Dan Bradbury – Senior Trustee Sunday – January 9, 2011 2010 - 11 CD #16.0 2010 - 11 ET #6.1 2010 – 11 EBD #13.1 (2010 – 11 Midwinter Meeting) Endowment Trustees Report to Executive Board (Long-Term Investment Fund) Dan Bradbury – Senior Trustee Sunday – January 9, 2011

Market Flash Points November Election results seen as positive for the market Negotiated extension of Bush tax cuts expected to add 0.5% to 2011 GDP growth Emerging markets leading global growth Sovereign debt issues in Europe continue to be a major concern and a potential drag on the markets Inflation in China and emerging markets is on the rise Central banks in developed countries continue to provide as much liquidity i.e. printing cash as needed 9

Market Value @ 11-30-10* Exhibit #1 *All other years reflect calendar (12 months) year end results. 10

Endowment Fund Manager Allocation & Style @ 11-30-10 Exhibit #2 $30,901,446 11

Performance Gains – 11/30/10 (YTD Returns) Exhibit #3 *Returns for the Endowment Fund are reported on a 30 day lag basis. As such this represents their performance through 10-31-10. additionally, it is a fund of funds hedge fund. **The ALA composite index is comprised of the 55% Russell 3000, 35% Merrill Lynch Domestic Master and 10% MSCI EAFE 12

Asset Allocation Strategy Exhibit #4 13

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