ILPA Private Equity Principles Endorsements (Updated: October 26 h, 2012)

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1 ILPA Private Equity Principles Endorsements (Updated: October 26 h, 2012) Historically, the private equity partnership structure has been effective in aligning the interests of investors (the limited partners ) with those individuals managing the money (the general partner ). By sharing a substantial portion of profits with the general partner and requiring the general partner to have a meaningful equity interest in their own funds, a business culture was created where most private equity firms were able to maintain a singleminded determination to maximize returns on the underlying investments. The principles contained herein are a means to restore and strengthen the basic alignment of interests value proposition in private equity. Certain terms and conditions that have gradually evolved should receive renewed attention in private equity partnership agreements entered into prospectively in order to (i) correctly align interests between general partners and limited partners, (ii) enhance fund governance and (iii) provide greater transparency to investors. A summary of private equity principles is provided below. Appendix A contains details on preferred private equity terms, and Appendix B contains best practices for Limited Partner Advisory Committees ( LPAC ). The concepts contained in these documents reflect suggested best practices and are intended to serve as a basis for continued discussion among and between the general partner and limited partner communities with the goal of improving the private equity industry for the long-term benefit of all its participants. These documents were developed through the efforts, contributions and collaboration of many institutional private equity investors and their senior investment officers, the ( ILPA ) and the Private Equity Principles and Best Practices Committee of the ILPA Board of Directors. They reflect the input and feedback from these market leaders and from discussion amongst limited partners at ILPA roundtable events and from a comprehensive survey/questionnaire of the ILPA membership. Endorsement of the ILPA Private Equity Principles The ILPA has authored the ILPA Private Equity Principles, a document that contains best practice concepts and that speaks to issues relating to the alignment of interest between general partners and limited partners, fund governance and transparency and reporting. It is intended to serve as a common framework for continued discussion among and between the general partner and limited partner communities with the goal of improving the private equity industry for the long-term benefit of all its participants. Endorsement of these Principles is an indication of general support for the efforts of the ILPA and industry supporters to contribute to an effort to strengthen the basic alignment of interests value proposition in private equity. The authors, sponsors and the groups below that have provided an endorsement of these Principles are not specifically committing to (nor seeking the commitment) of any private equity investor to each and every outlined term. The following organizations have recently added their endorsement to the ILPA Private Equity Principles: Aberdeen Asset Managers Ltd Aberdeen Private Equity Fund Limited Access Capital Partners Adveq AEW Capital Management, L.P. Alterna Capital Partners, LLC Amero Global Investors, LLC Apax Partners LLP Apollo Management L.P. ARA Asset Management Limited BlackRock Alternative Investors The Blackstone Group Bridgepoint Brockton Capital Brookfield Asset Management BT Pension Scheme Management Ltd Camden The Canadian Medical Protective Association Canyon Capital Realty Advisors Capital Analytics II LLC Capri Capital Partners, LLC Carlyle The Catalyst Capital Group Inc. CB Richard Ellis Investors Charterhouse Capital Partners LLP Chrysler Group LLC Clayton, Dubilier & Rice, LLC CLSA Capital Partners

2 Congress Asset Management Company Continuity Capital Partners Credit Suisse Customized Fund Investment Group Crestview Partners CS Capital Management, Inc. CVC Capital Partners Doughty Hanson & Co DMLT - Investment Café The Edgewater Funds EIG Global Energy Partners Equity International Falcon Investment Advisors, LLC Financiere Arverne Fire and Police Pension Association of Colorado First Reserve Corporation Florida Family Office* Gilde Buy Out Partners The Gores Group Heitman Hellman & Friedman LLC HgCapital Hunt Realty Investments, Inc. IDFC Limited Industry Funds Management (IFM) Inverness Management LLC Invesco Real Estate Iron Point Partners, LLC J.P. Morgan Asset Management KERN Partners Ltd. Kohlberg & Company, L.L.C. Kohlberg Kravis Roberts & Co. (KKR) Kusuntu Partners L&B Realty Advisors, LLP LaSalle Investment Management Lee Equity Partners, LLC Leonard Green & Partners, L.P. Leopard Capital Lindsay Goldberg LLC Lion Capital LLP LP Analyst MacFarlane Partners MatlinPatterson Global Advisers LLC Meketa Investment Group, Inc. National Capital Partners NB Alternatives Advisers LLC New Zealand Superannuation Fund Nexus Group Oaktree Capital Management, L.P. Onex Partners Ostrich Investments Cayman Limited Pantheon Ventures (UK) LLP Parkway Properties, Inc. Partners Group PCCP, LLC Permira PineBridge Investments Platinum Equity Principal Real Estate Investors, LLC ("PrinREI") Providence Equity Prudential Real Estate Investors (a/k/a Pramerica Real Estate Investors) QIC Quad-C Management Rothschild Realty Managers, LLC RREEF San Francisco Employees' Retirement System (SFERS) Sarona Asset Management Inc. Saybrook Corporate Opportunity Funds Secondcap Limited Silver Lake Smithfield Consultants Limited Square Mile Capital Management LLC State Teachers Retirement System of Ohio ( STRS Ohio ) Stockbridge Capital Group, LLC Strategic Value Partners, LLC Stratford Land Syntaxis Capital Ltd Thayer Lodging Group TorreyCove Capital Partners TPG Capital Tricon Capital Group Triton Union Partners, LLC. USAA Real Estate Company VenCap International Walton Street Capital Warburg Pincus LLC Welsh, Carson, Anderson & Stowe Westbrook Partners Zachry Hastings Infrastructure Partners, L.P. Complete list of organizations that have endorsed the ILPA Private Equity Principles: 5/3 Bancorp Aberdeen Asset Managers Ltd Aberdeen Private Equity Fund Limited Abu Dhabi Investment Authority Access Capital Partners Adveq AEW Capital Management, L.P.

3 Al Masah Capital Ltd Insurance Company* Allianz Capital Partners AlpInvest Partners, Inc. Alsis Funds, LLC Alterna Capital Partners, LLC Altius Associates Limited American Trading and Production Corporation Amero Global Investors, LLC AP6, Sixth Swedish National Pension Fund Apax Partners LLP Apollo Management L.P. ARA Asset Management Limited Arcano Capital Ares Management Asia Alternatives Asian Development Bank Avenue Capital Group Corporate Pension* Bay Hollow Associates, LLC Belgian Investment Company for Developing Countries SA/NV BIO BlackRock Alternative Investors The Blackstone Group Bridgepoint British Columbia Investment Management Corporation Brockton Capital Brookfield Asset Management BT Pension Scheme Management Ltd CAAT Pension Plan Caisse de depot et placement du Québec CalPERS CalSTRS Camden Canada Pension Plan Investment Board Canada Post Pension Plan The Canadian Medical Protective Association Canyon Capital Realty Advisors Capital Analytics II LLC Capital Dynamics Capri Capital Partners, LLC Carlyle Casa Grande de Cartagena, S.L. Catalina Partners The Catalyst Capital Group Inc. CB Richard Ellis Investors CDC Group plc CDIB Capital Center for Investor Welfare and Corporate Responsibility, UC Davis Centinela Capital Partners LLC Charterhouse Capital Partners LLP Chrysler Group LLC City of Philadelphia Board of Pensions & Retirement Clayton, Dubilier & Rice, LLC Clerestory Capital Partners, LLC CLSA Capital Partners Coller Capital Colony Capital, LLC Colorado PERA Congress Asset Management Company Continuity Capital Partners Conundrum Capital Corporation Credit Suisse Customized Fund Investment Group Crestview Partners Crossroads Capital Partners CS Capital Management, Inc. CVC Capital Partners Danske Bank Dansk Kapitalanlæg Aktieselskab DEG - Deutsche Investitions - und Entwicklungsgesellschaft mbh DMLT - Investment Café Doughty Hanson & Co Durbin Bennett Peterson Private Wealth Management, LLP The Edgewater Funds EIG Global Energy Partners Employees Retirement System of Texas Equity International Export Development Canada Falcon Investment Advisors, LLC F&C Investment Business Limited Financiere Arverne Finnish Fund for Industrial Cooperation Ltd Fire and Police Pension Association of Colorado First Reserve Corporation Florida State Board of Administration Fondaction CSN Franklin Park Future Fund Management Agency GenSpring Family Office GIC Special Investments Gilde Buy Out Partners The Gores Group GVFL Limited Hamilton Lane HarbourVest Partners, LLC Health Evolution Partners Spectrum Fund Heitman Hellman & Friedman LLC Hermes Private Equity HgCapital Hillenbrand Capital Partners Holland Private Equity

4 Hong Kong Jockey Club Horizon AMC/Horizon Infra PE Investment Company* Hunt Realty Investments, Inc. IDFC Limited Corporate Pension* IFU (Denmark) Industriens Pensionsforsikring A/S Industry Funds Management (IFM) Inverness Management LLC Invesco Real Estate Iowa Public Employees Retirement System Iron Point Partners, LLC J.P. Morgan Asset Management Kenyon College KERN Partners Ltd. Kindle Capital Management Inc. Kohlberg & Company, L.L.C. Kohlberg Kravis Roberts & Co. (KKR) Kusuntu Partners L&B Realty Advisors, LLP LaSalle Investment Management Lee Equity Partners, LLC Leonard Green & Partners, L.P. Leopard Capital Lindsay Goldberg LLC Lion Capital The Lionstone Group The Lockheed Martin Investment Management Company Los Angeles City Employees Retirement System LP Capital Advisors LP Analyst Loyola University Chicago MacFarlane Partners Massachusetts PRIM MatlinPatterson Global Advisers LLC Meketa Investment Group, Inc. MetLife Fund* Mn Services Moreland Management Company Morgan Creek Capital Management, LLC Multiples Alternate Asset Management Co. Ltd. National Capital Partners National Council for Social Security Fund, PRC Nationwide Mutual Insurance Company NB Alternatives Advisers LLC Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V New Paradigm New York City Employees' Retirement System New York City Fire Department Pension Fund, Subchapter 2 New York City Police Pension Fund, Subchapter 2 New York State Common Retirement Fund New Zealand Superannuation Fund Nexus Group Norfund Northleaf Capital Partners Nossaman LLP Oaktree Capital Management, L.P. OMERS Private Equity Omnivore Capital Onex Partners Ontario Teachers Pension Plan Board OPTrust Private Markets Group Oregon Investment Council Ostrich Investments Cayman Limited PAMA Group Pantheon Ventures, LLP Parkway Properties, Inc. Partners Group PCCP, LLC PCG Asset Management Penfund Permira PineBridge Investments Pension Consulting Alliance, Inc. Performance Equity Management PFA Pension Platinum Equity Principal Real Estate Investors, LLC ("PrinREI") Private Equity Exchange Providence Equity Prudential Real Estate Investors (a/k/a Pramerica Real Estate Investors) PSP Investments QIC Quad-C Management Quantum Equities, LLC RDV Corporation Robert Wood Johnson Foundation Rothschild Realty Managers, LLC RREEF Sampension Sarona Asset Management Inc. Saybrook Corporate Opportunity Funds Searchlight Capital Partners San Diego City Employees' Retirement System

5 San Francisco Employees' Retirement System Other* Secondcap Limited Semaphore Silver Lake Sindicatum Carbon Capital Smithfield Consultants Limited Société de promotion et de participation pour la coopération économique - PROPARCO South Yorkshire Pensions Authority Squadron Capital Advisors Limited Square Mile Capital Management LLC Standard Life Capital Partners LLP Family Office* SteelRiver Infrastructure Partners State of Hawaii Employees Retirement System State of Michigan Retirement Systems State of New Jersey, Division of Investment State of Wisconsin Investment Board State Teachers Retirement System of Ohio ( STRS Ohio ) StepStone Group LLC Stockbridge Capital Group, LLC Storebrand Investments Strategic Value Partners, LLC Stratford Land Syntaxis Capital Ltd Teacher Retirement System of Texas Teachers' Retirement System of the City of New York Telefónica Capital, S.A.U Tennenbaum Capital Partners, LLC Tennessee Consolidated Retirement System Terra Firma Capital Partners Thayer Lodging Group TorreyCove Capital Partners TPG Capital Tricon Capital Group Triton UMWA Health and Retirement Funds Union Partners, LLC. Universities Superannuation Scheme Ltd. (USS) Endowment/Foundation* University of Michigan University of Texas Investment Management Co. University of Toronto Asset Management USAA Real Estate Company VenCap International Virginia Retirement System Walton Street Capital Warburg Pincus LLC Washington State Investment Board Welsh, Carson, Anderson & Stowe Westbrook Partners Family Office* Zachry Hastings Infrastructure Partners, L.P. * Where an organization s name could not be published due to internal limitations the organization type has been disclosed. ** Pending and in process: 5 organizations (2 Corporate Pension, 1 Public Pension & 2 Other) About the ILPA The is a not-for-profit association committed to serving limited partner investors in the global private equity industry by facilitating value-added communication, enhancing education in the asset class and promoting research and standards in the private equity industry. ILPA has over 250 institutional member organizations that collectively manage approximately $1 trillion of private equity assets. For a copy of the ILPA Private Equity Principles and a list of endorsing organizations, please visit or contact Kathy Jeramaz-Larson directly.