Quarterly Investment Performance Analysis

Quarterly Investment Performance Analysis Municipality of Anchorage Trust Fund Period Ended: March 31, 2018 Agenda Item III..D. (Detail)

Table Of Contents 1 Capital Markets Review Page 3 2 Total Portfolio Page 3 Investment Manager Profiles Page 29 4 Addendum & Glossary Page 50

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Capital Markets Review First Quarter Economic Environment Key Economic Indicators The quarter began with a substantial global equity market rally in January. Drivers of the rally included improving global economic fundamentals, continuation of generally accommodative monetary policies among global central banks, and continued corporate earnings growth. The market rally reversed sharply in February in response to an uptick in inflation expectations, a repricing of the yield curve, and a dramatic spike in equity market volatility. The quarter ended with developed equity markets in negative territory, US duration sensitive assets down moderately, and global bond markets maintaining slight gains in part due to a weakening US Dollar. The Federal Open Market Committee set the federal funds target range at 1.50% to 1.75%, an increase of 0.25%, and maintained guidance for two additional rate increases in 2018. US economic data continued to generally indicate a robust economic expansion. Non-farm payroll growth averaged in excess of 200,000 job gains per month while Purchasing Manager s data for both the US manufacturing and nonmanufacturing sectors indicated continued expansion. 12 8 6 4 2 0 Unemployment Rate (%) Since 1948 30 25 20 15 5 0-5 - -15-20 2.4 CPI Year-over- Year (% change) Since 1914 Key Economic Indicators 120 0 80 60 40 20 US Govt Debt (% of GDP) Since 1940 70 60 50 40 30 20 0 VIX Index (Volatility) Since 1990 160 140 120 0 80 60 40 20 Consumer Confidence Since 1967 Economic Indicators Mar-18 Dec-17 Mar-17 Mar-15 20 Yr Federal Funds Rate (%) 1.68 1.33 0.82 0.06 2.29 Breakeven Infl. - 1 Yr (%) 2.23 0.85 2.06 1.46 N/A Breakeven Infl. - Yr (%) 2.06 1.98 1.98 1.78 N/A CPI YoY (Headline) (%) 2.4 2.1 2.4-0.1 2.2 Unemployment Rate (%) 4.1 4.1 4.5 5.5 6.0 Real GDP YoY (%) N/A 2.6 2.0 3.8 2.3 PMI - Manufacturing 59.3 59.3 56.6 51.8 52.3 USD Total Wtd Idx 86.37 87.47 93.96 92.06 86.89 WTI Crude Oil per Barrel ($) 64.9 60.4 50.6 47.6 56.4 Gold Spot per Oz ($) 1,326 1,303 1,249 1,184 795 Market Performance (%) QTD CYTD 1 Yr 5 Yr Yr S&P 500 (Cap Wtd) -0.76-0.76 13.99 13.31 9.49 Russell 2000-0.08-0.08 11.79 11.47 9.84 MSCI EAFE (Net) -1.53-1.53 14.80 6.50 2.74 MSCI EAFE SC (Net) 0.24 0.24 23.49 11. 6.48 MSCI Emg Mkts (Net) 1.42 1.42 24.93 4.99 3.02 Bloomberg US Agg Bond -1.46-1.46 1.20 1.82 3.63 BofA ML 3 Mo US T-Bill 0.35 0.35 1.11 0.34 0.34 NCREIF ODCE (Gross) 2.19 2.19 8.06 11.42 5.11 Wilshire US REIT -7.48-7.48-3.64 6.13 6.22 HFRI FOF Comp 0.57 0.57 5.86 3.44 1.58 Bloomberg Cmdty (TR) -0.40-0.40 3.71-8.32-7.71 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Treasury Yield Curve (%) 3M 6M 1Y 3Y 5Y 7Y Y 20Y 30Y Mar-18 Dec-17 Mar-17 Mar-16 Mar-15 Treasury data courtesy of the US Department of the Treasury. Economic data courtesy of Bloomberg Professional Service. Breakeven Inflation does not have 20 years of history; therefore, its 20-year average is shown as N/A. Page 4

US Equity Review First Quarter Review Broad Market Despite strong returns in January, US equity markets faltered during the final two months of the quarter, delivering mixed results across market cap and style. The S&P 500 Index s return of -0.76% marks the first negative quarter for the index since Q3 2015. Declines were relatively widespread, with nine of eleven sectors producing negative returns. Market Cap Increased global macroeconomic uncertainty indirectly favored small cap stocks, which tend to be more domestically-focused, providing greater insulation from global headwinds. Style and Sector Growth stocks led value stocks for the quarter as the Russell 00 Growth Index outperformed its value counterpart by 4.25% for the quarter. Technology stocks led all other sectors posting 3.53% with consumer discretionary following close behind with 3.09% for the quarter. Style and Capitalization Market Performance (%) -0.64 R 3000 QTD 13.81-0.76 1 Yr S&P 500 13.99-0.69 R 00 13.98-0.08 R 2000 11.79-2.83 R 00 Value 6.95-2.64 R 2000 Value 5.13 1.42 R 00 Growth 21.25 2.30 R 2000 Growth 18.63-0 20 30 Valuations S&P 500 Index Sector Performance (%) 35 30 25 20 15 5 0 US Large-Cap Equity Shiller S&P Y P/E Since 1900 30 25 20 15 US Large-Cap Equity R00 12M P/E Since 1995 0 80 60 40 20 US Small-Cap Equity R2000 12M P/E Since 1995 25 20 15 US Large-Cap Value Equity R00V 12M P/E Since 1995 50 40 30 20 US Large-Cap Growth Equity R00G 12M P/E Since 1995 Cons Discretion 3.09 16.91 QTD Cons Staples -7.12-0.89 1 Yr Energy -5.88-0.16 Financials -0.95 18.04 Real Estate -5.02 1.69 Health Care -1.22 11.27 Industrials -1.56 13.95 Information Tech 3.53 27.68 Materials -5.52.54 TeleCom -7.48-4.86 Utilities -3.30 1.89-20 -5 25 40 Valuation data courtesy of Bloomberg Professional Service and Robert J. Shiller, Irrational Exuberance, Second Edition. P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers. Page 5

Non-US Equity Review First Quarter Review Developed Markets Developed international markets lagged during the quarter, ending with negative returns and underperforming their domestic counterparts. Market movements were affected by headlines related to global trade negotiations, however there were also significant political events within developed international markets. Emerging Markets Emerging markets outperformed domestic and developed international for both the quarter and the trailing one year period. MSCI Emerging Markets Index outpaced the MSCI EAFE Index by 295 basis points during the quarter. Market Cap & Style Developed international growth stocks continued to outperform value stocks, while small cap stocks outperformed large cap stocks, ending the quarter in slightly positive territory. Contrary to the rest of the world, emerging market value outperformed growth. MSCI Style and Capitalization Market Performance (%) -1.18 ACW Ex US 16.53 QTD -1.53 EAFE 1 Yr 14.80-2.03 EAFE Value 12.19-1.04 EAFE Growth 17.51 0.24 EAFE SC 23.49-1.98 Europe 14.49-0.68 Pacific 15.78 1.42 Emg Mkts 24.93-0 20 30 Valuations MSCI Region Performance (%) 60 50 40 30 20 0 80 60 40 20 50 40 30 20 50 40 30 20 40 30 20 Europe Ex UK United Kingdom Middle East Pacific ex Japan Japan -1.25-3.88-5.30-8.42-3.73 0.83 15.51 11.91 8.43 19.64 QTD 1 Yr 0 0 0 0 0 Canada -7.35 4.91 Intl Equity MSCI ACW x US 12M P/E Since 1995 Developed Intl Equity MSCI EAFE 12M P/E Since 1995 Developed Intl Value Equity MSCI EAFE Val 12M P/E Since 1995 Developed Intl Growth Equity MSCI EAFE Grth 12M P/E Since 1995 Emerging Markets Equity MSCI EM 12M P/E Since 1995 1.42 Emg Mkts 24.93-15 -5 5 15 25 35 Valuation data courtesy of Bloomberg Professional Service. P/E metrics shown represent the 5th through 95th percentiles to minimize the effect of outliers. All returns are shown net of foreign taxes on dividends. Page 6

Fixed Income Review First Quarter Review Broad Market Treasury yields increased across all maturities leading to negative returns across rate-sensitive fixed income indices. The Bloomberg Barclays US Aggregate Bond Index posted a return of -1.46% during the quarter. Longer duration bonds were hit the hardest with the Bloomberg Barclays US Long Government/Credit Index returning -3.58%. Credit Market Investment grade and high yield credit spreads widened modestly, ending a nine-quarter streak of spread tightening. Fixed Income Performance (%) Bloomberg US Agg -1.46 1.20 Bloomberg US Trsy -1.18 0.43 Bloomberg US Trsy: US TIPS -0.79 0.92 Bloomberg US CMBS Inv Grade -1.20 1.33 QTD 1 Yr Emerging Market Debt Non-US dollar denominated emerging market debt was the best performing sub-asset class within fixed income over the quarter, returning 4.44%. In contrast, hard currency and corporate emerging market debt ended the quarter with negative returns after four consecutive quarters of posting positive returns. Bloomberg US Corp: Credit Bloomberg US Agcy Bloomberg US MBS -2.32-0.53-1.19 0.75 0.77 2.70 14 12 8 6 4 2 0 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Valuations 3.0 2.5 2.0 1.5 1.0 0.5 0.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 9 8 7 6 5 4 3 2 1 0 Bloomberg US ABS Bloomberg US Corp: Hi Yld CS Leveraged Loan Bloomberg Global Agg Bond FTSE Wrld Gov't Bond JPM Emg Mkts Bond Global -0.39-0.86-1.78 0.62 3.78 1.58 4.64 1.37 6.98 2.50 8.49 3.34 US Treasury Bonds -Yr US Treasury Yields Since 1953 US Aggregate Bonds Bloomberg US Agg Spreads Since 2000 US Corporate Bonds Bloomberg US Corp Spreads Since 1989 US Credit Bonds Bloomberg US Credit Spreads Since 2000 US High-Yield Bonds Bloomberg US Corp:HY Spreads Since 2000 JPM GBI-EM Glbl Dvf'd (USD) (Unhedged) 4.44 12.99-0 20 Valuation data courtesy of Bloomberg Professional Service. Valuations shown represent the 5th through 95th percentiles to minimize the effect of outliers. Page 7

Alternatives Review First Quarter Review - Absolute Return General Market - Hedge Funds Hedge funds produced modestly positive returns during the first quarter of 2018, though heightened levels of market volatility created significant dispersion across strategies. FoHFs that outperformed benefitted from manager selection within the discretionary macro space, where several managers correctly bet on rising interest rates and produced near double digit returns or higher during the quarter. Managers within the multi-strategy space produced negative returns on average according to HFR, but the firms RVK tracks closely were modestly positive during the quarter, producing average returns near 1%. General Market - Global Tactical Asset Allocation (GTAA) GTAA managers provided modestly positive performance and for the most part, tended to outperform traditional asset classes. Globally-oriented managers that rely on fundamental, value-based investment processes have continued to allocate to various exposures in emerging markets, which they believe to be undervalued. First Quarter Review - Real Assets General Market - Diversified Inflation Strategies (DIS) DIS managers posted weak returns despite increases in market-based measures of future inflation and heightened press attention about the potential for further acceleration of inflationary pressure. Market expectations of future inflation also increased modestly from 1.98% to 2.06% based on Year Treasury breakevens. Managers with greater exposure to floating rate credit-sensitive fixed income and foreign currency performed toward the top of the peer group. Managers with significant MLP exposure within global listed infrastructure allocations lagged by the widest margins. General Market - Real Estate The Core private real estate index, NCREIF-ODCE, returned 2.2% during Q1, on a preliminary basis, comprised of 1.0% income and 1.2% appreciation. Investors in publicly traded real estate significantly underperformed their private market counterparts during the quarter as measured by Wilshire US REIT Index return of -7.48%. HFRI FOF Conv Arbitrage Equity Hedge Mkt Neutral Eq Short Bias Distressed Macro Relative Value Event Driven Merger Arb Credit Arb HFRI Hedge Fund Performance (%) 0.57 5.86 0.64 4.81 0.59 9.70 0.83 4.47 0.00 0.00 0.58 4.18-1.25 1.02 0.30 3.17 0.15 5.18 0.26 3.68 1.83 5.60-20 - 0 20 QTD 1 Yr Real Asset Performance (%) NCREIF ODCE (Gross) NCREIF Property Wilshire US REIT Bloomberg Cmdty (TR) S&P Glbl Nat. Res. (TR) Alerian MLP Bloomberg US Trsy: US TIPS -7.48-3.64-0.40-1.65-11.12-20.07-0.79 2.19 8.06 0.00 QTD 1 Yr 5.33 3.71 17.21 0.92-30 -20-0 20 30 Page 8

Annual Asset Class Performance 2004 2005 2006 2007 2008 2009 20 2011 2012 2013 2014 2015 2016 2017 YTD Best 33.16 34.00 35.97 39.38 8.44 78.51 28.60 22.49 20.00 38.82 31.78 15.02 21.31 37.28 2.19 31.45 26.19 32.18 16.23 5.24 58.21 26.85 15.99 18.23 32.39 19.31 9.59 17.13 33.01 1.42 25.55 21.39 26.34 15.97 2.06 46.78 22.04 13.56 17.59 29.30 13.69 4.23 11.96 25.03 0.57 20.25 21.36 19.31 11.63-2.35 31.78 18.88 9.24 17.32 22.78 12.50 1.38 11.77 21.83 0.35 18.33 13.82 18.37 11.17 -.01 28.60 16.83 7.84 16.35 13.94 5.97 0.55 11.19 14.65 0.24 13.06 13.54 16.32.25-21.37 27.17 16.36 4.98 16.00 8.96 4.89 0.05 8.77.71-0.08 11.14 7.49 15.79 6.97-26.16 26.46 15.12 2.11 15.81 7.44 3.64-0.27 7.24 7.77-0.40.88 5.34 11.86 6.60-33.79 18.91 15.06 0..94 1.86 3.37-0.81 6.67 7.62-0.76 9.15 4.91.39 5.49-35.65 11.47.16-4.18 8.78 0.07 2.45-1.44 4.68 7.50-0.79 8.56 4.55 4.85 5.00-37.00 11.41 7.75-5.72 6.98-2.02 0.04-3.30 2.65 4.18-0.86 8.46 3.07 4.34 1.87-39.20 5.93 6.54-12.14 4.79-2.60-2.19-4.41 2.18 3.54-1.46 6.86 2.84 2.72 1.45-43.38 1.92 6.31-13.32 4.21-8.61-4.90-4.47 1.00 3.01-1.53 4.34 2.74 2.07-1.57-47.01 0.21 5.70-15.94 0.11-8.83-4.95-14.92 0.51 1.70-3.58 Worst 1.33 2.43 0.49-17.55-53.33-29.76 0.13-18.42-1.06-9.52-17.01-24.66 0.33 0.86-7.48 S&P 500 - US Large Cap R 2000 - US Small Cap MSCI EAFE (Net) - Int'l Dev. MSCI EAFE SC (Net) - Int'l SC MSCI EM (Net) - Int'l Emg Mkts Bloombrg US Agg Bond - FI Bloombrg US Corp: Hi Yield - FI Bloombrg US Trsy: US TIPS - FI Bloombrg US Gov/Credit: Lng - FI NCREIF ODCE (Gross) - Real Estate Wilshire US REIT - REITs HFRI FOF Comp Index - ARS ICE Bloombrg BofAML 3 Cmdty (TR) Mo T-Bill - - Commod. Cash Equiv NCREIF ODCE (Gross) performance is reported quarterly; performance is shown N/A in interim-quarter months. Page 9

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Asset Alloc. by Manager, Asset Allocation vs. Target & Schedule of Investable Assets Asset Allocation by Manager March 31, 2018 : $162,170,946 Asset Allocation vs. Target Allocation Market Value ($) Allocation (%) Target (%) Difference (%) Domestic Equity 56,008,997 34.54 35.00-0.46 International Equity 39,763,432 24.52 25.00-0.48 Domestic Fixed Income 48,683,214 30.02 24.00 6.02 Bank Loans 5,074,457 3.13 3.00 0.13 EMD - 5.00-5.00 Real Estate 12,626,247 7.79 8.00-0.21 Cash Equivalents 14,598 0.01 0.00 0.01 Total Fund 162,170,946 0.00 0.00 0.00 Asset Allocation vs. Target Allocation Differences Vanguard Instl Indx;Inst (VINIX) 47,511,347 29.30 FIAM Core Plus LLC (CF) 28,449,520 17.54 Garcia Hamilton Core Agg (SA) 20,233,694 12.48 American Funds EuPc;F3 (FEUPX) 20,9,492 12.40 TIF:Internatl Equity;Prm (TFEQX) 19,653,940 12.12 UBS Trumbull Property (CF) 12,626,247 7.79 Western Asset Floating Rate High Income (CF) 5,074,457 3.13 BlackRock:Adv SC Cr;Inst (BDSIX) 4,260,469 2.63 Vanguard Md-Cp Idx;Adm (VIMAX) 4,237,181 2.61 Wells Fargo Cash 14,598 0.01 Domestic Equity International Equity Domestic Fixed Income Bank Loans EMD Real Estate Cash Equivalents -0.46 % -0.48 % 6.02% 0.13% -5.00 % -0.21 % 0.01% -6.00 % 0.00% 6.00% Allocation Differences Schedule of Investable Assets Periods Ending Beginning Net Ending Gain/Loss ($) Market Value ($) Cash Flow ($) Market Value ($) % Return Unit Value CYTD 165,019,327-2,990,093 141,712 162,170,946 0.08 0.08 Allocations shown may not sum up to 0% exactly due to rounding. Performance shown is net of fees. Garcia Hamilton Core Agg (SA) was funded in January 2018. Page 11

Total Fund Thematic and Liquidity Analysis Asset Allocation by Theme Thematic Analysis - October 1, 1999 to March 31, 2018 Asset Allocation by Liquidity Correlation Matrix - A B C D A 1.00 B 0.56 1.00 C -0.36-0.24 1.00 D 0.46 0.86-0.02 1.00 A = HFRI EH: Eq Mkt Neut Index (Alpha) B = MSCI ACW Index (USD) (Gross) (Capital Appreciation) C = Bloomberg US Gov't Bond Index (Capital Preservation) D = Real Return Custom Index (Inflation) RVK Liquidity Rating 83 Asset Allocation by Theme is based on dedicated manager allocations; as such, thematic allocations are approximations. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating. Please see the Glossary for additional information regarding liquidity, thematic and custom index descriptions. Page 12

1 Quarter Ending March 31, 2018 Total Fund Composite vs. Target Allocation Index Total Fund Attribution Total Fund Performance Total Value Added: 0.62% Total Asset Allocation: 0.11% Total Manager Value Added: 0.50% Performance shown is net of fees. Calculation is based on monthly periodicity. Please see the Glossary for additional information regarding the Total Fund Attribution calculation. Page 13

1 Year Ending March 31, 2018 Total Fund Composite vs. Target Allocation Index Total Fund Attribution Total Fund Performance Total Value Added: 0.54% Total Asset Allocation: 0.23% Total Manager Value Added: 0.34% Performance shown is net of fees. Calculation is based on monthly periodicity. Please see the Glossary for additional information regarding the Total Fund Attribution calculation. Page 14

All Public Plans (<$250M) Plan Sponsor TF Asset Allocation 125.00 1.00 95.00 80.00 65.00 50.00 35.00 20.00 5.00 -.00-25.00 US Equity Intl. Equity US Fixed Income Intl. Fixed Income Alternative Inv. Real Estate Cash Total Fund Composite 34.54 (89) 24.52 (15) 33.15 (34) N/A 0.00 7.79 (54) 0.01 (0) 5th Percentile 60.74 26.24 45.67 8.90 0.00 13.75 5.73 1st Quartile 51.67 22.54 35.16 5.13.03.22 2.12 Median 45.26 15.84 28.86 4.63 4.63 8.23 1.31 3rd Quartile 40.12 13.16 22.05 4.05 3.61 5.13 0.62 95th Percentile 29.74 8.20 15.84 2.58 0.24 2.70 0.11 Population 332 3 328 6 79 177 287 Parentheses contain percentile ranks. Page 15

All Public Plans (<$250M) Plan Sponsor Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 Total Fund Composite 0.16 (17) 0.16 (17) 11.27 (21) 6.90 (23) 8.36 (26) 8.17 (23) 6.93 (37) 16.76 (19) 6.58 (65) 0.76 (31) Target Allocation Index -0.54 (64) -0.54 (64).35 (44) 6.64 (33) 7.70 (58) 7.54 (47) 6.23 (78) 15.80 (42) 7.48 (40) 0.29 (45) 5th Percentile 0.69 0.69 12.50 7.76 9.26 8.78 7.61 18.66 9.92 2.30 1st Quartile -0.03-0.03 11.04 6.84 8.42 8.08 7.18 16.53 8.26 0.95 Median -0.39-0.39.19 6.28 7.83 7.49 6.70 15.43 7.11 0.07 3rd Quartile -0.69-0.69 8.99 5.78 7.22 7.05 6.30 14.08 6.16-0.79 95th Percentile -1.38-1.38 6.52 4.44 6.09 6.11 5.44 11.35 4.39-2.49 Population 294 294 288 247 238 227 202 462 460 421 Performance shown is gross of fees. Composite performance prior to January 2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 16

All Endowments & Foundations (<$250M) Plan Sponsor Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 Total Fund Composite 0.16 (15) 0.16 (15) 11.27 (19) 6.90 (14) 8.36 (9) 8.17 (9) 6.93 (13) 16.76 (26) 6.58 (56) 0.76 (13) Target Allocation Index -0.54 (62) -0.54 (62).35 (39) 6.64 (20) 7.70 (22) 7.54 (19) 6.23 (31) 15.80 (46) 7.48 (33) 0.29 (18) 5th Percentile 0.53 0.53 12.84 7.58 8.97 8.50 7.36 19.22 9.83 1.71 1st Quartile -0.01-0.01.88 6.40 7.57 7.34 6.37 16.80 7.90-0.07 Median -0.40-0.40 9.97 5.69 6.65 6.50 5.49 15.58 6.80-1.41 3rd Quartile -0.73-0.73 8.66 4.94 5.68 5.68 4.72 13.77 5.60-2.66 95th Percentile -1.17-1.17 3.33 2.24 3.22 3.70 3.43 6.43 2.96-4.48 Population 486 486 474 445 409 351 282 594 647 627 Performance shown is gross of fees. Composite performance prior to January 2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 17

Total Fund Composite vs. All Public Plans (<$250M) Plan Sponsor Scattergram - 7 Up/Down Markets - 7 Return Standard Deviation Total Fund Composite 8.17 7.29 Target Allocation Index 7.54 7. Median 7.49 7.44 9.44 8.72 8.00 7.28 6.56 5.84 Standard Deviation Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) 7 7 7 7 7 Total Fund Composite 7.29 (58) 1.08 (27) 7.88 (24) 4.26 (63) 0.63 (59) Target Allocation Index 7. (69) 1.03 (42) 7.28 (50) 4.18 (71) 0.61 (70) Median 7.44 1.00 7.26 4.44 0.65 Population 227 227 227 227 227 Performance shown is gross of fees. Composite performance prior to January 2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 18

Total Fund Composite vs. All Public Plans (<$250M) Plan Sponsor Scattergram - Up/Down Markets - Return Standard Deviation Total Fund Composite 6.93.14 Target Allocation Index 6.23 9.77 Median 6.70 9.74 12.00 Standard Deviation Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500).00 8.00 6.00 Total Fund Composite.14 (34) 0.68 (51) 6.91 (32) 7.05 (30) 0.65 (31) Target Allocation Index 9.77 (49) 0.63 (72) 6.20 (78) 6.75 (44) 0.63 (42) Median 9.74 0.68 6.69 6.64 0.62 Population 202 202 202 202 202 Performance shown is gross of fees. Composite performance prior to January 2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 19

Domestic Equity Composite vs. All Public Plans-US Equity Segment Plan Sponsor Scattergram - Up/Down Markets - Return Standard Deviation Domestic Equity Composite 9.65 15.92 Russell 3000 Index 9.62 15.48 Median 9.28 15.63 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) Domestic Equity Composite 15.92 (29) 0.64 (39).21 (31) 11.02 (36) 1.05 (25) Russell 3000 Index 15.48 (56) 0.65 (32).11 (36).68 (71) 1.03 (48) Median 15.63 0.62 9.68.91 1.02 Population 27 27 27 27 27 Performance shown is gross of fees. Composite performance prior to January 2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 20

Domestic Equity Composite vs. Russell 3000 Index Portfolio Characteristics Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Apple Inc 3.20 3.15 0.05-5.81 Microsoft Corp 2.64 2.53 0.11-2.67 Amazon.com Inc 2.19 2.15 0.04-4.31 Facebook Inc 1.44 1.40 0.04 -.39 JPMorgan Chase & Co 1.42 1.40 0.02-4.79 Berkshire Hathaway Inc 1.38 1.42-0.04-3.73 Johnson & Johnson 1.29 1.28 0.01-1.33 Exxon Mobil Corp 1.19 1.17 0.02-1.49 Alphabet Inc 1.18 1.15 0.03-6.60 Alphabet Inc 1.16 1.14 0.02-6.05 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($M) 167,557 163,882 Median Mkt. Cap ($M) 7,794 1,702 Price/Earnings Ratio 21.37 21.16 Price/Book Ratio 3.24 3.22 5 Yr. EPS Growth Rate (%) 14.08 14.27 Current Yield (%) 1.88 1.87 Beta (5, Monthly) 1.04 1.00 Number of Securities 1,099 2,958 % of Portfolio 17.09 16.79 0.30 Distribution of Market Capitalization (%) Alphabet Inc. is shown twice in the Top Ten Equity Holdings to represent the Class A and Class C shares. Page 21

International Equity Composite vs. All Public Plans-Intl. Equity Segment Plan Sponsor Scattergram - Up/Down Markets - Return Standard Deviation International Equity Composite 3.87 17.75 MSCI ACW Ex US Index (USD) (Net) 2.70 18.71 Median 4.04 18.52 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) Sharpe Excess Downside Ratio Return Risk 0.44 0.38 0.32 0.26 0.20 International Equity Composite 17.75 (75) 0.29 (58) 5.07 (69) 12.55 (79) 1.06 (79) MSCI ACW Ex US Index (USD) (Net) 18.71 (35) 0.22 (97) 4.12 (97) 13.48 (38) 1.12 (31) Median 18.52 0.29 5.42 13.26 1.11 Population 28 28 28 28 28 Performance shown is gross of fees. Composite performance prior to January 2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. 7.30 6.56 5.82 5.08 4.34 3.60 14.40 13.75 13. 12.45 11.80 11.15 Page 22

International Equity Composite vs. MSCI ACW Ex US Index (USD) (Net) Portfolio Characteristics Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Taiwan Semiconductor Mfg 1.82 0.96 0.86 0.32 AIA Group Ltd 1.72 0.47 1.25 0.99 Softbank Group Corp 1.69 0.29 1.40-9.94 BP PLC 1.42 0.62 0.80 2.74 Airbus SE 1.31 0.31 1.00-3.64 Baidu Inc 1.29 0.28 1.01-11.55 British American Tobacco PLC 1.25 0.62 0.63-3.36 Alibaba Group Holding Ltd 1.21 0.98 0.23-1.40 BNP PARIBAS 1.20 0.00 1.20-7.18 Barclays PLC 1.15 0.23 0.92-0.54 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($M) 69,801 67,470 Median Mkt. Cap ($M) 23,135 8,755 Price/Earnings Ratio 15.36 14.45 Price/Book Ratio 2.14 2.13 5 Yr. EPS Growth Rate (%) 8.42.21 Current Yield (%) 2.13 3.05 Beta (5, Monthly) 0.92 1.00 Number of Securities 318 1,864 % of Portfolio 14.06 4.76 9.30 Distribution of Market Capitalization (%) Page 23

Domestic Fixed Income Composite vs. All Public Plans-US Fixed Income Segment Plan Sponsor Scattergram - Up/Down Markets - Return Standard Deviation Domestic Fixed Income Composite 5.30 4.01 Bloomberg US Agg Bond Index 3.63 3.26 Median 4.45 4.46 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) Domestic Fixed Income Composite 4.01 (63) 1.21 (13) 4.92 (25) 2.43 (67) 0.12 (41) Bloomberg US Agg Bond Index 3.26 (95) 1.00 (38) 3.28 (80) 1.78 (95) 0.01 (98) Median 4.46 0.90 4. 2.73 0. Population 32 32 32 32 32 Performance shown is gross of fees. Composite performance prior to January 2016 consists of gross performance for separate accounts and commingled fund investments, and net performance for mutual fund investments. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 24

Domestic Fixed Income Composite vs. Bloomberg US Agg Bond Index Portfolio Characteristics Portfolio Characteristics Portfolio Benchmark Effective Duration 4.50 6.08 Convexity 0.35 0.32 Yield To Maturity (%) 3.55 3.12 Yield To Worst (%) 3.58 3.12 Avg. Maturity 7.06 8.42 Avg. Quality A1 Aa1/Aa2 Sector Distribution (%) Allocation to "Other" consists of ETF holdings. Page 25

Comparative Performance QTD CYTD 1 Year 3 5 7 2017 2016 Since Incep. Inception Date Total Fund Composite 0.08 0.08.89 6.50 8.01 7.85 6.67 16.32 6.07 5.79 /01/1999 Target Allocation Index -0.54-0.54.35 6.64 7.70 7.54 6.23 15.80 7.48 5.46 Difference 0.62 0.62 0.54-0.14 0.31 0.31 0.44 0.52-1.41 0.33 Consumer Price Index+4.25% 2.29 2.29 6.71 6.19 5.71 5.91 5.89 6.45 6.41 6.51 Difference -2.21-2.21 4.18 0.31 2.30 1.94 0.78 9.87-0.34-0.72 Domestic Equity Composite -0.33-0.33 13.86 9.28 12.70 12. 9.46 22.05 9.19 6.16 /01/1999 Russell 3000 Index -0.64-0.64 13.81.22 13.03 12.39 9.62 21.13 12.74 6.51 Difference 0.31 0.31 0.05-0.94-0.33-0.29-0.16 0.92-3.55-0.35 Domestic Large Cap Equity Composite -0.77-0.77 14.07 9.69 13.11 12.53 9.49 23.32 8.54 6.08 /01/1999 Russell 00 Index -0.69-0.69 13.98.39 13.17 12.57 9.61 21.69 12.05 6.35 Difference -0.08-0.08 0.09-0.70-0.06-0.04-0.12 1.63-3.51-0.27 Vanguard Instl Indx;Inst (VINIX) -0.77-0.77 13.96.75 13.27 12.68 9.50 21.79 11.93 6.02 /01/1999 S&P 500 Index (Cap Wtd) -0.76-0.76 13.99.78 13.31 12.71 9.49 21.83 11.96 6.00 Difference -0.01-0.01-0.03-0.03-0.04-0.03 0.01-0.04-0.03 0.02 IM U.S. Large Cap Core Equity (MF) Median -1.11-1.11 13.31 9.25 12.05 11.44 8.51 20.84 9.98 5.63 Rank 44 44 41 15 15 13 18 36 25 37 Domestic Mid Cap Equity Composite 0.01 0.01 12.30 7.90 12.28 11.30.15 19.24 11.36 8.88 07/01/2006 Vanguard Spl Mid Cap Index 0.03 0.03 12.36 7.90 12.31 11.34.18 19.30 11.25 8.91 Difference -0.02-0.02-0.06 0.00-0.03-0.04-0.03-0.06 0.11-0.03 Vanguard Md-Cp Idx;Adm (VIMAX) 0.01 0.01 12.31 7.86 12.26 11.28.14 19.25 11.22 8.87 07/01/2006 Vanguard Spl Mid Cap Index 0.03 0.03 12.36 7.90 12.31 11.34.18 19.30 11.25 8.91 Difference -0.02-0.02-0.05-0.04-0.05-0.06-0.04-0.05-0.03-0.04 IM U.S. Mid Cap Core Equity (MF) Median -1.20-1.20 9.21 6.65.42 9.67 8.80 15.60 14.90 7.68 Rank 21 21 25 34 13 17 19 18 79 17 Domestic Small Cap Equity Composite 0.88 0.88 9.01 5.01 7.74 7.01 8.04.79 14.52 5.40 01/01/2000 Small Cap Custom Index -0.08-0.08 11.79 6.15 11.26.14.14 14.65 12.90 8.01 Difference 0.96 0.96-2.78-1.14-3.52-3.13-2. -3.86 1.62-2.61 BlackRock:Adv SC Cr;Inst (BDSIX) 0.88 0.88 9.01 N/A N/A N/A N/A.79 N/A 11.33 12/01/2016 Russell 2000 Index -0.08-0.08 11.79 8.39 11.47.39 9.84 14.65 21.31 13.04 Difference 0.96 0.96-2.78 N/A N/A N/A N/A -3.86 N/A -1.71 IM U.S. Small Cap Core Equity (MF) Median -0.66-0.66.58 8.05.62 9.98 8.89 12.03 20.57 11.18 Rank 11 11 71 N/A N/A N/A N/A 58 N/A 48 Performance shown is net of fees. Performance is annualized for periods greater than one year. Please see the Addendum for custom index definitions. Page 26

Comparative Performance QTD CYTD 1 Year 3 5 7 2017 2016 Since Incep. Inception Date International Equity Composite -0.21-0.21 17.03 6.07 7.19 5.40 3.71 26.99 1. 6.08 /01/1999 MSCI ACW Ex US Index (USD) (Net) -1.18-1.18 16.53 6.18 5.89 4.26 2.70 27.19 4.50 N/A Difference 0.97 0.97 0.50-0.11 1.30 1.14 1.01-0.20-3.40 N/A TIF:Internatl Equity;Prm (TFEQX) -1.91-1.91 12.43 4.13 5.55 4.14 N/A 22.92 1.30 3.13 07/01/2008 MSCI ACW Ex US Val Index (USD) (Net) -1.50-1.50 13.26 5.04 4.88 3.30 2. 22.66 8.92 2.49 Difference -0.41-0.41-0.83-0.91 0.67 0.84 N/A 0.26-7.62 0.64 IM ACWI Ex US Value (MF) Median -0.98-0.98 13.36 4.43 5.50 4.00 2.54 22.89 2.79 2.54 Rank 80 80 66 55 50 47 N/A 48 80 33 American Funds EuPc;F3 (FEUPX) 1.03 1.03 21.08 7.83 8.70 6.56 4.73 31.03 0.92 6.64 /01/1999 MSCI ACW Ex US Grth Index (USD) (Net) -0.87-0.87 19.92 7.28 6.84 5.17 3.25 32.01 0.12 N/A Difference 1.90 1.90 1.16 0.55 1.86 1.39 1.48-0.98 0.80 N/A IM ACWI Ex US Growth (MF) Median 0.79 0.79 21. 7.74 7.35 6.17 3.86 32.31-0.69 5.49 Rank 38 38 51 49 25 35 31 66 25 9 Domestic Fixed Income Composite -0.53-0.53 2.62 2.70 2.69 3.80 5.05 4.63 6.57 5.46 /01/1999 Bloomberg US Agg Bond Index -1.46-1.46 1.20 1.20 1.82 2.92 3.63 3.54 2.65 4.88 Difference 0.93 0.93 1.42 1.50 0.87 0.88 1.42 1.09 3.92 0.58 FIAM Core Plus LLC (CF) -1.07-1.07 2.18 2.62 2.81 3.96 5.23 4.80 6.19 5.11 /01/2007 Bloomberg US Agg Bond Index -1.46-1.46 1.20 1.20 1.82 2.92 3.63 3.54 2.65 3.96 Difference 0.39 0.39 0.98 1.42 0.99 1.04 1.60 1.26 3.54 1.15 IM U.S. Broad Market Core+ Fixed Income (MF) Median -1.39-1.39 1.71 1.66 2.03 3.37 4.34 4.47 4.19 4.57 Rank 19 19 28 11 18 24 14 37 11 19 Garcia Hamilton Core Agg (SA) N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.18 02/01/2018 Bloomberg US Agg Bond Index -1.46-1.46 1.20 1.20 1.82 2.92 3.63 3.54 2.65-0.31 Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.49 IM U.S. Broad Market Core Fixed Income (MF) Median -1.48-1.48 1.11 1. 1.64 2.87 3.70 3.58 2.85-0.46 Rank N/A N/A N/A N/A N/A N/A N/A N/A N/A 2 Western Asset Floating Rate High Income (CF) 1.01 1.01 3.16 2.88 N/A N/A N/A 3.15 9.86 2.55 04/01/2014 S&P/LSTA Performing Loans Index 1.53 1.53 4.63 4.57 4.20 4.55 5.85 4.32.36 4.18 Difference -0.52-0.52-1.47-1.69 N/A N/A N/A -1.17-0.50-1.63 IM U.S. Bank Loans (MF) Median 1.12 1.12 3.75 3.49 3.20 3.64 4.46 3.59 8.90 3.07 Rank 68 68 77 81 N/A N/A N/A 73 43 77 Performance shown is net of fees. Performance is annualized for periods greater than one year. Please see the Addendum for custom index definitions. Page 27

Comparative Performance QTD CYTD 1 Year 3 5 7 2017 2016 Since Incep. Inception Date Real Estate Composite 1.66 1.66 6.02 7.23 8.55 8.83 4.17 5.21 5.98 4.28 /01/2007 NCREIF ODCE Index (AWA) (Net) 1.97 1.97 7.11 9.00.41.76 4.16 6.66 7.79 4.25 Difference -0.31-0.31-1.09-1.77-1.86-1.93 0.01-1.45-1.81 0.03 UBS Trumbull Property (CF) 1.66 1.66 6.02 7.25 8.56 8.84 4.17 5.21 6.05 4.28 /01/2007 NCREIF ODCE Index (AWA) (Net) 1.97 1.97 7.11 9.00.41.76 4.16 6.66 7.79 4.25 Difference -0.31-0.31-1.09-1.75-1.85-1.92 0.01-1.45-1.74 0.03 Consumer Price Index+5% 2.47 2.47 7.48 6.95 6.47 6.67 6.65 7.21 7.18 6.81 Difference -0.81-0.81-1.46 0.30 2.09 2.17-2.48-2.00-1.13-2.53 Performance shown is net of fees. Performance is annualized for periods greater than one year. Please see the Addendum for custom index definitions. Page 28

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Manager: Vanguard Instl Indx;Inst (VINIX) Benchmark: S&P 500 Index (Cap Wtd) Peer Group: IM U.S. Large Cap Core Equity (MF) QTD 1 Year 3 Peer Group Scattergram - 5 Performance 7 2017 2016 2015 2014 2013 Manager -0.77 13.96.75 13.28 12.68 9.50 21.79 11.93 1.37 13.65 32.35 Benchmark -0.76 13.99.78 13.31 12.71 9.49 21.83 11.96 1.38 13.69 32.39 Difference -0.01-0.03-0.03-0.03-0.03 0.01-0.04-0.03-0.01-0.04-0.04 Peer Group Median -1.11 13.31 9.25 12.05 11.44 8.51 20.84 9.98-0.22 11.35 31.80 Rank 44 41 15 15 13 18 36 25 29 15 40 Population 860 802 694 628 565 470 786 813 811 8 801 Up/Down Markets - Return Standard Deviation Manager 9.50 14.98 Benchmark 9.49 14.98 Median 8.51 15.17 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 14.00 Downside Risk 12.00.00 Manager 9.91 (20) 0.03 (0) -0.02 (21) 0.66 (18).28 (61) Benchmark 9.91 (20) 0.00 (0) N/A 0.66 (18).29 (60) Median 9.01 3.06-0.29 0.59.44 8.00 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio Benchmark Wtd. Avg. Mkt. Cap ($M) 196,621 196,619 Median Mkt. Cap ($M) 21,090 21,046 Price/Earnings Ratio 21.42 21.42 Price/Book Ratio 3.33 3.33 5 Yr. EPS Growth Rate (%) 14.44 14.44 Current Yield (%) 1.97 1.97 Beta (5, Monthly) 1.00 1.00 Number of Securities 506 505 Active Share 0.09 N/A Sector Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 30

IM U.S. Large Cap Core Equity (MF) Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 Vanguard Instl Indx;Inst (VINIX) -0.77 (44) -0.77 (44) 13.96 (41).75 (15) 13.28 (15) 12.68 (13) 9.50 (18) 21.79 (36) 11.93 (25) 1.37 (29) S&P 500 Index (Cap Wtd) -0.76 (43) -0.76 (43) 13.99 (40).78 (14) 13.31 (14) 12.71 (12) 9.49 (18) 21.83 (36) 11.96 (25) 1.38 (29) 5th Percentile 1.17 1.17 17.85 11.65 13.95 13.25.22 26.25 15.08 4.53 1st Quartile -0.34-0.34 15.16.25 12.89 12.22 9.20 22.62 11.92 1.66 Median -1.11-1.11 13.31 9.25 12.05 11.44 8.51 20.84 9.98-0.22 3rd Quartile -1.91-1.91.74 8.13.98.41 7.66 18.48 7.93-2.34 95th Percentile -3.24-3.24 7.03 5.29 8.24 8.61 6.40 14.23 3.73-4.79 Population 860 860 802 694 628 565 470 786 813 811 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 31

Manager: Vanguard Md-Cp Idx;Adm (VIMAX) Benchmark: Vanguard Spl Mid Cap Index Peer Group: IM U.S. Mid Cap Core Equity (MF) QTD 1 Year 3 Peer Group Scattergram - 5 Performance 7 2017 2016 2015 2014 2013 Manager 0.01 12.31 7.86 12.26 11.29.14 19.25 11.22-1.34 13.76 35.15 Benchmark 0.03 12.36 7.90 12.31 11.34.18 19.30 11.25-1.28 13.83 35.21 Difference -0.02-0.05-0.04-0.05-0.05-0.04-0.05-0.03-0.06-0.07-0.06 Peer Group Median -1.20 9.21 6.65.42 9.67 8.80 15.60 14.90-3.18 8.99 34.77 Rank 21 25 34 13 16 19 18 79 25 47 Population 408 395 306 263 223 173 388 363 354 335 328 Up/Down Markets - Return Standard Deviation Manager.14 17.53 Benchmark.18 17.52 Median 8.80 17.52 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 14.00 Downside Risk 12.00.00 Manager.93 (18) 0.04 (0) -1.04 (0) 0.62 (19) 12.14 (45) Benchmark.97 (17) 0.00 (0) N/A 0.62 (17) 12.14 (46) Median 9.76 4.73-0.29 0.56 12.08 8.00 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio Benchmark Wtd. Avg. Mkt. Cap ($M) 15,333 15,313 Median Mkt. Cap ($M) 12,198 12,363 Price/Earnings Ratio 21.03 20.95 Price/Book Ratio 2.92 2.92 5 Yr. EPS Growth Rate (%) 11.09 11.17 Current Yield (%) 1.59 1.58 Beta (5, Monthly) 1.00 1.00 Number of Securities 347 343 Active Share 0.57 N/A Sector Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Benchmark consists of S&P MidCap 400 Index (Cap Wtd) through 05/16/2003; MSCI US Mid Cap 450 Index through 01/30/2013; and CRSP US Mid Cap Index thereafter. Page 32

IM U.S. Mid Cap Core Equity (MF) Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 Vanguard Md-Cp Idx;Adm (VIMAX) 0.01 (21) 0.01 (21) 12.31 (25) 7.86 (34) 12.26 (13) 11.29 (16).14 (19) 19.25 (18) 11.22 (79) -1.34 (25) Vanguard Spl Mid Cap Index 0.03 (21) 0.03 (21) 12.36 (24) 7.90 (32) 12.31 (11) 11.34 (14).18 (18) 19.30 (17) 11.25 (78) -1.28 (23) 5th Percentile 1.17 1.17 16.62.23 13.27 12.01.69 23.53 21.65 1.76 1st Quartile -0.42-0.42 12.31 8.24 11.47.72 9.85 18.46 17.97-1.39 Median -1.20-1.20 9.21 6.65.42 9.67 8.80 15.60 14.90-3.18 3rd Quartile -2.31-2.31 7.18 5.31 9.32 8.52 7.88 13.19 11.62-6.20 95th Percentile -3.67-3.67 3.93 1.58 6.93 6.53 6.48.14 5.95 -.92 Population 408 408 395 306 263 223 173 388 363 354 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 33

Manager: BlackRock:Adv SC Cr;Inst (BDSIX) Benchmark: Russell 2000 Index Peer Group: IM U.S. Small Cap Core Equity (MF) QTD 1 Year 3 Peer Group Scattergram - 5 5 Performance 7 2017 2016 2015 2014 2013 Manager 0.88 9.01 9.00 12.04 N/A N/A.79 23.99-2.25 5.48 N/A Benchmark -0.08 11.79 8.39 11.47.39 9.84 14.65 21.31-4.41 4.89 38.82 Difference 0.96-2.78 0.61 0.57 N/A N/A -3.86 2.68 2.16 0.59 N/A Peer Group Median -0.66.58 8.05.62 9.98 8.89 12.03 20.57-4.42 3.53 36.11 Rank 11 71 36 26 N/A N/A 58 29 25 27 N/A Population 9 2 84 70 62 47 127 157 191 205 207 Up/Down Markets - 5 Return Standard Deviation Manager 12.04 13.19 Benchmark 11.47 13.71 Median.62 13.77 Peer Group Analysis - Multi Statistics - 5 (Excess Return vs. Risk Free) 12.00 Downside Risk Manager 11.95 (26) 3.23 (98) 0.14 (21) 0.91 (15) 7.68 (61) Benchmark 11.51 (40) 0.00 (0) N/A 0.84 (45) 8.18 (37) Median.74 4.76-0.13 0.83 7.90.00 8.00 6.00 4.00 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio Benchmark Wtd. Avg. Mkt. Cap ($M) 2,628 2,531 Median Mkt. Cap ($M) 1,428 860 Price/Earnings Ratio 21.12 20.18 Price/Book Ratio 2.69 2.55 5 Yr. EPS Growth Rate (%) 12.26 11.08 Current Yield (%) 1.26 1.28 Beta (5, Monthly) 0.94 1.00 Number of Securities 496 1,983 Active Share 69.80 N/A Sector Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 34

IM U.S. Small Cap Core Equity (MF) Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 BlackRock:Adv SC Cr;Inst (BDSIX) 0.88 (11) 0.88 (11) 9.01 (71) 9.00 (36) 12.04 (26) N/A N/A.79 (58) 23.99 (29) -2.25 (25) Russell 2000 Index -0.08 (26) -0.08 (26) 11.79 (34) 8.39 (46) 11.47 (41).39 (41) 9.84 (38) 14.65 (21) 21.31 (46) -4.41 (50) 5th Percentile 1.99 1.99 18.47 11.17 13.54 12.62 11.32 17.93 29.15 0.12 1st Quartile -0.05-0.05 12.79 9.50 12.05 11.15.36 13.82 24.40-2.41 Median -0.66-0.66.58 8.05.62 9.98 8.89 12.03 20.57-4.42 3rd Quartile -1.73-1.73 8.13 5.32 9.40 8.78 7.21 9.09 16.79-8. 95th Percentile -2.55-2.55 2.01 1.55 4.28 0.84 4.34 3.31 12.32-13.35 Population 9 9 2 84 70 62 47 127 157 191 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 35

Manager: TIF:Internatl Equity;Prm (TFEQX) Benchmark: MSCI ACW Ex US Val Index (USD) (Net) Peer Group: IM ACWI Ex US Value (MF) Performance QTD 1 Year 3 Peer Group Scattergram - 5 7 2017 2016 2015 2014 2013 Manager -1.91 12.43 4.13 5.55 4.14 2.60 22.92 1.30-2.67-6.78 19.51 Benchmark -1.50 13.26 5.04 4.88 3.30 2. 22.66 8.92 -.06-5. 15.04 Difference -0.41-0.83-0.91 0.67 0.84 0.50 0.26-7.62 7.39-1.68 4.47 Peer Group Median -0.98 13.36 4.43 5.50 4.00 2.54 22.89 2.79-6.93-6.27 17.48 Rank 80 66 55 50 47 49 48 80 17 56 37 Population 73 73 60 54 48 32 73 69 61 59 53 Up/Down Markets - Return Standard Deviation Manager 2.60 18.51 Benchmark 2. 19.54 Median 2.54 19.40 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 15.73 15.02 14.31 13.60 12.89 12.18 Downside Risk Manager 3.98 (52) 4.14 (71) 0.07 (52) 0.21 (49) 13.18 (84) Benchmark 3.68 (58) 0.00 (0) N/A 0.19 (62) 13.84 (70) Median 3.99 4.80 0.07 0.21 14.23 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio Benchmark Wtd. Avg. Mkt. Cap ($M) 59,352 61,3 Median Mkt. Cap ($M) 29,323 7,811 Price/Earnings Ratio 16.11 12.22 Price/Book Ratio 1.69 1.57 5 Yr. EPS Growth Rate (%) 0.85 7.28 Current Yield (%) 2.81 4.12 Beta (5, Monthly) 0.89 1.00 Number of Securities 94 1,074 Active Share 86.36 N/A Region Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 36

IM ACWI Ex US Value (MF) Peer Group Analysis Return (%) 1 3 5 7 QTD CYTD 2017 2016 2015 Year TIF:Internatl Equity;Prm (TFEQX) -1.91 (80) -1.91 (80) 12.43 (66) 4.13 (55) 5.55 (50) 4.14 (47) 2.60 (49) 22.92 (48) 1.30 (80) -2.67 (17) MSCI ACW Ex US Val Index (USD) (Net) -1.50 (65) -1.50 (65) 13.26 (52) 5.04 (43) 4.88 (61) 3.30 (59) 2. (61) 22.66 (55) 8.92 (18) -.06 (70) 5th Percentile 0.04 0.04 17.98 7.80 7.38 5.47 4.29 30.38 12.75-0.96 1st Quartile -0.53-0.53 16.27 6.06 6.35 5.05 3.09 25.79 7.97-3.28 Median -0.98-0.98 13.36 4.43 5.50 4.00 2.54 22.89 2.79-6.93 3rd Quartile -1.82-1.82 11.37 2.02 2.50 1.09 0.53 18.63 1.75-11.75 95th Percentile -3.46-3.46 5.23-0.77-0.58-1.99-3.14 15.27-6.46-16.76 Population 73 73 73 60 54 48 32 73 69 61 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 37

Manager: American Funds EuPc;F3 (FEUPX) Benchmark: MSCI ACW Ex US Grth Index (USD) (Net) Peer Group: IM ACWI Ex US Growth (MF) Performance QTD 1 Year 3 Peer Group Scattergram - 5 7 2017 2016 2015 2014 2013 Manager 1.03 21.15 7.69 8.52 6.37 4.59 31.13 0.66-0.82-2.64 20.15 Benchmark -0.87 19.92 7.28 6.84 5.17 3.25 32.01 0.12-1.25-2.65 15.49 Difference 1.90 1.23 0.41 1.68 1.20 1.34-0.88 0.54 0.43 0.01 4.66 Peer Group Median 0.79 21. 7.74 7.35 6.17 3.86 32.31-0.69 0.09-3.22 19.26 Rank 38 50 52 29 41 34 64 30 70 38 44 Population 190 190 151 134 120 3 191 173 151 146 140 Up/Down Markets - Return Standard Deviation Manager 4.59 17.32 Benchmark 3.25 18.24 Median 3.86 17.72 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 16.00 Downside Risk 14.00 12.00 Manager 5.70 (37) 3.48 (81) 0.32 (31) 0.33 (34) 12.21 (74) Benchmark 4.58 (67) 0.00 (0) N/A 0.25 (73) 13.34 (43) Median 5.11 4.16 0.13 0.29 12.44.00 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio Benchmark Wtd. Avg. Mkt. Cap ($M) 79,597 73,701 Median Mkt. Cap ($M) 23,540 9,533 Price/Earnings Ratio 14.72 17.70 Price/Book Ratio 2.75 2.82 5 Yr. EPS Growth Rate (%) 15.62 13.30 Current Yield (%) 1.50 2.00 Beta (5, Monthly) 0.92 1.00 Number of Securities 262 1,003 Active Share 71.23 N/A Region Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 38

IM ACWI Ex US Growth (MF) Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 American Funds EuPc;F2 (AEPFX) 1.02 (39) 1.02 (39) 21.05 (52) 7.82 (49) 8.70 (25) 6.57 (35) 4.80 (30) 31.02 (66) 0.92 (25) -0.57 (63) MSCI ACW Ex US Grth Index (USD) (Net) -0.87 (85) -0.87 (85) 19.92 (66) 7.28 (62) 6.84 (65) 5.17 (77) 3.25 (72) 32.01 (53) 0.12 (37) -1.25 (80) 5th Percentile 4.01 4.01 33.36 12.36 11.09.03 6.11 44.46 2.64 7.48 1st Quartile 1.66 1.66 25.34 9.40 8.69 6.88 4.96 35.31 0.90 2.87 Median 0.79 0.79 21. 7.74 7.35 6.17 3.86 32.31-0.69 0.09 3rd Quartile -0.27-0.27 19.16 6.68 6.47 5.26 2.77 30.08-4.74-0.96 95th Percentile -1.25-1.25 16.78 4.37 5.34 3.87 1.63 25.69-7.01-2.47 Population 190 190 190 151 134 120 3 191 173 151 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 39

Manager: FIAM Core Plus LLC (CF) Benchmark: Bloomberg US Agg Bond Index Peer Group: IM U.S. Broad Market Core+ Fixed Income (SA+CF) Peer Group Scattergram - Performance QTD 1 3 5 7 Year 2017 2016 2015 2014 2013 Manager -1.00 2.38 2.80 2.90 4.05 5.29 5.00 6.46 0.09 5.67-1.19 Benchmark -1.46 1.20 1.20 1.82 2.92 3.63 3.54 2.65 0.55 5.97-2.02 Difference 0.46 1.18 1.60 1.08 1.13 1.66 1.46 3.81-0.46-0.30 0.83 Peer Group Median -1.21 2.30 2.26 2.68 3.99 5. 4.89 4.72 0.27 6.19-0.49 Rank 22 41 23 39 48 44 46 24 58 69 78 Population 120 120 120 118 114 99 153 160 166 176 183 Up/Down Markets - Return Standard Deviation Manager 5.29 4.05 Benchmark 3.63 3.26 Median 5. 3.95 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 8.00 Downside Risk Manager 4.91 (44) 2.60 (47) 0.63 (44) 1.20 (46) 2.46 (43) Benchmark 3.28 (97) 0.00 (0) N/A 1.00 (78) 1.78 (86) Median 4.72 2.49 0.60 1.18 2.28 6.00 4.00 2.00 0.00 Portfolio Characteristics Portfolio Benchmark Effective Duration 4.97 6.08 Spread Duration 5.61 6.25 Avg. Maturity 7.66 8.42 Avg. Quality A2 Aa1/Aa2 Yield To Maturity (%) 3.87 3.12 Coupon Rate (%) 3.79 3.08 Current Yield (%) 3.58 N/A Holdings Count 1,456 9,868 Sector Distribution (%) Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Manager allocation to "Other" consists of derivatives. Page 40

IM U.S. Broad Market Core+ Fixed Income (SA+CF) Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 FIAM Core Plus LLC (CF) -1.00 (22) -1.00 (22) 2.38 (41) 2.80 (23) 2.90 (39) 4.05 (48) 5.29 (44) 5.00 (46) 6.46 (24) 0.09 (58) Bloomberg US Agg Bond Index -1.46 (80) -1.46 (80) 1.20 (98) 1.20 (96) 1.82 (97) 2.92 (97) 3.63 (97) 3.54 (95) 2.65 (97) 0.55 (38) 5th Percentile -0.43-0.43 4.23 4.38 4.19 5.71 6.95 7.91.46 1.38 1st Quartile -1.06-1.06 2.73 2.72 3.16 4.52 5.59 5.62 6.22 0.80 Median -1.21-1.21 2.30 2.26 2.68 3.99 5. 4.89 4.72 0.27 3rd Quartile -1.42-1.42 1.89 1.78 2.36 3.66 4.67 4.26 3.69-0.63 95th Percentile -1.78-1.78 1.37 1.30 2.00 3.16 4.03 3.41 2.80-2.80 Population 120 120 120 120 118 114 99 153 160 166 Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 41

Manager: Garcia Hamilton Core Agg (SA) Benchmark: Bloomberg US Agg Bond Index Peer Group: IM U.S. Broad Market Core Fixed Income (SA+CF) Peer Group Scattergram - 1 Year Performance QTD 1 3 5 7 Year 2017 2016 2015 2014 2013 Manager N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Benchmark -1.46 1.20 1.20 1.82 2.92 3.63 3.54 2.65 0.55 5.97-2.02 Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Peer Group Median -1.37 1.68 1.58 2.17 3.41 4.30 4.04 3. 0.82 6.16-1.56 Rank N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Population 119 119 114 113 111 7 141 156 159 173 185 Data is currently unavailable. Up/Down Markets - 1 Year Return Standard Deviation Manager N/A N/A Benchmark 1.20 2.27 Median 1.68 2.21 Peer Group Analysis - Multi Statistics - 1 Year (Excess Return vs. Risk Free) 2.00 Downside Risk Manager N/A N/A N/A N/A N/A Benchmark 0.12 (86) 0.00 (0) N/A 0.05 (86) 1.57 (21) Median 0.59 0.31 1.36 0.26 1.46 1.70 1.40 1. 0.80 Portfolio Characteristics Portfolio Benchmark Effective Duration 4.88 6.08 Spread Duration 0. 6.25 Avg. Maturity 7.40 8.42 Avg. Quality AA- Aa1/Aa2 Yield To Maturity (%) 2.50 3.12 Coupon Rate (%) 2.25 3.08 Current Yield (%) 2.25 N/A Holdings Count 20 9,868 Sector Distribution (%) Performance shown is gross of fees and client specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 42

IM U.S. Broad Market Core Fixed Income (SA+CF) Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 Garcia Hamilton Core Agg (SA) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Bloomberg US Agg Bond Index -1.46 (70) -1.46 (70) 1.20 (86) 1.20 (85) 1.82 (84) 2.92 (88) 3.63 (91) 3.54 (85) 2.65 (76) 0.55 (75) 5th Percentile -0.64-0.64 2.69 2.40 3.05 4.19 5.18 5.28 5.23 1.67 1st Quartile -1.19-1.19 1.99 1.96 2.46 3.70 4.65 4.48 3.80 1.11 Median -1.37-1.37 1.68 1.58 2.17 3.41 4.30 4.04 3. 0.82 3rd Quartile -1.48-1.48 1.31 1.31 1.92 3.05 3.93 3.64 2.65 0.54 95th Percentile -1.68-1.68 0.96 1.08 1.74 2.86 3.53 3.03 2.20-0.05 Population 119 119 119 114 113 111 7 141 156 159 Performance shown is gross of fees and client specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 43

Manager: Western Asset Floating Rate High Income (CF) Benchmark: S&P/LSTA Performing Loans Index Peer Group: IM U.S. Bank Loans (SA+CF) Peer Group Scattergram - Performance QTD 1 3 5 7 Year 2017 2016 2015 2014 2013 Manager 1.13 3.69 3.28 3.31 4.26 6.12 3.67.42-3.11 1.28 6.39 Benchmark 1.53 4.63 4.57 4.20 4.55 5.85 4.32.36 0. 1.82 5.41 Difference -0.40-0.94-1.29-0.89-0.29 0.27-0.65 0.06-3.21-0.54 0.98 Peer Group Median 1.37 4.80 4.43 4.31 4.85 5.86 4.46 9.51 0.72 2.01 6.29 Rank 93 94 0 99 95 19 90 24 99 86 45 Population 47 47 46 41 36 21 63 65 68 71 64 Up/Down Markets - Return Standard Deviation Manager 6.12 8.67 Benchmark 5.85 8.06 Median 5.86 7.57 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 6.70 6.15 5.60 5.05 4.50 3.95 Downside Risk Manager 6.00 (15) 1.43 (64) 0.22 (21) 0.69 (92) 6.17 (1) Benchmark 5.69 (47) 0.00 (0) N/A 0.70 (89) 5.79 (13) Median 5.65 1.62-0.04 0.76 5.31 Portfolio Characteristics Portfolio Benchmark Effective Duration 0.35 0.25 Spread Duration 2.20 N/A Avg. Maturity 2.36 2.31 Avg. Quality B2 B1 Yield To Maturity (%) 5.89 5.88 Coupon Rate (%) 4.96 5.24 Current Yield (%) 5.65 N/A Holdings Count 333 1,135 Quality Distribution (%) Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 44

IM U.S. Bank Loans (SA+CF) Peer Group Analysis Return (%) QTD CYTD 1 3 5 7 Year 2017 2016 2015 Western Asset Flt Rate Hi Inc (CF) 1.13 (93) 1.13 (93) 3.69 (94) 3.28 (0) 3.31 (99) 4.26 (95) 6.12 (19) 3.67 (90).42 (24) -3.11 (99) S&P/LSTA Performing Loans Index 1.53 (20) 1.53 (20) 4.63 (60) 4.57 (42) 4.20 (55) 4.55 (67) 5.85 (53) 4.32 (62).36 (28) 0. (70) 5th Percentile 1.83 1.83 5.93 5.56 5.08 5.54 6.97 6.59 11.92 3.04 1st Quartile 1.49 1.49 5.08 4.81 4.62 5.16 6.08 4.83.41 1.78 Median 1.37 1.37 4.80 4.43 4.31 4.85 5.86 4.46 9.51 0.72 3rd Quartile 1.23 1.23 4.32 4.15 3.82 4.45 5.44 4.03 8.59-0.19 95th Percentile 1. 1. 3.65 3.60 3.59 4.25 5.06 3.01 7.12-1.42 Population 47 47 47 46 41 36 21 63 65 68 Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 45

Manager: UBS Trumbull Property (CF) Benchmark: NCREIF ODCE Index (AWA) (Gross) Performance QTD 1 3 5 7 Year 2017 2016 2015 2014 2013 Manager 1.89 7.08 8.39 9.73.01 5.22 6.30 7.21 12.94 11.69.44 Benchmark 2.19 8.06 9.99 11.42 11.79 5.11 7.62 8.77 15.02 12.50 13.94 Difference -0.30-0.98-1.60-1.69-1.78 0.11-1.32-1.56-2.08-0.81-3.50 Historical Statistics - (Excess Return vs. Risk Free) Manager Benchmark S&P 500 Index (Cap Wtd) Bloomberg US Agg Bond Index Standard Deviation 6.65 8.43 15.73 3.32 Sharpe Ratio 0.75 0.60 0.64 0.98 Downside Risk 5.03 6.74.26 1.50 Excess Return 5.01 5.05.11 3.30 Actual Correlation - Actual Correlation NCREIF ODCE Index (AWA) (Gross) 0.99 S&P 500 Index (Cap Wtd) 0.22 Russell 2000 Index 0.19 MSCI EAFE Index (USD) (Net) 0.08 MSCI Emg Mkts Index (USD) (Net) -0.07 Bloomberg US Agg Bond Index -0.15 Bloomberg US Trsy US TIPS Index -0.04 Wilshire US REIT Index 0.27 HFRI FOF Comp Index 0.12 Bloomberg Cmdty Index (TR) 0.12 ICE BofAML 3 Mo US T-Bill Index -0.21 Cons Price Index (Unadjusted) 0.18 Relative Performance - Since Inception Return (%) Page 46

Manager: UBS Trumbull Property (CF) Benchmark: NCREIF ODCE Index (AWA) (Gross) Investment Strategy The UBS Trumbull Property Fund is an actively managed core equity real estate investment vehicle that seeks to produce attractive risk-adjusted returns by focusing on selective acquisitions, diversification, active portfolio management, and asset management. The Fund invests in well-leased, stabilized assets in major US metropolitan markets and receives the majority of its return from its income component. The Fund has historically maintained a leverage ratio significantly lower than the NCREIF ODCE Index and invests 5-15% of its gross assets in the value-added type real estate investment opportunities. Investment Profile Fund Inception 1978 Legal Structure LP Fund Structure Open-End Gross Real Estate Assets ($M) 23,672 Fund Leverage % 17.20 Portfolio Occupancy % 92.24 Cash Reserve % 3.40 Number of Investments 211 Number of Limited Partners 440 Property Type Allocation (%) Geographic Allocation (%) Performance shown is gross of fees and product specific. Calculation is based on quarterly periodicity. Investment profile data shown is provided by the investment manager and is as of the most recently available quarter end. Allocation data shown is based on NAV. Benchmark allocation to Other consists of entertainment (theaters, golf courses, bowling alleys), healthcare (hospitals, clinics), manufactured homes, parking lots, selfstorage units, senior living, and undeveloped land. Page 47

Domestic Large Cap Equity Transition Growth of $0 120.00 117.00 114.00 111.00 8.00 5.00 2.00 99.00 5/17 6/17 7/17 8/17 9/17 /17 11/17 12/17 1/18 2/18 3/18 Vanguard Instl Indx;Inst (VINIX) 50/50 AB Value/SS Growth Jun-2017 To Mar-2018 Comparative Performance 1 Year Vanguard Instl Indx;Inst (VINIX) 11.24 13.96.75 13.28 9.50 S&P 500 Index (Cap Wtd) 11.27 13.99.78 13.31 9.49 Difference -0.03-0.03-0.03-0.03 0.01 50/50 AB Value/SS Growth 11.49 13.67 9.14 13.02 9.29 S&P 500 Index (Cap Wtd) 11.27 13.99.78 13.31 9.49 Difference 0.22-0.32-1.64-0.29-0.20 3 5 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Page 48

Domestic Small Cap Equity Transition Growth of $0 128.00 124.00 120.00 116.00 112.00 8.00 4.00 0.00 96.00 11/16 12/16 1/17 2/17 3/17 4/17 5/17 6/17 7/17 8/17 9/17 /17 11/17 12/17 1/18 2/18 3/18 BlackRock:Adv SC Cr;Inst (BDSIX) LKCM:Small Cap Eq;Inst (LKSCX) Russell 2000 Index Dec-2016 To Mar-2018 Comparative Performance 1 Year BlackRock:Adv SC Cr;Inst (BDSIX) 11.30 9.01 9.00 12.04 N/A Russell 2000 Index 13.04 11.79 8.39 11.47 9.84 Difference -1.74-2.78 0.61 0.57 N/A LKCM:Small Cap Eq;Inst (LKSCX) 14.30 13.32 5.45 8.01 8.20 Russell 2500 Grth Index 20.73 19.92 9.11 13.37 11.17 Difference -6.43-6.60-3.66-5.36-2.97 3 5 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Page 49

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Fee Addendum Fee Schedule Market Value As of 03/31/2018 ($) Estimated Annual Fee ($) Estimated Annual Fee (%) Vanguard Instl Indx;Inst (VINIX) 0.04 % of Assets 47,511,347 16,629 0.04 Vanguard Md-Cp Idx;Adm (VIMAX) 0.05 % of Assets 4,237,181 2,119 0.05 BlackRock:Adv SC Cr;Inst (BDSIX) 0.54 % of Assets 4,260,469 23,007 0.54 TIF:Internatl Equity;Prm (TFEQX) 0.78 % of Assets 19,653,940 153,301 0.78 American Funds EuPc;F3 (FEUPX) 0.51 % of Assets 20,9,492 2,558 0.51 FIAM Core Plus LLC (CF) 0.25 % of First $50 M 0.22 % of Next $50 M 0.20 % of Next $0 M 0.17 % Thereafter 28,449,520 71,124 0.25 Garcia Hamilton Core Agg (SA) 0.25 % of Assets 20,233,694 50,584 0.25 Western Asset Floating Rate High Income (CF) 0.45 % of First $0 M 0.30 % Thereafter 5,074,457 22,835 0.45 UBS Trumbull Property (CF) 0.85 % of Assets 12,626,247 6,919 0.85 Please see the Addendum for the full UBS Trumbull Property (CF) fee schedule. Page 51

Writeup Performance Related Comments Performance shown is net of fees, unless otherwise noted. Inception dates shown reflect the first full month of client specific performance. RVK began monitoring the assets of the Municipality of Anchorage as of January 2016. Prior historical data was provided by the previous investment consultant. Garcia Hamilton Core Agg (SA) was funded in January 2018. Custom Index Comments The Target Allocation Index is calculated monthly and consists of 35% Russell 3000 Index, 25% MSCI ACW Ex US Index (USD) (Net), 26% Bloomberg US Agg Bond Index, 3% S&P/LSTA Performing Loans Index, 3% Bloomberg US Trsy: US TIPS Index, and 8% NCREIF-ODCE Index (AWA) (Net) through 3/31/17 and 35% Russell 3000 Index, 25% MSCI ACW Ex US Index (USD) (Net), 24% Bloomberg US Agg Bond Index, 3% S&P/LSTA Performing Loans Index, 5% EMD Custom Index and 8% NCREIF-ODCE Index (AWA) (Net) thereafter. The Vanguard Spl Mid Cap Index consists of the S&P MidCap 400 Index through May 16, 2003; the MSCI US Mid Cap 450 Index through January 30, 2013; and the CRSP US Mid Cap Index thereafter. The Small Cap Custom Index consists of the Russell 2000 Index through June 2006, the Russell 2000 Growth Index through November 2016, and the Russell 2000 Index thereafter. The EMD Custom Index consists of 50% JPM EMBI Gbl Dvf'd TR Index (USD) and 50% JPM GBI-EM Gbl Dvf'd TR Index (USD) (Unhedged). Fee Schedules UBS Trumbull Property (CF) - 0.955% on first $M, 0.825% on next $15M, 0.805% on next $25M, 0.79% on next $50M, 0.67% on next $150M, and 0.60% thereafter. An incentive fee, up to 0.25%, is calculated quarterly based on trailing 12-month performance. *The fee schedule shown for UBS Trumbull Property (CF) is based on the effective rates as of 3/31/2018 for the combined assets of Anchorage Police & Fire Retirement System and Municipality of Anchorage, and includes incentive fees. Page 52

Glossary Active Return - The difference between the investment manager/composite performance relative to the performance of an appropriate market benchmark. Active Share - Measures the degree to which the holdings of a fund differ from the holdings of the benchmark. Active share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the fund versus the weight of each holding in the benchmark and dividing by two. Alpha - A measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. It is a measure of the portfolio's historical performance not explained by movements of the market or a portfolio's non-systematic return. Alpha Ratio - A measure of a portfolio's non-systematic return per unit of downside risk. It is measured by dividing the alpha of a portfolio by the downside risk. The non-systematic return is a measure of a portfolio's historical performance not explained by movements of the market. Average Quality - Bond quality ratings are reported using the investment managers' and the index providers' preferred rating agency. Average Quality for managers unable to provide this statistic is instead provided by Morningstar; if unavailable on Morningstar, it has been estimated using a credit quality distribution provided by the manager. There are two primary rating agencies in the US. Moody's assigns ratings on a system that employs up to four symbols (consisting of letters and numbers) such as, Aaa, Aa2, etc., with Aaa being the highest or safest rating. Standard & Poor's (S&P) employs a system that uses + and - along with letters such as AAA, AA+, etc. The two rating agencies' systems are summarized below: S&P Moody s Explanation S&P Moody s Explanation Higher Credit Quality Investment Grade Lower Credit Quality Below Investment Grade AAA Aaa Prime/Highest credit quality BB+ Ba1 Speculative/Low credit quality AA+ Aa1 High credit quality BB Ba2 AA Aa2 BB- Ba3 AA- Aa3 B+ B1 Highly speculative A+ A1 Upper-medium credit quality B B2 A A2 B- B3 A- A3 CCC+ Caa1 Substantial credit/default risk BBB+ Baa1 Lower-medium credit quality CCC Caa2 Extremely speculative BBB Baa2 CCC- Caa3 BBB- Baa3 CC Ca Vulnerable to default C Ca D C In default Benchmark Effect - The difference between the blended return of each respective managers benchmark within a composite and the composite s benchmark return. Beta - A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of a portfolio's non-diversifiable or systematic risk. Box Plots - A graphical representation of the distribution of observations. From top to bottom, the four boxes represent the spread between the maximum value and the minimum value in each quartile. A quartile represents the values that divide the observations into four quarters (i.e., 1 st quartile, 2 nd quartile, 3 rd quartile, and 4 th quartile). The median observation is where the 2 nd quartile and 3 rd quartile meet. Buy and Hold Attribution - At the beginning of the time period under analysis, the manager and benchmark portfolios are broken down into segments (i.e., styles, sectors, countries, and regions) based on the desired type of attribution. The formula assumes zero turn-over to the manager and benchmark portfolios throughout the period and calculates the segment returns ("buy and hold returns") to arrive at performance attribution. Due to portfolio turnover, buy and hold attribution may not accurately represent quarterly performance relative to the benchmark. Country, region, sector, and style allocations are as of the date one quarter prior to the reporting date, and the returns shown are for those segments throughout the quarter reported. Due to disclosure guidelines set by each investment manager, equity characteristics shown are as of the most recent date available. The following is the methodology for segment classification: Sector - Attribution is calculated using the Global Industry Classification Standard (GICS) which is a detailed and comprehensive structure for sector and industry analysis. Stocks are classified by their primary sector, as defined by S&P Capital IQ data. Country/Region - Attribution is calculated using the Morgan Stanley Capital International (MSCI) region standards. Stocks are classified by their domicile country/region, as defined by S&P Capital IQ data. Style - Stocks are classified into the following style boxes: large/mid/small vs. growth/neutral/value. Stocks are classified along large/mid/small categories at the time of the Russell index rebalancing, using the index market cap boundaries as cutoff points. Stocks are classified along growth/neutral/value categories at the time of the Russell index rebalancing, using the price/book ratio as supplied by S&P Capital IQ. Stocks in the Russell 3000 Index portfolio are sorted by price/book ratio; names with the highest price/book ratio that make up 1/3 of the total market capitalization are assigned to the growth category, names that make up the subsequent 1/3 of the total market capitalization are assigned to the neutral category, while the balance of the names are assigned to the value category. Portfolio Characteristics and Buy and Hold Attribution reports utilize product-specific data for all mutual funds and commingled funds. Capital Markets Review - Breakeven Inflation - Measures the expected inflation rate at each stated maturity by taking the difference between the real yield of the inflationlinked maturity curve and the yield of the closest nominal Treasury maturity. Consumer Confidence - Measures domestic consumer confidence as defined by the degree of optimism on the state of the economy that consumers express through saving and spending. Consumer Price Index (CPI) - Measures the change in the price level of consumer goods and services. Federal Funds Rate - The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution overnight. It is one of the most influential interest rates in the US economy, since it affects monetary and financial conditions, which in turn have a bearing on key aspects of the broad economy including employment, growth and inflation. Option-Adjusted Spread - Measures the flat spread of an index or bond to the Treasury yield curve after removing the effect of any embedded options. Page 53

Glossary Purchasing Managers Index (PMI) - Measures economic activity by surveying purchasing managers on a monthly basis as to whether business conditions have improved, worsened, or stayed the same. Real Gross Domestic Product (Real GDP) - An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. US Dollar Total Weighted Index - Measures the value of the US Dollar relative to a basket of other world currencies. It is calculated as the weighted geometric mean of the dollar's value versus the EUR, GBP, CAD, SEK, CHF, and JPY. Unemployment Rate - The percentage of the total labor force that is unemployed but actively seeking employment. VIX - Measures the implied volatility of S&P 500 Index options by looking at the market's expectation of the S&P 500 Index volatility over the next 30 day period. Commonly referred to as the "fear index" or the "fear gauge." Cash Flow Effect The composite s active return minus the sum of each managers active return minus the benchmark effect. Consistency - The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product's performance. Convexity - A measure of the shape of the curve that describes the relationship between bond prices and bond yields. Correlation - A statistical measure of the relationship between asset class returns. A value of 1.00 is a perfect correlation; that is, the asset classes always move in the same direction. A value of -1.00 indicates a perfect negative correlation, in which the asset classes always move in opposite directions of each other. A value of 0 indicates there is no relationship between the direction of returns of the two asset classes. Correlation calculations only consider the direction of changes relative to two variables and not the magnitude of those changes. Coupon Rate - The percentage rate of interest paid on a bond or fixed income security; it is typically paid twice per year. Current Yield - The annual income of a security divided by the security's current price. Down Market Capture - Down market by definition is negative benchmark return and down market capture represents the ratio in % terms of the average portfolios return over the benchmark during the down market period. The lower the value of the down market capture the better the product's performance. Downside Risk - A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative monthly returns. The higher the factor, the riskier the product. Earnings Per Share - It is backward looking, calculated using the one year current EPS divided by the one year EPS five years ago. Effective Duration - The approximate percentage change in a bond's price for a 0 basis point change in yield. Excess Return vs. Market - Average of the monthly arithmetic difference between the manager's return and the benchmark return over a specified time period, shown on an annualized basis. Excess Return vs. Risk Free - Average of the monthly arithmetic difference between the manager's return and the risk-free return (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise) over a specified time period, shown on an annualized basis. Excess Risk - A measure of the standard deviation of a portfolio's performance relative to the risk free return. Expense Ratios - Morningstar is the source for mutual fund expense ratios. Gain/Loss - The net increase or decrease in the market value of a portfolio excluding its Net Cash Flow for a given period. Indices - All indices and related information are considered intellectual property and are licensed by each index provider. The indices may not be copied, used or distributed without the index provider's prior written approval. Index providers make no warranties and bear no liability with respect to the indices, any related data, their quality, accuracy, suitability and/or completeness. Information Ratio - Measured by dividing the active rate of return by the tracking error. The higher the information ratio, the more value-added contribution by the manager. Liability Driven Investing (LDI) - A method to optimally structure asset investments relative to liabilities. The change in liabilities is estimated by the Ryan Labs Generic PPA Index of appropriate duration for that Plan. This benchmark is based on generic data and is therefore an approximation. RVK is not an actuarial firm, and does not have actuarial expertise. Estimated Funded Status - The estimated ratio of a Plan's assets relative to its future liabilities. This is calculated by dividing the Plan's asset market value by the estimated present value of its liabilities. The higher the estimated funded status, the better the Plan's ability to cover its projected benefit obligations. An estimated funded status of 0% indicates a Plan that is fully funded. Estimated PV of Liabilities - An estimate of a Plan's future liabilities in present value terms. The beginning of the period liability is provided by the Plan's actuary. The period-end present value liability estimate provided in this report is derived by applying the estimated percentage change generated using the Ryan Labs Generic PPA Index with duration similar to that reported on the most recent actuarial valuation report. Duration of Liabilities - The sensitivity of the value of a Plan's liabilities to changes in interest rates, as calculated by the Plan's actuary. Duration of Assets - The dollar-weighted average duration of all the individual Plan assets. Estimated Plan Hedge Ratio - The estimate of how well a Plan's investment portfolio is hedged against changes in interest rates - a primary driver of funded status movements. This is calculated by dividing the dollar-weighted values of both the Plan asset duration by the liability duration and multiplying by the estimated funded status. An estimated plan hedge ratio of zero indicates that the Plan's liabilities have not been hedged, whereas a value of one indicates fully hedged. Modified Duration - The approximate percentage change in a bond's price for a 0 basis point change in yield, assuming the bonds expected cash flows do not change. Page 54

Glossary Mutual Fund Performance - Whenever possible, manager performance is extended for any share class that does not have years of history. Using Morningstar s methodology, a single ticker within the same fund family (often the oldest share class) is chosen to append historical performance. Net Cash Flow - The sum, in dollars, of a portfolio's contributions and withdrawals. This includes all management fees and expenses only when performance shown is gross of fees. Peer Groups - Plan Sponsor Peer Groups - RVK utilizes the Mellon Analytical Solutions Trust Universe along with the Investment Metrics Plan Sponsor Universe. The combined Mellon Analytical Solutions Trust Universe and Investment Metrics Plan Sponsor Universe is used for comparison of total fund composite results and utilizes actual client returns compiled from consultant and custodial data. The Plan Sponsor Peer Group database includes performance and other quantitative data for over 2,0 plans which include corporate, endowment, foundation, public, and Taft Hartley plans. Plan Sponsor Peer Groups are gross of fees. Institutional Peer Groups (Separate Account and Commingled Fund) - RVK utilizes the Investment Metrics Separate Account and Commingled Fund Manager Peer Groups for peer comparison and rankings. The Separate Account and Commingled Fund Peer Group database includes performance and other quantitative data for over 1,000 investment management firms, 6,400 investment products, across 0 standard peer groups. Separate Account and Commingled Fund Peer Groups are gross of fees. Mutual Fund (MF) Peer Groups - RVK utilizes the Lipper Mutual Fund Manager Peer Groups for peer comparison and rankings. The Lipper Manager Peer Group database includes performance and other quantitative data for over 700 investment management firms and 24,500 investment products, across more than 140 standard peer groups. Mutual Fund Peer Groups are net of fees. For more information on Peer Groups, visit https://www.invmetrics.com/style-peer-groups. Percentile Rankings - Percentile rank compares an individual fund's performance with those of other funds within a defined peer group of managers possessing a similar investment style. Percentile rank identifies the percentage of a fund's peer group that has a higher return (or other comparative measurement) than the fund being ranked. Conversely, 0 minus the individual fund's ranking will identify the percentage of funds within the peer group that have a lower return than the fund being ranked. 1 - Highest Statistical Value 0 - Lowest Statistical Value Example: American Funds AMCP;R-4 (RAFEX) is ranked in the 4 th percentile within the IM US Equity Large-Cap Growth Funds (MF) Peer Group for the Sharpe Ratio. Within the IM US Equity Large-Cap Growth Funds peer group, 4% of the other funds performed better than American Funds AMCP;R-4 (RAFEX), while 96% of the funds performed worse. Performance Methodology - RVK calculates performance for investment managers and composites using different methodologies. Investment Managers - Performance is calculated for interim periods between all large external cash flows for a given month and geometrically linked to calculate period returns. An external cash flow is defined as cash, securities, or assets that enter or exit a portfolio. RVK defines a "large cash flow" as a net aggregate cash flow of % of the beginning-period portfolio market value or any cash flow that causes RVK calculated performance to deviate from manager/custodian reported performance in excess of 5 basis points for a given month. Composites - The Modified Dietz methodology is utilized to calculate asset class, sub-asset class, and total fund composite performance. The Modified Dietz method calculates a time-weighted total rate of return that considers the timing of external cash flows; however, it does not utilize interim period performance to mitigate the impact of significant cash in- and outflows to the composite. RVK calculates performance beginning with the first full month following inception. Since inception performance may vary from manager reported performance due to RVK using the first full month of returns as the inception date. Performance for both managers and composites is annualized for periods greater than one year. Portfolio Characteristics - Due to disclosure guidelines set by each investment manager, portfolio characteristics shown are as of the most recent date available. Price to Earnings Ratio - The ratio of a company s share price to its per-share earnings Private Equity Quartile Ranks - Private Equity quartile ranks are generated using vintage year peer group data provided by Thomson Reuters, and are based on each fund s annualized, since inception internal rate of return (IRR). Three Private Equity peer groups are available via Thomson Reuters: Buyout, Venture, and All Private Equity. Ranks are available quarterly, at a one-quarter lag. Return - Compounded rate of return for the period. % Return - The time-weighted rate of return of a portfolio for a given period. R-Squared - The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. Risk Free Benchmark ICE BofAML 3 Mo US T-Bill Index unless specified otherwise. Page 55

Glossary RVK Liquidity Rating - A qualitative method for determining the relative amount of liquidity in a portfolio. The characteristics considered when determining relative liquidity include trading volume, gates for redemption, leverage, nature of transactions, and pricing mechanisms. The RVK Liquidity Rating is calculated using beginning of month investment weights applied to each corresponding asset class liquidity rating. Asset Class RVK Liquidity Rating Asset Class RVK Liquidity Rating Liquid Investments Less Liquid Investments T-Bills and Treasurys 0 Fixed Income Plus Sector 50 Cash Equivalents 98 Bank Loans 50 TIPS 95 Stable Value (Plan Sponsor Directed) 50 US Large Cap Equity 95 Absolute Return Strategies 35 Diversified Real Return 93 Stable Value (Participant Directed) 91 Non-US Large Cap Equity 90 Not Liquid Investments Global Tactical Asset Allocation 88 Core Real Estate 25 US Small Cap Equity 85 Core Plus Real Estate 15 REITS 85 Non-Core Real Estate 5 Non-US Small Cap Equity 85 Private Equity Funds of Funds 5 Emerging Markets Equity 85 Core Fixed Income 85 Core Plus Fixed Income 80 Sector Allocation - Negative fixed income sector allocation reflects manager s use of derivatives, short selling, or interest rate swaps. Sharpe Ratio - Represents the excess rate of return over the risk-free return (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise), divided by the standard deviation of the excess return to the risk free asset. The result is the absolute rate of return per unit of risk. The higher the value, the better the product's historical risk-adjusted performance. Simple Alpha - The difference between the manager's return and the benchmark's return. Spread Duration - The approximate percentage change in a bond's price for a 0 basis point change in its spread over a Treasury of the same maturity. Standard Deviation - A statistical measure of the range of a portfolio's performance. The variability of a return around its average return over a specified time period. Time Period Abbreviations - QTD - Quarter-to-Date. CYTD - Calendar Year-to-Date. FYTD - Fiscal Year-to-Date. YOY - Year Over Year. Thematic Classification - Represents dedicated manager allocations; as such, thematic allocations are approximations. RVK categorizes the following asset classes as Alpha, Capital Appreciation, Capital Preservation, and Inflation: Alpha Capital Appreciation Capital Preservation Inflation Absolute Return Strategies Public Equity Core Fixed Income TIPS Currency Overlay Private Equity CMBS Fixed Income Bank Loans Preferred Securities Asset Backed Fixed Income Core Real Estate High Yield Domestic Core Plus Fixed Income Real Return Convertible Fixed Income Mortgage Backed Fixed Income Inflation Hedges TALF Funds International Developed Fixed Income REITS Distressed Debt Cash Equivalents Commodities Emerging Market Fixed Income Stable Value Value Added Real Estate Opportunistic Real Estate Total Fund Attribution The Investment Decision Process (IDP) model provides an approach to evaluating investment performance that applies to all asset classes and investment styles. The IDP model is based on a top-down hierarchy framework of investment decisions, with each decision contributing to the overall profit or loss. The IDP approach starts from the strategic asset allocation and follows the flow of the investments down to the manager s skill. Strategic Asset Allocation (SAA) The percentage return gained or lost from the long-term strategic asset allocation decision, the most significant determinant of long-term performance. SAA is the product of the target asset allocation multiplied by the corresponding benchmark returns. Tactical Asset Allocation (TAA) The percentage return gained or lost from not having been precisely allocated at the target asset allocation mix, whether by deviations that are tactical in nature or a by-product of moving towards the target mix. TAA is the product of the actual asset allocation multiplied by the broad asset class benchmarks, less the SAA. Style Selection (SS) The percentage return gained or lost from intentional style biases within each asset class (e.g. value rather than core or overweight to emerging markets relative to benchmark). SS is the product of the actual manager allocation within each asset class multiplied by their specific benchmark, less TAA. Manager s Skill (MS) The percentage return gained or lost from manager value added relative to their specific benchmark. MS is the product of the actual manager allocation multiplied by their achieved excess return. Total Fund Beta - Total Fund Beta is calculated using the S&P 500 as the benchmark. It represents a measure of the sensitivity of the total fund to movements in the S&P 500 and is a measure of the Total Fund's non-diversifiable or systematic risk. Tracking Error - A measure of the standard deviation of a portfolio's performance relative to the performance of an appropriate market benchmark. Page 56

Glossary Treynor Ratio - Similar to Sharpe ratio, but focuses on beta rather than excess risk (standard deviation). Treynor ratio represents the excess rate of return over the risk-free rate (i.e., ICE BofAML 3 Mo US T-Bill Index unless specified otherwise) divided by the beta. The result is the absolute rate of return per unit of risk. The higher the value, the better historical risk-adjusted performance. Unit Value - The dollar value of a portfolio, assuming an initial nominal investment of $0, growing at the compounded rate of %Return for a given period. Up Market Capture - Up market by definition is positive benchmark return and up market capture represents the ratio in % terms of the average portfolios return over the benchmark during the up market period. The higher the value of the up market capture the better the product's performance. Yield to Maturity - The rate of return achieved on a bond or other fixed income security assuming the security is bought and held to maturity and that the coupon interest paid over the life of the bond will be reinvested at the same rate of return. The 30-Day SEC Yield is similar to the Yield to Maturity and is reported for mutual funds. Yield to Worst - The bond yield calculated by using the worst possible yield taking into consideration all call, put, and optional sink dates. Page 57

Disclaimer of Warranties and Limitation of Liability - This document was prepared by RVK, Inc. (RVK) and may include information and data from some or all of the following sources: client staff; custodian banks; investment managers; specialty investment consultants; actuaries; plan administrators/record-keepers; index providers; as well as other third-party sources as directed by the client or as we believe necessary or appropriate. RVK has taken reasonable care to ensure the accuracy of the information or data, but makes no warranties and disclaims responsibility for the accuracy or completeness of information or data provided or methodologies employed by any external source. This document is provided for the client s internal use only and does not constitute a recommendation by RVK or an offer of, or a solicitation for, any particular security and it is not intended to convey any guarantees as to the future performance of the investment products, asset classes, or capital markets.