Quarterly Investment Performance Analysis

Quarterly Investment Performance Analysis Period Ended: December 31, 2017 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 48

Page 3

Capital Markets Review Fourth Quarter Economic Environment Key Economic Indicators Price action across global financial markets continued to be driven by expectations of ongoing economic growth and generally accommodative central bank policies, with equity markets trading to record levels and global sovereign debt yields continuing to trade within recent ranges. The nominal Treasury curve continued to flatten over the quarter. Market participants suggest that recent and expected monetary policy actions, as well as expectations for increased Treasury issuance amidst fiscal stimulus policies, are driving short-maturity and mid-maturity yields higher. Comparatively, longer-dated yields proved stable, and reportedly continue to be heavily influenced by relatively modest expectations for sustained US economic growth and building inflation expectations. Finally, the US dollar continued to depreciate over the quarter, weakening by 1% against major currencies amidst continued economic improvements across developed international and emerging markets. The depreciation over the quarter contributed to a total dollar depreciation of nearly % for the year. 12 8 6 4 2 0 Unemployment Rate (%) Since 1948 30 25 20 15 5 0-5 - -15-20 2.1 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 Dec-17 Sep-17 Dec-16 Dec-14 20 Yr Federal Funds Rate (%) 1.33 1.06 0.55 0.06 2.12 Breakeven Infl. - 1 Yr (%) 0.85 1.24 1.27-0.21 Breakeven Infl. - Yr (%) 1.98 1.85 1.97 1.68 CPI YoY (Headline) (%) 2.1 2.2 2.1 0.8 2.1 Unemployment Rate (%) 4.1 4.2 4.7 5.6 5.9 Real GDP YoY (%) 2.5 2.3 1.8 2.7 2.3 PMI - Manufacturing 59.3 60.2 54.3 54.7 52.4 USD Total Wtd Idx 87.47 88. 95.72 85.07 86.73 WTI Crude Oil per Barrel ($) 60.4 51.7 53.7 53.3 57.5 Gold Spot per Oz ($) 1,303 1,280 1,152 1,185 831 Market Performance (%) QTD CYTD 1 Yr 5 Yr Yr S&P 500 (Cap Wtd) 6.64 21.83 21.83 15.79 8.50 Russell 2000 3.34 14.65 14.65 14.12 8.71 MSCI EAFE (Net) 4.23 25.03 25.03 7.90 1.94 MSCI EAFE SC (Net) 6.05 33.01 33.01 12.85 5.77 MSCI Emg Mkts (Net) 7.44 37.28 37.28 4.35 1.68 Bloomberg US Agg Bond 0.39 3.54 3.54 2. 4.01 BofA ML 3 Mo US T-Bill 0.28 0.86 0.86 0.27 0.39 NCREIF ODCE (Gross) 2.07 7.62 7.62 11.53 5.03 Wilshire US REIT 1.70 4.18 4.18 9.35 7.28 HFRI FOF Comp 1.98 7.69 7.69 3.99 1.07 Bloomberg Cmdty (TR) 4.71 1.70 1.70-8.45-6.83 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 Dec-17 Sep-17 Dec-16 Dec-15 Dec-14 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. Page 4

US Equity Review Fourth Quarter Review Broad Market A small subset of companies particularly dominated broad market returns in 2017, with FAANG (Facebook, Amazon, Apple, Netflix, and Google), averaging returns of nearly 50% during 2017. As a result, many active managers with light or absent exposure to this lineup of companies experienced difficulty in keeping pace with their respective benchmarks. Market Cap Large cap stocks outpaced small cap stocks for the quarter, with the Russell 00 outperforming the Russell 2000 by 325 basis points. Style and Sector Growth stocks led value stocks for the quarter, and the Russell 00 Growth Index outperformed its value counterpart by 16.6% for the year. Consumer discretionary and tech stocks posted quarterly returns upwards of 9%, with tech stocks posting a 2017 return of nearly 39%. Style and Capitalization Market Performance (%) 6.34 R 3000 QTD 21.13 6.64 1 Yr S&P 500 21.83 6.59 R 00 21.69 3.34 R 2000 14.65 5.33 R 00 Value 13.66 2.05 R 2000 Value 7.84 7.86 R 00 Growth 30.21 4.59 R 2000 Growth 22.17-5 5 15 25 35 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 9.87 Cons Discretion 22.98 QTD 6.49 Cons Staples 1 Yr 13.49 6.02 Energy -1.01 8.63 Financials 22.18 1.47 Health Care 22.08 6.05 Industrials 21.03 9.01 Information Tech 38.83 6.93 Materials 23.84 3.61 TeleCom -1.25 0.21 Utilities 12.11-20 -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 Fourth Quarter Review MSCI Style and Capitalization Market Performance (%) Developed Markets Developed international markets had a strong quarter, though they lagged 5.00 the US market. However, they outpaced the domestic market for 2017. In ACW Ex US 27.19 QTD 2017, the EAFE Index returned 25.03% vs. 21.13% for the Russell 3000 4.23 EAFE Index. 25.03 1 Yr 3.24 EAFE Value Emerging Markets 21.44 5.24 Emerging markets outperformed domestic and developed international EAFE Growth 28.86 markets for both the quarter and year, with the Emerging Markets Index 6.05 outpacing the EAFE Index by 321 basis points for the quarter, and 1225 EAFE SC 33.01 basis points for the year. 2.21 Europe 25.51 Market Cap & Style 7.99 Pacific The outperformance of value stocks last year did not persist, with growth 24.64 stocks solidly outperforming for the quarter and year. Small cap also 7.44 Emg Mkts outperformed large cap for both Q4 and 2017. 37.28-5 5 15 25 35 45 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 0.90 5.72 4.05 2.06 7.01 8.49 26.82 22.30 25.88 23.99 QTD 1 Yr 0 0 0 0 0 Canada 4.26 16.07 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 Emg Mkts 7.44 37.28-5 5 15 25 35 45 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 Fourth Quarter Review Broad Market The flattening yield curve during the quarter and year detracted from the performance of short duration bonds, while contributing to the performance of long duration bonds. A flatter yield curve has caused some tactical investors and portfolio managers to shorten the duration of their portfolios as the perceived relative value of shorter-dated securities has increased. Credit Market Investment grade and high yield credit spreads started the year below longterm averages and continued to grind tighter. Fixed Income Performance (%) Bloomberg US Agg 0.39 3.54 Bloomberg US Trsy 0.05 2.31 Bloomberg US Trsy: US TIPS 1.26 3.01 Bloomberg US CMBS Inv Grade 0.39 3.52 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 course of 2017, returning 15.21%. Important drivers of this performance included the improving fundamentals and stabilizing political environments experienced by many countries during the year. Bloomberg US Corp: Credit Bloomberg US Agcy Bloomberg US MBS -0.02 1.17 2.06 0.15 2.47 6.42 14 1.2 Valuations 3.0 3.5 12 Bloomberg US ABS Bloomberg US Corp: Hi Yld -0.01 1.55 0.47 7.50 12 8 6 4 2 0 1.0 0.8 0.6 0.4 0.2 0.0 2.5 2.0 1.5 1.0 0.5 0.0 3.0 2.5 2.0 1.5 1.0 0.5 0.0 8 6 4 2 0 CS Leveraged Loan Bloomberg Global Agg Bond FTSE Wrld Gov't Bond JPM Emg Mkts Bond Global 1.17 4.25 1.08 1.04 0.54 7.39 7.49 9.32 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) 0.82 15.21-0 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 Fourth Quarter Review - Absolute Return General Market - Hedge Funds Hedge funds largely provided positive performance, as most fundamentally oriented managers benefited from low inter-stock correlation and a positive return environment across most underlying global risk assets. Multi-Strategy manager returns were generally positive during the quarter, but suffered in November due to corporate merger scrutiny by the DoJ. The best performing broad hedge fund category for the year has been traditional Equity Long- Short (ELS). General Market - Global Tactical Asset Allocation (GTAA) GTAA managers provided strong performance in Q4 to finish an already successful 2017. Global equity and global fixed income markets were broadly supportive during the quarter, providing a welcome backdrop for most multiasset strategies. Although GTAA managers performed well in absolute terms, most modestly underperformed relatively to a static, undiversified blend of US 60/40. The modest underperformance of tactical managers relative to this static benchmark was generally pronounced for managers who adhere to value-oriented investment processes. 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 (%) -9.74-1.44-0.01 1.98 7.69 1.27 5.95 3.38 2.12 4.99 1.97 6.64 2.44 2.24 1.15 5.22 1.96 7.63 4.32 1.14 6.54 13.32-20 - 0 20 QTD 1 Yr Fourth Quarter Review - Real Assets General Market - Diversified Inflation Strategies (DIS) Performance for Diversified Inflation Strategies ( DIS ) in Q4 ranged widely, with managers providing positive performance in a quarter where market-based measures of future expected inflation increased. Market expectations increased from 1.85% to 1.98% based on the year Treasury break-evens. General Market - Real Estate Real estate valuations remain healthy, supported by continuing strength in the overall economy. The core private real estate index, NCREIF- ODCE returned 2.1% during Q4, comprised of 1.1% income and 1.0% appreciation. Market participants characterized this as another quarter of normalizing returns reinforcing investor expectations of lower returns going forward as the market enters the later stages of the recovery. Investors in publicly traded real estate outperformed their private market counterparts during the quarter as measured by FTSE/NAREIT All REIT s index return of 2.4%. NCREIF ODCE (Gross) NCREIF Property Wilshire US REIT Bloomberg Cmdty (TR) S&P Glbl Nat. Res. (TR) Real Asset Performance (%) Alerian MLP Bloomberg US Trsy: US TIPS -6.52-0.95 2.07 1.80 1.70 1.70 1.26 4.18 4.71 3.01 7.62 6.96 8.59 QTD 1 Yr 22.66-20 - 0 20 30 Page 8

Annual Asset Class Performance Best Worst S&P 500 US Large Cap 2003 2004 2005 2006 2007 2008 2009 20 2011 2012 2013 2014 2015 2016 2017 61.34 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 55.81 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 47.25 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 38.59 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 36.18 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 28.96 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 28.68 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 7.69 23.93.88 5.34 11.86 6.60-33.79 18.91 15.06 0..94 1.86 3.37-0.81 6.67 7.62 11.61 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 9.28 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 8.39 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 5.88 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 4.11 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 1.15 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 Bloombrg Bloombrg NCREIF R 2000 - MSCI EAFE MSCI EAFE MSCI EM Bloombrg Bloombrg Wilshire US Trsy: US ODCE US Small (Net) - Int'l SC (Net) - (Net) - Int'l US Agg US Corp: US REIT US TIPS - Gov/Credit: (Gross) Cap Dev. Int'l SC Emg Mkts Bond - FI Hi Yield - FI REITs FI Lng - FI Real Estate NCREIF ODCE (Gross) performance is reported quarterly; performance is shown in interim-quarter months. Page 9 HFRI FOF Bloombrg BofA ML 3 Comp Cmdty (TR) Mo T-Bill Index - Commod. Cash Equiv ARS

Page

Asset Alloc. by Manager, Asset Allocation vs. Target & Schedule of Investable Assets Asset Allocation by Manager Asset Allocation vs. Target Allocation December 31, 2017 : $165,019,327 Domestic Equity International Equity Domestic Fixed Income Bank Loans EMD Real Estate Cash Equivalents Total Fund Market Value ($) 61,893,464 43,854,986 41,839,377 4,874,716 12,520,486 36,298 165,019,327 Allocation (%) 37.51 26.58 25.35 2.95 Target (%) 35.00 25.00 24.00 3.00 5.00 8.00 0.00 0.00 7.59 0.02 0.00 (%) 2.51 1.58 1.35-0.05-5.00-0.41 0.02 0.00 Asset Allocation vs. Target Allocation s Domestic Equity 2.51% International Equity 1.58% Domestic Fixed Income Vanguard Instl Indx;Inst (VINIX) FIAM Core Plus LLC (CF) American Funds EuPc;F3 (FEUPX) TIF:Internatl Equity;Prm (TFEQX) UBS Trumbull Property (CF) Western Asset Floating Rate High Income (CF) Vanguard Md-Cp Idx;Adm (VIMAX) BlackRock:Adv SC Cr;Inst (BDSIX) Wells Fargo Cash 53,032,358 41,839,377 22,270,424 21,584,562 12,520,486 4,874,716 4,519,256 4,341,850 36,298 32.14 25.35 13.50 13.08 7.59 2.95 2.74 2.63 0.02 1.35% Bank Loans EMD -0.05 % -5.00 % Real Estate -0.41 % Cash Equivalents 0.02% -8.00 % -4.00 % 0.00% 4.00% Allocation s Schedule of Investable Assets Periods Ending CYTD Beginning Market Value ($) 147,667,841 Net Cash Flow ($) -6,137,487 Gain/Loss ($) 23,488,973 Ending Market Value ($) 165,019,327 % Return Unit Value 16.32 116.32 Allocations shown may not sum up to 0% exactly due to rounding. Performance shown is net of fees. American Funds EuPc;F2 (AEPFX) transitioned share classes to American Funds EuPc;F3 (FEUPX) in November 2017. Page 11

Total Fund Thematic and Liquidity Analysis Asset Allocation by Theme Thematic Analysis - October 1, 1999 to December 31, 2017 Asset Allocation by Liquidity Correlation Matrix - A 1.00 0.55-0.37 0.46 A B C D A B C D RVK Liquidity Rating = = = = B C D 1.00-0.26 0.85 1.00-0.02 1.00 HFRI EH: Eq Mkt Neut Index (Alpha) MSCI ACW Index (USD) (Gross) (Capital Appreciation) Bloomberg US Gov't Bond Index (Capital Preservation) Real Return Custom Index (Inflation) 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 December 31, 2017 Total Fund Composite vs. Target Allocation Index Total Fund Attribution Total Fund Performance Total Value Added: -0. % Total Asset Allocation: 0.14% Total Manager Value Added: -0.25 % 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 December 31, 2017 Total Fund Composite vs. Target Allocation Index Total Fund Attribution Total Fund Performance Total Value Added: 0.53% Total Asset Allocation: 0.11% Total Manager Value Added: 0.43% 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 76.00 68.00 60.00 52.00 44.00 36.00 28.00 20.00 12.00 4.00-4.00-12.00 Total Fund Composite US Equity 37.51 (83) Intl. Equity 26.58 (4) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile 60.05 50.94 45.02 40.57 30.29 25.99 22.38 15.66 13.01 8.18 42.63 34.16 28.58 22.14 15.45 8.74 4.90 4.49 4. 3.03 358 335 352 7 Population US Fixed Income 28.31 (53) Intl. Fixed Income Parentheses contain percentile ranks. Page 15 Alternative Inv. 0.00 Real Estate 7.59 (50) Cash 0.02 (98) 20.89 9.82 4.73 3.27 0.78 13.55 9.75 7.53 4.98 2.91 7.82 2.17 1.30 0.71 0.06 74 197 308

Return (%) All Public Plans (<$250M) Plan Sponsor Peer Group Analysis 16.76 (18) 15.80 (40) 1 Year 16.76 (18) 15.80 (40) 3 7.83 (24) 7.67 (33) 4.56 4.07 3.71 3.34 2.15 18.59 16.52 15.37 13.92 9.69 18.59 16.52 15.37 13.92 9.69 8.68 7.79 7.22 6.67 5.18 309 305 305 289 QTD CYTD Total Fund Composite Target Allocation Index 3.76 (47) 3.78 (44) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile Population 5 9.27 (47) 8.82 (62) 7 8.79 (28) 8.19 (52) 6.32 (46) 5.76 (82) 2016 2015 2014 6.58 (65) 7.48 (39) 0.76 (32) 0.29 (45) 5.79 (77) 6.25 (68).63 9.78 9.18 8.42 6.73 9.62 8.83 8.23 7.72 6.62 7.37 6.69 6.24 5.89 4.86 9.81 8.17 7.04 6.16 4.50 2.31 0.95 0.07-0.78-2.45 9.46 8.00 6.94 5.89 3.45 274 259 224 409 398 379 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

Return (%) All Endowments & Foundations (<$250M) Plan Sponsor Peer Group Analysis 16.76 (25) 15.80 (44) 1 Year 16.76 (25) 15.80 (44) 3 7.83 (16) 7.67 (19) 4.61 3.91 3.55 3.14 0.69 19.04 16.73 15.44 13.69 4.84 19.04 16.73 15.44 13.69 4.84 8.55 7.35 6.61 5.78 3.26 421 407 407 382 QTD CYTD Total Fund Composite Target Allocation Index 3.76 (36) 3.78 (35) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile Population 5 9.27 (17) 8.82 (27) 7 8.79 () 8.19 (22) 6.32 (14) 5.76 (30) 2016 2015 2014 6.58 (58) 7.48 (34) 0.76 (14) 0.29 (20) 5.79 (31) 6.25 (23).16 8.89 7.83 6.95 3.73 9.22 8.06 7.19 6.39 4.20 6.87 5.91 5.00 4.21 2.95 9.92 8.00 6.88 5.68 3.51 1.65-0.05-1.31-2.67-4.53 8.53 6.11 4.60 3.15 1.27 355 313 260 523 5 492 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 Return Total Fund Composite Target Allocation Index 8.79 8.19 8.23 Up/Down Markets - 7 Standard Deviation 7.11 6.92 7.26 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) 9.02 Standard Deviation 8.23 7.44 6.65 5.86 5.07 Total Fund Composite Target Allocation Index 7 7.11 (57) 6.92 (67) 7 1.19 (31) 1.14 (42) 7 8.49 (27) 7.92 (53) 7 4.14 (60) 4.04 (69) 7 0.64 (56) 0.62 (70) 7.26 1.12 7.96 4.28 0.65 Population 259 259 259 259 259 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 - Return Total Fund Composite Target Allocation Index 6.32 5.76 6.24 Up/Down Markets - Standard Deviation.15 9.77 9.71 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) 12.00 Standard Deviation.00 8.00 6.00 Total Fund Composite Target Allocation Index.15 (32) 9.77 (45) 0.61 (58) 0.58 (76) 6.28 (44) 5.70 (80) 7. (27) 6.79 (41) 0.65 (28) 0.63 (40) 9.71 0.63 6.16 6.64 0.62 Population 224 224 224 224 224 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 - Return Domestic Equity Composite Russell 3000 Index 8.62 8.60 8.43 Up/Down Markets - Standard Deviation 15.95 15.54 15.76 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) Domestic Equity Composite Russell 3000 Index 15.95 (42) 15.54 (64) 0.58 (45) 0.58 (32) 9.21 (40) 9.12 (41) 11.13 (42).82 (70) 1.05 (36) 1.03 (54) 15.76 0.57 8.99 11.08 1.04 40 40 40 40 40 Population 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 Apple Inc Microsoft Corp Amazon.com Inc Facebook Inc Johnson & Johnson JPMorgan Chase & Co Berkshire Hathaway Inc Exxon Mobil Corp Alphabet Inc Alphabet Inc % of Portfolio Portfolio Characteristics Portfolio Weight (%) 3.26 2.48 1.76 1.58 1.41 1.39 1.36 1.33 1.19 1.18 Weight (%) 3.17 2.34 1.69 1.50 1.37 1.35 1.39 1.29 1.15 1.14 Active Weight (%) 0.09 0.14 0.07 0.08 0.04 0.04-0.03 0.04 0.04 0.04 16.94 16.39 0.55 Quarterly Return (%) -1.53 1.63-0.62-0.41 0.28 2.32 2.70 0.42 2.45 1.66 Wtd. Avg. Mkt. Cap ($M) Mkt. Cap ($M) Price/Earnings Ratio Price/Book Ratio 5 Yr. EPS Growth Rate (%) Current Yield (%) Beta (5, Monthly) Number of Securities 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 Portfolio 167,674 9,929 23.15 3.31 13.36 1.81 1.04 973 161,776 1,759 23.24 3.28 13.21 1.79 1.00 2,961

International Equity Composite vs. All Public Plans-Intl. Equity Segment Plan Sponsor Scattergram - Return International Equity Composite MSCI ACW Ex US Index (USD) (Net) 3.02 1.84 3.17 Up/Down Markets - Standard Deviation 17.78 18.86 18.65 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) Sharpe Excess Downside Ratio Return Risk 0.38 6.48 14.40 0.32 5.60 13.75 4.72 13. 0.26 3.84 12.45 0.20 2.96 11.80 0.14 2.08 11.15 International Equity Composite MSCI ACW Ex US Index (USD) (Net) 17.78 (75) 18.86 (30) 0.24 (54) 0.17 (94) 4.20 (63) 3.26 (95) 12.70 (82) 13.75 (32) 1.06 (78) 1.12 (33) 18.65 0.24 4.49 13.52 1.11 36 36 36 36 36 Population 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 22

International Equity Composite vs. MSCI ACW Ex US Index (USD) (Net) Portfolio Characteristics Top Ten Equity Holdings SAMSUNG ELECTRONICS CO LTD AIA Group Ltd Softbank Group Corp Taiwan Semiconductor Mfg BP PLC British American Tobacco PLC Baidu Inc Barclays PLC BNP PARIBAS Alibaba Group Holding Ltd % of Portfolio Portfolio Characteristics Portfolio Weight (%) 3.45 1.85 1.70 1.61 1.43 1.38 1.26 1.18 1.17 1.12 Weight (%) 0.00 0.47 0.30 0.87 0.64 0.71 0.29 0.21 0.00 0.91 Active Weight (%) 3.45 1.38 1.40 0.74 0.79 0.67 0.97 0.97 1.17 0.21 16.15 4.40 11.75 Quarterly Return (%) 0.00 5.20-6.56 2.39 6.87-0.21-1.83 4.96-2.63 Wtd. Avg. Mkt. Cap ($M) Mkt. Cap ($M) Price/Earnings Ratio Price/Book Ratio 5 Yr. EPS Growth Rate (%) Current Yield (%) Beta (5, Monthly) Number of Securities Distribution of Market Capitalization (%) Page 23 Portfolio 70,1 22,521 18.81 2.23 4.58 2.01 0.92 309 68,861 8,754 16.33 2.26 8.70 2.86 1.00 1,866

Domestic Fixed Income Composite vs. All Public Plans-US Fixed Income Segment Plan Sponsor Scattergram - Return Domestic Fixed Income Composite Bloomberg US Agg Bond Index 5.43 4.01 4.68 Up/Down Markets - Standard Deviation 4.00 3.23 4.14 Plan Sponsor Peer Group Analysis - Multi Statistics (Beta vs. S&P 500) Domestic Fixed Income Composite Bloomberg US Agg Bond Index 4.00 (54) 3.23 (90) 1.23 (13) 1.11 (29) 4.99 (23) 3.59 (75) 2.42 (57) 1.72 (90) 0.11 (35) 0.01 (91) 4.14 1.03 4.27 2.53 0.09 43 43 43 43 43 Population 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 Effective Duration Convexity Yield To Maturity (%) Yield To Worst (%) Avg. Maturity Avg. Quality Portfolio 4.50 0.16 3.51 3.51 7.65 A3 Sector Distribution (%) Allocation to "Other" consists of ETF holdings. Page 25 5.98 0.14 2.72 2.71 8.27 Aa1/Aa2

Comparative Performance 16.32 15.80 0.52 6.45 9.87 1 Year 16.32 15.80 0.52 6.45 9.87 3 7.44 7.67-0.23 5.96 1.48 5 8.92 8.82 0. 5.74 3.18 7 8.48 8.19 0.29 6.02 2.46 6.06 5.76 0.30 5.93 0.13 6.07 7.48-1.41 6.41-0.34 0.53 0.29 0.24 5.01-4.48 Since Incep. 5.87 5.57 0.30 6.47-0.60 6.22 6.34-0.12 22.05 21.13 0.92 22.05 21.13 0.92.03 11.12-1.09 15.08 15.58-0.50 13.21 13.50-0.29 8.43 8.60-0.17 9.19 12.74-3.55-0.03 0.48-0.51 6.27 6.64-0.37 /01/1999 6.63 6.59 0.04 23.32 21.69 1.63 23.32 21.69 1.63.43 11.23-0.80 15.59 15.71-0.12 13.64 13.66-0.02 8.52 8.59-0.07 8.54 12.05-3.51 0.61 0.92-0.31 6.21 6.48-0.27 /01/1999 Vanguard Instl Indx;Inst (VINIX) S&P 500 Index (Cap Wtd) IM U.S. Large Cap Core Equity (MF) Rank 6.63 6.64-0.01 6.41 39 21.79 21.83-0.04 20.84 37 21.79 21.83-0.04 20.84 37 11.38 11.41-0.03.11 17 15.76 15.79-0.03 14.52 15 13.73 13.76-0.03 12.45 14 8.50 8.50 0.00 7.57 18 11.93 11.96-0.03.01 26 1.37 1.38-0.01-0.25 28 6.15 6.13 0.02 5.85 37 /01/1999 Domestic Mid Cap Equity Composite Vanguard Spl Mid Cap Index 5.64 5.65-0.01 19.24 19.30-0.06 19.24 19.30-0.06 9.42 9.42 0.00 15.03 15.06-0.03 12.56 12.60-0.04 8.93 8.96-0.03 11.36 11.25 0.11-1.34-1.28-0.06 9.08 9.11-0.03 07/01/2006 Vanguard Md-Cp Idx;Adm (VIMAX) Vanguard Spl Mid Cap Index IM U.S. Mid Cap Core Equity (MF) Rank 5.64 5.65-0.01 5.46 44 19.25 19.30-0.05 15.42 18 19.25 19.30-0.05 15.42 18 9.38 9.42-0.04 8.47 33 15.00 15.06-0.06 13.40 13 12.55 12.60-0.05.97 17 8.92 8.96-0.04 7.84 24 11.22 11.25-0.03 14.56 78-1.34-1.28-0.06-3.28 25 9.07 9.11-0.04 7.86 18 07/01/2006 Domestic Small Cap Equity Composite Small Cap Custom Index 1.93 3.34-1.41.79 14.65-3.86.79 14.65-3.86 6.21 8.48-2.27 9.42 14.07-4.65 8.71 11.55-2.84 6.78 8.65-1.87 14.52 12.90 1.62-5.58-1.38-4.20 5.43 8.13-2.70 01/01/2000 BlackRock:Adv SC Cr;Inst (BDSIX) Russell 2000 Index IM U.S. Small Cap Core Equity (MF) Rank 1.93 3.34-1.41 2.54 62.79 14.65-3.86 11.02 53.79 14.65-3.86 11.02 53 9.96 9.70 14.12 13.62 11.62 11.06 8.71 7.59 21.31 22.08-4.41-4.93 13.20 16.38-3.18 14.85 64 12/01/2016 QTD CYTD Total Fund Composite Target Allocation Index Consumer Price Index+4.25% 3.68 3.78-0. 0.93 2.75 Domestic Equity Composite Russell 3000 Index Domestic Large Cap Equity Composite Russell 00 Index 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 2016 2015 Inception Date /01/1999

Comparative Performance 26.99 27.19-0.20 1 Year 26.99 27.19-0.20 3 8.09 7.83 0.26 5 7.65 6.80 0.85 7 6.08 4.93 1.15 2.88 1.84 1.04 3.64 4.23-0.59 3.58 41 22.92 22.66 0.26 22.84 46 22.92 22.66 0.26 22.84 46 6.61 6.31 0.30 6.46 49 6.19 5.58 0.61 6.19 50 5.20 4.18 1.02 4.94 35 4.20 5.77-1.57 4.52 61 31.03 32.01-0.98 32.31 66 31.03 32.01-0.98 32.31 66 9.55 9.29 0.26 9.43 47 9. 7.97 1.13 8.13 30 Domestic Fixed Income Composite Bloomberg US Agg Bond Index 0.68 0.39 0.29 4.63 3.54 1.09 4.63 3.54 1.09 3.53 2.24 1.29 FIAM Core Plus LLC (CF) Bloomberg US Agg Bond Index IM U.S. Broad Market Core+ Fixed Income (MF) Rank 0.63 0.39 0.24 0.34 16 4.80 3.54 1.26 4.47 37 4.80 3.54 1.26 4.47 37 1.13 1.20-0.07 0.99 33 3.15 4.32-1.17 3.53 71 3.15 4.32-1.17 3.53 71 QTD CYTD International Equity Composite MSCI ACW Ex US Index (USD) (Net) 3.92 5.00-1.08 TIF:Internatl Equity;Prm (TFEQX) MSCI ACW Ex US Val Index (USD) (Net) IM ACWI Ex US Value (MF) Rank American Funds EuPc;F3 (FEUPX) MSCI ACW Ex US Grth Index (USD) (Net) IM ACWI Ex US Growth (MF) Rank Western Asset Floating Rate High Income (CF) S&P/LSTA Performing Loans Index IM U.S. Bank Loans (MF) Rank 1. 4.50-3.40-1.62-5.66 4.04 Since Incep. 6.18 1.23 1.47 1.30 8.92-7.62 2.79 80-2.67 -.06 7.39-6.93 17 3.42 2.72 0.70 2.75 33 07/01/2008 6.93 5.65 1.28 6.49 34 3.76 2.40 1.36 3.08 31 0.92 0.12 0.80-0.69 25-0.57-1.25 0.68 0.09 63 6.68 5.56 /01/1999 2.84 2. 0.74 4.07 3.20 0.87 5.19 4.01 1.18 6.57 2.65 3.92-0.49 0.55-1.04 5.57 5.04 0.53 /01/1999 3.66 2.24 1.42 2.70 11 3.08 2. 0.98 2.41 22 4.32 3.20 1.12 3.76 26 5.43 4.01 1.42 4.62 15 6.19 2.65 3.54 4.19 11 0.09 0.55-0.46-0.30 33 5.35 4.21 1.14 4.82 19 /01/2007 3.15 4.84-1.69 3.82 82 4.34 3.42 4.69 3.83 5.07 3.75 9.86.36-0.50 8.91 43-3.16 0. -3.26-1.21 87 2.45 4.04-1.59 2.98 76 04/01/2014 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 2016 2015 Inception Date /01/1999

Comparative Performance 5.21 6.66-1.45 1 Year 5.21 6.66-1.45 3 7.60 9.42-1.82 5 8.49.52-2.03 7 9.06 11.04-1.98 4.13 4.07 0.06 5.21 6.66-1.45 7.21-2.00 5.21 6.66-1.45 7.21-2.00 7.62 9.42-1.80 6.72 0.90 8.50.52-2.02 6.50 2.00 9.07 11.04-1.97 6.78 2.29 4.13 4.07 0.06 6.70-2.57 QTD CYTD Real Estate Composite NCREIF ODCE Index (AWA) (Net) 2. 1.85 0.25 UBS Trumbull Property (CF) NCREIF ODCE Index (AWA) (Net) Consumer Price Index+5% 2. 1.85 0.25 1.11 0.99 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 11.72 13.95-2.23 Since Incep. 4.22 4.16 0.06 Inception Date /01/2007 11.72 13.95-2.23 5.77 5.95 4.22 4.16 0.06 6.73-2.51 /01/2007 2016 2015 5.98 7.79-1.81 6.05 7.79-1.74 7.18-1.13

Page 29

Manager: Vanguard Instl Indx;Inst (VINIX) : S&P 500 Index (Cap Wtd) Peer Group: IM U.S. Large Cap Core Equity (MF) Performance QTD Manager Peer Group Rank Population 6.63 6.64-0.01 6.41 39 863 1 Year 21.79 21.83-0.04 20.84 37 800 3 11.38 11.41-0.03.11 17 703 5 15.76 15.79-0.03 14.52 15 640 7 13.73 13.76-0.03 12.45 14 583 8.50 8.50 0.00 7.57 18 485 Peer Group Scattergram - Return Manager 8.50 8.50 7.57 2016 2015 2014 2013 2012 11.93 11.96-0.03.01 26 827 1.37 1.38-0.01-0.25 28 827 13.65 13.69-0.04 11.37 15 827 32.35 32.39-0.04 31.81 40 815 15.98 16.00-0.02 15.41 40 833 Up/Down Markets - Standard Deviation 15.01 15.01 15.26 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 14.00 Downside Risk 12.00.00 8.00 Manager 8.94 (19) 8.94 (19) 0.03 (0) 0.00 (0) 8.04 3.20 0.00 (19) -0.29 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio 194,221 22,214 23.30 194,088 22,214 23.31 3.41 13.48 1.88 3.41 13.47 1.88 Beta (5, Monthly) Number of Securities 1.00 505 1.00 505 Active Share 0.20 Wtd. Avg. Mkt. Cap ($M) Mkt. Cap ($M) Price/Earnings Ratio Price/Book Ratio 5 Yr. EPS Growth Rate (%) Current Yield (%) 0.59 (19) 0.59 (19).41 (62).42 (62) 0.53.65 Sector Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 30

Return (%) IM U.S. Large Cap Core Equity (MF) Peer Group Analysis 3 11.38 (17) 11.41 (17) 5 15.76 (15) 15.79 (14) 7 13.73 (14) 13.76 (14) 8.50 (18) 8.50 (18) 2016 2015 2014 21.79 (37) 21.83 (36) 1 Year 21.79 (37) 21.83 (36) 11.93 (26) 11.96 (26) 1.37 (28) 1.38 (28) 13.65 (15) 13.69 (15) 8.15 7.19 6.41 5.70 3.38 26.48 22.66 20.84 18.48 14.97 26.48 22.66 20.84 18.48 14.97 12.49 11.01.11 8.97 6.11 16.39 15.37 14.52 13.49.88 14.47 13.30 12.45 11.39 9.53 9.36 8.22 7.57 6.74 5.47 15.58 11.99.01 7.94 3.74 4.47 1.58-0.25-2.41-5.09 15.21 12.92 11.37 9.82 7.07 863 800 800 703 640 583 485 827 827 827 QTD CYTD Vanguard Instl Indx;Inst (VINIX) S&P 500 Index (Cap Wtd) 6.63 (39) 6.64 (38) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile Population 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) : Vanguard Spl Mid Cap Index Peer Group: IM U.S. Mid Cap Core Equity (MF) Performance QTD Manager Peer Group Rank Population 5.64 5.65-0.01 5.46 44 405 1 Year 19.25 19.30-0.05 15.42 18 392 3 9.38 9.42-0.04 8.47 33 312 5 15.01 15.06-0.05 13.40 13 265 7 12.55 12.60-0.05.97 17 226 8.92 8.96-0.04 7.84 23 175 Peer Group Scattergram - Return Manager 8.92 8.96 7.84 2016 2015 2014 2013 2012 11.22 11.25-0.03 14.56 78 368-1.34-1.28-0.06-3.28 24 361 13.76 13.83-0.07 9.13 339 35.15 35.21-0.06 35.00 48 332 15.99 16.04-0.05 15.77 48 327 Up/Down Markets - Standard Deviation 17.63 17.63 17.58 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 16.00 Downside Risk 14.00 12.00.00 8.00 Manager 9.78 (22) 9.82 (19) 0.04 (0) 0.00 (0) -0.99 (0) 0.55 (24) 0.55 (22) 12.29 (46) 12.28 (47) 8.78 4.72-0.25 0.49 12.22 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio 14,948 12,323 23.94 14,949 12,493 23.94 2.93.54 1.55 2.93.54 1.55 Beta (5, Monthly) Number of Securities 1.00 346 1.00 339 Active Share 0.58 Wtd. Avg. Mkt. Cap ($M) Mkt. Cap ($M) Price/Earnings Ratio Price/Book Ratio 5 Yr. EPS Growth Rate (%) Current Yield (%) Sector Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. 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

Return (%) IM U.S. Mid Cap Core Equity (MF) Peer Group Analysis QTD CYTD Vanguard Md-Cp Idx;Adm (VIMAX) Vanguard Spl Mid Cap Index 5.64 (44) 5.65 (43) 19.25 (18) 19.30 (17) 1 Year 19.25 (18) 19.30 (17) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile 7.94 6.20 5.46 4.56 3.09 23.50 18.41 15.42 13.13 9.83 23.50 18.41 15.42 13.13 9.83 Population 405 392 392 3 9.38 (33) 9.42 (30) 5 15.01 (13) 15.06 (12) 7 12.55 (17) 12.60 (15) 11.67 9.65 8.47 7.09 3.88 15.98 14.37 13.40 12.41 9.65 13.29 11.97.97 9.88 7.65.04 8.83 7.84 6.91 5.52 21.45 17.91 14.56 11.58 5.96 1.74-1.45-3.28-6.17 -.92 14.72 11.97 9.13 6.43 1.04 312 265 226 175 368 361 339 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 33 8.92 (23) 8.96 (22) 2016 2015 2014 11.22 (78) 11.25 (77) -1.34 (24) -1.28 (23) 13.76 () 13.83 (9)

Manager: BlackRock:Adv SC Cr;Inst (BDSIX) : Russell 2000 Index Peer Group: IM U.S. Small Cap Core Equity (MF) Performance QTD Manager Peer Group Rank Population 1.93 3.34-1.41 2.54 62 121 1 Year.79 14.65-3.86 11.02 53 115 3.32 9.96 0.36 9.70 39 95 5 14.12 13.62 76 7 11.62 11.06 64 8.71 7.59 49 Peer Group Scattergram - 3 Return Manager.32 9.96 9.70 2016 2015 2014 2013 2012 23.99 21.31 2.68 22.08 39 149-2.25-4.41 2.16-4.93 19 178 5.48 4.89 0.59 3.49 26 189 38.82 37.12 193 16.35 14. 211 Up/Down Markets - 3 Standard Deviation 13.49 13.91 14.48 Peer Group Analysis - Multi Statistics - 3 (Excess Return vs. Risk Free) 14.00 Downside Risk 12.00.00 8.00 6.00 4.00 Manager.35 (41).08 (47) 3.14 (88) 0.00 (0) 9.82 0.09 (40) 4.82-0.05 Portfolio Characteristics and Dist. of Market Cap (%) Portfolio Wtd. Avg. Mkt. Cap ($M) Mkt. Cap ($M) Price/Earnings Ratio 2,375 1,353 20.61 2,379 858 22.22 Price/Book Ratio 5 Yr. EPS Growth Rate (%) Current Yield (%) 2.73 14.97 1.22 2.55 9.73 1.26 0.94 369 1.00 1,983 79.57 Beta (3, Monthly) Number of Securities Active Share 0.77 (31) 0.73 (44) 7.99 (57) 8.42 (44) 0.71 8.24 Sector Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 34

Return (%) IM U.S. Small Cap Core Equity (MF) Peer Group Analysis BlackRock:Adv SC Cr;Inst (BDSIX) Russell 2000 Index 5th Percentile 1st Quartile 3rd Quartile 95th Percentile Population.79 (53) 14.65 (20) 1 Year.79 (53) 14.65 (20) 3.32 (39) 9.96 (47) 5 14.12 (44) 7 11.62 (40) 4.12 3.56 2.54 1.25-1.36 17.79 13.82 11.02 8.73 1.76 17.79 13.82 11.02 8.73 1.76 12.74.81 9.70 7.02 2.00 16.54 14.93 13.62 11.25 4.77 13.81 12.46 11.06 9.51 1.54 12.26 9.36 7.59 5.98 3.64 31.17 25.60 22.08 18.85 13.42 0.11-3.01-4.93-8.90-13.33 7.78 5.54 3.49 0.58-4.67 121 115 115 95 76 64 49 149 178 189 QTD CYTD 1.93 (62) 3.34 (30) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 35 8.71 (41) 2016 2015 2014 23.99 (39) 21.31 (58) -2.25 (19) -4.41 (45) 5.48 (26) 4.89 (33)

Manager: TIF:Internatl Equity;Prm (TFEQX) : MSCI ACW Ex US Val Index (USD) (Net) Peer Group: IM ACWI Ex US Value (MF) Performance QTD Manager Peer Group Rank Population 3.64 4.23-0.59 3.58 41 73 1 Year 22.92 22.66 0.26 22.84 46 73 3 6.61 6.31 0.30 6.46 49 59 5 6.19 5.58 0.61 6.19 50 51 7 5.20 4.18 1.02 4.94 35 47 1.64 1.23 0.41 1.47 46 32 Peer Group Scattergram - Return Manager 1.64 1.23 1.47 2016 2015 2014 2013 2012 1.30 8.92-7.62 2.79 80 69-2.67 -.06 7.39-6.93 17 61-6.78-5. -1.68-6.27 56 59 19.51 15.04 4.47 17.48 37 53 18.55 16.97 1.58 18.70 53 52 Up/Down Markets - Standard Deviation 18.60 19.62 19.45 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 16.27 Downside Risk 15.50 14.73 13.96 13.19 12.42 Manager 3.00 (49) 2.80 (53) 4.18 (75) 0.00 (0) 0.05 (49) 0.16 (46) 0.14 (59) 13.37 (84) 14.05 (70) 2.91 4.82 0.03 0.15 14.47 Portfolio Characteristics and Dist. of Market Cap (%) Wtd. Avg. Mkt. Cap ($M) Mkt. Cap ($M) Price/Earnings Ratio Price/Book Ratio 5 Yr. EPS Growth Rate (%) Current Yield (%) Beta (5, Monthly) Number of Securities Active Share Portfolio 62,220 31,158 17.26 63,605 8,042 13.08 1.76-0.45 2.62 1.66 6.36 3.87 0.89 96 1.00 1,074 85.12 Region Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 36

Return (%) IM ACWI Ex US Value (MF) Peer Group Analysis TIF:Internatl Equity;Prm (TFEQX) MSCI ACW Ex US Val Index (USD) (Net) 1 Year 3.64 (41) 22.92 (46) 22.92 (46) 4.23 (15) 22.66 (53) 22.66 (53) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile 4.99 3.85 3.58 2.69 1.20 30.38 25.79 22.84 18.63 15.27 30.38 25.79 22.84 18.63 15.27 9.52 7.46 6.46 2.86-0.23 8.67 7.19 6.19 2.73-0.41 6.24 5.60 4.94 1.82-1.38 3.48 2.11 1.47-0.12-4.08 12.75 7.97 2.79 1.75-6.46-0.96-3.28-6.93-11.75-16.76-2.84-4.98-6.27 -.50-12.01 73 73 73 59 51 47 32 69 61 59 QTD Population CYTD 3 6.61 (49) 6.31 (55) 5 6.19 (50) 5.58 (59) 7 5.20 (35) 4.18 (60) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 37 1.64 (46) 1.23 (59) 2016 2015 1.30 (80) -2.67 (17) 8.92 (18) -.06 (70) 2014-6.78 (56) -5. (30)

Manager: American Funds EuPc;F3 (FEUPX) : MSCI ACW Ex US Grth Index (USD) (Net) Peer Group: IM ACWI Ex US Growth (MF) Performance QTD Manager Peer Group Rank Population 4.23 5.77-1.54 4.52 61 191 1 Year 31.13 32.01-0.88 32.31 64 191 3 9.39 9.29 0. 9.43 51 146 5 8.90 7.97 0.93 8.13 33 135 7 6.73 5.65 1.08 6.49 39 121 3.63 2.40 1.23 3.08 34 3 Peer Group Scattergram - Return Manager 3.63 2.40 3.08 2016 2015 2014 2013 2012 0.66 0.12 0.54-0.69 30 173-0.82-1.25 0.43 0.09 70 151-2.64-2.65 0.01-3.22 38 146 20.15 15.49 4.66 19.26 44 140 19.21 16.67 2.54 18.87 43 128 Up/Down Markets - Standard Deviation 17.36 18.47 17.79 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 16.00 Downside Risk 14.00 12.00.00 Manager 4.72 (38) 3.75 (62) 3.82 (81) 0.00 (0) 0.25 (31) 0.27 (33) 0.20 (67) 12.37 (73) 13.66 (42) 4.02 4.43 0.08 0.24 12.66 Portfolio Characteristics and Dist. of Market Cap (%) Wtd. Avg. Mkt. Cap ($M) Mkt. Cap ($M) Price/Earnings Ratio Price/Book Ratio 5 Yr. EPS Growth Rate (%) Current Yield (%) Beta (5, Monthly) Number of Securities Active Share Portfolio 82,719 23,093 20.87 74,051 9,473 21.84 2.91.23 1.41 3.05 11.19 1.86 0.91 247 1.00 1,006 72.48 Region Weights (%) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 38

Return (%) IM ACWI Ex US Growth (MF) Peer Group Analysis American Funds EuPc;F2 (AEPFX) MSCI ACW Ex US Grth Index (USD) (Net) 1 Year 4.19 (63) 31.02 (66) 31.02 (66) 5.77 (13) 32.01 (53) 32.01 (53) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile 6.68 5.36 4.52 3.83 3.04 44.46 35.31 32.31 30.08 25.69 44.46 35.31 32.31 30.08 25.69 13.15.73 9.43 8.15 6.08 11.70 9.45 8.13 7.47 6.39 9.77 7.19 6.49 5.65 4.29 4.99 3.98 3.08 1.67 0.48 2.64 0.90-0.69-4.74-7.01 7.48 2.87 0.09-0.96-2.47 2.31-1.46-3.22-6.26-7.92 Population 191 191 191 146 135 121 3 173 151 146 QTD CYTD 3 9.55 (47) 9.29 (52) 5 9.09 (30) 7.97 (57) 7 6.95 (33) 5.65 (77) 3.83 (29) 2.40 (66) Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 39 2016 2015 2014 0.92 (25) -0.57 (63) -2.41 (36) 0.12 (37) -1.25 (80) -2.65 (39)

Manager: FIAM Core Plus LLC (CF) : Bloomberg US Agg Bond Index Peer Group: IM U.S. Broad Market Core+ Fixed Income (SA+CF) Performance QTD Manager Peer Group Rank Population 0.63 0.39 0.24 0.61 48 140 1 Year 5.00 3.54 1.46 4.87 46 140 3 3.81 2.24 1.57 3.24 22 140 5 3.16 2. 1.06 3.02 40 138 7 4.40 3.20 1.20 4.39 50 132 5.48 4.01 1.47 5.32 41 116 Peer Group Scattergram - Return Manager 5.48 4.01 5.32 2016 2015 2014 2013 2012 6.46 2.65 3.81 4.74 24 157 0.09 0.55-0.46 0.27 58 166 5.67 5.97-0.30 6.19 69 176-1.19-2.02 0.83-0.49 78 183 7.13 4.21 2.92 8.16 68 188 Up/Down Markets - Standard Deviation 4.04 3.23 3.96 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 8.00 Downside Risk 6.00 4.00 2.00 0.00 Manager 5.04 (40) 3.59 (95) 2.61 (47) 0.00 (0) 0.55 (45) 1.23 (48) 1.11 (66) 2.44 (41) 1.72 (88) 4.89 2.53 0.54 1.21 2.30 Portfolio Characteristics Effective Duration Spread Duration Avg. Maturity Avg. Quality Yield To Maturity (%) Coupon Rate (%) Current Yield (%) Holdings Count Portfolio 4.97 5.45 8.23 A2 3.26 3.44 3.21 1,500 Sector Distribution (%) 5.98 6.21 8.27 Aa1/Aa2 2.72 3.06 9,734 Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 40

Return (%) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Peer Group Analysis 5.00 (46) 3.54 (94) 1 Year 5.00 (46) 3.54 (94) 3 3.81 (22) 2.24 (96) 5 3.16 (40) 2. (96) 7 4.40 (50) 3.20 (96) 5.48 (41) 4.01 (95) 1.04 0.78 0.61 0.47 0.24 7.78 5.48 4.87 4.30 3.36 7.78 5.48 4.87 4.30 3.36 5.17 3.72 3.24 2.82 2.25 4.84 3.46 3.02 2.71 2.12 6.33 4.83 4.39 4.02 3.30 7.02 5.76 5.32 4.85 3.87.50 6.19 4.74 3.72 2.79 1.38 0.80 0.27-0.63-2.80 7.92 6.79 6.19 5.48 3.42 140 140 140 140 138 132 116 157 166 176 QTD CYTD FIAM Core Plus LLC (CF) Bloomberg US Agg Bond Index 0.63 (48) 0.39 (86) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile Population Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 41 2016 2015 2014 6.46 (24) 2.65 (97) 0.09 (58) 0.55 (38) 5.67 (69) 5.97 (61)

Manager: Western Asset Floating Rate High Income (CF) : S&P/LSTA Performing Loans Index Peer Group: IM U.S. Bank Loans (SA+CF) Performance QTD Manager Peer Group Rank Population 1.27 1.20 0.07 1.24 44 56 1 Year 3.67 4.32-0.65 4.46 89 56 3 3.51 4.84-1.33 4.78 98 55 5 3.63 4.34-0.71 4.52 97 50 7 4.62 4.69-0.07 4.99 74 45 5.40 5.07 0.33 5.20 23 26 Peer Group Scattergram - Return Manager 5.40 5.07 5.20 2016 2015 2014 2013 2012.42.36 0.06 9.51 23 64-3.11 0. -3.21 0.76 99 67 1.28 1.82-0.54 2.06 86 70 6.39 5.41 0.98 6.28 44 63.61 9.76 0.85 9.98 31 64 Up/Down Markets - Standard Deviation 8.79 8.20 7.57 Peer Group Analysis - Multi Statistics - (Excess Return vs. Risk Free) 7.06 Downside Risk 6.53 6.00 5.47 4.94 4.41 Manager 5.28 (21) 4.91 (58) 1.44 (62) 0.00 (0) 0.26 (19) 0.60 (88) 0.59 (89) 6.29 (1) 5.93 (4) 4.94 1.60 0.02 0.65 5.45 Portfolio Characteristics Effective Duration Spread Duration Avg. Maturity Avg. Quality Yield To Maturity (%) Coupon Rate (%) Current Yield (%) Holdings Count Portfolio 0.49 2.40 2.71 B2 5.67 4.66 5.31 315 Quality Distribution (%) 0.25 2.36 B2 5.50 4.95 1,076 Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 42

Return (%) IM U.S. Bank Loans (SA+CF) Peer Group Analysis 3 3.51 (98) 4.84 (46) 5 3.63 (97) 4.34 (62) 7 4.62 (74) 4.69 (70) 5.40 (23) 5.07 (59) 2016 2015 2014 3.67 (89) 4.32 (64) 1 Year 3.67 (89) 4.32 (64).42 (23).36 (27) -3.11 (99) 0. (70) 1.28 (86) 1.82 (63) 1.72 1.32 1.24 1.14 0.92 6.67 4.90 4.46 4. 2.94 6.67 4.90 4.46 4. 2.94 5.81 5.21 4.78 4.49 3.93 5.70 4.82 4.52 4.07 3.75 6.06 5.41 4.99 4.59 4.22 6.23 5.35 5.20 4.70 4.24 11.94.40 9.51 8.57 7.11 3.04 1.78 0.76-0.21-1.44 3.33 2.58 2.06 1.51 1.08 56 56 56 55 50 45 26 64 67 70 QTD CYTD Western Asset Flt Rate Hi Inc (CF) S&P/LSTA Performing Loans Index 1.27 (44) 1.20 (60) 5th Percentile 1st Quartile 3rd Quartile 95th Percentile Population Performance shown is gross of fees and product specific. Calculation is based on monthly periodicity. Parentheses contain percentile ranks. Page 43

Manager: UBS Trumbull Property (CF) : NCREIF ODCE Index (AWA) (Gross) Performance QTD Manager 2.35 2.07 0.28 1 Year 6.30 7.62-1.32 3 8.78.42-1.64 5 9.68 11.53-1.85 7.25 12.07-1.82 5.19 5.03 0.16 2016 2015 2014 2013 2012 7.21 8.77-1.56 12.94 15.02-2.08 11.69 12.50-0.81.44 13.94-3.50.15.94-0.79 Historical Statistics - (Excess Return vs. Risk Free) Actual Correlation - Actual Correlation Manager S&P 500 Index (Cap Wtd) Bloomberg US Agg Bond Index Standard Deviation Sharpe Ratio 6.65 0.74 8.43 0.58 16.14 0.56 3.26 1. Downside Risk Excess Return 5.03 4.93 6.74 4.92.68 9.19 1.43 3.61 NCREIF ODCE Index (AWA) (Gross) S&P 500 Index (Cap Wtd) Russell 2000 Index MSCI EAFE Index (USD) (Net) MSCI Emg Mkts Index (USD) (Net) Bloomberg US Agg Bond Index Bloomberg US Trsy US TIPS Index Wilshire US REIT Index HFRI FOF Comp Index Bloomberg Cmdty Index (TR) BofA ML 3 Mo US T-Bill Index Cons Price Index (Unadjusted) Return (%) Relative Performance - Since Inception Page 44 0.99 0.21 0.18 0.08-0.07-0.15-0.03 0.27 0.12 0.12-0.15 0.18

Manager: UBS Trumbull Property (CF) : NCREIF ODCE Index (AWA) (Gross) Investment Strategy Investment Profile 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. Fund Inception Legal Structure Fund Structure Gross Real Estate Assets ($M) Fund Leverage % Portfolio Occupancy % Cash Reserve % Number of Investments Number of Limited Partners 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. 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 45 1978 LP Open-End 23,217 16.70 92.20 2.90 216 436

Domestic Large Cap Equity Transition Growth of $0 113.00 111.00 9.00 7.00 5.00 3.00 1.00 99.00 5/17 6/17 7/17 8/17 9/17 Vanguard Instl Indx;Inst (VINIX) /17 11/17 12/17 50/50 AB Value/SS Growth Comparative Performance Vanguard Instl Indx;Inst (VINIX) S&P 500 Index (Cap Wtd) 50/50 AB Value/SS Growth S&P 500 Index (Cap Wtd) Jun-2017 To Dec-2017 12. 12.12-0.02 1 Year 3 5 21.79 21.83-0.04 11.38 11.41-0.03 15.76 15.79-0.03 8.50 8.50 0.00 12.23 12.12 0.11 23.73 21.83 1.90 9.92 11.41-1.49 15.45 15.79-0.34 8.38 8.50-0.12 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Page 46

Domestic Small Cap Equity Transition Growth of $0 124.00 120.00 116.00 112.00 8.00 4.00 0.00 96.00 11/16 12/16 1/17 2/17 3/17 BlackRock:Adv SC Cr;Inst (BDSIX) 4/17 5/17 6/17 7/17 LKCM:Small Cap Eq;Inst (LKSCX) 8/17 9/17 /17 11/17 12/17 Russell 2000 Index Comparative Performance 1 Year 3 5 BlackRock:Adv SC Cr;Inst (BDSIX) Russell 2000 Index Dec-2016 To Dec-2017 13.16 16.38-3.22.79 14.65-3.86.32 9.96 0.36 14.12 8.71 LKCM:Small Cap Eq;Inst (LKSCX) Russell 2500 Grth Index 16.43 23.39-6.96 17.04 24.46-7.42 6.49.88-4.39 9.59 15.47-5.88 6.88 9.62-2.74 Performance shown is net of fees and product specific. Calculation is based on monthly periodicity. Page 47

Page 48

Fee Addendum Fee Schedule Market Value As of 12/31/2017 ($) Estimated Annual Fee ($) Estimated Annual Fee (%) Vanguard Instl Indx;Inst (VINIX) 0.04 % of Assets 53,032,358 18,561 0.04 Vanguard Md-Cp Idx;Adm (VIMAX) 0.06 % of Assets 4,519,256 2,712 0.06 BlackRock:Adv SC Cr;Inst (BDSIX) 0.54 % of Assets 4,341,850 23,446 0.54 TIF:Internatl Equity;Prm (TFEQX) 0.78 % of Assets 21,584,562 168,360 0.78 American Funds EuPc;F3 (FEUPX) 0.51 % of Assets 22,270,424 113,579 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 41,839,377 4,598 0.25 Western Asset Floating Rate High Income (CF) 0.45 % of First $0 M 0.30 % Thereafter 4,874,716 21,936 0.45 UBS Trumbull Property (CF) 0.85 % of Assets 12,520,486 6,023 0.85 Please see the Addendum for the full UBS Trumbull Property (CF) fee schedule. Page 49

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. 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. Page 50

Glossary 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 Effect The difference between the composite s benchmark return and the blended return of each respective managers benchmark within the composite. 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. 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. Page 51

Glossary 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., BofA ML 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 52

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 - BofA ML 3 Mo US T-Bill Index unless specified otherwise. Page 53

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., BofA ML 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 54

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., BofA ML 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 55

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.