Water and Power Employees’ Retirement Plan Private Equity Monitoring ReportFor the period ended June 30, 2018

December 2018

Board Presentation

Disclosure

This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informationalpurposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services byStepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG ortheir subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws ofsuch jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expresslydisclaims all liability in respect to actions taken based on any or all of the information in this document.

This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. Byaccepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents(except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from variouspublished and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct orconsequential losses arising from its use. Thus, all such information is subject to independent verification by prospective investors.

The presentation is being made based on the understanding that each recipient has sufficient knowledge and experience to evaluate the merits and risks of investing inprivate equity products. All expressions of opinion are intended solely as general market commentary and do not constitute investment advice or a guarantee of returns. Allexpressions of opinion are as of the date of this document, are subject to change without notice and may differ from views held by other businesses of StepStone.

All valuations are based on current values provided by the general partners of the Underlying Funds and may include both realized and unrealized investments. Due to theinherent uncertainty of valuation, the stated value may differ significantly from the value that would have been used had a ready market existed for all of the portfolioinvestments, and the difference could be material. The long-term value of these investments may be lesser or greater than the valuations provided.

StepStone Group LP, its affiliates and employees are not in the business of providing tax, legal or accounting advice. Any tax-related statements contained in these materialsare provided for illustration purposes only and cannot be relied upon for the purpose of avoiding tax penalties. Any taxpayer should seek advice based on the taxpayer’sparticular circumstances from an independent tax advisor.

Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange controlregulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal ofany investments. Each prospective investor is urged to discuss any prospective investment with its legal, tax and regulatory advisors in order to make an independentdetermination of the suitability and consequences of such an investment.

An investment involves a number of risks and there are conflicts of interest. Please refer to the risks and conflicts disclosed herein.

Each of StepStone Group LP, StepStone Group Real Assets LP and StepStone Group Real Estate LP is an investment adviser registered with the Securities and ExchangeCommission (“SEC”). StepStone Group Europe LLP is authorized and regulated by the Financial Conduct Authority, firm reference number 551580. Swiss Capital InvestHolding (Dublin) Ltd (“SCHIDL”) is an SEC Registered Investment Advisor and Swiss Capital Alternative Investments AG (“SCAI”) (together with SCHIDL, “Swiss Cap”) isregistered as a Relying Advisor with the SEC. Such registrations do not imply a certain level of skill or training and no inference to the contrary should be made.

All data as of June 30, 2018 unless otherwise noted.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ACTUAL PERFORMANCE MAY VARY.

Overview

I. Performance Summary

II. Portfolio Exposure

III. Cash Flow Analysis

IV. Private Equity Market Overview

V. Schedule of Investments

I. PERFORMANCE SUMMARY

4.6%

15.7%

10.9%11.7%

10.2%

6.9%

17.8%

14.6%16.3%

12.1%

0%

5%

10%

15%

20%

Qtr 1 Year 3 Year 5 Year Inception

IRR

Retirement Plan Performance vs. Russell 3000 + 300 bpsAs of June 30, 2018

Retirement Portfolio Russell 3000 Index + 300 bps²

Performance vs. Benchmarks – Retirement Plan

4

The Retirement Plan’s since inception return of 10.2% has outperformed the S&P 500’s since inception return of 9.0% and the

MSCI’s since inception return of 6.9% as of June 30, 2018, however, it trails the policy benchmark of Russell 3000 Index + 300

basis points due to the large amount of capital that has been deployed over the past few years that is still early in its value

creation phase.

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.1IRR performance is net of underlying partnership fees, but not net of StepStone Advisory fees.2S&P 500, Russell 3000 + 300 bps and MSCI returns reflect the index total return which includes the impact of reinvested dividends. Returns under one year are unannualized.3Burgiss Private iQ Benchmark represents returns for All Global Private Equity, excluding vintage years where the Retirement Plan did not make any investments. As of June 30, 2018.Note: The referenced indices are shown for general market comparisons and are not meant to represent any particular fund. An investor cannot directly invest in an index. Moreover, indices do not reflect commissions or fees that may be charged to an investment product based on the index, which may materially affect the performance data presented

Benchmark Qtr 1 Year 3 Year 5 Year Inception

Retirement Portfolio as of June 30, 20181 4.6% 15.7% 10.9% 11.7% 10.2%

S&P 500 as of June 30, 20182 3.4% 14.4% 11.9% 13.4% 9.0%

Russel l 3000 + 300 bps as of June 30, 20182 6.9% 17.8% 14.6% 16.3% 12.1%

MSCI Al l Country World as of June 30, 20182 2.0% 11.7% 9.1% 10.6% 6.9%

Burgiss Private iQ Benchmark (Pooled Average)3 3.4% 17.1% 12.2% 14.0% 10.7%

Performance Summary – Retirement Plan

5

Net Cash Flow Activity – Since inception Net Cash Outflow: $317.5 million, as portfolio remains young.

• Quarterly Cash Flow – Net cash outflow of $14.6 million during the quarter.

Valuation – Yearly gain of $65.2 million, or 10.0% invested capital.

• Quarterly valuation Change – Net gain of $22.7 million, or 3.4% of invested capital.

Performance – Since inception Net IRR: 10.2%; DPI: 0.5x; TVM 1.3x

• Q2 2018 Quarterly IRR: 4.5%

• 1-year IRR 15.6%

Notes:1Includes management fees and expenses to underlying partnerships, both inside and outside of the Retirement Plan’s commitment.2Includes stock sales.3IRR and TVM is net of underlying GP Fees but is not net of StepStone Advisory fees. Including StepStone Advisory fees, the Retirement Plan’s net IRR and net TVM is 10.2% and 1.3x, respectively.

Past performance is not necessarily indicative of future results and there can be no assurance that the investment will achieve comparable results or avoid substantial losses

Confidential |

$(0.9) $(0.5) $(0.4) $(0.2) $(0.2)

(3.8%)

(4.3%)

(7.9%)

NM

(6.5%)

(9.0%)

(8.0%)

(7.0%)

(6.0%)

(5.0%)

(4.0%)

(3.0%)

(2.0%)

(1.0%)

0.0%

($1.0)

($0.9)

($0.8)

($0.7)

($0.6)

($0.5)

($0.4)

($0.3)

($0.2)

($0.1)

$0.0

Ares C. Opps IV Adams Street CDR X Apollo IX Lexington VII

Top Valuation Changes – Retirement Plan

Top 5 Increases in Valuation

Top 5 Decreases in Valuation

• During the quarter, 23 funds increased in value, by an aggregate $25.1 million

• Top 5 fund valuation increases accounted for 80% of gain driven by Vista V, Silver Lake IV and Crestview III.

• During the quarter, 7 funds decreased in value, by an aggregate ($2.4) million

• Top 5 fund valuation decreases accounted for 71% of loss, driven by detractors Ares C. Opps IV, Adams Street and CDR X.

$ Gain in millions Quarterly Return

Quarterly Return$(Loss) in millions

Note:*Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable resultsor avoid substantial losses.

NM for Apollo IX’s quarterly return since Q2 2018 was the first reporting period and therefore there is no Q1 2018 NAV.

$8.2 $1.8 $1.3 $1.0 $0.9

14.5%

4.0%

7.2%

3.1%

4.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

Vista V Vista VI Clayton IX Blackstone II Silver Lake IV

6

Performance by Vintage Year – Retirement Plan

7

The following table illustrates the Portfolio’s Primary investments since inception performance by vintage year as compared to

Private iQ benchmark returns as June 30, 2018. Note that the performance of funds held less than two years old is not

considered meaningful.

Note: Private iQ benchmark is provided by The Burgiss Group and reflects All Global Private Equity Funds, excluding Real Estate, 25th percentile/Lower, 50th percentile/Median, and 75th

percentile/Upper IRRs at June 30, 2018 for funds with vintage years of 2007 through 2018, excluding 2010

(US$ in millions) Private iQ Benchmarks

Vintage

Committed

Contributed

Distributed

Market

Value

Total

Value

Gain/

(Loss) Unfunded DPI TVM IRR

Retirement

Plan Quartile

Upper

IRR

Median

IRR

Lower

IRR

2006 $60.0 $60.6 $70.2 $11.1 $81.2 $20.6 $1.7 1.2x 1.3x 6.1% Third 12.4% 6.5% 0.1%

2007 20.0 18.0 21.7 6.5 28.1 10.2 4.8 1.2x 1.6x 7.2% Third 13.3% 8.7% 2.9%

2008 50.0 46.6 43.3 24.1 67.4 20.8 3.4 0.9x 1.4x 9.4% Second 15.7% 8.7% 2.7%

2009 46.0 41.5 41.1 18.0 59.1 17.6 7.6 1.0x 1.4x 9.9% Third 21.7% 13.6% 8.9%

2011 54.5 53.5 50.4 30.0 80.4 26.9 6.9 0.9x 1.5x 12.6% Third 22.1% 14.5% 7.8%

2012 25.0 26.5 14.6 22.4 37.0 10.4 4.8 0.5x 1.4x 13.4% Third 21.1% 13.9% 7.6%

2013 134.0 119.1 54.5 107.0 161.5 42.4 29.5 0.5x 1.4x 17.8% Second 19.2% 13.1% 7.9%

2014 100.0 72.7 15.1 98.1 113.2 40.5 39.3 0.2x 1.6x 19.7% Second 23.5% 14.8% 8.0%

2015 137.0 98.2 19.4 85.4 104.8 6.6 54.8 0.2x 1.1x 4.2% Third 21.1% 12.1% 2.7%

2016 275.0 94.2 0.8 98.8 99.6 5.4 181.6 0.0x 1.1x 5.8% Third 22.1% 9.0% (1.3%)

2017 253.7 17.6 0.1 17.8 17.9 0.3 236.1 NM NM NM NM NM NM NM

Total $1,155.2 $648.6 $331.1 $519.2 $850.3 $201.8 $570.5 0.5x 1.3x 10.2%

Performance by Vintage Year – Retirement Plan (cont’d)

81 Quarterly IRR is not annualized.

The following table illustrates the Portfolio’s since inception investment performance and periodic performance by vintage year

as of June 30, 2018. Note that the performance of funds held less than two years old is not considered meaningful.

Vintage Year No. of Inv. Commitments Qtr 1 1-Year 3-Year 5-Year Inception

2006 2 $60.0 1.6% 7.8% 2.5% 7.3% 6.1%

2007 1 20.0 1.9% 10.8% (0.6%) 8.2% 7.2%

2008 2 50.0 1.1% 1.2% (1.1%) 7.5% 9.4%

2009 2 46.0 3.7% 10.2% 2.7% 7.3% 9.9%

2011 3 54.5 3.1% 5.5% 10.8% 13.8% 12.6%

2012 1 25.0 (3.8%) 2.3% 14.2% 14.1% 13.4%

2013 5 134.0 4.6% 17.7% 18.8% 18.0% 17.8%

2014 2 100.0 13.9% 44.5% 22.4% N/M 19.7%

2015 3 137.0 2.1% 8.6% 5.3% N/M 4.2%

2016 4 275.0 2.1% 11.0% N/M N/M 5.8%

2017 5 253.7 N/M N/M N/M N/M 4.3%

Total 30 $1,155.2 4.6% 15.7% 10.9% 11.7% 10.2%

IRR Performance by Vintage Year

Performance by Vintage Year (cont’d)

9

The following chart illustrates the Portfolio’s since inception returns by vintage year, compared to the total Portfolio’s since

inception return, as of June 30, 2018. Vintage year 2014 had the highest returns at 19.7%.

6.1%7.2%

9.4% 9.9%

12.6%13.4%

17.8%

19.7%

4.2%

5.8%

10.2%

1.3x

1.6x

1.4x 1.4x1.5x

1.4x

1.4x

1.6x

1.1x 1.1x

1.3x

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2006 2007 2008 2009 2011 2012 2013 2014 2015 2016 Total

TVMIRRSince Inception Performance by Vintage Year

As of June, 30 2018

Performance by Strategy – Retirement Plan

101 Quarterly IRR is not annualized.

The following table illustrates the Portfolio’s since inception investment performance and periodic performance by strategy as

of June 30, 2018.

Strategy No. of Inv. Commitments Qtr 1 1-Year 3-Year 5-Year Inception

Buyout 14 $668.2 5.4% 20.2% 16.9% 17.2% 16.6%

Secondaries 5 160.0 2.0% 9.7% 4.5% 9.0% 8.4%

Growth Equity 4 116.5 1.9% 4.3% 9.7% 6.6% 7.0%

Distressed 3 67.0 2.1% 9.2% 12.1% 10.9% 10.5%

Mezzanine 2 86.0 4.5% 8.9% (4.7%) (0.1%) 3.4%

Venture Capital 2 57.5 10.4% 21.6% 5.9% 12.3% 11.2%

Total 30 $1,155.2 4.6% 15.7% 10.9% 11.7% 10.2%

IRR Performance by Strategy

Performance by Strategy – Retirement Plan (cont’d)

11

The following chart illustrates the Portfolio’s since inception returns by strategy, compared to the total Portfolio’s since

inception return, as of June 30, 2018. Buyout funds had the highest since inception return of 16.6% through the second

quarter of 2018.

16.6%

8.4%

7.0%

10.5%

3.4%

11.2%10.2%

1.4x 1.4x

1.1x1.2x

1.1x

1.7x

1.3x

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Buyout Secondaries Growth Equity Distressed Mezzanine VentureCapital

Total

TVMIRRSince Inception Returns by Strategy

As of June, 30 2018

II. PORTFOLIO EXPOSURE

Summary of Portfolio Exposure – Retirement Plan

13

The Portfolio is primarily concentrated in funds employing Buyout strategies, which comprise 66.5% of total exposure as of

quarter-end. The following table and chart illustrate the diversification of the Portfolio as of June 30, 2018 by fund strategy and

geographic focus.

1 Exposure and total exposure represents the sum of the unfunded commitment and the report market value as provided by the general partner

As of June 30, 2018 (US$ in millions) $ % of Total $ % of Total $ % of Total

Buyout $323.0 62.2% $401.5 70.4% $724.5 66.5%

Growth Equity 46.9 9.0% 59.7 10.5% 106.7 9.8%

Venture Capital 22.9 4.4% 36.1 6.3% 59.0 5.4%

Secondaries 47.7 9.2% 21.7 3.8% 69.4 6.4%

Distressed 40.3 7.8% 26.0 4.6% 66.2 6.1%

Mezzanine 38.4 7.4% 25.6 4.5% 64.0 5.9%

Total $519.2 100.0% $570.5 100.0% $1,089.8 100.0%

Global $407.2 78.4% $343.6 60.2% $750.7 68.9%

North America 112.1 21.6% 227.0 39.8% 339.1 31.1%

Total $519.2 100.0% $570.5 100.0% $1,089.8 100.0%

Exposure1Unfunded CommitmentMarket Value

Exposure by Sector – Retirement Plan

14

The Portfolio is primarily concentrated in funds employing Buyout strategies, which comprise 66.5% of total exposure as of

quarter-end. The following table and chart illustrate the diversification of the Portfolio as of June 30, 2018 by fund strategy.

66.5%

9.8%

5.4%

6.4%

6.1%5.9%

Total Exposure by Sector ($1,089.8 million)As of June 30, 2018

Buyout

Growth Equity

Venture Capital

Secondaries

Distressed

Mezzanine

Exposure by Investment Manager – Retirement Plan

15

The Portfolio has the largest amount of exposure to Vista Equity Partners and Ares Management at 16.1% and 12.1%,

respectively. Both have further expanded their business lines outside of their flagship private equity product in an effort to

diversify their firms.

Manager Number of Funds Exposure Exposure % of Total TVM IRR DPI

Vista Equity Partners 3 $175.8 16.1% 1.5x 18.8% 0.3x

Ares Management 3 132.2 12.1% 1.1x 3.9% 0.2x

Adams Street Partners 1 124.5 11.4% 1.0x (4.6%) 0.0x

EnCap Investments 4 106.7 9.8% 1.1x 7.0% 0.4x

Apollo Management 2 92.1 8.5% 1.3x 14.5% 0.3x

Silver Lake Partners 2 83.8 7.7% 1.5x 27.4% 0.3x

Clayton, Dubilier & Rice 2 78.6 7.2% 1.2x 14.7% 0.4x

Blackstone Tactical Opportunities 1 57.4 5.3% 1.2x 12.0% 0.3x

Crestview Partners 1 51.5 4.7% 1.2x 9.8% 0.2x

Landmark Partners 3 49.5 4.5% 1.3x 7.6% 0.9x

Industry Ventures 1 40.2 3.7% 1.7x 94.4% 0.0x

Harvest Partners 1 31.1 2.9% 1.1x 8.5% 0.0x

Lexington Partners 2 19.9 1.8% 1.5x 9.2% 1.2x

Fisher Lynch Capital 1 18.8 1.7% 1.7x 10.0% 0.8x

Capital Dynamics Inc 1 11.2 1.0% 1.6x 7.2% 1.2x

Oaktree Capital Management 1 9.9 0.9% 1.2x 4.1% 0.7x

Audax Group 1 6.6 0.6% 1.3x 9.0% 0.9x

Total 30 $1,089.8 100.0% 1.3x 10.2% 0.5x

Committed Capital by Vintage Year – Retirement Plan

16

The following chart provides a breakdown of committed capital by vintage year, including a breakdown of the underlying

strategies. In earlier years the Portfolio was concentrated in Secondaries, however from 2012 to 2017 the main strategy has

changed to Buyouts.

Committed Capital by Vintage YearAs of June 30, 2018

III. CASH FLOW ANALYSIS

Quarterly Cash Flow Activity – Retirement Plan

18

During the second quarter of 2018, the Portfolio contributed $26.0 million and received $11.4 million in distributions, for a net cash outflow of

$14.6 million.

The primary source of the second quarter distributions was Buyout funds which distributed $5.2 million or 45.7% of the total Retirement Plan

distributions. Within the Buyout funds, the largest total distributions came from Crestview Partners III, L.P., ($3.5 million), representing 30.0% of the

total quarterly distributions.

Of the $26.0 million the Retirement Plan contributed to its underlying funds during the second quarter, Buyout funds called the most capital totaling

$22.5 million, or 86.4% of the total capital drawn, followed by Growth Equity funds ($1.9 million). The largest total contributions within Buyout

came from Harvest Partners VII, L.P., totaling $6.7 million, or 29.3% of all Buyout contributions.

The following graphs illustrate the Portfolio’s cash flow activity over the previous eight quarters, as well as a breakdown by sector for the second

quarter.

Quarterly Contributions and DistributionsFrom Q3 2016 – Q2 2018

($27.3)($22.1)

($19.1)

($36.5) ($37.4)($34.6) ($33.3)

($26.0)

$13.8

$19.4 $14.4

$23.4 $20.4 $19.2

$10.4 $11.4

($50)

($40)

($30)

($20)

($10)

$0

$10

$20

$30

Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

US$

in

mill

ion

s

Calendar Quarter

Contributed Distributed Net Cash Flow

Quarterly Cash Flow Activity – Retirement Plan

19

86.4%

7.2%

4.5%

1.9%

Q2 2018 Contributed by Strategy

Buyout

Growth Equity

Secondaries

Distressed

Venture Capital

Mezzanine

45.7%

6.1%

27.5%

5.8%

6.4%

Q2 2018 Distributed by Strategy

Buyout

Growth Equity

Secondaries

Distressed

Venture Capital

Mezzanine

8.0%

($16.6)($30.0)

($36.4) ($38.2)

($64.5)

($102.4)($95.6)

($127.7)

($59.3)

$6.6 $17.6 $20.4

$27.2 $32.2

$56.7 $58.5

$77.8

$21.8

($150)

($100)

($50)

$0

$50

$100

2010 2011 2012 2013 2014 2015 2016 2017 Q2 2018

US$

in

mill

ion

s

Calendar Year

Contributed Distributed Net Cash Flow

Annual Cash Flow Activity – Retirement Plan

20

The graph below illustrates cash flow activity since 2010 by calendar year.

Yearly Contributions and DistributionsFrom 2010 to Q2 2018

Annual Cash Flow Activity – Retirement Plan

21

The following chart provides funded capital (including management fees and expenses) versus unfunded commitments by

vintage year presented as percentages.

Quarterly Contributions and Distributions – Retirement Plan

22

The graphs below highlights the top ten funds calling and distributing the most capital during the second quarter.

$6.7

$4.3

$2.7$2.5

$1.9 $1.9$1.4

$1.1 $1.0 $0.9

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

Harvest VII Silver Lake V ACOF V Crestview III Adams Street Apollo VIII CD&R IX Landmark XV Ares SS IV EnCap X

Significant Quarterly Contributions - Q2 2018

$3.5

$1.0$0.8 $0.8 $0.7 $0.7 $0.7 $0.7 $0.6

$0.4

$-

$1.0

$2.0

$3.0

$4.0

Crestview III Fisher LynchVenture II

Lexington VII ACOF V Landmark XV Landmark XIV HRJ Opps II Apollo VIII BlackstoneTactical II

Lexington VI

Significant Quarterly Distributions - Q2 2018

IV. PRIVATE EQUITY MARKET OVERVIEW

Market Overview – Public Markets

24

• Global public markets were impacted by US dollar strengthening during the second quarter of 2018, while US marketscontinued to advance.

• US Markets increased 3.4%, while other global indices decreased

25

Market Overview – Sector Overview

• Six out of ten industry sectors increased during the quarter

• Energy was the best performing sector, up 13.5% for the quarter

• Financials and Industrials were the worst performing sectors, both down 3.2% for the quarter

Market Overview – LBO Activity

26Source: S&P LBO Review

• U.S. LBO loan new issuance totaled US$38.1 billion during the quarter, an increase of 11.2% from the second quarterof 2017

• LBO spreads show a steady downward trend since 2016

• Year-to-date Dividend/Stock repurchase volume increased 13.1% compared to the first six months of 2017

• Year-to-date Public-to-Private LBO transaction volume decreased 17.7% compared to the first six months of 2017

Pro Rata Spread of LBOs

Public-to-Private LBO Transaction VolumeDividend/Stock Repurchase Volume

Quarterly U.S. LBO Loan New Issuance

Market Overview – LBO Activity

27

• Purchase price multiples for U.S. LBOs was 9.8x EBITDA, a decrease from 10.2x in the prior quarter and above the 10-year average of 9.2x

• Equity contributions for US LBOs increased from 39.6% to 41.2% quarter-over-quarter

Market Overview – Private Equity Fundraising

28

• Private equity fundraising totaled US$88.6 billion in the second quarter, representing a decrease of 22.4% quarter-over-quarter and a decrease of 56.5% compared to the second quarter of 2017

• Buyout fundraising totaled US$59.7 billion and Venture Capital raised US$20.0 billion in the second quarter

• The US represented 67.3% of total funds raised in the quarter, higher than the 10-year average of 59.6%

Market Overview – Private Equity Investment Activity

29

• Private equity funds invested US$106.7 billion globally during the second quarter, a 49.5% increase from the previousquarter

• The average investment size during the quarter was US$33.2 million, a quarter-over-quarter increase of 55.9%

Market Overview – IPO Activity

30

• During the second quarter, Thomson ONE tracked 42 private equity-backed IPOs, raising US$9.0 billion in proceeds, onthe New York Stock Exchange and the NASDAQ

• The number of private equity-backed IPOs decreased 82.6% compared to the prior quarter

• The total amount raised increased 9.4%, from US$8.2 billion in the previous

• The US$1.0 billion GreenSky Inc. (NASDAQ: GSKY) IPO was the biggest for the quarter

Market Overview – M&A Activity

31

• Private equity-backed M&A volume totaled US$213.8 billion in deals closed during the second quarter, an 28.2%increase from the previous quarter

• The number of M&A deals decreased 10.7% from the prior quarter, from 644 to 575

• The largest deals of the quarter were the US$36.8 billion purchase of Abertis Infraestructuras, S.A. by threeacquirers and the US$11.1 billion purchase of Dynegy Inc. by Vistra Energy Corp. (NYSE: VST)

V. SCHEDULE OF INVESTMENTS

Schedule of Investments – Retirement Plan

33

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.1TVM and IRR for investment held less than two years are not considered meaningful.

US$ in millions

Investment

Investment

Date Strategy

Vintage

Year

Committed

Capital

Contributed

Capital

Distributed

Capital

Market

Value

Unfunded

Commitment Exposure DPI TVM1 IRR1

Adams Street Global SMB WPERP Fund L.P. 2/15/2017 Buyout 2016 $125.0 $13.8 - $13.2 $111.3 $124.5 NM NM NM

Apollo Investment Fund IX, L.P. 10/1/2017 Buyout 2017 54.2 - - (0.2) 54.2 54.0 NM NM NM

Apollo Investment Fund VIII, L.P. 2/5/2014 Buyout 2013 34.0 31.5 10.0 30.4 7.7 38.1 0.3x 1.3x 14.8%

Ares Corporate Opportunities Fund IV, L.P. 11/5/2012 Buyout 2012 25.0 26.5 14.6 22.4 4.8 27.3 0.5x 1.4x 13.4%

Ares Corporate Opportunities Fund V, L.P. 6/22/2017 Buyout 2016 60.0 20.4 0.8 19.4 40.4 59.9 NM NM NM

Ares Special Situations Fund IV, L.P. 2/4/2015 Distressed 2015 50.0 35.3 4.8 25.6 19.5 45.1 0.1x 0.9x (8.8%)

Audax Mezzanine III, L.P. 2/14/2011 Mezzanine 2011 17.0 15.6 14.6 5.2 1.4 6.6 0.9x 1.3x 9.0%

Blackstone Tactical Opportunities Fund II 5/1/2015 Mezzanine 2015 50.0 34.8 9.0 33.3 24.2 57.4 0.3x 1.2x 12.0%

Clayton, Dubilier & Rice Fund IX, L.P. 3/28/2014 Buyout 2013 25.0 24.0 10.9 20.9 4.7 25.6 0.5x 1.3x 17.0%

Clayton, Dubilier & Rice Fund X, L.P. 10/1/2017 Buyout 2017 54.0 5.4 - 4.3 48.6 52.9 NM NM NM

Crestview Partners III, L.P. 1/31/2015 Buyout 2014 50.0 22.0 3.9 22.7 28.8 51.5 0.2x 1.2x 9.8%

EnCap Energy Capital Fund IX, L.P. 1/8/2013 Growth Equity 2013 17.0 18.5 11.8 12.8 1.6 14.4 0.6x 1.3x 14.7%

EnCap Energy Capital Fund VIII, L.P. 2/16/2011 Growth Equity 2011 12.5 13.1 7.9 4.3 1.2 5.5 0.6x 0.9x (2.4%)

EnCap Energy Capital Fund X, L.P. 3/12/2015 Growth Equity 2015 37.0 28.2 5.6 26.5 11.1 37.6 0.2x 1.1x 11.4%

EnCap Energy Capital Fund XI, L.P. 7/16/2017 Growth Equity 2017 50.0 4.2 - 3.3 45.8 49.2 NM NM NM

Fisher Lynch Venture Partnership II, LP 5/5/2008 Venture Capital 2008 20.0 17.6 14.1 16.4 2.4 18.8 0.8x 1.7x 10.0%

Harvest Partners VII, L.P. 7/1/2016 Buyout 2016 30.0 16.2 - 17.3 13.8 31.1 0.0x 1.1x 8.5%

HRJ Special Opportunities II, L.P. 3/5/2008 Distressed 2007 20.0 18.0 21.7 6.5 4.8 11.2 1.2x 1.6x 7.2%

Industry Ventures Secondary VIII, L.P. 2/23/2017 Venture Capital 2017 37.5 3.8 0.1 6.4 33.8 40.2 NM NM NM

Landmark Equity Partners XIII, L.P. 11/29/2006 Secondaries 2006 30.0 28.8 29.8 7.3 1.2 8.5 1.0x 1.3x 5.2%

Landmark Equity Partners XIV, L.P. 9/19/2008 Secondaries 2008 30.0 29.0 29.2 7.7 1.0 8.7 1.0x 1.3x 8.7%

Landmark Equity Partners XV, L.P. 3/18/2014 Secondaries 2013 40.0 26.9 15.6 19.1 13.1 32.2 0.6x 1.3x 16.5%

Lexington Capital Partners VI, L.P. 6/22/2006 Secondaries 2006 30.0 31.8 40.4 3.7 0.5 4.2 1.3x 1.4x 6.9%

Lexington Capital Partners VII, L.P. 12/3/2009 Secondaries 2009 30.0 26.5 31.2 9.8 5.8 15.6 1.2x 1.5x 14.3%

Oaktree Principal Fund V, L.P. 2/26/2009 Distressed 2009 16.0 15.1 10.0 8.1 1.8 9.9 0.7x 1.2x 4.1%

Silver Lake Partners IV, L.P. 10/22/2013 Buyout 2013 18.0 18.3 6.1 23.8 2.3 26.2 0.3x 1.6x 28.2%

Silver Lake Partners V, L.P. 10/1/2017 Buyout 2017 58.0 4.3 - 3.9 53.7 57.6 NM NM NM

Vista Equity Partners Fund IV, L.P. 11/30/2011 Buyout 2011 25.0 24.8 27.9 20.5 4.4 24.9 1.1x 2.0x 18.5%

Vista Equity Partners Fund V, L.P. 5/7/2014 Buyout 2014 50.0 50.7 11.2 75.4 10.5 85.9 0.2x 1.7x 22.5%

Vista Equity Partners Fund VI, L.P. 4/1/2016 Buyout 2016 60.0 43.9 - 48.8 16.1 65.0 0.0x 1.1x 8.3%

Total $1,155.2 $648.6 $331.1 $519.2 $570.5 $1,089.8 0.5x 1.3x 10.2%

Schedule of Investments – Health Plan

34

Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve comparable results or avoid substantial losses.1TVM and IRR for investment held less than two years are not considered meaningful.

US$ in millions

Investment

Investment

Date Strategy

Vintage

Year

Committed

Capital

Contributed

Capital

Distributed

Capital

Market

Value

Unfunded

Commitment Exposure DPI TVM1 IRR1

Adams Street Global SMB WPERP Fund L.P. 2/15/2017 Buyout 2016 $25.0 $2.8 - $2.6 $22.3 $24.9 NM NM NM

Apollo Investment Fund IX, L.P. 10/1/2017 Buyout 2017 10.9 - - (0.0) 10.9 10.9 NM NM NM

Apollo Investment Fund VIII, L.P. 2/5/2014 Buyout 2013 6.0 5.6 1.8 5.4 1.4 6.7 0.3x 1.3x 14.8%

Ares Corporate Opportunities Fund IV, L.P. 11/5/2012 Buyout 2012 5.0 5.3 2.9 4.5 1.0 5.5 0.5x 1.4x 13.4%

Ares Corporate Opportunities Fund V, L.P. 6/22/2017 Buyout 2016 12.0 4.1 0.2 3.9 8.1 12.0 NM NM NM

Ares Special Situations Fund IV, L.P. 2/4/2015 Distressed 2015 10.0 7.1 1.0 5.1 3.9 9.0 0.1x 0.9x (8.8%)

Audax Mezzanine III, L.P. 2/14/2011 Mezzanine 2011 3.0 2.8 2.6 0.9 0.2 1.2 0.9x 1.3x 9.0%

Blackstone Tactical Opportunities Fund II 5/1/2015 Mezzanine 2015 10.0 7.0 1.8 6.7 4.8 11.5 0.3x 1.2x 12.0%

Clayton, Dubilier & Rice Fund IX, L.P. 3/28/2014 Buyout 2013 5.0 4.8 2.2 4.2 0.9 5.1 0.5x 1.3x 17.0%

Clayton, Dubilier & Rice Fund X, L.P. 10/1/2017 Buyout 2017 11.0 1.1 - 0.9 9.9 10.8 NM NM NM

Crestview Partners III, L.P. 1/31/2015 Buyout 2014 10.0 4.4 0.8 4.5 5.8 10.3 0.2x 1.2x 9.8%

EnCap Energy Capital Fund IX, L.P. 1/8/2013 Growth Equity 2014 3.0 3.3 2.1 2.3 0.3 2.5 0.6x 1.3x 14.7%

EnCap Energy Capital Fund VIII, L.P. 2/16/2011 Growth Equity 2011 2.5 2.6 1.6 0.9 0.2 1.1 0.6x 0.9x (2.4%)

EnCap Energy Capital Fund X, L.P. 3/12/2015 Growth Equity 2011 7.0 5.3 1.1 5.0 2.1 7.1 0.2x 1.1x 11.3%

EnCap Energy Capital Fund XI, L.P. 7/16/2017 Growth Equity 2017 10.0 0.8 - 0.7 9.2 9.8 NM NM NM

Harvest Partners VII, L.P. 7/1/2016 Buyout 2016 6.0 3.2 - 3.5 2.8 6.2 0.0x 1.1x 8.5%

Industry Ventures Secondary VIII, L.P. 2/23/2017 Venture Capital 2017 7.5 0.8 0.0 1.3 6.8 8.0 NM NM NM

Landmark Equity Partners XIV, L.P. 9/19/2008 Secondaries 2008 5.0 4.8 4.9 1.3 0.2 1.5 1.0x 1.3x 8.7%

Landmark Equity Partners XV, L.P. 3/18/2014 Secondaries 2013 7.0 4.7 2.7 3.3 2.3 5.6 0.6x 1.3x 16.5%

Lexington Capital Partners VII, L.P. 12/3/2009 Secondaries 2009 5.0 4.5 5.2 1.6 1.0 2.6 1.2x 1.5x 14.0%

Oaktree Principal Fund V, L.P. 2/26/2009 Distressed 2009 2.5 2.4 1.6 1.3 0.3 1.5 0.7x 1.2x 4.1%

Silver Lake Partners IV, L.P. 10/22/2013 Buyout 2013 3.0 3.1 1.0 4.0 0.4 4.4 0.3x 1.6x 28.2%

Silver Lake Partners V, L.P. 10/1/2017 Buyout 2017 12.0 0.9 - 0.8 11.1 11.9 NM NM NM

Vista Equity Partners Fund IV, L.P. 11/30/2011 Buyout 2011 5.0 4.8 5.6 4.1 0.9 5.0 1.2x 2.0x 19.1%

Vista Equity Partners Fund V, L.P. 5/4/2014 Buyout 2014 10.0 10.1 2.2 15.1 2.1 17.2 0.2x 1.7x 22.5%

Vista Equity Partners Fund VI, L.P. 4/1/2016 Buyout 2016 12.0 8.8 - 9.8 3.2 13.0 0.0x 1.1x 8.3%

Total $205.4 $104.7 $41.1 $93.5 $111.9 $205.3 0.4x 1.3x 12.5%