State Of Washington

Washington State Investment Board Portfolio Overview by Strategy December 31, 2008

NOTE: IRRs presented are interim estimates and may not be indicative of the ultimate performance of partnership investments due to a number of factors, such as the lack of industry valuation standards and the differences in the investment pace and strategy of various funds. IRRs tend be less meaningful in the early years of a partnership's term when underlying portfolio company investments have typically not been realized. The IRRs contained in this report are calculated by Capital Dynamics based on information provided by the general partner (e.g. cash flows and valuations) Such IIR calculations have not been confirmed by the general partners. The result of WSIB’s IRR calculation may differ from that generated by the general partner or other limited partners, primarily due to differences in the date of close, sale of distributed stock, accounting for bridge loans, and valuations.

Portfolio overview by strategy, as of December 31, 2008: Strategy

Partnership

Venture Capital

Austin Ventures IV Austin Ventures V Austin Ventures VI Austin Ventures VII Austin Ventures VIII Brentwood Associates IV CH Partners II CH Transition Fund Cornerstone Equity Investors IV Essex Woodlands Health Ventures Fund V Essex Woodlands Health Ventures Fund VI Evergreen I Evergreen II Evergreen III Evergreen IV Frazier Healthcare II Frazier Healthcare III Frazier Healthcare IV InterWest Partners VI INVESCO Private Capital Investech John Hancock Venture Capital Fund KBA Partners KBA Partners II Materia Ventures Menlo Evergreen V Menlo Venture Partners Menlo Ventures III Menlo Ventures IV Menlo Ventures VI Menlo Ventures VII Menlo Ventures VIII Menlo Ventures IX Menlo Ventures X Mobius Technology Ventures VI Morgan Stanley Venture Partners III New Enterprise Associates 10 New Enterprise Associates 12 Oak Investment Partners VIII Oak Investment Partners IX Oak Investment Partners X Oak Investment Partners XI OVP Venture Partners VI OVP Venture Partners VII Paragon Partners Paragon Venture Partners II Pathway Capital Management Phoenix Partners Phoenix Partners II Phoenix Partners III Sprout Capital VII Sprout Capital VIII Sprout Capital IX TA/Advent VIII Telecom Partners III U.S. Venture Partners V U.S. Venture Partners VI U.S. Venture Partners VII U.S. Venture Partners VIII Ventech Partners Warburg, Pincus Ventures

Venture Capital total

December 31, 2008 review

Initial investment date 11/01/94 03/28/97 11/25/98 12/16/99 07/26/01 05/18/83 10/30/81 06/28/83 12/19/96 08/08/00 02/23/04 12/18/84 12/12/84 04/06/87 11/15/87 02/28/96 10/27/98 09/26/01 01/13/97 10/09/96 05/21/82 02/03/83 03/10/87 06/30/89 05/06/86 06/06/88 11/30/81 07/28/83 09/12/88 12/21/93 01/03/97 09/16/99 01/03/01 01/06/06 06/05/00 01/28/97 10/17/00 05/22/06 09/17/98 10/05/99 01/18/01 07/21/04 10/10/01 06/09/06 05/10/84 07/06/89 10/11/96 09/01/82 02/15/85 08/27/86 02/24/95 05/07/98 10/06/00 02/03/97 12/17/99 09/03/96 03/11/99 01/11/00 06/04/01 01/21/83 12/16/94

Commitment 15,000,000 15,000,000 24,000,000 74,000,000 66,400,000 15,000,000 3,000,000 5,000,000 30,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 10,000,000 40,000,000 40,000,000 10,000,000 325,000,000 5,000,000 10,000,000 33,000,000 42,600,000 15,000,000 25,000,000 3,000,000 20,000,000 25,000,000 2,600,000 25,000,000 50,000,000 200,000,000 150,000,000 83,333,333 30,000,000 110,000,000 50,000,000 20,000,000 60,000,000 100,000,000 100,000,000 40,000,000 40,000,000 4,000,000 5,000,000 1,075,000,000 5,000,000 15,000,000 25,000,000 18,000,000 55,000,000 75,000,000 15,000,000 50,426,250 10,000,000 15,500,000 39,416,667 54,000,000 3,333,333 100,000,000 3,626,609,583

Amount contributed (A) 15,000,000 15,000,000 24,975,363 72,654,554 67,630,932 15,000,000 3,000,000 5,000,000 30,000,000 25,500,000 22,812,500 25,000,000 25,000,000 25,000,000 25,000,000 10,114,091 41,943,494 37,020,000 10,000,000 309,722,850 5,000,000 10,000,000 33,000,000 42,600,000 15,000,000 25,008,714 3,000,000 20,000,000 25,000,000 2,600,000 25,000,000 50,000,000 190,000,000 60,000,000 81,541,861 29,999,998 106,150,000 27,750,000 20,000,000 60,000,000 100,000,000 100,000,000 38,600,000 16,000,000 4,000,000 5,000,000 679,486,355 5,000,000 15,000,000 25,000,000 18,000,000 55,000,000 72,494,726 14,700,000 46,273,500 10,000,000 15,500,000 39,416,667 53,136,001 3,333,333 100,000,000 3,052,964,938

Unfunded commitment 225,000 1,345,446 1,200,000 2,187,500 700,000 2,980,000 20,396,031 10,000,000 90,000,000 1,791,473 3,850,000 22,250,000 1,400,000 24,000,000 401,414,054 2,625,000 300,000 863,999 587,528,503

Current market value (B) 60,267 353,488 6,499,962 20,109,445 53,861,564 1,377,879 19,613,496 19,885,018 15,747,534 25,350,205 782,004 105,015,892 1,844,110 7,053,593 102,707,761 44,243,494 24,770,284 3,233,848 52,585,854 26,064,134 1,193,356 12,283,220 62,267,169 76,120,962 20,003,612 10,276,622 403,255,978 2,858,978 4,878,935 29,199,645 1,101,001 257,199 807,622 8,182,702 26,256,087 899,545 1,191,002,464

Total distributed (C ) 126,329,492 29,402,134 11,874,549 26,857,278 21,565,938 32,589,610 3,117,310 4,056,666 46,702,588 22,002,178 323,263 69,843,499 27,682,785 36,854,986 32,690,838 14,738,976 16,097,857 13,167,566 28,257,056 236,020,937 6,121,369 11,268,802 70,999,532 1,575,007 18,008,369 90,391,102 3,942,087 31,353,036 128,179,179 8,079,463 114,961,698 15,949,853 81,108,773 29,080,096 65,672,951 58,642,044 2,444,327 35,197,465 34,247,760 52,987,676 21,147,048 5,638,464 8,371,560 11,476,137 392,371,085 4,472,493 27,828,607 35,853,437 42,615,441 38,577,308 57,565,434 32,148,832 4,909,510 22,331,981 18,100,536 5,375,063 14,714,545 4,946,219 512,010,595 2,920,840,389

Total value (B+C) 126,389,759 29,755,622 18,374,511 46,966,723 75,427,502 32,589,610 3,117,310 4,056,666 48,080,467 41,615,674 20,208,281 69,843,499 27,682,785 36,854,986 32,690,838 14,738,976 31,845,391 38,517,771 29,039,061 341,036,829 6,121,369 11,268,802 70,999,532 1,575,007 18,008,369 90,391,102 3,942,087 31,353,036 128,179,179 8,079,463 116,805,808 23,003,446 183,816,534 44,243,494 53,850,380 68,906,799 111,227,898 28,508,461 36,390,821 46,530,980 115,254,845 97,268,010 25,642,076 10,276,622 8,371,560 11,476,137 795,627,063 4,472,493 27,828,607 35,853,437 45,474,419 43,456,243 86,765,079 33,249,833 4,909,510 22,589,180 18,908,158 13,557,765 40,970,632 4,946,219 512,910,140 4,111,842,854

Total value multiple (B+C)/A 8.43x 1.98x 0.74x 0.65x 1.12x 2.17x 1.04x 0.81x 1.60x 1.63x 0.89x 2.79x 1.11x 1.47x 1.31x 1.46x 0.76x 1.04x 2.90x 1.10x 1.22x 1.13x 2.15x 0.04x 1.20x 3.61x 1.31x 1.57x 5.13x 3.11x 4.67x 0.46x 0.97x 0.74x 0.66x 2.30x 1.05x 1.03x 1.82x 0.78x 1.15x 0.97x 0.66x 0.64x 2.09x 2.30x 1.17x 0.89x 1.86x 1.43x 2.53x 0.79x 1.20x 2.26x 0.11x 2.26x 1.22x 0.34x 0.77x 1.48x 5.13x 1.35x

Gain since inception (B+C)-A 111,389,759 14,755,622 (6,600,852) (25,687,831) 7,796,570 17,589,610 117,310 (943,334) 18,080,467 16,115,674 (2,604,219) 44,843,499 2,682,785 11,854,986 7,690,838 4,624,886 (10,098,102) 1,497,771 19,039,061 31,313,979 1,121,369 1,268,802 37,999,532 (41,024,993) 3,008,369 65,382,388 942,087 11,353,036 103,179,179 5,479,463 91,805,808 (26,996,554) (6,183,466) (15,756,506) (27,691,480) 38,906,801 5,077,898 758,461 16,390,821 (13,469,020) 15,254,845 (2,731,990) (12,957,924) (5,723,378) 4,371,560 6,476,137 116,140,708 (527,507) 12,828,607 10,853,437 27,474,419 (11,543,757) 14,270,353 18,549,833 (41,363,990) 12,589,180 3,408,158 (25,858,902) (12,165,369) 1,612,886 412,910,140 1,058,877,916

IRR since inception 73.2% 32.0% -6.4% -8.8% 3.2% 10.9% 0.5% -3.5% 8.5% 13.7% -4.7% 12.6% 1.7% 7.8% 5.5% 6.8% -4.7% 1.3% 48.8% 3.5% 2.3% 1.7% 14.7% -42.1% 1.9% 32.1% 6.1% 7.2% 42.1% 40.8% 135.6% -17.3% -0.9% -18.9% -7.1% 41.1% 1.2% 2.4% 55.4% -4.5% 3.9% -1.2% -14.8% -31.6% 13.8% 11.5% 9.9% -1.6% 13.0% 5.3% 21.4% -4.4% 3.6% 23.3% -40.6% 26.2% 4.3% -16.2% -6.5% 8.2% 48.2% 10.8%

|23

Strategy

Partnership

Small/Medium Corporate Finance

Banc Fund IV Banc Fund V Banc Fund VII Banc Fund VIII BlackRock Asset Investors Boston Ventures V Boston Ventures VI Code, Hennessy & Simmons II Code, Hennessy & Simmons III Code, Hennessy & Simmons IV Code, Hennessy & Simmons V Elevation Partners Endeavour Capital Fund IV Endeavour Capital Fund V Evercore Capital Partners II Evergreen Pacific Partners II First Reserve Fund VIII First Reserve Fund IX First Reserve Fund X Fortress Investment Fund Fortress Investment Fund II Green Equity Investors IV Green Equity Investors V Gryphon Partners II GTCR VII & VIIA GTCR Fund VIII GTCR Fund IX Heritage Fund III KSL Capital Partners II KSL Capital Partners Supplemental II TE Olympus Growth Fund III Spectrum Equity Investors IV Thomas Weisel Capital Partners TPG Star TSG Capital Fund II TSG Capital Fund III Vestar Capital Partners III Vestar Capital Partners IV Small/Medium Corporate Finance total Other Accel-KKR Company Energy Recovery Fund Fisher Lynch Co-Investment Partnership HarbourVest Partners II HarbourVest Partners VI - Partnership Fd Other total Mezzanine Capital Resource Lenders II Capital Resource Lenders III Capital Resource Partners IV Equity-Linked Investors Green Mountain Partners Green Mountain Partners II GTCR Capital Partners Rice Partners II RSTW Partners III WCAS Capital Partners III Mezzanine total

December 31, 2008 review

Initial investment date 04/18/96 07/15/98 04/26/05 04/30/08 03/30/95 09/30/96 07/27/00 06/15/94 08/14/97 10/27/99 11/10/05 06/14/05 03/17/04 01/29/08 04/14/03 09/04/08 04/30/98 04/09/01 10/28/04 01/12/00 09/12/02 09/05/03 08/10/07 11/03/99 01/31/00 07/07/03 12/01/06 09/15/99 04/13/06 03/03/09 07/30/98 06/27/00 01/27/00 01/09/07 01/31/95 09/01/98 03/28/97 12/15/99 08/15/00 11/12/87 03/06/06 11/25/85 05/07/99 11/23/93 06/28/96 03/18/99 04/01/85 04/08/96 07/24/98 11/12/99 12/08/94 05/20/97 08/14/97

Commitment

20,000,000 30,000,000 32,150,000 85,000,000 100,000,000 39,000,000 50,000,000 12,325,000 30,000,000 125,000,000 125,000,000 100,000,000 50,000,000 65,000,000 75,000,000 50,000,000 50,000,000 100,000,000 200,000,000 200,000,000 100,000,000 100,000,000 205,000,000 32,500,000 125,007,551 125,000,000 185,000,000 40,000,000 100,000,000 50,000,000 20,000,000 100,000,000 125,000,000 100,000,000 30,000,000 75,000,000 20,000,000 55,000,000 3,125,982,551 50,000,000 100,000,000 250,000,000 10,000,000 187,500,000 597,500,000 25,000,000 30,000,000 70,000,000 25,000,000 30,001,016 40,000,000 50,000,000 45,000,000 50,000,000 100,000,000 465,001,016

Amount contributed (A) 20,000,000 30,000,000 28,292,500 2,550,000 105,890,515 44,825,045 43,762,273 12,325,000 29,042,999 126,007,990 110,063,390 59,185,325 45,130,871 6,330,863 80,933,136 9,099,623 53,897,561 108,200,868 200,000,000 248,726,909 225,316,788 107,199,076 60,205,174 37,769,160 113,757,550 115,655,992 55,482,985 37,514,829 50,617,180 18,371,130 97,000,000 149,212,573 39,143,406 29,627,405 79,824,029 19,489,380 53,407,487 2,653,859,013 50,000,000 100,000,000 170,421,850 10,000,000 168,750,000 499,171,850 25,000,000 30,000,000 69,816,728 25,000,000 31,415,877 43,550,499 53,111,111 44,833,083 46,021,748 100,000,000 468,749,046

Unfunded commitment 3,858,000 82,450,000 6,309,721 957,001 21,643,894 46,476,746 4,869,129 58,669,137 2,716,704 40,900,377 4,530,914 4,346,793 2,589,228 148,765,235 2,031,119 11,250,001 9,344,008 129,517,015 3,163,867 50,258,976 50,000,000 2,713,578 3,000,000 4,186,683 75,343,931 372,595 2,012,702 532,700 2,242,074 775,052,129 87,661,763 7,500,000 95,161,763 183,272 6,506,616 6,689,888

Current market value (B) 14,971,068 2,582,267 6,807,006 15,483,832 126,385 626,408 42,119,660 80,164,120 25,058,059 69,362,523 5,152,236 49,373,610 924,000 1,008,000 120,740,000 51,194,924 26,276,600 68,794,624 46,279,323 10,093,725 21,204,604 77,916,280 43,636,986 1,373,464 37,402,283 285,438 40,953,768 14,092,397 19,346,017 1,065,315 656,863 5,952,180 29,489,355 930,513,320 42,247,966 160,150,961 52,945,757 255,344,684 1,275,080 1,407,676 16,745,047 363,554 18,027,793 1,269,082 1,066,645 530,149 23,627,698 64,312,724

Total distributed (C ) 46,023,313 68,426,454 581,147 145,033,906 47,697,654 47,399,344 42,947,936 41,381,398 166,978,417 11,404,514 18,991,532 15,928,046 53,862,885 102,777,394 306,860,340 223,183,968 522,645,559 269,021,502 36,068,471 4,832,241 33,787,187 244,572,424 125,809,612 11,696,274 16,485,904 10,911,732 34,715,092 79,704,810 80,449,413 14,884,143 18,553,933 44,883,363 18,846,803 55,441,225 2,962,787,935 35,012,359 169,999,899 2,211,763 19,369,421 135,371,597 361,965,039 28,373,238 34,132,002 55,984,063 68,962,491 38,667,472 53,830,138 74,944,642 38,420,091 42,189,005 154,031,444 589,534,587

Total value (B+C) 46,023,313 68,426,454 15,552,214 2,582,267 145,033,906 54,504,660 62,883,176 43,074,321 42,007,806 209,098,077 91,568,634 44,049,591 85,290,569 5,152,236 103,236,495 103,701,394 307,868,340 343,923,968 573,840,483 295,298,102 104,863,095 51,111,564 43,880,912 265,777,028 203,725,892 55,333,260 17,859,368 48,314,015 35,000,530 120,658,578 94,541,810 34,230,160 19,619,248 45,540,226 24,798,983 84,930,580 3,893,301,254 77,260,325 169,999,899 162,362,724 19,369,421 188,317,354 617,309,723 29,648,318 35,539,678 72,729,110 68,962,491 39,031,026 71,857,931 76,213,724 39,486,736 42,719,154 177,659,142 653,847,310

Total value multiple (B+C)/A

Gain since inception (B+C)-A

IRR since inception

2.30x 2.28x 0.55x NM 1.37x 1.22x 1.44x 3.49x 1.45x 1.66x 0.83x 0.74x 1.89x NM 1.28x NM 1.92x 2.85x 1.72x 2.31x 1.31x 0.98x 0.85x 1.16x 2.34x 1.76x 1.00x 0.48x 0.95x NM 1.91x 1.24x 0.63x 0.87x 0.66x 0.57x 1.27x 1.59x 1.47x 1.55x 1.70x 0.95x 1.94x 1.12x 1.24x 1.19x 1.18x 1.04x 2.76x 1.24x 1.65x 1.43x 0.88x 0.93x 1.78x 1.39x

26,023,313 38,426,454 (12,740,286) 32,267 39,143,391 9,679,615 19,120,903 30,749,321 12,964,807 83,090,087 (18,494,756) (15,135,734) 40,159,698 (1,178,627) 22,303,359 (9,099,623) 49,803,833 199,667,472 143,923,968 325,113,574 69,981,314 (2,335,981) (9,093,610) 6,111,752 152,019,478 88,069,900 (149,725) (19,655,461) (2,303,165) 16,629,400 23,658,578 (54,670,763) (4,913,246) (10,008,157) (34,283,803) 5,309,603 31,523,093 1,239,442,241 27,260,325 69,999,899 (8,059,126) 9,369,421 19,567,354 118,137,873 4,648,318 5,539,678 2,912,382 43,962,491 7,615,149 28,307,432 23,102,613 (5,346,347) (3,302,594) 77,659,142 185,098,265

15.6% 15.6% -23.6% NM 21.9% 4.4% 10.1% 32.6% 7.3% 14.0% -12.5% -16.7% 27.1% NM 9.2% NM 15.9% 48.1% 43.9% 25.9% 34.8% -1.0% -20.6% 5.2% 23.4% 32.8% -0.3% -26.3% -5.0% NM 15.2% 7.1% -10.6% -16.2% -8.6% -13.4% 4.9% 14.4% 14.7% 5.5% 10.7% -3.4% 8.5% 2.5% 7.0% 3.9% 4.2% 1.0% 10.8% 5.6% 11.4% 10.8% -3.4% -1.5% 14.1% 7.8%

|24

Strategy

Partnership

Large Corporate Finance

Blackstone Capital Partners V Blackstone Capital Partners VI Clayton, Dubilier & Rice Fund V Clayton, Dubilier & Rice Fund VI Cypress Merchant Banking Partners Cypress Merchant Banking Partners II First Reserve Fund XI First Reserve Fund XII Fortress Investment Fund III Fortress Investment Fund IV Fortress Investment Fund IV Coinvestment Fortress Investment Fund V Fortress Investment Fund V Coinvestment Fortress Investment Fund VI Francisco Partners Hellman & Friedman Capital Partners V Hellman & Friedman Capital Partners VI KKR 1982 Fund KKR 1984 Fund KKR 1986 Fund KKR 1987 Fund KKR 1993 Fund KKR 1996 Fund KKR 2006 Fund KKR Beatrice KKR DAW KKR Millennium Fund KKR Red Lion Madison Dearborn Capital Partners III Madison Dearborn Capital Partners IV Madison Dearborn Capital Partners V Madison Dearborn Capital Partners VI Providence Equity Partners VI Silver Lake Partners Silver Lake Partners II Silver Lake Partners III TPG Partners III TPG Partners IV TPG Partners V TPG Partners VI Vestar Capital Partners V Warburg, Pincus Equity Partners Warburg, Pincus Private Equity VIII Warburg, Pincus Private Equity IX Warburg, Pincus Private Equity X Welsh, Carson, Anderson & Stowe VII Welsh, Carson, Anderson & Stowe VIII Welsh, Carson, Anderson & Stowe IX Large Corporate Finance total International Advent International GPE VI Advent Latin American Private Equity Fund IV Affinity Asia Pacific Fund III Apax Europe IV Apax Europe V Apax Europe VII Asia Opportunity Fund II Asia Opportunity Fund III Astorg II Avenue Asia Special Situations Fund IV BC European Capital VI BC European Capital VII BC European Capital VIII Bridgepoint Europe III Bridgepoint Europe IV Charterhouse Capital Partners VI Charterhouse Capital Partners VII Charterhouse Capital Partners VIII Charterhouse Capital Partners IX Cinven Fund Cinven Second Fund Cinven Third Fund Cinven Fourth Fund Doughty Hanson Fund II Doughty Hanson Fund III European Mezzanine Fund III FountainVest China Growth Capital Fund

December 31, 2008 review

Initial investment date 04/13/06 NA 05/03/95 12/09/98 09/08/95 03/29/99 12/14/06 08/25/08 09/27/04 07/10/06 07/24/06 07/23/07 07/24/07 NA 06/16/00 12/10/04 06/05/07 01/01/83 06/25/84 04/17/86 11/23/87 12/20/93 02/26/97 09/27/06 04/17/86 05/08/84 12/09/02 04/10/85 04/06/99 12/04/00 07/31/06 05/27/08 03/16/07 07/01/99 07/28/04 08/13/07 02/10/00 12/09/03 06/27/06 04/17/08 12/19/05 06/26/98 08/03/01 07/26/05 10/24/07 12/21/95 07/24/98 07/10/00 07/07/08 11/06/07 03/22/07 03/31/99 04/19/01 06/25/07 11/03/05 02/13/08 03/24/99 07/20/06 08/04/98 04/25/00 12/13/05 12/06/05 11/14/08 10/01/97 09/24/02 07/20/06 01/07/09 12/02/96 08/03/98 01/11/02 01/22/07 03/06/96 11/03/97 07/12/99 10/31/08

Commitment

400,000,000 300,000,000 40,000,000 200,000,000 40,000,000 100,000,000 300,000,000 400,000,000 175,000,000 200,000,000 25,000,000 250,000,000 50,000,000 250,000,000 60,000,000 75,000,000 275,000,000 12,990,000 127,099,299 84,354,306 626,070,509 350,000,000 850,650,000 1,500,000,000 75,000,000 64,000,000 1,500,000,000 108,128,524 109,900,000 300,000,000 175,000,000 150,000,000 250,000,000 60,000,000 125,000,000 250,000,000 82,000,000 175,000,000 750,000,000 750,000,000 100,000,000 400,000,000 300,000,000 700,000,000 750,000,000 40,000,000 150,000,000 300,000,000 14,355,192,638 155,496,812 25,000,000 100,000,000 188,623,500 108,000,000 152,742,728 100,000,000 125,000,000 23,117,100 100,000,000 35,302,770 95,690,000 290,610,000 129,810,000 222,222,150 47,551,300 100,000,000 168,980,084 272,071,827 40,000,000 101,851,700 95,775,904 157,927,985 20,000,000 100,000,000 50,045,325 50,000,000

Amount contributed (A) 307,433,680 42,364,484 213,914,549 41,650,938 108,314,377 225,244,435 114,218,665 238,999,949 231,945,383 28,213,679 165,369,212 43,907,951 63,140,968 66,982,136 185,936,603 13,305,000 130,233,549 173,980,206 1,079,418,737 434,224,667 1,135,738,997 1,222,549,913 75,000,000 64,000,000 2,000,003,955 108,128,524 115,990,481 344,902,483 176,019,001 24,379,609 160,398,686 62,800,563 128,627,170 57,332,751 78,665,863 190,444,451 643,111,340 46,592,237 74,750,326 400,000,000 313,200,000 688,800,000 225,000,000 40,000,000 150,000,000 285,000,000 12,720,235,518 18,777,400 11,875,000 24,441,316 177,899,887 142,560,112 70,971,204 122,404,225 3,810,096 20,587,681 46,845,168 27,651,447 108,149,740 160,238,295 116,289,074 2,752,906 49,124,506 129,385,169 143,593,094 40,958,918 91,556,230 131,143,082 95,081,722 17,181,301 103,514,207 56,220,085 3,116,265

Unfunded commitment 119,673,430 300,000,000 195,170 14,903,953 91,111,576 285,781,335 3,080,472 2,625,763 1 89,148,921 6,092,049 250,000,000 8,054,046 9,293,746 107,149,633 433,226,000 1,406,464 4,958,086 35,000,264 133,589,944 125,744,798 4,578,421 18,464,620 195,589,200 9,087,065 14,843,975 142,446,130 711,934,662 25,806,883 11,200,000 525,000,000 15,000,000 3,694,986,607 122,275,014 13,125,000 75,581,194 1,676,914 90,797,932 1,074,158 121,252,503 53,560,767 150,293,460 24,257,965 206,674,984 815,527 23,300,679 49,702,853 279,485,746 1,900,169 10,146,865 10,795,216 79,299,641 5,109,420 2,274,745 46,883,735

Current market value (B) 205,897,303 1,422,912 41,859,650 19,786,217 177,569,000 93,673,000 76,243,039 136,255,010 17,500,719 40,939,114 17,234,323 29,003,587 59,017,333 148,251,700 4,369,180 813,470 78,594,193 792,233,170 977,517,577 9,522,180 236,731,676 100,458,429 15,030,968 98,713,689 11,335,928 73,925,468 26,722,586 24,754,007 120,321,477 404,209,160 8,360,647 68,880,018 59,748,739 225,098,403 608,751,150 149,741,192 1,355,381 45,755,502 171,254,669 5,378,851,766 13,897,423 10,794,745 9,092,412 17,741,554 31,203,306 44,983,327 72,669,363 (10,760) 36,821,929 62,043,041 120,413,988 96,209,257 41,994 116,199 25,011,699 82,528,288 1,175,928 7,776,422 40,639,995 56,319,687 1,516,921 60,784,689 7,522,439 1,954,910

Total distributed (C ) 30,200,119 42,429,350 269,817,430 50,600,565 69,194,668 16,356,011 116,282,455 34,926,115 3,213,680 4,518,133 46,723,068 60,645,387 19,058,330 39,359,498 576,002,374 952,917,260 1,768,581,798 715,497,216 1,679,236,885 146,188,956 268,259,707 191,025,390 1,613,184,792 355,858,447 158,256,675 258,610,567 39,386,680 7,969,553 36,144,455 126,204,029 52,475,767 2,921,951 151,958,789 111,756,084 39,292,112 8,621,207 6,209,597 525,272,127 257,789,388 56,323,400 85,555,850 123,521,425 304,172,644 11,422,519,935 221,241,118 252,933,651 23,667,577 66,542 63,079,718 406,028 75,519,191 166,366,883 3,083,600 103,099,794 210,503,163 65,297,846 132,119,654 196,412,786 33,131,813 165,927,278 89,625,368 -

Total value (B+C) 236,097,422 43,852,262 311,677,080 50,600,565 88,980,885 193,925,011 93,673,000 192,525,494 171,181,125 20,714,399 45,457,247 17,234,323 75,726,655 119,662,720 167,310,030 39,359,498 576,002,374 952,917,260 1,772,950,978 716,310,686 1,757,831,078 938,422,126 268,259,707 191,025,390 2,590,702,369 355,858,447 167,778,855 495,342,243 139,845,109 23,000,521 134,858,144 137,539,958 126,401,235 29,644,537 176,712,796 232,077,561 443,501,272 16,981,854 75,089,615 585,020,866 482,887,791 665,074,550 149,741,192 86,911,231 169,276,927 475,427,313 16,801,371,701 13,897,423 10,794,745 9,092,412 238,982,672 284,136,958 44,983,327 96,336,940 55,782 63,079,718 37,227,957 75,519,191 228,409,923 120,413,988 99,292,857 41,994 103,215,993 235,514,862 82,528,288 66,473,775 139,896,076 237,052,781 56,319,687 34,648,734 226,711,967 97,147,806 1,954,910

Total value multiple (B+C)/A

Gain since inception (B+C)-A

IRR since inception

0.77x NM 1.04x 1.46x 1.21x 0.82x 0.86x NM 0.81x 0.74x 0.73x 0.27x 0.39x NM 1.20x 1.79x 0.90x 2.96x 4.42x 5.48x 1.64x 1.65x 1.55x 0.77x 3.58x 2.98x 1.30x 3.29x 1.45x 1.44x 0.79x NM 0.84x 2.19x 0.98x 0.52x 2.25x 1.22x 0.69x NM 1.00x 1.46x 1.54x 0.97x 0.67x 2.17x 1.13x 1.67x 1.32x NM 0.91x 0.37x 1.34x 1.99x 0.63x 0.79x NM 3.06x 0.79x 2.73x 2.11x 0.75x 0.85x NM 2.10x 1.82x 0.57x NM 1.62x 1.53x 1.81x 0.59x 2.02x 2.19x 1.73x NM

(71,336,258) 1,487,778 97,762,531 8,949,626 (19,333,493) (31,319,424) (20,545,665) (46,474,455) (60,764,258) (7,499,280) (119,911,965) (26,673,628) 12,585,687 52,680,584 (18,626,573) 26,054,498 445,768,825 778,937,054 693,532,241 282,086,019 622,092,081 (284,127,787) 193,259,707 127,025,390 590,698,414 247,729,923 51,788,374 150,439,760 (36,173,892) (1,379,088) (25,540,542) 74,739,394 (2,225,935) (27,688,214) 98,046,933 41,633,110 (199,610,068) (29,610,383) 339,289 185,020,866 169,687,791 (23,725,450) (75,258,808) 46,911,231 19,276,927 190,427,313 4,081,136,182 (4,879,977) (1,080,255) (15,348,904) 61,082,785 141,576,846 (25,987,876) (26,067,285) (3,754,314) 42,492,037 (9,617,211) 47,867,743 120,260,183 (39,824,307) (16,996,217) (2,710,912) 54,091,487 106,129,693 (61,064,806) 25,514,857 48,339,847 105,909,699 (38,762,035) 17,467,433 123,197,760 40,927,722 (1,161,355)

-21.1% NM 0.6% 9.7% 2.7% -5.4% -16.2% NM -15.3% -19.9% -19.0% -80.4% -71.4% NM 5.0% 30.4% -10.5% 36.5% 29.2% 28.0% 8.6% 16.7% 12.8% -19.4% 43.2% 13.1% 15.8% 10.1% 8.2% 14.3% -17.8% NM -19.2% 24.7% -0.9% -65.9% 24.8% 10.5% -25.4% NM 0.3% 9.0% 13.1% -1.8% -42.5% 17.7% 1.7% 13.9% 14.5% NM -13.2% -61.5% 7.6% 37.4% -44.1% -13.4% NM 23.7% -19.0% 24.0% 22.9% -22.7% -10.3% NM 18.8% 40.5% -30.9% NM 17.0% 8.8% 33.2% -33.3% 48.8% 17.0% 15.5% NM

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Strategy

International total Distressed

Distressed total Primary total Venture Capital Venture Capital Large Corporate Finance International Secondary total Grand total

Partnership

Initial investment date

France Private Equity II Gilbert Global Equity Partners HarbourVest Global Private Equity HarbourVest Int'l PEP II - Direct HarbourVest Int'l PEP II - Partnership HarbourVest Int'l PEP III - Direct HarbourVest Int'l PEP III - Partnership HarbourVest Int'l PEP IV - Direct HarbourVest Int'l PEP IV - Partnership HIPEP V-Asia Pacific and Rest of World Fund HIPEP VI-Asia Pacific Fund HIPEP VI-Emerging Markets Fund KKR Asian Fund KKR European Fund KKR European Fund II KKR European Fund III Nordic Capital Fund III Nordic Capital Fund IV Nordic Capital Fund V Nordic Capital Fund VI Nordic Capital Fund VII Palamon European Equity Palamon European Equity II Permira IV Triton Fund III Warburg, Pincus International Partners

10/30/98 05/28/98 12/11/07 09/26/95 06/29/95 03/31/98 06/22/98 07/20/01 04/09/01 05/09/06 03/18/09 NA 07/03/07 11/04/99 11/29/05 03/17/08 02/26/98 08/10/00 08/04/03 05/26/06 04/14/08 07/30/99 10/25/05 12/14/06 NA 06/22/00

Avenue Special Situations Fund IV Avenue Special Situations Fund V Contrarian Capital Fund II DDJ Galileo Fund Joseph, Littlejohn & Levy Fund II Joseph, Littlejohn & Levy Fund III MatlinPatterson Global Opportunities III MatlinPatterson Global Opps Fund OCM Opportunities Fund OCM Opportunities Fund II OCM Opportunities Fund III OCM Opportunities Fund IV OCM Opportunities Fund V OCM Opportunities Fund VI OCM Opportunities Fund VII OCM Opportunities Fund VIIb OCM Principal Opportunities Fund IV Varde Select Fund

03/27/06 06/04/07 03/19/97 01/20/95 01/25/94 01/08/98 06/22/07 01/09/02 10/24/95 10/28/97 09/23/99 10/30/01 06/30/04 09/28/05 05/16/07 06/03/08 12/07/06 02/11/98

Mobius Technology Ventures Side Fund VI Phoenix Partners Francisco Partners Warburg, Pincus International Partners

11/14/03 10/23/90 11/23/04 01/05/05

December 31, 2008 review

Commitment

26,987,749 100,000,000 147,395,717 5,000,000 35,055,265 50,097,669 80,000,000 60,000,000 40,000,000 75,000,000 50,000,000 50,000,000 400,000,000 400,000,000 500,000,000 700,000,000 49,925,112 81,130,731 102,780,000 180,615,000 441,720,000 50,870,000 120,380,000 125,187,782 190,718,373 100,000,000 7,218,682,583 100,000,000 200,000,000 40,000,000 20,712,000 40,000,000 125,000,000 150,000,000 75,000,000 38,600,000 75,000,000 125,000,000 100,000,000 30,000,000 30,000,000 85,000,000 215,000,000 150,000,000 16,000,000 1,615,312,000 31,004,280,371 8,166,667 923,036 10,000,000 10,000,000 29,089,703 31,033,370,073

Amount contributed (A) 21,513,536 113,905,659 147,395,717 5,000,000 34,355,265 48,883,492 76,800,000 56,700,000 32,400,000 36,488,291 133,358,095 531,767,212 589,819,396 43,914,066 50,459,392 73,394,383 140,431,643 211,584,408 89,818,416 61,329,349 69,557,470 72,307,135 106,134,539 4,663,445,593 105,534,362 156,098,184 40,000,000 20,712,000 44,807,903 144,691,205 72,750,000 77,803,916 40,530,000 75,000,000 130,000,000 107,500,000 30,000,000 30,000,000 85,000,000 150,500,000 157,500,000 16,000,000 1,484,427,571 25,542,853,530 3,064,717 923,036 4,852,413 6,916,432 15,756,598 25,558,610,127

Unfunded commitment 2,565,878 9,964,761 1,250,001 38,625,000 50,000,000 50,000,000 307,275,000 679,449,000 1,070,568 8,096,761 670,398 4,160,921 338,263,775 390,187 65,456,403 67,635,551 209,614,310 3,204,772,999 20,363,611 64,931,426 5,822,434 77,250,000 26,126,192 64,500,000 258,993,663 8,623,185,552 338,810 1,342,341 1,681,151 8,624,866,703

Current market value (B) 3,569,586 26,152,393 125,464,216 56,384 3,256,077 26,865,367 (87,608) (95,231) 69,137,364 177,834,431 245,159,212 11,785,478 2,731,007 5,710,573 134,108,870 149,105,725 69,782,891 52,147,467 63,791,469 27,770,831 78,649,716 2,074,144,978 53,796,957 80,053,784 3,020,311 44,459,288 8,608,273 92,350 307,074 2,300,854 553,470 7,571,806 33,041,439 58,800,013 137,032,151 118,669,914 308,658 548,616,342 10,442,786,278 2,439,462 4,833,929 7,864,971 15,138,362 10,457,924,640

Total distributed (C ) 33,473,843 58,186,242 11,758,730 9,447,602 49,478,253 25,920,048 119,921,210 105,847,648 55,254,067 28,746,552 737,321,530 128,862,149 14,999,000 176,613,975 198,529,788 62,765,257 8,600,039 45,490,064 89,704,411 3,763,402,417 25,897,973 21,524,681 56,236,772 17,308,790 67,570,232 219,808,961 7,443 116,885,360 64,602,503 112,363,280 188,695,654 171,828,574 38,240,468 496,493 7,922,794 20,637,051 1,130,027,029 23,151,077,330 2,706,615 644,752 4,841,862 7,876,896 16,070,124 23,167,147,455

Total value (B+C)

Total value multiple (B+C)/A

Gain since inception (B+C)-A

IRR since inception

37,043,430 84,338,635 137,222,946 9,503,986 49,478,253 29,176,125 119,921,210 105,847,648 55,254,067 26,865,367 (87,608) (95,231) 97,883,916 915,155,961 374,021,361 26,784,478 179,344,981 204,240,362 196,874,128 157,705,764 69,782,891 97,637,531 63,791,469 27,770,831 168,354,127 5,837,547,395 79,694,930 101,578,465 56,236,772 17,308,790 67,570,232 222,829,272 44,466,731 125,493,633 64,694,853 112,670,354 190,996,508 172,382,044 45,812,274 33,041,439 59,296,506 137,032,151 126,592,708 20,945,710 1,678,643,371 33,593,863,609 5,146,076 644,752 9,675,791 15,741,867 31,208,486 33,625,072,095

1.72x 0.74x 0.93x 1.90x 1.44x 0.60x 1.56x 1.87x 1.71x 0.74x NM NM 0.73x 1.72x 0.63x NM 3.55x 2.78x 1.40x 0.75x NM 1.59x 0.92x 0.38x NM 1.59x 1.25x 0.76x 0.65x 1.41x 0.84x 1.51x 1.54x 0.61x 1.61x 1.60x 1.50x 1.47x 1.60x 1.53x 1.10x 0.70x NM 0.80x 1.31x 1.13x 1.32x 1.68x 0.70x 1.99x 2.28x 1.98x 1.32x

15,529,894 (29,567,024) (10,172,771) 4,503,986 15,122,988 (19,707,367) 43,121,210 49,147,648 22,854,067 (9,622,924) (87,608) (95,231) (35,474,179) 383,388,749 (215,798,035) (17,129,588) 128,885,589 130,845,978 56,442,485 (53,878,644) (20,035,525) 36,308,182 (5,766,001) (44,536,304) 62,219,588 1,174,101,802 (25,839,432) (54,519,719) 16,236,772 (3,403,210) 22,762,329 78,138,067 (28,283,269) 47,689,716 24,164,853 37,670,354 60,996,508 64,882,044 15,812,274 3,041,439 (25,703,494) (13,467,849) (30,907,292) 4,945,710 194,215,801 8,051,010,079 2,081,359 (278,284) 4,823,378 8,825,436 15,451,888 8,066,461,967

14.3% -8.3% -7.1% 19.6% 9.4% -9.3% 10.5% 21.3% 22.6% -21.2% NM NM -40.6% 18.3% -27.2% NM 31.3% 33.1% 13.6% -19.7% NM 13.0% -4.8% -60.5% NM 11.8% 11.0% -12.8% -47.0% 5.3% -7.3% 7.1% 11.3% -47.8% 15.2% 10.1% 8.4% 11.9% 28.0% 14.3% 3.6% -31.1% NM -23.3% 5.9% 6.2% 12.7% 14.0% -9.4% 33.2% 42.6% 16.7% 12.7%

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