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LADWP Retirement Plan April 30, 2016

1 of 12 | The Northern Trust Company ¹ Alternative investments ITD is an Internal Rate of Return as of 12/31/2015; for all other investments, it is an annualized Time Weighted Return.

Investment Hierarchy (Time Weighted Returns) 1ITD=IRR

Account / Group Name Vintage Commitment Market ValuePortfolio Weight

Target Weight

Watch Status 1 Month 3 Months YTD FYTD 1 Year 3 Years 5 Years 1ITD

Inception Date

LADWP Retirement Plan Total (GOF) 9,980,131,484.01 100.0% 100.0% 0.96 5.27 1.68 0.26 -0.29 6.52 6.53LADWP Retirement Plan Total (NOF) 0.94 5.22 1.62 0.11 -0.48 6.26 6.27LADWP Retirement Plan Index 0.77 5.31 2.19 0.09 -0.63 6.01 6.49NOF Excess Return 0.17 -0.09 -0.56 0.01 0.15 0.25 -0.23 LADWP Retirement ex Sec Len (GOF) 9,980,131,459.01 100.0% 0.95 5.26 1.68 0.24 -0.31 6.49 6.50 LADWP Retirement ex Sec Len (NOF) 0.94 5.21 1.61 0.08 -0.51 6.24 6.23 LADWP Retirement Plan Index 0.77 5.31 2.19 0.09 -0.63 6.01 6.49 NOF Excess Return 0.17 -0.10 -0.57 -0.01 0.13 0.22 -0.26 Total Domestic Equity (GOF) 3,586,930,431.30 35.9% 0.71 7.43 1.02 -0.28 0.33 11.96 10.78 Total Domestic Equity (NOF) 0.69 7.39 0.95 -0.44 0.13 11.70 10.50 Russell 3000 0.62 7.67 1.59 0.14 -0.18 10.77 10.50 NOF Excess Return 0.07 -0.28 -0.64 -0.57 0.31 0.93 0.00

Large Cap Equity (GOF) 3,361,743,073.17 33.7% 32.0% 0.77 7.46 1.25 0.71 1.17 12.32 11.11 Large Cap Equity (NOF) 0.76 7.42 1.20 0.59 1.01 12.11 10.88 Russell 1000 0.54 7.51 1.72 0.93 0.34 11.06 10.81 NOF Excess Return 0.22 -0.10 -0.53 -0.35 0.67 1.05 0.07 Large Cap Value (GOF) 926,652,072.36 9.3% 9.0% 2.28 9.72 4.79 3.50 2.87 11.44 11.34 Large Cap Value (NOF) 2.26 9.64 4.69 3.24 2.56 11.10 11.01 Russell 1000 Value 2.10 9.43 3.77 0.42 -0.40 9.59 10.13 NOF Excess Return 0.16 0.21 0.91 2.82 2.96 1.51 0.88 MFS LC Val (GOF) 467,449,443.25 4.7% 2.58 9.62 5.58 4.17 4.36 11.75 11.65 8.96 Feb-04 MFS LC Val (NOF) 2.56 9.54 5.47 3.89 4.03 11.42 11.31 8.58 Russell 1000 Value 2.10 9.43 3.77 0.42 -0.40 9.59 10.13 6.94 NOF Excess Return 0.46 0.11 1.70 3.47 4.43 1.83 1.18 1.64 T Rowe Price LC Val (GOF) 459,202,629.11 4.6% 1.97 9.83 4.00 2.83 1.40 11.12 11.03 8.49 Sep-04 T Rowe Price LC Val (NOF) 1.95 9.75 3.90 2.58 1.10 10.79 10.70 8.13 Russell 1000 Value 2.10 9.43 3.77 0.42 -0.40 9.59 10.13 7.16 NOF Excess Return -0.15 0.32 0.13 2.16 1.50 1.20 0.58 0.97 Large Cap Growth (GOF) 850,232,548.21 8.5% 9.0% -0.41 5.00 -5.07 -4.75 -2.55 13.19 10.54 Large Cap Growth (NOF) -0.44 4.92 -5.16 -4.99 -2.85 12.85 10.20 Russell 1000 Growth -0.91 5.72 -0.18 1.46 1.07 12.47 11.44 NOF Excess Return 0.47 -0.81 -4.99 -6.45 -3.92 0.38 -1.24 Fred Alger LC Grw (GOF) 422,246,177.14 4.2% -2.06 3.92 -5.39 -11.05 -7.72 10.39 7.84 7.81 Feb-04 Fred Alger LC Grw (NOF) -2.08 3.84 -5.48 -11.26 -7.98 10.08 7.52 7.45 Russell 1000 Growth -0.91 5.72 -0.18 1.46 1.07 12.47 11.44 7.70 NOF Excess Return -1.17 -1.88 -5.30 -12.72 -9.05 -2.39 -3.91 -0.26 T Rowe LC Grw (GOF) 427,986,371.07 4.3% 1.26 6.09 -4.12 1.62 2.50 15.89 13.22 13.02 Mar-10 T Rowe LC Grw (NOF) 1.24 6.00 -4.22 1.34 2.16 15.52 12.85 12.64 Russell 1000 Growth -0.91 5.72 -0.18 1.46 1.07 12.47 11.44 12.97 NOF Excess Return 2.15 0.28 -4.04 -0.12 1.09 3.05 1.42 -0.33 Large Cap Core (GOF) 1,584,858,452.60 15.9% 14.0% 0.55 7.50 1.73 0.97 0.38 11.08 10.85 Large Cap Core (NOF) 0.55 7.50 1.73 0.96 0.38 11.08 10.84 Russell 1000 0.54 7.51 1.72 0.93 0.34 11.06 10.81 NOF Excess Return 0.00 -0.01 0.01 0.03 0.04 0.02 0.03 Blackrock/Russell 1000 (GOF) 1,584,858,452.60 15.9% 0.55 7.50 1.73 0.97 0.38 11.08 10.81 8.32 Aug-03 Blackrock/Russell 1000 (NOF) 0.55 7.50 1.73 0.96 0.38 11.08 10.80 8.25 Russell 1000 0.54 7.51 1.72 0.93 0.34 11.06 10.81 8.26 NOF Excess Return 0.00 -0.01 0.01 0.03 0.04 0.02 -0.01 -0.01

34.2%

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Target Weight


Inception Date

Small Cap Equity (GOF) 225,187,358.13 2.3% 2.2% -0.24 7.10 -2.05 -11.98 -9.81 7.50 6.84 Small Cap Equity (NOF) -0.28 6.95 -2.24 -12.48 -10.44 6.72 6.04 Russell 2000 1.57 9.67 0.03 -8.73 -5.94 7.53 6.98 NOF Excess Return -1.85 -2.72 -2.27 -3.75 -4.49 -0.81 -0.94 Small Cap Value (GOF) 117,332,828.14 1.2% 1.1% 0.11 10.24 3.10 -2.86 -1.35 10.25 9.72 Small Cap Value (NOF) 0.06 10.08 2.90 -3.32 -1.92 9.65 9.11 Russell 2000 Value 2.12 11.34 3.86 -4.63 -3.71 6.50 6.77 NOF Excess Return -2.06 -1.25 -0.95 1.30 1.79 3.15 2.34 Earnest Partners SC Val (GOF) 117,332,828.14 1.2% 0.11 10.24 3.10 -2.86 -1.35 10.24 9.72 7.77 Nov-04 Earnest Partners SC Val (NOF) 0.06 10.08 2.90 -3.32 -1.92 9.64 9.10 7.08 Russell 2000 Value 2.12 11.34 3.86 -4.63 -3.71 6.50 6.77 5.86 NOF Excess Return -2.06 -1.25 -0.95 1.30 1.79 3.13 2.33 1.22 Small Cap Growth (GOF) 107,854,529.99 1.1% 1.1% -0.61 3.89 -6.73 -20.21 -17.49 4.86 4.06 Small Cap Growth (NOF) -0.65 3.73 -6.91 -20.73 -18.17 3.91 3.08 Russell 2000 Growth 1.00 7.97 -3.73 -12.69 -8.27 8.50 7.15 NOF Excess Return -1.65 -4.23 -3.18 -8.04 -9.91 -4.59 -4.07 Emerald Sm. Cap Growth (GOF) 107,854,529.99 1.1% -0.61 3.89 -6.73 -- -- -- -- -11.68 Nov-15 Emerald Sm. Cap Growth (NOF) -0.65 3.73 -6.91 -- -- -- -- -11.90 Russell 2000 Growth 1.00 7.97 -3.73 -- -- -- -- -8.32 NOF Excess Return -1.65 -4.23 -3.18 -- -- -- -- -3.58

Total International Equity (GOF) 1,917,935,175.51 19.2% 19.0% 2.14 8.84 2.54 -3.13 -6.23 2.59 1.53 Total International Equity (NOF) 2.11 8.76 2.44 -3.37 -6.51 2.29 1.21

MSCI ACWI ex US-IMI ND Index 2.65 10.03 2.42 -6.58 -10.28 0.47 1.27 NOF Excess Return -0.54 -1.27 0.02 3.20 3.77 1.82 -0.06

Developed Market Equity (GOF) 1,450,555,661.08 14.5% 14.5% 2.56 8.36 1.50 -1.92 -4.70 4.21 2.98 Developed Market Equity (NOF) 2.54 8.31 1.43 -2.09 -4.90 3.99 2.74 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 3.00 NOF Excess Return -0.67 -0.86 -0.12 2.95 3.30 2.18 -0.26 Blackrock/MSCI World (GOF) 467,732,122.11 4.7% 3.29 9.37 1.75 -4.79 -7.87 2.14 -- 6.14 Sep-12 Blackrock/MSCI World (NOF) 3.29 9.37 1.75 -4.80 -7.88 2.12 -- 6.12 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 -- 5.79 NOF Excess Return 0.09 0.20 0.20 0.24 0.32 0.30 -- 0.33 MFS Dev Val (GOF) 498,354,682.45 5.0% 1.51 7.67 3.22 4.51 1.18 8.11 -- 13.17 Jul-12 MFS Dev Val (NOF) 1.48 7.58 3.10 4.22 0.85 7.77 -- 12.80 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 -- 7.23 NOF Excess Return -1.73 -1.59 1.55 9.27 9.05 5.95 -- 5.57 Fidelity Asset Management (GOF) 484,468,856.52 4.9% 2.95 8.12 0.33 -4.55 -6.52 2.64 2.79 5.55 Nov-04 Fidelity Asset Management (NOF) 2.93 8.04 0.24 -4.77 -6.78 2.36 2.50 5.19 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 3.00 4.59 NOF Excess Return -0.28 -1.13 -1.31 0.27 1.42 0.54 -0.50 0.60 Emerging Market Equity (GOF) 467,379,514.43 4.7% 4.5% 0.86 10.35 5.98 -7.67 -11.83 -3.19 -3.20 Emerging Market Equity (NOF) 0.81 10.18 5.76 -8.15 -12.38 -3.77 -3.84 MSCI Emerging Markets IMI ND 0.67 13.32 5.74 -12.12 -17.56 -4.34 -4.59 NOF Excess Return 0.13 -3.14 0.02 3.97 5.18 0.57 0.75 LA Capital EM (GOF) 231,769,883.00 2.3% 0.36 13.15 7.59 -11.12 -17.01 -4.03 -- -1.16 Sep-12 LA Capital EM (NOF) 0.31 12.97 7.35 -11.60 -17.54 -4.63 -- -1.79 MSCI Emerging Markets IMI ND 0.67 13.32 5.74 -12.12 -17.56 -4.34 -- -2.21 NOF Excess Return -0.37 -0.35 1.61 0.52 0.01 -0.29 -- 0.42 Vontobel EM (GOF) 235,609,631.43 2.4% 1.35 7.72 4.43 -4.37 -6.65 -2.46 -- -0.69 Dec-12 Vontobel EM (NOF) 1.30 7.56 4.23 -4.84 -7.20 -3.01 -- -1.26 MSCI Emerging Markets IMI ND 0.67 13.32 5.74 -12.12 -17.56 -4.34 -- -3.93 NOF Excess Return 0.63 -5.76 -1.51 7.28 10.36 1.33 -- 2.67

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Target Weight


Inception Date

Total Fixed (GOF) 2,850,536,244.13 28.6% 28.8% 0.67 2.16 2.96 2.80 1.86 2.52 4.31 Total Fixed (NOF) 0.66 2.12 2.91 2.66 1.69 2.37 4.16 Total Fixed Income Index 1.00 3.11 3.72 3.52 2.19 2.24 3.74 NOF Excess Return -0.34 -0.99 -0.81 -0.86 -0.50 0.13 0.42

Principal Protection (GOF) 1,580,085,753.66 15.8% 16.2% 0.11 0.78 2.35 -- -- -- -- Principal Protection (NOF) 0.10 0.75 2.31 -- -- -- -- BC US Intermediate Agg x Credit Bond 0.07 0.78 2.25 -- -- -- -- NOF Excess Return 0.03 -0.04 0.06 -- -- -- -- JPM Principal Protection (GOF) 790,158,301.34 7.9% 0.10 0.78 2.43 -- -- -- -- 2.57 Aug-15 JPM Principal Protection (NOF) 0.09 0.76 2.40 -- -- -- -- 2.50 BC US Intermediate Agg x Credit Bond 0.07 0.78 2.25 -- -- -- -- 2.41 NOF Excess Return 0.02 -0.03 0.15 -- -- -- -- 0.09 Wells Cap Principal Protection (GOF) 789,927,452.32 7.9% 0.13 0.77 2.26 -- -- -- -- 2.39 Aug-15 Wells Cap Principal Protection (NOF) 0.12 0.74 2.21 -- -- -- -- 2.30 BC US Intermediate Agg x Credit Bond 0.07 0.78 2.25 -- -- -- -- 2.41 NOF Excess Return 0.05 -0.04 -0.03 -- -- -- -- -0.11 Extended Credit (GOF) 1,142,792,456.84 11.5% 11.3% 1.40 4.07 4.03 -- -- -- -- Extended Credit (NOF) 1.38 4.02 3.97 -- -- -- -- 66% BC Credit/33%BC High Yield 1.94 5.62 5.39 -- -- -- -- NOF Excess Return -0.56 -1.61 -1.43 -- -- -- -- Delaware GC FI (GOF) 573,302,049.01 5.7% 1.47 3.89 4.29 -- -- -- -- 2.50 Aug-15 Delaware GC FI (NOF) 1.45 3.85 4.23 -- -- -- -- 2.39 66% BC Credit/33%BC High Yield 1.94 5.62 5.39 -- -- -- -- 4.38 NOF Excess Return -0.49 -1.78 -1.16 -- -- -- -- -1.99 Neuberger GC FI (GOF) 569,490,407.83 5.7% 1.34 4.25 3.77 -- -- -- -- 3.40 Aug-15 Neuberger GC FI (NOF) 1.32 4.19 3.70 -- -- -- -- 3.24 66% BC Credit/33%BC High Yield 1.94 5.62 5.39 -- -- -- -- 4.38 NOF Excess Return -0.63 -1.43 -1.70 -- -- -- -- -1.14 US Bank Loans (GOF) 127,658,033.63 1.3% 1.3% 1.18 2.76 3.09 -- -- -- -- US Bank Loans (NOF) 1.16 2.68 2.99 -- -- -- -- Credit Suisse Leveraged Loan 1.90 4.01 3.25 -- -- -- -- NOF Excess Return -0.74 -1.33 -0.27 -- -- -- -- Pacific Asset BL FL (GOF) 127,658,033.63 1.3% 1.18 2.76 3.09 -- -- -- -- 2.40 Aug-15 Pacific Asset BL FL (NOF) 1.16 2.68 2.99 -- -- -- -- 2.19 Credit Suisse Leveraged Loan 1.90 4.01 3.25 -- -- -- -- 0.55 NOF Excess Return -0.74 -1.33 -0.27 -- -- -- -- 1.64

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Target Weight


Inception Date

Total Hedge Funds (NOF) 1-Month Lag 162,279,249.00 1.6% 2.0% -0.84 -2.32 -2.71 -4.82 -3.97 1.88 2.66 LADWP T-Bill+3% 1-Month Lag 0.29 0.82 1.10 2.62 3.13 3.07 3.08 NOF Excess Return -1.13 -3.14 -3.81 -7.43 -7.09 -1.19 -0.42

GAM (NOF) 1-Month Lag 85,312,000.00 0.9% -1.59 -1.48 -2.33 -1.99 -1.31 -- -- 2.70 Nov-13 LADWP T-Bill+3% 1-Month Lag 0.29 0.82 1.10 2.62 3.13 -- -- 3.08 NOF Excess Return -1.88 -2.29 -3.42 -4.60 -4.44 -- -- -0.38 Morgan Stanley AIP (NOF) 1-Month Lag ** 76,967,249.00 0.8% -0.01 -3.24 -3.13 -7.77 -6.74 -- -- -1.77 Feb-14 LADWP T-Bill+3% 1-Month Lag 0.29 0.82 1.10 2.62 3.13 -- -- 3.07 NOF Excess Return -0.29 -4.06 -4.23 -10.39 -9.87 -- -- -4.84

Total Real Estate (NOF)¹ as of 12/31/2015 604,934,694 558,969,836.30 5.6% 5.0% 4.00 14.65 7.98 14.65 14.19 14.36 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 NOF Excess Return 0.97 0.77 1.63 0.77 1.62 1.87

AG Core Plus III (NOF)¹ 2012 18,000,000 11,270,942.00 0.1% 17.88 41.47 21.40 41.47 28.37 -- 24.91 Jan-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.33 NOF Excess Return 14.85 27.59 15.05 27.59 15.80 -- 12.58 Almanac VI (NOF)¹ 2012 18,000,000 7,608,843.00 0.1% 18.50 23.40 23.05 23.40 18.04 -- 18.17 Jun-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.21 NOF Excess Return 15.47 9.52 16.70 9.52 5.47 -- 5.96 Almanac VII (NOF)¹ 2014 24,000,000 5,672,656.00 0.1% 5.56 -- 7.63 -- -- -- 8.70 Mar-15 LADWP NCREIF (RT) + 50 bps 3.03 -- 6.35 -- -- -- 9.82 NOF Excess Return 2.53 -- 1.28 -- -- -- -1.12 BREP Europe IV (NOF)¹ 2013 20,000,000 15,802,688.85 0.2% -2.62 7.69 2.31 7.69 -- -- 4.88 Dec-13 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.11 NOF Excess Return -5.65 -6.19 -4.04 -6.19 -- -- -8.23 BREP VII (NOF)¹ 2012 20,000,000 20,878,778.00 0.2% 1.81 13.91 5.75 13.91 22.14 -- 23.42 Jun-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.21 NOF Excess Return -1.22 0.03 -0.60 0.03 9.57 -- 11.21 Bristol Value II (NOF)¹ 2011 20,000,000 8,576,921.00 0.1% 4.48 6.48 4.47 6.48 11.50 -- 10.86 Nov-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 13.12 NOF Excess Return 1.45 -7.40 -1.88 -7.40 -1.07 -- -2.26 CBRE RE Strat 5 (NOF)¹ 2008 20,000,000 8,595.00 0.0% 6.25 2.91 3.00 2.91 -2.89 12.33 16.17 May-08 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 6.04 NOF Excess Return 3.22 -10.97 -3.35 -10.97 -15.46 -0.16 10.13 DRA VII (NOF)¹ 2011 13,000,000 12,281,012.00 0.1% 5.21 16.03 9.69 16.03 16.49 -- 16.17 Oct-11 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.33 NOF Excess Return 2.18 2.15 3.34 2.15 3.92 -- 3.84 DRA G&I VIII (NOF)¹ 2014 20,000,000 18,700,640.00 0.2% 2.84 13.47 7.25 13.47 -- -- 13.53 Jun-14 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.37 NOF Excess Return -0.19 -0.41 0.90 -0.41 -- -- 0.16 Harrison Street Core (NOF)¹ 2016 50,000,000 50,000,000.00 0.5% -- -- -- -- -- -- -- Dec-15 LADWP NCREIF (RT) + 50 bps -- -- -- -- -- -- -- NOF Excess Return -- -- -- -- -- -- -- Invesco Core Realty (NOF)¹ 2011 30,000,000 48,196,767.14 0.5% 2.66 13.95 5.89 13.95 12.89 -- 11.32 Jun-11 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.17 NOF Excess Return -0.37 0.07 -0.46 0.07 0.32 -- -0.85 Jamestown Premier (NOF)¹ 2016 50,000,000 49,541,051.00 0.5% -- -- -- -- -- -- -- Jan-16 LADWP NCREIF (RT) + 50 bps -- -- -- -- -- -- -- NOF Excess Return -- -- -- -- -- -- -- JPM Strategic (NOF)¹ 2007 50,000,000 72,122,832.94 0.7% 4.57 19.36 9.41 19.36 14.73 14.00 4.86 Sep-07 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 6.15 NOF Excess Return 1.54 5.48 3.06 5.48 2.16 1.51 -1.29 Lone Star RE II (NOF)¹ 2011 9,000,000 1,837,387.00 0.0% 4.11 37.36 8.59 37.36 32.41 -- 27.12 May-11 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.89 NOF Excess Return 1.08 23.48 2.24 23.48 19.84 -- 14.23

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Inception Date

Lone Star RE IV (NOF)¹ 2015 40,434,694 10,600,527.00 0.1% -3.70 -- -- -- -- -- -3.70 Sep-15 LADWP NCREIF (RT) + 50 bps 3.03 -- -- -- -- -- 3.03 NOF Excess Return -6.73 -- -- -- -- -- -6.73 Lone Star VII (NOF)¹ 2011 9,000,000 1,603,967.00 0.0% -4.32 -1.39 6.69 -1.39 61.92 -- 49.63 May-11 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.89 NOF Excess Return -7.35 -15.27 0.34 -15.27 49.35 -- 36.74 Mesa West II (NOF)¹ 2008 18,000,000 1.00 0.0% -10.58 -22.89 3.65 -22.89 -2.51 13.97 13.05 Dec-09 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 12.60 NOF Excess Return -13.61 -36.77 -2.70 -36.77 -15.08 1.48 0.45 Mesa West III (NOF)¹ 2013 20,000,000 15,113,076.00 0.2% 2.53 10.24 4.57 10.24 -- -- 7.80 Aug-13 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.68 NOF Excess Return -0.50 -3.64 -1.78 -3.64 -- -- -5.88 PCCP First Mtg II (NOF)¹ 2012 20,000,000 9,284,493.00 0.1% 1.54 6.27 3.20 6.27 7.07 -- 6.82 Jun-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.21 NOF Excess Return -1.49 -7.61 -3.15 -7.61 -5.50 -- -5.39 PRISA I (NOF)¹ 2006 50,000,000 75,552,565.40 0.8% 4.38 19.45 10.76 19.45 15.17 14.37 4.54 Nov-06 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 7.44 NOF Excess Return 1.35 5.57 4.41 5.57 2.60 1.88 -2.90 PRISA II (NOF)¹ 2007 21,500,000 33,745,574.73 0.3% 5.72 21.72 12.26 21.72 16.21 16.15 5.94 May-07 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 6.89 NOF Excess Return 2.69 7.84 5.91 7.84 3.64 3.66 -0.95 Prologis USLH (NOF)¹ 2015 20,000,000 22,192,635.00 0.2% 3.59 -- 6.87 -- -- -- 10.96 Mar-15 LADWP NCREIF (RT) + 50 bps 3.03 -- 6.35 -- -- -- 9.82 NOF Excess Return 0.56 -- 0.52 -- -- -- 1.14 Torchlight IV (NOF)¹ 2013 20,000,000 20,239,123.00 0.2% 1.34 11.48 3.58 11.48 -- -- 9.83 Aug-13 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.68 NOF Excess Return -1.69 -2.40 -2.77 -2.40 -- -- -3.85 Torchlight V (NOF)¹ 2015 24,000,000 3,565,154.00 0.0% -0.66 -- -1.87 -- -- -- -1.77 May-15 LADWP NCREIF (RT) + 50 bps 3.03 -- 6.35 -- -- -- 9.82 NOF Excess Return -3.69 -- -8.22 -- -- -- -11.59 Dimensional Global REIT (NOF)as of 04/30/16 2013 20,000,000 22,798,988.10 0.2% -0.45 9.61 6.62 11.63 6.34 5.65 -- 7.54 Mar-13 FTSE EPRA/NAREIT DEV INDEX -0.04 10.08 5.40 8.47 2.79 3.82 -- 6.11 NOF Excess Return -0.42 -0.47 1.23 3.16 3.55 1.83 -- 1.43 Heitman REIT (NOF) as of 04/30/16 2013 20,000,000 21,774,618.14 0.2% -0.15 9.25 4.84 8.25 2.77 -- -- 7.52 Oct-13 FTSE EPRA/NAREIT DEV INDEX -0.04 10.08 5.40 8.47 2.79 -- -- 6.93 NOF Excess Return -0.11 -0.83 -0.56 -0.21 -0.02 -- -- 0.59

Total Real Return (GOF)¹ as of 04/30/2016 498,871,856.74 5.0% 5.0% 2.41 4.72 5.49 1.71 0.17 -0.96 2.51 LADWP CPI+3% 1-Month Lag 0.61 0.96 1.10 3.22 4.18 3.95 4.39 NOF Excess Return 1.78 3.69 4.30 -1.72 -4.24 -5.14 -2.05

Hancock XII (NOF)¹ 1-Quarter Lag 2014 20,000,000 3,380,483.00 0.0% 8.64 5.95 7.93 5.95 -- -- 3.69 Mar-14 NCREIF Timberland Index 0.77 9.26 1.28 9.26 -- -- 7.71 NOF Excess Return 7.87 -3.31 6.65 -3.31 -- -- -4.02 Molpus IV - SL (NOF)¹ 1-Quarter Lag 2015 20,000,000 9,851,216.00 0.1% -1.75 -- -- -- -- -- -2.66 Aug-15 NCREIF Timberland Index 0.77 -- -- -- -- -- 1.28 NOF Excess Return -2.52 -- -- -- -- -- -3.94 Invesco CMDTY (GOF)¹ as of 04/30/2016 130,879,067.29 1.3% 11.09 15.21 13.79 -2.77 -4.51 -- -- -9.67 Aug-13 Invesco CMDTY (NOF) 11.03 15.02 13.54 -3.32 -5.16 -- -- -10.22 Bloombg Futures Commod. TR USD 8.51 10.83 8.96 -16.60 -17.45 -- -- -14.58 NOF Excess Return 2.51 4.20 4.57 13.28 12.29 -- -- 4.35 Wamco GILS (GOF)¹ as of 04/30/2016 354,761,090.45 3.6% -0.37 1.46 3.46 2.84 -0.09 1.06 3.93 3.91 Apr-10 Wamco GILS (NOF) -0.39 1.42 3.40 2.69 -0.27 0.89 3.75 3.72 BC WGILB Index -0.50 1.38 3.61 2.61 0.07 0.86 3.72 4.11 NOF Excess Return 0.11 0.04 -0.21 0.08 -0.33 0.03 0.02 -0.39

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Target Weight


Inception Date

Total Private Equity (NOF)¹ as of 12/31/2015 626,500,000 290,212,855.00 2.9% 5.0% 0.72 5.95 2.08 5.95 11.00 10.48 LADWP Russell 3000 + 3% 7.04 3.49 0.04 3.49 17.69 21.31 NOF Excess Return -6.32 2.46 2.04 2.46 -6.69 -10.83

Audax Mezz III (NOF)¹ 2011 17,000,000 8,834,087.00 0.1% 2.45 9.85 5.59 9.85 9.54 -- 8.49 Jan-11 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 21.71 NOF Excess Return -4.59 6.36 5.55 6.36 -8.15 -- -13.22 Apollo VIII (NOF)¹ 2014 34,000,000 14,071,596.00 0.1% -1.74 -3.00 -1.81 -3.00 -- -- -5.60 Jan-14 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 11.31 NOF Excess Return -8.78 -6.49 -1.85 -6.49 -- -- -16.91 ARES IV (NOF)¹ 2012 25,000,000 19,928,529.00 0.2% 0.56 8.92 1.32 8.92 9.07 -- 8.66 Nov-12 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 17.71 NOF Excess Return -6.48 5.43 1.28 5.43 -8.62 -- -9.05 ARES Special Situation IV (NOF)¹ 2014 50,000,000 9,371,383.00 0.1% -28.26 -- -49.06 -- -- -- -60.42 Jan-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 6.19 NOF Excess Return -35.30 -- -49.10 -- -- -- -66.61 Blackstone Tactical Opps (NOF)¹ 2014 50,000,000 17,387,498.00 0.2% 4.20 -- 0.70 -- -- -- -4.17 Apr-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 0.22 NOF Excess Return -2.84 -- 0.66 -- -- -- -4.39 Capital Dynamics HRJ SO-II (NOF)¹ 2008 20,000,000 10,469,142.00 0.1% -- 4.18 -2.23 4.18 14.94 10.50 8.01 Feb-08 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 13.15 NOF Excess Return -- 0.69 -2.27 0.69 -2.75 -10.81 -5.14 CDR IX (NOF)¹ 2014 25,000,000 9,595,785.00 0.1% -0.07 32.50 27.54 32.50 -- -- 25.28 Apr-14 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 9.31 NOF Excess Return -7.11 29.01 27.50 29.01 -- -- 15.97 Crestview Partners III (NOF)¹ 2013 50,000,000 11,097,559.00 0.1% 2.29 -- 5.14 -- -- -- -5.25 Feb-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 0.14 NOF Excess Return -4.75 -- 5.10 -- -- -- -5.39 EnCap VIII (NOF)¹ 2011 12,500,000 4,580,872.00 0.0% -31.89 -45.27 -39.77 -45.27 -17.88 -- -12.62 Jan-11 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 21.71 NOF Excess Return -38.93 -48.76 -39.81 -48.76 -35.57 -- -34.33 EnCap IX (NOF)¹ 2013 17,000,000 9,700,996.00 0.1% 17.30 14.10 12.58 14.10 -- -- 6.03 Jan-13 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 16.02 NOF Excess Return 10.26 10.61 12.54 10.61 -- -- -9.99 EnCAP X (NOF)¹ 2015 37,000,000 3,358,861.00 0.0% -25.65 -- -35.47 -- -- -- -44.50 Feb-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 0.14 NOF Excess Return -32.69 -- -35.51 -- -- -- -44.64 Fisher Lynch II (NOF)¹ 2008 20,000,000 20,771,533.00 0.2% -- 8.11 0.73 8.11 17.10 14.16 12.81 Mar-08 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 12.83 NOF Excess Return -- 4.62 0.69 4.62 -0.59 -7.15 -0.02 Landmark XIV (NOF)¹ 2008 30,000,000 15,466,839.00 0.2% -- 5.53 3.63 5.53 11.10 12.18 14.19 Aug-08 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 13.96 NOF Excess Return -- 2.04 3.59 2.04 -6.59 -9.13 0.23 Landmark XIII (NOF)¹ 2006 30,000,000 10,945,164.00 0.1% -- 10.79 11.05 10.79 9.33 9.43 6.15 Oct-06 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 14.74 NOF Excess Return -- 7.30 11.01 7.30 -8.36 -11.88 -8.59 Landmark XV (NOF)¹ 2014 40,000,000 11,660,933.00 0.1% -- 7.54 2.73 7.54 -- -- 17.93 Feb-14 LADWP Russell 3000+3% -- 3.49 0.04 3.49 -- -- 8.85 NOF Excess Return -- 4.05 2.69 4.05 -- -- 9.08 Lexington VI (NOF)¹ 2006 30,000,000 9,479,658.00 0.1% -- -0.74 -1.91 -0.74 11.32 9.57 7.11 May-06 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 15.10 NOF Excess Return -- -4.23 -1.95 -4.23 -6.37 -11.74 -7.99 Lexington VII (NOF)¹ 2009 30,000,000 15,606,317.00 0.2% -- 6.32 4.11 6.32 13.08 13.22 16.47 Aug-09 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 21.05 NOF Excess Return -- 2.83 4.07 2.83 -4.61 -8.09 -4.58

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Target Weight


Inception Date

Oaktree V (NOF)¹ 2009 16,000,000 10,447,151.00 0.1% -4.62 -9.53 -9.42 -9.53 2.75 4.60 5.02 Jan-09 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 21.31 15.86 NOF Excess Return -11.66 -13.02 -9.46 -13.02 -14.94 -16.71 -10.84 Silver Lake IV (NOF)¹ 2013 18,000,000 9,830,106.00 0.1% 10.48 20.31 6.71 20.31 -- -- 38.10 Sep-13 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 13.35 NOF Excess Return 3.44 16.82 6.67 16.82 -- -- 24.75 Vista IV (NOF)¹ 2011 25,000,000 29,886,365.00 0.3% 10.27 41.68 18.89 41.68 26.39 -- 23.07 Sep-11 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 20.39 NOF Excess Return 3.23 38.19 18.85 38.19 8.70 -- 2.68 Vista V (NOF)¹ 2014 50,000,000 37,722,481.00 0.4% 7.89 21.33 15.72 21.33 -- -- 17.08 Apr-14 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 9.31 NOF Excess Return 0.85 17.84 15.68 17.84 -- -- 7.77

Cash (GOF) 109,793,570.03 1.1% 1.0% 0.06 0.20 0.34 0.76 1.10 0.68 0.56 Cash (NOF) 0.06 0.20 0.34 0.76 1.10 0.68 0.57 ML 3 Month Treasury Bill 0.03 0.10 0.10 0.14 0.15 0.08 0.08 NOF Excess Return 0.03 0.10 0.24 0.61 0.96 0.60 0.49 Retirement Trans - DWP01 (GOF) 4,602,241.00 0.0% -8.82 1.32 -11.16 -- -- -- -- --

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SCHEDULE OF RELATIVE RETURN - NET OF MANAGEMENT FEES

1. Total Fixed Income Index is comprised of BC US Universal from Inception to 08/31/15, then the following components from 09/1/15-present : BC US Intermediate Agg x Credit 50%, BC Global Agg Credit USD Hdg 30%, BC Global High Yield USD Hdg 15 %, and Credit Suisse Lev. Loan 5%

Portfolio Return YTD 1 Year 3 Year 5 Year 10 YearLADWP Retirement Plan Total (GOF) 1.68 -0.29 6.52 6.53 5.64

Less: Estimated Management Fees 0.06 0.19 0.26 0.27 0.16

LADWP Retirement Plan Total (NOF) 1.62 -0.48 6.26 6.27 5.48

LADWP Retirement Plan Index 2.19 -0.63 6.01 6.49 5.44

ML 3 Month Treasury Bill 0.10 0.15 0.08 0.08 1.11Total Fixed Income Index1 3.72 2.19 2.24 3.74 5.07

MS AC WldxUS IMI Nt 2.42 -10.28 0.47 0.15 1.96

Russell 3000 1.59 -0.18 10.77 10.50 6.85

LADWP NCREIF + 50bps (1Q Lag) 3.03 13.88 12.57 12.49 --

LADWP T-Bill+3% 1-Month Lag 1.10 3.13 3.07 3.08 --

LADWP Russell 3000+3%(1Q Lag) 1.27 0.46 13.42 19.97 --

LADWP CPI+3% (1-Month Lag) 1.10 4.18 3.95 4.39 --

Relativ e Return - Net of Fees -0.56 0.15 0.25 -0.23 0.05

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Notes

Watch Status: "P" due to Performance "O" due to Organizational Change "T" for Terminated account "R" for RehiredReturn Notation:"N/A" - Recently funded accounts and/or no performance available for this period."--" - Recently funded accounts and/or no performance available for this period.

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Plan Level Attribution - 1 Month

0.18

0.00

0.09

(0.51)

(0.33)

0.00

0.19

4.99

1.80

(1.13)

0.00

0.03

(5.0) 0.0 5.0 10.0

EXCESS RETURN (%)

0.07

(0.07)

0.03

(0.10)

(0.09)

0.23

0.01

0.15

0.09

(0.02)

0.00

0.00

(0.2) 0.0 0.2 0.4

STOCK SELECTION (%)

0.11

(0.00)

(0.00)

(0.00)

(0.00)

0.13

(0.00)

0.13

0.00

0.00

0.00

(0.00)

(0.1) 0.0 0.1 0.1 0.2

ASSET ALLOCATION (%)

0.18

(0.07)

0.03

(0.10)

(0.10)

0.35

0.01

0.27

0.09

(0.02)

0.00

(0.00)

(0.2) 0.0 0.2 0.4

TOTAL EFFECT (%)

0.00

0.00

1.69

0.22

(0.19)

0.00

0.60

(2.09)

(0.00)

(0.37)

0.00

0.10

(3.0) (2.0) (1.0) 0.0 1.0 2.0

LADWP Retirement Plan Total

Total Equity

Total Domestic Equity

Total International Equity

Total Fixed

Total Alternatives

Total Real Estate

Total Private Equity

Total Real Return

Total Hedge Funds

Covered Calls

Cash

ACTIVE WEIGHT (%)

AccountName

BenchmarkName

AccountEnd Weight

BenchmarkEnd Weight

ActiveWeight

AccountRoR

BenchmarkRoR

ExcessRoR

Asset Allocation

SelectionEffect

TotalEffect

Attribution Residual

LADWP Retirement Plan Total LADWP Retirement Plan Index 100.00 100.00 0.00 0.96 0.77 0.18 0.11 0.07 0.18 0.00Total Equity -- 55.16 -- -- 1.20 -- -- (0.00) (0.07) (0.07) --Total Domestic Equity Russell 3000 35.94 34.25 1.69 0.71 0.62 0.09 (0.00) 0.03 0.03 --Total International Equity MS AC WldxUS IMI Nt 19.22 19.00 0.22 2.14 2.65 (0.51) (0.00) (0.10) (0.10) --Total Fixed Total Fixed Income Index 28.56 28.75 (0.19) 0.67 1.00 (0.33) (0.00) (0.09) (0.10) --Total Alternatives -- 15.13 -- -- 0.69 -- -- 0.13 0.23 0.35 --Total Hedge Funds LADWP T-Bill+3% 1-Month Lag 1.63 2.00 (0.37) (0.84) 0.29 (1.13) 0.00 (0.02) (0.02) --Total Real Estate LADWP NCREIF + 50bps (1Q Lag 5.60 5.00 0.60 0.19 0.00 0.19 (0.00) 0.01 0.01 --Total Private Equity LADWP Russell 3000+3%(1Q Lag) 2.91 5.00 (2.09) (0.40) (5.40) 4.99 0.13 0.15 0.27 --Total Real Return LADWP CPI+3% (1-Month Lag) 5.00 5.00 (0.00) 2.41 0.61 1.80 0.00 0.09 0.09 --Covered Calls CBOE S&P 500 BuyWrite Index 0.00 0.00 0.00 -- -- -- 0.00 0.00 0.00 --Cash ML 3 Month Treasury Bill 1.10 1.00 0.10 0.06 0.03 0.03 (0.00) 0.00 (0.00) --Transition Accounts -- 0.05 -- -- (8.82) -- -- (0.00) 0.00 (0.00) --

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Asset Allocation

1.69%

0.22%

-0.19%

-0.37%

0.60%

-2.09%

0.00%

0.10%

Total Domestic Equity 168.7M

Total International Equity 21.7M

Total Fixed -18.8M

Total Hedge Funds -336.7M

Total Real Estate 60.0M

Total Private Equity -208.8M

Total Real Return -0.1M

Cash 10.0M

Gap to Policy in Percent Weight and Market Value

34.25%

19.00%

28.75%

2.00%

5.00%

5.00%

5.00% 1.00%

Policy Weight and Equivalent Market Value

Total Domestic Equity 3,418.2M ; 34.25%

Total International Equity 1,896.2M ; 19.00%

Total Fixed 2,869.3M ; 28.75%

Total Hedge Funds 199.6M ; 2.00%

Total Real Estate 499.0M ; 5.00%

Total Private Equity 499.0M ; 5.00%

Total Real Return 499.0M ; 5.00%

Cash 99.8M ; 1.00%

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Disclaimer(s)The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc.("S&P") and is licensed for use by The Northern Trust Corporation and its wholly owned subsidiaries. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, inno event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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LADWP Health Plan April 30, 2016


Investment Hierarchy (Time Weighted Returns)


Target Weight


Inception Date

LADWP Health Plan Total (GOF) 1,680,842,120.56 100.0% 100.0% 0.91 5.28 1.55 0.04 -0.58 6.36 6.63 5.56 Dec-06LADWP Health Plan Total (NOF) 0.90 5.23 1.49 -0.11 -0.77 6.11 6.38 5.40LADWP Health Plan Index 0.77 5.31 2.19 0.09 -0.63 5.99 6.49 5.02NOF Excess Return 0.13 -0.08 -0.70 -0.20 -0.14 0.12 -0.11 0.38 LADWP Health ex Sec Len (GOF) 1,680,842,120.56 100.0% 0.91 5.27 1.54 0.01 -0.62 6.33 6.60 LADWP Health ex Sec Len (NOF) 0.90 5.22 1.48 -0.14 -0.81 6.22 6.53 LADWP Health Plan Index 0.77 5.31 2.19 0.09 -0.63 5.99 6.49 NOF Excess Return 0.12 -0.09 -0.71 -0.23 -0.17 0.23 0.04 Total Domestic Equity (GOF) 622,934,235.59 37.1% 34.2% 0.71 7.45 1.03 -0.26 0.37 11.96 10.88 Total Domestic Equity (NOF) 0.69 7.40 0.96 -0.40 0.19 11.71 10.62 Russell 3000 0.62 7.67 1.59 0.14 -0.18 10.77 10.50 NOF Excess Return 0.07 -0.27 -0.63 -0.53 0.37 0.93 0.12

Large Cap Equity (GOF) 585,965,120.12 34.9% 32.0% 0.76 7.47 1.24 0.70 1.18 12.31 11.21 Large Cap Equity (NOF) 0.75 7.43 1.19 0.60 1.04 12.21 11.16 Russell 1000 0.54 7.51 1.72 0.93 0.34 11.06 10.81 NOF Excess Return 0.21 -0.08 -0.53 -0.34 0.70 1.15 0.34 Large Cap Value (GOF) 155,545,752.23 9.3% 9.0% 2.28 9.72 4.76 3.51 2.90 11.48 11.33 Large Cap Value (NOF) 2.26 9.64 4.66 3.24 2.59 11.15 11.00 Russell 1000 Value 2.10 9.43 3.77 0.42 -0.40 9.59 10.13 NOF Excess Return 0.16 0.22 0.88 2.82 2.99 1.56 0.87 MFS LC Val (GOF) 78,590,109.84 4.7% 2.59 9.62 5.54 4.13 4.33 11.75 11.61 12.94 Sep-09 MFS LC Val (NOF) 2.56 9.54 5.44 3.86 3.99 11.42 11.27 12.59 Russell 1000 Value 2.10 9.43 3.77 0.42 -0.40 9.59 10.13 12.18 NOF Excess Return 0.46 0.11 1.66 3.44 4.40 1.83 1.14 0.41 T Rowe Price LC Val (GOF) 76,955,642.39 4.6% 1.97 9.83 3.98 2.85 1.46 11.20 11.05 13.15 Sep-09 T Rowe Price LC Val (NOF) 1.95 9.75 3.88 2.59 1.16 10.87 10.72 12.80 Russell 1000 Value 2.10 9.43 3.77 0.42 -0.40 9.59 10.13 12.18 NOF Excess Return -0.15 0.32 0.10 2.17 1.57 1.28 0.59 0.62 Large Cap Growth (GOF) 143,007,322.26 8.5% 9.0% -0.41 5.00 -5.05 -4.70 -2.47 13.27 10.60 Large Cap Growth (NOF) -0.44 4.92 -5.14 -4.95 -2.77 12.94 10.26 Russell 1000 Growth -0.91 5.72 -0.18 1.46 1.07 12.47 11.44 NOF Excess Return 0.48 -0.81 -4.97 -6.41 -3.85 0.46 -1.18 Fred Alger LC Grw (GOF) 70,943,856.64 4.2% -2.05 3.92 -5.38 -11.02 -7.69 10.45 7.91 11.93 Sep-09 Fred Alger LC Grw (NOF) -2.08 3.84 -5.47 -11.24 -7.95 10.14 7.59 11.56 Russell 1000 Growth -0.91 5.72 -0.18 1.46 1.07 12.47 11.44 14.02 NOF Excess Return -1.16 -1.88 -5.29 -12.70 -9.02 -2.33 -3.84 -2.46 T Rowe LC Grw (GOF) 72,063,465.62 4.3% 1.27 6.08 -4.16 1.60 2.49 15.90 13.21 13.01 Mar-10 T Rowe LC Grw (NOF) 1.24 6.00 -4.26 1.32 2.15 15.54 12.84 12.63 Russell 1000 Growth -0.91 5.72 -0.18 1.46 1.07 12.47 11.44 12.97 NOF Excess Return 2.15 0.27 -4.08 -0.14 1.08 3.06 1.40 -0.34 Large Cap Core (GOF) 287,412,045.63 17.1% 14.0% 0.55 7.53 1.76 0.97 0.39 11.08 10.85 Large Cap Core (NOF) 0.55 7.53 1.76 0.97 0.38 11.07 10.85 Russell 1000 0.54 7.51 1.72 0.93 0.34 11.06 10.81 NOF Excess Return 0.00 0.02 0.03 0.03 0.05 0.02 0.03 Blackrock/Russell 1000 (GOF) 287,412,045.63 17.1% 0.55 7.53 1.76 0.97 0.39 11.08 10.85 6.62 Dec-06 Blackrock/Russell 1000 (NOF) 0.55 7.53 1.76 0.97 0.38 11.07 10.85 6.56 Russell 1000 0.54 7.51 1.72 0.93 0.34 11.06 10.81 6.50 NOF Excess Return 0.00 0.02 0.03 0.03 0.05 0.02 0.03 0.07

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Small Cap Equity (GOF) 36,969,115.47 2.2% 2.2% -0.23 7.16 -2.01 -11.94 -9.76 7.51 6.83 Small Cap Equity (NOF) -0.28 7.01 -2.20 -12.44 -10.39 6.72 6.03 Russell 2000 1.57 9.67 0.03 -8.73 -5.94 7.53 6.98 NOF Excess Return -1.85 -2.66 -2.23 -3.71 -4.44 -0.81 -0.95 Small Cap Value (GOF) 19,474,075.41 1.2% 1.1% 0.11 10.25 3.07 -2.88 -1.37 10.23 9.68 Small Cap Value (NOF) 0.06 10.09 2.87 -3.35 -1.93 9.62 9.06 Russell 2000 Value 2.12 11.34 3.86 -4.63 -3.71 6.50 6.77 NOF Excess Return -2.06 -1.24 -0.99 1.28 1.78 3.12 2.29 Earnest Partners SC Val (GOF) 19,474,075.41 1.2% 0.11 10.25 3.07 -2.88 -1.37 10.23 9.68 13.60 Sep-09 Earnest Partners SC Val (NOF) 0.06 10.09 2.87 -3.35 -1.93 9.62 9.06 12.94 Russell 2000 Value 2.12 11.34 3.86 -4.63 -3.71 6.50 6.77 10.58 NOF Excess Return -2.06 -1.24 -0.99 1.28 1.78 3.12 2.29 2.35 Small Cap Growth (GOF) 17,495,040.06 1.0% 1.1% -0.61 3.92 -6.77 -20.24 -17.53 4.84 4.06 Small Cap Growth (NOF) -0.66 3.77 -6.95 -20.77 -18.21 3.89 3.07 Russell 2000 Growth 1.00 7.97 -3.73 -12.69 -8.27 8.50 7.15 NOF Excess Return -1.65 -4.20 -3.22 -8.08 -9.94 -4.62 -4.07 Emerald Sm. Cap Growth (GOF) 17,495,040.06 1.0% -0.61 3.92 -6.77 -- -- -- -- -11.72 Nov-15 Emerald Sm. Cap Growth (NOF) -0.66 3.77 -6.95 -- -- -- -- -11.94 Russell 2000 Growth 1.00 7.97 -3.73 -- -- -- -- -8.32 NOF Excess Return -1.65 -4.20 -3.22 -- -- -- -- -3.62

Total International Equity (GOF) 321,932,173.50 19.2% 19.0% 2.14 8.84 2.54 -3.13 -6.24 2.48 1.39 Total International Equity (NOF) 2.12 8.76 2.44 -3.38 -6.52 2.17 1.10

MSCI ACWI ex US-IMI ND Index 2.65 10.03 2.42 -6.58 -10.28 0.47 1.27 NOF Excess Return -0.54 -1.28 0.02 3.20 3.76 1.71 -0.17

Developed Market Equity (GOF) 244,197,297.55 14.5% 14.5% 2.56 8.37 1.52 -1.89 -4.67 4.16 2.98 Developed Market Equity (NOF) 2.54 8.31 1.45 -2.06 -4.87 3.94 2.74 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 3.00 NOF Excess Return -0.67 -0.86 -0.10 2.98 3.33 2.12 -0.26 Blackrock/MSCI World (GOF) 78,725,090.58 4.7% 3.29 9.37 1.75 -4.79 -7.87 2.21 -- 6.20 Sep-12 Blackrock/MSCI World (NOF) 3.29 9.37 1.75 -4.80 -7.88 2.18 -- 6.17 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 -- 5.79 NOF Excess Return 0.09 0.20 0.20 0.24 0.32 0.37 -- 0.38 MFS Dev Val (GOF) 83,877,576.63 5.0% 1.50 7.65 3.19 4.46 1.13 8.11 -- 13.16 Jul-12 MFS Dev Val (NOF) 1.47 7.56 3.07 4.17 0.80 7.76 -- 12.79 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 -- 7.23 NOF Excess Return -1.73 -1.61 1.52 9.21 9.00 5.94 -- 5.56 Fidelity Institutional Dev Grw (GOF) 81,594,630.34 4.9% 2.95 8.15 0.38 -4.50 -6.47 2.51 2.73 5.84 Sep-09 Fidelity Institutional Dev Grw (NOF) 2.93 8.07 0.29 -4.71 -6.72 2.22 2.43 5.52 MSCI World ex U.S. IMI ND Index 3.21 9.17 1.55 -5.04 -8.20 1.81 3.00 4.43 NOF Excess Return -0.28 -1.10 -1.26 0.33 1.48 0.41 -0.57 1.09 Emerging Market Equity (GOF) 77,734,875.95 4.6% 4.5% 0.86 10.35 5.92 -7.72 -11.88 -3.21 -- Emerging Market Equity (NOF) 0.81 10.18 5.70 -8.19 -12.42 -3.79 -- MSCI Emerging Markets IMI ND 0.67 13.32 5.74 -12.12 -17.56 -4.34 -- NOF Excess Return 0.13 -3.14 -0.04 3.92 5.14 0.55 -- LA Capital EM (GOF) 38,499,318.00 2.3% 0.36 13.15 7.52 -11.18 -17.06 -4.05 -- -1.18 Sep-12 LA Capital EM (NOF) 0.31 12.97 7.29 -11.66 -17.60 -4.65 -- -1.80 MSCI Emerging Markets IMI ND 0.67 13.32 5.74 -12.12 -17.56 -4.34 -- -2.21 NOF Excess Return -0.37 -0.35 1.54 0.46 -0.04 -0.31 -- 0.40 Vontobel EM (GOF) 39,235,557.95 2.3% 1.35 7.73 4.38 -4.41 -6.69 -2.49 -- -0.71 Dec-12 Vontobel EM (NOF) 1.30 7.57 4.18 -4.88 -7.24 -3.05 -- -1.29 MSCI Emerging Markets IMI ND 0.67 13.32 5.74 -12.12 -17.56 -4.34 -- -3.93 NOF Excess Return 0.63 -5.75 -1.56 7.23 10.32 1.29 -- 2.64

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Target Weight


Inception Date

Total Fixed (GOF) 487,010,758.12 29.0% 28.8% 0.56 1.99 2.76 2.77 1.77 2.49 4.23 Total Fixed (NOF) 0.54 1.95 2.71 2.63 1.61 2.35 4.08 Total Fixed Income Index 1.00 3.11 3.72 3.52 2.19 2.24 3.74 NOF Excess Return -0.46 -1.16 -1.01 -0.89 -0.57 0.11 0.34

Principal Protection (GOF) 275,011,485.31 16.4% 16.2% 0.10 0.76 2.29 -- -- -- -- Principal Protection (NOF) 0.09 0.74 2.25 -- -- -- -- BC US Intermediate Agg x Credit Bond 0.07 0.78 2.25 -- -- -- -- NOF Excess Return 0.02 -0.05 0.01 -- -- -- -- JPM Principal Protection (GOF) 137,432,138.38 8.2% 0.08 0.76 2.33 -- -- -- -- 2.50 Aug-15 JPM Principal Protection (NOF) 0.07 0.74 2.29 -- -- -- -- 2.43 BC US Intermediate Agg x Credit Bond 0.07 0.78 2.25 -- -- -- -- 2.41 NOF Excess Return 0.00 -0.05 0.05 -- -- -- -- 0.02 Wells Cap Principal Protection (GOF) 137,579,346.93 8.2% 0.13 0.77 2.26 -- -- -- -- 2.40 Aug-15 Wells Cap Principal Protection (NOF) 0.12 0.73 2.22 -- -- -- -- 2.31 BC US Intermediate Agg x Credit Bond 0.07 0.78 2.25 -- -- -- -- 2.41 NOF Excess Return 0.05 -0.05 -0.03 -- -- -- -- -0.10 Extended Credit (GOF) 191,065,379.92 11.4% 11.3% 1.15 3.72 3.67 -- -- -- -- Extended Credit (NOF) 1.13 3.67 3.60 -- -- -- -- 66% BC Credit/33%BC High Yield 1.94 5.62 5.39 -- -- -- -- NOF Excess Return -0.81 -1.95 -1.80 -- -- -- -- Delaware GC FI (GOF) 96,016,624.41 5.7% 1.43 3.73 4.14 -- -- -- -- 2.41 Aug-15 Delaware GC FI (NOF) 1.42 3.69 4.08 -- -- -- -- 2.29 66% BC Credit/33%BC High Yield 1.94 5.62 5.39 -- -- -- -- 4.38 NOF Excess Return -0.53 -1.94 -1.32 -- -- -- -- -2.09 Neuberger GC FI (GOF) 95,048,755.51 5.7% 0.87 3.72 3.20 -- -- -- -- 2.99 Aug-15 Neuberger GC FI (NOF) 0.85 3.66 3.12 -- -- -- -- 2.83 66% BC Credit/33%BC High Yield 1.94 5.62 5.39 -- -- -- -- 4.38 NOF Excess Return -1.10 -1.97 -2.28 -- -- -- -- -1.55 US Bank Loans (GOF) 20,933,892.89 1.2% 1.3% 1.17 2.75 3.09 -- -- -- -- US Bank Loans (NOF) 1.15 2.67 2.98 -- -- -- -- Credit Suisse Leveraged Loan 1.90 4.01 3.25 -- -- -- -- NOF Excess Return -0.75 -1.34 -0.28 -- -- -- -- Pacific Asset BL FL (GOF) 20,933,892.89 1.2% 1.17 2.75 3.09 -- -- -- -- 2.39 Aug-15 Pacific Asset BL FL (NOF) 1.15 2.67 2.98 -- -- -- -- 2.17 Credit Suisse Leveraged Loan 1.90 4.01 3.25 -- -- -- -- 0.55 NOF Excess Return -0.75 -1.34 -0.28 -- -- -- -- 1.62

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Target Weight


Inception Date

Total Hedge Funds (NOF) 1-Month Lag 26,370,378.00 1.6% 2.0% -0.84 -2.32 -2.71 -4.82 -3.97 1.97 2.72 LADWP T-Bill+3% 1-Month Lag 0.29 0.82 1.10 2.62 3.13 3.07 3.08 NOF Excess Return -1.13 -3.14 -3.81 -7.43 -7.09 -1.11 -0.36

GAM (NOF) 1-Month Lag 13,863,200.00 0.8% -1.59 -1.48 -2.33 -1.99 -1.31 -- -- 2.70 Nov-13 LADWP T-Bill+3% 1-Month Lag 0.29 0.82 1.10 2.62 3.13 -- -- 3.08 NOF Excess Return -1.88 -2.29 -3.42 -4.60 -4.44 -- -- -0.38 Morgan Stanley AIP (NOF) 1-Month Lag 12,507,178.00 0.7% 0.00 -3.24 -3.13 -7.77 -6.74 -- -- -1.77 Feb-14 LADWP T-Bill+3% 1-Month Lag 0.29 0.82 1.10 2.62 3.13 -- -- 3.07 NOF Excess Return -0.29 -4.06 -4.23 -10.39 -9.87 -- -- -4.84

Total Real Estate (NOF)¹ as of 12/31/2015 106,186,939 81,617,813.87 4.9% 5.0% 3.05 9.95 5.54 9.95 12.83 13.19 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 NOF Excess Return 0.02 -3.93 -0.81 -3.93 0.26 0.70

AG Core Plus III (NOF)¹ 2012 2,000,000 1,252,329.00 0.1% 17.88 41.47 21.40 41.47 28.37 -- 24.91 Jan-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.33 NOF Excess Return 14.85 27.59 15.05 27.59 15.80 -- 12.58 Almanac VI (NOF)¹ 2012 2,000,000 845,434.00 0.1% 18.50 23.40 23.05 23.40 18.04 -- 18.17 Jun-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.21 NOF Excess Return 15.47 9.52 16.70 9.52 5.47 -- 5.96 Almanac VII (NOF)¹ 2014 6,000,000 1,418,164.00 0.1% 5.56 -- 7.63 -- -- -- 8.70 Mar-15 LADWP NCREIF (RT) + 50 bps 3.03 -- 6.35 -- -- -- 9.82 NOF Excess Return 2.53 -- 1.28 -- -- -- -1.12 BREP Europe IV (NOF)¹ 2013 5,000,000 3,950,666.57 0.2% -2.62 7.69 2.31 7.69 -- -- 4.88 Dec-13 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.11 NOF Excess Return -5.65 -6.19 -4.04 -6.19 -- -- -8.23 BREP VII (NOF)¹ 2012 5,000,000 5,219,691.00 0.3% 1.81 13.91 5.75 13.91 22.14 -- 23.42 Jun-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.21 NOF Excess Return -1.22 0.03 -0.60 0.03 9.57 -- 11.21 Bristol Value II (NOF)¹ 2011 5,000,000 2,144,246.00 0.1% 4.48 6.48 4.47 6.48 11.50 -- 10.86 Nov-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 13.12 NOF Excess Return 1.45 -7.40 -1.88 -7.40 -1.07 -- -2.26 DRA VII (NOF)¹ 2011 3,100,000 2,928,548.00 0.2% 5.21 16.03 9.69 16.03 16.49 -- 16.17 Oct-11 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.33 NOF Excess Return 2.18 2.15 3.34 2.15 3.92 -- 3.84 DRA G&I VIII (NOF)¹ 2014 5,000,000 4,675,162.00 0.3% 2.84 13.47 7.25 13.47 -- -- 13.53 Jun-14 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.37 NOF Excess Return -0.19 -0.41 0.90 -0.41 -- -- 0.16 Harrison Street Core (NOF)¹ 2016 10,000,000 10,000,000.00 0.6% -- -- -- -- -- -- -- Dec-15 LADWP NCREIF (RT) + 50 bps -- -- -- -- -- -- -- NOF Excess Return -- -- -- -- -- -- -- Invesco Core Realty (NOF)¹ 2011 5,000,000 8,031,192.45 0.5% 2.66 13.96 5.88 13.96 12.89 -- 11.33 Jun-11 LADWP NCREIF (RT) + 50 bps 2.96 16.66 9.15 16.66 13.95 -- 11.33 NOF Excess Return -0.30 -2.70 -3.27 -2.70 -1.06 -- 0.00 Jamestown Premier (NOF)¹ 2016 10,000,000 9,908,210.00 0.6% -- -- -- -- -- -- -- Jan-16 LADWP NCREIF (RT) + 50 bps -- -- -- -- -- -- -- NOF Excess Return -- -- -- -- -- -- -- Lone Star RE II (NOF)¹ 2011 1,000,000 204,155.00 0.0% 4.11 37.36 8.59 37.36 32.41 -- 27.12 May-11 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.89 NOF Excess Return 1.08 23.48 2.24 23.48 19.84 -- 14.23 Lone Star RE IV (NOF)¹ 2015 8,086,939 2,120,107.00 0.1% -3.70 -- -- -- -- -- -3.70 Sep-15 LADWP NCREIF (RT) + 50 bps 3.03 -- -- -- -- -- 3.03 NOF Excess Return -6.73 -- -- -- -- -- -6.73 Lone Star VII (NOF)¹ 2011 1,000,000 178,219.00 0.0% -4.32 -1.39 6.69 -1.39 61.92 -- 49.56 May-11 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.89 NOF Excess Return -7.35 -15.27 0.34 -15.27 49.35 -- 36.67 Mesa West II (NOF)¹ 2008 2,000,000 1.00 0.0% -10.59 -22.89 3.65 -22.89 -2.51 13.97 13.05 Dec-09 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 12.49 12.60 NOF Excess Return -13.62 -36.77 -2.70 -36.77 -15.08 1.48 0.45

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Target Weight


Inception Date

Mesa West III (NOF)¹ 2013 5,000,000 3,778,270.00 0.2% 2.53 10.24 4.57 10.24 -- -- 7.80 Aug-13 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.68 NOF Excess Return -0.50 -3.64 -1.78 -3.64 -- -- -5.88 PCCP First Mtg II (NOF)¹ 2012 5,000,000 2,321,121.00 0.1% 1.54 6.27 3.20 6.27 7.07 -- 6.82 Jun-12 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 12.57 -- 12.21 NOF Excess Return -1.49 -7.61 -3.15 -7.61 -5.50 -- -5.39 Prologis USLH (NOF)¹ 2015 5,000,000 5,548,159.00 0.3% 3.59 -- 6.87 -- -- -- 10.96 Mar-15 LADWP NCREIF (RT) + 50 bps 3.03 -- 6.35 -- -- -- 9.82 NOF Excess Return 0.56 -- 0.52 -- -- -- 1.14 Torchlight IV (NOF)¹ 2013 5,000,000 5,059,783.00 0.3% 1.34 11.48 3.58 11.48 -- -- 9.83 Aug-13 LADWP NCREIF (RT) + 50 bps 3.03 13.88 6.35 13.88 -- -- 13.68 NOF Excess Return -1.69 -2.40 -2.77 -2.40 -- -- -3.85 Torchlight V (NOF)¹ 2015 6,000,000 891,288.00 0.1% -0.66 -- -1.87 -- -- -- -1.77 May-15 LADWP NCREIF (RT) + 50 bps 3.03 -- 6.35 -- -- -- 9.82 NOF Excess Return -3.69 -- -8.22 -- -- -- -11.59 Dimensional Global REIT (NOF) as of 04/30/16 2013 5,000,000 5,709,063.58 0.3% -0.45 9.61 6.62 11.63 6.34 5.65 -- 7.54 Mar-13 FTSE EPRA/NAREIT DEV INDEX -0.04 10.08 5.40 8.47 2.79 3.82 -- 6.11 NOF Excess Return -0.42 -0.47 1.23 3.16 3.55 1.83 -- 1.43 Heitman REIT (NOF) as of 04/30/2016 2013 5,000,000 5,434,004.27 0.3% -0.15 9.24 4.81 8.15 2.66 -- -- 7.44 Oct-13 FTSE EPRA/NAREIT DEV INDEX -0.04 10.08 5.40 8.47 2.79 -- -- 6.93 NOF Excess Return -0.11 -0.84 -0.59 -0.32 -0.13 -- -- 0.51

Total Real Return (GOF)¹ as of 04/30/2016 83,608,401.52 5.0% 5.0% 2.22 4.49 5.21 1.46 -0.13 -0.89 2.43 Total Real Return (NOF) 2.19 4.42 5.12 1.26 -0.36 -1.13 2.27 LADWP CPI+3% 1-Month Lag 0.61 0.96 1.10 3.22 4.18 3.95 4.39 NOF Excess Return 1.59 3.46 4.02 -1.96 -4.53 -5.08 -2.13

Hancock XII (NOF)¹ 1-Quarter Lag 2014 5,000,000 845,119.00 0.1% 8.64 5.95 7.93 5.95 -- -- 3.69 Mar-14 NCREIF Timberland Index 0.77 9.26 1.28 9.26 -- -- 7.71 NOF Excess Return 7.87 -3.31 6.65 -3.31 -- -- -4.02 Molpus IV - SL (NOF)¹ 1-Quarter Lag 2015 5,000,000 2,462,804.00 0.1% -1.75 -- -- -- -- -- -2.66 Aug-15 NCREIF Timberland Index 0.77 -- -- -- -- -- 1.28 NOF Excess Return -2.52 -- -- -- -- -- -3.94 Invesco CMDTY (GOF)¹ as of 04/30/2016 20,832,089.17 1.2% 10.79 14.93 13.20 -3.14 -4.91 -- -- -9.94 Aug-13 Invesco CMDTY (NOF) 10.73 14.74 12.95 -3.68 -5.55 -- -- -10.49 Bloombg Futures Commod. TR USD 8.51 10.83 8.96 -16.60 -17.45 -- -- -14.58 NOF Excess Return 2.22 3.91 3.99 12.92 11.90 -- -- 4.08 Wamco GILS (GOF)¹ as of 04/30/2016 59,468,389.35 3.5% -0.36 1.48 3.45 2.79 -0.13 1.16 3.86 3.93 Apr-10 Wamco GILS (NOF) -0.38 1.43 3.39 2.64 -0.31 0.99 3.68 3.74 BC WGILB Index -0.50 1.38 3.61 2.61 0.07 0.86 3.72 4.11 NOF Excess Return 0.12 0.05 -0.22 0.03 -0.37 0.14 -0.05 -0.37

Total Private Equity (NOF)¹ as of 12/31/2015 99,000,000 44,654,803.00 2.7% 5.0% 0.88 6.11 2.23 6.11 9.80 10.11 LADWP Russell 3000 + 3% 7.04 3.49 0.04 3.49 17.69 21.31 NOF Excess Return -6.16 2.62 2.19 2.62 -7.89 -11.20

Apollo VIII (NOF)¹ 2014 6,000,000 2,483,223.00 0.1% -1.74 -3.00 -1.81 -3.00 -- -- -5.60 Jan-14 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 11.31 NOF Excess Return -8.78 -6.49 -1.85 -6.49 -- -- -16.91 ARES IV (NOF)¹ 2012 5,000,000 3,985,705.00 0.2% 0.56 8.93 1.32 8.93 9.07 -- 8.66 Nov-12 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 17.71 NOF Excess Return -6.48 5.44 1.28 5.44 -8.62 -- -9.05 ARES Special Situation IV (NOF)¹ 2014 10,000,000 1,874,277.00 0.1% -28.26 -- -49.06 -- -- -- -60.42 Jan-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 6.19 NOF Excess Return -35.30 -- -49.10 -- -- -- -66.61 Audax Mezz III (NOF)¹ 2011 3,000,000 1,558,955.00 0.1% 2.45 9.85 5.59 9.85 9.54 -- 8.49 Jan-11 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 21.71 NOF Excess Return -4.59 6.36 5.55 6.36 -8.15 -- -13.22 Blackstone Tactical Opps (NOF)¹ 2014 10,000,000 3,477,500.00 0.2% 4.20 -- 0.70 -- -- -- -4.17 Apr-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 0.22 NOF Excess Return -2.84 -- 0.66 -- -- -- -4.39

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Target Weight


Inception Date

CDR IX (NOF)¹ 2014 5,000,000 1,919,156.00 0.1% -0.07 32.50 27.54 32.50 -- -- 25.28 Apr-14 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 9.31 NOF Excess Return -7.11 29.01 27.50 29.01 -- -- 15.97 Crestview Partners III (NOF)¹ 2013 10,000,000 2,219,507.00 0.1% 2.29 -- 5.14 -- -- -- -5.26 Feb-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 0.14 NOF Excess Return -4.75 -- 5.10 -- -- -- -5.40 EnCAP X (NOF)¹ 2015 7,000,000 635,460.00 0.0% -25.65 -- -35.47 -- -- -- -44.50 Feb-15 LADWP Russell 3000+3% 7.04 -- 0.04 -- -- -- 0.14 NOF Excess Return -32.69 -- -35.51 -- -- -- -44.64 EnCAP IX (NOF)¹ 2013 3,000,000 1,711,940.00 0.1% 17.30 14.10 12.58 14.10 -- -- 6.03 Jan-13 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 16.02 NOF Excess Return 10.26 10.61 12.54 10.61 -- -- -9.99 EnCap VIII (NOF)¹ 2011 2,500,000 916,174.00 0.1% -31.89 -45.27 -39.77 -45.27 -17.88 -- -12.62 Jan-11 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 21.71 NOF Excess Return -38.93 -48.76 -39.81 -48.76 -35.57 -- -34.33 Landmark XIV (NOF)¹ 2008 5,000,000 2,577,811.00 0.2% -- 5.54 3.63 5.54 11.10 12.18 14.20 Aug-08 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 13.96 NOF Excess Return -- 2.05 3.59 2.05 -6.59 -9.13 0.24 Landmark XV (NOF)¹ 2014 7,000,000 2,040,666.00 0.1% -- 7.54 2.73 7.54 -- -- 17.93 Feb-14 LADWP Russell 3000+3% -- 3.49 0.04 3.49 -- -- 8.85 NOF Excess Return -- 4.05 2.69 4.05 -- -- 9.08 Lexington VII (NOF)¹ 2009 5,000,000 2,601,074.00 0.2% -- 6.32 4.11 6.32 13.08 13.22 16.47 Aug-09 LADWP Russell 3000+3% -- 3.49 0.04 3.49 17.69 21.31 21.05 NOF Excess Return -- 2.83 4.07 2.83 -4.61 -8.09 -4.58 Oaktree V (NOF)¹ 2009 2,500,000 1,493,234.00 0.1% -4.62 -9.53 -9.42 -9.53 2.75 4.60 5.02 Jan-09 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 21.31 15.86 NOF Excess Return -11.66 -13.02 -9.46 -13.02 -14.94 -16.71 -10.84 Silver Lake IV (NOF)¹ 2013 3,000,000 1,638,355.00 0.1% 10.48 20.31 6.71 20.31 -- -- 38.10 Sep-13 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 13.35 NOF Excess Return 3.44 16.82 6.67 16.82 -- -- 24.75 Vista IV (NOF)¹ 2011 5,000,000 5,977,273.00 0.4% 10.27 41.68 18.89 41.68 26.39 -- 23.07 Sep-11 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 17.69 -- 20.39 NOF Excess Return 3.23 38.19 18.85 38.19 8.70 -- 2.68 Vista V (NOF)¹ 2014 10,000,000 7,544,493.00 0.4% 7.89 21.33 15.72 21.33 -- -- 17.08 Apr-14 LADWP Russell 3000+3% 7.04 3.49 0.04 3.49 -- -- 9.31 NOF Excess Return 0.85 17.84 15.68 17.84 -- -- 7.77

Cash (GOF) 11,650,937.55 0.7% 1.0% 0.07 0.19 0.37 0.82 0.88 0.68 0.60 Cash (NOF) 0.07 0.19 0.37 0.82 0.88 0.68 0.79 ML 3 Month Treasury Bill 0.03 0.10 0.10 0.14 0.15 0.08 0.08 NOF Excess Return 0.04 0.09 0.27 0.67 0.73 0.60 0.71 Health Plan Trans - DWP11 (GOF) 1,062,619.41 0.1% 0.09 0.11 -13.20 -- -- -- -- --

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SCHEDULE OF RELATIVE RETURN - NET OF MANAGEMENT FEES

1. Total Fixed Income Index is comprised of BC US Universal from Inception to 08/31/15, then the following components from 09/1/15-present : BC US Intermediate Agg x Credit 50%, BC Global Agg Credit USD Hdg 30%, BC Global High Yield USD Hdg 15 %, and Credit Suisse Lev. Loan 5%

Portfolio Return YTD 1 Year 3 Year 5 Year 10 YearLADWP Health Plan Total (GOF) 1.55 -0.58 6.36 6.63 --

Less: Estimated Management Fees 0.06 0.19 0.25 0.25 --

LADWP Health Plan Total (NOF) 1.49 -0.77 6.11 6.38 --

LADWP Health Plan Index 2.19 -0.63 5.99 6.49 --

ML 3 Month Treasury Bill 0.10 0.15 0.08 0.08 --

Total Fixed Income Index1 3.72 2.19 2.24 3.74 --

MS AC WldxUS IMI Nt 2.42 -10.28 0.47 0.15 --

Russell 3000 1.59 -0.18 10.77 10.50 --

LADWP NCREIF + 50bps (1Q Lag) 3.03 13.88 12.57 12.49 --

LADWP T-Bill+3% 1-Month Lag 1.10 3.13 3.07 3.08 --

LADWP Russell 3000+3%(1Q Lag) 1.27 0.46 13.42 19.97 --

LADWP CPI+3% (1-Month Lag) 1.10 4.18 3.95 4.39 --

Relativ e Return - Net of Fees -0.70 -0.14 0.12 -0.11 --

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Notes

Watch Status: "P" due to Performance "O" due to Organizational Change "T" for Terminated account "R" for RehiredReturn Notation:"N/A" - Recently funded accounts and/or no performance available for this period."--" - Recently funded accounts and/or no performance available for this period.

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Plan Level Attribution - 1 Month

0.00

0.00

2.81

0.15

0.22

0.00

(0.14)

(0.03)

(2.34)

(0.43)

0.00

(0.31)

(4.0) (2.0) 0.0 2.0 4.0

LADWP Health Plan Total

Total Equity

Total Domestic Equity

Total International Equity

Total Fixed

Total Alternatives

Total Real Estate

Total Real Return

Total Private Equity

Total Hedge Funds

Covered Calls

Cash

ACTIVE WEIGHT (%)

0.14

0.00

0.09

(0.51)

(0.45)

0.00

0.12

1.61

4.65

(1.13)

0.00

0.04

(5.0) 0.0 5.0

EXCESS RETURN (%)

(0.00)

(0.07)

0.03

(0.10)

(0.13)

0.19

0.01

0.08

0.12

(0.02)

0.00

0.00

(0.2) 0.0 0.2 0.4

STOCK SELECTION (%)

0.14

(0.01)

(0.00)

(0.00)

0.00

0.15

0.00

0.00

0.14

0.00

0.00

0.00

(0.1) 0.0 0.1 0.2

ASSET ALLOCATION (%)

0.14

(0.07)

0.03

(0.10)

(0.13)

0.34

0.01

0.08

0.27

(0.02)

0.00

0.00

(0.2) 0.0 0.2 0.4

TOTAL EFFECT (%)

AccountName

BenchmarkName

AccountEnd Weight

BenchmarkEnd Weight

ActiveWeight

AccountRoR

BenchmarkRoR

ExcessRoR

Asset Allocation

Stock Selection

TotalEffect

Attribution Residual

LADWP Health Plan Total LADWP Health Plan Index 100.00 100.00 0.00 0.91 0.77 0.14 0.14 (0.00) 0.14 0.00Total Equity -- 56.21 -- -- 1.19 -- -- (0.01) (0.07) (0.07) --Total Domestic Equity Russell 3000 37.06 34.25 2.81 0.71 0.62 0.09 (0.00) 0.03 0.03 --Total International Equity MS AC WldxUS IMI Nt 19.15 19.00 0.15 2.14 2.65 (0.51) (0.00) (0.10) (0.10) --Total Fixed Total Fixed Income Index 28.97 28.75 0.22 0.56 1.00 (0.45) 0.00 (0.13) (0.13) --Total Alternatives -- 14.06 -- -- 0.58 -- -- 0.15 0.19 0.34 --Total Hedge Funds LADWP T-Bill+3% 1-Month Lag 1.57 2.00 (0.43) (0.84) 0.29 (1.13) 0.00 (0.02) (0.02) --Total Real Estate LADWP NCREIF + 50bps (1Q Lag) 4.86 5.00 (0.14) 0.12 0.00 0.12 0.00 0.01 0.01 --Total Real Return LADWP CPI+3% (1-Month Lag) 4.97 5.00 (0.03) 2.22 0.61 1.61 0.00 0.08 0.08 --Total Private Equity LADWP Russell 3000+3%(1Q Lag) 2.66 5.00 (2.34) (0.75) (5.40) 4.65 0.14 0.12 0.27 --Cash ML 3 Month Treasury Bill 0.69 1.00 (0.31) 0.07 0.03 0.04 0.00 0.00 0.00 --Transition Accounts -- 0.06 -- -- 0.09 -- -- (0.00) 0.00 (0.00) --

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Asset Allocation

2.81%

0.15%

0.22%

-0.43%

-0.14%

-2.34%

-0.03%

-0.31%

Total Domestic Equity 47.2M

Total International Equity 2.6M

Total Fixed 3.8M

Total Hedge Funds -57.7M

Total Real Estate -2.4M

Total Private Equity -39.4M

Total Real Return -0.4M

Cash -5.2M

Gap to Policy in Percent Weight and Market Value

34.25%

19.00%

28.75%

2.00%

5.00%

5.00%

5.00% 1.00%

Policy Weight and Equivalent Market Value

Total Domestic Equity 575.7M ; 34.25%

Total International Equity 319.4M ; 19.00%

Total Fixed 483.2M ; 28.75%

Total Hedge Funds 33.6M ; 2.00%

Total Real Estate 84.0M ; 5.00%

Total Private Equity 84.0M ; 5.00%

Total Real Return 84.0M ; 5.00%

Cash 16.8M ; 1.00%

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Disclaimer(s)The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc.("S&P") and is licensed for use by The Northern Trust Corporation and its wholly owned subsidiaries. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, inno event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The Dow Jones Wilshire IndexesSM are calculated, distributed and marketed by Dow Jones & Company, Inc. pursuant to an agreement between Dow Jones and Wilshire and have been licensed for use. All content of the Dow Jones Wilshire IndexesSM © 2005 Dow Jones & Company, Inc. & Wilshire Associates Incorporated.

Standard and Poor's including its subsidiary corporations ("S&P") is a division of the McGraw-Hill Companies, Inc. Reproduction of S&P Index Alerts in any form is prohibited except with the prior written permission of S&P. Because of the possibility of human or mechanical error by S&P sources, S&P or others, S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. S&P gives not express or implied warranties, including, but not limited to, any warranties or merchantability or fitness for a particular purpose or use. In no event shall S&P be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of S&P Index Alerts.

All MSCI equity characteristic results except for Dividend Yield, Price to Book Value, Price to Cash Earnings and Price Earnings Ratio were calculated by The Northern Trust Company.

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The Merrill Lynch Indices are used with permission. Copyright 2007, Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. The Merrill Lynch Indices may not be copied, used, or distributed without Merrill Lynch's prior written approval.

Please note that this report has been prepared using best available data. This report may also contain information provided by third parties, derived by third parties or derived from third party data and/or data that may have been categorized or otherwise reported based upon client direction - Northern Trust assumes no responsibility for the accuracy,timeliness or completeness of any such information. If you have questions regarding third party data or direction as it relates to this report, please contact your Northern Trust relationship team.

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