PORTFOLIO REVIEW. South Dakota School of Mines & Technology Foundation

PORTFOLIO REVIEW 1Q18 South Dakota School of Mines & Technology Foundation Scott Middleton, CFA, CIMA Steve Karsh Sloan Smith, CAIA Kristy LeGrande, CFA Richard Todd Prepared by: Joe Lemming 4643 S Ulster Street Suite 1040 Denver, CO 80237 303.694.1900 innovestinc.com

INNOVEST FIRM UPDATE 2017 in Review Another record year at Innovest We have grown 21 of 22 years Won Best Places to Work by Pensions & Investments (3 rd time in 4 years) 8 new hires Ended year with 45 employees Attrition-based hiring Formalized Mentor Program for professional development and growth Converted to a new software program to improve portfolio accounting Have maintained a 97% five-year average client retention rate Client Survey Overall satisfaction with our services was 4.7 (1-5 scale) Highest scores Treatment by our entire team: 4.8 Knowledge and experience of our consultants: 4.8 Lowest score Timeliness of the delivery of our services: 4.6 2018-2019 Priorities Continue to provide the highest quality investment advice and be stewards for existing clients Develop next generation of leaders Continue to strengthen our research process Grow our business through client referrals 2 2018 INNOVEST PORTFOLIO SOLUTIONS, LLC

INNOVEST S HISTORY WITH SOUTH DAKOTA SCHOOL OF MINES AND TECHNOLOGY EDUCATION 2008-2009 Entered into contract between Innovest Portfolio Solutions and South Dakota School of Mines and Technology Foundation. Prepared first quarterly performance report and continue to date. Recommended consolidation of custody of the portfolio s long term assets. Completed spending simulations to help determine the appropriate asset allocation, resulting in a transition of the portfolio to revised asset allocation levels and new asset classes. Purchased Private Advisors Stable Value and Common Sense Offshore as part of new allocation. Completed manager searches for mid and small cap equities, international equity, hedge fund of funds, leveraged hedge fund of funds, private equity and real estate strategies, resulting in the hiring of several managers in 2010 (see note below). Replaced Blackrock High Yield with JP Morgan High Yield due to management changes. 2010-2011 Delivered Emerging Markets presentation and related manager search. Completed Liquid Low Correlated Hedge Fund manager search. Implemented a new allocation after review of the annual Asset Allocation Study 2010 2011 Continued To improve portfolio diversification, added Cornerstone Patriot Fund, UBS Trumbull Private Real Estate Fund, Wells Fargo Emerging Markets, Highbridge Dynamic Commodities, Common Sense Long Biased, and Common Fund Capital PE VIII. Also replaced Fidelity Floating Rate with Eaton Vance Floating and replaced Janus Perkins Mid Cap Value with ishares Russell Mid Cap Value and John Hancock Disciplined Value. 2012-2013 Delivered Active vs. Passive Investing presentation Delivered illiquid credit presentation and related manager search, resulting in the addition of Portfolio Advisors Private Equity VII investment. Completed analysis of the portfolio s expense ratios of each of the investment managers. Received a full redemption of Common Sense Offshore and partial redemptions of Private Advisors Stable Value and Common Sense Long Biased. Added Fidelity Contra Fund to replace Weber due to inconsistent performance. Replaced Fidelity Floating Rate with Eaton Vance Floating Rate and replaced Janus Perkins Mid Cap Value with John Hancock Disciplined Mid Cap Value. 3

INNOVEST S HISTORY WITH SOUTH DAKOTA SCHOOL OF MINES AND TECHNOLOGY EDUCATION 2014 2016 Provided Asset Allocation Study along with quarterly performance reports; Delivered Fiduciary Education Removed Highbridge Commodity from plan due to poor performance and directed complete Commodity allocation into PIMCO Commodity. Added an additional commitment to Lighthouse Global Long/Short with the proceeds from the Common Sense Redemption. Conducted International Core Equity search including current manager (Thornburg), and index fund, and two active managers. Added ishares MSCI EAFE to portfolio to diversify International Equity allocation, which was later replaced by Vanguard Total Intl Stock. Presented searches on Core Fixed Income, Emerging Markets Equity, LCH Basket, and PIMCO Commodity replacement. Added Vanguard 500 Index to replace SFM due to poor performance and to lower overall costs. Added Vanguard Sm Cap Growth to lower costs and increase diversification in the SMID cap space, and replaced PIMCO Commodity with Credit Suisse Commodity. Chose new allocation adding Fixed Income as an asset class. Innovest presented searches on MLPs and Reinsurance as new asset classes, in addition to the annual asset allocation study. (2016) Decided to replace all US and International Developed managers/products with Vanguard Index funds and ETFS. Chose to sell all of the Hedge Fund of Fund positions. 2016-2017 Replaced WF Emerging Markets with Vanguard Emerging Markets. Redeemed Lighthouse Global L/S Fund. Chose a new asset allocation removing the allocation to cash and hedge funds and adding to Large Cap and Fixed Income. Redeemed Tiff ARP 4

Performance Over Time Executive Summary March 31, 2018 Last Quarter Year To Date 1 Year 3 5 7 Since Inception Inception Date SDSM Total Fund -0.22-0.22 9.58 5.56 6.38 5.95 8.84 04/01/2009 SDSM Custom Benchmark -0.24-0.24 10.44 6.32 7.23 6.76 10.45 Difference 0.02 0.02-0.86-0.76-0.85-0.81-1.61 Change in Account Value Market Value As of 01/01/2018 Market Value As of 03/31/2018 Change $ SDSM Total Fund 60,680,003 60,770,666 90,662 Risk and Return (Since Inception) Asset Allocation Return (%) 18.0 16.0 14.0 12.0 10.0 70% MSCI ACWI/30% BC Gbl Agg Custom BM S&P 500 Index SDSM Total Fund 8.0 7.2 8.1 9.0 9.9 10.8 11.7 12.6 13.5 Risk (Standard Deviation %) Vanguard Total Bond Market Idx $10,274,247 Vanguard Institutional Index $10,091,282 Vanguard Emerging Markets Stock Idx $5,683,280 Vanguard S&P 500 ETF $4,948,841 Eaton Vance Floating Rate; I $3,813,917 Vanguard Total Intl ETF $3,708,662 Vanguard Total Intl Stock Index $3,625,028 Credit Suisse Commodity Return Strategy $3,113,064 Barings Core Property Fund $2,212,732 UBS Trumbull Property Fund $2,027,808 Vanguard Small Cap $1,631,106 Vanguard Mid Cap Index $1,574,955 Vanguard Small Cap Index $1,445,396 Vanguard Mid Cap $1,344,711 JPMorgan High Yield Select $1,285,117 Portfolio Advisors Private Equity VII $1,163,489 Port Advisors PEFVI $887,554 Schwab Money Market Fund $614,901 CommonFund Capital PE VIII $521,480 TIFF PE Partners 2011 $384,325 Common Fund Capital Int'l VII $243,141 Private Advisors Stable Value Fund, Ltd. $175,629 $0 $2,725,633 $5,451,266 $8,176,899 $10,902,532 $13,628,165 Cumulative Performance over Time 200% 150% 100% 50% 0% -50 % 6/09 12/09 6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 3/18 SDSM Total Fund SDSM Custom Benchmark Total fund return is net of fees. 5

THE MARKETS Investment Returns First Quarter 2018 12.00% 10.00% S&P 500 Russell 2000 MSCI EAFE MSCI EM BBgBarc U.S. Agg Bond 1Q18 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% 1.42% -0.08% -0.76% -1.46% -1.53% -4.00% -6.00% January February March 6

JOBS, INFLATION AND GDP GROWTH The national unemployment rate is at a 17-year low of 4.1%. This is accompanied by an increase in personal income due to wage growth and a reduction in the personal tax rate. Unemployment vs Wage Growth Core CPI is up 1.8% in the past year and is showing clear acceleration in recent months, prompting equity market volatility. In the U.S., Real GDP increased by 2.3% in 2017 (versus a 1.5% increase in 2016). A broad based cyclical global recovery is underway with all major regions across the world experiencing growth in GDP. Source: As of 3/31/2018. Sources: BLS, FactSet, and J.P. Morgan Asset Management. 7

CORPORATE EARNINGS Following strong corporate profits in 2017, forecasted earnings have been revised higher in 2018 due to organic growth and corporate tax cuts. Strong profits point to continued strength from risk assets, but high expectations minimize the margin for error and could contribute to continued market volatility. Forecasted 2018 EPS Growth Source: Russell Investments, MSCI and Institutional Brokers Estimate System (IBES). February 2018. A potential global trade war could lead to slower economic growth and reduced corporate profitability. 8

MONETARY POLICY The Fed continues to gradually raise the Federal Funds rate in hopes of heading off rising inflation. Fed Funds Rate Expectations An increase in the Fed Funds rate typically leads to higher credit card interest rates and bank lending rates. At its March meeting, the Fed raised its forecast for the number of rate hikes likely over the coming few years, though the financial markets expect a somewhat more measured pace. As of 3/31/2018. Market expectations are the federal funds rates priced into the fed futures market as of the date of the March 2018 FOMC meeting. Sources: FactSet, Federal Reserve, Bloomberg, and J.P. Morgan Asset Management. 9

TREASURY YIELDS Rates have risen over the previous 12 months for 3- month and 10-year U.S. Treasuries. The biggest change occurred for short-term rates. The yield curve is flattening, which is typical in the latter stages of an economic cycle. U.S. Treasury Yield Curves and Yields Current 3-Mo. Ago 12-Mo. ago Security 3-mo. Treasury 1.73 1.44 0.79 10Yr. Treasury 2.74 2.46 2.35 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0 5 10 15 20 25 30 Current 3-Mo. Ago 12-Mo. ago Source FactSet, Federal Reserve, Bloomberg, Morningstar, U.S. Dept. of the Treasury as of 3/29/18. 10

ASSET CLASS FUNDAMENTALS Equity Valuations Drive Long-Term Returns U.S. Slightly above long-term averages Developed Markets Slightly below long-term averages Emerging Markets At long-term averages < Undervalued Overvalued > DM = Developed Markets; EM = Emerging Markets Valuations refer to NTMA P/E for U.S. and Developed Markets, and P/B for Emerging Markets. Data as of 3/31/2018. Sources: IBES, FactSet, MSCI, Standard & Poor s, and J.P. Morgan Asset Management. 11

GLOBAL EQUITY INDICES 1st Quarter 2018 YTD as of March 31, 2018 1 Year Domestic Equity Domestic Equity Domestic Equity Value Core Growth Value Core Growth Value Core Growth Large -3.6% -0.8% 1.9% Large -3.6% -0.8% 1.9% Large 7.7% 14.0% 19.7% Mid -2.5% -0.5% 2.2% Mid -2.5% -0.5% 2.2% Mid 6.5% 12.2% 19.7% Small -2.6% -0.1% 2.3% Small -2.6% -0.1% 2.3% Small 5.1% 11.8% 18.6% Developed International Equity Developed International Equity Developed International Equity Value Core Growth Value Core Growth Value Core Growth -2.0% -1.5% -1.0% -2.0% -1.5% -1.0% 12.2% 14.8% 17.5% Emerging Markets Emerging Markets Emerging Markets 1.4% 1.4% 24.9% 3 Year Annualized 5 Annualized 10 Annualized Domestic Equity Domestic Equity Domestic Equity Value Core Growth Value Core Growth Value Core Growth Large 8.4% 10.8% 12.7% Large 10.9% 13.3% 15.4% Large 7.4% 9.5% 11.4% Mid 7.2% 8.0% 9.2% Mid 11.1% 12.1% 13.3% Mid 9.8% 10.2% 10.6% Small 7.9% 8.4% 8.8% Small 10.0% 11.5% 12.9% Small 8.6% 9.8% 11.0% Developed International Equity Developed International Equity Developed International Equity Value Core Growth Value Core Growth Value Core Growth 4.3% 5.6% 6.7% 5.8% 6.5% 7.1% 2.0% 2.7% 3.4% Emerging Markets Emerging Markets Emerging Markets 8.8% 5.0% 3.0% Returns sourced from the S&P 500, S&P 500 Value, S&P 500 Growth, Russell Mid Cap, Russell Mid Cap Value, Russell Mid Cap Growth, Russell 2000, Russell 2000 Value, Russell 2000 Growth, MSCI EAFE, MSCI EAFE Value, MSCI EAFE Growth, and MSCI EM indices. Dark green indicates returns at or greater than 10%, light green indicates returns 0-4%, light pink indicates returns 0% to -5%, light dark red indicates returns down more than 10. Returns for time periods of 3 years or longer are annualized. Source: Morningstar Direct. 12

DOMESTIC EQUITY SECTOR PERFORMANCE First Quarter 2018-7.5% -7.1% -5.9% -5.5% -5.0% -3.3% -1.6% -1.2% -1.0% 3.1% 3.5% -10% -8% -6% -4% -2% 0% 2% 4% 6% Utilities Telecom Services Real Estate Materials Info Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary One Year (ending 3/31/2018) -4.9% 1.9% 1.7% 10.5% 11.3% 14.0% 27.7% -0.9% -0.2% 18.0% 16.9% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Utilities Telecom Services Real Estate Materials Info Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Returns are based off return data for the eleven sectors according to the S&P 500. Source: Morningstar Direct. 13

FIXED INCOME AND ADDITIONAL ASSET CLASSES FIXED INCOME INDICES ADDITIONAL ASSET CLASSES Barclays Agg U.S. Bond HFRI Fund of Fund Index QTD YTD 1 Year 3 Year 5 Year 10 Year QTD YTD 1 Year 3 Year 5 Year 10 Year -1.5% -1.5% 1.2% 1.2% 1.8% 3.6% 0.9% 0.9% 6.2% 2.1% 3.5% 1.6% Barclays U.S. Government 1-3 Year Bloomberg Commodity QTD YTD 1 Year 3 Year 5 Year 10 Year QTD YTD 1 Year 3 Year 5 Year 10 Year -0.2% -0.2% 0.0% 0.4% 0.5% 1.1% -0.4% -0.4% 3.7% -3.2% -8.3% -7.7% Barclays Municipal Bond Alerian MLP Infrastructure QTD YTD 1 Year 3 Year 5 Year 10 Year QTD YTD 1 Year 3 Year 5 Year 10 Year -1.1% -1.1% 2.7% 2.3% 2.7% 4.4% -11.5% -11.5% -22.5% -11.7% -5.4% 6.3% Credit Suisse Leveraged Loan S&P Developed Property QTD YTD 1 Year 3 Year 5 Year 10 Year QTD YTD 1 Year 3 Year 5 Year 10 Year 1.6% 1.6% 4.6% 4.3% 4.2% 5.4% -4.4% -4.4% 5.2% 3.2% 5.6% 4.8% Barclays U.S. Corporate High Yield QTD YTD 1 Year 3 Year 5 Year 10 Year -0.9% -0.9% 3.8% 5.2% 5.0% 8.3% Credit Spreads Category Median Current High Low Floating Rate Corp Loans 537 372 2474 222 High Yield Corporate 473 379 2147 241 Credit Spreads sourced from Eaton Vance as of 3/31/18. Returns sourced from the BBgBarc U.S. Agg Bond, BBgBarc U.S. Corporate High Yield, BBgBarc U.S. Govt 1-3 Yr, Credit Suisse Leveraged Loan, BBgBarc Municipal, Bloomberg Commodity, Alerian MLP Infrastructure, HFRI Fund of Fund Index, and the S&P Developed Property indices. Dark green indicates returns at or greater than 4%, light green indicates returns 0-4%, light pink indicates returns 0% to -5%, light dark red indicates returns down more than 10%. Returns for time periods of 3 years or longer are annualized. Source: Morningstar Direct and InvestmentMetrics. Credit spreads source: Eaton Vance and Factset as of 3/31/18. Spread history measures past 15 years. All fixed-income spreads are measured in basis points and measure option-adjusted yield spread relative to comparable U.S. Treasuries using daily data. Loan index spread represents the three-year discounted spread over LIBOR. Floating-Rate Loans represented by S&P/LSTA Leveraged Loan Index. High Yield represented by BofA Merrill Lynch U.S. High Yield index. Dark green indicates current spreads greater than 1.25x the median, light green indicates spreads from 0.76 to 1.24x the median, and red indicates spreads at 0.75x the median or less. 14

SDSM&T INVESTMENT POLICY SUMMARY - Updated October 2017 Client Variables Client Type: Foundation - South Dakota School of Mines & Technology Time Horizon: Greater than Five Expected Return: 3.65% to 4.65% over CPI Risk Tolerances: Expected downside not to exceed 16.0% to -20.0% per year based on a statistical confidence level of 95% (1) Asset Allocation Performance Benchmarks Long Term Strategic Asset Investment Primary Peer Group Lower Limit Allocation Upper Limit Category Manager Index Universe Domestic Equity Domestic Equity Large Cap Equity 16.00% 25.00% 35.00% Large Cap Equity Vanguard Inst Index 500 S&P 500 Lrg Cap Core Vanguard S&P 500 ETF S&P 500 Lrg Cap Core Small/Mid Cap Equity 5.00% 10.00% 16.00% Small/Mid Cap Equity Vanguard Mid Cap ETF CRSP US Mid Cap Index Mid Cap Core Vanguard Mid Cap Index CRSP US Mid Cap Index Mid Cap Core Vanguard Small Cap ETF CRSP US Small Cap Index Small Cap Core Vanguard Small Cap Index CRSP US Small Cap Index Small Cap Core International Equity 7.00% 12.00% 20.00% International Equity Vanguard Total Intl ETF FTSE Global ex US All Cap Intl Equity Vanguard Total Int'l Stock FTSE Global ex US All Cap Intl Equity Emerging Markets 5.00% 9.00% 10.00% Emerging Markets Vanguard Emerging Markets FTSE Emerging Markets Emerging Mkts Fixed Income 5.00% 17.00% 35.00% Fixed Income Vanguard Total Bond Market Barclays Aggregate Core Fixed High Yield 0.00% 2.00% 4.00% High Yield JP Morgan High Yield Bloomberg Barclays HY High Yield Floating Rate Corporate Loans 0.00% 6.00% 9.00% Floating Rate Corporate Loans Eaton Vance Floating Rate CSFB Lev Ln Loan Part Commodities 0.00% 5.00% 7.00% Commodities Credit Suisse Commodity Bloomberg Commodity NA Real Estate 4.00% 8.00% 10.00% Real Estate UBS Trumbull Property Fund NCREIF ODCE Index Real Estate Barings Core Property Fund NCREIF ODCE Index Real Estate Absolute Return Funds Absolute Return Funds Conservative Absolute Return Funds 0.00% 0.00% 15.00% Conservative Absolute Return Fd Private Advisors Stable Value Fund, Ltd HFRI FoF Conservative NA Absolute Return Funds Absolute Return Funds NA NA NA Private Equity 2.00% 4.00% 9.00% Private Equity Common Fund Capital VIII NA NA Common Fund Capital Int'l NA NA Portfolio Advisors Private Equity VI NA NA TIFF PE Partners 2011 NA NA Illiquid Credit 1.00% 2.00% 7.00% Illiquid Credit Portfolio Advisors Private Equity VII - SS NA NA 100.00% Total Portfolio Strategic Benchmark*: 26.60% S&P 500 7.09% CRSP US Mid Cap Index 3.55% CRSP US Small Cap Index 12.77% FTSE Global ex US All Cap 9.57% FTSE Emerging Markets 18.09% Barclays Aggregate 2.13% Bloomberg Barclays HY 6.38% CSFB Lev Ln 5.32% Bloomberg Commodity 8.51% NCREIF ODCE Index 0.00% HFRI FoF Conservative 0.00% NA Total Portfolio Secondary Benchmark: CPI + 4.15% *The benchmark allocation to Private Equity and Illiquid Credit will not be made until the portfolio allocation approaches the strategic target of 6% and 4%, respectively. (1) There is a 5% probability that the 1 year modeled loss of -16% to -20% will be exceeded based on 2017 capital markets assumptions. NOTE: The one-year modeled loss will vary from year to year depending on future capital market assumptions. 15

Asset Allocation vs. Target Allocation December 31, 2017 March 31, 2018 Large Cap Equity Smid Cap Equity International Equity Emerging Markets Equity Fixed Income High Yield Floating Rate Corporate Loans Commodities Real Estate Absolute Return Funds Private Equity Illiquid Credit Cash & Equivalents -1.1 % -0.1 % -0.4 % -0.7 % -0.1 % 0.0% 0.1% 0.2% 0.1% 0.2% 0.2% 0.3% 1.2% Large Cap Equity Smid Cap Equity International Equity Emerging Markets Equity Fixed Income High Yield Floating Rate Corporate Loans Commodities Real Estate Absolute Return Funds Private Equity Illiquid Credit Cash & Equivalents -0.3 % -0.1 % -0.1 % -1.0 % -0.6 % -0.1 % 0.1% 0.4% 0.1% 0.3% 0.1% 0.3% 1.0% -2.0 % -1.0 % 0.0% 1.0% 2.0% -2.7 % -1.8 % -0.9 % 0.0% 0.9% 1.8% 2.7% Allocation Differences Allocation Differences December 31, 2017 Market Value ($) Allocation (%) Target (%) Large Cap Equity 15,183,802 25.02 25.00 Smid Cap Equity 6,013,741 9.91 10.00 International Equity 7,367,668 12.14 12.00 Emerging Markets Equity 5,567,351 9.17 9.00 Fixed Income 10,070,377 16.60 17.00 High Yield 1,298,036 2.14 2.00 Floating Rate Corporate Loans 3,755,324 6.19 6.00 Commodities 3,131,780 5.16 5.00 Real Estate 4,206,434 6.93 8.00 Absolute Return Funds 718,182 1.18 0.00 Private Equity 2,022,169 3.33 4.00 Illiquid Credit 1,176,795 1.94 2.00 Cash & Equivalents 168,344 0.28 0.00 Total Fund 60,680,003 100.00 100.00 March 31, 2018 Market Value ($) Allocation (%) Target (%) Large Cap Equity 15,040,123 24.75 25.00 Smid Cap Equity 5,996,168 9.87 10.00 International Equity 7,333,690 12.07 12.00 Emerging Markets Equity 5,683,280 9.35 9.00 Fixed Income 10,274,247 16.91 17.00 High Yield 1,285,117 2.11 2.00 Floating Rate Corporate Loans 3,813,917 6.28 6.00 Commodities 3,113,064 5.12 5.00 Real Estate 4,240,540 6.98 8.00 Absolute Return Funds 175,629 0.29 0.00 Private Equity 2,036,500 3.35 4.00 Illiquid Credit 1,163,489 1.91 2.00 Cash & Equivalents 614,901 1.01 0.00 Total Fund 60,770,666 100.00 100.00 16

Allocation Market Value ($) % Asset Allocation & Performance Last Quarter Jul-2017 To Mar-2018 Year To Date 1 Year Performance(%) 3 5 Apr-2009 To Mar-2018 Since Innovest Since Inception Inception Date Large Cap Equity Vanguard Institutional Index 10,091,282 16.61-0.77 (44) 10.55 (38) -0.77 (44) 13.96 (41) 10.75 (15) 13.28 (15) 16.64 (14) 15.42 (33) 09/01/2016 S&P 500 Index -0.76 (43) 10.58 (38) -0.76 (43) 13.99 (40) 10.78 (14) 13.31 (14) 16.66 (13) 15.46 (33) IM U.S. Large Cap Core Equity (MF) Median -1.11 9.95-1.11 13.31 9.25 12.05 15.25 14.60 Vanguard S&P 500 ETF 4,948,841 8.14-0.78 (44) 10.54 (39) -0.78 (44) 13.94 (41) 10.74 (15) 13.26 (15) N/A 15.41 (33) 09/01/2016 S&P 500 Index -0.76 (43) 10.58 (38) -0.76 (43) 13.99 (40) 10.78 (14) 13.31 (14) 16.66 (13) 15.46 (33) IM U.S. Large Cap Core Equity (MF) Median -1.11 9.95-1.11 13.31 9.25 12.05 15.25 14.60 Large Cap Equity Composite 15,040,123 24.75-0.77 10.55-0.77 13.95 8.56 11.99 15.45 15.45 04/01/2009 S&P 500 Index -0.76 10.58-0.76 13.99 10.78 13.31 16.66 16.66 Small/Mid Equity Vanguard Mid Cap ETF 1,344,711 2.21 0.02 (21) 9.29 (33) 0.02 (21) 12.33 (25) 7.87 (33) 12.26 (12) 17.92 (8) 13.54 (37) 09/01/2016 CRSP U.S. Mid Cap TR Index 0.03 (21) 9.31 (32) 0.03 (21) 12.36 (24) 7.90 (32) 12.31 (11) 17.93 (8) 13.58 (36) IM U.S. Mid Cap Core Equity (MF) Median -1.20 8.18-1.20 9.21 6.65 10.42 15.66 12.91 Vanguard Mid Cap Index 1,574,955 2.59 0.01 (21) 9.28 (33) 0.01 (21) 12.31 (25) 7.86 (34) 12.26 (13) 17.92 (8) 13.54 (37) 09/01/2016 CRSP U.S. Mid Cap TR Index 0.03 (21) 9.31 (32) 0.03 (21) 12.36 (24) 7.90 (32) 12.31 (11) 17.93 (8) 13.58 (36) IM U.S. Mid Cap Core Equity (MF) Median -1.20 8.18-1.20 9.21 6.65 10.42 15.66 12.91 Vanguard Small Cap ETF 1,631,106 2.68-0.21 (31) 9.69 (22) -0.21 (31) 11.82 (34) 8.06 (50) 11.67 (38) 18.31 (15) 14.32 (63) 09/01/2016 CRSP U.S. Small Cap TR Index -0.22 (32) 9.67 (22) -0.22 (32) 11.80 (34) 8.03 (52) 11.65 (39) 18.68 (13) 14.29 (63) IM U.S. Small Cap Core Equity (MF) Median -0.66 7.87-0.66 10.58 8.05 10.62 15.73 15.19 Vanguard Small Cap Index 1,445,396 2.38-0.21 (31) 9.68 (22) -0.21 (31) 11.82 (34) 8.06 (50) 11.66 (38) 18.31 (15) 14.30 (63) 09/01/2016 CRSP U.S. Small Cap TR Index -0.22 (32) 9.67 (22) -0.22 (32) 11.80 (34) 8.03 (52) 11.65 (39) 18.68 (13) 14.29 (63) IM U.S. Small Cap Core Equity (MF) Median -0.66 7.87-0.66 10.58 8.05 10.62 15.73 15.19 Smid Cap Equity Composite 5,996,168 9.87-0.10 9.49-0.10 11.99 7.45 11.75 15.69 15.69 04/01/2009 SMID Cap Composite Benchmark -0.09 9.50-0.09 12.10 7.63 11.81 17.93 17.93 All Products are Net of Managers' Fees. Total Fund Return is Net of all Innovest, Mutual Fund, Hedge Fund and Separate Account Fees. All Alternative and Private Equtiy products are based off of last received statement and any additional capital calls/distributions. *Returns are provided on the fund pages **30% S&P 500, 12% Russell 2500, 17% MSCI EAFE, 11% MSCI Emerging Markets, 30% Barclays Agg 17

Allocation Market Value ($) % Asset Allocation & Performance Last Quarter Jul-2017 To Mar-2018 Year To Date 1 Year Performance(%) 3 5 Apr-2009 To Mar-2018 Since Innovest Since Inception Inception Date International Equity Vanguard Total Intl ETF 3,708,662 6.10-0.45 (28) 10.62 (19) -0.45 (28) 17.05 (30) 6.93 (20) 6.41 (57) N/A 15.88 (27) 09/01/2016 FTSE Global ex USA All Cap Index (Net) -1.14 (72) 10.43 (23) -1.14 (72) 16.73 (38) 6.78 (22) 6.43 (54) 11.13 (25) 15.70 (33) IM Intl Multi-Cap Core Equity (MF) -0.82 8.59-0.82 15.47 5.73 6.46 10.32 14.68 Vanguard Total Intl Stock Index 3,625,028 5.97-0.46 (28) 10.61 (20) -0.46 (28) 17.05 (31) 6.92 (20) 6.41 (57) N/A 5.82 (33) 10/01/2014 FTSE Global ex USA All Cap Index (Net) -1.14 (72) 10.43 (23) -1.14 (72) 16.73 (38) 6.78 (22) 6.43 (54) 11.13 (25) 5.72 (37) IM Intl Multi-Cap Core Equity (MF) -0.82 8.59-0.82 15.47 5.73 6.46 10.32 5.27 International Equity Composite 7,333,690 12.07-0.46 10.61-0.46 17.32 6.80 5.89 9.47 9.47 04/01/2009 Intl Equity Composite Benchmark -1.14 10.43-1.14 16.73 6.48 6.93 10.71 10.71 Emerging Markets Equity Vanguard Emerging Markets Stock Idx 5,683,280 9.35 2.08 (47) 16.94 (51) 2.08 (47) 21.00 (67) 7.50 (66) 4.47 (57) 10.49 (60) 19.10 (67) 11/01/2016 FTSE Emerging Mkts All Cap Index 1.32 (63) 16.48 (56) 1.32 (63) 20.95 (67) 7.48 (66) 5.26 (41) 11.46 (39) 18.78 (68) IM Emerging Markets Equity (MF) Median 1.96 16.97 1.96 23.87 8.55 4.74 11.00 21.53 Fixed Income Vanguard Total Bond Market Idx 10,274,247 16.91-1.47 (48) -0.36 (53) -1.47 (48) 1.11 (50) 1.12 (49) 1.73 (43) 3.60 (77) 1.60 (56) 10/01/2015 Blmbg. Barc. U.S. Aggregate Index -1.46 (46) -0.24 (41) -1.46 (46) 1.20 (45) 1.20 (40) 1.82 (35) 3.69 (75) 1.63 (54) IM U.S. Broad Mkt Core Fxd Income (MF) -1.48-0.34-1.48 1.11 1.10 1.64 4.54 1.69 High Yield JPMorgan High Yield Select 1,285,117 2.11-1.00 (55) 1.50 (47) -1.00 (55) 3.23 (50) 3.86 (52) 4.12 (44) 10.12 (53) 8.39 (51) 07/01/2009 Blmbg. Barc. U.S. Corp High Yield -0.86 (46) 1.57 (43) -0.86 (46) 3.78 (26) 5.17 (14) 4.99 (12) 11.86 (8) 9.59 (12) IM U.S. High Yield Bonds (MF) Median -0.92 1.42-0.92 3.22 3.91 3.93 10.17 8.39 Floating Rate Corporate Loans Eaton Vance Floating Rate; I 3,813,917 6.28 1.56 (5) 3.57 (17) 1.56 (5) 4.56 (6) 4.39 (14) 3.69 (15) 7.95 (23) 3.89 (13) 07/01/2013 CSFB Leveraged Loan 1.59 (4) 3.86 (6) 1.59 (4) 4.65 (4) 4.32 (15) 4.17 (2) 8.47 (11) 4.30 (3) Loan Participation Mutual Funds Median 1.13 3.08 1.13 3.74 3.53 3.08 6.94 3.29 Commodities Credit Suisse Comm. Return Strategy 3,113,064 5.12-0.60 6.38-0.60 2.96-3.18-8.30-2.25 0.77 10/01/2015 Bloomberg Commodity Index Total Return -0.40 6.92-0.40 3.71-3.21-8.32-2.25 0.52 All Products are Net of Managers' Fees. Total Fund Return is Net of all Innovest, Mutual Fund, Hedge Fund and Separate Account Fees. All Alternative and Private Equtiy products are based off of last received statement and any additional capital calls/distributions. *Returns are provided on the fund pages **30% S&P 500, 12% Russell 2500, 17% MSCI EAFE, 11% MSCI Emerging Markets, 30% Barclays Agg 18

Allocation Market Value ($) % Asset Allocation & Performance Last Quarter Jul-2017 To Mar-2018 Year To Date 1 Year Performance(%) 3 5 Apr-2009 To Mar-2018 Since Innovest Since Inception Inception Date Real Estate UBS Trumbull Property Fund 2,027,808 3.34 1.89 (71) 5.83 (90) 1.89 (71) 7.08 (91) 8.39 (91) 9.73 (91) 8.27 (81) 11.05 (100) 04/01/2010 NCREIF ODCE 2.19 (44) 6.25 (48) 2.19 (44) 8.06 (70) 9.99 (61) 11.42 (54) 8.87 (63) 12.80 (58) IM U.S. Open End Private RE (SA+CF) 2.14 6.13 2.14 8.42 10.18 11.70 9.38 13.02 Barings Core Property Fund 2,212,732 3.64 1.84 (90) 6.13 (50) 1.84 (90) 8.05 (70) 10.23 (40) 10.40 (81) 8.47 (75) 11.68 (81) 04/01/2010 NCREIF ODCE 2.19 (44) 6.25 (48) 2.19 (44) 8.06 (70) 9.99 (61) 11.42 (54) 8.87 (63) 12.80 (58) IM U.S. Open End Private RE (SA+CF) 2.14 6.13 2.14 8.42 10.18 11.70 9.38 13.02 Real Estate Composite 4,240,540 6.98 1.86 6.01 1.86 7.60 9.34 10.06 N/A 11.37 04/01/2010 NCREIF ODCE 2.19 6.25 2.19 8.06 9.99 11.42 8.87 12.80 Conservative Absolute Return Funds Private Advisors Stable Val Fund, Ltd. 175,629 0.29-0.88-8.81-0.88-8.08-2.04-0.13 3.00 3.00 04/01/2009 HFRI FOF: Conservative Index 0.43 2.93 0.43 3.31 1.61 2.94 3.52 3.52 Absolute Return Funds Absolute Return Funds Composite 175,629 0.29 N/A N/A N/A N/A N/A N/A N/A N/A 04/01/2009 Absolute Return Funds Benchmark 0.50 3.97 0.50 4.59 1.79 3.19 3.67 3.67 Private Equity* CommonFund Capital PE VIII 521,480 0.86 N/A N/A N/A N/A N/A N/A N/A N/A 12/01/2011 Common Fund Capital Int'l 243,141 0.40 N/A N/A N/A N/A N/A N/A N/A N/A 04/01/2011 Port Advisors PAPEF VI 887,554 1.46 N/A N/A N/A N/A N/A N/A N/A N/A 04/01/2009 TIFF PE Partners 2011 384,325 0.63 N/A N/A N/A N/A N/A N/A N/A N/A 06/01/2011 Illiquid Credit* Port Advisors PAPEF VII 1,163,489 1.91 N/A N/A N/A N/A N/A N/A N/A N/A 10/01/2012 Total Fund SDSM Foundation Total Fund - Net 60,770,666 100.00-0.22 7.13-0.22 9.58 5.56 6.38 8.84 5.02 10/01/2003 SDSM Foundation Total Fund - Gross -0.19 7.22-0.19 9.71 5.78 6.68 9.21 5.25 SDSM Custom Benchmark -0.24 7.72-0.24 10.44 6.32 7.23 10.45 6.87 Return Benchmark (CPI + SDSM&T) 2.26 5.03 2.26 6.61 6.44 6.49 7.29 7.92 Spending Benchmark (HEPI + 5.5%) 2.27 6.97 2.27 8.88 8.08 7.95 7.80 8.61 70% MSCI ACWI / 30% Barclays Global Agg -0.18 8.65-0.18 12.88 7.14 7.34 10.75 7.48 70% Global Eq/30% Barclays Agg** -0.78 7.57-0.78 11.22 6.69 7.75 11.56 8.08 All Products are Net of Managers' Fees. Total Fund Return is Net of all Innovest, Mutual Fund, Hedge Fund and Separate Account Fees. All Alternative and Private Equtiy products are based off of last received statement and any additional capital calls/distributions. *Returns are provided on the fund pages **30% S&P 500, 12% Russell 2500, 17% MSCI EAFE, 11% MSCI Emerging Markets, 30% Barclays Agg 19

f Mines & Technology FoundationPAPEF VI $2 $4 $6 Fund Type Commitment Contributed South Dakota School of Mines & Technology Foundation Summary of Private Investments 09/30/2017 Outstanding Commitment Percent Contributed Distributed Current Value Total Value Total Value/Paid- In Estimated Inception-to- Date IRR Estimated Weighted Index Return Date of First Capital Call T PAPEF VI Private Equity $ 1,500,000 $ 971,182 $ 528,818 64.75% $ 653,838 $ 994,248 $ 1,648,086 1.7 x 11.53% 15.34% 1 2/23/2009 Commonfund Private Equity Partners VIII Private Equity $ 700,000 $ 453,250 $ 246,750 64.75% $ 133,176 $ 523,638 $ 656,814 1.45 x 14.80% 11.60% 3 12/31/2011 Commonfund International Equity Partners VII Private Equity $ 300,000 $ 234,300 $ 65,700 78.10% $ 75,468 $ 232,641 $ 308,109 1.32 x 9.02% 8.20% 3 3/31/2011 TIFF Private Equity Partners 2011 Private Equity $ 500,000 $ 415,000 $ 85,000 83.00% $ 123,804 $ 425,689 $ 549,493 1.32 x 11.70% 8.60% 3 5/27/2011 Private Equity Total Private Equity $3,000,000 $2,073,732 $926,268 72.65% $986,286 $2,176,216 $3,162,502 PAPEF VII Illiquid Credit $ 2,000,000 $ 1,315,690 $ 684,310 65.78% $ 468,119 $ 1,308,134 $ 1,776,253 1.35 x 9.15% 13.03% 1 10/15/2012 Illiquid Credit Total Illiquid Credit $2,000,000 $1,315,690 $684,310 65.78% $468,119 $1,308,134 $1,776,253 TOTAL TOTAL $5,000,000 $3,389,422 $1,610,578 71.28% $1,454,405 $3,484,350 $4,938,755 Values based on 09/30/2017 market values 9/30/2017 Tiff and Common Fund Private Equity Partners VIII Based on 6/30/2017 Values NM - Not Yet Meaningful Total Value/Paid-In (TVPI) measures the total value of the cumulative distributins to investors plus the total value of the unrealized investments relative to the total capital drawn from investors. 1 Weighted Index Return is the approximate return an investor would have received from the S&P 500 using the same cash flow timeline as the fund throughout the fund's life. 2 Weighted Index Return is the approximate return an investor would have received from the Barclays High Yield Index using the same cash flow timeline as the fund throughout the fund's life. 3 Estimated Inception-to-Date IRR is the Funds IRR and Estimated Weighted Index Return is the Fund PME since it is not provided on the client level. PME methodology can vary from firm to firm. Estimated Inception-to-Date IRR and Estimated Weighted Index Return represent the total value-weighted average of underlying fund sector IRRs and Weighted Index Returns for funds that report performance by sector. Consult Capital Account statement to see underlying figures. 20

SDSM&TF Liquidity Schedule As of: 12/31/2017 (updated annually) Cash Availability 1 Asset Class Manager Market Value (12/31/2017) One Week One Month One Quarter Two Quarters Three Quarters One Year Illiquid 2 Contributions Withdrawals Notice Lock Large Cap Vanguard Insititutional Index $ 10,169,338 $ 10,169,338 Vanguard S&P 500 ETF $ 5,014,463 $ 5,014,463 Daily Daily None None Mid Cap Vanguard Mid Cap Index $ 1,574,773 $ 1,574,773 Vanguard Mid Cap ETF $ 1,349,682 $ 1,349,682 Daily Daily None None Small Cap Vanguard Small Cap Index $ 1,448,411 $ 1,448,411 Vanguard Small Cap ETF $ 1,640,876 $ 1,640,876 Daily Daily None None International Vanguard Total International Stock Index $ 3,641,955 $ 3,641,955 Daily Daily None None Vanguard Total International ETF $ 3,725,713 $ 3,725,713 Daily Daily None None Emerging Markets Vanguard Emerging Markets Stock Index $ 5,567,351 $ 5,567,351 Daily Daily None None Fixed Income Vanguard Total Bond Market Index $ 10,070,377 $ 10,070,377 Daily Daily None None High Yield JP Morgan High Yield Select $ 1,298,036 $ 1,298,036 Daily Daily None None Floating Rate Corporate Loans Eaton Vance Floating Rate $ 3,755,324 $ 3,755,324 Daily Daily None None Commodities Credit Suisse Commodity $ 3,131,780 $ 3,131,780 Daily Daily None None Real Estate UBS Trumbull Property Fund 3, 6, 7 $ 2,027,808 $ 2,027,808 Quarterly Quarterly 60 Days None Barings Core Property Fund 3, 8 $ 2,178,626 $ 2,178,626 Quarterly Quarterly 30 days None Hedging Strategies Private Advisors Stable Value Fund 3, 5, 9 $ 718,182 $ 718,182 N/A Liq. Schedule N/A N/A Private Equity CommonFund Capital PE VIII 4 $ 499,548 $ 499,548 N/A N/A N/A N/A CommonFund Capital International VII 4 $ 232,641 $ 232,641 N/A N/A N/A N/A Portfolio Advisors PAPEF VI 4 $ 909,214 $ 909,214 N/A N/A N/A N/A TIFF PE Partners 2011 4 $ 380,766 $ 380,766 N/A N/A N/A N/A Illiquid Credit Portfolio Advisors PAPEF VII 4 $ 1,176,795 $ 1,176,795 N/A N/A N/A N/A Cash Cash $ 168,344 $ 168,344 Daily Daily None None Total Portfolio $ 60,680,003 $ 52,556,423 $ - $ - $ 2,178,626 $ 2,027,808 $ 718,182 $ 3,198,964 % of Portfolio 86.6% 0.0% 0.0% 3.6% 3.3% 1.2% 5.3% % of Portfolio Cumulative 86.6% 86.6% 86.6% 90.2% 93.5% 94.7% 100.0% 1 Cash availability assumes that the notice would be give at the beginning of the quarter/month. 2 Illiquid means it will take more than one year for cash to become available. 3 Market Value as of 12/31/2017. Liquidity 4 Market Value as of 9/30/2017. One Week 86.6% 5 This liquidity schedule follows the continued redemption process for the Portfolio Advisors Stable Value Fund. Cash flows will be intermittent based on underlying funds. One Month 0.0% 6 The GP holds "closings" on a quarterly basis on the first business day of each quarter or other date at GP's discretion for existing and new investors to buy in to the One Quarter 0.0% fund. Number of shares offered at each closing will be based on the fund's NAV at the valuation date (typically, the last business day of each quarter). Two Quarters 3.6% 7 To redeem all or a portion of the investment value, investors must notify the GP in writing at least 60 days prior to the relevant valuation date (typically, the last business Three Quarters 3.3% day of the quarter). If total fund redemption requests exceed 50% of available cash in any period, the fund will apply the allocation of available cash to redeem each One Year 1.2% requesting investor on a pro rata basis. Redemptions will be paid after the end of the quarter in which the redemption request occurs. Illiquid 5.3% 8 Liquidation timeline based on conservative estimates generated by adding one quarter to the Fund's stated withdrawal period. For Hedge Fund of Funds, the total redemption might be gated by the fund and the fund may hold back 5-10% of the investment until the final audit is completed. Three Quarters Two Quarters 3.3% 3.6% One Quarter 0.0% One Year 1.2% Illiquid 5.3% One Week 86.6% 21

Total Portfolio Performance Analysis As of March 31,2018 Since 4/1/2009 Cumulative Returns 150% 100% 50% 0% -50 % 6/09 12/09 6/10 12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 3/18 SDSM Foundation Total Fund SDSM Custom Benchmark Spending Benchmark (HEPI + 5.5%) Risk and Return 21 18 S&P 500 Index Return (%) 15 12 9 SDSM Foundation Total Fund 6 5 6 7 8 9 10 11 12 13 14 15 Risk (Standard Deviation %) 22

Risk Statistics vs. Peer Group Small Endowment/Foundations (AUM <$100mm and Equity Allocation <60%) December 31, 2017 23.0 Return 18.0 Sharpe Ratio 20.0 17.0 14.0 16.0 14.0 12.0 10.0 11.0 8.0 8.0 5.0 2.0 6.0 4.0 2.0 0.0-1.0 1 Year 3 5 Apr-2009 To Dec-2017-2.0 1 Year 3 5 Apr-2009 To Dec-2017 SDSM Foundation Total Fund 14.82 (55) 6.76 (25) 7.70 (41) 9.51 (58) 8.31 (54) 1.21 (23) 1.45 (31) 1.22 (25) SDSM Custom Benchmark 15.62 (36) 7.12 (11) 8.49 (16) 10.80 (21) 9.27 (41) 1.22 (22) 1.50 (25) 1.18 (34) p 70% MSCI ACWI / 30% Barlcays Global Agg 19.26 (1) 7.60 (5) 8.22 (24) 11.09 (16) 13.49 (1) 1.18 (27) 1.30 (49) 1.00 (84) 5th Percentile 18.29 7.58 9.27 12.00 12.59 1.58 1.67 1.42 1st Quartile 15.94 6.76 8.10 10.56 10.14 1.20 1.49 1.22 Median 14.94 6.09 7.36 9.80 8.62 1.05 1.30 1.11 3rd Quartile 13.72 5.63 6.60 8.80 7.17 0.92 1.14 1.04 95th Percentile 10.28 4.41 5.70 7.24 4.80 0.78 0.98 0.91 Population 126 118 113 92 126 118 113 92 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 23