Fund IX 8% 12% 3,050,151 1,749,310 - - 3,050,151 - - 1,749,310 4,799,461 Westbrook Real Estate Fund VII 2% 4% 4,433,774 3,379,268 - - 4,433,774 - - 3,379,268 7,813,041 Westbrook Real Estate Fund VIII 10% 16% 2,069,548 1,223,705 - - 2,069,548 - - 1,223,705 3,293,253 York European Distressed Credit 6% 7% 1,089,389 924,588 - - - 1,089,389 - 924,588 2,013,977

Footnotes 1 Gross IRR was provided by the fund manager; Net IRR was calculated by UC Regents or provided by the fund manager; NM indicates that an IRR was not meaningful (typically for new investments) 2 Includes fees and expenses directly invoiced to UC Regents in capital calls or distribution notices 3 Includes all fees and expenses disclosed by general partners on the ILPA Template (or other client-level reporting) that was not invoiced directly 4 Figures are converted from fund currency to USD as of June 30, 2020