Loading...
HomeMy Public PortalAbout2020 4th Quarter ReportVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. Metropolitan St. Louis Sewer District Pension Plan | Fourth Quarter 2020 Quarterly Investment Review Visit our new video library with our views on key investment topics for this quarter using access code "aon!" (https://site-494121.bcvp0rtal.com/category/videos/key-topics-by-investor-type) Executive Summary Page 1 Total Plan Page 6 Total Domestic Equity Page 18 Total International Equity Page 32 Total Fixed Income Page 44 Real Estate Page 58 Market Environment Page 62 Appendix Page 76 Disclaimers and Notes Page 86 Table Of Contents Executive Summary Page 1 Opinions,estimates,forecasts,and statements on financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice.The views and strategies described may not be suitable for all investors.References to specific securities,asset classes, and financial markets are for illustrative purposes only and are not intended to be,and should not be interpreted as,recommendations. Thought Leadership Hub Find Additional Research at https://insights-north-america.aon.com Thought Leadership Highlights –Public Retirement Plans Aon United COVID-19 Vaccine: Implications of Mandatory Employee Programs Link to 1st Bulletin Link to 2nd Bulletin Market View U.S. Month in Markets (December 2020)Link Market View AA View: 2020 -The record breaking year that was Request directly from Consultant Market View AA View: 2021 Outlook: A Vaccine Bridge Over Troubled Water?Link Market View AA View: A Blue Wave After All, But It Won’t Be Free Rein for Biden Link Market View Webinar: Market Outlook -Investing in 2021: The Real Risk/Reward Challenge on January 21 Registration Replay Market View Capital Market Assumptions (as of September 30, 2020)Link Market View Quarterly Investment Outlook -October 2020 Link Market View Townsend Real Estate Update: COVID-19 and the Impact on Office Space Link Plan Design Trust the Process --Public Pension Investment Strategy Link Strategy Review Client Video on Opportunistic Credit Strategies (3 minute video -access code ‘aon!’)Link to video Strategy Review Video: Demand Increasing for ESG and Responsible Investment (access code ‘aon!’)Link to video Talent Management Reimagining Total Rewards for a Changing World Link Page 2 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights 15.2%13.3% 7.4% 12.8% 4.4% 7.8% 10.0%8.6% 1.0% 13.9% 11.2% 5.5%3.6%3.8% 7.7%8.2%6.8% -6.5%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomber g Barclays U.S. Aggr eg ate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield Bloomberg Commodi ty Index LONG TERM ANNUALIZED RET URNS AS OF 12/31/2020 Five-Year Ten-Year Source:Ru ssell, MSCI, Bloomberg Barclays, B loomber g 12.1% 31.4% 16.0% 19.7% 0.7% -3.0% 4.9%6.5% 10.2% 18.4%20.0% 7.8% 18.3% 7.5% 17.6% 13.3% 7.1% -3.1%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. Aggreg ate Bloomberg Barclays U.S. Long Gov't Bloomber g Barclays U.S. Long Credit Bloomber g Barcla ys U.S. High Yield Bloomberg Commodi ty Index SHORT TERM RET URNS AS OF 12/31/2020 Four th Quarte r 2020 YTD Sour ce:Ru ssell, MSCI, Bloomber g Barclay s, B loomberg MSCI Indi ces show net total retur ns thr oug hout thi s repor t. All other indi ces show gross total retur ns.. Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Fourth Quarter 1-Year 3-Ye ar1 5-Year1 10-Year1 Equity MSCI All Country World IM I 15.70%16.25%9.72%12.15%9.09% MSCI All Country World 14.68%16.25%10.06%12.26%9.13% Dow Jones U.S . Total Stock Market 14.76%20.79%14.41%15.36%13.74% Russell 3000 14.68%20.89%14.49%15.43%13.79% S&P 500 12.15%18.40%14.18%15.22%13.88% Russell 2000 31.37%19.96%10.25%13.26%11.20% MSCI All Country World ex-U.S. IMI 17.22%11.12%4.83%8.98%5.06% MSCI All Country World ex-U.S.17.01%10.65%4.88%8.93%4.92% MSCI EAFE 16.05%7.82%4.28%7.45%5.51% MSCI EAFE (Local C urrenc y)11.35%0.84%2.98%5.80%6.82% MSCI Emerging Markets 19.70%18.31%6.17%12.81%3.63% Fixed Income Bloomberg Barclays Global A ggregate 3.28%9.20%4.85%4.79%2.83% Bloomberg Barclays U.S. Aggregate 0.67%7.51%5.34%4.44%3.84% Bloomberg Barclays U.S. Long Gov't -2.95%17.55%9.83%7.84%7.74% Bloomberg Barclays U.S. Long Credit 4.92%13.32%9.23%10.02%8.24% Bloomberg Barclays U.S. Long Gov't/C redit 1.68%16.12%9.80%9.35%8.16% Bloomberg Barclays U.S. TIP S 1.62%10.99%5.92%5.08%3.81% Bloomberg Barclays U.S. Hi gh Yield 6.45%7.11%6.24%8.59%6.80% Bloomberg Barclays Global Treasury ex U.S.4.66%9.54%4.48%4.90%1.81% JP Morgan EMBI Global (Emerging Markets)5.49%5.88%4.94%6.84%5.97% Commodities Bloomberg Commodity Ind ex 10.19%-3.12%-2.53%1.03%-6.50% Goldman Sachs Commodity Index 14.49%-23.72%-8.21%-1.85%-8.76% Hedge Funds HFRI Fund -Weighted Composite2 10.68%11.61%5.50%6.10%4.18% HFRI Fund of Fund s2 7.52%10.27%4.68%4.44%3.27% Real Estate NAREIT U.S. Equity RE ITS 11.57%-8.00%3.40%4.77%8.31% FTSE Global Core Infrastructure Index 7.23%-0.66%7.52%10.43%9.25% Private Equity Burgiss Private iQ Global Priva te Equity3 6.20%11.83%10.92%12.93% MSCI Indices show net total returns throug ho ut this report. A ll other indices show gross total returns. 1 Periods are annuali ze d. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Pri va te Equity data is as at June 30, 2020 Returns of the Major Capital Markets Period Ending 12/31/2020 Page 4 (This Page Left Blank Intentionally) Page 5 Total Plan Page 6 Change in Market Value From October 1, 2020 to December 31, 2020 Summary of Cash Flow $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 Millions ($)Beginning Market Value Net Additions / Withdrawals Investment Earnings Ending Market Value $296.0 $1.4 $29.2 $326.6 1 Quarter 1 Year Total Pension Beginning Market Value 295,973,586 295,877,142 + Additions / Withdrawals 1,376,875 -6,394,043 + Investment Earnings 29,207,346 37,074,707 = Ending Market Value 326,557,807 326,557,807 Total Pension Total Plan Asset Summary As of December 31, 2020 Page 7 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 15 Years Total Pension Policy Benchmark 0.0 5.0 10.0 15.0 20.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/93 9.8 12.7 8.1 8.6 6.9 9.7 12.8 7.8 8.2 6.6 7.5 Total Pension Benchmark 0.96 1.00 1.04 1.08 1.12 12/05 6/07 12/08 6/10 12/11 6/13 12/14 6/16 12/17 6/19 12/20 0.99 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Total Plan Performance Summary As of December 31, 2020Total Pension Page 8 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Pension 326,557,807 100.0 100.0 9.7 (61)12.8 (57)7.8 (78)8.2 (92)6.6 (94)7.5 (60)01/01/1993 Policy Benchmark 9.8 (59)12.7 (57)8.1 (71)8.6 (84)6.9 (91) All Public Plans < $1B-Total Fund Median 10.1 13.2 9.1 9.8 8.2 7.7 Total Domestic Equity 121,634,986 37.2 16.8 (28)21.4 (24)14.2 (35)14.4 (55)13.5 (43)09/01/2013 Russell 3000 Index 14.7 (71)20.9 (27)14.5 (26)15.4 (26)14.2 (24) All Public Plans-US Equity Segment Median 15.8 18.9 13.5 14.6 13.2 IM U.S. Equity (SA+CF) Median 18.6 16.0 11.2 13.7 12.4 Total Large-Cap Equity 83,783,653 25.7 25.0 13.7 (71)21.0 (36)14.8 (33)14.5 (38)13.3 (35)10.1 (61)06/01/2003 Russell 1000 Index 13.7 (71)21.0 (37)14.8 (33)15.6 (30)14.0 (28)10.6 (50) IM U.S. Equity (SA+CF) Median 18.5 14.8 10.4 12.6 11.7 10.5 BlackRock Russell 1000 Index Fund Non-Lending 83,783,653 25.7 13.7 (71)21.1 (36)14.9 (32)15.5 (33)03/01/2017 Russell 1000 Index 13.7 (71)21.0 (37)14.8 (33)15.5 (33) IM U.S. Equity (SA+CF) Median 18.5 14.8 10.4 11.6 Total Small-Cap Equity 37,851,333 11.6 10.0 24.3 (32)21.8 (35)12.4 (42)14.4 (39)12.4 (44)11.8 (26)06/01/2003 Russell 2000 Index 31.4 (11)20.0 (39)10.2 (51)13.3 (47)11.2 (56)10.4 (54) IM U.S. Equity (SA+CF) Median 18.5 14.8 10.4 12.6 11.7 10.5 Kennedy Mid Cap Value 18,845,894 5.8 21.8 (40)8.4 (66)6.0 (70)11.6 (58)10.5 (66)9.9 (49)02/01/2008 IM U.S. Equity (SA+CF) Median 18.5 14.8 10.4 12.6 11.7 9.8 Russell Midcap Value Index 20.4 (44)5.0 (74)5.4 (74)9.7 (72)10.5 (66)8.7 (70) TimesSquare Small Cap Growth 19,005,439 5.8 27.0 (25)36.3 (17)18.7 (22)17.1 (26)14.0 (34)11.7 (20)02/01/2002 Russell 2000 Growth Index 29.6 (16)34.6 (19)16.2 (29)16.4 (29)13.5 (42)9.8 (55) IM U.S. Equity (SA+CF) Median 18.6 16.0 11.2 13.7 12.7 10.0 Total International Equity 60,179,298 18.4 18.0 15.4 (87)12.7 (52)5.0 (81)8.2 (89)6.0 (99)09/01/2013 MSCI AC World ex USA Index (Net)17.0 (58)10.7 (75)4.9 (83)8.9 (76)6.2 (98) All Public Plans-Intl. Equity Segment Median 17.2 12.8 6.3 10.0 7.7 IM International Equity (MF) Median 17.2 15.0 6.2 10.3 7.8 Morgan Stanley International Equity 40,216,496 12.3 14.3 (78)11.4 (53)5.0 (47)7.3 (72)5.9 (41)5.1 (74)04/01/2005 MSCI EAFE Index (Net)16.0 (61)7.8 (67)4.3 (56)7.4 (69)5.5 (48)5.1 (74) IM International Equity (MF) Median 17.2 12.2 4.7 9.0 5.4 6.3 Morgan Stanley Emerging Markets Fund 19,962,802 6.1 17.5 (75)14.7 (61)4.3 (61)10.3 (70)3.1 (52)7.4 (50)04/01/2005 MSCI Emerging Markets Index (Net)19.7 (47)18.3 (41)6.2 (41)12.8 (35)3.6 (41)8.1 (42) IM Emerging Markets Equity (MF) Median 19.5 17.0 5.4 11.7 3.2 7.4 Asset Allocation & Performance As of December 31, 2020 Page 9 Asset Allocation & Performance As of December 31, 2020 Allocation Market Value ($) %Policy(%) Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 111,015,700 34.0 35.0 3.6 (4)9.2 (33)5.6 (59)5.5 (51)4.0 (74)4.7 (68)07/01/2003 Blmbg. Barc. Intermed. U.S. Government/Credit 0.5 (83)6.4 (87)4.7 (89)3.6 (94)3.1 (91)3.6 (92) All Public Plans-US Fixed Income Segment Median 1.7 8.6 5.7 5.5 4.6 5.0 IM U.S. Fixed Income (SA+CF) Median 1.4 7.1 5.4 4.9 4.4 4.6 Income Research 43,256,440 13.2 0.6 (54)7.5 (19)5.0 (22)3.8 (37)3.4 (36)4.7 (22)07/01/2001 Blmbg. Barc. Intermed. U.S. Government/Credit 0.5 (73)6.4 (53)4.7 (42)3.6 (49)3.1 (60)4.2 (55) IM U.S. Intermediate Duration (SA+CF) Median 0.6 6.5 4.6 3.6 3.2 4.3 Prudential Core Plus Bond 40,461,722 12.4 2.6 (30)9.2 (35)6.6 (12)6.4 (16)5.4 (11)06/01/2015 Blmbg. Barc. U.S. Aggregate 0.7 (96)7.5 (82)5.3 (78)4.4 (85)3.9 (80) IM U.S. Broad Market Core+ Fixed Income (SA+CF) Median 2.0 8.7 5.9 5.4 4.5 Brandywine Global Opportunistic Fixed Income 27,297,538 8.4 10.5 (5)11.7 (13)5.0 (53)6.6 (33)4.7 (38)5.5 (29)01/01/2005 FTSE World Government Bond Index 2.8 (84)10.1 (30)5.0 (53)4.8 (76)2.3 (91)3.2 (100) IM Global Fixed Income (SA+CF) Median 5.1 7.5 5.0 5.7 4.3 5.0 Hedge Fund 1,172,186 0.4 0.0 Entrust Capital Diversified Fund 1,172,186 0.4 Real Estate 30,265,219 9.3 12.0 -2.1 -4.9 -0.7 1.8 6.0 4.4 06/01/2006 Real Estate Performance Benchmark 1.1 1.5 4.8 5.9 9.0 7.1 UBS Trumbull Property Fund 30,265,219 9.3 -2.1 -4.9 -0.7 1.8 6.0 4.4 06/01/2006 Real Estate Performance Benchmark 1.1 1.5 4.8 5.9 9.0 7.1 Cash Account 2,290,418 0.7 0.0 0.0 0.5 1.6 1.2 0.6 1.4 07/01/2003 ICE BofAML 3 Month U.S. T-Bill 0.0 0.7 1.6 1.2 0.6 1.3 **The EnTrust Capital Diversified Fund market value is as of 11/30/2020 and is currently in the process of liquidation. Page 10 Performance(%) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Total Pension 12.8 (57)16.2 (91)-4.3 (43)12.3 (89)5.1 (88)-0.7 (70)2.9 (97)10.9 (94)12.1 (45)1.2 (20) Policy Benchmark 12.7 (57)17.4 (83)-4.5 (50)12.2 (90)6.6 (53)-1.4 (83)3.5 (96)12.3 (89)11.6 (58)1.1 (21) Total Domestic Equity 21.4 (24)30.6 (36)-6.1 (61)20.1 (55)9.6 (94)1.9 (7)10.1 (87)--- Russell 3000 Index 20.9 (27)31.0 (29)-5.2 (38)21.1 (32)12.7 (51)0.5 (44)12.6 (23)--- Total Large-Cap Equity 21.0 (36)31.4 (28)-4.8 (32)20.4 (42)7.9 (73)3.9 (15)10.9 (35)32.0 (71)14.0 (62)2.4 (26) Russell 1000 Index 21.0 (37)31.4 (28)-4.8 (32)21.7 (35)12.1 (52)0.9 (32)13.2 (18)33.1 (63)16.4 (37)1.5 (33) BlackRock Russell 1000 Index Fund Non-Lending 21.1 (36)31.4 (28)-4.8 (31)------- Russell 1000 Index 21.0 (37)31.4 (28)-4.8 (32)------- Total Small-Cap Equity 21.8 (35)28.7 (44)-9.5 (60)19.6 (46)15.6 (37)-4.8 (74)7.2 (61)40.3 (24)13.3 (67)0.8 (39) Russell 2000 Index 20.0 (39)25.5 (65)-11.0 (67)14.6 (71)21.3 (18)-4.4 (73)4.9 (75)38.8 (29)16.3 (37)-4.2 (74) Kennedy Mid Cap Value 8.4 (66)28.6 (46)-14.5 (85)18.0 (52)22.9 (15)-9.9 (93)15.8 (6)33.3 (62)13.6 (65)-0.8 (51) Russell Midcap Value Index 5.0 (74)27.1 (56)-12.3 (74)13.3 (77)20.0 (22)-4.8 (75)14.7 (9)33.5 (60)18.5 (21)-1.4 (54) TimesSquare Small Cap Growth 36.3 (17)28.2 (46)-4.2 (27)21.1 (36)8.4 (63)1.0 (31)-2.5 (93)47.7 (5)13.1 (67)2.6 (17) Russell 2000 Growth Index 34.6 (19)28.5 (44)-9.3 (61)22.2 (30)11.3 (51)-1.4 (47)5.6 (70)43.3 (9)14.6 (54)-2.9 (56) Total International Equity 12.7 (52)20.2 (96)-14.6 (75)28.0 (65)0.3 (93)-2.0 (41)-5.5 (100)--- MSCI AC World ex USA Index (Net)10.7 (75)21.5 (86)-14.2 (61)27.2 (74)4.5 (39)-5.7 (90)-3.9 (81)--- Morgan Stanley International Equity 11.4 (53)20.4 (61)-13.8 (31)25.2 (73)-2.0 (82)0.4 (31)-6.1 (70)20.3 (40)19.6 (43)-7.6 (10) MSCI EAFE Index (Net)7.8 (67)22.0 (48)-13.8 (31)25.0 (74)1.0 (64)-0.8 (40)-4.9 (59)22.8 (25)17.3 (66)-12.1 (30) Morgan Stanley Emerging Markets Fund 14.7 (61)19.5 (50)-17.3 (62)35.0 (51)6.7 (62)-10.3 (26)-4.5 (71)-0.8 (48)20.2 (42)-18.4 (37) MSCI Emerging Markets Index (Net)18.3 (41)18.4 (58)-14.6 (34)37.3 (38)11.2 (37)-14.9 (59)-2.2 (50)-2.6 (60)18.2 (58)-18.4 (37) Asset Allocation & Performance As of December 31, 2020 Page 11 Asset Allocation & Performance As of December 31, 2020 Performance(%) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Total Fixed Income 9.2 (33)9.1 (53)-1.0 (77)6.3 (16)4.2 (59)-2.1 (92)2.4 (96)-1.7 (62)10.9 (16)3.8 (100) Blmbg. Barc. Intermed. U.S. Government/Credit 6.4 (87)6.8 (92)0.9 (14)2.1 (96)2.1 (89)1.1 (18)3.1 (94)-0.9 (37)3.9 (100)5.8 (93) Income Research 7.5 (19)6.7 (42)0.8 (41)2.0 (75)2.3 (43)0.9 (60)3.3 (52)-0.9 (59)5.9 (25)5.6 (50) Blmbg. Barc. Intermed. U.S. Government/Credit 6.4 (53)6.8 (39)0.9 (37)2.1 (64)2.1 (51)1.1 (42)3.1 (61)-0.9 (55)3.9 (75)5.8 (39) Prudential Core Plus Bond 9.2 (35)11.3 (12)-0.4 (39)6.6 (11)5.8 (23)----- Blmbg. Barc. U.S. Aggregate 7.5 (82)8.7 (76)0.0 (19)3.5 (83)2.6 (88)----- Brandywine Global Opportunistic Fixed Income 11.7 (13)9.3 (49)-5.2 (90)12.8 (3)5.2 (54)-8.4 (90)6.3 (15)-3.5 (75)14.1 (29)8.0 (10) FTSE World Government Bond Index 10.1 (30)5.9 (87)-0.8 (25)7.5 (46)1.6 (89)-3.6 (60)-0.5 (84)-4.0 (83)1.6 (94)6.4 (23) Hedge Fund Entrust Capital Diversified Fund Real Estate -4.9 -2.9 6.0 5.3 6.0 ----- Real Estate Performance Benchmark 1.5 6.4 6.7 7.0 8.0 ----- UBS Trumbull Property Fund -4.9 -3.0 6.0 5.3 6.0 11.7 10.4 9.2 9.0 12.1 Real Estate Performance Benchmark 1.5 6.4 6.7 7.0 8.0 13.3 11.8 11.0 10.5 14.3 Cash Account 0.5 2.3 2.0 1.0 0.3 0.0 0.0 0.0 0.1 0.0 ICE BofAML 3 Month U.S. T-Bill 0.7 2.3 1.9 0.9 0.3 0.1 0.0 0.1 0.1 0.1 Page 12 Total Fund Performance 0.00%6.00%12.00%18.00%-6.00 % Total Fund Total Fund Benchmark Total Value Added 9.74% 9.77% -0.03 % Total Value Added:-0.03 % 0.00%0.20%-0.20 %-0.40 % Other Manager Value Added Asset Allocation 0.03% -0.15 % 0.09% Total Asset Allocation:0.09% Average Active Weight 0.00%2.00%-2.00 %-4.00 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.54% -1.70 % 0.39% 0.10% -0.01 % 0.84% -0.17 % Asset Allocation Value Added 0.00%0.20%0.40%-0.20 % -0.06 % 0.14% -0.05 % -0.06 % -0.03 % 0.17% -0.03 % Total Manager Value Added:-0.15 % Manager Value Added 0.00%2.00%-2.00 % 0.00% -0.34 % 0.00% 1.14% -0.25 % -0.70 % 0.00% Total Pension Total Fund Attribution 1 Quarter Ending December 31, 2020 Page 13 Total Fund Performance 0.00%6.00%12.00%18.00% Total Fund Total Fund Benchmark Total Value Added 12.75% 12.51% 0.24% Total Value Added:0.24% 0.00%0.50%1.00%-0.50 %-1.00 % Other Manager Value Added Asset Allocation 0.12% 0.44% -0.33 % Total Asset Allocation:-0.33 % Average Active Weight 0.00%0.98%1.96%-0.98 %-1.96 % Cash Account Real Estate Hedge Fund Total Fixed Income Total International Equity Total Small-Cap Equity Total Large-Cap Equity Weight (%)0.60% -0.91 % 0.42% 0.28% -0.25 % 0.23% -0.37 % Asset Allocation Value Added 0.00%0.20%-0.20 %-0.40 % -0.07 % 0.04% 0.00% -0.16 % -0.04 % 0.05% -0.15 % Total Manager Value Added:0.44% Manager Value Added 0.00%0.90%1.80%-0.90 %-1.80 % 0.00% -0.76 % 0.00% 0.79% 0.37% 0.04% 0.02% Total Pension Total Fund Attribution 1 Year Ending December 31, 2020 Page 14 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Total Pension 9.7 (61)12.8 (57)7.8 (78)8.2 (92)6.6 (94)16.2 (91)-4.3 (43)12.3 (89)¢ Policy Benchmark 9.8 (59)12.7 (57)8.1 (71)8.6 (84)6.9 (91)17.4 (83)-4.5 (50)12.2 (90)˜ 5th Percentile 12.8 18.0 11.1 11.4 9.7 22.5 -1.7 18.0 1st Quartile 11.1 15.4 10.1 10.5 8.8 20.9 -3.6 16.1 Median 10.1 13.2 9.1 9.8 8.2 19.9 -4.5 15.2 3rd Quartile 9.1 11.3 7.9 9.0 7.6 18.2 -5.3 13.6 95th Percentile 5.8 7.0 6.0 7.3 6.4 14.6 -6.5 10.3 Population 626 618 581 555 429 840 765 567 Plan Sponsor Peer Group Analysis As of December 31, 2020 All Public Plans < $1B-Total Fund Parentheses contain percentile rankings. Page 15 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Pension Policy Benchmark FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Total Pension Policy Benchmark 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 12/97 3/00 6/02 9/04 12/06 3/09 6/11 9/13 12/15 3/18 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Pension -0.38 1.10 -0.34 0.99 0.80 -0.74 1.04 8.15 8.79 0.99 Policy Benchmark 0.00 0.00 N/A 1.00 0.89 0.00 1.00 8.60 8.37 1.00 FTSE 3 Month T-Bill -7.47 8.41 -0.89 0.03 N/A 1.20 -0.01 1.16 0.24 -0.18 Total Pension Risk Profile As of December 31, 2020Total Pension Page 16 Market Value ($) Current Allocation (%) Target Allocation (%) Minimum Allocation (%) Maximum Allocation (%) Differences (%) Total Pension 326,557,807 100.0 100.0 N/A N/A 0.0 Total Large-Cap Equity 83,783,653 25.7 25.0 20.0 30.0 0.7 Total Small-Cap Equity 37,851,333 11.6 10.0 5.0 15.0 1.6 Total International Equity 60,179,298 18.4 18.0 13.0 23.0 0.4 Total Fixed Income 111,015,700 34.0 35.0 30.0 40.0 -1.0 Hedge Fund 1,172,186 0.4 0.0 0.0 0.0 0.4 Real Estate 30,265,219 9.3 12.0 7.0 17.0 -2.7 Cash Account 2,290,418 0.7 0.0 0.0 0.0 0.7 Target Allocation Actual Allocation Allocation Differences 0.0%10.0%20.0%30.0%40.0%50.0%-10.0 %-20.0 % Cash Account $2,290.4K Real Estate $30,265.2K Hedge Fund $1,172.2K Total Fixed Income $111,015.7K Total International Equity $60,179.3K Total Small-Cap Equity $37,851.3K Total Large-Cap Equity $83,783.7K 0.0% 12.0% 0.0% 35.0% 18.0% 10.0% 25.0% 0.7% 9.3% 0.4% 34.0% 18.4% 11.6% 25.7% 0.7% -2.7 % 0.4% -1.0 % 0.4% 1.6% 0.7% Total Pension Asset Allocation Compliance As of December 31, 2020 Page 17 Total Domestic Equity Page 18 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Domestic Equity Russell 3000 Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 14.7 20.9 14.5 15.4 14.2 16.8 21.4 14.2 14.4 13.5 December 31, 2020 : $122M TimesSquare Small Cap Growth:15.6% Kennedy Mid Cap Value:15.5% BlackRock Russell 1000 Index Fund Non-Lending:68.9% Total Domestic Equity Benchmark 0.92 0.96 1.00 1.04 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 0.96 Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Total Domestic Equity Portfolio Overview As of December 31, 2020Total Domestic Equity Page 19 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return1 Quarter 1 Year 3 Years 5 Years 2019 2018 2017 Total Domestic Equity 16.8 (28)21.4 (24)14.2 (35)14.4 (55)30.6 (36)-6.1 (61)20.1 (55)¢ Russell 3000 Index 14.7 (71)20.9 (27)14.5 (26)15.4 (26)31.0 (29)-5.2 (38)21.1 (32)˜ 5th Percentile 19.7 26.5 15.6 16.6 32.2 -3.7 24.0 1st Quartile 16.9 21.3 14.5 15.4 31.3 -5.0 21.4 Median 15.8 18.9 13.5 14.6 30.0 -5.8 20.3 3rd Quartile 14.6 16.6 12.0 13.6 27.9 -6.8 18.7 95th Percentile 12.1 10.4 8.2 10.7 24.5 -9.0 16.7 Population 74 67 61 58 65 66 88 Plan Sponsor Peer Group Analysis As of December 31, 2020 All Public Plans-US Equity Segment Parentheses contain percentile rankings. Page 20 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Total Domestic Equity Russell 3000 Index FTSE 3 Month T-Bill -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return (%)0.0 5.0 10.0 15.0 20.0 25.0 30.0 Risk (Standard Deviation %) Total Domestic Equity Russell 3000 Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Domestic Equity -0.12 1.58 -0.08 0.99 0.68 -0.58 1.03 14.21 20.33 1.00 Russell 3000 Index 0.00 0.00 N/A 1.00 0.71 0.00 1.00 14.49 19.69 1.00 FTSE 3 Month T-Bill -13.96 19.75 -0.71 0.06 N/A 1.61 0.00 1.56 0.24 -0.24 Total Domestic Equity Risk Profile As of December 31, 2020Total Domestic Equity Page 21 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information BlackRock Russell 1000 Index Fund Non-Lending Russell 1000 Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years Inception 3/1/17 13.7 21.0 14.8 15.5 13.7 21.1 14.9 15.5 Account Name:BlackRock Russell 1000 Index Fund Non-Lending Inception Date:03/01/2017 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 1000 Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 BlackRock Russell 1000 Index Fund Non-Lending Benchmark 0.99 1.00 1.01 2/17 8/17 2/18 8/18 2/19 8/19 2/20 8/20 12/20 1.00 BlackRock Russell 1000 Index Fund Non-Lending Performance Summary As of December 31, 2020BlackRock Russell 1000 Index Fund Non-Lending Page 22 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter 1 Year 3 Years 2019 BlackRock Russell 1000 Index Fund Non-Lending 13.7 (71)21.1 (36)14.9 (32)31.4 (28)¢ Russell 1000 Index 13.7 (71)21.0 (37)14.8 (33)31.4 (28)˜ 5th Percentile 34.6 57.9 27.5 39.0 1st Quartile 26.4 29.3 17.1 31.8 Median 18.5 14.8 10.4 27.9 3rd Quartile 12.8 4.6 5.0 23.4 95th Percentile 8.8 -4.5 0.2 14.3 Population 1,553 1,546 1,482 1,790 BlackRock Russell 1000 Index Fund Non-Lending Peer Group Analysis As of December 31, 2020 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Kennedy Mid Cap Value Russell Midcap Value Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/08 20.4 5.0 5.4 9.7 10.5 8.7 21.8 8.4 6.0 11.6 10.5 9.9 Account Name:Kennedy Mid Cap Value Inception Date:01/02/2008 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell Midcap Value Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Kennedy Mid Cap Value Benchmark 0.80 1.00 1.20 1.40 1/08 4/09 7/10 10/11 1/13 4/14 7/15 10/16 1/18 4/19 12/20 1.15 Kennedy Mid Cap Value Performance Summary As of December 31, 2020Kennedy Mid Cap Value Page 24 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Kennedy Mid Cap Value 21.8 (40)8.4 (66)6.0 (70)11.6 (58)10.5 (66)28.6 (46)-14.5 (85)18.0 (52)¢ Russell Midcap Value Index 20.4 (44)5.0 (74)5.4 (74)9.7 (72)10.5 (66)27.1 (56)-12.3 (74)13.3 (77)˜ 5th Percentile 34.6 57.9 27.5 23.3 17.6 39.0 2.7 32.6 1st Quartile 26.4 29.3 17.1 16.8 14.2 31.8 -3.8 23.7 Median 18.5 14.8 10.4 12.6 11.7 27.9 -7.8 18.5 3rd Quartile 12.8 4.6 5.0 9.4 9.7 23.4 -12.6 13.7 95th Percentile 8.8 -4.5 0.2 5.8 6.9 14.3 -18.9 5.5 Population 1,553 1,546 1,482 1,375 1,147 1,790 1,873 1,942 Kennedy Mid Cap Value Peer Group Analysis As of December 31, 2020 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 25 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Kennedy Mid Cap Value Russell Midcap Value Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Kennedy Mid Cap Value Russell Midcap Value Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Kennedy Mid Cap Value 1.51 3.48 0.43 0.97 0.63 2.10 0.95 11.55 18.11 0.98 Russell Midcap Value Index 0.00 0.00 N/A 1.00 0.53 0.00 1.00 9.73 18.75 1.00 FTSE 3 Month T-Bill -9.98 18.80 -0.53 0.04 N/A 1.19 0.00 1.16 0.24 -0.20 Kennedy Mid Cap Value Risk Profile As of December 31, 2020Kennedy Mid Cap Value Page 26 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 15.0 30.0 45.0 60.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 2/1/02 29.6 34.6 16.2 16.4 13.5 9.8 27.0 36.3 18.7 17.1 14.0 11.7 Account Name:TimesSquare Small Cap Growth Inception Date:02/01/2002 Account Structure:Commingled Fund Asset Class:US Equity Benchmark:Russell 2000 Growth Index Peer Group:IM U.S. Equity (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% 12.0% -4.0 % -8.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 TimesSquare Small Cap Growth Benchmark 0.80 1.00 1.20 1.40 1.60 1.80 1/02 10/03 7/05 4/07 1/09 10/10 7/12 4/14 1/16 10/17 12/20 1.38 TimesSquare Small Cap Growth Performance Summary As of December 31, 2020TimesSquare Small Cap Growth Page 27 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 TimesSquare Small Cap Growth 27.0 (25)36.3 (17)18.7 (22)17.1 (26)14.0 (34)28.2 (53)-4.2 (30)21.1 (42)¢ Russell 2000 Growth Index 29.6 (16)34.6 (19)16.2 (29)16.4 (29)13.5 (42)28.5 (51)-9.3 (63)22.2 (35)˜ 5th Percentile 34.8 57.3 28.0 23.5 18.2 39.3 3.2 32.9 1st Quartile 26.9 29.5 17.3 17.1 14.8 32.4 -3.4 24.2 Median 18.6 16.0 11.2 13.7 12.7 28.6 -7.0 19.3 3rd Quartile 13.0 5.8 6.1 10.2 10.7 24.4 -11.6 14.5 95th Percentile 9.1 -3.5 1.0 6.6 8.1 14.8 -17.8 6.4 Population 1,832 1,826 1,781 1,711 1,485 2,239 2,449 2,542 TimesSquare Small Cap Growth Peer Group Analysis As of December 31, 2020 IM U.S. Equity (SA+CF) Parentheses contain percentile rankings. Page 28 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics TimesSquare Small Cap Growth Russell 2000 Growth Index FTSE 3 Month T-Bill -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return (%)0.0 5.0 10.0 15.0 20.0 25.0 30.0 Risk (Standard Deviation %) TimesSquare Small Cap Growth Russell 2000 Growth Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation TimesSquare Small Cap Growth 0.59 4.57 0.13 0.95 0.79 1.09 0.97 17.07 21.35 0.98 Russell 2000 Growth Index 0.00 0.00 N/A 1.00 0.76 0.00 1.00 16.36 21.46 1.00 FTSE 3 Month T-Bill -16.40 21.51 -0.76 0.04 N/A 1.20 0.00 1.16 0.24 -0.21 TimesSquare Small Cap Growth Risk Profile As of December 31, 2020TimesSquare Small Cap Growth Page 29 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 1.9% 2.9% 95.2% Fund Characteristics As of 09/30/2020 Total Securities 112 Avg. Market Cap $3,481.87 Million P/E 41.82 P/B 7.44 Div. Yield 1.78% Annual EPS -1.85 5Yr EPS 19.01 3Yr EPS Growth 17.08 Top Ten Securities As of 09/30/2020 Q2 Holdings Inc ORD 1.79 % Bandwidth Inc ORD 1.66 % Acceleron Pharma Inc ORD 1.65 % SailPoint Technologies Holdings 1.63 % JPMorgan US Government Money Market 1.59 % Dreyfus Government Cash Management;Insti 1.54 % Dreyfus Inst Preferred Govt Money 1.54 % National Vision Holdings Inc ORD 1.50 % Rexnord Corp ORD 1.47 % Blueprint Medicines Corp ORD 1.34 % Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Health Care Industrials Information Technology Consumer Discretionary Financials Non Classified Equity Consumer Staples Telecommunication Services Materials Utilities 20.6% 20.2% 19.5% 10.4% 9.8% 8.7% 2.3% 2.1% 1.0% 0.7% TimesSquare Small Cap Growth Mutual Fund Attributes As of December 31, 2020 Page 30 (This Page Left Blank Intentionally) Page 31 Total International Equity Page 32 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total International Equity MSCI AC World ex USA Index (Net) 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years 5 Years Inception 9/1/13 17.0 10.7 4.9 8.9 6.2 15.4 12.7 5.0 8.2 6.0 December 31, 2020 : $60M Morgan Stanley Emerging Markets Fund:33.2% Morgan Stanley International Equity:66.8% Total International Equity Benchmark 0.92 0.96 1.00 1.04 1.08 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 0.97 Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Total International Equity Portfolio Overview As of December 31, 2020Total International Equity Page 33 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter 1 Year 3 Years 5 Years 2019 2018 2017 Total International Equity 15.4 (87)12.7 (52)5.0 (81)8.2 (89)20.2 (96)-14.6 (75)28.0 (65)¢ MSCI AC World ex USA Index (Net)17.0 (58)10.7 (75)4.9 (83)8.9 (76)21.5 (86)-14.2 (61)27.2 (74)˜ 5th Percentile 22.4 28.2 11.4 12.8 30.6 -10.6 33.3 1st Quartile 18.3 16.9 8.0 11.0 25.9 -13.1 30.1 Median 17.2 12.8 6.3 10.0 23.7 -13.6 28.8 3rd Quartile 16.0 10.5 5.3 8.9 22.4 -14.6 26.7 95th Percentile 13.7 7.1 3.2 8.0 20.3 -16.5 24.1 Population 74 68 62 61 65 68 83 Plan Sponsor Peer Group Analysis As of December 31, 2020 All Public Plans-Intl. Equity Segment Parentheses contain percentile rankings. Page 34 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Total International Equity MSCI AC World ex USA Index (Net) FTSE 3 Month T-Bill 0.0 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Total International Equity MSCI AC World ex USA Index (Net) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 3/18 9/18 3/19 9/19 3/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total International Equity 0.07 3.39 0.02 0.97 0.27 0.24 0.97 4.98 18.03 0.98 MSCI AC World ex USA Index (Net)0.00 0.00 N/A 1.00 0.27 0.00 1.00 4.88 18.19 1.00 FTSE 3 Month T-Bill -4.85 18.26 -0.27 0.08 N/A 1.59 0.00 1.56 0.24 -0.29 Total International Equity Risk Profile As of December 31, 2020Total International Equity Page 35 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 6.0 12.0 18.0 24.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 16.0 7.8 4.3 7.4 5.5 5.1 14.3 11.4 5.0 7.3 5.9 5.1 Account Name:Morgan Stanley International Equity Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI EAFE Index (Net) Peer Group:IM International Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Morgan Stanley International Equity Benchmark 0.72 0.81 0.90 0.99 1.08 1.17 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 12/20 1.00 Morgan Stanley International Equity Performance Summary As of December 31, 2020Morgan Stanley International Equity Page 36 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Morgan Stanley International Equity 14.3 (78)11.4 (53)5.0 (47)7.3 (72)5.9 (41)20.4 (61)-13.8 (31)25.2 (73)¢ MSCI EAFE Index (Net)16.0 (61)7.8 (67)4.3 (56)7.4 (69)5.5 (48)22.0 (48)-13.8 (31)25.0 (74)˜ 5th Percentile 26.9 40.8 14.3 16.9 10.2 33.0 -7.6 47.1 1st Quartile 20.3 20.6 8.4 12.0 7.1 26.2 -12.9 35.6 Median 17.2 12.2 4.7 9.0 5.4 21.8 -15.7 28.6 3rd Quartile 14.5 5.0 1.9 6.8 3.6 18.0 -18.5 24.9 95th Percentile 10.1 -6.3 -2.8 3.6 -0.8 8.3 -23.5 16.7 Population 771 771 771 771 469 832 881 903 Morgan Stanley International Equity Peer Group Analysis As of December 31, 2020 IM International Equity (MF) Parentheses contain percentile rankings. Page 37 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley International Equity MSCI EAFE Index (Net) FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Morgan Stanley International Equity MSCI EAFE Index (Net) 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley International Equity -0.22 4.47 -0.05 0.92 0.46 0.30 0.94 7.27 15.08 0.96 MSCI EAFE Index (Net)0.00 0.00 N/A 1.00 0.47 0.00 1.00 7.45 15.38 1.00 FTSE 3 Month T-Bill -7.22 15.43 -0.47 0.04 N/A 1.18 0.00 1.16 0.24 -0.19 Morgan Stanley International Equity Risk Profile As of December 31, 2020Morgan Stanley International Equity Page 38 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.5% 1.5% 98.1% Fund Characteristics As of 09/30/2020 Total Securities 65 Avg. Market Cap $99,175.71 Million P/E 28.02 P/B 4.67 Div. Yield 2.63% Annual EPS 1.85 5Yr EPS 8.68 3Yr EPS Growth 8.51 Top Ten Securities As of 09/30/2020 Reckitt Benckiser Group PLC ORD 4.65 % Henkel AG & Co KGaA PFD 4.11 % SAP SE ORD 3.77 % Sanofi SA ORD 3.34 % Fresenius SE & Co KGaA ORD 3.06 % Novartis AG ORD 2.91 % Relx PLC ORD 2.88 % Tencent Holdings Ltd ORD 2.83 % Barrick Gold Corp ORD 2.78 % AIA Group Ltd ORD 2.78 % Sector/Quality Allocation As of 09/30/2020 0.0%15.0%30.0%45.0% Consumer Staples Health Care Information Technology Financials Industrials Materials Consumer Discretionary Energy 31.2% 18.1% 15.2% 11.9% 10.4% 6.1% 3.5% 1.6% Morgan Stanley International Equity Mutual Fund Attributes As of December 31, 2020 Page 39 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 4/1/05 19.7 18.3 6.2 12.8 3.6 8.1 17.5 14.7 4.3 10.3 3.1 7.4 Account Name:Morgan Stanley Emerging Markets Fund Inception Date:04/01/2005 Account Structure:Mutual Fund Asset Class:International Equity Benchmark:MSCI Emerging Markets Index (Net) Peer Group:IM Emerging Markets Equity (MF) Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% 6.0% -3.0 % -6.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Morgan Stanley Emerging Markets Fund Benchmark 0.70 0.80 0.90 1.00 1.10 1.20 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 12/20 0.90 Morgan Stanley Emerging Markets Fund Performance Summary As of December 31, 2020Morgan Stanley Emerging Markets Fund Page 40 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Morgan Stanley Emerging Markets Fund 17.5 (75)14.7 (61)4.3 (61)10.3 (70)3.1 (52)19.5 (50)-17.3 (62)35.0 (51)¢ MSCI Emerging Markets Index (Net)19.7 (47)18.3 (41)6.2 (41)12.8 (35)3.6 (41)18.4 (58)-14.6 (34)37.3 (38)˜ 5th Percentile 28.6 41.3 14.4 17.4 7.1 31.2 -8.6 46.6 1st Quartile 21.6 23.3 8.8 13.8 5.0 24.5 -13.5 39.6 Median 19.5 17.0 5.4 11.7 3.2 19.4 -16.0 35.0 3rd Quartile 17.5 10.0 2.7 9.7 2.3 15.2 -18.7 28.4 95th Percentile 13.4 -6.8 -4.1 4.0 -1.9 6.1 -23.1 19.7 Population 198 198 198 198 100 220 233 240 Morgan Stanley Emerging Markets Fund Peer Group Analysis As of December 31, 2020 IM Emerging Markets Equity (MF) Parentheses contain percentile rankings. Page 41 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Morgan Stanley Emerging Markets Fund MSCI Emerging Markets Index (Net) 0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Morgan Stanley Emerging Markets Fund -2.18 4.00 -0.55 0.95 0.57 -2.03 0.99 10.31 17.87 0.97 MSCI Emerging Markets Index (Net)0.00 0.00 N/A 1.00 0.71 0.00 1.00 12.81 17.58 1.00 FTSE 3 Month T-Bill -12.49 17.65 -0.71 0.07 N/A 1.21 0.00 1.16 0.24 -0.27 Morgan Stanley Emerging Markets Fund Risk Profile As of December 31, 2020Morgan Stanley Emerging Markets Fund Page 42 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.5% 1.1% 98.4% Fund Characteristics As of 09/30/2020 Total Securities 92 Avg. Market Cap $212,582.41 Million P/E 34.14 P/B 7.10 Div. Yield 1.72% Annual EPS 12.47 5Yr EPS 19.35 3Yr EPS Growth 21.15 Top Ten Securities As of 09/30/2020 Taiwan Semiconductor Manufacturing 8.21 % Tencent Holdings Ltd ORD 7.59 % Alibaba Group Holding Ltd DR 6.68 % Samsung Electronics Co Ltd ORD 4.78 % Kweichow Moutai Co Ltd ORD 3.31 % Alibaba Group Holding Ltd ORD 2.70 % ASML Holding NV DR 2.36 % China Mengniu Dairy Co Ltd ORD 1.79 % China Resources Beer Holdings Co 1.78 % Yandex NV ORD 1.75 % Sector/Quality Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0% Information Technology Consumer Discretionary Consumer Staples Financials Industrials Health Care Energy Materials Telecommunication Services 34.8% 19.6% 13.2% 10.2% 6.0% 5.7% 4.7% 2.6% 1.6% Morgan Stanley Emerging Markets Fund Mutual Fund Attributes As of December 31, 2020 Page 43 Total Fixed Income Page 44 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Current Allocation Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 4.0 8.0 12.0 16.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/03 0.5 6.4 4.7 3.6 3.1 3.63.6 9.2 5.6 5.5 4.0 4.7 December 31, 2020 : $111M Income Research:39.0% Brandywine Global Opportunistic Fixed Income:24.6% Prudential Core Plus Bond:36.4% Total Fixed Income Benchmark 0.95 1.00 1.05 1.10 1.15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.09 Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % -12.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Total Fixed Income Portfolio Overview As of December 31, 2020Total Fixed Income Page 45 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Total Fixed Income 3.6 (4)9.2 (33)5.6 (59)5.5 (51)4.0 (74)9.1 (53)-1.0 (77)6.3 (16)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 0.5 (83)6.4 (87)4.7 (89)3.6 (94)3.1 (91)6.8 (92)0.9 (14)2.1 (96)˜ 5th Percentile 3.2 12.4 7.0 6.7 6.6 11.9 1.6 7.5 1st Quartile 2.5 9.6 6.3 6.2 5.2 10.3 0.5 5.7 Median 1.7 8.6 5.7 5.5 4.6 9.3 -0.2 4.5 3rd Quartile 0.9 7.4 5.3 4.7 3.7 8.0 -0.9 3.4 95th Percentile 0.1 4.9 3.6 3.3 2.3 6.2 -3.5 2.2 Population 80 74 68 66 48 68 72 84 Plan Sponsor Peer Group Analysis As of December 31, 2020 All Public Plans-US Fixed Income Segment Parentheses contain percentile rankings. Page 46 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 Risk (Standard Deviation %) Total Fixed Income Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 2.0 4.0 6.0 8.0 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Total Fixed Income 1.83 3.18 0.58 0.52 0.97 0.41 1.40 5.48 4.40 0.72 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 1.09 0.00 1.00 3.64 2.27 1.00 FTSE 3 Month T-Bill -2.45 2.24 -1.09 0.03 N/A 1.09 0.02 1.16 0.24 0.18 Total Fixed Income Risk Profile As of December 31, 2020Total Fixed Income Page 47 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Income Research Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 3.0 6.0 9.0 12.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 7/1/01 0.5 6.4 4.7 3.6 3.1 4.2 0.6 7.5 5.0 3.8 3.4 4.7 Account Name:Income Research Inception Date:07/01/2001 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. Intermed. U.S. Government/Credit Peer Group:IM U.S. Intermediate Duration (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.7% 1.4% 2.1% -0.7 % -1.4 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Income Research Benchmark 0.96 1.02 1.08 1.14 1.20 6/01 6/03 6/05 6/07 6/09 6/11 6/13 6/15 6/17 6/19 12/20 1.10 Income Research Performance Summary As of December 31, 2020Income Research Page 48 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Income Research 0.6 (54)7.5 (19)5.0 (22)3.8 (37)3.4 (36)6.7 (42)0.8 (41)2.0 (75)¢ Blmbg. Barc. Intermed. U.S. Government/Credit 0.5 (73)6.4 (53)4.7 (42)3.6 (49)3.1 (60)6.8 (39)0.9 (37)2.1 (64)˜ 5th Percentile 2.3 9.4 5.7 5.2 4.6 8.5 1.5 4.4 1st Quartile 1.0 7.2 5.0 4.0 3.5 7.0 1.0 2.7 Median 0.6 6.5 4.6 3.6 3.2 6.6 0.7 2.2 3rd Quartile 0.4 5.5 4.2 3.3 2.9 5.9 0.4 2.0 95th Percentile 0.1 3.4 2.9 2.2 2.0 4.5 -0.7 1.4 Population 101 101 94 91 80 104 108 112 Income Research Peer Group Analysis As of December 31, 2020 IM U.S. Intermediate Duration (SA+CF) Parentheses contain percentile rankings. Page 49 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Income Research Blmbg. Barc. Intermed. U.S. Government/Credit FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 Return (%)0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Risk (Standard Deviation %) Income Research Blmbg. Barc. Intermed. U.S. Government/Credit 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Income Research 0.19 0.46 0.41 0.96 1.17 0.26 0.98 3.83 2.28 0.98 Blmbg. Barc. Intermed. U.S. Government/Credit 0.00 0.00 N/A 1.00 1.09 0.00 1.00 3.64 2.27 1.00 FTSE 3 Month T-Bill -2.45 2.24 -1.09 0.03 N/A 1.09 0.02 1.16 0.24 0.18 Income Research Risk Profile As of December 31, 2020Income Research Page 50 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 4.0 8.0 12.0 16.0 Return1 Quarter 1 Year 3 Years 5 Years Inception 6/1/15 0.7 7.5 5.3 4.4 3.9 2.6 9.2 6.6 6.4 5.4 Account Name:Prudential Core Plus Bond Inception Date:06/01/2015 Account Structure:Commingled Fund Asset Class:US Fixed Income Benchmark:Blmbg. Barc. U.S. Aggregate Peer Group:IM U.S. Broad Market Core+ Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Prudential Core Plus Bond Benchmark 0.90 0.95 1.00 1.05 1.10 1.15 5/15 2/16 11/16 8/17 5/18 2/19 11/19 12/20 1.09 Prudential Core Plus Bond Performance Summary As of December 31, 2020Prudential Core Plus Bond Page 51 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return1 Quarter 1 Year 3 Years 5 Years 2019 2018 2017 Prudential Core Plus Bond 2.6 (30)9.2 (35)6.6 (12)6.4 (16)11.3 (12)-0.4 (39)6.6 (11)¢ Blmbg. Barc. U.S. Aggregate 0.7 (96)7.5 (82)5.3 (78)4.4 (85)8.7 (76)0.0 (19)3.5 (83)˜ 5th Percentile 5.4 11.5 7.3 7.1 13.4 1.0 7.5 1st Quartile 3.0 9.5 6.3 5.9 10.6 -0.2 5.1 Median 2.0 8.7 5.9 5.4 9.5 -0.8 4.5 3rd Quartile 1.4 7.7 5.4 4.8 8.7 -1.5 3.8 95th Percentile 0.8 3.6 2.6 3.0 6.7 -3.6 2.9 Population 104 103 100 98 118 117 128 Prudential Core Plus Bond Peer Group Analysis As of December 31, 2020 IM U.S. Broad Market Core+ Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 52 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Prudential Core Plus Bond Blmbg. Barc. U.S. Aggregate 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Prudential Core Plus Bond 1.28 3.88 0.33 0.58 0.86 -0.29 1.30 6.58 5.79 0.76 Blmbg. Barc. U.S. Aggregate 0.00 0.00 N/A 1.00 1.10 0.00 1.00 5.34 3.40 1.00 FTSE 3 Month T-Bill -3.72 3.37 -1.10 0.03 N/A 1.49 0.01 1.56 0.24 0.18 Prudential Core Plus Bond Risk Profile As of December 31, 2020Prudential Core Plus Bond Page 53 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 1/1/05 2.8 10.1 5.0 4.8 2.3 3.2 10.5 11.7 5.0 6.6 4.7 5.5 Account Name:Brandywine Global Opportunistic Fixed Income Inception Date:01/01/2005 Account Structure:Commingled Fund Asset Class:International Fixed Income Benchmark:FTSE World Government Bond Index Peer Group:IM Global Fixed Income (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% -10.0 % -20.0 % -30.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Brandywine Global Opportunistic Fixed Income Benchmark 0.60 0.90 1.20 1.50 1.80 12/04 6/06 12/07 6/09 12/10 6/12 12/13 6/15 12/16 6/18 12/20 1.44 Brandywine Global Opportunistic Fixed Income Performance Summary As of December 31, 2020Brandywine Global Opportunistic Fixed Income Page 54 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Brandywine Global Opportunistic Fixed Income 10.5 (5)11.7 (13)5.0 (53)6.6 (34)4.7 (38)9.3 (48)-5.2 (89)12.8 (4)¢ FTSE World Government Bond Index 2.8 (85)10.1 (31)5.0 (53)4.8 (77)2.3 (91)5.9 (87)-0.8 (24)7.5 (47)˜ 5th Percentile 10.5 14.8 7.3 8.4 6.6 15.1 1.5 11.8 1st Quartile 6.9 10.6 5.6 7.0 5.3 13.0 -1.0 9.1 Median 5.2 7.5 5.0 5.8 4.3 9.0 -2.4 7.3 3rd Quartile 3.4 4.6 3.9 4.8 3.1 7.8 -4.1 5.4 95th Percentile 1.0 0.6 0.5 2.9 2.2 4.0 -7.1 2.5 Population 139 139 132 130 79 160 172 184 Brandywine Global Opportunistic Fixed Income Peer Group Analysis As of December 31, 2020 IM Global Fixed Income (SA+CF) Parentheses contain percentile rankings. Page 55 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Brandywine Global Opportunistic Fixed Income FTSE World Government Bond Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Brandywine Global Opportunistic Fixed Income 2.00 7.00 0.29 0.47 0.59 0.96 1.22 6.56 9.50 0.69 FTSE World Government Bond Index 0.00 0.00 N/A 1.00 0.68 0.00 1.00 4.78 5.36 1.00 FTSE 3 Month T-Bill -3.66 5.38 -0.68 0.00 N/A 1.17 0.00 1.16 0.24 -0.04 Brandywine Global Opportunistic Fixed Income Risk Profile As of December 31, 2020Brandywine Global Opportunistic Fixed Income Page 56 (This Page Left Blank Intentionally) Page 57 Real Estate Page 58 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information UBS Trumbull Property Fund NCREIF Property Index 0.0 8.0 16.0 -8.0 -16.0Return 1 Quarter 1 Year 3 Years 5 Years 10 Years Inception 6/1/06 1.2 1.6 4.9 5.9 9.0 7.1 -2.1 -4.9 -0.7 1.8 6.0 4.4 Account Name:UBS Trumbull Property Fund Inception Date:06/01/2006 Account Structure:Commingled Fund Asset Class:US Private Real Estate Benchmark:NCREIF Property Index Peer Group: Quarterly Out Performance Quarterly Under Performance 0.0% 3.0% -3.0 % -6.0 % -9.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 UBS Trumbull Property Fund Benchmark 0.40 0.60 0.80 1.00 1.20 5/06 11/07 5/09 11/10 5/12 11/13 5/15 11/16 5/18 11/1912/20 0.69 UBS Trumbull Property Fund Performance Summary As of December 31, 2020UBS Trumbull Property Fund Page 59 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics UBS Trumbull Property Fund NCREIF Property Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 Risk (Standard Deviation %) UBS Trumbull Property Fund NCREIF Property Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation UBS Trumbull Property Fund -3.97 2.61 -1.52 0.37 0.21 -6.27 1.42 1.79 3.20 0.61 NCREIF Property Index 0.00 0.00 N/A 1.00 3.34 0.00 1.00 5.91 1.37 1.00 FTSE 3 Month T-Bill -4.64 1.39 -3.34 0.01 N/A 0.96 0.03 1.16 0.42 0.11 UBS Trumbull Property Fund Risk Profile As of December 31, 2020UBS Trumbull Property Fund Page 60 (This Page Left Blank Intentionally) Page 61 Market Environment Page 62 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets 15.7%17.2%14.6% 18.6% 14.0%14.8% 21.9% 15.7% 20.0%19.9% 16.3% 11.1% 20.5% -9.0% 13.1% 6.9% 13.2%12.1%8.5% 18.4% -20% -10% 0% 10% 20% 30% ACWI IMI 43.5% ACWI ex-U.S. IMI 56.5% US A IMI 4.0% UK IMI 7.1% Japa n IMI 2.7% Ca na da IMI 0.2% Israel IMI 12.9% Europe ex-UK IMI 3.3% Pacific ex-Ja pa n IMI 13.1% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 12/31/2020 Fourth Quarte r 2020 On e-Year Source: MSCI Global equity markets continued to rise for the third consecutive quarter, ending the calendar year above their pre- pandemic levels. Supportive monetary and fiscal policy, dwindling uncertainties regarding the U.S. elections, and the news of vaccines receiving approval outweighed the continued surge of COVID-19 cases globally.The MSCI AC World’s Investable Market Index returned 15.7% for the quarter. Non-U.S. equities, with strong performance from emerging markets, outperformed U.S. equities for the quarter. Emerging Markets (EM) IMI returned 19.9% over the fourth quarter, supported by strong returns from the index- heavyweights Information Te chnology and Financials sectors. In USD terms, Korean and Brazilian equities were the best performers among the EM countries while Chinese equities returned the least. Page 63 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets US A 56.5% UK 4.0% Ca nada 2.7% Pa cific ex -Japan 3.3%Ja pan 7.1% Eu rope ex -UK 12.9% Is rael 0.2% Latin Amer ic a 1.1% Asia 10.4 % Ea stern Eu rope, Mi ddle Ea st & Africa 1.6% Eme rging Ma rkets 13.1% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAP HI C ALLOCATION AS OF 12/31/2020 Sour ce:MSCI UK 9.3% Ca nada 6.3% Pa cific ex - Japan 7.6% Japan 16.4% Eu rope ex -UK 29.7% Is rael 0.6% Latin A me rica 2.5% Asia 23.9% Ea ster n Eu rope, Mi ddle Ea st & Africa 3.7% Emer ging Ma rkets 30.1% MSCI ALL CO UNT RY WORLD EX -U.S. IMI INDEX GEOGRAP HI C AL LOCATION AS OF 12/31/2020 Source:MSCI The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. Page 64 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets 14.7%13.4%10.1% 16.2%7.8% 31.9% 17.0%16.9% 24.5% 7.7%10.3%9.9% 20.9% 46.5% 19.3% 42.1% 7.8% -28.9% 19.2% 11.6% 6.6% 0.3% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Ru ssell 30 00 26 .3 % Technolo gy 13 .5 % He alt hcare 16 .7 % Co ns. Disc 5.2% Co ns. Stapl es 2.3% Energy 2.0% Materi als & Proce ssing 13 .9 % Producer Du rabl es 10 .5 % Fina ncia ls 2.9% Ut il it ies 3.4% Tele com. 3.4% Re al Estat e RUS SELL SECTOR RET URNS AS OF 12/31/2020 Fourth Quarte r 2020 One-Year Source: Russe ll Indexes(New s ec tors like Telecommu nicati on and Real Est ate On e-Year chart excl ud ed due to lack of historical data) 14.7%14.1% 9.8% 20.4%19.0% 33.4% 29.6% 20.9% 1.6% 39.3% 5.0% 35.6% 4.6% 34.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Russell 3000 29.4% Large Value 39.5% Large Gr owth 15.7% Medium Value 8.9% Medium Gr owth 3.1% Small Value 3.4% Small Gr owth RUS SELL STYL E RETURNS AS OF 12/31/2020 Fourth Quarte r 2020 One-Year Source: Rus sell Index es U.S. equities delivered double digit returns in Q4 2020. Over the quarter, new fiscal stimulus packages were approved as U.S. lawmakers passed a $900bn coronavirus relief bill while Democrat Joe Biden won the U.S. Presidential election and is set to become the 46th President. Economic data rebounded sharply as U.S. GDP grew at an annualized rate of 33.1% in the third quarter, compared to a 31.4% contraction during the second quarter.The Russell 3000 Index rose 14.7% during the fourth quarter and 20.9% over the one-year period. The CBOE Volatility Index (VIX), Wall Street’s “fear gauge”, declined from 26.4 to 22.8 over the quarter, having averaged 28.9 over the previous 12 months. All sectors generated positive returns over the quarter. Energy sector was the best performing sector with a return of 31.9% while Utilities sector returned the least at 7.7%. Small cap stocks outperformed both large and medium cap stocks over the quarter, while Value stocks outperformed their Growth counterparts in Q4 2020. Page 65 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets 0.7% -0.8% 3.0% 0.2%0.4%1.1% 7.5%7.9% 9.9% 3.9%4.5% 8.1% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Bar cl ay s Agg. Bon d 40.5% Govt 28.7% Corp. 28.1% MBS 0.4% ABS 2.3% CMBS BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 12/31/2020 Four th Quar te r 2020 One-YearSource: Fac tSet 0.2%0.4%0.6%0.9%1.7% 3.1% 5.4% 7.9% 10.3% 16.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 1-3 Y r.3-5 Y r.5-7 Y r.7-10 Yr.>10 Yr. BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY MATURI TY A S OF 12/31/2020 Fourth Quarte r 2020 One-YearSource: FactSet -0.3% 1.4%2.1% 4.0% 6.5%6.4% 8.5% 9.9%9.4% 7.1% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Aaa Aa A Baa High Yield BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 12/31/2020 Four th Quarte r 2020 On e-YearSource: Fac tSet The Bloomberg Barclays U.S. Aggregate Bond Index rose by 0.7% over the quarter. Corporate bonds were the best performer with a return of 3.0%, followed by CMBS bonds which rose by 1.1%. Bonds with 10+ year maturities performed the best with a return of 1.7%. High yield bonds rose by 6.5%. Within investment grade bonds, Baa bonds outperformed with a return of 4.0%. Page 66 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Dec 10 Dec 12 Dec 14 Dec 16 Dec 18 Dec 20 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIP S Yield 10Y Treasury Yield Sour ce:U.S. Department of Treas ury -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0 5 10 15 20 25 30 Ma turit y (Y ears) U.S. TREAS URY YIELD CURV E 12/31/2019 9/30/2020 12/31/2020 Sour ce:U.S. Department of Treasur y The U.S. nominal yield curve steepened over the quarter with yields at the short end of the curve remaining virtually unchanged while yields at the longer end rose . The U.S. Federal Reserve (Fed) kept its interest rate unchanged and will continue to buy $120bn of debt per month until “substantial further progress has been made” towards its employment and inflation targets. The Fed also upgraded its September projections to an economic growth rate of -2.4% in 2020 (up from -3.7%) followed by a rebound of 4.2% in 2021 (up from 4.0%). The 10-year U.S. treasury yield ended the quarter 24bps higher at 0.93% and the 30-year yield increased by 19bps to 1.65%. The 10-year TIPS yield fell by 12bps over the quarter to -1.06%. Breakeven inflation rose across the curve during the quarter as the Fed’s “average inflation targeting” approach, under which the Fed would allow inflation to rise above their 2% target for a period of time, and the new fiscal stimulus package pushed inflation expectations higher. Page 67 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. European Fixed Income Markets 0% 2% 4% 6% 8% 10% 12% 14% 16% 2014 2015 2016 2017 2018 2019 2020 EUROZO NE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS ) Spain Italy Portugal Gr eece Irel and Sour ce:FactSet European government bond spreads over 10-year German bunds narrowed across the Euro Area. The EU passed the bloc’s €1.8tn budget and recovery package after Hungary and Poland reversed their vetoes. Originally both countries had objected to rules linking stimulus disbursement to the commitment of European values. However, they backed down after EU officials stated that refusal to accept the package would ‘‘backfire’’. The European Central Bank increased the size of its Pandemic Emergency Purchase Programme from €1.35tn to €1.85tn and extended the program until March 2022. German government bund yields fell by 5bps to -0.58% over the quarter. The Eurozone economy rebounded by growing 12.7% in Q3 2020 on a quarter-on-quarter basis, the fastest rate on record. The German and French economies grew by 8.2% and 18.2% over this period while the Italian and Spanish economies grew by 16.1% and 16.7% respectively. Greek government bond yields fell the most at 38bps to 0.64%, whereas Italian and Portuguese government bond yields fell by 33bps and 23bps to 0.54% and 0.03% respectively. Page 68 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Credit Spreads Spre ad (bps)12/31/2020 09/30/2020 12/31/2019 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 42 60 39 -18 3 Long Gov't 1 0 0 1 1 Long Credit 141 188 139 -47 2 Long Gov't /Credit 85 111 79 -26 6 MBS 39 61 39 -22 0 CMBS 81 106 72 -25 9 ABS 33 41 44 -8 -11 Corporate 96 136 93 -40 3 High Yield 360 517 336 -157 24 Global Emerging Mark et s 268 334 287 -66 -19 So urce: F actSet, B lo omberg Barclays Credit markets had another solid quarter as spreads continued to fall. Spreads tightened again during the quarter, especially in the riskier credit areas, as the positive vaccine news improved hopes of a strong economic recovery. Overall, Credit spreads over U.S. treasuries narrowed over the quarter. Riskier areas of credit, such as U.S. high yield bonds and emerging market debt, performed well. High Yield credit spreads narrowed significantly in Q4 2020, decreasing by 157bps and Global Emerging Markets narrowed by 66bps over the quarter. However, there are still reasons to be concerned as the global high yield default rate for the twelve months to November was 7%, over twice as high as the pre-pandemic levels, and the total number of investment grade bond downgrades for 2020 have outnumbered upgrades by 3 to 1 (upgrades outnumbered downgrades by 3 to 2 in 2019). Page 69 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency 80 90 100 110 120 130 140 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 U.S. DOLLAR REL ATIVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 12/31/2014 EUR/USD GBP /U SD JPY/US D Source: FactSet St ronger Do llar We ak er Do llar 100 105 110 115 120 125 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar weakened against major currencies over the quarter as renewed risk appetite from investors and consistent ultra-low interest rates dragged on the Dollar. The U.S. dollar fell 4.9% on a trade-weighted basis. The U.S. Federal Reserve is not expected to implement any rate hikes until the end of 2023. The Sterling rose by 1.8% on a trade-weighted basis over the quarter in which the UK and the European Union (EU) reached a historic Brexit trade deal after years of negotiations. The Bank of England unanimously decided to increase its quantitative easing amount to £895bn from £745bn over the course of 2021. Sterling appreciated by 5.4% against the U.S. dollar. The U.S. dollar depreciated by 4.2% and 2.2% against the euro and yen respectively. Page 70 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities 10.2% 12.9% 2.2% 14.2% 2.4% 21.4% 14.3% 22.2% 2.4% -3.1% 15.2% -42.7% 16.3% 25.6% 16.5% 2.9% 19.3% -23.4% -50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0% Bloomber g Commodity Index Ex-Ener gy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livest ock COMMODITY R ETURNS AS OF 12/31/2020 Four th Quar te r 2020 One-Year Source:Bl oomb erg Note: Softs and G rains are par t of the wi der Agr iculture sector Commodities fell in tandem with equity markets in October before rebounding sharply in November and maintaining the momentum in December. Overall, the Bloomberg Commodity Index returned 10.2% for the quarter. The Energy sector rose by 2.2% over the quarter. Oil prices rallied in November and December due to optimism over vaccines approval and starting of vaccination process to fight Covid-19. Elsewhere, OPEC and Russia agreed to increase oil production by 500,000 b/d from January 2021, thus, bringing down the production cut from existing 7.7 mb/d to 7.2 mb/d. OPEC cut its forecast for 2021 growth in oil demand by 350,000 bpd to 5.9 mb/d citing uncertainty over the impact of Covid-19 and labor market. The price of Brent crude oil rose by 26.5% to $52/bbl. while WTI crude oil spot prices rose by 20.6% to $49/bbl. On a one-year basis, the Energy sector is down by 42.7%. Agriculture was the best performing sector, rising by 21.4% in Q4 2020. Page 71 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview 6.0% 4.7% 14.5% 10.5% 11.8% 10.3% 5.2% 10.7% 7.5% 12.1% 5.2% 17.5% 11.8% 9.3% 11.4% 3.3% 11.6% 10.3% 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restruc turing Relativ e Value Fund-Weighted Composite Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 12/31/2020 Four th Quarte r 2020 One-Year Note: Latest 5 months o f HFR data are es ti mated by H FR a nd may c hange in the future. Sour ce:HFR Hedge fund performance was positive across all strategies in the fourth quarter. Over the quarter, Equity Hedge and Event-Driven strategies were the best performers, returning 14.5% and 11.8% respectively. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 10.7% and 7.5% respectively. Page 72 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview –Q3 2020 Slide 1 of 2 Sources: 1 Preqin 2 Standard & Poor’s 3 PwC/CB Insights MoneyTree Report 4 PitchBook/NVCA Venture Monitor 5 Fitch Ratings 6 Thomson Reuters 7 UBS Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. Source: Preqin LTM Global Private Equity-Backed Buyout Deal Volume Fundraising: In 3Q 2020, $157.8 billion was raised by 361 funds, which was a decrease of 5.1% on a capital basis and 5.4% by number of funds over the prior quarter. Dry powder stood at nearly $2.0 trillion at the end of the quarter, an increase compared to year-end 2019’s total of $1.9 trillion.1 Buyout: Global private equity-backed buyout deals totaled $111.0 billion in 3Q 2020, which was up 70.7% on a capital basis and up 39.9% by number of deals from 2Q 2020.1 Through 3Q 2020, the average purchase price multiple for all U.S. LBOs was 11.0x EBITDA, a decrease of 0.5x over 2019’s average but higher than the five-year average (10.6x).2 Large cap purchase price multiples stood at 10.8x through 3Q 2020, down compared to 2019’s level of 11.4x.2 In Europe, the average purchase price multiple across European transactions of greater than €500M averaged 12.1x EBITDA on an LTM basis as of 3Q 2020, up from the 11.1x multiple seen at the end of 4Q 2019. Purchase prices for transactions of greater than €1.0 billion increased to 12.4x on an LTM basis, a jump from the 11.2x seen at the end of 2019. Globally, exit value totaled $188.1 billion from 481 deals during the third quarter, up meaningfully from the $41.1 billion in exits from 323 deals during 2Q 2020.1 Venture: During the third quarter, 1,461 venture-backed transactions totaling $36.5 billion were completed in the U.S., which was an increase on a capital basis over the prior quarter’s total of $28.1 billion across 1,440 deals. This was 53.2% higher than the five-year quarterly average of $23.8 billion and marked the second strongest quarter on record.3 Total U.S. venture-backed exit activity totaled approximately $103.9 billion across 246 completed transactions in 3Q 2020, up substantially on a capital basis from the $26.5 billion across 203 exits in 2Q 2020. Through 3Q 2020, U.S. exit activity represented only 56.4% of 2019’s total.4 Mezzanine: Nine funds closed on $3.3 billion during the third quarter. This was up from the prior quarter’s total of $2.6 billion raised by six funds. Through 3Q, mezzanine funds have raised 102.3% of 2019’s total of $8.7 billion. Estimated dry powder was $48.0 billion at the end of 3Q 2020, down slightly from the $48.6 billion seen at the end of 2Q 2020.1 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 $0 $1 00 $2 00 $3 00 $4 00 $5 00 $6 00 2Q 12 1Q 13 4Q 13 3Q 14 2Q 15 1Q 16 4Q 16 3Q 17 2Q 18 1Q 19 4Q 19 3Q 20 # of DealsValue ($ Billions)Deal V al ue ($ Billions) Number of Deals Page 73 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Private Equity Market Overview –Q3 2020 Slide 2 of 2 Source: S&P Sources: 1 Preqin 2 Standard & Poor’s 3 PwC/CB Insights MoneyTree Report 4 PitchBook/NVCA Venture Monitor 5 Fitch Ratings 6 Thomson Reuters 7 UBS Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. U.S. LBO Purchase Price Multiples –All Transactions Sizes Distressed Debt: The TTM U.S. high-yield default rate was 5.6% at September 2020 and was expected to decrease slightly during the coming months.5 During the quarter, $1.8 billion was raised by 10 funds, a significant drop from the $22.6 billion raised by 21 funds in 2Q 2020. Distressed funds have raised 59.6% of 2019’s total through 3Q 2020.1 Dry powder was estimated at $136.3 billion at the end of 3Q 2020, which was up from the $127.3 billion seen at the end of 2Q 2020. This remained above the five-year annual average level of $108.8 billion.1 Secondaries:Nine funds raised $4.4 billion during the quarter, down significantly from the $23.4 billion raised by 13 funds in 2Q 2020. Secondary funds have raised 194.5% of 2019’s total through 3Q 2020 and are expected to raise significant capital prior to year-end.1 At the end of 3Q 2020, there were an estimated 84 secondary and direct secondary funds in market targeting roughly $67.8 billion.1 The average discount rate for all private equity sectors finished the quarter at 12.7%, a strong rebound from the 20.8% discount at the end of 2Q 2020.6 Infrastructure: $23.4 billion of capital was raised by 22 funds in 3Q 2020 compared to $15.1 billion of capital raised by 29 partnerships in 2Q 2020. At the end of the quarter, dry powder stood at an estimated $216.0 billion, down slightly from 2Q 2020’s total of $219.7 billion. Infrastructure managers completed 518 deals with an estimated aggregate deal value of $90.5 billion in 3Q 2020 compared to 426 deals totaling $76.0 billion a quarter ago.1 Natural Resources: During 3Q 2020, three funds closed on $2.1 billion compared to two funds totaling $0.3 billion in 2Q 2020. Energy and utilities industry managers completed approximately 112 deals totaling an estimated $13.4 billion through 3Q 2020, which represented 79.0% of energy and utilities deal value during all of 2019.1 8.7x 8.8x 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.0x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x Senior Debt/EBI TDA Su b Debt/EBITDA Eq uity/EBITDA Others Page 74 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Commercial Real Estate Markets *Indicates preliminary NFI-ODCE data gross of fees U.S.Core Real Estate returned 1.3%*over the fourth quarter,equating to a 1.2%total gross return year-over-year,including a 3.9%income return.Shelter in place orders and social distancing practices have most severely impacted the retail and hotel property sectors.Property valuations have begun to price in the loss of cash flow as a result of COVID-19.Transaction volume contracted -32%YoY in 2020,and price discovery continues to be limited. Global property markets,as measured by the FTSE EPRA/NAREIT Developed Real Estate Index,returned 13.5%(USD)in aggregate during the fourth quarter but experienced a cumulative decline of -8.2%over the trailing 1-year period.REIT market performance was driven by Asia Pacific (11.2%USD), North America (13.2%USD)and Europe (22.6%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)returned 11.6%in the fourth quarter. The U.S.10-year treasury bond yields increased 24 bps to 0.93%during the quarter. Continued uncertainty surrounding the impacts of the coronavirus has continued to influence private real estate pricing.The COVID-19 pandemic shut down economies and disrupted daily routines.While the pandemic has solidified the mission critical status of technology and software within the global economy,it has drawn into question the necessity and role of a number of commercial real estate property sectors.Prior crises have generated similar levels of uncertainty across property sectors in the past,and history has shown that such moments typically provide attractive entry points for medium to long-term investors. We are proactively evolving our investment strategy.In the post-coronavirus world,supply chains may move back to North America which will require corresponding real estate infrastructure.Demand for last mile logistics,already a key investment theme,will accelerate.Live and work preference changes will create opportunities.Interest rates are likely to remain lower for even longer,making real estate a very compelling alternative to fixed income investments. Blind pool funds offer a potential to have capital available when the new opportunity set presents itself.Those strategies need careful review in light of the changing market dynamics.Strategies that worked previously in a growth-oriented market may not be appropriate for what may be more opportunistic style investing.Regions,countries and property types all need to be reevaluated. 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10 .0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Office Industrial Retail Apartmen t 1.3%1.2% 4.9%6.2% 9.9%11.6% -8.0% 3.4%4.8% 8.3% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Q4 2020 1-Year 3-Year s 5-Year s 10-Years PRIVATE VS. PUBLIC REAL ES TATE RET URNS AS OF 12/31/2020 Private (NF I-ODCE Gr oss)*Public (NA REIT Gr oss) *Fourth quarter r etur ns a re p reliminary Sources: NCREIF, FactSet Page 75 Appendix Page 76 Fee Schedule Market Value As of 12/31/2020 $000 % of Portfolio Estimated Annual Fee $000 Estimated Annual Fee (%) Total Pension 326,558 100.00 1,548 0.47 Total Domestic Equity 121,635 37.25 323 0.27 BlackRock Russell 1000 Index Fund Non-Lending 0.04 % of Assets 83,784 25.66 29 0.04 Kennedy Mid Cap Value 0.75 % of First $25 M 0.70 % of Next $25 M 0.60 % Thereafter 18,846 5.77 141 0.75 TimesSquare Small Cap Growth 0.80 % of Assets 19,005 5.82 152 0.80 Total International Equity 60,179 18.43 556 0.92 Morgan Stanley International Equity 0.91 % of Assets 40,216 12.32 366 0.91 Morgan Stanley Emerging Markets Fund 0.95 % of Assets 19,963 6.11 190 0.95 Total Fixed Income 111,016 34.00 385 0.35 Income Research 0.45 % of First $10 M 0.35 % of Next $10 M 0.30 % of Next $10 M 0.23 % of Next $20 M 0.23 % of Next $50 M 0.20 % Thereafter 43,256 13.25 140 0.32 Prudential Core Plus Bond 0.30 % of First $50 M 0.28 % of Next $100 M 0.25 % of Next $100 M 0.20 % Thereafter 40,462 12.39 121 0.30 Brandywine Global Opportunistic Fixed Income 0.45 % of First $50 M 0.40 % of Next $50 M 0.35 % Thereafter 27,298 8.36 123 0.45 Real Estate 30,265 9.27 262 0.86 UBS Trumbull Property Fund 0.96 % of First $10 M 0.83 % of Next $15 M 0.81 % of Next $25 M 0.79 % of Next $50 M 0.67 % of Next $150 M 0.60 % of Next $150 M 0.56 % of Next $200 M 0.52 % Thereafter 30,265 9.27 262 0.86 Cash Account 0.20 % of Assets 2,290 0.70 5 0.20 Total Pension Fee Schedule As of December 31, 2020 Page 77 Benchmark Descriptions Policy Benchmark As of June 1, 2020, the Policy Index consists of 25% Russell 1000 Index, 10% Russell 2000 Index, 12% MSCI EAFE Index (net), 6 % MSCI EM Index (net), 14% Bloomberg Barclays Int. Gov/Credit Index, 8% FTSE World Government Bond Index, 13% Bloomberg Barclays U.S. Aggregate Index, a nd 12% NCREIF ODCE Index. As of October 1, 2018, the Policy Index consists of 25% Russell 1000 Index, 10% Russell 2000 Index, 12% MSCI EAFE Index (net), 6 % MSCI EM Index (net), 14% BC Int. Gov/Credit Index, 8% Citi WG Bond Index, 13% Barclays U.S. Aggregate Index, and 12% NCREIF Property Index. From January 1, 2017 to October 1, 2018, The Policy Benchmark consists of 20% Russell 1000 Index, 6% Russell 2000 Index, 10% MSCI EAFE Index, 4% MSCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Inde x, 15% HFRI Fund of Funds Composite Index, 10% NCREIF Property Index. From August 1, 2015 to January 1, 2017, The Policy Benchmark consists of 20% Russell 1000 Index, 6% Russell 2000 Index, 10% M SCI EAFE Index, 4% MSCI Emerging Markets Index, 12% BC Aggregate Index, 14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Inde x, 15% HFRI Fund of Funds Composite Index, 5% Wellington DIH Multi-Asset Inflation Index and 5% NCREIF Property Index. From March 1, 2015 to August 1, 2015, The Policy Benchmark consists of 21% Russell 1000 Index, 6% Russell 2000 Index, 11% MSC I EAFE Index, 3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blen d Index,14% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield Cash Pay Index, 4% HFRI Equity Hedge (Total) Index, 5% JPMorgan GBI-EM Diversified and 5% NCREIF Fund Index-OEDCE. From April 1, 2014 to March 1, 2015, The Policy Benchmark consists of 21% Russell 1000 Index, 6% Russell 2000 Index, 11% MSCI EAFE Index, 3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blend Index,1 4% BC Intermediate Gov/Credit Index, 9% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield Cash Pay Index, 4% CPI+5%, 5% Wellington DIH Benchmark, 5% JPMorgan GBI-EM Diversified and 5% NCREIF Fund Index-OEDCE. Prior to April 1, 2014, the Policy Benchmark is comprised of 20% Russell 1000 Index, 5% Russell 2000 Index, 10% MSCI EAFE Ind ex,3% MSCI Emerging Markets Index, 10% 65% MSCI World/35% BC Aggregate Blend Index, 2% 50% BC Credit/25% S&P LSTA/25% BC High Yield Blend Index, 13% BC I ntermediate Gov/Credit Index, , 8% Citigroup World Government Bond Index, 5% BofA Merrill Lynch US High Yield, Cash Pay Index, 5% 3 Month T-Bills + 3%, 4% CPI + 5%, 5% Wellington DIH Multi-Asset Inflation Index, 5% JPM GBI-EM Global Diversified Index, and 5% NCREIF Fund Index-OEDCE Note: Wellington DIH Multi-Asset Inflation Index consists of 50% MSCI ACW Commodity Producers Index, 25% DJ AIG Commodity Total Return Index and 25% BC US Treasury Inflation Notes: 1-10 Year Page 78 Benchmark Descriptions Bloomberg Barclays Corporate High Yield Bond Index -An index that covers the U.S.D-dominated, non-investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below. Bloomberg Barclays Emerging Markets Index -An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg Barclays Global Aggregate -Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and U.S.D investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-U.S. -The Barclays Global Treasury ex U.S. Index is a subset of the flagship Global Treasury Index that does not have any exposure to U.S. debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg Barclays Inflation Index -Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg Barclays Universal Index -A market value-weighted index which is the union of the U.S. Aggregate Index, U.S. High Yield Corporate Index, Eurodollar Index, U.S. Emerging Markets Index and the CMBS High Yield Index. The Index is appropriate for core plus fixed income mandates. Bloomberg Barclays U.S. Aggregate Bond Index -A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 M or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg Barclays U.S. Government/Credit Index -A subcomponent of the Barclays Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high quality corporate bonds with an outstanding par value of $250 M or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Government Index -A market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. Bloomberg Barclays U.S. High Yield Index -An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 M or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Intermediate Aggregate Bond Index -A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 M or greater. Bloomberg Barclays U.S. Intermediate Government Bond Index -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. Intermediate Government/Credit Index -A market-value weighted index consisting of U.S. government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 M or greater. Bloomberg Barclays U.S. Intermediate Treasury -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. Treasury. Bloomberg Barclays U.S. Long Credit Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by U.S. corporate, specified foreign debentures, and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. Page 79 Benchmark Descriptions Bloomberg Barclays U.S. Long Gov’t/Credit Index -The Barclays Capital U.S. Government/ Credit Bond Index measures performance of U.S. dollar denominated U.S. treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 M or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg Barclays U.S. Long Government Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. TIPS -A market value-weighted index consisting of U.S. Treasury Inflation Protected Securities with one or more years remaining until maturity with total outstanding issue size of $500m or more. Bloomberg Barclays U.S. Treasury 20-30 Year STRIPS Index -A subcomponent of the Barclays Aggregate Index, this benchmark includes long-term treasury STRIPS. Bloomberg Commodity Index -Consists of 22 exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity. Performance is calculated on an excess return basis and reflects commodity future price movements. BofA Merrill Lynch 3 Month Treasury Bill -An index that measures the average return of the last three-month U.S. Treasury Bill issues. BofA Merrill Lynch High Yield Master -A market-capitalization weighted index that tracks the performance of U.S. dollar-denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. Citigroup 90-Day T-Bill Index -An index that measures the average return of the last three-month U.S. Treasury Bill issues. Credit Suisse Leveraged Loan Index -Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. CRSP U.S. Large Cap Index -an index comprised of nearly 640 U.S. large cap companies and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 85% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. CRSP U.S. Total Market Index -an index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. DJ U.S. Completion Total Stock Market Index -A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index. DJ U.S. Total Stock Market Index -A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks. FTSE 4Good U.S. Select Index -a socially responsible investment (SRI) index of U.S. stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment. FTSE All-World ex-U.S. Index -A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S. Page 80 Benchmark Descriptions FTSE EPRA NAREIT Global ex-U.S. Index -Designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. FTSE Global All Cap ex U.S. Index -a market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA. FTSE Global Core Infrastructure Index -Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included. FTSE NAREIT U.S. Equity REITS -Free float adjusted, market capitalization weighted index of U.S. based equity real estate investment trusts (REITs). Goldman Sachs Commodity Index -A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. HFRI Fund-of-Fund Index -This index is equal-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S.dollars. Only fund-of- fund products are included in the index that have at least $50 M under managements and have been actively trading for at least one year. All funds report net monthly returns. HFRI Fund Weighted Composite Index -The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in U.S. Dollar and have a minimum of $50 M under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. Hueler Stable Value Index -The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers.The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks. iMoneyNet All Taxable Money Funds Index -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. iMoneyNet Money Fund Average -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. J.P. Morgan EMBI Global Diversified -Comprised of dollar-denominated Brady bonds, traded loans and Eurobonds issued by emerging market sovereign and quasi-sovereign entities. The Diversified version limits the weights of the index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, providing for a more even distribution of weights within the countries in the index. MSCI All Country World ex-U.S. Index -A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S. MSCI All Country World ex-U.S. Index IMI-A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-U.S. stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. Page 81 Benchmark Descriptions MSCI All Country World ex-U.S. Small Cap Index -Covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices (excluding U.S.), and target approximately 14% of each market’s free-float adjusted market capitalization. MSCI All Country World Index -A capitalization-weighted index of stocks representing 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI All Country World Index IMI -A capitalization-weighted index of large, mid and small cap stocks representing 23 developed and 24 emerging market countries. The index is the broadest measure of the aggregate global stock market, covering approximately 99% of the global equity investment opportunity set. MSCI EAFE Growth Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the growth-oriented companies. MSCI EAFE Index -A capitalization-weighted index of stocks representing 22 developed countries in Europe, Australia, Asia, and the Far East. MSCI EAFE Small Cap Index -A capitalization-weighted index of small cap stocks representing 23 developed country markets in Europe, Australia, Asia, and the Far East. MSCI EAFE Value Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the value-oriented companies. MSCI Emerging Markets Index -A capitalization-weighted index of stocks representing 22 emerging country markets. MSCI Emerging Markets Value Index -A capitalization-weighted index considered representative of value stocks across 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI U.S. Broad Market Index -A capitalization-weighted stock index that aggregates the MSCI U.S. Large Cap 300, Mid Cap 450, Small Cap 1,750 and Micro Cap Indices. This index represents approximately 99.5% of the capitalization of the U.S. Equity market and includes approximately 3,562 companies. MSCI U.S. REIT Index -A broad index that fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the U.S. REIT universe. MSCI World Index -A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, representing 24 developed market country indices. NCREIF Property Index -A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets. NFI ODCE Index -A capitalization weighted index comprised of open-end, Core funds investing in commercial real estate properties. The funds that constitute the index are subject to certain geographic and property type diversification requirements as well as leverage restrictions. The index reflects the impact of leverage on investment results. The returns shown in this report are net of management fees of the respective funds included in the index. Rolling 3-year Constant Maturity Treasury Index -An index published by the Federal Reserve Board based on the monthly average yield of a range of Treasury securities, all adjusted to the equivalent of a three-year maturity. Russell 1000 Growth Index -An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher I/B/E/S growth forecasts. Russell 1000 Index -A capitalization-weighted index of the 1,000 largest publicly traded U.S. stocks by capitalization. Page 82 Benchmark Descriptions Russell 1000 Value Index -An index that measures the performance of those stocks included in the Russell 1000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2000 Growth Index -A capitalization-weighted index of those stocks in the Russell 2000 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2000 Index -A capitalization-weighted index of the smallest 2,000 stocks in the Russell 3000 Index. The index excludes the largest-and smallest-capitalization issues in the domestic stock market. Russell 2000 Value Index -An index that measures the performance of those stocks included in the Russell 2000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2500 Growth Index -A capitalization-weighted index representing those companies within the Russell 2500 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2500 Index -The Index is constructed by first identifying the 3,000 largest-capitalization U.S. stocks and ranking them by market capitalizations, choosing the bottom 2,500 names on the list. Russell 2500 Value Index -An index that measures the performance of those stocks included in the Russell 2500 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 3000 Growth Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 3000 Index -A capitalization-weighted index consisting of the 3,000 largest publicly traded U.S. stocks by capitalization. This index is a broad measure of the performance of the aggregate domestic equity market. Russell 3000 Value Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell Mid Cap Growth Index -A capitalization-weighted index representing those stocks in the Russell MidCap Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell Mid Cap Index -A capitalization-weighted index of the 800 smallest stocks in the Russell 1000 Index. This index is a broad measure of mid-capitalization stocks. Russell Mid Cap Value Index -A capitalization-weighted index consisting of those Russell MidCap Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. S&P 500 Index -A capitalization-weighted index representing stocks chosen by Standard & Poor's, Inc. for their size, liquidity, stability and industry group representation. The companies in the S&P 500 Index are generally among the largest in their industries. Page 83 Benchmark Descriptions S&P Completion Index -The S&P Completion Index is a sub-index of the S&P Total Market Index, including all stocks eligible for the S&P TMI and excluding all current constituents of the S&P 500. The index covers approximately 4,000 constituents, offering investors broad exposure to mid, small,and micro cap companies. S&P Leverage Loan Index -A daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. S&P MidCap 400 Index -A market-capitalization-weighted index of stocks in all major industries in the mid-range of the U.S. stock market. Wilshire REIT -A measure of the types of U.S. real estate securities that represent the ownership and operation of commercial or residential real estate. To be included in the index, a company must have a market capitalization of $200 M and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses. Past performance is no guarantee of future results. Please feel free to contact us at retirement@aon.com for more index information. Page 84 (This Page Left Blank Intentionally) Page 85 Disclaimers and Notes Page 86 Notes: §The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. §Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking. §Due to rounding throughout the report,percentage totals displayed may not sum up to 100.0%.Additionally,individual fund totals in dollar terms may not sum up to the plan totals. §All information presented in this report should be considered preliminary.Finalized data will be available on next Quarterly Investment Report after the close of the quarter. Notes Page 87 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after- fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client.Aon Investments’advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such,Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The Aon Investments ADV Form Part 2A disclosure statement is available upon written request to: Aon Investments USA Inc. 200 East Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer Disclaimer