Using Future Plan's commitment information (Exhibit 4) and the evolution of a typical primary PE fund offering (Exhibit 8a), model the expected NAV for Future Plan's existing portfolio of PE investments as of year-end 2011. Was the evolution of Future Plan's actual exposure to the asset class in line with this projected value? If not, what may have contributed to the deviation?

\fExhibit 8a Evolution of a Primary PE Fund Offering (E10 million commitment, net of fees) 15.0 Drawdown Distribution Net cash flow -NAV 10.0 6.85 7.60 7.47 6.41 5.12 4.54 5.0 3.03 2.70 0.94 1.17 0.26 0.0 O 0.00 -5.0 -10.0 1 2 3 4 5 6 7 8 9 10 11 12 Drawdown -1.00 -2.25 -2.35 -2.00 -1.25 -0.65 -0.40 -0.10 Distribution 0.13 0.49 0.88 1.71 2.37 2.95 3.10 2.64 1.89 1.00 0.33 Net cash flow -1.0 -3.1 -5.0 -6.1 -5.6 -3.9 -1.4 1.6 4.3 6.2 7.2 7.50 NAV 0.94 3.03 5.12 6.85 7.60 7.47 6.41 4.54 2.70 1.17 0.26 0.00