Massachusetts Pension Reserves Investment Mgmt.

IRR Report
Vintage Year 1986 Clayton, Dubilier Associates II, L.P. Davis Venture Partners, L.P. HarbourVest Partners II, L.P. KKR 1986 Fund Massachusetts Technology Development Corp. Media Communications Partners, LP New Enterprise Associates IV, LP Southern California Ventures II, L.P. Venture Capital Fund of New England II, L.P. (The) Vista III, L.P. 1987 Advent International Network Fund, L.P. APAX Ventures III International Partners, L.P. Beta Partners, L.P. Clayton, Dubilier Associates III, L.P. Forstmann Little Sub. D&E MBO III, LP Frontenac Venture V, L.P. Golder, Thoma, Cressey Fund III, LP KKR 1987 Fund Mayflower Fund, L.P. Narragansett Capital Partners A, LP Prudential Venture Partners II, LP Smith Offshore Exploration Co. WCAS Capital Partners, LP Weintraub Entertainment 1988 Advent VI, L.P. Forstmann Little D&E MBO IV, L.P. HarbourVest Partners III, L.P. Invexco, Inc. Morgan Holland Fund II, LP Permira UK Buy-Out Fund II, L.P. Investment Name IRR 15.58% 64.31% 10.01% 8.62% 28.19% 1.91% 7.13% 10.29% 10.12% 1.42% 6.04% 11.34% 5.11% 7.48% 17.82% 23.22% 5.13% 14.05% 30.75% 11.80% 9.44% 6.99% 22.76% (0.80)% 18.41% 0.23% 14.99% 31.46% 19.98% 13.81% (45.85)% 15.97% 19.82%

Massachusetts Pension Reserves Investment Mgmt. IRR Report

1989 Advent European Special Situations Fund Apax European Buy-In Fund Boston Ventures III/IIIA, L.P. Commonwealth BioVentures II, L.P. Thomas H. Lee Equity Fund, L.P. 1990 APA German European Ventures, L.P. APAX Capital Risque III, L.P. Apax Ventures IV International Partners, L.P. Asia Pacific Trust (Arral Pacific Equity Trust II) Crossroads Capital III, L.P. Equitable Equity II HarbourVest Int'l Private Equity Partners, L.P. Joseph, Littlejohn & Levy Fund, LP Madison Group, LP MFA-MASTERS Nash Sells Limited Partnership I Permira UK Venture Fund III, L.P. Sentry Equipment Financing, L.P. 1991 Commonwealth BioVentures III, L.P. 1992 Dominion Fund III, L.P. Forstmann Little D&E MBO V, L.P. Permira German Buy-Outs 1992, L.P. 1993 1818 Fund II, L.P. Belmont Capital Partners II, L.P. Blackstone Capital Partners II, L.P. PRIM Boston Ventures IV/IVA, L.P. Capital Resource Lenders II, L.P. Commonwealth Bioventures V, L.P. DLJ Merchant Banking Partners, L.P. 20.38% 16.78% (1.85)% 18.67% 43.37% 54.58% 13.51% 24.73% 13.96% 23.92% 2.39% 16.83% 13.51% 11.13% 33.22% (17.94)% 15.21% 18.24% 30.69% 5.68% (4.22)% (4.22)% 23.29% 16.81% 18.28% 35.66% 18.20% 11.42% 11.63% 37.90% 18.72% 5.71% (10.40)% 77.13%

1993

Massachusetts Pension Reserves Investment Mgmt. IRR Report

FS Equity Partners III, LP Joseph Littlejohn Levy Fund II, L.P. KKR 1993 Fund Landmark Equity Partners III, LP William Blair Mezzanine Capital Fund, L.P. 1994 Advent Global Private Equity II, L.P. 1995 Commonwealth Capital Ventures, L.P. Hellman & Friedman Capital Partners III, LP Landmark Equity Partners IV, LP Landmark Equity Partners V, L.P. Nash, Sells Limited Partnership II One Liberty Fund III, L.P. Thomas H. Lee Equity Fund III, LP Welsh, Carson, Anderson & Stowe VII, LP Willis Stein & Partners, L.P. 1996 Boston Ventures V, L.P. CVC European Equity Partners, LP 1997 Advent Global Private Equity III, L.P. Blackstone Capital Partners III, L.P. DLJ Merchant Banking Partners II, LP Golder, Thoma, Cressey & Rauner Fund V, LP KKR 1996 Fund, LP Menlo Ventures VII, L.P. Permira Ventures European Fund, L.P. 5 Spectrum Equity Investors II, L.P. T/A Advent VIII, LP TPG Partners II, L.P. Vestar Capital Partners III, LP 1998 Apollo Investment Fund IV, L.P. 16.26% 7.13% 17.18% 35.56% 14.04% 19.98% 19.98% 17.24% 0.65% 34.26% 16.65% 8.78% 17.64% 28.43% 31.22% 17.77% 20.63% 12.88% 2.93% 23.08% 17.36% 8.94% 14.66% 6.01% 10.99% 13.17% 136.03% 73.54% 22.56% 23.29% 9.93% 3.54% 7.71% 8.53%

Massachusetts Pension Reserves Investment Mgmt. IRR Report

1998 Commonwealth Capital Ventures II, L.P. CVC European Equity Partners II, L.P. Essex Woodlands Health Ventures Fund IV, L.P. First Reserve Fund VIII, L.P. FS Equity Partners IV, L.P. GTCR Fund VI, L.P. Kelso Investment Associates VI, L.P. New Enterprise Associates VIII, L.P. Olympus Growth Fund III, L.P. Thoma Cressey Fund VI, L.P. Thomas H. Lee Equity Fund IV, L.P. VantagePoint Communications Partners, L.P. Welsh, Carson, Anderson & Stowe VIII, L.P. Willis Stein & Partners II, L.P. 1999 Austin Ventures VII, L.P. Battery Ventures V, L.P. Blackstone Capital Partners II, L.P. - Secondary Chisholm Partners IV, L.P. Cypress Merchant Banking Partners II, LP J.H. Whitney IV, L.P. Madison Dearborn Capital Partners III, L.P. Menlo Ventures VIII, L.P. New Enterprise Associates 9, L.P. Richland Ventures III, L.P. Spectrum Equity Investors III, L.P. VantagePoint Venture Partners III, L.P. 2000 Alta Communications VIII, L.P. Battery Ventures VI, L.P. Boston Ventures VI, L.P. Boston Ventures VI-A, L.P. Charlesbank Equity Fund V, L.P. El Dorado Ventures VI, L.P. 13.48% 18.90% 7.34% 15.80% 12.92% (4.94)% 9.33% 30.85% 15.05% 0.46% (2.58)% (8.74)% 3.13% (9.41)% (2.25)% (4.43)% 8.29% 44.29% 0.66% (3.13)% (11.57)% 8.58% (12.97)% (6.91)% (3.02)% 2.24% (12.45)% 12.89% (6.38)% 4.30% 9.86% 10.23% 20.23% 0.25%

2000

Massachusetts Pension Reserves Investment Mgmt. IRR Report

Essex Woodlands Health Ventures Fund V, L.P. GTCR Fund VII, L.P. Hellman & Friedman Capital Partners IV, LP InterWest Partners VIII, L.P. M/C Venture Partners V, L.P. Madison Dearborn Capital Partners IV, L.P. Nautic Partners V, L.P. New Enterprise Associates 10, L.P. Permira Europe II, L.P. 2 Polaris Venture Partners III, L.P. Spectrum Equity Investors IV, L.P. TA IX, L.P. TPG Partners III, L.P. Trident Capital Fund V, L.P. VantagePoint Venture Partners IV, L.P. Vestar Capital Partners IV, L.P. Welsh, Carson, Anderson & Stowe IX, L.P. Weston Presidio Capital IV, L.P. Willis Stein & Partners III, L.P. 2001 Apax Europe V-A, L.P. Austin Ventures VIII, L.P. Charles River Partnership XI, L.P. CVC European Equity Partners III, L.P. First Reserve Fund IX, L.P. GTCR Fund VII-A, L.P. Highland Capital Partners VI-B, L.P. Menlo Ventures IX, L.P. New Enterprise Associates VIII-A, L.P. Providence Equity Partners IV, L.P. Quad-C Partners VI, L.P. Summit Ventures VI-A, L.P. Thoma Cressey Fund VII, L.P. Thomas H. Lee Equity Fund V, L.P. 7.53% 21.51% 34.94% (5.52)% 8.23% 13.81% 17.04% 3.04% 23.63% (3.11)% 7.44% 21.87% 24.52% 5.81% (1.30)% 13.49% 11.55% 2.21% (0.36)% 26.28% 36.48% 5.32% 7.91% 41.11% 48.23% 82.69% 12.67% 1.61% (2.86)% 23.97% 24.85% 13.99% 24.21% 13.26%

Massachusetts Pension Reserves Investment Mgmt. IRR Report

Whitney V, L.P. 2002 Alchemy Investment Plan (Hawthorne I) Berkshire Fund VI, L.P. H.I.G. Capital Partners III, L.P. Polaris Venture Partners IV, L.P. 2003 Alta Communications IX, L.P. Blackstone Capital Partners IV L.P. GTCR Fund VIII, L.P. Nordic Capital V, L.P. Olympus Growth Fund IV, L.P. Permira Europe III, L.P. TPG Partners IV, L.P. 2004 Bayside Opportunity Fund, L.P. Essex Woodlands Health Ventures Fund VI, L.P. Exponent Private Equity Partners First Reserve Fund X, L.P. Flagship Ventures Fund 2004, L.P. Genstar Capital Partners IV, L.P. Hellman & Friedman Capital Partners V, L.P. Kelso Investment Associates VII, L.P. New Enterprise Associates 11, L.P. Onex Partners, L.P. Union Square Ventures 2004 2005 Advent International GPE V L.P. Alchemy Investment Plan (Hawthorne II) Battery Ventures VII, L.P. Candover 2005 Fund, L.P. Carlyle Partners IV, L.P. Charlesbank Equity Fund VI, L.P. CHS Private Equity V, L.P. 23.28% 12.99% 17.21% 24.59% 25.57% 2.21% 18.70% (4.10)% 37.57% 24.61% 21.40% 8.98% 27.70% 14.88% 22.55% 4.44% 0.49% 4.75% 31.65% (4.94)% 8.31% 27.63% 12.99% 8.81% 39.24% 70.52% 8.46% 52.92% (7.92)% 4.82% (12.09)% 11.87% 10.60% 8.48%

2005

Massachusetts Pension Reserves Investment Mgmt. IRR Report

CVC European Equity Partners IV, L.P. El Dorado Ventures VII, L.P. Insight Venture Partners V, LP. Insight Venture Partners V, LP. Coinvestment 2005 Providence Equity Partners V, L.P. Spark Capital, L.P. Trident Capital Fund VI, L.P. Weston Presidio V, L.P. 2006 Austin Ventures IX, L.P. Berkshire Fund VII, LP Blackstone Capital Partners V, L.P. Castile Ventures III Chequers Capital XV (Chequers II) First Reserve Fund XI, L.P. GTCR Fund IX, L.P. Highland Capital Partners VII, L.P. Insight Venture Partners V, LP. Coinvestment 2006 KKR 2006 Fund, L.P. M/C Venture Partners VI, L.P. Madison Dearborn Capital Partners V, L.P. Menlo Ventures X, L.P. Montagu Private Equity III, L.P. New Enterprise Associates 12, L.P. Nordic Capital Fund VI, L.P. Onex Partners II, L.P. Permira Europe IV, L.P. Polaris Venture Partners V, L.P. Quad-C Partners VII, L.P. Spectrum Equity Investors V, L.P. Summit Partners Private Equity Fund VII-A, L.P. Summit Partners Venture Capital Fund II-A, L.P. TA X, L.P. TCV VI, L.P. 16.20% (8.34)% 19.23% 22.25% 2.58% 7.92% (1.26)% 10.87% 5.70% 3.08% 11.45% 0.36% (6.99)% 2.20% 2.96% 10.68% 0.38% 22.25% 6.63% 8.16% 4.92% (2.64)% 6.33% 8.47% 7.41% 10.65% 5.00% 7.85% 8.04% 15.72% 3.78% 19.98% 2.19% 11.46%

Massachusetts Pension Reserves Investment Mgmt. IRR Report

Thoma Cressey Fund VIII, L.P. Thomas H. Lee Equity Fund VI, L.P. Torquest Partners Fund II, LP TPG Partners V, L.P. Vestar Capital Partners V, L.P. 2007 Battery Ventures VIII, L.P. Carlyle Partners V, L.P. Centerbridge Capital Partners, LP Exponent Private Equity Partners II, L.P. Flagship Ventures Fund 2007, L.P. Genstar Capital Partners V, L.P. Gores Capital Partners II, L.P. Hellman & Friedman Capital Partners VI, L.P. Insight Venture Partners VI, L.P. Kelso Investment Associates VIII, L.P. Montreux Equity Partners IV, L.P. PAI Europe V Providence Equity Partners VI, L.P. Quad-C Partners VII Co-Investment Fund, L.P. SCP Vitalife Partners II, L.P. Sherbrooke Capital Health & Wellness II, L.P. Vista Equity Partners Fund III, L.P. 15.16% 3.30% 1.27% (3.37)% 0.61% 9.99% 13.90% 9.84% 20.82% (1.54)% 29.49% 6.65% 10.58% 6.80% 20.23% (1.65)% 7.34% 0.47% 4.79% 7.99% (6.91)% 19.87% 30.49%