PRIVATE EQUITY

Nebraska Council Board Meeting December 13, 2018

Stonetree Capital Advisors

. Your Investment Portfolio contains a portfolio of 23 individual Partnership Groups managing 38 separate General Partnerships. . Eleven partnerships are in there final phase prior to termination. We anticipate most of these partnerships will have their final exits in the next 12-18 months. . Your Portfolio is well diversified by sector, geography and business type, with over 201 Individual Portfolio Companies owned.

1 SPC Capital Management General Partnerships Segments

. Companies are early stage growth companies developing new products and/or technologies. You own Venture Capital Partnerships with 97 individual representing 31% of current market value.

. are existing companies in need of capital or new managements to stimulate growth in cash flows and profits. You own Partnerships with 31 individual investments representing 33% of current market value.

. Special Situations include Distressed Debt and Energy Partnerships. You have 11 of these Partnerships owning approximately 73 individual companies representing 3% and 33% of current market value.

3 SPC Capital Management SPC Investment Performance

SPC Capital’s investment performance inception to 6/30/18

. 17.75 Year Performance 6.5% Annualized Return for SPC Capital (Gross Return) 5.5% Annualized Return for SPC Capital (Net Return) 4.5% Annualized Return for S&P 500 Index

4 SPC Capital Management General Partnerships

 Discussion of Holdings

Energy Partnerships (Riverstone, 32 Degrees, Lex & Springbok) Edison Venture Partners VII (Venture Fund) Forbion Opus Ventures (Venture Fund) Terra Firma Special Opportunity Funds I & II Trinity XII Trivest Partners (Buyout Funds)

5 SPC Capital Management Active Portfolio Holdings as of 11/28/18 Realized Partnership: Committed Net Invested Market Value Gain\(Loss) Net Gain/(Loss) Return of Principal

32 Degrees Energy III $5,000,000 $4,559,366 $ 6,439,134 $ 22,781 $ 1,902,549 $ 97,053

Carlyle/Riverstone III 6,522,805 903,341 559,826 2,887,963 2,544,484 5,736,835

Dace Ventures 2,000,000 1,017,495 693,846 106,771 (216,879) 926,979

Edison Venture VI 2,500,000 395,708 953,157 149,721 707,170 2,108,157

Edison Partners VIII 7,000,000 6,370,000 8,734,984 2,364,984

First Analysis IV 4,848,112 887,659 2,299,121 1,577,052 2,988,514 3,660,453

First Analysis XII+ 5,000,000 650,000 530,499 0 (119,501) 0

Forbion Capital III 3,275,000 1,247,303 3,460,858 (8,283) 2,205,272 1,027,806

Harrington Partners 7,500,000 0 409,481 4,095,873 4,505,355 8,209,500

AEP II (FKA Kern II) 5,500,000 1,173,199 1,638,127 1,775,456 2,240,384 6,032,867

Lex Energy Partners III 4,500,000 4,002,469 6,763,084 0 2,760,615 246,215

Merced LP II 5,000,000 0 333,074 4,186,638 4,519,712 5,000,000

Merced LP III 3,500,000 83,219 1,301,596 0 1.218,377 3,841,781

Merced LP IV 1,000,000 495,595 740,155 0 244,560 504,405

Opus Capital V 5,000,000 2,042,713 2,756,110 0 713,398 2,957,297

ParkerGale Capital 5,000,000 3,921,285 4,121,597 0 200,312 714,141

Plaza Belmont III 9,192,857 6,563,037 3,154,468 0 (3,408,569) 1,516,821

Riverstone VI 7,000,000 3,975,740 5,292,012 0 1,316,272 2,231,417

Springbok Energy Fund 5,000,000 3,496,979 6,123,239 99,295 2,725,555 2,451,198

Terra Firma III 4,769,600 4,011,438 965,860 158 (3,045,420) 1,506,442

6 SPC Capital Management Active Portfolio Holdings as of 11/28/18

Realized Net Return of Partnership: Committed: Net Invested: Market Value: Gain/(Loss) Gain/(Loss) Principal

TF Capital Ops Fund I 3,200,000 3,031,632 10,077,467 0 7,045,835 0

TF Capital Ops Fund II 1,890,598 1,890,598 3,157,345 0 1,266,747 0

Thayer Capital V 2,500,000 501,891 914,156 1,195,764 1,608,029 2,391,354

Trinity IX 2,500,000 0 377,559 1,169,940 1,547,499 2,498,998

Trinity XII 7,000,000 3,797,500 4,630,633 833,133

Trivest IV 3,500,000 1 219,481 5,205,043 5,424,524 3,776,545

Trivest Growth Inv. Fund 5,000,000 1,913,392 1,999,857 0 86,465 18,577

VSS 5,000,000 2,138,773 1,734,980 141,557 (262,236) 3,642,931

Totals 129,698,972 59,070,333 80,381,706 22,605,729 43,917,102 61,097,772

7 SPC Capital Management Stonetree Capital Fund IV Performance

Fund IV’s investment performance inception to 6/30/18

. 7.5 Year Private Equity Performance 8.2% IRR for Fund IV Capital (Gross Return) 5.5% Annualized Return for Fund IV (Net Return) 11.3% Annualized Return for S&P 500 Index

8 Stonetree Capital Advisors General Partnerships

 Discussion of Holdings Bow River Energy Partnerships (32 Degrees, NGP X and Riverstone) Edison Venture Partners VII H.I.G. BioVentures First Analysis V Opus V and Opus VI Trinity XI Trivest V

9 Stonetree Capital Advisors Current Portfolio Holdings as of 11/28/18

Market Realized Net Return of Partnership: Committed Net Invested Value Gain\(Loss) Gain/(Loss) Principal

32 Degrees Energy II $ 5,000,000 $ 3,717 401 $ 2,021,680 $ 102,608 $ (1,593,113) $ 1,561,179 Bow River 2,000,000 444,916 2,135,174 1,690,258 1,318,029 Kobelt BR Co-Invest 504,421 459,135 0 (459,135) 284,670 Edison Partners VII 5,000,000 1,436,634 5,661,559 4,224,925 3,586,077 FA PE V 5,000,000 4,035,459 6,326,676 8,308 2,299,525 1,082,629

H.I.G. BioVentures 3,000,000 1,470,310 2,222,188 751,878 543,619

NGP X 5,000,000 1,649,282 2,569,703 21,968 942,389 3,137,761

Opus Capital V 1,540,445 539,209 1,102,454 2,672 565,916 1,101,236

Opus Capital VI 5,000,000 1,815,586 1,726,747 (88,839) 1,326,424 Riverstone V 5,000,000 3,213,812 4,127,689 21,576 935,453 3,713,041

Tenaska Power Fund II 6,607,889 232,324 202,616 (29,708) 5,549,050

Trinity Ventures XI 5,000,000 3,650,758 6,249,712 2,598,954 599,242

Trivest V 4.500,000 99,526 3,347,620 ___ 113,449 3,361,543 3,866,501__ Total $ 53,152,755 $ 22,764,353 $ 37,693,818 $ 270,581 $ 15,200,046 $27,569,457

10 Stonetree Capital Advisors