PRIVATE EQUITY, HEDGE AND UNITIZED FUNDS. Report Guide

Transcription

1 PRIVATE EQUITY, HEDGE AND UNITIZED FUNDS Report Guide

2 PRIVATE EQUITY, HEDGE AND UNITIZED FUNDS Northern Trust s Private Equity, Hedge and Unitized Funds Report Guide is a series of specialized statements created to address the unique qualities of private equity, hedge and unitized funds portfolios. This guide describes the valuation and investment characteristic statements that Northern Trust offers and how data is sourced for these statements. Northern Trust has a unique operational process in place that tracks and processes private equity, hedge and unitized funds information and integrates this data into these specialized statements. If you have any questions regarding these statements, please contact your Northern Trust relationship manager.

3 SUMMARY Following is a summary of reports described in this guide. VALUATION REPORTING AF-Fund Valuation Status Summary Provides key fund valuation statement data, such as fund valuation statement date, fund valuation statement received date, price and price date, as of a certain reporting period for each alternative unitized fund held within each client account. PE-LP Valuation Status Summary Provides key partnership statement data, such as partnership statement date, partnership statement received date, partnership valuation and adjusted valuation with accruals based on current activity, as of a certain reporting period for each private equity asset held within each client account. PE and AF-Valuation Status Summary Provides key valuation statement data, such as valuation statement date, valuation statement received date, base currency market value, and local currency market value, as of a certain reporting period for each alternative unitized fund asset, such as hedge fund and commingled fund, and each private equity asset held within each client account. PE-Reconciliation of Adjusted Valuation Reconciles beginning partnership statement valuation to adjusted valuation with accruals by including current partnership activity as of a certain reporting period for each private equity asset held within each client account. PE-LP Adjusted Valuation Summary Reconciles beginning adjusted valuation with accruals to ending adjusted valuation with accruals by including relevant partnership activity as of a certain reporting period for each private equity asset held within each client account. PE-GP Valuation Summary Reconciles beginning partnership valuation to ending partnership valuation by including current partnership activity as of a certain reporting period for each private equity asset held within each client account. 2 of 16 PE, Hedge & Unitized Funds northerntrust.com

4 SUMMARY INVESTMENT CHARACTERISTIC REPORTING PE-LP Exposure Summary by Type Highlights partnership exposure by partnership type with percentage allocated to each partnership, adjusted valuation and static data such as local commitment, vintage year, and local currency for each private equity asset held within each client account. PE-LP Exposure Summary by Vintage Year Highlights partnership exposure by vintage year with percentage allocated to each partnership, adjusted valuation and static data such as local commitment, partnership type, and local currency for each private equity asset held within each client account. PE-LP Exposure Summary by Local Currency Highlights partnership exposure by local currency with percentage allocated to each partnership, adjusted valuation, and static data such as local commitment, vintage year and partnership type for each private equity asset held within each client account. northerntrust.com PE, Hedge & Unitized Funds 3 of 16

5 CONTENTS v a l u a t i o n r e p o r t i n g a f-fund v a l u a t i o n s t a t u s s u m m a r y p e-lp v a l u a t i o n s t a t u s s u m m a r y p e a n d a f-valuation s t a t u s s u m m a r y p e r e c o n c i l i a t i o n o f a d j u s t e d v a l u a t i o n p e-lp a d j u s t e d v a l u a t i o n s u m m a r y p e-gp v a l u a t i o n s u m m a r y i n v e s t m e n t c h a r a c t e r i s t i c r e p o r t i n g p e-lp e x p o s u r e s u m m a r y b y t y p e p e-lp e x p o s u r e s u m m a r y b y v i n t a g e y e a r p e-lp e x p o s u r e s u m m a r y b y l o c a l c u r r e n c y of 16 PE, Hedge & Unitized Funds northerntrust.com

6 VALUATION REPORTING a b c d e i j k f g h *Generated by Northern Trust from periodic data on XX Jul XX AF-Fund Valuation Status Summary Provides key fund valuation statement data, such as fund valuation statement date, fund valuation statement received date, price and price date, as of a certain reporting period for each alternative unitized fund held within each client account. A Account denotes account number. B Asset ID denotes asset identifier. C Asset Description denotes name of fund. D Fund Valuation Statement Date denotes the valuation date on the fund company valuation statement. E Fund Valuation Statement Rec d Date denotes the date that Northern Trust received the last statement provided by the fund company. F Price Date denotes the date of the price or valuation. G Currency denotes the local currency. H Nominal Shares denotes the total share amount of the fund. I Price Local Currency denotes the price of the fund in a given period in local currency. J Total MV Local Currency denotes the market value of the fund for the given period in local currency. K Total MV Base Currency denotes the market value of the fund for the given period in base currency. Sample report notates values in both base and local currencies. northerntrust.com PE, Hedge & Unitized Funds 5 of 16

7 VALUATION REPORTING a b c d e f g h *Generated by Northern Trust from periodic data on XX Jul XX PE-LP Valuation Status Summary Provides key partnership statement data, such as partnership statement date, partnership statement received date, partnership valuation and adjusted valuation with accruals based on current activity, as of a certain reporting period for each private equity asset held within each client account. Sample report notates values in local currency. a Account denotes account number. b Asset ID denotes asset identifier. c Partnership denotes name of partnership. d Partnership Statement Date denotes the valuation date on the partnership statement. e Valuation Partnership Statement Rec d denotes the date that Northern Trust received the last statement provided by the General Partner. f Currency denotes the local currency. g Valuation from Partnership Stm denotes the valuation of the partnership in local currency as taken from the last statement provided by the General Partner. h Adjusted MV with Accruals (Partnership Valuation + Activity to Current) denotes the adjusted valuation of the partnership plus income and expense accruals in local currency. Adjusted valuation is the last statement value provided by the General Partner, adjusted by transactions effective after the statement date. PE-Consolidated LP Valuation Status Summary is an alternative report available that provides valuation and statement information of limited partnership assets by account if a reporting consolidation is used. 6 of 16 PE, Hedge & Unitized Funds northerntrust.com

8 VALUATION REPORTING a b c d e f g h *Generated by Northern Trust from periodic data on XX Jul XX PE and AF-Valuation Status Summary Provides key valuation statement data, such as valuation statement date, valuation statement received date, base currency market value, and local currency market value, as of a certain reporting period for each alternative unitized fund asset, such as hedge fund and commingled fund, and each private equity asset held within each client account. a Account denotes account number. b Asset ID denotes asset identifier. c Asset Description denotes name of asset. d Valuation Statement Date denotes the valuation date on the valuation statement. f Currency denotes the local currency. g Total MV Local Currency denotes the market value of the asset for the given period in loctal currency. h Total MV Base Currency denotes the market value of the asset for the given period in base currency. e Valuation Statement Rec d Date denotes the date that Northern Trust received the last statement provided by the General Partner or fund company. Sample report notates values in both base and local currencies. northerntrust.com PE, Hedge & Unitized Funds 7 of 16

9 REPORT VALUATION HEADLINE REPORTING Alternative Assets XX AUG XX CONSOLIDATION ACCOUNT: ABC ALL Report atitle e f g h i a b d c b c d Cost Market Value For more information Opening balance 2,001,300, ,160,500, Sponsor Contributions 419, , See funding & disbursement summary Interportfolio transfers in 19,000, ,000, See funding & disbursement summary Benefit payment redeposits 29, , See funding & disbursement summary Total Receipts 19,449, ,449, See funding & disbursement summary Interportfolio transfers out -19,000, ,000, See funding & disbursement summary Benefit payments -14,952, ,952, See funding & disbursement summary Total Disbursements -33,952, ,952, See funding & disbursement summary Income received 5,145, ,145, See income & expense summary Expenses paid -335, , See income & expense summary Unrealized gain/loss change ,593, See asset summary Realized gain/loss -2,347, ,347, See realized gain/loss summary Accrued income change 996, , See income & expense summary Closing balance 1,990,255, ,113,862, *Generated by Northern Trust from periodic data on XX 31 Jan Jul XX Report PE-Reconciliation Italic Type of Adjusted Valuation Reconciles beginning partnership statement a valuation Report to Description adjusted valuation with accruals by including current partnership activity as b Report Description of a certain reporting period for each private c equity Report asset held Highlight within Text each client Report account. Description or a Report Highlight Text Report Description. d Report Highlight Text Report Description or a Report Highlight Text Report Description. a Account denotes account number. b Partnership denotes name of partnership. c Trade Date denotes the date on which the transaction occurs. d Settle Date denotes the date in which the transaction is settled. e Partnership Statement Date denotes the valuation date on the partnership statement. f Local (Transactions Not Affecting Market Value) denotes the transactions not affecting market value, in local currency. g Base (Transactions Not Affecting Market Value) denotes the transactions not affecting market value, in base currency. h Local (Market Value Adjustments) denotes the valuation adjusted for the transactions and accruals in the given period, in local currency. i Base (Market Value Adjustments) denotes the valuation adjusted for the transactions and accruals in the given period, in base currency. Sample report notates values in both base and local currencies. 8 of 16 PE, Hedge & Unitized Funds northerntrust.com

10 REPORT VALUATION HEADLINE REPORTING Alternative Assets XX AUG XX CONSOLIDATION ACCOUNT: ABC ALL Report Title a c a b d e l b c d f h i j k g Opening balance 2,001,300, ,160,500, Cost Market Value For more information Sponsor Contributions 419, , See funding & disbursement summary Interportfolio transfers in 19,000, ,000, See funding & disbursement summary Benefit payment redeposits 29, , See funding & disbursement summary Total Receipts 19,449, ,449, See funding & disbursement summary Interportfolio transfers out -19,000, ,000, See funding & disbursement summary Benefit payments -14,952, ,952, See funding & disbursement summary Total Disbursements -33,952, ,952, See funding & disbursement summary Income received 5,145, ,145, See income & expense summary Expenses paid -335, , See income & expense summary Unrealized gain/loss change ,593, See asset summary Realized gain/loss -2,347, ,347, See realized gain/loss summary Accrued income change 996, , See income & expense summary Closing balance 1,990,255, ,113,862, m *Generated by Northern Trust from periodic data on XX 31 Jan Jul XX Report PE-LP Italic Adjusted Type Valuation Summary Reconciles beginning adjusted valuation a with Report accruals Description to ending adjusted valuation with accruals by including relevant partnership activity as of a certain reporting period b Report Description c for each Report private Highlight equity asset Text held Report within each client Description account. or a Report Highlight Text Report Description. d Report Highlight Text Report Description or a Report Highlight Text Report Description. a Account denotes account number. b Partnership denotes name of partnership. c Beginning Adjusted MVwith Accruals denotes the adjusted valuation of the partnership plus income and expense accruals in base currency at the beginning of the period. Adjusted valuation is the last statement value provided by the General Partner, adjusted by transactions effective after the statement date. d Capital Call/Contribution denotes total capital call, takedown, or drawdown made during the period. e Stock Dist MV denotes estimated market value of the stocks being distributed at the effective date of distribution. f Realized Gain denotes total realized gain cash distribution made by the partnership during the period. northerntrust.com PE, Hedge & Unitized Funds 9 of 16

11 Report g Income Highlight denotes Text total income or dividend b Report cash distribution Description made by the partnership during the period. c Report Description h Return of Capital denotes total return d of Denotes capital Report cash distribution Highlight made Text by the and partnership the Report during Highlight the period. Text of the Security. i Recallable ROC denotes total recallable e Report return of Highlight capital cash Text distribution To report made a by market the partnership value for most during financial the period. instruments, Northern Trust first j utilizes Valuation listed Change market accounts prices if available. for valuation listed changes market associated prices are with not available, statement If the updates. price On utilized limited on partnership your accounting assets, statement transactions may are be booked from a based counter-party on cash or flows an investment with market manager. value or statement value adjusted accordingly as cash transactions Report are posted. Highlight Text or Report f Net Highlight Text is calculated as gross accrued income minus unrecoverable taxes minus expenses. g Base Report Highlight Text is calculated as (Report Highlight Text multiplied by Report Highlight Text ) divided by the exchange rates as of the reporting date. Refer to the Foreign Exchange Rates to Base Currency report for exchange rates. j k Report Ending Highlight Adjusted MV Text with is the Accruals change in denotes the security s the adjusted value valuation due to changes of the in partnership the exchange plus rate income from and the purchase expense date accruals to the in reporting base currency date. at It the is calculated of the as period. (cost in Adjusted local currency valuation divided is the by end the last exchange statement rate value as of provided reporting by the date) minus General the Partner, cost in adjusted base currency. by transactions effective after the statement date. k Report Highlight Text is l the Notional change Interest in the security s Received value denotes from notional the interest purchase received date to from the reporting other date. limited It is partners calculated who as. invest into the partnership at a later closing. Notional Report interest Highlight is often Text: considered as an activity 1. Northern outside of Trust the partnership categorizes fund certain and securities does not impact based on the investment statement value or performance adjusted value needs of the rather partnership than assets. accounting requirements. This categorization difference should be considered when preparing your financial reports. 2. Northern Trust does not provide hedge accounting. 3. Futures contract valuations: m Report Payments Highlight to Cover Text: Expenses & The Management fair value of Fees a futures denotes contract fees and is expenses, represented which by do the not change impact in open the trade statement equity value between or adjusted the reporting value of the date and partnership the previous assets. business Fees and date expenses since futures do not increase contracts value are of marked the investment. to market daily. Timing In difference Northern Trust s may occur month-end if the Management partnership calls Reporting capital Statements, for fees and the expenses futures for contract s multiple accounting fair value is periods represented and initially by treats the last these day payments of the as month s contributions, mark-to-market increasing and the can statement be found value or on adjusted the month-end value of Investment the partnership assets. However, Detail report. the partnership Transaction will eventually allocate these payments 4. Northern Trust does not bifurcate to subsequent accounting periods and embedded derivative instruments reduce statement value or adjusted and value them separately on the value in the process. Asset Detail Report. l Securities Lending collateral values needed for your financial reporting purposes can be obtained from your securities lending reports. This information is generally not included in the Asset Detail report. Report Highlight Text: Northern Trust s statements reflect an exploded value of a futures contract (calculated h Report Highlight Text represents the by using the number of contracts times base cost amount of the security calculated as local currency cost divided by the closing price as of the reporting date times the appropriate multiplier) as an the exchange rate as of trade date minus asset with an offsetting liability (or a Sample one report day. notates values in base currency. liability with an offsetting asset). The i Three Report alternative Highlight versions Text of this the report change are available. exploded value is not needed for SFAS in the security s value due to changes 133 PE-LP Adj. Summary Export provides the data from in the market price from the purchase effectiveness the PE-LP measurement Adjusted Valuation or reporting Summary into a spreadsheet. to the reporting date. It is calculated as (market value in local currency out to zero in Northern Trust s Asset purposes. As a result, these values net PE-Consolidated LP Adjusted Valuation Summary provides partnership activity and totals of limited partnership assets by account if a reporting consolidation is used. Base currency and local currency versions of the report are available. minus cost in local currency) divided by Detail report. PE-LP the Adjusted exchange Valuation rate as of reporting Summary date. Local reports partnership activity in local currency. 10 of 16 PE, Hedge & Unitized Funds northerntrust.com

12 REPORT VALUATION HEADLINE REPORTING Report Statement Title 1 DEC XX 31 DEC XX (REPORT STATEMENT DATE) REPORT ACCOUNT NAME Report atitle a b c d e f g b i j k l m n h c d Opening balance 2,001,300, ,160,500, Cost Market Value For more information Sponsor Contributions 419, , See funding & disbursement summary Interportfolio transfers in 19,000, ,000, See funding & disbursement summary Benefit payment redeposits 29, , See funding & disbursement summary Total Receipts 19,449, ,449, See funding & disbursement summary Interportfolio transfers out -19,000, ,000, See funding & disbursement summary Benefit payments -14,952, ,952, See funding & disbursement summary Total Disbursements -33,952, ,952, See funding & disbursement summary Income received 5,145, ,145, See income & expense summary Expenses paid -335, , See income & expense summary Unrealized gain/loss change ,593, See asset summary Realized gain/loss -2,347, ,347, See realized gain/loss summary Accrued income change 996, , See income & expense summary Closing balance 1,990,255, ,113,862, *Generated by Northern Trust from periodic data on 31 Jan XX *Generated by Northern Trust from periodic data on XX Jul XX Report PE-GP Italic Valuation Type Summary Reconciles beginning partnership valuation a to ending Report partnership Description valuation by including current partnership activity as of a certain b Report Description reporting period for each private equity c asset Report held within Highlight each client Text account. Report Description or a Report Highlight Text Report Description. d Report Highlight Text Report Description or a Report Highlight Text Report Description. a Account denotes account number. b Partnership denotes name of partnership. c Local Currency denotes local currency. d Beginning GP Local MV/Statement Date denotes beginning local market value of general partner as of a certain statement date. e Capital Call denotes total capital call, takedown, or drawdown made during the period. f Stock Dist MV denotes estimated market value of the stocks being distributed at the effective date of the distribution. g Realized Gain denotes total realized gain cash distribution made by the partnership during the period. northerntrust.com PE, Hedge & Unitized Funds 11 of 16

13 Report h Income Highlight denotes Text total income or b Report dividend Description cash distribution made by the partnership during the period. c Report Description i Return of Capital denotes total return d of Denotes capital Report cash distribution Highlight made Text by the and partnership the Report during Highlight the period. Text of the Security. j Recallable ROC denotes total recallable e Report return of Highlight capital cash Text distribution To report made a by market the partnership value for most during financial the period. instruments, Northern Trust first k utilizes Valuation listed Change market accounts prices if available. for valuation listed changes market associated prices are with not available, statement If the updates. price On utilized limited on partnership your accounting assets, statement transactions may are be booked from a based counter-party on cash or flows an investment with market manager. value or statement value adjusted accordingly as cash f Net transactions Report Highlight are posted. Text or Report Highlight Text is calculated as gross accrued income minus unrecoverable taxes minus expenses. g Base Report Highlight Text is calculated as (Report Highlight Text multiplied by Report Highlight Text ) divided by the exchange rates as of the reporting date. Refer to the Foreign Exchange Rates to Sample Base report Currency notates report values for in exchange local currency. rates. i Report Highlight Text is the change in the security s value due to changes in the market price from the purchase date to the reporting date. It is calculated as (market value in local currency minus cost in local currency) divided by the exchange rate as of reporting date. j l Report Ending Highlight GP Local MV/Statement Text is the change Date in denotes the security s the ending value local due market to changes value in of the exchange general partner rate from as of the a purchase certain date statement to the date. reporting date. It is calculated as (cost in local currency divided by m the Notional exchange Interest rate as Received of reporting denotes date) minus notional the interest cost in received base currency. from other limited partners who invest into the k Report partnership Highlight at a later Text closing. is Notional the interest change is often in the considered security s as value an activity outside the purchase the partnership date to the fund reporting and from date. does not It is impact calculated the as. statement value or adjusted value of the partnership assets. Report Highlight Text: 1. Northern Trust categorizes certain securities based on investment performance needs rather than accounting requirements. This categorization difference should be considered when preparing your financial reports. 2. Northern Trust does not provide hedge accounting. 3. Futures contract valuations: Report Highlight Text: Northern Trust s statements reflect an exploded PE-Consolidated h Report Highlight GP Valuation Text represents Summary the is an alternative value of report a futures available contract that reconciles (calculated beginning partnership valuation to ending partnership base cost valuation amount by of account by using the number of contracts times the security if a reporting calculated as local currency cost divided by consolidation is used. the exchange rate as of trade date minus one day. the closing price as of the reporting date times the appropriate multiplier) as an asset with an offsetting liability (or a liability with an offsetting asset). The exploded value is not needed for SFAS 133 effectiveness measurement or reporting purposes. As a result, these values net out to zero in Northern Trust s Asset Detail report. n Report Expenses Highlight and Management Text: Fees The denotes fair fees value and of expenses, a futures which contract do is not represented impact the statement by the change value in or open adjusted trade value of equity the partnership between the assets. reporting Fees and date and expenses the previous do not increase business calue date of since the futures investment. contracts Timing are difference marked to may market occur daily. if the partnership In Northern calls Trust s capital month-end for fees and Management expenses for multiple Reporting accounting Statements, periods the and futures initially contract s treats these fair payments value is as contributions, increasing by the last the day statement of the value represented month s or adjusted mark-to-market value of the partnership and can be assets. found However, on the partnership month-end will Investment eventually Transaction allocate these Detail payments report. to subsequent accounting periods and reduce statement 4. Northern Trust does not bifurcate value or adjusted value in the process. embedded derivative instruments and value them separately on the Asset Detail Report. l Securities Lending collateral values needed for your financial reporting purposes can be obtained from your securities lending reports. This information is generally not included in the Asset Detail report. 12 of 16 PE, Hedge & Unitized Funds northerntrust.com

14 REPORT INVESTMENT HEADLINE CHARACTERISTIC REPORTING Report Statement Title 1 DEC XX 31 DEC XX (REPORT STATEMENT DATE) REPORT ACCOUNT NAME Report Title a a b c d b c g h d e f Opening balance 2,001,300, ,160,500, Cost Market Value For more information Sponsor Contributions 419, , See funding & disbursement summary Interportfolio transfers in 19,000, ,000, See funding & disbursement summary Benefit payment redeposits 29, , See funding & disbursement summary Total Receipts 19,449, ,449, See funding & disbursement summary Interportfolio transfers out -19,000, ,000, See funding & disbursement summary Benefit payments -14,952, ,952, See funding & disbursement summary Total Disbursements -33,952, ,952, See funding & disbursement summary Income received 5,145, ,145, See income & expense summary Expenses paid -335, , See income & expense summary Unrealized gain/loss change ,593, See asset summary Realized gain/loss -2,347, ,347, See realized gain/loss summary Accrued income change 996, , See income & expense summary Closing balance 1,990,255, ,113,862, i *Generated by Northern Trust from periodic data on XX 31 Jan Jul XX Report PE-LP Italic Exposure Type Summary by Type Highlights partnership exposure by partnership Report type with Description percentage allocated to each a partnership, adjusted valuation and static b Report Description data such as local commitment, vintage year, c and Report local currency Highlight for each Text private Report equity asset Description held within or each a Report client account. Highlight Text Report Description. a Type denotes one of the following d partnership Report Highlight types: Text Report Description Buyout or a Report Highlight Text Report Corporate Description. Finance Direct Investments Distressed Securities Fund of Private Equity Funds Mezzanine Oil & Gas Other Natural Resources Other Private Equity Private Debt Real Estate Special Situation Timber Venture Capital B Account denotes account number. c Asset ID denotes asset identifier. d Local Commitment denotes the amount of capital committed over the life of the partnership. Denoted in local currency. e Partnership denotes name of partnership. f Vintage Year denotes the year of partnership fund formation and first take down of capital. g Local Currency denotes local currency. h Local Adjusted Valuation is the last statement value provided by the General Partner in local currency, adjusted by transactions effective after the statement date. i Base Adjusted Valuation is the last statement value provided by the General Partner in base currency, adjusted by transactions effective after the statement date. j % of Total denotes allocation of partnership by type relative to total partnerships held by plan sponsor. Sample report notates values in both base and local currencies. northerntrust.com PE, Hedge & Unitized Funds 13 of 16

15 REPORT INVESTMENT HEADLINE CHARACTERISTIC REPORTING Alternative Assets XX AUG XX CONSOLIDATION ACCOUNT: ABC ALL Report Title a c b d b c di g h e f Opening balance 2,001,300, ,160,500, Cost Market Value For more information Sponsor Contributions 419, , See funding & disbursement summary Interportfolio transfers in 19,000, ,000, See funding & disbursement summary Benefit payment redeposits 29, , See funding & disbursement summary Total Receipts 19,449, ,449, See funding & disbursement summary Interportfolio transfers out -19,000, ,000, See funding & disbursement summary Benefit payments -14,952, ,952, See funding & disbursement summary Total Disbursements -33,952, ,952, See funding & disbursement summary Income received 5,145, ,145, See income & expense summary Expenses paid -335, , See income & expense summary Unrealized gain/loss change ,593, See asset summary Realized gain/loss -2,347, ,347, See realized gain/loss summary Accrued income change 996, , See income & expense summary Closing balance 1,990,255, ,113,862, j *Generated by Northern Trust from periodic data on XX 31 Jan Jul XX Report PE-LP Italic Exposure Type Summary by Vintage Year Highlights a Report partnership Description exposure by vintage year with percentage allocated to each partnership, adjusted valuation and static data, b Report Description such c Report as local Highlight commitment, Text partnership Report type and Description local currency, or for a Report each private Highlight equity asset Text held Report within each Description. client account. d A Report Vintage Highlight Year denotes Text the Report year of Description partnership or fund a Report formation Highlight and first Text take down Report of Description. capital. B Account denotes account number. C Asset ID denotes asset identifier. D Local Commitment denotes the amount of capital committed over the life of the partnership. Denoted in local currency. E Partnership denotes name of partnership. F Type denotes one of the following parthership types: Buyout Corporate Finance Direct Investments Distressed Securities Fund of Private Equity Funds Mezzanine Oil & Gas Other Natural Resources Other Private Equity Private Debt Real Estate Special Situation Timber Venture Capital G Local Currency denotes local currency. H Local Adjusted Valuation is the last statement value provided by the General Partner in local currency, adjusted by transactions effective after the statement date. I Base Adjusted Valuation is the last statement value provided by the General Partner in base currency, adjusted by transactions effective after the statement date. J % of Total denotes allocation of partnerships by vintage year relative to total partnerships held by plan sponsor. Sample report notates values in both base and local currencies. 14 of 16 PE, Hedge & Unitized Funds northerntrust.com

16 REPORT INVESTMENT HEADLINE CHARACTERISTIC REPORTING Alternative Assets XX AUG XX CONSOLIDATION ACCOUNT: ABC ALL Report Title a b c d e Opening balance 2,001,300, ,160,500, h i b f c d j g Cost Market Value For more information Sponsor Contributions 419, , See funding & disbursement summary Interportfolio transfers in 19,000, ,000, See funding & disbursement summary Benefit payment redeposits 29, , See funding & disbursement summary Total Receipts 19,449, ,449, See funding & disbursement summary Interportfolio transfers out -19,000, ,000, See funding & disbursement summary Benefit payments -14,952, ,952, See funding & disbursement summary Total Disbursements -33,952, ,952, See funding & disbursement summary Income received 5,145, ,145, See income & expense summary Expenses paid -335, , See income & expense summary Unrealized gain/loss change ,593, See asset summary Realized gain/loss -2,347, ,347, See realized gain/loss summary Accrued income change 996, , See income & expense summary Closing balance 1,990,255, ,113,862, *Generated by Northern Trust from periodic data on XX 31 Jan Jul XX Report PE-LP Italic Exposure Type Summary by Local Currency Highlights a Report partnership Description exposure by local currency with percentage allocated to each b Report Description partnership, adjusted valuation and static c data, Report such as Highlight local commitment, Text Report vintage year, and Description partnership type or a for Report each private Highlight equity asset Text held Report within each Description. client account. d A Report Local Currency Highlight denotes Text Report local currency. Description or a Report Highlight B Account Text Report denotes Description. account number. C Asset ID denotes asset identifier. D Local Commitment denotes the amount of capital committed over the life of the partnership. Denoted in local currency. E Partnership denotes name of partnership. F Vintage Year denotes the year of partnership fund formation and first take down of capital. G Type denotes one of the following partnership types: Buyout Corporate Finance Direct Investments Distressed Securities Fund of Private Equity Funds Mezzanine Oil & Gas Other Natural Resources Other Private Equity Private Debt Real Estate Special Situation Timber Venture Capital H Local Adjusted Valuation is the last statement value provided by the General Partner in local currency, adjusted by transactions effective after the statement date. I Base Adjusted Valuation is the last statement value provided by the General Partner in base currency, adjusted by transactions effective after the statement date. J % of Total denotes allocation of partnership by local currency relative to total partnerships held by plan sponsor. Sample report notates values in both base and local currencies. northerntrust.com PE, Hedge & Unitized Funds 15 of 16

17 NOTES 16 of 16 PE, Hedge & Unitized Funds northerntrust.com

18 2015 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The following information is provided to comply with local disclosure requirements: The Northern Trust Company, London Branch; Northern Trust Global Services Limited; Northern Trust Global Investments Limited. The following information is provided to comply with Article 9(a) of The Central Bank of the UAE s Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, Abu Dhabi Representative Office. Northern Trust Global Services Limited Luxembourg Branch, 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Succursale d une société de droit étranger RCS B Northern Trust Luxembourg Management Company S.A., 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Société anonyme RCS B Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA.

19 northerntrust.com Q (5/15)