University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships

)
As of May 31, 2010
Fund Manager Name
3i Group plc

Partnership Name
3i UK Investment Partners 3i Europartners II, L.P. 3i UKIP II 3i Europartners IIIA, L.P. 3i Europartners Va LP

Capital Invested1
23,451,004.62 27,905,360.56 30,458,427.91 21,922,193.68 43,481,100.06 147,218,086.83 8,924,030.41 3,117,045.32 12,041,075.73 21,489,424.19 23,832,151.56 28,558,078.53 52,390,230.09 15,002,118.75 20,001,472.50 25,006,056.25 19,250,000.00 79,259,647.50 14,166,086.00 25,000,000.00 23,250,000.00 62,416,086.00 112,858,868.00

Capital Returned to UTIMCO2
30,080,155.63 41,123,071.56 34,856,824.17 44,619,169.37 3,101,462.43 153,780,683.16 856,264.22 138,233.55 994,497.77 5,985,911.68 58,146,433.09 36,506,350.29 94,652,783.38 18,163,611.76 37,228,710.79 17,025,880.00 0.00 72,418,202.55 21,874,250.00 6,350,000.00 1,200,000.00 29,424,250.00 18,294,766.00

GP's Assessment of Current Value3
550,406.02 -202,061.64 0.00 272,037.64 9,265,308.43 9,885,690.45 10,347,997.35 3,160,999.80 13,508,997.15 14,005,520.32 0.00 15,612,903.01 15,612,903.01 0.00 10,194,403.13 35,412,358.09 21,713,026.20 67,319,787.42 468,817.93 19,931,178.41 13,370,650.07 33,770,646.41 107,680,186.10

Cash-on-Cash Return4
1.28 1.47 1.14 2.04 0.07 1.04 0.10 0.04 0.08 0.28 2.44 1.28 1.81 1.21 1.86 0.68 0.00 0.91 1.54 0.25 0.05 0.47 0.16

IRR5
6.68% 7.55% 2.58% 19.43% -50.44% 3.59% 20.40% 4.31% 15.98% -1.85% 19.92% 21.82% 20.38% 3.36% 16.06% 16.87% 5.37% 11.88% 28.77% 1.91% -15.24% 0.61% 10.26%

Actis Capital

Actis Africa 3, L.P. Actis India 3, L.P.

Advanced Technology Ventures American Securities Capital

Advanced Technology Ventures VII, L.P. American Securities Partners II, L.P. American Securities Partners III, L.P.

Ampersand Ventures

Ampersand 1995 Limited Partnership Ampersand 1999 Limited Partnership Ampersand 2001 Limited Partnership Ampersand 2006 Limited Partnership

Angelo, Gordon & Co.

AG Capital Recovery Partners IV, L.P. AG Capital Recovery Partners V, L.P. AG Private Equity Partners III, L.P.

Apollo Management

Apollo Credit Opportunity Fund II, L.P.

1"Capital 2"Capital 3

Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.

The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31, 2010. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested."

4Cash-on-Cash 5

IRR, or Internal Rate of Return is an annual rate of return, since inception, on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments. IRRs are based on capital invested and returned to UTIMCO through May 31, 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31, 2010. IRRs for periods of less than one year are nominalized, not annualized.
6The investment

period for this fund has not yet commenced. WARNING: The information contained in this report, including the calculations of IRR, was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships. In addition, due to a number of factors, including most importantly a lack of valuation standards in the private equity industry, differences in the pace of investments across partnerships, and the understatement of returns in the early years of a partnership life, the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT, AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.

P.283.452.197.64 1.382.00 0.161.020.03 5.81 42.92 2. Austin Ventures VIII.160.381.27 0.929.341.076. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.76% 0.924.09% -5.484.274.741.04 0.879.283.832.118.46% 14.692. L.000.810. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.926.178. Baker Capital Baker Communications Fund.804.57 12.481.630. not annualized.426.P.101. L.082.00 17.213.402.583.00 0.013.91% -3. L.P.881.27 0.468.874.084.70 Capital Returned GP's Assessment Cash-on-Cash to UTIMCO2 of Current Value3 Return4 1.851.06 0.245.374.P. 2010. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.04 39.76% 3.93 0.535.716.468.389.912. 2010 Fund Manager Name ARCH Venture Partners Partnership Name ARCH Venture Fund VI.597.692.189.001.376.48 35.00 52.P.90 0.16 8.80 110.283.08% 73.852.35% -8.44% -0.23 0.940.00 363.00 100.10% 24.28 1.287. L.79 9.15 15.997. Avenue Capital Group Avenue Asia Special Situations Fund IV.017.P.402.22 9.00 97. Austin Ventures V.894. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures. ArcLight Energy Partners Fund IV. including the calculations of IRR.191.828.00 19.029. 2010.833.00 11.960.452.964. . and the understatement of returns in the early years of a partnership life.67% -6.66 4.384.444.P.443. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.446.00 76.56% -1. IRRs for periods of less than one year are nominalized.01 89.448.241.01 0.93 7.592. since inception.344.000.892.89% -19.P.83 75.816.060. L." 4Cash-on-Cash 5 IRR.199.25 0.104. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.85 24.66 20.68 43.47% -3.44 0.52% ArcLight Capital Partners ArcLight Energy Partners Fund I.000.00 167.P.00 52.00 8. Austin Ventures VI.34 15. Atlas Venture Fund VI.391.743.757.446.37 30. including most importantly a lack of valuation standards in the private equity industry.895. L.93% 1.24 29.273.52 27.11 0. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.78% 10.270.771.00 35.345.P.25 17.500. L.57% -6.00 17.340.19 42.52 5.014. L.813.05 8.027.00 0.03 1.65 5.88 23.00 6. or Internal Rate of Return is an annual rate of return.P. Artiman Ventures Ashmore Investment Management Atlas Venture Austin Ventures Artiman Ventures II.660.614.13% 8. L.400.40 1.92% -7.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.000. L.00 13.71 0.45% 13.008. WARNING: The information contained in this report.250.021. Ashmore Global Special Situations Fund IV.443.29 0. L.442.166.814.162.637.P. IRRs are based on capital invested and returned to UTIMCO through May 31.00 96. L.210.818.00 119. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments. Austin Ventures IV.41 3.447.506.87 27.96% 28. ArcLight Energy Partners Fund III.P.168.P.837.22 27.67 0.101.441.545.12 6.183.00 56.627. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.07 5.P.00 652.383.75 12. L.310.202. L.306.752.354. L.18 8. Baker Communications Fund II (QP). L. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.60% 3.63 20.99 0. L.00 100.996.P. Austin Ventures VII.P. differences in the pace of investments across partnerships.398.538.83 14.122.14% 31.65 8.104.42 0. Capital Invested1 25. ARCH Venture Fund VII.48 0. Austin Ventures X.37 IRR5 3.31 0.578. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.818.08 0.375.50 20.74% 1.157.095.14 45. Austin Ventures IX.372. L.P.96 0.51 16.617.204. In addition.060.610.43 25. L.326.86 258. L.33 73.P.00 31.81 22. Avenue Special Situations Fund V. due to a number of factors.00 6.00 42.P. ArcLight Energy Partners Fund II.00 0.84 95.42 13. 6The investment period for this fund has not yet commenced.19% 5.

00 Capital Returned GP's Assessment Cash-on-Cash IRR5 to UTIMCO2 of Current Value3 Return4 0.00 66.P.01 0. L.16% Baring Private Equity Asia Beacon Focus Value Investors Benson Elliot Capital Management Blackstone Group Baring Asia Private Equity Fund IV.37 0.22 129. L.00 52.443.35% 18.83 0.845.66 1. L.632.81 1.00% 16.49 0.00 0. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.549.42 16.00 70. L.046.00 2. Barclays Private Equity European Fund A.24% 12.00 55. L.P.471. including the calculations of IRR.P.200. 2010 Fund Manager Name Band of Angels Barclays Private Equity Partnership Name Band of Angels Fund.122. period for this fund has not yet commenced. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.41 96. .12 34.87 125.Focus Value Fund.403.801.19% N/M 38.008.P.241.00 0.60 35.P.312.842.77 39.19 0. L.P. Barclays Private Equities European Fund III.78 44.97 5.44 0. or Internal Rate of Return is an annual rate of return.230. Bensell US Feeder III. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.200.86 53. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.P.784.28% 0. 2010.00 0.985.367.00 1. Capital Invested1 10. 6 Blackstone Capital Partners IV L.046. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.443.33 12.P.09 0.070.770.999.11 -69.174. CVI Global Value Fund A.250.34 5.39% -19.00 47.875.P. L.20 65. Candover Partners Candover 2001 Fund US No.2008 Top-Off Centerbridge Partners Cerberus Capital Management Centerbridge Capital Partners.62 54. IRRs are based on capital invested and returned to UTIMCO through May 31.883.186.82 80.001.P.561.801.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.602. 3 Limited Partnership Care Capital CarVal Investors Care Capital Investments III.92 55.Series Four 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures. L.299.327.750. since inception.40 57. CVI Global Value Fund A. differences in the pace of investments across partnerships. due to a number of factors.996.070. L.349.551. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.596. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. not annualized.P.443.281.385.610.18 14.93 0.70% 7.69% -23.35% 34.32 23.220.50 71. Beacon Group III .00 1.P. L. L.15 0.629.516. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.998.121.65 26.01 0.009. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.93 6.04% 15.37% 1.628.952.233.542. WARNING: The information contained in this report.P.29% -14.00 0.89% 2.25 0.37 71.111.27 0.67 0.03 61.49 13.56 10.856.555.776.59% 16.26 82.312.201.53 66.28 0.032.402.02 0.659.00 1.481.20 66.63 28.394.29 627.000.000.512. L.29 8.64 36.88 0.562.15 61. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.230.. Cerberus Institutional Partners.42 38. including most importantly a lack of valuation standards in the private equity industry.38 9.991.304.006.00 76.00 44.201.00 49.429. 4Cash-on-Cash 5 6The investment .824.617.00 115.954.995.481.783.410.527.610.00 118.500.294. 2010.000.269. In addition.00 -15.448.20% -16.390.40% 4.53% -34.730. Blackstone Capital Partners V. IRRs for periods of less than one year are nominalized.797.527.054.971.15 6.377.112. and the understatement of returns in the early years of a partnership life." IRR. 2 Limited Partnership Candover 2005 Fund US No.524.

252.940.537.57 0.711. since inception.374.90 25.16 43.26% 6.58% 6.79 13.63 40.106.65 50.923. Cravey.802.001.687.445.990.35 8. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested. L.P.005.000.67% Citicorp Capital Clayton.950.P. L. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.25 19. WARNING: The information contained in this report.87 0.778.50 56. L.223. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.396. including the calculations of IRR.342.79 603. Cortec Group Fund IV. Clayton.651.718.78 25.989.126. 6The investment period for this fund has not yet commenced. L.03% 8.442.64 4.622.809.819.60 2.38 -68.99% -11.48 19.923.019. L.80 0.36 0.67 1.58 25. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.75 50. and the understatement of returns in the early years of a partnership life.385.004.17 33.P.002. .07% 19.P.P.104.30 1.092.00 10.76 73.5) Limited Partnership Fourth Cinven Fund Limited Partnership Capital Invested1 33.159.48 0. L.36 0.00 70.16 20.11 89.559.43 0. Green & Wahlen Crescendo Ventures CGW Southeast Partners IV.28% -1.50 26. Crescendo II.14% 23. L. L.24% 6.049.950.857.P. Rice & Associates Cortec Group Citicorp Mezzanine Partners." 4Cash-on-Cash 5 IRR. 2010.900.33 1.984. L. CVC European Equity Partners IV (C) LP CVC European Equity Partners Tandem Fund CVC European Equity Partners V.285.58 58.906. IRRs are based on capital invested and returned to UTIMCO through May 31.72% -0.312.256.51 IRR5 30.87 1.454.P.58 17.413.645. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER. L.22 17. Crescendo IV.00 0.942. Cortec Group Fund III.45 36.655.53% 19.39 90.35 12.001. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.656.82 9.02 -0. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.873.892.421.89 31.54 11.321.27 19.947.227.880.114.417.427.950.52 18. CVC Capital Partners CVC European Equity Partners.212.28% 9.654.009.175.05 0. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.000.83 5.00 38.57 0.262. Dubilier & Rice Fund V.00 33. L.556. L. differences in the pace of investments across partnerships.206.829.93 3.140.54% -12.32 7.40 -151.552.03 27.33 5.21% -9.215.91 48.226.089.37 0.178.994.78 Capital Returned GP's Assessment Cash-on-Cash to UTIMCO2 of Current Value3 Return4 51.667.558.041. DDJ Capital Management B IV Capital Partners.559.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31. Cortec Group Fund II.P.296.01 0.25 32.502.842.025.87 12.00 30.71 5.23 30. Crescendo III. due to a number of factors.37 18.00 1.467. In addition.983.P.098. not annualized.763.49 103.352.65 548.26 15.99 0.738.00 16.73% -0.950.763. L.929. or Internal Rate of Return is an annual rate of return.773.96 0.692.P.88 9. IRRs for periods of less than one year are nominalized. 2010 Fund Manager Name Cinven Limited Partnership Name Third Cinven Fund US (No.295.730.706.51 0.046.46% -16.00 0.P.00 10.75 42.003.210.219.58% -0.33 29.57 1. 2010.93 1.278. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.55% 1.93% 1. Dubilier. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.00 0.P.47% -10.08 8.632.284.750. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.93% 22.00 47.135.51 -0.088.767.588.839.155.686.798.398.86% -17. including most importantly a lack of valuation standards in the private equity industry.294.P.445.90 15. DDJ Total Return Loan Fund.622.

31 24.992.338. L.61% 7.077.550.44 46.69 0.471.00 7. .717.465. Doughty Hanson & Co.781.354.89 163. L.88 26.62% -1.P.12 434. since inception. L.13 39.75 9. differences in the pace of investments across partnerships.P. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.263.219.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.42 21.P. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.727.P.06 44.506.722.51 6.95% -5.134. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.01 2.138.785.71 1.45% 21.29% -4.756. L.P. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.639.20 27.082. EnCap Energy Capital Fund IV-B. Eos Capital Partners IV. EnCap Investments EnCap Energy Capital Fund III-B.096.187.00 IRR5 48.00 5.546.800.941.957.30 0. L.00 427.62 51.00 228.249.802.00 27.94 0.037.345.345.398.840.590. EnCap Energy Infrastructure Fund.07 0.552.647.751.61 22. Emerald Hill Capital Partners II.00 Capital Returned to UTIMCO2 53. EnCap Energy Capital Fund VII.700.427.190.32 29.72 0.641. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.294.00 228.18 124.65 23. L.00 0.541.49 16.53% 50.90 4.21 0.70% Emerald Hill Capital Partners Emerald Hill Capital Partners I.P.380.919.950.140.P. Escalate Capital Fisher Lynch Capital Five Mile Capital Partners Escalate Capital I.599.072. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.28% -27. including most importantly a lack of valuation standards in the private equity industry.551.18 0.00 GP's Assessment of Current Value3 2.69 41.700.697.25 0.90 90. L.26 23.00 112.199.529.485.578.87 153.00 31.236.61 0.371.113.70% 21. and the understatement of returns in the early years of a partnership life.186.345.000. WARNING: The information contained in this report.90% 15. 2010.423.411.453.00 0.84 2. II Doughty Hanson III.95 19. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.19 1. L. Doughty Hanson & Co IV.75 29.98 20.791. Fisher Lynch Venture Partnership.477.24 48.662.26 43.10 0.000.13% 1.P.488. IRRs are based on capital invested and returned to UTIMCO through May 31.234.225. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.00 6.53% -6.83 10.66% -14.62 9.080.104. IRRs for periods of less than one year are nominalized. 6The investment period for this fund has not yet commenced.005.03 0." 4Cash-on-Cash 5 IRR.460.04% -0. due to a number of factors. or Internal Rate of Return is an annual rate of return.63 22.409.00 146.64 0. L.426. L. L.927.02 Cash-on-Cash Return4 1.756. Eos Partners Eos Capital Partners III.530.P.993.10 0. 2010 Fund Manager Name Doughty Hanson & Co Partnership Name Doughty Hanson & Co.00 1. L.469.P. Five Mile Capital Partners II.00 35.00 31.953.99% -13.113.040.377.29 4. V Capital Invested1 27.340.63 66. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.P. 2010.641.00 10.827.22% 21. L.973. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER. including the calculations of IRR.965.200.04 0.66% 6.36 0.661.082.40 6.P.P.792.92 1.66% 3. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.960.668.00 51.268.073.840.73% -4.91 17. not annualized. In addition.728.00 22.978.937.

32 36.22 102. .P. L.922.553.675.00 8.972.330.74 39.797.006.163.29 14.239.446.31 GP's Assessment of Current Value3 13.19% 31.587.666.747.53% 12.408.829.395.27 0.293.45% -28.85 6.24% 0.00 31.488.81 781.916.70 77. 6The investment period for this fund has not yet commenced.549. 2010.00 150.00 3.167.00 12.12 28. L.970. L.004.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.837.851.865.870. L.922.352.92% -9.P.91 94.P.96 36.P.34% 5.00 Capital Returned to UTIMCO2 167.000. Francisco Partners II.67% 10.59 13.07 29.698.18% 6.58 123.005.16 26.270.08 0.00 2.69 0.00 0.454.P.503. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.00 2.653.01 330.00% 10.383. differences in the pace of investments across partnerships.15 22.000. Texas Liquidity Capital.518. Fortress Fund IV (Fund A). A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.04% -3.I. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.022.07 0.312. 6 Gavea Investimentos GEI Capital Gavea Investment Fund III.63 30.000.00 33. IRRs for periods of less than one year are nominalized. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.381.00 Cash-on-Cash Return4 0. L.829.P.000.850.000. 28.82 0.G.47% 63.399.31 7.P.456. L.00 1.00 0.75 22.00 0. including most importantly a lack of valuation standards in the private equity industry.19% 0. L.963.81 31. Helios Investors II.P. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.339. L.655.018.81 10.91 46.114.369.016.933.22 10.80 7.03 IRR5 -10. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.004.00 95.00 0.00 33.68 26.57 35. due to a number of factors. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.482.56 58.045.00 0. Francisco Partners III.46 0.00 8. including the calculations of IRR.632.844. In addition.656.760.569.006.851.48 6. or Internal Rate of Return is an annual rate of return. L.166. Fortress Fund V (Coinvestment Fund A). FCO MA LSS LP Capital Invested1 20.74 0.757.33 0.709. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.00 0.27 0.00 68.632.P.00 0.237. L.872.608. L.000.962. Foundry Venture Capital 2007. L. WARNING: The information contained in this report.42% -30.011.00 0.691.01% Foundation Capital Foundry Group Francisco Partners Foundation Capital IV.000.00 207. L.P. 2010 Fund Manager Name Fortress Investment Group Partnership Name Fortress Fund IV (Coinvestment Fund A).70 618.120.38 0.03 0.932.P. Fortress Credit Opportunities Fund.67 10.51% 25. not annualized.64% 4.04 0.I.000. L. L.825.627.934.623. L.16 70.653. Green Equity Investors V.825.869.342.04 0.22 163. 2010. since inception. IRRs are based on capital invested and returned to UTIMCO through May 31.P. H.P.00 26.00 102.153. and the understatement of returns in the early years of a partnership life.27 0.P.541.000. Green Equity Investors IV.11% 11. L.000.179.P.L.890.95 20.92 0.973.57 20.114. L.535. Hellman & Friedman Capital Partners II.81% -1.20 0.18% 19.00% -3.62 13.512.73 7.23 1.C.21 8. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.59 24.88 10.615.25 Gobi Partners GSO Capital Partners H.00% 34. Green Equity Investors III. Fortress Fund V (Fund A).000.01 0. Capital Helios Investment Partners Hellman & Friedman Investors Gobi Fund II." 4Cash-on-Cash 5 IRR.144. Bayside Debt & LBO Fund II.G.367.646.517.P.59% 21.78 7. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.804.398.00 0.284. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.380.P.

L.27% -10.040.639. KKR 2006 Fund.000.599. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.62 25.132.575.426.155.29% -4.847. L.79% 8. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.79 10.66 0.058.418.072.923.878.50 60. WARNING: The information contained in this report.68 11. L. or Internal Rate of Return is an annual rate of return.545. Lake Partners Lake Capital Partners LP Lake Capital Partners II LP MatlinPatterson Global Advisors MatlinPatterson Global Opportunities Partners L.56 0.496. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.04% -5.745.762.496.94 3.811.00 0.96 39.00 0.P.175.73 2.682.P.176. LLC Invention Investment Fund II.781.57 24.97% 3. 2010.599.91 0.00 120.013.055.574.608.62 -55.00 3.985.28 0. not annualized. including the calculations of IRR.606.960.047.66 0.032.56 0.20 5.12 0. L. L.82 43.291.83 94.783.812. due to a number of factors.00 115.276. period for this fund has not yet commenced.290.87% 12.00 12.431.09 Capital Returned GP's Assessment Cash-on-Cash IRR5 to UTIMCO2 of Current Value3 Return4 3.21 6.293.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.09 51. IRRs are based on capital invested and returned to UTIMCO through May 31.24 51.P.96 1.830.23 0.879.89 14.00 1.00 15.26 0.685.00 22.486. Knightsbridge Venture Completion 2005.82 0.97% 1.567.L." IRR.04 41. 2010.13 18.417.245.20 416.56% -73. 2010 Fund Manager Name Horizon Capital Integral Capital Partners Intellectual Ventures Partnership Name Emerging Europe Growth Fund II.070.712.936.653.12 0.23% 12.803.707.00 15.14% 26.59% -6. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31. Knightsbridge Advisors Knightsbridge Venture Capital VI.703.409.22 0.43 3. Inverness Partners II LP JatoTech Ventures Kern Energy Partners KKR Associates JatoTech Ventures.002.239. 4Cash-on-Cash 5 6The investment . Capital Invested1 6.23 41.87% Inverness Group Inverness/Phoenix Partners. Kern Energy Partners III.961.78% 9. MatlinPatterson Global Opportunities Partners II Matlin Patterson Global Opportunities Partners III 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.27 45.P.00 4.00 0.954.112.P.43 38.25 840.476. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.00 0.45 29.965.219.968.75 9.016.607.00 23.871.50 423.269.00 98.656.882.004.16 12. differences in the pace of investments across partnerships.212.441.293.026.00 1.885.88% 9.794.774. Integral Capital Partners VII.322.18 63.46 -667.38% 4.800.261. In addition.03% -8.P.62 0.480. IRRs for periods of less than one year are nominalized.85 15.50 18.32 0.401. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.66% 6.401.532.08 71.485.683.632.76 60. L.43 45.931.714.587.43 34.549.977.12 0.P. L.322.58 2.841.841.46 1.36 24.09 -0.769.949.233.53 25.39 22.788. since inception. L.293.333.42 5.C.31% -44.000.480.08 0.000.10% 0. including most importantly a lack of valuation standards in the private equity industry.212.092.525.P. and the understatement of returns in the early years of a partnership life.96 10.13 1.82 0.62 0.07 36.00 25.155.44 9. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.903.P. L. L.002.667.238.028.271.063.00 40.42 47.731.80% 0. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.000.43 28.14 24.21% -36.84 6.86% 3.P.951.22 11. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.08% 16. Invention Development Fund I. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.708.116.53 15.26 48. KKR 1996 Fund.739.122.047.174.

00 0.83 9.14 43.35 0.799.532.959.000.885. L.727.89 74. L.59 19.965.951.493.00 25.12 27.93 509. not annualized." IRR.86 18.16% 27.00 123. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.253.34 31.P.15 25.00 0.693.00 6. IRRs are based on capital invested and returned to UTIMCO through May 31.32 0.000.593.502.335.00 163.03 0.73% -12.031.P.04 0.72 0.000.00 0.500.P.00 5. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.00 45.81 6.04 -31.677.000.098.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.27% -19.00 21.000.01 10.521.02 4.656. L.513.821.692.25 25.P. 2010 Fund Manager Name Morgan Stanley Real Estate Morgenthaler Management Partners Partnership Name Morgan Stanley Real Estate Special Situations Fund Morgenthaler Venture Partners III.38% 6.P.268. 2010.960.789.334.135. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.36 4.86% 9.97% MSouth Equity Partners Natural Gas Partners NewMargin Ventures Northstar Capital Northstar Equity Partners Northwood Real Estate Partners MSouth Equity Partners. Morgenthaler Venture Partners IV.P.258.205.01 20.31 10.84% -21.40 4.557. Morgenthaler Partners VII.450. Morgenthaler Partners VI.00 1.35 1. or Internal Rate of Return is an annual rate of return.00 693.439.00 432. Capital Invested1 15.022. differences in the pace of investments across partnerships.00 15.62% -10.29 43.69 0.000.35 30.890.686. Morgenthaler Venture Partners IX.14 0. L.538.26 0.098.200.76 29.00 1.00 505. (Secondary) Morgenthaler Partners VIII.00 342.86 25. Northstar Equity Partners II Limited Northwood Real Estate Co-Investors.465.714.700. L.18% -6. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.P. L.005.422.790.47 0. IRRs for periods of less than one year are nominalized.05 0.574.396.92% -26.096.P.863.19 0. Northwood Real Estate Partners.391.P. including the calculations of IRR.470.36 3. including most importantly a lack of valuation standards in the private equity industry.011.633. since inception.787. 2010. Natural Gas Partners IX. In addition. WARNING: The information contained in this report.00 11.354. L.878.13 1.00 Capital Returned GP's Assessment Cash-on-Cash IRR5 to UTIMCO2 of Current Value3 Return4 0.00 0. period for this fund has not yet commenced.P.00 1. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31. L.349.853.00 140.02 2.590.76 4.007.651.304.867.282. L.00 15. L.312.28 8. 4Cash-on-Cash 5 6The investment .P.00 0.P.03% -5.030.28 1. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.002.53% 33. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.000.13% 12. due to a number of factors.815.348.324. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.98 4.513.75 21. L. Morgenthaler Venture Partners V.470.693.721. L.35 33.00 6. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.633. L. L.00 3.P.682.412.44% 3.88% 11.15 0. Morgenthaler Partners VII.800.267. NewMargin Growth Fund.212.63% -10.44% 21.P.487. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships. and the understatement of returns in the early years of a partnership life.00 28.48% -8. Northstar Seidler Mezzanine Partners II.681.523.00 6.000.

06 18.744. PTV Sciences.71 44.84 IRR5 11.912.101.557.655.829.P.52 7.00 4.72 19.82 33. 6The investment period for this fund has not yet commenced. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.P.46 40.217.35% -4.849.000.59 65.P.00 22.743.67% -0.778.376. 28.00 0.000.910.605.500. L.00 11.15% 2.76 0.567. L.71 29.180.637.P.23% 1.48% 8.872.181.233.P.00 0.567.440.04% 3. L.629. OCM Opportunities Fund V.00 0.15% 13.972. and the understatement of returns in the early years of a partnership life.021.71% Parthenon Capital Pinto Technology Ventures Parthenon Investors II. Pinto TV Annex Fund.00 16.21 7.643.389.32 0.082.546.333. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31. L. OCM Opportunities Fund VIII.50 24.98% 2.00 36.69 34.45% 2.48 150. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships. L.61 0.62 23.557.383.962.500. L.65 1. OCM Opportunities Fund IV.76% 7.P.779.546.096.823.197.44 1.000.676.P. Polaris Venture Partners V. 6 Capital Invested1 50.76 0. differences in the pace of investments across partnerships.000.191.92 8.94% 8.000.792.09 5. 2010. L. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.126.25 0.734. OCM Opportunities Fund VII.00 184.99 11.17% 11.P.00 31.480. including the calculations of IRR.13 1.101.00 417. L.904.35 36.00 0.21 0.34 32.P.04 61.761.55% 13. since inception.13 0.338.21 2.000.P.837.00 250.10 11. Prospect Venture Partners Prospect Venture Partners II.975.42% 55.72% 5.027. L.726.48 0.64 22. L.479.267.912.56% 26. L.684.88 Capital Returned to UTIMCO2 73.011.38% 0.81 6. or Internal Rate of Return is an annual rate of return.011.000.46 10. IRRs for periods of less than one year are nominalized. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.756.00 2.796.00% 11.00 60.767.849.873.00 0.57 6.740. L.731.91 Cash-on-Cash Return4 1.00 25.P.P.000.977.93 Polaris Venture Partners Polaris Venture Partners IV.729.00 22.77 8.42 35. L.189.48 27. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.798.50 15. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.02% -7. In addition.87 0.00 478.702. OCM Opportunities Fund VI.691. including most importantly a lack of valuation standards in the private equity industry.290.288.321.P.577.P.023.00 0.641.P.267. L.06 GP's Assessment of Current Value3 706.P.49 29.52 0.26 0.P.848.00 2. IRRs are based on capital invested and returned to UTIMCO through May 31.00 5.69 0. L." 4Cash-on-Cash 5 IRR. Oaktree Loan Fund 2x.875.499.89 0.438.00 35.38 14.25 34.607. Pomona Capital Pomona Capital V.00 0.453.666.71 58. L.P. not annualized.000.815.773. L. Pomona Capital VI.000.73 17.25 29.10 22.79 0.245.219.19 4.040.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.00 0.420. L.392.517. due to a number of factors.677. 2010.804.900.171.252.92% 28.27 10.36 20.191.91 19.84% 2.83 16.92 8. OCM/GFI Power Opportunities Fund II.000.00 0.66 66.03% 14.997.168. 2010 Fund Manager Name Oaktree Capital Management Partnership Name OCM Opportunities Fund III.204.005. .145.P. PTV Sciences II. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.086.00 0.50 7.48 1.335.000.34 0.P.10 18. WARNING: The information contained in this report. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested. OCM Opportunities Fund VIIB. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION. L.52% -9.000.970.464.147.216. L.280.642.00 25.557.298. Prime Enterprises II.P.73 0.519.99 35. OCM Opportunities Fund VIIIB.23 0.758.580.500.469. L.00 0.00 198.081.082.30 53.295.03% 5. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.60% 8.108.333.00 28. Prime Genpar Asian Corporate Finance Fund.

A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.00 32.573.74% -15.926.16 0.681. L.P.188. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.25 22.844.P.738." 4Cash-on-Cash 5 IRR. L.231.635.90 10. or Internal Rate of Return is an annual rate of return.00 21.094.P.965.39 110.30 22.27% 24. L. 2010 Fund Manager Name Reservoir Capital Group Partnership Name Reservoir Capital Partners (Cayman).628.864. including the calculations of IRR. 2010. SCF-VI.P.735.714.00 0.806.00 2. SCF-VII. SKM Equity Fund II.05 11.315.54 1. 6The investment period for this fund has not yet commenced.46 3.00 1.000.65 35.129.P.91% 14.47% 26.47% -12.876. IRRs are based on capital invested and returned to UTIMCO through May 31.10% -0.83 7.P.127.548.00 29.311.00 36.00 17.23% -52.830.35 0.50% -1.15 1.95 76.84 19.802.07 0.32 0.P.242.31 0.55 14.71% 15.00 0.000.231. SKM Equity Fund III.000.00 2.515.98 0. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.76 134.17 12. L.65 35.99 10. L.003.164.852.12 2.00 54.012.965.284. L. and the understatement of returns in the early years of a partnership life.757.000.03 19.00 30.P. including most importantly a lack of valuation standards in the private equity industry.904.66 31.04% Resource Capital Funds Russia Partners Management Sandefer Capital Saratoga Partners Saunders Karp & Megrue Resource Capital Fund V.65 47.728. since inception.120.737.P. not annualized.51 35.66 0.519.60 35.996.00 3.65 18.964. L.000.62% 1.743.03 0. L.26 55.273.00 0. SCF-IV. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.P.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31. Russia Partners III.238.74% 3.967.11% 10. Secured Capital Japan Shorenstein Properties Sindicatum Carbon & Energy Management Sofinnova Ventures Secured Capital Japan Real Estate Partners IV.57% 26.86 43.913.518.P.00 0. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.682.66 2. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.31 21.690.652.65% 25.000. SCF Partners SCF Partners.P Shorenstein Realty Investors Nine.50 1.622.600.471.00 0.065.907.P.386.06 19. differences in the pace of investments across partnerships.18% 7.37 58.65 30.060.879. L.00 0.536.863. L.600.703. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.872. L.54 30.448.00 17.000.237.078. L.148.09 0.00 4.359.00 Capital Returned GP's Assessment Cash-on-Cash IRR5 to UTIMCO2 of Current Value3 Return4 3.00 9.375.630.838.71 3. Reservoir Capital Investment Partners (Cayman).49 9. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.P.P.66% 33.398.00 70.16 0.829.000. In addition.55% 34.294.37 11.692.338.52% -33.108. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.00 0. .452.36 0.00 5.144.533. OFS Investments SCF-III.00 0.715. 2010. due to a number of factors.82 3.708.776.057.61 5.54 0. L.00 0. Capital Invested1 40.964.00 279.00 3.17 4.17% -17. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.00 0. International Sindicatum Climate Change Partners Sofinnova Venture Partners VII.965. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.551.07% 9.541.800.00 0.306. L.549.000. WARNING: The information contained in this report.07 0.795.994.741.76% 2.47 1.46 15.533.838. L.00 45.32 27.957.883. SCF-V. Energy Asset Option Fund Saratoga Partners II. L.11 12. IRRs for periods of less than one year are nominalized.42 26.

74% 6. L. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT.98% -16.844.274.000.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.28 1.08% 14.92 14. Trophy Property (TE).500.81 9.295.20% -10.005.031.559.00 11.824.P.853. L.627.033.917.338. L.00 13.227.00 -108.318. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.644.647.420.861.47 0.00 24. L.00 27.250.77% -22.17 122.953.00 19.577.738.44 26.00 22.19 Cash-on-Cash Return4 0. not annualized.238.62 0.99 14.00 0. due to a number of factors.P.000.80 100. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships. TGF Management Corporation The Texas Growth Fund . IRRs for periods of less than one year are nominalized.17 22. TCV VI.257.000.00 GP's Assessment of Current Value3 12.00 140.050. 2010.332.00 66.P.809.928.34 11.P.00 8.032. L.882.46 0. TPG Star.286.P.00 0. including the calculations of IRR.627. 2010 Fund Manager Name Spark Management Partners TDR Capital Technology Crossover Ventures Partnership Name Spark Capital II.72 0.483.336.775.441. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures.00 -0.05 0.96 6.13 15.000.955.392. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31. Union Square Ventures 2004.00 28.182.14% -16.463.900.88 3.000.47% 9.033.P.00 0.197.594.32% -11.00 21.P.57 0. TDR Capital II 'A' L.49% Tenaska Texas Pacific Group Tenaska Power Fund II.816.P. Capital Invested1 9.46 IRR5 24.55% -7. L.75% 45.P.687.02% -11.812. TPG Partners V.00 9.300." 4Cash-on-Cash 5 IRR.65% 3. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested.124.P.37% -15.418.63% 9.00 22.026.487.00 15. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.469.P.000.720.35 59.00 25.P.453.42% -4. L.238. L.22% 12.415.00 29.467.044. and the understatement of returns in the early years of a partnership life.448.37 0.176.098.251.00 0. L. L.943.30 20. 2010.97 29.185.00 0.697.17 4.00 984. L.01 1. WARNING: The information contained in this report.166.453. Union Square Ventures 2008.00 Capital Returned to UTIMCO2 0.257.492. .100.820.739.18 0.00 28.001.261.17 0.54 0.153. TCV V.000.00 12. 6The investment period for this fund has not yet commenced.00 30.953. including most importantly a lack of valuation standards in the private equity industry.342.00 0.P.53 37.34 12.99 26.01 27.861.11 53.449. L.214.00 0. TPG Partners VI. Triton Managers II Limited Trophy Property Union Square Ventures Triton Fund II L.57 10.153.96 0.244.05 0. TCV VII.00 5.662.1991 Trust The Texas Growth Fund .00 12.13 24.P.581. L.997.00 27. differences in the pace of investments across partnerships.49 15.250.233.679. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.21 2.77 51.27 43.01 0. or Internal Rate of Return is an annual rate of return.39% 3.426.11% 48. since inception.255.1995 Trust Southwest Opportunity Fund I. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.161.00 71.497.94% 2.27 41.412.000.939.40% 21.380.00 0. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO. IRRs are based on capital invested and returned to UTIMCO through May 31.000.58 8.P.283.663.109.02 47. In addition. TPG Partners IV.41 0.33 0.

000.P.02 12.630.007.01 17.603.959.00 260. Windjammer Mezzanine & Equity Fund II. Warburg Pincus Private Equity X.230.55 15.63 1.14 63.178.18 0.82 0.05 0. L.270.00 40.443.057. L.187.598.04 26. Returned to UTIMCO" is net of other fees and expenses incurred by UTIMCO.10 0." 4Cash-on-Cash 5 IRR.P.595. Pincus & Co. L.909.706.74 15.24 122.862. IRRs for periods of less than one year are nominalized.99 0. L.19 0.116.248.12 12.68 50.00 11. 6The investment period for this fund has not yet commenced. 2010.881.P. The General Partners' or UTIMCO's assessment of the current value of remaining investments as of the latest reporting date adjusted for subsequent cash flows through May 31.22% Wand Partners Wand Equity Portfolio II.966.55 IRR5 7.12 1.59 1. THIS DISCLAIMER IS AN INTEGRAL PART OF THIS REPORT. on a partnership investment calculated by a complex mathematical formula which considers the timing and size of irregular flows of capital invested and returned to UTIMCO and the General Partner's or UTIMCO's assessment of the value of the remaining investments.P. L.776.610.000.904.00 0.98% -0.59 16. L. The Woodlands/Essex Venture Fund III.P.29 101.P.00 6.250. A FAILURE TO USE THIS DISCLAIMER WHEN DISCLOSING IRR INFORMATION TO A THIRD PARTY WOULD BE MISLEADING AND WOULD CONSTITUTE A MATERIAL MISREPRESENTATION.00 0.100.15 30.634.736.35 29.60 58. including the calculations of IRR.080.722.219. or Internal Rate of Return is an annual rate of return.50 25.51 39.25 40.P.01 0. ZN Mexico General Partner ZN Mexico II.852.336.500. In addition. Wingate Partners Wingate Partners.746.114.P.973. Wingate Partners IV.01 1.57% 0. L.865.34% 23.358.91% 7.999.00 842.983.977.83% 30.111.955.362.261. The Woodlands The Woodlands Venture Fund.10 50.000.06% 15.734.843. L. L.459.42 49.738.00 116.872.52 20.350.44 22.10% 7.51% 1.University of Texas Investment Management Company Private Investments Fund Performance (Active Relationships) As of May 31.06% 15. .09% -9.07 105.45 30.984.008.P.55% 5.230. L.86 10. L.593.17% 21.85 0.00 1.95% 9.202.706.859.000. Varde Fund IX.43 0. Warburg Pincus Private Equity VIII.00 0.62 22.772.49 34. the IRR information contained in this report DOES NOT accurately reflect the current or expected future returns of the partnerships and SHOULD NOT be used to assess the investment success of a partnership or to compare returns across partnerships.40 349.552.824.59 781.000.34 15.93 6.25 5.P.947.546.00 200.422.26% 29. L.012.P.57 17.49 8.30% 2.00 0. Wand Secondary Interests Warburg.00 251.16% 16.237.748. L.131. Wingate Partners II. 1"Capital 2"Capital 3 Invested" may exceed "Commitment" amounts due to the recall of previously distributed capital or other capitalized expenditures. L. including most importantly a lack of valuation standards in the private equity industry.012.69 0.P. WARNING: The information contained in this report.29% 7.142. due to a number of factors.453.71 Capital Returned GP's Assessment Cash-on-Cash to UTIMCO2 of Current Value3 Return4 0.P.124.371.132.29 0.99 2.08 1.375.34 1.834.86 11. Capital Invested1 60.12 63.P.64 5. AND ANY SUBSEQUENT DISCLOSURE OR REPORTING OF THE INFORMATION CONTAINED IN THIS REPORT MUST INCLUDE THIS DISCLAIMER.950.823.310.35 10.622.082.68 61. 2010 and the General Partners' or UTIMCO's assessment of the current value of remaining investments as of March 31.401.643. differences in the pace of investments across partnerships.615.773.000. 2010. was prepared by UTIMCO and HAS NOT been reviewed or approved by the individual general partners of the partnerships.00 58.236.28 2.000.55 28.36 36.367.176. L.268.32 25.593.828.74 9.00 23.753.309.P.575. Wingate Partners III.34 276.50 11. IRRs are based on capital invested and returned to UTIMCO through May 31.77 68.P.837. Windjammer Senior Equity Partners III.54 0. 2010 Fund Manager Name Varde Partners Partnership Name Varde Fund VIII.852.817.12 0. not annualized.898.739.046.895.032.59 25.848.67% 8.11 73.02% 5.201. Return is calculated by dividing "Capital Returned to UTIMCO" by "Capital Invested. L.645.36 12.61 0.017.817.82% 27. Windjammer Capital PMI Mezzanine Fund.648.24 12.747.94 21.21% -5.91% -25.844.751. since inception.77 1. and the understatement of returns in the early years of a partnership life.40 9.328.309.870.323.333. Warburg Pincus Private Equity IX.00 0.

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