1. Endowment Update Stacy Mitz, Assistant Vice President, Engagement

2. 5-Year Annualized 20152014201320122011 Market Value (in millions)$551.60$531.70$457.80$407.00$401.20 Endowment10.40%3.70%15.10%11.50%0.80%22.30% Policy Index8.00%1.00%14.80%9.50%-2.90%19.10% S&P 500 Index 17.30%7.40%24.60%20.60%5.40%30.70% Barclays Capital Agg. Bond Index 3.30%1.90%4.40%-0.70%7.50%3.90%

3. Policies are approved by the BOT (S&P; Barclays) NACUBO – Commonfund study of endowments; dissect your endowment against others 800-900 peer foundations; your asset allocation vs others 10 years ago – bottom 1/3; today – top 1/3 Opportunistic with risk Cautious with how we deploy capital and who we partner with Some don’t care about taking assets, just want to make fees Cautious about risk to better protect ourselves when the market goes down – downside protection $100 – down 25% gets you to $75; need 33% to get back to $100 Participate in upside but have awareness; higher returns over longer period of time