Royal Borough of Kensington and Chelsea Pension Fund

December 31, 2018 Quarterly Report Confidential Quarterly Report-Q4'18

Table of Contents

Market Update 2

Summary 6

Diversification 7

Partnership Fund Program

Executive Summary 10

Performance and Portfolio Highlights 11

Detailed Schedule of Investments 19

Notes and Footnotes 33

Adams Street Partners has provided this report (the “Report”) to the recipient on a confidential basis for purposes of monitoring the recipient’s Adams Street Partners investments. This Report contains highly confidential information, including trade secret information, that is proprietary to Adams Street Partners and/or underlying funds and/or portfolio investments. In accepting the Report, the recipient agrees that it will (i) not copy, reproduce or distribute the Report, in whole or in part, to any person or party (including any employee of the recipient other than an employee or other representative directly involved in evaluating the recipient’s investments with, or monitored by, Adams Street Partners) without the prior written consent of Adams Street Partners, (ii) keep permanently confidential all information not already public contained herein, and (iii) use the Report solely for the purpose set forth above. Numbers in this report are based on Adams Street Partners’ calculations and have not been reviewed or approved by the relevant general partners.

Royal Borough of Kensington and Chelsea Pension Fund 1 Confidential Quarterly Report-Q4'18

Market Update

Investor concerns over slowing earnings growth globally, most notably in the US and In March, Adams Street sent a “Save the Date” notice for our upcoming Investor China, led to a broad-based public equity market decline during the 4th Quarter of Conferences taking place on June 6 in London and June 26/27 in Chicago. Both 2018. As a result, most public equity indices were negative for the full year, though events will feature Future-focused insights from industry-leading General Partners, there was a meaningful dispersion of performance outcomes across regions and Limited Partner peer discussions, and strategy updates from Adams Street. Official sectors. Diversified private equity portfolio returns were more muted during the invitations will be sent in April and will include a complete agenda and speaker list. quarter, generally outperforming their public equity market counterparts for the three- month and twelve-month periods. Volatility continued into the first quarter, as most Thank you for the continued trust you place in us. Please contact your Adams Street equity market prices reversed course from year end lows and were up strongly. Partners representative with any questions or concerns.

While 2018 ended with a sweeping public market selloff, the IPO market for VC- backed companies remained receptive during the year and represented a continued upward trend from 2017: there were 85 VC-backed IPOs in North America representing US$64 billion in 2018, up from 58 VC-backed IPOs representing US$50 billion in 2017.

We expect this trend to continue in 2019 with a current inventory of high-quality IPO prospects and strong underlying investor appetite. Tech companies are staying private longer by choice due to the cost and operational advantages of not being a publicly listed company. Assuming employees and early investors can tolerate illiquidity, IPOs will likely be pushed into the future. Consequently, there is a large inventory of privately held companies that are attractive candidates for IPOs, several of which we expect to go public in 2019. In addition to Uber, Airbnb, and Lyft, we anticipate IPOs from other notable companies. As of this writing, a number of these companies garnered a US$5 billion+ valuation in the private markets during their most recent financing rounds.

While VC-backed companies remaining private longer pushes out liquidity and increases the duration of an already illiquid asset class, it enables private market investors (like Adams Street and the funds in which we invest) to capture an increasingly large portion of a company’s overall value creation. In historical context, many of the companies anticipated to have IPOs in 2019 would already be publicly traded, and private investors would have liquidated their positions at a lower valuation. However, in our experience technology companies have the potential to grow and generate value at a high rate, even at large scale. Therefore, we see the opportunity to maintain exposure to some of the companies above in private form, as a positive.

Sources: ASPIRE, Pitchbook

Royal Borough of Kensington and Chelsea Pension Fund 2 Confidential Quarterly Report-Q4'18

Market Update (Continued)

Summary of New Investments (Q1'19)

Primary Investments leading industrials businesses. Arcline will target control investments in niche industrials companies focused on building products, aerospace & defense, energy, Accel Growth Fund V — Accel Growth Fund V is an opportunity to invest with one of biopharma, life sciences, agriculture, personal care, food end markets in the U.S. and the most successful franchises in U.S. venture capital across stage (early and growth) Canada. Arcline will invest across business models such as manufacturing, and sector (infrastructure, software and consumer Internet). Accel focuses on making chemicals, industrial services, test & measurement, software, packaging, and minority investments in growing, profitable, (oftentimes) bootstrapped IT companies distribution & logistics. Arcline will opportunistically invest outside of the U.S. and in infrastructure, software, and digital media; an identical sector focus of the early Canada as well as in growth-equity opportunities (up to 25% of the fund, stage practice. respectively).

Accel Leaders Fund II — Accel Leaders Fund II is an opportunity to invest with one of Atlantic Street Capital IV — Atlantic Street Capital IV is an opportunity to back an the most successful franchises in U.S. venture capital across stage (early and growth) experienced private equity franchise that takes an operationally driven approach to and sector (infrastructure, software and consumer Internet). Accel will adding value in the lower middle market. Atlantic Street Capital (“Atlantic Street” or opportunistically invest additional capital into growth deals where Accel sources, “ASC”) takes control positions in lower middle market businesses that are typically structures, leads, and recruits management. Accel will only take a majority ownership founder- or entrepreneur-owned and fundamentally sound, but undermanaged and in position in a company when they direct a change in management. need of operational improvement to unlock growth. The companies often lack the processes, systems, and data analytic capabilities necessary to achieve full AEA Investors Fund VII — AEA Investors Fund VII is an opportunity to invest with an operational potential. Through organic growth and add-on acquisitions, ASC aims to experienced team of proven investors in the middle market leveraging its established create professionally run, scaled, lower middle market businesses that are attractive franchise in core verticals and deep industrial / operating network to drive value at its to both strategic buyers and sponsors. companies. Fund VII will target middle market businesses in four primary sectors: value-added industrial products, specialty chemicals, consumer/retail, and services. CVC Capital Partners Asia V — CVC Capital Partners Asia V is an opportunity to back The Fund expects to continue AEA’s strategy of making primarily control investments one of the leading regional buyout franchises in Asia with a strong position in in proven, well-positioned middle market companies in need of transformation, where Southeast Asia and re-energized under the new leadership regime. CVC Asia focuses significant operational change and geographic expansion can accelerate growth and on control and joint-control investments with partners in cash generative businesses profitability. with strong growth and operational improvement potential in consumer-facing sectors and business services sector. Altor Fund V (No. 1) AB — Altor Fund V is an opportunity to invest with one of the most successful mid-market buyout managers in the Nordic Region, capable of GENUI Fund II GmbH & Co. KG — GENUI Fund II GmbH & Co. KG is an opportunity generating very strong returns. Altor invests in mid-market buyouts in the Nordic to invest in an innovative platform, backed by high-profile, actively involved Region and will focus on €50-150m equity investments in €100-250m EV entrepreneurs, which is well positioned to generate attractive returns in the German transactions. Altor is sector agnostic and aims to double EBITDA during its mid-market. The fund targets control and minority situations in the DACH mid-market, ownership. The firm pursues investment situations with a degree of complexity by investing €15m - €80m equity cheques in buyout and growth transactions. The ranging from companies requiring performance improvement (Dynapac, Helly portfolio is expected to be comprised of 10-12 deals. The team will target Hansen), restructuring (Lindorff, AGR, Relacom), or industry consolidation (Lindorff). entrepreneur and family owned businesses by using a differentiated sourcing strategy and by partnering with four successful entrepreneurs (“Sponsors”). Arcline Capital Partners — Arcline Capital Partners is an opportunity to back an experienced team in their debut fund targeting control buyouts of niche, market- InvestIndustrial VII — Investindustrial VII will be the continuation of the mid-market activities of the main fund series and the lower mid-market Growth fund.

Royal Borough of Kensington and Chelsea Pension Fund 3 Confidential Quarterly Report-Q4'18

Market Update (Continued) Investindustrial will build a diversified portfolio of 10-12 mid-market assets and an has a high cost of failure. additional ~10 lower mid-market assets. Investindustrial targets three main industry groups: Consumer, Retail & Leisure and Industrial Manufacturing as well as Business Leqee Group Limited — Leqee is a brand e-commerce third party service provider in Services. Investindustrial employs a high-touch approach to driving value with an China. The Company serves 60+ brand clients’ e-commerce operations in China, emphasis on: internationalization, market consolidation and strategic repositioning. operating proprietary IT systems and warehouses to facilitate online front-end (e.g., The GP operates a resource intensive application to achieve its value creation website set-up, store operations, marketing, etc.) and back-end (e.g., delivery, objectives with a large team of operations focused personnel covering purchase and distribution, etc.) services. Leqee supports e-commerce partners internationalization, as well as, operational improvement and change management primarily on Tmall, an Alibaba platform. initiatives. Millennium Trust Company — Millennium Trust is a provider of comprehensive, tech- Kleiner Perkins Caufield & Byers XVIII — Kleiner Perkins Caufield & Byers XVIII is an enabled retirement and investment solutions for employers, financial advisors, opportunity to invest in the next generation of leadership at one of the most well- institutions and individuals. The Company helps 401(k) plan sponsors seamlessly known franchises in US venture capital. Kleiner Perkins (“KP”) focuses on making transition terminated employees or terminating plans. Millennium Trust serves as a early stage venture capital investments in technology companies. qualified IRA custodian and earns fees tied to accounts and cash balances brought over from various source, primarily automatic rollover accounts. Oakley Capital IV-B SCSP — Oakley Capital IV-B SCSP is an opportunity to invest with an experienced team in the mid-market with a proven track record of executing OberScharrer Group — OSG is a leading ophthalmic surgery platform in Germany. As complex transactions with high upside potential. Oakley focuses on control of the initial investment, the Company employed over 200 doctors who performed investments in mid-market companies in Western Europe. Oakley seeks to acquire 80,000 surgeries annually across 79 facilities. OSG’s two primary services are high growth assets that are in some form of complex situation, which could be cataract surgery and IVOM, typically operated on an outpatient basis. The Company is reflected in different characteristics such as markets undergoing change, weak paid primarily via state-sponsored health insurance, and to a lesser extent private management or governance, shareholder misalignment, inefficient capital structures health insurance. or an undermanaged or orphaned asset within a larger entity. Direct Investments Secondary Investments Alation, Inc. — Alation provides a collaborative data catalog for the enterprise. Its There were no new secondary investments made on behalf of Royal Borough of solution integrates with a customer’s existing data infrastructure to dramatically Kensington and Chelsea Pension Fund's portfolio this quarter. improve analyst productivity, analytics accuracy, and data governance by providing a single trustworthy source for all data assets across an organization.

BioAgilytix — BioAgilytix is a specialized contract research organization (“CRO”) Co-Investments providing large molecule services to the pharma and biotech industries. The Company’s three key services are assay development and validation, sample BioAgilytix — BioAgilytix is a specialized contract research organization (“CRO”) analysis, and biomarker services. BioAgilytix has differentiated itself by providing providing large molecule services to the pharma and biotech industries. The technical scientific expertise and high quality standards in the complex large molecule Company’s three key services are assay development and validation, sample category. BioAgilytix’s bioanalytical testing is a small portion of the overall cost of analysis, and biomarker services. BioAgilytix has differentiated itself by providing drug development/clinical trials, but it is a critical and regulatory-driven element that technical scientific expertise and high quality standards in the complex large molecule has a high cost of failure. category. BioAgilytix’s bioanalytical testing is a small portion of the overall cost of drug development/clinical trials, but it is a critical and regulatory-driven element that

Royal Borough of Kensington and Chelsea Pension Fund 4 Confidential Quarterly Report-Q4'18

Market Update (Continued) GoCardless (Groupay) — GoCardless provides a cloud-based payment platform that enables businesses to accept recurring payments through direct debit from their customers.

Millennium Trust Company — Millennium Trust is a provider of comprehensive, tech- enabled retirement and investment solutions for employers, financial advisors, institutions and individuals. The Company helps 401(k) plan sponsors seamlessly transition terminated employees or terminating plans. Millennium Trust serves as a qualified IRA custodian and earns fees tied to accounts and cash balances brought over from various source, primarily automatic rollover accounts.

Private Credit Investments

There were no new private credit investments made on behalf of Royal Borough of Kensington and Chelsea Pension Fund's portfolio this quarter.

Royal Borough of Kensington and Chelsea Pension Fund 5 Confidential Quarterly Report-Q4'18

Summary

Client Level — Key Program Metrics

Subscription Investment Amount Amount Market Value Distributions Total Value Gain Since Incep. Since Inception IRR Program Amount Commitments Drawn1 Undrawn2 (NAV)3 Received (D) (NAV + D) 3 Inception 3 Date Gross3, 4 Net3, 5

Partnership Fund Program $150,000,000 $133,168,897 $103,535,298 $47,546,900 $81,889,592 $84,674,346 $166,563,938 $63,028,640 Jan-07 14.70% 11.63%

Grand Total $150,000,000 $133,168,897 $103,535,298 $47,546,900 $81,889,592 $84,674,346 $166,563,938 $63,028,640 Jan-07 14.70% 11.63%

Client Level — Key Subscription Ratios Client Level — Q1'19 Activity

Committed / Drawn / Drawn / Distributions / Market Value / Total Value / Grand Total Program Subscription Subscription2 Committed2 Drawn3 Drawn 3 Drawn3, 6 Transaction Type Amount

Partnership Fund Program 89% 68% 77% 0.82x 0.79x 1.61x Subsequent Quarter Draws1 $0 Cumulative Draws1 $103,535,298 Grand Total 89% 68% 77% 0.82x 0.79x 1.61x Subsequent Quarter Distributions $2,321,574 Cumulative Distributions $86,995,920

Royal Borough of Kensington and Chelsea Pension Fund 6 Confidential Quarterly Report-Q4'18

Diversification

The following pie charts depict total portfolio exposure, for all portfolios managed or otherwise monitored by Adams Street Partners in aggregate, by subclass and geography. Exposures are shown as a percentage of investment commitments and of market value. Partnership Subclass Partnership Geography Partnership Strategy

Partnership Subclass Partnership Geography Partnership Strategy

Royal Borough of Kensington and Chelsea Pension Fund 7 Confidential Quarterly Report-Q4'18

Diversification (Continued) The following chart depicts the time diversification of partnership investment commitments and partnership investment performance, both by vintage year. Also on the chart, the commitment bars are shaded to indicate the portion of the partnership investments that have been committed to each program.

Client Level — Partnership Time Diversification and Investment Performance, by Vintage Year and Program 7 Partnership IRR (%) Investment Commitments (in MM)

Royal Borough of Kensington and Chelsea Pension Fund 8 Partnership Fund Program – Royal Borough of Kensington and Chelsea Pension Fund

Royal Borough of Kensington and Chelsea Pension Fund 9 Confidential Partnership Fund Program-Q4'18

Executive Summary

Client Level — Key Fund Metrics

Subscription Investment Amount Amount Market Value Distributions Total Value Gain Since Inception Since Inception IRR Fund Amount Commitments Drawn1 Undrawn2 (NAV) 3 Received (D) (NAV + D) 3 Inception 3 Date Gross3, 4 Net3, 5 ASP 2007 US Fund $19,250,000 $19,138,401 $18,902,152 $895,125 $9,578,010 $23,128,170 $32,706,180 $13,804,028 Jan-07 13.92% 11.22% ASP 2007 Non-US Fund $12,250,000 $12,247,893 $11,703,396 $606,375 $6,085,637 $11,645,358 $17,730,995 $6,027,599 Jan-07 9.78% 7.67% ASP 2007 Direct Fund $3,500,000 $3,500,000 $3,428,238 $108,500 $2,079,095 $5,465,099 $7,544,194 $4,115,956 Jan-07 15.78% 11.51% Total 2007 ASP Subscription $35,000,000 $34,886,294 $34,033,786 $1,610,000 $17,742,742 $40,238,627 $57,981,369 $23,947,583 Jan-07 12.94% 10.12% ASP 2008 US Fund $17,500,000 $17,490,705 $16,634,579 $1,212,750 $11,165,931 $20,347,518 $31,513,449 $14,878,870 Jan-08 18.04% 15.08% ASP 2008 Non-US Fund $14,000,000 $14,065,942 $12,832,684 $1,213,800 $10,119,297 $10,691,041 $20,810,338 $7,977,654 Jan-08 13.14% 10.68% ASP 2008 Direct Fund $3,500,000 $3,500,000 $3,430,636 $112,350 $2,447,355 $5,568,657 $8,016,012 $4,585,376 Jan-08 20.49% 15.08% Total 2008 ASP Subscription $35,000,000 $35,056,647 $32,897,898 $2,538,900 $23,732,583 $36,607,216 $60,339,799 $27,441,901 Jan-08 16.85% 13.57% ASP 2012 Global Fund $30,000,000 $30,268,536 $23,803,614 $6,198,000 $27,315,528 $6,644,070 $33,959,598 $10,155,984 Feb-12 14.29% 11.15% ASP 2016 Global Fund $20,000,000 $20,768,337 $9,440,000 $10,560,000 $9,507,176 $1,184,433 $10,691,609 $1,251,609 Dec-16 29.84% 18.80% ASP 2018 Global Fund $30,000,000 $12,189,083 $3,360,000 $26,640,000 $3,591,563 $0 $3,591,563 $231,563 Oct-18 10.56%* 6.89%*

Partnership Fund Program Total $150,000,000 $133,168,897 $103,535,298 $47,546,900 $81,889,592 $84,674,346 $166,563,938 $63,028,640 Jan-07 14.70% 11.63%

Client Level — Key Subscription Ratios

Committed/ Drawn/ Drawn/ Distributions/ Market Value/ Total Value/ Fund Subscription Subscription2 Committed2 Drawn3 Drawn3 Drawn3, 6 2007 ASP Subscription 100% 95% 96% 1.18x 0.52x 1.70x 2008 ASP Subscription 100% 93% 93% 1.11x 0.72x 1.83x 2012 ASP Subscription 101% 79% 79% 0.28x 1.15x 1.43x 2016 ASP Subscription 104% 47% 45% 0.13x 1.01x 1.13x 2018 ASP Subscription 41% 11% 28% 0.00x 1.07x 1.07x Partnership Fund Program Total 89% 68% 77% 0.82x 0.79x 1.61x

Royal Borough of Kensington and Chelsea Pension Fund 10 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights

The following chart depicts cash flows over time. Cash flows are at the client level, meaning they reflect transactions between Adams Street and Royal Borough of Kensington and Chelsea Pension Fund.

Client Level — Calendar Year Cash Flows and Net Cash Flows1 Cash Flows (in MM)

Royal Borough of Kensington and Chelsea Pension Fund 11 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights (Continued) The following chart depicts cumulative cash flows and market values over time. Cash flows are at the client level, meaning they reflect transactions between Adams Street and Royal Borough of Kensington and Chelsea Pension Fund.

Client Level — Cumulative Cash Flows and Market Values (NAVs)3 Values (in MM) Cash Flows and Market

Royal Borough of Kensington and Chelsea Pension Fund 12 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights (Continued) The following charts depict portfolio exposure by subclass, strategy, geography, industry, public or private status, and by ASP’s internal, subjective rating. For the strategy pie, if applicable, Adams Street’s Direct Funds are categorized as primary investments. Every type of investment (primary, secondary, co-investment, and direct, if applicable) is included for every chart except the partnership ratings chart, which only includes partnerships. Partnership Subclass Partnership Strategy Partnership Geography

Partnership Portfolio Company Industry Partnership Portfolio Company Status Partnership Ratings

1 - Business Services 4 - Financial Services 7 - IT N/A – Not Available 3 – Average 2 - Consumer 5 - Healthcare 8 - Other 0 - Too Early To Tell 4 - Concerned With Progress 3 – Energy/Natural Resources 6 - Industrial 1 - Pleased With Performance 5 - Disappointed With Performance 2 - Pleased With Progress (Number of funds in bracket)

Royal Borough of Kensington and Chelsea Pension Fund 13 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights (Continued) The following chart depicts the time diversification of partnership investment commitments and partnership investment performance, both by vintage year. Regarding the latter, both the since inception IRR of partnership investments (below the chart) and total value/drawn multiple of partnership investments (on the chart), are included. Also on the chart, the commitment bars are shaded to indicate the portion of the partnership investments that have been funded versus those that have yet to be funded.

Client Level — Partnership Time Diversification and Investment Performance, by Vintage Year Partnership Total 8 Value/Drawn (in MM) Investment Commitments

Vintage Year (IRR)7

Partnership Funded Partnership Unfunded Partnership Total Value/Drawn (TVPI)

Royal Borough of Kensington and Chelsea Pension Fund 14 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights (Continued) The following chart depicts intraperiod, annualized IRRs at the client level versus the MSCI All Country World Index (Total Return).

Client Level — Intraperiod IRRs and Public Market Equivalent (PME) Benchmark3, 9, 10

Royal Borough of Kensington and Chelsea Pension Fund 15 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights (Continued) The following chart depicts intraperiod, annualized IRRs at the partnership level. These IRRs are shown by subclass and in aggregate. The percentage of investment commitments in each subclass is also reflected.

Partnership Level — Intraperiod IRRs by Subclass11

Partnership IRRs

% of Investment Since Inception Commitments 1-Year 3-Year 5-Year 10-Year (2007)

All Private Equity 100.0% 14.6% 14.3% 15.5% 16.1% 14.5%

Venture Capital 34.3% 20.8% 12.9% 19.3% 16.9% 15.1%

Early/Seed 12.8% 18.5% 11.4% 18.3% 17.1% 15.2%

Late/Multi 21.5% 22.7% 14.1% 19.9% 16.8% 15.1%

Non-Venture Capital 65.7% 9.9% 15.5% 12.8% 15.4% 14.0%

Buyout 54.7% 11.1% 16.6% 14.8% 17.1% 15.5%

Small/Mid 30.6% 12.9% 16.9% 15.2% 14.9% 14.0%

Large/Mega 24.1% 8.1% 16.2% 14.2% 19.3% 16.9%

Energy 4.8% 3.8% 7.1% -2.1% 2.3% 2.0%

Debt/Credit 1.1% 73.4% 27.4% 13.0% 7.0% 5.7%

Other 5.1% 3.0% 11.1% 9.3% 12.4% 11.1%

Royal Borough of Kensington and Chelsea Pension Fund 16 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights (Continued) The following data depicts portfolio exposure by company. If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.

Client Level — Top 10 Company Exposures by Unrealized Value Rank Company Unrealized Value % of Total Region Industry 1 Company A $1,942,206 2.1% United States Consumer 2 Company B $1,106,769 1.2% United States IT 3 Company C $775,765 0.8% United States Financial Services 4 Company D $697,643 0.8% Western Europe Business Services 5 Company E $598,164 0.6% United States IT 6 Company F $504,271 0.5% United States IT 7 Company G $460,170 0.5% United States IT 8 Company H $458,191 0.5% Western Europe IT 9 Company I $456,923 0.5% Western Europe Energy & Natural Resources 10 Company J $381,703 0.4% United States Industrial Total Top 10 $7,381,805 8.0%

The following chart lists the underlying partnerships that distributed the most, on behalf of Royal Borough of Kensington and Chelsea Pension Fund’s Partnership Fund Program portfolio, over the last twelve months (LTM). If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.

Client Level — Top 10 Distributing Funds (LTM) Rank Partnership Distribution Amount % of Total Vintage Year Subclass 1 Partnership A $454,575 2.8% 2011 Venture 2 Partnership B $415,920 2.6% 2012 Venture 3 Partnership C $395,281 2.4% 2008 Other 4 Partnership D $306,605 1.9% 2008 Venture 5 Partnership E $302,874 1.9% 2008 Buyout 6 Partnership F $302,277 1.9% 2009 Buyout 7 Partnership G $288,035 1.8% 2012 Venture 8 Partnership H $287,025 1.8% 2008 Buyout 9 Partnership I $275,162 1.7% 2008 Venture 10 Partnership J $256,694 1.6% 2012 Buyout Total Top 10 $3,284,449 20.3%

Royal Borough of Kensington and Chelsea Pension Fund 17 Confidential Partnership Fund Program-Q4'18

Performance and Portfolio Highlights (Continued) The following data depicts the top 5 and bottom 5 partnership contributors to IRR, both since inception (SI) and over the last twelve months (LTM). If applicable, Adams Street’s Direct Funds and co-investments are excluded from this analysis.

Client Level — Top and Bottom Contributors to IRR (SI)13 Vintage Contribution to Drawn/ Distributions/ Total Value/ Partnership Year Strategy Subclass IRR (SI) Committed Drawn (DPI) Drawn (TVPI) 1-Year IRR SI IRR Rating Partnership12 2011 Primary Venture 0.65% 94% 4.58x 14.58x 8.7% 56.2% 1 Project Tango 2009 Secondary Buyout 0.61% 91% 2.08x 2.44x 8.4% 25.6% 1 Partnership12 2008 Primary Venture 0.33% 98% 3.05x 6.38x 194.0% 28.7% 1 op 5 T Project Lighthouse 2009 Secondary Buyout 0.29% 99% 2.30x 2.48x -7.6% 26.1% 1 Partnership12 2009 Secondary Venture 0.27% 87% 2.41x 2.58x 55.7% 33.9% 1

Partnership12 2019 Secondary Energy -0.03% 89% 0.45x 0.60x -11.5% -17.0% N/A

5 Clyde Blowers Capital Fund III 2012 Primary Buyout -0.03% 100% 0.21x 0.45x -62.8% -22.1% 5 Project Revival 2014 Secondary Energy -0.03% 103% 0.24x 0.45x -12.7% -23.7% 5 12 Bottom Partnership 2009 Primary Energy -0.05% 100% 0.27x 0.54x -45.7% -13.7% 5 First Reserve Fund XII 2008 Primary Energy -0.07% 103% 0.45x 0.66x -13.7% -8.8% 5

Client Level — Top and Bottom Contributors to IRR (LTM)13

Vintage Contribution to Drawn/ Distributions/ Total Value/ Partnership Year Strategy Subclass IRR (LTM) Committed Drawn (DPI) Drawn (TVPI) 1-Year IRR SI IRR Rating Partnership12 2008 Primary Venture 1.14% 98% 3.05x 6.38x 194.0% 28.7% 1 Partnership12 2012 Primary Venture 0.44% 94% 0.42x 3.61x 80.2% 26.4% 2 TDR Capital III 2014 Primary Buyout 0.44% 74% 1.07x 2.72x 53.4% 42.5% 1 op 5 T Partnership12 2008 Primary Buyout 0.40% 103% 1.41x 2.46x 87.9% 21.2% 2 Partnership12 2015 Primary Venture 0.35% 84% 0.17x 1.68x 74.4% 26.1% 3

Clyde Blowers Capital Fund III 2012 Primary Buyout -0.15% 100% 0.21x 0.45x -62.8% -22.1% 5 12 5 Partnership 2009 Primary Energy -0.16% 100% 0.27x 0.54x -45.7% -13.7% 5 Partnership12 2007 Primary Venture -0.20% 100% 1.01x 3.28x -31.2% 17.3% 2

Bottom Trust Bridge Partners III 2009 Primary Venture -0.36% 100% 1.24x 2.05x -53.9% 14.9% 3 Cortec Group Fund V 2011 Primary Buyout -0.42% 102% 0.96x 2.94x -24.5% 26.6% 2

Royal Borough of Kensington and Chelsea Pension Fund 18 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Primary LBO Investments . HgCapital Mercury 2 $203,4760 Apr-18 LBO Non-US Developed Primary 13% 0.33x 2.00x 96.7%* 0 4 Advantech Capital $74,863 Jan-16 LBO Emerging Markets Primary 91% 0.11x 2.85x 87.9% 2 Oakley Capital Private Equity III-B $159,604 Jun-16 LBO Non-US Developed Primary 53% 0.17x 1.52x 43.8% 2 TDR Capital III $669,837 Apr-14 LBO Non-US Developed Primary 74% 1.07x 2.72x 42.5% 1 Waterland Private Equity Fund V $347,046 Aug-11 LBO Non-US Developed Primary 79% 1.73x 2.71x 36.2% 1 TA Atlantic and Pacific VII-A $535,867 Jan-14 LBO US Primary 98% 0.74x 2.04x 35.9% 2 ASP CIV (2015) (a/k/a Harwood Private Equity IV, LP Coinvestment $158,459 Oct-15 LBO Non-US Developed Primary 10% 0.00x 3.19x 35.7% 0 Fund) Odyssey Investment Partners Fund IV $486,364 Dec-08 LBO US Primary 70% 3.22x 3.47x 33.4% 1 Trivest V $355,813 May-13 LBO US Primary 88% 1.00x 1.93x 31.8% 2 Quadrant Private Equity No.4 $170,476 Apr-14 LBO Non-US Developed Primary 99% 1.31x 1.79x 29.7% 2 CMC Capital Partners II $182,894 Oct-16 LBO Emerging Markets Primary 89% 0.05x 1.38x 29.5% 2 TA XII-A $257,533 Feb-16 LBO US Primary 73% 0.19x 1.35x 28.6% 2 Clearview Capital Fund III $138,783 Sep-13 LBO US Primary 86% 0.57x 1.85x 28.6% 2 Latour Capital I $151,998 Nov-12 LBO Non-US Developed Primary 100% 1.19x 2.35x 27.6% 1 Parthenon Investors V $250,699 Jan-17 LBO US Primary 43% 0.00x 1.25x 26.8% 0 Cortec Group Fund V $330,513 Apr-11 LBO US Primary 102% 0.96x 2.94x 26.6% 2 Clayton, Dubilier & Rice VIII $479,407 Jan-09 LBO US Primary 82% 2.58x 2.79x 26.5% 1 Summit Partners Growth Equity Fund VIII-B $429,897 Jun-12 LBO US Primary 96% 1.33x 2.14x 25.6% 2 HCI Equity Partners IV $168,746 Mar-14 LBO US Primary 105% 0.07x 1.80x 24.8% 2 KV Asia Capital Fund I $255,528 Dec-12 LBO Emerging Markets Primary 83% 0.29x 1.99x 24.7% 2 Adams Street 2012 Developed Markets Co-Investment $323,229 Mar-12 LBO Non-US Developed Primary 100% 1.34x 1.81x 24.6%15 N/A WPEF VI Feeder $180,159 Jul-15 LBO Non-US Developed Primary 60% 0.00x 1.37x 24.4% 2 CMC Capital Partners $151,789 Mar-14 LBO Emerging Markets Primary 98% 0.67x 2.00x 23.2% 2 Madison Dearborn Capital Partners VI $600,093 May-08 LBO US Primary 79% 1.65x 2.31x 23.2% 2 TA Associates XI $548,615 Jul-10 LBO US Primary 98% 1.56x 2.34x 22.8% 2 STG V $505,489 Jun-18 LBO US Primary 12% 0.00x 1.23x 22.7%* 2 Quadrant Private Equity III $199,798 Mar-11 LBO Non-US Developed Primary 97% 1.80x 2.06x 21.9% 2 Eurazeo PME II $413,171 Mar-15 LBO Non-US Developed Primary 88% 1.09x 1.46x 21.8% 2 Renovo Capital II $149,460 Oct-14 LBO US Primary 50% 0.00x 1.37x 20.4% 0 Capitalworks Private Equity Fund II $108,175 Jul-13 LBO Emerging Markets Primary 81% 0.55x 1.48x 20.2% 2 New Mountain Capital IV $599,339 Dec-14 LBO US Primary 90% 0.45x 1.52x 20.2% 2 Adams Street 2016 Non-US Co-Investment $458,023 Apr-16 LBO Non-US Developed Primary 100% 0.07x 1.28x 19.8%15 N/A ABRY Partners VI $326,868 Mar-08 LBO US Primary 89% 2.06x 2.08x 19.7% 1 VIP II-B $362,485 Jan-14 LBO Non-US Developed Primary 92% 0.78x 1.89x 19.7% 2 Mainsail Partners III $164,772 Dec-12 LBO US Primary 91% 0.71x 1.81x 19.0% 3

Royal Borough of Kensington and Chelsea Pension Fund 19 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Adams Street 2012 US Co-Investment $1,001,664. Jun-12 LBO US Primary 100% 0.68x 1.82x 18.9%15 N/A 0 Living Bridge 5 $366,256 Jul-12 LBO Non-US Developed Primary 90% 0.95x 1.89x 17.8% 1 4 Clayton, Dubilier & Rice Fund IX $424,576 Nov-13 LBO US Primary 98% 0.44x 1.44x 17.4% 2 Advent Global Private Equity VI-A $357,332 Jul-08 LBO Non-US Developed Primary 100% 1.89x 2.12x 17.1% 1 Adams Street 2012 Emerging Markets Co-Investment $111,858 Feb-14 LBO Emerging Markets Primary 100% 0.01x 1.67x 16.9%15 N/A Advent International GPE VII-E $456,562 Aug-12 LBO Non-US Developed Primary 94% 0.76x 1.73x 16.4% 2 Summit Partners Europe Private Equity Fund $186,194 Jul-09 LBO Non-US Developed Primary 103% 1.14x 2.01x 16.3% 2 New Horizon Capital IV $277,207 Feb-12 LBO Emerging Markets Primary 112% 0.83x 1.59x 16.2% 2 Olympus Growth Fund V $270,228 Jan-08 LBO US Primary 94% 1.69x 2.02x 15.7% 1 ChrysCapital VI $254,403 Jun-12 LBO Emerging Markets Primary 97% 1.01x 1.76x 15.6% 2 CVC Capital Partners Asia Pacific IV $151,616 May-14 LBO Emerging Markets Primary 82% 0.15x 1.22x 15.4% 2 STG IV $245,418 Apr-12 LBO US Primary 70% 0.56x 1.68x 15.3% 3 J-Star No. 2 (Midwest Minato) $92,072 Aug-13 LBO Non-US Developed Primary 101% 1.06x 1.54x 15.2% 2 G Square Capital II $161,329 Dec-16 LBO Non-US Developed Primary 70% 0.00x 1.18x 15.2% 2 Genstar Capital Partners V $245,662 Jul-07 LBO US Primary 94% 2.01x 2.21x 15.1% 2 Polish Enterprise Fund VII $428,896 Sep-12 LBO Non-US Developed Primary 88% 0.67x 1.60x 15.0% 2 Casrev Fund II $74,088 Nov-15 LBO Emerging Markets Primary 100% 0.00x 1.20x 14.6% 2 Altor Fund III $349,745 Jun-09 LBO Non-US Developed Primary 88% 1.31x 2.20x 14.6% 1 ABRY Partners VII $249,083 Aug-11 LBO US Primary 97% 1.37x 1.73x 14.5% 2 EQT VI $376,083 Jul-11 LBO Non-US Developed Primary 110% 1.15x 1.82x 14.4% 2 ChrysCapital Fund VII $229,424 Aug-16 LBO Emerging Markets Primary 72% 0.11x 1.17x 14.3% 2 Solix Co-Investment Scheme $286,723 Jan-15 LBO Non-US Developed Primary 96% 0.02x 1.42x 14.2% 3 Berkshire Partners VIII $433,022 Aug-11 LBO US Primary 98% 1.02x 1.59x 14.1% 4 Adams Street 2016 US Co-Investment $674,494 Mar-16 LBO US Primary 103% 0.06x 1.27x 13.9%15 N/A Warburg Pincus Private Equity XI $535,446 May-12 LBO US Primary 100% 0.62x 1.57x 13.7% 2 The Resolute Fund IV $333,823 Dec-18 LBO US Primary 10% 0.00x 1.14x 13.6%* 0 CVC Capital Partners Asia Pacific III $380,823 Mar-08 LBO Non-US Developed Primary 83% 1.57x 1.74x 13.4% 3 New Mountain Partners III $206,399 Aug-07 LBO US Primary 93% 1.36x 2.07x 13.3% 3 Nordic Capital VIII Beta $364,858 Aug-13 LBO Non-US Developed Primary 105% 0.63x 1.44x 13.2% 3 Symphony Technology Group III $183,777 Jul-07 LBO US Primary 107% 1.69x 2.12x 13.0% 4 Silversmith Capital I $160,464 Oct-15 LBO US Primary 89% 0.00x 1.23x 12.8% 3 Welsh, Carson, Anderson & Stowe XI $486,364 Feb-09 LBO US Primary 100% 1.30x 1.66x 12.8% 3 G Square Capital I $424,874 Jan-11 LBO Non-US Developed Primary 124% 1.26x 1.84x 12.8% 1 Palamon European Equity III 'A' $359,871 Aug-14 LBO Non-US Developed Primary 76% 0.03x 1.46x 12.7% 0 CDH China Fund V $223,092 Nov-13 LBO Emerging Markets Primary 101% 0.28x 1.32x 11.6% 3 Vitruvian Investment Partnership I $195,823 Apr-08 LBO Non-US Developed Primary 95% 1.39x 2.10x 11.1% 1 Atlantic and Pacific VI $122,831 May-08 LBO US Primary 99% 1.46x 1.69x 10.9% 3 TPG Partners VI $598,223 Apr-08 LBO US Primary 96% 1.25x 1.59x 10.6% 3

Royal Borough of Kensington and Chelsea Pension Fund 20 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Crescent Capital Partners III $195,791. Jul-07 LBO Non-US Developed Primary 100% 1.63x 1.69x 10.5% 2 0 Charterhouse Capital Partners IX $489,414 Jan-09 LBO Non-US Developed Primary 92% 1.22x 1.51x 10.5% 2 4 BC European Capital IX $396,856 Sep-11 LBO Non-US Developed Primary 105% 0.70x 1.50x 10.2% 2 ABRY Heritage Partners $256,787 Jul-16 LBO US Primary 31% 0.22x 1.15x 9.8% 0 Crescent Capital Partners IV $202,447 Jan-12 LBO Non-US Developed Primary 100% 0.75x 1.69x 9.8% 3 Harwood Private Equity IV $156,957 Jul-15 LBO Non-US Developed Primary 78% 0.33x 1.20x 9.6% 2 Ascendent Capital Partners II $152,802 Sep-15 LBO Emerging Markets Primary 60% 0.16x 1.15x 9.6% 3 Advent International GPE VIII-H $208,637 Sep-16 LBO Non-US Developed Primary 65% 0.00x 1.11x 9.1% 0 ABRY Partners VIII $196,304 May-15 LBO US Primary 102% 0.40x 1.21x 9.0% 2 Phoenix Equity Partners 2010 Fund $359,038 Jun-10 LBO Non-US Developed Primary 96% 1.40x 1.64x 8.7% 3 CDH Supplementary Fund III $50,121 Mar-07 LBO Emerging Markets Primary 86% 1.65x 1.68x 8.6% 3 ChrysCapital V $149,075 Aug-07 LBO Emerging Markets Primary 100% 1.50x 1.50x 8.4% 3 EQT V $215,844 Feb-07 LBO Non-US Developed Primary 99% 1.62x 1.66x 8.4% 3 Altor Fund IV $395,646 Feb-15 LBO Non-US Developed Primary 55% 0.00x 1.17x 8.4% 0 CDH China Fund IV $242,046 Jan-10 LBO Emerging Markets Primary 109% 1.11x 1.42x 8.2% 3 Piper Private Equity Fund V $246,760 Aug-11 LBO Non-US Developed Primary 89% 1.05x 1.61x 8.2% 2 China Special Opportunities Fund III $101,543 Jan-11 LBO Emerging Markets Primary 100% 0.53x 1.48x 8.1% 3 L Capital 3 $442,516 Jul-10 LBO Non-US Developed Primary 106% 0.83x 1.39x 8.0% 3 Archer Capital 5 $233,191 Apr-12 LBO Non-US Developed Primary 105% 0.66x 1.51x 8.0% 3 Warburg Pincus Private Equity X $368,493 Oct-07 LBO US Primary 100% 1.16x 1.55x 8.0% 3 CDH China Fund III $150,363 Feb-07 LBO Emerging Markets Primary 94% 1.64x 1.70x 8.0% 3 Navis Asia Fund V $194,027 Mar-07 LBO Non-US Developed Primary 101% 1.36x 1.68x 7.9% 3 Redview Capital $74,863 Jan-16 LBO Emerging Markets Primary 82% 0.12x 1.13x 7.8% 3 Da Vinci Private Equity II $147,170 Dec-13 LBO Emerging Markets Primary 97% 0.00x 1.28x 7.4% 4 CX Partners Fund $239,820 Apr-09 LBO Emerging Markets Primary 111% 0.84x 1.35x 6.7% 4 Kelso Investment Associates VIII $245,662 Nov-07 LBO US Primary 94% 0.90x 1.35x 6.4% 4 Pacific Equity Partners IV $116,339 Jan-08 LBO Non-US Developed Primary 99% 1.38x 1.46x 6.1% 5 Baring Vostok Fund V Supplemental Fund $56,364 Aug-12 LBO Emerging Markets Primary 51% 0.15x 1.12x 6.0% 4 Ascent India Fund III $357,660 May-10 LBO Emerging Markets Primary 102% 0.69x 1.33x 5.9% 4 Baring Vostok Private Equity Fund IV $161,349 May-07 LBO Emerging Markets Primary 110% 0.77x 1.35x 5.8% 4 Enterprise Venture Fund I $105,406 Jan-09 LBO Emerging Markets Primary 88% 1.18x 1.49x 5.7% 4 Nordic Capital VII $579,660 Apr-08 LBO Non-US Developed Primary 95% 1.56x 1.64x 5.4% 3 Providence Equity Partners VI $447,761 Mar-07 LBO US Primary 115% 1.04x 1.31x 5.3% 4 Apax Europe VII - A $225,415 Jun-07 LBO Non-US Developed Primary 97% 1.33x 1.52x 4.5% 3 Fortress Investment Fund V $389,519 Jul-07 LBO US Primary 98% 0.98x 1.45x 4.5% 4 Segulah IV $219,076 Apr-08 LBO Non-US Developed Primary 107% 1.12x 1.43x 4.1% 3 Sterling Capital Partners III $214,954 Aug-07 LBO US Primary 102% 1.10x 1.22x 3.7% 5 Turkish Private Equity Fund III $227,482 Jun-12 LBO Emerging Markets Primary 104% 0.15x 1.14x 3.5% 4

Royal Borough of Kensington and Chelsea Pension Fund 21 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Pacific Equity Partners Supplementary Fund IV $30,825. Jan-08 LBO Non-US Developed Primary 98% 1.32x 1.43x 3.2% 5 0 Baring Vostok Private Equity Fund V $88,069 Aug-12 LBO Emerging Markets Primary 95% 0.10x 1.10x 3.2% 4 4 Advent Latin American Private Equity Fund V $258,414 May-10 LBO Emerging Markets Primary 96% 0.42x 1.14x 3.0% 3 New Mountain Partners V $436,527 Nov-17 LBO US Primary 29% 0.02x 1.02x 2.5% 0 Victoria South American Partners II $66,489 Mar-12 LBO Emerging Markets Primary 82% 0.19x 1.07x 2.1% 5 Adams Street 2018 US Co-Investment $339,087 Mar-18 LBO US Primary 108% 0.01x 1.02x 1.8%*15 N/A Quadrant Private Equity No. 5 $132,416 Oct-16 LBO Non-US Developed Primary 92% 0.12x 1.11x 1.4% 2 Northstar Equity Partners III $197,879 Jun-11 LBO Emerging Markets Primary 98% 0.10x 1.01x 0.1% 4 Halder-GIMV Germany II $363,316 Jun-08 LBO Non-US Developed Primary 103% 1.06x 1.06x -0.4% 5 Latour Capital II $378,733 Oct-15 LBO Non-US Developed Primary 43% 0.00x 0.96x -1.7% 0 Nordic Capital CV1 $258,905 Apr-18 LBO Non-US Developed Primary 101% 0.18x 1.05x -2.0%* 0 Adams Street 2018 Non-US Co-Investment $222,320 Feb-18 LBO Non-US Developed Primary 100% 0.00x 0.98x -2.2%*15 N/A Tripod Capital China Fund II $262,783 Jan-10 LBO Emerging Markets Primary 87% 0.26x 0.80x -3.5% 4 Clayton, Dubilier & Rice Fund X $383,785 Mar-18 LBO US Primary 28% 0.00x 0.96x -3.5%* 0 Ethos Fund VI $211,548 Dec-11 LBO Emerging Markets Primary 116% 0.29x 0.90x -5.0% 5 GC Equity Partners Fund III $94,395 Jan-16 LBO Emerging Markets Primary 39% 0.06x 0.89x -5.1% 0 Odyssey V $385,706 Jul-14 LBO US Primary 73% 0.00x 0.91x -5.4% 3 Sterling Capital Partners IV $245,418 Apr-12 LBO US Primary 106% 0.39x 0.87x -5.6% 5 Baring Vostok IV - Supplementary Fund $64,540 Oct-07 LBO Emerging Markets Primary 91% 0.15x 0.64x -6.4% 5 Crescent Capital Partners V $348,581 May-15 LBO Non-US Developed Primary 87% 0.00x 0.93x -6.4% 2 HCI Equity Partners V $310,823 May-18 LBO US Primary 25% 0.08x 0.93x -7.1%* 0 Silversmith Capital Partners II-A $414,996 Apr-18 LBO US Primary 25% 0.00x 0.91x -8.7%* 0 Advantech Capital II $259,731 Jun-18 LBO Emerging Markets Primary 24% 0.00x 0.91x -9.1%* 0 Sterling Small Market Growth 2009 $219,446 Nov-10 LBO US Primary 120% 0.40x 0.72x -10.0% 5 Plemont Co-Investment No. 1 - Solix II $255,080 Jun-17 LBO Non-US Developed Primary 31% 0.00x 0.91x -20.3% 0 Clyde Blowers Capital Fund III $210,411 Feb-12 LBO Non-US Developed Primary 100% 0.21x 0.45x -22.1% 5 Gauge Capital II $256,787 Aug-17 LBO US Primary 29% 0.00x 0.84x -25.8% 0 Berkshire Fund IX Coinvestment Fund $253,857 May-18 LBO US Primary 14% 0.00x 0.73x -27.3%* 0 WPEF VII Feeder $261,416 Dec-18 LBO Non-US Developed Primary 7% 0.00x 0.33x -66.5%* 0 Accel-KKR Capital Partners III12 $497,418 Sep-08 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Capital Partners IV12 $245,418 Jun-13 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Capital Partners V12 $372,045 Jan-17 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Growth Capital Partners II12 $121,114 Feb-15 LBO US Primary N/A N/A N/A N/A N/A Accel-KKR Growth Capital Partners III12 $341,527 N/A LBO US Primary N/A N/A N/A N/A N/A ACP Investment Fund12 $227,686 Sep-10 LBO US Primary N/A N/A N/A N/A N/A ACP Investment Fund II12 $289,280 Jan-14 LBO US Primary N/A N/A N/A N/A N/A ACP Investment Fund III12 $409,027 Apr-17 LBO US Primary N/A N/A N/A N/A N/A Affinity Asia Pacific Fund IV12 $634,346 Mar-13 LBO Non-US Developed Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 22 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Affinity Asia Pacific Fund V12 $259,731. Dec-18 LBO Non-US Developed Primary N/A N/A N/A N/A N/A 0 Astorg IV12 $174,867 Oct-07 LBO Non-US Developed Primary N/A N/A N/A N/A N/A 4 Astorg V12 $382,913 Jan-11 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Astorg VII12 $218,547 N/A LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund12 $64,540 Oct-07 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund II12 $206,413 Jul-12 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund III12 $149,283 May-16 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Asia Fund IV12 $310,420 N/A LBO Emerging Markets Primary N/A N/A N/A N/A N/A Bain Capital Europe Fund III12 $363,102 Jul-08 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Europe Fund III - GS12 $127,650 Jun-09 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Bain Capital Fund X12 $207,868 Jan-08 LBO US Primary N/A N/A N/A N/A N/A Bain Capital X Coinvestment Fund12 $10,582 Jul-08 LBO US Primary N/A N/A N/A N/A N/A Birch Hill Equity Partners IV12 $443,801 Nov-10 LBO US Primary N/A N/A N/A N/A N/A Boyu Capital Fund II12 $134,818 Sep-14 LBO Emerging Markets Primary N/A N/A N/A N/A N/A BOYU Capital Fund III12 $174,955 Apr-17 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Boyu Capital Fund IV12 $465,631 Feb-19 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Centurium Capital Partners 201812 $388,026 Jul-18 LBO Emerging Markets Primary N/A N/A N/A N/A N/A DBAG Fund VI12 $383,195 Oct-13 LBO Non-US Developed Primary N/A N/A N/A N/A N/A DBAG Fund VII12 $151,623 Mar-17 LBO Non-US Developed Primary N/A N/A N/A N/A N/A DBAG Fund VII B12 $28,881 Mar-17 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Housatonic Equity Investors VI12 $320,928 Mar-16 LBO US Primary N/A N/A N/A N/A N/A Housatonic Equity V12 $199,726 Jul-10 LBO US Primary N/A N/A N/A N/A N/A IDG-Accel China Capital12 $237,031 Sep-08 LBO Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Capital II12 $59,657 Dec-11 LBO Emerging Markets Primary N/A N/A N/A N/A N/A Industrial Opportunity II12 $246,102 Jul-12 LBO US Primary N/A N/A N/A N/A N/A Industrial Opportunity Partners III12 $359,502 Oct-17 LBO US Primary N/A N/A N/A N/A N/A Investindustrial Growth I12 $478,086 Apr-18 LBO Non-US Developed Primary N/A N/A N/A N/A N/A InvestIndustrial III Build-Up12 $178,477 Jan-10 LBO Non-US Developed Primary N/A N/A N/A N/A N/A InvestIndustrial IV12 $363,832 Mar-08 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Investindustrial V12 $456,733 May-12 LBO Non-US Developed Primary N/A N/A N/A N/A N/A Marlin Equity III12 $274,307 Jul-10 LBO US Primary N/A N/A N/A N/A N/A Oak HC/FT Partners12 $587,798 Oct-14 LBO US Primary N/A N/A N/A N/A N/A RoundTable Healthcare Partners III12 $197,988 Oct-10 LBO US Primary N/A N/A N/A N/A N/A RoundTable Healthcare Partners IV12 $145,740 Sep-15 LBO US Primary N/A N/A N/A N/A N/A Serent Capital Fund I12 $276,400 Apr-08 LBO US Primary N/A N/A N/A N/A N/A Serent Capital II12 $263,566 Jul-14 LBO US Primary N/A N/A N/A N/A N/A SK Capital IV-A12 $320,928 Feb-15 LBO US Primary N/A N/A N/A N/A N/A Sun Capital Partners V12 $161,554 May-07 LBO US Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 23 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Water Street Healthcare Partners II12 $486,143. Sep-08 LBO US Primary N/A N/A N/A N/A N/A 0 Water Street Healthcare Partners III12 $242,481 Apr-13 LBO US Primary N/A N/A N/A N/A N/A 4 Water Street Healthcare Partners IV12 $256,787 Mar-18 LBO US Primary N/A N/A N/A N/A N/A ABRY Partners IX $981,369 N/A LBO US Primary 0% 0.00x 0.00x N/A 0 G Square Capital III $663,657 N/A LBO Non-US Developed Primary 0% 0.00x 0.00x N/A 0 Renovo Capital Fund III $427,721 N/A LBO US Primary 0% 0.00x 0.00x N/A 0 TDR Capital IV $315,694 Nov-18 LBO Non-US Developed Primary 2% 0.00x N/A N/A 0 Thoma Bravo XIII $767,474 Feb-19 LBO US Primary 0% 0.00x 0.00x N/A 0 Trivest Fund VI $383,556 Feb-19 LBO US Primary 0% 0.00x 0.00x N/A 0

Primary LBO Investments Total $57,043,259 75% 0.85x 1.59x 13.7%

Primary VC Investments Battery Ventures XI-A Side Fund $58,862 Jun-16 VC US Primary N/A N/A N/A 46.4% 0 Vision Plus Capital Fund II $181,812 Oct-17 VC Emerging Markets Primary 42% 0.00x 1.32x 43.0% 0 Battery Ventures XI-A $127,018 Jun-16 VC US Primary 78% 0.15x 1.72x 41.2% 0 Source Code Fund III $181,812 Aug-17 VC Emerging Markets Primary 60% 0.00x 1.30x 38.0% 2 Adams Street 2016 Direct Venture/Growth (Pship) $2,000,000 May-16 VC US Primary 59% 0.00x 1.21x 37.3%16 N/A Battery Ventures VIII Side Fund $58,441 Sep-08 VC US Primary 100% 2.57x 2.83x 30.3% 2 Abingworth Bioventures VI $418,665 Oct-12 VC Non-US Developed Primary 94% 1.62x 2.38x 27.1% 2 Battery Ventures IX $353,152 Jan-11 VC US Primary 98% 1.21x 2.96x 26.3% 2 Battery Ventures X Side Fund $66,844 Jul-13 VC US Primary 91% 0.59x 2.03x 22.7% 0 New Enterprise Associates 15 $454,186 Mar-15 VC US Primary 84% 0.14x 1.58x 21.8% 2 Battery Ventures VIII $233,142 Sep-07 VC US Primary 100% 2.08x 2.63x 17.7% 2 New Enterprise Associates 14 $535,446 May-12 VC US Primary 94% 0.70x 2.04x 17.4% 2 Summit Partners Venture Capital Fund III-B $162,360 Jul-12 VC US Primary 100% 0.95x 1.92x 17.4% 2 Prime Technology Ventures III $126,021 Sep-07 VC Non-US Developed Primary N/A N/A N/A 17.1% 1 New Enterprise Associates 16 $329,847 May-17 VC US Primary N/A N/A N/A 15.5% 0 SBCVC Fund III $296,289 Jun-08 VC Emerging Markets Primary 99% 1.27x 2.10x 15.4% 2 Adams Street 2008 Direct (Pship) $3,500,000 Jan-08 VC US Primary 97% 1.64x 2.37x 15.2%16 N/A Trust Bridge Partners III $238,546 Apr-09 VC Emerging Markets Primary 100% 1.24x 2.05x 14.9% 3 Trustbridge Partners IV $119,315 May-11 VC Emerging Markets Primary 104% 0.18x 2.09x 14.0% 3 New Enterprise Associates 13 $386,914 May-09 VC US Primary N/A N/A N/A 13.7% 2 Kalaari Capital Partners II $99,733 Feb-12 VC Emerging Markets Primary N/A N/A N/A 13.4% 2 Adams Street 2012 Direct (Pship) $3,000,000 Feb-12 VC US Primary 88% 0.36x 1.33x 13.0%16 N/A Abingworth Bioventures V $243,094 Feb-07 VC Non-US Developed Primary N/A N/A N/A 12.5% 1 Adams Street 2007 Direct (Pship) $3,500,000 Jan-07 VC US Primary 97% 1.61x 2.22x 11.6%16 N/A Abingworth Bioventures V Co-Invest Growth Equity Fund $80,592 Jul-08 VC Non-US Developed Primary N/A N/A N/A 11.2% 3 Austin Ventures X $309,238 Sep-08 VC US Primary N/A N/A N/A 10.0% 3

Royal Borough of Kensington and Chelsea Pension Fund 24 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Adams Street 2018 Direct Venture/Growth (Pship) $3,000,000. Feb-18 VC US Primary 10% 0.00x 0.90x 9.7%*16 N/A 0 Monashees Capital VI $45,809 Aug-12 VC Emerging Markets Primary 100% 0.96x 2.18x 9.6% 3 4 SBCVC Fund IV $119,315 Jun-11 VC Emerging Markets Primary 99% 0.23x 1.48x 8.9% 4 Battery Ventures X $155,970 Jun-13 VC US Primary 91% 0.14x 1.31x 8.4% 0 Keytone Ventures II $211,548 Jan-11 VC Emerging Markets Primary 94% 0.01x 1.54x 8.3% 4 Ignition Venture Partners IV $30,677 Sep-07 VC US Primary 95% 1.07x 1.45x 7.9% 3 CDH China Venture Partners II $254,888 May-08 VC Emerging Markets Primary 105% 0.80x 1.51x 7.0% 3 Split Rock Partners II $333,736 Jan-09 VC US Primary 99% 0.76x 1.30x 5.9% 5 Foundation Capital VI $88,819 Jul-08 VC US Primary N/A N/A N/A 5.8% 5 Prime Ventures IV $532,647 Feb-13 VC Non-US Developed Primary 97% 0.07x 1.16x 4.0% 0 Ignition Growth Capital I $30,677 Sep-07 VC US Primary N/A N/A N/A 3.2% 4 Ignition Venture Partners V $210,923 Feb-13 VC US Primary N/A N/A N/A -0.2% 5 Keytone Ventures $177,773 Jul-08 VC Emerging Markets Primary 99% 0.36x 0.93x -1.0% 4 Accel Growth12 $276,367 Apr-09 VC US Primary N/A N/A N/A N/A N/A Accel Growth Fund IV12 $265,004 Feb-17 VC US Primary N/A N/A N/A N/A N/A Accel Growth II12 $126,369 Dec-11 VC US Primary N/A N/A N/A N/A N/A Accel Growth III12 $329,120 Jun-14 VC US Primary N/A N/A N/A N/A N/A Accel India Venture Fund II12 $59,637 Nov-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A Accel India Venture Fund III12 $33,244 Nov-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Accel Leaders Fund12 $66,967 Mar-17 VC US Primary N/A N/A N/A N/A N/A Accel London III12 $357,819 Aug-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel London IV12 $102,026 Apr-14 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel London V12 $129,547 Aug-16 VC Non-US Developed Primary N/A N/A N/A N/A N/A Accel X12 $122,706 Jan-08 VC US Primary N/A N/A N/A N/A N/A Accel XI12 $80,876 Sep-11 VC US Primary N/A N/A N/A N/A N/A Accel XII12 $164,560 Apr-14 VC US Primary N/A N/A N/A N/A N/A Accel XIII12 $111,620 Nov-16 VC US Primary N/A N/A N/A N/A N/A AH Annex Fund12 $98,257 Apr-11 VC US Primary N/A N/A N/A N/A N/A AH Bio Fund II12 $372,341 May-18 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund III12 $66,056 Jul-12 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund IV12 $146,276 May-14 VC US Primary N/A N/A N/A N/A N/A AH Parallel Fund V12 $110,592 Jul-17 VC US Primary N/A N/A N/A N/A N/A Aleph12 $90,147 Aug-13 VC Non-US Developed Primary N/A N/A N/A N/A N/A Aleph II12 $175,059 Jun-17 VC Non-US Developed Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund I12 $109,722 Jul-09 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund II12 $245,642 Nov-10 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund III12 $242,958 Feb-12 VC US Primary N/A N/A N/A N/A N/A Andreessen Horowitz Fund IV12 $292,551 Apr-14 VC US Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 25 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Andreessen Horowitz Fund V12 $222,016. Jun-17 VC US Primary N/A N/A N/A N/A N/A 0 August Capital V12 $209,560 Feb-09 VC US Primary N/A N/A N/A N/A N/A 4 August Capital V Special Opportunities12 $121,635 Mar-11 VC US Primary N/A N/A N/A N/A N/A August Capital VI12 $131,162 Aug-12 VC US Primary N/A N/A N/A N/A N/A August Capital VI Special Opportunities12 $109,302 Jul-13 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Coinvestment Fund12 $105,928 Apr-15 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 200912 $274,256 Jul-09 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 201212 $210,563 Sep-12 VC US Primary N/A N/A N/A N/A N/A Bain Capital Venture Fund 201412 $325,933 Oct-14 VC US Primary N/A N/A N/A N/A N/A Balderton Capital IV12 $357,819 Jan-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Banyan Capital Fund II12 $49,909 Apr-15 VC Emerging Markets Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VI12 $207,192 Jan-08 VC US Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VII12 $219,022 Feb-11 VC US Primary N/A N/A N/A N/A N/A Benchmark Capital Partners VIII12 $119,556 Feb-14 VC US Primary N/A N/A N/A N/A N/A Charles River Partnership XVI12 $408,038 May-15 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XIII12 $26,919 Jun-07 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XIV12 $159,380 Jun-09 VC US Primary N/A N/A N/A N/A N/A Charles River Ventures XV12 $202,571 May-12 VC US Primary N/A N/A N/A N/A N/A CRV XVII12 $218,109 Mar-18 VC US Primary N/A N/A N/A N/A N/A DCM IX12 $349,223 Nov-18 VC Emerging Markets Primary N/A N/A N/A N/A N/A DCM Ventures China Fund VIII12 $183,596 Jun-16 VC Emerging Markets Primary N/A N/A N/A N/A N/A Essex Woodlands Health Ventures Fund VIII12 $319,525 Nov-08 VC US Primary N/A N/A N/A N/A N/A Harrison Metal Capital II12 $98,258 Jul-10 VC US Primary N/A N/A N/A N/A N/A Harrison Metal Capital III12 $105,280 Dec-12 VC US Primary N/A N/A N/A N/A N/A Harrison Metal V12 $308,145 Apr-18 VC US Primary N/A N/A N/A N/A N/A Homebrew Ventures I12 $45,860 Jun-13 VC US Primary N/A N/A N/A N/A N/A IDG China Venture Capital Fund IV12 $144,648 Jul-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Growth Fund II12 $126,179 Dec-07 VC Emerging Markets Primary N/A N/A N/A N/A N/A IDG-Accel China Growth Fund III12 $59,657 Jun-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Index Ventures Growth Fund I12 $342,011 Feb-08 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Growth Fund II12 $204,360 Sep-11 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Growth IV12 $155,839 Nov-18 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures IV12 $117,349 Apr-07 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures Life VI12 $85,240 May-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures V12 $207,244 Jun-09 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VI12 $248,986 Apr-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VII12 $355,794 Apr-14 VC Non-US Developed Primary N/A N/A N/A N/A N/A Index Ventures VIII12 $238,099 Mar-16 VC Non-US Developed Primary N/A N/A N/A N/A N/A

Royal Borough of Kensington and Chelsea Pension Fund 26 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 IVP II-A12 $62,146. Dec-12 VC Emerging Markets Primary N/A N/A N/A N/A N/A 0 Kleiner Perkins Caufield & Byers XII12 $208,270 Mar-09 VC US Primary N/A N/A N/A N/A N/A 4 Kleiner Perkins Caufield & Byers XIII12 $187,203 Feb-09 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XIV12 $98,257 Dec-10 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XV12 $82,302 May-12 VC US Primary N/A N/A N/A N/A N/A Kleiner Perkins Caufield & Byers XVI12 $87,765 Jul-14 VC US Primary N/A N/A N/A N/A N/A KPCB China Fund12 $53,626 May-07 VC Emerging Markets Primary N/A N/A N/A N/A N/A KPCB China Fund II12 $33,244 Nov-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A KPCB Digital Growth Fund12 $393,027 Dec-10 VC US Primary N/A N/A N/A N/A N/A KPCB Digital Growth Fund II12 $117,485 Sep-14 VC US Primary N/A N/A N/A N/A N/A KPCB Digital Growth III12 $199,565 Apr-17 VC US Primary N/A N/A N/A N/A N/A KPCB Green Growth Fund12 $344,796 Feb-09 VC US Primary N/A N/A N/A N/A N/A LC Fund IV12 $237,031 May-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A LC Fund V12 $119,315 Jun-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A LC Fund VI12 $152,221 May-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China I12 $105,602 Feb-08 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China II12 $56,343 Apr-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners China III12 $175,645 Jun-14 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners India II12 $49,714 Oct-11 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners India II Extension12 $19,886 Jul-16 VC Emerging Markets Primary N/A N/A N/A N/A N/A Matrix Partners IX12 $296,000 Oct-10 VC US Primary N/A N/A N/A N/A N/A Matrix Partners X12 $142,150 Nov-13 VC US Primary N/A N/A N/A N/A N/A Mosaic Ventures II12 $311,470 N/A VC Non-US Developed Primary N/A N/A N/A N/A N/A Pitango Venture Capital Fund V12 $157,723 Aug-07 VC Non-US Developed Primary N/A N/A N/A N/A N/A Pitango Venture Capital Fund VI12 $385,126 Oct-12 VC Non-US Developed Primary N/A N/A N/A N/A N/A Redpoint Omega Fund12 $122,400 Feb-07 VC US Primary N/A N/A N/A N/A N/A Redpoint Omega II12 $153,266 Aug-12 VC US Primary N/A N/A N/A N/A N/A Redpoint Ventures IV12 $287,647 Jul-10 VC US Primary N/A N/A N/A N/A N/A Redpoint Ventures V12 $171,375 Apr-13 VC US Primary N/A N/A N/A N/A N/A Resolute IV12 $333,823 Feb-19 VC US Primary N/A N/A N/A N/A N/A RPEV I-B12 $70,455 Aug-12 VC Emerging Markets Primary N/A N/A N/A N/A N/A U.S. Venture Partners X12 $276,105 Sep-08 VC US Primary N/A N/A N/A N/A N/A Venrock Associates VII12 $268,378 Jan-15 VC US Primary N/A N/A N/A N/A N/A Venrock V12 $98,736 Apr-07 VC US Primary N/A N/A N/A N/A N/A Venrock VI12 $246,523 Jan-11 VC US Primary N/A N/A N/A N/A N/A Versant Venture Capital IV12 $386,914 Oct-08 VC US Primary N/A N/A N/A N/A N/A Wing Ventures12 $38,258 Aug-13 VC US Primary N/A N/A N/A N/A N/A GGV Fund VII $155,535 Jan-19 VC Emerging Markets Primary 0% 0.00x 0.00x N/A 0

Royal Borough of Kensington and Chelsea Pension Fund 27 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 GGV Fund VII Plus $38,884. N/A VC Emerging Markets Primary 0% 0.00x 0.00x N/A 0 0 Primary VC Investments Total $40,527,9444 79% 0.89x 2.02x 15.8%

Primary ENR Investments Energy & Minerals Group Fund IV $335,406 Mar-16 ENR US Primary 83% 0.22x 1.43x 20.2% 2 EMG Ascent 2016 Equity $14,945 Mar-16 ENR US Primary 100% 0.00x 1.59x 18.1% 3 Energy & Minerals Group Fund II $358,461 Jun-11 ENR US Primary 98% 0.69x 1.89x 15.5% 2 NGP Natural Resources XI $306,135 Nov-14 ENR US Primary 90% 0.19x 1.27x 14.8% 2 HitecVision VII $352,294 May-14 ENR Non-US Developed Primary 56% 0.00x 1.39x 14.3% 0 NGP Midstream and Resources $161,704 Jun-07 ENR US Primary 100% 1.30x 1.85x 13.8% 2 HitecVision V $295,636 Apr-08 ENR Non-US Developed Primary 105% 1.04x 1.58x 13.5% 3 Natural Gas Partners IX $245,717 Oct-07 ENR US Primary 99% 1.45x 1.47x 10.8% 3 Warburg Pincus Energy $527,937 Jul-14 ENR US Primary 65% 0.11x 1.20x 9.3% 3 HitecVision VI $350,043 Dec-11 ENR Non-US Developed Primary 90% 0.00x 1.33x 7.4% 4 HitecVision Assets Solutions $119,025 Mar-10 ENR Non-US Developed Primary 92% 0.29x 1.34x 5.8% 4 NGP Natural Resources X $252,533 Jan-12 ENR US Primary 97% 0.69x 1.12x 3.5% 4 Energy & Minerals Group Fund III $451,095 Jan-14 ENR US Primary 96% 0.07x 0.85x -4.3% 4 First Reserve Fund XII $844,024 Aug-08 ENR US Primary 103% 0.45x 0.66x -8.8% 5 Resource Capital V12 $438,980 Nov-09 ENR US Primary N/A N/A N/A N/A N/A Resource Capital VI12 $230,428 Jun-13 ENR US Primary N/A N/A N/A N/A N/A

Primary ENR Investments Total $5,284,363 91% 0.42x 1.15x 3.8%

Primary DC Investments TA Subordinated Debt Fund III $164,584 Nov-10 DC US Primary 97% 1.34x 1.64x 14.6% 2 Indigo Capital V $235,145 Jul-07 DC Non-US Developed Primary 97% 1.22x 1.25x 1.0% 4 Adams Street 2018 US Private Credit Investment12 $169,168 Nov-18 DC US Primary N/A N/A N/A N/A17 N/A Alchemy Special Opportunities Fund II12 $218,550 Jul-10 DC Non-US Developed Primary N/A N/A N/A N/A N/A Caltius Partners IV12 $479,407 Oct-08 DC US Primary N/A N/A N/A N/A N/A

Primary DC Investments Total $1,266,854 94% 1.05x 1.28x 7.3%

Primary OTHER Investments Quantum Luxembourg Opportunity Feeder Fund SCSp $263,087 Oct-14 OTH Non-US Developed Primary 65% 1.17x 2.10x 34.5% 2 Oakley Capital Private Equity II-B $370,507 Nov-13 OTH Non-US Developed Primary 93% 1.42x 1.88x 26.1% 1 OCM Opportunities Fund VIIb $145,170 Jun-08 OTH US Primary 90% 1.71x 1.71x 16.8% 2 ABRY Senior Equity III $245,465 Aug-10 OTH US Primary 93% 1.57x 1.64x 16.5% 1 ABRY Senior Equity IV $131,783 Oct-12 OTH US Primary 98% 0.76x 1.59x 15.7% 2 Banc Fund VIII $726,620 Apr-08 OTH US Primary 100% 1.25x 2.11x 13.5% 2 OCM Opportunities Fund VII $145,183 Mar-07 OTH US Primary 100% 1.35x 1.35x 7.3% 4 Saints Capital VI $245,662 Apr-08 OTH US Primary 99% 1.14x 1.34x 6.4% 4

Royal Borough of Kensington and Chelsea Pension Fund 28 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 AnaCap Financial Partners II $360,686. Sep-08 OTH Non-US Developed Primary 117% 0.91x 1.45x 5.8% 3 0 France Special Situations Fund I $446,146 Jul-10 OTH Non-US Developed Primary 120% 0.21x 0.88x -4.6% 5 4 France Special Situations Fund II $354,307 Jun-14 OTH Non-US Developed Primary 65% 0.00x 0.87x -7.5% 0 Quantum Opportunity Fund II $372,431 Feb-18 OTH Non-US Developed Primary 13% 0.00x 0.76x -28.0%* 0 Alchemy Plan (Entity D)12 $31,166 Jan-08 OTH Non-US Developed Primary N/A N/A N/A N/A N/A Vision Capital Partners VII12 $179,014 May-10 OTH Non-US Developed Primary N/A N/A N/A N/A N/A

Primary OTHER Investments Total $4,017,228 84% 0.96x 1.49x 9.6%

Secondary Investments Project Basalt $15,828 Mar-17 VC US Secondary 88% 0.57x 1.60x 150.4% 2 Project Knox $41,646 Apr-17 DIV US Secondary 89% 0.38x 1.28x 86.5% 2 Project Gotham $53,196 Aug-10 LBO US Secondary 60% 2.42x 2.42x 80.0% 1 Project Patriot A $291,818 Jan-09 LBO US Secondary 98% 3.02x 3.02x 73.0% 1 Project Burnham $84,333 Mar-18 LBO US Secondary 84% 0.27x 1.68x 68.1%* 0 Project Runner $44,619 Mar-16 LBO US Secondary 94% 1.22x 2.29x 52.6% 1 Project Zinc $399,077 Feb-09 DIV US Secondary 90% 3.19x 3.52x 49.2% 1 Project Robert $75,476 Jun-14 OTH Non-US Developed Secondary 100% 2.27x 2.37x 47.4% 1 Project Mugatu $12,649 Jul-08 VC US Secondary 100% 1.82x 1.82x 46.4% 1 Project Apple $324,066 Jun-09 DIV US Secondary 93% 2.61x 2.83x 41.9% 1 Project Meadowlark $135,358 Jun-16 LBO US Secondary 105% 1.05x 1.84x 41.2% 2 Project Red Wing $91,137 Jun-09 LBO US Secondary 93% 2.38x 2.39x 40.3% 1 Project Stenson $110,401 Jun-18 LBO US Secondary 97% 0.08x 1.39x 39.2%* 2 Project Mayfly B $650,347 Sep-18 DIV US Secondary 76% 0.11x 1.39x 39.0%* 0 Project Mountain $110,794 Mar-17 LBO US Secondary 72% 0.88x 1.52x 35.9% 2 Project Port $17,046 May-16 ENR US Secondary 93% 0.74x 1.49x 34.9% 2 Project Noble $825,162 Jan-09 DIV US Secondary 87% 2.41x 2.58x 33.9% 1 Project Rapids $167,647 Dec-14 DIV US Secondary 83% 1.44x 1.77x 33.6% 1 Project Domain $82,875 Sep-18 VC US Secondary 48% 0.00x 1.33x 32.6%* 0 Project Primrose $128,807 Apr-16 OTH Non-US Developed Secondary 72% 0.01x 1.81x 30.0% 2+ Project Nature $118,933 Jul-12 LBO Non-US Developed Secondary 94% 1.57x 2.40x 29.0% 1 Project Dynamite $44,207 Dec-14 LBO US Secondary 79% 1.48x 1.52x 28.1% 1 Project Bruin $52,890 Dec-16 LBO US Secondary 91% 0.74x 1.28x 26.9% 2 Project Lighthouse $837,937 Jan-09 DIV US Secondary 99% 2.30x 2.48x 26.1% 1 Project Tango $1,979,590 Jan-09 DIV US Secondary 91% 2.08x 2.44x 25.6% 1 Project Cascade $121,889 Sep-12 LBO US Secondary 89% 1.66x 1.73x 25.4% 1 Project Lantern $7,159 Jun-17 ENR US Secondary 100% 0.30x 1.32x 24.1% 3 Project Advent $258,039 Aug-09 LBO Non-US Developed Secondary 100% 2.37x 2.66x 22.1% 1 Project Patriot B $130,682 Jan-09 DIV US Secondary 99% 2.16x 2.47x 22.0% 1

Royal Borough of Kensington and Chelsea Pension Fund 29 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Salsa II $62,941. Mar-07 DIV US Secondary 97% 1.50x 1.50x 22.0% 1 0 Project Preakness $62,453 Dec-14 LBO US Secondary 89% 1.36x 1.69x 21.9% 1 4 Project Octavian $190,193 Jan-09 DIV US Secondary 93% 2.42x 2.47x 21.9% 1 Project Elysees $210,938 Dec-16 LBO Non-US Developed Secondary 91% 0.33x 1.24x 21.8% 2 Project Amsterdam $331,404 Nov-08 LBO Non-US Developed Secondary 93% 2.41x 2.42x 21.7% 1 Project Sherman $709,926 Jan-09 LBO US Secondary 87% 1.64x 2.03x 20.4% 1 Project Patriot II $145,724 Jul-09 LBO US Secondary 97% 1.40x 2.94x 20.3% 1 Project Eiffel $18,043 Apr-14 LBO Non-US Developed Secondary 99% 1.25x 1.36x 19.6% 1 Project Benz $90,917 Jan-17 LBO Non-US Developed Secondary 90% 0.15x 1.26x 19.4% 3 Project Habanero $130,935 Sep-17 LBO US Secondary 97% 0.51x 1.21x 19.4% 2 Project Skipjack $328,396 Dec-10 LBO US Secondary 100% 1.50x 1.54x 18.4% 1 Project Tape $94,447 Apr-13 LBO Non-US Developed Secondary 102% 1.28x 1.64x 18.1% 1 Project Everest $873,284 Sep-08 VC US Secondary 99% 1.83x 2.03x 16.9% 1 Project Paddington $46,350 Dec-17 LBO US Secondary 101% 0.41x 1.14x 16.3% 3 Project Kane $47,195 Jul-17 LBO Non-US Developed Secondary 71% 0.58x 1.11x 16.0% 3 Project Western $699,765 Dec-16 DIV US Secondary 91% 0.56x 1.22x 16.0% 2 Project Warhol $184,063 Apr-08 LBO US Secondary 100% 1.52x 1.52x 15.5% 1 Project Apax $203,016 Jul-09 LBO Non-US Developed Secondary 96% 1.90x 2.15x 15.0% 1 Project Hickory $160,761 Mar-14 LBO US Secondary 105% 1.34x 1.51x 14.9% 2 Project Tavern $121,058 Dec-16 LBO Non-US Developed Secondary 100% 0.42x 1.18x 14.9% 3+ Project Peregrina $203,264 Jun-16 OTH US Secondary 101% 0.42x 1.30x 14.8% 2 Project Dock $207,630 Apr-16 DIV US Secondary 95% 0.25x 1.24x 14.5% 2 Project Sand $18,224 Mar-17 LBO US Secondary 90% 0.20x 1.20x 14.0% 3 Project Centurion $935,555 Jun-08 LBO US Secondary 95% 1.62x 1.77x 13.2% 1 Project Anagram $197,205 Dec-17 LBO US Secondary 74% 0.00x 1.13x 12.5% 0 Project Synthesis $119,015 Dec-18 LBO US Secondary 60% 0.00x 1.12x 12.2%* 0 Project Lafayette $14,259 Jul-14 LBO Emerging Markets Secondary 107% 0.78x 1.40x 12.1% 3 Project Twin Cities $1,045,143 May-07 VC US Secondary 99% 1.59x 1.60x 11.9% 1 Project Sunshine $349,334 Oct-16 DIV US Secondary 88% 0.35x 1.18x 10.4% 2 Project Starter A $396,113 Apr-18 DIV US Secondary 96% 0.25x 1.09x 9.2%* 0 Project Mallet $625,376 Sep-16 LBO US Secondary 72% 0.44x 1.15x 8.4% 3 Project Nico $82,888 Jul-12 LBO Emerging Markets Secondary 63% 1.19x 1.28x 8.3% 3 Project Cavendish $1,120,119 Feb-18 OTH US Secondary 102% 0.09x 1.08x 8.1%* 0 Project Pinctada $131,382 Feb-15 OTH US Secondary 100% 0.54x 1.24x 7.9% 3 Project Plutus $136,731 Jul-17 DIV Non-US Developed Secondary 89% 0.00x 1.11x 7.7% 0 Project Persian $168,721 Sep-14 OTH US Secondary 103% 0.57x 1.23x 7.4% 3- Project Sundial $41,485 Jun-09 LBO Emerging Markets Secondary 107% 0.74x 1.37x 6.4% 4 Project Treble $580,241 Oct-08 DIV US Secondary 96% 1.22x 1.24x 5.4% 5

Royal Borough of Kensington and Chelsea Pension Fund 30 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Client Level Partnership Level Investment Date of Drawn/ Distributions/ Total Value/ Partnership by Subclass and Type Commitments Money Closing Subclass Type Committed Drawn Drawn8 IRR13 ASP Rating14 Project Winnebago $200,127. Jul-14 LBO Non-US Developed Secondary 91% 0.96x 1.26x 5.3% 4 0 Project Tycoon $209,967 Aug-08 LBO US Secondary 97% 1.16x 1.19x 4.8% 5 4 Project Engineer $163,993 Apr-07 DIV US Secondary 96% 1.16x 1.22x 4.5% 5 Project Masterpiece $110,528 Mar-08 DIV US Secondary 99% 1.17x 1.18x 4.2% 5 Project Crimson II $1,254,636 Mar-08 DIV US Secondary 92% 1.17x 1.21x 4.1% 5 Project Barley $310,237 May-08 LBO US Secondary 97% 1.13x 1.16x 3.8% 5 Project Tiger $81,485 Apr-08 LBO US Secondary 100% 1.11x 1.11x 3.5% 5 Project Tang $103,285 Dec-18 LBO Emerging Markets Secondary 54% 0.01x 1.04x 3.5%* 0 Project Heinz $118,208 Dec-13 LBO Non-US Developed Secondary 95% 0.72x 1.29x 3.3% 3- Project Harald $17,739 Sep-16 ENR Non-US Developed Secondary 53% 0.01x 1.08x 3.3% 3 Project Marwad $200,086 Mar-18 LBO Emerging Markets Secondary 87% 0.00x 1.03x 2.8%* 0 Project Symphony $72,460 Nov-13 LBO Non-US Developed Secondary 95% 0.90x 1.03x 2.4% 5 Project Warring $287,164 Oct-17 LBO Emerging Markets Secondary 97% 0.09x 1.03x 2.4% 3 Project Great Lakes $145,158 Dec-07 DIV US Secondary 100% 1.07x 1.07x 2.1% 5 Project Mayfly A $152,403 Sep-18 LBO US Secondary 98% 0.00x 1.02x 2.1%* 0 Project Ball $72,129 Jan-18 DIV Non-US Developed Secondary 75% 0.00x 1.01x 1.5%* 0 Project Waban $75,876 Jun-08 VC US Secondary 95% 0.83x 1.09x 1.3% 5 Project Stanley $136,281 Sep-18 LBO US Secondary 81% 0.00x 1.01x 1.1%* 0 Project Iniesta $84,532 Apr-17 LBO Non-US Developed Secondary 89% 0.29x 0.96x 0.4% 3 Project Meiji $209,041 Aug-13 LBO Non-US Developed Secondary 95% 0.88x 1.01x 0.4% 5 Project Naya $87,728 Nov-18 VC Emerging Markets Secondary 76% 0.00x 0.98x -1.6%* 0 Project Jumper $427,927 Sep-18 LBO US Secondary 83% 0.05x 0.96x -4.1%* 0 Project Racer $218,695 May-14 DIV US Secondary 93% 0.64x 0.86x -6.1% 5 Project Blackhawk $22,016 Sep-07 VC US Secondary 100% 0.72x 0.79x -6.4% 5 Project Cyprus $129,750 Aug-17 ENR US Secondary 95% 0.02x 0.94x -6.4% 3 Project Colonel $67,779 Oct-18 LBO US Secondary 89% 0.17x 0.93x -6.8%* 0 Project Athena $121,498 Aug-07 LBO Non-US Developed Secondary 99% 0.67x 0.73x -6.9% 5 Project Silver $382,542 Jun-08 DIV Emerging Markets Secondary 99% 0.81x 0.81x -7.7% 5 Project Shell 2 $47,428 Oct-07 OTH Non-US Developed Secondary 98% 0.63x 0.67x -8.9% 5 Project Next Steps $103,602 Jun-07 VC Non-US Developed Secondary 100% 0.55x 0.66x -8.9% 5 Project Interstate $168,127 Sep-13 LBO US Secondary 100% 0.37x 0.67x -10.9% 5 Project Emerald $40,870 Jan-08 VC US Secondary 100% 0.61x 0.61x -12.0% 5 Project Bergen $26,436 Oct-14 ENR Non-US Developed Secondary 102% 0.07x 0.58x -13.8% 5 Project Tiger II $127,364 Aug-07 LBO Emerging Markets Secondary 99% 0.50x 0.57x -15.9% 5 Project Harbor $348,108 Sep-12 ENR US Secondary 89% 0.45x 0.60x -17.0% N/A Project Revival $230,492 Aug-14 ENR US Secondary 103% 0.24x 0.45x -23.7% 5 Project Moose $111,255 May-14 ENR US Secondary 102% 0.22x 0.39x -24.9% 5 Project Tartan $64,190 Dec-13 LBO Non-US Developed Secondary 100% 0.00x 0.14x -34.3% 4

Royal Borough of Kensington and Chelsea Pension Fund 31 Confidential Partnership Fund Program-Q4'18

Detailed Schedule of Investments (Continued)

Royal Borough of Kensington and Chelsea Pension Fund 32 Confidential Quarterly Report-Q4'18

Notes and Footnotes

Important Notes, Footnotes, and Definitions The actual performance of any limited partnership is not known until the final liquidation of the partnership, typically over 10 to 12 years. Until the liquidation takes place, the performance shown herein is only an interim estimated return and is subject to changes.

1Includes offshore feeder expense draws. 2Excludes offshore feeder expense draws. 3Includes impact of expense draws and reflects offshore feeder value. 4Client Gross IRR is the since inception IRR of the Adams Street Partners fund to the client, which is net of fees, carried interest and expenses charged by the fund’s underlying general partners and gross of Adams Street Partners’ fees, carried interest and expenses. 5Client Net IRR is the since inception IRR of the Adams Street Partners fund to the client, which is net of fees, carried interest and expenses charged by the fund’s underlying general partners and net of Adams Street Partners’ fees, carried interest and expenses. 6Client Total Value to Drawn is defined as (market value of the client’s interest in the Adams Street Partners fund + distributions to the client from the Adams Street Partners fund) / amount drawn from the client by the Adams Street Partners fund. 7Partnership level vintage year composite IRRs are net of fees, carried interest and expenses charged to the underlying private equity funds, but are gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. There can be no guarantee that unrealized investments will ultimately be liquidated at the values reflected in this return data. These returns may not be linked. Performance for vintage years later than 2016 is not shown because performance early in a fund’s life is not generally meaningful due to fee drag and immature investments. 8Partnership Total Value to Drawn is defined as (market value of the partnership(s) + distributions from the partnership(s) to the investing Adams Street Partners fund) / amount drawn by the partnership(s) from the investing Adams Street Partners fund. 9Client IRR is net of fees, carried interest and expenses charged by Adams Street Partners as well as underlying general partners. 10Public Market Equivalent (PME) is calculated using the MSCI All Country World Index (Total Return) and is based on the cash flows from the Adams Street Partners fund to the client. During some periods in which Adams Street Partners investments outperformed the benchmark by a substantial margin, PME could not be calculated because the tracking position in the underlying benchmark index would have resulted in a short position. In these cases, the PME is calculated using the "Direct Alpha" PME methodology (Gredil, Griffiths, Stucke, "Benchmarking Private Equity: The Direct Alpha Method," 2014). Mathematically, Direct Alpha PME is equal to the IRR of the future value of the cash flows underlying the IRR calculation, where future value is based on the return of the benchmark index, less the IRR of the actual value of the cash flows. 11This is an aggregate IRR of the fund’s portfolio investments, which is net of fees, carried interest and expenses charged to the portfolio investments by the applicable general partners, and is gross of Adams Street Partners’ fees, carried interest and expenses, which reduce returns to investors. The aggregate IRR includes unrealized investments that may not ultimately be liquidated at the values reflected therein. The aggregate IRR of the fund’s portfolio investments is not to be confused with the gross or net IRR of the fund. 12Please note, partnership performance information is not provided due to confidentiality agreements with the relevant general partner. 13IRRs are provided for individual partnerships and, if applicable, secondary investments that consist of one or more partnerships. IRRs are since inception and are net of general partner fees, carried interest and expenses, but are gross of Adams Street Partners’ fees, carried interest and expenses. 14ASP Rating Key: 0 Too early to tell 1 Pleased with performance 2 Pleased with progress 3 Average 4 Concerned with progress 5 Disappointed with performance + Positive trend - Negative trend N/A Not Applicable 15Aggregate portfolio company performance of co-investments in the indicated Adams Street fund. 16Aggregate portfolio company performance of direct investments in the indicated Adams Street fund. 17Aggregate portfolio company performance of private credit investments in the indicated Adams Street fund.

* Change in value over amount invested. Internal rates of return are not calculated for investments less than one year old.

Royal Borough of Kensington and Chelsea Pension Fund 33