Fiscal YTD. $341,964, Consolidated Investment Portfolio Dec-01

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1 $341,964, Consolidated Investment Portfolio Dec-01 $317,317, Endowment Pool Jan-97 Policy Index $135,196, Global Equity Dec-02 $11,548, Dodge & Cox Global Stock Fund -0.4 NA NA NA NA NA NA NA NA 3.3 Apr-16 MSCI AC World ex USA (Net) $58,427, Domestic Equity Dec-01 Russell 3000 Index $9,344, Vanguard Dividend Growth Inv Fund NA NA NA NA 7.6 Apr-14 S&P 500 Index $29,079, Northern Trust Russell 1000 Fund NA 8.3 Mar-07 Spliced Russell 1000 Index $9,301, Edgewood Growth I Fund NA NA NA NA 7.0 Jan-15 Russell 1000 Growth Index $10,702, Vaughan Nelson Small Cap Account NA 8.7 Jun-07 Russell 2000 Index $65,220, International Equity Dec-01 MSCI AC World ex USA (Net) $18,869, Sanderson International CTF Aug-05 MSCI EAFE (Net) $20,318, Vanguard Total Intl Stock Index Fund NA NA NA 6.6 Jun-12 Spliced Total International Stock Index

2 $5,039, Highclere Intl SMID Fund NA NA NA NA -2.8 Sep-14 S&P EPAC $2 - $10 Bn NA 0.5 $10,416, Parametric Emerging s CTF NA NA NA -2.8 Dec-12 MSCI EM (Net) $10,174, Laudus Mondrian Emg s I Fund NA NA NA NA -4.0 Sep-13 MSCI EM (Net) $402, ishares MSCI ACWI Low Carbon Target ETF NA 1.9 NA NA NA NA NA 1.9 Jan-16 MSCI AC World Low Carbon Target Index (Gross) NA NA NA NA 2.0 $30,717, Private Equity Mar-04 $70,433, Flexible Capital (Hedge Funds) Dec-02 HFRI Fund Weighted Composite Index $5,848, Canyon Realization D Fund Cayman, Ltd NA 8.9 Oct-08 HFRI Event-Driven (Total) Index $7,408, Elliott International A, Ltd NA 8.3 Oct-08 HFRI Event-Driven (Total) Index $235, Stark Shepherd Investments Intl, Ltd NA -1.2 Nov-07 HFRI Event-Driven (Total) Index $4,940, Davidson Kempner Institutional Partners, L.P Oct-05 HFRI Event-Driven (Total) Index $3,484, Och Ziff Overseas Fund II, Ltd Oct-05 HFRI Event-Driven (Total) Index

3 $5,029, Fir Tree International Fund, Ltd NA 7.0 Oct-08 HFRI Event-Driven (Total) Index $7,618, Lakewood Capital Offshore Fund, Ltd NA NA NA 7.9 Nov-12 HFRI Equity Hedge (Total) Index $7,411, Viking Global Equities III, Ltd NA 10.3 Nov-07 HFRI Equity Hedge (Total) Index $6,548, Crestwood Capital International, Ltd NA NA NA 1.3 Feb-13 HFRI Equity Hedge (Total) Index $5,584, Seminole Offshore A Fund, Ltd NA NA NA 6.9 Jan-13 HFRI Equity Hedge (Total) Index $6,921, Hoplite Capital, Ltd NA NA NA NA 2.4 Jul-13 HFRI Equity Hedge (Total) Index $3,881, Silver Point Capital Offshore, Ltd NA 6.7 Nov-07 HFRI ED: Distressed/Restructuring Index HFRI Equity Hedge (Total) Index $176, King Street Capital, Ltd NA 5.7 Mar-08 HFRI ED: Distressed/Restructuring Index $5,344, Anchorage Capital Partners Offshore C, Ltd Jul-05 HFRI ED: Distressed/Restructuring Index

4 $42,024, Total Real Assets Dec-02 Real Assets Composite Index $4,281, Vanguard Energy Admiral Fund NA NA NA NA -5.3 Sep-13 Spliced Energy Index $8,867, AEW Global Property Securities NA NA NA 9.5 Jul-12 AEW Spliced Global Real Estate Index $6,380, Vanguard Short-Term Infl Prot Sec Fund NA 1.7 NA NA NA NA NA 1.3 Oct-15 Barclays U.S. Treasury: 0-5 Year TIPS Index $4,456, Wellington US Commodities CTF NA NA NA Jul-12 Wellington Commodities Custom Index $18,038, Private Real Assets Jul-04 14

5 $35,894, Fixed Income Dec-02 Fixed Income Composite Index $13,373, Vanguard Total Bond Index I Fund NA NA NA 2.5 May-12 Spliced Total Bond Index $8,432, Vanguard Inter-term Treasury Fnd Adm NA NA NA 1.7 Jun-12 Barclays U.S. Treasury: 5-10 Year $14,089, Brandywine Global Inv-Grade Sovereign Fixed Income Fund NA NA NA -0.7 Apr-13 Citigroup World Government Bond Index $3,050, Liquid Capital Dec-02 $634, Northern Trust Cash Account Dec-02 Citigroup 3 Month T-Bill $2,416, Endowment Cash Pool Account NA 0.3 Mar-09 Citigroup 3 Month T-Bill

6 $159,592, Real Estate $39,145, SunTrust Plaza & Garage $12,621, Lawrence Center $1,426, PNC Bank $976, Pita Pit $100,038, The Alfond Inn at Rollins $3,971, Winter Park Plaza $1,412, Frank n Steins Please Note: - Periods greater than one year are annualized - inception returns are calculated from the first full month - Historical performance provided by Mercer through 1/31/12 - Performance and market values are subject to change based on statement availability from the investment manager/custodian. - s are net of investment management fees and gross of consulting fees unless otherwise stated - Total Liquid Capital: Historical performance estimated using the Citigroup 3 month T-bill performance - Policy Index (effective 3/1/2016): 44% MSCI AC World Index / 10% Private Equity Benchmark / 22% HFRI Fund Weighted Composite Index / 12% Real Asset Composite Index/ 12% Fixed Income Composite Index - Spliced Russell 1000 Index: Russell 1000 Growth Index through 4/30/2012; Russell 1000 Index thereafter - Fixed Income Composite Index: 30% Barclays Aggregate Index/ 35% Barclays U.S. Treasury 5-10 Year Index/ 35% Citigroup World Gov't Bond Index (Components have changed over time) - Real Assets Composite Index: 20% S&P North American Natural Resources Sector Index/ 15% NCREIF Property Index/ 20% All Private Equity Benchmark/ 15% AEW Spliced Real Estate Index/ 15% Barclays U.S. Treasury: 0-5 Year TIPS Index/ 15% Wellington Commodities Custom Index (Components have changed over time) - Elliot International, Ltd: ending market values estimated using manager-reported preliminary performance. - s of the College s Commercial Properties are estimates derived from the College s Real Estate advisor utilizing net revenue and market capitalization approach and are not obtained through third party estimates. - Northern Trust Russell 1000 Fund: performance not reconciled at time of reporting. 16

7 Non-able Strategies Investment Summary As of May 31, 2016 Capital Commitment Commitment Capital Contributed % Funded Remaining Commitment Capital ed Net Growth of Portfolio DPI Multiple TVPI Multiple IRR (%) Total Non able $111,000,000 $95,593, $15,406,592 $52,236,954 $60,304,105 $16,678, Total Private Equity $66,000,000 $48,255, $17,744,841 $37,571,492 $30,717,247 $19,796, Siguler Guff Distressed Opportunities Fund I, LP $3,000,000 Oct-02 $2,910, $90,000 $4,632,772 $99,601 $1,819, Lindsay Goldberg & Bessemer-PIV $2,000,000 Nov-02 $1,972, $27,022 $4,729,036 $59,455 $2,815, Siguler Guff Core Plus $2,000,000 Dec-02 $1,994, $5,230 $2,770,147 $197,161 $956, Auda Secondary Fund $3,000,000 Jun-04 $2,500, $499,089 $3,182,844 $220,954 $883, Park Street Capital Private Equity Fund VII, L.P. $3,000,000 Feb-06 $2,880, $120,000 $2,294,999 $1,678,370 $1,093, Portfolio Advisors Private Equity Fund IV $3,000,000 Jul-06 $2,433, $566,733 $2,195,702 $1,424,440 $1,186, Vintage Fund IV Offshore LP $3,000,000 Jan-07 $2,352, $647,156 $2,255,923 $1,160,572 $864, Newbury Equity Partners LP $7,000,000 Aug-07 $6,965, $35,000 $7,312,070 $2,661,019 $3,008, Northgate IV $6,000,000 May-08 $5,538, $462,000 $4,020,493 $3,847,129 $2,329, Mercer PIP 2008 Private Equity Fund $6,000,000 Dec-08 $5,100, $900,000 $2,856,354 $4,570,576 $2,326, Aberdeen Global Partners, LP $5,000,000 Jun-12 $3,300, $1,700,000 $417,490 $3,379,395 $496, Landmark Equity Partners XV L.P. $3,000,000 Mar-13 $1,031, $1,968,217 $411,228 $809,486 $188, RCP Fund VIII, L.P. $3,000,000 Mar-13 $1,668, $1,331,724 $318,276 $1,460,821 $110, Davidson Kempner Long-Term Distressed Opp Int'l II Fund, LP $5,000,000 Jun-13 $3,701, $1,298,553 $124,157 $4,718,902 $1,141, Greenspring Global Partners VI, LP $5,000,000 Dec-13 $2,900, $2,100,000 $50,000 $3,418,088 $568, Davidson Kempner Long-Term Distressed Opp Int'l III Fund, LP $3,500,000 Mar-15 $705, $2,794,117 - $711,279 $5, Greenspring Opportunities IV, LP $3,500,000 Nov-15 $300, $3,200,000 - $300, Total Private Real $45,000,000 $36,338, $8,661,752 $14,665,461 $18,038,785 -$3,665, RREEF America REIT III $7,000,000 Jun-04 $7,000, $3,196,232 $1,454,220 -$2,349, Metropolitan Real Estate Equity Partners II $2,000,000 Jun-04 $1,940, $60,000 $1,890,629 $349,181 $299, Park Street Capital Natural Resources III Fd, L.P. $5,000,000 Oct-06 $4,975, $25,000 $2,963,149 $3,101,867 $1,083, BlackRock Diamond Property Fund $3,000,000 Apr-07 $3,000, $993, $2,006, Newlin Energy Fund II $7,000,000 Sep-07 $6,372, $627,837 $5,058,016 $2,663,085 $1,348, Colony Realty Partners II $3,000,000 Sep-07 $3,000, $99,916 $897,500 -$2,002, Aberdeen Energy & Resources Partners III, L.P. $5,000,000 Sep-12 $2,550, $2,450,000 $49,875 $2,342,083 -$158, Westbrook Real Estate Fund IX, L.P. $5,000,000 Sep-12 $3,877, $1,122,779 $351,085 $4,143,969 $600, Energy & Minerals Group Fund III, LP $3,000,000 Apr-14 $2,523, $476,136 $62,812 $2,011,780 -$457, AG Realty Fund IX $5,000,000 Sep-14 $1,100, $3,900,000 - $1,075,100 -$24,

8 Non-able Strategies Investment Summary As of May 31, value reported one quarter in arrears, adjusted for current capital activity, unless otherwise noted. Valuations subject to availability. Performance may change as updates are processed. -Net Growth of Portfolio reduced by any fees paid ex-capital commitment. -This report contains information from manager supplied financial reports (audited or unaudited). Content is subject to change without notice. Information obtained from the manager is believed to be reliable; however, accuracy of the data is not guaranteed and has not been independently verified by Prime Buchholz. -Historical information provided by Mercer through 12/31/11 -Lindsay Goldberg & Bessemer-PIV: Account reconciliation in progress -IRR = Calculated since inception -DPI Multiple = Distributions to paid in capital -TVPI Multiple = Total to paid in capital 18

9 $24,647, Separately Managed Assets Dec-01 $3,427, BOA-Bush Math and Science Dec-01 $787, Crummer Student Investment-Sun Trust Dec-01 $2,305, A.W. Rollins Memorial Fund Dec-01 $5, Kinsman Crumb Trust Dec-01 $2,168, US Bank-Gundelach Dec-01 $12,334, Frances Knowles Warren Trust Composite Dec-01 $1,563, Frances Knowles Warren Trust # Dec-01 $5,219, Frances Knowles Warren Trust # Dec-01 $1,509, Frances Knowles Warren Trust #3a Dec-01 $1,958, Frances Knowles Warren Trust #3b Dec-01 $587, Frances Knowles Warren Trust #3c Dec-01 $755, Frances Knowles Warren Trust #3d Dec-01 $685, Frances Knowles Warren Trust F Dec-01 $54, Frances Knowles Warren Trust Spec Dec-01 $3,618, SSgA Split Interest Trust Dec-01 $1,318, Charitable Gift Annuity Fund Dec-01 $154, Pooled Income Fund Dec-01 19

10 $2,145, SSgA CRUT Dec-01 $70, Ian Klair CRUT NA 2.9 Jul-07 $90, Mary Ward CRUT Dec-01 $35, Walter Ward CRUT Dec-01 $283, Bruce McEwan CRUT Dec-01 $414, Ross and Cora Evans CRUT Aug-05 $1,250, Sep Mgd-Marjorie Cheever CRUT NA NA NA NA NA NA NA NA NA NA Jun-16 Please Note: - Periods greater than one year are annualized - inception returns are calculated from the first full month - Historical performance provided by Mercer through 1/31/12 - Performance and market values are subject to change based on statement availability from the investment manager/custodian. - Crummer Student Investment, Kinsman Crumb Trust, US Bank- Gundelach, Frances Knowles Warren Trust and SSgA Trust: Performance not reconciled; not available at time of report 20

11 Asset Allocation - Current Policy Ranges As of May 31, 2016 Asset Allocation (%) Lower (%) Target (%) Upper (%) Difference (%) Endowment Pool Global Equity Private Equity Flexible Capital (Hedge Funds) Total Real Assets Fixed Income Liquid Capital Global Equity $135,196, % 44.0% Private Equity $30,717, % 9.7% Flexible Capital (Hedge Funds) $70,433, % 22.2% Total Real Assets $42,024,845 Fixed Income $35,894, % 13.2% 12.0% 11.3% Liquid Capital $3,050, % 1.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% Target Allocation Actual Allocation Notes: - Look through of Total Global Equity based on 12/31/2015 statistics: Domestic Equity 18.1%, Non-US Developed Equity 15.8%, Emerging s Equity 8.7% (42.6% total) - Real Assets excludes 7 local properties worth approximately $160 million - Subsequent to month-end (early March), portfolio transition activity added approximately 2% to Global Equity while fixed income and real assets were reduced by 1% each. 21