INVESTMENT PERFORMANCE ANALYSIS

CONSULTING TEAM George Hauptfuhrer Jeffrey Croteau INVESTMENT ANALYST Travis Unger PERFORMANCE ANALYST David Mesa CLIENT SERVICE CONTACT pbacfcv@primebuchholz.com Fourth Quarter 2017 INVESTMENT PERFORMANCE ANALYSIS Community Foundation of the Chattahoochee Valley, Inc. GENERAL CONTACT 273 Corporate Drive, Suite 250 Portsmouth, NH 03801 P: 603.433.1143 F: 603.433.8661 www.primebuchholz.com Prime Buchholz LLC

Total Fund Highlights The CFCV Main Pool advanced 3.4% during the fourth quarter, and gained 14.7% for the calendar year. All segments of the portfolio posted gains in 2017 as global markets rallied. The portfolio has generated an annualized return of 5.0% since inception in 2007. At yearend net assets stood at $75.3 million. Led by emerging markets (+37.3%), international equity markets produced strong returns for the calendar year. Managers within the segment gained 5.1% in the fourth quarter and 26.9% during 2017. Domestic managers combined to return 20.7% for the year, but lagged the Russell 3000 Index as the segment s small / mid cap bias retracted modestly from relative results. Flexible capital managers continued to produce steady returns, gaining 1.5% for the quarter. Led by Archipelago (+13.0%) and FPA Crescent (+10.4%), the segment advanced 8.4% during the year, outpacing the HFRI FOF: Diversified Index (+6.5%) by nearly 200 bps. The Federal Open Market Committee announced a 25 bps rate increase during the quarter, marking the third increase for the year. Intermediate-term Treasuries outperformed their longer-term counterparts as the yield curve continued to flatten during the quarter. Overall, fixed income managers combined to gain 4.7% for the year, outperforming the Bloomberg Barclays U.S. Aggregate Index (+3.6%) and underperforming the Citigroup World Government Bond Index (+7.5%). Other than MLPs, which experienced a choppy quarter, real assets (+3.4%) surged to finish the year. Managers within the segment combined to gain 3.1% as strong global growth and rising inflation were a boost to the segment. Community Foundation of the Chattahoochee Valley, Inc. 20

Segment Performance - Main Pool (% Rate of ) Benchmark Dependent Metrics relative to S&P 500 Index As of December 31, 2017 1 Quarter Fiscal YTD Calendar YTD 1 Year 2 Years 3 Years 5 Years 7 Years Since Inception Since Inception Standard Deviation Since Inception Beta Since Inception Actual Correlation Inception Date Total Fund 3.4 3.4 14.7 14.7 10.7 5.7 6.4 5.5 5.0 10.2 0.7 0.9 Jan-07 Policy Index 3.8 3.8 15.4 15.4 10.6 6.1 6.6 5.8 3.9 9.9 0.6 0.9 Jan-07 Actual Index 3.2 3.2 12.9 12.9 9.3 5.1 6.1 5.2 5.2 7.1 0.6 0.9 Jan-11 Global Equity 5.5 5.5 23.6 23.6 16.3 8.8 9.5 7.4 5.2 15.9 1.0 1.0 Dec-06 MSCI AC World Index (Net) 5.7 5.7 24.0 24.0 15.6 9.3 10.8 8.7 5.4 16.2 1.1 1.0 Dec-06 Domestic Equity 6.3 6.3 21.0 21.0 15.7 10.7 14.6 11.7 7.9 15.1 1.0 1.0 Jan-07 Russell 3000 Index 6.3 6.3 21.1 21.1 16.9 11.1 15.6 13.5 8.3 15.1 1.0 1.0 Jan-07 International Equity 5.1 5.1 26.9 26.9 15.7 6.8 5.4 4.1 3.1 17.7 1.1 0.9 Jan-07 MSCI AC World ex USA (Net) 5.0 5.0 27.2 27.2 15.3 7.8 6.8 4.9 3.1 18.3 1.1 0.9 Jan-07 Private Capital 1.5 1.5 9.2 9.2 7.7 8.6 10.5 10.9 10.1 8.1 0.1 0.1 Dec-09 Total Flexible Capital 1.5 1.5 8.4 8.4 5.4 3.7 6.1 5.2 5.3 6.0 0.3 0.8 Jan-07 HFRI FOF: Diversified Index 1.7 1.7 6.5 6.5 3.4 2.2 3.8 2.6 1.9 4.9 0.2 0.7 Jan-07 Total Real Assets 3.1 3.1 8.3 8.3 8.2 1.5 1.5 2.4 1.8 14.2 0.7 0.8 Jan-08 Real Assets Composite Index 2.8 2.8 5.1 5.1 7.0 1.1 1.1 2.2 0.3 14.4 0.8 0.8 Jan-08 Total Fixed Income 0.2 0.2 4.7 4.7 2.9 1.4 1.2 2.5 4.9 4.2 0.1 0.3 Feb-07 Fixed Income Composite Index 0.4 0.4 4.2 4.2 3.5 2.1 1.2 2.3 3.6 3.9 0.0 0.1 Feb-07 - Table reflects performance data for CFCV Main Pool - Periods greater than one year are annualized Community Foundation of the Chattahoochee Valley, Inc. 21

Segment Performance - Main Pool (% Rate of ) As of December 31, 2017 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Total Fund 14.7 6.8-3.6 3.1 12.1 11.6-4.2 12.7 26.1-27.2 Policy Index 15.4 6.0-2.3 3.4 11.6 10.6-2.9 11.5 20.9-30.2 Actual Index 12.9 5.8-2.8 3.4 11.9 9.9-3.6 NA NA NA Global Equity 23.6 9.4-4.7 2.3 19.2 16.6-9.9 15.9 34.4-39.6 MSCI AC World Index (Net) 24.0 7.9-2.4 4.2 22.8 16.1-7.3 12.7 34.6-42.2 Domestic Equity 21.0 10.7 1.2 11.5 30.9 12.0-1.9 16.8 34.6-37.5 Russell 3000 Index 21.1 12.7 0.5 12.6 33.6 16.4 1.0 16.9 28.3-37.3 International Equity 26.9 5.6-9.0-4.7 12.0 19.6-15.0 14.0 34.2-42.4 MSCI AC World ex USA (Net) 27.2 4.5-5.7-3.9 15.3 16.8-13.7 11.2 41.4-45.5 Private Capital 9.2 6.3 10.2 13.9 12.8 8.7 15.2 5.9 NA NA Total Flexible Capital 8.4 2.5 0.5 4.6 15.2 9.3-2.9 7.6 20.8-18.8 HFRI FOF: Diversified Index 6.5 0.4-0.2 3.4 9.0 4.8-5.0 5.5 11.5-20.9 Total Real Assets 8.3 8.1-10.7 1.7 1.3 9.8 0.0 16.5 28.2-32.3 Real Assets Composite Index 5.1 9.0-9.7 2.5-0.5 10.2 0.4 17.3 23.5-39.3 Total Fixed Income 4.7 1.2-1.6 3.3-1.3 7.2 4.5 9.7 10.9 8.4 Fixed Income Composite Index 4.2 2.8-0.7 3.5-3.6 3.1 7.4 6.2 4.9 5.3 Community Foundation of the Chattahoochee Valley, Inc. 22

Investment Detail Community Foundation of the Chattahoochee Valley, Inc. CFCV Main Pool Preliminary as of December 31, 2017 Market Value % of Portfolio Mar-17 Jun-17 Sep-17 Dec-17 Calendar YTD Fiscal YTD 1 YR 3 YRS 5 YRS 7 YRS Since Inception Date $5,983,795 7.9 Total Fixed Income 1.5 1.6 1.4 0.2 4.7 0.2 4.7 1.4 1.2 2.5 4.9 Feb-07 Fixed Income Composite Index 1.1 1.8 1.0 0.4 4.2 0.4 4.2 2.1 1.2 2.3 3.6 $3,529,592 4.7 Vanguard Total Bond Market Index Adm Fund 0.9 1.5 0.7 0.4 3.6 0.4 3.6 2.2 2.0 3.1 2.9 Dec-10 Spliced Total Bond Market Index 0.8 1.5 0.8 0.4 3.6 0.4 3.6 2.3 2.1 3.2 3.0 $2,454,203 3.3 Colchester Global Bond Fund 3.3 2.5 2.2-0.2 8.0-0.2 8.0 1.7 0.2 NA 1.5 Jun-12 Citigroup World Government Bond Index 1.6 2.9 1.8 1.0 7.5 1.0 7.5 1.7 0.1 1.2 0.3 $12,276,989 16.3 Total Liquid Capital 0.1 0.2 0.3 0.2 0.8 0.2 0.8 0.4 0.2 0.2 0.6 Jan-07 $11,861,314 15.8 Federated Government Obligations #5 Fund 0.1 0.2 0.2 0.2 0.7 0.2 0.7 0.3 0.2 0.1 0.7 Jan-07 Citigroup 3 Month T-Bill 0.1 0.2 0.3 0.3 0.8 0.3 0.8 0.4 0.2 0.2 0.7 $415,675 0.6 Forester Holdback Please Note: - Periods greater than one year are annualized - Since inception returns are calculated from the first full month - 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 - Policy Index (as of 5/31/2017): 27% Russell 3000 Index / 27% MSCI AC World xus Index / 16% HFRI Fund-of-Funds Diversified Index / 10% Private Equity / 10% Fixed Income Composite Index / 10% Real Assets Composite Index - Fixed Income Composite Index (effective 6/1/2016): 70% Blbg Barc Aggregate Float Adjusted Composite Index / 30% Citigroup World Govt. Bond Index. Components have changed over time - Real Assets Composite Index (effective 6/1/2016): 40% Seaport Spliced Real Estate Index / 20% Blbg Barc US Treasury Inflation Notes Index / 20% Bloomberg Commodity Index / 20% Alerian MLP Index (Components have changed over time) - Real Assets Composite Index (effective 7/1/2017): 40% Seaport Spliced Real Estate Index / 30% Bloomberg Commodity Index / 30% Alerian MLP Index (Components have changed over time) - Private Equity and Private Real Assets: Market value reported one quarter in arrears, adjusted for current capital activity. Valuations subject to availability. Performance may change as updates are processed. - Anchorage Capital Partners: Converted to Class K shares on December 31, 2017. - Vanguard Total Bond Market Index Adm Fund: Ending market value includes estimated monthly dividend reinvestment. - Farallon & Knighthead: Market value estimated using manger-reported preliminary performance. - Forester Holdback: Approximately 10% of the redemption proceeds are held by Forester to be paid upon completion of audit in June 2018. - Federated Government Obligations: Market value adjusted to include Forester December redemption of $3.741MM. Community Foundation of the Chattahoochee Valley, Inc. 27

Non-Marketable Strategies - Main Pool Investment Summary As of December 31, 2017 Capital Commitment Cmt Date Paid-in Capital Capital Contributed % Funded Remaining Commitment Distributed Capital ed Recallable Capital Market Value Net Growth of Portfolio DPI Multiple TVPI Multiple IRR (%) Valuation Date Total Non-Marketable Alternatives $17,750,000 $10,569,350 $9,833,536 55.4 $7,916,464 $4,400,839 $3,738,112 $656,538 $8,383,488 $2,214,978 0.4 1.2 8.9 Total Global Private Equity $11,250,000 $6,509,197 $5,948,725 52.9 $5,301,275 $3,074,982 $2,530,823 $544,158 $5,045,029 $1,610,814 0.5 1.3 10.0 Buyouts RCP Fund IX, LP $1,000,000 May-14 $630,106 $630,106 63.0 $369,894 $30,106 $30,106 - $636,826 $36,826 0.0 1.1 4.8 Sep-17 RCP Fund XI, LP $1,500,000 Dec-16 $135,000 $135,000 9.0 $1,365,000 - - - $99,190 -$35,810-0.7-68.3 Sep-17 Distressed Siguler Guff Distressed Opportunities Fund IV, LP $750,000 Jul-10 $686,250 $686,250 91.5 $63,750 $623,311 $623,311 - $361,893 $298,954 0.9 1.4 9.1 Sep-17 Drum Special Situation Partners III LP $500,000 Jan-11 $588,011 $241,558 48.3 $258,442 $585,928 $240,744 $345,184 $243,607 $241,524 1.0 1.4 14.3 Sep-17 Davidson Kempner Long-Term Distressed Opportunities Intl Fund II, LP $1,000,000 Jun-13 $877,961 $740,289 74.0 $259,711 $641,683 $506,972 $134,711 $613,138 $376,860 0.7 1.4 12.0 Nov-17 Davidson Kempner Long-Term Distressed Opportunities Intl III, LP $750,000 Jan-15 $644,388 $606,650 80.9 $143,350 $37,264 - $37,264 $711,209 $104,085 0.1 1.2 14.0 Dec-17 Davidson Kempner Long-Term Distressed Opportunities Intl IV, LP $1,000,000 Jun-17 - - 0.0 $1,000,000 - - - - - - - - Dec-17 Multi Strategy Aberdeen Global Partners, LP $1,000,000 Dec-12 $915,975 $910,000 91.0 $90,000 $203,208 $203,208 - $935,692 $222,925 0.2 1.3 8.7 Jun-17 Secondaries Landmark Equity Partners XIV, L.P. $1,000,000 Nov-09 $995,007 $962,372 96.2 $37,628 $941,062 $914,062 $27,000 $328,791 $274,846 1.0 1.3 9.4 Sep-17 Venture Capital Commonfund Capital Venture Partners XI, LP $1,250,000 Feb-15 $571,875 $571,875 45.8 $678,125 $12,420 $12,420 - $647,540 $88,085 0.0 1.2 13.1 Sep-17 Greenspring Opportunities IV, L.P. $750,000 Nov-15 $464,625 $464,625 62.0 $285,375 - - - $467,144 $2,519-1.0 0.6 Sep-17 Total Non-Marketable Real Assets $6,500,000 $4,060,153 $3,884,811 59.8 $2,615,189 $1,325,858 $1,207,289 $112,380 $3,338,459 $604,164 0.3 1.1 6.8 Metropolitan Global Real Estate Partners III, L.P. $1,000,000 Dec-09 $907,663 $900,316 90.0 $99,684 $752,611 $745,611 $7,000 $429,349 $274,296 0.8 1.3 7.9 Sep-17 VIA Energy II, L.P. $1,000,000 Nov-11 $790,000 $790,000 79.0 $210,000 $159,266 $159,266 - $619,572 -$11,162 0.2 1.0-0.5 Sep-17 VIA Energy III, L.P. $1,000,000 May-14 $514,907 $510,000 51.0 $490,000 $91,620 $85,431 - $498,216 $74,929 0.2 1.1 6.6 Sep-17 Och Ziff Real Estate Parallel Fund III B, LP $1,000,000 Dec-13 $516,991 $425,181 42.5 $574,819 $183,554 $137,015 $46,539 $370,483 $37,046 0.4 1.1 4.9 Sep-17 Old Ironsides Energy Fund II-A, LP $1,500,000 Feb-15 $925,534 $865,555 57.7 $634,445 $138,807 $79,966 $58,841 $1,023,821 $237,094 0.2 1.3 26.5 Sep-17 WHI Real Estate Partners IV, L.P. $1,000,000 Sep-17 $405,057 $393,758 39.4 $606,242 - - - $397,018 -$8,039-1.0-2.3 Sep-17 Community Foundation of the Chattahoochee Valley, Inc. 28

Non-Marketable Strategies - Main Pool Investment Summary As of December 31, 2017 General Notes: -Valuations subject to availability. Performance may change as updates are processed. -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. Glossary: -Paid-in Capital: Sum of all contributions into the fund. -Capital Contributed: Paid-in capital (excluding fees/expenses ex. capital commitment) reduced by recallable capital. -Remaining Commitment: Total amount remaining to be called. -Distributed: Sum of both recallable and non-recallable distributions. -Capital ed: Distributions not subject to recall. -Recallable Capital: Distributions subject to recall. -Net Growth of Portfolio: Reduced by any fees paid ex-capital commitment. -DPI Multiple: Distributions (including recallable capital) to paid-in capital. -TVPI Multiple: Total Value (market value + distributions including recallable capital) to paid-in capital. -IRR: Calculated since inception. Community Foundation of the Chattahoochee Valley, Inc. 29

Asset Allocation Current (Main Pool) Asset Allocation (%) Lower (%) Target (%) Upper (%) Difference (%) Total Fund 100 - - - 0.0 Domestic Equity 23.1 22.0 27.0 32.0-3.9 Non-US Developed Equity 14.2 12.0 17.0 22.0-2.8 Emerging Markets Equity 8.3 5.0 10.0 15.0-1.7 Private Equity 6.7 5.0 10.0 15.0-3.3 Flexible Capital 13.3 11.0 16.0 21.0-2.7 Real Assets 11.0 5.0 10.0 15.0 1.0 Fixed Income 7.9 5.0 10.0 15.0-2.1 Liquid Capital 16.3 0.0 0.0 5.0 16.3 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Domestic Equity $17,388,622 23.1% 27.0% Non-US Developed Equity $10,663,769 14.2% 17.0% Emerging Markets Equity $6,279,109 8.3% 10.0% Private Equity $5,045,029 6.7% 10.0% Flexible Capital $10,045,664 13.3% 16.0% Real Assets $8,297,563 Fixed Income $5,983,795 7.9% 10.0% 10.0% 11.0% Liquid Capital $12,276,989 0.0% 16.3% Actual Allocation Policy Target Please Note: Actual allocations for Domestic, Non-US Developed, and International Equity provided on a look through basis using Dodge & Cox Global Stock Fund statistics as of 12/31/2017 Community Foundation of the Chattahoochee Valley, Inc. 30

Asset Allocation Historical 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Mar-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Global Equity 0 0 0 0 0 0 0 0 0 0 6 5 Domestic Equity 30 29 23 22 17 17 16 19 19 19 23 21 International Equity 25 25 22 21 26 23 25 25 21 21 21 19 Private Equity 0 0 0 0 0 1 2 3 4 4 4 7 Flexible Capital 25 21 25 22 25 24 25 25 23 26 19 13 Real Assets 0 7 14 15 17 16 17 14 14 12 10 11 Fixed Income 19 16 16 13 13 14 14 11 10 13 9 8 Cash 1 2 1 6 3 5 1 3 9 6 8 16 - Mar-07 reflects earliest period for which asset allocation is available Community Foundation of the Chattahoochee Valley, Inc. 31

Asset Allocation - Performance Comparison - Main Pool As of December 31, 2017 Total Fund Performance 1 Year 2 Years 3 Years Inflation Adjusted Real Portfolio Statistics Statistical Output (%) Policy Domestic 70/30 Global 70/30 Expected (Arithmetic) 7.8 6.7 6.5 Expected Standard Deviation 13.8 12.6 12.2 Expected (Geometric) 6.9 5.9 5.8 Sharpe Ratio 0.4 0.4 0.4 Historical (Arithmetic) 10.1 9.4 8.4 Historical Standard Deviation 12.5 11.7 11.6 Historical (Geometric) 9.4 8.8 7.8 Beta ( to S&P 500 Index) 0.7 0.7 0.6 Correlation ( to S&P 500 Index) 0.9 1.0 0.9 Probability of s Exceeding 5% 10 Years 67.5 59.3 58.3 5 Years 1 Year Std. Dev. 2 Years Standard Deviation 3 Years Std. Dev. Total Fund 14.7 10.7 5.7 6.4 1.3 2.7 5.7 5.5 Main Pool - Policy Index 15.4 10.6 6.1 6.6 0.8 2.8 5.2 5.2 Consumer Price Index 2.1 2.1 1.6 1.4 0.8 0.9 1.1 1.4 5 Years Std. Dev. Historical Stress Test Deflation: Fall '08 to S&P Trough Sep-08 to Mar-09 Corporate Scandals May-02 to Jul-02 Tech Bubble Collapse Mar-00 to Mar-01 Russian Debt/ LTCM Collapse Jul-98 to Oct-98 Rising Rates Jan-94 to Dec-94 Shock Inflation Jan-73 to Dec-73 High Inflation Jan-73 to Dec-81 Policy Index Domestic 70/30 Global 70/30-32.6.% -32.5% -30.2% -13.7% -16.9% -12.0% -13.4% -11.9% -13.6% -12.2% -11.3% -9.8% +3.0% -0.8% +0.4% -7.7% -9.6% -7.8% +5.2% +5.5% +5.2% Notes: - Domestic 70/30: 70% S&P 500/30% Blbg Barc Aggregate. Global 70/30: 70% MSCI ACWI/ 30% Blbg Barc Global Aggregate. - Expected return/risk using 10-15 year Prime Buchholz capital market assumptions. Historical data based on the previous 25 years of index returns as of most recent quarter-end - Index components utilized: Russell 3000/MSCI World ex U.S./MSCI Emerging Mkts./All Private Equity Benchmark/Blbg Barc Aggregate/Blbg Barc Long G/C/Blbg Barc U.S. Corp. HY/Blbg Barc Muni/HFRI Fund Weighted/Blbg Barc U.S. TIPS/Private Equity-All Buyouts/S&P Natural Resources/S&P GSCI-DJ UBS/NCREIF Leverage & Fee Adj./Blbg Barc Long Treasury/30-Day T-Bill/JPM Non-U.S. Global Govt. Community Foundation of the Chattahoochee Valley, Inc. 32

Peer Comparison Main Pool Asset Allocation CFCV COF $101-$500 Million NCSE $101-$500 Million 12/31/2017 12/31/2016 6/30/2016 Actual Actual Actual Allocation (%) Allocation (%) Allocation (%) Domestic Equity 23.1 35.0 27.0 International Equity 21.6 22.0 20.0 Private Equity 6.7 4.0 7.3 Flexible Capital 13.3 12.0 17.8 Real Assets 11.0 6.0 7.9 Domestic Fixed Income 4.7 10.6 10.9 Global Fixed Income 3.3 5.4 3.1 Liquid Capital 16.3 5.0 6.0 33

Peer Comparison Main Pool Asset Allocation CFCV IM All E&F $101-$250M 12/31/2017 Actual 12/31/2017 Actual Allocation (%) Allocation (%) Domestic Equity 23.1 31.8 International Equity 21.6 25.2 Private Equity 6.7 0.0 Flexible Capital 13.3 12.6 Real Assets 11.0 1.7 Domestic Fixed Income 4.7 21.7 Global Fixed Income 3.3 3.4 Liquid Capital 16.3 3.6 34

Schedule of Investable Assets Main Pool January 1, 2008 To December 31, 2017 Periods Beginning Market Value Net Cash Flow Investment Performance Ending Market Value 2008 $29,568,486 $3,468,548 -$8,579,532 $24,457,502 2009 $24,457,502 $4,646,739 $6,606,890 $35,711,131 2010 $35,711,131 $14,169,459 $6,440,750 $56,321,340 2011 $56,321,340 $9,161,165 -$2,299,441 $63,183,064 2012 $63,183,064 -$1,351,320 $7,246,402 $69,078,147 2013 $69,078,147 $1,039,739 $8,234,060 $78,351,945 2014 $78,351,945 $5,133,040 $2,369,623 $85,854,608 2015 $85,854,608 $14,188,814 -$3,605,052 $96,438,370 2016 $96,438,370 $8,334,156 $6,770,202 $111,542,728 2017 $111,542,728 -$49,054,085 $12,795,084 $75,283,727 $29,568,486 $9,736,256 $35,978,985 $75,283,727 $150.0 $111.5 Market Value In Millions $100.0 $50.0 $35.7 $56.3 $63.2 $69.1 $78.4 $85.9 $96.4 $75.3 $24.5 $0.0 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 Total Fund Community Foundation of the Chattahoochee Valley, Inc. 35

Liquidity Schedule Main Pool As of December 31, 2017 Redemption Terms Daily $44,860,035 59.6 Semi-Monthly $2,454,203 3.3 Monthly $9,340,573 12.4 Semi Liquid $9,829,752 13.1 Illiquid $8,799,163 11.7 Total $75,283,727 100.0 Unfunded Commitments (% of Total Fund) Private Capital $5,301,275 7.0 Private Real Assets $2,615,189 3.5 Total $7,916,464 10.5 Investments Inception Subscriptions Market Value Daily Semi-Monthly Monthly Semi Liquid Illiquid Notes Global Equity Dodge & Cox Global Stock Fund Feb-16 Daily $3,401,461 $3,401,461 Vanguard 500 Index Adm Fund Feb-10 Daily $10,879,042 $10,879,042 Vanguard Extended Market Index Adm Fund Aug-15 Daily $2,486,904 $2,486,904 Champlain Mid Cap Core Fund May-16 Daily $2,423,989 $2,423,989 Vanguard Total International Stock Index ETF Sep-12 Daily $3,711,340 $3,711,340 Sanderson International Value Fund Jun-10 Monthly $5,915,244 $5,915,244 See footnote Parametric Emerging Markets I Fund Dec-06 Daily $4,816,706 $4,816,706 Private Equity Private Capital Nov-09 Illiquid $5,045,029 $5,045,029 Flexible Capital Total Flexible Capital Nov-06 Various $10,045,664 $215,912 $9,829,752 Real Assets Seaport Global Property Securities Fund, L.P. Dec-07 Monthly $2,146,809 $2,146,809 See footnote Vanguard Inflation-Protected Securities Adm Fund Sep-08 Daily $1,533,775 $1,533,775 Harvest MLP Income Fund II Mar-14 Monthly $1,278,521 $1,278,521 See footnote Private Real Assets Nov-09 Illiquid $3,338,459 $3,338,459 Global Fixed Income Vanguard Total Bond Market Index Adm Fund Nov-10 Daily $3,529,592 $3,529,592 Colchester Global Bond Fund Jun-12 Semi-Monthly $2,454,203 $2,454,203 See footnote Community Foundation of the Chattahoochee Valley, Inc. 36

Liquidity Schedule Main Pool As of December 31, 2017 Investments Inception Subscriptions Market Value Daily Semi-Monthly Monthly Semi Liquid Illiquid Notes Liquid Capital Federated Government Obligations #5 Fund Dec-06 Daily $11,861,314 $11,861,314 Forester Holdback Dec-17 Illiquid $415,675 $415,675 Total ($) $75,283,727 $44,860,035 $2,454,203 $9,340,573 $9,829,752 $8,799,163 Total (%) 100.0 59.6 3.3 12.4 13.1 11.7 Definitions: Semi-Liquid: Redemption can be processed within a period greater than 30 days; liquidity details for semi-liquid investments can be found on the following Flexible Capital Detail report. Illiquid: Redemptions cannot be processed (closed end partnerships) Footnotes: Sanderson: Redemptions require 10 business days notice Seaport: Redemptions require 15 business days notice Harvest: Redemptions require 30 days notice. 1% fee if redeemed in first year. Colchester: Subscriptions and redemptions available mid-month and month-end with 5 business day notice. Community Foundation of the Chattahoochee Valley, Inc. 37

Flexible Capital Detail Main Pool Next Investment Tranche Subscription Frequency Subscription Date Market Value Redemption Frequency Notice Period Redemption Notice Deadline Possible Redemption Date Lock Notes Archipelago Holdings, Ltd. A Monthly 12/1/11, 3/1/12, 1/1/13 $2,441,537 Quarterly 45 days 5/16/18 6/30/18 None Wellington removed the 1-year initial lock up for Archipelago on 4/1/17 FPA Crescent Fund FPACX Daily Dec-16 $46,875 Daily N/A N/A N/A N/A Loomis Strategic Alpha LASYX Daily Mar-15 $169,038 Daily N/A N/A N/A N/A Farallon Capital Institutional Partners LP C Monthly 11/1/15 $2,483,778 Semi-Annual 60 days 4/30/18 6/30/18 No Knighthead Offshore Fund, Ltd. B Subclass 1 Monthly 11/1/15 $2,476,624 Quarterly 90 days 9/30/18 12/31/18 1 Year 50% redemption June 30/December 31. No Special Investment Programs Quarterly redemptions once lock expires. 12.5% available per quarter (2 years to fully redeem) Anchorage Capital Partners Offshore Fund, Ltd. K Monthly 11/1/2015 $2,427,813 Annually 90 days 9/30/18 12/31/18 1 Year Community Foundation of the Chattahoochee Valley, Inc. 38

Peer Performance Comparison Main Pool As of December 31, 2017 1 Year 3 Years 5 Years 5 Years Standard Deviation 5 Years Beta 5 Years Actual Correlation 2017 2016 2015 2014 2013 Dodge & Cox Global Stock (DODWX) 21.5 (55) 9.4 (34) 13.3 (17) 11.9 1.1 0.9 21.5 (55) 17.1 (11) -8.0 (81) 7.0 (19) 33.2 (17) MSCI AC World Index (Net) 24.0 (41) 9.3 (35) 10.8 (50) 9.8 1.0 1.0 24.0 (41) 7.9 (36) -2.4 (56) 4.2 (37) 22.8 (60) IM Global Equity (MF) Median 22.3 8.1 10.7 10.4 1.0 0.9 22.3 6.4-1.9 2.5 25.0 Vanguard 500 Index Adm Fund 21.8 (37) 11.4 (17) 15.8 (14) 9.4 1.0 1.0 21.8 (37) 11.9 (26) 1.4 (28) 13.6 (15) 32.3 (41) S&P 500 Index 21.8 (36) 11.4 (17) 15.8 (14) 9.4 1.0 1.0 21.8 (36) 12.0 (26) 1.4 (28) 13.7 (15) 32.4 (39) IM U.S. Large Cap Core Equity (MF) Median 20.8 10.1 14.5 9.6 1.0 1.0 20.8 10.0-0.3 11.4 31.8 Vanguard Extended Market ETF 18.1 (29) 9.9 (21) 14.6 (23) 12.0 1.0 1.0 18.1 (29) 16.2 (37) -3.3 (50) 7.5 (67) 38.4 (18) S&P Completion Index 18.1 (28) 9.8 (22) 14.5 (24) 12.0 1.0 1.0 18.1 (28) 16.0 (39) -3.4 (52) 7.5 (68) 38.2 (18) IM U.S. Mid Cap Core Equity (MF) Median 15.4 8.5 13.4 10.9 0.9 0.9 15.4 14.6-3.3 9.1 35.0 Champlain Mid Cap Core Fund 19.9 (15) 13.2 (2) 16.7 (3) 10.5 1.0 0.9 19.9 (15) 19.1 (14) 1.7 (6) 8.3 (60) 37.9 (19) Russell Midcap Index 18.5 (24) 9.6 (27) 15.0 (14) 10.3 1.0 1.0 18.5 (24) 13.8 (59) -2.4 (37) 13.2 (14) 34.8 (52) IM U.S. Mid Cap Core Equity (MF) Median 15.4 8.5 13.4 10.9 1.0 1.0 15.4 14.6-3.3 9.1 35.0 Vanguard Total Intl Stock ETF 27.4 (58) 8.6 (46) 6.9 (54) 11.2 1.0 1.0 27.4 (58) 4.8 (33) -4.1 (56) -4.7 (53) 14.5 (58) Spliced Total International Stock Index 27.4 (58) 8.5 (48) 7.4 (46) 11.3 1.0 1.0 27.4 (58) 4.7 (33) -4.3 (56) -3.4 (39) 15.8 (55) IM International Equity (MF) Median 28.8 8.3 7.1 11.6 0.9 0.9 28.8 1.8-2.8-4.5 17.4 Sanderson International Value Fund 25.7 (19) 6.5 (68) 8.4 (17) 11.3 0.9 0.9 25.7 (19) 2.1 (57) -5.8 (79) -2.5 (6) 27.2 (6) MSCI EAFE (Net) 25.0 (27) 7.8 (41) 7.9 (26) 11.6 1.0 1.0 25.0 (27) 1.0 (74) -0.8 (33) -4.9 (22) 22.8 (38) IM International Value Equity (MF) Median 23.2 7.2 6.9 11.7 1.0 0.9 23.2 2.5-3.1-6.8 21.9 Parametric Emerging Markets I Fund 27.3 (83) 6.1 (76) 3.0 (73) 12.6 0.9 1.0 27.3 (83) 12.3 (22) -16.4 (71) -3.8 (60) 1.0 (32) MSCI EM (Net) 37.3 (42) 9.1 (39) 4.3 (47) 14.3 1.0 1.0 37.3 (42) 11.2 (30) -14.9 (58) -2.2 (43) -2.6 (58) IM Emerging Markets Equity (MF) Median 35.3 8.6 4.2 13.8 0.9 0.9 35.3 8.3-14.1-2.9-1.4 Community Foundation of the Chattahoochee Valley, Inc. 39

Peer Performance Comparison Main Pool As of December 31, 2017 1 Year 3 Years 5 Years 5 Years Standard Deviation 5 Years Beta 5 Years Actual Correlation 2017 2016 2015 2014 2013 Seaport Global Property Securities Fund, L.P. 11.1 (54) 5.3 (30) 7.5 (17) 11.5 1.0 1.0 11.1 (54) 3.8 (32) 1.4 (18) 20.6 (3) 2.1 (77) Seaport Spliced Global Real Estate Index 11.4 (49) 5.4 (29) 8.0 (7) 11.8 1.0 1.0 11.4 (49) 5.0 (20) 0.1 (40) 22.1 (2) 2.7 (67) IM Global Real Estate (MF) Median 11.3 4.5 6.3 11.3 0.9 1.0 11.3 2.8-0.3 14.3 3.2 Vanguard Total Bond Market Index Adm Fund 3.6 (52) 2.2 (48) 2.0 (45) 3.0 1.0 1.0 3.6 (52) 2.6 (63) 0.4 (28) 5.9 (32) -2.1 (58) Spliced Total Bond Market Index 3.6 (48) 2.3 (40) 2.1 (38) 2.9 1.0 1.0 3.6 (48) 2.8 (55) 0.4 (25) 5.9 (33) -2.0 (50) IM U.S. Broad Market Core Fixed Income (MF) Median 3.6 2.2 2.0 2.9 1.0 1.0 3.6 2.9 0.0 5.5-2.0 Colchester Global Bond Fund 8.0 (24) 1.7 (65) 0.2 (80) 6.0 1.0 0.9 8.0 (24) 3.7 (46) -6.1 (88) -0.3 (78) -3.5 (69) Citigroup World Government Bond Index 7.5 (37) 1.7 (63) 0.1 (81) 5.4 1.0 1.0 7.5 (37) 1.6 (78) -3.6 (44) -0.5 (79) -4.0 (78) IM Global Fixed Income (MF) Median 7.0 2.1 1.2 4.8 0.7 0.8 7.0 3.3-3.8 1.9-2.5 Please Note: - Standard Deviation, Beta and Correlation are relative to the primary benchmark for the strategy - Manager and benchmark universe rankings are listed in parenthesis next to manager and benchmark returns - Peer Universe rankings range from 1 to 100. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. - IM Median returns for mutual fund (MF) universes reported net of fees. - IM Median returns for separate account (SA) and commingled fund (CF) universes reported gross of fees. Community Foundation of the Chattahoochee Valley, Inc. 40

Private Equity Summary Private Capital As of December 31, 2017 Cash Flow Summary Inception Date: 11/09 Capital Committed: $11,250,000 Total Contributions: $6,509,197 Capital Contributed: $5,948,725 Remaining Capital Commitment: $5,301,275 Total Distributions: $3,074,982 Market Value: $5,045,029 Inception IRR: 10.0 PME+ (S&P 500 Index): 14.5 DPI: 0.5 RVPI: 0.8 TVPI: 1.3 Strategy Allocation and Remaining Commitment (% of Total Fund) Remaining Capital Market Value Commitment Buyouts 1.0 2.3 Distressed 2.6 2.3 Multi Strategy 1.2 0.1 Secondaries 0.4 0.0 Venture Capital 1.5 1.3 Total 6.7 6.0 Strategy Allocation By Market Value (%) Strategy Allocation by Remaining Capital Commitment (%) Venture Capital 22.1 Buyouts 14.6 Venture Capital 21.2 Secondaries 6.5 Secondaries 0.8 Multi Strategy 2.0 Buyouts 38.1 Multi Strategy 18.5 Distressed 38.3 Distressed 37.9 PME+ utilizes a public benchmark index to simulate the cash flows of the Private Equity program into a Public Market Equivalent (PME). The Private Equity program is outperforming the Public Market Equivalent when Program IRR is greater than the estimated PME IRR. Community Foundation of the Chattahoochee Valley, Inc. 45

Historical Cash Flows Private Capital As of December 31, 2017 Discrete Cash Flows & Cumulative Net Cash Flow (000s) 1,500 0-1,500 0 42 68 138 275 356-115 -146-543 -695-756 -1,021 627 670-761 -1,038 898-1,434-3,000-3,434-4,500 2009 2010 2011 2012 2013 2014 2015 2016 2017 Cumulative Cash Flow Distribution Contributions Cumulative Cash Flows & Net Asset Value (000s) 8,000 6,000 4,000 2,000 0 6,509 5,075 5,045 4,036 3,276 3,075 2,255 2,177 1,499 1,507 805 880 524 115 261 0 42 110 249 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 Net Asset Value Distribution Contributions Discrete cash flows reflect full calendar years and the current year to date. Cumulative cash flows reflect rolling annual dates starting from the date of the first cash flow. Community Foundation of the Chattahoochee Valley, Inc. 46

Vintage Year and Strategy Cash Flows Private Capital As of December 31, 2017 3,200 Vintage Year Commitments and Cash Flows (000s) 2,400 1,600 800 0 2008 2009 2010 2012 2013 2014 2016 2017 Market Value Capital Commitment Remaining Capital Commitment Contributions Distributions Strategy Commitments and Cash Flows (000s) 4,500 3,000 1,500 0 Buyouts Distressed Multi Strategy Secondaries Venture Capital Market Value Capital Commitment Remaining Capital Commitment Contributions Distributions Community Foundation of the Chattahoochee Valley, Inc. 47