Total Fund Review Investment Performance (% Rate of ) As of November 30, 2018 Portfolio 1 Mo. 3 Mo. $132,626,601 100.0 Total Fund 0.8-3.2 1.0 2.3 8.0 6.5 8.1 9.5 6.6 Aug-99 Policy Index 0.9-3.5-0.9 0.7 6.3 5.3 7.2 8.4 5.3 Aug-99 Actual Index 1.0-3.8-0.4 1.0 6.8 5.8 7.6 8.1 4.5 Jan-07 65% MSCI AC World Index/35% Blbg Barc Global Agg 1.1-4.3-2.6-1.5 6.4 4.3 6.5 8.1 4.7 Aug-99 Consumer Price Index -0.3 0.0 2.2 2.2 2.0 1.6 1.6 1.7 2.2 Aug-99 Please Note: - Periods greater than one year are annualized - inception returns are calculated from the first full month 7
Segment Performance Benchmark Dependent Metrics relative to S&P 500 Index As of November 30, 2018 1 Month 3 Month Year To 1 Year 3 Years 5 Years 7 Years Standard Deviation Beta Actual Correlation Total Fund 0.8-3.2 1.0 2.3 8.0 6.5 8.1 9.5 8.0 0.6 0.9 6.6 1.1 Aug-99 Policy Index 0.9-3.5-0.9 0.7 6.3 5.3 7.2 8.4 8.5 0.6 0.9 5.3 1.0 Aug-99 Actual Index 1.0-3.8-0.4 1.0 6.8 5.8 7.6 8.1 8.2 0.6 0.9 4.5 1.0 Jan-07 65% MSCI AC World Index/35% Blbg Barc Global Agg 1.1-4.3-2.6-1.5 6.4 4.3 6.5 8.1 10.4 0.7 0.9 4.7 0.8 Aug-99 Consumer Price Index -0.3 0.0 2.2 2.2 2.0 1.6 1.6 1.7 1.1 0.0 0.0 2.2 1.3 Aug-99 Sharpe Ratio Domestic Equity 2.3-4.6 5.3 6.4 11.3 9.9 13.0 14.4 12.8 1.0 1.0 9.2 1.1 Aug-99 Russell 3000 Index 2.0-5.4 4.5 5.5 11.8 10.6 14.2 14.5 13.6 1.0 1.0 6.3 1.0 Aug-99 International Equity 0.2-7.0-10.4-8.7 5.9 2.6 5.6 8.1 15.2 1.0 0.9 5.0 0.6 Apr-05 MSCI AC World ex USA (Net) 0.9-6.8-10.1-8.1 5.4 1.8 5.4 7.7 16.3 1.1 0.9 4.6 0.5 Apr-05 Flexible -0.5-0.5 3.2 4.3 6.9 5.5 7.0 8.0 3.1 0.1 0.3 8.5 2.4 Jul-01 HFRI Fund of Funds Composite Index 0.2-2.9-1.8-0.9 1.9 2.1 3.2 3.2 3.9 0.2 0.7 3.2 0.7 Jul-01 Global Private Equity 0.0 2.1 11.8 14.5 9.9 15.6 13.8 12.0 9.9 0.0 0.0 1.7 1.2 Jul-01 All Private Equity Benchmark NA NA NA NA NA NA NA NA NA NA NA NA NA Jul-01 Global Fixed Income 0.0-0.9-1.3-0.9 2.7 1.5 2.5 5.7 5.0 0.2 0.6 4.1 1.1 Feb-03 Blbg Barc U.S. Aggregate 0.6-0.8-1.8-1.3 1.3 2.0 2.0 3.7 3.0 0.0 0.0 3.8 1.1 Feb-03 Cash 0.2 0.4 1.3 1.4 0.7 0.4 0.3 0.2 0.2 0.0-0.1 1.1-1.5 Oct-03 FTSE 3 Month T-Bill 0.2 0.5 1.7 1.8 0.9 0.6 0.4 0.3 0.2 0.0 0.0 1.2 NA Oct-03 Please Note: - Periods greater than one year are annualized - inception returns are calculated from the first full month 8
Investment Detail Preliminary as of November 30, 2018 Portfolio 1 Mo. $132,641,719 100.0 Total Fund (including Gift Account) $132,626,601 100.0 Total Fund 0.8 1.0 2.3 8.0 6.5 8.1 9.5 6.6 Aug-99 Policy Index 0.9-0.9 0.7 6.3 5.3 7.2 8.4 5.3 Aug-99 Actual Index 1.0-0.4 1.0 6.8 5.8 7.6 8.1 4.5 Jan-07 65% MSCI AC World Index/35% Blbg Barc Global Agg 1.1-2.6-1.5 6.4 4.3 6.5 8.1 4.7 Aug-99 Consumer Price Index -0.3 2.2 2.2 2.0 1.6 1.6 1.7 2.2 Aug-99 $86,422,546 65.2 Global Equity 1.3 0.4 1.8 9.3 8.0 10.4 11.7 7.8 Aug-99 MSCI AC World Index (Net) 1.5-2.6-1.0 8.6 6.2 9.5 10.7 4.6 $48,420,634 36.5 Domestic Equity 2.3 5.3 6.4 11.3 9.9 13.0 14.4 9.2 Aug-99 Russell 3000 Index 2.0 4.5 5.5 11.8 10.6 14.2 14.5 6.3 $24,155,698 18.2 ishares S&P 500 Index ETF 1.9 4.8 6.0 12.0 11.0 14.2 14.4 8.2 Dec-06 S&P 500 Index 2.0 5.1 6.3 12.2 11.1 14.4 14.3 8.1 $14,011,557 10.6 Adage Partners L.P. 2.4 5.8 6.9 12.4 12.3 16.5 17.6 12.8 Jul-08 S&P 500 Index 2.0 5.1 6.3 12.2 11.1 14.4 14.3 10.0 $4,939,335 3.7 Vanguard Extended Index Adm Fund 1.9 1.5 2.0 10.2 NA NA NA 7.2 Jun-15 Spliced Extended Index 1.8 1.4 1.9 10.1 8.2 13.0 15.4 7.1 $5,314,044 4.0 Parnassus Core Equity Instl Fund 4.2 9.1 9.2 NA NA NA NA 12.6 Apr-16 S&P 500 Index 2.0 5.1 6.3 12.2 11.1 14.4 14.3 13.9 9
Investment Detail Preliminary as of November 30, 2018 Portfolio 1 Mo. $24,493,017 18.5 Non-U.S. Developed Equity 0.2-9.7-8.0 6.1 3.0 7.0 9.1 5.7 Apr-05 MSCI EAFE (Net) -0.1-9.4-7.9 4.1 1.8 6.4 7.5 4.2 $7,115,692 5.4 Dodge & Cox Intl Stock Fund 0.0-12.1-10.3 3.9 1.3 6.4 9.1 5.0 Apr-05 MSCI AC World ex USA (Net) 0.9-10.1-8.1 5.4 1.8 5.4 7.7 4.6 $5,874,076 4.4 Highclere Intl Investors Smaller Companies Fund 0.1-13.8-12.1 8.1 5.1 9.6 12.8 10.0 Oct-08 S&P EPAC Developed BMI < $2Billion (Gross) 1.4-12.7-10.4 6.0 4.6 8.3 10.5 7.0 $4,129,744 3.1 Causeway Global Instl Fund 0.1-2.2-0.7 6.8 NA NA NA 4.2 Apr-15 MSCI World Index (Net) 1.1-1.2 0.1 8.5 6.7 10.3 10.9 6.5 $7,373,506 5.6 Vanguard FTSE Developed s ETF 0.5-9.6 NA NA NA NA NA -9.6 Jan-18 Spliced Developed Ex-US Index 0.0-10.2-8.3 4.6 2.2 6.7 7.7-10.2 $2,304,558 1.7 Emerging s Equity 0.5-17.7-15.5 2.9 0.3 2.1 NA 3.0 Sep-09 MSCI Emerging s Net Index 4.1-12.2-9.1 9.4 1.9 3.5 9.1 4.3 $2,304,558 1.7 Prince Street Opportunities Offshore, Ltd Class A 0.5-17.7-15.5 3.5 0.8 4.6 NA 1.9 Apr-11 MSCI Emerging s Net Index 4.1-12.2-9.1 9.4 1.9 3.5 9.1 0.3 $11,204,337 8.4 Global Private Equity 0.0 11.8 14.5 9.9 15.6 13.8 12.0 1.7 Jul-01 Russell 3000 Index 2.0 4.5 5.5 11.8 10.6 14.2 14.5 7.2 10
Investment Detail Preliminary as of November 30, 2018 Portfolio 1 Mo. $32,178,794 24.3 Flexible -0.5 3.2 4.3 6.9 5.5 7.0 8.0 8.5 Jul-01 HFRI Fund of Funds Composite Index 0.2-1.8-0.9 1.9 2.1 3.2 3.2 3.2 $7,677,379 5.8 Farallon Institutional Partners, L.P. 0.5 4.9 6.2 6.1 4.7 6.7 8.1 3.8 Jul-07 HFRI Event-Driven (Total) Index -0.3 0.7 2.1 5.8 3.4 5.2 6.7 3.5 $7,972,525 6.0 Elliott International Ltd. Class A -0.2 2.2 3.9 7.2 6.4 7.6 9.3 10.6 Jul-01 HFRI Event-Driven (Total) Index -0.3 0.7 2.1 5.8 3.4 5.2 6.7 6.2 $6,500,837 4.9 Davidson Kempner Institutional Partners, L.P. -0.1 2.9 3.5 5.4 4.5 NA NA 5.4 Oct-12 HFRI Event-Driven (Total) Index -0.3 0.7 2.1 5.8 3.4 5.2 6.7 5.1 $6,673,586 5.0 Varde Investment Partners Offshore, Ltd. -2.0 3.6 4.2 10.9 NA NA NA 8.0 Mar-15 HFRI ED: Distressed/Restructuring Index -1.6 0.8 2.2 6.5 2.5 5.1 6.7 3.3 $3,354,467 2.5 Anchorage Partners Offshore, Ltd. -1.0 1.8 3.0 3.4 NA NA NA 3.0 Mar-15 HFRI ED: Distressed/Restructuring Index -1.6 0.8 2.2 6.5 2.5 5.1 6.7 3.3 $10,726,303 8.1 Total Fixed Income 0.0-1.3-0.9 2.7 1.5 2.5 5.7 4.1 Feb-03 Blbg Barc U.S. Aggregate 0.6-1.8-1.3 1.3 2.0 2.0 3.7 3.8 $10,726,303 8.1 Dodge & Cox Income Fund 0.0-1.3-0.9 2.5 2.7 NA NA 2.8 Oct-13 Blbg Barc Aggregate Index 0.6-1.8-1.3 1.3 2.0 2.0 3.7 2.1 11
Investment Detail Preliminary as of November 30, 2018 Portfolio 1 Mo. $3,298,958 2.5 Cash 0.2 1.3 1.4 0.7 0.4 0.3 0.2 1.1 Oct-03 $3,298,958 2.5 Wilmington U.S. Government Money 0.2 1.3 1.4 0.7 0.4 0.3 0.2 1.1 Oct-03 FTSE 3 Month T-Bill 0.2 1.7 1.8 0.9 0.6 0.4 0.3 1.2 $15,118 0.0 Gift Account Please Note: - Periods greater than one year are annualized. - inception returns are calculated from the first full month. - Performance and market values are subject to change based on statement availability from the investment manager/custodian. - s are net of investment management fees and gross of consulting fees unless otherwise stated. - Actual Index calculated using manager allocations and index returns. - Policy Index: 25% Russell 3000 Index/ 25% MSCI AC World xus Index/ 10% All Private Equity Benchmark/ 20% HFRI Fund-of-Funds Index/ 10% Blbg Barc Aggregate Index/ 10% Real Assets Composite Index. - Real Assets Composite Index: 100% Blbg Barc US Treasury Inflation Notes Index. Components have changed over time - Private Equity: value generally reported one quarter in arrears, adjusted for current capital activity. Valuations subject to availability. Performance may change as updates are processed. - Segment level performance includes terminated managers. - Anchorage, Davidson Kempner, Elliot Intl, Farallon, and Varde: value estimated using preliminary manager reported performance. 12
Non-able Strategies As of November 30, 2018 Commitment Cmt Paid-in Contributed % Funded Remaining Commitment Distributed ed Recallable Net Growth of Portfolio DPI Multiple TVPI Multiple IRR (%) Valuation Total Non-able $36,222,683 $17,951,652 $16,514,537 45.6 $19,708,146 $14,590,962 $13,327,973 $1,261,503 $11,204,337 $7,843,647 0.8 1.4 11.5 Global Private Equity $36,222,683 $17,951,652 $16,514,537 45.6 $19,708,146 $14,590,962 $13,327,973 $1,261,503 $11,204,337 $7,843,647 0.8 1.4 11.6 Buyouts Kinderhook Fund II LP $2,000,000 Feb-07 $2,169,033 $1,965,512 98.3 $34,488 $4,571,272 $4,368,157 $203,115 $456,669 $2,858,908 2.1 2.3 15.3 Jun-18 Commonfund Private Equity Partners VII (FoF) $3,000,000 Oct-07 $2,751,000 $2,751,000 91.7 $249,000 $3,330,424 $3,330,424 - $1,919,943 $2,499,367 1.2 1.9 13.4 Jun-18 Jordan Resolute Fund III, LP $2,000,000 Aug-14 $2,232,321 $1,795,787 89.8 $204,213 $946,188 $509,654 $436,534 $1,962,647 $676,514 0.4 1.3 17.9 Jun-18 Cinven Management VI, LP $1,709,100 Apr-16 $848,959 $848,959 49.7 $860,141 $204,645 $204,645 - $542,085 -$102,229 0.2 0.9-16.9 Jun-18 Madison Dearborn Partners VII, L.P. $2,000,000 May-16 $1,169,530 $1,144,569 57.2 $855,431 $124,462 $103,503 $20,959 $841,854 -$203,214 0.1 0.8-16.2 Jun-18 Trilantic Partners VI $1,500,000 Aug-17 $380,333 $380,333 25.4 $1,119,667 $68,956 $68,546 - $276,573 -$34,804 0.2 0.9-15.4 Jun-18 Jordan Resolute Fund IV, LP $3,000,000 Feb-18 - - 0.0 $3,000,000 - - - $11,264 $11,264 - - 0.0 Jun-18 Distressed Oaktree Principal Fund V (Cayman), Ltd. $2,000,000 Nov-09 $1,930,259 $1,780,555 89.0 $219,445 $1,251,626 $1,151,626 $100,000 $995,550 $316,917 0.6 1.2 3.3 Jun-18 Growth Equity TA Associates Fund XII, L.P. $1,075,000 May-15 $725,629 $725,629 67.5 $349,371 $147,813 $147,813 - $760,409 $182,593 0.2 1.3 21.0 Jun-18 Warburg Pincus XII, LP $1,500,000 Sep-15 $929,250 $929,250 62.0 $570,750 $32,573 $32,573 - $1,010,266 $113,589 0.0 1.1 8.3 Jun-18 Warburg Pincus Global Growth, LP $4,000,000 Jun-18 - - 0.0 $4,000,000 - - - - - - - - Nov-18 Multi Strategy Commonfund Partners 2000 (FoF) $938,583 Jun-01 $915,016 $915,016 97.5 $23,567 $1,432,559 $1,432,559 - $198,685 $716,228 1.6 1.8 9.2 Jun-18 Secondaries Lexington Partners VII Offshore, L.P. $1,000,000 Jan-10 $1,049,274 $802,524 80.3 $197,476 $1,222,227 $974,400 $246,750 $296,723 $469,676 1.2 1.4 13.6 Jun-18 Venture Moonrise Venture Partners I $2,000,000 Jun-17 $548,237 $548,237 27.4 $1,451,763 - - - $520,556 -$27,681-1.0-8.2 Jun-18 Moonrise China Partners I LP $1,000,000 Jun-18 $131,677 $131,677 13.2 $868,323 - - - $124,463 -$7,214-0.9-6.4 Aug-18 Private Real Assets Och-Ziff Real Estate Parallel Fund III B, LP $3,000,000 Sep-14 $2,010,313 $1,634,668 54.5 $1,365,332 $1,258,218 $1,004,073 $254,145 $1,156,229 $404,134 0.6 1.2 11.7 Jun-18 EnCap Energy Fund XI L.P. $1,500,000 Dec-16 $160,820 $160,820 10.7 $1,339,180 - - - $130,420 -$30,400-0.8-27.1 Jun-18 AG Realty Fund X, LP $3,000,000 Jun-18 - - 0.0 $3,000,000 - - - - - - - - Nov-18 13
Non-able Strategies As of November 30, 2018 General Notes: - value reported one quarter in arrears, adjusted for current capital activity, unless otherwise noted. Valuations subject to availability. Performance may change as updates are processed. -This report contains information from manager supplied financial reports (audited or unaudited). Content is subject to change without notice. Information obtained from the manager is believed to be reliable; however, accuracy of the data is not guaranteed and has not been independently verified by Prime Buchholz. Fund Specific Notes: - Cinven Management VI, LP: Fund local currency is Euros. Commitment estimated using Euro/USD exchange rate when capital activity and quarterly valuations occur. Glossary: -Paid-in : Sum of all contributions into the fund. - Contributed: Paid-in capital (excluding fees/expenses ex. capital commitment) reduced by recallable capital. -Remaining Commitment: Total amount remaining to be called. -Distributed: Sum of both recallable and non-recallable distributions. - ed: Distributions not subject to recall. -Recallable : Distributions subject to recall. -Net Growth of Portfolio: Reduced by any fees paid ex-capital commitment. -DPI Multiple: Distributions (including recallable capital) to paid-in capital. -TVPI Multiple: Total (market value + distributions including recallable capital) to paid-in capital. -IRR: Calculated since inception. 14