New Mexico Private Equity Investment Program

Performance Update – Q2 2018

Presented to

The New Mexico State Investment Council

November 2018

Presented by Sun Mountain Capital

1

Disclaimer

This presentation is for informational purposes only and is not intended to be, nor should it be construed or used as an offer to sell, or asolicitation of an offer to buy, interests in any proposed investment fund to be managed by Sun Mountain Capital Advisors, L.L.C.

The following presentation relies on information provided by third parties, including the New Mexico State Investment Council (“NMSIC”),NMSIC’s General Partners and/or Invient, NMSIC’s data provider. The analysis included herein is dependent on such information beingcomplete and accurate in all material respects. Additionally, analysis may utilize or involve forward-looking information that is derived in partfrom longer-term historical data provided by third-party sources. Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,”“anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon orcomparable terminology. Due to various risks and uncertainties, actual events or results, actual performance may differ materially fromthose reflected or contemplated in such forward-looking statements.

Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investment objectives describedherein will be achieved. Investment losses may occur, and investors could lose some or all of their investment. No guarantee orrepresentation is made that this investment program, including, without limitation, its investment objectives, diversification strategies or riskmonitoring goals, will be successful, and investment results may vary substantially over time. Investment losses may occur from time totime. Nothing herein is intended to imply that the investment methodologies may be considered “conservative,” “safe,” “risk free” or “riskaverse.”

In addition, projected results, if any, are based on a number of assumptions, including returns, fund size, economic terms, targetedinvestment allocation and other factors. Due to various risks and uncertainties, the projections in this presentation may differ materiallyfrom actual results or change significantly if any one or more of the assumptions are changed. As such, undue reliance should not be placedon such information.

Economic development data including employment, payroll and dollars spent in the State of New Mexico is collected quarterly for bothactive companies in the New Mexico Private Equity Investment Program (“NMPEIP”) as well as those in which portfolio funds no longer havean active interest. For active companies, Sun Mountain Capital Advisors, L.L.C. conducts quarterly surveys of fund managers to collecteconomic development data. For companies no longer obligated to report to NMPEIP fund managers, data is based on the most recent andmaterially reliable of 1) last reported data, 2) direct outreach to companies to collect data or 3) independently verified data provided bythird party entities. Annually, Sun Mountain Capital Advisors, L.L.C. reviews fund manager data submissions by directly contacting a samplingof underlying portfolio companies to verify accuracy of data.

Nothing herein is intended to serve as investment advice, a recommendation of any particular investment or type of investment, asuggestion of merits of purchasing or selling securities, or an invitation or inducement to engage in investment activity.

2

NMPEIP Q2 2018 Performance Summary: Program Status

• Inception to date program performance is at 2.5% net IRR, with returns from 2007 to present representing a 9.9% net IRR

• In the first quarter, the Program had net deployed capital of $286.3 million versus the STPF statutory 9% cap of $469.6 million

• Net deployed capital represents 5.5% of the Severance Tax Permanent Fund (“STPF”)

• The total legacy (pre-SMC) portfolio represents $44.0 million, or 11% of the total portfolio’s NAV as of 2Q18

• During the second quarter, distributions ($6.4 million) exceeded contributions ($3.9 million)

3

• The performance of the Program continues to be adversely impacted by investments made before 2007 when Sun Mountain Capital began its role as program advisor

• Since 2007, the Program has distributed $152 million back to the STPF

• From inception through 2006, total Program distributions were $25 million

• Net return have improved from $-31M (-8.8% IRR) in 2006 to $+81M (2.5% IRR) today

• Since SMC began its role as advisor, Program performance is in line with national benchmarks1

4

NMPEIP Q2 2018 Performance Summary: Financial Performance

Note: IRR data based on Invient report as of 06/30/2018. Invient manages all of the data on behalf of the NMSIC, and Sun Mountain

Capital Advisors, L.L.C. has access to the data. 1 yr., 3 yr. and 5 yr. IRR data represents the IRR performance of the program for the 1, 3

and 5 years preceding 06/30/2018, respectively.

1. Performance, by vintage year, since 2007, has on average, exceeded national benchmarks . Please refer to slide 6 for additional

benchmarking information

Fund Group 1 yr 3 yr 5 yr Inception

NMPEIP Aggregate 21.9% 12.2% 11.2% 2.5%

SMC Total 26.0% 17.4% 16.2% 9.9%

Recommended* 12.3% 6.1% 9.4% 5.3%

Co-Investment Fund** 28.3% 19.5% 17.4% 10.8%

Legacy Portfolio*** 0.1% -6.3% -2.0% -3.4%

*Inclusive of vSpring III, EV IV, EV V, NM Catalyst Fund, PVP II, Psilos Subsidiary, TCI III, KSF IV, Crosslink VIII

** Combined performance of all SMC managed Co-Investment tranches

***Excludes all SMC Co-Investment Tranches and SMC Recommended funds

Internal Rate of Return

NMPEIP Historic Financial Performance Summary

Source: All performance data is from Invient.

IRR data represents the period end IRR performance. For instance in

2010, that represents the 12/31/2010 performance.

5

-20%

-15%

-10%

-5%

0%

5%

10%

15%

IRR

SMC vs. Legacy IRR: 2007 to Present

SMC Total Legacy Portfolio

-20%

-15%

-10%

-5%

0%

5%

10%

15%

IRR

NMPEIP Aggregate

6

NMPEIP Q2 2018 Benchmarking Summary

Source: Invient reporting as of 6/30/2018 and Preqin Database custom benchmarking as of 3/31/2018 due to insufficient benchmarking funds reporting for 6/30/2018 Preqin report1) Fund Performance Benchmark composed of venture capital funds based in North America and smaller than $500

million in size.2) For vintage years later than 2014, benchmark comparison based on return multiple due insufficient benchmark data

for Preqin to create quartiles based on IRR. For vintage years prior to 2014, comparison is based on Net IRR numbers. There were insufficient 2017 and 2018 vintage funds reporting performance data to Preqin to create a benchmark.

Note: For funds with less than 10% called, SMC determined the performance is not meaningful to compare to a benchmark.

Sun Mountain Capital Performance

• Competitive financial performance: 4 of 5 vintage years exceed national median1

Legacy Portfolio Performance – 1993-2006

• Poor financial performance: 8 of 10 vintage years below national median1

• 5 of 10 vintage years in fourth quartile

Vintage 2 Multiple IRR Benchmark Quartile 1 2

2007 1.56x 6.2% Third

2008 2.21x 12.8% Second

2013 1.83x 17.9% Second

2014 1.56x 25.0% First

2016 1.07x 6.9% Second

2017 N/M N/M N/M

2018 N/M N/M N/M

Vintage 2 Multiple IRR Benchmark Quartile 1 2

1993 3.53x 44.8% Second

1996 0.94x -0.9% Fourth

1998 0.46x -7.7% Fourth

2000 0.59x -5.7% Third

2001 1.11x 1.8% Third

2002 1.34x 4.4% Second

2003 0.21x -18.3% Fourth

2004 0.84x -2.2% Fourth

2005 0.04x -73.6% Fourth

2006 1.31x 4.6% Third

• Each dollar invested by an NMPEIP fund into a NM-based company is attracting $6.1 of outside investment

• The SIC’s investment in the New Mexico startup ecosystem is showing results

7

NMPEIP Economic Impact – Since Inception*

* Numbers based on Sun Mountain Capital Advisor’s, L.L.C. internal survey of NMPEIP funds and underlying companies as of 06/30/2018.

Only companies that report their data are included. If a company is sold from the NMPEIP, the most recent confirmed employment number

is used. Data is accurate to the best of Sun Mountain Capital Advisor’s, L.L.C knowledge. Further, job numbers were corroborated by the

New Mexico Economic Development Department in 2015.

Program Highlights since Inception

• 38 Funds have received a commitment

• 80 New Mexico-based companies funded

• New Mexico is attracting national-caliber investors to its companies

• Over $2.5 billion invested into these companies

$361,000,000

$2,192,000,000

$2.55 billion invested into NM companies

Funds with NMPEIP Investment

Investment into NM Companies caused by NMPEIP Participation

• Program continues to have a significant economic impact on the New Mexico economy

8

NMPEIP Economic Impact in Q2 2018*

* Numbers based on Sun Mountain Capital Advisor’s, L.L.C. internal survey of NMPEIP funds and underlying companies as of 6/30/2018.

Only companies that report their data are included. If a company is sold from the NMPEIP, the most recent confirmed employment number

is used. Data is accurate to the best of Sun Mountain Capital Advisor’s, L.L.C knowledge. Further, job numbers were corroborated by the

New Mexico Economic Development Department in 2015.

NMPEIP Impact Summary as of 6/30/18

Categorization of NM Portfolio Companies

Active Companies 37

Companies Exited at a Gain 15

Companies Exited at a Loss 28

Number of Companies funded 80

NM Economic Impact Q2 2018

NM Purchases $26,197,181

NM Payroll $35,250,820

NM Economic Impact $61,448,002

Total Current Full-Time JobsAverage Annual Salary of Jobs Created

Average Annual Salary in New Mexico1

100%

45%19%36%

1 Source: New Mexico wage and salary disbursements and total wage and salary employees

from the U.S. Dept. of Commerce, Bureau of Economic Analysis

Past 12 Months$128,978,026$153,122,980

$282,101,007

1,892$74,526$44,160

Source: Survey of participating NMPEIP fund managers and NM companies for active

companies and most recent verified data for exited companies

80 New Mexico Companies Funded Since Program Inception

9

37 Active New Mexico Companies as of 6/30/18

Agilvax Consolidated Energy Meow Wolf Southwest Med Tech

Altela Descartes Labs Nanocrystal Sundrop

American Clay Enerpulse Noribachi Teucrium Trading

Armonica Exagen Diagnostics Nuvita TriLumina

Aspen Avionics Figaro Respira Therapeutics TruTouch Technologies

Avisa Pharma Good Planet Labs Robotic Skies Vibrant

BayoTech Green Theme Tech. RiskSense xF Technologies

Boomtime Growstone SBA Materials

BounceChat Holochip Seamless Medical

Comet Solutions JackRabbit Systems Skorpios Technologies

Exited New Mexico Companies as of 6/30/18

Advent Solar Elisar Software MicroOptical Devices Seattle Fish Company

Altaview Technologies Entrada MIOX Seclarity

Amtech Infantelligence NanoMR Surfect Technologies

Avasca InnovASIC OnQueue Technologies TCI Medical

Azano Intellicyt Patchwork Systems Tred

Bioreason Introbotics Phase-I VeraLight

Controlled Recovery Iosil Energy POSLavu Vertical Power

Desert Power Kinetisis Protalex WellKeeper

Dining Gift Services Lumidigm ProtoHIT Zia Laser

Earthstone Mesofuel Puente Partners ZTEC Instruments

Eclipse Aviation Metaphor Quasar

• Program is currently tracking to the pacing plan approved by the SIC

• The number of qualified investment opportunities has continued to increase due to the 2016 change in the NMPEIP program requirements and improved VC landscape

• We are evaluating potential new fund commitments for the Program

• Currently 3 funds are in advanced stages of due diligence for a potential commitment from the NMPEIP

• Since SMC’s involvement as the Program’s advisor, the financial returns have improved significantly, but since inception financial returns are still impacted by the legacy portfolio

• Program is having a positive impact on the New Mexico economy

Summary of Key Points for New Mexico Program

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• As of Q2 2018, Focused Fund Tranche 2017 has funded 7 new companies and has made 5 follow-on investments into promising existing portfolio companies

• Subsequent to quarter end, Trance 2017 has made 2 additional investments in NM-based companies

• 9 new company investments reflect the strong deal flow that exists in the expanding New Mexico startup ecosystem

• Though only 2 years old, Tranche 2017 has had early portfolio write-ups resulting in a promising track record

• Net multiple: 1.50x

• Net IRR: 293.0% (this is not meaningful as the time horizon is very short)

11

Tranche 2017 Update

• Investment commitments are on track with Catalyst Fund pacing plan*

• 6 funds have publicly closed on investment commitments from the Catalyst Fund

• Arrowhead Innovation Fund (Las Cruces)

• Tramway Venture Partners (Albuquerque)

• Cottonwood Technology Fund (Santa Fe)

• ABQid (Albuquerque)

• NMA Ventures (Albuquerque)

• BlueStone Venture Partners (Santa Fe)

• 3 funds are in early stages of due diligence

• Catalyst Fund has capacity to make 1-2 more fund commitments

• Catalyst Fund portfolio characteristics

• Funds that have received commitments feature experienced investors in the general partner or on their investment committees

• Broad industry diversification

• Geographic diversity

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Catalyst Fund Update

*Catalyst Fund has a 5 year investment period and based on the rate of commitments, SMC believes that the Fund will be able to commit all of its capital during that investment period.

• Over $128 million deployed in New Mexico-based companies in 2017*

• Multiple $5 million+ Investment Rounds**

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New Mexico Company Highlights

*Data from Thomson Reuters’ Q4 2017 Report**Meow Wolf is not a NMPEIP portfolio company

• Ranked 24th in the nation for equity investment in the state*

• On a per-capita basis, New Mexico Ranks 15th in the nation, with $62 per person deployed in 2017*

• New Mexico ranks 3rd in the Southwest Region**

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New Mexico Venture Capital Ecosystem

*Data from Thomson Reuters’ Q4 2017 Report** Southwest Region defined as Arizona, Colorado, Nevada, New Mexico, Oklahoma, Texas, and Utah

-

50

100

150

200

250

300

Utah Colorado New Mexico Texas Nevada Arizona Oklahoma

Equ

ity

Do

llars

per

Cap

ita

Southwest Investment Per Capita

• The intent of the New Mexico Private Equity Program is to develop a private equity industry within the state. The three primary objectives are to:

1. Produce significant capital gains to grow the corpus of the STPF;

2. Provide additional diversification to the STPF’s assets;

3. Create, retain, or expand employment opportunities and economic growth within the State.

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Investment Guidelines and Compliance

Category Strategic Plan Requirement Compliance

Funding Status

Allocation Target 5% target, 9% maximum, of STPF ✓

Investment Allocations

Minimum Commitment $4 million ✓

Maximum Allocation* 1/3 of the total capital of any fund ✓

Excluded Investments Any investments that include NM SBIC ✓

Portfolio Fund Requirements

Commitment to NMCommitted to investing an amount at least equal to the total

investment made by SIC in that fund✓

Business ActivityPrimary activity is the investment of funds in return for equity or

debt of businesses for the purposes of growing that business✓

*While the SIC investment is more than 33% of certain funds, this is due to the State investing in a sidecar vehicle that is

targeting New Mexico. The SIC is not more than 33% of aggregate commitments of the any one fund's strategy/vintage

(excluding a few Funds that recieved a commitment before the current policy (implemented in 2007) was in place, and the NM

Catalyst Fund).

The SIC approved the investment into the NM Catalyst Fund, understanding that the SIC investments would be 50% of the

aggregate commitments; however, due to the matching fund requirement of the underlying funds, the SIC will not be more than

25% of any underlying fund.

Capital Invested by Sector: Active NMPEIP Program Sector Concentration

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Technology(Excluding Software)

27%

Software10%

Healthcare28%

Healthcare Devices4%

Energy7%

Aviation15%

Cleantech8%

Other1%

NMPEIP Investment by Sector: Active Companies

Appendix A: Additional 2Q18 Information

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NMPEIP Status Overview

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Unaudited Performance Data as of 6/30/18

Number of Fund Commitments 38

Capital Committed (Total) $534.1

Capital Committed (Net of Dist.'s Received) $356.8

Capital Drawn $463.6

% of Capital Committed (Total) 86.8%

Distributions Received $177.3

% of Capital Drawn 38.2%

Outstanding Deployed Capital $286.3

Outstanding Deployed Capital as % of STPF 5.5%

Portfolio Carrying Value $392.6

Total Portfolio Value $569.9

% of Capital Drawn 122.9%

Portfolio Multiple of Invested Capital 1.20x

Portfolio IRR 2.5%

Note: Returns calculated using reported Carrying Values as of 6/30/18

and data provided by Invient

Severance Tax Permanent Fund ('STPF') currently $5,217.9 million as of 6/30/18

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Active Portfolio – SMC RecommendedActive, Sun Mountain Recommended Fund Commitment Funded Percent NM Investment Value ($) 2 Return 2 Management Fund

Commitment Summary as of 06/30/18 Vintage Dollars % of Fund 6 To Date Funded Invest 1 Realized Unrealized 3Total Multiple IRR Fee? Liquidated

NMSIC Co-Investment Fund, L.P. (Classic) 2007 $30.0 100.0% $27.2 90.6% $398.7 $7.1 $12.3 $19.5 0.62x -10.9% Stepdown

NMSIC Co-Investment Fund, L.P. (Focused) 2007 $62.5 100.0% $62.4 99.8% $957.9 $1.9 $160.5 $162.4 2.51x 11.4% Stepdown

vSpring III, L.P.5 2007 $15.0 11.9% $15.0 100.0% $13.2 $0.5 $11.7 $12.2 0.81x -2.4% Stepdown

EPIC Venture Fund IV, LLC 2008 $10.0 17.2% $8.8 88.2% $10.0 $13.6 $7.5 $21.0 2.32x 13.4% Stepdown

NMSIC Co-Investment Fund, L.P. (2013) 2013 $20.0 100.0% $18.2 91.0% $67.7 $0.6 $35.7 $36.3 1.90x 17.7% Stepdown

NMSIC Co-Investment Fund, L.P. (2014) 2014 $40.0 100.0% $38.2 95.4% $74.3 $0.4 $66.7 $67.1 1.70x 26.7% Stepdown

EPIC Venture Fund V, LLC 2016 $10.0 13.3% $3.2 32.4% $2.7 $0.0 $3.1 $3.1 0.95x -4.6% Yes

New Mexico Catalyst Fund, L.P.4 7 2016 $10.0 52.6% $1.5 15.4% $1.3 $0.0 $1.6 $1.6 1.02x 2.4% Yes

Phoenix Venture Partners II, L.P. 2016 $10.0 13.3% $3.9 38.6% $0.0 $0.0 $6.3 $6.3 1.63x 44.9% Yes

Psilos Group Partners III Subsidiary, L.P. 2016 $2.0 44.2% $2.0 100.0% $0.0 $0.0 $3.0 $3.0 1.50x 21.3% No

Trinity Capital Fund III, L.P. 2016 $7.5 10.0% $7.5 100.0% $0.0 $0.3 $8.2 $8.5 1.14x 11.7% Yes

Kickstart Seed Fund IV, L.P. 2017 $7.4 13.5% $2.9 39.5% $3.9 $0.0 $2.7 $2.7 N/M N/M Yes

NMSIC Co-Investment Fund, L.P. (2017) 2017 $40.0 100.0% $18.2 45.6% $208.4 $0.0 $29.3 $29.3 N/M N/M Yes

Crosslink Ventures VIII, L.P. 2018 $15.0 6.0% $0.2 1.0% $0.0 $0.0 $0.0 $0.0 N/M N/M Yes

Program Totals $264.5 19.6% $209.1 84.5% $1,738.2 $24.3 $348.7 $373.0 1.59x 9.1% 14 of 14 0 of 14

Source: Invient reporting

Notes:

1) Includes both direct fund investments and caused to invest dollars into New Mexico companies. Sourced from Invient reporting, GP reporting and Sun Mountain Capital analysis

Variance from total external dollars in New Mexico companies due to exclusion of previously raised capital and accounting for overlapping caused to invest dollar allocations

2) Investment Values and Return calculations based upon asset values from 6/30/18. For funds with less than 10% drawn or funds less than 2 years old, return is not meaningful

3) Fair Market Value as determined by Fund GPs under ASC 820 as of the report date

4) Fair Market Value is estimated using prior quarter's reported values

5) Firm managing the fund has changed name: vSpring is now called Signal Peak Capital

6) Percentage of Fund Program Total does not include the Co-Investment Funds

7) The NMSIC approved the investment into the NM Catalyst Vehicle, understanding that they would be 50% of the aggregate commitments of the Fund of Funds. However, due to the

matching fund requirement of the underlying funds, the NMSIC will not be more than 25% of any underlying fund.

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Legacy/Liquidated Portfolio

Legacy Fund Commitment Summary Commitment Funded Percent NM Investment Value ($) 2 Return 2 Management Fund

Commitment Summary as of 06/30/18 Vintage Dollars % of Fund 7 To Date Funded Invest 1 Realized Unrealized 3 Total Multiple IRR Fee? Liquidated

ARCH Venture Fund II, L.P. 1993 $1.2 3.9% $1.2 100.0% $67.1 $4.3 $0.0 $4.3 3.53x 44.8% No Yes

ARCH Venture Fund III, L.P. 1996 $4.0 3.7% $4.0 100.0% $0.0 $3.8 $0.0 $3.8 0.94x -0.9% No Yes

CVM Equity Fund V9 1998 $3.0 50.0% $3.0 100.0% $1.1 $1.7 $0.0 $1.7 0.58x -6.1% No Yes

Murphree Venture Partners IV, L.P.9 1998 $4.0 38.5% $4.0 100.0% $4.9 $0.1 $0.0 $0.1 0.02x -71.8% No Yes

Tullis/Dickerson Capital Focus II, L.P.5 1998 $5.0 4.4% $5.0 100.0% $10.1 $2.5 $0.2 $2.7 0.54x -5.2% No

Valley Ventures II, L.P. 1998 $3.0 10.3% $3.0 100.0% $19.2 $2.6 $0.0 $2.6 0.87x -1.6% No Yes

Vestor Partners, L.P. 1998 $2.5 4.3% $2.4 94.0% $0.0 $0.6 $0.0 $0.6 0.27x -16.4% No Yes

International Venture Fund I, L.P. 2000 $5.0 30.0% $5.0 100.0% $9.6 $0.9 $0.1 $1.0 0.19x -12.1% No Yes

Murphree Venture Partners V, L.P.4 2000 $3.0 20.0% $3.0 100.0% $2.2 $1.0 $0.2 $1.2 0.41x -10.1% No In Process

Red River Ventures, L.P. 4 2000 $7.2 24.4% $7.2 100.0% $12.8 $6.4 $0.3 $6.7 0.94x -0.8% No

Tullis/Dickerson Capital Focus III, L.P.5 2001 $15.0 11.8% $15.0 100.0% $25.2 $14.4 $4.5 $18.9 1.26x 4.5% No

Wasatch Venture Fund III, LLC 2001 $8.7 15.0% $8.6 99.0% $41.6 $4.7 $2.6 $7.2 0.84x -2.3% No

Altira Technology Fund IV, L.P. 2002 $10.0 15.6% $10.0 100.0% $14.3 $14.2 $0.0 $14.2 1.42x 6.1% No Yes

Blue Sage Capital, L.P. 2002 $10.0 6.9% $7.6 76.4% $10.0 $29.1 $2.0 $31.2 3.93x 21.9% No

ITU Ventures West I, L.P. 9 2002 $15.0 45.5% $15.0 100.0% $15.3 $6.0 $0.0 $6.0 0.41x -15.5% No Yes

Valley Ventures III, L.P. 2002 $6.7 15.0% $6.5 98.0% $14.9 $2.3 $0.0 $2.3 0.35x -12.0% No Yes

New Mexico Co-Investment Partners, L.P.6 2003 $62.0 100.0% $62.0 100.0% $163.7 $13.3 $0.0 $13.3 0.21x -23.4% No Yes

vSpring II, L.P.5 2003 $20.0 23.6% $20.0 100.0% $91.9 $0.0 $5.0 $5.0 0.25x -10.9% No

Flywheel I, L.P. 9 2004 $15.0 48.6% $15.0 100.0% $52.8 $10.1 $7.1 $17.3 1.15x 1.7% No

Verge I, L.P. 9 2004 $10.0 65.6% $10.0 100.0% $50.6 $7.5 $2.6 $10.1 1.01x 0.1% Stepdown

Wasatch New Mexico Fund, LLC8 2004 $12.0 99.0% $12.0 100.0% $47.0 $1.4 $2.7 $4.1 0.34x -10.7% Stepdown

ITU Ventures III NM, L.P. 8 2005 $2.3 99.0% $2.3 100.0% $0.0 $0.1 $0.0 $0.1 0.04x -73.6% No Yes

Psilos Group Partners IIIB, L.P. 2006 $15.0 5.0% $15.0 100.0% $28.8 $8.0 $9.9 $18.0 1.20x 2.7% No

Village Ventures Fund II-B, L.P. 2006 $15.0 10.7% $17.6 117.1% $3.2 $17.9 $6.7 $24.6 1.40x 6.0% Stepdown

Program Totals $254.5 12.5% $254.4 99.9% $686.4 $153.0 $44.0 $197.0 0.77x -3.6% 3 of 24 12 of 24

Source: Invient reporting

Notes:

1) Includes both direct fund investments and caused to invest dollars into New Mexico companies. Sourced from Invient reporting, GP reporting and Sun Mountain Capital analysis

Variance from total external dollars in New Mexico companies due to exclusion of previously raised capital and accounting for overlapping caused to invest dollar allocations

2) Investment Values and Return calculations based upon asset values from 6/30/18

3) Fair Market Value as determined by Fund GPs under ASC 820 as of the report date

4) Fair Market Value is estimated using prior quarter's reported values

5) Firm managing the fund has changed name: Tullis/Dickerson is now called Tullis Health Investors, vSpring is now called Signal Peak Capital

6) New Mexico Co-Investment Partners, L.P. data includes one SIC direct investment for reporting purposes

7) Percentage of Fund Program Total does not include the Co-Investment Funds

8) While the NMSIC is more than 33% of the fund, this is due to the State investing in a sidecar vehicle that is targetting New Mexico. NMSIC is not more than 33% of aggregate commitments

of the fund's strategy/vintage.

9) Fund investment was made before current policy guidelines (established in 2007) as it relates to percentage of total fund size

NMPEIP Carrying Value Quarter Over Quarter

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NM PEIP Changes in Q1 2018 Reported Value

Early VC Later VC Buyout Total

Reported Valuation as of Q4 2017 $191.1 $160.3 $4.1 $355.5

Contributions to General Partners $11.4 $0.0 $0.0 $11.4

Distributions from General Partners ($4.0) $0.0 ($0.2) ($4.2)

Change in Value ($0.9) ($0.1) $0.5 ($0.5)

Reported Valuation as of Q1 2018 $197.6 $160.2 $4.4 $362.2

Source: Invient reporting

NM PEIP Changes in Q2 2018 Reported Value

Early VC Later VC Buyout Total

Reported Valuation as of Q1 2018 $197.6 $160.2 $4.4 $362.2

Contributions to General Partners $3.9 $0.0 $0.0 $3.9

Distributions from General Partners ($3.5) ($0.3) ($2.6) ($6.4)

Change in Value $13.6 $18.8 $0.5 $33.0

Reported Valuation as of Q2 2018 $211.6 $178.7 $2.4 $392.6

Source: Invient reporting

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Contributions/Distributions Since Program Inception

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Per

iod

Cas

h F

low

s ($

in t

ho

usa

nd

s)

Contributions/Distributions Over Time

Contributed in the Year Distributed in the Year

Thank You

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