F U N D E V A L U A T I O N R E P O R T

F U N D E V A L U A T I O N R E P O R T Santa Barbara Foundation Performance Update M E K E T A I N V E S T M E N T G R O U P BOSTON MASSACHUSETTS CHICAGO ILLINOIS MIAMI FLORIDA PORTLAND OREGON SAN DIEGO CALIFORNIA LONDON UNITED KINGDOM www.meketagroup.com

Santa Barbara Foundation Santa Barbara Foundation Performance Summary Market Value ($) Santa Barbara Foundation Endowment 160,230,442 0.1 1.9 1.7 4.4 6.5 5.2 5.6 7.0 Dec-02 Long Term Endowment Policy Benchmark 0.6 2.2 3.2 6.1 8.1 6.2 6.4 7.5 Dec-02 Santa Barbara Foundation Focus Growth Blend 16,478,215 0.0 2.0 1.8 4.9 8.3 5.8 -- 5.7 Jun-11 Focus Growth Policy Benchmark 0.0 1.9 1.4 5.1 8.6 6.3 -- 6.2 Jun-11 Santa Barbara Foundation Focus Income Blend 3,549,747-0.3 0.9 0.2 2.0 4.9 3.7 -- 3.7 Jun-11 Focus Income Policy Benchmark -0.5 0.7-0.2 1.8 5.2 4.3 -- 4.3 Jun-11 Santa Barbara Foundation Socially Responsible Blend 2,771,154-0.6 3.7 2.7 6.4 -- -- -- 7.5 Sep-17 SRI Policy Benchmark -0.1 5.0 7.0 11.8 -- -- -- 12.5 Sep-17 XXXXX 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Date Page 2 of 35

Long Term Endowment Page 3 of 35

Santa Barbara Foundation Endowment Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $165,320,791 $166,555,438 Net Cash Flow -$5,285,597 -$9,355,075 Net Investment Change $195,247 $3,030,079 Ending Market Value $160,230,442 $160,230,442 Page 4 of 35

Santa Barbara Foundation Endowment Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $73,256,341 45.7% 43.0% 2.7% 33.0% - 53.0% Yes Global Equity $61,102,963 38.1% 31.0% 7.1% 21.0% - 41.0% Yes Private Equity $12,153,377 7.6% 12.0% -4.4% 7.0% - 17.0% Yes Income $19,413,859 12.1% 12.0% 0.1% 7.0% - 17.0% Yes High Yield Bonds $9,700,000 6.1% 6.0% 0.1% 2.0% - 10.0% Yes Bank Loans $5,085,994 3.2% 3.0% 0.2% 0.0% - 6.0% Yes Emerging Market Bonds $4,627,865 2.9% 3.0% -0.1% 0.0% - 6.0% Yes Inflation Hedges $27,409,992 17.1% 22.0% -4.9% 17.0% - 27.0% Yes TIPS $10,037,793 6.3% 6.0% 0.3% 2.0% - 10.0% Yes Real Estate $13,038,354 8.1% 8.0% 0.1% 4.0% - 12.0% Yes Infrastructure $164,904 0.1% 4.0% -3.9% 0.0% - 8.0% Yes Natural Resources $4,168,941 2.6% 4.0% -1.4% 0.0% - 8.0% Yes Risk Mitigating $36,754,562 22.9% 21.0% 1.9% 16.0% - 26.0% Yes Investment Grade Bonds $33,295,411 20.8% 17.0% 3.8% 12.0% - 22.0% Yes Long Term Government Bonds $3,215,163 2.0% 4.0% -2.0% 0.0% - 8.0% Yes Hedge Funds $243,988 0.2% 0.0% 0.2% 0.0% - 5.0% Yes Cash Equivalents $3,395,688 2.1% 2.0% 0.1% 0.0% - 4.0% Yes Cash Equivalents $3,395,688 2.1% 2.0% 0.1% 0.0% - 4.0% Yes Total $160,230,442 100.0% 100.0% XXXXX Page 5 of 35

Santa Barbara Foundation Endowment Asset Class Performance Summary Market Value ($) Portfolio 160,230,442 100.0 0.1 1.9 1.7 4.4 6.5 5.2 5.6 7.0 Dec-02 Long Term Endowment Policy Benchmark 0.6 2.2 3.2 6.1 8.1 6.2 6.4 7.5 Dec-02 Growth 73,256,341 45.7 0.8 4.2 5.0 10.2 -- -- -- 11.2 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Global Equity 61,102,963 38.1 0.3 4.1 4.4 9.7 12.1 8.6 8.5 10.0 Dec-02 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.2 8.4 Dec-02 Private Equity 12,153,377 7.6 3.4 4.9 8.0 12.5 6.9 9.5 6.9 11.2 Dec-03 Cambridge Associates Fund of Funds Composite 1-Quarter Lag 4.0 4.0 12.7 16.5 9.8 12.5 8.3 11.5 Dec-03 Income 19,413,859 12.1 1.2 2.0 0.7 0.8 -- -- -- 1.5 Sep-17 High Yield Bonds 9,700,000 6.1 0.7 2.6 2.2 2.3 -- -- -- 2.9 Sep-17 BBgBarc US High Yield 2% Issuer Cap TR 0.6 2.4 2.6 3.1 8.1 5.5 9.5 3.7 Sep-17 Bank Loans 5,085,994 3.2 0.7 1.9 3.8 4.2 -- -- -- 4.1 Sep-17 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 5.8 5.5 Sep-17 Emerging Market Bonds 4,627,865 2.9 2.5 0.5-5.6 -- -- -- -- -5.6 Jan-18 EMD Custom Benchmark 1.7 0.6-4.2-3.5 5.7 2.8 6.0-4.2 Jan-18 Inflation Hedges 27,409,992 17.1-1.4-1.6-1.4 0.3 -- -- -- 0.2 Sep-17 TIPS 10,037,793 6.3-1.1-0.9-0.9 0.4 -- -- -- 0.4 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 3.3 0.4 Oct-17 Real Estate 13,038,354 8.1-2.1-1.1-2.2 1.2 -- -- -- 0.7 Sep-17 NCREIF ODCE 2.1 2.1 6.5 8.7 8.8 10.7 5.6 9.8 Sep-17 REITS 6,438,872 4.0-2.5-1.1-2.6 1.2 4.4 5.1 -- 5.1 Oct-13 Private Real Estate 6,599,482 4.1 0.0-4.0-1.2-0.8 0.6 3.0-0.9 3.5 Dec-03 Natural Resources 4,168,941 2.6-0.8-3.6-0.9-1.1 2.5 -- -- 3.2 Dec-13 CPI Seasonally Adjusted + 4% (1q Lagged) 0.5 1.5 4.8 6.9 5.9 5.6 5.5 5.6 Dec-13 Infrastructure 164,904 0.1 Date Policy Benchmark formula is shown at the end of this report. Page 6 of 35

Santa Barbara Foundation Endowment Market Value ($) Portfolio Risk Mitigating 36,754,562 22.9-0.7-0.1-1.5-1.3 -- -- -- -1.3 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Investment Grade Bonds 33,295,411 20.8-0.6 0.0-1.5-1.1 1.4 1.5 -- 1.7 Sep-13 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.2 1.3 2.2 3.8 2.3 Sep-13 Long-Term Government Bonds 3,215,163 2.0-1.9-1.8 -- -- -- -- -- -1.5 Apr-18 BBgBarc US Treasury Long TR -3.0-2.9-5.8-3.6 0.7 4.4 5.4-2.6 Apr-18 Hedge Funds 243,988 0.2 0.3 0.6 3.5 1.0 1.8 1.9 1.9 2.7 May-04 HFRI FOF: Diversified Index 0.1 0.6 1.4 3.5 3.0 3.2 2.6 3.1 May-04 Cash 3,395,688 2.1 XXXXX Date Page 7 of 35

Santa Barbara Foundation Endowment Market Value ($) Trailing Net Performance Portfolio Sector 160,230,442 100.0 -- 0.1 1.9 1.7 4.4 6.5 5.2 5.6 7.0 Dec-02 Long Term Endowment Policy Benchmark 0.6 2.2 3.2 6.1 8.1 6.2 6.4 7.5 Dec-02 Growth 73,256,341 45.7 45.7 0.8 4.2 5.0 10.2 -- -- -- 11.2 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Global Equity 61,102,963 38.1 83.4 0.3 4.1 4.4 9.7 12.1 8.6 8.5 10.0 Dec-02 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.2 8.4 Dec-02 Vanguard Total World Stock Market Index 32,452,141 20.3 53.1 0.2 4.0 3.9 9.8 -- -- -- 9.8 Oct-17 FTSE Global All Cap TR USD 0.3 4.1 4.0 10.2 12.6 7.4 6.7 10.2 Oct-17 GQG Partners Global Equity 7,517,938 4.7 12.3-0.8 4.2 8.7 13.9 -- -- -- 13.9 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.2 9.8 Oct-17 WCM Focused Growth 7,530,659 4.7 12.3 1.7 6.3 10.4 15.9 -- -- -- 15.9 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.2 9.8 Oct-17 Artisan Global Value 6,820,026 4.3 11.2 0.2 3.7 0.6 4.4 -- -- -- 4.4 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.2 9.8 Oct-17 First Eagle Global Value 6,782,200 4.2 11.1 0.4 2.0 0.8 4.1 -- -- -- 4.1 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.2 9.8 Oct-17 Private Equity 12,153,377 7.6 16.6 3.4 4.9 8.0 12.5 6.9 9.5 6.9 11.2 Dec-03 Cambridge Associates Fund of Funds Composite 1- Quarter Lag Date 4.0 4.0 12.7 16.5 9.8 12.5 8.3 11.5 Dec-03 Policy Benchmark formula is shown at the end of this report. Page 8 of 35

Santa Barbara Foundation Endowment Market Value ($) Portfolio Sector Income 19,413,859 12.1 12.1 1.2 2.0 0.7 0.8 -- -- -- 1.5 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs High Yield Bonds 9,700,000 6.1 50.0 0.7 2.6 2.2 2.3 -- -- -- 2.9 Sep-17 BBgBarc US High Yield 2% Issuer Cap TR 0.6 2.4 2.6 3.1 8.1 5.5 9.5 3.7 Sep-17 SKY Harbor Broad High Yield 9,700,000 6.1 100.0 BBgBarc US High Yield TR Bank Loans 5,085,994 3.2 26.2 0.7 1.9 3.8 4.2 -- -- -- 4.1 Sep-17 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 5.8 5.5 Sep-17 THL Credit Bank Loan Select 5,085,994 3.2 100.0 0.7 1.9 3.8 -- -- -- -- 3.8 Jan-18 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 5.8 4.4 Jan-18 Emerging Market Bonds 4,627,865 2.9 23.8 2.5 0.5-5.6 -- -- -- -- -5.6 Jan-18 EMD Custom Benchmark 1.7 0.6-4.2-3.5 5.7 2.8 6.0-4.2 Jan-18 Logan Circle Emerging Markets Debt 4,627,865 2.9 100.0 2.5 0.5-5.6 -- -- -- -- -5.6 Jan-18 Logan Circle Custom Benchmark 1.7 0.6-4.2-3.5 5.5 2.8 5.7-4.2 Jan-18 Inflation Hedges 27,409,992 17.1 17.1-1.4-1.6-1.4 0.3 -- -- -- 0.2 Sep-17 TIPS 10,037,793 6.3 36.6-1.1-0.9-0.9 0.4 -- -- -- 0.4 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 3.3 0.4 Oct-17 BlackRock TIPS 10,037,793 6.3 100.0-1.1-0.9-0.9 0.4 -- -- -- 0.4 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 3.3 0.4 Oct-17 Date Page 9 of 35

Santa Barbara Foundation Endowment Market Value ($) Portfolio Sector 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Date Real Estate 13,038,354 8.1 47.6-2.1-1.1-2.2 1.2 -- -- -- 0.7 Sep-17 NCREIF ODCE 2.1 2.1 6.5 8.7 8.8 10.7 5.6 9.8 Sep-17 REITS 6,438,872 4.0 49.4-2.5-1.1-2.6 1.2 4.4 5.1 -- 5.1 Oct-13 Vanguard Real Estate Index 3,371,779 2.1 52.4-2.6 0.5 -- -- -- -- -- 4.7 Jun-18 MSCI US Inv Mkt Real Estate 25-50 Transition GR USD -2.6 0.5 0.6 2.0 -- -- -- 4.7 Jun-18 Vanguard Global ex-u.s. Real Estate 3,067,094 1.9 47.6-2.4-2.9 -- -- -- -- -- -5.4 Jun-18 S&P Global Ex-U.S. Property Net TR USD -2.3-3.0-6.0-0.7 7.4 3.6 6.7-5.6 Jun-18 Private Real Estate 6,599,482 4.1 50.6 0.0-4.0-1.2-0.8 0.6 3.0-0.9 3.5 Dec-03 Natural Resources 4,168,941 2.6 15.2-0.8-3.6-0.9-1.1 2.5 -- -- 3.2 Dec-13 CPI Seasonally Adjusted + 4% (1q Lagged) 0.5 1.5 4.8 6.9 5.9 5.6 5.5 5.6 Dec-13 Infrastructure 164,904 0.1 0.6 Risk Mitigating 36,754,562 22.9 22.9-0.7-0.1-1.5-1.3 -- -- -- -1.3 Sep-17 Investment Grade Bonds 33,295,411 20.8 90.6-0.6 0.0-1.5-1.1 1.4 1.5 -- 1.7 Sep-13 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.2 1.3 2.2 3.8 2.3 Sep-13 Baird Aggregate Bond Fund 16,657,295 10.4 50.0 BBgBarc US Aggregate TR BlackRock U.S. Debt Index Fund 16,638,117 10.4 50.0 BBgBarc US Aggregate TR Long-Term Government Bonds 3,215,163 2.0 8.7-1.9-1.8 -- -- -- -- -- -1.5 Apr-18 BBgBarc US Treasury Long TR -3.0-2.9-5.8-3.6 0.7 4.4 5.4-2.6 Apr-18 Page 10 of 35

Santa Barbara Foundation Endowment Market Value ($) Portfolio Sector 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Date BlackRock Long Term Government Index 3,215,163 2.0 100.0-2.9-2.8 -- -- -- -- -- -2.5 Apr-18 BBgBarc US Govt Long TR -2.9-2.8-5.7-3.5 0.8 4.4 5.4-2.6 Apr-18 Hedge Funds 243,988 0.2 0.7 0.3 0.6 3.5 1.0 1.8 1.9 1.9 2.7 May-04 HFRI FOF: Diversified Index 0.1 0.6 1.4 3.5 3.0 3.2 2.6 3.1 May-04 Silver Creek Low Volume Strategies II Fund 218,682 0.1 89.6 0.4 0.8 4.4 6.5 2.2 2.7 -- -- Apr-07 AG Super Fund, LP 25,306 0.0 10.4-0.6-1.9-4.9-2.3-5.1-2.6 -- -2.1 Aug-13 Cash 3,395,688 2.1 2.1 Cash, Deposits & Money Market Funds 3,395,688 2.1 100.0 XXXXX Page 11 of 35

Santa Barbara Foundation Endowment Benchmark History 10/1/2017 Present 2/1/2017 9/30/2017 31% MSCI ACWI / 12% Cambridge Associates Fund of Funds Composite 1-Quarter Lag / 6% BBgBarc US High Yield 2% Issuer Cap TR / 3% Credit Suisse Leveraged Loans / 3% EMD Custom Benchmark / 6% BBgBarc US TIPS TR / 8% NCREIF ODCE / 4% CPI Seasonally Adjusted + 4% (1q Lagged) / 4% CPI Seasonally Adjusted+3% (1q Lagged) / 17% BBgBarc US Aggregate TR / 4% BBgBarc US Treasury Long TR / 2% 91 Day T-Bills 34.5% BBgBarc US Aggregate TR / 6.9% BBgBarc US High Yield TR / 2.3% DJ Global ex US Real Estate Securities Index / 2.3% DJ US Select REIT TR USD / 12.7% MSCI EAFE / 2.3% MSCI Emerging Markets / 30.9% Russell 3000 / 5.8% HFRI FOF: Diversified Index / 2.3% 91 Day T-Bills 1/31/2017 Policy benchmark provided by prior consultant XXXXX EMD Custom Benchmark includes 35% JP Morgan EMBI Global TR /35% JP Morgan Corporate EMBI Broad TR USD / 30% JP Morgan GBI EM Global Diversified TR USD Page 12 of 35

Focus Growth Blend Page 13 of 35

Santa Barbara Foundation Focus Growth Blend Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $15,457,099 $13,522,980 Net Cash Flow $1,013,307 $2,677,961 Net Investment Change $7,809 $277,274 Ending Market Value $16,478,215 $16,478,215 Page 14 of 35

Santa Barbara Foundation Focus Growth Blend Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $7,534,191 45.7% 46.0% -0.3% 36.0% - 56.0% Yes Global Equity $7,534,191 45.7% 46.0% -0.3% 36.0% - 56.0% Yes Income $1,821,764 11.1% 13.0% -1.9% 8.0% - 18.0% Yes High Yield Bonds $925,000 5.6% 6.0% -0.4% 2.0% - 10.0% Yes Bank Loans $518,979 3.1% 4.0% -0.9% 0.0% - 8.0% Yes Emerging Market Bonds $377,785 2.3% 3.0% -0.7% 0.0% - 6.0% Yes Inflation Hedges $2,553,675 15.5% 20.0% -4.5% 15.0% - 25.0% Yes TIPS $1,003,379 6.1% 7.0% -0.9% 3.0% - 11.0% Yes Real Estate $630,825 3.8% 5.0% -1.2% 0.0% - 10.0% Yes Infrastructure $303,769 1.8% 4.0% -2.2% 0.0% - 8.0% Yes Natural Resources $615,701 3.7% 4.0% -0.3% 0.0% - 8.0% Yes Risk Mitigating $3,063,743 18.6% 18.0% 0.6% 13.0% - 23.0% Yes Investment Grade Bonds $2,607,472 15.8% 12.0% 3.8% 7.0% - 17.0% Yes Long Term Government Bonds $456,271 2.8% 6.0% -3.2% 2.0% - 10.0% Yes Cash Equivalents $1,504,843 9.1% 3.0% 6.1% 1.0% - 5.0% No Cash Equivalents $1,504,843 9.1% 3.0% 6.1% 1.0% - 5.0% No Total $16,478,215 100.0% 100.0% XXXXX Page 15 of 35

Santa Barbara Foundation Focus Growth Blend Asset Class Performance Summary Market Value ($) Portfolio 16,478,215 100.0 0.0 2.0 1.8 4.9 8.3 5.8 5.7 Jun-11 Focus Growth Policy Benchmark 0.0 1.9 1.4 5.1 8.6 6.3 6.2 Jun-11 Growth 7,534,191 45.7 0.3 4.0 4.3 9.6 -- -- 11.1 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 7,534,191 45.7 0.3 4.0 4.3 9.6 13.6 9.4 8.7 Jun-11 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.3 Jun-11 Income 1,821,764 11.1 1.1 2.0 1.0 1.0 -- -- 2.1 Sep-17 High Yield Bonds 925,000 5.6 0.7 2.6 2.2 2.2 -- -- 3.3 Sep-17 BBgBarc US High Yield 2% Issuer Cap TR 0.6 2.4 2.6 3.1 8.1 5.5 3.7 Sep-17 Bank Loans 518,979 3.1 0.7 1.9 3.8 4.2 -- -- 4.4 Sep-17 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 5.5 Sep-17 Emerging Market Bonds 377,785 2.3 2.5 0.5-5.6 -- -- -- -5.6 Jan-18 EMD Custom Benchmark 1.7 0.6-4.2-3.5 5.7 2.8-4.2 Jan-18 Inflation Hedges 2,553,675 15.5-0.3-0.5-0.9 1.5 -- -- 1.0 Sep-17 Real Estate 630,825 3.8-2.5-1.1-2.6 1.2 -- -- 0.6 Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR -2.1-0.4-0.4 3.5 5.3 5.0 2.8 Sep-17 TIPS 1,003,379 6.1-1.1-0.9-0.8 0.4 -- -- 0.4 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 0.4 Oct-17 Infrastructure 303,769 1.8-1.2-1.9 -- -- -- -- 0.4 Mar-18 S&P Global Infrastructure Net TR USD -1.0-1.8-5.3-3.8 7.0 5.2 0.4 Mar-18 Natural Resources 615,701 3.7 3.7 1.1 -- -- -- -- 1.1 Jul-18 S&P Global Natural Resources Index TR USD 3.6 1.3 5.1 14.1 19.7 4.1 1.3 Jul-18 Risk Mitigating 3,063,743 18.6-0.7-0.1-1.6-1.2 -- -- -1.4 Sep-17 Investment Grade Bonds 2,607,472 15.8-0.6 0.0-1.5-1.1 1.3 1.6 1.6 Aug-13 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.2 1.3 2.2 2.3 Aug-13 Long-Term Government Bonds 456,271 2.8-1.7-1.6 -- -- -- -- -1.1 Apr-18 BBgBarc US Treasury Long TR -3.0-2.9-5.8-3.6 0.7 4.4-2.6 Apr-18 Date Policy Benchmark formula is shown at the end of this report. Page 16 of 35

Santa Barbara Foundation Focus Growth Blend Trailing Net Performance Market Value ($) Portfolio 16,478,215 100.0 0.0 2.0 1.8 4.9 8.3 5.8 5.7 Jun-11 Focus Growth Policy Benchmark 0.0 1.9 1.4 5.1 8.6 6.3 6.2 Jun-11 Growth 7,534,191 45.7 0.3 4.0 4.3 9.6 -- -- 11.1 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 7,534,191 45.7 0.3 4.0 4.3 9.6 13.6 9.4 8.7 Jun-11 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.3 Jun-11 Vanguard Total World Stock Market Index 4,449,505 27.0 0.2 4.0 3.9 9.8 -- -- 9.8 Oct-17 FTSE Global All Cap TR USD 0.3 4.1 4.0 10.2 12.6 7.4 10.2 Oct-17 GQG Partners Global Equity 809,624 4.9-0.8 4.2 8.7 13.9 -- -- 13.9 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 WCM Focused Growth 810,994 4.9 1.7 6.3 10.4 15.9 -- -- 15.9 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 Artisan Global Value 734,464 4.5 0.2 3.7 0.6 4.4 -- -- 4.4 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 First Eagle Global Value 729,603 4.4 0.4 1.3 0.2 3.4 -- -- 3.4 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 Income 1,821,764 11.1 1.1 2.0 1.0 1.0 -- -- 2.1 Sep-17 High Yield Bonds 925,000 5.6 0.7 2.6 2.2 2.2 -- -- 3.3 Sep-17 BBgBarc US High Yield 2% Issuer Cap TR 0.6 2.4 2.6 3.1 8.1 5.5 3.7 Sep-17 SKY Harbor Broad High Yield 925,000 5.6 BBgBarc US High Yield TR Date Policy Benchmark formula is shown at the end of this report. Page 17 of 35

Santa Barbara Foundation Focus Growth Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Bank Loans 518,979 3.1 0.7 1.9 3.8 4.2 -- -- 4.4 Sep-17 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 5.5 Sep-17 THL Credit Bank Loan Select 518,979 3.1 0.7 1.9 3.8 -- -- -- 3.8 Jan-18 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 4.4 Jan-18 Emerging Market Bonds 377,785 2.3 2.5 0.5-5.6 -- -- -- -5.6 Jan-18 EMD Custom Benchmark 1.7 0.6-4.2-3.5 5.7 2.8-4.2 Jan-18 Logan Circle Emerging Markets Debt 377,785 2.3 2.5 0.5-5.6 -- -- -- -5.6 Jan-18 Logan Circle Custom Benchmark 1.7 0.6-4.2-3.5 5.5 2.8-4.2 Jan-18 Inflation Hedges 2,553,675 15.5-0.3-0.5-0.9 1.5 -- -- 1.0 Sep-17 Real Estate 630,825 3.8-2.5-1.1-2.6 1.2 -- -- 0.6 Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR -2.1-0.4-0.4 3.5 5.3 5.0 2.8 Sep-17 Vanguard Real Estate Index 334,581 2.0-2.6 0.5 -- -- -- -- 4.7 Jun-18 MSCI US Inv Mkt Real Estate 25-50 Transition GR USD -2.6 0.5 0.6 2.0 -- -- 4.7 Jun-18 Vanguard Global ex-u.s. Real Estate 296,244 1.8-2.4-2.9 -- -- -- -- -5.4 Jun-18 S&P Global Ex-U.S. Property Net TR USD -2.3-3.0-6.0-0.7 7.4 3.6-5.6 Jun-18 TIPS 1,003,379 6.1-1.1-0.9-0.8 0.4 -- -- 0.4 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 0.4 Oct-17 BlackRock TIPS 1,003,379 6.1-1.1-0.9-0.8 0.4 -- -- 0.4 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 0.4 Oct-17 Page 18 of 35

Santa Barbara Foundation Focus Growth Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Infrastructure 303,769 1.8-1.2-1.9 -- -- -- -- 0.4 Mar-18 S&P Global Infrastructure Net TR USD -1.0-1.8-5.3-3.8 7.0 5.2 0.4 Mar-18 ishares Global Infrastructure 303,769 1.8-1.2-1.9 -- -- -- -- 0.4 Mar-18 S&P Global Infrastructure Net TR USD -1.0-1.8-5.3-3.8 7.0 5.2 0.4 Mar-18 Natural Resources 615,701 3.7 3.7 1.1 -- -- -- -- 1.1 Jul-18 S&P Global Natural Resources Index TR USD 3.6 1.3 5.1 14.1 19.7 4.1 1.3 Jul-18 SSgA S&P Global LargeMidCap Natural Resources Index 615,701 3.7 3.7 1.1 -- -- -- -- 1.1 Jul-18 S&P Global Large MidCap Commodity and Resources GR 3.8 1.2 4.2 12.2 17.0 2.2 1.2 Jul-18 Risk Mitigating 3,063,743 18.6-0.7-0.1-1.6-1.2 -- -- -1.4 Sep-17 Investment Grade Bonds 2,607,472 15.8-0.6 0.0-1.5-1.1 1.3 1.6 1.6 Aug-13 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.2 1.3 2.2 2.3 Aug-13 Baird Aggregate Bond Fund 1,304,487 7.9 BBgBarc US Aggregate TR BlackRock U.S. Debt Index Fund 1,302,985 7.9 BBgBarc US Aggregate TR Long-Term Government Bonds 456,271 2.8-1.7-1.6 -- -- -- -- -1.1 Apr-18 BBgBarc US Treasury Long TR -3.0-2.9-5.8-3.6 0.7 4.4-2.6 Apr-18 BlackRock Long Term Government Index 456,271 2.8-2.9-2.8 -- -- -- -- -2.3 Apr-18 BBgBarc US Govt Long TR -2.9-2.8-5.7-3.5 0.8 4.4-2.6 Apr-18 Page 19 of 35

Santa Barbara Foundation Focus Growth Blend Benchmark History 10/1/2017 Present 2/1/2017 9/30/2017 46% MSCI ACWI / 6% BBgBarc US High Yield 2% Issuer Cap TR / 4% Credit Suisse Leveraged Loans / 3% EMD Custom Benchmark / 7% BBgBarc US TIPS TR / 5% FTSE EPRA/NAREIT Developed Liquid Index USD TR / 4% S&P Global Natural Resources Index TR USD / 4% S&P Global Infrastructure Net TR USD / 12% BBgBarc US Aggregate TR / 6% BBgBarc US Treasury Long TR / 3% 91 Day T-Bills 29.5% BBgBarc US Aggregate TR / 9.5% BBgBarc US High Yield TR / 3% DJ Global ex US Real Estate Securities Index / 3% DJ US Select REIT TR USD / 17% MSCI EAFE / 2.5% MSCI Emerging Markets / 33.3% Russell 3000 / 2.3% 91 Day T-Bills 1/31/2017 Policy benchmark provided by prior consultant XXXXX EMD Custom Benchmark includes 35% JP Morgan EMBI Global TR /35% JP Morgan Corporate EMBI Broad TR USD / 30% JP Morgan GBI EM Global Diversified TR USD. Page 20 of 35

Focus Income Blend Page 21 of 35

Santa Barbara Foundation Focus Income Blend Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $3,571,412 $2,873,079 Net Cash Flow -$10,358 $672,282 Net Investment Change -$11,307 $4,385 Ending Market Value $3,549,747 $3,549,747 Page 22 of 35

Santa Barbara Foundation Focus Income Blend Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $848,889 23.9% 22.0% 1.9% 17.0% - 27.0% Yes Global Equity $848,889 23.9% 22.0% 1.9% 17.0% - 27.0% Yes Income $317,123 8.9% 9.0% -0.1% 4.0% - 14.0% Yes High Yield Bonds $108,000 3.0% 3.0% 0.0% 0.0% - 6.0% Yes Bank Loans $103,796 2.9% 3.0% -0.1% 0.0% - 6.0% Yes Emerging Market Bonds $105,327 3.0% 3.0% 0.0% 0.0% - 6.0% Yes Inflation Hedges $602,291 17.0% 20.0% -3.0% 15.0% - 25.0% Yes TIPS $427,360 12.0% 12.0% 0.0% 7.0% - 17.0% Yes Real Estate $104,380 2.9% 4.0% -1.1% 0.0% - 8.0% Yes Infrastructure $70,551 2.0% 4.0% -2.0% 0.0% - 8.0% Yes Risk Mitigating $1,432,084 40.3% 39.0% 1.3% 29.0% - 49.0% Yes Investment Grade Bonds $1,273,650 35.9% 30.0% 5.9% 20.0% - 40.0% Yes Long Term Government Bonds $158,435 4.5% 9.0% -4.5% 4.0% - 14.0% Yes Cash Equivalents $349,359 9.8% 10.0% -0.2% 0.0% - 20.0% Yes Cash Equivalents $349,359 9.8% 10.0% -0.2% 0.0% - 20.0% Yes Total $3,549,747 100.0% 100.0% XXXXX Page 23 of 35

Santa Barbara Foundation Focus Income Blend Asset Class Performance Summary Market Value ($) Portfolio 3,549,747 100.0-0.3 0.9 0.2 2.0 4.9 3.7 3.7 Jun-11 Focus Income Policy Benchmark -0.5 0.7-0.2 1.8 5.2 4.3 4.3 Jun-11 Growth 848,889 23.9 0.3 4.1 4.4 9.6 -- -- 11.1 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 848,889 23.9 0.3 4.1 4.4 9.6 13.2 9.2 8.7 Jun-11 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.3 Jun-11 Income 317,123 8.9 1.3 1.8 0.5 0.6 -- -- 1.2 Sep-17 High Yield Bonds 108,000 3.0 0.8 2.6 2.2 2.3 -- -- 2.9 Sep-17 BBgBarc US High Yield 2% Issuer Cap TR 0.6 2.4 2.6 3.1 8.1 5.5 3.7 Sep-17 Bank Loans 103,796 2.9 0.7 1.9 3.8 4.3 -- -- 4.1 Sep-17 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 5.5 Sep-17 Emerging Market Bonds 105,327 3.0 2.5 0.5-5.6 -- -- -- -5.6 Jan-18 EMD Custom Benchmark 1.7 0.6-4.2-3.5 5.7 2.8-4.2 Jan-18 Inflation Hedges 602,291 17.0-1.3-1.0-1.6 0.3 -- -- 0.0 Sep-17 TIPS 427,360 12.0-1.1-0.9-0.8 0.5 -- -- 0.5 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 0.4 Oct-17 Real Estate 104,380 2.9-2.5-1.1-2.4 1.6 -- -- 0.9 Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR -2.1-0.4-0.4 3.5 5.3 5.0 2.8 Sep-17 Infrastructure 70,551 2.0-1.2-1.9 -- -- -- -- 0.4 Mar-18 S&P Global Infrastructure Net TR USD -1.0-1.8-5.3-3.8 7.0 5.2 0.4 Mar-18 Risk Mitigating 1,432,084 40.3-0.7-0.1-1.5-1.2 -- -- -1.5 Sep-17 Investment Grade Bonds 1,273,650 35.9-0.6 0.1-1.4-1.1 1.3 1.5 1.6 Aug-13 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.2 1.3 2.2 2.3 Aug-13 Long-Term Government Bonds 158,435 4.5-1.9-1.8 -- -- -- -- -1.3 Apr-18 BBgBarc US Treasury Long TR -3.0-2.9-5.8-3.6 0.7 4.4-2.6 Apr-18 Cash 349,359 9.8 XXXXX Date Policy Benchmark formula is shown at the end of this report. Page 24 of 35

Santa Barbara Foundation Focus Income Blend Trailing Net Performance Market Value ($) Portfolio 3,549,747 100.0-0.3 0.9 0.2 2.0 4.9 3.7 3.7 Jun-11 Focus Income Policy Benchmark -0.5 0.7-0.2 1.8 5.2 4.3 4.3 Jun-11 Growth 848,889 23.9 0.3 4.1 4.4 9.6 -- -- 11.1 Sep-17 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Global Equity 848,889 23.9 0.3 4.1 4.4 9.6 13.2 9.2 8.7 Jun-11 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 8.3 Jun-11 Vanguard Total World Stock Market Index 518,279 14.6 0.2 4.0 3.9 9.8 -- -- 9.8 Oct-17 FTSE Global All Cap TR USD 0.3 4.1 4.0 10.2 12.6 7.4 10.2 Oct-17 GQG Partners Global Equity 86,746 2.4-0.8 4.2 8.7 13.9 -- -- 13.9 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 WCM Focused Global Growth 86,892 2.4 1.7 6.3 10.4 15.9 -- -- 15.9 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 Artisan Global Value 78,693 2.2 0.2 3.7 0.6 4.4 -- -- 4.4 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 First Eagle Global Value 78,279 2.2 0.4 2.0 0.8 4.1 -- -- 4.1 Oct-17 MSCI ACWI 0.4 4.3 3.8 9.8 13.4 8.7 9.8 Oct-17 Income 317,123 8.9 1.3 1.8 0.5 0.6 -- -- 1.2 Sep-17 High Yield Bonds 108,000 3.0 0.8 2.6 2.2 2.3 -- -- 2.9 Sep-17 BBgBarc US High Yield 2% Issuer Cap TR 0.6 2.4 2.6 3.1 8.1 5.5 3.7 Sep-17 SKY Harbor Broad High Yield 108,000 3.0 BBgBarc US High Yield TR Date Policy Benchmark formula is shown at the end of this report. Page 25 of 35

Santa Barbara Foundation Focus Income Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Bank Loans 103,796 2.9 0.7 1.9 3.8 4.3 -- -- 4.1 Sep-17 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 5.5 Sep-17 THL Credit Bank Loan Select 103,796 2.9 0.7 1.9 3.8 -- -- -- 3.8 Jan-18 Credit Suisse Leveraged Loans 0.7 1.9 4.4 5.6 5.4 4.4 4.4 Jan-18 Emerging Market Bonds 105,327 3.0 2.5 0.5-5.6 -- -- -- -5.6 Jan-18 EMD Custom Benchmark 1.7 0.6-4.2-3.5 5.7 2.8-4.2 Jan-18 Logan Circle Emerging Markets Debt 105,327 3.0 2.5 0.5-5.6 -- -- -- -5.6 Jan-18 Logan Circle Custom Benchmark 1.7 0.6-4.2-3.5 5.5 2.8-4.2 Jan-18 Inflation Hedges 602,291 17.0-1.3-1.0-1.6 0.3 -- -- 0.0 Sep-17 TIPS 427,360 12.0-1.1-0.9-0.8 0.5 -- -- 0.5 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 0.4 Oct-17 BlackRock TIPS 427,360 12.0-1.1-0.9-0.8 0.5 -- -- 0.5 Oct-17 BBgBarc US TIPS TR -1.1-0.8-0.8 0.4 2.0 1.4 0.4 Oct-17 Real Estate 104,380 2.9-2.5-1.1-2.4 1.6 -- -- 0.9 Sep-17 FTSE EPRA/NAREIT Developed Liquid Index USD TR -2.1-0.4-0.4 3.5 5.3 5.0 2.8 Sep-17 Vanguard Real Estate Index 55,354 1.6-2.6 0.5 -- -- -- -- 4.7 Jun-18 MSCI US Inv Mkt Real Estate 25-50 Transition GR USD -2.6 0.5 0.6 2.0 -- -- 4.7 Jun-18 Vanguard Global ex-u.s. Real Estate 49,026 1.4-2.4-2.9 -- -- -- -- -5.4 Jun-18 S&P Global Ex-U.S. Property Net TR USD -2.3-3.0-6.0-0.7 7.4 3.6-5.6 Jun-18 Page 26 of 35

Santa Barbara Foundation Focus Income Blend Market Value ($) Portfolio 1 Mo QTD YTD 1 Yr 3 Yrs 5 Yrs Date Infrastructure 70,551 2.0-1.2-1.9 -- -- -- -- 0.4 Mar-18 S&P Global Infrastructure Net TR USD -1.0-1.8-5.3-3.8 7.0 5.2 0.4 Mar-18 ishares Global Infrastructure 70,551 2.0-1.2-1.9 -- -- -- -- 0.4 Mar-18 S&P Global Infrastructure Net TR USD -1.0-1.8-5.3-3.8 7.0 5.2 0.4 Mar-18 Risk Mitigating 1,432,084 40.3-0.7-0.1-1.5-1.2 -- -- -1.5 Sep-17 Investment Grade Bonds 1,273,650 35.9-0.6 0.1-1.4-1.1 1.3 1.5 1.6 Aug-13 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.2 1.3 2.2 2.3 Aug-13 Baird Aggregate Bond Fund 637,192 18.0 BBgBarc US Aggregate TR BlackRock U.S. Debt Index 636,458 17.9 BBgBarc US Aggregate TR Long-Term Government Bonds 158,435 4.5-1.9-1.8 -- -- -- -- -1.3 Apr-18 BBgBarc US Treasury Long TR -3.0-2.9-5.8-3.6 0.7 4.4-2.6 Apr-18 BlackRock Long Term Government Index 158,435 4.5-2.9-2.8 -- -- -- -- -2.3 Apr-18 BBgBarc US Govt Long TR -2.9-2.8-5.7-3.5 0.8 4.4-2.6 Apr-18 Cash 349,359 9.8 Deposits & Money Market Funds 349,359 9.8 XXXXX Page 27 of 35

Santa Barbara Foundation Focus Income Blend Benchmark History 10/1/2017 Present 2/1/2017 9/30/2017 22% MSCI ACWI / 3% BBgBarc US High Yield 2% Issuer Cap TR / 3% Credit Suisse Leveraged Loans / 3% EMD Custom Benchmark / 12% BBgBarc US TIPS TR / 4% FTSE EPRA/NAREIT Developed Liquid Index USD TR / 4% S&P Global Infrastructure Net TR USD / 30% BBgBarc US Aggregate TR / 9% BBgBarc US Treasury Long TR / 10% 91 Day T-Bills 49% BBgBarc US Aggregate TR / 8.5% BBgBarc US High Yield TR / 1.8% DJ Global ex US Real Estate Securities Index / 1.8% DJ US Select REIT TR USD / 9.5% MSCI EAFE / 1% MSCI Emerging Markets / 18.5% Russell 3000 / 10% 91 Day T-Bills 1/31/2017 Policy benchmark provided by prior consultant XXXXX EMD Custom Benchmark includes 35% JP Morgan EMBI Global TR /35% JP Morgan Corporate EMBI Broad TR USD / 30% JP Morgan GBI EM Global Diversified TR USD Page 28 of 35

Socially Responsible Blend Page 29 of 35

Santa Barbara Foundation Socially Responsible Blend Portfolio Overview Summary of Cash Flows Last Month Year-To-Date Beginning Market Value $2,784,017 $2,624,633 Net Cash Flow $2,972 $75,725 Net Investment Change -$15,835 $70,796 Ending Market Value $2,771,154 $2,771,154 Page 30 of 35

Santa Barbara Foundation Socially Responsible Blend Allocation vs. Targets and Policy Current Balance Current Allocation Policy Difference Policy Range Within IPS Range? Growth $1,905,039 68.7% 70.0% -1.3% 60.0% - 80.0% Yes Global Equity $1,905,039 68.7% 70.0% -1.3% 60.0% - 80.0% Yes Risk Mitigating $746,735 26.9% 27.0% -0.1% 17.0% - 37.0% Yes Investment Grade Bonds $746,735 26.9% 27.0% -0.1% 17.0% - 37.0% Yes Cash Equivalents $119,380 4.3% 3.0% 1.3% 1.0% - 5.0% Yes Cash Equivalents $119,380 4.3% 3.0% 1.3% 1.0% - 5.0% Yes Total $2,771,154 100.0% 100.0% XXXXX Page 31 of 35

Santa Barbara Foundation Socially Responsible Blend Summary Asset Class Performance Summary Market Value ($) Portfolio 1 Mo QTD YTD Date 2,771,154 100.0-0.6 3.7 2.7 7.5 Sep-17 SRI Policy Benchmark -0.1 5.0 7.0 12.5 Sep-17 Growth 1,905,039 68.7-0.7 5.4 4.6 11.7 Sep-17 Global Equity 1,905,039 68.7-0.7 5.4 4.6 11.7 Sep-17 Russell 3000 0.2 7.1 10.6 18.7 Sep-17 Risk Mitigating 746,735 26.9-0.4 0.2-0.8-1.2 Sep-17 Investment Grade Bonds 746,735 26.9-0.4 0.2-0.8-1.2 Sep-17 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.6 Sep-17 Cash Equivalents 119,380 4.3 XXXXX Policy Benchmark formula is shown at the end of this report. Page 32 of 35

Santa Barbara Foundation Socially Responsible Blend Trailing Net Performance Market Value ($) Portfolio 1 Mo QTD YTD Date 2,771,154 100.0-0.6 3.7 2.7 7.5 Sep-17 SRI Policy Benchmark -0.1 5.0 7.0 12.5 Sep-17 Growth 1,905,039 68.7-0.7 5.4 4.6 11.7 Sep-17 Global Equity 1,905,039 68.7-0.7 5.4 4.6 11.7 Sep-17 Russell 3000 0.2 7.1 10.6 18.7 Sep-17 Parnassus Endeavor Equity 1,905,039 68.7-0.7 5.4 4.6 11.7 Sep-17 S&P 500 0.6 7.7 10.6 18.6 Sep-17 Risk Mitigating 746,735 26.9-0.4 0.2-0.8-1.2 Sep-17 Investment Grade Bonds 746,735 26.9-0.4 0.2-0.8-1.2 Sep-17 BBgBarc US Aggregate TR -0.6 0.0-1.6-1.6 Sep-17 Breckinridge Intermediate Sustainable Gov Credit 746,735 26.9-0.4 0.2-0.8-1.2 Sep-17 BBgBarc US Govt/Credit Int TR -0.4 0.2-0.8-1.3 Sep-17 Cash Equivalents 119,380 4.3 Cash, Deposits & Money Market Funds 119,380 4.3 XXXXX Policy Benchmark formula is shown at the end of this report. Page 33 of 35

Santa Barbara Foundation Socially Responsible Blend Benchmark History 9/1/2017 Present 70% Russell 3000 / 27% BBgBarc US Aggregate TR / 3% 91 Day T-Bills XXXXX Page 34 of 35

Santa Barbara Foundation Socially Responsible Blend Disclaimer WE HAVE PREPARED THIS REPORT (THIS REPORT ) FOR THE SOLE BENEFIT OF THE INTENDED RECIPIENT (THE RECIPIENT ). SIGNIFICANT EVENTS MAY OCCUR (OR HAVE OCCURRED) AFTER THE DATE OF THIS REPORT AND THAT IT IS NOT OUR FUNCTION OR RESPONSIBILITY TO UPDATE THIS REPORT. ANY OPINIONS OR RECOMMENDATIONS PRESENTED HEREIN REPRESENT OUR GOOD FAITH VIEWS AS OF THE DATE OF THIS REPORT AND ARE SUBJECT TO CHANGE AT ANY TIME. ALL INVESTMENTS INVOLVE RISK. THERE CAN BE NO GUARANTEE THAT THE STRATEGIES, TACTICS, AND METHODS DISCUSSED HERE WILL BE SUCCESSFUL. INFORMATION USED TO PREPARE THIS REPORT WAS OBTAINED FROM INVESTMENT MANAGERS, CUSTODIANS, AND OTHER EXTERNAL SOURCES. WHILE WE HAVE EXERCISED REASONABLE CARE IN PREPARING THIS REPORT, WE CANNOT GUARANTEE THE ACCURACY OF ALL SOURCE INFORMATION CONTAINED HEREIN. CERTAIN INFORMATION CONTAINED IN THIS REPORT MAY CONSTITUTE FORWARD - LOOKING STATEMENTS, WHICH CAN BE IDENTIFIED BY THE USE OF TERMINOLOGY SUCH AS MAY, WILL, SHOULD, EXPECT, AIM, ANTICIPATE, TARGET, PROJECT, ESTIMATE, INTEND, CONTINUE OR BELIEVE, OR THE NEGATIVES THEREOF OR OTHER VARIATIONS THEREON OR COMPARABLE TERMINOLOGY. ANY FORWARD - LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION ARE BASED UPON CURRENT ASSUMPTIONS. CHANGES TO ANY ASSUMPTIONS MAY HAVE A MATERIAL IMPACT ON FORWARD LOOKING STATEMENTS, FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS. ACTUAL RESULTS MAY THEREFORE BE MATERIALLY DIFFERENT FROM ANY FORECASTS, PROJECTIONS, VALUATIONS, OR RESULTS IN THIS PRESENTATION. PERFORMANCE DATA CONTAINED HEREIN REPRESENT PAST PERFORMANCE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Page 35 of 35