Retiree Health Care Board of Trustees Regular Meeting May 15, 2017 Page 1

AGENDA RETIREE HEALTH CARE BOARD OF TRUSTEES REGULAR MEETING MONROE COUNTY BOARD OF COMMISSIONERS CHAMBERS ROOM MONDAY, MAY 15, 2017 – 3:00 P.M. 125 E. SECOND STREET MONROE, MI 48161 (734) 240-7003

I. CALL TO ORDER

II. ROLL CALL

III. PLEDGE OF ALLEGIANCE

IV. APPROVAL OF AGENDA

V. APPROVAL OF MINUTES (04/24/17 Regular Meeting)

VI. PUBLIC COMMENT

VII. COMMUNICATIONS—None

VIII. OLD BUSINESS 1. Update on Evaluation of Investment Consulting Services proposals

IX. NEW BUSINESS 1. Presentation by Money Manager, – Emerging Markets, Sean Delaney 2. Monroe County Retiree Health Care Trust Investment Report as of April 30, 2017 3. Monroe County Retiree Health Care Trust Watch List 4. Monroe County Retiree Health Care Trust Quarterly Investment Performance Report (1st Quarter 2017)

X. PUBLIC COMMENT

XI. MEMBERS TIME

XII. NEXT MEETING – June 26, 2017 at 3:00 p.m.

XIII. ADJOURNMENT

The County of Monroe will provide necessary auxiliary aids and services, such as signers for the learning impaired and audiotapes of printed materials being considered at the meeting to individuals with disabilities at the meeting upon one week’s notice to the County of Monroe. Individuals with disabilities requiring auxiliary aids or services should contact the County of Monroe by writing or calling the following:

Human Resources – 125 East Second Street, Monroe, MI 48161 – Voice (734) 240-7295 and TDD (734) 240-7300 Retiree Health Care Board Regular Meeting Minutes April 24, 2017 Page 1

RETIREE HEALTH CARE BOARD OF TRUSTEES MINUTES April 24, 2017 Regular Meeting

I. The Regular Meeting of the Retiree Health Care Board of the Trustees of the Monroe County Board of Commissioners was held in the Board of Commissioners Chambers on Monday, April 24, 2017.

Chairman Bob Neely, called the meeting to order at 3:00 p.m.

II. ROLL CALL Roll call by Clerk as follows:

Trustees Present: Bob Neely, David Rever, Kay Sisung and Gary Wilmoth Trustees Absent: Michael Bosanac (excused) Michael Cho from was also in attendance (arrived at 3:09 p.m.).

A quorum being present, the Board proceeded to conduct business.

III. PLEDGE OF ALLEGIANCE Gary Wilmoth led the Pledge of Allegiance.

IV. APPROVAL OF AGENDA Motion by David Rever, supported by Kay Sisung to approve the March 27, 2017 agenda as presented.

Motion carried.

V. APPROVAL OF MINUTES Motion by Gary Wilmoth, supported by Kay Sisung to approve the March 27, 2017 Regular Meeting minutes as presented and waive the reading thereof.

Motion carried.

VI. PUBLIC COMMENT – None

VII. COMMUNICATIONS—None

VIII. OLD BUSINESS – None

IX. NEW BUSINESS 1. Presentation by Money Manager, Sustainable Growth Advisors—Large Growth by Joseph Kolanko  Manage about $9 billion assets under management  2 components to get on their company list—Growth & Quality (dominate market in pricing) Retiree Health Care Board Regular Meeting Minutes April 24, 2017 Page 2

 Recurring Revenue (i.e. Visa) reduces risk  Valuation is the last step of the process to get into the portfolio  Results=Performance  3 types of Growth patterns: Stable, Steady and Reliable  Survives in periods of high volatility  Rated 1% in peer group for protection on the downside  30 name portfolio; 100 stocks  2 people research all 100 stocks  Turnover averages 35% per year  3 year time horizon on investments  75% stock selection; 25% sector allocation  40% limit on sector; 25% limit on any industry within a sector

Mr. Kolanko answered questions from the Trustees.

2. Monroe County Retiree Health Care Trust Investment Report as of March 31, 2017—

The Account Value as of March 31, 2017 was $50,002,013.67; change in value was an increase of $787,260.68 from February 28, 2017 (.58% MTD and 4.54% YTD returns). $500,000 cash transfer was made as of March 31, 2017.

Michael Cho explained the investment report and discussed GIC Weekly. He added that now that the fund has reached the $50,000,000 mark the consulting fees will be lowered.

GSA dividends go into iShares now instead of being reinvested. Approximately $50,000-$75,000.

Michael Cho recommends putting $500,000 that will be coming into the fund into Brandywine Global Fixed Income or Boyd Watterson Global Fixed Income. David Rever would like to see it split however, at this time it’s okay to not split it.

Motion by David Rever, supported by Kay Sisung to invest $500,000 in to Brandywine Global Fixed Income.

Voice vote taken. Motion carried.

X. PUBLIC COMMENT –None

XI. MEMBERS TIME–None Bob Neely encouraged attending MAPERS Spring Conference and let Deputy Clerk know ASAP in order to get registered.

XII. NEXT MEETING—May 22, 2017 at 3:00 p.m. Retiree Health Care Board Regular Meeting Minutes April 24, 2017 Page 3

If the MAPERS Spring Conference conflicts with this meeting date it may get moved to May 15, 2017 at 3:00 p.m.

XIII. ADJOURNMENT Chairman adjourned the meeting at 3:43 p.m. with no further business. Monroe County Retiree Health Care Fund Lazard Emerging Markets Equity Select ADR

May 15th, 2017

Sean Delaney Vice President

This presentation and all research and materials enclosed are property of Lazard Asset Management LLC. Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of the date of this presentation and are subject to change. Please refer to the Important Information section for additional information about risks. Table of Contents

A. Lazard Asset Management Overview

B. Team, Philosophy and Process Overview

C. Emerging Markets and Performance Review

D. Portfolio Review

E. Outlook

F. Appendix

1 Lazard Asset Management Lazard Asset Management A Overview Lazard Asset Management

NORTH AMERICA EUROPE Boston Dublin Montreal Frankfurt New York Geneva San Francisco Hamburg Toronto London Milan Zurich Hong Kong Seoul Singapore Sydney Tokyo Dubai ASIA PACIFIC MIDDLE EAST

1848 750+ 300+ 13 $194.0 Lazard Founded Employees1 Investment Personnel Countries Billion AUM1

1 As of 31 March 2017. Includes those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset management businesses of Lazard Ltd. 3 Lazard Asset Management Assets Under Management

By Client Type By Investment Mandate Balanced/ GTAA Multi Asset Alternatives 1.7% 2.3% 1.3% Global Equity Real Assets 10.6% 5.7%

Other² 20.1% Corporate 38.4% Fixed Income International Individual 13.1% Equity 7.7% 23.6%

Endowments US Equity & 11.8% Foundations Public/ Emerging 3.7% Government Asia-Pacific Markets Equity Labor/Taft- 22.3% Equity 23.4% Hartley 4.1% European 3.6% Insurance Equity 4.2% 2.4%

Total Firm Assets Under Management1: $194.0 billion

1 As of 31 March 2017. Assets under management include those of Lazard Asset Management LLC (New York) and its affiliates, but do not include those of Lazard Frères Gestion (Paris) or other asset management businesses of Lazard Ltd. 2 Other represents clients invested in hedge funds, mutual funds, and other investment vehicles for which client type is not reported. 4 Lazard Asset Management Team, Philosophy and Process B Overview Portfolio Management & Investment Philosophy Lazard Emerging Markets Equity Select ADR

Portfolio Management Team

Joined Years in Lazard Industry Investment Profile James Donald, CFA Benchmark MSCI EM Index Managing Director, 1996 34 Portfolio Manager/Analyst Inception Date 1 Jun 2004 Sector: Energy Range of Holdings 35 - 45 Rohit Chopra Managing Director, 1999 21 Portfolio Manager/Analyst Our Investment Philosophy (What We Believe) Sector: Consumer . Focus on those companies that are financially Monika Shrestha productive and inexpensively valued Director, 2003 20 Portfolio Manager/Analyst . Add value through stock selection and portfolio Sector: Financials management Elizabeth Chung Senior Vice President, 2010 23 Research Analyst Our Investment Objectives (What We Seek to Do) Sector: Telecom . Outperform relevant benchmark over a full market Lada Emelianova cycle Senior Vice President, 2010 19 Research Analyst . Participate in rising markets; preserve capital in Sector: Materials falling markets Donald Floyd . Outperform our investment competitors Director, 2011 22 Research Analyst . Generate consistent results Sector: Tech, Industrials

Ben Wulfsohn, CFA Director, 2001 26 Research Analyst Sector: Utilities, Health Care

Team membership is current as of the date of this document. Personnel data are calculated as of year-end 2015, YTD 2016 experience/tenure is not reflected. Lazard's investment process is presented here in sequential steps for illustrative purposes only. In practice, the process is not sequential and will, as needed, weigh certain criteria 6 Lazard Asset Management over others. Investment Philosophy, Objectives and Process

Our Investment Philosophy Our Investment Process . Focus on those companies that are financially productive and inexpensively valued Idea Fundamental Portfolio . Add value through stock selection and portfolio Sourcing Analysis Construction management

Our Investment Objectives Risk/Reward Analysis . Outperform relevant benchmark over a full market Extensive Company Research cycle

. Participate in rising markets; preserve capital in Lazard’s investment process for research and portfolio falling markets construction is presented here as sequential steps; in practice the process is neither static, nor sequential, but ongoing. . Outperform our investment competitors . Seek consistent results

Lazard's investment process is presented here in sequential steps for illustrative purposes only. In practice, the process is not sequential and will, as needed, weigh certain criteria over others. 7 Lazard Asset Management Emerging Markets and C Performance Review Market Performance – 2017 Q1 MSCI Emerging Markets Index

Sector Country Currency

17.0 Information Technology 17.7 Poland 10.7 Mexican Peso

13.6 Industrials 17.1 India 8.9 Russian Ruble

12.9 Consumer Discretionary 16.8 Korea 8.0 South Korean Won

12.1 Materials 16.0 Mexico 6.4 Taiwanese Dollar

11.4 MSCI EM Index 15.9 Chile 5.4 Polish Zloty

10.4 Real Estate 12.9 China 5.2 JPM ELMI Plus 10.0 Financials

11.8 Taiwan 0.0 Qatari Riyal 10.0 Utilities

11.4 MSCI EM Index 0.0 Pakistani Rupee 7.6 Telecom Services

-0.1 Hungary -0.3 Egyptian Pound 7.6 Consumer Staples

Greece -0.9 Philippine Peso 5.5 Health Care -3.5

4.4 Energy -4.6 Russia -3.1 Turkish Lira

0102030%Return -30 0 30 60 90%Return -5 0 5 10 15 %Return As of 31 March 2017. Shown in USD. Note: Top 5/Bottom 5 countries are shown in the country and currency charts. Past performance is not a reliable indicator of future results. For illustrative purposes only. This information is not representative of any product or strategy managed by Lazard. The index is unmanaged and has no fees. One cannot directly invest in an index. Source: MSCI 9 Lazard Asset Management Performance Summary Monroe County Retiree Health Care Fund

Performance as of 31 March 2017 (%) Annualized

Since Inception 2017 Q1 1 Year 3 Years 5 Years 30 Mar 2010 Monroe County Retiree Health Care Fund (Net) 12.18 19.12 0.64 1.65 3.15

MSCI Emerging Markets Index 11.44 17.22 1.18 0.81 1.69

Excess Return (bps) +74 +190 -54 +84 +146

Market Value as of 31 March 2017 Market Value % of Portfolio Total Portfolio $ 3,013,132 100.0%

Source: Morgan Stanley Reporting Date: 31 March 2017 Performance is preliminary and presented net of fees. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. 10 Lazard Asset Management Lazard Emerging Markets Equity Select ADR Drivers of Excess Return

2017 Q1 1 Year

• MSCI EM Index (+11.4%) vs. MSCI World Index • MSCI EM Index (+17.2%) vs. MSCI World Index (+6.4%) (+14.8%)

• Key Contributors • Key Contributors

• Stock selection in the Consumer Staples, • Stock selection in the Financials, Consumer Energy and Telecom sectors (203 bps) and Staples and Energy sectors (785 bps) and in in Brazil and Russia (165 bps) helped China, South Africa and Russia (680 bps) performance helped performance

• Off-index exposure to Argentina (140 bps) • Greater-than-index exposure to Russia and was additive Brazil (200 bps), along with off-index exposure to Argentina (105 bps), was • Key Detractors additive

• Higher-than-index exposure to Russia (-90 • Key Detractors bps) detracted from returns • Stock selection within Philippines detracted • Lower-than-index exposure to Korea slightly from returns (-40 bps) detracted as well (-45 bps) • Higher-than-index exposure to Turkey detracted as well (-140 bps)

As of 31 March 2017. Attribution is based upon a representative portfolio and is versus the benchmark noted. Attribution analysis is provided for illustrative purposes only, as values are calculated based on returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results. Allocations and security selection are subject to change. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information. 11 Lazard Asset Management Helped/Hurt Lazard Emerging Markets Equity Select ADR

2017 Q1

What Helped What Hurt

. NetEase, a Chinese producer of online games and provider of . Bidvest, a South African conglomerate was hurt by the internet services, announced strong fourth quarter results. weakening rand and rising macroeconomic concerns following a reshuffling of the cabinet by President Jacob Zuma. . Shares of YPF, an Argentine energy company, gained on the back of optimism for increased international interest for joint . Lukoil, a Russian energy company, experienced profit taking ventures related to the Vaca Muerta shale deposits, and the along with the Russian market on the back of increased volatility potential for further cost cutting post a deal reached with the in oil prices. unions. . Shares of Gazprom, a Russian gas company, declined as hopes . Shares of Banco Macro, an Argentine , benefited from for an increased dividend payout ratio diminished. strong 2016 results and increased optimism for an economic recovery in Argentina. . A higher-than-index exposure to Russia hurt performance.

. Banco do Brasil, a Brazilian bank, gained after management provided positive guidance with a focus on profitability focused growth.

. Stock selection in the financials sector and in Brazil added value.

. An off-index exposure to Argentina helped performance.

As of 31 March 2017. The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information. 12 Lazard Asset Management D Portfolio Review Relative Weights vs. Index¹ Lazard Emerging Markets Equity Select ADR

Sector Country

8.6 Telecom Services 8.2 South Africa

6.2 Argentina 7.8 Financials

5.7 Indonesia 2.1 Industrials 5.3 Brazil 1.6 Energy 5.2 Russia

0.0 Consumer Staples 3.4 Turkey

-1.0 Health Care 1.2 Egypt

-2.6 Real Estate 0.3 Mexico

0.0 Philippines -2.8 Utilities -1.1 Thailand -5.1 Consumer Discretionary -6.2 China -6.4 Materials -8.1 Taiwan

-8.8 Information Technology -9.7 Korea

-12 -8 -4 0 4 8 12 -15 -10 -5 0 5 10

As of 31 March 2017. 1. Index is defined as the MSCI Emerging Markets Index. The countries shown are countries Lazard Emerging Markets Equity Select ADR holds a position in. Allocations and securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account. Allocations and security selection are subject to change. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information Source: MSCI 14 Lazard Asset Management Trading Activity and Top Ten Positions Lazard Emerging Markets Equity Select ADR

2017 Q1 Buy/Sells Top Ten Positions

Bought %of Lazard . No Reported Transactions China Construction Bank Corporation Class H 4.5 NetEase, Inc. Sponsored ADR 4.2 Sold Taiwan Semiconductor Manufacturing Co., Ltd. 4.1 . No Reported Transactions Baidu, Inc. Sponsored ADR Class A 3.2 YPF SA Class D 3.2 Banco do Brasil S.A. 3.1 Sberbank Russia OJSC 3.0 KB Financial Group Inc. 3.0 Banco Macro SA Class B 3.0 Localiza Rent A Car S.A. 2.8 Total 34.2 Total Number of Holdings 46

Portfolio concentration has increased

As of 31 March 2017. The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information. 15 Lazard Asset Management Holdings by Country Lazard Emerging Markets Equity Select ADR

% of % of MSCI % of % of MSCI % of % of MSCI Lazard EM Index Lazard EM Index Lazard EM Index Czech Republic 0.0 0.2 Argentina 6.2 0.0 Indonesia 8.2 2.5 40.7 Egypt 1.3 0.1 Banco Macro Astra International Commercial International Bank YPF Bank Mandiri South/East Asia Greece 0.0 0.3 Brazil 12.9 7.6 Semen Indonesia Hungary 0.0 0.3 Ambev Telekomunikasi Indonesia 71.5 Poland 0.0 1.2 Banco do Brasil Korea 5.4 15.1 Qatar 0.0 0.8 KB Financial Group Russia 9.0 3.8 BB Seguridade Gazprom Cielo Shinhan Financial Group Localiza Rent A Car Malaysia 0.0 2.4 29.5 Lukoil Mobile TeleSystems Chile 0.0 1.2 Philippines 1.1 1.2 Europe/Middle Sberbank Colombia 0.0 0.4 PLDT East/Africa South Africa 14.8 6.6 Mexico 4.0 3.7 Taiwan 4.1 12.3 15.2 Bidvest Group America Movil Taiwan Semiconductor Manufacturing Clicks Group Kimberly-Clark de Mexico Thailand 1.2 2.3 Imperial Holdings Peru 0.0 0.4 Kasikornbank Life Healthcare Group Total Latin America 23.1 13.4 Total South/East Asia 40.7 71.5 Nedbank Group 23.1 China 20.7 26.9 Cash and Equivalents 6.7 0.0 PPC AAC Technologies Holdings Total Portfolio 100.0 100.0 Sanlam Latin America Baidu Shoprite Holdings China Construction Bank 13.4 Group Vodacom Group China Mobile Woolworths Holdings China Shenhua Energy Turkey 4.4 1.0 CNOOC Akbank NetEase 6.7 Koc Holding Weichai Power Cash and Turk Telekomunikasyon India 0.0 8.9 Equivalents Turkcell Iletisim Hizmetleri 0.0 United Arab Emirates 0.0 0.7 Total Europe/Middle 29.5 15.2 East/Africa

0 20406080100 (%) Lazard MSCI Emerging Markets Index

As of 31 March 2017. Allocations and securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.” Source: Lazard, MSCI 16 Lazard Asset Management Holdings by Sector Lazard Emerging Markets Equity Select ADR

% of % of MSCI % of % of MSCI 31.8 Financials Lazard EM Index Lazard EM Index 24.1 Consumer Discretionary 5.2 10.4 Health Care 1.4 2.4 Astra International Life Healthcare Group Holdings Information 15.7 Imperial Holdings Industrials 8.0 5.9 Technology 24.5 Woolworths Holdings Bidvest Group 14.2 Consumer Staples 6.9 6.9 Koc Holding Telecom Services 5.6 Ambev Localiza Rent A Car Clicks Group Weichai Power 8.9 Energy Kimberly-Clark de Mexico Information Technology 15.7 24.5 7.3 Shoprite Holdings AAC Technologies Holdings 8.0 Energy 8.9 7.3 Baidu Industrials 5.9 China Shenhua Energy Cielo CNOOC NetEase 6.9 Consumer Staples Gazprom Taiwan Semiconductor Manufacturing 6.9 Lukoil Materials 1.1 7.5 YPF PPC Consumer 5.2 Financials 31.8 24.1 Semen Indonesia Discretionary 10.4 Akbank Real Estate 0.0 2.6 1.4 Banco do Brasil Telecom Services 14.2 5.6 Health Care 2.4 Banco Macro America Movil Bank Mandiri China Mobile 1.1 Materials BB Seguridade Mobile TeleSystems 7.5 China Construction Bank PLDT 0.0 Commercial International Bank Telekomunikasi Indonesia Utilities 2.8 Kasikornbank Turk Telekomunikasyon KB Financial Group Turkcell Iletisim Hizmetleri 0.0 Real Estate Nedbank Group Vodacom Group 2.6 Sanlam Utilities 0.0 2.8 6.7 Sberbank Cash and Equivalents 6.7 0.0 Cash and Equivalents Total Portfolio 100.0 100.0 0.0 Shinhan Financial Group Standard Bank Group 0 10203040 (%) Lazard

MSCI Emerging Markets Index

As of 31 March 2017. Allocations and securities mentioned are based upon a portfolio which represents the proposed investments for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.” Source: Lazard, MSCI 17 Lazard Asset Management Investment Characteristics Lazard Emerging Markets Equity Select ADR

Trailing One-Year: 19.6 4 12 20 15 13.3 10.0 3.2 3.1 14.5 11.1 3 15 8.1 13.2 2.5 8 10 6.7 8.5

2 10

4 5 1 5

0 0 0 0 Dividend Price/ Price/ Return Yield (%) Cash Flow Earnings on Equity (%) Forward Looking: 18 15 14.1 15.5 12.4

12.6 10.5 11.7 12 10

6 5

Lazard Emerging Markets Equity Select ADR

MSCI Emerging Markets Index 0 0 Forward Price/ Forward Return on MSCI EAFE Index Earnings¹ Equity % Portfolio remains attractively priced with superior financial productivity

As of 31 March 2017. Investment characteristics are based upon a portfolio that represents the proposed investment for a fully discretionary account. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information. Source: Lazard, MSCI 18 Lazard Asset Management E Outlook Profitability has begun to Improve after Lengthy Decline

MSCI Emerging Markets Index vs. MSCI World Index P/E Premium/Discount ROE (%) 20.0 20.0

10.0

0.0 15.0

-10.0

-20.0

10.0 -30.0

-40.0

5.0 -50.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

P/E Premium/Discount MSCI EM Index ROE MSCI World Index ROE

Emerging Markets are trading at 2004 discounts

As of 31 March 2017. Characteristics shown are calculated on a trailing 1-year basis. Source: Lazard, MSCI 20 Lazard Asset Management Relative Value

Forward P/E1 Forward ROE (%)1 Dividend Yield (%) EAFE 15.5 10.5 3.1 World 17.3 12.7 2.4 United States 18.7 15.2 2.0 United Kingdom 14.7 12.3 3.9 Japan 15.6 8.4 2.0 Emerging Markets 12.6 12.4 2.5

As of 31 March 2017. 1 Forward Price/Earnings is defined as Price/Earnings FY1 and Forward Return on Equity as Return on Equity NTM. The figures above represent expected returns. Expected returns do not represent a promise or guarantee of future results and are subject to change. Source: Lazard, MSCI 21 Lazard Asset Management Potential for Emerging Markets Equities Outperformance

Despite potential risks for the asset class, EM has many supportive factors

Three Scenarios … Global Recession EM Probability – 25% Underperforms

Robust Global EM outperforms Growth but inflation may become Probability – 15% a headwind

Stable & Modest EM Global Growth Outperforms Probability – 60%

All opinions expressed herein are as of 31 March 2017 and are subject to change. 22 Lazard Asset Management Emerging Markets Outlook Summary

Valuations and Fundamentals

. EM trades at a 25% discount to DM with comparable ROE and dividend yield figures

. EM has improving current accounts, higher real rates and a widening growth premium over DM

Monetary conditions

. Gradual, measured rate hikes in the US would be ideal scenario for EM

. US dollar strength has historically weakened in past rate hiking cycles

Outlook

. Though risks may weigh on EM performance and increase volatility, long term catalysts argue for a continued EM recovery into 2017

. EM likely to outperform in an environment of stable and modest global growth and underperform in a global recession

All opinions expressed herein are as of 31 March 2017 and are subject to change. 23 Lazard Asset Management F Appendix Composite Performance Summary Lazard Emerging Markets Equity Select ADR

Annual Performance (%)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Lazard Emerging Markets Equity 23.51 -19.76 -2.00 1.69 21.18 -15.64 24.64 68.31 -50.03 31.76 38.13 Select ADR

MSCI Emerging Markets Index 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.50 -53.33 39.38 32.17

Excess Return (bps) +1232 -484 +19 +429 +296 +278 +576 -1019 +330 -762 +596

Annualized Performance (%) Annualized Since Inception 2017 Q1 1 Year 3 Years 5 Years 10 Years 01 Jun 2004

Lazard Emerging Markets Equity Select 12.27 25.79 3.17 3.06 3.98 10.95 ADR

MSCI Emerging Markets Index 11.44 17.21 1.18 0.81 2.72 8.98

Excess Return (bps) +83 +858 +199 +225 +126 +197

As of 31 March 2017. All data in USD. Performance is presented gross of fees. Please refer to “GIPS® Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. 25 Lazard Asset Management Biographies Emerging Markets Equity Select ADR Management Team

James Donald, CFA Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) James Donald is a Portfolio Manager/Analyst on the Emerging Markets Equity team and Head of the Emerging Markets Group. He is also a member of the International Equity Select with Emerging Markets team. Since joining Lazard in 1996, James has been instrumental in developing and coordinating the emerging markets activities at Lazard. He began working in the investment field in 1983. Prior to joining Lazard, James was a Portfolio Manager with Mercury Asset Management. He has a BA (Hons) in history from the University of Western Ontario. James is a board member of EMpower, a charity of investment professionals focused on adolescents, health care, and women’s issues in emerging markets countries, as well as a member of the 20-20 Investments Association, an investor group that is focused on emerging markets.

Rohit Chopra Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) Rohit Chopra is a Portfolio Manager/Analyst on the Emerging Markets Equity team, focusing on consumer and telecommunications research and analysis. He began working in the investment field in 1996. Prior to joining the Firm in 1999, Rohit was with Financial Resources Group, and Morgan Stanley. He has a BS in Finance and Information Systems from New York University and also studied at the London School of Economics and Political Science. Rohit has been accepted as a Young Global Leader (YGL) in 2016 by the World Economic Forum, which engages the top political, business, and other leaders of society to shape the global future.

Monika Shrestha Director, Portfolio Manager/Analyst Lazard Asset Management LLC (New York) Monika Shrestha is a Portfolio Manager/Analyst on the Emerging Markets Equity team, responsible for research coverage of companies in the financials sector. She began working in the investment field in 1997. Prior to joining Lazard in 2003, Monika was a principal at Waterview Advisors and a Corporate Finance Analyst with Salomon Smith Barney. She has an MBA from Harvard Business School, a BSE in Computer Science and Engineering and a BS in Economics (with a concentration in Finance) from the University of Pennsylvania.

26 Lazard Asset Management Biographies Emerging Markets Equity Select ADR Management Team

Elizabeth S. Chung Senior Vice President, Research Analyst Lazard Asset Management LLC (New York) Elizabeth Chung is a Research Analyst on the Emerging Markets Equity team, responsible for research coverage of companies in the telecommunications and consumer sectors. She began working in the investment field in 1994 as a senior associate at Scudder, Stevens & Clark. Prior to joining Lazard in 2010, Elizabeth was a Director and Investment Analyst at UBS Global Asset Management where she was a member of a team that managed various international equity strategies. Prior to UBS, Elizabeth was responsible for Asia ex-Japan research sales at and Lynch. She has an MBA in Finance and Accounting from the Columbia Business School and a BA in International Relations from Boston University.

Lada Emelianova Senior Vice President, Research Analyst Lazard Asset Management LLC (New York) Lada Emelianova is a Research Analyst on the Emerging Markets Equity team, responsible for research coverage of companies in the materials sector. She began working in the investment field in 1998 as a senior investment analyst in the Alternative Assets group at CIBC World Markets. Prior to joining Lazard in 2010, Lada was a Portfolio Manager at Newgate Capital Management responsible for their EMEA investments. She also co-managed Newgate's Global Resource Fund. Prior to Newgate, Lada was an analyst at Libra Advisors LLC, an equity long/short hedge fund. She has a MALD degree in International Business and Finance from the Fletcher School of Law and Diplomacy at Tufts University and Harvard University, as well as a MA in Natural Resource Management from Tufts University. She also has a MS, Summa Cum Laude, in Seismology and Geophysics from Moscow State University.

Donald Floyd Director, Research Analyst Lazard Asset Management LLC (New York) Donald Floyd is a Research Analyst on the Emerging Markets Equity team, responsible for research coverage of companies in the technology and industrials sectors. Donald began working in the investment field in 1995. Prior to joining Lazard in 2011, he worked at and in AsiaPAC Equity Sales focusing on the technology sector with a Taiwan/China bias. Prior to that, Donald was Head of Asia Technology Research at Lehman Brothers and CLSA based in Taiwan. Previously, he worked in the industry at Teradyne and M.I.T.'s Artificial Intelligence Lab. Donald has an MBA from Babson College and a BS in Electrical Engineering from Carnegie Mellon University.

27 Lazard Asset Management Biographies Emerging Markets Equity Select ADR Management Team

Ben Wulfsohn, CFA Director, Research Analyst Lazard Asset Management LLC (New York) Ben Wulfsohn is a Research Analyst on the Emerging Markets Equity and Emerging Markets Small Cap Equity teams. He is responsible for research coverage of the emerging markets utilities, energy and health care sectors, as well as client communications. Ben began working in the investment industry in 1991. Prior to joining Lazard in 2001, Ben was Director of Marketing Support with Weiss, Peck & Greer, LLC and an Investment Consultant for Segal Advisors, Inc. He has a BSC (Hons) in Physics from the University of London, Queen Mary College.

28 Lazard Asset Management GIPS Composite Information Lazard Emerging Markets Equity Select ADR

Benchmark: MSCI Emerging Markets Index Reporting Date: 31 March 2017 Composite Inception Date: 01 June 2004 Reporting Currency: U.S. Dollar

Composite Description The composite returns represent the total returns of all fully discretionary portfolios with an Emerging Markets Equity Select ADR investment mandate. Lazard Emerging Markets Equity Select ADR seeks to generate strong relative returns over a long-term time horizon by investing in companies with strong financial productivity at attractive valuations. The strategy typically invests in 35-45 non-Rule 144A ADR securities, generally with a market capitalization of approximately $300 million or greater, that are located, or that do significant business in, emerging market countries. Certain information regarding the composite constituents has been revised to conform to composite construction guidelines. Calculation of Performance Returns Lazard’s account inclusion policy is the first full month or the end of the month in which the account is fully invested. The Emerging Markets ADR composite includes accounts that invest in US denominated equity securities of non-US companies. The returns of the individual portfolios within the composite are time-weighted, use trade date accounting, are based upon monthly portfolio valuations, and include the reinvestment of all earnings as of the payment date. The composite returns are asset-weighted based upon beginning period market values. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The percentage of composite non fee paying accounts for each annual period end are as follows: 2015 - 2011, 0.0%; 2010, 0.4%; 2009, 0.9%; 2008 - 2004, 0.0%. In the current period, 0.0% of this composite comprises non fee paying accounts. For these accounts, net of fee performance has been calculated using the standard fee schedule for the Emerging Markets Equity Select ADR strategy. Composite returns are shown before taxes and the deduction of custody fees (except for mutual funds which includes all fees). The composite and benchmark returns are reported net of foreign withholding taxes on dividends, interest and capital gains. The composite returns presented represent past performance and is not a reliable indicator of future results, which may vary. As of January 1, 2007, this composite was renamed Emerging Markets Equity Select ADR from Emerging Markets Equity Select. Fee Schedule Lazard’s standard fee schedule for Emerging Markets Equity Select ADR accounts is 1.0% on the first $100 million of assets and 0.80% of the balance (This fee schedule may be presented in non-US local currency based on prevailing exchange rates.) Actual account fees, inclusive of performance-based fees (if applicable) are used in the construction of composite net of fee performance unless otherwise noted. A complete list and description of all Lazard composites is available upon request. Benchmark Information The MSCI Emerging Markets Index is a total return, free float-adjusted market capitalization index calculated net of foreign withholding taxes, that is designed to measure equity market performance in the global emerging markets. GIPS Compliance and Verification Status Lazard Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Lazard Asset Management has been independently verified for the period of January 1, 1993 through December 31, 2015. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Lazard Asset Management is the “Firm” to which the GIPS Standards apply (Frankfurt office included in Firm definition as of January 1, 2003). GIPS is a registered trademark of CFA Institute. CFA Institute has not been involved in the preparation or review of this presentation. The composite creation date is June 2004. Calendar Annualized Since QTD YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 1 YR 3 YR 5 YR 10 YR Inceptio n Lazard Rate of Return (%; Gross of 12.27 12.27 23.51 -19.76 -2.00 1.69 21.18 -15.64 24.64 68.31 -50.03 31.76 25.79 3.17 3.06 3.98 10.95 Fees) Lazard Rate of Return (%; Net of Fees) 12.09 12.09 22.65 -20.35 -2.62 1.04 20.33 -16.28 23.71 67.09 -50.44 29.97 24.92 2.47 2.36 3.19 10.08 Benchmark (%; Rate of Return) 11.44 11.44 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.50 -53.33 39.38 17.21 1.18 0.81 2.72 8.98 Composite Standard Deviation (3-yr. 18.01 19.05 17.19 16.84 18.77 21.77 26.15 32.89 31.44 27.48 16.07 Ann.) Benchmark Standard Deviation (3-yr. 15.88 16.07 14.06 15.00 19.04 21.50 25.76 32.58 32.34 28.67 18.10 Ann.) # of Portfolios 39 39 34 35 38 32 26 22 21 14 11 13 Composite Dispersion (Asset Wtd. Std. 0.34 0.34 0.49 0.54 0.44 0.48 0.35 0.89 0.45 1.00 0.44 0.63 Dev.) Composite Assets (USD Millions) 161.9 161.9 138.2 116.3 143.5 83.8 73.8 55.9 52.5 32.9 16.8 15.5 Total Firm Assets (USD Billions) 181.9 181.9 168.0 160.1 171.4 161.6 148.3 124.4 140.6 116.5 79.8 126.9 29 Lazard Asset Management Important Information

Equity securities will fluctuate in price; the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-domestic countries may be less liquid, more volatile, and less subject to governmental supervision than in one’s home market. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy. Small- and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. Emerging-market securities carry special risks, such as less developed or less efficient trading markets, a lack of company information, and differing auditing and legal standards. The securities markets of emerging-market countries can be extremely volatile; performance can also be influenced by political, social, and economic factors affecting companies in emerging-market countries. Certain information included herein is derived by Lazard in part from an MSCI index or indices (the “Index Data”). However, MSCI has not reviewed this product or report, and does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or the author or source of any such information or analysis. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any Index Data or data derived therefrom.

This material is provided by Lazard Asset Management LLC or its affiliates (“Lazard”). There is no guarantee that any projection, forecast, or opinion in this material will be realized. Past performance does not guarantee future results. This document is for informational purposes only and does not constitute an investment agreement or investment advice. References to specific strategies or securities are provided solely in the context of this document and are not to be considered recommendations by Lazard. Investments in securities and derivatives involve risk, will fluctuate in price, and may result in losses. Certain securities and derivatives in Lazard’s investment strategies, and alternative strategies in particular, can include high degrees of risk and volatility, when compared to other securities or strategies. Similarly, certain securities in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance.

Australia: FOR WHOLESALE INVESTORS ONLY. Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 39 Gateway, 1 Macquarie Place, Sydney NSW 2000. Dubai: Issued and approved by Lazard Gulf Limited, Gate Village 1, Level 2, Dubai International Financial Centre, PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai International Financial Centre 0467. Authorised and regulated by the Dubai Authority to deal with Professional Clients only. Germany: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D-60311 Frankfurt am Main. Hong Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), Unit 29, Level 8, Two Exchange Square, 8 Connaught Place, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. This document is only for “professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation and may not be distributed or otherwise made available to any other person. Japan: Issued by Lazard Japan Asset Management K.K., ATT Annex 7th Floor, 2-11-7 Akasaka, Minato-ku, Tokyo 107-0052.Korea: Issued by Lazard Korea Asset Management Co. Ltd., 10F Seoul Finance Center, 136 Sejong- daero, Jung-gu, Seoul, 04520. People’s Republic of China: Issued by Lazard Asset Management. Lazard Asset Management does not carry out business in the P.R.C. and is not a licensed investment adviser with the China Securities Regulatory Commission or the China Banking Regulatory Commission. This document is for reference only and for intended recipients only. The information in this document does not constitute any specific investment advice on China capital markets or an offer of securities or investment, tax, legal, or other advice or recommendation or, an offer to sell or an invitation to apply for any product or service of Lazard Asset Management. Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., 1 Raffles Place, #15-02 One Raffles Place Tower 1, Singapore 048616. Company Registration Number 201135005W. This document is for “institutional investors” or “accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore and may not be distributed to any other person.United Kingdom: FOR PROFESSIONAL INVESTORS ONLY. Issued by Lazard Asset Management Ltd., 50 Stratton Street, London W1J 8LL. Registered in England Number 525667. Authorised and regulated by the Financial Conduct Authority (FCA). United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112.

30 Lazard Asset Management Monroe County Retiree Health Care Trust Fund

Underperforming Manager Policy Monroe County Retiree Health Care Trust Fund Underperforming Manager Policy

The following steps shall be taken with respect to under-performing managers:

1) Fails to out-perform the Benchmark Index in a calendar quarter; and, 2) Falls below the 50 th percentile in their universe on a rolling 3 year basis; and, 3) Sharpe Ratio that is less than the Benchmark Index on a rolling 3 year basis

Watch/Notice- 2 consecutive calendar quarters or 2 out of 3 calendar quarters. Search is Initiated- 3 consecutive calendar quarters or 3 out of 4 calendar quarters Possible Termination- 4 consecutive calendar quarters or 4 out of 6 calendar quarters

• Upon notification of watch status, the investment manager shall attend by appointment a scheduled board meeting to discuss reasons for underperformance. • Managers will be evaluated by the Under-Performing Criteria after a minimum of twelve quarters under management. • This policy is not meant to supersede or replace any other causes for termination disclosed in the investment policy statement or investment management agreement executed between the Plan and the investment manager. • The enforcement of any or all options for this policy, including but not limited to any deviation, amendment or alteration, regardless of time or reason; is the sole and exclusive prerogative of the Retirement Board.

Source: Morgan Stanley statements and Zephyr StyleAdvisor 2 Monroe County Retiree Health Care Trust Fund Domestic Equity

SGA Large Growth (12/16) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Universe Ranking (PSN Large Cap Growth) 38% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Risk Measure vs. Russell 1000 Growth Index Greater N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Pass / Fail Pass N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Atlanta Capital (2/16) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Under Under Under N/A N/A N/A N/A N/A N/A N/A N/A Universe Ranking (PSN Large Cap Core) 25% 69% 51% 30% N/A N/A N/A N/A N/A N/A N/A N/A Risk Measure vs. S&P 500 Index Less Less Greater Greater N/A N/A N/A N/A N/A N/A N/A N/A Pass / Fail Pass Fail Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A

TCW Large Value (10/07) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Out Out Under Out Under Under Out Out Out Under Out Universe Ranking (PSN Large Cap Value) 48% 58% 49% 69% 63% 60% 34% 23% 26% 19% 14% 26% Risk Measure vs. Russell 1000 Value Index Less Less Less Less Less Less Less Less Less Less Less Less Pass / Fail Pass Pass Pass Fail Pass Fail Pass Pass Pass Pass Pass Pass

ClearBridge Mid Cap (4/13) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Under Out Out Under Under Out Out Out Out Out Under Under Universe Ranking (PSN Mid Cap Core) 64% 62% 71% 66% 35% 18% 22% 28% 41% 25% 24% 31% Risk Measure vs. Russell Mid Cap Core Index Less Less Less Less Less Greater Greater Greater Less Less Less Less Pass / Fail Fail Pass Pass Fail Pass Pass Pass Pass Pass Pass Pass Pass

Source: Morgan Stanley statements and Zephyr StyleAdvisor 3 Monroe County Retiree Health Care Trust Fund International Equity / Emerging Markets

Renaissance International (3/10) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Under Out Under Out Out Under Out Out Under Out Out Universe Ranking (PSN International Equity) 63% 71% 41% 27% 19% 25% 33% 39% 40% 41% 19% 29% Risk Measure vs. MSCI EAFE Index (Net) Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Pass / Fail Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

Schafer Cullen (7/14) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Under Under Out Out Under Out Out Under Under N/A N/A Universe Ranking (PSN International Equity) 72% 62% 56% 51% 61% 63% 63% 70% 62% 69% N/A N/A Risk Measure vs. MSCI EAFE Index (Net) Greater Less Greater Greater Greater Greater Greater Greater Greater Greater N/A N/A Pass / Fail Pass Fail Pass Pass Pass Pass Pass Pass Pass Pass N/A N/A

Lazard Emerging Markets (3/10) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Out Out Under Out Out Under Out Under Out Under Out Universe Ranking (PSN Emerging Markets) 59% 50% 68% 41% 53% 60% 70% 49% 53% 24% 23% 14% Risk Measure vs. MSCI EM Index (Net) Greater Greater Greater Greater Less Greater Less Less Less Greater Greater Greater Pass / Fail Pass Pass Pass Pass Pass Pass Fail Pass Fail Pass Pass Pass

WisdomTree Japan Hedge (2/15) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Under Out Out Under Under Under Under Out N/A N/A N/A N/A Universe Ranking (Morningstar Japan Stock) 37% 39% 74% 91% 34% 0% 0% 0% N/A N/A N/A N/A Risk Measure vs. MSCI Japan Index Less Greater Less Less Greater Greater Greater Greater N/A N/A N/A N/A Pass / Fail Pass Pass Pass Fail Pass Pass Pass Pass N/A N/A N/A N/A

Source: Morgan Stanley statements and Zephyr StyleAdvisor 4 Monroe County Retiree Health Care Trust Fund Fixed Income

Boyd Watterson Fixed Income (1/98) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Under Under Out Under Out Out Under Under Out Out Out Universe Ranking (PSN Interm. Fixed Income) 64% 67% 65% 58% 55% 66% 65% 56% 56% 61% 63% 77% Risk Measure vs. BC Interm. Gov't / Credit Index Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Pass / Fail Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

LM Brandywine Global Opp. Bond (8/16) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Out N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Universe Ranking (Morningstar World Bond) 38% 40% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Risk Measure vs. Citi World Gov't Bond Index Greater Greater N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Pass / Fail Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Source: Morgan Stanley statements and Zephyr StyleAdvisor 5 Monroe County Retiree Health Care Trust Fund Real Estate & Energy

Tortoise MLP (6/16) Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Outperform / Underperform Out Under Out N/A N/A N/A N/A N/A N/A N/A N/A N/A Universe Ranking (Morningstar Equity Energy) 0% 3% 0% N/A N/A N/A N/A N/A N/A N/A N/A N/A Risk Measure vs. Alerian MLP Index Greater Greater Greater N/A N/A N/A N/A N/A N/A N/A N/A N/A Pass / Fail Pass Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A N/A

Source: Morgan Stanley statements and Zephyr StyleAdvisor 6 Monroe County Retiree Health Care Trust Fund Disclosures

This performance report has been prepared for informational purposes only and is not intended to be a substitute for the official account statements that you receive from Morgan Stanley. The information in this report is approximate and subject to adjustment, updating and correction and should not be relied upon for taking any action without first confirming its accuracy and completeness. To the extent there are any discrepancies between your regular account statement and this report, you should rely on the regular account statement. Market values displayed in a regular account statement may differ from the values displayed in this report due to, among other things, the use of different reporting methods, delays, market conditions and interruptions. The figures in this report may not include all relevant costs (i.e., fees, commissions and taxes).

The information in this report should not be considered as the sole basis for any investment decision.

Morgan Stanley is not responsible for any clerical, computational or other inaccuracies, errors or omissions. Morgan Stanley obtains market values and other data from various standard quotation services and other sources, which we believe to be reliable. However, we do not warrant or guarantee the accuracy or completeness of any such information. The values that a client actually receives in the market for any investment may be higher or lower than the values reflected in this report. The values of securities and other investments not actively traded may be estimated or may not be available.

The information contained in this report is not intended to constitute investment, legal, tax, accounting or other professional advice. We recommend that clients contact their tax advisors to determine the appropriate information to be used in the preparation of their tax returns.

For securities not purchased through, or custodied at, Morgan Stanley, any data included in this report has been provided either by you or another financial institution. To the extent that positions are not custodied at Morgan Stanley, they may not be covered by SIPC.

In the products and services we offer, unless otherwise set forth in a signed agreement, neither Morgan Stanley Smith Barney nor any of its associated persons is acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice or solicitations within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Charts and graphs are for illustrative purposes only and are not intended to represent the performance of any Morgan Stanley offering.

Investments and Services offered through Morgan Stanley, member SIPC.

7 Total Fund Performance Monroe County Retiree Health Care As of 3/31/2017

14%

12%

10%

8%

6%

4%

2%

0% Quarter 2016 YTD Trailing 1 Year Trailing 3 Years Trailing 5 Years Trailing 7 Years Trailing 10 Years Since Inception

Combined Account Manager Allocation Index Policy Index 90 Day T-Bills

Current 2017 Trailing Trailing Trailing Trailing Trailing Since Inception Quarter YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Date Combined Account 4.54% 4.54% 10.50% 5.14% 7.00% 6.70% 4.01% 4.89% Jan-98 Manager Allocation Index 4.08% 4.08% 12.58% 6.67% 7.88% 7.51% 5.25% 4.93% Policy Index 3.38% 3.38% 8.57% 6.18% 7.51% 7.87% 5.78% 5.59 % 90 Day T-Bills 0.12% 0.12% 0.33% 0.13% 0.10% 0.10% 0.61% 1.99%

Change in Value Beginning Market Value $46,883,811 $46,883,811 $41,839,946 $37,114,575 $27,421,219 $24,138,594 $18,457,546 $2,799,303 Net Flow $1,000,246 $1,000,246 $3,961,388 $7,353,737 $11,352,567 $12,102,941 $19,679,063 $30,731,857 Investment Earnings $2,152,450 $2,152,450 $4,235,172 $5,568,195 $11,262,721 $13,794,971 $11,899,898 $16,505,347 Ending Market Value $50,036,507 $50,036,507 $50,036,507 $50,036,507 $50,036,507 $50,036,507 $50,036,507 $50,036,507

The Policy index is comprised of 25% S&P 500 Index; 10% Russell Mid Cap Index; 10% Russell 2000 Index; 10% MSCI ACWI ex U.S. (Net); 5% MSCI EM (Net); 25% Barclays Interm. Gov't/Credit Index; 10% Citi World Gov't Bond Index; 2% NAREIT; & 3% 90 Day T-Bills. From 3/31/1999 - 12/31/2013, the Policy Index was comprised of 50% S&P 500 Index, 45% Barclays Interm. Gov't/Credit Index, & 5% 90 Day T-Bills. Prior to 3/31/1999, the Policy Index was comprised of 55% S&P 500 Index, 40% Barclays Interm. Gov't/Credit Index, & 5% 90 Day T-Bills.

The Manager Allocation Index reflects the actual manager allocation at the beginning of each quarter, using each Manager's Index. Periods greater than one year are annualized. Source: Morgan Stanley Informa Performer & Manager statements

1 Asset Allocation Monroe County Retiree Health Care As of 3/31/2017

MLP / Energy Cash 2.3% 2.1% Real Estate 10.7%

Fixed Income 20.2% Equities 64.6%

Market Portfolio Policy Over / Under Weight Asset Class Value Percentage Allocation Percent Dollar

Equities $32,335,394 64.6% 60.0% 4.6% $2,313,490 Fixed Income $10,107,434 20.2% 32.0% -11.8% -$5,904,248 Real Estate $5,370,878 10.7% 5.0% 5.7% $2,869,052 MLP / Energy $1,150,575 2.3% 0.0% 2.3% $1,150,575 Cash $1,072,225 2.1% 3.0% -0.9% -$428,870 Combined Accounts $50,036,507 100.0% 100.0%

Source: Morgan Stanley Informa Performer & Manager statements

2 Allocation by Manager / Style Monroe County Retiree Health Care As of 3/31/2017

Market Portfolio

Cash Manager Asset Class Value Percentage 1.0% Sustainable Growth InvestorsLarge Growth $3,007,332 6.0% Boyd Watterson GSA Sustainable Growth 10.7% Investors Atlanta Large Core $3,236,589 6.5% 6.0% iShares S&P 500 Large Core $3,834,758 7.7% Atlanta Tortoise MLP 6.5% TCW Large Value $4,409,649 8.8% 2.3% ClearBridge Mid Cap Core $5,153,086 10.3% Brandywine iShares S&P 600 Small Cap $4,984,015 10.0% 2.3% iShares S&P 500 Renaissance International $1,965,445 3.9% 7.7% Schafer Cullen International $1,918,042 3.8% iShares Int. Gov/Credit ETF Lazard Emerging Markets $3,013,132 6.0% 6.0% TCW WisdomTree International $1,296,631 2.6% 8.8% Boyd Watterson Fixed Income $6,023,655 12.0%

Boyd Watterson iShares Int. Gov/Credit ETF Fixed Income $3,004,713 6.0% 12.0% Brandywine Global FI $1,157,329 2.3% Tortoise MLP MLP / Energy $1,150,575 2.3% WisdomTree ClearBridge Boyd Watterson GSA Real Estate $5,370,878 10.7% 2.6% 10.3% Cash Cash $510,677 1.0% Combined Accounts $50,036,507 100.0% Lazard 6.0% Schafer Cullen iShares S&P 600 10.0% 3.8% Renaissance Asset Class Portfolio % 3.9% Domestic Equity 48.7% Int'l Equity 15.9% Fixed Income 20.2% MLP / Energy 2.3% Real Estate 10.7% Cash 2.1% Combined Accts. 100.0%

Source: Morgan Stanley Informa Performer & Manager statements

3 Asset Class / Manager Performance Monroe County Retiree Health Care As of 3/31/2017

Current 2017 Trailing Trailing Trailing Since Inception Quarter YTD 1 Year 3 Years 5 years Inception Date Large Cap Equities Sustainable Growth Advisors 10.30% 10.30% N/A N/A N/A 10.30% Dec-16 Russell 1000 Growth Index 8.91% 8.91% 15.77% 11.28% 13.33% 8.91% Atlanta Capital 7.85% 7.85% 11.15% N/A N/A 16.91% Feb-16 S&P 500 Index 6.07% 6.07% 17.20% 10.39% 13.31% 23.00% iShares S&P 500 5.94% 5.94% N/A N/A N/A 5.94% Dec-16 S&P 500 Index 6.07% 6.07% 17.20% 10.39% 13.31% 6.07% TCW Large Value 3.83% 3.83% 19.55% 8.51% 13.68% 6.80% Oct-07 Russell 1000 Value Index 3.26% 3.26% 19.19% 8.66% 13.12% 5.79%

Small & Mid Cap Equities ClearBridge Mid Cap Core 4.01% 4.01% 17.59% 8.12% N/A 12.61% Apr-13 Russell Mid Cap Index 5.14% 5.14% 17.04% 8.48% 13.09% 11.97% iShares S&P 600 0.91% 0.91% N/A N/A N/A 4.30% Nov-16 S&P 600 Index 1.06% 1.06% 24.58% 9.45% 14.25% 4.47%

International Equities Renaissance Int'l Equity 10.30% 10.30% 10.27% 1.95% 6.55% 5.85% Mar-10 MSCI EAFE Index (Net) 7.24% 7.24% 11.67% 0.50% 5.83% 4.72% Schafer Cullen Int'l Value 7.55% 7.55% 10.69% N/A N/A -0.42% Jul-14 MSCI EAFE Index (Net) 7.24% 7.24% 11.67% 0.50% 5.83% -0.20% Lazard Emerging Markets 12.18% 12.18% 19.12% 0.64% 1.65% 3.15% Mar-10 MSCI Emerging Markets Index (Net) 11.44% 11.44% 17.22% 1.18% 0.81% 1.69% WisdomTree Japan Hedged Equity 2.18% 2.18% 18.32% N/A N/A 0.79% Feb-15 MSCI Japan Index 4.64% 4.64% 14.82% 6.36% 7.10% 4.15%

Source: Morgan Stanley Informa Performer & Manager statements

4 Asset Class / Manager Performance Monroe County Retiree Health Care As of 3/31/2017

Current 2017 Trailing Trailing Trailing Since Inception Quarter YTD 1 Year 3 Years 5 years Inception Date Fixed Income Boyd Watterson Intermediate FI 0.81% 0.81% 0.39% 2.11% 2.11% 5.09% Jan-98 BC Intermediate Gov't/Credit Index 0.78% 0.78% 0.42% 2.01% 1.88% 4.59% iShares Int. Gov/Credit ETF N/A N/A N/A N/A N/A 0.04% Feb-17 BC Intermediate Gov't/Credit Index 0.78% 0.78% 0.42% 2.01% 1.88% 0.05% Brandywine Global Opp. Bond 5.28% 5.28% N/A N/A N/A -0.93% Aug-16 Citi World Gov't Bond Index 1.56% 1.56% -3.64% -1.19% -0.58% -6.50%

Alternatives Tortoise MLP & Pipeline 2.43% 2.43% N/A N/A N/A 14.06% Jun-16 Alerian MLP Infrastructure Index 3.94% 3.94% 28.30% -5.18% 2.63% 7.19% Boyd Watterson - GSA 2.54% 2.54% 11.98% 9.66% N/A 9.30% Dec-13 NCREIF Property Index N/A N/A 5.63% 10.02% 10.35% 10.12%

Source: Morgan Stanley Informa Performer & Manager statements

5 Portfolio Compliance Review Monroe County Retiree Health Care As of 3/31/2017 Foreign Global Equity Securities Fixed Income Cash Real Estate Basket Clause Total % of Portfolio

Sustainable Growth Advisors $2,914,702 $0 $0 $92,631 $0 $0 $3,007,332 6.0% Atlanta $3,199,208 $0 $0 $37,380 $0 $0 $3,236,589 6.5% iShares S&P 500 $3,834,758 $0 $0 $0 $0 $0 $3,834,758 7.7% TCW $4,384,222 $0 $0 $25,427 $0 $0 $4,409,649 8.8% ClearBridge $5,060,915 $0 $0 $92,171 $0 $0 $5,153,086 10.3% iShares S&P 600 $4,984,015 $0 $0 $0 $0 $0 $4,984,015 10.0% Renaissance $1,941,388 $0 $0 $24,057 $0 $0 $1,965,445 3.9% Schafer Cullen $1,895,790 $0 $0 $22,252 $0 $0 $1,918,042 3. 8% Lazard $2,823,765 $0 $0 $189,367 $0 $0 $3,013,132 6.0% WisdomTree $1,296,631 $0 $0 $0 $0 $0 $1,296,631 2.6% Boyd Watterson $0 $0 $5,945,391 $78,264 $0 $0 $6,023,655 12 .0% Brandywine $0 $521,145 $364,790 $271,394 $0 $0 $1,157,329 2 .3% iShares Int. Gov/Credit ETF $0 $0 $3,004,713 $0 $0 $0 $3,004,713 6.0% Tortoise MLP & Pipeline $1,150,575 $0 $0 $0 $0 $0 $1,150,575 2.3% Boyd Watterson - GSA $0 $0 $0 $0 $5,370,878 $0 $5,370,878 1 0.7% Cash $0 $0 $0 $510,677 $0 $0 $510,677 1.0%

Total $33,485,969 $521,145 $9,314,895 $1,343,619 $5,370,878 $0 $50,036,507 % of Portfolio 66.9% 1.0% 18.6% 2.7% 10.7% 0.0%

Source: Morgan Stanley Informa Performer & Manager statements

6 Total Fund Risk / Return Analysis Monroe County Retiree Health Care As of 3/31/2017 Risk / Return Analysis Since 1/1998 (Inception)

8%

6%

4%

2% Annualized Return% Annualized 0% 0% 3% 6% 9% 12% Annualized Standard Deviation% Combined Account Manager Allocation Index Policy Index 90 Day T-Bills Annualized % Return Standard Deviation Combined Account 4.89% 7.82% Manager Allocation Index 4.93% 7.16% Policy Index 5.59% 7.00% 90 Day T-Bills 1.99% 0.60%

Risk / Return - Trailing 3 Years Risk / Return - Trailing 5 Years

12% 12%

9% 9%

6% 6%

3% 3%

0% 0% 0% 2% 4% 6% 8% 10% 0% 2% 4% 6% 8% 10%

Combined Account Manager Allocation Index Policy Index 90 Day T-Bills Combined Account Manager Allocation Index Policy Index 90 Day T-Bills

Annualized % Return Std Dev Annualized % Return Std Dev Combined Account 5.14% 7.46% Combined Account 7.00% 7.23 % Manager Allocation Index 6.67% 7.13% Manager Allocation Index 7.88% 6.76% Policy Index 6.18% 5.09% Policy Index 7.51% 5.06% 90 Day T-Bills 0.13% 0.05% 90 Day T-Bills 0.10% 0.04%

Source: Morgan Stanley Informa Performer & Manager statements 7 (Page Intentionally Left Blank)

8 Sustainable Growth Advisors Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 18% $2,914,702 $92,631 $3,007,332 16% 14%

12% Cash 10% 3.1% 8% 6% 4% 2% 0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 96.9%

Sustainable Growth Advisors Russell 1000 Growth Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since December 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception Sustainable Growth Advisors 10.30% 10.30% N/A N/A N/A 10.30% Russell 1000 Growth Index 8.91% 8.91% 15.77% 11.28% 13.33% 8.91% Account Less than 1 Year Old: Inception as of Dec-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current QuarterTrailing Year Since Inception Beginning Market Value $2,730,602 N/A $2,730,602 Contributions/Withdrawals $0 N/A $0 Investment Earnings $276,731 N/A $276,731 Ending Market Value $3,007,332 $3,007,332 $3,007,332

Annualized % Return Std. Dev.

Sustainable Growth Advisors 10.30% N/A Russell 1000 Growth Index 8.91% N/A

Source: Morgan Stanley Informa Performer & Manager statements

9 Sustainable Growth Advisors Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Large Cap Growth Gross 0%

25% SGA U.S. Large Cap Growth Russell 1000 Growth 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile

Return Rank Return 75th to 95th Percentile 75%

100% Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Russell 1000 Growth 12-Quarter Moving Windows, Computed Yearly January 2005 - March 2017 18 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017

419 mng 416 mng 394 mng 371 mng 345 mng 320 mng 310 mng 303 mng 295 mng 209 mng 16

14

12 SGA U.S. Large Cap Growth 94.02% 54.46% 22.89% 20.52% 23.28% 9.42% 34.42% 71.21% 75.19% 38.40%

10

SGA U.S. Large Cap Growth

8 Number of Quarters of Number 6

4 Russell 1000 Growth 64.43% 56.25% 51.96% 42.26% 31.67% 35.44% 40.19% 48.26% 34.26% 24.89%

2

0 < -8 -8 to -6 -6 to -4 -4 to -2 -2 to 0 0 to 2 2 to 4 4 to 6 6 to 8 8 to 10 10 to 12 > 12 PSN Large Cap Growth Gross Excess Returns vs. Russell 1000 Growth Range (%) Source: Zephyr StyleAdvisor

10 Atlanta Capital Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 25% $3,199,208 $37,380 $3,236,589

20%

Cash 15% 1.2%

10%

5%

0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 98.8%

Atlanta Capital S&P 500 Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since February 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 25% Atlanta Capital 7.85% 7.85% 11.15% N/A N/A 16.91% 20% S&P 500 Index 6.07% 6.07% 17.20% 10.39% 13.31% 23.00%

Inception as of Feb-16 15%

10% Current QuarterTrailing Year Since Inception Annualized Annualized Return% 5% Beginning Market Value $3,474,338 $3,877,324 $3,646,377 Contributions/Withdrawals -$499,600 -$999,600 -$999,600 0% 0% 5% 10% 15% 20% Investment Earnings $261,851 $358,866 $589,812 Annualized Standard Deviation% Ending Market Value $3,236,589 $3,236,589 $3,236,589 Atlanta Capital S&P 500 Index

Annualized % Return Std. Dev.

Atlanta Capital 16.91% 9.07% S&P 500 Index 23.00% 7.62%

Source: Morgan Stanley Informa Performer & Manager statements

11 Atlanta Capital Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Large Cap Core Gross 0%

25% Atlanta Capital HQ Select Equity S&P 500 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. S&P 500 12-Quarter Moving Windows, Computed Yearly October 2006 - March 2017 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 20

468 mng 451 mng 427 mng 400 mng 378 mng 359 mng 348 mng 245 mng 18 16

14 Atlanta Capital HQ Select Equity 1.93% 4.89% 11.50% 7.27% 41.64% 29.89% 24.50% 25.00% 12

10 Atlanta Capital HQ Select Equity

8 Number of Quarters of Number 6

4 S&P 500 73.25% 74.08% 37.68% 49.58% 57.88% 59.17% 42.16% 28.60% 2

0 < -6 -6 to -3 -3 to 0 0 to 3 3 to 6 > 6 PSN Large Cap Core Gross Excess Returns vs. S&P 500 Range (%) Source: Zephyr StyleAdvisor

12 iShares S&P 500 Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 20% $3,834,758 $0 $3,834,758 18% 16% 14% Cash 12% 0.0% 10% 8% 6% 4% 2% 0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 100.0% iShares S&P 500 S&P 500 Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since December 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception iShares S&P 500 5.94% 5.94% N/A N/A N/A 5.94% S&P 500 Index 6.07% 6.07% 17.20% 10.39% 13.31% 6.07% Account Less than 1 Year Old: Inception as of Dec-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value $3,187,658 N/A $3,187,658 Contributions/Withdrawals $439,858 N/A $439,858 Investment Earnings $207,241 N/A $207,241 Ending Market Value $3,834,758 $3,834,758 $3,834,758

Annualized % Return Std. Dev.

iShares S&P 500 5.94% N/A S&P 500 Index 6.07% N/A

Source: Morgan Stanley Informa Performer & Manager statements

13 iShares S&P 500 Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Large Blend 0%

25% iShares S&P 500 S&P 500 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile Return Rank Return 75% 75th to 95th Percentile

100% Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. S&P 500 12-Quarter Moving Windows, Computed Yearly January 2005 - March 2017

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 30

919 mng 967 mng 991 mng 1057 mng 1091 mng 1135 mng 1153 mng 1175 mng 1204 mng 1235 mng 1275 mng 1305 mng

25

20 iShares S&P 500 53.20% 46.67% 48.28% 50.72% 57.52% 43.27% 23.65% 22.63% 27.16% 29.92% 9.30% 6.26%

15 iShares S&P 500 Number of Quarters of Number 10

S&P 500 50.61% 47.14% 45.21% 44.57% 53.14% 43.86% 24.72% 19.88% 24.82% 29.08% 8.93% 4.94% 5

0 < -5 -5 to 0 > 0 Morningstar Large Blend Excess Returns vs. S&P 500 Range (%) Source: Zephyr StyleAdvisor

14 TCW Large Value Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 25% $4,384,222 $25,427 $4,409,649

20%

Cash 15% 0.6%

10%

5%

0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 99.4%

TCW Large Value Russell 1000 Value Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since October 2007 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 10% TCW Large Value 3.83% 3.83% 19.55% 8.51% 13.68% 6.80% Russell 1000 Value Index 3.26% 3.26% 19.19% 8.66% 13.12% 5.79% 8%

Inception as of Oct-07 6%

4% Current Quarter Trailing Year Since Inception Annualized Annualized Return% Beginning Market Value $5,197,856 $3,088,114 $852,191 2%

Contributions/Withdrawals -$980,481 $685,716 $1,960,715 0% Investment Earnings $192,274 $635,819 $1,596,743 0% 5% 10% 15% 20% 25% Annualized Standard Deviation% Ending Market Value $4,409,649 $4,409,649 $4,409,649 TCW Large Value Russell 1000 Value Index Annualized % Return Std. Dev.

TCW Large Value 6.80% 18.04% Russell 1000 Value Index 5.79% 16.38%

Source: Morgan Stanley Informa Performer & Manager statements

15 TCW Large Value Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Large Cap Value Gross 0%

25% TCW Relative Large Value Russell 1000 Value 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile

Return Rank Return 75th to 95th Percentile 75%

100% Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Russell 1000 Value 12-Quarter Moving Windows, Computed Yearly January 2005 - March 2017 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 25

418 mng 417 mng 423 mng 413 mng 407 mng 388 mng 369 mng 359 mng 344 mng 244 mng

20

TCW Relative Large Value 88.01% 91.83% 86.97% 45.87% 22.17% 21.21% 47.02% 25.41% 62.69% 47.73% 15

TCW Relative Large Value

Number of Quarters of Number 10

Russell 1000 Value 64.79% 85.59% 86.74% 81.92% 45.01% 44.92% 51.47% 43.86% 59.92% 37.68% 5

0 < -5 -5 to 0 0 to 5 > 5 PSN Large Cap Value Gross Excess Returns vs. Russell 1000 Value Range (%) Source: Zephyr StyleAdvisor

16 ClearBridge Mid Cap Core Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 20% $5,060,915 $92,171 $5,153,086 18% 16% 14% 12% Cash 1.8% 10% 8% 6% 4% 2% 0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 98.2% ClearBridge Mid Cap Core Russell Mid Cap Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since April 2013 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 20% ClearBridge Mid Cap Core 4.01% 4.01% 17.59% 8.12% N/A 12.61% Russell Mid Cap Index 5.14% 5.14% 17.04% 8.48% 13.09% 11.97% 15%

Inception as of Apr-13 10%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% 5% Beginning Market Value $5,913,056 $3,618,003 $1,787,565

Contributions/Withdrawals -$1,000,000 $850,000 $2,050,000 0% 0% 5% 10% 15% 20% Investment Earnings $240,031 $685,083 $1,315,521 Annualized Standard Deviation% Ending Market Value $5,153,086 $5,153,086 $5,153,086 ClearBridge Mid Cap Core Russell Mid Cap Index

Annualized % Return Std. Dev.

ClearBridge Mid Cap Core 12.61% 12.43% Russell Mid Cap Index 11.97% 11.03%

Source: Morgan Stanley Informa Performer & Manager statements

17 ClearBridge Mid Cap Core Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Mid Cap Core Gross 0%

25% ClearBridge Mid Cap Core Russell Midcap 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile

Return Rank Return 75th to 95th Percentile 75%

100% Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Russell Midcap 12-Quarter Moving Windows, Computed Yearly January 2005 - March 2017 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 30 93 mng 96 mng 103 mng 100 mng 99 mng 101 mng 98 mng 93 mng 91 mng 92 mng 76 mng

25

ClearBridge Mid Cap Core 55.43% 26.32% 17.65% 45.45% 53.06% 73.00% 37.11% 18.48% 40.00% 32.97% 64.00% 20

ClearBridge Mid Cap Core 15 Number of Quarters of Number 10

Russell Midcap 29.28% 45.59% 72.75% 68.84% 70.34% 33.60% 54.96% 47.96% 43.53% 48.93% 54.45% 5

0 < -10 -10 to -5 -5 to 0 > 0 PSN Mid Cap Core Gross Excess Returns vs. Russell Midcap Range (%) Source: Zephyr StyleAdvisor

18 iShares S&P 600 Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 30% $4,984,015 $0 $4,984,015

25%

20% Cash 0.0% 15%

10%

5%

0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 100.0% iShares S&P 600 S&P 600 Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since December 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception iShares S&P 600 0.91% 0.91% N/A N/A N/A 4.30% S&P 600 Index 1.06% 1.06% 24.58% 9.45% 14.25% 4.47% Account Less than 1 Year Old: Inception as of Nov-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value $4,939,031 N/A $4,313,019 Contributions/Withdrawals $0 N/A $482,405 Investment Earnings $44,985 N/A $188,591 Ending Market Value $4,984,015 $4,984,015 $4,984,015

Annualized % Return Std. Dev.

iShares S&P 600 4.30% N/A S&P 600 Index 4.47% N/A

Source: Morgan Stanley Informa Performer & Manager statements

19 iShares S&P 600 Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Small Blend 0%

25% iShares S&P Small-Cap 600 S&P SmallCap 600 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile

Return Rank Return 75th to 95th Percentile 75%

100% Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. S&P SmallCap 600 12-Quarter Moving Windows, Computed Yearly January 2005 - March 2017

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017

452 mng 470 mng 496 mng 541 mng 574 mng 591 mng 611 mng 622 mng 630 mng 651 mng 674 mng 706 mng 25

20

iShares S&P Small-Cap 600 23.49% 29.16% 47.34% 46.22% 42.36% 45.61% 25.23% 19.24% 12.29% 26.21% 2.35% 6.20% 15 iShares S&P Small-Cap 600

Number of Quarters of Number 10

S&P SmallCap 600 26.32% 29.41% 43.58% 44.26% 41.24% 46.16% 26.47% 18.66% 12.17% 25.84% 2.35% 5.36% 5

0 < -5 -5 to 0 > 0 Morningstar Small Blend Excess Returns vs. S&P SmallCap 600 Range (%) Source: Zephyr StyleAdvisor

20 Renaissance Int'l Equity Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 14% $1,941,388 $24,057 $1,965,445 12%

10% Cash 8% 1.2%

6%

4%

2%

0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 98.8% Renaissance Int'l Equity MSCI EAFE Index (Net)

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since March 2010 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 6% Renaissance Int'l Equity 10.30% 10.30% 10.27% 1.95% 6.55% 5.85% MSCI EAFE Index (Net) 7.24% 7.24% 11.67% 0.50% 5.83% 4.72% 4% Inception as of Mar-10

Current Quarter Trailing Year Since Inception 2% Annualized Annualized Return% Beginning Market Value $1,784,484 $2,298,124 $1,300,000

Contributions/Withdrawals $0 -$500,000 $74,993 0% 0% 5% 10% 15% 20% 25% Investment Earnings $180,961 $167,320 $590,451 Annualized Standard Deviation% Ending Market Value $1,965,445 $1,965,445 $1,965,445 Renaissance Int'l Equity MSCI EAFE Index (Net)

Annualized % Return Std. Dev.

Renaissance Int'l Equity 5.85% 15.20% MSCI EAFE Index (Net) 4.72% 15.64%

Source: Morgan Stanley Informa Performer & Manager statements

21 Renaissance Int'l Equity Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN International Equity Gross 0%

25% Renaissance International MSCI EAFE (Net) 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile Return Rank Return 75% 75th to 95th Percentile

100% Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI EAFE (Net) 12-Quarter Moving Windows, Computed Yearly January 2005 - March 2017 25 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017

767 mng 802 mng 849 mng 868 mng 863 mng 874 mng 865 mng 884 mng 879 mng 635 mng

20

Renaissance International 17.10% 22.47% 33.25% 81.55% 58.00% 71.48% 36.00% 41.56% 19.36% 63.09% 15

Renaissance International

10 Number of Quarters of Number

5 MSCI EAFE (Net) 77.44% 72.24% 77.09% 82.76% 80.29% 71.58% 47.96% 52.25% 56.49% 78.63%

0 < -8 -8 to -4 -4 to 0 0 to 4 4 to 8 > 8 PSN International Equity Gross Excess Returns vs. MSCI EAFE (Net) Range (%) Source: Zephyr StyleAdvisor

22 Schafer Cullen Int'l Value Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 14% $1,895,790 $22,252 $1,918,042 12%

10%

8% Cash 1.2% 6%

4%

2%

0%

-2% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 98.8% Schafer Cullen Int'l Value MSCI EAFE Index (Net)

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since July 2014

Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 4% Schafer Cullen Int'l Value 7.55% 7.55% 10.69% N/A N/A -0.42% 2% MSCI EAFE Index (Net) 7.24% 7.24% 11.67% 0.50% 5.83% -0.20%

Inception as of Jul-14 0%

-2% Current Quarter Trailing Year Since Inception Annualized Annualized Return% -4% Beginning Market Value $1,786,000 $2,233,496 $2,803,974 Contributions/Withdrawals $0 -$500,000 -$750,279 -6% 0% 5% 10% 15% 20% 25% Investment Earnings $132,042 $184,546 -$135,653 Annualized Standard Deviation% Ending Market Value $1,918,042 $1,918,042 $1,918,042 Schafer Cullen Int'l Value MSCI EAFE Index (Net)

Annualized % Return Std. Dev.

Schafer Cullen Int'l Value -0.42% 11.09% MSCI EAFE Index (Net) -0.20% 12.66%

Source: Morgan Stanley Informa Performer & Manager statements

23 Schafer Cullen Int'l Value Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN International Equity Gross 0%

25% Schafer Cullen Int'l Value MSCI EAFE (Net) 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile Return Rank Return 75% 75th to 95th Percentile

100% Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI EAFE (Net) 12-Quarter Moving Windows, Computed Yearly July 2005 - March 2017 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 20

802 mng 849 mng 868 mng 863 mng 874 mng 865 mng 884 mng 879 mng 635 mng 18

16

14 Schafer Cullen Int'l Value 31.21% 49.29% 76.12% 80.39% 43.99% 44.56% 61.95% 59.45% 71.61% 12

10 Schafer Cullen Int'l Value

8 Number of Quarters of Number 6

4 MSCI EAFE (Net) 72.24% 77.09% 82.76% 80.29% 71.58% 47.96% 52.25% 56.49% 78.63% 2

0 < -6 -6 to -3 -3 to 0 0 to 3 > 3 PSN International Equity Gross Excess Returns vs. MSCI EAFE (Net) Range (%) Source: Zephyr StyleAdvisor

24 Lazard Emerging Markets Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 25% $2,823,765 $189,367 $3,013,132

20%

15% Cash 6.3%

10%

5%

0% Equities Quarter YTD 1 Year 3 Years 5 Years Inception 93.7%

Lazard Emerging Markets MSCI Emerging Markets Index (Net)

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since March 2010 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 5% Lazard Emerging Markets 12.18% 12.18% 19.12% 0.64% 1.65% 3.15% MSCI Emerging Markets Index (Net) 11.44% 11.44% 17.22% 1.18% 0.81% 1.69% 4%

Inception as of Mar-10 3%

2% Current Quarter Trailing Year Since Inception Annualized Annualized Return% Beginning Market Value $2,690,447 $1,747,947 $599,959 1%

Contributions/Withdrawals $0 $837,000 $2,160,601 0% Investment Earnings $322,684 $428,185 $252,572 0% 5% 10% 15% 20% 25% Annualized Standard Deviation% Ending Market Value $3,013,132 $3,013,132 $3,013,132 Lazard Emerging Markets MSCI Emerging Markets Index (Net) Annualized % Return Std. Dev.

Lazard Emerging Markets 3.15% 18.68% MSCI Emerging Markets Index (Net) 1.69% 17.91%

Source: Morgan Stanley Informa Performer & Manager statements

25 Lazard Emerging Markets Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Intl Emerging Markets Gross 0%

25% Lazard Emerging Markets MSCI EM (EMERGING MARKETS) (Net) 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI EM (EMERGING M ARKETS) (Net) 12-Quarter Moving Windows, Computed Yearly January 2005 - March 2017 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017

118 mng 137 mng 147 mng 173 mng 178 mng 196 mng 212 mng 223 mng 238 mng 166 mng 20

15 Lazard Emerging Markets 46.15% 33.09% 25.32% 36.05% 38.98% 40.51% 30.33% 75.22% 77.22% 58.63%

Lazard Emerging Markets 10 Number of Quarters of Number

5 MSCI EM (EMERGING MARKETS) (Net) 68.74% 54.19% 60.89% 60.66% 72.08% 67.02% 73.90% 74.06% 73.69% 71.52%

0 < -6 -6 to -3 -3 to 0 0 to 3 3 to 6 > 6 PSN Intl Emerging Markets Gross Excess Returns vs. MSCI EM (EMERGING MARKETS) (Net) Range (%) Source: Zephyr StyleAdvisor

26 WisdomTree Japan Hedged Equity Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 20% $1,296,631 $0 $1,296,631 18% 16%

14% Cash 12% 0.0% 10% 8% 6% 4% 2% 0% Quarter YTD 1 Year 3 Years 5 Years Inception Equities 100.0% WisdomTree Japan Hedged Equity MSCI Japan Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since February 2015 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 5% WisdomTree Japan Hedged Equity 2.18% 2.18% 18.32% N/A N/A 0.79% 4% MSCI Japan Index 4.64% 4.64% 14.82% 6.36% 7.10% 4.15%

Inception as of Feb-15 3%

2% Current Quarter Trailing Year Since Inception Annualized Annualized Return% 1% Beginning Market Value $1,268,967 $1,095,897 $1,283,722 Contributions/Withdrawals $0 -$49 -$8,611 0% 0% 5% 10% 15% 20% 25% Investment Earnings $27,664 $200,783 $21,520 Annualized Standard Deviation% Ending Market Value $1,296,631 $1,296,631 $1,296,631 WisdomTree Japan Hedged Equity MSCI Japan Index

Annualized % Return Std. Dev.

WisdomTree Japan Hedged Equity 0.79% 20.62% MSCI Japan Index 4.15% 13.75%

Source: Morgan Stanley Informa Performer & Manager statements

27 WisdomTree Japan Hedged Equity Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Japan Stock 0%

25% WisdomTree Japan Hedged Equity MSCI JAPAN 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI JAPAN 12-Quarter Moving Windows, Computed Yearly July 2006 - March 2017 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 16 16 mng 18 mng 21 mng 23 mng 23 mng 23 mng 23 mng 26 mng

14

12

WisdomTree Japan Hedged Equity 4.78% 100.00% 100.00% 69.17% 12.95% 0.00% 43.56% 37.31% 10

WisdomTree Japan Hedged Equity 8

Number of Quarters of Number 6

4 MSCI JAPAN 6.26% 43.00% 59.30% 45.35% 45.22% 40.10% 61.15% 66.80% 2

0 < -12 -12 to -9 -9 to -6 -6 to -3 -3 to 0 0 to 3 3 to 6 6 to 9 9 to 12 12 to 15 > 15 Morningstar Japan Stock Excess Returns vs. MSCI JAPAN Range (%) Source: Zephyr StyleAdvisor

28 Boyd Watterson Intermediate FI Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Fixed Income Cash Total 6% $5,945,391 $78,264 $6,023,655

5%

4% Cash 1.3% 3%

2%

1%

0% Quarter YTD 1 Year 3 Years 5 Years Inception Fixed Income 98.7%

Boyd Watterson Intermediate FI BC Intermediate Gov't/Credit Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since January 1998 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 12% Boyd Watterson Intermediate FI 0.81% 0.81% 0.39% 2.11% 2.11% 5.09% BC Intermediate Gov't/Credit Index 0.78% 0.78% 0.42% 2.01% 1.88% 4.59% 9%

Inception as of Jan-98 6%

Current Quarter Trailing Year Since Inception Annualized Annualized Return% 3% Beginning Market Value $5,982,979 $7,022,672 $2,799,303 Contributions/Withdrawals $0 -$1,000,000 -$1,075,078 0% 0% 1% 2% 3% 4% 5% Investment Earnings $40,676 $983 $4,299,430 Annualized Standard Deviation% Ending Market Value $6,023,655 $6,023,655 $6,023,655 Boyd Watterson Intermediate FI BC Intermediate Gov't/Credit Index

Annualized % Return Std. Dev.

Boyd Watterson Intermediate FI 5.09% 3.26% BC Intermediate Gov't/Credit Index 4.59% 3.00%

Source: Morgan Stanley Informa Performer & Manager statements

29 Boyd Watterson Intermediate FI Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Intermediate Fixed Income 0%

25%

Boyd Watterson Interm. FI Barclays Intermediate U.S. Government/Credit 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Barclays Capital In termediate U.S. Government/Credit 12-Quarter Moving Windows, Computed Yearly January 2003 - March 2017

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 35

1333 mng 1374 mng 1383 mng 1352 mng 1327 mng 1292 mng 1287 mng 1262 mng 1263 mng 1209 mng 1128 mng 855 mng

30

25

Boyd Watterson Interm. FI 47.43% 40.60% 17.56% 13.21% 26.46% 41.05% 61.89% 64.09% 66.27% 54.46% 55.28% 63.96%

20 Boyd Watterson Interm. FI

15 Number of Quarters of Number

10

Barclays Interm. U.S. Gov't/Credit 70.21% 78.57% 30.44% 34.99% 54.02% 70.97% 64.61% 66.28% 72.09% 69.70% 68.92% 71.70% 5

0 < -1 -1 to -0.5 -0.5 to 0 0 to 0.5 0.5 to 1 1 to 1.5 > 1. 5 PSN Intermediate Fixed Income Excess Returns vs. Barclays Capital Intermediate U. S. Government/Credit Range (%) Source: Zephyr StyleAdvisor

30 iShares Int. Gov/Credit ETF Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Fixed Income Cash Total 3% $3,004,713 $0 $3,004,713

2%

Cash 2% 0.0%

1%

1%

0% Quarter YTD 1 Year 3 Years 5 Years Inception Fixed Income 100.0% iShares Int. Gov/Credit ETF BC Intermediate Gov't/Credit Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since February 2017 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception iShares Int. Gov/Credit ETF N/A N/A N/A N/A N/A 0.04% BC Intermediate Gov't/Credit Index 0.78% 0.78% 0.42% 2.01% 1.88% 0.05% Account Less than 1 Year Old: Inception as of Feb-17 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value N/A N/A $3,007,985 Contributions/Withdrawals N/A N/A -$4,470 Investment Earnings N/A N/A $1,198 Ending Market Value $3,004,713 $3,004,713 $3,004,713

Annualized % Return Std. Dev.

iShares Int. Gov/Credit ETF 0.04% N/A BC Intermediate Gov't/Credit Index 0.05% N/A

Source: Morgan Stanley Informa Performer & Manager statements

31 iShares Int. Gov/Credit ETF Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Intermediate-Term Bond 0%

25%

iShares Interm Government/Credit ETF Barclays Intermediate U.S. Government/Credit 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Barclays Capital In termediate U.S. Government/Credit 12-Quarter Moving Windows, Computed Yearly April 2007 - March 2017 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 25

791 mng 806 mng 821 mng 848 mng 873 mng 887 mng 916 mng 931 mng

20

iShares Interm Government/Credit ETF 50.96% 83.32% 94.84% 92.03% 89.32% 92.31% 67.85% 80.96% 15

iShares Interm Government/Credit ETF

10 Number of Quarters of Number

5 Barclays Interm. U.S. Gov't/Credit 49.66% 80.65% 92.48% 89.51% 84.58% 88.12% 59.36% 73.19%

0 < -2.5 -2.5 to -2 -2 to -1.5 -1.5 to -1 -1 to -0.5 -0.5 to 0 0 to 0.5 0.5 to 1 1 to 1.5 1.5 to 2 2 to 2.5 2.5 to 3 3 to 3.5 > 3.5 Morningstar Intermediate-Term Bond Excess Returns vs. Barclays Capital Intermediate U. S. Government/Credit Range (%) Source: Zephyr StyleAdvisor

32 Brandywine Global Opp. Bond Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Fixed Income Cash Total 6% $1,157,329 $0 $1,157,329 4%

2% Cash 0% 0.0% -2%

-4%

-6%

-8% Quarter YTD 1 Year 3 Years 5 Years Inception Fixed Income 100.0% Brandywine Global Opp. Bond Citi World Gov't Bond Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since August 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception Brandywine Global Opp. Bond 5.28% 5.28% N/A N/A N/A -0.93% Citi World Gov't Bond Index 1.56% 1.56% -3.64% -1.19% -0.58% -6.50% Account Less than 1 Year Old: Inception as of Aug-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value $1,099,299 N/A $1,168,179 Contributions/Withdrawals $0 N/A $0 Investment Earnings $58,031 N/A -$10,849 Ending Market Value $1,157,329 $1,157,329 $1,157,329

Annualized % Return Std. Dev.

Brandywine Global Opp. Bond -0.93% N/A Citi World Gov't Bond Index -6.50% N/A

Source: Morgan Stanley Informa Performer & Manager statements

33 Brandywine Global Opp. Bond Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar World Bond 0%

25% LM Brandywine Global Opp. Bond Citigroup World Government Bond Index 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Citigroup World Gov ernment Bond Index 12-Quarter Moving Windows, Computed Yearly January 2007 - March 2017 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017

189 mng 199 mng 221 mng 227 mng 245 mng 274 mng 296 mng 309 mng 25

20

LM Brandywine Global Opp. Bond 35.11% 15.15% 7.73% 0.44% 6.15% 26.74% 41.36% 38.31%

15 LM Brandywine Global Opp. Bond

Number of Quarters of Number 10

Citi World Gov't Bond Index 33.32% 83.90% 90.65% 79.81% 80.45% 90.27% 39.25% 80.89% 5

0 < -15 -15 to -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 Morningstar World Bond Excess Returns vs. Citigroup World Government Bond Index Range (%) Source: Zephyr StyleAdvisor

34 Tortoise MLP & Pipeline Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Energy Cash Total 2% $1,150,575 $0 $1,150,575 1% 0% -1% Cash -2% 0.0% -3% -4% -5% -6% -7% Quarter YTD 1 Year 3 Years 5 Years Inception Energy 100.0% Tortoise MLP & Pipeline Alerian MLP Infrastructure Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since August 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception Tortoise MLP & Pipeline N/A N/A N/A N/A N/A 0.04% Alerian MLP Infrastructure Index 0.78% 0.78% 0.42% 2.01% 1.88% 0.05% Account Less than 1 Year Old: Inception as of Feb-17 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value $1,123,333 N/A $1,008,744 Contributions/Withdrawals $0 N/A $0 Investment Earnings $27,242 N/A $141,831 Ending Market Value $1,150,575 $1,150,575 $1,150,575

Annualized % Return Std. Dev.

Tortoise MLP & Pipeline 0.04% N/A Alerian MLP Infrastructure Index 0.05% N/A

Source: Morgan Stanley Informa Performer & Manager statements

35 Tortoise MLP & Pipeline Monroe County Retiree Health Care As of 3/31/2017 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Equity Energy 0%

25% Tortoise MLP & Pipeline Alerian MLP Infrastructure 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile

Return Rank Return 75th to 95th Percentile 75%

100% Q1 2015 Q1 2016 Q1 2017 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Alerian MLP Infrast ructure 12-Quarter Moving Windows, Computed Yearly July 2011 - March 2017 Mar 2015 Mar 2016 Mar 2017 7

69 mng 73 mng 88 mng 6

5 Tortoise MLP & Pipeline 0.00% 0.00% 0.00% 4

Tortoise MLP & Pipeline

3 Number of Quarters of Number

2

Alerian MLP Infrastructure 0.00% 34.24% 4.24% 1

0 < -12 -12 to -9 -9 to -6 -6 to -3 -3 to 0 0 to 3 3 to 6 6 to 9 9 to 12 > 12 Morningstar Equity Energy Excess Returns vs. Alerian MLP Infrastructure Range (%) Source: Zephyr StyleAdvisor

36 Boyd Watterson - GSA Monroe County Retiree Health Care As of 3/31/2017 Manager Performance vs. Benchmark Asset Allocation Real Estate Cash Total 14% $5,370,878 $0 $5,370,878 12%

10% Cash 8% 0.0%

6%

4%

2%

0% Quarter YTD 1 Year 3 Years 5 Years Inception Real Estate 100.0% Boyd Watterson - GSA NCREIF Property Index

Current 2017 Trailing Trailing Trailing Since Risk/Return Analysis Since December 2013 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 12% Boyd Watterson - GSA 2.54% 2.54% 11.98% 9.66% N/A 9.30% NCREIF Property Index N/A N/A 5.63% 10.02% 10.35% 10.12% 8% Inception as of Dec-13

4% Current Quarter Trailing Year Since Inception Annualized Annualized Return% Beginning Market Value $4,262,994 $2,213,041 $1,000,000 Contributions/Withdrawals $999,822 $2,749,822 $3,706,332 0% 0% 1% 2% 3% 4% 5% Investment Earnings $108,062 $408,015 $664,546 Annualized Standard Deviation% Ending Market Value $5,370,878 $5,370,878 $5,370,878 Boyd Watterson - GSA NCREIF Property Index

Annualized % Return Std. Dev.

Boyd Watterson - GSA 9.30% 1.27% NCREIF Property Index 10.12% 4.37%

Source: Morgan Stanley Informa Performer & Manager statements

37 Investment Manager Fee Schedule Monroe County Retiree Health Care As of 3/31/2017

Domestic Equity Global / International Equity Alternatives

Sustainable Growth Advisors Renaissance International Tortoise MLP & Pipeline Fund (TORIX) 0.41% All Assets 0.37% All Assets 0.99% All Assets

Atlanta Large Core Schafer Cullen International Value VOYA / CBRE REIT 0.37% All Assets 0.37% All Assets 0.42% All Assets

iShares S&P 500 ETF (IVV) WisdomTree Japan Hedge Boyd Watterson GSA Real Estate 0.04% All Assets 0.48% All Assets 1.25% All Assets

TCW Large Value Lazard Emerging Markets 0.35% All Assets 0.47% All Assets

iShares S&P 600 ETF (IJR) 0.07% All Assets Fixed Income

Clearbridge Mid Cap Core Boyd Watterson Intm. G / C 0.42% All Assets 0.30% All Assets

Brandywine Global Opp. Bond (GOBIX) 0.69% All Assets

Source: Investment Manager Contracts, Mutual Fund/ETF Fact Sheets & AI Subscription Agreements

38 Monroe County Retiree Health Care As of 3/31/2017

Important Disclosures

This performance report has been prepared for informational purposes only and is not intended to be a substitute for the official account statements that you receive from Morgan Stanley. The information in this report is approximate and subject to adjustment, updating and correction and should not be relied upon for taking any action without first confirming its accuracy and completeness. To the extent there are any discrepancies between your regular account statement and this report, you should rely on the regular account statement. Market values displayed in a regular account statement may differ from the values displayed in this report due to, among other things, the use of different reporting methods, delays, market conditions and interruptions. The figures in this report may not include all relevant costs (i.e., fees, commissions and taxes).

The information in this report should not be considered as the sole basis for any investment decision.

Morgan Stanley is not responsible for any clerical, computational or other inaccuracies, errors or omissions. Morgan Stanley obtains market values and other data from various standard quotation services and other sources, which we believe to be reliable. However, we do not warrant or guarantee the accuracy or completeness of any such information. The values that a client actually receives in the market for any investment may be higher or lower than the values reflected in this report. The values of securities and other investments not actively traded may be estimated or may not be available.

The information contained in this report is not intended to constitute investment, legal, tax, accounting or other professional advice. We recommend that clients contact their tax advisors to determine the appropriate information to be used in the preparation of their tax returns.

For securities not purchased through, or custodied at, Morgan Stanley, any data included in this report has been provided either by you or another financial institution. To the extent that positions are not custodied at Morgan Stanley, they may not be covered by SIPC.

In the products and services we offer, unless otherwise set forth in a signed agreement, neither Morgan Stanley Smith Barney nor any of its associated persons is acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice or solicitations within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Charts and graphs are for illustrative purposes only and are not intended to represent the performance of any Morgan Stanley offering.

Investments and Services offered through Morgan Stanley, member SIPC.

39 Monroe County Retiree Health Care As of 3/31/2017

Important Disclosures

The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley Wealth Management has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance.

Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative Investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing.

Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market.

Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice.

Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank.

Actual results may vary and past performance is no guarantee of future results.

40