Parasol Long-Term Investment Horizon 3.2% 17.0% 17.0% 6.7% 8.6% 8.0% 5.9% Long-Term Composite Index (Policy) 4.0% 15.6% 15.6% 7.0% 8.8% 7.6% 5.

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1 Long Term Investment Horizon As of December 31, 17 Annualized Performance (Net of Fees) 3 Mo YTD 1 Year 3 Years 5 Years 7 Years 1 Years Parasol Long-Term Investment Horizon 3.% 17.% 17.%.7%.%.% 5.9% Long-Term Composite Index (Policy).% 15.% 15.% 7.%.% 7.% 5.1% InvestorForce Trust Funds $5mm-$5mm Net Rank % % US Equity Non US Equity 1 1 % % Alternatives 3 Mo YTD 1 Year 3 Years 5 Years 7 Years 1 Years Parasol Long Term Investment Horizon Long Term Composite Index (Policy) Market Review -Throughout 17 risk assets continued to move higher on the back of strong global economic activity. Investor sentiment rose as market participants weighed the potential benefits from U.S. tax reform. The VIX remained at historically low levels during the year, making 17 one of the least volatile years in the stock market s history -U.S. equities posted their ninth consecutive year of gains, which is tied for the longest stretch without a down year. Large-cap stocks outperformed small-caps on the back of a weaker U.S. dollar and strong global growth. International equities performed even better, outpacing the S&P 5 for the first time since 1 -Core fixed income generated modest returns during the year as interest rates and credit spreads stayed rangebound. The FOMC hiked interest rates an additional 5 basis points in December. High yield and EM debt generated positive returns from income, however the lack of volatility resulted in little price movement. *Long-Term Composite Index (Policy)=% Russell 3/% MCSI ACWI ex USA/ % BBgBarc US Aggregate/% HFRI FOF: Diversified Index

2 Long Term Investment Horizon As of December 31, Parasol Long-Term Investment Horizon 17.%.% -1.9%.3% 1.9% 1.7% -.9% 15.% 9.3% -3.5% Long-Term Composite Index (Policy) 15.%.7% -.7%.1% 17.% 11.% -1.7% 11.% 3.% -.5% InvestorForce Trust Funds $5mm-$5mm Net Rank $1.9 Growth of the Dollar $1.7 Calendar Year Returns (Net of Fees) $1.7 $1.5 $1.3 $ $1.1 5 $.9 $.7 $.5 Dec 7 Dec Dec 9 Dec 1 Dec 11 Dec 1 Dec 13 Dec 1 Dec 15 Dec 1 Dec 17 Long Term Investment Horizon Long Term Composite Index Parasol Long Term Investment Horizon Long Term Composite Index (Policy) *Long-Term Composite Index (Policy)=% Russell 3/% MCSI ACWI ex USA/ % BBgBarc US Aggregate/% HFRI FOF: Diversified Index

3 Intermediate Term Investment Horizon As of December 31, 17 Annualized Performance (Net of Fees) 3 Mo YTD 1 Year 3 Years 5 Years 7 Years 1 Years Parasol Intermediate Investment Horizon.% 13.% 13.%.% 7.9% 7.9%.5% Intermediate Composite Index (Policy) 3.% 13.3% 13.3%.%.% 7.% 5.7% InvestorForce Trust Funds < $1B - w/-9 % Fixed Inco US Equity 1 % % Non US Equity Alternatives % 1% 3 Mo YTD 1 Year 3 Years 5 Years 7 Years 1 Years Parasol Intermediate Investment Horizon Intermediate Composite Index (Policy) Market Review -Throughout 17 risk assets continued to move higher on the back of strong global economic activity. Investor sentiment rose as market participants weighed the potential benefits from U.S. tax reform. The VIX remained at historically low levels during the year, making 17 one of the least volatile years in the stock market s history -U.S. equities posted their ninth consecutive year of gains, which is tied for the longest stretch without a down year. Large-cap stocks outperformed small-caps on the back of a weaker U.S. dollar and strong global growth. International equities performed even better, outpacing the S&P 5 for the first time since 1 -Core fixed income generated modest returns during the year as interest rates and credit spreads stayed rangebound. The FOMC hiked interest rates an additional 5 basis points in December. High yield and EM debt generated positive returns from income, however the lack of volatility resulted in little price movement. *Intermediate Composite Index (Policy) = % Russell 3/ 1% MSCI ACWI ex USA/ % HFRI FOF: Diversified Index/ % BBgBarc US Aggregate TR

4 Intermediate Term Investment Horizon As of December 31, Parasol Intermediate Investment Horizon 13.%.3% -1.3% 5.% 1.% 13.1% 3.% 1.%.% -1.% Intermediate Composite Index (Policy) 13.3%.% -.1% 7.% 1.3% 1.7% 1.7% 11.7% 19.% -.% InvestorForce Trust Funds < $1B - w/-9 % Fixed Inc Growth of the Dollar $1.9 $1.9 $1.7 $1. $1.5 $1.3 $1.1 $.9 $.7 $.5 Dec 7 Dec Dec 9 Dec 1 Dec 11 Dec 1 Dec 13 Dec 1 Dec 15 Dec 1 Dec 17 Intermediate Composite Index (Policy) Parasol Intermediate Investment Horizon Calendar Year Returns (Net of Fees) Parasol Intermediate Investment Horizon Intermediate Composite Index (Policy) *Intermediate Composite Index (Policy) = % Russell 3/ 1% MSCI ACWI ex USA/ % HFRI FOF: Diversified Index/ % BBgBarc US Aggregate TR

5 Annualized Performance (Net of Fees) Short Term Investment Horizon As of December 31, 17 3 Mo YTD 1 Year 3 Years 5 Years 7 Years 1 Years Parasol Short-Term Investment Horizon.7% 5.7% 5.7% 3.% 3.1% 3.% 3.% Short-Term Composite Index 1.% 5.3% 5.3% 3.1% 3.% 3.3% 3.% InvestorForce Trust Funds < $1B - w/7+ % Fixed Incom % 5% 15% US Equity Non US Equity Money Market 3 7% 1 3 Mo YTD 1 Year 3 Years 5 Years 7 Years 1 Years Parasol Short Term Investment Horizon Short Term Composite Index Market Review -Throughout 17 risk assets continued to move higher on the back of strong global economic activity. Investor sentiment rose as market participants weighed the potential benefits from U.S. tax reform. The VIX remained at historically low levels during the year, making 17 one of the least volatile years in the stock market s history -U.S. equities posted their ninth consecutive year of gains, which is tied for the longest stretch without a down year. Large-cap stocks outperformed small-caps on the back of a weaker U.S. dollar and strong global growth. International equities performed even better, outpacing the S&P 5 for the first time since 1 -Core fixed income generated modest returns during the year as interest rates and credit spreads stayed rangebound. The FOMC hiked interest rates an additional 5 basis points in December. High yield and EM debt generated positive returns from income, however the lack of volatility resulted in little price movement. *Short-Term Composite Index = 15% 91 Day T-Bills / 5% Russell 1 /.5% MSCI ACWI ex USA / 3.3% BBgBarc US Govt/Credit 1-5 Yr. TR / % Russell 1 Growth / 3.33% BBgBarc US Aggregate TR / 3% Russell 1 Value /.5% MSCI EAFE / 3.33% BBgBarc US Credit Int TR

6 Short Term Investment Horizon As of December 31, Parasol Short-Term Investment Horizon 5.7%.%.% 3.1% 3.%.7%.%.% 9.7% -.7% Short-Term Composite Index 5.3% 3.3%.% 3.% 3.1%.%.5% 5.%.% -1.% InvestorForce Trust Funds < $1B - w/7+ % Fixed Inco Growth of the Dollar $1.9 $ $1.5 $ $1.1 $.9 $.7 $.5 Dec 7 Dec Dec 9 Dec 1 Dec 11 Dec 1 Dec 13 Dec 1 Dec 15 Dec 1 Dec 17 Short Term Composite Index Parasol Short Term Investment Horizon 1 1 Calendar Year Returns (Net of Fees) Parasol Short Term Investment Horizon Short Term Composite Index *Short-Term Composite Index = 15% 91 Day T-Bills / 5% Russell 1 /.5% MSCI ACWI ex USA / 3.3% BBgBarc US Govt/Credit 1-5 Yr. TR / % Russell 1 Growth / 3.33% BBgBarc US Aggregate TR / 3% Russell 1 Value /.5% MSCI EAFE / 3.33% BBgBarc US Credit Int TR

7 Socially Responsible Horizon As of December 31, 17 Annualized Performance (Net of Fees) 3 Mo YTD 1 Year 3 Years 5 Years Socially Responsible Blend 5.% 1.% 1.% 9.% 1.9% 3% US Equities % 3 Mo YTD 1 Year 3 Years 5 Years Socially Responsible Blend Socially Responsible Blend 1.%.% 1.% 13.7%.%