Fiscal Year 2020 July 1, 2019 Through June 30, 2020

December 10, 2020

To: Board of Retirement

From: Tom Williams Deputy Chief Investment Officer

Re: California Government Code Section 7514.7 Disclosure

The attached report discloses alternative investment vehicle (AIV) information for the fiscal year ended June 30, 2020 (FY 2020). AIVs include private equity funds, venture funds, hedge funds, or absolute return funds. This disclosure is required by California Government Code Section 7514.7. The report is posted in the Investments section of SDCERA’s website.

Consistent with the statute, the following information is disclosed in the Report.

1. The fees and expenses paid by SDCERA directly to the AIV, fund manager or related parties.

2. SDCERA’s pro-rata share of fees and expenses not included in (1) that are paid from the AIV to the fund manager or related parties.

3. SDCERA’s pro-rata share of carried interest distributed by the AIV to the fund manager or related parties.

4. SDCERA’s pro-rata share of aggregate fees and expenses paid by all of the portfolio companies held within the AIV to the fund manager or related parties.

5. The gross and net rate of return of each AIV fund since inception, and

6. The information described in section (b) of California’s Public Records Act [Government Code Section 6254.26], which includes:

i. The name, address, and vintage year of each AIV.

ii. The dollar amount of the commitment made by SDCERA to each AIV since inception.

iii. The dollar amount of cash contributions made by SDCERA to each AIV since inception.

2275 Rio Bonito Way, Suite 100, San Diego, CA 92108-1685 • www.sdcera.org • 619.515.6800 December 10, 2020 Page 2

iv. The dollar amount, on a fiscal year-end basis, of cash distributions received by SDCERA from each AIV.

v. The dollar amount, on a fiscal year-end basis, of cash distributions received by SDCERA plus remaining value of partnership assets attributable to SDCERA’s investment in each AIV.

vi. The net internal rate of return of each AIV since inception.

vii. The investment multiple of each AIV since inception.

viii. The dollar amount of the total management fees and costs paid on an annual fiscal year-end basis by SDCERA to each AIV.

ix. The dollar amount of cash profit received by SDCERA from each AIV on a fiscal year-end basis.

Attachment

Alternative Investment Vehicle (AIV) Fees, Expenses and Carried Interest Reported Pursuant to California Government Code Section 7514.7 For Fiscal Year 2020 July 1, 2019 through June 30, 2020

Fees and Expenses SDCERA's Pro-rata SDCERA's Pro-rata Share of Paid by SDCERA SDCERA's Pro-rata Share Share of Carried Aggregate Fees and Expenses Directly to the AIV, of Fees and Expenses Paid Interest Distributed to Paid by the AIV's Portfolio Fund Manager or from the AIV to the Fund the Fund Manager or Companies to the Fund Manager Related Parties Manager or Related Parties Related Parties or Related Parties

Section 7514.7 (d)(1)1 Expenses $1,223,196 $0 $0 $302,297 2 Section 7514.7 (d)(2) Expenses $13,014,422 $1,151,455 -$6,637,106 $984,773 Total $14,237,618 $1,151,455 -$6,637,106 $1,287,070

1. From January 1, 2017 through June 30, 2020, SDCERA entered into one alternative investment vehicle contract.

2. Pursuant to Section 7514.7, SDCERA has undertaken reasonable efforts to obtain information with respect to existing alternative investment vehicles.

Page 1 Detail of Alternative Investment Vehicle (AIV) Fees, Expenses and Carried Interest1 Reported Pursuant to California Government Code Section 7514.7 For Fiscal Year 2020 July 1, 2019 through June 30, 2020

Fees and Expenses SDCERA's Pro-rata SDCERA's Pro-rata Share of Paid by SDCERA SDCERA's Pro-rata Share Share of Carried Aggregate Fees and Expenses Gross Internal Directly to the AIV, of Fees and Expenses Paid Interest Distributed Paid by the AIV's Portfolio Rate of Return Net Internal Rate Fund Manager or from the AIV to the Fund to the Fund Manager Companies to the Fund (IRR) Since of Return (IRR) Related Parties Manager or Related Parties or Related Parties Manager or Related Parties Inception2 Since Inception Apollo Credit III $290,890 $133,839 $0 $0 - -1.0% Bain Cap IX Co-Inv $0 $216 $0 $0 - 7.1% Bain Cap Fund IX -$1,000 $457 $0 $0 - 7.3% Bain Cap Fund X $4,183 $1,894 $0 $12,178 - 10.2% Baring PE Asia V $776,269 $0 -$7,304,095 $49,117 - 6.7% Blackstone Cap IV $0 $0 -$43,769 $104 - 54.2% Blackstone Cap V $0 $0 -$247,050 $1,610 - 8.7% Blackstone Cap VI $229,698 $0 -$5,591,749 $162,209 - 10.7% Blackstone VII LP $894,908 $0 -$1,305,671 $45,820 - 10.4% Cap Intl PE Fund V $2,690 $0 $0 $0 - -2.9% Capital Intl Private Eq VI $208,339 $0 $0 $0 - 2.3% Cerberus Instl IV3 -$12,839 $0 -$163,023 $0 - 8.9% Charterhouse VIII $0 $664 $0 $0 - -0.7% Coller V $0 $0 $15,245 $0 - 7.8% DE Shaw Alkali II3 $168,136 $0 $0 $0 - 7.8% DE Shaw Opportunistic3 $0 $0 $79,416 $0 - 0.0% Drug Royalty III $0 $22,615 $0 $0 - 8.8% Emerging Europe Gwth3 $0 $0 $0 $0 - 2.9% EQT Partners VI $251,609 $0 -$4,508,152 $0 - 12.8% EQT VII $658,539 $70,358 $1,814,258 $7,067 - 14.7% Fountainvest3 $500,057 $0 $1,594,932 $0 - 15.3% Gores Cap Part III $0 $0 $0 $128,811 - 1.7% Gores Small Cap Fd $0 $0 $0 $146,242 - 12.7% Graham Partners $0 $5,183 $0 $876 - 11.7% Greenbriar Eq Fd II $0 $0 $0 $0 - 8.0% GSO Cap Sol Fd3 $0 $0 -$493,712 $0 - 9.0% GSO Cap Solutions Fd II3 $345,771 $0 -$403,039 $0 - -2.3% Harbourvest Int'l PE $0 $830 $0 $71 - 9.0% H&F Cap Part VI3 $0 $0 -$59,033 $0 - 13.6% H&F VII3 $32,141 $0 $139,641 $0 - 24.0% Lexington Cap V3 $0 $0 $0 $0 - 18.1% Lexington Cap VI B3 $0 $0 $0 $0 - 6.8% New Mountain IV $493,744 $26,755 $4,799,448 $163,977 - 22.4%

Fees and Expenses SDCERA's Pro-rata SDCERA's Pro-rata Share of Paid by SDCERA SDCERA's Pro-rata Share Share of Carried Aggregate Fees and Expenses Gross Internal Directly to the AIV, of Fees and Expenses Paid Interest Distributed Paid by the AIV's Portfolio Rate of Return Net Internal Rate Fund Manager or from the AIV to the Fund to the Fund Manager Companies to the Fund (IRR) Since of Return (IRR) Related Parties Manager or Related Parties or Related Parties Manager or Related Parties Inception2 Since Inception Northgate PE Part II $78,750 $0 $0 $0 - 7.2% Northgate PE III $72,250 $0 $0 $0 - 6.8% Oaktree Euro Fd LP $55,061 $142,964 -$152,235 $0 - 8.2% Oaktree Euro Principal Fd III $903,873 $79,253 -$567,448 $38,109 - 8.6% OCM Opp VI $0 $821 $458 $0 - 8.7% OCM Opp Fund VII $0 $17,487 $0 $0 - 7.4% OCM Opp Fund VII-B -$2,773 $1,214 -$11,910 $1,773 - 16.5% Onex Partners III $48,315 $6,674 -$471,438 $4,551 - 10.9% Paul cap Part IX $61,376 $0 $0 $0 - 3.6% Paul Cap Partners $0 $0 $0 $0 - 8.9% Providence Eq Part V $0 $1,310 $0 $0 - 3.0% Public Pension Capital LLC $1,223,196 $0 $0 $302,297 18.9% 17.9% RMF 2 CO-Invest LP $0 $24,559 $0 $0 . 18.0% Silver Point Opportunistic3 $0 $0 $0 $0 - 0.0% SSG Capital III $428,267 $5,998 -$154,620 $0 - 9.0% Stark Investment Opportunistic3 $0 $0 $0 $0 - 0.0% Stark Investments3 $0 $0 $0 $0 - 0.0% TA Sub II $0 $0 $0 $0 - 8.9% TA Associates X $0 $1,087 $0 $0 - 5.2% TPG Asia VI $153,906 $0 $3,871,513 $218,061 - 7.9% Texas Pacific Group $0 $1,953 $0 $0 - 20.6% Actis Energy III $342,000 $0 -$1,371,000 $0 - 8.9% Actis Energy 3 Co-Invest $0 $0 $0 $0 - 9.8% Amerra Agr Fd II3 $237,811 $0 $1,293,164 $0 - 6.2% Brookfield Americas $556,829 $50,782 $1,302,095 $441 - 10.1% Brookfield Brazil Agrtland Fd3 $980,638 $0 $0 $0 - -8.4% Denham Comm Fd VI $0 $82,653 -$48,317 $0 - 0.3% EMB Co-Invest AE NO $0 $0 $0 $0 - -25.6% EMG Co-Invest AE NO $0 $21,819 $0 $0 - -0.3% EMG Fd III $867,482 $983 $0 $0 - -11.2% ENCAP Energy Cap VI $0 $2,008 $0 $0 - 26.7% ENCAP Energy Cap VII $0 $1,841 -$25,747 $0 - 16.2% Envst Engy Instl X-B3 $0 $0 $0 $0 - 0.6%

Page 2 Detail of Alternative Investment Vehicle (AIV) Fees, Expenses and Carried Interest1 Reported Pursuant to California Government Code Section 7514.7 For Fiscal Year 2020 July 1, 2019 through June 30, 2020

Total $14,237,618 $1,151,455 -$6,637,106 $1,287,070

1. Negative amounts reflect reversals of previously accrued or paid fees. 2. The Gross Internal Rate of Return calculation requires a complete record of the dates and amounts of all expenses paid to the AIV since inception that will be maintainted for all AIV investments made after January 1, 2017. 3. Manager did not provide the requested information.

Page 3 Summary of Alternative Investment Vehicle (AIV) Assets, Distributions and Returns Reported Pursuant to California Government Code Section 6254.26 For Fiscal Year 2020 July 1, 2019 through June 30, 2020

Investment Cash Cash Distributions Net Internal Rate Multiple Since Total Management Vintage Dollar Commitment Contributions Cash Distributions Plus Remaining of Return Since Inception Fees and Costs for Year3 Manager/Fund Address Made to AIV Made to AIV Received from AIV Value of AIV Inception (percent) Fiscal Year 2020 Cash Profit1 2014 Apollo Credit Opportunities Fund III LP 9 West 57th Street, 43rd Floor, 10019, New York, New York, United States $100,000,000 $199,878,853 $178,263,130 $198,991,108 -1.0% 99.6% $424,729 -$887,745 2006 Bain Capital Fund IX Coinvestment Fund, L.P. John Hancock Tower, 200 Clarendon Street, 02116, Boston, Massachusetts, United States $1,500,000 $1,821,000 $2,651,529 $2,727,057 7.1% 149.8% $216 $906,057 2006 Bain Capital Fund IX, L.P. John Hancock Tower, 200 Clarendon Street, 02116, Boston, Massachusetts, United States $7,000,000 $7,350,000 $11,160,553 $11,483,116 7.3% 156.2% -$543 $4,133,116 2008 BAIN Capital Fund X, L.P. John Hancock Tower, 200 Clarendon Street, 02116, Boston, Massachusetts, United States $15,000,000 $15,225,521 $23,271,930 $25,225,761 10.2% 165.7% $18,255 $10,000,240 2010 Baring Asia Private Equity Fund V Two International Finance Centre, 8 Finance Street, Suite 3801, Hong Kong $50,000,000 $62,597,686 $41,104,304 $87,041,179 6.7% 139.0% -$6,478,709 $24,443,493 2001 Blackstone Capital Partners IV, L.P. 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $15,000,000 $18,154,587 $46,453,415 $46,787,973 54.2% 257.7% -$43,665 $28,633,386 2006 Blackstone Capital Partners V, L.P. 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $15,000,000 $15,444,867 $25,950,026 $26,614,933 8.7% 172.3% -$245,440 $11,170,066 2010 Blackstone Capital Partners VI, L.P. 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $100,000,000 $101,244,703 $104,905,982 $165,353,138 10.7% 163.3% -$5,199,842 $64,108,435 2016 Blackstone Capital Partners VII LP 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $100,000,000 $80,213,288 $8,185,425 $95,986,423 10.4% 119.7% -$364,943 $15,773,135 2007 Capital International Private Equity Fund V, L.P. Steuart Street, Suite 2000, 94105-1409 , San Francisco, California $10,000,000 $10,809,812 $9,993,854 $10,175,548 -2.9% 94.1% $2,690 -$634,264 2010 Capital International Private Equity Fund VI, L.P. Steuart Street, Suite 2000, 94105-1409 , San Francisco, California $50,000,000 $55,458,703 $25,924,183 $65,544,847 2.3% 118.2% $208,339 $10,086,144 2006 Cerberus Institutional Partners, L.P. Series Four 875 Third Avenue, 11th Floor, 10022, New York, New York, United States $15,000,000 $13,851,643 $22,725,330 $24,532,014 8.9% 177.1% -$175,862 $10,680,371 2006 Charterhouse Capital Partners VIII, L.P. Warwick Court, Paternoster Square, 7th Floor, EC4M 7DX, London, United Kingdom $11,231,500 $12,057,898 $11,776,306 $11,780,519 -0.7% 97.7% $664 -$277,379 2006 Coller International Partners V-A, L.P. Park House, 116 Park Street, W1K 6AF, London, United Kingdom $10,000,000 $7,820,000 $11,209,264 $11,809,927 7.8% 151.0% $15,245 $3,989,927 2014 D.E. Shaw Alkali Fund II LP 1166 Avenue of the Americas, Ninth Floor, 10036, New York, United States $45,000,000 $52,878,255 $58,595,174 $67,760,398 7.8% 128.1% $168,136 $14,882,143 DE Shaw Opportunistic3 1166 Avenue of the Americas, Ninth Floor, 10036, New York, United States $79,416 2012 Drug Royalty III LP First Canadian Place, 100 King St. West, Suite 7250, POB 62, M5X 1B1, Toronto, Ontario $41,488,181 $26,769,047 $29,357,197 $35,240,758 8.8% 131.6% $22,615 $8,471,711 2008 Emerging Europe Growth Fund II 4 Mykoly Rayevskoho Street, 01042, Kyiv, Ukraine $10,000,000 $9,343,143 $7,116,228 $11,773,731 2.9% 126.0% $0 $2,430,588 2011 EQT VI Hovslagargatan 3, PO Box 16409, SE-111 48, Stockholm, Sweden $44,926,000 $53,030,220 $77,260,518 $90,511,654 12.8% 170.7% -$4,256,543 $37,481,434 2015 EQT VII (No.2) Limited Partnership Hovslagargatan 3, PO Box 16409, SE-111 48, Stockholm, Sweden $56,157,500 $61,901,493 $29,619,435 $84,630,819 14.7% 136.7% $2,550,223 $22,729,326 2012 FountainVest China Growth capital Fund II ICBC Tower, 3 Garden Road, Suite 705-8, Central, Hong Kong $50,000,000 $48,755,452 $57,698,905 $82,629,703 15.3% 169.5% $2,094,989 $33,874,251 2010 Gores Capital Partners III, L.P. 9800 Wilshire Blvd, 90212, Los Angeles, California, United States $75,000,000 $79,256,488 $82,307,913 $85,453,962 1.7% 107.8% $128,811 $6,197,474 2011 Gores Small Capital Partners 9800 Wilshire Blvd, 90212, Los Angeles, California, United States $30,000,000 $32,483,383 $34,730,578 $42,393,283 12.7% 130.5% $146,242 $9,909,900 2004 Graham Partners II, L.P. Building 2, 3811 West Chester Pike, Suite 200, 19073, Newtown Square, Pennsylvania, United States $7,500,000 $7,682,126 $14,262,259 $14,327,506 11.7% 186.5% $6,060 $6,645,380 2007 Greenbriar Equity Fund II, L.P.2 555 Theodore Fremd Avenue, Suite A-201, 10580, Rye, New York, United States $10,000,000 $8,106,480 $12,311,262 $12,311,262 8.0% 151.9% $0 $4,204,782 2009 GSO Capital Solutions Fund 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $50,000,000 $71,867,365 $92,305,143 $93,049,187 9.0% 129.5% -$493,712 $21,181,822 2012 GSO Capital Solutions Fund II, LP 345 Park Avenue, 31st Floor, 10154, New York, New York, United States $90,000,000 $70,743,779 $61,455,260 $69,311,023 -2.3% 98.0% -$57,268 -$1,432,756 1997 HarbourVest Int'l Priv Eq Prtnrs III - Prtnrship One Financial Center, 44th Floor, 02111, Boston, Massachusetts, United States $34,700,000 $34,179,500 $53,997,454 $54,062,679 9.0% 158.2% $901 $19,883,179 2006 Hellman & Friedman Capital Partners VI, L.P. 415 Mission Street, Suite 5700, 94105, San Francisco, California $15,000,000 $15,060,795 $29,051,240 $29,719,413 13.6% 197.3% -$59,033 $14,658,618 2009 Hellman & Friedman Capital Partners VII, L.P. 415 Mission Street, Suite 5700, 94105, San Francisco, California $15,000,000 $13,293,861 $22,413,585 $42,654,471 24.0% 320.9% $171,782 $29,360,610 2001 Lexington Capital Partners V, L.P. 660 Madison Avenue, 23rd Floor, 10065, New York, New York, United States $10,000,000 $11,026,975 $17,752,792 $17,804,748 18.1% 161.5% $0 $6,777,773 2005 Lexington Capital partners VI-B, L.P. 660 Madison Avenue, 23rd Floor, 10065, New York, New York, United States $10,000,000 $10,774,432 $14,273,648 $14,908,422 6.8% 138.4% $0 $4,133,990 2013 New Mountain Partners IV, L.P. 49th Floor, 787 7th Avenue, 10019, New York, New York, United States $90,000,000 $78,108,844 $80,913,409 $154,345,732 22.4% 197.6% $5,483,924 $76,236,888 2005 Northgate Private Equity Partners II, L.P. 120 Collins Street, Level 31, VIC 3000, Melbourne, Victoria, Australia $15,000,000 $14,250,000 $20,121,036 $20,795,505 7.2% 145.9% $78,750 $6,545,505 2006 Northgate Private Equity Partners III, L.P. 120 Collins Street, Level 31, VIC 3000, Melbourne, Victoria, Australia $15,000,000 $13,950,000 $18,001,920 $20,693,123 6.8% 148.3% $72,250 $6,743,123 2013 Oaktree European Dislocation Fund (US) LP 333 South Grand Avenue, 28th Floor, CA 90071, Los Angeles, California $90,000,000 $51,516,000 $54,869,129 $57,372,974 8.2% 111.4% $45,790 $5,856,974 2010 OCM European Principal Fund III, L.P. 333 South Grand Avenue, 28th Floor, CA 90071, Los Angeles, California $67,389,000 $64,898,091 $52,899,145 $100,116,181 8.6% 154.3% $453,788 $35,218,090 2005 OCM Opportunities Fund VI, L.P. 333 South Grand Avenue, 28th Floor, CA 90071, Los Angeles, California $5,000,000 $5,000,000 $7,852,326 $7,852,487 8.7% 157.0% $1,279 $2,852,487 2007 OCM Opportunities Fund VII, L.P. 333 South Grand Avenue, 28th Floor, CA 90071, Los Angeles, California $7,500,000 $7,500,000 $10,276,912 $10,330,499 7.4% 137.7% $17,487 $2,830,499 2007 OCM Opportunities Fund VIIb, L.P. 333 South Grand Avenue, 28th Floor, CA 90071, Los Angeles, California $12,500,000 $11,250,000 $19,457,091 $19,479,617 16.5% 173.2% -$11,696 $8,229,617 2008 Onex Partners III, L.P. 161 Bay Street, P.O. Box 700, M8J 2S1, Toronto, Ontario, Canada $15,000,000 $15,643,853 $23,858,830 $27,573,390 10.9% 176.3% -$411,898 $11,929,537 2006 Paul Capital Partners IX, L.P. 50 California St, 575 Market Street, Suite 2500, 94105, San Francisco, California $20,000,000 $17,699,666 $17,573,905 $21,539,031 3.6% 121.7% $61,376 $3,839,365 2004 Paul Capital Partners VIII-B 50 California St, 575 Market Street, Suite 2500, 94105, San Francisco, California $15,000,000 $15,040,667 $20,355,521 $21,361,222 8.9% 142.0% $0 $6,320,555 2004 Providence Equity Partners V, L.P. 50 Kennedy Plaza, 18th Floor, 02903, Providence, Rhode Island, United States $10,000,000 $12,414,814 $14,605,332 $14,733,898 3.0% 118.7% $1,310 $2,319,084 2017 SDCERA Public Pension Capital LLC 500 Park Avenue, 4th Floor, 10022, New York, New York, United States $100,000,000 $31,712,148 $6,826,190 $41,014,293 17.9% 129.3% $1,525,493 $9,302,145 2010 RMF 2 Co-Investment Fund, L.P. Limegrove Centre, 1st floor, BB 24016, Holetown, St. James $25,000,000 $8,974,920 $16,015,500 $19,293,853 18.0% 215.0% $24,559 $10,318,933 Silver Point Opportunistic3 Two Greenwich Plaza, 06830, Greenwich, Connecticut, United States $0 2014 SSG III Room 4202, Gloucester Tower, The Landmark, 15 Queen's Road Central, Hong Kong, Hong Kong $60,000,000 $100,073,446 $89,466,597 $119,254,840 9.0% 119.2% $279,645 $19,181,394 Stark Investment Opportunistic3 735 North Water Street, Suite 790, 53202, Milwaukee, Wisconsin, United States $0 Stark Investments3 735 North Water Street, Suite 790, 53202, Milwaukee, Wisconsin, United States $0 2006 TA Subordinated Debt Fund II, L.P. John Hancock Tower, 200 Clarendon Street, 56th Floor, 02116, Boston, Massachusetts, United States $8,000,000 $6,960,000 $9,766,936 $9,809,038 8.9% 140.9% $0 $2,849,038 2006 TA X, L.P. John Hancock Tower, 200 Clarendon Street, 56th Floor, 02116, Boston, Massachusetts, United States $13,000,000 $12,545,000 $16,523,000 $16,528,253 5.2% 131.8% $1,087 $3,983,253 2012 TPG Asia VI, L.P. Suite 5704-13, Two International Finance Centre, No. 8 Finance Street, Central, Hong Kong $75,000,000 $79,763,633 $39,678,392 $102,954,223 7.9% 129.1% $4,243,480 $23,190,590 2003 TPG Partners IV, L.P. 301 Commerce Street, Suite 3300, 76102, Fort Worth, Texas, United States $10,000,000 $11,158,085 $22,894,357 $23,013,464 20.6% 206.2% $1,953 $11,855,379 2013 Actis Energy 3 2 More London Riverside, SE1 2JT, London, United Kingdom $50,000,000 $50,912,027 $37,505,849 $64,194,849 8.9% 126.1% -$1,029,000 $13,282,822 2013 Actis Energy 3 Co-Investment, LP 2 More London Riverside, SE1 2JT, London, United Kingdom $13,750,000 $13,986,438 $11,163,092 $18,625,092 9.8% 133.2% $0 $4,638,654 2012 Amerra Agri Fund II 1185 Avenue of the Americas, 17th Floor, 10036, New York, New York, United States $50,000,000 $50,934,555 $36,112,003 $66,789,772 6.2% 131.1% $1,530,975 $15,855,217 2010 Brookfield Americas Infrastructure Fund, L.P. Brookfield Place, 181 Bay Street, MSJ 2T3, Toronto, Ontario, Canada $75,000,000 $77,440,897 $77,008,408 $149,700,576 10.1% 193.3% $1,910,147 $72,259,679 2011 Brookfield Brazil Agriland Edifcio Pacific Tower, Building 2, Avenida Antnio Gallotti s/n, 2nd Floor, Barra da Tijuca, 22775-029, Rio de Janeiro $75,000,000 $69,652,604 $0 $38,776,000 -8.4% 55.7% $980,638 -$30,876,604 2011 Denham Commodity Partners Fund VI, L.P. 700 Louisiana Street, Suite 3700, 77002, Houston, Texas, United States $50,000,000 $52,027,681 $31,768,887 $56,189,821 0.3% 108.0% $34,337 $4,162,140 2014 EMG AEPB Co-Investment 2229 San Felipe Street, Suite 1300, Houston TX 77019 $6,000,000 $6,000,000 $2,513,364 $2,513,364 -25.6% 41.9% $0 -$3,486,636 2014 EMG AENO Co-Investment LP 2229 San Felipe Street, Suite 1300, Houston TX 77019 $4,342,137 $4,342,137 $0 $4,261,849 -0.3% 98.2% $21,819 -$80,288 2014 Energy & Minerals Group Fund III LP 2229 San Felipe Street, Suite 1300, Houston TX 77019 $75,000,000 $71,302,052 $7,905,284 $43,839,139 -11.2% 61.5% $868,465 -$27,462,913 2006 EnCap Energy Capital Fund VI, L.P. 1100 Louisiana, Suite 4900, 77002, Houston, Texas, United States $9,000,000 $9,931,900 $17,836,642 $17,908,795 26.7% 180.3% $2,008 $7,976,895 2007 EnCap Energy Capital Fund VII, L.P. 1100 Louisiana, Suite 4900, 77002, Houston, Texas, United States $10,000,000 $10,678,022 $14,788,562 $15,083,653 16.2% 141.3% -$23,907 $4,405,631 2005 EnerVest Energy Institutional Fund X-B, L.P. 1001 Fannin Street, Suite 800, 77002-6707, Houston, Texas, United States $10,000,000 $10,043,273 $10,272,571 $10,278,188 0.6% 102.3% $0 $234,915 2007 EnerVest Energy Institutional Fund XI-B, L.P. 1001 Fannin Street, Suite 800, 77002-6707, Houston, Texas, United States $15,000,000 $14,306,417 $13,909,178 $13,929,859 -1.8% 97.4% $0 -$376,558 2010 Falcon E&P 3333 Lee Parkway, Suite 750, Dallas TX 75219 $75,000,000 $80,914,567 $56,407,227 $69,256,162 -8.9% 85.6% $35,279 -$11,658,405 2008 Global Infrastructure Partners A, L.P. 1345 Avenue of the Americas, 30th Floor, New York, New Yok 10105 $75,000,000 $82,518,407 $198,432,170 $199,183,967 18.8% 241.4% -$104,122 $116,665,560 2012 Hancock Agricultural Investment Group-Separate Account 99 High Street, 26th Floor, 02110, Boston, Massachusetts, United States $100,000,000 $39,650,000 $5,700,000 $51,455,694 4.2% 129.8% $336,373 $11,805,694 2010 J.P.M. Global Maritime Investment Fund 270 Park Avenue, 10017-2014, New York, New York $75,000,000 $75,257,810 $7,503,454 $42,679,425 -10.8% 56.7% $852,180 -$32,578,385 2008 Kayne Anderson Energy Fund V, L.P. 1800 Avenue of the Stars, 3rd Floor, 90067, Los Angeles, California $15,000,000 $19,453,116 $20,405,637 $22,876,760 8.0% 117.6% -$249,544 $3,423,644 2008 Macquarie Infrastructure Partners II 125 West 55th Street, 15th Floor, 10019, New York, New York, United States $75,000,000 $85,408,350 $108,644,877 $158,977,917 10.3% 186.1% $267,040 $73,569,567 2005 Merit Energy Partners F, L.P. Tower 2, 13727 Noel Road, Suite 1200, 75240, Dallas, Texas, United States $8,000,000 $4,761,830 $2,410,357 $3,591,508 -4.2% 75.4% $607 -$1,170,322 Summary of Alternative Investment Vehicle (AIV) Assets, Distributions and Returns Reported Pursuant to California Government Code Section 6254.26 For Fiscal Year 2020 July 1, 2019 through June 30, 2020

Data sources: The Burgiss Group Private I Module, Albourne LLC, and Aon Hewitt Investment Consulting 1Cash profit is calculated as the Cash Distributions Plus Remaining Value of AIV less the Cash Contributions Made to AIV since inception. 2This investment was fully realized during FY2020. Information as of November 30, 2019. 3Total Management Fees and Costs is the only AIV metric that applies to this investment.