Association of Graduates – USAF Academy Investment Committee Report Tuesday, 04 September 2018 Fiscal Year 2015 Association of Graduates – USAF Academy Investment Committee Report Richard Abramson, Chairman Rod Hennek William Jennings, PHD Lou Kingsland Jack Fry William Thompson, Ex-Officio Alton Parrish, Ex-Officio

Investment Committee Members Association of Graduates – USAF Academy Tuesday, 04 September 2018 Investment Committee Members Richard Abramson, Class of ’68, MBA, CFA 34 years with Bernstein Global Wealth Management Grew the firm from $60 million under management to $500 billion today Member of 10 investment charity committees with assets of $6 billion under management 1 1

Investment Committee Members Association of Graduates – USAF Academy Tuesday, 04 September 2018 Investment Committee Members Roderick E. Hennek, Class of ’75, MBA 27 years with Morgan Keegan/Raymond James Managing Partner of the Atlanta Consulting Group Investment Consultant with over $14 billion under advisement 65% of client base are not for profit institutions Sits on the Fifth Congressional District of Georgia U.S. Service Academy Selection Board 2 2

Investment Committee Members Association of Graduates – USAF Academy Tuesday, 04 September 2018 Investment Committee Members William W. Jennings, PhD, CFA, CPA Professor of Finance and Investments - U.S. Air Force Academy, overseeing instruction to over 1,800 cadets per year Member of various investment committees with assets over $20 billion in pension and endowment funds Co-author of Integrating Investments and the Tax Code 3 3

Investment Committee Members Association of Graduates – USAF Academy Tuesday, 04 September 2018 Investment Committee Members Louis Kingsland, Class of ‘59, M.S. Chairman Investment Policy Committee, Strategic Investment Solutions, Inc. (a money management consulting firm) Investment Management Consultant with Wilshire Associates, Callan Associates with expertise in asset allocation, investment style evaluation, manager structure analysis and performance attribution. Executive VP Mellon Capital Markets in charge of investment technology. Deputy Mission Director of NASA’s Viking Mars Lander 4 4

Investment Committee Members Association of Graduates – USAF Academy Tuesday, 04 September 2018 Investment Committee Members Jack Fry, Class of ’67, M.S., M.A. Director, Association of Graduates Board Treasurer, Association of Graduates Chairman, Association of Graduates/Board of Directors Finance & Investment Committee Former Financial Advisor/Registered Representative Edward Jones Investments 5 5 5 5