USF INVESTMENT REPORT As of June 30, 2010

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1 (In Thousands) INVESTMENT PORTFOLIO BALANCES Combined USF TOTAL INVESTMENTS FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA MSSC HPCC RESEARCH ALUMNI SUNDOME Cash Equivalent (< 80 days) $,085 $,849 $5,549 $7,585 $7,087 $,0 $7,78 $6,7 $6 $486 Fixed Income - Domestic (+ 80 days) $45,04 $408,6 $6,00 $0,779 SUBTOTAL $656,6 $0 $5,0 $5,549 $7,585 $4,87 $,0 $7,78 $7,50 $6 $486 Fixed Income - Domestic $46,7 $87,7 $59,94 $4, $,054 Equity - Domestic $,06 $,06 $4,9 $,805 $895 Equity - Foreign $65,74 $58,68 $6,04 $, $900 $,48 $47 Real Assets $6,64 $8,8 $7,6 $,7 $,000 $7 $8 Alternative Investments $50,495 $8,599 $0,596 $,7 $,00 $7 $8 SUBTOTAL $40,04 $,898 $4,6 $0 $68,86 $,00 $0 $0 $9,94 $,878 $0 $,066,40 $,898 $556,7 $5,549 $96,447 $46,87 $,0 $7,78 $7,45 $,0 $480 as of 6/0/09 $885,008 $86,800 $487,95 $4,44 $8,4 $9,588 $,4 $0,79 $8,508 $,04 $50 FOUNDATION totaling $,4,000 invested in the ENDOWMENT Fund are eliminated in the Consolidated Investment balances. RESEARCH FOUNDATION totaling $7,94,000 invested in the ENDOWMENT Fund are eliminated in the Consolidated Investment balances. ALUMNI ASSOCIATION totaling $,047,000 invested in the Foundation OPERATING and ENDOWMENT Funds are eliminated in the Consolidated Investment balances. Page

2 PORTFOLIO ASSET ALLOCATION Policy LIMITS Minimum Maximum FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA MSSC HPCC RESEARCH ALUMNI SUNDOME Cash Equivalent (< 80 days) 0% 00% % 00% 00% 86% 00% 00% 8% 00% 00% Fixed Income - Domestic (80 days +) 0% 90% 78% 4% 6% TOTAL 0% 00% 00% 00% 00% 00% 00% 00% 00% 00% Fixed Income - Domestic 0% 75% 8% 87% 4% 7% 0% 0% Equity - Domestic 5% 75% 5% 6% 8% % Equity - Foreign 0% 5% 9% 8% % 8% 5% 6% Real Assets 0% 0% 9% % % % 7% 8% Alternative Investments 0% 0% 9% 60% % 4% 7% 8% TOTAL 00% 00% 0% 00% 00% 0% 0% 00% 00% 0% FOUNDATION exception to Investment Policy Asset Allocation Guidelines granted on December 7, 006. The UNIVERSITY is implementing its long-term investment portfolio over a period of time according to its Implementation Plan. UMSA is implementing its long-term investment portfolio over a period of time according to direction from its Investment Committee. Page

3 PERFORMANCE OBJECTIVE - YEAR ANNUAL AVERAGE FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA MSSC HPCC RESEARCH ALUMNI SUNDOME Cash Equivalent (< 80 days) 0.5% 0.0% 0.0 % 0.% 0.0% 0.07%.07% 0.6 % 0.00% Fixed Income - Domestic (80 days +) 5.44% 5.44% 5.44% Fixed Income - Domestic 5.47%.46 % 5.47% 5.00% Equity - Domestic 7.60 % 7.60 % 7.60 % 7.60 % Equity - Foreign 6.50 % NA 6.50 % NA 6.50 % 6.50 % Real Assets (6.90)% NA (6.90)% NA (6.90)% (6.90)% Alternative Investments ¹ NA 9.70% NA 9.70% NA NA WEIGHTED PORTFOLIO RETURN ² 4.70 % 4.80% 0.0% 7.0 %.58 % 0.0% 0.07% 7.7 % 0.79 % 0.00% POLICY INDEX / WEIGHTED INDEX RETURN.40 %.84% 0.0% 6.0%.06% 0.0% 0.0% 6.96 % 9.65 % 0.00% RELATIVE PORTFOLIO RETURN.0% 0.96 % 0.0% 0.90 % 0.5% 0.0 % 0.05% 0.76%.4% 0.00% COMBINED -YEAR RETURNS 7.65 % COMBINED -YEAR INDEX RETURNS 6.7 % WEIGHTED -YEAR RELATIVE RETURNS.9 % ¹ The Private Equity and Venture Capital Investments do not lend themselves well to interim return calculations. ² FOUNDATION and Operating Fund Performance and Weighted Index Returns are based on -year average daily balances, not period-end balances. ³ Information not available, certain investments have not been in existance for year. Page

4 PRIMARY PERFORMANCE OBJECTIVE - YEAR ANNUAL AVERAGE FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA MSSC HPCC RESEARCH ALUMNI SUNDOME Cash Equivalent (< 80 days) 0.67%.0% 0.0%.57%.0%.5%.4% 0.45%.0% Fixed Income - Domestic (80 days +) 6.0% 6.0% 6.0% Fixed Income - Domestic 8.4% NA 8.% NA 8.4% 8.% Equity - Domestic (9.40)% (9.40)% (9.40)% (9.40)% Equity - Foreign (0.90)% NA (0.90)% NA (0.90)% (0.90)% Real Assets (5.90)% NA (5.90)% NA (5.90)% (5.90)% Alternative Investments NA NA NA NA NA NA WEIGHTED PORTFOLIO RETURN (4.40)% 4.9%.0%.50%.%.0%.5%.8 % (.80)%.0% POLICY INDEX / WEIGHTED INDEX RETURN (4.70)% 4.8%.0%.50%.0%.0%.0%.6 % (.0)%.0% RELATIVE PORTFOLIO RETURN 0.0 % 0.09 % 0.00% 0.00 % 0.8 % 0.00 % 0.05 % 0. % 0. % 0.00 % COMBINED -YEAR RETURNS.7 % COMBINED -YEAR INDEX RETURNS.57 % WEIGHTED -YEAR RELATIVE RETURNS 0.5 % The Private Equity and Venture Capital Investments do not lend themselves well to interim return calculations. FOUNDATION and Operating Fund Performance and Weighted Index Returns are based on -year average daily balances, not period-end balances. Information not available, certain investments have not been in existance for year. Page 4

5 PORTFOLIO SECONDARY PERFORMANCE OBJECTIVE - 5 YEAR ANNUAL AVERAGE FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA MSSC HPCC RESEARCH ALUMNI SUNDOME Cash Equivalent (< 80 days).0%.4% NA 7.67%.4%.50%.98%.4%.50% Fixed Income - Domestic (80 days +) NA 7 NA 7 NA 7 Fixed Income - Domestic 6.57% NA 7 6.% NA % 6.5% Equity - Domestic (0.60)% (0.60)% (0.60)% (0.60)% Equity - Foreign.90% NA 7.90% NA 7.90%.90% Real Assets (.80)% NA 7 (.80)% NA 7 (.80)% (.80)% Alternative Investments NA NA 7 NA NA 7 NA NA WEIGHTED PORTFOLIO RETURN.40%.0%.4% 4.0%.67%.4%.50%.%.5%.50% INFLATION BENCHMARK - CPI INDEX.%.%.%.%.%.%.%.%.%.% RETURN OBJECTIVE - LONG-TERM 4 4.4% 0.00% 0.00%.% 0.00% 0.00% 0.00%.60%.95% 0.00% RETURN OBJECTIVE - ACTIVELY MANAGED % 0.00% 0.00% 0.4% 0.00% 0.00% 0.00% 0.5% 0.8% 0.00% RELATIVE PORTFOLIO RETURN 6 (.76)% 0.68% 0.0% (0.80)% 0.4 % 0.0% 0.7% (0.95)% (.)% 0.7% COMBINED 5-YEAR RETURNS.8 % INFLATION BENCHMARK - CPI INDEX. % COMBINED RETURN OBJECT - LONG-TERM.5 % COMBINED RETURN OBJECT - ACTIVE MGR 0.5 % WEIGHTED -MONTH RELATIVE RETURNS (0.8)% The Private Equity and Venture Capital Investments do not lend themselves well to interim return calculations. FOUNDATION and Operating Fund Performance is based on 5-year average daily balances, not period-end balances. UNIVERSITY fixed income portion of its short-term portfolio is based on the Vanguard's Bond Index Fund's returns (beginning January 008) 4 Only Long-Term Funds are subject to the Policy Return Objective of.0% for fixed income and 5.0% for all other asset classes. The Return Objective is calculated based on period-end balances, not 5-year daily average balances. Thus, the Relative Portfolio Return may be affected by changes in asset classes over this period. The Return Objective is weighted between the Short Term Portfolio and the Long Term Portfolio based on period-end balances. 5 Only Long-Term Funds are subject to the Policy Return Objectives for Actively Managed Portfolios of 0.5%. The Return Objective is calculated based on period-end balances, not 5-year daily average balances. Thus, the Relative Portfolio Return may be affected by changes in asset classes over this period. The Return Objective is weighted between the Short Term Portfolio and the Long Term Portfolio based on period-end balances. 6 All entities employ 5-year index benchmarks to assess investment performance in addition to the Policy's real return Secondary Performance benchmark. 7 Information not available, certain investments have not been in existance for year. Page 5