Trustee Dennis Cullen made the following motion:

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1 MINUTES Meeting of the Investment Committee of the Board of Trustees of the State Universities Retirement System Thursday, December 7, 2017, 8:30 a.m. State Universities Retirement System Northern Trust Global Conference Center 1 st Floor 50 S. LaSalle St., Chicago, IL The following trustees were present: Mr. Tom Cross, Mr. Dennis Cullen, Dr. John Engstrom, Dr. Fred Giertz, Mr. Paul R. T. Johnson Jr., Mr. Craig McCrohon, Dr. Steven Rock and Mr. Antonio Vasquez. Others present: Mr. Martin Noven, Executive Director; Mr. Doug Wesley, Chief Investment Officer; Ms. Bianca Green, General Counsel; Ms. Kimberly Pollitt and Mr. Shane Willoughby, Senior Investment Officers; Ms. Kristen Houch, Legislative Liaison; Ms. Kelly Carson and Ms. Annette Ackerman, Executive Assistants; Ms. Mary Pat Burns of Burke, Burns & Pinelli; Mr. Kevin Leonard, Mr. Mike Yang and Ms. Kristin Finney-Cooke of NEPC, Mr. Elliott Mallen, Mr. Alexandro Monzon and Mr. Jake Rosner of Unite Here; Ms. Maria Isabel Esporza, Ms. Melissa Guereca and Ms. Juane Sanchez of Homewood Suites; and Ms. Kassandra Hernandez of Financial Daily News. Investment Committee roll call attendance was taken. Trustee Cozzi, absent; Trustee Cross, present; Trustee Cullen, present; Trustee Giertz, present; Trustee Johnson, present; Trustee McCrohon, present; and Trustee Rock, present Trustee Dennis Cullen made the following motion: That the trustees be allowed to participate via conference call for all meetings on December 7-8, 2017, pursuant to Section 7(c) of the Open Meetings Act. Trustee Fred Giertz seconded and the motion carried with all trustees present voting in favor. PUBLIC COMMENT Mr. Elliott Mallen of Unite Here and Ms. Maria Esparasa of Homewood Suites addressed the board regarding a labor situation at the Homewood Suites downtown Chicago. Brookfield Asset Management, a company with which SURS is invested, is also an indirect investor in the Homewood Suites property. Mr. Mallen and Ms. Esparasa requested the SURS Board of Trustees reach out to Brookfield to quickly and amicably settle these disputes.

2 APPROVAL OF MINUTES Trustee Cullen presented the minutes from the Investment Committee meetings of October 19, 2017 and November 9, Trustee Steven Rock made the following motions: That the minutes from the October 19, 2017 Investment Committee meeting be approved as presented. That the minutes from the November 9, 2017 Special Investment Committee meeting be approved as presented. Trustee Giertz seconded and the motions carried with all trustees present voting in favor. APPROVAL OF CLOSED MINUTES Trustee Cullen presented the closed minutes from the Investment Committee meeting of September 14, Trustee Paul Johnson made the following motion: That the closed session minutes from the October 19, 2017 Investment Committee meeting be approved as presented and remain closed. That the closed session minutes from the November 9, 2017 Investment Committee meeting be approved as presented and remain closed. Trustee Giertz seconded and the motion carried with all trustees present voting in favor. CHAIRPERSON S REPORT Trustee Cozzi was not present; there was no chairperson s report. CHIEF INVESTMENT OFFICER REPORT Mr. Doug Wesley provided preliminary performance returns to the board for the month of November. Mr. Wesley noted that while still waiting on some final numbers, SURS will be up one percent for the month. He also stated this is the first time SURS has closed above $19 billion dollars in assets. Mr. Wesley discussed Public Act and explained that this new legislation passed in November and requires consultants to disclose certain information on an annual basis. REAL ESTATE PACING REVIEW AND MARKET OUTLOOK Mr. Mike Yang presented the real estate market update including SURS portfolio construction, plan overview and private real estate pacing plan. The board reviewed the annual pacing plan for the Real Estate Portfolio.

3 A copy of NEPC s presentations titled Real Estate Market Update and 2018 Pacing is incorporated as part of these minutes as Exhibit 1. REAL ESTATE ASSET CLASS REVIEW Mr. Shane Willoughby presented the real estate asset class review to the board. In the review, Mr. Willoughby discussed where the portfolio currently stands and he also provided historical and current context to various facets of the portfolio, including performance. Mr. Willoughby and Mr. Yang addressed questions from trustees. Trustee Johnson made the following motions: The Investment Committee recommends that based on the recommendation of staff and SURS investment consultant, staff be able to coordinate a full redemption from the UBS Trumbull Property Fund and use proceeds to invest $300 million in core-plus, open-end real estate fund(s). The Investment Committee recommends that based on the recommendation of staff and SURS investment consultant, the board authorize staff to conduct a search for a core-plus open-ended real estate fund(s). Trustee Rock seconded and the motions carried with all trustees present voting in favor. A copy of staff s presentation titled Real Estate Asset Class Review is incorporated as part of these minutes as Exhibit 2. CONSIDERATION OF NON-CORE REAL ESTATE Mr. Willoughby presented key characteristics for Brookfield Strategic Real Estate Partners Fund III including performance metrics relating to previous Brookfield funds. Included in the presentation were recommendations and insights from SURS staff relating to the background, advantages and concerns of the proposed investment. At the end of his presentation, Mr. Willoughby introduced Ms. Kate Bizga and Mr. Lowell Baron of Brookfield who presented a summary of their funds and addressed questions from trustees. Trustee Johnson made the following motion: The Investment Committee recommends that based on the recommendation of staff and SURS investment consultant, a commitment of $35 million be authorized, contingent on successful contract negotiations, to Brookfield Strategic Real Estate Fund III LP. Trustee Giertz seconded and the motion carried with majority of trustees present voting in favor. Trustee Mark Cozzi opposed. A copy of staff s memorandum titled Executive Summary Brookfield III Fund Recommendation and NEPC s Tear Sheet titled Brookfield Strategic Real Estate Partners III are incorporated as part of these minutes as Exhibit 3 and Exhibit 4. Brookfield s Presentation and disclosure statement are incorporated as part of these minutes as Exhibit 5 and Exhibit 6.

4 COURTLAND PARTNERS SIDE LETTER CONSENT Mr. Willoughby notified the board of the recent changes at Courtland Partners; specifically Anthony Fragapane s departure. Because of his departure, Courtland is now requesting the appointment of Mike Murphy as the successor representative for Courtland. Trustee Johnson made the following motions: The Investment Committee recommends that based on the recommendation of staff and SURS investment consultant, SURS execute the consent appointing Michael P. Murphy as successor representative to Anthony Fragapane. Trustee Rock seconded and the motion carried with all trustees present voting in favor. A copy of staff s memorandum titled Courtland Partners Update and Courtland s letter titled IL SURS GPF Consent are incorporated as part of these minutes as Exhibit 7 and Exhibit 8. HEDGE FUND FOLLOW-UP DISCUSSION Mr. Wesley addressed questions posed by the board regarding Hedge Fund Day and the Newport Monarch Fund; specifically covering the risk levels of the portfolios, investment strategies and the turnover of underlying managers. Mr. Wesley provided PAAMCO s detailed response and noted that staff believes that PAAMCO s risk/return and implementation style are consistent with the mandate described in the RFP process. A copy of staff s memorandum titled Hedge Fund Day FollowUp and PAAMCO responses titled Newport Monarch SURS Question Responses Nov 2017 are incorporated as part of these minutes as Exhibit 9 and Exhibit 10. OPTIONS SEARCH UPDATE Mr. Wesley updated the board on the recent search for Equity Index Option Risk Premia Capture Strategies noting that SURS received 27 responses to the RFP for options strategy providers. Staff and NEPC are currently in the process of reviewing the responses and will narrow the list to a smaller group of semifinalists. Mr. Wesley asked that any trustees interested in attending the interviews to contact staff for details. Mr. Wesley stated in order to fund newly hired options manager(s) in a timely manner, the hedge fund of fund providers require notice to make the cash available. Trustee Johnson made the following motion: The Investment Committee recommends that based on the recommendation of staff and SURS investment consultant, SURS coordinate redemptions to fund options strategies, as needed, from hedge fund of fund managers Prisma and PAAMCO in approximately the following amounts: o PAAMCO - $245 million to be withdrawn o Prisma - $115 million to be withdrawn

5 Trustee Rock seconded and the motion carried with all trustees present voting in favor. A copy of staff s memorandum titled Options Search Update December 2017 is incorporated as part of these minutes as Exhibit 11. PROCUREMENT POLICY DISCUSSION Discussion of this agenda item was deferred to a later date. INVESTMENT POLICY DISCUSSION Ms. Kim Pollitt provided the annual review of diversity goals to the board and commented on the recommended changes to the diversity brokerage goals. Trustee Johnson made the following motion: The Investment Committee recommends that based on the recommendation of staff and SURS investment consultant, the revised Appendix 10 to the Investment Policy document for the defined benefit plan be approved, as presented. Trustee Rock seconded and the motion carried with all trustees present voting in favor A copy of staff s memorandum titled Review of Diversity Goals Dec 2017 and Revised Diversity Goal - redline version Dec 2017 are incorporated as part of these minutes as Exhibit 12 and Exhibit 13. REVIEW OF INVESTMENT PERFORMANCE Mr. Kevin Leonard of NEPC provided a brief update to the board with final numbers regarding total fund performance through September 30, A copy of NEPC s presentation titled Q Investment Performance Analysis is incorporated as part of these minutes as Exhibit 14. INFORMATIONAL ITEMS NOT REQUIRING COMMITTEE ACTION The following items were provided for reference and are incorporated as a part of these minutes: 1. Exhibit 15 General Consulting Search Update 2. Exhibit 16 Defined Contribution Consultant Search Update 3. Exhibit 17 Manager Status Review 4. Exhibit 18 Performance Dashboards 5. Exhibit 19 Qualitative Dashboards 6. Exhibit 20 Release of the Governor s Report 7. Exhibit 21 Compiled SURS Report to the Governor Exhibit 22 Index Manager Summary Exhibit 23 SURS Executive Summary Risk Memo Exhibit 24 SURS Executive Summary Risk Report Exhibit 25 SURS Summary Work Plan FY Exhibit Schedule of Meeting Dates

6 There was no further business brought before the committee and Trustee Johnson moved that the meeting be adjourned. The motion was seconded by Trustee Tom Cross and carried with all trustees present voting in favor. Respectfully submitted, MMN/kc Mr. Martin Noven Secretary, Board of Trustees

7 Exhibit 1 State Universities Retirement System of Illinois Real Estate Market Update and 2018 Pacing November 2017

8 Exhibit 1 Contents Presentation: 1. Real Estate Market Update 2. SURS Real Estate Portfolio Construction and Plan Overview 3. SURS Detailed Private Real Estate Pacing Plan Appendix 1. Alternative Investment Disclaimer 2

9 1. Real Estate Market Update Exhibit 1

10 Exhibit 1 Real Estate General Market Thoughts and 2017 Implementation Views Core/REIT market environment normalized General Market Thoughts Real estate fundamentals (rent growth, occupancy, net absorption) remain strong; however, valuations are high on an absolute and relative basis Private core returns have begun to moderate; REIT sector has been volatile and pricing remain at historically high FFO multiples Expectation of rising interest rates have been baked into existing valuations but excess cap rate expansion (beyond general expectations) remain a risk Opportunity remains in non-core strategies In the US, we continue to favor strategies with a shorter duration (more emphasis on cash flow) and/or managers that have niche areas of expertise Outside the US, Europe remains a relatively attractive opportunity for asset-focused managers who are not making macro bets on growth; select distressed opportunities may exist in emerging markets Implementation Views Strategy Outlook Commentary Core Non- Core Private Public REITs Value-Add Opportunistic Real Estate Debt Neutral Neutral Positive Positive Hold to target allocation and build new exposure over time to avoid timing risk; assets in prime locations should better weather a downturn Hold to target allocation; if under-allocated leg into a target allocation to minimize entry point risk; expect volatility in the near term Flight to quality will continue to favor US real estate; emphasize more defensible demographically-driven sectors and shorter duration strategies; opportunities to capitalize on distress or capital markets inefficiencies in Europe and select emerging markets may exist Mezzanine strategies offer attractive risk-adjusted returns with an emphasis on current income; low interest rate environment is challenging for senior loans 4

11 Exhibit 1 Global Synchronized Expansion CURRENT STATUS OF GLOBAL ECONOMIES Asia, Europe and North America broadly in expansion Pockets of weakness remain in emerging market economies Source: Moody s Analytics, AEW 5

12 Exhibit 1 Generally Healthy US Market CURRENT STATUS OF STATE ECONOMIES Energy based economies generally starting to recover from oil price crash West Virginia and Alaska lagging Connecticut and Kansas are true outliers: Taxes are too high in CT and too low in KS Source: Moody s Analytics, AEW 6

13 Exhibit 1 US Real Estate Market Cycle: Where are We? Market remains in Expansion Phase, although 2017 likely closer to peak than trough Fundamentals remain strong, signs of hyper-supply are not yet evident Capital markets will be more material driver of valuations in the near-term Real Estate Market Cycle Phase II: Expansion Tightening Occupancy Accelerating Rent Growth New Construction Wave 2017? Phase III: Hyper-supply Demand/Supply Imbalance Negative Absorption Increasing Vacancy Falling Rents 2014 Long-Term Occupancy Phase I: Recovery Declining Vacancy Rent Stabilization No New Construction Phase IV: Recession High Vacancy Low Rents 7

14 Exhibit 1 US Core Real Estate Core real estate returns robust following GFC but 2017 normalizing Cap rate compression/capital appreciation has driven above-average core returns in this expansion cycle Trailing 5-year returns have averaged 11.6% for the ODCE and 10.1% for the FTSE NAREIT Index Private core (ODCE) normalizing and have generated a 1-year trailing gross total return of 7.7% REITs have generated a 1-year trailing gross total return of 2.6%, with high volatility 5-7 year core total returns expected to be below historical averages Positive: Capital markets are healthy and property fundamentals remain solid; new GICS sector/firpta/eu instability could continue to be tailwind for US real estate Concern: Valuations are high and capital flows to US RE will keep deal competition elevated, rising interest rate environment may reset cap rates and place downward pressure on valuations FTSE-NAREIT All Equity REITs ODCE Total (Net) Return 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% (10%) (10%) (20%) (20%) (30%) (30%) (40%) (40%) FTSE NAREIT All Equity REIT: 20 Yr Avg = 10.3% ODCE Total Return: 20 Yr Avg = 9.8% Source: Bloomberg/FTSE as of September 30, 2017; NCREIF as of September 30,

15 Exhibit 1 US Core Income Yields and Treasury Rates Elevated Absolute and Relative Values Absolute income yields (or cap rates) have steadily declined since 2010 (reaching all-time lows) Cap rate compression in major gateway cities are at all-time lows (4% range) Relative NPI income yield spread of ~235bps to US Treasuries below historical average of 264bps Capital Flows to US Remains Robust FIRTPA tax law change could spur increased foreign capital flows to US real estate Additionally, Brexit/European volatility may provide continued flight to quality in US Income Yield vs. 10-Yr. Treasury Income Yield Spread to 10-Yr. Treasury 9.0% % % 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% LT Average Spread compressed due to rising 10-Yr Treasuries 0.0% 0 NPI Income (Rolling 1 Yr) 10 Year Treasury NPI Income Spread to 10 Yr Treasury Source: NEPC analysis, NCREIF; data as of September 30, 2017, and US Treasury data as of September 30,

16 Exhibit 1 US REIT Valuation Metrics REITs trading at highest point relative to NAV since August 2016 FFO multiples analogous to P/E multiples Higher multiple may indicate high future return expectations or relative attractiveness to other assets Brexit aided capital flows to US REITs midyear as they traded at premiums to NAV but has since retreated back to trading at a discount to NAV, likely influenced by uncertainty of new administration Newly created GICS REIT Sector may benefit from reduced volatility of being extracted from the Financials Sector, although high volatility from investor sentiment still very much evident early on REIT Premium / Discount to NAV REIT FFO Multiples 30% 20% 10% 0% (10%) (20%) (30%) (40%) (50%) LT Average REITs trading at premium to NAV near historical average (60%) x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x LT Average REITs trading at elevated FFO Multiples by historical standards 0.0x 2Q02 4Q03 2Q05 4Q06 2Q08 4Q09 2Q11 4Q12 2Q14 4Q15 2Q17 Source: Wells Fargo Securities; data as of November 10,

17 Exhibit 1 Real Estate: Core Portfolios Should Remain Diversified Diversified portfolio of property types allows managers to take advantage of shifting cycles and cherry pick the best sectors, while single-asset class managers have a narrower bandwidth to play in regardless of if other sectors may yield more attractive investments Rent Growth Office Multifamily Industrial 15.0% 10.0% Forecast 5.0% 0.0% (5.0%) (10.0%) (15.0%) Apartment 4.2% 2.5% -1.3% -6.5% 5.1% 5.0% 3.9% 3.3% 5.4% 4.5% 0.2% 2.2% 0.2% -0.7% 0.5% 2.8% 3.3% Industrial 4.9% 3.3% 0.5% -10.4% -6.7% -0.6% 1.0% 3.6% 4.8% 5.3% 6.8% 4.7% 2.8% 0.3% 0.0% 1.8% 2.4% Retail 3.4% 4.2% -2.1% -4.8% -5.1% -2.0% -0.2% -0.2% 0.9% 1.3% 2.7% 2.7% 2.0% 0.1% 0.3% 1.4% 1.9% Office 9.1% 10.1% -11.4% -4.9% 0.0% 3.0% 2.5% 2.9% 5.2% 3.0% 2.0% 2.2% 0.2% -1.0% 0.0% 1.1% 1.6% Source: CBRE Econometrics, NEPC Analysis Past performance is no guarantee of future results 11

18 Exhibit 1 Real Estate: Selective Non-Core US Opportunities Invest in Demographically Driven Property Sectors vs. GDP Driven Property Sectors Although major property sector rental rates have generally recovered and even surpassed 2007 levels, most property sectors are cyclical by nature Demographically driven sectors (e.g. Senior Housing, Apartments) tend to be more protected in downturns verses GDP driven sectors (e.g. Office, Retail) Rent Index Office Industrial Retail Apartment Senior Housing Multiple Expansion Potential Invest in emerging assets that have income multiple expansion potential as they gain acceptance into mainstream asset class Emerging asset types include self-storage, senior housing, and data centers Income Multiple Low High Emerging Institutional Asset Types Pre Institutional Emerging Institutional China logistics and senior housing Self storage Student housing Japan logistics '13 Core Insitutional Data centers Japan logistics '16 U.S. apartments U.K. retail, warehouses Pioneering Investors Professionalization Performance Measurement Convergence Acceptance Source: CBRE, JLL, Co-Star 12

19 2. SURS Real Estate Portfolio Construction and Plan Overview Exhibit 1

20 Exhibit 1 Real Estate Program Overview SURS current real estate exposure is as follows: $1.05 billion of private real estate net asset value (5.7% of total plan assets) Additionally, SURS has approximately $293 million of uncalled commitments (1.5% of plan assets) $715 million of public (REITs/REOCs) real estate net asset value (3.8% of total plan assets) SURS has 9.5% total exposure to real estate currently and is on pace to achieve its 10% target allocation by 2018 SURS long-term target real estate allocations are as follows: Private real estate: 6.0% of total plan assets Public (REITs) real estate: 4.0% of total plan assets SURS current sub-strategy allocations are as follows: 40% in REITs 36% in Private Core/Core-Plus 24% in Private Non-Core (Value-Add/Opportunistic and Debt) To achieve this 6% private real estate target, NEPC recommends the following private allocations: 60% private core real estate (current exposure 74%) 17.5% private value-add real estate (current exposure 13%) 17.5% private opportunistic real estate (current exposure 13%) 5% private debt real estate (no current exposure) Analysis based on 9/30/2016 plan data and 6/30/16 fund data. 14

21 Exhibit 1 Real Estate Program Overview (Cont.) NEPC recommends the following investment pacing to achieve the outlined private real estate targets: 2018: Diversify towards 60% core/core-plus /40% non-core target allocation Redeem approximately $400M from core funds (UBS) Rebalance $300M of core proceeds to core-plus real estate Commit up to $60M to non-core real estate 2019: Maintain non-core commitment pace Commit up to $60M to non-core real estate 2020: Commit up to $100M to private non-core (value-add/opportunistic) and up to $30M to debt Additional Considerations Reduction of public REIT allocation will dampen volatility of the real estate portfolio but will also increase illiquidity Consider Global Secondary RE Funds as part of non-core allocation to mitigate J-Curve and provide vintage year diversification of underlying funds These recommendations are intended to be used as a directional guideline based on market conditions and revisited annually Analysis based on 9/30/2016 plan data and 6/30/16 fund data. 15

22 Exhibit 1 Portfolio Construction Balance Income vs. Appreciation Introducing core-plus within the core allocation at current stage of the real estate cycle may help provide higher total return potential with moderately more risk Analysis based on 9/30/2016 plan data and 6/30/16 fund data. 16

23 Exhibit 1 Relative Expected Risk Return Profile of Real Estate Strategies Illustrative Risk / Return Profile Low High Current Income Viewed as more risky with higher return expectations Return Driver Viewed as less risky with lower return expectations Capital Appreciation Low Expected Risk High Notes: - Debt-related strategies can span the illustrative risk / return spectrum depending on the specific strategy - Manager-specific risk, operations and leverage can skew expected risk / return profile 17

24 Exhibit 1 Blackrock Developed Real Estate Index Fund (Passive REIT) IL SURS has approximately $715 million of exposure (3.8% of Plan assets) to passive REITS within the Blackrock Developed Real Estate Index Fund This allocation was historically supported by the Board s desire for higher allocation to liquid real estate within a passive and global construct Investment Strategy & Objective The Developed Real Estate Index Non-Lendable Fund (the "Fund") is a passive REIT index fund that seeks investment results which mirror the capitalization weighted total return of the FTSE NAREIT Global Real Estate Index. The investment universe consists of publically traded real estate equity securities of issuers whose principal business is the ownership and operation of real estate. The Fund does not engage in securities lending. Performance YTD 1-Year 3-Year 5-Year Inception Fund return % 7.80% 1.48% 6.70% 7.50% 9.00% Benchmark return % 6.53% 0.57% 5.87% 6.73% 8.43% Difference 1.27% 0.91% 0.83% 0.77% 0.57% Fund Benchmark # of Securities Dividend Yield Investment Details (as of ) Benchmark FTSE/NAREIT Developed Index Total Fund AUM $5.51 Billion Inception Date Blackrock REIT Index AUM Blackrock Total Index Assets 1 $10.81 Billion $3.68 Trillion 1. Index AUM across equities and fixed income. Blackrock is the largest index asset manager globally. *The Fund s net asset value does not include an accrual for the investment management fee but does include an accrual for fund level administrative costs and, if applicable, certain third party acquired fund fees and expenses. Top 10 Holdings REIT Sector Country Holding % 1 Simon Property Group, Inc. Retail United States Prologis, Inc. Industrial & Office United States Public Storage Specialty United States Welltower, Inc. Residential United States AvalonBay Communities, Inc. Retail United States Unibail-Rodamco SE Specialty France Digital Realty Trust, Inc. Industrial & Office Canada Equity Residential Residential United States Sun Hung Kai Properties Limited RE Holding & Development Hong Kong Ventas, Inc. Specialty United States 1.60 Data provide by manager as of 9/30/

25 Exhibit 1 US PUBLIC REITS vs. PRIVATE ODCE Public vs. Private Core Real Estate Correlation REITs have a low correlation to the ODCE and a high correlation to public equities over shorter hold periods with 2x volatility vs. ODCE on a one-year rolling basis The break in correlations occurs around the fifth or sixth year when REITs begin to look more like private core real estate and less like public equities REITS are poor placeholders for private real estate and allocations to REITs will impact the overall portfolio risk/volatility REIT Capital Structure vs. Private ODCE REITS tend to use higher leverage vs ODCE but has a more dynamic capital structure which can be positive in up-cycles but negative in down-cycles 63.2% 12.5% 1.8% 0.4% 77.8% 22.1% 22.2% Common Equity Preferred Equity Convertible Debt Unsecured Debt Senior Debt REITs ODCE 19

26 Exhibit 1 BPP Example Core+ vs. Core BPP ODCE Funds Core+ Total Return: 9%- 11% Excess Return * 200 bps- 300 bps Core Total Return: 6%- 9% Leverage: ~50% Generally Complex Entity-Level Transactions Alpha (55%-65%) Leverage (35%-45%) Leverage: ~25 Generally Single Asset Acquisitions *Excess Return for illustrative purposes based on sample model with 4% cost of debt. Actual results will vary. 20

27 Exhibit 1 Summary Performance Comparison Core+ BPP Heitman JPM UBS Core ODCE (24 Funds) Founded Total Assets 1 $9,819 $8,792 $41,230 $23,452 $218,000 Net Asset Value $5,137 $6,732 $30,515 $19,655 $174,300 Performance % 9.2% 7.3% 6.1% 7.8% 19.3% 15.2% 14.1% 11.8% 14.0% 3-Year % 11.5% 10.5% 9.5% 11.0% Leverage 46.9% 23.0% 26.0% 15.0% 22.0% Notes: Figures in $millions Data provided by managers as of December 31, Total Assets - includes ownership shares in joint-venture investments. 2. Capitalization weighted, net of fees, time-weighted returns 3. BPP inception IRR (net) - not full 3-years as fund incepted in

28 Exhibit 1 Summary of NEPC s Qualitative and Quantitative Fund Review Process In reviewing Funds, NEPC considers the following qualitative and quantitative criteria, among others: Current market environment Fund strategy relative to past funds Team experience, turnover, incentive structure, and deal sourcing capabilities Firm track record and quantitative analysis Firm terms, governance, and stability (including the ability to raise fund offered) Fund leverage strategy GP co-investment in fund Other firm business lines (and competing pools of capital) NEPC uses the following key quantitative measures to review and compare managers (at the fund and investment level): Absolute performance measures the manager s ability to generate positive returns independent of investment environment Relative performance measures the manager s ability to generate outsized returns relative to other managers investing during the same time period (the benchmark used to compare relative performance is the Thomson One Value-Add and Opportunistic fund vintage year benchmark) Performance trend analysis looks at how the manager s performance has shifted over time on both an absolute and relative basis Other key quantitative factors reviewed include return volatility/dispersion and general attribution analysis on both an absolute and relative basis In this analysis, NEPC looks back 15-years, excluding earlier performance that may be less relevant today for the current investment team, incentives, market conditions, etc. 22

29 3. SURS Detailed Private Real Estate Pacing Plan Exhibit 1

30 Exhibit 1 General Plan Assumptions General Plan Assumptions Total Plan Assets $18,572 Plan Return Assumptions Target Investment Return 7.3% 7.3% 7.3% Total Real Estate NAV $1,051 Contributions 0.0% 0.0% 0.0% Total Real Estate Capital to be Funded $293 Payouts (1.6%) (1.6%) (1.6%) Total Real Estate Exposure $1,344 Expenses 0.0% 0.0% 0.0% Reserve for Expenses 0.0% 0.0% 0.0% Total Real Estate NAV / Total Plan Assets 5.7% Net Growth Rate 5.7% 5.7% 5.7% Total Real Estate Exposure / Total Plan Assets 7.2% Target Real Estate Allocation % (Current Target) 6.0% Plan-Level data as of 09/30/17 Fund-Level data as of 06/30/17 Total Projected Plan Assets 5.7% current plan NAV to private real estate. 7.2% total plan exposure 6.0% target allocation to private real estate. Actual Projected Total Plan Net Growth Rate (3.4%) 4.7% 8.1% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% 5.7% Total Plan Beginning NAV $16,981 $16,396 $17,172 $18,572 $19,621 $20,729 $21,901 $23,138 $24,445 $25,826 $27,286 $28,827 $30,456 Yearly Net Growth ($585) $776 $1,399 $1,049 $1,109 $1,171 $1,237 $1,307 $1,381 $1,459 $1,542 $1,629 $1,721 Total Plan Ending NAV $16,396 $17,172 $18,572 $19,621 $20,729 $21,901 $23,138 $24,445 $25,826 $27,286 $28,827 $30,456 $32,177 Assumed plan net growth rate of 5.7% Target Real Estate Allocation 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% Target Real Estate NAV $984 $1,030 $1,114 $1,177 $1,244 $1,314 $1,388 $1,467 $1,550 $1,637 $1,730 $1,827 $1,931 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 Actual Total Projected Plan Assets and Target Real Estate Allocation Projected $ Total Plan Ending NAV Target Real Estate NAV Analysis based on 9/30/2017 plan data and 6/30/17 fund data. 24

31 Exhibit 1 Private Real Estate Plan Projections Red line is the 6% target RE allocation based on projected plan total NAV; Black dashed line is the 1.2x over-commitment. Goal is to keep real estate NAV (green bar) plus uncalled capital commitments (blue bar), between red line and black dashed line. $2,500.0 Actual Real Estate Plan Projections Projected $2,000.0 $1,500.0 $1,000.0 $500.0 $ Existing RE Investments NAV New RE Investments NAV Existing RE Investments Uncalled Capital New RE Investments Uncalled Capital Target Real Estate NAV Target Real Estate Over Allocation Actual Projected Year Real Estate NAV $877 $982 $1,051 $1,178 $1,310 $1,357 $1,408 $1,494 $1,636 $1,598 $1,727 $1,845 $1,940 Uncalled Capital Commitments $58 $58 $293 $161 $107 $157 $168 $183 $237 $221 $202 $224 $194 Real Estate NAV + Uncalled Capital Commitments $934 $1,040 $1,344 $1,339 $1,417 $1,513 $1,576 $1,678 $1,874 $1,819 $1,929 $2,069 $2,134 Target Real Estate NAV $984 $1,030 $1,114 $1,177 $1,244 $1,314 $1,388 $1,467 $1,550 $1,637 $1,730 $1,827 $1,931 Weighted Over-Commitment Pace 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x 1.2x Target Real Estate Over Allocation $1,141 $1,195 $1,293 $1,366 $1,443 $1,524 $1,610 $1,701 $1,798 $1,899 $2,006 $2,120 $2,240 Percent of Total Plan Assets Real Estate NAV (%) 5.3% 5.7% 5.7% 6.0% 6.3% 6.2% 6.1% 6.1% 6.3% 5.9% 6.0% 6.1% 6.0% Real Estate Uncalled Capital Commitments (%) 0.4% 0.3% 1.6% 0.8% 0.5% 0.7% 0.7% 0.8% 0.9% 0.8% 0.7% 0.7% 0.6% NAV + Uncalled Capital Commitments (%) 5.7% 6.1% 7.2% 6.8% 6.8% 6.9% 6.8% 6.9% 7.3% 6.7% 6.7% 6.8% 6.6% Target Real Estate Allocation (%) 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% Target Real Estate Over Allocation (%) 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% Analysis based on 9/30/2017 plan data and 6/30/17 fund data. 25

32 Exhibit 1 Private Real Estate Portfolio Construction and Existing Private Real Estate Investments Analysis based on 9/30/2017 plan data and 6/30/17 fund data. Target Real Estate Allocations Target Max Min Target Current Capital Total % of Over / (Under) Funding Percent Percent Percent Dollar Valuation to be Current Total of Total Exposure vs. Investment Strategy Allocation Allocation Allocation Allocation (NAV) Funded Exposure Exposure Current Target Core/Core-Plus (Open-End) 60% 70% 40% $668.6 $775.7 $0.0 $ % $107.1 Value-Add (Closed-End) 18% 30% 10% $195.0 $140.5 $163.9 $ % ($54.5) Opportunistic (Closed-End) 18% 30% 10% $195.0 $134.9 $68.7 $ % ($60.1) Debt (Closed-End) 5% 15% 0% $55.7 $0.0 $60.0 $60.0 4% ($55.7) Total / Wtd. Avg. 100% $1,114.3 $1,051.0 $292.6 $1, % ($63.3) Existing Real Estate Investments Core/Core-Plus (Open-End) Fund Name Vintage Year Committed Paid In Capital Capital to be Funded Cumulative Distributed Current Valuation (NAV) Total Value % of Dividends Reinvested Anticipated Redemptions Redemption Request Year UBS TPF 2006 $220.0 $220.0 $0.0 $22.8 $375.6 $ % $ JPM SPF 2013 $150.0 $150.0 $0.0 $0.0 $201.8 $ % $0.0 NA Heitman HART 2013 $150.0 $150.0 $0.0 $0.0 $198.4 $ % $0.0 NA Total Core/Core-Plus (Open-End) $520.0 $520.0 $0.0 $22.8 $775.7 $798.5 NA $403.7 NA Value-Add (Closed-End) Current Fund Name Vintage Year Committed Paid In Capital Capital to be Funded Cumulative Distributed Valuation (NAV) Total Value Net benefit DPI Ratio TVPI Ratio RREEF America REIT III 2006 $35.7 $35.7 $0.0 $17.0 $0.3 $17.3 ($18.4) 0.48x 0.48x Franklin Templeton FTPREF 2010 $50.0 $39.7 $10.3 $47.4 $12.1 $59.5 $ x 1.50x Mesirow MFIRE II 2012 $60.0 $39.3 $20.7 $15.3 $38.7 $54.1 $ x 1.38x Franklin Templeton EMREFF 2012 $75.0 $66.5 $8.5 $63.1 $33.0 $96.0 $ x 1.44x Franklin Templeton Sept. Acct $90.0 $12.6 $77.4 $0.2 $11.6 $11.8 ($0.9) 0.01x 0.93x Blue Vista IV 2015 $35.0 $18.8 $16.2 $0.0 $18.6 $18.6 ($0.2) 0.00x 0.99x Crow Holdings VII 2015 $35.0 $24.1 $10.9 $1.7 $26.2 $27.9 $ x 1.16x Crow Holdings VIII 2017 $20.0 $0.0 $20.0 $0.0 $0.0 $0.0 $0.0 NA NA Total Value-Add (Closed-End) $400.7 $236.8 $163.9 $144.7 $140.5 $285.2 $ x 1.20x Opportunistic (Closed-End) Current Fund Name Vintage Year Committed Paid In Capital Capital to be Funded Cumulative Distributed Valuation (NAV) Total Value Net benefit DPI Ratio TVPI Ratio Dune Real Estate Fund II 2009 $40.0 $39.7 $0.3 $46.4 $24.2 $70.6 $ x 1.78x Dune Real Estate Fund III 2013 $100.0 $67.0 $33.0 $1.0 $89.4 $90.4 $ x 1.35x Brookfield SREP II 2015 $35.0 $19.6 $15.4 $0.0 $21.3 $21.3 $ x 1.09x Dune Real Estate Fund IV 2017 $20.0 $0.0 $20.0 $0.0 $0.0 $0.0 $0.0 NA NA Total Opportunistic (Closed-End) $195.0 $126.3 $68.7 $47.4 $134.9 $182.2 $ x 1.44x Debt (Closed-End) Current Fund Name Vintage Year Committed Paid In Capital Capital to be Funded Cumulative Distributed Valuation (NAV) Total Value Net benefit DPI Ratio TVPI Ratio Oaktree Real Estate Debt Fund II 2017 $30.0 $0.0 $30.0 $0.0 $0.0 $0.0 $0.0 NA NA Basis Fund I 2017 $30.0 $0.0 $30.0 $0.0 $0.0 $0.0 $0.0 NA NA Total Debt (Closed-End) $60.0 $0.0 $60.0 $0.0 $0.0 $0.0 $0.0 NA NA 26

33 Exhibit 1 Private Real Estate Commitments & Redemptions by Year $400 $300 Actual Real Estate Commitments & Redemptions by Vintage Year Commitments Projected $200 $100 $ ($100) ($200) ($300) ($400) Redemptions ($500) Core/Core-Plus (Open-End) Value-Add (Closed-End) Opportunistic (Closed-End) Debt (Closed-End) Core/Core-Plus (Open-End) Real Estate Commitments & Redemptions by Vintage Year Commitments Actual More Certain Less Certain Year Core/Core-Plus (Open-End) $0 $0 $0 $300 $0 $0 $0 $0 $30 $0 $30 $0 $0 Value-Add (Closed-End) Opportunistic (Closed-End) Debt (Closed-End) Total Commitments $195 $0 $100 $360 $60 $130 $100 $120 $210 $120 $150 $160 $100 Redemptions Actual More Certain Less Certain Year Core/Core-Plus (Open-End) NA NA NA ($404) $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Redemptions NA NA NA ($404) $0 $0 $0 $0 $0 $0 $0 $0 $0 Analysis based on 9/30/2017 plan data and 6/30/17 fund data. 27

34 Exhibit 1 Private Real Estate Sub-Allocations 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Real Estate Allocation by NAV Actual Projected 0% 0% 0% 2% 4% 5% 6% 6% 5% 4% 4% 5% 5% 12% 13% 17% 15% 15% 15% 14% 16% 17% 19% 18% 18% 18% 7% 14% 13% 21% 21% 20% 20% 19% 20% 14% 16% 17% 17% 76% 75% 74% 62% 60% 60% 60% 59% 58% 62% 62% 61% 60% Core/Core-Plus (Open-End) Value-Add (Closed-End) Opportunistic (Closed-End) Debt (Closed-End) Build towards and maintain balanced sub-strategy allocations 100% 90% 80% 70% 60% 50% Actual 0% 0% 21% 15% 8% 14% Real Estate Allocation by NAV + Uncalled Capital Commitments Projected 4% 4% 4% 6% 6% 5% 6% 5% 4% 6% 6% 15% 19% 17% 16% 20% 22% 19% 20% 24% 22% 19% 23% 22% 23% 20% 24% 20% 20% 24% 16% 18% 20% 40% 30% 71% 70% 58% 55% 55% 54% 54% 53% 51% 55% 55% 54% 55% 20% 10% 0% Core/Core-Plus (Open-End) Value-Add (Closed-End) Opportunistic (Closed-End) Debt (Closed-End) Analysis based on 9/30/2017 plan data and 6/30/17 fund data. 28

35 Exhibit 1 Private Real Estate Projected Drawdowns and Distributions $600.0 Real Estate Projected Drawdowns and Distributions Actual Projected $400.0 $200.0 $0.0 ($200.0) ($400.0) ($600.0) Real Estate Drawdowns Real Estate Distributions Real Estate Net Cash Flow Actual Projected Year Real Estate Drawdowns ($323) ($71) ($19) ($481) ($114) ($80) ($89) ($105) ($156) ($136) ($169) ($138) ($131) Real Estate Distributions Real Estate Net Cash Flow ($277) ($12) $6 ($41) ($52) $37 $40 $28 ($7) $190 $1 $26 $65 Analysis based on 9/30/2017 plan data and 6/30/17 fund data. 29

36 Appendix 1: Alternative Investment Disclaimer Exhibit 1

37 Exhibit 1 Disclaimer Past performance is no guarantee of future results. The opinions presented herein represent the good faith views of NEPC as of the date of this report and are subject to change at any time. Information used to prepare this report was obtained directly from the investment managers or custodians, and market index data was provided by other external sources. While NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within. This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it. 31

38 Exhibit 1 Alternative Investment Disclosures In addition, it is important that investors understand the following characteristics of non-traditional investment strategies including hedge funds, real estate and private equity: 1. Performance can be volatile and investors could lose all or a substantial portion of their investment 2. Leverage and other speculative practices may increase the risk of loss 3. Past performance may be revised due to the revaluation of investments 4. These investments can be illiquid, and investors may be subject to lock-ups or lengthy redemption terms 5. A secondary market may not be available for all funds, and any sales that occur may take place at a discount to value 6. These funds are not subject to the same regulatory requirements as registered investment vehicles 7. Managers may not be required to provide periodic pricing or valuation information to investors 8. These funds may have complex tax structures and delays in distributing important tax information 9. These funds often charge high fees 10. Investment agreements often give the manager authority to trade in securities, markets or currencies that are not within the manager s realm of expertise or contemplated investment strategy 32

39 Exhibit 2 Real Estate Asset Class Review December 2017

40 Exhibit 2 Real Estate Portfolio Overview SURS current real estate exposure: $1.1 billion in private direct real estate $293M of uncalled commitments $715M in public REITs, all passively managed Long-term target real estate allocations: Private direct real estate: 6% of total plan assets Public REITs: 4% of total plan assets SURS has generally achieved target allocations, although currently slightly under-allocated to private (-27bps) and slightly under-allocated to public (-15bps) Recent real estate commitments and continued compliance with recommended pacing will maintain allocation NEPC funding plan recommendations are intended to be used as directional guideline and are revisited annually (recently completed) To achieve 6% private direct real estate target, NEPC recommends the following allocations: ~60% core real estate (currently ~73%) ~35% non-core real estate (currently ~27%) ~5% private real estate debt (currently in legal negotiations) Current and future commitments will keep portfolio on track for target allocation 2

41 Exhibit 2 Real Estate Risk/Return Profile Expected Return Direct Core 7-8% expected return Income oriented, stabilized assets Lower leverage: 15-30% Typically held long-term Primarily equity investments Primarily invest via open-end funds Funds subject to entry/exit queues which can be lengthy Public REITs 7-9% expected return Typically stabilized, income-producing assets Leverage: 30-50% Typically held long-term Can be equity or debt investments Primarily invest via REIT funds/sma Susceptible to equity market volatility in the short term Highly liquid Direct Non-Core 8-12+% expected return Appreciation-focused returns Higher leverage: 40-70% Typically held 3-10 years Both equity and debt investments Primarily invest via commingled funds Semi-liquid investments dependent on vintage year SURS maintains diversification by investing across each strategy type Core: Foundation of the portfolio, providing stable income with limited alpha REITs: Provide a significant portion of SURS international real estate exposure Non-Core: Opportunities for enhanced returns through capital appreciation Risk Real estate provides a spectrum of public and private investment opportunities 3

42 Exhibit 2 Total Real Estate Portfolio Board adopted an asset allocation in fiscal 2001 that created a 2% allocation to REITs Portfolio has diversified over time to include private strategies In March 2005 Board approved a 2% allocation to direct private real estate and increased REITs to 4% Utilize two different fund structures for direct real estate: open-end and closed-end funds Core holdings (open-end funds) provided stability during global financial crisis Timing of non-core commitments (closed-end funds) allowed opportunity to take advantage of market distress post crisis The asset/liability study approved in June 2011 resulted in increase in direct real estate allocation to 6% REITs typically own core assets, but due to their global nature, are segregated for this presentation s purposes Portfolio has transitioned to include private core and non-core exposure 4

43 Exhibit 2 Total Open-End Funds Open-end exposure is invested in core real estate through three mandates RREEF III is in wind-down phase with only a small contingency being held back As RREEF II was being redeemed, a search was conducted, leading to the hiring of Heitman and JP Morgan $150M committed to each of Heitman and JP Morgan Open-End fund manager roster has been diversifying over time 5

44 Exhibit 2 MFDB Exposure Non-core commitments since 2009 of $640 million (including recent $80 million to private debt) $215 million of which to MFDB mandates (34% of total non-core commitments) 15% of non-core portfolio current market value in funds from MFDB firms Recently committed $50 million to two MFDB private debt funds Funds are currently either in legal negotiations or awaiting further fundraising traction to begin legal review Furthering our commitment to diversity within the portfolio 6

45 Exhibit 2 Historical Performance 16% 12% 8% 4% 0% Total Direct Real Estate Performance 15.1% 12.5% 10.0% 9.5% 10.3% 9.5% 10.8% 8.9% 5.9% 6.9% 6.5% 4.3% 2.6% 1.1% 1.5% Quarter 1-Year 3-Year 5-Year ITD Core Non-Core Benchmark Total direct real estate has performed well over longer time periods More-recent core returns lagging mostly due to objectives of one manager Non-core performance outpacing core as expected Fund Strategy Fund Vintage Fund Name Return Expectations Core Direct Real Estate UBS Trumbull Property Fund Core % gross real rate of return over a three- and five-year period JP Morgan Strategic Property Fund Core bps in excess of NFI-ODCE over complete real estate cycle Heitman America Real Estate Trust Core bps in excess of NFI-ODCE over rolling 5-year periods Non-Core Direct Real Estate Dune Real Estate Parallel II Opportunistic % gross IRR; 9% preferred return Dune Real Estate III Opportunistic % net IRR; 9% preferred return Brookfield Strategic Real Estate Partners II Opportunistic % net IRR; 9% preferred return Dune Real Estate IV Opportunistic % net IRR; 9% preferred return RREEF America REIT III Value-Add % total return over the long term Franklin EMREFF Value-Add % net IRR; 9% preferred return Franklin FTPREFF Value-Add % net IRR; 8% preferred return Pru Global RE Partnership II (f/k/a MFIRE II) Value-Add % net IRR; 10% preferred return Crow Holdings Realty Partners VII Value-Add % net IRR; 9% preferred return Blue Vista Real Estate Partners IV Value-Add % net IRR; 8% preferred return Franklin MDP RE 2015 Value-Add % net IRR; 9% preferred return Crow Holdings Realty Partners VIII Value-Add % net IRR; 9% preferred return Some core funds, including UBS TPF, have been in existence for decades Clear distinction between core and non-core return expectations In general, return expectations have come down over time to reflect market expectations Performance has exceeded benchmarks over long time periods 7

46 Exhibit 2 Investment Pacing Plan Update In April 2015, the Board approved commitments to four new real estate relationships as part of threeyear real estate funding plan presented September 2014 NEPC recommends following investment pacing to achieve outlined private real estate targets: 2018 Redeem ~$400 million from core funds (fully redeem from UBS Trumbull Property Fund) Rebalance $300 million of core proceeds to core+ real estate Commit up to $60 million to non-core ($35 million to Brookfield III) 2019 Commit up to $60 million to non-core to maintain pacing 2020 Commit up to $100 million to non-core and up to $30 million to debt Additional Considerations: Reduction of REIT allocation to dampen volatility of real estate portfolio and be more consistent with peers Subject to next asset/liability study Current REIT allocation could be used as funding source for future real estate commitments Opportunities to further diversify portfolio in the future 8

47 Exhibit 2 UBS TPF Recommendation SURS made a $220 million commitment to Trumbull Property Fund (TPF) in June 2006 Invest in high-quality U.S. real estate focusing on income and diversification with modest leverage TPF s goal is to achieve a 5% gross real return over 3-5 years while also outperforming ODCE over full market cycle Spotty performance vs. 5% real return hurdle; underperformance over shorter time periods vs. ODCE As CPI has ticked up, real return hurdle becoming more difficult to achieve Historical Performance (Real Return) Historical Performance (ODCE) % Return % 5.7% 9.6% 9.8% 5.9% 6.3% 6.6% 5.3% % Return % 1.2% 7.9% 5.7% 11.3% 11.8% 9.6% 9.8% 5.3% 5.2% 0 1 Yr 3 Yr 5 Yr 10 Yr 0 Quarter 1-Yr 3-Yr 5-Yr 10-Yr UBS TPF 5% Real Return UBS TPF NFI-ODCE Over the long term TPF has kept pace with ODCE, post-gfc it has trailed the index (11.3% vs. 12.9%) TPF s 10-yr. beta of 0.75 benefits the fund during market downturns, but hampers it in upturns Barring another Global Financial Crisis-type event, performance will likely continue to lag peers % Return (5) (10) (15) (20) (25) (30) Calendar Year Performance CY CY CY CY CY CY CY CY CY CY CY CY CY CY CY CY CY CY CY TPF: -20.2% ODCE: -27.2% UBS TPF NFI-ODCE TPF: 11.3% ODCE: 12.9% % Return Full Market Cycle Performance (Peak-to-Peak) 11.3% 11.1% 8.3% 7.0% 6.8% 6.5% 12.5% 12.4% 5.1% 4.9% 3Q82-4Q85 1Q86-1Q90 2Q90-1Q01 2Q01-4Q07 1Q08-2Q17 (Current) UBS TPF NFI-ODCE TPF s performance has lagged post-global Financial Crisis 9

48 Exhibit 2 UBS TPF Recommendation, Cont. Much of TPF s performance explained by leverage usage and asset selection/management practices While lower leverage was beneficial during the downturn, as real estate markets have improved, TPF has not kept pace Office has trailed the ODCE by 263 and 177 bps over the one- and three-year periods due to recent leasing events Hotels have lagged by over 500 and 300 bps as both TPF and ODCE hotels have underperformed other asset classes Retail has lagged by nearly 200 and 150 bps with lower relative returns from the mall portfolio 11 UBS TPF Attribution vs. ODCE -2.52% 10.50% 5.31% -2.82% -1.10% -2.10% -2.08% -1.53% -1.00% -2.10% Weighted Average Leverage June 30, % 23.2% 25.8% 22.0% % Return (1) (3) (-2.1)4) (0.51) (0.05) 0.06 (0.81) (0.90) (0.91) (0.53) (1.70) (3.23) (1.17) (0.96) (1.34) (0.80) (0.13) (0.22) 0.06 (1.94) (0.22) FYE 08 FYE 09 FYE 10 FYE 11 FYE 12 FYE 13 FYE 14 FYE 15 FYE 16 FYE 17 % Leverage % 13.8% 14.5% 11.3% 3-Yr Avg 5-Yr Avg 10-Yr Avg 20-Yr Avg Qualifying Properties Leverage Other UBS TPF NFI-ODCE ex. UBS Each of SURS core managers have lower standard deviations with returns at or above ODCE TPF has shown less risk than index, but its risk-adjusted performance has trailed the other funds in our portfolio 10-Yr risk-adjusted excess returns: HART: 2.93% JPM SPF: 1.45% UBS TPF: 1.32% % Return Yr Risk/Return Core Portfolio Std Dev (%) UBS TPF HART JPM SPF NFI-ODCE Lower leverage and asset management have affected TPF s return history 10

49 Exhibit 2 UBS TPF Recommendation, Cont. 60/40 core/non-core allocation has been recommended UBS TPF has underperformed its real return mandate over the short term and has not met the performance of its peers in the NFI-ODCE index over short- and medium-term periods TPF represents half of the SURS core real estate portfolio ($380M out of a total of $775M) and has become a drag on the overall portfolio s performance Interesting fund strategies are becoming available in the core+ space, leaving SURS with opportunities to enhance our return profile while maintaining a core-like real estate structure As discussed, three options are available to invest the UBS TPF proceeds Commit proceeds to a core+ fund(s) at the conclusion of a search Invest the proceeds temporarily in the global REITs portfolio Allocate the proceeds to JP Morgan Strategic Property Fund and Heitman HART Staff and NEPC jointly recommends: That based on the recommendation of staff and SURS investment consultant, the Board authorizes staff to coordinate a full redemption from the UBS Trumbull Property Fund and use proceeds to invest $300 million in core+, open-end real estate fund(s). Staff and NEPC recommend certain redemptions from the open-end core portfolio 11

50 Exhibit 2 Core+ Search Recommendation As stated on the prior page, staff and consultant are recommending investing the redeemed UBS TPF core fund proceeds into a core+ open-end fund(s) Would require a search that could get underway following December Investment Committee meeting likely possible respondents, with one currently on NEPC s Focus Placement List Potential search timeline: Quiet Period Begins December 7, 2017 Launch Search Mid December 2017 Deadline for Responder Questions Late December 2017 Responses to Questions Mid January 2018 RFP Responses Due Late January 2018 Evaluations February 2018 Candidate Interviews February 2018 Selection March 9, 2018 Staff would ensure timing of redemption from UBS TBF and entry into selected fund(s) would occur in an efficient manner Staff and NEPC jointly recommends: That based on the recommendation of staff and SURS investment consultant, the Board authorizes staff to conduct a search for a core+ open-end real estate fund(s). Staff and NEPC recommend a core+ open-end real estate search begin 12

51 Specialty Real Estate Consultant Search Recommendation Exhibit 2 Staff and the Board have had ongoing discussions about adding specialty consultants to enhance the services of a general defined benefit consultant A specialty real estate consultant could provide flexibility in the procurement process of securing real estate fund commitment while allowing the Board discretion in ultimate manager selection Would require a search that could get underway following February Investment Committee meeting Only a few likely respondents Potential search timeline: Quiet Period Begins February 1, 2018 Launch Search Mid February 2018 Deadline for Responder Questions Late February 2018 Responses to Questions Early March 2018 RFP Responses Due Late March 2018 Evaluations April/May 2018 Candidate Interviews May 2018 Selection June 8, 2018 Staff intends to draft an RFP for a specialty real estate consultant for possible approval at the February Investment Committee meeting Staff recommending specialty real estate consultant search following Feb. meeting 13

52 Exhibit 2 Appendix 14

53 Exhibit 2 Direct Real Estate Portfolio Composition Other property types include hotel, self storage, student housing, senior housing, land, mixed-use assets Majority of international exposure from FTPREF, Pru (former MFIRE II) and Brookfield II holdings Fund concentration should normalize as non-core manager roster grows Other property types primarily include hotel (UBS Trumbull) and self storage (Heitman HART) Geographic diversification similar to ODCE benchmark Complementary features derived from the core managers Balanced portfolio providing diversified exposures 15

54 Exhibit 2 Heitman America Real Estate Trust (HART) Source: NEPC HART provides complementary self-storage to the Core portfolio 16

55 Exhibit 2 Heitman America Real Estate Trust (HART) Heitman has performed well historically Source: NEPC 17

56 Exhibit 2 JP Morgan Strategic Property Fund (SPF) SPF is the largest fund in the ODCE universe Source: NEPC 18

57 Exhibit 2 JP Morgan Strategic Property Fund (SPF) Source: NEPC SPF has little-to-no development and value-add exposure, limiting more recent returns 19

58 Exhibit 2 UBS Trumbull Property Fund (TPF) UBS is one of the least leveraged funds in the ODCE universe Source: NEPC 20

59 Exhibit 2 UBS Trumbull Property Fund (TPF) Source: NEPC Leverage and asset management has hampered performance over shorter periods 21

60 Exhibit 2 Fund Overview Fund Final Close Fund Size SURS Commitment Date Mar-16 $445 million Aug-15 SURS Commitment Amount $35 million Capital Called to Date Distributions to Date* $18.8 million None Investment Period Ends March 2020 Fund Term Ends March 2024 (two, 1-Yr extension options) * Portions may be recallable by the fund Fund Objective Risk Profile Target Fund Return Geographic Focus Property Type Focus Fund Strategy Structured as majority equity investments in smaller deals or as sponsor equity to local operating partners in larger deals Value-Add 15% net Leverage Level 59% Number of Investments 36 Target Deal Size Management Fee Carried Interest Fund Statistics United States Diversified $2-$15 million Fund Economics 1.5% on committed/invested 20% of profits Preferred Return 8% % to LP until LP has received 8% IRR Distribution Waterfall 2. 20% LP/80% GP until GP receives 20% of profits 3. 80% LP/20% GP thereafter Blue Vista Real Estate Partners IV Performance not meaningful at this point Blue Vista IV invests in value-add, middle market real estate assets 22

61 Exhibit 2 Fund Overview Fund Final Close Fund Size SURS Commitment Date Dec-15 $1.85 billion Nov-15 SURS Commitment Amount $35 million Capital Called to Date Distributions to Date* Fund Statistics $24 million None Investment Period Ends December 2018 Fund Term Ends November 2024 (two, 1-yr extension options) * Portions may be recallable by the fund Fund Strategy Crow Holdings Realty Partners VII Fund Objective Target well-located properties with an in-place income stream and the opportunity to produce appreciation through value creation methods such as increasing NOI, redevelopment, asset repositioning, acquiring assets at a discount in recovering markets, and buying below replacement cost Risk Profile Target Fund Return Geographic Focus Property Type Focus Leverage Level 61% Number of Investments 100 Target Deal Size Management Fee Carried Interest Value-Add 10-11% net United States Diversified <$50 million Fund Economics 1.5% on committed/invested 20% of profits Preferred Return 9% % to LP until LP has received 9% IRR Distribution Waterfall 2. 50% LP/50% GP until GP receives 20% of profits 3. 80% LP/20% GP thereafter Performance not meaningful at this point Crow VII invests in value-add real estate in large, diversified US markets 23

62 Exhibit 2 Franklin Templeton EMREFF Fund Overview Fund Final Close Fund Size SURS Commitment Date Oct-11 $192 million Oct-10 SURS Commitment Amount $75 million Capital Called to Date Distributions to Date* $78.5 million $70 million Investment Period Ended October 2013 Fund Term 10th Anniversary of first close (three, 1-yr extension options) * Portions may be recallable by the fund Fund Objective Risk Profile Target Fund Return Geographic Focus Property Type Focus Fund Strategy Make investments in US-based, value-add real estate fund managers meeting the Illinois statute definition of MFDB-owned Value-Add 15% net Leverage Level 54% Number of Investments 7 Target Deal Size Management Fee Carried Interest Fund Statistics United States Diversified $5-$10 million Fund Economics 0.5% on committed/invested 10% of profits Preferred Return 9% % to LP until LP has received 9% IRR Distribution Waterfall 2. 40% LP/60% GP until GP receives 10% of profits 3. 90% LP/10% GP thereafter Annualized Fund Returns 2Q17 1-Yr 3-Yr 5-Yr Since Inception EMREFF -8.99% 5.38% 12.73% 15.10% 12.95% ODCE + 1.5% 1.86% 8.42% 11.84% 12.27% 12.52% Excess % -3.04% 0.89% 2.83% 0.43% EMREFF provides MFDB exposure to the real estate portfolio 24

63 Exhibit 2 Fund Overview Franklin Templeton FTPREF Fund Final Close Fund Size SURS Commitment Date Mar-12 $319 million Mar-12 SURS Commitment Amount $50 million Capital Called to Date Distributions to Date* $51.3 million $38.4million Investment Period Ends March 2015 Fund Term 12 years from initial close (three, 1- yr extension options) * Portions may be recallable by the fund Fund Objective Risk Profile Target Fund Return Geographic Focus Property Type Focus Fund Strategy To invest in underlying value-add private real estate funds where the underlying funds in turn will make equity and debt investments globally in real estate and real estate-related assets Value-Add 15% net Global Leverage Level 52% Number of Investments 14 Target Deal Size Management Fee Carried Interest Fund Statistics Diversified $20-$40 million Fund Economics 0.6% on committed/invested 8% of profits Preferred Return 10% % to LP until LP has received 10% IRR Distribution Waterfall 2. 40% LP/60% GP until GP receives 8% of profits 3. 92% LP/8% GP thereafter Annualized Fund Returns 2Q17 1-Yr 3-Yr 5-Yr Since Inception FTPREF 6.25% 16.32% 23.51% 24.40% 22.14% ODCE + 1.5% 1.86% 8.42% 11.84% 12.58% 12.58% Excess 4.39% 7.90% 11.67% 11.82% 9.56% FTPREF has provided international diversification and strong returns 25

64 Exhibit 2 Fund Overview Fund Final Close August Fund Size $90 million SURS Commitment Date August SURS Commitment Amount $90 million Capital Called to Date Distributions to Date* Investment Period Fund Term * Portions may be recallable by the fund Fund Objective Risk Profile Target Fund Return Geographic Focus Property Type Focus Leverage Level 59% Number of Investments 3 Target Deal Size Management Fee Carried Interest Fund Statistics $12.6 million $0.2 million 1 year for each tranche Expiration of final tranche's commitment period Fund Strategy Make investments in US-based, value-add real estate fund managers meeting the Illinois statute definition of MFDB-owned Value-Add 12-14% net United States Diversified $10-$15 Million Fund Economics 0.4% on committed/invested 10% of profits Preferred Return 9% % to LP until LP has received 9% IRR Distribution Waterfall 2. 40% LP/60% GP until GP receives 10% of profits 3. 90% LP/10% GP thereafter Performance not meaningful at this point Franklin Templeton MDP RE 2015 MDP RE 2015 is the newest diversity initiative within the real estate portfolio 26

65 Exhibit 2 Global Real Estate Partnership II (MFIRE II) Fund Overview Fund Final Close Fund Size SURS Commitment Date Sep-13 $92 million Apr-12 SURS Commitment Amount $60 million Capital Called to Date Distributions to Date* $39.3 million $15.3 million Investment Period Ended December 2015 Fund Term Ends March 2022 * Portions may be recallable by the fund Fund Objective Risk Profile Target Fund Return Geographic Focus Property Type Focus Fund Strategy Create a diversified, risk-controlled, value-added and opportunistic, multimanager investment portfolio invested on a global basis Value-add/Opportunistic 13-15% net Global Leverage Level 38% Number of Investments 18 Target Deal Size Management Fee Carried Interest Fund Statistics Diversified $5-$10 million Fund Economics 0.55% on committed/invested 10% of profits Preferred Return 10% % to LP until LP has received 10% IRR Distribution Waterfall 2. 50% LP/50% GP until GP receives 10% of profits 3. 90% LP/10% GP thereafter Annualized Fund Returns 2Q17 1-Yr 3-Yr 5-Yr Since Inception Global RE II 2.07% 7.53% 9.15% 10.53% 9.66% ODCE + 1.5% 1.86% 8.42% 11.84% 12.21% 12.21% Excess 0.21% -0.89% -2.69% -1.68% -2.55% The fund of funds product provides global, diversified exposure 27

66 Exhibit 2 Fund Overview Fund Final Close Fund Size SURS Commitment Date May-16 Brookfield Strategic Real Estate Partners II $9 billion Jun-15 SURS Commitment Amount $35 million Capital Called to Date Fund Statistics $20 million Distributions to Date* $698,000 Investment Period Ends May 2020 Fund Term Ends May 2026 (two, 1-yr extension options) * Portions may be recallable by the fund Fund Strategy Fund Objective Opportunistically acquire positions in real estate assets and companies globally; may invest through direct acquisitions, positions in real estate companies, distressed debt, recapitalizations, toe-hold positions in debt and equity securities, and opportunistic loan investments Risk Profile Target Fund Return Opportunistic 16% net Geographic Focus Global (US 50%) Property Type Focus Leverage Level 59% Diversified Number of Investments 22 Target Deal Size Majority ~$700 million, balance ~$50 Million Management Fee Carried Interest Fund Economics 1.5% on committed/invested 20% of profits Preferred Return 9% % to LP until LP has received 9% IRR Distribution Waterfall 2. 40% LP/60% GP until GP receives 20% of profits 3. 80% LP/20% GP thereafter Performance not meaningful at this point Brookfield II opportunistically invests in large assets and companies globally 28

67 Exhibit 2 Dune Real Estate II Fund Overview Fund Final Close Fund Size SURS Commitment Date Mar-09 $794 million Dec-08 SURS Commitment Amount $40 million Capital Called to Date Distributions to Date* Fund Statistics $40 million $47 million Investment Period Ended March 2013 Fund Term Ends March 2017 (two, 1-yr extension options) * Portions may be recallable by the fund Fund Strategy Fund Objective Make opportunistic investments in a broad range of real estate-related investments, including real estate assets, common and preferred equities in real estate-related operating, finance and/or investment companies and real estate-related loans and debt securities Risk Profile Target Fund Return Geographic Focus Property Type Focus Leverage Level 50% Number of Investments 22 Target Deal Size Management Fee Carried Interest Opportunistic 18-22% gross Primarily United States Diversified $25-$50 million Fund Economics 1.5% on committed/invested 20% of profits Preferred Return 9% % to LP until LP has received 9% IRR Distribution Waterfall 2. 40% LP/60% GP until GP receives 20% of profits 3. 80% LP/20% GP thereafter Annualized Fund Returns 2Q17 1-Yr 3-Yr 5-Yr Inception Dune II 4.56% 6.31% 14.23% 19.20% 17.09% ODCE + 1.5% 1.86% 8.42% 11.84% 12.27% 9.41% Excess 2.70% -2.11% 2.39% 6.93% 7.68% Dune II provides some European exposure to the portfolio 29

68 Exhibit 2 Dune Real Estate III Fund Overview Fund Final Close Fund Size SURS Commitment Date Oct-14 $960 million Jun-13 SURS Commitment Amount $100 million Capital Called to Date Distributions to Date* Fund Statistics $68 million $2 million Investment Period Ends February 2018 Fund Term Ends August 2022 (two, 1-yr extension options) * Portions may be recallable by the fund Fund Strategy Fund Objective Make opportunistic investments in a broad range of real estate-related investments, including real estate assets, common and preferred equities in real estate-related operating, finance and/or investment companies and real estate-related loans and debt securities Risk Profile Target Fund Return Geographic Focus Property Type Focus Leverage Level 60% Number of Investments 20 Target Deal Size Management Fee Carried Interest Opportunistic 15-17% net Primarily United States Diversified $25-$50 million Fund Economics 1.25% on committed/invested 20% of profits Preferred Return 9% % to LP until LP has received 9% IRR Distribution Waterfall 2. 40% LP/60% GP until GP receives 20% of profits 3. 80% LP/20% GP thereafter Annualized Fund Returns 2Q17 1-Yr 3-Yr 5-Yr Since Inception Dune III 4.28% 13.49% 11.83% % ODCE + 1.5% 1.86% 8.42% 11.84% % Excess 2.42% 5.07% -0.01% % Dune III has significant exposure to for sale residential in Miami and New York 30

69 Exhibit 2 Direct Real Estate Fees and Carried Interest Total Direct Real Estate Management Fees and Unrealized Carried Interest Management Fees - Fund Level Management Fees - Underlying Level Unrealized Carried Allocation - Fund Level Unrealized Carried Allocation - Underlying Level Total Fees + Unrealized Carry 3Q16 $2,582,849 $530, $3,113,232 4Q16 $2,625,899 $291, $2,917,225 1Q17 $2,497,455 $266, $2,764,378 2Q17 $2,549,084 $514,615 $1,644,021 $7,196,720 $11,904,440 FY 17 Totals $10,255,288 $1,603,247 $1,644,021 $7,196,720 $20,699,276 $11.9M in management fees paid to direct real estate in FY17 31

70 Fund Name Vintage Year Real Estate Performance (as of June 30, 2017) Investment Style Distributions To Paid in Capital Ratio IRR Summary Total Value to Paid in Capital Ratio QTD 1 Year 3 Year 5 Year Exhibit 2 Since Inception Core RREEF America REIT II 2005 Core 1.18x 1.18x % UBS Trumbull 2006 Core 0.18x 1.74x 0.99% 4.69% 8.62% 8.79% 6.87% Heitman HART 2014 Core 0.03x 1.32x 1.21% 7.03% % JP Morgan SPF 2014 Core 0.00x 1.35x 1.35% 7.00% % Core Total 1.14% 5.88% 9.46% 9.46% 6.47% Non-Core RREEF America REIT III 2006 Value-Add 0.71x 0.72x -6.64% % 10.06% 18.10% -3.79% Dune Real Estate II 2009 Opportunistic 1.51x 1.70x 4.56% 6.31% 14.23% 19.20% 17.09% Franklin EMREFF 2012 Value-Add 0.89x 1.39x -8.99% 5.38% 12.73% 15.10% 12.95% Franklin FTPREF 2010 Value-Add 1.19x 1.49x 6.25% 16.32% 23.51% 24.40% 22.14% Global Partnership II (MFIRE II) 2012 Value-Add 0.40x 1.38x 2.07% 7.53% 9.15% 10.53% 9.66% Dune Real Estate III 2013 Opportunistic 0.05x 1.39x 4.28% 13.49% 11.83% % Franklin MDP RE Value-Add NMF NMF NMF NMF NMF NMF NMF Crow Holdings Realty Partners VII 2014 Value-Add NMF NMF NMF NMF NMF NMF NMF Blue Vista Real Estate Partners IV 2015 Value-Add NMF NMF NMF NMF NMF NMF NMF Brookfield Strategic Real Estate Partners II 2015 Opportunistic NMF NMF NMF NMF NMF NMF NMF Non-Core Total 2.55% 10.01% 12.46% 15.06% 8.87% Total Direct Real Estate 0.41x 1.39x 1.51% 6.95% 10.21% 10.86% 5.92% Benchmark % 6.92% 10.34% 10.77% 4.31% Excess 0.02% 0.03% -0.13% 0.09% 1.61% IRR DPI TVPI Quartile Rank Fund Name Vintage Year Investment Style Fund 1st Quartile Median 3rd Quartile Fund 1st Quartile Median 3rd Quartile Fund 1st Quartile Median 3rd Quartile IRR DPI TVPI Core RREEF America REIT II 2005 Core 2.97% 3.01% 0.04% -4.85% 1.18x 1.09x 0.72x 0.52x 1.18x 1.21x 0.98x 0.71x UBS Trumbull 2006 Core 6.87% 6.53% -0.32% -6.37% 0.18x 1.21x 0.70x 0.37x 1.74x 1.36x 0.97x 0.66x Heitman HART 2014 Core 10.69% 13.88% 9.89% 4.40% 0.03x 0.15x 0.06x 0.00x 1.32x 1.19x 1.12x 1.06x JP Morgan SPF 2014 Core 10.11% 13.88% 9.89% 4.40% 0.00x 0.15x 0.06x 0.00x 1.35x 1.19x 1.12x 1.06x Non-Core RREEF America REIT III 2006 Value-Add -3.79% 6.53% -0.32% -6.37% 0.71x 1.21x 0.70x 0.37x 0.72x 1.36x 0.97x 0.66x Dune Real Estate II 2009 Opportunistic 17.09% 20.12% 15.18% 10.90% 1.15x 1.72x 1.41x 0.86x 1.70x 1.84x 1.59x 1.48x Franklin EMREFF 2012 Value-Add 12.95% 17.47% 12.23% 8.75% 0.89x 0.72x 0.38x 0.17x 1.39x 1.41x 1.32x 1.17x Franklin FTPREF 2010 Value-Add 22.14% 19.21% 12.96% 6.27% 1.19x 1.33x 1.04x 0.47x 1.49x 1.65x 1.44x 1.22x Global Partnership II (MFIRE II) 2012 Value-Add 9.66% 17.47% 12.23% 8.75% 0.40x 0.72x 0.38x 0.17x 1.38x 1.41x 1.32x 1.17x Dune Real Estate III 2013 Opportunistic 12.84% 15.49% 10.47% 2.63% 0.05x 0.42x 0.13x 0.04x 1.28x 1.34x 1.19x 1.06x Franklin MDP RE Value-Add NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF Crow Holdings Realty Partners VII 2014 Value-Add NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF Blue Vista Real Estate Partners IV 2015 Value-Add NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF Brookfield Strategic Real Estate Partners II 2015 Opportunistic NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF NMF More established funds performing as expected; J-curve effect from more recent commitments 32

71 Exhibit 2 Glossary of Terms Distributions to Paid-in-Capital (DPI) The amount a partnership has distributed to its investors relative to the total capital contribution to the fund. DPI is expressed as a ratio. Also known as realization ratio. Internal Rate of Return Most common measure of infrastructure performance. IRR is technically a discount rate: the rate at which the present value of a series of investments is equal to the present value of the returns on those investments. Paid In Capital The sum of all capital calls plus fees, less recallable return of capital. Quartile Segment of a sample representing a sequential quarter (25%) of the group. For example, the top 10 performing funds out of a universe of 40 funds would be the first quartile. Total Value to Paid-in Capital (TVPI) The ratio of the current value of remaining investments within a fund, plus the total value of all distributions to date, relative to the total amount of capital paid into the fund to date Source: The Northern Trust Company & The Institutional Limited Partners Association (ILPA) 33

72 Exhibit 3 EXECUTIVE SUMMARY Topic Recommendation for $35 million commitment to Brookfield Strategic Real Estate Partners Fund III as a follow-on commitment to our $35 million commitment to Fund II, approved by the Board in April 2015 Background The Real Estate Funding Plan, approved by the Board in September 2014, called for a total of $300 million in new commitments. However, the pacing model is reviewed annually to confirm whether adjustments to the original funding plan are warranted. After reviewing the updated pacing model recently, NEPC recommends 2018 commitments of $60 million to non-core real estate, among other suggested changes. The pacing model is designed to achieve, and then maintain, the real estate allocation at or near the strategic policy target of 6%. Consistent annual funding in accordance with the pacing model is important to provide vintage year diversification, as skipping commitments in some years can result in asset levels below the policy target and gaps in distributions in future years. In order to maintain relationships with key existing real estate managers and achieve the desired vintage year diversification while not over-allocating to the portfolio, a $35 million commitment to Brookfield is warranted. As you will recall, in December 2016, the Board approved a $20 million commitment amount to another key relationship, Crow Holdings Realty Partners Fund VIII, and again in September 2017 with Dune Real Estate Partners Fund IV. Advantages & Concerns: The following table highlights the advantages and concerns of the recommended action:

73 Exhibit 3 Advantages Continues implementation of real estate funding plan with a successful, high quality investment firm providing both U.S and non-u.s. exposure; Assists in maintaining policy target Brookfield s vertically integrated platform provides operational expertise and sourcing capabilities; Operating platforms have aided in detailed underwriting pre-acquisition and value creation post-acquisition Significant GP commitment, with Brookfield committing $2.5 billion (~25% of expected total fund commitments) creates substantial alignment of interests with LPs Historically, Brookfield has sponsored five closed-end real estate opportunity funds with similar strategies, each tracking to top quartile performance Concerns Brookfield has multiple pools of investable capital including debt strategies and sectorspecific funds These funds have different strategies than Fund III Brookfield has a Conflicts Committee to manage any potential conflicts among funds Fund advisory committees are also apprised of any potential conflicts Brookfield is able to choose its own operating platform (instead of third party) to manage investments, thereby receive additional fees with operating affiliates also receiving property management and other fees at market rates Operating affiliates do not receive acquisition or disposition fees. Finally, the operating platforms can Platforms provide benefits for Fund III through sourcing, underwriting and valuecreation of the investments Basis for Recommendation SURS has a successful history with Brookfield through a previous commitment in Fund II. SURS has benefited from strong performance to date and staff has a high degree of confidence in the Brookfield team going forward. Brookfield has a proven track record of successfully investing in large, complex transactions. Few other managers are large enough to access these deals. In addition, as compared to a specialist manager, Brookfield's deep experience in most property types and geographies allows them to compete for a wide array of opportunities. As an incentive for first-close investors, Brookfield is offering a 10% management fee discount, saving SURS $52,500 per year during the investment period based on a $35 million commitment. Postinvestment period, the fee savings would vary based on amount of capital invested. A commitment to Brookfield Strategic Real Estate Fund III will continue SURS history of consistent direct real estate investing. A steady pattern of commitments to the asset class provides vintage year diversification and helps ensure that the real estate portfolio is close to its strategic policy target allocation. Some key characteristics for Fund III are shown in the attached NEPC Fund Tear Sheet. Performance metrics relating to previous Brookfield funds are shown below.

74 Exhibit 3 Capital Committed ($M) Capital Funded ($M) Reported Value ($M) Amount Distributed ($M) Total Value, Net of Carry ($M) Top Quartile (Thomson One) Fund Vintage Year TVPI Multiple DPI Multiple Current Net IRR Vintage Year RE Opp. Fund I 2006 $242 $383 $89 $445 $ x 1.2x 8.9% % 64 RE Opp. Fund II 2007 $262 $359 $14 $548 $ x 1.5x 15.7% % 93 RE Turnaround 2009 $5,565 $3,822 $17 $7,926 $7, x 2.1x 34.5% % 39 BSREP I 2012 $4,350 $4,649 $5,926 $2,228 $7, x 0.5x 19.5% % 49 BSREP II 2015 $9,000 $5,186 $5,578 $179 $5, x 0.0x 12.0% % 51 Consistent performance has been a hallmark of Brookfield throughout its history. Each previous Brookfield fund is either top quartile or, in the case of BSREP II, tracking to top quartile. Recommendation SURS staff and NEPC jointly recommend that based on the recommendation of staff and SURS investment consultant, a commitment of $35 million be authorized, contingent on successful contract negotiations, to Brookfield Strategic Real Estate Fund III LP. # of Funds

75 [Type text] Exhibit 4 NEPC Fund Tear Sheet Brookfield Strategic Real Estate Partners III Global Opportunistic Real Estate Fund Written by NEPC Research as of November General Fund Information Fund Name Brookfield Strategic Real Estate Partners III or BSREP III Fund Manager General Partner Main Address Brookfield Asset Management / Brookfield Property Group 250 Vesey Street, 14th Floor New York, NY Target Strategy Opportunistic Target Net Return 16% / 1.7x Classification Direct Debt or Equity Fund Equity Target Geography Global (US 50%) Target Property Types Diversified Target Fund Size / Hard Cap $10 billion / TBD Expected Final Close Q3/Q4, 2018 Capital Raised to Date N/A (1 st close December 2017) Closes to Date N/A 1. NEPC provides investment consulting advice to the Brookfield Properties 401(k) Plan. Brookfield Properties (NYSE: BPO) is a subsidiary of Brookfield Asset Management Inc. (NYSE: BAM), a global asset manager. 255 State Street Boston, MA TEL: BOSTON ATLANTA CHARLOTTE CHICAGO DETROIT LAS VEGAS PORTLAND SAN FRANCISCO Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved

76 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund Executive Summary Brookfield Asset Management ( Brookfield, the Manager, or the Firm ) is targeting $10 billion for Brookfield Strategic Real Estate Partners III ( BSREP III or the Fund ). Similar to Brookfield s previous opportunity funds, BSREP III will target a diversified pool of real estate investments across property types and geographies globally where the Manager has significant presence and market expertise. Since 2006, Brookfield s opportunistic real estate funds series have invested approximately $17 billion of equity, of which 80% have been distributed to-date, achieving a total aggregate net IRR of 24.5% and net equity multiple of 1.5x. Brookfield has achieved its success through a multifaceted approach to acquiring high-quality assets on a value basis through corporate platforms, distressed loans and securities, or direct asset acquisitions. This multi-pronged approach, combined with large scale execution capabilities that few other real estate investment managers can match, provide a highly competitive advantage in the global marketplace. In addition, Brookfield utilizes a unique operating model approach to underwriting assets and implementing operational improvements post-acquisition through its vertically integrated platforms. Brookfield s global real estate investment business is built up of specialty verticals in office ($65B AUM), retail ($50B AUM), residential ($10B AUM), industrial ($4B AUM), hospitality ($9B AUM), and other niche sectors ($11B AUM), each one of which can stand on its own as an operating business. BSREP III is targeting a 16% net internal rate of return and a 1.6x equity multiple or greater. Brookfield Asset Management is a global investment manager focusing on alternative asset strategies, including real estate, infrastructure, power and private equity. Brookfield is one of the largest global alternatives investment managers with approximately $250 billion of assets under management. The Firm is co-headquartered in New York and Toronto, with additional investment offices in London, Rio de Janeiro, Sydney, Abu Dhabi, Hong Kong and Mumbai. Brookfield employs approximately 70,000 employees, including over 700 investment professionals at the corporate level globally. The Firm is publicly traded (NYSE: BAM). Brookfield was founded in 1899 as the São Paulo Tramway, Light and Power Company and had previously been operating under the name Brascan until It began a major expansion of its real estate business in the early 1990s. Initially an owner-operator, Brookfield has transitioned over the past decade to an asset manager, building out a platform of private fund vehicles. The Firm has maintained the owner-operator mentality through significant investment in all of its private fund vehicles. Today, Brookfield invests in real estate through its wholly-owned subsidiary, Brookfield Property Group ( BPG ), which manages approximately $150 billion in real estate-related assets. BPG employs approximately 250 professionals, and is further supported by Brookfield s vertically-integrated property platforms, which include specialties in office, retail, residential, industrial and hospitality. BSREP III will target opportunistic investments globally, with approximately 50% of the allocation in the United States, with the balance invested in Western Europe and other developed markets in Asia and South America. The Fund charges a base management fee of 1.50% on committed capital and 20% carried interest (with 60/40 catch up), above an 8% preferred rate of return. Brookfield plans to hold a first close in late Q and expects the Fund to close by the fourth quarter of Preliminary Advantages Preliminary Advantages & Concerns Strong relative and absolute performance: Brookfield has invested approximately $17 billion of equity through its five opportunistic real estate funds since 2006, generating a 24.5% net IRR and a 1.5x net TVPI multiple to-date. Brookfield s four initial opportunity funds (vintage years ) have all generated or are tracking to top quartile performance relative to its respective vintage year benchmarks. Brookfield Strategic Partners II (2015) is still relatively young and performance is not yet meaningful. Vertically integrated platform provides operational expertise and sourcing capabilities: Brookfield's strategy of investing in large specialty real estate companies provides operational expertise across property verticals. The Manager has several platforms specializing in office, retail, residential, multifamily, industrial, and hotel, in which the broader firm can draw upon for expertise. The operating platforms provide competitive sourcing capabilities and aid in more detailed underwriting pre-acquisition, and enhanced value creation post-acquisition. Competitive advantage with large, complex platform transactions: Brookfield has a proven track record of successfully investing in large, complex transactions. Few other managers are large enough to access these deals which have often allowed the Firm to gain access to off-market transactions that were never marketed in a broad auction. As such, Brookfield has a competitive advantage in being a targeted buyer or partner for quality assets and portfolios at favorable cost basis. In addition, as compared to a specialist manager, Brookfield's deep experience in most property types and geographies allows it to compete for a wide array of opportunities. Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 2

77 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund Preliminary Concerns Large, competitive scale: As one of the largest real estate owners globally, Brookfield is often presented with unparalleled access to information and attention from brokers, which can be advantageous in leasing space for portfolio assets. The sheer scale of the platform also allows Brookfield to negotiate favorable terms with lenders, which can manifest in low interest rate loans, flexible covenants, or workout extensions should a distressed market environment impact holdings. Integrated global insights: Brookfield is one of the largest globally alternatives managers with investment expertise across public/private markets, the capital stack, and risk/return spectrum. Brookfield can identify and utilize real time proprietary data from its real estate portfolios across the globe and act on trends ahead of the broader market. Additionally, the team can leverage Brookfield s expertise in private equity, infrastructure, and other opportunities across the global platform to gain powerful synergistic insights. Significant GP commitment provides alignment with limited partners: Brookfield will commit $2.5 billion for BSREP III (which will comprise approximately 25% of the $10 billion fund target). Brookfield is typically the largest investor in each fund. This philosophy of significant Firm commitments can help to provide better alignment with limited partners. As context, many other private equity real estate managers typically commit approximately 2% of fund capital. Multiple pools of real estate capital: Brookfield has eleven other real estate vehicles launched within the last six years, including debt strategies and sector specific funds in value-add multifamily, office trust, hospitality and India funds. The Manager states that these funds have different strategies than that of BSREP III (either core-plus or sector/ country specific) and, as such, will not compete with BSREP III. The Manager has a Conflicts Committee to manage any potential conflicts among funds. Fund advisory committees are also apprised of any potential conflicts. Potential conflicts with a vertically integrated platform: Similar to any vertically integrated real estate operation, there is a risk that Brookfield will choose its own operating platform (instead of a third party) to manage investments and, thereby, receive additional fees. Operating affiliates will also be entitled to property management and other fees at customary market rates. The operating affiliates do not receive acquisition or disposition fees. Finally, the operating platforms can provide benefits for BSREP III through sourcing, underwriting and value-creation of the investments. The LPAC will provide oversight and approval of these fees. One fund carried at a loss: The Manager invested a 2006 vintage year Brazil retailfocused fund that is underperforming. This fund is currently marked at a loss and in local currency (Real), the fund is marked at a -5.5% net IRR, and 0.7x net TVPI multiple. The fund s assets have been negatively impacted by a combination of the global financial crisis, downward macro-economic pressure on retail sales, delays in expansion/ development approvals, and higher capitalized interest. The Manager believes that the assets current carrying values do not reflect their true intrinsic values and expects that completion of construction and ongoing operational improvements will ultimately be accretive to the fund s returns. In Q the terms of the fund were amended to provide decision making authority to a designated LPAC. Although this strategy was much more focused than the Firm s multi-sector opportunity fund series, BSREP III may have exposure to assets in Brazil. GP commitment is made by Firm rather than by individuals: Brookfield invests significant capital in each fund (generally it is the largest investor). This capital is funded from the Firm's balance sheet rather than from Firm individuals. A potential concern with this is that there will be less alignment with Limited Partners ( LPs ), than if the investment had come from a Firm individual. Mitigating this concern is that senior executives of Brookfield are substantial owners of Brookfield (approximately 20%). The Firm's investment in BSREP III is significant at 25% of the Fund's target raise. No hard cap: The Manager is targeting $10 billion for Fund III but has not yet established a hard cap. Brookfield anticipates putting a hard cap on the Fund at the first close. The lack of a hard cap could lead to the Manager needing to deploy capital in a less prudent manner. Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 3

78 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund Key Biographies Name / Position Yrs. with Firm Experience Brian Kingston Senior Managing Partner, CEO Brookfield Property Group Ric Clark Senior Managing Partner, Chairman Brookfield Property Group Bill Powell Senior Managing Partner, COO of Brookfield Property Group 16 Brian is a Senior Managing Partner and Chief Executive Officer of Brookfield Property Group and Brookfield Property Partners. Since Mr. Kingston joined Brookfield in 2001, he has been engaged in a wide range of merger & acquisition activities, including Brookfield s investments in Canary Wharf, O&Y REIT and O&Y Corp., Trizec Properties and Multiplex. From 2008 to 2013 he led Brookfield s Australian business activities, holding the positions of CEO of Brookfield Office Properties Australia, CEO of Prime Infrastructure and CFO of Multiplex. Mr. Kingston serves as a member of the Investment Committee and Director of Brookfield s real estate company-affiliated boards, including GGP and Canary Wharf. Mr. Kingston received a Bachelor of Commerce degree from Queen s University. 33 Ric is a Senior Managing Partner and Global Head of Brookfield s real estate group, Brookfield Property Group, and Chief Executive Officer of Brookfield Property Partners, the flagship publicly listed company. He is Chairman of the board of directors of Rouse Properties, and a member of the board of directors of General Growth Properties and IDI. He has over 30 years of real estate experience. Ric has been employed by Brookfield and its predecessors since 1984 in various senior roles including President, Chief Executive Officer and Chairman of Brookfield Office Properties. Under Ric s leadership, Brookfield Office Properties became a global office business with portfolio acquisitions in London and Australia and expansions into Los Angeles, Houston and Washington, D.C. Ric also initiated Brookfield s development business, executing multiple ground-up development projects around the globe. Mr. Clark holds a Bachelor of Science in Business from the Indiana University of Pennsylvania 15 Bill Powell is a Senior Managing Partner of Brookfield and is Chief Executive Officer of Brookfield Australia. He is also the manager of Brookfield s global financial risk management activities. Previously, Mr. Powell was a partner in Brookfield s real estate mezzanine debt fund (BREF). Prior to joining Brookfield, he held various senior management positions within the real estate capital markets groups at several investment management firms. Mr. Powell received his Bachelor of Science in Accounting from the University of Richmond and his MBA from the Darden School of the University of Virginia. Preliminary Firm & Strategy Evaluation Firm History Brookfield Asset Management is a global investment manager focusing on alternative asset strategies, including real estate, infrastructure, power and private equity. The Firm is headquartered in New York with additional offices in Toronto, London, Rio de Janeiro, Sydney, Abu Dhabi, Hong Kong and Mumbai. The Firm was founded in 1899 as the São Paulo Tramway, Light and Power Company and had previously been operating under the name Brascan until Brookfield employs approximately 70,000 employees, 700 investment professions and 140 dedicated Fund professionals. Brookfield is publicly traded company (NYSE: BAM). Senior Brookfield employees own 20% of the Firm s shares. Brookfield began a major expansion of its real estate business in the early 1990s. Initially an owner-operator, Brookfield has transitioned over the past decade to an asset manager. It has maintained the owner-operator mentality through significant investment in all of its private fund vehicles. Brookfield invests in real estate through its wholly-owned subsidiary, Brookfield Property Group, which manages approximately $150 billion in real estate-related Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 4

79 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund assets. BPG employs over 140 dedicated investment professionals and is further supported by Brookfield s vertically-integrated operating platforms. These sector-specific platforms specialize in office, retail, residential, multifamily, industrial and hotel assets. The operating platforms are central to Brookfield s investment strategy. The Manager relies on these platforms for off-market sourcing, deal underwriting, and hands-on asset management post-acquisition. Platforms include entities such as General Growth Properties (retail), Brookfield Office Properties, and Fairfield Residential (multifamily). Brookfield owns these entities on balance sheet (e.g., Brookfield Office Properties is a publically-traded REIT) and through private equity funds (e.g., General Growth Properties is owned through the Real Estate Turnaround fund). As Brookfield continues to develop its private equity real estate fund business, the operating partners will be owned through funds rather than on the balance sheet. These funds tend to have long fund lives (10 years), which adequately matches the Manager s business plan for each operating platform. Investment Strategy Brookfield s investment strategy is to acquire positions of control or influence in real estate companies, distressed loans and securities on an attractive cost basis, and to utilize Brookfield s operating platforms to employ an operations-based approach to increase value after acquisitions. The Fund will target investments in direct property, equity positions in real estate companies, distressed debt, toe-hold positions in debt and equity securities, and control-oriented loan originations. The Fund will focus on large, complex, distressed turnarounds or recapitalizations. A significant allocation of the Fund (approximately 70%) will be invested in large-scale platform investment with an average equity size of $700 million. The balance of the Fund will be invested in mid-cap property investments with typical equity commitment of at least $100 million. The target markets will include North America/ US (approximately 50%), and in other markets in Europe, Asia and South America, where the Manager has a specific expertise. In general, the Manager will look to benefit from the operational expertise of its many operating platforms in order to source, underwrite and manage investments. Projected Number of Investments investments Target Deal Size At least $100 million of equity Portfolio Construction Portfolio Constraints No more than 20% in any single investment No more than 20% in development transactions No more than 20% in assets located outside of investment grade countries Expected / Maximum Use of Leverage 50-65% expected leverage at Fund level / 70% leverage limit at Fund level (no asset level leverage limit) Past Firm/Fund Issues/Litigation Brookfield has indicated it is not aware of any criminal or civil action relating to investments or investment-related businesses that the Firm believes would be material to an investor s evaluation of BSREP III. Brookfield has 70,000 operating employees globally across 100 offices and, as such, it is anticipated that the Firm will from time to time become involved in legal disputes. Brookfield will provide additional details if desired. Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 5

80 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund Fund Characteristics & Administration Investment Vehicle Fund Structure General Partner Investment Period Fund Term Expected Fund Investor Base Minimum Investment Size Sponsor s Investment Brookfield Strategic Real Estate Partners III Delaware Limited Partnership Brookfield Asset Management / Brookfield Property Group Four Years from the final close Ten Years, with two one-year extensions Pensions, Endowments, Foundations, High-Net-Worth, etc. $10 million (GP may accept smaller amounts) $2.5 billion Annual Management Fee Organizational Costs Preferred Return Carried Interest Distribution Waterfall 1.5% on Committed/ Invested Capital Up to $6 million 8% preferred return; see below 20% of profits, over 8% preferred return % to LP until LP has received a 8% IRR 2. 40% to LP and 60% to the GP until GP has received 20% of profits 3. 80% to LP and 20% to the GP thereafter Key Person Provision ERISA Provisions UBTI Considerations Labor Policy Fund Auditor Fund Legal Counsel Placement Agent(s) Website If prior to the expiration of the commitment period, there ceases to be at least (a) two senior executives (as defined below) and (b) six key personnel (as defined below), in each case who are devoting substantially all of their business time and attention to the property business, then the GP will notify the limited partners of such key person event. Senior executives means each of Ric Clark, Brian Kingston and Bill Powell. Key personnel means each of the senior executives and David Arthur, Lowell Baron, Jay Cornforth, Steven Ganeless, Brad Hyler, Ashley Lawrence, Jon Moore, Dan Teper, Zach Vaughan. The GP will use reasonable efforts to ensure that the Fund's assets do not constitute plan assets under ERISA. The General Partner will use its reasonable best efforts to minimize UBTI through various ownership and vehicle structures. N/A Deloitte & Touche Fried, Frank, Harris, Shriver & Jacobson LLP N/A Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 6

81 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund Past Fund Track Record Fund-Level Returns Capital Capital Reported Amount Total Value, TVPI DPI Fund Vintage Year Committed Funded Value Distributed Net of Carry Multiple Multiple Current Net IRR Real Estate Opportunity Fund I 2006 $ $ $ 88.5 $ $ x 1.2x 8.9% Real Estate Opportunity Fund II 2007 $ $ $ 14.0 $ $ x 1.5x 15.7% Real Estate Turnaround 2009 $ 5,565.0 $ 3,822.0 $ 17.5 $ 7,926.0 $ 7, x 2.1x 34.5% Strategic Real Estate Partners I 2012 $ 4,350.0 $ 4,649.0 $ 5,925.6 $ 2,227.8 $ 7, x 0.5x 19.5% Strategic Real Estate Partners II 2015 $ 9,000.0 $ 5,185.8 $ 5,577.7 $ $ 5, x 0.0x 12.0% Vintage Year Benchmarking Analysis Net IRR Brookfield Asset Management Vintage Year Benchmark Net IRR Comparison Upper Lower Median Vintage Year Fund Current Net IRR Quartile # Funds Quartile Quartile 2006 Real Estate Opportunity Fund I 8.9% % (0.1%) (4.2%) 2007 Real Estate Opportunity Fund II 15.7% % 3.1% (3.8%) 2009 Real Estate Turnaround 34.5% % 11.9% 9.2% 2012 Strategic Real Estate Partners I 19.5% % 13.1% 9.1% 2015 Strategic Real Estate Partners II 12.0% % 8.6% (0.5%) DPI Multiple Brookfield Asset Management Vintage Year Benchmark DPI Multiple Comparison DPI Upper Lower Median Vintage Year Fund Multiple Quartile # Funds Quartile Quartile 2006 Real Estate Opportunity Fund I 1.2x x 0.8x 0.4x 2007 Real Estate Opportunity Fund II 1.5x x 0.9x 0.5x 2009 Real Estate Turnaround 2.1x x 1.3x 1.0x 2012 Strategic Real Estate Partners I 0.5x x 0.5x 0.3x 2015 Strategic Real Estate Partners II 0.0x x 0.1x 0.0x TVPI Multiple Brookfield Asset Management Vintage Year Benchmark TVPI Multiple Comparison TVPI Upper Lower Median Vintage Year Fund Multiple Quartile # Funds Quartile Quartile 2006 Real Estate Opportunity Fund I 1.4x x 1.0x 0.7x 2007 Real Estate Opportunity Fund II 1.6x x 1.2x 0.8x 2009 Real Estate Turnaround 2.1x x 1.5x 1.3x 2012 Strategic Real Estate Partners I 1.6x x 1.4x 1.3x 2015 Strategic Real Estate Partners II 1.1x x 1.1x 1.0x Note: Benchmark data as of 06/30/2017. Benchmark is the Cambridge Associates Thomson One Global Value-Add & Opportunistic Closed-End Real Estate fund benchmark. Note: $ in millions; data as of 06/30/2017, and provided by the Manager. Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 7

82 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund Investment-Level Performance Analysis Note: TVPI multiple represents the ratio of realized + current value to capital funded. Current value is based on the fair market value. Investment-level data is as of 06/30/17 and provided by the Manager. Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 8

83 Exhibit 4 Brookfield Strategic Real Estate Partners III Global Opportunity Fund Aggregate Investments Total Value to Paid-In-Capital (TVPI) Deal Frequency Analysis Investment-Level Gross TVPI Multiple Dispersion for Investments (Capital Weighted) 60% Investment-Level Gross TVPI Multiple Out/(Under) Performance (Capital Weighted) 70% 50% 60% 52% 42% 50% 40% 40% 30% 26% 30% 23% 22% 20% 20% 10% 0% 1% 4% <= 0.50x 0.51x to <1.00x 0% 1.00x 1.01x to 1.50x 13% 1.51x to 2.00x 7% 2.01x to 2.50x 2.51x to 3.00x 0% > 3.00x 10% 0% 0% 1% <= (1.00x) (0.99x) to <(0.50x) (0.49x) to (0.01x) 0% 0.00x 0.01x to 0.50x 7% 0.51x to 1.00x > 1.00x Note: TVPI multiple represents the ratio of realized + current value to capital funded. Current value is based on the fair market value. Investment-level data is as of 06/30/17 and provided by the Manager. Confidential Information For NEPC Client Use Only Copyright 2017 NEPC, LLC All Rights Reserved 9

84 Exhibit 5 Brookfield Strategic Real Estate Partners III S T AT E U N IVERSIT IES R E T IREM E N T S Y S T E M O F IL L INO IS F L AG S HIP G L O BAL O P P O RT U NIST IC REAL ESTAT E F U ND Q Brookfield Asset Management Inc. ( BAM or Brookfield Asset Management or the Firm, together with its affiliates, Brookfield ) is pleased to present State Universities Retirement System of Illinois, at its request, with the following information pertaining to Brookfield Strategic Real Estate Partners III ( BSREP III or the Fund ). The information/responses contained in this document are provided for informational purposes only and are necessarily general in nature. No agreement is being made hereby as to the terms and scope of your investment in any particular investment vehicle sponsored by Brookfield or its affiliates, the terms of which will be determined through a negotiation with you or your representative(s) and any other limited partners. Prior to making an investment in the Fund, please refer to, and review carefully, the Fund s partnership agreement (as amended, the LPA ) for additional details. Capitalized terms used herein, but not otherwise defined, have the meanings ascribed to them in the Fund s private placement memorandum (together with any supplements, the PPM ). The information provided herein is qualified in its entirety by the Partnership Agreement and the PPM. Please refer to Notice to Recipients on last page. Confidential For Institutional and Qualified Investor Use Only

85 Executive Summary Exhibit 5 Brookfield Strategic Real Estate Partners III ( BSREP III or the Fund ) is the continuation of our flagship global opportunistic real estate program Fund Offering Expecting capital commitments of $10 billion, including $2.5 billion to be committed by Brookfield Targeting a gross IRR of 20% (16% net) and a 2.0x gross multiple of capital (1.7x net) 1 Invest globally with a focus on markets where Brookfield has a significant presence and extensive market experience and knowledge Investment Strategy Acquire positions of control or influence in real estate companies, direct asset acquisitions and distressed loans and securities Focus on multi-faceted transactions to acquire high-quality assets on a value basis Leverage Brookfield s operating businesses to seek to create value Compelling Opportunity to Invest Since 2006, we have deployed ~$17.5 billion globally in high-quality multi-sector opportunistic investments through predecessor vehicles, of which ~$13 billion has been realized to date 2 Due to scale and restructuring expertise, we believe Brookfield is well-positioned to execute multi-faceted transactions where value can be unlocked, capitalize on economic growth opportunities as well as opportunities resulting from situational distress Brookfield s property-level focus and expertise are expected to drive opportunistic returns at multiple stages of the market cycle Please refer to endnotes on page 27. 2

86 Brookfield s Investment Approach Exhibit 5 We seek to apply the three key components of our investment approach in building BSREP III s portfolio Acquire High-Quality Assets Invest On a Value Basis Enhance Value Through Operations 3

87 Opportunistic Investing Exhibit 5 To implement our opportunistic investment strategy, we seek to: Execute multi-faceted transactions through restructuring, recapitalization, and public-toprivate expertise to invest on a value basis at a discount to intrinsic value Create long-term value in our investments by applying corporate finance, mergers and acquisitions, and restructuring capabilities Unlock value from high-quality assets through redevelopment and development initiatives to increase sustainable cash flows and reduce risk Drive value through clearly-defined strategies for operational improvement Protect against downside through structuring and prudent use of leverage Center Parcs, U.K. Gazeley, Germany Wynyard, Australia 4

88 Demonstrated Ability to Invest Opportunistically Exhibit 5 Since 1987, we have invested ~$47B of equity in real estate, including ~$17.5B through five multi-sector opportunistic real estate funds of which ~$13B has been realized to date 1 Opportunistic Real Estate Funds Composite Performance 26.0% (23.0%) PROJECTED GROSS IRR (NET) 2,3 2.3x (2.0x) PROJECTED GROSS MOC (NET) 2,3 28.4% (25.0%) CURRENT GROSS IRR (NET) 2 1.8x (1.6x) CURRENT GROSS MOC (NET) 2 Real Estate Opportunity Fund I $242M in commitments Real Estate Turnaround $5.6B in commitments Brookfield Strategic Real Estate Partners I ( BSREP I ) $4.4B in commitments 4 $5.1B Invested 8 61% Realized 5 Brookfield Strategic Real Estate Partners II ( BSREP II ) $9.0B in commitments 4 $7.9B Invested 6 88% Committed Please refer to endnotes on page 27. Real Estate Opportunity Fund II $262M in commitments 5

89 Brookfield s Global Real Estate Business Exhibit 5 Our strong property level focus, global on-the-ground presence and operating capabilities enable us to drive returns throughout real estate market cycles 250 $152B 16,000 PROFESSIONALS 1 ASSETS UNDER EMPLOYEES MANAGED MANAGEMENT GLOBALLY 2 OFFICE $66B AUM 262 properties 131 million square feet ( sf ) Canada $6B AUM Europe & Middle East $26B AUM RETAIL 3 $51B AUM 172 properties 152 million sf MULTIFAMILY 4 $9B AUM 160 managed properties 45,000 managed apartments United States $103B AUM Please refer to endnotes on page 27. Brazil $2B AUM Asia Pacific $15B AUM Development Leasing Renovations Property Management Marketing Tenant Management INDUSTRIAL $5B AUM 183 properties 47 million sf HOSPITALITY $9B AUM 19 hotels ALTERNATIVES $12B AUM 324 triple net leases 203 self-storage properties 29 student housing assets 135 manufactured housing communities 6

90 Organizational Structure Exhibit 5 The Fund will be led by senior investment professionals with an average of ~25 years of real estate and investing experience 1 Experienced Investment Oversight Bruce Flatt 2 Senior Managing Partner CEO, Brookfield Asset Management Brian Kingston 2 Senior Managing Partner CEO, Brookfield Property Group Ric Clark 2 Senior Managing Partner Chairman, Brookfield Property Group Bill Powell 2 Senior Managing Partner Chief Operating Officer, Brookfield Property Group Jeff Blidner Vice Chairman, Brookfield Asset Management CEO, Private Funds Group Regional Heads Zachary Vaughan Managing Partner Europe Investment Team Leadership David Arthur Managing Partner Canada & Brazil Brian Lawson Senior Managing Partner Chief Financial Officer, Brookfield Asset Management Roberto Perroni Managing Partner Brazil Anuj Ranjan Managing Partner India & Middle East Barry Blattman 2 Vice Chairman, Brookfield Asset Management Stuart Mercier Senior Vice President Asia Pacific Lowell Baron Managing Partner Dan Teper Managing Director Steven Ganeless Executive Vice President Jonathan Moore Managing Director Bruce Wiles Managing Partner Brad Hyler Managing Director Marcelo Vainstein Investment Director Seamus Foran Senior Vice President Ankur Gupta Senior Vice President Portfolio Management Bill Powell Senior Managing Partner Chief Operating Officer Bryan Davis Managing Partner Chief Financial Officer Brett Fox Managing Partner General Counsel Sophie Fallman Managing Partner COO Real Estate Funds Cristiano Machado Senior Vice President CFO Real Estate Funds Jan Sucharda Managing Partner Office Jay Cornforth Managing Partner Industrial Ashley Lawrence Managing Director Retail Matt Smith Senior Vice President Multifamily Shai Zelering Managing Director Hospitality Please refer to endnotes on page 27. 7

91 Brookfield s Competitive Advantages Exhibit 5 Multi-faceted Transactions Building Businesses Leveraging Operational Expertise Multi-faceted Transactions Contrarian Investments 8

92 BSREP I: IDI Gazeley (2012/2013) 1 Building businesses Operational expertise Exhibit 5 Multi-faceted transactions Contrarian investments Assembled a 45 million sf global logistics operating business through the acquisition of three industrial companies in North America and Europe Positioned to capitalize on the growing demand for high quality logistics space Developed and delivered 25 million sf of new space, a key advantage in growing global client relationships Leased over 40 million sf to achieve 95% occupancy Sold $2.0 billion of properties to re-weight the portfolio from non-core locations to prime logistics markets Increased rent by 12% on rollover leases Magna Park Kassel, Germany Streamlined and strengthened the organization Signed agreement in October 2017 to sell Gazeley to Global Logistics Properties for US $2.8 billion 5 Please refer to endnotes on page 28. 9

93 BSREP I: Ginkgo Palmetto (2012/2013) 1 Building businesses Multi-faceted transactions Operational expertise Exhibit 5 Contrarian investments Acquired two under-managed multifamily portfolios in U.S. growth markets with renovation upside and margin improvement potential Acquired 9,100 units at a discount to replacement cost as a result of prior owner s over-leverage Renovated 90% of apartments to increase rents by 16% and deliver average return on capital of 26% 2,3 Grew margins through operational efficiencies Optimized tenant renewals through new marketing strategies Refinanced and exited majority of portfolio, capitalizing on favorable debt and capital markets Ginkgo Palmetto, United States As of August 2017, BSREP I has fully exited the Ginkgo and Palmetto investments Please refer to endnotes on page

94 BSREP I: Wynyard Properties (2012) 1 Building businesses Multi-faceted transactions Operational expertise Exhibit 5 Contrarian investments Executed a take-private of a diversified real estate company to acquire a prime development site in Central Sydney at a deep discount to value Portfolio included a high cash-yielding development site, seven hotels and several non-core properties Secured all entitlements for ~806,000 sf office and retail development above a main metro station 4 Pre-leased 45% of the office space to a major bank Acquired several adjacent properties to development site to capitalize on improved area Disposed $293 million of non-core properties and repositioning remaining hotels In September 2017, sold on a forward basis, a 50% interest in the A$1.9 billion fully completed development at a benchmark average cap rate of 4.75% 6 Wynyard Place, Australia Wynyard Place Please refer to endnotes on page

95 BSREP I: Candor Office (2014) 1 Building businesses Multi-faceted transactions Operational expertise Exhibit 5 Contrarian investments Acquired one of the largest, high-quality office portfolios in India (15.5 million sf) for deep value due to fractured ownership structure and management issues Resolved complicated ownership issues and distress through 100% acquisition to unlock value Executed a contrarian investment that has since capitalized on India s economic rebound Creating value through development, leasing and tenant management Leased 4 million sf to date Completed 3 million sf of development to increase the operating area by ~40% Candor Office Parks (G2), India Refinanced entire portfolio ($625 million) to lower interest rates and reduce FX exposure ~35% increase in market rents Please refer to endnotes on page

96 BSREP II: Simply Self Storage (2015) 1 Building businesses Multi-faceted transactions Operational expertise Exhibit 5 Contrarian investments Acquired Simply Self Storage through an established relationship in an off-market transaction Fragmented sector with strong fundamentals and potential for high growth rates Hired key leaders to complement management team Acquired 100 additional stabilized properties to more than double the size of the original portfolio Developing additional properties in what Brookfield believes are high growth markets Expanding high-performing assets Simply Self Storage, United States Seek to drive increase in occupancy and rents through operating and technology improvements 1.3 million sf of development properties 7 163% growth in operating area Please refer to endnotes on page

97 BSREP II: Center Parcs (2015) 1 Building businesses Multi-faceted transactions Operational expertise Exhibit 5 Contrarian investments Targeted acquisition due to stable, resilient cash flows in high-barrier-to-entry market with compelling operational upside potential Acquired alongside co-investors to take advantage of scale in executing transaction Grow cash flows through ~ 208 million investment in capex and operational improvements Developing new lodges and accommodation types to drive ADR Upgrading IT systems and other initiatives to increase revenue and drive on-parc spend Center Parcs, U.K. Commenced construction on development of new 500 lodge village in Ireland 2 million visitors per annum 8 Please refer to endnotes on page

98 BSREP II: Rouse Properties (2016) 1 Building businesses Multi-faceted transactions Operational expertise Exhibit 5 Contrarian investments Take-private of a U.S. retail company to capitalize on low public market valuation Unlocking value in outdated retail centers through transformational redevelopments Creating experiential shopping destinations to meet retailer and consumer demands Partnering with other areas of Brookfield to develop mixed-use properties (e.g. multi-family, hotel) Leveraging management s expertise to target acquisitions arising from shifting market dynamics Disposing of stabilized and non-core properties to recycle capital into higher return redevelopments Rouse, United States Please refer to endnotes on page

99 Opportunistic Market Conditions Exhibit 5 We believe global markets continue to provide opportunity for higher yielding real estate investments 1 UNITED STATES Stable GDP growth Real estate fundamentals positive Consolidation opportunities in alternative property sectors Non-core assets may be sold by REITs Depressed valuations in retail sector Shortage of affordable/workforce housing CANADA Positive economic and immigration growth Energy markets remain challenged Select hospitality and multifamily in gateway markets Depressed valuations in retail sector Consolidation in alternative asset classes BRAZIL GDP growth and declining inflation Limited competition for large-scale transactions Favorable supply outlook in office sector Shortage of modern industrial product U.K. & CONTINENTAL EUROPE Private markets navigating political uncertainty Real estate fundamentals improving Limited competition for large-scale transactions Low valuations of office REITs New supply is limited Emerging Private Rented Sector ( PRS ) in U.K. CHINA Monetary policy being used to control liquidity and credit Continuing rise of middle class will drive demand State-owned enterprises divesting noncore assets Shortage of office space in Shanghai and Beijing Increasing demand for cold storage facilities INDIA Strong GDP growth and real estate fundamentals Progressive economic policy & encouragement of foreign investment Large-scale office transactions on an offmarket basis Industrial development stemming from crossborder trade and dated industrial assets Distressed asset sales by government-owned banks AUSTRALIA Transition into non-resource based economy Continued low volatility and interest rates Opportunities in secondary markets Fragmented alternative property sectors Please refer to endnotes on page

100 BSREP III Profile Exhibit 5 BSREP III seeks to target similar investment allocations as its predecessor funds, BSREP I and BSREP II 1 Targeted Investment Allocation Large Scale / Portfolio Investments 30% 50% 50% 70% Asset Acquisitions Large Scale / Portfolio Investments U.S. Non U.S. Please refer to endnotes on page

101 Conclusion Exhibit 5 We believe BSREP III is a compelling and timely investment opportunity An Industry- Leading Real Estate Asset Manager Proven Investment Strategy Strong Alignment of Interests Scale on five continents Experienced leadership 100-year history of investing in real assets Significant operational expertise Disciplined investment approach and on-theground expertise Well-established structuring capability Established real estate track record Significant sponsor capital alongside institutional partners $2.5 billion sponsor commitment 18

102 Exhibit 5 BSREP I and BSREP II Information 19

103 BSREP I Fund Overview Exhibit 5 $4.4B LP COMMITMENTS 1 $5.1B INVESTED CAPITAL 2 26 # OF INVESTMENTS $2.5B LP DISTRIBUTIONS 3 Historic Portfolio Composition by Invested / Committed Capital 4 13% 10% 25% 7% 6% 4% 50% 15% 20% 33% 16% Industrial Debt NNN/Retail Office Hospitality Multifamily North America India China Europe Australia Please refer to endnotes on page

104 BSREP I Fund Details 1 Exhibit 5 Industrial $1.3 billion North America and European industrial portfolio comprised of ~200 operating and development properties Multifamily $522 million Portfolio of ~40 Class B apartment communities located in the southeast U.S. and New York City Office $791 million Portfolio of ~50 campus-style office properties located primarily in major California submarkets, and five high-quality office parks, located mainly in New Delhi Hotels & Mixed Use $682 million Portfolio of nine North American hotels and four Australian hotels, as well as a development property in a prime Sydney location Retail $202 million Portfolio of 4 million sf of retail and mixeduse properties in ideal locations in downtown Shanghai CBD and the Hongqiao Transportation Hub NNN Retail $600 million NNN-Retail REIT platform consists of over 320 properties located across 36 states Please refer to endnotes on page

105 BSREP II Fund Overview Exhibit 5 $9.0B LP COMMITMENTS 1 $7.9B INVESTED / COMMITTED CAPITAL 2 22 # OF INVESTMENTS Historic Portfolio Composition by Invested / Committed Capital 3 12% 16% 12% 1% 7% 7% 7% 12% 1% 7% 3% 5% 6% 52% 7% 8% 10% 14% 16% Hospitality Office Self Storage Student Housing Industrial Uncommitted Capital Please refer to endnotes on page 28. Retail Multifamily Mixed Use Manufactured Housing Fund Reserve North America Brazil India Fund Reserve UK South Korea China Uncommitted Capital 22

106 BSREP II Fund Details 1 Exhibit 5 Hospitality $1.4 billion Five short break U.K. holiday destinations, a preferred equity investment in a select service hotel company and five hotels located in the U.S. and Canada Mixed Use $673 million Prime office, retail and hotel complexes centrally located in Seoul and Mumbai Retail $1.0 billion Portfolio of ~40 retail malls and shopping centers spanning over 25 million sf across the U.S Multifamily $939 million Portfolio of over 55 apartment communities located throughout the U.S. representing ~11,900 units Self-Storage $750 million Portfolio of ~200 self-storage properties located throughout the U.S. representing almost 115,000 units Office $1.2 billion Portfolio of over 9.0 million sf of office buildings located primarily in Brazil and the U.S. Student Housing $622 million Portfolio of 29 student housing communities (~11,000 beds) and seven development sites located in major U.K. university cities Manufactured Housing $590 million Portfolio of 135 manufactured housing communities comprising 32,000 pads across 13 U.S. states Please refer to endnotes on page

107 Exhibit 5 Track Records 24

108 Opportunistic Real Estate Funds Track Record Exhibit 5 The summary set forth below includes performance for all discretionary opportunistic real estate funds managed by Brookfield Asset Management Inc. or a management affiliate thereof (collectively, Brookfield ). The summary excludes investments made by Brookfield directly, managed accounts, joint ventures, co-investments, publicly listed issuers and investment funds for which Brookfield did not serve as the manager during the investment period. Information regarding such investments and programs is available upon request. Prior performance is not indicative of future results and there can be no guarantee that future funds or their investments will achieve comparable results or be able to avoid losses. As of September 30, 2017 (US$ in millions, except as noted) Inception/ Investment Date Investment/ Property Type Committed Capital Current Equity Invested 4 Realized 5 Unrealized 6 Total 7 Gross IRR Gross Investment Multiple Net IRR 8 Net Investment Multiple 8 Gross IRR Projected Proceeds Performance 1,2 Performance 2,3 Gross Investment Multiple Net IRR 8 Net Investment Multiple 8 Real Estate Opportunity Fund I 2006 Multi-Sector $ 242 $ 331 $ 486 $ 86 $ % 2.0x 9.0% 1.8x 11.5% 2.0x 9.1% 1.8x Real Estate Opportunity Fund II 2007 Multi-Sector % 2.1x 15.8% 1.8x 19.7% 2.1x 15.5% 1.8x Real Estate Turnaround 2009 Multi-Sector 5,565 3,787 8, , % 2.3x 34.5% 2.1x 38.6% 2.3x 34.5% 2.1x Strategic Real Estate Partners 2012 Multi-Sector 4,350 5,108 3,098 6,899 9, % 2.1x 22.2% 1.8x 24.0% 2.8x 20.0% 2.3x Strategic Real Estate Partners II 2015 Multi-Sector 9,000 5, ,849 6, % 1.2x 12.5% 1.1x 19.0% 2.3x 17.0% 1.9x Total Opportunistic 9 $ 19,419 $ 14,879 $ 13,355 $ 12,858 $ 26, % 1.8x 25.0% 1.6x 26.0% 2.3x 23.0% 2.0x Totals may not add due to rounding. Refer to notes on next slide. 25

109 Notes to Opportunistic Real Estate Funds Track Record Exhibit 5. (1) Reflects performance from initial investment date to September 30, (2) Gross IRR and Gross Investment Multiple reflect performance before fund expenses, management fees (or equivalent fees), and carried interest, which would reduce an investor s return. Net IRR and Net Investment Multiple take into account fund expenses, management fees (or equivalent fees), and carried interest. Multiples may be adjusted for recalled capital if applicable. Prior performance is not indicative of future results and there can be no guarantee that the fund will achieve comparable results or be able to avoid losses. (3) Projected returns reflected herein have been prepared based on various estimations and assumptions made by the manager, including estimations and assumptions about events that have not occurred, any of which may prove to be incorrect. Projected returns are based on equity invested to date and equity projected to be invested, all cash flows generated to date, projected to be generated during the remaining expected holding period and the terminal value determined based on projected operating performance and projected capitalization rates in the applicable market. Projected net returns take into account fund expenses, management fees and carried interest paid to date and projected to be paid within the fund. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond the control of the manager, the actual results of the referenced investments could differ materially from the results expressed or implied by the projected returns reflected herein in respect of such investments. In addition, industry experts may disagree with the estimations and assumptions used in preparing the projected returns. IMPORTANT: The projections or other information provided herein regarding the likelihood of various investment outcomes are hypothetical in nature and do not reflect actual investment results. No assurance, representation or warranty is made by any person that any of the projected returns are accurate or will be achieved and you should not place undue reliance on the projected returns. Additional information about the estimations and assumptions used in preparing the projected returns and the factors that could cause actual results to differ materially from the projected returns are available upon request. In addition, please contact the manager to see projected performance information based on different assumptions. Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results or be able to avoid losses. (4) Equity Invested represents the initial capital investment including short-term subscription facility drawdowns as applicable, follow-on investments, and capital expenditures. (5) Realized Proceeds represents any proceeds from disposition and distributions or other forms of current income. (6) Values ascribed to Unrealized Proceeds and used in determining performance results, are based on assumptions that the Manager believes are fair and reasonable under the circumstances. The actual realized returns on current unrealized investments may differ materially from the returns shown herein, as it will depend on, among other factors, future operating results, the value of the asset and market conditions at the time of dispositions, any related transactions costs and the time and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. The material assumptions made by the Manager that were applied in determining the values will be provided upon request. (7) Total Proceeds" are before fund expenses, management fees (or equivalent fees) and carried interest. (8) Net IRR and "Net Investment Multiple are calculated on a fund level and not for any particular investor, and take into account fund expenses, management fees (or equivalent fees), and carried interest, if any, allocated to or paid by investors (including fees allocated to or paid by Brookfield and its affiliates as a limited partner (either on an actual or notional basis) based on the applicable rate per the fund s standard investor fee schedule). As a result, the Net performance figures set forth herein are reflective of the average fund expenses, management fees, and carried interest, if any, allocated to or paid by investors (including, as set forth above, Brookfield and its affiliates as a limited partner), and therefore each particular fund investor will likely have a different, and potentially lower, performance return than those indicated under Net performance due to varying economic terms. The calculation in respect of any particular set of economic terms will be provided upon request. Net IRR and Net Investment Multiple may also take into account the effects of leverage due to the temporary funding in respect of some of the investments through the use of the subscription secured credit facility incurred at the fund-level. As a result, Net IRRs may be higher than what they would have been without the use of such facility. (9) Composite returns presented are based on funds with similar investment strategies and are calculated by aggregating total cash flows of such funds. 26

110 Endnotes Page 2 1) The target returns set forth herein are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Asset Management Private Institutional Capital Adviser US, LLC ( BAMPIC or the Manager ) in relation to the investment strategy being pursued by BSREP III, any of which may prove to be incorrect. The target returns are based on historical performance for similar investment strategies within the sector. Target gross returns do not reflect fund expenses, management fees and carried interest, which would reduce an investor s returns. Target net returns take into account these items. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond the control of the Manager, the actual performance of the Fund could differ materially from the target returns set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns. No assurance, representation or warranty is made by any person that the target returns will be achieved and undue reliance should not be put on them. Additional information about the assumptions used in determining the target returns and the factors that could cause actual results to differ materially from the target returns are available upon request (and can be found in the private placement memorandum (together with any supplements, the Memorandum )). Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve the target returns or be able to avoid losses. 2) Includes committed capital, fund reserve and equity invested across opportunistic funds as of Q Equity invested represents the initial capital investment, follow-on investments, capital expenditures and short-term subscription facility drawdowns as applicable. Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results or be able to avoid losses. There is no guarantee of closing investments that have not yet been closed upon. Page 5 1) Includes committed capital and equity invested across opportunistic funds as of Q Equity invested represents the initial capital investment, follow-on investments, capital expenditures and short-term subscription facility drawdowns as applicable as well as committed capital to investment committee approved deals not yet closed as of Q There is no guarantee that the funds will execute on any such investments. 2) Gross IRR and Gross Investment Multiple reflect performance before fund expenses, management fees (or equivalent fees), and carried interest, which will reduce an investor s return. Net IRR and Net Investment Multiple take into account fund expenses, management fees (or equivalent fees), and carried interest. Multiples may be adjusted for recalled capital, if applicable. Net IRR and Net Investment Multiple may also take into account the effects of leverage due to the temporary funding in respect of some of the investments through the use of the subscription secured credit facility incurred at the fund-level. As a result, Net IRRs may be higher than what they would have been without the use of such facility. Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results or be able to avoid losses. Net IRR and Net Investment Multiple" are calculated on a fund level and not for any particular investor, and take into account fund expenses, management fees (or equivalent fees), and carried interest, if any, allocated to or paid by investors (including fees allocated to or paid by Brookfield and its affiliates as a limited partner (either on an actual or notional basis) based on the applicable rate per the Fund's standard investor fee schedule). As a result, the Net performance figures set forth herein are reflective of the fund expenses, average management fees (or equivalent fees), and average carried interest, if any, allocated to or paid by investors (including, as set forth above, Brookfield and its affiliates as a limited partner), and therefore each particular fund investor will likely have a different, and potentially lower, performance return than those indicated under Net performance due to varying economic terms. The calculation in respect of any particular set of economic terms will be provided upon request. 3) Projected returns reflected herein have been prepared based on various estimations and assumptions made by the Manager, including estimations and assumptions about events that have not occurred, any of which may prove to be incorrect. Projected returns are based on equity invested to date and equity projected to be invested, all cash flows generated to date, projected to be generated during the remaining expected holding period and the terminal value determined based on projected operating performance and projected capitalization rates in the applicable market. Projected net returns take into account fund expenses, management fees and carried interest paid to date and projected to be paid within the fund. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond the control of the Manager, the actual results of the referenced investments could differ materially from the results expressed or implied by the projected returns reflected herein in respect of Exhibit 5 such investments. In addition, industry experts may disagree with the estimations and assumptions used in preparing the projected returns. IMPORTANT: The projections or other information provided herein regarding the likelihood of various investment outcomes are hypothetical in nature and do not reflect actual investment results. No assurance, representation or warranty is made by any person that any of the projected returns are accurate or will be achieved and you should not place undue reliance on the projected returns. Additional information about the estimations and assumptions used in preparing the projected returns and the factors that could cause actual results to differ materially from the projected returns are available upon request. In addition, please contact the Manager to see projected performance information based on different assumptions. Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results or be able to avoid losses. 4) Inclusive of Brookfield commitment. 5) Returned percentage calculated based on amount realized as percentage of total equity invested. 6) Includes committed capital to investment committee approved deals not yet closed as of Q There is no guarantee that BSREP II will close on any such investments. 7) Committed percentage includes fund reserves and committed capital to investment committee approved deals not yet closed as of Q There is no guarantee that BSREP II will close on any such investments. 8) Equity invested represents the initial capital investment, follow-on investments, capital expenditures and short-term subscription facility drawdown as applicable. Page 6 1) Employee figures as of Q Employee numbers provided are dedicated Brookfield Property Group employees. 2) Covers operating professionals across all of Brookfield s business lines (e.g., private funds, listed entities, and public securities vehicles), including related operating businesses and portfolio companies. 3) Includes assets managed by General Growth Properties, a non-controlled affiliate. Brookfield owns a 34% interest on a fully diluted basis, assuming all outstanding warrants are exercised. 4) Excludes multifamily developments owned by Brookfield Office Properties and Canary Wharf Group. Page 7 1) Years of real estate experience disclosed includes all professionals listed on organizational chart 2) Investment committee member. 27

111 Endnotes Exhibit 5 Page ) The following case studies are illustrative of the types of investments that may be entered into by the Fund. These case studies reflect select investments made by BSREP I and BSREP II. It should not be assumed that any investment made by the Fund will be profitable or will equal the performance (or share the characteristics) of the investments listed herein. For performance information for each of the investments of BSREP I and BSREP II, and the fund-level Net IRRs and Net Investment Multiples for each fund, please refer to the information previously provided, available in the Fund s data room. Prior performance is not indicative of future results, and there can be no guarantee that the Fund will achieve comparable results or be able to avoid losses. For greater certainty, it is not intended that the Fund invest in any of the investments that are the subject of these case studies. Note that the same performance information is not provided for all case studies. 2) Percent of renovated apartments includes apartments that are part of the business renovation and rehab plan and does not include all units in the portfolio. 3) Average return on capital calculated by average combined premium over average unit of capex spend. 4) Represents developable area associated with Wynyard Place development site. There is no guarantee that BSREP I will be able to successfully execute on such investment strategy. 5) There is no guarantee that the transaction will close. 6) The sale will not close until 2020 when the project is expected to be completed. There is no guarantee that the project will be completed according to this timeline. Benchmark average cap rate represents the market low cap rate for the Sydney office market as of September ) Development square footage also includes fully completed buildings that are empty, thus have full lease-up risk. 8) There is no guarantee that visitors per annum will remain consistent. Prior performance is not indicative of future results. Page 16 1) The provided commentary is based upon estimations and assumptions of the Manager, any of which may prove to be incorrect. There is no guarantee that the provided commentary will be achieved and undue reliance should not be put on the outlook provided. Actual results could differ materially from what is set forth herein. Page 17 1) Based on committed capital. There can be no assurance that diversification or asset allocations will be met or that the Fund will be able to implement its investment strategy or achieve its investment objectives. Page 20 1) Inclusive of Brookfield s commitment 2) Invested Capital represents initial capital investment, follow-on investments, capital expenditures and short-term subscription facility drawdown as applicable. 3) Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results. 4) Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results, have a similar portfolio, or be able to avoid losses. There can be no guarantee that the Fund will make or maintain concentration and/or weighting proportions comparable to those presented herein. Page 21 1) Please refer to the track record included herein for a full list of investments and performance. Amounts shown represent equity invested. Equity invested represents initial capital investment, follow-on investments, capital expenditures and short-term subscription facility drawdowns, as applicable. Page 22 1) Inclusive of Brookfield s commitment. 2) Invested/Committed Capital represents initial capital investment, follow-on investments, capital expenditures and short-term subscription facility drawdown as applicable as well as committed capital to investment committee approved deals not yet closed as of Q There is no guarantee of closing investments that have not yet been closed upon. 3) Includes committed capital to investment committee approved deals not yet closed as of Q There is no guarantee that BSREP II will be able to successfully execute on all or any of such future deals or projects, secure debt or receive development approvals. Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results, have a similar portfolio, or be able to avoid losses. There can be no guarantee that the Fund will make or maintain concentration and/or weighting proportions comparable to those presented herein. Page 23 1) Please refer to the track record included herein for a full list of investments and performance. Amounts shown represent equity invested and committed. Equity Invested represents initial capital investment, follow-on investments, capital expenditures and short-term subscription facility drawdowns, as applicable. 28

112 Notice To Recipients Exhibit 5 This document is being circulated to a limited number of sophisticated institutional investors on a confidential basis. This document has been prepared to provide recipients with the opportunity to determine their preliminary interest regarding an investment in Brookfield Strategic Real Estate Partners III (the Fund ) and may not be used or reproduced for anyother purpose. Brookfield Asset Management Inc. ( BAM together with its affiliates, Brookfield ) is not making any offer, invitation or recommendation of anykind bycommunication of this document to the recipient and under no circumstances is itto be construed as a prospectus, product disclosure statement or an advertisement. Any such offer will be made only by means of the Fund s offering materials (collectively, the Offering Materials ) and is subject to the terms and conditions contained therein. Without limiting the generality of the foregoing, this document does not constitute an invitation or inducement of anysort to anyperson in any jurisdiction in which such an invitation or inducement is notpermitted or where BAM is not qualified to make such invitation or inducement. In particular, this document is not intended to constitute, and should not be construed as, marketing of the Fund for any purposes of the Alternative Investment Fund Managers Directive. The information set forth herein is presented for discussion purposes only and does not purport to be complete, and the document does not purport and is not required to contain all of the information required to be included in a prospectus or product disclosure statement. The Offering Materials contain additional information about the investment objectives and terms and conditions ofan investment in the Fund, certain tax information and conflicts of interest and risk disclosures that are important to anyinvestment decision regarding the Fund. This document is qualified in its entirety by the Offering Materials, which should be read completely before a prospective investor considers making an investment in the Fund. This document is intended to be communicated only to such persons as BAM is legally able to send it and who are legally able to receive it in their jurisdiction of residence. If you are not such a person, pleasereturn itto BAM immediately. This document is confidential and is intended solely for the information of the person to whom it has been delivered. It may not be reproduced, made public or transmitted, in whole or in part, to third parties except as agreed in writing bybrookfield. In addition, if the recipient is subject to section 552(a) of title 5 of the United States Code (commonly known as the Freedom of Information Act ) or any other public disclosure law, rule or regulation of any governmental or non-governmental entity, it is acknowledged that the information contained herein is confidential, proprietary and a trade secret. Certain information contained herein may constitute material non-public information in respect of BAM or any of its publicly-traded affiliates and may not be used to trade in securities or other financial interests on the basis ofanysuch information. Brookfield Private Advisors LLC, a wholly owned subsidiary of BAM, is a registered broker dealer with the SEC and a FINRA Member. Certain employees of Brookfield s Private Funds Group may be registered with Brookfield Private Advisors LLC. Brookfield Private Capital (UK) Limited, a wholly owned subsidiary of BAM, is authorised and regulated by the United Kingdom s Financial Conduct Authority (authorisation number ). None of Brookfield, its associates, directors, members, shareholders, partners, officers, employees, advisers, agents or affiliates (together, its Related Persons ) makes any express or implied representation, warranty or undertaking with respect to this document. Accordingly, and to the maximum extent permitted by law, none of Brookfield or its Related Persons shall be liable (except in the case offraud) for anyloss (whether direct, indirect or consequential) or damage suffered by any person as a result of relying on any statement in, or omission from, this document. This document has been prepared for institutional and qualified investors only. It has not been filed with FINRA and may not be reproduced, shown, quoted to, orused with members ofthe public. An investment in the Fund is speculative and involves significant risks, including loss of the entire investment. There can be no guarantees that the Fund s investment objective will be achieved or that the investment will be successful. Interests in the Fund will be illiquid as there will be no secondary market for such interests and none is expected to develop. There will be restrictions on transferring interests in the Fund. The Fund s investments may be leveraged and its investment performance may be volatile. An investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of an investment in the Fund described herein. Any references to committed capital include allpledgedcommitments. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as ofanyfuture date, is subject to change, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. Certain information contained herein 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 negative thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forwardlooking statements. Although Brookfield believes that the anticipated future results, performance or achievements for the Fund expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations in light of the information presently available, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements or information include but are not limited to: general economic conditions, changes in interest and exchange rates, availability of equity and debt financing and risks particular to underlying portfolio companyinvestments. Unless otherwise noted, any photographs appearing in this document are of investments owned or previously owned by funds or other investment vehicles managed by Brookfield. Any such photographs are intended for informational and historical purposes only. No assurance is made that the Fund will invest in similar investments. In considering investment performance information contained herein, prospective investors should bear in mind that past performance is not necessarily indicative of future results and there can be no assurance that comparable results will be achieved, that an investment will be similar to the historic investments presented herein (because of economic conditions, the availability of investment opportunities or otherwise), that targeted returns, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved. Any information regarding prior investment activities and returns contained herein has not been calculated using generally accepted accounting principles and has not been audited or verified byan auditor or any independent party. Unless otherwise indicated, internal rates of return (including targeted rates of return) are presented on a gross basis (i.e., they do not reflect management fees (or equivalent fees), carried interest (or incentive allocation), taxes, transaction costs and other expenses to be borne by investors, which in the aggregate are expected to be substantial and which would reduce the actual returns experienced by an investor). Unless otherwise indicated, returns presented on a net basis include costs and timing of any subscription facility, carried interest (or incentive allocation), management fees (or equivalent fees) and other fund expenses as applicable to the average investor, but do not reflect any potential tax burdens to an individual investor. Nothing contained herein should be deemed to be a prediction or projection offuture performance. This document includes Brookfield s estimates of the projected performance of certain unrealized investments currently held by other Brookfield-managed funds, including any predecessor funds, and investment programs managed by Brookfield. Although this information is forward-looking by its nature and actual results are likely to differ, perhaps materially, from these estimates, Brookfield believes that the estimates have a reasonable basis. Any changes to assumptions could have a material impact on projections and actual returns. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. Brookfield will provide more detailed information on the material factors or assumptions that were applied inmaking the projections and the material factors that could cause actual results to differ materially from the projections to anyinvestor on request. Certain of the information contained herein is based on or derived from information provided by independent third party sources. While Brookfield believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield does not guarantee the accuracy or completeness of such information, and has not independently verified such information or the assumptions on which such information is based. This document is subject to the assumptions (if any) and notes contained herein. The information in this document does not take into account your investment objectives, financial situation or particular needs and nothing contained herein should be construed as legal, business or tax advice. Each prospective investor should consult its own attorney, business adviser and tax advisor as to legal, business, tax and related matters concerning the information contained herein. None of the information contained herein (or in any future communication (written or oral) regarding an investment) is intended to be investment advice with respect to a proposed investment. Brookfield s status as an ERISA fiduciary and the existence and nature of Brookfield s financial interest with respect to the proposed investment is set forth in the Fund s governing documents. Additionally, the information provided herein is being made available only to independent fiduciaries with financial expertise (within the meaning of the definition of the term Fiduciary ; Conflict of Interest Rule Retirement Investment Advice, 81 Fed. Reg. 20,946 (Apr. 8, 2017)). Any person who does not meet such requirements may not invest in the Fund and should promptlyreturn these materials to Brookfield. Neither this document nor the interests offered hereby have been approved by the United States Securities and Exchange Commission, the United Kingdom s Financial Conduct Authority, the Australian Securities and Investments Commission or by any regulatory or supervisory authority of any state or other jurisdiction, including Canada, nor has any such authority or commission passed on the accuracy or adequacy of this document. The information contained herein is subject to correction, completion, verification and amendment. Any representation to the contrary is a criminal offense. This document is not intended to be made available to any person in Australia who is not a wholesale client (within the meaning of the Corporations Act 2001 (Cth) ofaustralia) and is provided to you on the basis that you are a person to whom an offer of interests in the Fund would not require disclosure under Part 7.9 of the Corporations Act 2001 (Cth) of Australia because of subsection 1012B(3)(b) (not a retail client). By receiving this document, you represent and warrant to Brookfield that you are not a retail client (within the meaning of the Corporations Act 2001 (Cth) of Australia). If you are a retail client, please do not consider the contents of this document and please return it. Any offer or invitation in Australia to invest in a fund, and any investment in a fund by a person in Australia, is limited to such wholesale clients. This document is not a disclosure document or product disclosure statement (within the meaning of the Corporations Act 2001 (Cth) of Australia). Unless otherwise noted, all references to $ or Dollars are to U.S. Dollars. All representations are made as of September 30, 2017, unless otherwise expressly indicated, and no duty to update said representations is assumed. 29

113 Exhibit 6

114 Exhibit 6

115 Exhibit 7 To: Investment Committee From: Investment Staff Date: November 22, 2017 Subject: Courtland Partners Side Letter Consent Summary As a reminder, Courtland Partners assumed responsibility for the entire Mesirow real estate fundof-funds business in July 2015, when Mesirow exited the multi-manager real estate business. SURS investment with Mesirow was known as MFIRE II. Upon the transition to Courtland, the fund is now known as Real Estate Global Partnership Fund II. On December 2, 2016, SURS was notified of the unexpected passing of Michael Humphrey, the founder and Managing Principal of Courtland Partners. At the time of the transfer from Mesirow to Courtland, the SURS side letter was renegotiated to include additional protections for SURS. Additional language was introduced stating that in the event John ( Jay ) Morgan and/or Mr. Humphrey were unable or unwilling to provide services to or on behalf of the Partnership, Courtland would promptly appoint a successor representative(s) to them, subject to SURS consent, which is not to be unreasonably withheld, conditioned or delayed. Prior to Mr. Humphrey s death, Jay Morgan had been transitioning away from his duties at Courtland. As a result, Courtland chose Tony Fragapane and Marc Rivitz, who were the fund s co-portfolio Managers, as the successor representatives. Staff was notified on November 9, 2017 that Tony Fragapane was leaving Courtland. Because of his departure, Courtland is now requesting the appointment of Mike Murphy as a representative in his place alongside Marc Rivitz. Staff is comfortable with Mr. Murphy s appointment. Mr. Murphy is the head of Courtland s fund-of-funds business and the secondlongest tenured consultant at the firm. It is important to distinguish this situation from a key person event. The investment period for the fund ended in As a result, no key person event has occurred. A consent document has been sent to SURS to reflect the appointment of Mr. Murphy and elicit SURS consent. A copy of the consent follows this memo. Recommendation SURS staff and NEPC jointly recommend that based on the recommendation of staff and SURS investment consultant, that SURS execute the consent appointing Michael P. Murphy as successor representative to Anthony Fragapane.

116 Exhibit 8 November 10, 2017 State Universities Retirement System Shane Willoughby, CFA, CAIA Investment Officer 1901 Fox Drive Champaign, IL Dear Mr. Willoughby, Pursuant to paragraph 8.f. of the Amended Side Letter dated July 8, 2015 with respect to the investment of State Universities Retirement System in the Real Estate Global Partnership Fund II, L.P. (f/k/a MFIRE Global Partnership Fund II, L.P.), Courtland Partners, Ltd. proposes to appoint Michael P. Murphy as a successor representative to Anthony Fragapane. If you agree with this proposal, please sign and return this letter below with your consent of the appointment of the new representatives. Sincerely, COURTLAND PARTNERS, LTD. Steven C. Novick Managing Principal Agreed and Accepted: STATE UNIVERSITIES RETIREMENT SYSTEM By: Title: Date:

117 Exhibit 9 To: Investment Committee From: SURS Staff Date: November 22, 2017 Subject: Hedge Fund Day Follow-Up Background In June 2014, hedged strategies were included as part of the approved asset allocation. At the October 2015 Investment Committee meeting, SURS Staff and NEPC recommended, and the Board approved, PAAMCO and KKR Prisma as Fund of Hedge Fund Managers. In total, 40 firms responded to the Multi-Strategy RFP. Eight semi-finalists were interviewed at the SURS office by Staff and NEPC. Six of the eight semi-finalists were on NEPC s Preferred List including both PAAMCO and Prisma. SURS staff held interviews with the four finalists that were brought to the Board at their respective home offices. Hedge Fund Day On November 9, 2017, the Board hosted the two hedge fund providers for a presentation on the underlying managers in the program. Issues raised during the presentation, particularly with respect to the Newport Monarch Fund, included the risk levels of the portfolios, investment strategies being implemented, trends for assets under management, and the turnover of the underlying managers. SURS Hedge Fund Mandate with PAAMCO SURS staff and consultant have found that returns, the investment process, staffing, and underlying manager turnover for PAAMCO s Newport Monarch have all been within the expected parameters of the mandate. Within this memo, each topic is addressed in brief. Following the memo is an in-depth response from PAAMCO in regards to the previously mentioned topics. The SURS hedge fund mandate established five primary investment targets and/or minimum levels for performance, volatility, target beta, percentage of assets managed by emerging managers, and percentage of assets managed by diversity managers. Newport Monarch was specifically customized to meet these investment targets and characteristics.

118 Exhibit 9 The chart below highlights the results of the Newport Monarch Fund since the portfolio was launched in April 2016: Target/Requirement Newport Monarch, LLC Annualized Net Returns ITD 6.0% (LIBOR + 5%) 6.1% Annualized Volatility ITD < 7% 1.5% Diversity Manager % 20% 32% Emerging Manager % > 75% 83% S&P 500 Beta < Since inception, PAAMCO s Newport Monarch portfolio has met or exceeded each requirement established by the SURS hedge fund mandate. Historically, PAAMCO s portfolios have shown an ability to protect in down markets. In a similar strategy as SURS, PAAMCO returned -24.1% in 2008 versus the S&P 500 which declined -38.5% that year. From cumulative, PAAMCO returned 7.1% versus -21.4% for the S&P 500, exhibiting a positive upside/downside capture spread from 2005 through PAAMCO Assets Under Management On a combined basis, PAAMCO and Prisma manage and advise over $30 billion which is a significant number in the fund of funds industry. PAAMCO s assets are 99.9% institutional with pension assets as the majority. Their average client tenure is 8.2 years. Please see below for the average discretionary PAAMCO AUM for each year since 2000 (firm inception). As of September 30, 2017, PAAMCO s discretionary AUM is $9.5 billion.* *As of September 30, AUM data for 2017 is estimated, unaudited, and subject to change. Chart above shows the average monthly AUM for each year.

119 Exhibit 9 PAAMCO Due Diligence Process PAAMCO has an in-depth due diligence process that is implemented through a set of checks and balances by senior professionals with experience in investment, operational, risk, and legal due diligence. The investment process is led by the firm s Sector Specialists who are senior investment professionals at the firm who average 19 years of investment experience. Each Sector Specialist is focused on, and has significant experience in, one or two of the particular strategies in which PAAMCO s clients invest. The Portfolio Management department is overseen by a highly experienced senior executive who, before PAAMCO, had been the co- Chief Investment Officer of a $10 billion multi-strategy hedge fund. The Sector Specialist and each person responsible for the Legal, Operations, and Risk Data have veto powers over the funding eligibility of the manager should it fail any stage of the due diligence process. Once each team member has completed his or her review, the manager is presented to the Investment Oversight Committee ( IOC ), which ultimately makes the final decision on whether to make a manager eligible. The IOC is the final authority for the entire investment process for the Fund of Hedge Funds division as it monitors the performance and risk of portfolios, votes on making managers eligible for investment, and governs the investment process. PAAMCO s process is concentrated on smaller, newer managers who are highly experienced investors (typically senior individuals out of larger funds) who, given the smaller starting capital bases, have been able to, on average, outperform the industry. This approach has produced solid results and resulted in a portfolio that is highly diverse. The firm s process of investing solely through separate accounts with strong independent governance and full position level transparency protects assets and is an integral part of their strategy. PAAMCO Staff As of December 31, 2016, PAAMCO employed 152 staff firm-wide, including 56 investment professionals. The table below highlights PAAMCO s staffing by position. Number Number of Involved with Total Staff SURS Product Sector Specialists/Portfolio Mgrs 8 8 Research Analysts Total Investment Professionals Other Total Staff PAAMCO has 26 senior investment professionals who have an average of 21 years of experience in the industry. PAAMCO is a diverse firm committed to investing in diverse managers. 66% of all PAAMCO employees and 56% of all PAAMCO employee partners are women or minority.

120 Exhibit 9 Turnover for Underlying Managers PAAMCO s turnover has been consistent with expectations for the strategy and with data provided in the RFP for the period 2005 through The average length of PAAMCO investment with the 13 managers to whom full redemptions have been submitted through year end 2017 is 5.2 years. This is part of the natural evolution of an emerging manager strategy which transitions out of more established managers that have already been in the portfolio for some time and into new managers with a high degree of investment focus. All 13 managers were originally hired by PAAMCO before the inception of the Newport Monarch mandate. The length of time PAAMCO has been with each varied as outlined below: 5 managers for 5 years or more, of which 3 were for more than 10 years 6 managers for 2-5 years 2 managers for less than 2 years (1.8 and 1.7 years) Under reasons for redemptions, the following breakdown was provided: 6 due to a strategy adjustment at the PAAMCO portfolio level, 3 to concentrate into higher performers, and 4 due to underperformance. The average number of managers in the portfolio has been 36, with an annual turnover rate of 21%. This is consistent with the experience of the overall strategy where the average annual turnover from 2005 to 2017 was approximately 23%. In addition, the number of managers turned over is also in line with the experience of the strategy, where 25 managers in total were terminated from 2012 to 2014, as indicated in the April 7, 2015 RFP response. Conclusion As stated previously, a more detailed response from PAAMCO follows this memo. Staff believes that PAAMCO s risk/return and implementation style are consistent with the mandate described in the RFP process.

121 Exhibit 10 PAAMCO responses to SURS follow up questions, November 10, 2017 We appreciate the opportunity to address the questions you have provided in the context of the implementation of the SURS Hedged Strategies allocation. As you know, last year SURS selected and funded PAAMCO with $195 million after a highly competitive process that involved over 40 applicants with Board interviews with the finalists. PAAMCO was one of the two firms selected in this process. In June of this year, based on overall asset allocation work and its satisfaction with performance, SURS increased its allocation by an additional $240 million. A separate fund called Newport Monarch was established for SURS with specific investment objectives and guidelines which closely follows the firm s main strategy. PAAMCO s longevity in institutional investing in hedge funds has led to its focus on finding superior performance (two of the firm s founders began investing on behalf of large tax-exempt institutions in hedge funds in the late 1980s). PAAMCO s search for superior performance has been concentrated on smaller, newer managers who are highly experienced investors (typically senior individuals out of larger funds) who given the smaller starting capital bases have been able to, on average, outperform the industry. Coincidentally, this approach while producing solid results A has also naturally resulted in a portfolio that is highly diverse in many aspects. Finally, most importantly, since inception PAAMCO has met or exceeded all of the SURS stated investment goals while investing solely through managed accounts with strong independent governance and position-level transparency, thus protecting SURS assets. Target/Requirement Newport Monarch, LLC Annualized Net Returns ITD 1,2 6.0% (LIBOR + 5%) 6.1% Annualized Volatility ITD 1 < 7% 1.5% Diversity Manager % 3 20% 32% Emerging Manager % 4 > 75% 83% PAAMCO is a highly stable, global organization with over $23 billion in institutional assets under management or advisory, 17 years of experience investing in hedge funds and a senior investment team that has 150+ years of combined experience. Our 26 senior investment professionals have one of the longest average years of experience at 21 years in the industry. Moreover, over 99% of PAAMCO s clients are large tax-exempt institutions with whom we have very long-term relationships. PAAMCO is a diverse firm committed to investing in diverse managers. 66% of all PAAMCO employees and 56% of all PAAMCO employee partners are women or minority. Moreover, since inception, PAAMCO has exceeded the target for MFDB managers for each month with the allocation having now grown to be over 30%. Importantly, all of the MFDB managers are A Notably PAAMCO is one of the few long-term fund of hedge funds who has avoided many of the large scale hedge fund industry issues notably Long-Term Capital, Madoff, Galleon, SAC, Amaranth Past performance may not be indicative of future results and any investment described in this document may lose value. See endnotes and disclaimers. 1

122 Exhibit 10 managers that PAAMCO puts in its portfolios regardless of the diversity focus these are good managers who just happen to have diverse characteristics. Please see below for responses to the questions sent to PAAMCO. 1. Please provide returns for a similar strategy going back at least ten years. Also carve out performance during drops in the S&P 500 with additional focus on We have attached an Excel workbook with the monthly return streams included for the Diversified Emerging Manager Strategy ( DEMS ) which Newport Monarch follows. This is the same dataset that was provided in the Request for Proposal submitted on April 7, 2015 and updated through September 30, Returns since April 2016 are comprised solely of Newport Monarch s data. From January 2005 to September 2017, the Diversified Emerging Manager Strategy / Newport Monarch portfolio has returned 4.25% on an annualized basis and 69.93% on a cumulative basis. It has outperformed the HFRI FOF Index 1,5 by 1.42% on an annualized basis and 27.24% on a cumulative basis. Diversified Emerging Manager Strategy (Net) 1 vs. HFRI FOF Composite Index 5 January 2005 September 2017 $170 $143 As of September, Consistent with the Request for Proposal submitted on April 7, 2015, the dataset begins in January Performance for 2017 is estimated, unaudited, and subject to change. Past performance may not be indicative of future results and any investment described in this document may lose value. 2

123 Exhibit 10 From January 2007 to December 2009, the Diversified Emerging Manager Strategy returned 7.1% on a cumulative basis while the HFRI FOF Composite index declined 3.4% and the S&P declined 21.4%. 5 Diversified Emerging Manager Strategy (Net) 1 vs. S&P Returns 40% 30% 20% 10% 0% -10% -20% -30% -40% 18.2% 10.3% 3.5% -21.4% -24.1% -38.5% 23.5% 19.4% 11.5% 7.1% -3.4% Cumulative Diversified Emerging Manager Strategy HFRI FOF Composite Index S&P 500 Index -21.4% Past performance may not be indicative of future results and any investment described in this document may lose value. The Diversified Emerging Manager Strategy has maintained low exposure to equity markets while exhibiting a positive upside/downside spread. Diversified Emerging Manager Strategy (Net) 1 vs. S&P 500 Index 5 January 2005 September % Upside Capture: 35% Downside Capture: 22% Average Monthly Return (Net) % 3% 1% -1% -3% -5% 2.8% 1.0% Months when the S&P 500 was Positive -3.3% -0.7% Months when the S&P 500 was Negative S&P 500 Index Diversified Emerging Manager Strategy As of September 30, Past performance may not be indicative of future results and any investment described in this document may lose value. 3

124 Exhibit Please provide a chart of AUM since inception. Following the combination of PAAMCO with KKR Prisma, PAAMCO Prisma manages more than $30 billion in aggregate across discretionary and advisory assets, an amount which ranks third largest in the InvestHedge Billion Dollar Club rankings of multi-manager firms that have $1 billion or more in assets. PAAMCO Prisma Holdings, LLC is one of three firms listed with assets under management or advisement of more than $30 billion in these rankings. Please see below for the average discretionary PAAMCO AUM for each year since 2000 (firm inception).* As of September 30, 2017, PAAMCO s discretionary AUM is $9.5 billion.* PAAMCO s assets are 99.9% institutional with the pension assets as the majority with two out of the three largest US public plans as clients. *As of September 30, AUM data for 2017 is estimated, unaudited, and subject to change. Chart above shows the average monthly AUM for each year. 3. For our terminated underlying managers, provide how long PAAMCO was invested with each firm wide. Please see the table below for details regarding each manager for which full redemptions have been submitted from the Newport Monarch portfolio from the SURS mandate s inception through the end of Consistent with how the strategy has been run since 2005, the average length of our investment with the managers redeemed from Newport Monarch has been 5.2 years. This is part of the natural evolution of an emerging manager strategy which transitions out of more established managers that have already been in the portfolio for some time and into new managers with a high degree of investment focus. Importantly, we have been told by consultants that our turnover is in-line with many of the leading funds of funds who invest only in larger and older managers. We attribute this to the strong underwriting we do of the managers before investing. To date there have been 13 managers to whom full redemptions have been submitted. All 13 managers were originally hired by PAAMCO before the inception of the Newport Monarch mandate. 5 of the managers had been with PAAMCO for more than 5 years, including 3 for more than 10 years. 6 managers were in PAAMCO portfolios between 2 and 5 years, and 2 for less than 2 years. The reasons for redemption are the following: 6 due to a strategy adjustment at the PAAMCO portfolio level, 3 to concentrate into higher performers, and 4 due to underperformance. Over the course of the mandate, the average number of managers in the portfolio has been 36. The redemption of 13 managers therefore implies an annual turnover rate of approximately 21%. This is consistent with the experience of the Diversified Emerging Manager Strategy where 4

125 Exhibit 10 the average annual turnover from 2005 to 2017 has been approximately 23%. In addition, the number of managers turned over is also in line with the experience of the DEMS strategy, where 25 managers in total were terminated from 2012 to 2014, as indicated in the April 7, 2015 RFP response. Turnover statistics can be volatile in short periods of time; while Monarch launched in April of 2016, in its short history we believe that the manager changes are in line with longer term strategy trends. 2 *Based on Newport Monarch portfolio as of October 31, Annualized IRR is net of manager fees and gross of PAAMCO fees. See endnote 2. Past performance may not be indicative of future results and any investment described in this document may lose value. Classifying hedge fund investments by strategy is inherently complex due to factors such as overlapping strategies, strategy drift, and the lack of a standardized industry reporting format and definitions. Attempts are made to classify funds into the strategy that we believe best describes the current investment plan of each fund. As investment opportunities shift, PAAMCO may modify a fund s classification prospectively or design a new classification to better reflect a fund s investment strategy. 4. Please provide an in depth description of your due diligence process and describe the level of expertise of your analysts working on managers. Overview PAAMCO has an in-depth due diligence process implemented by senior professionals with experience in investment, operational, risk, and legal due diligence. The sector specialist and each person responsible for the Legal and Regulatory, Operations, and Risk Data reviews have veto powers over the funding eligibility of the manager should it fail any stage of the due diligence process. Once each team member has completed their review, the manager is presented to the Investment Oversight Committee ( IOC ), which ultimately makes the final 5

126 Exhibit 10 decision on whether to make a manager eligible. The Portfolio Management department is overseen by a highly experienced senior executive who before PAAMCO had been the co-chief Investment Officer of a $10 billion multi-strategy hedge fund. Sector Specialist framework Sector Specialists are senior investment professionals at the firm who have a combined 150+ years of being in the business of hedge funds. Each of our Sector Specialists generally is focused on, and has significant experience in, one or two of the particular strategies in which PAAMCO s clients invest. Due to the depth of their experience, each Sector Specialist is at the nexus of a network of industry relationships (both formal and informal) that facilitates a very active flow of industry information into PAAMCO. PAAMCO leverages this experience and these networks to maintain access to hedge fund managers, and uses the regular information flow to work to discover new managers before others in the industry invest in them. PAAMCO s Sector Specialists generally meet hedge fund managers per year, and PAAMCO maintains a database of over 5,000 hedge fund managers. PAAMCO believes its Sector Specialists have a broad and deep knowledge of available managers and general conditions within their sectors. When evaluating prospective managers, Sector Specialists typically evaluate them both quantitatively (e.g., are they too closely correlated to an existing manager or do they have significant position overlap) and qualitatively (e.g., are they behaving as expected given their stated investment expertise), and decide whether to proceed to the due diligence phase. 6

127 Exhibit 10 The Sector Specialist is charged with identifying hedge fund managers in their respective sector, conducting due diligence, seeking to negotiate terms that capitalize on PAAMCO s scale and preference as an institutional investor and then monitoring the managers on an ongoing basis. The Sector Specialist also leads the preliminary analysis of prospective managers, which may include reference checks, reviews of the investment process, risk management, organizational structure, business plan, and operations. It is common for the Sector Specialist to negotiate with underlying managers for portfolio transparency, capacity, fees and liquidity at this stage. At the conclusion of this stage, the Sector Specialist may identify a manager as a serious prospective manager formally initiating PAAMCO s due diligence process. Due diligence process Decisions to invest with individual managers are supported by extensive research and due diligence. The Firm s Portfolio Management group consists of approximately 40 investment professionals dedicated to manager research, selection and ongoing evaluation and who maintain extensive networks in their sector. Once a prospective manager has been identified as a candidate by a Sector Specialist, a due diligence team is constructed (customized to the particular manager and consisting of several PAAMCO investment professionals) to address the major areas of concern regarding the prospective manager: investment strategy and process, organizational/behavioral characteristics, operations, legal/regulatory, overall risk and the manager as a business. Each team (at a minimum) consists of the following personnel with specific responsibilities in parenthesis: Sector Specialist - (Investment Review) Associate and Associate Director (Business and Organization Review, Portfolio Review) Legal Counsel (Legal and Investment Structuring) Member of our Operational Due Diligence team (Back Office/Operational Review) Member of our Risk Data Group (Data Integrity Review) Member of our Risk Analysis Group (Risk Exposure and Behavioral Review) The due diligence team works together to coordinate efforts. The due diligence team members responsible for the Legal, Operational Due Diligence, and Risk Data are each given veto power and all report directly to the IOC. We believe this is crucial to preserving the integrity of the process and highlighting individual accountability. The Head of Research may also assign an additional partner to provide an independent risk assessment which also includes veto power. The below chart shows the due diligence and monitoring flow described above. 7

128 Exhibit 10 For illustrative purposes only. Investment Due Diligence The investment due diligence is spearheaded by the Sector Specialist and includes contributions from associates, associate directors, and risk personnel. The review emphasizes the investment process, risk management, position-level review of the portfolio and a detailed look at the business and organizational structure. It includes, but is not limited to the following: Evaluation of the manager s edge and ability to effectively implement the investment opportunity identified by PAAMCO. The group looks at the research process and idea generation, portfolio construction, risk and exposure management as part of the overall portfolio management, performance attribution, business risk, key man risk, etc. Analysis of portfolio attributions, which may include use of proprietary systems developed for manager monitoring using position-level data. PAAMCO investment professionals typically analyze and compare what the manager claims to be his or her strategy, methods and risk limits versus what is disclosed in the manager s positionlevel portfolio. In the case of emerging managers, PAAMCO may use the manager s paper portfolio, which includes the positions in which a manager would have been invested/would invest in upon launch. PAAMCO uses this information to identify potential gaps or disconnects between what is stated and what the actual portfolio displays and to overlay the manager s portfolio with the Firm s existing managers portfolios to determine the prospective manager s contributions or diversification benefit to the overall client portfolios. Background checks on key persons through First Advantage Backtrack Reports, LLC (New 8

129 Exhibit 10 York-based firm specializing in background and criminal checks). Reference checks on key persons from the manager s referrals and often through independent parties that may have worked with the fund manager in the past. Review of the business plan including a current and projected look at the manager s economics, ownership and compensation structure, which is formalized in the Business Review. Operational Due Diligence The manager must pass a detailed independent review by PAAMCO s Operational Due Diligence ( ODD ) team. This team is comprised of a group of licensed Certified Public Accountants ( CPAs ) within PAAMCO s Investment Operations Department. Using the information contained in the review questionnaire, operational questionnaires, legal documents and marketing materials and gathered through discussions with the respective Sector Specialist and the prospective manager, the ODD team will develop a plan against which the operational soundness of the manager s back office procedures will be tested. Once the plan is developed, a member of the ODD team will visit the manager and perform these testing procedures (e.g., process reviews, pricing selections, asset confirmation, third party service provider confirmations, reconciliation review, etc.). Within the due diligence process, the ODD team has veto authority on all potential manager hires. Certain ODD personnel have previous audit experience with Big Four independent public accounting firms and have planned and performed both financial statement and internal control procedure audits for public and privately held companies. Additionally, members have post-public accounting experience in various roles including Chief Financial Officer, financial controls, accounting and operations. In addition, PAAMCO has implemented a regular monitoring program to assess the operations of its underlying managers. At a minimum, the ODD team revisits the active managers on an annual basis and performs other monitoring procedures based on an initial risk assessment schedule made at the time the manager was funded. In addition, each manager is required to complete an annual questionnaire sent out by the ODD team that covers: Organizational Changes Third-Party Provider Changes Additional Operational Hires Back Office System Changes Back Office Policies and Procedures Changes Pricing Issues Regulatory changes Disciplinary matters The response is reviewed with the goal of ensuring that there have been no changes that may potentially impact operational effectiveness. Each visit performed by the ODD team is documented. As noted above, the initial visit is documented in a control matrix as well as an ODD summary memo. Initial interactions and visits with managers, as well as annual follow-up visits are documented in PAAMCO s customized manager and client relationship management ( CRM ) system. Counterparty Assessment PAAMCO structures investments with underlying hedge fund managers through separate accounts using both fund structures and managed account structures to more effectively secure transparency, customize investments, and provide added safeguards and oversight of hedge fund 9

130 Exhibit 10 assets. For investments structured through funds, our Operational Due Diligence ( ODD ) team has responsibility for the due diligence, approval and monitoring of counterparties. The ODD team performs testing to analyze and to monitor prime broker/custodian and other counterparty risk. This testing includes a review and discussion of the manager s counterparty/prime broker approval process and a review of the prime broker agreement terms and how such items are monitored on an ongoing basis. The ODD team also reviews the manager s prime brokers and counterparties by assessing the economic status of these firms and their creditworthiness. The prime brokers/custodians used by our managers are generally large, reputable institutions. The ODD team has created an internal system that tracks and aggregates counterparty exposures throughout the Firm on a quarterly basis. This is a dynamic system which can break down and aggregate the exposures by client fund, manager, and counterparty. Counterparty exposure is a key risk area for the PAAMCO ODD team that is closely monitored at the hedge fund manager. Prior to investing, the ODD team will attempt to verify the hedge fund s assets directly with their prime brokers as an initial assessment of their prime broker exposure. In addition, the on-site visit typically includes an assessment of the hedge fund manager s internal controls and risk management policies around counterparty exposure. For counterparty exposure through managed accounts, we have a formal Credit Committee that meets quarterly and approves and monitors prime broker, custodian and other counterparty relationships. The Credit Committee is comprised of employees in various areas of the Firm who are able to advise on best practices within the industry and make informed decisions when assessing counterparty exposures. Counterparties are added to our managed accounts based on manager needs. Counterparty exposure is monitored on a regular basis and new prime broker and ISDA counterparties must be approved by PAAMCO s Credit Committee. The Credit Committee seeks to approve creditworthy counterparties that are appropriate for the funds and strategies. We seek to negotiate appropriate terms in the agreements and monitor regularly the creditworthiness of the approved counterparties, reporting information to the Credit Committee as needed. Key counterparties are evaluated based on predefined metrics and reported to the Credit Committee on a weekly basis. Additionally, exposure to each counterparty is calculated and reviewed regularly which includes an analysis on margin excess. Finally, meaningful counterparties are further monitored through regularly scheduled calls. The calls allow for a forum to discuss outstanding items and keep a pulse on changes within the coverage team and organization. 10

131 Exhibit 10 For illustrative purposes only. Risk Data Integrity Analysis The manager must pass an additional independent review by PAAMCO s Risk Data Team on the basis of position-level data. Risk Data must verify that PAAMCO can adequately process the position-based data from the manager, that the data provided is complete, and that the manager is willing to provide what is required. Personnel in charge of Risk Data due diligence have veto authority on all potential manager hires. Legal and Investment Structuring PAAMCO s internal legal counsels have veto authority when evaluating all prospective managers. PAAMCO s internal legal counsels have experience working at law firms as part of their hedge fund practices. PAAMCO s internal legal counsels focus on the structuring and negotiation of investments with underlying managers, the oversight and design of PAAMCO structured vehicles, and the ongoing monitoring and advice with respect to restructurings, compliance with applicable laws and regulations and other legal matters. Legal counsel has veto authority on all prospective manager hires. If applicable, the team will also review outside ownership of the manager, if any, in an effort to avoid conflicts of interest. Investment Oversight Committee Eligibility The last step of our process is to submit the manager to our IOC for final approval. If the manager passes the reviews from the ODD team, Risk Data, and Legal and Investment Structuring, and all 11

132 Exhibit 10 required due diligence is completed to our requirements, the Sector Specialist will submit the manager to the IOC for verification that the attestations and the manager meet PAAMCO standards. The IOC is comprised of individuals from Portfolio Management, Account Management, Risk Management, Compliance, and Investment Operations. Their review serves as an integrity check to ensure that the process is complete, meets PAAMCO standards, and that the terms agreed to are consistent with PAAMCO s investment policies, restrictions and guidelines. Upon completion of their review, the IOC votes to add the manager to the list of managers eligible for investment. The IOC then delegates to the Sector Specialist full responsibility for the decision to terminate the manager relationship and for overseeing the ongoing monitoring of the manager. The Legal, Operational Due Diligence, and Risk Processing (for example, if positons are no longer being received) groups also have the right to terminate a manager relationship during the course of an investment. Ongoing Assessment A Sector Specialist and an Associate lead the coverage of each PAAMCO investment from a holistic and a portfolio management perspective. Additionally, a member of PAAMCO s Operational Due Diligence team covers each PAAMCO investment as well. 12

133 Exhibit 10 Sector Specialists are accountable for the ongoing assessment and management of the managers after initial investment. Sector Specialists work with Associates to monitor portfolio activities and trends utilizing the position level transparency. Along with the Associates, they conduct regular calls with the managers to get additional insight into the performance and the strategy. Sector Specialists maintain frequent communication with key team members to discuss top exposures, etc. Sector Specialists and Associates collaborate with the operations, risk management, and legal teams to conduct monitoring of investment guidelines, cash management and accounting, and fund compliance on the managers. Associates also play significant roles in the ongoing assessment of managers. Typically, Associates are assigned 4-7 managers across different of strategies in order to facilitate the recognition of portfolio wide trends and themes and across complexities to manage workload. Associates closely monitor these managers by analyzing position level data and conducting frequent calls and visits. They also complete comprehensive risk reports for each manager on a monthly basis. This analysis includes assessment of performance vs. benchmarks, risk at both the manager and overall portfolio level and a determination of whether investment behavior is in line with the original selection rationale. The reports are automatically sent to the relevant Sector Specialists and furthermore are available to all PAAMCO associates through an internal portal. Members of the Portfolio Management team are generally in contact with managers monthly and typically conduct on-site visits 2-4 times per year. Operational Due Diligence also conducts an annual compliance review and check-ups are conducted annually. The Sector Specialist and the Associate have the firm s resources at their disposal to assist in the evaluation of the current investment. For example, the firm s risk staff can assist in modelling and market analysis of the investment. Also, the firm s legal staff can assist if any documents need to be updated. Additionally, the firm has specific Heads of Research that focus on certain geographies or asset classes that assist in the analysis of the investment as well. PAAMCO s Investment Philosophy PAAMCO s investment philosophy rests on delivering value add to our clients in each of the following dimensions: a) Early Stage Opportunities: Focus on Emerging Managers (by age, size or Minority/Women ownership) Research has shown that emerging managers on average outperform their more established peers for the first four years of their life.* b) Transparent Actionable Risk: 100% position level transparency is critical to our investment process; we utilize it to measure the exposures of individual managers, to assess prospective managers and to construct and evaluate our client portfolios. c) Active Portfolio Construction PAAMCO works with their managers dynamically to customize exposures with an opportunistic lens to take advantage of identified dislocations effectively. d) Safeguard and Control of Client Assets: All approved-eligible investments are in PAAMCO-structured vehicles2 including our Manage Account Platform (i.e. not in commingled funds). e) Negotiated Underlying Fees 13

134 Exhibit 10 Another significant benefit of targeting emerging managers is PAAMCO s ability to negotiate advantageous structural terms. PAAMCO aims to make a client s all-in cost similar to or less than that of investing in managers directly. Investment Team Backgrounds and Biographies PAAMCO s Senior Portfolio Management Team averages 19 years of experience across 13 professionals. The average tenure at PAAMCO for this group is currently 9 years. The Investment Oversight Committee includes cross functional representation from 10 individuals with 150+ years of combined experience. The Firm is committed to developing its senior investment team by recruiting high caliber MBA graduates from top business schools. PAAMCO has an established professional development program to move these associates toward senior roles and eventual partnership in Portfolio Management, Risk Management, Investment Operations, or Account/Business Management. The Firm can also draw upon its numerous long-standing relationships in the hedge fund and investment industries for other senior hires. The investment team includes professionals with work experience at investment banks such as Goldman Sachs, JP Morgan, UBS, Merrill Lynch, and Morgan Stanley, as well as a number of hedge funds and other buy side firms. Please see below for tables summarizing the qualifications for PAAMCO s senior portfolio management team, Investment Oversight Committee, and Newport Monarch coverage team. Detailed biographies are included after the below summary tables. Senior Portfolio Management Team Name Position Years of Investment Mayer Cherem, CFA, CQF Sector Specialist, Opportunistic Investments 14 Robert Friend Sector Specialist, Distressed Debt 36 Misha Graboi, JD, CFA, FRM Sector Specialist, Convertible Bond Hedging 17 Alper Ince, CFA, CAIA Sector Specialist, Long/Short Equity & Event-Driven Equity 21 Robert Motoshige Sector Specialist, Fixed Income Relative Value 24 Putri Pascualy, CFA, CQF Sector Specialist, Long/Short Credit 13 David Shin, CFA, CQF Sector Specialist, Long/Short Equity 11 Scott Warner, CFA, FRM Sector Specialist, Equity Market Neutral & Long/Short Equity 16 Anne-Gaelle Carlton, CFA, CQF Portfolio Construction Group 16 Judith Posnikoff, PhD Portfolio Construction Group 23 Andrew Ross, CFA, CQF, FRM, CAIA Portfolio Construction Group 12 Jeff Willardson, CFA, CQF Portfolio Construction Group 16 Basil Williams Portfolio Construction Group 35 Total 252 Average 19 14

135 Exhibit 10 Investment Oversight Committee Years of Name Position Investment Experience Jane Buchan, PhD, CAIA Chief Executive Officer 32 Mayer Cherem, CFA, CQF Sector Specialist, Opportunistic Investments 14 Carlos Ferreira, CPA, CFA, FRM Head of Investment Operations 16 Lisa Fridman, CFA, CQF Head of Global Research 14 Philippe Jorion, PhD Head of Risk Management 35 Polly Koop, CPA Deputy Chief Compliance Officer 18 Judith Posnikoff, PhD Portfolio Construction Group 23 Scott Warner, CFA, FRM Sector Specialist, Equity Market Neutral & Long/Short Equity 16 Basil Williams Portfolio Construction Group 35 Kevin Williams, CFA Head of Account Management 17 Total 219 Average 22 Newport Monarch Coverage Team Name Position Investment Experience Mayer Cherem, CFA, CQF Sector Specialist, Opportunistic Investments 14 Andrew Ross, CFA, CQF, FRM, CAIA Portfolio Construction Group 12 Von Hughes, JD, MPP, CAIA Head of Strategic Advisory 21 Total 46 Average 15 Biographies Jane Buchan, PhD, CAIA is a Managing Director and the firm s Chief Executive Officer. As CEO, Jane is responsible for overall business strategy and firm direction. She is a member of the firm s Investment Oversight Committee. Jane began her career at J.P. Morgan Investment Management in the Capital Markets Group. She has also been an Assistant Professor of Finance at the Amos Tuck School of Business at Dartmouth. Prior to forming PAAMCO, she held various positions ranging from Director of Quantitative Analysis to CIO of non-directional strategies at Collins Associates, an institutional fund of funds and consulting firm. She is currently serving as chairwoman of the board for the Chartered Alternative Investment Analyst Association (CAIA). Jane is also a member of the Advisory Board for the Master of Financial Engineering Program at UCLA Anderson School of Management. Jane holds both a PhD and an MA in Business Economics (Finance) from Harvard University. She earned a BA in Economics from Yale University. Jane has thirty-two years of experience in investment management and portfolio construction with institutional investors. Anne-Gaelle Carlton, CFA, CQF is a Managing Director and Partner at PAAMCO. As a member of the firm s Portfolio Construction Group, Anne-Gaelle leads asset allocation for PAAMCO s flagship Moderate Multi-Strategy portfolios. She also manages several hedge fund solutions for large institutions, with a focus on opportunistic investing using emerging managers. Anne-Gaelle also serves as Head of Client Service globally; as such she is responsible for executing on the delivery of the firm s value proposition. Previously she managed PAAMCO s Event-Driven Equity Sector and spent her early career at PAAMCO conducting due diligence on a broad spectrum of hedge fund strategies. Prior to joining PAAMCO in 2007, Anne-Gaelle was an M&A banker at UBS Investment Bank, focused on the transportation and insurance sectors. Anne-Gaelle received her MBA from Harvard Business School, her MS (Distinction) from the London School of Economics, and her BS (First) in Pure Mathematics from Imperial College London. Mayer Cherem, CFA, CQF is a Managing Director and the Sector Specialist responsible for the evaluation and management of opportunistic investments and offensive risk management initiatives. Mayer focuses on identifying new, uncorrelated sources of alpha through fundamental analysis and their optimal integration into client portfolios. His investment experience includes volatility, fixed income, credit derivatives, structured products and commodities strategies. He chairs the firm s Strategy Allocation Committee where he focuses on assessing the impact of asset allocation on overall portfolio risk and performance. Mayer is involved in the ongoing development of the firm s risk criteria and quantitative aspects of portfolio construction. Mayer is also a member of the firm s Investment Oversight Committee. Besides his investment responsibilities, Mayer sets the vision for PAAMCO s Associate Program, hiring and developing MBA candidates from top business schools through PAAMCO s partnership track. Mayer earned his MBA from Columbia Business School after graduating from the Universidad Simon Bolivar of Venezuela with a BS in Production Engineering. 15

136 Exhibit 10 Carlos Ferreira, CPA, CFA, FRM is a Managing Director and Head of Investment Operations at PAAMCO. He provides firm-wide leadership to the Accounting and Operational Due Diligence, Operations and Treasury, Legal and Investment Structuring, and Compliance groups. Carlos is also a member of the firm s Investment Oversight Committee. Before joining PAAMCO, he was Head of Operational Due Diligence for LGT Capital Partners, based in Switzerland, from 2007 to Prior to this, Carlos was CFO/COO and Head of Operational Due Diligence for KBC Alpha Asset Management in London from 2005, where he was responsible for the non-investment activities of the business, including fund accounting and operational due diligence on underlying fund investments. Previously, he worked for Morgan Stanley s Private Wealth Management (Europe) division, in their Client Strategy and Hedge Fund groups, and for Arthur Andersen (now Deloitte) as an international corporate tax practitioner. Carlos began his career with KPMG as an auditor. Carlos holds an MBA from the London Business School as well as a Bachelor of Commerce degree from the University of Toronto. Lisa Fridman, CFA, CQF is a Managing Director working in Portfolio and Account Management. She is Global Head of Research and manages the London office. She is involved in the research, due diligence and monitoring of the firm s underlying hedge fund investments with a particular focus on the emerging hedge fund managers in the various PAAMCO client portfolios. Lisa is also a member of the firm s Investment Oversight Committee. In addition, she has institutional account management responsibilities and is a frequent presenter at industry conferences. Lisa serves on the London Board of 100 Women in Finance and is a member of the AIMA's Investor Steering Committee. She was named to the Financial News 100 Influential Women list in 2016, 2015, and 2014; included in the 50 Leading Women in Hedge Funds 2013 list, published by the Hedge Fund Journal and Ernst & Young LLP; and recognized among the 40 Under 40 Rising Stars in Hedge Funds by the Financial News in Lisa received an MBA from the University of California Los Angeles Anderson School of Management, and a BA in Business Economics (summa cum laude) from University of California, Los Angeles. Robert Friend is a Managing Director and Sector Specialist for the Distressed Debt strategy at PAAMCO. Bob is responsible for manager selection and portfolio construction within the strategy. Prior to PAAMCO, Bob worked at Bayview Asset Management, a Blackstone affiliate, with responsibility for a portfolio of stressed residential mortgages. Prior to Bayview, he was Vice President at Plainfield Asset Management where he was responsible for $800 million in distressed and special situation credit. Bob has held CIO positions at Recon Capital and UBK Asset Management, which specialize in high yield, distressed and capital structure arbitrage within the Merton Model Framework. Bob has worked with PAAMCO's founders at a predecessor fund of funds where he was responsible for manager due diligence. His early career was spent on Wall Street as a proprietary derivatives trader with Goldman Sachs, Merrill and NatWest. Bob has more than 35 years of investment and capital markets experience including 15 years managing credit portfolios. Bob holds an MBA from the University of California, Los Angeles and a BA with honors from the University of Virginia. Misha Graboi, JD, CFA, FRM is a Partner and Managing Director at PAAMCO. He is also the Chief Executive Officer of PAAMCO Asia and PAAMCO s global Sector Specialist for convertible bond hedging. Misha has been based in Singapore since 2009, when he moved there to strengthen PAAMCO s Asia team. Prior to PAAMCO, he was a founder and Director of Rigel Associates, a firm providing private financing and M&A advisory services to middle-market companies, primarily in technology. Before joining Rigel, Misha was an Executive Director at Goldman Sachs International in their Equity Research division. He began his career in finance at CIBC Oppenheimer, first as an investment banking analyst and then as an equity research associate. Misha holds an MBA from Harvard Business School, where he was a Baker scholar, and a Juris Doctor (magna cum laude) from Harvard Law School. He holds a Bachelor of Science in Finance and International Business (magna cum laude) from Georgetown University. Von Hughes, JD, MPP, CAIA is a Managing Director and Partner at PAAMCO in the Account Management Group, and in that role manages the firm s global Strategic Advisory effort, helping institutional investors confront the broad ranging challenges to hedge fund program construction and implementation. Von specializes in public pension plan governance, advising public pension trustees, investment committees and investment staffs on internal governance structures and effective internal resource management. As a member of the Account Oversight Committee, he has responsibility for certain large institutional investor relationships. Von is a trustee of the Greenwich Roundtable, a non-profit research and educational organization for investors allocating to alternative investments. Von is also a Trustee of Northside Center for Child Development, a Harlem-based non-profit organization that provides early childhood development services in the NYC area. Von began his career at Goldman, Sachs & Co. in New York as an Associate in the Mergers & Acquisitions Group and then as a Vice President in the Equity Capital Markets Group. Von received his JD from Harvard Law School, where he was selected as an editor of the Harvard Law Review. He received his MPP from the John F. Kennedy School of Government at Harvard University, and he holds a BA in Philosophy (cum laude) from Yale University. Alper Ince, CFA, CAIA is a Managing Director and the Sector Specialist responsible for the management of long/short and event-driven equity hedge fund managers in the various PAAMCO portfolios. In addition, Alper is responsible for managing relationships with certain institutional investors. Prior to joining PAAMCO, Alper was an Associate Director at BARRA RogersCasey, a major pension-consulting firm, where he led the firm s hedge fund investment and manager research efforts. Alper received his MBA in Finance from the University of Hartford, and earned a BS in Economics from METU Ankara (Turkey). Alper has twenty-one years of investment management and consulting experience with institutional investors. 16

137 Exhibit 10 Philippe Jorion, PhD is a Managing Director in the Risk Management Group. He oversees the development and implementation of risk measures for PAAMCO hedge funds, sectors, and client portfolios, all of which are based on full position-level transparency. He is charged with the active management of risk, which involves building tools for monitoring managers, customizing funds, and helping to manage overall portfolios. As chair of the firm s Investment Oversight Committee, he is involved in all stages of the investment process. He also serves as a chaired Professor of Finance at the Paul Merage School of Business at the University of California at Irvine. He is a frequent speaker at academic and professional conferences and is on the editorial boards of a number of finance journals. Philippe has authored more than 100 publications on the topic of risk management and international finance. Some of his most notable work includes the Financial Risk Manager Handbook (Wiley 6th ed. 2010), which provides the core body of quantitative methods and tools for financial risk managers; Big Bets Gone Bad: Derivatives and Bankruptcy in Orange County (Academic Press 1995), the first account of the largest municipal failure in US history; and Value at Risk: The New Benchmark for Managing Financial Risk (McGraw-Hill 3rd ed. 2006), the first definitive book on VAR. In March 2013, the Financial Analysts Journal honored Philippe Jorion and Rajesh K. Aggarwal s article titled Is There a Cost to Transparency? with the 2012 Graham and Dodd Scroll Award. From 2012 to 2014, Philippe served on the Federal Reserve s Model Validation Council, an advisory council of economists that evaluates the models used in bank stress tests. Philippe holds an MBA and a PhD from the University of Chicago and a degree in engineering from the University of Brussels. Philippe has over thirty years of experience in investments and risk management. Polly Koop, CPA is the Deputy Chief Compliance Officer and a Senior Vice President in Investment Operations. She supports the Chief Compliance Officer in the design, management and coordination of the firm s global compliance program. In her role, Polly ensures that existing policies and procedures remain current and that new processes are developed, as needed. She also oversees periodic internal compliance reviews, employee training, and regulatory reporting. Polly is also a member of the firm s Investment Oversight Committee. Prior to joining PAAMCO, as a Senior Audit Manager in Deloitte s Asset Management practice, Polly advised and audited investment management clients on financial statement audits, SAS 70/SOC 1 examinations, and other regulatory filings. Her eighteen years of experience includes engagements with fund of funds, hedge funds, and mutual funds, including master-feeder structures and Cayman Islandregistered products. Polly graduated from the University of Southern California with a BS in Accounting. Robert Motoshige is Director and Sector Specialist for the Fixed Income Relative Value strategy at PAAMCO. He is responsible for manager selection and portfolio construction within fixed income relative value, macro, and mortgage strategies. In addition, he also serves as the main point of contact for certain institutional investor relationships in Asia. Prior to joining PAAMCO, Robert ran his own consulting firm, helping investment banks and hedge funds with research and due diligence. Prior to that, Robert traded Japanese Government Bonds at Morgan Stanley, and covered hedge funds as Head of Asian Hedge Fund Sales at Dresdner Bank. Robert received his MBA from the University of California, Irvine and his BA in Economics from Stanford University. Putri Pascualy, CFA, CQF is a Managing Director and Sector Specialist for long/short credit. She leads the evaluation and management of long/short credit hedge funds for the PAAMCO portfolios and is responsible for portfolio construction, structuring and risk management for large customized mandates. Putri is a voting member of the firm s Credit Committee and served on the firm s Risk Management Committee. Prior to joining PAAMCO, Putri was an economist with Cornerstone Research, where she built economic models to simulate market impact and damages in high-profile securities class action and intellectual property related lawsuits. Putri is a frequent contributor to leading financial media outlets including The Wall Street Journal, Bloomberg News, Bloomberg TV and Radio, US News and World Report, Reuters, Barron s and CNBC. In addition, Putri serves on the Board of Directors of Girl Scouts, Keen USA, and WISE Investors. In 2015, Putri was named by Institutional Investor in their list of 2015 Hedge Fund Rising Stars. Putri is the author of Investing in Credit Hedge Funds (McGraw-Hill 2014), a practical guide on various aspects of alternative investing in corporate credit. Putri received her MBA from the University of California, Berkeley where she received a full merit scholarship under the Haas Achievement Award. Putri received her BA from the University of California, Berkeley with a degree in Economics (High Distinction) and a Business Administration minor. Judith Posnikoff, PhD is a Managing Director and one of the founding partners of PAAMCO. From PAAMCO s inception in 2000, Judy has been involved in all aspects of the firm s investment process, including serving as Sector Specialist for Equity Market Neutral and Merger Arbitrage as well as Chair of the Investment Oversight Committee. She is currently focused on portfolio construction as a member of the firm s Portfolio Construction Group, setting strategy and asset allocation for the firm s flagship moderate multi-strategy portfolios, and is also a member of the firm s Investment Oversight Committee. Judy has authored numerous publications in the area of alternative investments and has taught at the University of California, Riverside and Irvine and at California State University, Fullerton. Judy was a member of the founding board of directors of the Association of Women in Alternative Investing (AWAI) and is on the global board of 100 Women in Finance and the CAIA Foundation. She also chairs the scholarship committee of the 100 Women in Finance Institute. Judy earned a PhD in Financial Economics and an MBA and MA from the University of California, Riverside. She also holds a BS in Administrative Studies from UC Riverside. Judy has twenty-three years of experience in investment management and portfolio construction with institutional investors. 17

138 Exhibit 10 Andrew Ross, CFA, CQF, FRM, CAIA is an Associate Director working in Portfolio Management, focusing on portfolio construction. He is actively involved in the strategy and asset allocation for the firm s flagship Moderate Multi-Strategy portfolios and serves as a portfolio manager on multiple custom account mandates covering fixed income, concentrated, emerging manager and insurance related mandates. Andrew began his career at PAAMCO focusing on investments within corporate and consumer credit with an emphasis on structured opportunities as well as fixed income strategies. He later served as chairperson of the Portfolio Solutions Group where he assisted in the portfolio construction of the company s custom account mandates. Prior to attending business school, Andrew worked at IndyMac Bank, which was later merged into OneWest Bank, where his experience included balance sheet credit risk analysis, bulk trading, and whole loan portfolio pricing. Andrew graduated from Dartmouth College with a BA in Economics and received his MBA with honors from The University of Chicago Booth School of Business with concentrations in Analytic Finance, Economics, Strategic Management, and General Management. David Shin, CFA, CQF is a Director working in Portfolio Management. In his position as a Sector Specialist for Asian Long/Short Equity hedge fund managers, he is responsible for manager evaluation and selection. David also regularly supports global client teams and is the main contact point for certain Asian institutional investor relationships. Prior to joining PAAMCO, David was a senior analyst at Audax Group, a U.S. mid-market focused private equity fund with over $10bn under management. He began his finance career at Merrill Lynch Private Equity Partners and prior to entering the finance industry he spent two years working for Inductis, a boutique strategy consulting firm based in New York. David holds a Bachelor of Science from Columbia University and an MBA from UCLA Anderson School of Management. Scott Warner, CFA, FRM is a Managing Director and Sector Specialist for both the North American long/short equity and equity market neutral strategies. He focuses on the evaluation and management of managers in those sectors. He also serves as the Portfolio Manager and main point of contact for certain institutional investor relationships and is responsible for portfolio construction of equity-focused customized solutions. Scott is also a member of the firm s Investment Oversight Committee. Scott joined PAAMCO as part of the Portfolio Management group in Prior to PAAMCO, he worked in the Investment Management Division at Goldman, Sachs & Co. (Los Angeles). Scott received his MBA in Finance from the University of California, Los Angeles Anderson School of Management, and also holds a BA in Business-Economics (cum laude) from UCLA. Jeff Willardson, CFA, CQF is a Managing Director and Partner at PAAMCO. He is currently Head of Portfolio Solutions, which constructs custom alternative solutions for PAAMCO s clients and prospective clients. Jeff is also a voting member of the five-person Portfolio Construction Group and sets top-down portfolio strategy and allocation across PAAMCO s diversified Moderate Multi-Strategy solution. Additionally, Jeff serves as Chair of the Account Oversight Committee and is responsible for coordinating and executing on various strategic firm issues. Throughout his career at PAAMCO, Jeff has conducted research, due diligence and risk monitoring for managers across all PAAMCO strategies with an emphasis on credit strategies, emerging markets, and real estate. Prior to joining PAAMCO in 2007, Jeff spent five years at Goldman, Sachs & Co. in the Investment Management Division. Jeff received his MBA (Dual Finance and Real Estate Major) from The Wharton School, University of Pennsylvania, and he holds a BS in Management (Finance Major) from Brigham Young University. Basil Williams is a Managing Director and Head of Portfolio Management at PAAMCO. He is responsible for the firm's completealpha approach to hedge fund investing and is the Chief Investment Officer of Horizons, the firm's fixed-income investment solution. Basil is also a member of the firm's Investment Oversight and Management Committees. During his career, he has built and led teams in institutional investment management including equity and fixed income trading, research, risk management, and business development. Most recently, Basil was the Co-Chief Investment Officer at Mariner Investment Group, where he managed internal trading teams, led three of Mariner s multi-strategy mandates, spearheaded the firm s incubation and seeding business, co-authored Mariner s Quarterly Investment Views publication and helped set the firm s business strategy. Prior to Mariner, he spent nineteen years with Concordia Advisors and held the role of CEO for the last six of those years. Basil started his career at Merrill Lynch in 1980 and played a key role in the development of its financial futures and options business. Basil received his MBA from New York University and his BA in Applied Math from Brown University. Kevin Williams, CFA is a Managing Director and Head of Account Management at PAAMCO, providing firm-wide leadership to marketing, client service, and custom solutions. He is a member of the firm s Management Committee and is responsible for strategic initiatives and several client relationships. Since joining PAAMCO in 2001, Kevin has managed client portfolios and conducted global research on hedge funds, created the firm s managed account platform, served as the Global Head of Investment Operations and Chief Compliance Officer, and launched several new offices and business lines. He has also served on the firm s Strategy Allocation Committee and is currently a member of the Account Oversight and Investment Oversight Committees. Prior to joining PAAMCO, Kevin began his career as an auditor at McGladrey & Pullen (now RSM) with a focus on middle-market banking and financial services. Kevin received his MBA from the Marshall School of Business at the University of Southern California, BA in Economics from the University of California, Los Angeles, and has also earned the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) designations. 18

139 Exhibit 10 Endnotes 1. Performance for 2017 is estimated, unaudited, and subject to change. Performance is net of PAAMCO fees, including management and performance fees, fund expenses, and underlying hedge fund manager fees and expenses. Performance generally reflects reinvestment of dividends and income in the underlying hedge funds. Performance greater than one year is annualized. Variations in percentages may be due to rounding error and manager delays in reporting. All market values are based on aggregation of prices and market values provided to PAAMCO by prime brokers, administrators, or managers ( Service Providers ) and compiled as of a given month-end date. Accuracy of the data in this report is dependent on the accuracy of the information provided by the Service Providers. 2. Gross performance is net of underlying hedge fund manager fees, transaction costs and expenses, but gross of fund expenses and PAAMCO management and performance fees. Performance generally reflects reinvestment of dividends and income in the underlying hedge funds. If the expenses were reflected, the performance shown would be lower. Actual fees are available upon request and will vary depending on, among other things, the applicable fee schedule and account size. For example, if $100 million were invested and experienced a 10.0% annual return compounded monthly for 10 years, its ending value, without giving effect to the deduction of advisory fees, would be $259 million with annualized compounded return of 10.0%. If an annual advisory fee of 1.0% of the average market value of the account were deducted monthly for the 10-year period, the annualized compounded return would be 8.9% and the ending dollar value would be $235 million. Additional information regarding PAAMCO s fees is available in PAAMCO s Brochure (Part 2 of SEC Form ADV). 3. Diversity-owned includes manager diversity ownership equal to or greater than 51% by any combination of minority persons, females, or persons with disabilities. This analysis includes the following minority types: Hispanic, Asian Indian, African American, and Pacific Asian. AUM of Diversity-Owned Managers includes those managers which meet these criteria. 4. The Newport Monarch mandate defines an emerging manager as any investment fund that does not exceed $750 million in AUM or has been in existence for less than 2 years, or any investment manager whose AUM does not exceed $2 billion or has a significant minority or women ownership. These thresholds stand only at the initial investment date. 5. Comparisons to indices have limitations because indices have volatility and other material characteristics that may differ from a particular fund. Broad-based indices are unmanaged and are not subject to fees and expenses typically associated with a fund or managed account. One cannot invest directly in an index. A hedge fund s performance may differ substantially from the performance of an index. Because of these differences, the indices shown are not benchmarks, should not be relied upon as an accurate measure of comparison, and are shown only to present a comparison among asset classes. Unless noted otherwise, all index returns are denominated in U.S. dollars. HEDGE FUND RESEARCH INC. (HFRI) FUND OF FUNDS (FOF) COMPOSITE INDEX: Fund of Funds invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a Fund of Funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers. THE STANDARD & POOR S 500 TOTAL RETURN INDEX (SPTR): The total return version of the Standard & Poor s 500 Stock Index (a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely-held common stocks). Dividends are reinvested on a daily basis. BARCLAYS 10-YEAR TREASURY INDEX (BELLWETHER) is a U.S. Treasury bond index which assumes the reinvestment of all distributions from the underlying securities. 3 MONTH LIBOR (MONTHLY): Based on Bloomberg U.S. Cash Indices LIBOR Total Return 3 Month (USC0TR03). LIBOR: London Interbank Offered Rate British Bankers Association. 19

140 Exhibit 10 Disclaimer: Pacific Alternative Asset Management Company, LLC ("PAAMCO U.S.") is the investment adviser to all client accounts and all performance of client accounts is that of PAAMCO U.S. Pacific Alternative Asset Management Company Asia Pte. Ltd. ( PAAMCO Asia ), Pacific Alternative Asset Management Company Europe LLP ( PAAMCO Europe ), PAAMCO Miren Portföy Yönetimi A.Ş. ( PAAMCO Turkey ), Pacific Alternative Asset Management Company Mexico, S.C. ( PAAMCO Mexico ), and PAAMCO Colombia S.A.S. ( PAAMCO Colombia ) are subsidiaries of PAAMCO U.S. PAAMCO refers to PAAMCO U.S., PAAMCO Asia, PAAMCO Europe, PAAMCO Turkey, PAAMCO Mexico, and PAAMCO Colombia, collectively. Assets Under Management ( AUM ) for 2017 is estimated, unaudited, and subject to change. Use of Information. The recipient agrees to use any information that the recipient receives from PAAMCO or a representative of PAAMCO (whether received orally or in writing) only for the purpose of evaluating whether to enter into a relationship, or continue a relationship, with PAAMCO whereby PAAMCO provides investment advisory services to recipient. The information contained in this document is intended for discussion purposes only. The information included herein is highly confidential, intended for review by the recipient only, and should not be disseminated or be made available for public use or to any other source. It is not an offer or a solicitation for the sale of a security nor shall there be any sale of a security in any jurisdiction where such offer, solicitation or sale would be unlawful. An investment with PAAMCO (whether through a commingled fund or on a separate account basis) involves a degree of risk, and may only be made pursuant to the respective offering documents and organizational materials governing such investment. Past performance of the clients of PAAMCO, or any of its employees or principals, may not be indicative of future results, and there is no guarantee that performance goals will be achieved. The entirety of investors capital is at risk. PAAMCO does not make any warranty as to the accuracy, reliability or completeness of figures, opinions, information or generally as to the content of this document and cannot be held responsible for any loss or damage, whether direct or indirect, resulting from or related to the use or consultation of this document or of the information herein. Any information provided herein obtained by PAAMCO from third parties has not been reviewed for accuracy. PAAMCO s processes are constantly evolving and there can be no assurance that any process described in this document will continue to be employed in the future in the manner described. All information contained herein regarding any PAAMCO fund (the Fund ) is subject in its entirety to information contained in its final offering memorandum and organizational documents (collectively, Offering Materials ). An investor should consider a Fund s investment objectives, risks, charges and expenses carefully before investing. This and other important information about a Fund can be found in its Offering Materials. Please read the Offering Materials carefully before investing. While PAAMCO is responsible for strategy allocation of client portfolios, the managers that PAAMCO hires determine the prices and quantities traded for all underlying securities. Material is Current Only as of Date Indicated. The information in this material is only current as of the date indicated, and may be superseded by subsequent market events or for other reasons. The information in this document may contain projections or other forward-looking statements regarding future events, targets or expectations regarding a Fund. There is no guarantee that the target allocations or other characteristics of a Fund will be realized or achieved, and they may be significantly different than that shown here. Statements concerning financial market trends are based on current market conditions, which will fluctuate. Any forward-looking statements are reflected as of the date they are made, and PAAMCO assumes no duty and does not undertake to update forward-looking statements. Regulatory Status. The applicable Fund is not registered under the U.S. Investment Company Act of 1940, as amended, in reliance on an exception thereunder. Interests in the applicable Fund have not been registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state and are being offered and sold in reliance on exemptions from the registration requirements of said Act and such laws. These securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. Hedge Funds Entail Risks. Hedge funds are speculative investments and are not suitable for all investors, nor do they represent a complete investment program. The applicable Fund is available only to qualified investors who are comfortable with the substantial risks associated with investing in hedge funds. An investment in hedge funds includes the risks inherent in an investment in securities, as well as specific risks associated with the use of leverage, short sales, options, futures, derivative instruments, investments in non-u.s. securities, junk bonds and illiquid investments. There can be no assurance that an investment strategy will be successful. The entirety of investors capital is at risk. Limited Transferability. Investors in a Fund have a limited right to redeem or transfer interests in a Fund. In addition, interests are not listed on an exchange and it is not expected that there will be a secondary market for interests. While a Fund offers certain periodic redemption rights, there can be no assurance that a Fund will in fact do so at all or to the extent necessary to satisfy investor demand for redemptions. Early-Stage or Emerging Managers. A Fund may invest a portion of its assets in investment funds managed by early-stage or emerging managers, which generally are investment managers that are less than two years old or have less than $500 million in AUM at the time of initial investment by the first PAAMCO client (including those who use a regulatory platform.) Early-stage managers may have less experience managing their respective investment funds and in operating an investment management firm than other managers that have been in business for a longer period of time. The relatively shorter operational experience of emerging managers could lead to greater losses for their respective investment funds and for a Fund than if that Fund had invested in funds managed by more experienced managers under similar circumstances. GIPS. PAAMCO claims compliance with the Global Investment Performance Standards (GIPS). PAAMCO received a firm-wide verification from April 1, 2000 through June 30, To receive a list of PAAMCO composite descriptions and/or a presentation that complies with the GIPS standards, contact GIPSinfo@paamco.com. 20

141 Exhibit 10 PAAMCO refers to the GIPS-compliant firm which includes PAAMCO U.S. and its subsidiaries collectively. PAAMCO U.S. is a registered investment adviser formed in March PAAMCO is an institutional investment firm dedicated to offering strategic alternative investment solutions to institutional investors around the world. PAAMCO's clients include large public and private pension plans, foundations, endowments, and financial institutions. Pacific Alternative Asset Management Company is a registered trademark in the United States, Canada, Japan, Singapore, Australia and Mexico. PAAMCO is a registered trademark in the United States, Canada, Europe, Japan, Australia and Mexico. Pacific Alternative Asset Management Company Europe and PAAMCO Europe are registered trademarks in Europe. Pacific Alternative Asset Management Company Asia and PAAMCO Asia are registered trademarks in Singapore. completealpha is a registered trademark in Singapore, Japan, the EU, the U.S. and Canada and it is a trademark of PAAMCO in Australia. Each of Pacific Alternative Asset Management Company, LLC ( PAAMCO ) and Prisma Capital Partners LP ( Prisma ) is a wholly owned subsidiary of PAAMCO Prisma Holdings, LLC. PHoldings, LLC ( PHoldings ) owns 60.1% of PAAMCO Prisma Holdings, LLC. KKR, through affiliated entities, holds the remaining 39.9% non-controlling, minority equity interest in PAAMCO Prisma Holdings, LLC. Majority employee-owned private partnership refers to the fact that certain employees of PAAMCO and Prisma comprise the membership of Pholdings. Non-U.S. employee ownership is via local entities. PAAMCO may at times operate offices in locations other than Bogotá, Irvine, Istanbul, London, Mexico City, Seoul and Singapore. PAAMCO is a Core Supporter of the Hedge Fund Standards Board. This material may not be reproduced or distributed without the express written permission of PAAMCO. Copyright All rights reserved. 21

142 Exhibit 11 To: Investment Committee From: Investment Staff Date: November 24, 2017 Re: Options Strategies 2017 Search Update Search Update At the October 2017 Investment Committee meeting, the Board approved the recommendation to conduct a search for Equity Index Option Risk Premia Capture Strategies. The Request for Proposal (RFP) was developed by SURS Staff and NEPC and advertised on the website of Pensions & Investments and in its October 30 print edition, along with being noticed as required in the State newspaper, and posted to the SURS website beginning October 31. Timeline The anticipated timeline for the search process is as follows: Date October 19, 2017 October 31, 2017 November 10, 2017 November 15, 2017 November 21, 2017 December/January 2017 Week of January 8 th, 2017 February 1, 2017 Proposed Timeline for the Search Item Quiet Period Begins Dissemination of RFP Deadline for questions to SURS Responses to questions submitted to SURS RFP responses due by 4:30 pm CT Identify firms for further consideration Interviews with selected firms Finalist presentations to SURS Board of Trustees Update Staff and NEPC received 27 responses from options strategy providers by the November 21 deadline. A list of the respondents is shown at the end of this memo. Staff and NEPC are currently in the process of reviewing the responses and plan to narrow the list to a smaller group of semifinalists. Interviews with semi-finalist firms are expected to be conducted the week of January 8th at an office to be determined. Trustees are invited to attend; if interested, please contact staff for additional details. Recommendation for Funding for Option Strategies In order to fund newly hired options manager(s) in a timely manner, the hedge fund of fund providers require notice to make the cash available. In preparation for the conclusion of the options strategies search the following redemptions are recommended:

143 Exhibit 11 SURS staff and NEPC jointly recommend that SURS coordinate redemptions to fund option strategies, as needed, from hedge fund of funds managers Prisma and PAAMCO in approximately the following amounts: PAAMCO - $245 million to be withdrawn Prisma - $115 million to be withdrawn The proposed redemptions will result in the hedge fund portfolio returning to an approximate 60/40 split between Prisma and PAAMCO while also preserving favorable fee terms. Quiet Period Please note that the Quiet Period will remain in effect until a selection has been made by the Board and accepted by the service provider. A copy of the Quiet Period Policy Guidelines follows. Quiet Period Policy Guidelines The Quiet Period Policy is intended to establish guidelines by which Board Members and Staff will communicate with prospective service providers during the search process. The objectives of the policy are to ensure that prospective service providers competing to become employed by SURS have equal access to information regarding the search parameters; communications related to the selection are consistent and accurate; and the process of selecting service providers is efficient, diligent, and fair. The following guidelines will be instituted during a search process for a service provider: A quiet period will commence upon Committee action (or Board action if the selection is not initiated through a Committee) to authorize a search for a service provider and end once a selection has been made by the Board and accepted by the service provider; Initiation, continuation and conclusion of the quiet period shall be publicly communicated to prevent inadvertent violations; All Board members, and Staff not directly involved in the search process, shall refrain from communicating with service provider candidates regarding any product or service related to the search offered by the candidate throughout the quiet period and shall refrain from accepting meals, travel, hotel, or other value from the candidates; Throughout the quiet period, if any Board member is contacted by a candidate, the Board member shall refer the candidate to SURS Consultant or Staff directly involved in the search process; All authority related to the search process shall be exercised solely by the relevant Committee or Board as a whole, and not by individual Board Members; All information related to the search process shall be communicated by the SURS Consultant and Staff to the relevant Committee or Board as a whole, and not to individual Board Members; The quiet period does not prevent Board approved due diligence, client conference attendance or communications with an existing service provider that happens to be a candidate in the ordinary course of services provided by such service provider; however, discussions related to the pending selection shall be avoided during those activities; The provisions of this policy will apply to service provider candidates throughout the quiet period and shall be communicated to candidates in conjunction with any competitive proposal process; and A service provider may be disqualified from a search process for a knowing violation of this policy.

144 Exhibit 11 Respondents to SURS 2017 Options Search Manager Name Advantus Capital Management Allianz Global Investors Analytic Investors AQR Capital Berenberg Asset Management BlackRock DGV Solutions Gateway Investment Advisors Gladius Glenmede Investment Management Goldman Sachs Harvest Volatility Management Horse Cove Partners Insight Investment Morgan Stanley Neuberger Berman Parametric Pavlik Capital Management PIMCO Rampart Investment Management River and Mercantile Derivatives Schroder Investment Management SpiderRock Advisors State Street Global Partners T Rowe Price UBS Asset Management Ziegler Capital Location St. Paul, MN NY, NY Minneapolis, MN Greenwich, CT Hamburg, Germany NY, NY Minneapolis, MN Cincinnati, OH Chicago, IL Philadelphia, PA NY, NY NY, NY Atlanta, GA NY, NY NY, NY NY, NY Minneapolis, MN OakBrook Terrace, IL Newport Beach, CA NY, NY Waltham, MA NY, NY Chicago, IL Boston, MA Baltimore, MD NY, NY Chicago, IL

145 Exhibit 12 To: Investment Committee From: SURS Staff Date: November 22, 2017 Re: Review of Diversity Goals Introduction As required by statute, the goals for utilization of firms owned by minorities, females, and person with a disability (MFDB) have been reviewed. Staff is proposing revisions to certain goals discussed below. For your reference, a red-line version of Appendix 10 of the SURS Investment Policy follows this memo. Brokerage Goals Staff is recommending the following changes to the brokerage goals: An increase from 15.0% to 20.0% in the MFDB brokerage goal for structured active U.S. equity separate accounts. Combination of the active and structured active non-u.s. equity categories into a single non-u.s. equity category (with a 15% goal). An increase from 10.0% to 20.0% in the MFDB brokerage goal for U.S. TIPS separate accounts. Subsequent combination of the U.S. TIPS and fixed income categories into a single fixed Income category (with a 20% goal). Staff believes these changes represent achievable goals for the structured active U.S. equity and U.S. TIPS separate accounts. Assets Under Management (AUM) Goals The following tables illustrate SURS current investment management goals and actual utilization rates, as of June 30, Various Emerging Manager Actual Utilization Levels and Goals Actual Goal % of Fund Managed by Minority, Female and Person with a Disability-Owned Firms 28.00% 20.00% % of Fund Managed by Emerging Investment Manager Firms per P.A % 20.00% % of Actively-Managed Assets with Emerging Firms per P.A % 25.00%

146 Exhibit 12 Asset Class Minorities Women Persons with a Disability Overall Active Actual and Goal Actual Active Equities 25.97% 12.65% 0.00% 38.62% Target Active Equities 20.00% 10.00% 0-2% 30.00% Actual Active Fixed Income 23.25% 0.79% 0.00% 24.04% Target Active Fixed Income 12.00% 8.00% 0-1% 20.00% Actual Alternative Investments 12.83% 2.34% 1.10% 16.27% Target Alternative Investments 0-20% of new allocations 0-20% of new allocations 0-20% of new allocations 20% of new allocations Actual Active Total Fund 20.31% 6.08% 0.16% 26.55% Target Active Total Fund 16.00% 8.00% 1.00% 25.00% Appendix A and B contain comparative information on the investment management and brokerage goals of other Illinois pension plans. Conclusion and Recommendation Staff recommends: That based on the recommendation of staff and SURS investment consultant, the revised Appendix 10 to the Investment Policy document for the defined benefit plan be approved, as presented.

147 Appendix A Exhibit 12 Goals for Utilization of Investment Management Firms Owned by Minorities, Females, and Persons with a Disability Teachers Retirement System of Illinois (TRS) Total Fund 15% Minority Owned Business 12% Female Owned Business 2.5% Businesses Owned by a Person with a Disability 0.5% Equities 15% Fixed-Income 10% Alternatives 10% Illinois Municipal Retirement Fund (IMRF) Minority Owned Business 13% Female Owned Business 6% Businesses Owned by a Person with a Disability 1% Domestic Equity 8% International Equity 15% Fixed-Income 20% Hedge Fund 15% Real Estate 4% Private Equity 10% Timberland Best Efforts Agriculture Best Efforts State Universities Retirement System (SURS) Total Fund - Total 20% Total Fund - Actively Managed 25% Minority Owned Business 16% Female Owned Business 8% Businesses Owned by a Person with a Disability 1% Equities 30% Minority Owned Business 20% Female Owned Business 10% Businesses Owned by a Person with a Disability 0-2% Fixed Income 20% Minority Owned Business 12% Female Owned Business 8% Businesses Owned by a Person with a Disability 0-1% Alternatives 20% Minority Owned Business 0-20% Female Owned Business 0-20% Businesses Owned by a Person with a Disability 0-20%

148 Appendix A Goals for Utilization of Investment Management Firms Owned by Minorities, Females, and Persons with a Disability Exhibit 12 Illinois State Board of Investment (ISBI) Minority Owned Business 5-7% Female Owned Business 3-5% Businesses Owned by a Person with a Disability 0-1% Equities 8-10% Fixed-Income 10-12% Alternatives 1-5% Public School Teachers' Pension & Retirement Fund of Chicago (CTPF) Total Fund 20% Active Assets 25% Equities 30% Minority Owned Business 25% Female Owned Business 5% Businesses Owned by a Person with a Disability Best Efforts Fixed Income 15% Minority Owned Business 12% Female Owned Business 3% Businesses Owned by a Person with a Disability Best Efforts Alternatives 10% Minority Owned Business 10% Female Owned Business Best Efforts Businesses Owned by a Person with a Disability Best Efforts County Employees' Annuity & Benefit Fund of Cook County Minority Owned Business 10-15% Female Owned Business 2.5-5% Businesses Owned by a Person with a Disability 0-1% Domestic Equity 17-20% International Equity 10-15% Fixed-Income 27-30% Alternatives 10-15% Municipal Employees' Annuity and Benefit Fund of Chicago Minority Owned Business 14-20% Female Owned Business 3-7% Businesses Owned by a Person with a Disability 1-2% Equity 15-25% Fixed-Income 15-25% Alternatives 10-20%

149 Appendix B Exhibit 12 Minority-, Female- and Persons with a Disability- Owned Broker/Dealer Usage Expectation Levels October 2017 Teachers Retirement System of Illinois (TRS) Domestic Equity 23% International Equity 13.5% Fixed Income (based on volume) 15% Illinois Municipal Retirement Fund (IMRF) (All trade levels must be directly executed) U.S. Equities 25% U.S. Large-Cap Equities 30% U.S. Micro-Cap Equities 7% International Equities 20% Fixed Income 22% High-Yield Bonds 5% International Small-Cap Equities 5% Emerging Market Equities 5% Bank Loans Best efforts Opportunistic Strategies Best efforts Emerging Market Debt Best efforts State Universities Retirement System (SURS) (All trade levels must be directly executed) Active U.S. Equity Separate Accounts 30% Passive U.S. Equity Separate Accounts 35% Structured Active Domestic Equity Separate Accounts 15% Non-U.S. Equity Separate Accounts 15% Structured Active Non-U.S. Equity Separate Accounts 15% Global Equity Separate Accounts 20% Fixed Income Separate Accounts 20% Real Estate Investment Trusts (REITS) 15% Treasury Inflation-Protected Securities (TIPS) 10% Illinois State Board of Investment (ISBI) Domestic Equity 30% International Equity 20% Fixed Income 20% International Fixed Income 0-5% Hedged Equity 0-5% Public School Teachers' Pension & Retirement Fund of Chicago (CTPF) (All trade levels must be directly executed unless otherwise noted) Active Domestic Managers and Manager-of-Managers All Cap, Large Cap Equity 50% Active Domestic Small Cap Equity and Passive Domestic Equity 35% Active International Managers and Manager-of-Managers All Cap, Large Cap Equity and Passive International Equity 25% Active International Small Cap Equity 5% Active and Passive fixed income managers (goal is based on volume traded) 25% Active REIT managers 10% County Employees' Annuity & Benefit Fund of Cook County Domestic Equity 35% International Equity 10% International Small Cap 3% Emerging Markets 3% Fixed Income (based on volume) 10% Transition Management 40% Municipal Employees' Annuity and Benefit Fund of Chicago Domestic Equity 40% International Equity - Developed 20% International Equity - Emerging 10% Fixed Income (based on volume) 25%

150 Investment Policy June December 2017 Exhibit 13 Appendix 10 Manager (1) Utilization Goals for Minority-owned Broker/Dealers MINIMUM EXPECTATION ELIGIBLE TRADE VOLUME ELIGIBLE COMMISSIONS ASSET CLASS Equity: Active U.S. 30.0% X (1) Equity Passive U.S. 35.0% Equity X (1) Structured % X (12) X (1) Active U.S. Equity Non-U.S. 15.0% X (2)(3) X (1)(2) Equity Structured 15.0% X (1)(2) X (1)(2) Active Non-U.S. Equity Global Equity 20.0% X (1)(2) REITS 15.0% X (1)(2) Fixed Income: Fixed Income (including TIPS) 20.0% X (12)(23) TIPS 10.0% X (1) (1) Separate account managers. (2) Exception for electronic trading. (23) Exception for emerging markets, as defined by Morgan Stanley Capital International.

151 Exhibit 14 State Universities Retirement System of Illinois Q Investment Performance Analysis November 2017 Kevin Leonard, Partner Kristin Finney-Cooke, Senior Consultant DeAnna I. Jones, Sr. Analyst

152 Exhibit 14 NEPC Update 1

153 Exhibit 14 HIGHLIGHTS OF THIRD QUARTER HAPPENINGS AT NEPC September 30, 2017 NEPC INSIGHTS A Tale of Two Countries: What s Next for Investors? (July 2017) Is the Buy-Write Strategy Right For You? (July 2017) nd Quarter Market Thoughts (July 2017) The Top Three Stressors for Pension Plans (July 2017) 2017 Q2 Endowment & Foundation Survey Results & Infographic (August 2017) NEPC Healthcare Operating Fund Universe Results and Infographic (August 2017) Monitoring the Economic Impact of Harvey (August 2017) Market Chatter: Should the Underperformance of CTAs Give Investors Pause (September 2017) Defined Contribution Plan & Fee Survey: Healthcare Findings Infographic (September 2017) WEBINAR REPLAYS NEPC s 12 th Annual Defined Contribution Plan & Fee Survey (September 2017) To download NEPC s recent insights and webinar replays, visit: RECENT UPDATES Our team continues to grow: Please join us in welcoming our new Partner, Sam Austin, and Senior Consultants, Kiersten Christensen, Andrew Coupe and Rick Ciccione! NEPC was featured in over 45 pieces of news coverage including Bloomberg, Pensions & Investments and FundFire to name a few. SAVE THE DATE! We will be hosting our 23 rd Annual Investment Conference on May 14-15,

154 Exhibit 14 HIGHLIGHTS OF THIRD QUARTER HAPPENINGS AT NEPC September 30, 2017 NEPC GIVES BACK This quarter NEPC participated in three charity organization events: Sox for Socks, Habitat for Humanity and the American Red Cross. The Sox for Socks Drive supports Boston s Health Care for the Homeless. The organization provides medical care to Boston s homeless. This year, over 100 pairs of socks were collected and donated. Habitat for Humanity Greater Boston is a Massachusetts charitable organization dedicated to building homes in partnership with low-income families in need of decent and affordable housing. Twenty NEPC employees dedicated time and muscle to bring a home closer to occupancy in Dorchester, MA. We are thinking of those affected by Hurricane Harvey. In a show of support, employees donated to the American Red Cross with NEPC matching all donations. CLIENT AWARDS We d like to congratulate the following clients for their recent wins at Chief Investment Officer s 2017 Power 100 Awards: David Villa, State of Wisconsin Investment Board Bob Jacksha, New Mexico Educational Retirement Board Tim Barrett, Texas Tech University System Don Pierce, San Bernardino County Employees Retirement Association Carrie Thome, Wisconsin Alumni Research Foundation 3

155 Exhibit 14 Market Environment 4

156 Exhibit 14 Performance Overview Q3 Market Summary Macro Equity Credit Real Assets US Dollar VIX US 10-Yr S&P 500 MSCI EAFE MSCI EM US Agg. High Yield Dollar EMD Oil Gold REITS -2.7% bps 4.5% 5.4% 7.9% 0.8% 2.0% 2.4% 12.2% 3.1% 1.3% Equities continued to push higher with supportive macroeconomic data, robust earnings, and accommodative central banks Emerging markets continued their outperformance led by strong returns in China Bond yields were little changed over the quarter reflecting minimal volatility seen in US economic growth and inflation rates Reflecting the pro-risk environment, the US dollar declined relative to both the euro and yuan while volatility remained near historic lows Market segment (index representation) as follows: US Dollar (DXY Index), VIX (CBOE Volatility Index), US 10-Year (US 10-Year Treasury Yield), S&P 500 (US Equity), MSCI EAFE Index (International Developed Equity), MSCI Emerging Markets (Emerging Markets Equity), US Agg (Barclays US Aggregate Bond Index), High Yield (Barclays US High Yield Index), Dollar EMD (JPM Emerging Market Bond Index), Crude Oil (WTI Crude Oil Spot), Gold (Gold Price Spot), and REITs (NAREIT Composite Index). 5

157 Exhibit 14 Macro Performance Overview Extended Q3 Macro US Market Economic Summary Cycle US, Europe, Japan, and China continue to grow modestly in a synchronized economic expansion Long-term US interest rates were largely unchanged and reflect the low volatility of inflation The US Treasury curve flattened slightly as the 2 year rate rose Yield 6/30/17 Yield 9/30/17 US 10 Yr 2.30% 2.33% +.03% US 30 Yr 2.84% 2.86% +.02% US Real 10 Yr 0.58% 0.49%.09% German 10 Yr 0.47% 0.46%.01% Japan 10 Yr 0.08% 0.06%.02% China 10 Yr 3.56% 3.62% +.06% EM Local Debt 6.15% 5.99%.16% Source: Bloomberg Central Banks Current Rate CPI YOY Notes from the Quarter Currency Performance vs. USD Federal Reserve European Central Bank Bank of Japan 1.00% 1.25% 1.9% 0.0% 1.5% 0.10% 0.7% Program to reduce Fed balance sheet is set to begin in October. As of quarter end, market s probability of a Dec 17 rate hike is 70% An accommodative monetary policy likely remains necessary in a persistent low inflation environment The BoJ will continue its QE program as part of their yield curve control policy to keep long term interest rates near zero Brazilian Real Euro British Pound Chinese Yuan Australian Dollar MSCI EM Currency Index Russian Ruble Japanese Yen Mexican Peso Swiss Franc Indian Rupee South African Rand 6% 4% 2% 0% 2% 4% 6% Source: Bloomberg 6

158 Exhibit 14 Equity Performance Overview Extended Q3 Equity US Market Economic Summary Cycle US small caps rallied as the outlook for US tax reform improved during the quarter Corporate earnings growth has accelerated over the last 12 months led by small-caps in Europe/Japan and the technology sector for the US and EM Russell 3000 QTD Sector Return Contribution Information Technology 1.8% Industrials 0.9% Financials 0.7% Health Care 0.5% Energy 0.4% Consumer Discretionary 0.22% Materials 0.19% Utilities 0.13% Telecommunication 0.05% Real Estate 0.08% Consumer Staples 0.14% Source: Russell, Bloomberg QTD Equity Index Returns MSCI EM MSCI EAFE Small Cap MSCI ACWI ex US Russell 2000 MSCI EM Small Cap MSCI EAFE MSCI ACWI Russell 3000 S&P 500 MSCI EAFE Hedged 0% 2% 4% 6% 8% 10% 1.0% 0.9% 0.8% 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% Source: MSCI, Russell, S&P, Bloomberg ACWI Ex US Index Return Contribution China Japan France UK Canada Source: MSCI, Bloomberg. QTD top country contributors to index return 7

159 Exhibit 14 Credit Performance Overview Extended Q3 Credit US Market Economic Summary Cycle Credit spreads continue to grind lower across all areas of the credit markets High yield and dollar EMD credit spread declines support a broad reduction in exposure Long credit continues to benefit from strong demand as spreads remain near long-term averages QTD Credit Index Returns JPM EMBI BC Long Credit BC Muni HY BC IG BC Munis Bank Loans BC Securitized Core Bonds 0.0% 1.0% 2.0% 3.0% Source: Barclays, JPM, S&P, Bloomberg Credit Spread (Basis Points) 06/30/17 9/30/17 BC IG Credit BC Long Credit BC Securitized BC High Yield Muni HY JPM EMBI Bank Loans Libor Option Adjusted Spread (bps) IG BBB Long Credit Median Spread Securitized High Yield Current Spread EMBI Source: Barclays, Merrill Lynch, JPM, Bloomberg, NEPC Source: Barclays, JPM, S&P, Bloomberg. As of 01/31/2000 8

160 Exhibit 14 Real Assets Performance Overview Extended Q3 Real Assets US Economic Market Summary Cycle Oil prices rebounded over the quarter and appear range bound between $50 to $60 a barrel Gold prices improved and likely benefited from a weaker dollar and geopolitical concerns Commodity index roll yield is more negative than the previous quarter, though oil futures are slightly positive Real Asset Yields 6/30/17 9/30/17 QTD Real Assets Index Returns Oil Natural Resource Eq. Global Infrastructure Eq. Gold Commodities Global REITS US REITS MLPs 5% 0% 5% 10% 15% 0.0% Source: S&P, NAREIT, Alerian, Bloomberg 3 Month Commodity Future Roll Yields MLPs 7.3% 7.8% Core Real Estate 4.7% 4.7% US REITs 4.1% 4.0% Global REITs 3.7% 3.4% Global Infrastructure Equities 3.9% 3.9% Natural Resource Equities 3.5% 3.3% US 10 Yr Breakeven Inflation 1.7% 1.9% Commodity Index Roll Yield 0.4% 1.5% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% Energy Agriculture Precious Metals Industrial Source: NCREIF, Alerian, NAREIT, S&P, Bloomberg Source: Bloomberg, NEPC Calculated as of 10/23/2017 9

161 Exhibit 14 Index Performance Summary as of 09/30/ Q1 Q2 Q3 Sept YTD MSCI EM 78.5% 18.9% -18.4% 18.2% -2.6% -2.2% -14.9% 11.2% 11.4% 6.3% 7.9% -0.4% 27.8% MSCI EAFE 31.8% 7.8% -12.1% 17.3% 22.8% -4.9% -0.8% 1.0% 7.2% 6.1% 5.4% 2.5% 20.0% MSCI ACWI 34.6% 12.7% -7.3% 16.1% 22.8% 4.2% -2.4% 7.9% 6.9% 4.3% 5.2% 1.9% 17.3% JPM GBI-EM Global Div 22.0% 15.7% -1.8% 16.8% -9.0% -5.7% -14.9% 9.9% 6.5% 3.6% 3.6% -0.3% 14.3% S&P % 15.1% 2.1% 16.0% 32.4% 13.7% 1.4% 12.0% 6.1% 3.1% 4.5% 2.1% 14.2% Russell % 16.1% 1.5% 16.4% 33.1% 13.2% 0.9% 12.1% 6.0% 3.1% 4.5% 2.1% 14.2% Russell % 26.7% -2.5% 17.9% 36.8% 7.1% -2.9% 17.6% 3.8% 2.1% 4.7% 4.5% 11.0% Russell % 26.9% -4.2% 16.3% 38.8% 4.9% -4.4% 21.3% 2.5% 2.5% 5.7% 6.2% 10.9% JPM EMBI Glob Div 29.8% 12.2% 7.3% 17.4% -5.3% 7.4% 1.2% 10.2% 3.9% 2.2% 2.6% 0.0% 9.0% BC US Long Credit 16.8% 10.7% 17.1% 12.7% -6.6% 16.4% -4.6% 10.2% 1.7% 4.7% 2.2% -0.2% 8.7% BC US STRIPS 20+ Yr -36.0% 10.9% 58.5% 3.0% -21.0% 46.4% -3.7% 1.4% 1.8% 6.1% 0.7% -2.8% 8.7% BC US Govt/Cred Long 1.9% 10.2% 22.5% 8.8% -8.8% 19.3% -3.3% 6.7% 1.6% 4.4% 1.5% -1.0% 7.7% BC US Corporate HY 58.2% 15.1% 5.0% 15.8% 7.4% 2.5% -4.5% 17.1% 2.7% 2.2% 2.0% 0.9% 7.0% BC Global Agg -6.5% -5.3% -5.3% -4.1% 2.7% -0.6% 3.3% 2.1% 1.8% 2.6% 1.8% -0.9% 6.3% CS Hedge Fund 18.6% 10.9% -2.5% 7.7% 9.7% 4.1% -0.7% 1.2% 2.1% 0.8% 0.6% - 4.9% BC Municipal 12.9% 2.4% 10.7% 6.8% -2.6% 9.1% 3.3% 0.2% 1.6% 2.0% 1.1% -0.5% 4.7% FTSE NAREIT Eqy REITs 28.0% 28.0% 8.3% 18.1% 2.5% 30.1% 3.2% 8.5% 1.2% 1.5% 0.9% 0.0% 3.7% BC US Agg Bond 5.9% 6.5% 7.8% 4.2% -2.0% 6.0% 0.5% 2.6% 0.8% 1.4% 0.8% -0.5% 3.1% CS Leveraged Loan 44.9% 10.0% 1.8% 9.4% 6.2% 2.1% -0.4% 9.9% 1.2% 0.8% 1.1% 0.4% 3.0% BC US Agg Interm 6.5% 6.1% 6.0% 3.6% -1.0% 4.1% 1.2% 2.0% 0.7% 0.9% 0.7% -0.4% 2.3% BC TIPS 11.4% 6.3% 13.6% 7.0% -8.6% 3.6% -1.4% 4.7% 1.3% -0.4% 0.9% -0.6% 1.7% BC US Govt/Cred 1-3 Yr 3.8% 2.8% 1.6% 1.3% 0.6% 0.8% 0.7% 1.3% 0.4% 0.3% 0.3% -0.1% 1.1% BBG Commodity 18.9% 16.8% -13.3% -1.1% -9.5% -17.0% -24.7% 11.8% -2.3% -3.2% 2.5% -0.1% -2.9% Alerian MLP 76.4% 35.9% 13.9% 4.8% 27.6% 4.8% -32.6% 18.3% 3.9% -6.4% -3.0% 0.7% -5.6% Source: Bloomberg, Barclays, Alerian, Nareit, MSCI, JP Morgan, Credit Suisse 10

162 Exhibit 14 Total Fund Performance 11

163 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Net of Fee Performance Summary Net of Fee September 30,

164 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Risk/Return - Net of Fee Statistics Summary 5 Years Ending September 30, 2017 Anlzd Return Anlzd Return Rank Anlzd Standard Deviation Anlzd Standard Deviation Rank Sharpe Ratio Sharpe Ratio Rank Information Ratio Information Ratio Rank Total Fund w/ Overlay 8.74% % Policy Index 8.75% % InvestorForce Public DB > $1B Net Median _ 8.33% % XXXXX 13 September 30, 2017

165 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Risk/Return - Net of Fee Statistics Summary 10 Years Ending September 30, 2017 Anlzd Return Anlzd Return Rank Anlzd Standard Deviation Anlzd Standard Deviation Rank Sharpe Ratio Sharpe Ratio Rank Information Ratio Information Ratio Rank Total Fund w/ Overlay 5.42% % Policy Index 5.47% % InvestorForce Public DB > $1B Net Median _ 5.00% % XXXXX 14 September 30, 2017

166 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Asset Allocation vs. Policy Targets Asset Allocation vs. Target Look Policy Current Through * Current Domestic Equity 25.00% 23.57% 24.69% $4,377,672,142 International Equity 19.00% 19.85% 19.36% $3,686,736,898 Global Equity 8.00% 8.77% 8.30% $1,628,940,543 Fixed Income 19.00% 17.69% 19.06% $3,284,400,227 TIPS 4.00% 3.70% 3.70% $688,005,034 Emerging Market Debt 3.00% 3.19% 3.19% $593,334,418 Opportunistic 1.00% 0.57% 0.57% $105,623,684 Private Equity 6.00% 5.14% 5.14% $955,088,914 Hedge Funds 3.00% 4.94% 4.94% $917,849,316 Real Estate 6.00% 5.73% 5.73% $1,063,259,858 REITs 4.00% 3.85% 3.85% $714,924,053 Commodities 2.00% 1.86% 1.97% $345,350,006 Overlay 0.00% 0.41% 0.60% $76,917,192 Cash 0.00% 0.72% -1.10% $133,452,008 Total % % % $18,571,554,293 XXXXX * Reflects Overlay Strategy Positioning September 30,

167 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Total Fund w/ Overlay 18,571,554, Policy Index Domestic Equity 4,377,672, Dow Jones U.S. Total Stock Market Total Non US Equity 3,686,736, International Equity Custom Benchmark Global Equity 1,628,940, Global Equity Custom Benchmark Fixed Income 3,284,400, Fixed Income Custom Benchmark Emerging Market Debt 593,334, % JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp Broad TIPS 688,005, TIPS Custom Benchmark REITs 714,924, REITs Custom Benchmark Real Estate 1,063,259, NCREIF ODCE Net Qtr Lag Private Equity 955,088, Dow Jones US Total Stock Market +3% (1 Quarter Lag) Opportunity Fund 105,623, Opportunity Fund Custom Benchmark Hedge Funds 917,849, Month LIBOR + 5% HFRI Fund of Funds Composite Index Commodities 345,350, Bloomberg Commodity Index Cash 133,452, Day T-Bills XXXXX Policy % 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) 15 Yrs (%) 16 September 30, 2017

168 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Total Fund w/ Overlay 18,571,554, Jan-75 Policy Index Jan-75 Over/Under InvestorForce Public DB > $1B Net Median Jan-75 Total Fund 18,494,638, Jan-75 Policy Index Jan-75 Over/Under InvestorForce Public DB > $1B Net Median Jan-75 Total Public Equity 9,693,350, Jan-11 MSCI ACWI Jan-11 Over/Under ea All Global Equity Net Median Jan-11 Domestic Equity 4,377,672, Oct-80 Dow Jones U.S. Total Stock Market Oct-80 Over/Under ea All US Equity Net Median Oct-80 Large Active 1,002,590, Jan-14 S&P Jan-14 Over/Under ea US Large Cap Equity Net Median Jan-14 Piedmont Advisors 580,126, Jan-08 S&P Jan-08 Over/Under ea US Large Cap Equity Net Median Jan-08 T. Rowe Price 422,349, Apr-08 S&P Apr-08 Over/Under ea US Large Cap Equity Net Median Apr-08 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1. Performance shown is net of investment management fees. 2. Fiscal year starts on July 1st. 3. Policy Index and allocation Index inception returns are n/a due to Policy history going back to July 1980 and allocation history going back to January September 30, 2017

169 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Passive US Equity 2,289,251, Jan-14 S&P Jan-14 Over/Under Northern Trust Stock Market Index 1,472,063, Jan-99 Dow Jones U.S. Total Stock Market Jan-99 Over/Under ea US All Cap Equity Net Median Jan-99 Rhumbline 817,187, Feb-05 Rhumbline Custom Benchmark Feb-05 Over/Under ea US All Cap Equity Net Median Feb-05 Mid Cap 331,168, Jan-14 Russell MidCap Jan-14 Over/Under ea US Mid Cap Equity Net Median Jan-14 EARNEST Partners 143,913, Jul-11 Russell MidCap Jul-11 Over/Under ea US Mid Cap Equity Net Median Jul-11 Channing Capital Management 187,184, Apr-05 Russell MidCap Value Apr-05 Over/Under ea US Mid Cap Value Equity Net Median Apr-05 Small Cap 360,687, Jan-14 Russell Jan-14 Over/Under ea US Small Cap Equity Net Median Jan-14 Mesirow Financial 177,687, Jun-11 Russell Jun-11 Over/Under ea US Small Cap Equity Net Median Jun-11 CastleArk Management 183,000, Sep-12 Russell 2000 Growth Sep-12 Over/Under ea US Small Cap Growth Equity Net Median Sep-12 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 18 September 30, 2017

170 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Gladius Composite 393,974, Jan-17 Russell Jan-17 Over/Under Gladius - PB 78,292, Jan-17 Gladius 315,682, Jan-17 Total Non US Equity 3,686,736, May-86 International Equity Custom Benchmark May-86 Over/Under ea All ACWI ex-us Equity Net Median May-86 BlackRock Intl Equity Fund 1,191,719, May-86 MSCI ACWI ex USA May-86 Over/Under ea All ACWI ex-us Equity Net Median May-86 BlackRock Emerging Markets 236,830, Nov-09 MSCI Emerging Markets Nov-09 Over/Under ea Emg Mkts Equity Net Median Nov-09 Progress Emerging Non-US Equity 218,667, Sep-12 MSCI EAFE Sep-12 Over/Under ea All ACWI ex-us Equity Net Median Sep-12 BlackRock Intl Alpha Tilts 524,826, Nov-03 MSCI EAFE Nov-03 Over/Under ea All EAFE Equity Net Median Nov-03 Strategic Global Advisors 333,142, Sep-08 MSCI EAFE Sep-08 Over/Under ea All EAFE Equity Net Median Sep-08 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1.MSCI ACWI ex USA and International Equity Custom Banchmark inception returns are n/a due to no return history going back to May International Custom Benchmark is the MSCI ACW ex USA net. 19 September 30, 2017

171 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Ativo 278,890, Aug-08 MSCI ACWI ex USA Aug-08 Over/Under ea All ACWI ex-us Equity Net Median Aug-08 GlobeFlex Capital 321,570, Mar-04 MSCI EAFE/ACWI Ex USA Custom Benchmark Mar-04 Over/Under ea All ACWI ex-us Equity Net Median Mar-04 Fidelity Investments 581,090, Jan-04 MSCI EAFE/ACWI Ex USA Custom Benchmark Jan-04 Over/Under ea All ACWI ex-us Equity Net Median Jan-04 Global Equity 1,628,940, Jun-02 Global Equity Custom Benchmark Jun-02 Over/Under ea All Global Equity Net Median Jun-02 Wellington 537,354, May-02 MSCI ACWI May-02 Over/Under ea All Global Equity Net Median May-02 Mondrian 529,109, Dec-11 MSCI ACWI Dec-11 Over/Under ea All Global Equity Net Median Dec-11 T. Rowe Price Global 562,477, Nov-08 MSCI ACWI Nov-08 Over/Under ea All Global Equity Net Median Nov-08 Fixed Income 3,284,400, Sep-81 Fixed Income Custom Benchmark Sep-81 Over/Under ea All US Fixed Inc Net Median Sep-81 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1. MSCI EAFE/ACWI Ex USA Custom Benchmark is MSCI EAFE through 11/30/2011 and MSCI ACWI Ex USA thereafter. 20 September 30, 2017

172 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % TCW / Met West 547,838, Oct-01 BBgBarc US Aggregate TR Oct-01 Over/Under ea US Core Plus Fixed Inc Net Median Oct-01 PIMCO Total Return 398,741, Aug-04 BBgBarc US Aggregate TR Aug-04 Over/Under ea US Core Plus Fixed Inc Net Median Aug-04 Pugh Capital 163,971, Apr-06 BBgBarc US Aggregate TR Apr-06 Over/Under ea US Core Fixed Inc Net Median Apr-06 Smith Graham 105,651, Apr-06 BBgBarc US Aggregate TR Apr-06 Over/Under ea US Core Fixed Inc Net Median Apr-06 Garcia Hamilton 312,738, Mar-09 BBgBarc US Aggregate TR Mar-09 Over/Under ea US Core Fixed Inc Net Median Mar-09 SSgA-BC Aggregate Index 614,866, Oct-10 BBgBarc US Aggregate TR Oct-10 Over/Under ea US Core Fixed Inc Net Median Oct-10 LM Capital 164,722, Jan-11 BBgBarc US Aggregate TR Jan-11 Over/Under ea US Core Plus Fixed Inc Net Median Jan-11 Neuberger Berman 349,341, Jan-11 BBgBarc US Aggregate TR Jan-11 Over/Under ea US Core Plus Fixed Inc Net Median Jan-11 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 21 September 30, 2017

173 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % PIMCO Unconstrained 479,045, Jun-13 BBgBarc US Aggregate TR Jun-13 Over/Under ea US Core Plus Fixed Inc Net Median Jun-13 Progress Emerging Fixed Income 147,483, Sep-12 BBgBarc US Aggregate TR Sep-12 Over/Under ea US Core Fixed Inc Net Median Sep-12 Emerging Market Debt 593,334, Apr-15 50% JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp Broad Apr-15 Over/Under ea All Emg Mkts Fixed Inc Net Median Apr-15 Progress Emerging EMD 79,618, May-15 JP Morgan Corporate EMBI Broad May-15 Over/Under ea All Emg Mkts Fixed Inc Net Median May-15 Colchester 114,363, May-15 JP Morgan GBI - EM Global Diversified Index May-15 Over/Under ea All Emg Mkts Fixed Inc Net Median May-15 Prudential EMD 207,196, Jul-15 50% JPM EMBI Global Diversified/ 50% JPM GBI-EM Global Diversified Jul-15 Over/Under ea All Emg Mkts Fixed Inc Net Median Jul-15 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 22 September 30, 2017

174 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Bluebay EMD Select 192,156, Apr-15 50% JPM EMBI Global Diversified/ 50% JPM GBI-EM Global Diversified Apr-15 Over/Under ea All Emg Mkts Fixed Inc Net Median Apr-15 TIPS 688,005, Apr-99 TIPS Custom Benchmark Apr-99 Over/Under ea TIPS / Infl Indexed Fixed Inc Net Median Apr-99 Rhumbline TIPS 686,121, Jun-17 BBgBarc US TIPS TR Jun-17 Over/Under ea TIPS / Infl Indexed Fixed Inc Net Median Jun-17 REITs 714,924, Mar-00 REITs Custom Benchmark Mar-00 Over/Under ea Global REIT Net Median Mar-00 BlackRock Global REIT 714,924, Mar-13 FTSE EPRA/NAREIT Developed Mar-13 Over/Under ea Global REIT Net Median Mar-13 Real Estate 1,063,259, Jan-85 NCREIF ODCE Net Qtr Lag Jan-85 Over/Under Dune Fund II 24,196, Apr-09 NCREIF ODCE Net Qtr Lag +1.5% Apr-09 Over/Under Dune Fund III 89,396, Jul-13 NCREIF ODCE Net Qtr Lag +1.5% Jul-13 Over/Under Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 1. TIPS Custom Benchmark is the Barclays US Tips Index. 2. REITS Custom Benchmark is the FTSE EPRA/NAREIT Developed Index 23 September 30, 2017

175 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Franklin Templeton EMREFF 32,581, Sep-11 NCREIF ODCE Net Qtr Lag +1.5% Sep-11 Over/Under Franklin Templeton FTPREF 12,073, Jul-12 NCREIF ODCE Net Qtr Lag +1.5% Jul-12 Over/Under Mesirow MFIRE II 38,721, Apr-12 NCREIF ODCE Net Qtr Lag +1.5% Apr-12 Over/Under RREEF America III Fund 265, May-06 NCREIF ODCE May-06 Over/Under UBS Trumbull Property Fund 374,860, Jul-06 NCREIF ODCE 1 Qtr Lag Jul-06 Over/Under RREEF Funds 136, May-84 NCREIF ODCE May-84 Over/Under JP Morgan Strategic 204,782, Jul-14 NCREIF ODCE 1 Qtr Lag Jul-14 Over/Under Heitman Hart Fund 198,361, Aug-14 NCREIF ODCE 1 Qtr Lag Aug-14 Over/Under Franklin Templeton MDP RE ,556, Oct-15 NCREIF ODCE Net Qtr Lag +1.5% Oct-15 Over/Under Crow Holdings Realty Partners VII 32,412, Feb-16 NCREIF ODCE Net Qtr Lag +1.5% Feb-16 Over/Under Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 24 September 30, 2017

176 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Brookfield Strategy RE Partners II 21,281, Mar-16 NCREIF ODCE Net Qtr Lag +1.5% Mar-16 Over/Under Blue Vista RE Partners IV 18,633, May-16 NCREIF ODCE Net Qtr Lag +1.5% May-16 Over/Under Private Equity 955,088, Jul-90 Dow Jones US Total Stock Market +3% (1 Quarter Lag) Jul-90 Over/Under Opportunity Fund 105,623, Apr-99 Opportunity Fund Custom Benchmark Apr-99 Over/Under Alinda Capital Partners 32,019, Jan-10 CPI +5% (1 Quarter Lag) Jan-10 Over/Under Macquarie Capital 33,865, May-10 CPI +5% (1 Quarter Lag) May-10 Over/Under Macquarie Inf Partners Fnd III 39,738, Nov-14 CPI + 5% 1 Qtr Lag (Seasonally Adjusted) Nov-14 Over/Under Hedge Funds 917,849, Mar-16 3 Month LIBOR + 5% Mar-16 Over/Under ev Alt Fund of Funds - Multi-Strategy Median Mar-16 KKR Prisma Codlin Fund 459,710, Mar-16 HFRI Fund of Funds Composite Index Mar-16 Over/Under ev Alt Fund of Funds - Multi-Strategy Median Mar-16 Newport Monarch 458,138, Apr-16 HFRI Fund of Funds Composite Index Apr-16 Over/Under ev Alt Fund of Funds - Multi-Strategy Median Apr-16 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 25 September 30, 2017

177 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Performance Detail Net Of Fee Market Value ($) % of Portfolio Policy % Commodities 345,350, Jun-16 Bloomberg Commodity Index Jun-16 Over/Under Invesco Balanced Risk 243,688, Jul-16 Bloomberg Commodity Index Jul-16 Over/Under PIMCO Commodity Alpha Fund 101,661, Jun-16 Bloomberg Commodity Index Jun-16 Over/Under Cash 133,452, Sep Day T-Bills Sep-81 Over/Under Cash 133,452, Sep Day T-Bills Sep-81 Over/Under Dow Jones US Total Stock Market +3% (1 Quarter Lag) Sep-81 ea US Cash Management Net Median Sep-81 Total Overlay 76,917, Clifton Overlay 76,917, Oct Day T-Bills Oct-14 Over/Under XXXXX 3 Mo (%) YTD (%) 1 Yr (%) 3 Yrs (%) 5 Yrs (%) 7 Yrs (%) 10 Yrs (%) Return (%) Since 26 September 30, 2017

178 Exhibit 14 State Universities Retirement System of Illinois DB Plan Overlay Performance Detail Overlay Notional Exposure Quarter Gain/Loss YTD Gain/Loss Since Inception Gain/Loss Domestic Equity Futures 120,287,853 7,140,037 22,038,145 73,502,580 Non U.S. Equity Index Futures (167,076,091) (1,622,337) (2,656,714) 13,036,512 Fixed Income Futures 254,611,697 (2,456,829) 1,115,770 7,902,462 Commodity Futures 20,030,008 (189,247) 97,873 (82,589,030) Currency & Currency Futures NA 326, ,910 60,617 Cash & Cash Equivalent NA 38, ,369 1,055,701 Total 227,853,467 3,236,678 $21,341,353 $12,968,842 Index QTD YTD 1 Year S&P % 14.2% 18.6% MSCI EAFE 5.4% 20.0% 19.1% Bloomberg Barclays Agg. 0.9% 3.1% 0.1% Bloomberg Commodity Index 2.5% -2.9% -0.3% *The inception date of the overlay program is October 2014 **The above market values are all sourced from analysis provided by the Clifton Group 27 September 30, 2017

179 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Return Summary vs. Peer Universe September 30,

180 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund w/overlay Return Summary vs. Peer Universe September 30,

181 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Allocations vs. Peer Universe September 30,

182 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Attribution Analysis Attribution Summary 3 Months Ending September 30, 2017 Wtd. Wtd. Index Actual Return Return Excess Return Selection Effect Allocation Interaction Effect Effects Total Effects Domestic Equity 4.67% 4.57% 0.10% 0.02% 0.00% 0.00% 0.03% Total Non US Equity 6.32% 6.16% 0.16% 0.03% 0.03% 0.00% 0.06% Global Equity 4.46% 5.18% -0.72% -0.06% 0.01% 0.00% -0.05% Fixed Income 1.10% 0.85% 0.25% 0.05% 0.03% 0.00% 0.07% Emerging Market Debt 3.78% 3.01% 0.77% 0.02% 0.00% 0.00% 0.02% TIPS 0.86% 0.86% -0.00% 0.00% 0.01% 0.00% 0.01% REITs 1.83% 1.61% 0.22% 0.01% 0.00% 0.00% 0.01% Real Estate 1.28% 1.47% -0.19% -0.01% 0.01% 0.00% -0.01% Private Equity 2.80% 3.76% -0.97% -0.06% 0.00% 0.01% -0.05% Opportunity Fund 3.70% 0.47% 3.22% 0.03% 0.01% -0.02% 0.03% Hedge Funds 1.86% 1.57% 0.29% 0.01% 0.00% 0.00% 0.02% Commodities 4.70% 2.52% 2.18% 0.04% 0.00% 0.00% 0.04% Cash 0.31% 0.26% 0.05% Total 3.58% 3.44% 0.14% 0.10% 0.10% -0.02% 0.18% 31 September 30, 2017

183 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Attribution Analysis Attribution Summary 1 Year Ending September 30, 2017 Wtd. Wtd. Index Actual Return Return Excess Return Selection Effect Allocation Interaction Effect Effects Total Effects Domestic Equity 19.20% 18.67% 0.53% 0.13% 0.01% 0.00% 0.14% Total Non US Equity 20.53% 19.61% 0.92% 0.17% 0.05% 0.01% 0.22% Global Equity 19.33% 18.65% 0.68% 0.05% 0.00% 0.02% 0.08% Fixed Income 1.35% 0.07% 1.27% 0.26% 0.07% -0.01% 0.33% Emerging Market Debt 7.70% 6.35% 1.35% 0.05% -0.01% 0.00% 0.03% TIPS -0.35% -0.73% 0.37% 0.02% 0.01% 0.00% 0.03% REITs 0.57% 0.57% 0.00% 0.00% 0.00% 0.00% 0.00% Real Estate 6.47% 6.89% -0.42% -0.03% 0.01% 0.00% -0.02% Private Equity 13.81% 22.02% -8.21% -0.48% -0.08% 0.05% -0.50% Opportunity Fund 2.47% 1.63% 0.84% 0.01% 0.04% -0.01% 0.04% Hedge Funds 6.25% 6.22% 0.04% 0.01% 0.01% -0.01% 0.01% Commodities 2.40% -0.29% 2.69% 0.06% 0.00% 0.00% 0.06% Cash 0.93% 0.72% 0.21% Total 12.15% 11.73% 0.42% 0.25% 0.11% 0.06% 0.42% 32 September 30, 2017

184 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Risk Statistics % of Tot Anlzd Ret Anlzd Ret Rk 3 Years Ending September 30, 2017 Anlzd Std Anlzd Std Anlzd AJ Anlzd AJ Dev Dev Rk RK Sharpe Ratio Sharpe Rk Sortino Ratio RF Sortino RF Rk Total Fund 99.59% 6.70% % % % 39 Policy Index % % % % 1 Total Public Equity 52.19% 8.78% % % % 1 MSCI ACWI % % % % 1 Domestic Equity 23.57% 10.64% % % % 1 Dow Jones U.S. Total Stock Market % % % % 1 Large Active 5.40% 10.80% % % % 1 S&P % % % % 1 Progress Emerging: US Equity 0.00% 1.05% % % % 97 Russell % % % % 1 Gladius Composite 2.12% Russell % % % % -- Passive US Equity 12.33% 10.84% % % % -- S&P % % % % -- Mid Cap 1.78% 9.37% % % % 2 Russell MidCap % % % % 1 Small Cap 1.94% 9.47% % % % 3 Russell % % % % 1 Total Non US Equity 19.85% 5.71% % % % 1 International Equity Custom Benchmark % % % % 1 Progress Emerging Non-US Equity 1.18% 5.76% % % % 1 MSCI EAFE % % % % 1 Global Equity 8.77% 9.28% % % % 1 Global Equity Custom Benchmark % % % % 1 Fixed Income 17.69% 2.78% % % % 12 Fixed Income Custom Benchmark % % % % 1 Progress Emerging Fixed Income 0.79% 2.85% % % % 45 BBgBarc US Aggregate TR % % % % 1 Emerging Market Debt 3.19% Tracking Error Tracking Error Rank 33 September 30, 2017

185 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Risk Statistics % of Tot Anlzd Ret Anlzd Ret Rk Anlzd Std Dev Anlzd Std Dev Rk Anlzd AJ _ Anlzd AJ RK Sharpe Ratio Sharpe Rk Sortino Ratio RF Sortino RF Rk 50% JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp % % % % 1 Broad TIPS 3.70% 1.40% % % % 37 TIPS Custom Benchmark % % % % 1 REITs 3.85% 7.55% % % % 1 REITs Custom Benchmark % % % % 1 Real Estate 5.73% 9.95% % % % -- NCREIF ODCE Net Qtr Lag % % % % -- Private Equity 5.14% 7.14% % % % -- Dow Jones US Total Stock Market +3% (1 Quarter Lag) % % % % -- Opportunity Fund 0.57% 4.56% % % % -- Opportunity Fund Custom Benchmark % % % % -- Hedge Funds 4.94% Month LIBOR + 5% % % % % 1 Commodities 1.86% Bloomberg Commodity Index % % % % -- Cash 0.72% 0.49% % % % Day T-Bills % % % % -- XXXXX Tracking Error Tracking Error Rank 34 September 30, 2017

186 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Risk Statistics % of Tot Anlzd Ret Anlzd Ret Rk 5 Years Ending September 30, 2017 Anlzd Std Anlzd Std Anlzd AJ Anlzd AJ Dev Dev Rk RK Sharpe Ratio Sharpe Rk Sortino Ratio RF Sortino RF Rk Total Fund 99.59% 8.74% % % % 33 Policy Index % % % % 1 Total Public Equity 52.19% 11.66% % % % 1 MSCI ACWI % % % % 1 Domestic Equity 23.57% 14.14% % % % 1 Dow Jones U.S. Total Stock Market % % % % 1 Large Active 5.40% S&P % % % % 1 Progress Emerging: US Equity 0.00% 7.65% % % % 91 Russell % % % % 1 Passive US Equity 12.33% S&P % % % % -- Mid Cap 1.78% Russell MidCap % % % % 1 Small Cap 1.94% Russell % % % % 1 Gladius Composite 2.12% Russell % % % % -- Total Non US Equity 19.85% 7.92% % % % 1 International Equity Custom Benchmark % % % % 1 Progress Emerging Non-US Equity 1.18% 8.58% % % % 1 MSCI EAFE % % % % 1 Global Equity 8.77% 11.43% % % % 2 Global Equity Custom Benchmark % % % % 1 Fixed Income 17.69% 2.23% % % % 10 Fixed Income Custom Benchmark % % % % 1 Progress Emerging Fixed Income 0.79% 2.34% % % % 40 BBgBarc US Aggregate TR % % % % 1 Tracking Error Tracking Error Rank 35 September 30, 2017

187 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Fund Risk Statistics % of Tot Anlzd Ret Anlzd Ret Rk Anlzd Std Dev Anlzd Std Dev Rk Anlzd AJ Anlzd AJ RK Sharpe Ratio Sharpe Rk Sortino Ratio RF Sortino RF Rk Emerging Market Debt 3.19% % JPM GBI-EM GD/25% JPM EMBI GD/25% JPM Corp % % % % 1 Broad TIPS 3.70% -0.03% % % % 31 TIPS Custom Benchmark % % % % 1 REITs 3.85% 7.95% % % % 1 REITs Custom Benchmark % % % % 1 Real Estate 5.73% 11.11% % % % -- NCREIF ODCE Net Qtr Lag % % % % -- Private Equity 5.14% 10.26% % % % -- Dow Jones US Total Stock Market +3% (1 Quarter Lag) % % % % -- Opportunity Fund 0.57% 8.40% % % % -- Opportunity Fund Custom Benchmark % % % % -- Hedge Funds 4.94% Month LIBOR + 5% % % % % 1 Commodities 1.86% Bloomberg Commodity Index % % % % -- Cash 0.72% 0.35% % % % Day T-Bills % % % % -- XXXXX Tracking Error Tracking Error Rank September 30,

188 Exhibit 14 State Universities Retirement System of Illinois DB Plan Private Real Estate Q Performance SURS experienced a positive quarter, with a nominal IRR of 1.74%, and 7.46% for the trailing twelve months. The annualized IRR of the SURS Private Markets Real Estate portfolio since inception was 5.87% at quarter end. The following is a comparison of the trailing period performance of the SURS Private Markets Real Estate program to NCREIF NPI, NCREIF ODCE and NAREIT Real Estate indices. Since inception, the Total Value to Paid In multiple (current valuation plus cumulative distributions, divided by total capital calls) was As of June 30, 2017 SURS had commitments totaling $1, million to 14 Private Markets Real Estate funds. Of the total 14 funds in the SURS Private Markets Real Estate portfolio, 6 funds are in the investing stage, 4 funds are in the harvesting stage, 1 completed fund and 3 funds have an open ended structure. 37 September 30, 2017

189 Exhibit 14 State Universities Retirement System of Illinois DB Plan Infrastructure Q Performance SURS experienced a negative quarter, having a nominal IRR of (1.32%) for the quarter. The annualized IRR of the Real Assets portfolio since inception was 7.06% at quarter end. Since inception, the Total Value to Paid In multiple (current valuation plus cumulative distributions, divided by total capital calls) was As of June 30, 2017, SURS had gross commitments totaling $130.0 million to 3 Real Assets funds. Of the 3 funds, 1 fund is in the investing stage and 2 funds are in the harvesting stage. 38 September 30, 2017

190 Exhibit 14 State Universities Retirement System of Illinois DB Plan Private Equity Q Performance SURS experienced a positive quarter, having a nominal IRR of 2.79% for the quarter. The annualized IRR of the private markets portfolio since inception was 19.98% at quarter end. Since inception, the Total Value to Paid In multiple (current valuation plus cumulative distributions, divided by total capital calls) was As of June 30, 2017, SURS had gross commitments totaling $3, million to 38 private markets funds. Of the 38 funds, 12 funds are in the investing stage, 20 funds are in the harvesting stage, 4 funds are liquidating and 2 funds have been completed. 39 September 30, 2017

191 Exhibit 14 State Universities Retirement System of Illinois DB Plan Private Equity Q Performance September 30,

192 Exhibit 14 State Universities Retirement System of Illinois DB Plan Total Public Equity Characteristics Portfolio MSCI ACWI Number of Holdings 5,738 2,491 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta R-Squared Regional Allocation Total Public Equity MSCI ACWI Region Weighting North America ex U.S United States Europe Ex U.K United Kingdom Pacific Basin Ex Japan Japan Emerging Markets Other September 30,

193 Exhibit 14 State Universities Retirement System of Illinois DB Plan Global Equity Characteristics Portfolio MSCI ACWI Number of Holdings 503 2,491 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta R-Squared Regional Allocation Global Equity MSCI ACWI Region Weighting North America ex U.S United States Europe Ex U.K United Kingdom Pacific Basin Ex Japan Japan Emerging Markets Other September 30,

194 Exhibit 14 State Universities Retirement System of Illinois DB Plan Domestic Equity Characteristics Dow Jones U.S. Portfolio Total Stock Market Number of Holdings 3,153 3,811 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta R-Squared September 30,

195 Exhibit 14 State Universities Retirement System of Illinois DB Plan Non - US Equity Characteristics MSCI ACWI ex Portfolio USA Number of Holdings 2,082 1,859 Weighted Avg. Market Cap. ($B) Median Market Cap. ($B) Price To Earnings Price To Book Price To Sales Return on Equity (%) Yield (%) Beta R-Squared Regional Allocation Total Non US Equity MSCI ACWI ex USA Region Weighting North America ex U.S United States Europe Ex U.K United Kingdom Pacific Basin Ex Japan Japan Emerging Markets Other September 30,

196 Exhibit 14 State Universities Retirement System of Illinois DB Plan Fixed Income Other denotes derivatives contracts Negative numbers represent short positions September 30,

197 Exhibit 14 Manager Updates 46

198 Exhibit 14 State Universities Retirement System of Illinois DB Plan Due Diligence Monitor The items below summarize any changes or announcements from your Plan managers/funds. A Yes indicates there was an announcement and a summary is provided separately. NEPC s Due Diligence Committee meets every two weeks to review events as they relate to investment managers and determines if any action should be taken by NEPC and/or by our clients. They rate events: No Action, Watch, Hold, Client Review or Terminate. NEPC considers ourselves to be a fiduciary, as ERISA defines the term in Section 3(21). Manager/Fund Strategy Colchester Global Investors Limited BlueBay Emerging Market Manager Changes/ Announcements (Recent Quarter) Colchester Global Investors Limited announced the addition of Carl Roberts to the Emerging Markets Debt team as a portfolio manager. Mr. Roberts left Pictet Asset Management over the summer and joined Colchester on July 31. Colchester does not formally announce the addition of new employees until they have completed their three month probationary period. Bluebay has gone through a long period of struggle. Instability continues, from recent top management transition at the firm level (CEO and board), to continued team turnover even though more mid-level fires and hires and not high level decision making personnel, this attempt at changing blood and process enhancement to date has not worked. Underperformance persists, and asset outflows specifically in EM Select remain at an alarming rate. NEPC Due Diligence Committee Recommendations No action Hold A legend key to our recommendations is provided below. NEPC Due Diligence Committee Recommendation Key No Action Watch Hold Client Review Terminate Informational items have surfaced; no action is recommended. Issues have surfaced to be concerned over; manager can participate in future searches, but current and prospective clients must be made aware of the issues. Serious issues have surfaced to be concerned over; manager cannot be in future searches unless a client specifically requests, but current and prospective clients must be made aware of the issues. Very serious issues have surfaced with a manager; manager cannot be in future searches unless a client specifically requests. Current clients must be advised to review the manager. We have lost all confidence in the product; manager would not be recommended for searches and clients would be discouraged from using. The manager cannot be in future searches unless a client specifically requests. Current clients must be advised to replace the manager. September 30,

199 Exhibit 14 Appendix 48

200 Exhibit 14 Information Disclaimer and Reporting Methodology Information Disclaimer Past performance is no guarantee of future results. All investments carry some level of risk. Diversification and other asset allocation techniques are not guaranteed to ensure profit or protect against losses. NEPC s source for portfolio pricing, calculation of accruals, and transaction information is the plan s custodian bank. Information on market indices and security characteristics is received from other sources external to NEPC. While NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within. Some index returns displayed in this report or used in calculation of a policy, allocation or custom benchmark may be preliminary and subject to change. This report is provided as a management aid for the client s internal use only. Information contained in this report does not constitute a recommendation by NEPC. This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it. Reporting Methodology The client s custodian bank is NEPC s preferred data source unless otherwise directed. NEPC generally reconciles custodian data to manager data. If the custodian cannot provide accurate data, manager data may be used. Trailing time period returns are determined by geometrically linking the holding period returns, from the first full month after inception to the report date. Rates of return are annualized when the time period is longer than a year. Performance is presented gross and/or net of manager fees as indicated on each page. For managers funded in the middle of a month, the since inception return will start with the first full month, although actual inception dates and cash flows are taken into account in all Composite calculations. This report may contain forward-looking statements that are based on NEPC s estimates, opinions and beliefs, but NEPC cannot guarantee that any plan will achieve its targeted return or meet other goals. 49

201 Exhibit 15 To: Investment Committee From: Investment Staff Date: November 24, 2017 Re: General Consulting Search Update Search Update At the October 2017 Investment Committee meeting the Board approved the recommendation to conduct a search for defined benefit general consulting services. The Request for Proposal (RFP) was developed by SURS Staff and advertised on the website of Pensions & Investments and in its October 30 print edition, along with being noticed as required in the State newspaper, and posted to the SURS website beginning October 23. Timeline The anticipated timeline for the search process is as follows: Date October 19, 2017 October 23, 2017 November 2, 2017 November 10, 2017 November 21, 2017 Dec 2017/Jan 2018 January 16-17, 2018 February 1, 2018 Proposed Timeline for the Search Item Quiet Period Begins Dissemination of RFP Deadline for questions to SURS Responses to questions submitted to SURS RFP responses due by 4:30 pm CT Identify firms for further consideration Candidate interviews Finalist presentations to SURS Board of Trustees Update Staff received 4 responses from consulting firms by the November 21 deadline. in the process of reviewing the responses. The respondents are as follows: Staff is currently Consultant Name Pension Consulting Alliance NEPC Meketa Investment Group Aon Hewitt Investment Consulting Headquarters Portland, OR Boston, MA Westwood, MA Chicago, IL Interviews with the firms are scheduled for January 16-17, 2018 in Chicago. Trustees are invited to attend; if interested, please contact staff for additional details.

202 Exhibit 15 Quiet Period Please note that the Quiet Period will remain in effect until a selection has been made by the Board and accepted by the service provider. A copy of the Quiet Period Policy Guidelines follows. Quiet Period Policy Guidelines The Quiet Period Policy is intended to establish guidelines by which Board Members and Staff will communicate with prospective service providers during the search process. The objectives of the policy are to ensure that prospective service providers competing to become employed by SURS have equal access to information regarding the search parameters; communications related to the selection are consistent and accurate; and the process of selecting service providers is efficient, diligent, and fair. The following guidelines will be instituted during a search process for a service provider: A quiet period will commence upon Committee action (or Board action if the selection is not initiated through a Committee) to authorize a search for a service provider and end once a selection has been made by the Board and accepted by the service provider; Initiation, continuation and conclusion of the quiet period shall be publicly communicated to prevent inadvertent violations; All Board members, and Staff not directly involved in the search process, shall refrain from communicating with service provider candidates regarding any product or service related to the search offered by the candidate throughout the quiet period and shall refrain from accepting meals, travel, hotel, or other value from the candidates; Throughout the quiet period, if any Board member is contacted by a candidate, the Board member shall refer the candidate to SURS Consultant or Staff directly involved in the search process; All authority related to the search process shall be exercised solely by the relevant Committee or Board as a whole, and not by individual Board Members; All information related to the search process shall be communicated by the SURS Consultant and Staff to the relevant Committee or Board as a whole, and not to individual Board Members; The quiet period does not prevent Board approved due diligence, client conference attendance or communications with an existing service provider that happens to be a candidate in the ordinary course of services provided by such service provider; however, discussions related to the pending selection shall be avoided during those activities; The provisions of this policy will apply to service provider candidates throughout the quiet period and shall be communicated to candidates in conjunction with any competitive proposal process; and A service provider may be disqualified from a search process for a knowing violation of this policy.

203 Exhibit 16 To: Investment Committee From: Investment Staff Date: November 24, 2017 Re: Defined Contribution Consultant Search Update Search Update At the October 2017 Investment Committee meeting the Board approved the recommendation to conduct a search for defined contribution consulting services. The Request for Proposal (RFP) was developed by SURS Staff and advertised on the website of Pensions & Investments and in its October 30, 2017 print edition, along with being noticed as required in the State newspaper, and posted to the SURS website beginning October 27, Timeline The anticipated timeline for the search process is as follows: Date October 19, 2017 October 27, 2017 November 17, 2017 November 24, 2017 December 1, 2017 December 22, 2017 January 2018 Week of February 2, 2018 March 8, 2018 Proposed Timeline for the Search Item Quiet Period Begins Dissemination of RFP Bidder s Conference Deadline for questions to SURS Responses to questions submitted to SURS RFP responses due by 4:30 pm CT Identify firms for further consideration Interviews with selected firms Finalist presentations to SURS Board of Trustees Update Staff conducted an optional bidder s conference on November 17, 2017 at SURS office in Champaign to discuss current and anticipated needs in the defined contribution space and give respondents an initial opportunity to ask questions. Respondents were able to participate either by phone or in person. Four different firms participated in the conference. The next step in the process is to give firms the opportunity to submit questions in writing. The deadline for questions is November 24, Staff will respond to questions by December 1, RFP responses are due December 22, Interviews with semi-finalist firms are expected to be conducted during the week of February 2, 2018 at SURS office in Champaign. Trustees are invited to attend; if interested, please contact staff for additional details.

204 Exhibit 16 Quiet Period Please note that the Quiet Period will remain in effect until a selection has been made by the Board and accepted by the service provider. A copy of the Quiet Period Policy Guidelines follows. Quiet Period Policy Guidelines The Quiet Period Policy is intended to establish guidelines by which Board Members and Staff will communicate with prospective service providers during the search process. The objectives of the policy are to ensure that prospective service providers competing to become employed by SURS have equal access to information regarding the search parameters; communications related to the selection are consistent and accurate; and the process of selecting service providers is efficient, diligent, and fair. The following guidelines will be instituted during a search process for a service provider: A quiet period will commence upon Committee action (or Board action if the selection is not initiated through a Committee) to authorize a search for a service provider and end once a selection has been made by the Board and accepted by the service provider; Initiation, continuation and conclusion of the quiet period shall be publicly communicated to prevent inadvertent violations; All Board members, and Staff not directly involved in the search process, shall refrain from communicating with service provider candidates regarding any product or service related to the search offered by the candidate throughout the quiet period and shall refrain from accepting meals, travel, hotel, or other value from the candidates; Throughout the quiet period, if any Board member is contacted by a candidate, the Board member shall refer the candidate to SURS Consultant or Staff directly involved in the search process; All authority related to the search process shall be exercised solely by the relevant Committee or Board as a whole, and not by individual Board Members; All information related to the search process shall be communicated by the SURS Consultant and Staff to the relevant Committee or Board as a whole, and not to individual Board Members; The quiet period does not prevent Board approved due diligence, client conference attendance or communications with an existing service provider that happens to be a candidate in the ordinary course of services provided by such service provider; however, discussions related to the pending selection shall be avoided during those activities; The provisions of this policy will apply to service provider candidates throughout the quiet period and shall be communicated to candidates in conjunction with any competitive proposal process; and A service provider may be disqualified from a search process for a knowing violation of this policy.

205 Manager Status Review Quarter Ended September 30, 2017 Exhibit 17

206 Exhibit 17 Manager Status Criteria Based on the SURS Investment Policy, adopted June 9, 2017, managers of marketable securities will be categorized in one of three ways based on investment performance. Good Standing: A Manager s three (3) year and five (5) year rolling Annualized Alpha (net of fees) each exceed their Active Manager Premiums (AMPs) for such periods. Managers with less than a five (5) year performance history will be considered in Good Standing. Enhanced Review: A Manager s three (3) year or five (5) year rolling Annualized Alphas (net of fees) are above their respective Benchmarks but below their AMPs. Reassessment: A Manager s (i) three (3) year and five (5) year rolling Annualized Alphas (net of fees) are below their respective Benchmarks for the preceding two consecutive quarters, and (ii) three (3) year and five (5) year Information Ratios are negative for the preceding two consecutive quarters; or other performance metrics reflect a significant negative trend.

207 Exhibit 17 Manager Status Review U.S. Equity Managers Manager Strategy Status CastleArk U.S. Smallcap Growth Enhanced Review Mesirow U.S. Smallcap Core Enhanced Review EARNEST U.S. Midcap Core Enhanced Review Channing U.S. Midcap Value Enhanced Review T. Rowe Price Piedmont Large Cap Structured Active U.S. Equity Large Cap Structured Active U.S. Equity Non U.S. Equity Managers Enhanced Review Good Standing Manager Strategy Status Ativo All Cap Non US Equity Enhanced Review Fidelity Structured Active Non US Equity Enhanced Review GlobeFlex All Cap Non US Equity Good Standing Progress Strategic Global Advisors BlackRock Large Cap Non US Developed Large Cap Non US Developed Structured Active Non US Equity Good Standing Good Standing Good Standing

208 Exhibit 17 Manager Status Review Global Equity Managers Manager Strategy Status Mondrian Global Equity Enhanced Review Wellington Global Equity Enhanced Review T. Rower Price Global Equity Good Standing Core Fixed Income Managers Manager Strategy Status Garcia Hamilton Core Fixed Income Enhanced Review Pugh Core Fixed Income Enhanced Review Smith Graham Core Fixed Income Enhanced Review LM Core Plus Fixed Income Enhanced Review PIMCO Total Return Core Plus Fixed Income Enhanced Review TCW Core Plus Fixed Income Enhanced Review Progress Core Fixed Income Good Standing Neuberger Berman Core Plus Fixed Income Good Standing PIMCO Unconstrained Absolute Return Fixed Income Good Standing

209 Exhibit 17 Manager Status Review Emerging Market Debt Managers Manager Strategy Status BlueBay EM Debt Good Standing Colchester EM Debt Good Standing Progress EM Debt Good Standing Prudential EM Debt Good Standing

210 Exhibit 18 SURS Total US Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SURS Total Equity Dow Jones Total US Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) (2.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Three Year Rolling Performance Statistics as of: Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Alpha Tracking Error

211 Exhibit 18 evestment All US Equity Universe Information as of September 30, 2017 Excess Return - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822 Annualized Alpha - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822 Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822 Treynor Ratio - using Dow Jones US Total Market and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822 Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,384 3,262 3,042 2,822 Tracking Error - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822 Information Ratio - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822 Upside Market Capture - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822 Downside Market Capture - using Dow Jones US Total Market Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 3,385 3,262 3,042 2,822

212 Exhibit 18 CastleArk Management / Small Cap Growth U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12) Product Return (Gross) Product Return (Net) Annualized Fees Russell 2000 Growth Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep 12) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3 year Excess Return vs. Benchmark (1.0) (2.0) (3.0) (4.0) (5.0) (6.0) 3 yr 3 year Alpha AMP Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.5) (1.0) Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

213 Exhibit 18 Mesirow Financial / Small Cap U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11) Product Return (Gross) Product Return (Net) Annualized Fees Russell Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.5) (1.0) (1.5) (2.0) May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

214 Exhibit 18 EARNEST Partners / Midcap Core U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11) Product Return (Gross) Product Return (Net) Annualized Fees Russell Midcap Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) (4.0) (5.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep (0.5) (1.0) (1.5) Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (2.0) Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

215 Exhibit 18 Channing Capital / Midcap Value September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr-05) Product Return (Gross) Product Return (Net) Annualized Fees Russell Midcap Value Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (2.0) (4.0) (6.0) (8.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 1.00 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (1.0) (2.0) (3.0) (4.0) (5.0) Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Status Enhanced Review

216 Exhibit 18 T. Rowe Price Structured Research Strategy / Structured Active U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08) Product Return (Gross) Product Return (Net) Annualized Fees S&P Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Apr 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.2) (0.4) (0.6) (0.8) (1.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha 0.75 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13 Sep 13 Nov 13 Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Mar 16 May 16 Jul 16 Sep 16 Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.2) (0.4) (0.6) Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Enhanced Review

217 Exhibit 18 Piedmont Investment Advisors / Large Cap Structured Active U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08) Product Return (Gross) Product Return (Net) Annualized Fees S&P Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP (2.0) Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul (0.2) (0.4) (0.6) (0.8) (1.0) Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Good Standing

218 Exhibit 18 SURS Total Non US Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Total Non-US Equity MSCI ACWI ex US Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) (1.5) (2.0) (2.5) (3.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) Three Year Rolling Performance Statistics as of: Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Alpha Tracking Error

219 Exhibit 18 evestment All ACWI ex US Equity Universe Information as of September 30, 2017 Excess Return - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Annualized Alpha - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Treynor Ratio - using ACWI ex US and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Tracking Error - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Information Ratio - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Upside Market Capture - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Downside Market Capture - using ACWI ex US Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations

220 Exhibit 18 Ativo / ACWI ex US September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08) Product Return (Gross) Product Return (Net) Annualized Fees Bench Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jul 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Jun 11 Aug 11 Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager status Current Quarter Prior Quarter Enhanced Review

221 Exhibit 18 Fidelity Select International Plus / Non U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Product Return (Gross) Product Return (Net) Annualized Fees MSCI ACWI ex-us Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.2) Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

222 Exhibit 18 GlobeFlex Capital/ Non-U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec-11) Product Return (Gross) Product Return (Net) Annualized Fee MSCI ACWI ex-us Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Rolling 5-year Excess Return vs. Benchmark yr 5 year Alpha 2.00 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Status Good Standing

223 Exhibit 18 Progress Investments / Non-US Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (May-08) Product Return (Gross) Product Return (Net) Annualized Fee MSCI EAFE Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha - Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Watchlist Good Standing

224 Exhibit 18 Strategic Global Advisors / Non-U.S. Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Sep-08) Product Return Gross Product Return Net Annualized Fee MSCI EAFE Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (incep date) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Status Good Standing

225 Exhibit 18 BTC Intl Alpha Tilts Non US Structured Active September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03) Product Return (Gross) Product Return (Net) Annualized Fees MSCI EAFE Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 03) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha 1.50 Dec 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) Sep 08 Dec 08 Mar 09 Jun 09 Sep 09 Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Good Standing

226 Exhibit 18 SURS Total Global Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Total Global Equity MSCI ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha Dec 09 Mar 10 Jun 10 Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) (2.0) Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Three Year Rolling Performance Statistics as of: Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Alpha Tracking Error

227 Exhibit 18 evestment All Global Equity Universe Information as of September 30, 2017 Excess Return - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1, Annualized Alpha - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1, Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1, Treynor Ratio - using ACWI and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1, Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,319 1,226 1, Tracking Error - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1, Information Ratio - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1, Upside Market Capture - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1, Downside Market Capture - using ACWI Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations 1,329 1,226 1,

228 Exhibit 18 Mondrian / Global Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Product Return (Gross) Product Return (Net) Annualized Fees MSCI ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) (4.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha (0.5) (1.0) (1.5) Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Enhanced Review

229 Exhibit 18 Wellington Global Research Equity / Global Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02) Product Return (Gross) Product Return (Net) Annualized Fees Custom / MSCI ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jun 02) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3-year Excess Return vs. Benchmark 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Benchmark 5 yr 5 year Alpha AMP (0.5) (1.0) (1.5) (2.0) Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Enhanced Review

230 Exhibit 18 T. Rowe Price Global Focused Growth / Global Equity September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08) Product Return (Gross) Product Return (Net) Annualized Fees ACWI Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Nov 08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (2.0) (4.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha 2.00 Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha (1.0) Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Status Current Quarter Prior Quarter Good Standing

231 Exhibit 18 SURS Total Core Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86) SURS Total Core Fixed Income (Net) Bloomberg Barclays Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/86) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Three Year Rolling Performance Statistics as of: Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Alpha Tracking Error

232 Exhibit 18 evestment US Core Fixed Income Universe Information as of September 30, 2017 Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Treynor Ratio - using Bloomberg Barclays US Aggregate and Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Tracking Error - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Information Ratio - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Upside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Downside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Excess Return - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Annualized Alpha - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations

233 Exhibit 18 evestment US Core Plus Fixed Income Universe Information as of September 30, 2017 Sharpe Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Treynor Ratio - using Bloomberg Barclays US Aggregate and Citigroup 3-Month T-Bi Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Sortino Ratio - using Citigroup 3-Month T-Bill Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Tracking Error - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Information Ratio - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Upside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Downside Market Capture - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Excess Return - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations Annualized Alpha - using Bloomberg Barclays US Aggregate Percentiles 1 Year 3 Years 5 Years 7 Years 25th Percentile Median th Percentile Observations

234 Exhibit 18 Garcia Hamilton/Core Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (03/09) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (03/09) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (03/09) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

235 Exhibit 18 Pugh Capital Management/Core Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

236 Exhibit 18 Smith Graham/Core Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/06) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

237 Exhibit 18 LM/Core Plus Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/11) Product Return (Gross) Product Return (Net) Annualized Fee BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.2) (0.4) Rolling 3-year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP (0.6) Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun Rolling 5-year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP - Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs 5yr Alpha vs AMP AMP Current Quarter Prior Quarter Status Enhanced Review

238 Exhibit 18 PIMCO Total Return/Core Plus Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/85) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/85) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (06/85) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

239 Exhibit 18 TCW/Core Plus Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (11/01) Product Return (Gross) Product Return (Net) Annualized Fees BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (11/01) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (11/01) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Manager Status Enhanced Review

240 Exhibit 18 Progress/Core Fixed Income September 30, 2017 Performance Analysis (Net of fees since Inception Date of May-08) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (05/08) Product Return (Gross) Product Return (Net) Annualized Fee BC Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (05/08) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (05/08) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.2) (0.4) Rolling 3-year Excess Return vs. Barclays Capital Aggregate Index 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Barclays Capital Aggregate Index 5 yr 5 year Alpha AMP - Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Watchlist Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Excess vs 5yr Excess vs AMP AMP Current Quarter Prior Quarter Status Good Standing

241 Exhibit 18 Neuberger Berman / Core Plus Fixed Income September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11) Product Return (Gross) Product Return (Net) Annualized Fees Bloomberg Barclays US Agg Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Jan 11) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha 0.70 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha 0.70 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Good Standing

242 Exhibit 18 PIMCO Unconstrained/Absolute Return Fixed Income September 30, 2017 Performance Analysis (Composite Data) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (10/07) Product Return (Gross) Product Return (Net) Annualized Fees LIBOR (3 Month) Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (10/07) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (10/07) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Status Evaluation: 3yr Alpha 5yr Alpha AMP Current Quarter 3.00 Prior Quarter 3.00 SURS Inception Date = May yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Good Standing

243 Exhibit 18 BlueBay EM Debt Select Composite Data, Gross of Fees September 30, 2017 Performance Analysis (Composite Data Gross of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 06) Product Return Custom EMD Benchmark Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 06) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (Dec 06) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (1.0) (2.0) (3.0) Rolling 3 year Excess Return vs. Benchmark 3 yr 3 year Alpha 0.50 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Feb 11 Apr 11 Jun 11 Aug 11 Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug (1.0) (2.0) Rolling 5 year Excess Return vs. Benchmark 5 yr 5 year Alpha 0.50 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Oct 14 Dec 14 Feb 15 Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. AMP 5yr Alpha vs. AMP Manager Status Current Quarter Prior Quarter Good Standing

244 Exhibit 18 Colchester Local Markets Debt Fund Composite Data, Gross of Fees September 30, 2017 Performance Analysis (Composite Data Gross of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/09) Product Return (Gross) Product Return (Net Composite Not Availiable) Annualized Fees JPM GBI-EM Global Div Unhedged Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/09) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (01/09) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter SURS Inception Date = April 2015 Manager Status Good Standing

245 Exhibit 18 Progress Investment Management - EM Debt - Net of Fees September 30, 2017 Performance Analysis (Net of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/15) Product Return (Gross of Fees) Product Return (Net of Fees) JPM Corp EM Bond Index - Broad Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/15) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (04/15) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture Rolling 3-year Excess Return vs. JPM Corp EM Bond Index 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. JPM Corp EM Bond Index 5 yr 5 year Alpha AMP - Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Status Evaluation: 3yr Alpha 5yr Alpha AMP 3yr Excess vs 5yr Excess vs AMP AMP Current Quarter Prior Quarter Status Good Standing

246 Exhibit 18 Prudential EM Debt Blend - Composite Data, Gross of Fees September 30, 2017 Performance Analysis (Composite Data Gross of Fees) Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (07/15) Product Return % JPM EMBI / 50% JPM GBI-EM Excess Returns Annualized Alpha (Risk Adjusted Excess Return) Active Manager Premium Excess Risk Adjusted Returns Risk And Regression Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (12/07) Standard Deviation Standard Deviation - Benchmark Beta R-Squared Efficiency Measures Description 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr SI (12/07) Sharpe Ratio Treynor Ratio Sortino Ratio Tracking Error Information Ratio Upside Market Capture Downside Market Capture (0.5) (1.0) Rolling 3-year Excess Return vs. Custom EMD Benchmark 3 yr 3 year Alpha AMP Rolling 5-year Excess Return vs. Custom EMD Benchmark 5 yr 5 year Alpha AMP Status Evaluation: 3 yr Alpha 5 yr Alpha AMP 3yr Alpha vs. 5yr Alpha vs. AMP AMP Current Quarter Prior Quarter Status Good Standing

247 19 CastleArk Management, LLC Exhibit 11/20/2017 CastleArk Small Company Growth Firm Overview Firm Information Address 1 N. Wacker Drive Address Suite 3950 City Chicago State/Province Illinois Zip/Postal Code Country United States Website CastleArk.com Phone Year Founded 1999 Firm Key Facts AUM $3, Accounts 44 Portfolio Mgrs/Dual Role PMs 6 Analysts 7 % Employee Owned % Total Employees 32 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $3, Total 44 Taxable $17.00 Taxable 3 Tax-Exempt $3, Tax-Exempt 41 Institutional $3, Institutional 41 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned 11.00% % Female Owned 2.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $37.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 6 $ in Millions (MRQ) $29.00 $ in Millions (1 Year) $ % of Assets 0.82% Marketing Contact Info First Name CastleArk Last Name Marketing Phone marketing@castleark.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background CastleArk Management, LLC CastleArk Management LLC was founded in March 1999 and has been 100% employee owned since inception. In April 2012, Jerry Castellini entered into an agreement with co-founder, Ed Clark, to purchase his 50% stake over a five year period. At the end of 2012, Castellini also established an employee ownership plan to distribute 18% of the common equity to four key investment professionals: Robert Takazawa, Quentin Ostrowski, Jim Stark and Greg Baxter. In December 2014, Kevin Dolsen, Joan Rockey and Nora Walsh became equity holders. The number of employee owners has expanded to eight over the past several years and is expected to continue to grow over time, with an objective to reduce Jerry Castellini s stake to under 50% by evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

248 19 CastleArk Management, LLC Exhibit 11/20/2017 CastleArk Small Company Growth Product Overview Product Facts Primary Universe evestment US Small Cap Growth Equity Geographic Region United States Inception Date 06/01/2007 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Small Cap Primary Equity Style Emphasis Growth Preferred Benchmark Russell 2000 Growth Accounts 12 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 12 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 12 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 3 Avg Yrs Exp 5.00 Avg Yrs w/firm 4.00 Team Description Traders 2 Avg Yrs Exp 9.00 Avg Yrs w/firm 9.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 1 Product Characteristics Strategy Snapshot Primary Equity Capitalization Small Cap Primary Equity Style Emphasis Growth Preferred Benchmark Russell 2000 Growth Secondary Equity Style Emphasis Pure Growth Current # of Holdings 108 Foreign Securities Utilized? No Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts 0.00% Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.80% Annual Turnover (LTM) % Current P/E (12 mo Trailing) Current P/B 4.11 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) 12.85% Wgtd. Avg. Mkt. Cap $2,783 Median Mkt. Cap $2,481 Market Capitalization Breakdown >$50 Billion 0.00% $15-50 Billion 0.00% $ Billion 0.42% $ Billion 76.26% $ Billion 17.83% $ Million 5.24% <$400 Million 0.25% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 0.00% Energy 1.61% Financials 9.56% Health Care 21.63% Industrials 21.63% Technology 23.24% Materials 3.32% Telecom 4.02% Utilities 0.00% Other 0.00% Real Estate 1.01% Product- Account Types Corporate 2 Superannuation 0 Public Fund 6 Union/Multi-Employer 2 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 2 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

249 19 Mesirow Exhibit 11/20/2017 Small Cap Value Equity Firm Overview Firm Information Address 353 North Clark Street Address --- City Chicago State/Province Illinois Zip/Postal Code Country United States Website Phone Year Founded 1974 Firm Key Facts AUM $111, Accounts 9973 Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned 93.00% Total Employees --- Legal Structure Private Corporation Account and AUM Information AUM Accounts Total $111, Total 9973 Taxable --- Taxable --- Tax-Exempt --- Tax-Exempt --- Institutional --- Institutional --- Ownership and Compliance Information Ownership Info % Employee Owned 93.00% % Parent Owned --- % Publicly Held 0.00% % Minority Owned 31.30% % Female Owned 7.10% Accts Gained # of Accts (MRQ) 12 # of Accts (1 Year) 62 $ in Millions (MRQ) $ $ in Millions (1 Year) $5, % of Assets 0.80% Accts Lost # of Accts (MRQ) 34 # of Accts (1 Year) 40 $ in Millions (MRQ) $ $ in Millions (1 Year) $1, % of Assets 0.26% Marketing Contact Info First Name James Last Name Kilbane Phone jkilbane@mesirowfinancial.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Mesirow Mesirow Financial Holdings, Inc. is a Chicago-based diversified financial services firm of approximately 600 employees with a global reach, resources and capabilities. The firm was founded in 1937 when Norman Mesirow purchased a seat on the New York Stock Exchange (NYSE). Since then, we have become a leading provider of financial services known for independent minds and innovative solutions. Mesirow Financial s Investment Management Division had $33.0 billion in assets under management, and an additional $70.4 billion in currency risk management assets as of June 30, The other assets are managed across several departments, including: Fixed Income, Equity Management, Institutional Real Estate Direct Investments, Private Equity (Direct and Fund of Funds), Advanced Strategies (hedge fund strategies), Investment Strategies, Investment Advisory and Retirement Plan Advisory. Mesirow Financial Investment Management, Inc. (MFIM) was started in 1974 to provide asset management to institutional investors and high net worth individuals. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

250 19 Mesirow Exhibit 11/20/2017 Small Cap Value Equity Product Overview Product Facts Primary Universe evestment US Small Cap Value Equity Geographic Region United States Inception Date 07/01/1994 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Small Cap Primary Equity Style Emphasis Value Preferred Benchmark Russell 2000 Value Accounts 18 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 18 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 18 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp Avg Yrs w/firm 1.00 Research Analysts 5 Avg Yrs Exp Avg Yrs w/firm 1.00 Team Description Traders 3 Avg Yrs Exp Avg Yrs w/firm 1.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.45 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $4.70 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 1 Lost (2013) 0 Gained (MRQ) 1 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Small Cap Primary Equity Style Emphasis Value Preferred Benchmark Russell 2000 Value Secondary Equity Style Emphasis Relative Value Current # of Holdings 82 Foreign Securities Utilized? No Approach Towards Currency Hedging Not Used % Hedged to Local Currency 0.00% Max % Allowed in Emerging Mkts 0.00% Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 3.35% Annual Turnover (LTM) 95.53% Current P/E (12 mo Trailing) Current P/B 2.10 Current P/S (12 mo Trailing) 1.50 Earnings Growth (Past 5 Yrs) 11.10% Wgtd. Avg. Mkt. Cap $2,910 Median Mkt. Cap $2,719 Market Capitalization Breakdown >$50 Billion 0.00% $15-50 Billion 0.00% $ Billion 0.00% $ Billion 90.24% $ Billion 9.76% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 2.46% Energy 3.84% Financials 22.43% Health Care 9.38% Industrials 19.13% Technology 15.73% Materials 4.61% Telecom 0.00% Utilities 5.68% Other 0.00% Real Estate 6.56% Product- Account Types Corporate 1 Superannuation 0 Public Fund 9 Union/Multi-Employer 3 Found. & Endow. 3 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 2 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

251 19 EARNEST Partners, LLC Exhibit 11/20/2017 Mid Cap Core Firm Overview Firm Information Address 1180 Peachtree St. Address Suite 2300 City Atlanta State/Province Georgia Zip/Postal Code Country United States Website Phone Year Founded 1998 Firm Key Facts AUM $21, Accounts 215 Portfolio Mgrs/Dual Role PMs 16 Analysts --- % Employee Owned % Total Employees 45 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $21, Total 215 Taxable $5, Taxable 50 Tax-Exempt $15, Tax-Exempt 165 Institutional $21, Institutional 215 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 60.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 2 # of Accts (1 Year) 7 $ in Millions (MRQ) $14.00 $ in Millions (1 Year) $ % of Assets 0.07% Accts Lost # of Accts (MRQ) 4 # of Accts (1 Year) 20 $ in Millions (MRQ) $ $ in Millions (1 Year) $1, % of Assets 1.53% Marketing Contact Info First Name Patmon Last Name Malcom Phone patmonmalcom@earnestpartners.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Atlanta Georgia Beijing China Centro - Rio de Janeiro Brazil Jackson United States Firm Background Narrative Firm Background EARNEST Partners, LLC The firm was founded and registered with the SEC evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

252 19 EARNEST Partners, LLC Exhibit 11/20/2017 Mid Cap Core Product Overview Product Facts Primary Universe evestment US Mid Cap Core Equity Geographic Region United States Inception Date 11/01/2003 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Core Preferred Benchmark Russell MidCap Accounts 17 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 17 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 17 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 3 $ in Millions (MRQ) --- $ in Millions (1 Year) $ % of Assets --- Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Analyst Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Product Characteristics Strategy Snapshot Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Core Preferred Benchmark Russell MidCap Secondary Equity Style Emphasis --- Current # of Holdings --- Foreign Securities Utilized? --- Approach Towards Currency Hedging --- % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) --- Current P/E (12 mo Trailing) --- Current P/B --- Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap --- Median Mkt. Cap --- Market Capitalization Breakdown >$50 Billion --- $15-50 Billion --- $ Billion --- $ Billion --- $ Billion --- $ Million --- <$400 Million --- Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. --- Consumer Staples --- Energy --- Financials --- Health Care --- Industrials --- Technology --- Materials --- Telecom --- Utilities --- Other --- Real Estate --- Product- Account Types Corporate 2 Superannuation 0 Public Fund 7 Union/Multi-Employer 7 Found. & Endow. 1 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

253 19 Channing Capital Management, LLC Exhibit 11/20/2017 Channing Mid-Cap Value Firm Overview Firm Information Address 10 South LaSalle Street, Suite 2401 Address --- City Chicago State/Province Illinois Zip/Postal Code Country United States Website Phone Year Founded 2003 Firm Key Facts AUM $2, Accounts 49 Portfolio Mgrs/Dual Role PMs 4 Analysts 2 % Employee Owned 94.00% Total Employees 17 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $2, Total 49 Taxable $ Taxable 2 Tax-Exempt $2, Tax-Exempt 47 Institutional $2, Institutional 48 Ownership and Compliance Information Ownership Info % Employee Owned 94.00% % Parent Owned --- % Publicly Held --- % Minority Owned % % Female Owned --- Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 11 $ in Millions (MRQ) $3.09 $ in Millions (1 Year) $ % of Assets 0.11% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 2 $ in Millions (MRQ) $34.80 $ in Millions (1 Year) $84.20 % of Assets 1.22% Marketing Contact Info First Name Rodney Last Name Herenton Phone rherenton@channingcapital.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City Atlanta Secondary Office #1: State United States Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Channing Capital Management, LLC Channing Capital Management, LCC (Channing) was founded in 2003 and became a SEC registered investment advisory firm on September 26, The firm was incorporated in the State of Delaware on August 8, 2003, and is a limited liability company. Eric T. McKissack, Wendell E. Mackey and Rodney B. Herenton are the founding partners of Channing which is headquartered in Chicago, Illinois. Channing launched with the Mid-Cap Value product on January 19, 2004 with approximately $67 million in assets under management (AUM) followed by the Small-Cap Value product launch on June 29, The total firm-wide assets exceed $2.0 billion. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

254 19 Channing Capital Management, LLC Exhibit 11/20/2017 Channing Mid-Cap Value Product Overview Product Facts Primary Universe evestment US Mid Cap Value Equity Geographic Region United States Inception Date 06/30/2004 Asset Class Equity Product Domicile --- Product Structure --- Product Key Facts Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Value Preferred Benchmark Russell MidCap Value Accounts 5 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 5 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 5 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp Avg Yrs w/firm 8.00 Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $84.20 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Mid Cap Primary Equity Style Emphasis Value Preferred Benchmark Russell MidCap Value Secondary Equity Style Emphasis Relative Value Current # of Holdings 44 Foreign Securities Utilized? No Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 3.52% Annual Turnover (LTM) --- Current P/E (12 mo Trailing) Current P/B 2.62 Current P/S (12 mo Trailing) 2.89 Earnings Growth (Past 5 Yrs) 8.46% Wgtd. Avg. Mkt. Cap $13 Median Mkt. Cap $10 Market Capitalization Breakdown >$50 Billion 0.00% $15-50 Billion 58.73% $ Billion 30.62% $ Billion 10.42% $ Billion 0.23% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 3.15% Energy 7.14% Financials 22.21% Health Care 5.37% Industrials 15.04% Technology 16.51% Materials 5.74% Telecom 0.00% Utilities 3.40% Other 3.22% Real Estate 4.00% Product- Account Types Corporate 1 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 1 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

255 19 T. Rowe Price Group, Inc. Exhibit 11/20/2017 US Structured Research Equity Strategy Firm Overview Firm Information Address 100 E Pratt Street Address --- City Baltimore State/Province Maryland Zip/Postal Code Country United States Website Phone Year Founded 1937 Firm Key Facts AUM $947, Accounts 2069 Portfolio Mgrs/Dual Role PMs 125 Analysts 257 % Employee Owned 17.00% Total Employees 6830 Legal Structure Public Corporation Account and AUM Information AUM Accounts Total $947, Total 2069 Taxable $746, Taxable 1213 Tax-Exempt $201, Tax-Exempt 856 Institutional $399, Institutional 1384 Ownership and Compliance Information Ownership Info % Employee Owned 17.00% % Parent Owned 0.00% % Publicly Held 83.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 48 # of Accts (1 Year) 97 $ in Millions (MRQ) $2, $ in Millions (1 Year) $4, % of Assets 0.34% Accts Lost # of Accts (MRQ) 25 # of Accts (1 Year) 73 $ in Millions (MRQ) $ $ in Millions (1 Year) $6, % of Assets 0.05% Marketing Contact Info First Name Chip Last Name Wendler Phone chip_wendler@troweprice.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Baltimore Maryland Owings Mills Maryland London England Hong Kong China Firm Background Narrative Firm Background T. Rowe Price Group, Inc. T. Rowe Price has a rich history spanning more than seven decades. Over the years, they have successfully navigated market cycles and secular shifts in the economy. They have worked hard to develop innovative investment products in anticipation of changes in investors' needs and preferences. They are proud of the organization they have built and the clients they have the opportunity to serve. The following outlines key dates in the history of the organization: 1937 T. Rowe Price founded in Baltimore, Maryland, USA T. Rowe Price is incorporated in the State of Maryland. T. Rowe Price registers with the SEC under the Investment Advisers Act of Launches first U.S.-registered mutual fund - the T. Rowe Price Growth Stock Fund First institutional segregated account client Launches dedicated small-cap stock mutual fund, the T. Rowe Price New Horizons Fund, one of the first in the U.S Launches dedicated natural resources fund, today the oldest and largest in the U.S T. Rowe Price establishes the Fixed Income Division to complement its well-known equity management capabilities T. Rowe Price Retirement Plan Services pioneers defined contribution plan management with inception of first retirement accounts Launches Rowe Price-Fleming International, Inc. " a joint venture between T. Rowe Price and Robert Fleming Holdings that achieves premier status as a non-u.s. asset manager for USdomiciled investors T. Rowe Price is the first investment firm to provide full-service, defined contribution plan services T. Rowe Price establishes a management committee to run the firm T. Rowe Price initial public offering, trading on the NASDAQ Stock Market under the symbol "TROW" Launches a dedicated mid-cap fund, the first in the U.S Achieves $100 billion* in assets under management T. Rowe Price shares are added to the S&P 500 Equity Index. Establishes joint venture with Robert Fleming Holdings to form T. Rowe Fleming Asset Management (now T. Rowe Price International Ltd) in Japan Acquires 100% of Rowe Price-Fleming International, Inc. and rename it T. Rowe Price International Ltd. Price Associates reorganizes its operations into a holding company structure through an exchange of shares. Price Associates becomes a subsidiary of T. Rowe Price Group, Inc. ("Price Group"). After the share exchange, all of the business and operations previously conducted by Price Associates and its subsidiaries were and continue to be conducted by entities within the Price Group. T. Rowe Price establishes a dedicated marketing and service company for non-u.s. investors -" T. Rowe Price International Ltd (formerly Global Investment Services Limited) -- which is registered as an investment adviser with the United Kingdom's regulatory authority (the FSA) in January Launches the T. Rowe Price Funds SICAV, domiciled in Luxembourg, for institutional investors and financial intermediaries outside the U.S Achieves $200 billion* in assets under management Achieves $300 billion* in assets under management T. Rowe Price raises quarterly dividend for 20th consecutive year. As planned, James Kennedy elected president and chief executive officer of the firm. Also as planned, the Board of Directors elects Brian Rogers chairman of the Board and Edward Bernard vice chairman. The election of Messrs. Kennedy, Rogers, and Bernard becomes effective on 1 January 2007, following the retirement of chairman and President George A. Roche on 31 December evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

256 19 T. Rowe Price Group, Inc. Exhibit 11/20/2017 US Structured Research Equity Strategy Product Overview Product Facts Primary Universe evestment US Enhanced S&P 500 Equity Geographic Region United States Inception Date 05/31/1999 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Accounts 35 Investment Focus Long Only Account and AUM Information AUM Total $25, Accounts Total 35 Taxable $13, Taxable 7 Tax-Exempt $12, Tax-Exempt 28 Institutional $24, Team Description Portfolio Mgrs/Dual Role PMs 3 Avg Yrs Exp Avg Yrs w/firm Research Analysts 27 Avg Yrs Exp Avg Yrs w/firm 7.00 Team Description Traders 27 Avg Yrs Exp Avg Yrs w/firm Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost Portfolio Manager Turnover # of Accts (MRQ) 0 Lost (MRQ) 0 # of Accts (1 Year) 12 Lost (2013) 0 $ in Millions (MRQ) $0.00 Gained (MRQ) 0 $ in Millions (1 Year) $3, Gained (2013) 0 % of Assets 0.00% Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Secondary Equity Style Emphasis None Current # of Holdings 255 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? Yes Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.37% Annual Turnover (LTM) 29.61% Current P/E (12 mo Trailing) Current P/B 4.38 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) 8.90% Wgtd. Avg. Mkt. Cap $180,665 Median Mkt. Cap $33,202 Market Capitalization Breakdown >$50 Billion 62.65% $15-50 Billion 28.33% $ Billion 7.39% $ Billion 1.63% $ Billion 0.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 8.12% Energy 5.32% Financials 14.27% Health Care 14.66% Industrials 10.83% Technology 24.68% Materials 3.42% Telecom 1.43% Utilities 3.13% Other 0.00% Real Estate 2.88% Product- Account Types Corporate 12 Superannuation 0 Public Fund 11 Union/Multi-Employer 0 Found. & Endow. 2 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 4 Other 6 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

257 19 Piedmont Investment Advisors, LLC Exhibit 11/20/2017 Market Plus Firm Overview Firm Information Address 2605 Meridian Parkway Address Suite 105 City Durham State/Province North Carolina Zip/Postal Code Country United States Website Phone Year Founded 2000 Firm Key Facts AUM $6, Accounts 54 Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned % Total Employees --- Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $6, Total 54 Taxable $ Taxable 12 Tax-Exempt $6, Tax-Exempt 42 Institutional $6, Institutional 45 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned 94.17% % Female Owned 25.27% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 4 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Marketing Contact Info First Name Clarissa Last Name Parker Phone cparker@piedmontinvestment.com Office Locations City Durham State/Province North Carolina Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Piedmont Investment Advisors, LLC Piedmont Investment Advisors, LLC (Piedmont) was organized as a North Carolina Limited Liability Company on August 1, We are a professional money management firm located in Durham, NC specializing in fixed income and equity management, offering a suite of products that span the investment risk spectrum. We currently manage approximately $6.4 billion in assets as of March 31, Piedmont is a minority and women owned firm, 100 % owned by its employees, and has a diverse workforce of 22 employees. Piedmont was founded on its core values of Dedication, Transparency, Partnership and Humility. With these principals in mind, Piedmont was built and designed as a destination firm. We have built an institution where our clients always come first and our focus is on bringing integrity to the relationship of trust that traditionally exists between investment managers and their clients. We believe that our success is dependent on establishing lasting client relationships and we work to build trust by offering investment products that strike an appropriate balance between risk and return and aim to generate attractive results consistently. We manage our products in a variety of market segments and manage them at specific levels of risk so that they can be carefully matched to each client s individual objectives and circumstances. By exercising appropriate levels of discretion and establishing realistic return objectives, we allow our clients to have a clear understanding of what we will do with their portfolios and what constitutes an appropriate definition of success. Firm Highlights: : Our Risk-Aware Philosophy and Three-Pronged Investment Process Drove the Growth of the Firm Piedmont was founded upon a risk-aware investment philosophy that combines multiple disciplines to out-perform client benchmarks on a risk-managed basis. We don t rely on just a single source of insights, but rather, our process extracts value from the combination of three investment disciplines: quantitative, fundamental, and macro. Accordingly, Piedmont employs a collaborative investment process where all investment professionals come together in multiple forums to develop a firm-wide macro strategy and to discuss quantitative and fundamental research insights that can be applied across all products. We term this collaboration the Unified Investment Platform. Piedmont s assets under management crossed the $1 billion mark in In 2007, CalPERS (working in partnership with Legato Capital Management) purchased a 21.09% minority ownership stake in Piedmont Investment Advisors as a part of their Manager Development Program II. 2009: US Department of the Treasury Contract In April 2009, the U.S. Department of the Treasury ( Treasury ) contracted with Piedmont to provide certain investment advisory services relating to the Capital Purchase Program. Piedmont had four analysts on its Bank Advisory Services team to support this completed Treasury mandate. In 2009, the firm s assets under management crossed the $2 billion mark. 2011: Rosemont Partners became a minority investor in firm Rosemont Investment Partners, LLC acquired a 30% minority interest in Piedmont, redeeming CalPERS and another minority investor solidifying Piedmont employee s 70% ownership stake. Rosemont is a private equity firm, solely focused on providing capital and expertise to the investment management industry. 2015: Development and Growth of Firm, Launch of Passive Index Strategy, Knowledge Transfer Engagement Piedmont continued the development and growth of the firm s investment capabilities through the 2011 to 2015 period. In May 2015, Piedmont entered a Strategic Partnership with a major Southeast Pension Plan with whom it has a longstanding client relationship as an investment manager. This partnership launched Piedmont s passive product line with a $3.2 billion mandate. This evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

258 19 Piedmont Investment Advisors, LLC Exhibit 11/20/2017 Market Plus Product Overview Product Facts Primary Universe evestment US Enhanced S&P 500 Equity Geographic Region United States Inception Date 12/31/2001 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Accounts 6 Investment Focus Enhanced Index Account and AUM Information AUM Total $ Accounts Total 6 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 6 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Analyst Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Enhanced Index Preferred Benchmark S&P 500 Secondary Equity Style Emphasis --- Current # of Holdings 125 Foreign Securities Utilized? No Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts 0.00% Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) 66.97% Current P/E (12 mo Trailing) Current P/B 4.79 Current P/S (12 mo Trailing) 3.87 Earnings Growth (Past 5 Yrs) 10.55% Wgtd. Avg. Mkt. Cap $154,061 Median Mkt. Cap $33,598 Market Capitalization Breakdown >$50 Billion --- $15-50 Billion --- $ Billion --- $ Billion --- $ Billion --- $ Million --- <$400 Million --- Sector Allocations - Russell Integrated Oils --- Technology 22.07% Health Care 14.71% Consumer Discretionary 15.28% Consumer Staples 6.81% Autos & Trans. --- Producer Durables 10.14% Materials 3.43% Energy 5.35% Utilities 4.25% Other --- Financial Services 17.95% Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 9.43% Energy 6.09% Financials 13.00% Health Care 14.84% Industrials 8.44% Technology 24.06% Materials 3.64% Telecom 1.77% Utilities 2.45% Other 0.00% Real Estate 3.78% Product- Account Types Corporate 0 Superannuation 0 Public Fund 4 Union/Multi-Employer 2 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

259 19 Ativo Capital Management Exhibit 11/20/2017 Ativo International AC ex US Firm Overview Firm Information Address 120 N. La Salle Street Address Suite 2150 City Chicago State/Province Illinois Zip/Postal Code Country United States Website Phone Year Founded 2001 Firm Key Facts AUM $1, Accounts 82 Portfolio Mgrs/Dual Role PMs 3 Analysts 2 % Employee Owned % Total Employees 16 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $1, Total 82 Taxable $1.06 Taxable 36 Tax-Exempt $1, Tax-Exempt 46 Institutional $1, Institutional 46 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 97.89% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 6 # of Accts (1 Year) 13 $ in Millions (MRQ) $3.03 $ in Millions (1 Year) $ % of Assets 0.17% Accts Lost # of Accts (MRQ) 3 # of Accts (1 Year) 52 $ in Millions (MRQ) $ $ in Millions (1 Year) $39.85 % of Assets 13.29% Marketing Contact Info First Name Michael Last Name Brooks Phone mbrooks@ativocapital.com Office Locations City Chicago State/Province Illinois Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Ativo Capital Management Ativo Capital Management, LLC (" Ativo") was founded in 2001 and is a registered investment advisor with a goal of delivering top quartile performance and exceptional service to institutional clients. They follow a rules- based process that combines quantitative methodologies with a fundamental overlay to build long-only, high active share portfolios. They invest globally, with an emphasis on international markets. Central to their approach is a proprietary model that scores stocks based on our assessment of their intrinsic value, price momentum and other important factors. From Ativo's inception, Ricardo Bekin has been its Chief Investment Officer and Principal Member. Michael S. Brooks (Director of Client Relations), Adan Galvan (Trader/Sr. Portfolio Manager), Dennis Aust (Director of Research), Eric Pucek (Chief Compliance Officer), Ram Gandikota (Sr. Portfolio Manager), and Kiat Tang (Senior Information Technology Manager) are the other current principals at Ativo. The firm is 100% employee owned, SEC registered, and has met the requirements for certification as a bona fide Minority Business Enterprise as defined by the National Minority Development Council. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

260 19 Ativo Capital Management Exhibit 11/20/2017 Ativo International AC ex US Product Overview Product Facts Primary Universe evestment ACWI ex-us All Cap Core Equity Geographic Region ACWI Ex-US Inception Date 04/01/2007 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI ACWI ex-us-nd Accounts 11 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 11 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 11 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 3 Avg Yrs Exp Avg Yrs w/firm Research Analysts 2 Avg Yrs Exp Avg Yrs w/firm 3.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $31.15 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 1 Gained (2013) 0 Product Characteristics Strategy Snapshot Fundamental Characteristics Primary Equity Capitalization All Cap Current Cash Position 0.64% Primary Equity Style Emphasis Core Annual Turnover (LTM) 70.76% Preferred Benchmark MSCI ACWI ex-us-nd Current P/E (12 mo Trailing) Secondary Equity Style Emphasis GARP Current P/B 2.01 Current # of Holdings 102 Current P/S (12 mo Trailing) 1.37 Foreign Securities Utilized? Yes Earnings Growth (Past 5 Yrs) --- Approach Towards Currency Hedging Not Used Wgtd. Avg. Mkt. Cap $50,383 % Hedged to Local Currency --- Median Mkt. Cap $18,729 Max % Allowed in Emerging Mkts 30.00% Derivitives Utilized? No Available Under ESG? No Market Capitalization Breakdown >$50 Billion 22.49% $15-50 Billion 38.92% $ Billion 18.98% $ Billion 17.55% $ Billion 2.06% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. 9.79% Consumer Staples 6.08% Energy 3.66% Financials 20.42% Health Care 3.67% Industrials 17.37% Technology 15.35% Materials 10.45% Telecom 3.75% Utilities 1.83% Other 1.88% Real Estate 5.75% Product- Account Types Corporate 0 Superannuation 0 Public Fund 4 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 7 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

261 19 Fidelity Institutional Asset Management Exhibit 11/20/2017 Select International Plus Firm Overview Firm Information Address 245 Summer Street Address --- City Boston State/Province Massachusetts Zip/Postal Code Country United States Website institutional.fidelity.com Phone Year Founded 2005 Firm Key Facts AUM $160, Accounts 1400 Portfolio Mgrs/Dual Role PMs 192 Analysts 429 % Employee Owned 0.00% Total Employees 834 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $160, Total 1400 Taxable $25, Taxable 139 Tax-Exempt $134, Tax-Exempt 1261 Institutional $155, Institutional 1391 Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned % % Publicly Held 0.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 36 # of Accts (1 Year) 152 $ in Millions (MRQ) $3, $ in Millions (1 Year) $14, % of Assets 2.11% Accts Lost # of Accts (MRQ) 15 # of Accts (1 Year) 123 $ in Millions (MRQ) $3, $ in Millions (1 Year) $17, % of Assets 2.76% Marketing Contact Info First Name Gregory Last Name Ciosek Phone Gregory.ciosek@fmr.com Office Locations City Boston State/Province Massachusetts Secondary Office #1: City Smithfield, RI Secondary Office #1: State United States Secondary Office #2: City Merrimack, NH Secondary Office #2: State United States Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Fidelity Institutional Asset Management Fidelity Institutional Asset Management (FIAM) is an organization dedicated to meeting the unique needs of the institutional marketplace. As part of the Fidelity organization, FIAM leverages Fidelity s institutional investment expertise to deliver products and solutions that meet our clients investment goals. Historically, we have served the investment management needs of institutional firms (including intermediary firms, such as broker-dealers) through two separate business units Pyramis Global Advisors (Pyramis) and Fidelity Financial Advisor Solutions (FFAS). Pyramis was established in 2005 as a stand-alone organization with a focus on ensuring its investment, distribution and client servicing platform would bring the best of Fidelity to the institutional marketplace. FFAS was established in 1979 with a focus on distributing Fidelity-managed investment products (e.g., mutual funds, 529 plans, Variable Insurance Products, etc.) to national broker/dealers, regionals and independent broker/dealers, banks, trust companies, registered investment advisors (RIAs) and insurance companies. The rapidly evolving and increasingly complex investment needs of our clients presented an opportunity, and, in October 2015, FIAM was established. FIAM brings together the distribution and client service teams from Pyramis and FFAS to create a single, integrated distribution and service organization. This new structure positions us to provide a simpler, more coordinated client service experience. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

262 19 Fidelity Institutional Asset Management Exhibit 11/20/2017 Select International Plus Product Overview Product Facts Primary Universe evestment ACWI ex-us Large Cap Core Equity Geographic Region ACWI Ex-US Inception Date 10/31/2008 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI ACWI ex-us-nd Accounts 9 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 9 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 9 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 5 Avg Yrs Exp Avg Yrs w/firm Research Analysts 209 Avg Yrs Exp 0.00 Avg Yrs w/firm 6.00 Team Description Traders 52 Avg Yrs Exp 0.00 Avg Yrs w/firm Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 8 Lost (2013) 4 Gained (MRQ) 13 Gained (2013) 1 Product Characteristics Strategy Snapshot Fundamental Characteristics Primary Equity Capitalization Large Cap Current Cash Position 1.50% Primary Equity Style Emphasis Core Annual Turnover (LTM) 58.00% Preferred Benchmark MSCI ACWI ex-us-nd Current P/E (12 mo Trailing) Secondary Equity Style Emphasis GARP Current P/B 1.98 Current # of Holdings 347 Current P/S (12 mo Trailing) 1.59 Foreign Securities Utilized? --- Earnings Growth (Past 5 Yrs) 7.44% Approach Towards Currency Hedging --- Wgtd. Avg. Mkt. Cap $69,796 % Hedged to Local Currency --- Median Mkt. Cap $19,685 Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Market Capitalization Breakdown >$50 Billion 40.13% $15-50 Billion 35.65% $ Billion 12.09% $ Billion 11.74% $ Billion 0.40% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. 9.60% Consumer Staples 10.55% Energy 6.44% Financials 24.95% Health Care 8.33% Industrials 11.47% Technology 11.73% Materials 7.54% Telecom 5.04% Utilities 1.89% Other 0.00% Real Estate 2.47% Product- Account Types Corporate 6 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

263 19 GlobeFlex Capital, L.P. Exhibit 11/20/2017 GlobeFlex ACWI ex-u.s. Firm Overview Firm Information Address 4365 Executive Drive Address Suite 720 City San Diego State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1994 Firm Key Facts AUM $4, Accounts 42 Portfolio Mgrs/Dual Role PMs 6 Analysts 4 % Employee Owned 91.00% Total Employees 28 Legal Structure Other Account and AUM Information AUM Accounts Total $4, Total 42 Taxable $ Taxable 9 Tax-Exempt $4, Tax-Exempt 33 Institutional $4, Institutional 42 Ownership and Compliance Information Ownership Info % Employee Owned 91.00% % Parent Owned --- % Publicly Held --- % Minority Owned 63.30% % Female Owned 54.30% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 3 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 3 # of Accts (1 Year) 4 $ in Millions (MRQ) $73.00 $ in Millions (1 Year) $ % of Assets 2.08% Marketing Contact Info First Name Noah Last Name Bretz Phone nbretz@globeflex.com Office Locations City San Diego State/Province California Secondary Office #1: City Boston Secondary Office #1: State United States Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background GlobeFlex Capital, L.P. GlobeFlex Capital, L.P., is a global equity investment manager, founded and headquartered in San Diego, CA. Structured as a California Limited partnership in 1994, they are 91% employee-owned and majority women-owned, with the remaining equity being retained by silent angel investors. Currently, there are eleven employee-owners, with founders, Marina L. Marrelli, CEO, and Robert J. Anslow, Jr., CIO, maintaining controlling interest. GlobeFlex Research India (GRI), a wholly-owned subsidiary of GlobeFlex Capital, L.P., is their dedicated research arm. GRI is comprised of two offices in India, which provide fundamental and quantitative investment research, data gathering expertise, and technology development. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

264 19 GlobeFlex Capital, L.P. Exhibit 11/20/2017 GlobeFlex ACWI ex-u.s. Product Overview Product Facts Primary Universe evestment ACWI ex-us All Cap Core Equity Geographic Region ACWI Ex-US Inception Date 03/01/2010 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI ACWI ex-us-gd Accounts 3 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 3 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 3 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 6 Avg Yrs Exp Avg Yrs w/firm Research Analysts 4 Avg Yrs Exp Avg Yrs w/firm 2.00 Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fundamental Characteristics Primary Equity Capitalization All Cap Current Cash Position 2.70% Primary Equity Style Emphasis Core Annual Turnover (LTM) 80.00% Preferred Benchmark MSCI ACWI ex-us-gd Current P/E (12 mo Trailing) Secondary Equity Style Emphasis GARP Current P/B 1.80 Current # of Holdings 172 Current P/S (12 mo Trailing) 1.30 Foreign Securities Utilized? Yes Earnings Growth (Past 5 Yrs) 10.50% Approach Towards Currency Hedging Not Used Wgtd. Avg. Mkt. Cap $34,057 % Hedged to Local Currency 0.00% Median Mkt. Cap $10,606 Max % Allowed in Emerging Mkts 30.00% Derivitives Utilized? No Available Under ESG? Yes Market Capitalization Breakdown >$50 Billion 17.30% $15-50 Billion 30.60% $ Billion 18.20% $ Billion 31.00% $ Billion 1.60% $ Million 1.30% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 3.60% Energy 13.30% Financials 17.20% Health Care 7.80% Industrials 9.30% Technology 8.20% Materials 14.50% Telecom 7.00% Utilities 6.10% Other 0.00% Real Estate 2.50% Product- Account Types Corporate 0 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

265 19 Progress Exhibit 11/20/2017 Non-US Equity Firm Overview Firm Information Address 33 New Montgomery Street Address Suite 1900 City San Francisco State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1990 Firm Key Facts AUM $6, Accounts 23 Portfolio Mgrs/Dual Role PMs 4 Analysts 7 % Employee Owned % Total Employees 36 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $6, Total 23 Taxable $0.00 Taxable 0 Tax-Exempt $6, Tax-Exempt 23 Institutional $6, Institutional 23 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned % % Female Owned 35.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $3.00 $ in Millions (1 Year) $ % of Assets 0.04% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 2 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 1.93% Marketing Contact Info First Name Linda Last Name Cornett Phone lcornett@progressinvestment.com Office Locations City San Francisco State/Province California Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Progress Progress was founded in 1990 as an independent, minority- and employee-owned Registered Investment Advisor. As a manager of emerging managers, Progress offers customized investment solutions to institutional clients seeking innovative sources of alpha. By investing in emerging managers, Progress creates diversified, risk-controlled portfolios while providing expert access to undiscovered investment talent. In 1998, Progress became a wholly owned subsidiary of Liberty Financial Companies when it was acquired in a friendly transaction aimed at leveraging Liberty s distribution channels and providing liquidity to Progress original founders who were at or near retirement. Before the benefits of the Liberty/Progress relationship could be realized, Liberty was acquired by Fleet Boston Financial in 2001, at which time Progress determined it would once again pursue independence in order to regain control of its destiny and return the firm to its legacy as a minority-owned firm. Progress achieved that goal in 2004, when its senior leadership team successfully completed a management buyback acquiring the firm in whole from Columbia Management Group, a subsidiary of Bank of America, which acquired Fleet Boston Financial. Progress achieved the acquisition with the assistance of an outside institutional investor, the Massachusetts Bay Transportation Authority Retirement Fund (MBTARF) who acquired a 40% stake in Progress alongside its management team. In 2008, Progress purchased MBTARF s 40% equity stake in the firm, becoming 100% employee-owned, and remains so to this day. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

266 19 Progress Exhibit 11/20/2017 Non-US Equity Product Overview Product Facts Primary Universe evestment EAFE All Cap Core Equity Geographic Region EAFE Inception Date 01/01/2005 Asset Class Equity Product Domicile --- Product Structure Fund of Funds Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Accounts 4 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 4 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 4 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 3 Avg Yrs Exp Avg Yrs w/firm 8.00 Research Analysts 2 Avg Yrs Exp Avg Yrs w/firm 7.00 Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors 1 Avg Yrs Exp 16 Avg Yrs w/firm 8.00 Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 1 Gained (MRQ) 0 Gained (2013) 1 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Secondary Equity Style Emphasis None Current # of Holdings 427 Foreign Securities Utilized? --- Approach Towards Currency Hedging --- % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? --- Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.06% Annual Turnover (LTM) --- Current P/E (12 mo Trailing) Current P/B 1.79 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) 22.66% Wgtd. Avg. Mkt. Cap $44 Median Mkt. Cap --- Market Capitalization Breakdown >$50 Billion --- $15-50 Billion --- $ Billion --- $ Billion --- $ Billion --- $ Million --- <$400 Million --- Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 7.01% Energy 4.64% Financials 20.39% Health Care 8.44% Industrials 14.78% Technology 11.82% Materials 7.36% Telecom 4.11% Utilities 1.86% Other 0.28% Real Estate 4.54% Product- Account Types Corporate 0 Superannuation 0 Public Fund 4 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

267 19 Strategic Global Advisors, LLC Exhibit 11/20/2017 International Equity Firm Overview Firm Information Address 100 Bayview Circle, Suite 650 Address --- City Newport Beach State/Province California Zip/Postal Code Country United States Website Phone Year Founded 2005 Firm Key Facts AUM $3, Accounts 44 Portfolio Mgrs/Dual Role PMs 5 Analysts 4 % Employee Owned 57.30% Total Employees 21 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $3, Total 44 Taxable $ Taxable 13 Tax-Exempt $3, Tax-Exempt 31 Institutional $3, Institutional 44 Ownership and Compliance Information Ownership Info % Employee Owned 57.30% % Parent Owned --- % Publicly Held --- % Minority Owned 64.70% % Female Owned 64.70% Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 10 $ in Millions (MRQ) $2.24 $ in Millions (1 Year) $ % of Assets 0.07% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 1 $ in Millions (MRQ) $5.11 $ in Millions (1 Year) $55.30 % of Assets 0.17% Marketing Contact Info First Name Sam Last Name King Phone sking@sgadvisors.com Office Locations City Newport Beach State/Province California Secondary Office #1: City Chicago Secondary Office #1: State Illinois Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Strategic Global Advisors, LLC Strategic Global Advisors, LLC (SGA) was founded in November 2005 by Cynthia Tusan, CFA who began managing client assets the following month. Ms. Tusan envisioned a firm which would combine the best of systematic analysis with more traditional, hands-on fundamental company analysis. In 2006, Ms. Tusan hired Gary Baierl, PhD as CIO and co-founder. Gary had previously developed and oversaw the quantitative analysis at a traditional deep value firm, and shared Ms. Tusan s vision for combining systematic and traditional approaches. Together, they have built the team and track record which exists today. The firm s global approach to research has enabled it to launch international, US and global equity strategies. The majority of SGA's ownership is held by employees. All outside owners hold non-voting equity. The two largest outside owners are members of the Advisory Committee. The Advisory Committee is not involved in the day to day operations of SGA, but rather serves as a sounding board and a source of independent insight for industry best practices and market trends. SGA entered into a strategic partnership with Nile Capital Fund, LP in December In exchange for a non-voting equity stake in the firm (of less than 25%), Nile assists SGA in developing customized solutions focused on value-creating activities and in sensibly managing asset growth while ensuring the continued integrity of the investment process. SGA retains control of all firm day-to-day decisions. Individuals affiliated with the Nile Capital Fund, LP have significant asset management experience spanning the areas of marketing and distribution, operations, risk management, compliance and asset management. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

268 19 Strategic Global Advisors, LLC Exhibit 11/20/2017 International Equity Product Overview Product Facts Primary Universe evestment EAFE Large Cap Core Equity Geographic Region EAFE Inception Date 11/30/2005 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Accounts 13 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 13 Taxable $14.95 Taxable 3 Tax-Exempt $1, Tax-Exempt 10 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 5 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 4 Avg Yrs Exp 7.00 Avg Yrs w/firm 1.00 Team Description Traders 1 Avg Yrs Exp Avg Yrs w/firm 0.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Secondary Equity Style Emphasis Relative Value Current # of Holdings 148 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts 15.00% Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.48% Annual Turnover (LTM) 41.52% Current P/E (12 mo Trailing) 9.88 Current P/B 1.75 Current P/S (12 mo Trailing) 1.26 Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap $40,665 Median Mkt. Cap $18,485 Market Capitalization Breakdown >$50 Billion 24.77% $15-50 Billion 42.89% $ Billion 22.68% $ Billion 9.18% $ Billion 0.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 10.62% Energy 4.51% Financials 21.38% Health Care 12.14% Industrials 14.87% Technology 6.96% Materials 7.94% Telecom 3.74% Utilities 1.79% Other 0.00% Real Estate 2.45% Product- Account Types Corporate 1 Superannuation 0 Public Fund 5 Union/Multi-Employer 0 Found. & Endow. 1 Healthcare 0 High Net Worth 3 Insurance 0 Wrap Account 0 Sub-Advised 1 Other 2 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

269 19 BlackRock Exhibit 11/20/2017 International Alpha Tilts Firm Overview Firm Information Address 55 East 52nd Street Address --- City New York State/Province New York Zip/Postal Code Country United States Website Phone Year Founded 1988 Firm Key Facts AUM $5,976, Accounts Portfolio Mgrs/Dual Role PMs 1161 Analysts 371 % Employee Owned 0.00% Total Employees Legal Structure Public Corporation Account and AUM Information AUM Accounts Total $5,976, Total Taxable $3,355, Taxable Tax-Exempt $2,620, Tax-Exempt Institutional $3,730, Institutional Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned 0.00% % Publicly Held 78.70% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 2323 # of Accts (1 Year) 88 $ in Millions (MRQ) $135, $ in Millions (1 Year) $19, % of Assets 2.64% Accts Lost # of Accts (MRQ) 1764 # of Accts (1 Year) 30 $ in Millions (MRQ) $108, $ in Millions (1 Year) $8, % of Assets 2.10% Marketing Contact Info First Name Sean Last Name Swesey Phone sean.swesey@blackrock.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State New York New York San Francisco United States London United Kingdom Boston United States Firm Background Narrative Firm Background BlackRock BlackRock is a premier provider of global investment management services. BlackRock manages assets across equity, fixed income, alternatives, multi-asset, and cash management strategies for institutional and retail clients. Through BlackRock Solutions ( BRS ), the firm provides risk management and advisory services that combine capital markets expertise with internallydeveloped systems and technology. BlackRock was founded in New York City in 1988 by eight partners, five of whom remain active in the firm today. They shared a determination to put client needs and interests first, a dedication to data-driven investing, and a passion for understanding and managing risk. By listening to clients and understanding their unmet needs, the firm innovated in the areas of closed-end funds, trusts, defined contribution plans and more. Development also began on Aladdin, the firm s unified investment platform that ultimately combines trading, risk management, and client reporting. Aladdin s capacity for insight would distinguish BlackRock as an investment and risk manager and become the basis for BlackRock Solutions. Substantial resources continue to be allocated to ongoing development of technology and analytical capabilities for internal users and external clients. BlackRock initially focused primarily on fixed income. In 1995, the firm became affiliated with The PNC Financial Services Group, Inc. ( PNC ) and began managing open-end mutual funds, including equity and cash funds. BlackRock went public with broad employee ownership in As the firm diversified, the concept of One BlackRock was developed and became a core principle. BlackRock established a coordinated platform rather than autonomous business units; managing our investment platforms together, BlackRock put in place a client-centric business model in which the entire firm s resources and products can be leveraged for the benefit of clients. By 2005, BlackRock had strong fixed income and cash businesses and growing equity and advisory capabilities. The firm then undertook a series of transformational mergers that added core investment competencies. These acquisitions strengthened BlackRock's products and services mix with more offerings in equity, multi-asset products and alternatives, and greatly expanded the firm's scale and global reach. Two significant steps in this process have been the mergers with Merrill Lynch Investment Managers ( MLIM ) in 2006 and Barclays Global Investors ( BGI ) in MLIM began managing assets in the UK in 1946 as part of a predecessor entity. BGI traces its roots back to 1922, when its predecessor organizations began managing US institutional assets. Other events include the acquisition of State Street Research & Management in 2005 and the fund of funds business of Quellos Group, LLC in 2007, which established our hedge fund solutions platform. Today, BlackRock is a leading global asset and risk manager, serving many of the world's largest companies, pension funds, foundations, and public institutions as well as millions of individual investors globally. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

270 19 BlackRock Exhibit 11/20/2017 International Alpha Tilts Product Overview Product Facts Primary Universe evestment EAFE Large Cap Core Equity Geographic Region EAFE Inception Date 01/31/1996 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Accounts 13 Investment Focus Long Only Account and AUM Information AUM Total $1, Accounts Total 13 Taxable $0.00 Taxable 0 Tax-Exempt $1, Tax-Exempt 13 Institutional $1, Team Description Portfolio Mgrs/Dual Role PMs 24 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 21 Avg Yrs Exp Avg Yrs w/firm 7.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) --- # of Accts (1 Year) 0 $ in Millions (MRQ) --- $ in Millions (1 Year) $0.00 % of Assets --- Accts Lost # of Accts (MRQ) --- # of Accts (1 Year) 1 $ in Millions (MRQ) --- $ in Millions (1 Year) $11.20 % of Assets --- Portfolio Manager Turnover Lost (MRQ) 4 Lost (2013) 2 Gained (MRQ) 0 Gained (2013) 1 Analyst Turnover Lost (MRQ) 14 Lost (2013) 2 Gained (MRQ) 3 Gained (2013) 1 Product Characteristics Strategy Snapshot Primary Equity Capitalization Large Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI EAFE-ND Secondary Equity Style Emphasis None Current # of Holdings 424 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Defensive % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? Yes Available Under ESG? No Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) --- Current P/E (12 mo Trailing) Current P/B 1.77 Current P/S (12 mo Trailing) 1.08 Earnings Growth (Past 5 Yrs) 2.43% Wgtd. Avg. Mkt. Cap $49,857 Median Mkt. Cap $10,819 Market Capitalization Breakdown >$50 Billion 32.62% $15-50 Billion 33.98% $ Billion 19.07% $ Billion 14.29% $ Billion 0.05% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 10.20% Energy 3.53% Financials 18.51% Health Care 10.31% Industrials 14.30% Technology 8.71% Materials 8.91% Telecom 5.54% Utilities 3.20% Other 0.00% Real Estate 4.44% Product- Account Types Corporate --- Superannuation --- Public Fund --- Union/Multi-Employer --- Found. & Endow. --- Healthcare --- High Net Worth --- Insurance --- Wrap Account --- Sub-Advised --- Other --- Defined Contribution 0 Supranationals --- Sovereign Wealth --- evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

271 19 Mondrian Investment Partners Limited Exhibit 11/20/2017 Global All Countries World Equity Firm Overview Firm Information Address Fifth Floor, 10 Gresham Street Address --- City London State/Province England Zip/Postal Code EC2V 7JD Country United Kingdom Website Phone Year Founded 1990 Firm Key Facts AUM $61, Accounts 162 Portfolio Mgrs/Dual Role PMs 42 Analysts 4 % Employee Owned % Total Employees 65 Legal Structure Other Account and AUM Information AUM Accounts Total $61, Total 162 Taxable $8, Taxable 32 Tax-Exempt $52, Tax-Exempt 130 Institutional $60, Institutional 161 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 3 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 5 # of Accts (1 Year) 16 $ in Millions (MRQ) $1, $ in Millions (1 Year) $1, % of Assets 0.00% Marketing Contact Info First Name Peter Last Name Riviello Phone peter.riviello@mondrian.com Office Locations City London State/Province England Secondary Office #1: City Philadelphia Secondary Office #1: State Pennsylvania Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Mondrian Investment Partners Limited Mondrian Investment Partners Limited was founded and SEC registered in 1990 under the name Delaware International Advisers Ltd. It was then affiliated with Delaware Investments. On September 24, 2004 a senior management team, together with private equity funds sponsored by Hellman & Friedman LLC, a leading private equity firm, completed the acquisition of Delaware International Advisers Ltd. Upon closing of the transaction, the firm changed its name to Mondrian Investment Partners Limited ("Mondrian"). Effective July 12, 2011 our existing employee partnership purchased a 27.5% minority interest of the Company held by the private equity firm Hellman and Friedman to take ownership of Mondrian by the employee partnership to 100%. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

272 19 Mondrian Investment Partners Limited Exhibit 11/20/2017 Global All Countries World Equity Product Overview Product Facts Primary Universe evestment Global Large Cap Value Equity Geographic Region Global Inception Date 09/01/2002 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization Mid-Large Cap Primary Equity Style Emphasis Value Preferred Benchmark MSCI ACWI-ND Accounts 3 Investment Focus Long Only Account and AUM Information AUM Total $ Accounts Total 3 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 3 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Analyst Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization Mid-Large Cap Primary Equity Style Emphasis Value Preferred Benchmark MSCI ACWI-ND Secondary Equity Style Emphasis Dividend Focused Current # of Holdings 65 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Defensive % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? --- Available Under ESG? Yes Fundamental Characteristics Current Cash Position 1.26% Annual Turnover (LTM) --- Current P/E (12 mo Trailing) Current P/B 1.79 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap $98,984 Median Mkt. Cap $37,796 Market Capitalization Breakdown >$50 Billion 52.74% $15-50 Billion 23.41% $ Billion 10.91% $ Billion 12.94% $ Billion 0.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 8.69% Energy 7.07% Financials 17.88% Health Care 20.31% Industrials 6.62% Technology 11.12% Materials 4.64% Telecom 7.43% Utilities 0.59% Other 0.00% Real Estate 2.44% Product- Account Types Corporate 1 Superannuation 0 Public Fund 1 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 1 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

273 19 Wellington Management Company LLP Exhibit 11/20/2017 Global Research Equity Firm Overview Firm Information Address 280 Congress Street Address --- City Boston State/Province Massachusetts Zip/Postal Code Country United States Website Phone Year Founded 1928 Firm Key Facts AUM $1,050, Accounts 2180 Portfolio Mgrs/Dual Role PMs 139 Analysts 416 % Employee Owned % Total Employees 2424 Legal Structure Private Limited Liability Partnership (LLP) Account and AUM Information AUM Accounts Total $1,050, Total 2180 Taxable $700, Taxable 990 Tax-Exempt $350, Tax-Exempt 1190 Institutional $1,050, Institutional 2180 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 61 # of Accts (1 Year) 185 $ in Millions (MRQ) $3, $ in Millions (1 Year) $8, % of Assets 0.36% Accts Lost # of Accts (MRQ) 8 # of Accts (1 Year) 198 $ in Millions (MRQ) $ $ in Millions (1 Year) $16, % of Assets 0.07% Marketing Contact Info First Name Jeet Last Name Rehal Phone mig@wellington.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Boston Massachusetts London England Tokyo Japan Sydney Australia Firm Background Narrative Firm Background Wellington Management Company LLP With US$1,051 billion in assets under management, Wellington Management serves as an investment adviser to over 2,150 clients located in more than 53 countries, as of 30 September Our singular focus is investments from global equities and fixed income to currencies and commodities. We like to describe ourselves as a community of teams that create solutions designed to respond to specific client needs. Our most distinctive strength is our proprietary, independent research, which is shared across all areas of the organization and used only for managing our clients' portfolios. We trace our roots to the founding of the Wellington Fund in Headquartered in Boston, Massachusetts, we also have offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Beijing; Frankfurt; Hong Kong; London; Luxembourg; Singapore; Sydney; Tokyo; and Zurich. Wellington Management focuses on institutional relationships. Our client base is global and diverse by design and includes mutual fund and variable insurance sponsors; company, occupational, and public pension funds; defined contribution plan sponsors; government and supranational entities; banks and private banks; insurance entities; endowments, foundations, and religious and health care institutions; investment advisory firms; private investment offices; and high-net-worth individuals. Important dates and events in Wellington Management s history are: 1928 Wellington Fund is established as the first balanced mutual fund in the United States Wellington Management Company is incorporated Wellington Management merges with Thorndike, Doran, Paine, and Lewis, an independent investment counseling firm founded in Boston, Massachusetts, in Wellington Management is purchased by its key employees and a partnership structure is established Wellington Trust Company, NA receives charter as a national bank by the US Office of the Comptroller of the Currency Our London-based affiliate is established Our Singapore office is established The Tokyo and Sydney offices start operation evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

274 19 Wellington Management Company LLP Exhibit 11/20/2017 Global Research Equity Product Overview Product Facts Primary Universe evestment Global All Cap Core Equity Geographic Region Global Inception Date 12/31/1995 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI World-GD Accounts 26 Investment Focus Long Only Account and AUM Information AUM Total $14, Accounts Total 26 Taxable $ Taxable 1 Tax-Exempt $14, Tax-Exempt 25 Institutional $14, Team Description Portfolio Mgrs/Dual Role PMs 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Research Analysts 51 Avg Yrs Exp Avg Yrs w/firm Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 2 # of Accts (1 Year) 3 $ in Millions (MRQ) $27.00 $ in Millions (1 Year) $ % of Assets 0.21% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 3 $ in Millions (MRQ) $21.00 $ in Millions (1 Year) $ % of Assets 0.17% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 2 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Primary Equity Capitalization All Cap Primary Equity Style Emphasis Core Preferred Benchmark MSCI World-GD Secondary Equity Style Emphasis None Current # of Holdings 318 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Defensive % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? Yes Available Under ESG? Yes Fundamental Characteristics Current Cash Position 0.00% Annual Turnover (LTM) 67.00% Current P/E (12 mo Trailing) Current P/B 2.60 Current P/S (12 mo Trailing) 1.70 Earnings Growth (Past 5 Yrs) 10.10% Wgtd. Avg. Mkt. Cap $90,001 Median Mkt. Cap $20,710 Market Capitalization Breakdown >$50 Billion 42.00% $15-50 Billion 30.00% $ Billion 15.00% $ Billion 11.00% $ Billion 2.00% $ Million 0.00% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc. 8.00% Consumer Staples 11.00% Energy 6.00% Financials 17.00% Health Care 12.00% Industrials 13.00% Technology 17.00% Materials 6.00% Telecom 3.00% Utilities 4.00% Other 0.00% Real Estate 3.00% Product- Account Types Corporate 11 Superannuation 0 Public Fund 12 Union/Multi-Employer 0 Found. & Endow. 2 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 1 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

275 19 TRP Exhibit 11/20/2017 Glob Foc Gr Firm Overview Firm Information Address 100 E Pratt Street Address --- City Baltimore State/Province Maryland Zip/Postal Code Country United States Website Phone Year Founded 1937 Firm Key Facts AUM $947, Accounts 2069 Portfolio Mgrs/Dual Role PMs 125 Analysts 257 % Employee Owned 17.00% Total Employees 6830 Legal Structure Public Corporation Account and AUM Information AUM Accounts Total $947, Total 2069 Taxable $746, Taxable 1213 Tax-Exempt $201, Tax-Exempt 856 Institutional $399, Institutional 1384 Ownership and Compliance Information Ownership Info % Employee Owned 17.00% % Parent Owned 0.00% % Publicly Held 83.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 48 # of Accts (1 Year) 97 $ in Millions (MRQ) $2, $ in Millions (1 Year) $4, % of Assets 0.34% Accts Lost # of Accts (MRQ) 25 # of Accts (1 Year) 73 $ in Millions (MRQ) $ $ in Millions (1 Year) $6, % of Assets 0.05% Marketing Contact Info First Name Chip Last Name Wendler Phone chip_wendler@troweprice.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Baltimore Maryland Owings Mills Maryland London England Hong Kong China Firm Background Narrative Firm Background TRP T. Rowe Price has a rich history spanning more than seven decades. Over the years, they have successfully navigated market cycles and secular shifts in the economy. They have worked hard to develop innovative investment products in anticipation of changes in investors' needs and preferences. They are proud of the organization they have built and the clients they have the opportunity to serve. The following outlines key dates in the history of the organization: 1937 T. Rowe Price founded in Baltimore, Maryland, USA T. Rowe Price is incorporated in the State of Maryland. T. Rowe Price registers with the SEC under the Investment Advisers Act of Launches first U.S.-registered mutual fund - the T. Rowe Price Growth Stock Fund First institutional segregated account client Launches dedicated small-cap stock mutual fund, the T. Rowe Price New Horizons Fund, one of the first in the U.S Launches dedicated natural resources fund, today the oldest and largest in the U.S T. Rowe Price establishes the Fixed Income Division to complement its well-known equity management capabilities T. Rowe Price Retirement Plan Services pioneers defined contribution plan management with inception of first retirement accounts Launches Rowe Price-Fleming International, Inc. " a joint venture between T. Rowe Price and Robert Fleming Holdings that achieves premier status as a non-u.s. asset manager for USdomiciled investors T. Rowe Price is the first investment firm to provide full-service, defined contribution plan services T. Rowe Price establishes a management committee to run the firm T. Rowe Price initial public offering, trading on the NASDAQ Stock Market under the symbol "TROW" Launches a dedicated mid-cap fund, the first in the U.S Achieves $100 billion* in assets under management T. Rowe Price shares are added to the S&P 500 Equity Index. Establishes joint venture with Robert Fleming Holdings to form T. Rowe Fleming Asset Management (now T. Rowe Price International Ltd) in Japan Acquires 100% of Rowe Price-Fleming International, Inc. and rename it T. Rowe Price International Ltd. Price Associates reorganizes its operations into a holding company structure through an exchange of shares. Price Associates becomes a subsidiary of T. Rowe Price Group, Inc. ("Price Group"). After the share exchange, all of the business and operations previously conducted by Price Associates and its subsidiaries were and continue to be conducted by entities within the Price Group. T. Rowe Price establishes a dedicated marketing and service company for non-u.s. investors -" T. Rowe Price International Ltd (formerly Global Investment Services Limited) -- which is registered as an investment adviser with the United Kingdom's regulatory authority (the FSA) in January Launches the T. Rowe Price Funds SICAV, domiciled in Luxembourg, for institutional investors and financial intermediaries outside the U.S Achieves $200 billion* in assets under management Achieves $300 billion* in assets under management T. Rowe Price raises quarterly dividend for 20th consecutive year. As planned, James Kennedy elected president and chief executive officer of the firm. Also as planned, the Board of Directors elects Brian Rogers chairman of the Board and Edward Bernard vice chairman. The election of Messrs. Kennedy, Rogers, and Bernard becomes effective on 1 January 2007, following the retirement of chairman and President George A. Roche on 31 December evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

276 19 TRP Exhibit 11/20/2017 Glob Foc Gr Product Overview Product Facts Primary Universe evestment Global All Cap Growth Equity Geographic Region Global Inception Date 01/31/1996 Asset Class Equity Product Domicile --- Product Structure Direct Investment Product Key Facts Primary Equity Capitalization All Cap Primary Equity Style Emphasis Growth Preferred Benchmark MSCI ACWI-GD Accounts 20 Investment Focus Long Only Account and AUM Information AUM Total $6, Accounts Total 20 Taxable $2, Taxable 11 Tax-Exempt $4, Tax-Exempt 9 Institutional $5, Team Description Portfolio Mgrs/Dual Role PMs 2 Avg Yrs Exp Avg Yrs w/firm Research Analysts 162 Avg Yrs Exp 9.00 Avg Yrs w/firm 5.00 Team Description Traders 27 Avg Yrs Exp Avg Yrs w/firm Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 6 Lost (2013) 2 Gained (MRQ) 11 Gained (2013) 7 Product Characteristics Strategy Snapshot Primary Equity Capitalization All Cap Primary Equity Style Emphasis Growth Preferred Benchmark MSCI ACWI-GD Secondary Equity Style Emphasis None Current # of Holdings 72 Foreign Securities Utilized? Yes Approach Towards Currency Hedging Not Used % Hedged to Local Currency --- Max % Allowed in Emerging Mkts --- Derivitives Utilized? No Available Under ESG? Yes Fundamental Characteristics Current Cash Position 1.52% Annual Turnover (LTM) 97.10% Current P/E (12 mo Trailing) Current P/B 4.72 Current P/S (12 mo Trailing) --- Earnings Growth (Past 5 Yrs) --- Wgtd. Avg. Mkt. Cap $139,281 Median Mkt. Cap $27,514 Market Capitalization Breakdown >$50 Billion 51.63% $15-50 Billion 31.84% $ Billion 6.72% $ Billion 9.42% $ Billion 0.00% $ Million 0.39% <$400 Million 0.00% Sector Allocations - Russell Integrated Oils --- Technology --- Health Care --- Consumer Discretionary --- Consumer Staples --- Autos & Trans. --- Producer Durables --- Materials --- Energy --- Utilities --- Other --- Financial Services --- Sector Allocation S&P/MSCI Consumer Disc % Consumer Staples 4.86% Energy 2.43% Financials 16.30% Health Care 15.06% Industrials 6.67% Technology 30.84% Materials 4.04% Telecom 0.00% Utilities 1.53% Other 0.00% Real Estate 0.00% Product- Account Types Corporate 9 Superannuation 0 Public Fund 3 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 2 Other 6 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

277 19 Garcia Hamilton & Associates, L.P. Exhibit 11/20/2017 Fixed Income - Aggregate Firm Overview Firm Information Address Five Houston Center Address 1401 McKinney Street, Suite 1600 City Houston State/Province Texas Zip/Postal Code Country United States Website Phone Year Founded 1988 Firm Key Facts AUM $9, Accounts 265 Portfolio Mgrs/Dual Role PMs 7 Analysts 4 % Employee Owned % Total Employees 31 Legal Structure Private Limited Liability Partnership (LLP) Account and AUM Information AUM Accounts Total $9, Total 265 Taxable $ Taxable 10 Tax-Exempt $9, Tax-Exempt 255 Institutional $9, Institutional 259 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 91.00% % Female Owned 46.00% Accts Gained # of Accts (MRQ) 9 # of Accts (1 Year) 39 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 4.48% Accts Lost # of Accts (MRQ) 6 # of Accts (1 Year) 8 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 1.61% Marketing Contact Info First Name Ruby Last Name Dang Phone ruby@dhja.com Office Locations City Houston State/Province Texas Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Garcia Hamilton & Associates, L.P. Garcia Hamilton & Associates, L.P. (GH&A) was founded in 1988 and offers high quality fixed income for institutional investors. Its diversified client base includes public funds, jointly trusteed plans, endowments and corporations. The firm is a limited partnership with current assets under management of approximately $9.8 billion. The firm is 100% employee-owned by nine internal partners with approximately 91% held by minority and women partners, of which 59% is held by minority partners and 55% by Hispanic partners. In addition, GH&A does not have any outside affiliations. On June 30, 2013, the firm celebrated 25 years of asset management services. Furthermore, GH&A has received recognition. In 2009, the firm was awarded Core Fixed Income Manager of the Year by Emerging Manager Monthly. In 2014 Garcia Hamilton & Associates was named Fixed Income Investment Grade Manager of the Year by Institutional Investor. In 2015 Institutional Investor awarded us the Intermediate-Term Manager of the Year. In 2016 Institutional Investor awarded us the Intermediate-Term Manager of the Year for the second year in a row. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

278 19 Garcia Hamilton & Associates, L.P. Exhibit 11/20/2017 Fixed Income - Aggregate Product Overview Product Facts Primary Universe evestment US Core Fixed Income Geographic Region United States Inception Date 12/31/1991 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 166 Investment Focus Long Only Account and AUM Information AUM Total $7, Accounts Total 166 Taxable $ Taxable 6 Tax-Exempt $6, Tax-Exempt 160 Institutional $7, Team Description Portfolio Mgrs/Dual Role PMs 6 Avg Yrs Exp Avg Yrs w/firm Research Analysts 4 Avg Yrs Exp Avg Yrs w/firm 1.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 4 # of Accts (1 Year) 29 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 5.93% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 2 $ in Millions (MRQ) $28.00 $ in Millions (1 Year) $40.00 % of Assets 0.53% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) 40 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core/Aggregate Bloomberg Barclays US Aggregate A Not Used No Yes Fundamental Characteristics Current Cash Position 1.64% Annual Turnover (LTM) 68.99% Current # of Bond Issues 32 Effective Duration (Yrs) 4.77 Average Maturity (Yrs) 6.80 Yield to Maturity 1.89% Current Term Structure Barbell Average Quality Issue AA Duration Breakdown Duration < 1 Yr 63.30% Duration 1-3 Yrs 1.20% Duration 3-5 Yrs 12.20% Duration 5-7 Yrs 1.70% Duration 7-10 Yrs 0.00% Duration Yrs 21.60% Duration > 20 Yrs 0.00% Regional Allocation North America % United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. 0.00% Other 0.00% Total Dev. Markets % Credit Quality Government Guaranteed: Current 71.67% AAA/Aaa: Current 0.00% AA/Aa: Current 2.24% A: Current 25.09% BBB/Baa: Current 1.00% BB/Ba: Current 0.00% B: Current 0.00% CCC/Caa: Current 0.00% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 30 Superannuation 0 Public Fund 88 Union/Multi-Employer 9 Found. & Endow. 29 Healthcare 0 High Net Worth 3 Insurance 5 Wrap Account 0 Sub-Advised 2 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

279 19 Pugh Capital Management, Inc. Exhibit 11/20/2017 Core Fixed Income Firm Overview Firm Information Address 520 Pike Tower Address Suite 2900 City Seattle State/Province Washington Zip/Postal Code Country United States Website Phone Year Founded 1991 Firm Key Facts AUM $5, Accounts 50 Portfolio Mgrs/Dual Role PMs 6 Analysts 6 % Employee Owned % Total Employees 21 Legal Structure Private S-Type Corporation Account and AUM Information AUM Accounts Total $5, Total 50 Taxable $ Taxable 1 Tax-Exempt $5, Tax-Exempt 49 Institutional $5, Institutional 50 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 75.00% % Female Owned 75.00% Accts Gained # of Accts (MRQ) 5 # of Accts (1 Year) 2 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Marketing Contact Info First Name Deanna Last Name Hobson Phone dhobson@pughcapital.com Office Locations City Seattle State/Province Washington Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Pugh Capital Management, Inc. Pugh Capital Management, Inc., a subchapter S Corporation, was founded in 1991 by Mary Pugh and Scott Greiwe. The firm was registered as an investment advisor with the SEC on June 27, 1991 and specializes in active investment grade fixed income management for institutional clients. Pugh Capital does not have a parent organization and has one principal office located in Seattle, WA. Pugh Capital was self-funded and started with $5 million under management in Over the past 20 years the firm has grown organically through cultivating existing client relationships and by gaining new clients which has grown the firm to its current size of $4.8 billion in assets as of 6/30/2017. The firm is 100% independent and employee owned. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

280 19 Pugh Capital Management, Inc. Exhibit 11/20/2017 Core Fixed Income Product Overview Product Facts Primary Universe evestment US Core Fixed Income Geographic Region United States Inception Date 03/31/1994 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 30 Investment Focus Long Only Account and AUM Information AUM Total $2, Accounts Total 30 Taxable $ Taxable 1 Tax-Exempt $2, Tax-Exempt 29 Institutional $2, Team Description Portfolio Mgrs/Dual Role PMs 6 Avg Yrs Exp Avg Yrs w/firm Research Analysts 6 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors 0 Avg Yrs Exp 0 Avg Yrs w/firm 0.00 Accts Gained # of Accts (MRQ) 4 # of Accts (1 Year) 1 $ in Millions (MRQ) $ $ in Millions (1 Year) $53.26 % of Assets --- Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $29.00 % of Assets --- Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 1 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 110 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core/Aggregate Bloomberg Barclays US Aggregate Not Used No Yes Fundamental Characteristics Current Cash Position 0.33% Annual Turnover (LTM) --- Current # of Bond Issues 214 Effective Duration (Yrs) 5.93 Average Maturity (Yrs) 8.07 Yield to Maturity 2.78% Current Term Structure --- Average Quality Issue A Duration Breakdown Duration < 1 Yr 3.82% Duration 1-3 Yrs 22.40% Duration 3-5 Yrs 33.80% Duration 5-7 Yrs 16.41% Duration 7-10 Yrs 8.51% Duration Yrs 15.06% Duration > 20 Yrs 0.00% Regional Allocation North America % United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. 0.00% Other 0.00% Total Dev. Markets % Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 60.52% AA/Aa: Current 0.92% A: Current 7.90% BBB/Baa: Current 30.66% BB/Ba: Current 0.00% B: Current 0.00% CCC/Caa: Current 0.00% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 11 Superannuation 0 Public Fund 14 Union/Multi-Employer 1 Found. & Endow. 2 Healthcare 2 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

281 Smith Graham & Co., Investment Advisors, L.P. Alpha Plus Firm Information Address 600 Travis, 6900 JPMorgan Chase Tower Address --- City Houston State/Province Texas Zip/Postal Code Country United States Website Phone Year Founded 1990 Exhibit 19 11/20/2017 Firm Key Facts AUM Firm Overview $5, Accounts 86 Portfolio Mgrs/Dual Role PMs 7 Analysts 4 % Employee Owned 93.00% Total Employees 29 Legal Structure Partnership Account and AUM Information AUM Accounts Total $5, Total 86 Taxable $78.10 Taxable 2 Tax-Exempt $5, Tax-Exempt 84 Institutional $5, Institutional 86 Ownership and Compliance Information Ownership Info % Employee Owned 93.00% % Parent Owned --- % Publicly Held --- % Minority Owned 94.00% % Female Owned 3.00% Accts Gained # of Accts (MRQ) 2 # of Accts (1 Year) 2 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 2.65% Accts Lost # of Accts (MRQ) 2 # of Accts (1 Year) 8 $ in Millions (MRQ) $87.90 $ in Millions (1 Year) $ % of Assets 1.43% Marketing Contact Info First Name Lynda Last Name DiBari Phone ldibari@smithgraham.com Office Locations City Houston State/Province Texas Secondary Office #1: City New York Secondary Office #1: State New York Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Smith Graham & Co., Investment Advisors, L.P. Smith Graham was founded in 1990 in Houston, Texas and is one of the nation's largest minority-owned investment management firms. It has more than 25 years of experience managing institutional assets. Smith Graham is an independent, employee-owned, limited partnership. It is not affiliated with any other company or entity. Smith Graham has discretionary management responsibility for approximately $6 billion in assets. The firm has been registered with the SEC since March, The firm has two offices: our headquarters are in Houston, Texas and we also have a full service office in New York, New York. The investment team and client service support for the Small Cap Value, Midcap Value and SMID Cap Value products are located in the New York office. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

282 Smith Graham & Co., Investment Advisors, L.P. Alpha Plus Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 01/01/2004 Asset Class Fixed Income Product Domicile --- Product Structure --- Product Key Facts Preferred Benchmark Accounts 1 Investment Focus Long Only Exhibit 19 11/20/2017 Product Overview Bloomberg Barclays US Aggregate Account and AUM Information AUM Total $ Accounts Total 1 Taxable $0.00 Taxable 0 Tax-Exempt $ Tax-Exempt 1 Institutional $ Team Description Portfolio Mgrs/Dual Role PMs 5 Avg Yrs Exp Avg Yrs w/firm 5.00 Research Analysts 2 Avg Yrs Exp Avg Yrs w/firm 5.00 Team Description Traders 4 Avg Yrs Exp Avg Yrs w/firm 5.00 Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 1 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 97 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core Plus Bloomberg Barclays US Aggregate Not Used Yes No Fundamental Characteristics Current Cash Position 0.48% Annual Turnover (LTM) --- Current # of Bond Issues 135 Effective Duration (Yrs) 6.00 Average Maturity (Yrs) 8.31 Yield to Maturity 2.81% Current Term Structure --- Average Quality Issue AA Duration Breakdown Duration < 1 Yr 1.76% Duration 1-3 Yrs 19.09% Duration 3-5 Yrs 40.48% Duration 5-7 Yrs 10.37% Duration 7-10 Yrs 12.04% Duration Yrs 15.32% Duration > 20 Yrs 0.94% Regional Allocation North America % United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. 0.00% Other 0.00% Total Dev. Markets % Credit Quality Government Guaranteed: Current 27.41% AAA/Aaa: Current 21.20% AA/Aa: Current 5.49% A: Current 14.02% BBB/Baa: Current 25.26% BB/Ba: Current 6.62% B: Current --- CCC/Caa: Current --- CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current --- Other: Current --- Product- Account Types Corporate 0 Superannuation 0 Public Fund 1 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

283 19 LM Capital Group, LLC Exhibit 11/20/2017 Opportunistic Core Firm Overview Firm Information Address 750 B Street, Suite 3010 Address --- City San Diego State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1989 Firm Key Facts AUM $4, Accounts 29 Portfolio Mgrs/Dual Role PMs 4 Analysts 3 % Employee Owned % Total Employees 18 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $4, Total 29 Taxable $19.70 Taxable 2 Tax-Exempt $4, Tax-Exempt 27 Institutional $4, Institutional 29 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned --- % Publicly Held --- % Minority Owned % % Female Owned 2.00% Accts Gained # of Accts (MRQ) 2 # of Accts (1 Year) 3 $ in Millions (MRQ) $31.70 $ in Millions (1 Year) $ % of Assets 0.64% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 2 $ in Millions (MRQ) $31.90 $ in Millions (1 Year) $92.50 % of Assets 0.64% Marketing Contact Info First Name Laura Last Name Hightower Phone lhightower@lmcapital.com Office Locations City San Diego State/Province California Secondary Office #1: City Miami Secondary Office #1: State Florida Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background LM Capital Group, LLC LM Capital Group was founded in 1989 by Luis Maizel and John Chalker to provide fixed income investment management services to investors. The firm is an employee-owned minority business with consistent senior management servicing public funds, corporations, and foundations. By utilizing a long-term, global macroeconomic methodology to build portfolios, LM Capital provides clients with what it believes are attractive investment opportunities. Our proprietary portfolio construction process further allows us to weather the volatility of the global bond markets in order to protect and grow assets for our clients over the long term. The firm also distinguishes itself by encouraging ongoing client communication with key professionals within the LM Capital organization, including access to senior management and portfolio managers. We partner with our clients to offer a boutique service model. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

284 19 LM Capital Group, LLC Exhibit 11/20/2017 Opportunistic Core Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 01/01/1993 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 15 Investment Focus Long Only Account and AUM Information AUM Total $2, Accounts Total 15 Taxable $0.00 Taxable 0 Tax-Exempt $2, Tax-Exempt 15 Institutional $2, Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $70.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Analyst Turnover Lost (MRQ) --- Lost (2013) --- Gained (MRQ) --- Gained (2013) --- Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) --- Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core Plus Bloomberg Barclays US Aggregate B Not Used No Yes Fundamental Characteristics Current Cash Position 1.36% Annual Turnover (LTM) 40.74% Current # of Bond Issues 65 Effective Duration (Yrs) 5.46 Average Maturity (Yrs) 7.38 Yield to Maturity 3.16% Current Term Structure Ladder Average Quality Issue A Duration Breakdown Duration < 1 Yr 1.36% Duration 1-3 Yrs 17.16% Duration 3-5 Yrs 36.47% Duration 5-7 Yrs 20.73% Duration 7-10 Yrs 15.82% Duration Yrs 7.35% Duration > 20 Yrs 1.11% Regional Allocation North America 85.93% United Kingdom 0.00% Continental Europe 2.54% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts % Other 11.53% Total Dev. Markets 88.47% Credit Quality Government Guaranteed: Current 50.57% AAA/Aaa: Current --- AA/Aa: Current --- A: Current 7.06% BBB/Baa: Current 27.93% BB/Ba: Current 8.64% B: Current 4.44% CCC/Caa: Current --- CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current --- Other: Current --- Product- Account Types Corporate 1 Superannuation 0 Public Fund 12 Union/Multi-Employer 1 Found. & Endow. 1 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

285 19 PIMCO Exhibit 11/20/2017 Core Plus - Total Return Full Authority Firm Overview Firm Information Address 650 Newport Center Dr Address --- City Newport Beach State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1971 Firm Key Facts AUM $1,688, Accounts 2014 Portfolio Mgrs/Dual Role PMs 228 Analysts 128 % Employee Owned --- Total Employees 2225 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $1,688, Total 2014 Taxable $1,318, Taxable 985 Tax-Exempt $370, Tax-Exempt 1029 Institutional $1,523, Institutional 2010 Ownership and Compliance Information Ownership Info % Employee Owned --- % Parent Owned --- % Publicly Held --- % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Marketing Contact Info First Name Michael Last Name Saracco Phone Michael.Saracco@pimco.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Newport Beach California New York New York London England Tokyo Japan Firm Background Narrative Firm Background PIMCO Pacific Investment Management Company LLC ( PIMCO )* was founded in Newport Beach, California in PIMCO is one of the world's largest fixed income managers, with a presence in every major bond market. PIMCO started as a subsidiary of Pacific Life Insurance Company to manage separate accounts for institutional clients. Today, PIMCO has offices in Newport Beach, New York, Singapore, Tokyo, London, Sydney, Munich, Zurich, Toronto, Hong Kong, Milan and Rio de Janeiro. In 2000, PIMCO was acquired by Allianz SE ( Allianz ), a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz. Throughout its 45-year history, PIMCO has grown through a focus on delivering high quality investment performance and client service, as well as investing in resources, capabilities, and investment talent to provide a broad array of investment solutions for clients globally. PIMCO continues to retain and attract key professionals, due to strong financial incentives and a rich investment culture. PIMCO s senior management is comprised of seasoned leaders with decades of PIMCO experience who have been instrumental to PIMCO s growth and success in delivering value to PIMCO s clients. * Includes PIMCO's global affiliates, as appropriate. PIMCO directly owns and controls PIMCO Investments LLC and may directly or indirectly own and control certain other global PIMCO entities. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

286 19 PIMCO Exhibit 11/20/2017 Core Plus - Total Return Full Authority Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 03/08/1971 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 173 Investment Focus Long Only Account and AUM Information AUM Total $148, Accounts Total 173 Taxable $118, Taxable 37 Tax-Exempt $29, Tax-Exempt 136 Institutional $129, Team Description Portfolio Mgrs/Dual Role PMs 230 Avg Yrs Exp Avg Yrs w/firm 8.00 Research Analysts 128 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 3 Lost (2013) 7 Gained (MRQ) 8 Gained (2013) 2 Analyst Turnover Lost (MRQ) 3 Lost (2013) 0 Gained (MRQ) 7 Gained (2013) 9 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) --- Approach Towards Currency Hedging --- Derivitives Utilized? --- Available Under ESG? Intermediate Core Plus Bloomberg Barclays US Aggregate B Yes Fundamental Characteristics Current Cash Position % Annual Turnover (LTM) 45.00% Current # of Bond Issues 100 Effective Duration (Yrs) 5.27 Average Maturity (Yrs) 7.48 Yield to Maturity 3.52% Current Term Structure --- Average Quality Issue AA Duration Breakdown Duration < 1 Yr -6.00% Duration 1-3 Yrs 10.00% Duration 3-5 Yrs 31.00% Duration 5-7 Yrs 44.00% Duration 7-10 Yrs % Duration Yrs 35.00% Duration > 20 Yrs 2.00% Regional Allocation North America % United Kingdom % Continental Europe -1.90% Japan -9.00% Asia ex-japan -0.10% Emerging Mkts. 0.70% Other 2.70% Total Dev. Markets 99.30% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 68.00% AA/Aa: Current 10.00% A: Current 7.00% BBB/Baa: Current 6.00% BB/Ba: Current 4.00% B: Current 2.00% CCC/Caa: Current 3.00% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 55 Superannuation 0 Public Fund 31 Union/Multi-Employer 17 Found. & Endow. 15 Healthcare 9 High Net Worth 0 Insurance 6 Wrap Account 1 Sub-Advised 27 Other 12 Defined Contribution 31 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

287 19 TCW Exhibit 11/20/2017 TCW Core Plus Fixed Income Firm Overview Firm Information Address 865 South Figueroa Street Address --- City Los Angeles State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1971 Firm Key Facts AUM $201, Accounts 571 Portfolio Mgrs/Dual Role PMs 23 Analysts 88 % Employee Owned 40.00% Total Employees 649 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $201, Total 571 Taxable $15, Taxable 73 Tax-Exempt $186, Tax-Exempt 498 Institutional $103, Institutional 520 Ownership and Compliance Information Ownership Info % Employee Owned 40.00% % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 0.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 14 # of Accts (1 Year) 50 $ in Millions (MRQ) $2, $ in Millions (1 Year) $10, % of Assets 1.34% Accts Lost # of Accts (MRQ) 13 # of Accts (1 Year) 26 $ in Millions (MRQ) $ $ in Millions (1 Year) $5, % of Assets 0.42% Marketing Contact Info First Name Leah Last Name Kirste Phone Leah.Kirste@tcw.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Los Angeles California New York New York Boston Massachusetts London United Kingdom Firm Background Narrative Firm Background TCW Founded in 1971 and based in Los Angeles, TCW manages a broad range of innovative, actively managed investment products that strive to enhance and protect clients wealth. TCW s clients include many of the largest corporate and public pension plans, financial institutions, insurance companies, endowments and foundations in the United States, as well as a substantial number of international entities including central banks, sovereign wealth funds and private banks. In 2001, TCW was acquired by Société Générale (SG), one of the largest global banking franchises with a presence in 85 countries. SG worked with TCW to grow and expand its global footprint for a dozen years. The partnership was very productive, including in early 2010, TCW s acquisition of Metropolitan West Asset Management, LLC (MetWest), a top-ranked fixed income asset manager. As a result, key employees of MetWest assumed primary responsibility for the oversight of TCW s fixed income mandates. MetWest is a wholly owned indirect subsidiary of The TCW Group, Inc. In February 2013, TCW s management effected a management led buy-out of SG in partnership with The Carlyle Group. The Carlyle Group holds a 60% stake in the firm, with TCW management and employees owning the balance of 40%, on a fully diluted basis. While The Carlyle Group is the technical majority owner, management negotiated governance provisions which ensure that TCW s managerial autonomy is preserved. Equity for the transaction came from TCW management and two Carlyle investment funds Carlyle Global Financial Services Partners, a $1.1 billion financial services fund, and Carlyle Partners V, a $13.7 billion U.S. buyout fund. The Carlyle transaction facilitated a management initiative to increase employee ownership. Prior to 2010, TCW employees did not have significant equity interests in the firm. Since the 2010 acquisition of MetWest by TCW, employee ownership has continued to increase. Today, approximately 125 employees, including most of TCW s key decision-making investment and other professionals, are equity holders. TCW believes strongly that employee equity ownership aligns the interests of the decision-making employees with the interests of the firm and the firm s clients, and creates a cohesive ownership culture. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

288 19 TCW Exhibit 11/20/2017 TCW Core Plus Fixed Income Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 08/01/1996 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 81 Investment Focus Long Only Account and AUM Information AUM Total $103, Accounts Total 81 Taxable $8, Taxable 6 Tax-Exempt $94, Tax-Exempt 75 Institutional $23, Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 23 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $4, % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $26.30 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Analyst Turnover Lost (MRQ) --- Lost (2013) 1 Gained (MRQ) --- Gained (2013) 1 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 85 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Intermediate Core Plus Bloomberg Barclays US Aggregate Not Used Yes Yes Fundamental Characteristics Current Cash Position -1.66% Annual Turnover (LTM) --- Current # of Bond Issues --- Effective Duration (Yrs) 5.63 Average Maturity (Yrs) 7.43 Yield to Maturity 2.83% Current Term Structure --- Average Quality Issue AA Duration Breakdown Duration < 1 Yr 19.62% Duration 1-3 Yrs 11.38% Duration 3-5 Yrs 37.03% Duration 5-7 Yrs 12.44% Duration 7-10 Yrs 8.26% Duration Yrs 5.64% Duration > 20 Yrs 5.64% Regional Allocation North America 93.52% United Kingdom 0.89% Continental Europe 1.11% Japan 3.88% Asia ex-japan 0.48% Emerging Mkts. 0.02% Other 0.02% Total Dev. Markets 99.98% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 60.26% AA/Aa: Current 6.56% A: Current 18.56% BBB/Baa: Current 10.04% BB/Ba: Current 1.90% B: Current 0.53% CCC/Caa: Current 2.16% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 23 Superannuation 0 Public Fund 14 Union/Multi-Employer 13 Found. & Endow. 5 Healthcare 12 High Net Worth 1 Insurance 1 Wrap Account 0 Sub-Advised 9 Other 3 Defined Contribution 7 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

289 19 Progress Exhibit 11/20/2017 US Fixed Income Firm Overview Firm Information Address 33 New Montgomery Street Address Suite 1900 City San Francisco State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1990 Firm Key Facts AUM $6, Accounts 23 Portfolio Mgrs/Dual Role PMs 4 Analysts 7 % Employee Owned % Total Employees 36 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $6, Total 23 Taxable $0.00 Taxable 0 Tax-Exempt $6, Tax-Exempt 23 Institutional $6, Institutional 23 Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned % % Female Owned 35.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 2 $ in Millions (MRQ) $3.00 $ in Millions (1 Year) $ % of Assets 0.04% Accts Lost # of Accts (MRQ) 1 # of Accts (1 Year) 2 $ in Millions (MRQ) $ $ in Millions (1 Year) $ % of Assets 1.93% Marketing Contact Info First Name Linda Last Name Cornett Phone lcornett@progressinvestment.com Office Locations City San Francisco State/Province California Secondary Office #1: City --- Secondary Office #1: State --- Secondary Office #2: City --- Secondary Office #2: State --- Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Progress Progress was founded in 1990 as an independent, minority- and employee-owned Registered Investment Advisor. As a manager of emerging managers, Progress offers customized investment solutions to institutional clients seeking innovative sources of alpha. By investing in emerging managers, Progress creates diversified, risk-controlled portfolios while providing expert access to undiscovered investment talent. In 1998, Progress became a wholly owned subsidiary of Liberty Financial Companies when it was acquired in a friendly transaction aimed at leveraging Liberty s distribution channels and providing liquidity to Progress original founders who were at or near retirement. Before the benefits of the Liberty/Progress relationship could be realized, Liberty was acquired by Fleet Boston Financial in 2001, at which time Progress determined it would once again pursue independence in order to regain control of its destiny and return the firm to its legacy as a minority-owned firm. Progress achieved that goal in 2004, when its senior leadership team successfully completed a management buyback acquiring the firm in whole from Columbia Management Group, a subsidiary of Bank of America, which acquired Fleet Boston Financial. Progress achieved the acquisition with the assistance of an outside institutional investor, the Massachusetts Bay Transportation Authority Retirement Fund (MBTARF) who acquired a 40% stake in Progress alongside its management team. In 2008, Progress purchased MBTARF s 40% equity stake in the firm, becoming 100% employee-owned, and remains so to this day. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

290 19 Progress Exhibit 11/20/2017 US Fixed Income Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 01/01/2005 Asset Class Fixed Income Product Domicile --- Product Structure Fund of Funds Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 7 Investment Focus Long Only Account and AUM Information AUM Total $2, Accounts Total 7 Taxable $0.00 Taxable 0 Tax-Exempt $2, Tax-Exempt 7 Institutional $2, Team Description Portfolio Mgrs/Dual Role PMs 3 Avg Yrs Exp Avg Yrs w/firm 8.00 Research Analysts 2 Avg Yrs Exp Avg Yrs w/firm 9.00 Team Description Traders 0 Avg Yrs Exp 0.00 Avg Yrs w/firm 0.00 Risk Monitors 1 Avg Yrs Exp 16 Avg Yrs w/firm 8.00 Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $50.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 1 Gained (MRQ) 0 Gained (2013) 1 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) --- Approach Towards Currency Hedging --- Derivitives Utilized? Available Under ESG? Core/All Durations Core/Aggregate Bloomberg Barclays US Aggregate C No Yes Fundamental Characteristics Current Cash Position 3.34% Annual Turnover (LTM) --- Current # of Bond Issues 1473 Effective Duration (Yrs) 5.57 Average Maturity (Yrs) 8.19 Yield to Maturity 3.14% Current Term Structure Barbell Average Quality Issue A Duration Breakdown Duration < 1 Yr 13.41% Duration 1-3 Yrs 21.67% Duration 3-5 Yrs 25.41% Duration 5-7 Yrs 15.16% Duration 7-10 Yrs 9.70% Duration Yrs 14.65% Duration > 20 Yrs 0.00% Regional Allocation North America % United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. 0.00% Other 0.00% Total Dev. Markets % Credit Quality Government Guaranteed: Current --- AAA/Aaa: Current 9.02% AA/Aa: Current 49.31% A: Current 10.67% BBB/Baa: Current 19.54% BB/Ba: Current 5.07% B: Current 4.26% CCC/Caa: Current 0.53% CC/Ca: Current 0.01% C: Current --- Distressed Debt: Current --- Not Rated: Current 1.59% Other: Current --- Product- Account Types Corporate 1 Superannuation 0 Public Fund 6 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 0 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

291 19 Neuberger Berman Exhibit 11/20/2017 Core Plus Firm Overview Firm Information Address 1290 Avenue of the Americas Address --- City New York State/Province New York Zip/Postal Code Country United States Website Phone Year Founded 1939 Firm Key Facts AUM $283, Accounts Portfolio Mgrs/Dual Role PMs 199 Analysts 231 % Employee Owned % Total Employees 1917 Legal Structure Private Corporation Account and AUM Information AUM Accounts Total $283, Total Taxable $161, Taxable Tax-Exempt $122, Tax-Exempt Institutional $183, Institutional Ownership and Compliance Information Ownership Info % Employee Owned % % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 6 # of Accts (1 Year) 51 $ in Millions (MRQ) $1, $ in Millions (1 Year) $10, % of Assets 0.52% Accts Lost # of Accts (MRQ) 2 # of Accts (1 Year) 44 $ in Millions (MRQ) $ $ in Millions (1 Year) $3, % of Assets 0.07% Marketing Contact Info First Name Matthew Last Name Malloy Phone matthew.malloy@nb.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State New York New York Chicago Illinois Dallas Texas London England Firm Background Narrative Firm Background Neuberger Berman From our inception, Neuberger Berman has worked with one goal: to build and protect the assets of our clients. Today, we continue to serve our clients with the same purpose, and with expanded capabilities to meet all our clients' investment management needs. Our commitment to investment management has deep roots. In 1939, renowned investor Roy Neuberger founded the firm to manage money for individuals and families. The firm thrived and grew, earning a reputation for excellent performance and integrity. In 1950, Neuberger Berman became one of the first firms to offer a no-load mutual fund to individual investors, and our mutual fund family has grown alongside the private client business. In 1971, we launched a portfolio for institutions, marking our formal entry into the institutional investment business. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

292 19 Neuberger Berman Exhibit 11/20/2017 Core Plus Product Overview Product Facts Primary Universe evestment US Core Plus Fixed Income Geographic Region United States Inception Date 10/01/1998 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark Bloomberg Barclays US Aggregate Accounts 14 Investment Focus Long Only Account and AUM Information AUM Total $3, Accounts Total 14 Taxable $2, Taxable 3 Tax-Exempt $1, Tax-Exempt 11 Institutional $3, Team Description Portfolio Mgrs/Dual Role PMs --- Avg Yrs Exp --- Avg Yrs w/firm --- Research Analysts --- Avg Yrs Exp --- Avg Yrs w/firm --- Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets --- Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets --- Portfolio Manager Turnover Lost (MRQ) --- Lost (2013) 0 Gained (MRQ) --- Gained (2013) 0 Analyst Turnover Lost (MRQ) --- Lost (2013) 1 Gained (MRQ) --- Gained (2013) 2 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) 250 Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Core/All Durations Core Plus Bloomberg Barclays US Aggregate C Not Used Yes Yes Fundamental Characteristics Current Cash Position 1.73% Annual Turnover (LTM) % Current # of Bond Issues 272 Effective Duration (Yrs) 5.40 Average Maturity (Yrs) 7.95 Yield to Maturity 3.29% Current Term Structure --- Average Quality Issue A Duration Breakdown Duration < 1 Yr 8.03% Duration 1-3 Yrs 11.08% Duration 3-5 Yrs 41.93% Duration 5-7 Yrs 9.52% Duration 7-10 Yrs 17.94% Duration Yrs 11.50% Duration > 20 Yrs 0.00% Regional Allocation North America 96.41% United Kingdom 0.39% Continental Europe 1.86% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. 1.34% Other 1.34% Total Dev. Markets 98.66% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 52.54% AA/Aa: Current 1.50% A: Current 7.52% BBB/Baa: Current 20.75% BB/Ba: Current 16.14% B: Current 1.39% CCC/Caa: Current 0.15% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 2 Superannuation 0 Public Fund 5 Union/Multi-Employer 1 Found. & Endow. 4 Healthcare 0 High Net Worth 0 Insurance 1 Wrap Account 0 Sub-Advised 0 Other 1 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

293 19 PIMCO Exhibit 11/20/2017 Unconstrained Bond Firm Overview Firm Information Address 650 Newport Center Dr Address --- City Newport Beach State/Province California Zip/Postal Code Country United States Website Phone Year Founded 1971 Firm Key Facts AUM $1,688, Accounts 2014 Portfolio Mgrs/Dual Role PMs 228 Analysts 128 % Employee Owned --- Total Employees 2225 Legal Structure Private Limited Liability Company Account and AUM Information AUM Accounts Total $1,688, Total 2014 Taxable $1,318, Taxable 985 Tax-Exempt $370, Tax-Exempt 1029 Institutional $1,523, Institutional 2010 Ownership and Compliance Information Ownership Info % Employee Owned --- % Parent Owned --- % Publicly Held --- % Minority Owned --- % Female Owned --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Marketing Contact Info First Name Michael Last Name Saracco Phone Michael.Saracco@pimco.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Newport Beach California New York New York London England Tokyo Japan Firm Background Narrative Firm Background PIMCO Pacific Investment Management Company LLC ( PIMCO )* was founded in Newport Beach, California in PIMCO is one of the world's largest fixed income managers, with a presence in every major bond market. PIMCO started as a subsidiary of Pacific Life Insurance Company to manage separate accounts for institutional clients. Today, PIMCO has offices in Newport Beach, New York, Singapore, Tokyo, London, Sydney, Munich, Zurich, Toronto, Hong Kong, Milan and Rio de Janeiro. In 2000, PIMCO was acquired by Allianz SE ( Allianz ), a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz. Throughout its 45-year history, PIMCO has grown through a focus on delivering high quality investment performance and client service, as well as investing in resources, capabilities, and investment talent to provide a broad array of investment solutions for clients globally. PIMCO continues to retain and attract key professionals, due to strong financial incentives and a rich investment culture. PIMCO s senior management is comprised of seasoned leaders with decades of PIMCO experience who have been instrumental to PIMCO s growth and success in delivering value to PIMCO s clients. * Includes PIMCO's global affiliates, as appropriate. PIMCO directly owns and controls PIMCO Investments LLC and may directly or indirectly own and control certain other global PIMCO entities. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

294 19 PIMCO Exhibit 11/20/2017 Unconstrained Bond Product Overview Product Facts Primary Universe evestment Global Unconstrained Fixed Income Geographic Region Global Inception Date 08/04/2005 Asset Class Fixed Income Product Domicile --- Product Structure Direct Investment Product Key Facts Preferred Benchmark LIBOR - 3 Month Accounts 40 Investment Focus Long Only Account and AUM Information AUM Total $11, Accounts Total 40 Taxable $8, Taxable 14 Tax-Exempt $3, Tax-Exempt 26 Institutional $10, Team Description Portfolio Mgrs/Dual Role PMs 5 Avg Yrs Exp Avg Yrs w/firm 9.00 Research Analysts 128 Avg Yrs Exp Avg Yrs w/firm 6.00 Team Description Traders --- Avg Yrs Exp --- Avg Yrs w/firm --- Risk Monitors --- Avg Yrs Exp --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 3 Lost (2013) 0 Gained (MRQ) 7 Gained (2013) 9 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Core/All Durations Fixed Income Style Emphasis Other Preferred Benchmark LIBOR - 3 Month Minimum Quality Issue --- Portfolio Holdings (Typical) --- Approach Towards Currency Hedging --- Derivitives Utilized? --- Available Under ESG? Yes Fundamental Characteristics Current Cash Position --- Annual Turnover (LTM) 45.00% Current # of Bond Issues 100 Effective Duration (Yrs) 1.70 Average Maturity (Yrs) 2.46 Yield to Maturity 3.18% Current Term Structure --- Average Quality Issue A Duration Breakdown Duration < 1 Yr % Duration 1-3 Yrs % Duration 3-5 Yrs 88.00% Duration 5-7 Yrs % Duration 7-10 Yrs % Duration Yrs 12.00% Duration > 20 Yrs % Regional Allocation North America % United Kingdom -2.10% Continental Europe 1.40% Japan % Asia ex-japan 3.20% Emerging Mkts. 3.60% Other 3.70% Total Dev. Markets 96.40% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 46.00% AA/Aa: Current 4.00% A: Current 15.00% BBB/Baa: Current 10.00% BB/Ba: Current 5.00% B: Current 3.00% CCC/Caa: Current 17.00% CC/Ca: Current 0.00% C: Current 0.00% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 7 Superannuation 0 Public Fund 11 Union/Multi-Employer 0 Found. & Endow. 4 Healthcare 3 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 5 Other 10 Defined Contribution 0 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

295 19 BlueBay Asset Management LLP Exhibit 11/20/2017 BlueBay Emerging Market Select Strategy Firm Overview Firm Information Address 77 Grosvenor Street Address --- City London State/Province England Zip/Postal Code W1K 3JR Country United Kingdom Website Phone Year Founded 2001 Firm Key Facts AUM $55, Accounts 4586 Portfolio Mgrs/Dual Role PMs 42 Analysts 32 % Employee Owned 0.00% Total Employees 381 Legal Structure Private Limited Liability Partnership (LLP) Account and AUM Information AUM Accounts Total $55, Total 4586 Taxable $0.00 Taxable 0 Tax-Exempt $55, Tax-Exempt 4586 Institutional $37, Institutional 857 Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned % % Publicly Held 0.00% % Minority Owned 0.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Marketing Contact Info First Name Cenk Last Name Turkinan Phone cturkinan@bluebayinvest.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State London England Stamford Connecticut Tokyo Japan Hong Kong Hong Kong Firm Background Narrative Firm Background BlueBay Asset Management LLP BlueBay Asset Management (BlueBay) is a specialist fixed income manager focusing on sovereign and corporate debt in developed and emerging markets. The firm s sole business is asset management. BlueBay provides asset management services to institutional investors, distribution networks and high net worth individuals. Our approach is characterised by a belief in the value of active management, a strong investment process, the generation of attractive risk-adjusted returns and an emphasis on capital preservation for all our investment strategies. BlueBay manages a range of absolute return-style portfolios across the following sub-asset classes of global fixed income markets: Investment grade debt High yield/distressed debt & loans Emerging market debt Convertible bonds Private lending Multi-credit BlueBay was originally established to capitalise on strong secular growth trends in European corporate debt and emerging market debt. The firm was founded in 2001 in London by Hugh Willis and Mark Poole, with financial support from Barclays Bank and Shinsei Bank. On 22 November 2006, BlueBay listed its shares on the evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

296 19 BlueBay Asset Management LLP Exhibit 11/20/2017 BlueBay Emerging Market Select Strategy Product Overview Product Facts Primary Universe Geographic Region evestment Global Emerging Mkts Fixed Income - Blended Currency Global Emg Mkts Inception Date 11/30/2006 Asset Class Fixed Income Product Account Domicile and AUM --- Information Product AUM Accounts Structure Direct Investment Total $4, Total 99 Taxable $0.00 Tax-Exempt $4, Institutional $4, Taxable 0 Tax-Exempt 99 Team Description Product Key Facts Preferred Benchmark Accounts 99 Investment Focus Portfolio Mgrs/Dual Role PMs 9 Avg Yrs Exp Avg Yrs w/firm 8.00 Research Analysts 9 Avg Yrs Exp Avg Yrs w/firm % JPM EMBI Global Div & 50% JPM GBI- EM Glbl Div Long Only Team Description Traders 5 Avg Yrs Exp Avg Yrs w/firm 9.00 Risk Monitors 0 Avg Yrs Exp 0 Avg Yrs w/firm 0.00 Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 21 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 22 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Portfolio Holdings (Typical) --- Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Intermediate Other 50% JPM EMBI Global Div & 50% JPM GBI-EM Glbl Div C Value Added Yes Yes Fundamental Characteristics Current Cash Position 9.90% Annual Turnover (LTM) % Current # of Bond Issues 44 Effective Duration (Yrs) 5.33 Average Maturity (Yrs) --- Yield to Maturity --- Current Term Structure --- Average Quality Issue BB Duration Breakdown Duration < 1 Yr 5.77% Duration 1-3 Yrs 3.81% Duration 3-5 Yrs 19.97% Duration 5-7 Yrs 30.73% Duration 7-10 Yrs 27.13% Duration Yrs 12.59% Duration > 20 Yrs 0.00% Regional Allocation North America 0.00% United Kingdom 0.00% Continental Europe 0.81% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. --- Other 0.00% Total Dev. Markets 0.00% Credit Quality Government Guaranteed: Current 0.00% AAA/Aaa: Current 0.00% AA/Aa: Current 0.00% A: Current 8.58% BBB/Baa: Current 46.41% BB/Ba: Current 14.86% B: Current 28.54% CCC/Caa: Current 0.00% CC/Ca: Current 1.28% C: Current 0.33% Distressed Debt: Current 0.00% Not Rated: Current 0.00% Other: Current 0.00% Product- Account Types Corporate 41 Superannuation 29 Public Fund 0 Union/Multi-Employer 0 Found. & Endow. 1 Healthcare 0 High Net Worth 0 Insurance 8 Wrap Account 0 Sub-Advised 0 Other 17 Defined Contribution 2 Supranationals 0 Sovereign Wealth 3 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

297 19 Colchester Global Investors Limited Exhibit 11/20/2017 Colchester Local Markets Debt Fund Firm Overview Firm Information Address 20 Savile Row Address --- City London State/Province England Zip/Postal Code W1S 3PR Country United Kingdom Website Phone 44 (20) Year Founded 1999 Firm Key Facts AUM $39, Accounts 113 Portfolio Mgrs/Dual Role PMs 8 Analysts 1 % Employee Owned 51.00% Total Employees 59 Legal Structure --- Account and AUM Information AUM Accounts Total $39, Total 113 Taxable --- Taxable --- Tax-Exempt --- Tax-Exempt --- Institutional $39, Institutional 113 Ownership and Compliance Information Ownership Info % Employee Owned 51.00% % Parent Owned 0.00% % Publicly Held 0.00% % Minority Owned 17.50% % Female Owned 9.00% Accts Gained # of Accts (MRQ) 1 # of Accts (1 Year) 15 $ in Millions (MRQ) $ $ in Millions (1 Year) $5, % of Assets 1.77% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 5 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Marketing Contact Info First Name Mamak Last Name Shahbazi Phone mshahbazi@colchesterglobal.com Office Locations City London State/Province England Secondary Office #1: City New York Secondary Office #1: State United States Secondary Office #2: City Singapore Secondary Office #2: State Singapore Secondary Office #3: City --- Secondary Office #3: State --- Firm Background Narrative Firm Background Colchester Global Investors Limited Colchester is an independent investment management firm offering quality global and international bond services. Colchester believes in the benefits of specialisation and focus: a significant competitive advantage enjoyed by our firm is the greater diversity and added return potential generated by its unique use of high quality smaller country bond markets. Colchester's rigorous application of its real yield investment strategy has underpinned the firm's success. Strength is drawn from the robustness of the real yield approach and from its time proven results. Colchester was founded by Ian Sims, Chairman and Chief Investment Officer, in 1999 and commenced managing client portfolios in February Ian was one of the premier global bond managers of the 1990s prior to founding Colchester, and the firm is built on the extensive experience of its senior partners who have all enjoyed long and successful careers in the industry. Colchester is majority-owned by its employees: we believe self-ownership allows constancy of purpose and an alignment of interest with those of the client. An asset growth policy is in place to promote the ongoing delivery of first class investment services. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

298 19 Colchester Global Investors Limited Exhibit 11/20/2017 Colchester Local Markets Debt Fund Product Overview Product Facts Primary Universe Geographic Region evestment Global Emerging Mkts Fixed Income - Local Currency Global Emg Mkts Inception Date 12/30/2008 Asset Class Fixed Income Product Domicile --- Account Product and AUM Information Structure Direct Investment AUM Accounts Total $8, Taxable --- Tax-Exempt --- Institutional $8, Total 20 Taxable --- Tax-Exempt --- Product Key Facts Preferred Benchmark JPM GBI-EM Global Diversified Unhedged Accounts 20 Investment Focus Long Only Team Description Team Description Portfolio Mgrs/Dual Role PMs 8 Traders 4 Avg Yrs Exp Avg Yrs Exp Avg Yrs w/firm --- Avg Yrs w/firm --- Research Analysts 1 Risk Monitors 3 Avg Yrs Exp Avg Yrs Exp 11 Avg Yrs w/firm --- Avg Yrs w/firm --- Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 6 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $1, % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue Intermediate Other JPM GBI-EM Global Diversified Unhedged BBB Portfolio Holdings (Typical) --- Approach Towards Currency Hedging Derivitives Utilized? Available Under ESG? Value Added Yes No Fundamental Characteristics Current Cash Position 0.63% Annual Turnover (LTM) 46.37% Current # of Bond Issues 57 Effective Duration (Yrs) 5.35 Average Maturity (Yrs) 8.17 Yield to Maturity 6.75% Current Term Structure --- Average Quality Issue BBB Duration Breakdown Duration < 1 Yr 4.73% Duration 1-3 Yrs 18.63% Duration 3-5 Yrs 16.16% Duration 5-7 Yrs 35.82% Duration 7-10 Yrs 20.84% Duration Yrs 3.82% Duration > 20 Yrs --- Regional Allocation North America 0.00% United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. --- Other 0.00% Total Dev. Markets 0.00% Credit Quality Government Guaranteed: Current --- AAA/Aaa: Current --- AA/Aa: Current --- A: Current 35.00% BBB/Baa: Current 45.00% BB/Ba: Current 20.00% B: Current --- CCC/Caa: Current --- CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current --- Other: Current --- Product- Account Types Corporate 2 Superannuation 0 Public Fund 8 Union/Multi-Employer 0 Found. & Endow. 0 Healthcare 0 High Net Worth 1 Insurance 0 Wrap Account 0 Sub-Advised 7 Other 2 Defined Contribution --- Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

299 19 PGIM Fixed Income Exhibit 11/20/2017 EM Debt - Hard/Local Currency Blend Firm Overview Firm Information Address 655 Broad St. Address 8th Floor City Newark State/Province New Jersey Zip/Postal Code Country United States Website Phone Year Founded 1875 Firm Key Facts AUM $694, Accounts 1264 Portfolio Mgrs/Dual Role PMs --- Analysts --- % Employee Owned 0.00% Total Employees --- Legal Structure --- Account and AUM Information AUM Accounts Total $694, Total 1264 Taxable $421, Taxable 293 Tax-Exempt $272, Tax-Exempt 971 Institutional $574, Institutional 1169 Ownership and Compliance Information Ownership Info % Employee Owned 0.00% % Parent Owned 0.00% % Publicly Held % % Minority Owned 0.00% % Female Owned 0.00% Accts Gained # of Accts (MRQ) 31 # of Accts (1 Year) 158 $ in Millions (MRQ) $4, $ in Millions (1 Year) $31, % of Assets 0.70% Accts Lost # of Accts (MRQ) 10 # of Accts (1 Year) 37 $ in Millions (MRQ) $ $ in Millions (1 Year) $2, % of Assets 0.11% Marketing Contact Info First Name Brad Last Name Blalock Phone brad.blalock@prudential.com Office Locations City State/Province Secondary Office #1: City Secondary Office #1: State Secondary Office #2: City Secondary Office #2: State Secondary Office #3: City Secondary Office #3: State Newark New Jersey Singapore Singapore London England Tokyo Japan Firm Background Narrative Firm Background PGIM Fixed Income PGIM Fixed Income is a global asset manager offering active solutions across all fixed income markets. The company has portfolio management and research teams in Newark, N.J.; London, Singapore and Tokyo. PGIM Fixed Income manages assets for institutional clients and retail investors worldwide and currently manages assets for 28 of the top Fortune 100 companies, 24 of the 100 largest global pension funds, and several sovereign wealth funds, central banks, and large government entities.1 PGIM Fixed Income offers a range of traditional global broad market and sector-specific strategies, as well as a range of LIBOR-based strategies. The firm also has extensive experience managing a variety of Liability Driven Strategies. At PGIM Fixed Income we believe that research-driven security selection is the most consistent strategy for adding value to client portfolios. The firm complements that base strategy with active sector rotation, duration management, and superior trade execution. Risk budgeting is central to this approach. Our extensive size and scale benefits our clients in our ability to have the necessary resources to maintain large and deep research teams, implement world-class risk management systems, establish ourselves as a known entity to both corporate issuers and sell side analysts and add considerable value to our investment process in finding key opportunities for our investors. PGIM Fixed Income is a well-resourced firm with disciplined research and investment processes and significant technology-based risk analytics. Our investment approach is supported by 256 investment professionals based in the U.S., London, Tokyo, and Singapore. Seasoned portfolio management teams and extensive research capabilities five regional macroeconomists, 95 fundamental analysts, and 58 analysts in quantitative modeling, risk management, and portfolio analysis provide deep, broad perspectives on the global fixed income markets. Senior investment personnel average 28 years experience. PGIM Fixed Income is the global asset manager primarily focused on public fixed income investments, whose United States business operates as a unit within PGIM, Inc. (formerly known as Prudential Investment Management, Inc.) ( PGIM ). PGIM is the largest investment adviser within Prudential Financial, Inc. ( PFI ). As of December 31, 2015, PGIM had $963 billion in assets under management across their real estate, equity, public fixed income, and private fixed income businesses and is ranked 9th among IPE s top 400 asset managers.2 1 Source of Global Pension Fund data: IPE Top 1000 Global Institutional Investors and S&P s MMD Top 100 Global Pensions. Source of Fortune 500 list: Fortune issued June 4, Source: IPE Research-Top 400 Asset Managers, June 2015, based on 12/31/2014 assets under management. evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

300 19 PGIM Fixed Income Exhibit 11/20/2017 EM Debt - Hard/Local Currency Blend Product Overview Product Facts Primary Universe Geographic Region evestment Global Emerging Mkts Fixed Income - Blended Currency Global Emg Mkts Inception Date 12/01/2007 Asset Class Fixed Income Product Account Domicile and AUM --- Information Product AUM Accounts Structure Direct Investment Total $10, Total 16 Taxable $ Tax-Exempt $10, Institutional $10, Taxable 1 Tax-Exempt 15 Team Description Product Key Facts Preferred Benchmark Accounts 16 Investment Focus Portfolio Mgrs/Dual Role PMs 14 Avg Yrs Exp Avg Yrs w/firm Research Analysts 7 Avg Yrs Exp Avg Yrs w/firm % JPM GBI-EM Global/50% EMBI Global Long Only Team Description Traders 3 Avg Yrs Exp Avg Yrs w/firm Risk Monitors 51 Avg Yrs Exp 14 Avg Yrs w/firm Accts Gained # of Accts (MRQ) 0 # of Accts (1 Year) 1 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $ % of Assets 0.00% Accts Lost # of Accts (MRQ) 0 # of Accts (1 Year) 0 $ in Millions (MRQ) $0.00 $ in Millions (1 Year) $0.00 % of Assets 0.00% Portfolio Manager Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Analyst Turnover Lost (MRQ) 0 Lost (2013) 0 Gained (MRQ) 0 Gained (2013) 0 Product Characteristics Strategy Snapshot Fixed Income Duration Emphasis Fixed Income Style Emphasis Preferred Benchmark Minimum Quality Issue --- Portfolio Holdings (Typical) 200 Approach Towards Currency Hedging Derivitives Utilized? --- Available Under ESG? Core/All Durations Core/Aggregate 50% JPM GBI-EM Global/50% EMBI Global Value Added Yes Fundamental Characteristics Current Cash Position 1.33% Annual Turnover (LTM) 39.13% Current # of Bond Issues 339 Effective Duration (Yrs) 6.80 Average Maturity (Yrs) Yield to Maturity 6.56% Current Term Structure --- Average Quality Issue BB Duration Breakdown Duration < 1 Yr 1.70% Duration 1-3 Yrs 9.59% Duration 3-5 Yrs 26.67% Duration 5-7 Yrs 21.15% Duration 7-10 Yrs 21.11% Duration Yrs 19.78% Duration > 20 Yrs --- Regional Allocation North America 0.00% United Kingdom 0.00% Continental Europe 0.00% Japan 0.00% Asia ex-japan 0.00% Emerging Mkts. --- Other 0.21% Total Dev. Markets 0.21% Credit Quality Government Guaranteed: Current --- AAA/Aaa: Current --- AA/Aa: Current --- A: Current 14.25% BBB/Baa: Current 34.41% BB/Ba: Current 23.57% B: Current 23.35% CCC/Caa: Current 3.94% CC/Ca: Current --- C: Current --- Distressed Debt: Current --- Not Rated: Current 0.48% Other: Current --- Product- Account Types Corporate 7 Superannuation 0 Public Fund 7 Union/Multi-Employer 1 Found. & Endow. 0 Healthcare 0 High Net Worth 0 Insurance 0 Wrap Account 0 Sub-Advised 0 Other 1 Defined Contribution 1 Supranationals 0 Sovereign Wealth 0 evestment and its affiliated entities (collectively, "evestment") collect information directly from investment management firms and other sources believed to be reliable; however, evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on evestment s systems and other important considerations such as fees that may be applicable. Not for general distribution. * All categories not necessarily included; Totals may not equal 100%. Copyright evestment Alliance, LLC. All Rights Reserved.

301 Exhibit 20 To: Investment Committee From: Douglas C. Wesley, CFA Date: November 22, 2017 Re: Report to the Governor and General Assembly Regarding Use of Emerging Investment Managers As required per Public Act , the Report to the Governor and General Assembly, on the Use of Emerging Investment Managers, has been prepared by staff and will be provided to the Trustees at the December 7, 2017 Investment Committee meeting. Upon receipt by the Board, the document will be distributed to the Governor and legislators prior to January 1, 2018, and will be posted on the SURS web site. As disclosed in the Report, at the end of fiscal year 2017, $5.1 billion, or 28.0% of SURS $18.1 billion total investment portfolio is managed by firms owned by minorities, women or persons with a disability. This represents an increase of approximately $900 million during the past year. The Report also includes goals which are stated in the Board approved Investment Policy regarding partnership with firms owned by minorities, females, or persons with a disability (MFDB). SURS remains committed to providing opportunities for qualified MFDB investment management and broker/dealer firms. The Board of Trustees has maintained a longstanding policy of utilizing capable and deserving MFDB firms that can add value to the SURS Investment Program.

302 Exhibit 21 REPORT TO GOVERNOR AND GENERAL ASSEMBLY USE OF EMERGING INVESTMENT MANAGERS December 1, 2017 State Universities Retirement System of Illinois 1901 Fox Drive, P.O. Box 2710 Champaign, IL As Required by Public Act

303 Exhibit 21

304 Exhibit 21

305 Exhibit 21