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Page 18 FOURTH QUARTER 2012 IX (oversubscribed on $5 billion), Riverstone Global Energy and Power Fund V (oversubscribed on $6 billion), and Kayne Anderson Energy Fund VI (oversubscribed on $1.6 billion). Most private energy funds continued to achieve strong performance, driven by successful execution by their portfolio companies, and an active transaction market for oil and natural gas assets. Transaction activity in the energy sector was robust during 2012, and many private equity energy funds experienced realizations through sales of portfolio companies and initial public offerings. A key factor contributing to deal flow in the energy sector has been a move by larger, publicly traded oil and gas companies into unconventional resource plays. Timber U.S. timberland values increased 5.9% during the fourth quarter and 7.8% for the full-year, as measured by the NCREIF Timberland Index. This increase represented the strongest gain in the timberland index in five years. The gain was attributable to higher appraisal values for timber properties, driven in part by stabilization in the forest products market. The improving housing market was a key factor contributing strength to the timberland index. Domestic timberland transaction volume for 2012 totaled nearly $4 billion, the highest level since 2008. 3 The increase was attributable mainly to a large sale by Forest Capital Partners earlier in the year. Discount rates decreased, as buyers sought to invest capital and sellers capitalized on opportunities to realize value. 4 1-2 Energy Information Agency www.eia.gov 3-4 Forest Investment Associates Quarterly Update – Fourth Quarter 2012 © 2013 Fund Evaluation Group, LLC
Page 19 FOURTH QUARTER 2012 Disclosures: This report was prepared by Fund Evaluation Group, LLC (FEG), a federally registered investment adviser under the Investment Advisers Act of 1940, as amended, providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Fund Evaluation Group, LLC, Form ADV Part 2A & 2B can be obtained by written request directed to: Fund Evaluation Group, LLC, 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202, Attention: Compliance Department. The information herein was obtained from various sources. FEG does not guarantee the accuracy or completeness of such information provided by third parties. The information in this report is given as of the date indicated and believed to be reliable. FEG assumes no obligation to update this information, or to advise on further developments relating to it. FEG, its affiliates, directors, officers, employees, employee benefit programs and client accounts may have a long position in any securities of issuers discussed in this report. Investments in private funds are speculative, involve a high degree of risk and are designed for sophisticated investors. Index performance results do not represent any managed portfolio returns. An investor cannot invest directly in a presented index, as an investment vehicle replicating an index would be required. An index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Neither the information nor any opinion expressed in this report constitutes an offer, or an invitation to make an offer, to buy or sell any securities. Any return expectations provided are not intended as, and must not be regarded as, a representation, warranty or predication that the investment will achieve any particular rate of return over any particular time period or that investors will not incur losses. Past performance is not indicative of future results. This report is prepared for informational purposes only. It does not address specific investment objectives, or the financial situation and the particular needs of any person who may receive this report. Information on any indices mentioned can be obtained either through your consultant or by written request to information@feg.com. Indices: The Consumer Price Index is a gauge of inflation that measures the prices of a basket of goods purchased by the “typical” consumer. Morgan Stanley Capital International – MSCI - A series of indices constructed by Morgan Stanley to help institutional investors benchmark their returns. There are a wide range of indices created by Morgan Stanley covering a multitude of developed and emerging economies and economic sectors. See www.morganstanley.com for more information. The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market. The index was developed with a base level of 100 as of February 5, 1971. The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. The NCREIF Timberland Index is a quarterly time series composite return measure of investment performance of a large pool of individual timber properties acquired in the private market for investment purposes only. See www.ncreif.org for more information. The NCREIF Timberland Index is a quarterly time series composite return measure of investment performance of a large pool of individual timber properties acquired in the private market for investment purposes only. All properties in the Timberland Index have been acquired, at least in part, on behalf of tax-exempt institutional investors - the great majority being pension funds. As such, all properties are held in a fiduciary environment. The S&P 500 Index is capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. © 2013 Fund Evaluation Group, LLC
Page 1 and 2: PRIVATE CAPITAL OVERVIEW 2012 was a
Page 3 and 4: focus on experienced and stable fun
Page 5 and 6: We Appreciate Your Feedback Page 5
Page 7 and 8: Exit Environment Page 7 FOURTH QUAR
Page 9 and 10: Buyout Exit Activity Exits increase
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Page 15 and 16: Page 15 FOURTH QUARTER 2012 The CMB
Page 17: NATURAL RESOURCES Oil and natural g

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