Baltimore County Meeting Materials

August 8, 2017

Keith Stronkowsky, CFA, Senior Consultant John Krimmel, CPA, CFA, Partner Baltimore County Table of Contents

Tab

Second Quarter 2017 Investment Performance Report 1

First Quarter 2017 Private Markets Review 2

Policy Statement 3

Appendix 4 Baltimore County Second Quarter Investment Performance Report

August 8, 2017

Keith Stronkowsky, CFA, Senior Consultant John Krimmel, CPA, CFA, Partner NEPC Update and Market Environment

2 Highlights of Second Quarter Happenings at NEPC

June 30, 2017

NEPC Insights Recent Updates • 2017 First Quarter Market Thoughts (April 2017) • Healthcare Financial Management • The French Election – A Sigh of Relief (May 2017) Association (HFMA) has awarded NEPC’s • An Insight into a Goals-Based Asset Allocation Framework Healthcare practice with the “Peer (May 2017) Reviewed by HFMA ®” designation.* • The Essential Guide to Third-Party Valuations for Hedge Fund Investors (May 2017) • Market Chatter: What’s Next for Puerto Rico Bondholders? (June 2017) • Are US Equities Falling out of Favor? (June 2017)

Webinar Replays • NEPC’s 7th Annual Investment Manager Webinar (May 2017)

To download NEPC’s recent insights and webinar replays, visit: www.NEPC.com/insights NEPC Gives Back • NEPC's Stacey Flier, CFA, Private Wealth Senior Consultant, hosted an educational day to discuss the importance of education and preparing for future careers to a group of 7th grade girls that attend St. Andrew Nativity Conference Recap School, a college-prep middle school in nd • NEPC hosted its 22 Annual Investment Conference in Boston Portland, OR, that provides education for low- in May. This year’s agenda focused on the uncertainty and income, primarily minority, students of all challenges facing investors today. Over 200 NEPC clients religious backgrounds. attended the panel discussions, keynote presentations and breakout sessions. Thank you to everyone who took time out • NEPC participated in the J.P. Morgan of their schedules to make this conference our biggest and, Corporate Challenge Series, a world-wide according to our attendees, our best one yet! Check out some series of 3.5-mile running events open to pictures from the event here: http://info.nepc.com/nepc- groups from organizations within the business 22nd-annual-investment-conference and public sectors in Boston. The Corporate Challenge is set up to be the world's greenest road race, and this year the race made a donation to the Boston Children's Hospital Trust. *HFMA staff and volunteers determined that this business solution has met specific criteria developed under the HFMA Peer Review Process. HFMA does not endorse or guarantee the use of this business solution.

3 Baltimore County Index Performance Summary as of 06/30/2017 2009 2010 2011 2012 2013 2014 2015 2016 Q1 April May June Q2 YTD MSCI EM 78.5% 18.9% -18.4% 18.2% -2.6% -2.2% -14.9% 11.2% 11.4% 2.2% 3.0% 1.0% 6.3% 18.4% MSCI EAFE 31.8% 7.8% -12.1% 17.3% 22.8% -4.9% -0.8% 1.0% 7.2% 2.5% 3.7% -0.2% 6.1% 13.8% MSCI ACWI 34.6% 12.7% -7.3% 16.1% 22.8% 4.2% -2.4% 7.9% 6.9% 1.6% 2.2% 0.5% 4.3% 11.5% JPM GBI-EM Global Div 22.0% 15.7% -1.8% 16.8% -9.0% -5.7% -14.9% 9.9% 6.5% 1.2% 2.0% 0.5% 3.6% 10.4% S&P 500 26.5% 15.1% 2.1% 16.0% 32.4% 13.7% 1.4% 12.0% 6.1% 1.0% 1.4% 0.6% 3.1% 9.3% Russell 1000 28.4% 16.1% 1.5% 16.4% 33.1% 13.2% 0.9% 12.1% 6.0% 1.1% 1.3% 0.7% 3.1% 9.3% BC US STRIPS 20+ Yr -36.0% 10.9% 58.5% 3.0% -21.0% 46.4% -3.7% 1.4% 1.8% 1.8% 3.1% 1.1% 6.1% 8.0% BC US Long Credit 16.8% 10.7% 17.1% 12.7% -6.6% 16.4% -4.6% 10.2% 1.7% 1.6% 2.1% 1.0% 4.7% 6.4% JPM EMBI Glob Div 29.8% 12.2% 7.3% 17.4% -5.3% 7.4% 1.2% 10.2% 3.9% 1.6% 0.9% -0.1% 2.2% 6.2% BC US Govt/Cred Long 1.9% 10.2% 22.5% 8.8% -8.8% 19.3% -3.3% 6.7% 1.6% 1.6% 2.0% 0.8% 4.4% 6.0% Russell 2500 34.4% 26.7% -2.5% 17.9% 36.8% 7.1% -2.9% 17.6% 3.8% 0.8% -1.1% 2.5% 2.1% 6.0% Russell 2000 27.2% 26.9% -4.2% 16.3% 38.8% 4.9% -4.4% 21.3% 2.5% 1.1% -2.0% 3.5% 2.5% 5.0% BC US Corporate HY 58.2% 15.1% 5.0% 15.8% 7.4% 2.5% -4.5% 17.1% 2.7% 1.2% 0.9% 0.1% 2.2% 4.9% BC Global Agg -6.5% -5.3% -5.3% -4.1% 2.7% -0.6% 3.3% 2.1% 1.8% 1.1% 1.5% -0.1% 2.6% 4.4% BC Municipal 12.9% 2.4% 10.7% 6.8% -2.6% 9.1% 3.3% 0.2% 1.6% 0.7% 1.6% -0.4% 2.0% 3.6% CS Hedge Fund 18.6% 10.9% -2.5% 7.7% 9.7% 4.1% -0.7% 1.2% 2.1% 0.4% 0.8% - 1.3% 3.4% FTSE NAREIT Eqy REITs 28.0% 28.0% 8.3% 18.1% 2.5% 30.1% 3.2% 8.5% 1.2% 0.1% -0.8% 2.2% 1.5% 2.7% BC US Agg Bond 5.9% 6.5% 7.8% 4.2% -2.0% 6.0% 0.5% 2.6% 0.8% 0.8% 0.8% -0.1% 1.4% 2.3% CS Leveraged Loan 44.9% 10.0% 1.8% 9.4% 6.2% 2.1% -0.4% 9.9% 1.2% 0.4% 0.4% -0.1% 0.8% 2.0% BC US Agg Interm 6.5% 6.1% 6.0% 3.6% -1.0% 4.1% 1.2% 2.0% 0.7% 0.6% 0.5% -0.3% 0.9% 1.6% BC TIPS 11.4% 6.3% 13.6% 7.0% -8.6% 3.6% -1.4% 4.7% 1.3% 0.6% 0.0% -0.9% -0.4% 0.9% BC US Govt/Cred 1-3 Yr 3.8% 2.8% 1.6% 1.3% 0.6% 0.8% 0.7% 1.3% 0.4% 0.2% 0.2% 0.0% 0.3% 0.7% Alerian MLP 76.4% 35.9% 13.9% 4.8% 27.6% 4.8% -32.6% 18.3% 3.9% -1.3% -4.5% -0.6% -6.4% -2.7% BBG Commodity 18.9% 16.8% -13.3% -1.1% -9.5% -17.0% -24.7% 11.8% -2.3% -1.5% -1.4% -0.3% -3.2% -5.6%

Source: Bloomberg, Barclays, Alerian, Nareit, MSCI, JP Morgan, Credit Suisse

June 30, 2017

4 Baltimore County Year to Date Performance: All Assets Have Moved Higher

Source: S&P, Russell, MSCI, Barclays, JPM, Bloomberg As of 06/30/2017

June 30, 2017

5 Baltimore County Investment Market Update: As of June 30, 2017

Domestic Equity Benchmarks Qtr. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Large Core S&P 500 3.1% 9.3% 17.9% 9.6% 14.6% 7.2% Small Core Russell 2000 2.5% 5.0% 24.6% 7.4% 13.7% 6.9% Small Growth Russell 2000 Growth 4.4% 10.0% 24.4% 7.6% 14.0% 7.8% Small Value Russell 2000 Value 0.7% 0.5% 24.9% 7.0% 13.4% 5.9% Large Core Russell 1000 3.1% 9.3% 18.0% 9.3% 14.7% 7.3% Large Growth Russell 1000 Growth 4.7% 14.0% 20.4% 11.1% 15.3% 8.9% Large Value Russell 1000 Value 1.3% 4.7% 15.5% 7.4% 13.9% 5.6% Mid Core S&P Mid Cap 400 2.0% 6.0% 18.6% 8.5% 14.9% 8.6% REIT NAREIT Composite 2.4% 5.5% 1.5% 8.8% 9.8% 5.8% Int'l Equity Benchmarks Qtr. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. International Developed MSCI EAFE 6.1% 13.8% 20.3% 1.1% 8.7% 1.0% Emerging Equity MSCI EM 6.3% 18.4% 23.7% 1.1% 4.0% 1.9% Small Cap Int'l S&P EPAC SmallCap 8.9% 17.7% 23.4% 5.9% 13.2% 3.6% World ex-US MSCI ACWI ex-US 5.8% 14.1% 20.5% 0.8% 7.2% 1.1% Domestic FI Benchmarks Qtr. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Core Bonds Barclays Aggregate 1.4% 2.3% -0.3% 2.5% 2.2% 4.5% Municipal Bond Barclays Municipal 2.0% 3.6% -0.5% 3.3% 3.3% 4.6% High Yield Barclays US High Yield 2.2% 4.9% 12.7% 4.5% 6.9% 7.7% Intermediate Gov/Cred Barclays Interm. Gov/Credit 0.9% 1.7% -0.2% 1.9% 1.8% 3.9% Long Gov/Credit Barclays Long Gov/Credit 4.4% 6.0% -1.1% 5.3% 4.3% 7.6% Long Credit Barclays Long Credit 4.7% 6.4% 3.0% 5.3% 5.3% 7.6% Long Treasuries Barclays US 20+ Yr Treas 4.2% 5.7% -7.5% 5.9% 2.8% 7.5% Cash BofA ML US 3-Month T-Bill 0.2% 0.3% 0.5% 0.2% 0.2% 0.6% Inflation Barclays US TIPS 1-10 Yr -0.4% 0.7% -0.3% 0.3% 0.3% 3.6% Global Inflation Barclays Global ILB 2.0% 3.4% 0.9% -0.3% 1.6% 3.9% STRIPS Barclays 20+ Yr STRIPS 6.1% 8.0% -10.2% 8.3% 3.6% 10.1% Global FI Benchmarks Qtr. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. World Gov. Bonds Citigroup WGBI 2.9% 4.5% -4.1% -1.0% -0.2% 3.5% Em. Mkt. Bonds (Local) JPM GBI-EM Glob. Div. 3.6% 10.4% 6.4% -2.8% -0.7% 4.0% Diversified Benchmark Qtr. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Diversified Diversified* 3.0% 7.1% 12.1% 5.5% 9.0% 5.3% Alternative Benchmarks Qtr. YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Commodities Bloomberg Commodity Index -3.0% -5.3% -6.5% -14.8% -9.2% -6.5% Real Estate NCREIF Property Index** 1.6% 1.6% 7.3% 10.6% 10.7% 6.7% * 35% LC, 10% SC, 12% Int'l, 3% Emerging, 25% FI, 5% HY, 5% Global FI, 5% REITS **As of 03/31/2017

June 30, 2017

6 Baltimore County Returns for Key Indices Ranked in Order of Performance

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 QTD 1 Year 3 year 5 Year 10 Year MSCI MSCI MSCI RUSSELL MSCI RUSSELL RUSSELL MSCI RUSSELL RUSSELL RUSSELL BC BC RUSSELL RUSSELL EMERGING EMERGING EMERGING 2000 EMERGING 2000 S&P 500 1000 EMERGING 1000 1000 1000 AGGREGATE AGGREGATE 2000 VALUE 2000 VALUE MARKETS MARKETS MARKETS GROWT H MARKETS GROWT H 13.69 GROWT H MARKETS GROWT H GROWT H GROWT H 5.24 7.84 31.74 24.86 32.17 39.39 78.51 29.09 18.22 43.30 5.67 6.27 11.11 15.3 8.91 RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL MSCI EAFE 1000 1000 1000 S&P 500 MSCI EAFE S&P 500 2000 2000 VALUE 2000 2000 VALUE 2000 1000 VALUE 2000 2000 1000 26.34 GROWT H GROWT H GROWT H 1.38 6.12 9.61 GROWT H -28.92 26.85 18.05 38.82 13.45 21.31 24.60 14.67 11.81 37.21 2.64 7.82 RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL MSCI EAFE 2000 S&P 500 1000 2000 S&P 500 1000 VALUE 2000 2000 VALUE 1000 VALUE 2000 VALUE 1000 1000 1000 VALUE 1000 1000 11.17 GROWT H 2.11 GROWT H GROWT H 14.63 22.25 -33.79 24.5 17.51 34.52 13.24 0.92 17.34 9.26 7.29 34.47 4.67 24.4 RUSSELL MSCI RUSSELL RUSSELL RUSSELL MSCI RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL BC RUSSELL 2000 MSCI EAFE EMERGING MSCI EAFE 1000 1000 2000 EMERGING 2000 2000 S&P 500 2000 VALUE 1000 VALUE 1000 AGGREGATE 1000 GROWT H 31.78 MARKETS 17.32 GROWT H GROWT H GROWT H MARKETS GROWT H GROWT H 7.18 23.48 -36.85 1.50 0.55 12.05 7.06 18.88 33.48 13.05 4.39 23.75 7.64 13.98 RUSSELL RUSSELL RUSSELL BC RUSSELL RUSSELL RUSSELL RUSSELL BC RUSSELL RUSSELL RUSSELL S&P 500 1000 MSCI EAFE S&P 500 S&P 500 1000 2000 AGGREGATE 1000 1000 VALUE 1000 1000 AGGREGATE 1000 VALUE 1000 VALUE 2000 -37.0 GROWT H -0.81 11.96 3.09 GROWT H 18.37 6.97 28.43 0.39 16.42 33.11 5.97 7.36 13.94 6.92 16.71 20.42 RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL S&P 500 2000 2000 2000 2000 MSCI EAFE 1000 1000 2000 1000 2000 1000 VALUE 1000 2000 2000 2000 VALUE 15.8 GROWT H GROWT H GROWT H GROWT H 20.27 5.77 -37.6 27.16 16.10 16.35 32.53 3.06 7.36 13.7 5.92 -2.91 5.60 -1.38 11.32 RUSSELL MSCI RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL S&P 500 1000 S&P 500 S&P 500 S&P 500 EMERGING 1000 1000 VALUE 2000 2000 1000 VALUE 2000 1000 2000 VALUE 2000 VALUE 1000 VALUE 5.49 GROWT H 26.46 16.00 32.39 MARKETS 15.46 15.51 -4.18 4.89 -3.83 2.46 18.03 7.02 13.39 5.57 -38.44 11.19 RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL RUSSELL BC BC BC 2000 2000 S&P 500 1000 MSCI EAFE 1000 S&P 500 MSCI EAFE 1000 VALUE 2000 VALUE 2000 VALUE 2000 VALUE 2000 AGGREGATE AGGREGATE AGGREGATE GROWT H GROWT H 15.06 GROWT H 22.78 GROWT H 17.90 8.69 -0.17 20.58 -5.50 4.22 -4.41 1.45 2.48 4.48 13.35 -38.54 15.26 7.08 RUSSELL RUSSELL MSCI MSCI MSCI RUSSELL RUSSELL BC RUSSELL BC RUSSELL RUSSELL 1000 MSCI EAFE MSCI EAFE MSCI EAFE 2000 EMERGING MSCI EAFE EMERGING EMERGING 2000 1000 VALUE AGGREGATE 2000 VALUE AGGREGATE 1000 VALUE 1000 VALUE GROWT H -43.38 7.75 -12.14 GROWT H MARKETS 1.15 MARKETS MARKETS -1.56 19.69 -2.02 -7.46 2.65 1.34 15.53 9.07 14.59 -2.19 3.96 1.92 MSCI MSCI MSCI MSCI MSCI BC RUSSELL BC BC BC RUSSELL BC BC EMERGING EMERGING EMERGING MSCI EAFE EMERGING MSCI EAFE EMERGING MSCI EAFE AGGREGATE 2000 VALUE AGGREGATE AGGREGATE AGGREGATE 2000 VALUE AGGREGATE AGGREGATE MARKETS MARKETS MARKETS -4.90 MARKETS 1.00 MARKETS 1.03 4.33 -9.78 5.93 6.54 4.21 0.67 -0.31 2.21 -53.33 -18.42 -2.60 -14.93 1.07

Source: Morningstar Direct

June 30, 2017

7 Second Quarter 2017 Investment Performance Review

8 Baltimore County Total Fund Performance Summary

Market Value 3 Mo Rank 1 Yr Rank 3 Yrs Rank 5 Yrs Rank 7 Yrs Rank 10 Yrs Rank 15 Yrs Rank _ Composite $3,122,990,404 3.3% 38 14.1% 20 4.9% 71 8.0% 81 8.9% 70 5.2% 50 7.2% 56 Policy Index 3.5% 23 14.0% 22 4.6% 77 7.5% 88 8.1% 91 4.8% 68 6.9% 65 Allocation Index 3.4% 35 14.1% 21 4.6% 78 7.8% 83 8.3% 87 4.8% 68 6.9% 65 InvestorForce Public DB > $1B Gross 3.1% 12.8% 5.4% 9.1% 9.5% 5.2% 7.3% Median XXXXX

3 Years Ending June 30, 2017 Anlzd Std Sharpe Sortino Anlzd Ret Rank Rank Rank Rank Dev Ratio Ratio RF _ Composite 4.9% 71 6.5% 76 0.7 76 1.1 72 Policy Index 4.6% 77 6.8% 80 0.7 86 1.1 77 Allocation Index 4.6% 78 7.0% 88 0.6 90 1.0 82

5 Years Ending June 30, 2017 Anlzd Std Sharpe Sortino Anlzd Ret Rank Rank Rank Rank Dev Ratio Ratio RF _ Composite 8.0% 81 6.0% 66 1.3 83 2.0 82 Policy Index 7.5% 88 6.1% 69 1.2 91 2.0 85 Allocation Index 7.8% 83 6.5% 77 1.2 92 1.9 88 XXXXX

*Performance returns are gross of manager fees. All market values are net of management fee.

June 30, 2017

9 Baltimore County Total Fund Risk/Return

June 30, 2017

10 Baltimore County Total Fund Asset Allocation vs. Policy Targets

Asset Allocation vs. Target Current Policy Current Difference*

_ Equity - Domestic $893,864,814 27.0% 28.6% 1.6% Equity - International $427,593,506 13.0% 13.7% 0.7% Equity - Emerging $284,994,416 9.0% 9.1% 0.1% Fixed Income - Domestic $583,642,941 19.0% 18.7% -0.3% Fixed Income - Emerging $124,356,393 4.0% 4.0% 0.0% GAA/Risk Parity $462,951,568 15.0% 14.8% -0.2% Fixed Income - Opportunistic $34,501,134 1.0% 1.1% 0.1% Private Equity $137,428,323 7.0% 4.4% -2.6% Hedge Funds $833,119 -- 0.0% 0.0% Real Estate $161,360,522 5.0% 5.2% 0.2% Cash $11,463,666 0.0% 0.4% 0.4% Total $3,122,990,404 100.0% 100.0%

XXXXX *Difference between Policy and Current Allocation

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11 Baltimore County Total Fund Asset Allocation History

June 30, 2017

12 Baltimore County Total Fund Asset Growth Summary

Last Three Fiscal Year-To-Date One Year Three Years Months

_ Beginning Market Value $3,098,247,767 $2,734,029,502 $2,734,029,502 $2,936,859,630 Net Cash Flow -$78,730,019 -$8,864,196 -$8,864,196 -$236,502,836 Net Investment Change $103,472,656 $397,825,098 $397,825,098 $422,633,610 Ending Market Value $3,122,990,404 $3,122,990,404 $3,122,990,404 $3,122,990,404

_

June 30, 2017

13 Baltimore County Total Fund Asset Growth Summary by Manager

Quarter Ending June 30, 2017 Beginning Net Investment Ending Net Cash Flow Market Value Change Market Value

_ Ativo Capital $31,284,859 -$49,267 $1,969,654 $33,205,247 Benchmark Plus $40,431,062 -$102,600 $1,007,236 $41,335,698 BlackRock Int'l Fund $131,060,050 -$39,546 $7,780,589 $138,801,093 BlackRock US Equity Mkt Fund $481,106,398 -$39,018,532 $13,907,740 $455,995,607 Bridgewater All Weather $154,825,302 -$174,601 $1,238,992 $155,889,693 Brown Advisory $94,925,934 -$121,745 $3,910,439 $98,714,628 Brown Capital $126,851,196 -$554,974 $10,563,062 $136,859,284 CCMP Capital Investors III $6,941,592 $1,038,119 $0 $7,979,711 Channing Capital Management $31,708,415 -$75,917 -$267,825 $31,364,673 Crescent Mezzanine $6,488,575 -$381,912 $0 $6,106,663 Decatur Capital Management $32,594,642 -$48,189 $1,679,781 $34,226,234 Earnest Partners (Core) $56,618,074 -$34,564 $884,079 $57,467,588 Earnest Partners SCV $93,946,689 -$155,597 $1,577,598 $95,368,690 Edison $59,359 -$36,322 $0 $23,037 EIG XV $4,750,365 -$222,813 $0 $4,527,552 EIG XVI $4,818,279 -$405,523 $0 $4,412,756 EIM - Liquidating $674,626 $0 -$33,225 $641,401 Energy Spectrum VI $2,286,674 $66,863 $0 $2,353,537 Federal Street - Liquidating $197,425 $0 -$5,707 $191,718 Garcia Hamilton (Core) $27,891,877 -$17,431 $393,139 $28,267,584 Gryphon $112,064,396 -$13,159,969 $10,562,078 $109,466,505 HarbourVest $17,638,722 -$1,717,142 $0 $15,921,580

June 30, 2017

14 Baltimore County Total Fund Asset Growth Summary by Manager

Quarter Ending June 30, 2017 Beginning Net Investment Ending Net Cash Flow Market Value Change Market Value

_ Harbourvest Dover Street IX Secondary Fund $1,761,364 $739,536 $0 $2,500,900 HarbourVest Dover VII $2,539,951 -$63,791 $0 $2,476,160 ING Clarion - Lion Fund (Real Estate) $55,980,360 -$131,986 $1,068,712 $56,917,086 JP Morgan - Special Situation Fund $46,772,494 -$183,968 $980,512 $47,569,038 Landmark $1,974,485 -$166,066 $0 $1,808,419 Landmark Equity Partners XV $2,515,532 $182,540 $0 $2,698,072 Lexington Capital VII $4,201,223 -$304,406 $0 $3,896,817 Loomis Credit Asset Fund $33,793,136 -$37,236 $745,235 $34,501,134 Loomis Sayles Strategic Alpha Trust $96,103,399 -$94,248 $161,755 $96,170,906 LSV Asset Management $113,913,333 -$12,169,391 $9,336,719 $111,080,661 Mellon Cash Account $6,657,566 $4,689,749 $116,351 $11,463,666 Mellon Dynamic Growth $137,456,806 -$540,502 $1,557,129 $138,473,433 Mesirow $13,441,075 -$734,171 $0 $12,706,904 Mondrian $286,814,435 -$14,000,000 $12,179,981 $284,994,416 Newstone $934,740 -$63,494 $0 $871,246 Newstone II $2,132,272 -$46,918 $0 $2,085,354 Paul Capital $1,201,928 $0 $0 $1,201,928 PIMCO Diversified Income $183,761,348 -$351,586 $4,662,870 $188,072,632 Private Advisors Small Company Buyout Fund V $8,203,307 -$198,259 $0 $8,005,048 Private Advisors VI $4,443,288 $1,032,637 $0 $5,475,925

June 30, 2017

15 Baltimore County Total Fund Asset Growth Summary by Manager

Quarter Ending June 30, 2017 Beginning Net Investment Ending Net Cash Flow Market Value Change Market Value

_ Reams (Core Plus) $59,854,758 -$22,446 $872,297 $60,704,609 Reams Short Duration $90,024,652 -$40,009 $511,796 $90,496,439 Riverstone Credit $5,443,835 $1,717,229 $0 $7,161,064 Riverstone Global Power and Energy Fund VI $3,371,320 $750,329 $0 $4,121,649 Siguler Guff II $202,481 $0 $0 $202,481 Siguler Guff III $2,894,087 -$278,863 $0 $2,615,224 Siguler Guff IV $6,081,156 -$477,336 $0 $5,603,820 Sterling Capital Partners IV $2,879,752 $368,064 $0 $3,247,816 Stone Harbor EMD $120,815,494 -$231,663 $3,772,563 $124,356,393 Strategic Global Advisors International Small Cap $32,400,000 -$60,410 $2,700,410 $35,040,000 TCW $957,746 -$43,475 $0 $914,271 Transwestern - Aslan III $181,849 -$63,175 $0 $118,674 UBS - Trumbull Fund (Real Estate) $56,232,741 -$137,366 $660,350 $56,755,725 Vista Equity Partners Fund V $9,792,972 -$4,748 $0 $9,788,224 Vista Equity Partners IV $12,676,890 -$3,428,136 $0 $9,248,754 Vista Foundation Fund II $5,188,945 $0 $0 $5,188,945 Vista Foundation Fund III $442,289 $294,693 $0 $736,982 Warburg Pincus XII $2,662,404 $885,080 $0 $3,547,484 Wellington Opportunistic $161,316,507 -$258,067 $7,530,002 $168,588,442 Western Asset Mgmt (Core Plus) $61,061,339 -$46,499 $1,448,344 $62,463,184 Total $3,098,247,767 -$78,730,019 $103,472,656 $3,122,990,404

XXXXX

Z TERMINATED represents accounts that fully liquidated during the Quarter.

June 30, 2017

16 Baltimore County Total Fund Performance Detail Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Return Policy % Since ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) _ Composite 3,122,990,404 100.0 100.0 3.3 14.1 4.9 8.0 8.9 5.2 7.2 9.6 Oct-80 Policy Index 3.5 14.0 4.6 7.5 8.1 4.8 6.9 8.9 Oct-80 Over/Under -0.2 0.1 0.3 0.5 0.8 0.4 0.3 0.7 Allocation Index 3.4 14.1 4.6 7.8 8.3 4.8 6.9 -- Oct-80 InvestorForce Public DB > $1B Gross Rank 38 20 71 81 70 50 56 50 Oct-80 InvestorForce Public DB > $1B Gross Median 3.1 12.8 5.4 9.1 9.5 5.2 7.3 9.6 Oct-80 OPEB Unitized 419,984,533 -- 13.4 Pension Unitized 2,626,676,692 -- 84.1 Total Domestic Equity 893,864,814 27.0 28.6 3.7 21.6 9.9 15.9 16.2 7.9 9.3 10.0 Jan-94 eA All US Equity Gross Rank 34 37 25 24 25 47 60 67 Jan-94 Large Cap Composite 630,272,167 19.0 20.2 3.3 19.5 9.3 15.0 15.6 7.5 10.5 7.9 Mar-98 S&P 500 3.1 17.9 9.6 14.6 15.4 7.2 8.3 6.4 Mar-98 Over/Under 0.2 1.6 -0.3 0.4 0.2 0.3 2.2 1.5 Russell 1000 3.1 18.0 9.3 14.7 15.4 7.3 8.6 6.6 Mar-98 eA US Large Cap Equity Gross Rank 46 39 38 36 35 53 10 46 Mar-98 Brown Advisory 98,714,628 3.2 4.1 23.8 9.2 15.4 15.9 7.0 8.7 12.0 Jul-86 S&P 500 3.1 17.9 9.6 14.6 15.4 7.2 8.3 10.1 Jul-86 Over/Under 1.0 5.9 -0.4 0.8 0.5 -0.2 0.4 1.9 eA US Large Cap Core Equity Gross Rank 18 6 44 20 24 74 60 9 Jul-86 BlackRock US Equity Mkt Fund 455,995,607 14.6 3.0 18.6 9.2 14.6 15.4 7.4 8.9 10.4 Feb-86 Wilshire 5000 Full Cap 3.0 18.7 8.8 14.4 15.2 7.3 8.8 10.4 Feb-86 Over/Under 0.0 -0.1 0.4 0.2 0.2 0.1 0.1 0.0 eA US Large Cap Core Equity Gross Rank 50 40 44 41 42 55 47 99 Feb-86 Benchmark Plus 41,335,698 1.3 2.5 21.5 13.2 20.1 19.6 -- -- 11.5 Feb-08 S&P 500 3.1 17.9 9.6 14.6 15.4 7.2 8.3 8.5 Feb-08 Over/Under -0.6 3.6 3.6 5.5 4.2 3.0 eA US Large Cap Core Equity Gross Rank 70 13 2 1 1 -- -- 3 Feb-08 Decatur Capital Management 34,226,234 1.1 5.2 18.0 10.2 ------14.3 Apr-13 Russell 1000 Growth 4.7 20.4 11.1 15.3 16.5 8.9 9.0 14.5 Apr-13 Over/Under 0.5 -2.4 -0.9 -0.2 eA US Large Cap Growth Equity Gross Rank 48 76 55 ------50 Apr-13

Fiscal year ends June 30. Performance returns are gross of manager fees. All market values are net of management fee.

June 30, 2017

17 Baltimore County Total Fund Performance Detail

Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Return Policy % Since ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) _ Small Cap Composite 263,592,647 8.0 8.4 4.7 26.9 11.7 17.8 17.8 9.9 -- 11.0 May-05 Russell 2000 2.5 24.6 7.4 13.7 14.4 6.9 9.2 9.1 May-05 Over/Under 2.2 2.3 4.3 4.1 3.4 3.0 1.9 eA US Small Cap Equity Gross Rank 22 24 9 7 11 14 -- 30 May-05 Brown Capital 136,859,284 4.4 8.4 28.5 14.6 20.3 20.8 15.5 -- 16.0 Jun-05 Russell 2000 Growth 4.4 24.4 7.6 14.0 15.2 7.8 9.5 9.3 Jun-05 Over/Under 4.0 4.1 7.0 6.3 5.6 7.7 6.7 eA US Small Cap Growth Equity Gross Rank 11 24 3 1 2 1 -- 1 Jun-05 Earnest Partners SCV 95,368,690 3.1 1.7 25.6 10.2 16.4 15.7 8.2 -- 8.7 Jun-05 Russell 2000 Value 0.7 24.9 7.0 13.4 13.5 5.9 8.7 7.8 Jun-05 Over/Under 1.0 0.7 3.2 3.0 2.2 2.3 0.9 eA US Small Cap Value Equity Gross Rank 35 29 11 19 32 40 -- 76 Jun-05 Channing Capital Management 31,364,673 1.0 -0.8 22.5 7.3 ------12.4 May-13 Russell 2000 Value 0.7 24.9 7.0 13.4 13.5 5.9 8.7 10.9 May-13 Over/Under -1.5 -2.4 0.3 1.5 eA US Small Cap Value Equity Gross Rank 88 57 54 ------47 May-13

June 30, 2017

18 Baltimore County Total Fund Performance Detail Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Return Policy % Since ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) _ Int'l Equity Composite 712,587,922 22.0 22.8 6.2 21.1 2.1 7.7 7.3 2.9 7.6 7.1 Apr-04 MSCI ACWI ex USA 5.8 20.5 0.8 7.2 6.7 1.1 6.9 5.9 Apr-04 Over/Under 0.4 0.6 1.3 0.5 0.6 1.8 0.7 1.2 eA ACWI ex-US All Cap Equity Gross Rank 74 52 68 88 90 59 83 73 Apr-04 Developed Composite 427,593,506 13.0 13.7 7.4 24.2 3.3 10.1 8.7 3.1 8.7 5.3 Mar-98 MSCI EAFE 6.1 20.3 1.1 8.7 7.9 1.0 6.3 4.3 Mar-98 Over/Under 1.3 3.9 2.2 1.4 0.8 2.1 2.4 1.0 eA All EAFE Equity Gross Rank 36 26 48 54 73 46 32 81 Mar-98 BlackRock Int'l Fund 138,801,093 4.4 5.9 20.8 1.1 7.5 7.0 1.4 7.1 7.2 Feb-86 MSCI ACWI ex USA 5.8 20.5 0.8 7.2 6.7 1.1 6.9 -- Feb-86 Over/Under 0.1 0.3 0.3 0.3 0.3 0.3 0.2 eA ACWI ex-US All Cap Equity Gross Rank 80 55 80 88 92 90 97 99 Feb-86 Gryphon 109,466,505 3.5 9.4 25.5 4.3 9.9 8.6 -- -- 7.4 Oct-09 MSCI EAFE 6.1 20.3 1.1 8.7 7.9 1.0 6.3 5.5 Oct-09 Over/Under 3.3 5.2 3.2 1.2 0.7 1.9 eA All EAFE Equity Gross Rank 9 19 34 56 74 -- -- 55 Oct-09 LSV Asset Management 111,080,661 3.6 7.4 30.0 2.9 10.5 8.9 1.8 -- 6.2 Jul-05 MSCI EAFE 6.1 20.3 1.1 8.7 7.9 1.0 6.3 4.9 Jul-05 Over/Under 1.3 9.7 1.8 1.8 1.0 0.8 1.3 eA All EAFE Equity Gross Rank 39 4 55 47 65 72 -- 61 Jul-05 Ativo Capital 33,205,247 1.1 6.3 13.5 ------4.8 Jan-15 MSCI ACWI ex USA 5.8 20.5 0.8 7.2 6.7 1.1 6.9 4.8 Jan-15 Over/Under 0.5 -7.0 0.0 eA All EAFE Equity Gross Rank 67 92 ------88 Jan-15 Strategic Global Advisors International Small Cap 35,040,000 1.1 8.1 ------19.4 Sep-16 MSCI World ex USA Small Cap 7.3 21.3 4.0 11.4 10.3 2.9 9.6 15.4 Sep-16 Over/Under 0.8 4.0 eA All EAFE Equity Gross Rank 22 ------11 Sep-16 eA All EAFE Equity Gross Median 6.8 21.1 3.1 10.2 9.7 2.8 8.0 15.2 Sep-16 Emerging Composite 284,994,416 9.0 9.1 4.3 16.7 -0.5 3.3 4.7 3.2 -- 7.2 Sep-05 eA Emg Mkts Equity Gross Rank 81 86 91 93 75 50 -- 78 Sep-05 Mondrian 284,994,416 9.1 4.3 16.7 -0.5 3.3 4.7 3.2 -- 7.2 Sep-05 MSCI Emerging Markets 6.3 23.7 1.1 4.0 3.9 1.9 10.6 6.9 Sep-05 Over/Under -2.0 -7.0 -1.6 -0.7 0.8 1.3 0.3 eA Emg Mkts Equity Gross Rank 81 86 91 93 75 50 -- 78 Sep-05

June 30, 2017

19 Baltimore County Total Fund Performance Detail Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Return Policy % Since ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) _ Total Domestic Fixed Income 618,144,075 20.0 19.8 1.6 5.0 4.0 4.5 5.7 6.6 6.1 6.1 Feb-98 BBgBarc US Universal TR 1.5 0.9 2.8 2.7 3.7 4.7 4.9 5.2 Feb-98 Over/Under 0.1 4.1 1.2 1.8 2.0 1.9 1.2 0.9 eA All US Fixed Inc Gross Rank 43 21 26 30 28 19 24 21 Feb-98 Core Bonds Composite 299,399,404 9.0 9.6 1.4 1.6 3.5 3.6 4.9 6.0 3.3 4.2 Jan-01 BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 4.8 Jan-01 Over/Under 0.0 1.9 1.0 1.4 1.7 1.5 -1.2 -0.6 eA US Core Fixed Inc Gross Rank 80 11 7 11 6 5 99 99 Jan-01 Reams (Core Plus) 60,704,609 1.9 1.5 0.8 2.9 3.0 4.5 6.3 6.0 6.2 Dec-00 BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 4.9 Dec-00 Over/Under 0.1 1.1 0.4 0.8 1.3 1.8 1.5 1.3 eA US Core Plus Fixed Inc Gross Rank 89 88 71 84 65 18 36 43 Dec-00 Western Asset Mgmt (Core Plus) 62,463,184 2.0 2.4 4.4 4.8 4.7 5.8 6.0 -- 5.8 Jul-04 BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 4.4 Jul-04 Over/Under 1.0 4.7 2.3 2.5 2.6 1.5 1.4 eA US Core Plus Fixed Inc Gross Rank 10 19 4 17 19 37 -- 29 Jul-04 Earnest Partners (Core) 57,467,588 1.8 1.6 -0.3 2.9 2.7 3.8 5.1 -- 4.8 Jul-04 BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 4.4 Jul-04 Over/Under 0.2 0.0 0.4 0.5 0.6 0.6 0.4 eA US Core Fixed Inc Gross Rank 50 86 44 53 43 47 -- 51 Jul-04 Garcia Hamilton (Core) 28,267,584 0.9 1.4 0.2 3.2 ------3.4 Jun-13 BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 2.5 Jun-13 Over/Under 0.0 0.5 0.7 0.9 eA US Core Fixed Inc Gross Rank 76 60 20 ------12 Jun-13 Reams Short Duration 90,496,439 2.9 0.6 ------0.6 Oct-16 BofA Merrill Lynch US Corp & Gov 1-3 Yrs 0.3 0.3 0.9 1.0 1.1 2.3 2.6 0.3 Oct-16 Over/Under 0.3 0.3 eA US Short Duration Fixed Inc Gross Rank 39 ------42 Oct-16 eA US Short Duration Fixed Inc Gross Median 0.5 0.7 1.4 1.4 1.7 2.8 3.0 0.6 Oct-16 Credit Opportunities 34,501,134 1.0 1.1 2.2 7.8 4.4 5.4 6.7 -- -- 7.8 Jun-09 eA US Corporate Fixed Inc Gross Rank 80 1 18 14 18 -- -- 33 Jun-09 Loomis Credit Asset Fund 34,501,134 1.1 2.2 7.8 4.4 6.0 6.9 -- -- 7.6 Oct-09 BBgBarc Corporate + 1.5% 2.9 3.8 5.2 5.5 6.7 7.4 7.3 7.1 Oct-09 Over/Under -0.7 4.0 -0.8 0.5 0.2 0.5 eA US Corporate Fixed Inc Gross Rank 80 1 19 5 7 -- -- 4 Oct-09

June 30, 2017

20 Baltimore County Total Fund Performance Detail Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Return Policy % Since ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) _ Diversified Fixed Income 284,243,537 10.0 9.1 1.7 8.0 4.4 5.5 6.9 7.4 -- 7.2 May-07 eA All Global Fixed Inc Gross Rank 72 28 15 21 17 7 -- 7 May-07 PIMCO Diversified Income 188,072,632 6.0 2.5 9.5 5.3 6.1 7.3 7.7 -- 7.4 May-07 PIMCO Diversified Index 2.1 6.3 4.2 5.5 6.6 6.6 -- 6.3 May-07 Over/Under 0.4 3.2 1.1 0.6 0.7 1.1 1.1 eA All Global Fixed Inc Gross Rank 47 21 5 17 12 6 -- 7 May-07 Loomis Sayles Strategic Alpha Trust 96,170,906 3.1 0.2 5.1 2.6 ------2.6 Jul-14 3-Month LIBOR + 3% 1.1 4.1 3.6 3.5 3.5 4.0 4.7 3.6 Jul-14 Over/Under -0.9 1.0 -1.0 -1.0 eA All Global Fixed Inc Gross Rank 97 44 44 ------44 Jul-14 Emerging Market Debt 124,356,393 4.0 4.0 3.1 7.2 -3.2 -1.7 ------1.4 Jun-11 eA All Emg Mkts Fixed Inc Gross Rank 27 67 98 99 ------99 Jun-11 Stone Harbor EMD 124,356,393 4.0 3.1 7.2 -3.2 -1.7 ------1.4 Jun-11 JP Morgan GBI - EM Global Diversified Index 3.6 6.4 -2.8 -0.7 1.9 4.0 -- -0.8 Jun-11 Over/Under -0.5 0.8 -0.4 -1.0 -0.6 eA All Emg Mkts Fixed Inc Gross Rank 27 67 98 99 ------99 Jun-11 GAA Composite 462,951,568 15.0 14.8 2.3 9.1 4.1 6.7 8.2 5.3 -- 4.9 May-07 eA Global TAA Gross Rank 56 46 31 32 26 43 -- 60 May-07 Mellon Dynamic Growth 138,473,433 4.4 1.1 3.9 5.4 8.4 9.2 4.2 -- 4.0 May-07 60% MSCI World HH / 40% CITI WGBI HH 2.8 10.0 4.5 8.1 8.2 4.5 6.3 4.5 May-07 Over/Under -1.7 -6.1 0.9 0.3 1.0 -0.3 -0.5 eA Global TAA Gross Rank 87 90 11 12 10 76 -- 82 May-07 Bridgewater All Weather 155,889,693 5.0 0.8 5.7 1.9 3.7 7.6 5.9 -- 5.4 May-07 60% MSCI World HH / 40% CITI WGBI HH 2.8 10.0 4.5 8.1 8.2 4.5 6.3 4.5 May-07 Over/Under -2.0 -4.3 -2.6 -4.4 -0.6 1.4 0.9 eA Global TAA Gross Rank 89 73 60 78 37 17 -- 37 May-07 Wellington Opportunistic 168,588,442 5.4 4.7 17.4 4.8 8.2 7.4 -- -- 5.8 Sep-08 65% MSCI ACWI (Net) / 35% BBgBarc Aggregate 3.3 11.8 4.1 7.7 8.1 4.3 6.6 5.7 Sep-08 Over/Under 1.4 5.6 0.7 0.5 -0.7 0.1 eA Global TAA Gross Rank 17 7 22 16 40 -- -- 55 Sep-08

PIMCO Diversified Index: 33.3% BC Global Agg / 33.3% JP Morgan EMBI Global / 33.3% ML Global HY BB-B. Mellon Global Alpha I switched to Mellon Dynamic Growth on 8/14/2015.

June 30, 2017

21 Baltimore County Total Fund Performance Detail

Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Return Policy % Since ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) _ Real Estate Composite 161,360,522 5.0 5.2 1.7 7.4 11.9 12.3 13.7 4.1 -- 5.9 Nov-05 NCREIF Property Index 1.8 7.0 10.2 10.5 11.6 6.4 9.0 8.2 Nov-05 Over/Under -0.1 0.4 1.7 1.8 2.1 -2.3 -2.3 ING Clarion - Lion Fund (Real Estate) 56,917,086 1.8 1.9 8.3 12.6 12.1 14.2 4.5 -- 6.4 Nov-05 UBS - Trumbull Fund (Real Estate) 56,755,725 1.8 1.2 5.6 9.6 9.8 11.0 5.3 -- 6.8 Jan-06 JP Morgan - Special Situation Fund 47,569,038 1.5 2.1 8.4 14.4 15.5 17.6 5.1 -- 6.1 Jan-07 NCREIF Property Index 1.8 7.0 10.2 10.5 11.6 6.4 9.0 6.9 Jan-07 Over/Under 0.3 1.4 4.2 5.0 6.0 -1.3 -0.8 NCREIF ODCE 1.7 7.9 11.3 11.8 13.1 5.2 8.3 5.9 Jan-07 Transwestern - Aslan III 118,674 0.0 0.0 17.5 5.4 17.4 6.6 -20.8 -- -17.1 Dec-05 Hedge Fund of Funds Composite 833,119 0.0 0.0 -4.5 -25.9 -11.6 -3.6 -2.5 -2.7 -- -1.0 Mar-06 Federal Street - Liquidating 191,718 0.0 -2.9 -48.8 -23.2 -11.0 -8.0 -7.7 -- -5.2 Feb-06 MSCI World Free 4.0 18.2 5.2 11.4 11.4 4.0 7.2 5.5 Feb-06 Over/Under -6.9 -67.0 -28.4 -22.4 -19.4 -11.7 -10.7 eV Alt Fund of Funds - Multi-Strategy Rank 96 99 99 99 99 99 -- 99 Feb-06 EIM - Liquidating 641,401 0.0 Private Investment Composite 137,428,323 7.0 4.4 0.0 9.5 8.5 10.0 10.8 9.0 9.4 12.5 Apr-04 Private Equity Benchmark (1 Qtr. Lag) 4.3 17.8 10.3 12.3 12.9 8.5 11.7 13.0 Apr-04 Over/Under -4.3 -8.3 -1.8 -2.3 -2.1 0.5 -2.3 -0.5 Cash 11,463,666 0.0 0.4 1.5 2.2 0.9 0.6 0.5 0.9 1.6 1.6 May-04 Mellon Cash Account 11,463,666 0.4 1.5 2.2 0.9 0.6 0.5 0.9 1.6 3.2 Feb-94 91 Day T-Bills 0.2 0.5 0.2 0.2 0.1 0.4 1.2 2.5 Feb-94 Over/Under 1.3 1.7 0.7 0.4 0.4 0.5 0.4 0.7 XXXXX

Fiscal year ends June 30.

Performance is stated gross of fees unless noted otherwise. All market values are net of management fee.

Performance for periods shorter than one year is periodic returns and performance for longer than one year are annualized returns. Some performance numbers are preliminary and subject to change.

Transwestern Aslan III statement is not yet available for 4Q 2016.

MSCI ACWI ex U.S. Index does not have performance numbers going back to 1986 therefore performance is not applicable.

Private Investment Composite market values are reported as of 12/31/2016 +/- Quarter-to-Date cash flows. June 30, 2017 Real estate managers are valued quarterly. 22

Baltimore County Total Fund Performance Detail - Net of Fee

Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) _ Composite 3,122,990,404 100.0 100.0 3.2 13.6 4.4 7.5 8.4 4.7 6.8 Policy Index 3.5 14.0 4.6 7.5 8.1 4.8 6.9 Over/Under -0.3 -0.4 -0.2 0.0 0.3 -0.1 -0.1 Allocation Index 3.4 14.1 4.6 7.8 8.3 4.8 6.9 OPEB Unitized 419,984,533 -- 13.4 Pension Unitized 2,626,676,692 -- 84.1 Total Domestic Equity 893,864,814 27.0 28.6 3.5 21.0 9.4 15.3 15.7 7.4 8.7 Large Cap Composite 630,272,167 19.0 20.2 3.2 19.3 9.0 14.6 15.3 7.3 10.3 S&P 500 3.1 17.9 9.6 14.6 15.4 7.2 8.3 Over/Under 0.1 1.4 -0.6 0.0 -0.1 0.1 2.0 Russell 1000 3.1 18.0 9.3 14.7 15.4 7.3 8.6 Brown Advisory 98,714,628 3.2 4.0 23.2 8.7 14.8 15.3 6.5 8.2 S&P 500 3.1 17.9 9.6 14.6 15.4 7.2 8.3 Over/Under 0.9 5.3 -0.9 0.2 -0.1 -0.7 -0.1 BlackRock US Equity Mkt Fund 455,995,607 14.6 3.0 18.6 9.1 14.6 15.4 7.4 8.8 Wilshire 5000 Full Cap 3.0 18.7 8.8 14.4 15.2 7.3 8.8 Over/Under 0.0 -0.1 0.3 0.2 0.2 0.1 0.0 Benchmark Plus 41,335,698 1.3 2.2 20.3 12.0 18.7 18.2 -- -- S&P 500 3.1 17.9 9.6 14.6 15.4 7.2 8.3 Over/Under -0.9 2.4 2.4 4.1 2.8 Decatur Capital Management 34,226,234 1.1 5.0 17.3 9.5 ------Russell 1000 Growth 4.7 20.4 11.1 15.3 16.5 8.9 9.0 Over/Under 0.3 -3.1 -1.6

Fiscal year ends June 30. Performance returns are net of manager fees.

June 30, 2017

23 Baltimore County Total Fund Performance Detail - Net of Fee

Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) _ Small Cap Composite 263,592,647 8.0 8.4 4.4 25.5 10.6 16.6 16.7 8.8 -- Russell 2000 2.5 24.6 7.4 13.7 14.4 6.9 9.2 Over/Under 1.9 0.9 3.2 2.9 2.3 1.9 Brown Capital 136,859,284 4.4 7.9 26.4 12.9 18.6 19.0 13.7 -- Russell 2000 Growth 4.4 24.4 7.6 14.0 15.2 7.8 9.5 Over/Under 3.5 2.0 5.3 4.6 3.8 5.9 Earnest Partners SCV 95,368,690 3.1 1.5 24.9 9.5 15.8 15.0 7.5 -- Russell 2000 Value 0.7 24.9 7.0 13.4 13.5 5.9 8.7 Over/Under 0.8 0.0 2.5 2.4 1.5 1.6 Channing Capital Management 31,364,673 1.0 -1.1 21.5 6.3 ------Russell 2000 Value 0.7 24.9 7.0 13.4 13.5 5.9 8.7 Over/Under -1.8 -3.4 -0.7 Int'l Equity Composite 712,587,922 22.0 22.8 6.0 20.5 1.5 7.1 6.7 2.3 7.6 MSCI ACWI ex USA 5.8 20.5 0.8 7.2 6.7 1.1 6.9 Over/Under 0.2 0.0 0.7 -0.1 0.0 1.2 0.7 Developed Composite 427,593,506 13.0 13.7 7.3 23.6 2.9 9.6 8.2 2.6 8.3 MSCI EAFE 6.1 20.3 1.1 8.7 7.9 1.0 6.3 Over/Under 1.2 3.3 1.8 0.9 0.3 1.6 2.0 BlackRock Int'l Fund 138,801,093 4.4 5.9 20.7 1.0 7.4 6.8 1.3 7.0 MSCI ACWI ex USA 5.8 20.5 0.8 7.2 6.7 1.1 6.9 Over/Under 0.1 0.2 0.2 0.2 0.1 0.2 0.1 Gryphon 109,466,505 3.5 9.3 24.8 3.7 9.3 7.9 -- -- MSCI EAFE 6.1 20.3 1.1 8.7 7.9 1.0 6.3 Over/Under 3.2 4.5 2.6 0.6 0.0 LSV Asset Management 111,080,661 3.6 7.1 29.1 2.3 9.9 8.3 1.1 -- MSCI EAFE 6.1 20.3 1.1 8.7 7.9 1.0 6.3 Over/Under 1.0 8.8 1.2 1.2 0.4 0.1 Ativo Capital 33,205,247 1.1 6.1 12.8 ------MSCI ACWI ex USA 5.8 20.5 0.8 7.2 6.7 1.1 6.9 Over/Under 0.3 -7.7 Strategic Global Advisors International Small Cap 35,040,000 1.1 8.0 ------MSCI World ex USA Small Cap 7.3 21.3 4.0 11.4 10.3 2.9 9.6 Over/Under 0.7

June 30, 2017

24 Baltimore County Total Fund Performance Detail - Net of Fee

Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) _ Emerging Composite 284,994,416 9.0 9.1 4.1 16.0 -1.1 2.6 4.0 2.5 -- Mondrian 284,994,416 9.1 4.1 16.0 -1.1 2.6 4.0 2.5 -- MSCI Emerging Markets 6.3 23.7 1.1 4.0 3.9 1.9 10.6 Over/Under -2.2 -7.7 -2.2 -1.4 0.1 0.6 Total Domestic Fixed Income 618,144,075 20.0 19.8 1.5 4.5 3.6 4.0 5.3 6.2 5.8 BBgBarc US Universal TR 1.5 0.9 2.8 2.7 3.7 4.7 4.9 Over/Under 0.0 3.6 0.8 1.3 1.6 1.5 0.9 Core Bonds Composite 299,399,404 9.0 9.6 1.3 1.3 3.3 3.3 4.7 5.8 3.1 BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 Over/Under -0.1 1.6 0.8 1.1 1.5 1.3 -1.4 Reams (Core Plus) 60,704,609 1.9 1.4 0.5 2.7 2.9 4.3 6.2 5.8 BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 Over/Under 0.0 0.8 0.2 0.7 1.1 1.7 1.3 Western Asset Mgmt (Core Plus) 62,463,184 2.0 2.3 4.0 4.4 4.4 5.6 5.7 -- BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 Over/Under 0.9 4.3 1.9 2.2 2.4 1.2 Earnest Partners (Core) 57,467,588 1.8 1.5 -0.6 2.6 2.4 3.6 4.8 -- BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 Over/Under 0.1 -0.3 0.1 0.2 0.4 0.3 Garcia Hamilton (Core) 28,267,584 0.9 1.3 -0.1 2.9 ------BBgBarc US Aggregate TR 1.4 -0.3 2.5 2.2 3.2 4.5 4.5 Over/Under -0.1 0.2 0.4 Reams Short Duration 90,496,439 2.9 0.5 ------BofA Merrill Lynch US Corp & Gov 1-3 Yrs 0.3 0.3 0.9 1.0 1.1 2.3 2.6 Over/Under 0.2 Credit Opportunities 34,501,134 1.0 1.1 2.1 7.3 4.0 4.9 6.2 -- -- Loomis Credit Asset Fund 34,501,134 1.1 2.1 7.3 3.9 5.5 6.5 -- -- BBgBarc Corporate + 1.5% 2.9 3.8 5.2 5.5 6.7 7.4 7.3 Over/Under -0.8 3.5 -1.3 0.0 -0.2

June 30, 2017

25 Baltimore County Total Fund Performance Detail - Net of Fee

Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) _ Diversified Fixed Income 284,243,537 10.0 9.1 1.6 7.4 3.7 4.8 6.2 6.7 -- PIMCO Diversified Income 188,072,632 6.0 2.3 8.7 4.5 5.3 6.5 6.9 -- PIMCO Diversified Index 2.1 6.3 4.2 5.5 6.6 6.6 -- Over/Under 0.2 2.4 0.3 -0.2 -0.1 0.3 Loomis Sayles Strategic Alpha Trust 96,170,906 3.1 0.1 4.7 2.2 ------3-Month LIBOR + 3% 1.1 4.1 3.6 3.5 3.5 4.0 4.7 Over/Under -1.0 0.6 -1.4 Emerging Market Debt 124,356,393 4.0 4.0 2.9 6.4 -4.0 -2.5 ------Stone Harbor EMD 124,356,393 4.0 2.9 6.4 -4.0 -2.5 ------JP Morgan GBI - EM Global Diversified Index 3.6 6.4 -2.8 -0.7 1.9 4.0 -- Over/Under -0.7 0.0 -1.2 -1.8 GAA Composite 462,951,568 15.0 14.8 2.1 8.5 3.4 6.0 7.5 4.7 -- Mellon Dynamic Growth 138,473,433 4.4 0.7 3.3 4.6 7.6 8.4 3.4 -- 60% MSCI World HH / 40% CITI WGBI HH 2.8 10.0 4.5 8.1 8.2 4.5 6.3 Over/Under -2.1 -6.7 0.1 -0.5 0.2 -1.1 Bridgewater All Weather 155,889,693 5.0 0.7 5.3 1.4 3.3 7.1 5.4 -- 60% MSCI World HH / 40% CITI WGBI HH 2.8 10.0 4.5 8.1 8.2 4.5 6.3 Over/Under -2.1 -4.7 -3.1 -4.8 -1.1 0.9 Wellington Opportunistic 168,588,442 5.4 4.5 16.7 3.9 7.2 6.4 -- -- 65% MSCI ACWI (Net) / 35% BBgBarc Aggregate 3.3 11.8 4.1 7.7 8.1 4.3 6.6 Over/Under 1.2 4.9 -0.2 -0.5 -1.7

PIMCO Diversified Index: 33.3% BC Global Agg / 33.3% JP Morgan EMBI Global / 33.3% ML Global HY BB-B. Mellon Global Alpha I switched to Mellon Dynamic Growth on 8/14/2015.

June 30, 2017

26 Baltimore County Total Fund Performance Detail - Net of Fee

Market Value % of 3 Mo 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) _ Real Estate Composite 161,360,522 5.0 5.2 1.4 6.2 10.7 11.0 12.5 3.1 -- NCREIF Property Index 1.8 7.0 10.2 10.5 11.6 6.4 9.0 Over/Under -0.4 -0.8 0.5 0.5 0.9 -3.3 ING Clarion - Lion Fund (Real Estate) 56,917,086 1.8 1.7 7.3 11.6 11.0 13.3 3.8 -- UBS - Trumbull Fund (Real Estate) 56,755,725 1.8 0.9 4.5 8.5 8.6 9.9 4.3 -- JP Morgan - Special Situation Fund 47,569,038 1.5 1.7 6.7 12.7 13.8 15.9 3.5 -- NCREIF Property Index 1.8 7.0 10.2 10.5 11.6 6.4 9.0 Over/Under -0.1 -0.3 2.5 3.3 4.3 -2.9 NCREIF ODCE 1.7 7.9 11.3 11.8 13.1 5.2 8.3 Transwestern - Aslan III 118,674 0.0 0.0 17.5 5.4 17.0 6.2 -21.0 -- Hedge Fund of Funds Composite 833,119 0.0 0.0 -4.5 -25.9 -11.6 -3.7 -2.7 -2.9 -- Federal Street - Liquidating 191,718 0.0 -2.9 -48.8 -23.2 -11.0 -8.0 -7.7 -- MSCI World Free 4.0 18.2 5.2 11.4 11.4 4.0 7.2 Over/Under -6.9 -67.0 -28.4 -22.4 -19.4 -11.7 EIM - Liquidating 641,401 0.0 Private Investment Composite 137,428,323 7.0 4.4 0.0 9.5 8.5 10.0 10.6 8.8 9.1 Private Equity Benchmark (1 Qtr. Lag) 4.3 17.8 10.3 12.3 12.9 8.5 11.7 Over/Under -4.3 -8.3 -1.8 -2.3 -2.3 0.3 -2.6 Cash 11,463,666 0.0 0.4 1.5 2.2 0.9 0.5 -0.1 0.4 0.5 Mellon Cash Account 11,463,666 0.4 1.5 2.2 0.9 0.5 -0.1 0.4 0.5 91 Day T-Bills 0.2 0.5 0.2 0.2 0.1 0.4 1.2 Over/Under 1.3 1.7 0.7 0.3 -0.2 0.0 -0.7 XXXXX

Fiscal year ends June 30. Performance is stated net of fees unless noted otherwise. Performance for periods shorter than one year is periodic returns and performance for longer than one year are annualized returns. Some performance numbers are preliminary and subject to change. Transwestern Aslan III statement is not yet available for 4Q 2016. MSCI ACWI ex U.S. Index does not have performance numbers going back to 1986 therefore performance is not applicable. Private Investment Composite market values are reported as of 12/31/2016 +/- Quarter-to-Date cash flows. Real Estate managers are valued quarterly.

June 30, 2017

27 Baltimore County Total Fund Return Summary vs. Peer Universe

June 30, 2017

28 Baltimore County Total Fund Return Summary vs. Peer Universe

June 30, 2017

29 Baltimore County Total Fund Allocations vs. Peer Universe

June 30, 2017

30 Baltimore County Fee Schedule

Market Value Est. Minimum Annual Estimated Annual Fee Estimated Annual Fee Account Fee Schedule % of Portfolio As of 6/30/2017 Fee ($) ($) (%)

_ Brown Advisory 0.50% of Assets $98,714,628 3.3% $493,573 0.50% BlackRock US Equity Mkt Fund 0.15% of First $15.0 Mil, $455,995,607 15.3% $72,500 0.02% 0.10% of Next $35.0 Mil, 0.03% of Next $50.0 Mil Benchmark Plus Performance-based 1.00 and 15.00 $41,335,698 1.4% $413,357 1.00% Decatur Capital Management 0.60% of First $50.0 Mil, $34,226,234 1.1% $205,357 0.60% 0.40% of Next $25.0 Mil, 0.30% Thereafter Brown Capital Performance-based 0.25 and 0.38 $136,859,284 4.6% $342,148 0.25% Earnest Partners SCV 0.67% of First $50.0 Mil, $95,368,690 3.2% $561,843 0.59% 0.50% Thereafter Channing Capital Management 1.00% of First $25.0 Mil, $31,364,673 1.1% $300,917 0.96% 0.80% of Next $25.0 Mil, 0.70% Thereafter BlackRock Int'l Fund 0.14% of First $50.0 Mil, $138,801,093 4.6% $130,000 0.09% 0.12% of Next $50.0 Mil Gryphon 0.75% of First $20.0 Mil, $109,466,505 3.7% $647,333 0.59% 0.60% of Next $50.0 Mil, 0.50% of Next $150.0 Mil LSV Asset Management 0.75% of First $25.0 Mil, $111,080,661 3.7% $649,863 0.59% 0.65% of Next $25.0 Mil, 0.55% of Next $25.0 Mil, 0.45% Thereafter Ativo Capital 0.65% of Assets $33,205,247 1.1% $215,834 0.65% Strategic Global Advisors International Small Cap 0.70% of Assets $35,040,000 1.2% $245,280 0.70% Mondrian 1.00% of First $25.0 Mil, $284,994,416 9.5% $1,847,466 0.65% 0.75% of Next $25.0 Mil, 0.60% Thereafter Reams (Core Plus) 0.15% of Assets $60,704,609 2.0% $91,057 0.15% Western Asset Mgmt (Core Plus) 0.30% of First $100.0 Mil, $62,463,184 2.1% $187,390 0.30% 0.15% Thereafter Earnest Partners (Core) 0.25% of First $50.0 Mil, $57,467,588 1.9% $139,935 0.24% 0.20% of Next $150.0 Mil, 0.15% Thereafter Garcia Hamilton (Core) 0.25% of Assets $28,267,584 0.9% $70,669 0.25% Reams Short Duration 0.20% of First $50.0 Mil, $90,496,439 3.0% $160,745 0.18% 0.15% Thereafter

June 30, 2017

31 Baltimore County Fee Schedule

Market Value Est. Minimum Annual Estimated Annual Fee Estimated Annual Fee Account Fee Schedule % of Portfolio As of 6/30/2017 Fee ($) ($) (%)

_ Loomis Credit Asset Fund 0.45% of Assets $34,501,134 1.2% $155,255 0.45% PIMCO Diversified Income 0.75% of Assets $188,072,632 6.3% $1,410,545 0.75% Loomis Sayles Strategic Alpha Trust 0.40% of Assets $96,170,906 3.2% $384,684 0.40% Stone Harbor EMD 0.75% of Assets $124,356,393 4.2% $932,673 0.75% Mellon Dynamic Growth 0.80% of Assets $138,473,433 4.6% $35,000 $1,107,787 0.80% Bridgewater All Weather 0.50% of First $100.0 Mil, $155,889,693 5.2% $695,614 0.45% 0.35% of Next $150.0 Mil, 0.25% Thereafter Wellington Opportunistic Performance-based 0.65 and 15.00 $168,588,442 5.6% $1,259,803 0.75% ING Clarion - Lion Fund (Real Estate) 1.25% of First $10.0 Mil, $56,917,086 1.9% $546,295 0.96% 1.00% of Next $15.0 Mil, 0.85% Thereafter UBS - Trumbull Fund (Real Estate) 0.96% of First $10.0 Mil, $56,755,725 1.9% $473,870 0.83% 0.83% of Next $15.0 Mil, 0.81% of Next $25.0 Mil, 0.79% of Next $50.0 Mil, 0.67% of Next $150.0 Mil, 0.60% Thereafter JP Morgan - Special Situation Fund 1.60% of Assets $47,569,038 1.6% $761,105 1.60% Transwestern - Aslan III No Fee $118,674 0.0% -- -- Federal Street - Liquidating No Fee $191,718 0.0% -- -- EIM - Liquidating No Fee $641,401 0.0% -- -- Mellon Cash Account No Fee $11,463,666 0.4% -- -- Investment Management Fee $2,985,562,081 100.0% $14,502,899 0.49%

XXXXX

June 30, 2017

32 Manager Analysis

33 Baltimore County Due Diligence Monitor

The items below summarize any changes or announcements from your Plan managers/funds. A “Yes” indicates there was an announcement and a summary is provided separately. NEPC’s Due Diligence Committee meets every two weeks to review events as they relate to investment managers and determines if any action should be taken by NEPC and/or by our clients. They rate events: No Action, Watch, Hold, Client Review or Terminate. NEPC considers ourselves to be a fiduciary, as ERISA defines the term in Section 3(21).

Manager Changes/ NEPC Due Investment Options Announcements Diligence Committee (Recent Quarter) Recommendations

Reams Other: Ownership changes No Action Core Plus Fixed Income 4/2017

A legend key to our recommendations is provided below.

NEPC Due Diligence Committee Recommendation Key

No Action Informational items have surfaced; no action is recommended.

Issues have surfaced to be concerned over; manager can participate in future searches, but current and prospective Watch clients must be made aware of the issues.

Serious issues have surfaced to be concerned over; manager cannot be in future searches unless a client Hold specifically requests, but current and prospective clients must be made aware of the issues.

Very serious issues have surfaced with a manager; manager cannot be in future searches unless a client specifically Client Review requests. Current clients must be advised to review the manager.

We have lost all confidence in the product; manager would not be recommended for searches and clients would be Terminate discouraged from using. The manager cannot be in future searches unless a client specifically requests. Current clients must be advised to replace the manager.

June 30, 2017

34 Baltimore County Due Diligence Commentary

Below is a summary of manager changes, announcements and due diligence events since the issuance of our last quarterly report.

Manager Changes/Announcements

Investment Option Commentary

Scouts Investments, a division of UMB financial (a Midwestern bank) and owner of Reams, is getting acquired by Carillon Tower Advisers (CTA), which is the holding asset management arm of Raymond James Financials. Reams Core Plus Fixed Income This transaction was prompted by UMB’s desire to refocus to their core lending business. Reams/Scout needed a different partner who’s willing to commit cashflows to fund their future growth. Reams did not have a say in the divestment decision, but they were involved in the partner-choosing process. Of the 2-3 potential partners that approached them, CTA stood out as the best fit with a track record of providing support while allowing autonomy to the teams they’ve acquired.

With this transaction Reams is to remain an independent boutique under the CTA umbrella. No changes (turnover, day to day management of the Reams strategies etc.) expected. All contracts between Reams and Scout will carry through exactly the same (as a reminder contracts with senior team members including profit sharing, non-compete terms etc. were renewed in 2015 for an additional 7 years – through 2022).

Acquiring Reams and Scout strategically helps CTA build out their capabilities and address their aspiration going forward to provide outcome-oriented solutions to their clients (think multi asset / asset allocation strategies across strategies offered by their affiliates). CTA management is especially excited about Reams’ LDI business. CTA has a very small existing fixed income business under Eagle (5-6bn out of 33bn Eagle AUM) which is largely non-overlapping with Reams. CTA has strong distributions on the retail and wealth management side, and is committed to help Reams/Scout grow on these channels. CTA will have affiliate sales specialists dedicated to Reams strategies, if anything as Reams’ clients and assets grow they might need to add another client PM on their team going forward.

No client action is recommended at this time.

June 30, 2017

35 Baltimore County Total Domestic Equity

June 30, 2017

36 Baltimore County Total Domestic Equity

Characteristics Portfolio Russell 3000 Number of Holdings 2,320 3,000 Weighted Avg. Market Cap. ($B) 94.9 128.5 Median Market Cap. ($B) 2.7 1.6 Price To Earnings 30.7 24.7 Price To Book 5.3 4.2 Price To Sales 4.1 3.5 Return on Equity (%) 18.6 16.7 Yield (%) 1.5 1.9 Beta 1.1 1.0 R-Squared 1.0 1.0

June 30, 2017

37 Baltimore County Total Domestic Equity

Top Positive Contributors Top Negative Contributors Relative Relative Top Ten Holdings Contribution Contribution Return % Return % BENCHMARK PLUS INSTITUTIONAL PARTNERS LLC 4.6% % % _ _ APPLE 2.1% MEDIDATA SOLUTIONS 0.2% 35.6% NETSCOUT SYSTEMS -0.1% -9.4% CASH - USD 1.6% VEEVA SYSTEMS CL.A 0.1% 19.6% AMAZON.COM -0.1% 9.2% MICROSOFT 1.6% PROTO LABS 0.1% 31.6% ENDOLOGIX 0.0% -32.9% BERKSHIRE HATHAWAY 'B' 1.2% GUIDEWIRE SOFTWARE 0.1% 22.0% ZOES KITCHEN 0.0% -35.6% FACEBOOK CLASS A 1.1% ANSYS 0.1% 13.9% JOHNSON & JOHNSON 0.0% 6.9% JP MORGAN CHASE & CO. 1.0% TYLER TECHNOLOGIES 0.1% 13.7% ALPHABET 'A' 0.0% 9.7% ALPHABET 'A' 1.0% MOLINA HEALTHCARE 0.1% 51.7% ALPHABET 'C' 0.0% 9.5% WELLS FARGO & CO 1.0% BLACKBAUD 0.1% 12.0% UNITEDHEALTH GROUP 0.0% 13.5% VISA 'A' 0.9% SUN HYDRAULICS 0.1% 18.4% CITIGROUP 0.0% 12.1% BIO-TECHNE 0.1% 15.9% MANHATTAN ASSOCS. 0.0% -7.7%

_ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.1% -0.1% 0.2% 0.0% -9.4% -7.7% 4.7% 6.1% Materials -0.1% -0.1% 0.0% 0.0% 0.3% 2.6% 3.1% 3.4% Industrials 0.1% 0.1% 0.0% 0.0% 4.6% 4.2% 11.1% 10.7% Consumer Discretionary -0.1% -0.2% 0.0% 0.0% 1.8% 3.0% 10.4% 12.7% Consumer Staples 0.0% 0.0% 0.1% 0.0% 0.7% 1.2% 5.2% 8.3% Health Care 0.5% 0.3% 0.1% 0.1% 9.6% 7.4% 16.0% 13.4% Financials -0.1% -0.1% 0.0% 0.0% 3.1% 3.8% 14.2% 15.0% Information Technology 0.2% 0.1% 0.1% 0.0% 4.9% 4.3% 26.9% 21.2% Telecommunication Services 0.1% 0.0% 0.1% 0.0% -6.3% -6.6% 1.3% 2.2% Utilities 0.0% 0.0% 0.0% 0.0% 1.9% 2.2% 2.4% 3.2% Real Estate 0.1% 0.1% 0.0% 0.0% 3.8% 2.3% 3.2% 4.0% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 1.6% 0.0% Portfolio 0.7% = 0.1% + 0.4% + 0.2% 3.7% 3.0% 100.0% 100.0% Method Effect 0.0% 0.0% Combined Performance 3.7% 3.0%

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June 30, 2017

38 Baltimore County Large Cap Composite

June 30, 2017

39 Baltimore County Large Cap Composite

Characteristics Portfolio S&P 500 Number of Holdings 2,310 505 Weighted Avg. Market Cap. ($B) 134.5 154.7 Median Market Cap. ($B) 2.7 20.6 Price To Earnings 26.0 24.7 Price To Book 5.2 4.6 Price To Sales 3.8 3.4 Return on Equity (%) 20.0 19.0 Yield (%) 1.8 2.0 Beta 1.0 1.0 R-Squared 1.0 1.0

June 30, 2017

40 Baltimore County Large Cap Composite

Top Positive Contributors Top Negative Contributors Relative Relative Contribution Contribution Top Ten Holdings Return % Return % % % _ BENCHMARK PLUS INSTITUTIONAL PARTNERS LLC 6.6% _ APPLE 3.0% EDWARDS LIFESCIENCES 0.1% 25.7% ALPHABET 'A' -0.1% 9.7% MICROSOFT 2.2% PAYPAL HOLDINGS 0.1% 24.8% AMAZON.COM -0.1% 9.2% BERKSHIRE HATHAWAY 'B' 1.7% YAHOO 0.0% 17.4% JOHNSON & JOHNSON 0.0% 6.9% FACEBOOK CLASS A 1.6% GENERAL ELECTRIC 0.0% -8.6% ALPHABET 'C' 0.0% 9.5% JP MORGAN CHASE & CO. 1.4% HANESBRANDS 0.0% 12.3% UNITEDHEALTH GROUP 0.0% 13.5% ALPHABET 'A' 1.4% AT&T 0.0% -8.1% NVIDIA 0.0% 32.8% WELLS FARGO & CO 1.4% AETNA 0.0% 19.5% KINDER MORGAN 0.0% -11.3% VISA 'A' 1.3% CARMAX 0.0% 6.5% CITIGROUP 0.0% 12.1% AMAZON.COM 1.3% SCHLUMBERGER 0.0% -15.1% ORACLE 0.0% 12.9% INTERNATIONAL BUS.MCHS. 0.0% -10.8% ABBVIE 0.0% 12.4% _ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.0% -0.1% 0.1% 0.0% -8.0% -6.4% 5.7% 6.6% Materials 0.0% 0.0% 0.0% 0.0% 2.4% 2.8% 2.8% 2.9% Industrials 0.0% 0.0% 0.0% 0.0% 4.6% 4.9% 9.9% 10.0% Consumer Discretionary 0.0% 0.0% 0.0% 0.0% 2.1% 2.4% 14.0% 12.3% Consumer Staples 0.0% 0.0% 0.0% 0.0% 1.1% 1.6% 7.1% 9.2% Health Care 0.1% 0.1% 0.0% 0.0% 8.0% 7.1% 12.9% 13.9% Financials -0.1% -0.1% 0.0% 0.0% 3.6% 4.3% 15.7% 14.4% Information Technology 0.2% 0.2% 0.0% 0.0% 5.0% 4.1% 23.4% 22.1% Telecommunication Services 0.1% 0.0% 0.1% 0.0% -6.3% -7.1% 1.8% 2.4% Utilities 0.0% 0.0% 0.0% 0.0% 2.2% 2.2% 2.5% 3.2% Real Estate 0.0% 0.0% 0.0% 0.0% 2.8% 2.8% 3.7% 2.9% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 0.7% 0.0% Portfolio 0.2% = 0.0% + 0.1% + 0.0% 3.3% 3.1% 100.0% 100.0% Method Effect 0.0% 0.0% Combined Performance 3.3% 3.1%

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June 30, 2017

41 Baltimore County Brown Advisory

June 30, 2017

42 Baltimore County Brown Advisory

June 30, 2017

43 Baltimore County Brown Advisory

Top Positive Contributors Top Negative Contributors Relative Relative Characteristics Contribution Contribution Return % Return % Portfolio S&P 500 % % _ Number of Holdings 42 505 _ EDWARDS LIFESCIENCES 0.6% 25.7% KINDER MORGAN -0.3% -11.3% Weighted Avg. Market Cap. ($B) 153.3 154.7 YAHOO 0.4% 17.4% Median Market Cap. ($B) 61.4 20.6 LOWE'S COMPANIES -0.2% -5.3% Price To Earnings 28.4 24.7 AETNA 0.3% 19.5% UNITED RENTALS -0.1% -9.9% Price To Book 5.8 4.6 PAYPAL HOLDINGS 0.3% 24.8% CHIPOTLE MEXN.GRILL -0.1% -6.6% Price To Sales 4.7 3.4 HANESBRANDS 0.3% 12.3% WALT DISNEY -0.1% -6.3% Return on Equity (%) 21.3 19.0 MASTERCARD 0.3% 8.2% TJX -0.1% -8.4% Yield (%) 1.3 2.0 VISA 'A' 0.3% 5.7% OCCIDENTAL PTL. -0.1% -4.3% Beta 1.1 1.0 CANADIAN NAT.RY. (NYS) 0.2% 10.1% EXPRESS SCRIPTS HOLDING -0.1% -3.1% R-Squared 0.9 1.0 CARMAX 0.2% 6.5% QUALCOMM 0.0% -2.7% CHARLES SCHWAB 0.2% 5.5% AMERIPRISE FINL. 0.0% -1.2% _ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.1% -0.2% 0.2% 0.1% -8.9% -6.4% 4.5% 6.6% Materials 0.0% -- 0.0% -- -- 2.8% 0.0% 2.9% Industrials 0.0% 0.0% -0.1% 0.0% 5.1% 4.9% 6.5% 10.0% Consumer Discretionary -0.4% -0.2% 0.0% -0.1% 0.5% 2.4% 18.5% 12.3% Consumer Staples 0.2% 0.2% 0.1% -0.2% 4.0% 1.6% 1.3% 9.2% Health Care 0.3% 0.7% -0.2% -0.2% 12.2% 7.1% 9.8% 13.9% Financials -0.3% -0.3% 0.1% -0.2% 2.5% 4.3% 23.2% 14.4% Information Technology 1.0% 0.7% 0.1% 0.2% 7.1% 4.1% 30.4% 22.1% Telecommunication Services 0.2% -- 0.2% -- -- -7.1% 0.0% 2.4% Utilities 0.0% -- 0.0% -- -- 2.2% 0.0% 3.2% Real Estate 0.1% 0.1% 0.0% -0.1% 7.1% 2.8% 1.7% 2.9% Cash -0.1% 0.0% -0.1% 0.0% 0.2% -- 4.0% 0.0% Portfolio 1.1% = 1.1% + 0.4% + -0.4% 4.2% 3.1% 100.0% 100.0% Method Effect 0.0% 0.0% Combined Performance 4.1% 3.1%

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June 30, 2017

44 Baltimore County BlackRock (Barclays) US Equity Mkt Fund

June 30, 2017

45 Baltimore County BlackRock (Barclays) US Equity Mkt Fund

June 30, 2017

46 Baltimore County BlackRock (Barclays) US Equity Mkt Fund

Top Positive Contributors Top Negative Contributors Relative Relative Characteristics Contribution Contribution Russell Return % Return % Portfolio % %

_ 3000 _ Number of Holdings 2,300 3,000 NVIDIA 0.0% 32.8% TECHNIPFMC ORD 0.0% -16.3% Weighted Avg. Market Cap. ($B) 128.3 128.5 WILLIS GROUP HOLDINGS 0.0% 11.5% LIBERTY GLOBAL SR.C 0.0% -11.0% Median Market Cap. ($B) 2.5 1.6 TE CONNECTIVITY 0.0% 6.1% SEAGATE TECH. 0.0% -14.4% Price To Earnings 25.4 24.7 GENERAL ELECTRIC 0.0% -8.6% STRAIGHT PATH COMMS.CL.B 0.0% 399.4% Price To Book 4.9 4.2 WALT DISNEY 0.0% -6.3% WAYFAIR CL.A 0.0% 89.9% Price To Sales 3.6 3.5 STERIS 0.0% 17.7% Return on Equity (%) 19.4 16.7 LIBERTY GLOBAL CL.A 0.0% -10.5% Yield (%) 1.9 1.9 ACTIVISION BLIZZARD 0.0% 15.5% MCDONALDS 0.0% 18.9% Beta 1.0 1.0 FACEBOOK CLASS A 0.0% 6.3% BOEING 0.0% 12.7% R-Squared 1.0 1.0 INTERNATIONAL BUS.MCHS. 0.0% -10.8% CORE LABORATORIES 0.0% -11.9% MARKIT 0.0% 5.0% UNITED TECHNOLOGIES 0.0% 9.4%

_ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.0% 0.0% 0.0% 0.0% -8.0% -7.7% 6.2% 6.1% Materials 0.0% 0.0% 0.0% 0.0% 2.5% 2.6% 3.4% 3.4% Industrials 0.0% 0.0% 0.0% 0.0% 4.1% 4.2% 10.5% 10.7% Consumer Discretionary 0.0% 0.0% 0.0% 0.0% 2.8% 3.0% 12.8% 12.7% Consumer Staples 0.0% 0.0% 0.0% 0.0% 1.2% 1.2% 8.2% 8.3% Health Care 0.0% 0.0% 0.0% 0.0% 7.5% 7.4% 13.4% 13.4% Financials 0.0% 0.0% 0.0% 0.0% 3.8% 3.8% 14.9% 15.0% Information Technology 0.0% 0.0% 0.0% 0.0% 4.3% 4.3% 21.3% 21.2% Telecommunication Services 0.0% 0.0% 0.0% 0.0% -6.8% -6.6% 2.1% 2.2% Utilities 0.0% 0.0% 0.0% 0.0% 2.2% 2.2% 3.2% 3.2% Real Estate 0.0% 0.0% 0.0% 0.0% 2.5% 2.3% 4.1% 4.0% Cash 0.0% ------0.0% 0.0% Portfolio 0.0% = 0.0% + 0.0% + 0.0% 3.0% 3.0% 100.0% 100.0% Method Effect 0.0% 0.0% Combined Performance 3.0% 3.0%

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June 30, 2017

47 Baltimore County Benchmark Plus

June 30, 2017

48 Baltimore County Benchmark Plus

June 30, 2017

49 Baltimore County Decatur Capital Management

June 30, 2017

50 Baltimore County Decatur Capital Management

June 30, 2017

51 Baltimore County Decatur Capital Management

Top Positive Contributors Top Negative Contributors Characteristics Relative Relative Contribution Contribution Russell Return % Return % Portfolio 1000 % %

_ Growth _ PAYPAL HOLDINGS 0.4% 24.8% VIACOM 'B' -0.5% -27.6% Number of Holdings 49 557 MARATHON OIL -0.2% -24.7% Weighted Avg. Market Cap. ($B) 164.1 170.4 BAXTER INTL. 0.4% 17.1% Median Market Cap. ($B) 48.1 10.0 ELECTRONIC ARTS 0.3% 18.1% ROSS STORES -0.2% -12.1% Price To Earnings 27.7 28.0 DEERE 0.3% 14.1% UNITEDHEALTH GROUP -0.2% 13.5% Price To Book 7.0 7.0 STATE STREET 0.3% 13.2% CBS 'B' -0.1% -7.8% Price To Sales 3.9 4.2 ZOETIS 0.3% 17.3% CAMPBELL SOUP -0.1% -8.3% Return on Equity (%) 24.5 27.0 SOUTHWEST AIRLINES 0.2% 15.8% 3M -0.1% 9.5% Yield (%) 1.5 1.4 MASCO 0.2% 12.8% WALGREENS BOOTS ALLIANCE -0.1% -5.3% Beta 0.9 1.0 CARDINAL HEALTH -0.1% -3.9% R-Squared 0.9 1.0 MCDONALDS 0.2% 18.9% BOEING 0.2% 12.7% COMCAST 'A' -0.1% 4.4%

_ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy -0.1% 0.0% -0.2% 0.0% -4.8% -8.0% 1.9% 0.5% Materials -0.1% -0.2% 0.0% 0.1% 0.0% 5.7% 2.0% 3.5% Industrials 0.6% 0.6% 0.0% 0.0% 11.0% 5.3% 10.4% 10.7% Consumer Discretionary -0.5% -0.6% 0.1% 0.1% 0.2% 3.1% 17.8% 21.0% Consumer Staples -0.4% -0.4% 0.0% 0.0% -2.6% 2.0% 8.8% 9.0% Health Care -0.2% -0.2% 0.0% 0.0% 7.1% 8.1% 15.3% 16.0% Financials 0.2% 0.1% 0.0% 0.0% 9.3% 7.1% 5.0% 2.8% Information Technology 0.3% 0.3% 0.0% 0.0% 6.3% 5.4% 33.2% 32.8% Telecommunication Services 0.1% 0.1% -0.1% 0.1% 3.4% -7.1% 1.8% 1.0% Utilities 0.0% -- 0.0% -- -- -0.3% 0.0% 0.0% Real Estate 0.0% 0.0% 0.0% 0.0% 2.0% 3.3% 3.1% 2.7% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 0.7% 0.0% Portfolio -0.2% = -0.3% + -0.2% + 0.3% 4.6% 4.8% 100.0% 100.0% Method Effect 0.5% -0.2% Combined Performance 5.2% 4.7%

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June 30, 2017

52 Baltimore County Small Cap Composite

June 30, 2017

53 Baltimore County Small Cap Composite

Characteristics Portfolio Russell 2000 Number of Holdings 124 2,010 Weighted Avg. Market Cap. ($B) 4.2 2.0 Median Market Cap. ($B) 2.8 0.8 Price To Earnings 42.2 23.9 Price To Book 5.7 3.0 Price To Sales 4.6 3.0 Return on Equity (%) 15.5 10.3 Yield (%) 0.8 1.1 Beta 0.9 1.0 R-Squared 0.9 1.0

June 30, 2017

54 Baltimore County Small Cap Composite

Top Positive Contributors Top Negative Contributors Relative Relative Contribution Top Ten Holdings Return % Contribution % Return %

CASH - USD 3.7% _ % MEDIDATA SOLUTIONS 0.7% 35.6% _ MEDIDATA SOLUTIONS 2.5% NETSCOUT SYSTEMS -0.2% -9.4% VEEVA SYSTEMS CL.A 0.5% 19.6% CANTEL MED. 2.4% ENDOLOGIX -0.2% -32.9% PROTO LABS 0.4% 31.6% ANSYS 2.4% ZOES KITCHEN -0.2% -35.6% GUIDEWIRE SOFTWARE 0.4% 22.0% VEEVA SYSTEMS CL.A 2.3% MANHATTAN ASSOCS. -0.1% -7.7% ANSYS 0.3% 13.9% BLACKBAUD 2.2% BALCHEM -0.1% -5.7% TYLER TECHNOLOGIES 0.3% 13.7% NEOGEN 2.2% INCYTE -0.1% -5.8% BIO-TECHNE 0.2% 15.9% TYLER TECHNOLOGIES 2.2% MEDNAX -0.1% -13.0% SUN HYDRAULICS 0.2% 18.4% COGNEX 2.2% NIC -0.1% -5.8% BLACKBAUD 0.2% 12.0% ELLIE MAE 2.1% PDC ENERGY -0.1% -30.9% MOLINA HEALTHCARE 0.2% 51.7%

_ SNAP-ON -0.1% -5.9%

_

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.3% 0.1% 0.3% 0.0% -18.2% -21.0% 2.2% 3.3% Materials -0.1% -0.2% 0.0% 0.0% -3.4% 0.1% 3.8% 5.0% Industrials 0.3% 0.3% 0.0% 0.0% 4.7% 2.3% 14.0% 14.3% Consumer Discretionary -0.1% -0.7% 0.0% 0.6% -3.1% 2.6% 2.0% 12.4% Consumer Staples 0.1% -0.3% 0.2% 0.2% -14.3% -4.6% 0.4% 2.9% Health Care 1.3% 0.4% 0.7% 0.3% 11.7% 8.9% 23.6% 13.1% Financials 0.1% 0.1% 0.1% 0.0% 1.2% 0.9% 10.7% 19.3% Information Technology 0.6% 0.2% 0.3% 0.2% 4.7% 3.7% 35.4% 17.5% Telecommunication Services -0.1% -- -0.1% -- -- 15.5% 0.0% 0.7% Utilities 0.0% -0.1% 0.0% 0.0% 1.0% 2.8% 2.0% 3.7% Real Estate 0.1% 0.4% 0.0% -0.3% 7.8% 2.8% 2.2% 7.6% Cash -0.1% 0.0% -0.1% 0.0% 0.2% -- 3.8% 0.0% Portfolio 2.5% = 0.2% + 1.3% + 1.0% 4.8% 2.3% 100.0% 100.0% Method Effect -0.1% 0.2% Combined Performance 4.7% 2.5%

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June 30, 2017

55 Baltimore County Brown Capital

June 30, 2017

56 Baltimore County Brown Capital

June 30, 2017

57 Baltimore County Brown Capital

Top Positive Contributors Top Negative Contributors Relative Characteristics Relative Contribution Russell Return % Contribution Portfolio 2000 % Return % _ % Growth MEDIDATA SOLUTIONS 1.4% 35.6% _ NETSCOUT SYSTEMS -0.4% -9.4% Number of Holdings 40 1,171 VEEVA SYSTEMS CL.A 0.9% 19.6% Weighted Avg. Market Cap. ($B) 4.1 2.2 ENDOLOGIX -0.3% -32.9% PROTO LABS 0.8% 31.6% Median Market Cap. ($B) 2.6 0.9 ZOES KITCHEN -0.3% -35.6% GUIDEWIRE SOFTWARE 0.7% 22.0% Price To Earnings 58.4 28.7 MANHATTAN ASSOCS. -0.3% -7.7% Price To Book 7.7 5.0 ANSYS 0.7% 13.9% BALCHEM -0.2% -5.7% Price To Sales 6.5 3.3 TYLER TECHNOLOGIES 0.5% 13.7% INCYTE -0.2% -5.8% Return on Equity (%) 15.4 15.9 BIO-TECHNE 0.5% 15.9% NIC -0.2% -5.8% Yield (%) 0.3 0.6 SUN HYDRAULICS 0.5% 18.4% CANTEL MED. -0.1% -2.7% Beta 0.8 1.0 BLACKBAUD 0.4% 12.0% R-Squared 0.8 1.0 GEOSPACE TECHNOLOGIES 0.0% -14.8% QUIDEL 0.4% 19.9% _ DOLBY LABORATORIES 'A' 0.0% -6.3%

_

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.3% 0.1% 0.2% -0.1% -14.8% -21.6% 0.3% 1.3% Materials -0.3% -0.4% 0.0% 0.1% -5.7% 1.8% 4.2% 5.2% Industrials 1.7% 3.6% 0.4% -2.3% 23.6% 0.6% 5.7% 15.8% Consumer Discretionary -0.1% -5.6% 0.3% 5.3% -35.6% 2.1% 0.9% 14.9% Consumer Staples 0.2% -- 0.2% -- -- -1.7% 0.0% 3.0% Health Care 1.7% 0.4% 0.9% 0.3% 11.5% 9.6% 38.7% 21.7% Financials 0.3% -- 0.3% -- -- -0.8% 0.0% 5.8% Information Technology 0.6% 0.2% 0.2% 0.2% 6.3% 5.4% 45.7% 25.2% Telecommunication Services -0.2% -- -0.2% -- -- 26.8% 0.0% 0.8% Utilities 0.0% -- 0.0% -- -- 5.4% 0.0% 0.8% Real Estate -0.1% -- -0.1% -- -- 6.5% 0.0% 5.4% Cash -0.2% 0.0% -0.2% 0.0% 0.2% -- 4.4% 0.0% Portfolio 3.9% = -1.7% + 2.1% + 3.5% 8.1% 4.2% 100.0% 100.0% Method Effect 0.3% 0.2% Combined Performance 8.4% 4.4%

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June 30, 2017

58 Baltimore County Earnest Partners SCV

June 30, 2017

59 Baltimore County Earnest Partners SCV

June 30, 2017

60 Baltimore County Earnest Partners SCV

Top Positive Contributors Top Negative Contributors Relative Relative Characteristics Contribution Contribution Russell Return % Return % Portfolio % % 2000 Value _ _ Number of Holdings 55 1,399 MOLINA HEALTHCARE 0.7% 51.7% MEDNAX -0.3% -13.0% Weighted Avg. Market Cap. ($B) 4.6 1.8 CATALENT 0.4% 23.9% PDC ENERGY -0.2% -30.9% Median Market Cap. ($B) 3.0 0.7 GLOBAL PAYMENTS 0.4% 12.0% ENTEGRIS -0.2% -6.2% Price To Earnings 28.0 20.1 COHERENT 0.4% 9.4% SNAP-ON -0.2% -5.9% Price To Book 3.6 1.7 FIRST CASH FINL.SVS. 0.3% 19.0% ENERSYS -0.2% -8.0% Price To Sales 2.6 2.7 CENTENE 0.3% 12.1% ADVANCED ENERGY INDS. -0.2% -5.6% Return on Equity (%) 15.4 7.4 SBA COMMS. 0.2% 12.1% CORE LABORATORIES -0.1% -11.9% Yield (%) 1.1 1.7 Beta 0.9 1.0 MANTECH INTL.'A' 0.2% 20.1% UNITED NATURAL FOODS -0.1% -15.1% R-Squared 0.9 1.0 ALBANY INTL.'A' 0.2% 16.4% CABOT -0.1% -10.3% RAYMOND JAMES FINL. 0.1% 5.5% HEXCEL -0.1% -3.0%

_ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.5% 0.2% 0.3% -0.1% -17.0% -20.8% 3.7% 5.2% Materials -0.1% -0.2% 0.0% 0.1% -5.8% -1.6% 3.3% 4.9% Industrials -0.7% -0.6% 0.4% -0.4% -0.4% 4.3% 22.5% 12.9% Consumer Discretionary 0.0% 0.7% -0.2% -0.5% 10.5% 3.4% 2.7% 10.0% Consumer Staples 0.1% -0.2% 0.1% 0.1% -15.1% -7.5% 1.0% 2.8% Health Care 0.8% 0.3% 0.2% 0.3% 12.6% 6.0% 9.1% 4.8% Financials 0.2% 0.5% -0.1% -0.2% 2.7% 1.2% 18.5% 32.3% Information Technology 0.6% 0.3% -0.1% 0.4% 2.4% -0.2% 27.6% 10.2% Telecommunication Services 0.0% -- 0.0% -- -- 2.3% 0.0% 0.6% Utilities -0.2% -0.2% 0.0% 0.1% -0.5% 2.5% 4.2% 6.5% Real Estate 0.3% 0.8% 0.0% -0.4% 8.5% 0.8% 4.1% 9.7% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 3.2% 0.0% Portfolio 1.4% = 1.5% + 0.6% + -0.6% 1.9% 0.4% 100.0% 100.0% Method Effect -0.2% 0.2% Combined Performance 1.7% 0.7%

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June 30, 2017

61 Baltimore County Channing Capital Management

June 30, 2017

62 Baltimore County Channing Capital Management

June 30, 2017

63 Baltimore County Channing Capital Management

Top Positive Contributors Top Negative Contributors Relative Relative Characteristics Contribution Return % Contribution Russell % Return %

Portfolio _ % 2000 Value _ POLYONE 0.5% 14.0% Number of Holdings 38 1,399 LAREDO PETROLEUM -0.4% -27.9% Weighted Avg. Market Cap. ($B) 3.1 1.8 MSA SAFETY 0.4% 15.3% STEELCASE 'A' -0.4% -15.7% Median Market Cap. ($B) 3.0 0.7 CHAS.RVR.LABS.INTL. 0.4% 12.5% OIL STS.INTL. -0.4% -18.1% Price To Earnings 26.4 20.1 JOHN BEAN TECHNOLOGIES 0.3% 11.6% MICROSEMI -0.3% -9.2% Price To Book 3.8 1.7 ARTISAN PTNS.ASTMGMT. 0.3% 13.6% CALLON PTL.DEL. -0.3% -19.4% Price To Sales 2.9 2.7 FIRST AMER.FINL. 0.3% 14.7% EVERCORE PARTNERS 'A' -0.3% -9.1% Return on Equity (%) 16.4 7.4 BELDEN 0.3% 9.1% Yield (%) 1.7 1.7 BOOZ ALLEN HAMILTN.HLDG. -0.3% -7.6% CORPORATE OFFICE PROPS. TST. 0.2% 6.7% Beta 1.0 1.0 MATTHEWS INTL.'A' -0.2% -9.2% R-Squared 0.9 1.0 LITHIA MOTORS 'A' 0.2% 10.3% STIFEL FINANCIAL -0.2% -8.4% HEALTHCARE REAL.TST. 0.1% 6.1%

_ TEXAS CAPITAL BANCSHARES -0.2% -7.2%

_

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy -0.1% 0.0% 0.0% 0.0% -21.3% -20.8% 5.3% 5.2% Materials 0.6% 0.7% 0.0% -0.1% 12.8% -1.6% 3.9% 4.9% Industrials -0.7% -0.6% 0.4% -0.5% -0.3% 4.3% 22.7% 12.9% Consumer Discretionary -0.3% -0.2% -0.2% 0.1% 1.2% 3.4% 4.0% 10.0% Consumer Staples 0.2% -0.1% 0.2% 0.1% -10.4% -7.5% 0.6% 2.8% Health Care 0.2% 0.3% -0.1% -0.1% 12.5% 6.0% 3.5% 4.8% Financials -0.8% -0.8% 0.0% 0.0% -1.3% 1.2% 31.4% 32.3% Information Technology -0.2% -0.1% 0.0% -0.1% -1.5% -0.2% 15.6% 10.2% Telecommunication Services 0.0% -- 0.0% -- -- 2.3% 0.0% 0.6% Utilities 0.1% 0.2% 0.0% -0.1% 5.4% 2.5% 4.3% 6.5% Real Estate 0.3% 0.5% 0.0% -0.2% 6.4% 0.8% 5.9% 9.7% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 2.8% 0.0% Portfolio -0.8% = -0.1% + 0.2% + -0.8% -0.3% 0.4% 100.0% 100.0% Method Effect -0.5% 0.2% Combined Performance -0.8% 0.7%

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June 30, 2017 64 Baltimore County Int'l Equity Composite

June 30, 2017

65 Baltimore County Int'l Equity Composite

Characteristics MSCI ACWI ex Portfolio USA Number of Holdings 2,138 1,866 Weighted Avg. Market Cap. ($B) 43.7 57.8 Median Market Cap. ($B) 9.1 7.6 Price To Earnings 17.1 21.0 Price To Book 2.6 2.6 Price To Sales 2.1 2.2 Return on Equity (%) 16.0 14.0 Yield (%) 3.2 2.9 Beta 1.0 1.0 R-Squared 1.0 1.0

Regional Allocation Int'l Equity Composite MSCI ACWI ex USA Region Weighting North America ex U.S. 1.67 6.56 United States 1.54 0.53 Europe Ex U.K. 24.11 32.48 United Kingdom 6.20 11.82 Pacific Basin Ex Japan 11.30 11.06 Japan 12.07 16.32 Emerging Markets 41.76 20.68 Other 1.34 0.54

June 30, 2017

66 Baltimore County Int'l Equity Composite

Top Positive Contributors Top Negative Contributors Relative Relative Top Ten Holdings Contribution Contribution Return % SAMSUNG ELECTRONICS 2.2% Return % % % _ TAIWAN SEMICON.MNFG. 1.7% _ TENCENT HOLDINGS -0.2% 25.0% WH GROUP 0.3% 20.6% WH GROUP 1.5% NESTLE 'R' -0.2% 16.9% SAMSUNG ELECTRONICS 0.2% 12.8% CASH - USD 1.4% ALIBABA GROUP HLDG.SPN. ADR 1:1 -0.2% 30.7% DEUTSCHE LUFTHANSA 0.1% 44.9% CHINA CON.BANK 'H' 1.3% OAO GAZPROM ADS (LON) -0.1% -11.5% FIBRA UNO ADMINISTRACION REIT 0.1% 13.4% FIBRA UNO ADMINISTRACION REIT 1.2% HSBC HDG. (ORD $0.50) -0.1% 14.9% BELLE INTERNATIONAL HDG. 0.1% 21.4% SK TELECOM 1.1% WOOLWORTHS HDG. -0.1% -9.8% MEDIATEK 0.1% 20.9% CHINA MOBILE 1.1% QATAR ELTY.& WT. -0.1% -15.0% TAIWAN SEMICON.MNFG. 0.1% 13.6% OAO GAZPROM ADS (LON) 1.1% CMPH.COCS. RODOVIARIAS ON -0.1% -9.3% ING GROEP 0.1% 16.8% ING GROEP 1.0% NOVO NORDISK 'B' -0.1% 24.2% CHINA RES.POWER HDG. 0.1% 14.4% QATAR NATIONAL BANK -0.1% -14.6%

GN STORE NORD 0.1% 24.5% _

_

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.1% 0.1% 0.0% 0.0% -1.5% -2.6% 6.6% 6.8% Materials 0.2% 0.3% 0.1% -0.2% 4.8% 1.7% 6.4% 8.0% Industrials -0.1% 0.0% 0.0% -0.1% 6.1% 7.0% 11.8% 11.9% Consumer Discretionary -0.3% -0.2% 0.0% -0.1% 3.1% 5.7% 12.8% 11.3% Consumer Staples 0.0% 0.2% 0.0% -0.2% 8.3% 7.6% 7.6% 9.9% Health Care 0.0% 0.0% 0.0% 0.0% 7.9% 7.2% 6.1% 8.1% Financials 0.4% 0.5% 0.0% -0.2% 7.6% 5.9% 22.7% 23.3% Information Technology -0.1% -0.2% 0.2% -0.1% 9.9% 13.0% 12.4% 9.9% Telecommunication Services -0.1% 0.0% 0.0% -0.1% 3.0% 4.2% 6.7% 4.5% Utilities 0.0% 0.0% 0.0% 0.0% 4.2% 5.3% 3.9% 3.1% Real Estate 0.0% 0.0% 0.0% 0.0% 7.6% 5.9% 2.6% 3.2% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 0.6% 0.0% Portfolio 0.0% = 0.8% + 0.2% + -1.0% 6.0% 6.0% 100.0% 100.0% Method Effect 0.2% -0.2% Combined Performance 6.2% 5.8%

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June 30, 2017

67 Baltimore County Int'l Equity Composite Country Allocation Country Allocation Manager Index Manager Index Versus MSCI ACWI ex USA - Quarter Ending June 30, 2017 Allocation (USD) Allocation (USD) Return (USD) Return (USD) _ Manager ***Index Manager ***Index Americas Allocation (USD) Allocation (USD) Return (USD) Return (USD) Argentina** 0.0% 0.0% -- -- _ Brazil* 3.4% 1.8% -2.1% -6.6% AsiaPacific Canada 1.7% 6.9% 1.5% 0.9% Australia 2.3% 5.3% -0.3% -1.9% Chile* 0.3% 0.3% 4.5% -1.5% China* 3.1% 6.3% 1.7% 10.7% Colombia* 0.0% 0.1% 2.0% 2.0% Hong Kong 8.3% 2.4% 9.9% 7.2% Mexico* 2.4% 0.9% 7.8% 7.4% India* 6.6% 2.1% 2.2% 3.0% Peru* 0.6% 0.1% 12.5% 7.4% Indonesia* 1.0% 0.6% 13.6% 8.8% United States 0.3% 0.0% 7.5% 3.1% Japan 12.6% 16.4% 6.1% 5.1% Total-Americas 8.8% 10.0% 2.9% 0.1% Korea* 7.7% 3.5% 5.6% 9.9% Europe Austria 0.3% 0.1% 30.9% 22.3% Malaysia* 2.0% 0.6% 7.3% 5.1% Belgium 0.7% 0.8% -1.1% 4.9% New Zealand 0.1% 0.1% 2.6% 8.1% Bulgaria** 0.0% 0.0% -- -- Philippines* 0.7% 0.3% 9.6% 7.4% Croatia** 0.0% 0.0% -- -- Singapore 0.8% 0.9% 7.9% 5.2% Czech Republic* 0.0% 0.0% 10.9% 10.9% Taiwan* 6.3% 2.9% 7.8% 9.1% Denmark 0.9% 1.1% 16.3% 15.3% Thailand* 1.3% 0.5% 7.8% 2.6% Estonia** 0.0% 0.0% -- -- Total-AsiaPacific 52.9% 41.9% 6.1% 5.8% Finland 0.3% 0.7% 19.0% 14.3% Other France 5.8% 7.0% 10.8% 9.8% Egypt* 0.0% 0.0% 6.3% 6.3% Germany 5.4% 6.5% 9.5% 6.7% Israel 0.3% 0.5% 7.2% 6.6% Greece* 0.0% 0.1% 34.1% 34.2% Hungary* 0.0% 0.1% 19.5% 19.6% Kazakhstan** 0.2% 0.0% -4.2% 6.0% Ireland 0.2% 0.3% 10.2% 3.9% Qatar* 1.0% 0.2% -14.8% -12.8% Italy 0.7% 1.5% 11.2% 9.5% South Africa* 2.5% 1.6% -4.0% 3.6% Lithuania** 0.0% 0.0% -- -- Turkey* 1.1% 0.2% 16.6% 20.0% Luxembourg 0.0% 0.0% 0.7% 6.0% United Arab Emirates* 0.0% 0.2% 2.2% 2.1% Netherlands 3.2% 2.4% 7.2% 8.1% Total-Other 5.2% 2.7% -1.0% 4.4% Norway 0.4% 0.4% 7.5% 4.9% Totals Poland* 0.1% 0.3% 14.0% 14.1% Developed 57.0% 76.4% 7.7% 5.8% Portugal 0.0% 0.1% 4.2% 4.1% Emerging* 42.1% 23.6% 3.7% 6.4% Romania** 0.2% 0.0% 7.7% 6.0% Russia* 1.7% 0.9% -10.3% -9.9% Frontier** 0.4% 0.0% 1.3% -- Serbia** 0.0% 0.0% -- -- Cash 0.6% 0.2% _ Slovenia** 0.0% 0.0% -- -- ***MSCI ACWI ex USA Spain 1.4% 2.3% 8.4% 8.3% Sweden 1.1% 2.0% 10.9% 10.3% Switzerland 3.7% 6.1% 8.7% 9.4% United Kingdom 6.5% 12.4% 4.9% 4.7% Total-Europe 32.5% 45.3% 7.7% 7.5% _

June 30, 2017

68 Baltimore County Int'l Equity Composite

International Equity Performance Attribution Returns and Weights Attribution Effects International Equity Performance Attribution Manager Index Manager Index Selection Allocation Currency Interaction Total Returns and Weights Attribution Effects Return Return Weight Weight Effect Effect Effect Effect Effects Manager ***Index Manager ***Index Selection Allocation Currency Interaction Total _ Europe Return Return Weight Weight Effect Effect Effect Effect Effects _ Austria 30.9% 22.3% 0.3% 0.1% 0.0% 0.0% 0.0% 0.0% 0.1% AsiaPacific Belgium -1.1% 4.9% 0.7% 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% Australia -0.3% -1.9% 2.3% 5.3% 0.1% 0.2% 0.0% 0.0% 0.2% Czech 10.9% 10.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% China* 1.7% 10.7% 3.1% 6.3% -0.6% -0.2% 0.0% 0.3% -0.5% Republic* Hong Kong 9.9% 7.2% 8.3% 2.4% 0.1% 0.2% 0.0% 0.2% 0.4% Denmark 16.3% 15.3% 0.9% 1.1% 0.0% 0.0% 0.0% 0.0% 0.0% India* 2.2% 3.0% 6.6% 2.1% 0.0% 0.0% 0.0% 0.0% -0.1% Finland 19.0% 14.3% 0.3% 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% Indonesia* 13.6% 8.8% 1.0% 0.6% 0.0% 0.0% 0.0% 0.0% 0.1% France 10.8% 9.8% 5.8% 7.0% 0.1% 0.0% -0.1% 0.0% 0.0% Japan 6.1% 5.1% 12.6% 16.4% 0.2% -0.1% 0.0% 0.0% 0.1% Germany 9.5% 6.7% 5.4% 6.5% 0.2% 0.0% -0.1% 0.0% 0.1% Korea* 5.6% 9.9% 7.7% 3.5% -0.2% 0.4% -0.1% -0.2% -0.1% Greece* 34.1% 34.2% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% Malaysia* 7.3% 5.1% 2.0% 0.6% 0.0% 0.0% 0.0% 0.0% 0.1% Hungary* 19.5% 19.6% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% New Zealand 2.6% 8.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% Ireland 10.2% 3.9% 0.2% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% Philippines* 9.6% 7.4% 0.7% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% Italy 11.2% 9.5% 0.7% 1.5% 0.0% 0.0% -0.1% 0.0% 0.0% Singapore 7.9% 5.2% 0.8% 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% Luxembourg 0.7% 6.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Taiwan* 7.8% 9.1% 6.3% 2.9% 0.0% 0.2% 0.0% 0.0% 0.1% Netherlands 7.2% 8.1% 3.2% 2.4% 0.0% 0.0% 0.0% 0.0% 0.0% Thailand* 7.8% 2.6% 1.3% 0.5% 0.0% 0.0% 0.0% 0.0% 0.1% Norway 7.5% 4.9% 0.4% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% Other Poland* 14.0% 14.1% 0.1% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% Egypt* 6.3% 6.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Portugal 4.2% 4.1% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% Israel 7.2% 6.6% 0.3% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% Russia* -10.3% -9.9% 1.7% 0.9% 0.0% -0.1% 0.0% 0.0% -0.1% Kazakhstan** -4.2% 6.0% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Spain 8.4% 8.3% 1.4% 2.3% 0.0% 0.0% -0.1% 0.0% 0.0% Qatar* -14.8% -12.8% 1.0% 0.2% 0.0% -0.1% 0.0% 0.0% -0.2% Sweden 10.9% 10.3% 1.1% 2.0% 0.0% 0.0% -0.1% 0.0% -0.1% Romania** 7.7% 6.0% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Switzerland 8.7% 9.4% 3.7% 6.1% 0.0% 0.0% -0.1% 0.0% -0.2% South Africa* -4.0% 3.6% 2.5% 1.6% -0.1% 0.0% 0.0% -0.1% -0.2% United 4.9% 4.7% 6.5% 12.4% 0.0% 0.2% -0.2% 0.0% -0.1% Turkey* 16.6% 20.0% 1.1% 0.2% 0.0% 0.1% 0.0% 0.0% 0.1% Kingdom United Arab 2.2% 2.1% 0.0% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% Americas Emirates* Argentina** -- -- 0.0% 0.0% -- -- 0.0% -- 0.0% Totals Brazil* -2.1% -6.6% 3.4% 1.8% 0.1% -0.1% -0.1% 0.1% 0.0% Developed 7.7% 5.8% 57.0% 76.4% 1.7% 0.2% -0.8% -0.4% 0.6% Canada 1.5% 0.9% 1.7% 6.9% 0.0% 0.3% -0.1% 0.0% 0.1% Emerging* 3.7% 6.4% 42.1% 23.6% -0.7% 0.6% 0.0% -0.5% -0.6% Chile* 4.5% -1.5% 0.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% Frontier** 1.3% -- 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Colombia* 2.0% 2.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% Cash 0.2% -- 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Mexico* 7.8% 7.4% 2.4% 0.9% 0.0% 0.0% 0.1% 0.0% 0.1% _ ***MSCI ACWI ex USA Peru* 12.5% 7.4% 0.6% 0.1% 0.0% 0.0% 0.0% 0.0% 0.1% United States 7.5% 3.1% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

69 Baltimore County Int'l Equity Composite

Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects _ Totals Americas 2.9% 0.1% 8.8% 10.0% 0.4% 0.1% -0.1% -0.1% 0.3% Europe 7.7% 7.5% 32.5% 45.3% 0.1% 0.2% -0.7% 0.0% -0.4% Asia/Pacific 6.1% 5.8% 52.9% 41.9% 0.1% 0.3% -0.1% 0.0% 0.4% Other -1.0% 4.4% 5.2% 2.7% -0.1% 0.0% 0.1% -0.1% -0.3% Cash 0.2% -- 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 6.0% 6.0% 100.0% 100.0% 0.5% 0.5% -0.8% -0.2% 0.0% Totals Developed 7.7% 5.8% 57.0% 76.4% 1.7% 0.2% -0.8% -0.4% 0.6% Emerging* 3.7% 6.4% 42.1% 23.6% -0.7% 0.6% 0.0% -0.5% -0.6% Frontier** 1.3% -- 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Cash 0.2% -- 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

70 Baltimore County Developed Composite

June 30, 2017

71 Baltimore County Developed Composite

Characteristics Portfolio MSCI EAFE Number of Holdings 2,126 927 Weighted Avg. Market Cap. ($B) 44.4 55.8 Median Market Cap. ($B) 9.1 10.2 Price To Earnings 19.8 21.0 Price To Book 2.6 2.5 Price To Sales 2.0 2.1 Return on Equity (%) 14.7 13.1 Yield (%) 2.8 3.0 Beta 1.0 1.0 R-Squared 1.0 1.0

Regional Allocation Developed Composite MSCI EAFE Region Weighting North America ex U.S. 2.88 0.00 United States 1.72 0.57 Europe Ex U.K. 41.64 46.48 United Kingdom 10.71 16.96 Pacific Basin Ex Japan 10.71 12.08 Japan 20.83 23.43 Emerging Markets 10.98 0.00 Other 0.51 0.48

June 30, 2017

72 Baltimore County Developed Composite

Top Positive Contributors Top Negative Contributors Relative Relative Top Ten Holdings Contribution Contribution ING GROEP 1.7% Return % Return % % % FRESENIUS 1.6% _ _ DEUTSCHE LUFTHANSA 0.2% 44.9% NESTLE 'R' -0.2% 16.9% BNP PARIBAS 1.5% ING GROEP 0.2% 16.8% HSBC HDG. (ORD $0.50) -0.1% 14.9% CASH - USD 1.5% GN STORE NORD 0.2% 24.5% NOVO NORDISK 'B' -0.1% 24.2% TOTAL 1.2% ATOS 0.2% 14.5% AHOLD KON. -0.1% -8.3% AIA GROUP 1.2% SHISEIDO 0.1% 35.5% NINTENDO -0.1% 44.6% NOVARTIS 'R' 1.1% SAMSUNG ELECTRONICS 0.1% 12.8% UNILEVER CERTS. -0.1% 11.5% SMITH (DS) 1.1% SMITH (DS) 0.1% 14.6% VODAFONE GROUP -0.1% 13.0% SAMSUNG ELECTRONICS 1.1% SHIMADZU 0.1% 19.9% LVMH -0.1% 14.5% ATOS 1.0% FRESENIUS 0.1% 7.3% UCB -0.1% -10.7% BNP PARIBAS 0.1% 12.3% INTESA SANPAOLO 0.0% 24.0%

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Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.0% 0.0% 0.0% 0.0% 0.0% -0.5% 4.7% 5.0% Materials 0.2% 0.3% 0.0% 0.0% 5.9% 3.3% 9.1% 8.0% Industrials 0.3% 0.3% 0.0% 0.0% 9.0% 7.2% 15.1% 14.3% Consumer Discretionary 0.0% 0.0% 0.0% 0.0% 4.5% 4.8% 12.6% 12.2% Consumer Staples -0.3% -0.1% 0.0% -0.2% 7.0% 8.3% 8.5% 11.4% Health Care 0.0% 0.0% 0.0% 0.0% 7.7% 7.2% 10.0% 10.7% Financials 0.3% 0.3% 0.0% 0.0% 8.5% 7.4% 22.1% 21.2% Information Technology 0.5% 0.3% 0.1% 0.1% 12.9% 9.5% 9.2% 5.7% Telecommunication Services 0.0% 0.0% 0.0% -0.1% 4.3% 5.0% 3.5% 4.4% Utilities 0.1% 0.1% 0.0% 0.0% 10.4% 7.2% 2.6% 3.3% Real Estate 0.0% 0.1% 0.0% -0.1% 6.3% 4.7% 1.6% 3.7% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 1.0% 0.0% Portfolio 1.1% = 1.3% + 0.1% + -0.3% 7.4% 6.3% 100.0% 100.0% Method Effect 0.0% -0.2% Combined Performance 7.4% 6.1%

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June 30, 2017

73 Baltimore County Developed Composite

Country Allocation Country Allocation Versus MSCI EAFE - Quarter Ending June 30, 2017 Manager Index Manager Index Manager ***Index Manager ***Index Allocation (USD) Allocation (USD) Return (USD) Return (USD) Allocation (USD) Allocation (USD) Return (USD) Return (USD) _ _ Americas AsiaPacific Brazil* 0.8% 0.0% -5.4% -6.6% Australia 4.0% 7.6% -0.3% -1.9% Canada 2.9% 0.0% 1.5% 0.9% China* 1.8% 0.0% 7.1% 10.7% Chile* 0.1% 0.0% -1.5% -1.5% Hong Kong 4.8% 3.5% 11.0% 7.2% Colombia* 0.0% 0.0% 2.0% 2.0% India* 0.7% 0.0% 3.0% 3.0% Mexico* 0.3% 0.0% 7.3% 7.4% Indonesia* 0.2% 0.0% 8.9% 8.8% Peru* 0.0% 0.0% 9.7% 7.4% Japan 21.7% 23.5% 6.1% 5.1% United States 0.6% 0.0% 7.5% 3.1% Korea* 3.3% 0.0% 12.7% 9.9% Total-Americas 4.8% 0.0% 1.4% -- Malaysia* 0.2% 0.0% 5.1% 5.1% Europe New Zealand 0.1% 0.2% 2.6% 8.1% Austria 0.5% 0.2% 30.9% 22.3% Philippines* 0.1% 0.0% 7.3% 7.4% Belgium 1.1% 1.2% -1.1% 4.9% Singapore 1.4% 1.3% 7.9% 5.2% Czech Republic* 0.0% 0.0% 10.9% 10.9% Taiwan* 1.3% 0.0% 9.9% 9.1% Denmark 1.5% 1.6% 16.3% 15.3% Thailand* 0.3% 0.0% 0.5% 2.6% Finland 0.5% 1.0% 19.0% 14.3% Total-AsiaPacific 39.9% 36.2% 6.7% 3.9% France 10.0% 10.1% 10.8% 9.8% Other Germany 9.3% 9.3% 9.5% 6.7% Egypt* 0.0% 0.0% 6.3% 6.3% Greece* 0.0% 0.0% 34.1% 34.2% Israel 0.5% 0.7% 7.2% 6.6% Hungary* 0.0% 0.0% 19.5% 19.6% Qatar* 0.1% 0.0% -12.9% -12.8% Ireland 0.4% 0.5% 10.2% 3.9% South Africa* 0.6% 0.0% 3.8% 3.6% Italy 1.2% 2.2% 11.2% 9.5% Turkey* 0.2% 0.0% 18.0% 20.0% Luxembourg 0.0% 0.0% 0.7% 6.3% United Arab Emirates* 0.1% 0.0% 2.2% 2.1% Netherlands 5.4% 3.4% 7.2% 8.1% Total-Other 1.4% 0.7% 6.0% 6.6% Norway 0.6% 0.6% 7.5% 4.9% Totals Poland* 0.1% 0.0% 14.0% 14.1% Developed 88.6% 100.0% 7.5% 6.3% Portugal 0.0% 0.2% 4.2% 4.1% Emerging* 10.4% 0.0% 7.2% -- Russia* 0.3% 0.0% -9.8% -9.9% Cash 1.0% 0.2% Spain 2.4% 3.3% 8.4% 8.3% _ ***MSCI EAFE Sweden 1.8% 2.9% 10.9% 10.3% Switzerland 6.4% 8.8% 8.7% 9.4% United Kingdom 11.1% 17.9% 4.9% 4.7% Total-Europe 52.9% 63.1% 8.6% 7.8% _

June 30, 2017

74 Baltimore County Developed Composite

International Equity Performance Attribution International Equity Performance Attribution Returns and Weights Attribution Effects Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Manager ***Index Manager ***Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects Return Return Weight Weight Effect Effect Effect Effect Effects _ _ Europe AsiaPacific Austria 30.9% 22.3% 0.5% 0.2% 0.0% 0.0% 0.0% 0.0% 0.1% Australia -0.3% -1.9% 4.0% 7.6% 0.1% 0.2% 0.0% -0.1% 0.2% Belgium -1.1% 4.9% 1.1% 1.2% -0.1% 0.0% 0.0% 0.0% -0.1% China* 7.1% 10.7% 1.8% 0.0% 0.0% 0.1% 0.0% -0.1% 0.1% Czech 10.9% 10.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Hong Kong 11.0% 7.2% 4.8% 3.5% 0.1% 0.1% 0.0% 0.1% 0.2% Republic* India* 3.0% 3.0% 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Denmark 16.3% 15.3% 1.5% 1.6% 0.0% 0.0% 0.0% 0.0% 0.0% Indonesia* 8.9% 8.8% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Finland 19.0% 14.3% 0.5% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% Japan 6.1% 5.1% 21.7% 23.5% 0.2% -0.1% 0.0% 0.0% 0.2% France 10.8% 9.8% 10.0% 10.1% 0.1% 0.0% 0.0% 0.0% 0.1% Korea* 12.7% 9.9% 3.3% 0.0% 0.0% 0.3% -0.1% 0.1% 0.3% Germany 9.5% 6.7% 9.3% 9.3% 0.2% 0.0% 0.0% 0.0% 0.3% Malaysia* 5.1% 5.1% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Greece* 34.1% 34.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% New Zealand 2.6% 8.1% 0.1% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% Hungary* 19.5% 19.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Philippines* 7.3% 7.4% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Ireland 10.2% 3.9% 0.4% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0% Singapore 7.9% 5.2% 1.4% 1.3% 0.0% 0.0% 0.0% 0.0% 0.0% Italy 11.2% 9.5% 1.2% 2.2% 0.0% 0.0% -0.1% 0.0% 0.0% Taiwan* 9.9% 9.1% 1.3% 0.0% 0.0% 0.1% 0.0% 0.0% 0.1% Luxembourg 0.7% 6.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Thailand* 0.5% 2.6% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Netherlands 7.2% 8.1% 5.4% 3.4% 0.0% 0.0% 0.1% 0.0% 0.1% Other Norway 7.5% 4.9% 0.6% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% Egypt* 6.3% 6.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Poland* 14.0% 14.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Israel 7.2% 6.6% 0.5% 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% Portugal 4.2% 4.1% 0.0% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% Qatar* -12.9% -12.8% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Russia* -9.8% -9.9% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% South Africa* 3.8% 3.6% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Spain 8.4% 8.3% 2.4% 3.3% 0.0% 0.0% -0.1% 0.0% 0.0% Turkey* 18.0% 20.0% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Sweden 10.9% 10.3% 1.8% 2.9% 0.0% 0.0% -0.1% 0.0% -0.1% United Arab 2.2% 2.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Switzerland 8.7% 9.4% 6.4% 8.8% -0.1% 0.0% -0.1% 0.0% -0.2% Emirates* United 4.9% 4.7% 11.1% 17.9% 0.0% 0.1% -0.3% 0.0% -0.1% Totals Kingdom Developed 7.5% 6.3% 88.6% 100.0% 1.2% 0.0% -0.4% -0.1% 0.7% Americas Emerging* 7.2% -- 10.4% 0.0% 0.0% 0.0% -0.1% 0.5% 0.4% Argentina** -- -- 0.0% 0.0% -- -- 0.0% -- 0.0% Cash 0.2% -- 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Brazil* -5.4% -6.6% 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% _ Canada 1.5% 0.9% 2.9% 0.0% 0.0% -0.1% 0.1% 0.0% 0.0% ***MSCI EAFE Chile* -1.5% -1.5% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Colombia* 2.0% 2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Mexico* 7.3% 7.4% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Peru* 9.7% 7.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% United States 7.5% 3.1% 0.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

75 Baltimore County Developed Composite

Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects _ Totals Americas 1.4% -- 4.8% 0.0% 0.0% 0.0% 0.1% -0.1% -0.1% Europe 8.6% 7.8% 52.9% 63.1% 0.4% 0.1% -0.5% -0.1% 0.0% Asia/Pacific 6.7% 3.9% 39.9% 36.2% 1.1% 0.0% -0.1% 0.1% 1.2% Other 6.0% 6.6% 1.4% 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% Cash 0.2% -- 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 7.4% 6.3% 100.0% 100.0% 1.5% 0.1% -0.5% -0.1% 1.1% Totals Developed 7.5% 6.3% 88.6% 100.0% 1.2% 0.0% -0.4% -0.1% 0.7% Emerging* 7.2% -- 10.4% 0.0% 0.0% 0.0% -0.1% 0.5% 0.4% Cash 0.2% -- 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

76 Baltimore County Barclays Int'l Fund

June 30, 2017

77 Baltimore County Barclays Int'l Fund

June 30, 2017

78 Baltimore County Barclays Int'l Fund

Top Positive Contributors Top Negative Contributors Characteristics Relative Relative MSCI ACWI Contribution Contribution Portfolio Return % Return % ex USA % % _ Number of Holdings 2,007 1,866 _ BAYER 0.1% 14.6% BASF 0.0% -2.9% Weighted Avg. Market Cap. ($B) 57.6 57.8 ALLIANZ 0.1% 11.2% Median Market Cap. ($B) 9.0 7.6 DAIMLER 0.0% -2.1% SAP 0.0% 7.9% Price To Earnings 22.3 21.0 AKBANK 0.0% 18.8% Price To Book 3.1 2.6 LINDE 0.0% 15.9% NESTLE 'R' 0.0% 16.9% Price To Sales 2.6 2.2 DEUTSCHE POST 0.0% 12.5% OAO GAZPROM ADS (LON) 0.0% -11.5% Return on Equity (%) 15.6 14.0 E ON 0.0% 22.3% AAC TECHNOLOGIES HDG. 0.0% 8.3% Yield (%) 2.9 2.9 DEUTSCHE TELEKOM 0.0% 6.4% SAMSUNG ELECTRONICS 0.0% 12.8% Beta 1.0 1.0 COMMERZBANK 0.0% 31.4% NOVARTIS 'R' 0.0% 12.2% R-Squared 1.0 1.0 FRESENIUS MED.CARE 0.0% 15.4% SCHAEFFLER 0.0% -15.6% VONOVIA 0.0% 16.4% NASPERS 0.0% 12.5% _

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Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.0% 0.0% 0.0% 0.0% -2.6% -2.6% 6.7% 6.8% Materials 0.0% 0.0% 0.0% 0.0% 1.7% 1.7% 8.0% 8.0% Industrials 0.0% 0.0% 0.0% 0.0% 7.0% 7.0% 11.8% 11.9% Consumer Discretionary 0.0% 0.0% 0.0% 0.0% 5.8% 5.7% 11.3% 11.3% Consumer Staples 0.0% 0.0% 0.0% 0.0% 7.6% 7.6% 9.8% 9.9% Health Care 0.0% 0.0% 0.0% 0.0% 7.3% 7.2% 7.8% 8.1% Financials 0.0% 0.0% 0.0% 0.0% 6.0% 5.9% 23.0% 23.3% Information Technology 0.0% 0.0% 0.0% 0.0% 13.0% 13.0% 9.9% 9.9% Telecommunication Services 0.0% 0.0% 0.0% 0.0% 4.2% 4.2% 4.5% 4.5% Utilities 0.0% 0.0% 0.0% 0.0% 5.3% 5.3% 3.1% 3.1% Real Estate 0.0% 0.0% 0.0% 0.0% 6.0% 5.9% 3.2% 3.2% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 0.9% 0.0% Portfolio 0.0% = 0.0% + 0.0% + 0.0% 6.0% 6.0% 100.0% 100.0% Method Effect 0.0% -0.2% Combined Performance 5.9% 5.8%

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June 30, 2017

79 Baltimore County Barclays Int'l Fund

Country Allocation Country Allocation Manager Index Manager Index Manager ***Index Manager ***Index Allocation (USD) Allocation (USD) Return (USD) Return (USD) Allocation (USD) Allocation (USD) Return (USD) Return (USD) _ _ Americas AsiaPacific Brazil* 1.8% 1.8% -6.6% -6.6% Australia 5.1% 5.3% -2.0% -1.9% Canada 6.8% 6.9% 0.9% 0.9% China* 3.8% 6.3% 8.8% 10.7% Chile* 0.3% 0.3% -1.5% -1.5% Hong Kong 4.7% 2.4% 10.5% 7.2% Colombia* 0.1% 0.1% 2.0% 2.0% India* 2.1% 2.1% 3.0% 3.0% Mexico* 0.9% 0.9% 7.3% 7.4% Indonesia* 0.6% 0.6% 8.9% 8.8% Peru* 0.1% 0.1% 9.7% 7.4% Japan 16.2% 16.4% 5.2% 5.1% United States 0.4% 0.0% 11.9% 3.1% Korea* 3.5% 3.5% 9.9% 9.9% Total-Americas 10.4% 10.0% 0.6% 0.1% Malaysia* 0.6% 0.6% 5.1% 5.1% Europe New Zealand 0.1% 0.1% 8.1% 8.1% Austria 0.1% 0.1% 22.2% 22.3% Philippines* 0.3% 0.3% 7.3% 7.4% Belgium 0.8% 0.8% 4.9% 4.9% Singapore 1.1% 0.9% 4.1% 5.2% Czech Republic* 0.0% 0.0% 10.9% 10.9% Taiwan* 2.9% 2.9% 9.1% 9.1% Denmark 1.1% 1.1% 15.3% 15.3% Thailand* 0.5% 0.5% 2.6% 2.6% Finland 0.7% 0.7% 14.3% 14.3% Total-AsiaPacific 41.4% 41.9% 5.8% 5.8% France 7.0% 7.0% 10.1% 9.8% Other Germany 6.4% 6.5% 7.2% 6.7% Egypt* 0.0% 0.0% 6.3% 6.3% Greece* 0.1% 0.1% 34.1% 34.2% Israel 0.3% 0.5% 7.4% 6.6% Hungary* 0.1% 0.1% 19.5% 19.6% Qatar* 0.2% 0.2% -12.9% -12.8% Ireland 0.2% 0.3% 7.6% 3.9% South Africa* 1.6% 1.6% 3.7% 3.6% Italy 1.5% 1.5% 10.1% 9.5% Turkey* 0.2% 0.2% 20.0% 20.0% Luxembourg 0.1% 0.0% 0.7% 6.0% United Arab Emirates* 0.2% 0.2% 2.2% 2.1% Netherlands 2.9% 2.4% 6.5% 8.1% Total-Other 2.5% 2.7% 4.4% 4.4% Norway 0.4% 0.4% 4.9% 4.9% Totals Poland* 0.3% 0.3% 14.0% 14.1% Developed 78.2% 76.4% 6.2% 5.8% Portugal 0.1% 0.1% 4.2% 4.1% Emerging* 20.9% 23.6% 5.5% 6.4% Russia* 0.9% 0.9% -9.8% -9.9% Cash 0.9% 0.2% _ Spain 2.3% 2.3% 8.3% 8.3% ***MSCI ACWI ex USA Sweden 2.0% 2.0% 10.4% 10.3% Switzerland 5.8% 6.1% 9.6% 9.4% United Kingdom 11.9% 12.4% 4.8% 4.7% Total-Europe 44.7% 45.3% 7.6% 7.5% _

June 30, 2017

80 Baltimore County Gryphon

June 30, 2017

81 Baltimore County Gryphon

June 30, 2017

82 Baltimore County Gryphon

Top Positive Contributors Top Negative Contributors Relative Relative Characteristics Contribution Contribution Return % Return % Portfolio MSCI EAFE % % _ Number of Holdings 43 927 _ Weighted Avg. Market Cap. ($B) 37.7 55.8 DEUTSCHE LUFTHANSA 0.8% 44.9% AHOLD KON. -0.3% -8.3% Median Market Cap. ($B) 13.5 10.2 ING GROEP 0.7% 16.8% UCB -0.2% -10.7% Price To Earnings 22.3 21.0 GN STORE NORD 0.6% 24.5% TORAY INDS. -0.1% -5.5% Price To Book 2.8 2.5 SHISEIDO 0.6% 35.5% BARCLAYS -0.1% -6.4% Price To Sales 1.7 2.1 AIA GROUP 0.5% 17.2% TOTAL 0.0% -1.3% Return on Equity (%) 13.5 13.1 SMITH (DS) 0.5% 14.6% KINGFISHER 0.0% -2.1% Yield (%) 2.1 3.0 SHIMADZU 0.5% 19.9% KOITO MANUFACTURING 0.0% -1.0% Beta 1.0 1.0 FRESENIUS 0.4% 7.3% R-Squared 0.9 1.0 KION GROUP 0.0% 18.2% BNP PARIBAS 0.4% 12.3% AERCAP HOLDINGS N V 0.0% 1.0% ATOS 0.4% 14.5% SHENZHOU INTL.GP.HDG. 0.0% 6.4% _ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.0% -0.1% 0.1% 0.1% -1.3% -0.5% 4.1% 5.0% Materials 0.3% 0.4% -0.1% 0.0% 6.7% 3.3% 9.7% 8.0% Industrials 0.9% 0.8% 0.0% 0.1% 11.9% 7.2% 16.8% 14.3% Consumer Discretionary 0.2% 0.1% 0.0% 0.1% 6.1% 4.8% 12.3% 12.2% Consumer Staples 0.0% 0.0% 0.0% -0.1% 8.3% 8.3% 10.7% 11.4% Health Care 0.6% 0.1% 0.0% 0.5% 9.4% 7.2% 16.2% 10.7% Financials 0.6% 0.9% 0.0% -0.2% 12.0% 7.4% 17.5% 21.2% Information Technology 0.6% 0.2% 0.1% 0.2% 13.4% 9.5% 9.4% 5.7% Telecommunication Services -0.1% -- 0.0% -- -- 5.0% 0.0% 4.4% Utilities 0.2% 0.2% 0.0% -0.1% 17.5% 7.2% 2.2% 3.3% Real Estate -0.1% -- 0.0% -- -- 4.7% 0.0% 3.7% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 1.3% 0.0% Portfolio 3.2% = 2.6% + 0.2% + 0.4% 9.5% 6.3% 100.0% 100.0% Method Effect -0.1% -0.2% Combined Performance 9.4% 6.1%

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June 30, 2017

83 Baltimore County Gryphon

Country Allocation Country Allocation Manager Index Manager Index Manager ***Index Manager ***Index Allocation (USD) Allocation (USD) Return (USD) Return (USD) Allocation (USD) Allocation (USD) Return (USD) Return (USD) _ _ Europe AsiaPacific Belgium 1.8% 1.2% -10.7% 4.9% Australia 0.5% 7.6% 19.7% -1.9% Denmark 2.4% 1.6% 24.5% 15.3% Hong Kong 6.2% 3.5% 16.3% 7.2% France 16.4% 10.1% 10.3% 9.8% Japan 26.9% 23.5% 7.7% 5.1% Germany 12.6% 9.3% 13.1% 6.7% Singapore 2.4% 1.3% 10.1% 5.2% Netherlands 12.4% 3.4% 7.3% 8.1% Total-AsiaPacific 36.0% 36.2% 9.5% 3.9% Spain 3.1% 3.3% 9.3% 8.3% Totals Sweden 1.1% 2.9% 19.2% 10.3% Developed 98.7% 100.0% 9.6% 6.3% Switzerland 6.6% 8.8% 9.0% 9.4% Cash 1.3% 0.2% _ United Kingdom 6.4% 17.9% 5.4% 4.7% ***MSCI EAFE Total-Europe 62.8% 63.1% 9.7% 7.8% _

June 30, 2017

84 Baltimore County Gryphon

Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects _ Totals Americas -- -- 0.0% 0.0% -- 0.0% 0.0% -- 0.0% Europe 9.7% 7.8% 62.8% 63.1% 0.9% 0.0% 0.3% 0.0% 1.2% Asia/Pacific 9.5% 3.9% 36.0% 36.2% 2.1% 0.0% -0.1% 0.0% 2.0% Other -- 6.6% 0.0% 0.7% -- 0.0% 0.0% -- 0.0% Cash 0.2% -- 1.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 9.5% 6.3% 100.0% 100.0% 3.0% 0.0% 0.2% 0.0% 3.2% Totals Developed 9.6% 6.3% 98.7% 100.0% 3.0% 0.0% 0.2% 0.0% 3.2% Cash 0.2% -- 1.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

85 Baltimore County LSV Asset Management

June 30, 2017

86 Baltimore County LSV Asset Management

June 30, 2017

87 Baltimore County LSV Asset Management

Top Positive Contributors Top Negative Contributors Relative Relative Characteristics Contribution Contribution Return % Return % Portfolio MSCI EAFE % %

_ Number of Holdings 216 927 _ NORTHGATE -0.1% -16.3% Weighted Avg. Market Cap. ($B) 35.2 55.8 SAMSUNG ELECTRONICS 0.3% 12.8% Median Market Cap. ($B) 5.9 10.2 OMV 0.2% 34.8% ASALEO CARE -0.1% -16.0% Price To Earnings 15.0 21.0 WOORI BANK 0.2% 38.7% JIANGNAN GROUP -0.1% -36.7% Price To Book 1.5 2.5 QANTAS AIRWAYS 0.2% 47.8% MYER HOLDINGS -0.1% -30.9% Price To Sales 1.0 2.1 3I GROUP 0.2% 27.7% FORTESCUE METALS GP. 0.0% -15.8% Return on Equity (%) 12.4 13.1 RHI 0.2% 47.9% ISUZU MOTORS 0.0% -6.7% Yield (%) 3.3 3.0 NIPPON TELG. & TEL. 0.1% 10.8% HEIWADO 0.0% -11.8% Beta 1.1 1.0 HANA FINANCIAL GROUP 0.1% 19.7% HEIWA 0.0% -10.3% R-Squared 1.0 1.0 DEUTSCHE POST 0.1% 12.5% BENDIGO & ADELAIDE BANK 0.0% -8.2% BALOISE-HOLDING AG 0.1% 16.6% TOYODA GOSEI 0.0% -6.2%

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Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.3% 0.3% 0.1% 0.0% 5.9% -0.5% 4.1% 5.0% Materials 0.6% 0.4% -0.1% 0.3% 8.9% 3.3% 11.3% 8.0% Industrials 0.3% 0.2% 0.0% 0.0% 8.6% 7.2% 16.3% 14.3% Consumer Discretionary -0.5% -0.3% 0.0% -0.2% 1.0% 4.8% 13.9% 12.2% Consumer Staples -0.6% -0.3% -0.1% -0.2% 3.0% 8.3% 6.0% 11.4% Health Care -0.3% -0.3% 0.0% -0.1% 4.5% 7.2% 7.3% 10.7% Financials 0.7% 0.4% 0.0% 0.2% 9.6% 7.4% 24.9% 21.2% Information Technology 0.3% 0.4% 0.0% -0.1% 14.1% 9.5% 6.0% 5.7% Telecommunication Services 0.0% 0.1% 0.0% -0.1% 4.3% 5.0% 5.9% 4.4% Utilities 0.1% 0.1% 0.0% 0.1% 12.4% 7.2% 2.9% 3.3% Real Estate 0.0% 0.1% 0.0% -0.1% 7.5% 4.7% 0.7% 3.7% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 0.7% 0.0% Portfolio 0.9% = 1.2% + -0.1% + -0.2% 7.2% 6.3% 100.0% 100.0% Method Effect 0.2% -0.2% Combined Performance 7.4% 6.1%

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June 30, 2017

88 Baltimore County LSV Asset Management

Country Allocation Country Allocation Manager Index Manager Index Manager ***Index Manager ***Index Allocation (USD) Allocation (USD) Return (USD) Return (USD) Allocation (USD) Allocation (USD) Return (USD) Return (USD) _ _ Europe AsiaPacific Austria 1.5% 0.2% 31.9% 22.3% Australia 5.8% 7.6% 0.1% -1.9% Belgium 1.2% 1.2% 9.0% 4.9% Hong Kong 4.0% 3.5% 5.8% 7.2% Denmark 1.2% 1.6% 7.7% 15.3% Japan 24.7% 23.5% 5.2% 5.1% Finland 0.9% 1.0% 22.9% 14.3% Korea* 6.5% 0.0% 14.2% 9.9% France 7.8% 10.1% 11.0% 9.8% New Zealand 0.4% 0.2% 0.6% 8.1% Germany 8.7% 9.3% 6.7% 6.7% Singapore 1.0% 1.3% 7.5% 5.2% Ireland 1.2% 0.5% 10.6% 3.9% Total-AsiaPacific 42.4% 36.2% 6.0% 3.9% Italy 2.1% 2.2% 12.1% 9.5% Other Netherlands 2.3% 3.4% 7.1% 8.1% Israel 1.2% 0.7% 7.2% 6.6% Norway 1.4% 0.6% 5.5% 4.9% Total-Other 1.2% 0.7% 7.2% 6.6% Spain 2.2% 3.3% 5.8% 8.3% Totals Sweden 2.1% 2.9% 8.7% 10.3% Developed 92.7% 100.0% 6.8% 6.3% Switzerland 7.7% 8.8% 7.9% 9.4% Emerging* 6.5% 0.0% 14.2% -- United Kingdom 15.5% 17.9% 4.5% 4.7% Cash 0.7% 0.2% _ Total-Europe 55.7% 63.1% 8.2% 7.8% ***MSCI EAFE _

June 30, 2017

89 Baltimore County LSV Asset Management

Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects _ Totals Americas -- -- 0.0% 0.0% -- 0.0% 0.0% -- 0.0% Europe 8.2% 7.8% 55.7% 63.1% 0.3% 0.1% -0.4% 0.0% -0.1% Asia/Pacific 6.0% 3.9% 42.4% 36.2% 0.9% 0.1% -0.2% 0.2% 1.0% Other 7.2% 6.6% 1.2% 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% Cash 0.2% -- 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 7.2% 6.3% 100.0% 100.0% 1.2% 0.1% -0.6% 0.1% 0.9% Totals Developed 6.8% 6.3% 92.7% 100.0% 0.6% 0.0% -0.4% 0.0% 0.1% Emerging* 14.2% -- 6.5% 0.0% 0.0% 0.0% -0.2% 0.9% 0.7% Cash 0.2% -- 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

90 Baltimore County Ativo Capital

June 30, 2017

91 Baltimore County Ativo Capital

June 30, 2017

92 Baltimore County Ativo Capital

Top Positive Contributors Top Negative Contributors Characteristics Relative Relative Portfolio MSCI EAFE Contribution Contribution Return % Return % Number of Holdings 101 927 % % Weighted Avg. Market Cap. ($B) 40.8 55.8 _ _ HON HAI PRECN.IND. 0.3% 28.2% NESTLE 'R' -0.3% 16.9% Median Market Cap. ($B) 19.4 10.2 3I GROUP 0.3% 27.7% FORTESCUE METALS GP. -0.1% -15.8% Price To Earnings 17.8 21.0 Price To Book 3.7 2.5 CHRISTIAN DIOR 0.2% 23.4% PANDORA -0.1% -14.9% Price To Sales 2.9 2.1 BAKKAFROST 0.2% 26.3% ITAUSA INVESTIMENTOS ITAU PN -0.1% -8.9% Return on Equity (%) 22.3 13.1 HAVAS 0.2% 19.9% ING GROEP -0.1% 16.8% Yield (%) 3.0 3.0 SODA SANAYI 0.2% 16.2% ISUZU MOTORS -0.1% -6.7% Beta 1.0 KB FINANCIAL GROUP 0.2% 15.1% TELSTRA -0.1% -7.2% R-Squared 1.0 ATOS 0.2% 14.5% CANADIAN IMP.BK.COM. 0.0% -4.5% SAMSUNG ELECTRONICS 0.2% 12.8% SIAM CEMENT 0.0% -3.7% SAFRAN 0.2% 23.4% TOYOTA MOTOR ADR 1:2 0.0% -3.3%

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Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.2% 0.6% 0.3% -0.8% 3.7% -0.5% 0.9% 5.0% Materials 0.0% 0.1% 0.1% -0.3% 2.5% 3.3% 4.2% 8.0% Industrials 0.0% -0.1% 0.0% 0.1% 6.2% 7.2% 18.3% 14.3% Consumer Discretionary 0.5% 0.4% 0.0% 0.1% 7.7% 4.8% 14.9% 12.2% Consumer Staples -0.4% 0.1% -0.1% -0.3% 9.3% 8.3% 3.9% 11.4% Health Care -0.2% -0.1% 0.0% -0.1% 7.1% 7.2% 6.5% 10.7% Financials -0.4% -0.2% 0.0% -0.2% 5.1% 7.4% 24.6% 21.2% Information Technology 0.9% 0.1% 0.5% 0.3% 10.2% 9.5% 17.2% 5.7% Telecommunication Services 0.0% 0.0% 0.0% -0.1% 4.3% 5.0% 3.6% 4.4% Utilities -0.2% -0.1% 0.0% -0.1% -0.6% 7.2% 1.1% 3.3% Real Estate 0.1% 0.0% 0.0% 0.1% 6.7% 4.7% 4.3% 3.7% Cash 0.0% 0.0% 0.0% 0.0% 0.2% -- 0.8% 0.0% Portfolio 0.3% = 0.8% + 0.8% + -1.3% 6.7% 6.3% 100.0% 100.0% Method Effect -0.4% -0.2% Combined Performance 6.3% 6.1%

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June 30, 2017

93 Baltimore County Ativo Capital

Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects _ Totals Americas 3.6% 0.1% 16.2% 10.0% 0.4% -0.3% 0.0% 0.3% 0.4% Europe 9.5% 7.5% 42.0% 45.3% 0.7% 0.0% 0.0% -0.1% 0.7% Asia/Pacific 4.9% 5.8% 39.0% 41.9% -0.4% -0.1% 0.0% 0.0% -0.4% Other 11.2% 4.4% 2.0% 2.7% 0.2% 0.0% 0.0% 0.0% 0.1% Cash 0.2% -- 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total 6.7% 6.0% 100.0% 100.0% 0.9% -0.3% -0.1% 0.2% 0.7% Totals Developed 6.8% 5.8% 80.5% 76.4% 0.9% 0.0% 0.0% 0.0% 0.9% Emerging* 6.2% 6.4% 18.7% 23.6% 0.1% -0.2% -0.1% 0.0% -0.2% Cash 0.2% -- 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

94 Baltimore County Emerging Composite

June 30, 2017

95 Baltimore County Emerging Composite

Characteristics MSCI Emerging Portfolio Markets Number of Holdings 76 845 Weighted Avg. Market Cap. ($B) 42.8 68.1 Median Market Cap. ($B) 11.7 5.4 Price To Earnings 13.5 20.5 Price To Book 2.4 2.8 Price To Sales 2.3 2.2 Return on Equity (%) 17.7 16.8 Yield (%) 3.7 2.4 Beta 0.8 1.0 R-Squared 0.9 1.0

Regional Allocation Emerging Composite MSCI Emerging Markets Region Weighting North America ex U.S. 0.00 0.00 United States 1.30 0.55 Europe Ex U.K. 0.00 0.39 United Kingdom 0.00 0.00 Pacific Basin Ex Japan 12.12 11.12 Japan 0.00 0.00 Emerging Markets 84.11 87.09 Other 2.48 0.85

June 30, 2017

96 Baltimore County Emerging Composite

Top Negative Contributors Top Positive Contributors Relative Relative Contribution Top Ten Holdings Contribution Return % Return % % SAMSUNG ELECTRONICS 3.8% % _ TAIWAN SEMICON.MNFG. 3.5% _ OAO GAZPROM ADS (LON) -0.3% -11.5% WH GROUP 0.6% 20.6% WH GROUP 3.2% WOOLWORTHS HDG. -0.2% -9.8% FIBRA UNO ADMINISTRACION REIT 0.3% 13.4% CHINA CON.BANK 'H' 2.9% QATAR ELTY.& WT. -0.2% -15.0% BELLE INTERNATIONAL HDG. 0.3% 21.4% FIBRA UNO ADMINISTRACION REIT 2.8% CMPH.COCS. RODOVIARIAS ON -0.2% -9.3% MEDIATEK 0.3% 20.9% OAO GAZPROM ADS (LON) 2.6% CHINA BLUE CHEMICAL 'H' -0.1% -24.2% CHINA RES.POWER HDG. 0.2% 14.4% CHINA MOBILE 2.5% QATAR NATIONAL BANK -0.1% -14.6% KASIKORN BANK NVDR (OTC) 0.2% 14.2% SK TELECOM 2.4% CAIRN INDIA -0.1% -6.3% BANK RAKYAT INDONESIA 0.2% 17.5% SHINHAN FINL.GROUP 2.3% KOREA ELECTRIC POWER -0.1% -14.1% MALAYAN BANKING 0.2% 15.2% WOOLWORTHS HDG. 2.2% KANGWON LAND -0.1% -10.8% INDIABULLS HOUSING FIN 0.2% 9.3% LUKOIL OAO ADR. (LON) -0.1% -8.0% PLDT.TEL.SPN.ADR 1:1 0.2% 9.8% _

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Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.0% 0.0% -0.2% 0.1% -2.5% -4.6% 9.3% 7.3% Materials 0.4% 0.3% 0.3% -0.2% -0.4% -0.4% 2.5% 7.4% Industrials -0.5% -0.3% 0.0% -0.1% -2.5% 3.6% 7.2% 5.9% Consumer Discretionary -0.9% -0.7% 0.0% -0.2% 1.3% 8.5% 13.1% 10.4% Consumer Staples 0.4% 0.3% 0.0% 0.0% 10.8% 5.2% 6.3% 7.0% Health Care 0.1% 0.2% 0.0% -0.2% 12.6% 4.5% 0.7% 2.4% Financials 0.6% 0.5% 0.0% 0.1% 6.5% 4.1% 23.5% 24.2% Information Technology -2.0% -1.9% -0.7% 0.6% 7.7% 15.6% 16.9% 24.4% Telecommunication Services -0.2% 0.1% -0.3% 0.0% 2.4% 2.1% 11.0% 5.7% Utilities -0.1% 0.0% -0.2% 0.0% 0.2% -1.5% 5.7% 2.8% Real Estate -0.1% -0.2% 0.1% 0.1% 8.4% 11.4% 3.9% 2.6% Cash 0.0% ------0.0% 0.0% Portfolio -2.4% = -1.7% + -1.0% + 0.2% 3.9% 6.4% 100.0% 100.0% Method Effect 0.3% -0.1% Combined Performance 4.3% 6.3%

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June 30, 2017

97 Baltimore County Emerging Composite

Country Allocation Country Allocation Manager Index Manager Index Versus MSCI Emerging Markets - Quarter Ending June 30, 2017 Allocation (USD) Allocation (USD) Return (USD) Return (USD) Manager ***Index Manager ***Index _ Allocation (USD) Allocation (USD) Return (USD) Return (USD) Americas _ Brazil* 7.0% 7.7% -1.5% -6.6% AsiaPacific Chile* 0.6% 1.2% 5.8% -1.5% China* 4.8% 26.8% -1.1% 10.7% Mexico* 5.3% 3.7% 7.8% 7.4% Hong Kong 13.1% 0.0% 9.4% 7.2% Peru* 1.4% 0.4% 12.6% 7.4% India* 14.9% 8.7% 2.2% 3.0% Total-Americas 14.3% 13.5% 3.6% -1.6% Indonesia* 2.2% 2.5% 14.2% 8.8% Europe Korea* 13.8% 15.0% 3.3% 9.9% Romania** 0.4% 0.0% 7.7% 6.4% Malaysia* 4.6% 2.4% 7.4% 5.1% Russia* 3.6% 3.8% -10.4% -9.9% Philippines* 1.6% 1.2% 9.8% 7.4% Total-Europe 4.0% 5.8% -8.6% -0.4% Taiwan* 13.3% 12.2% 7.5% 9.1% _ Thailand* 2.6% 2.2% 8.8% 2.6% Total-AsiaPacific 71.0% 71.0% 5.6% 8.8% Other Kazakhstan** 0.5% 0.0% -4.2% 6.4% Qatar* 2.4% 0.8% -14.8% -12.8% South Africa* 5.3% 7.0% -5.2% 3.6% Turkey* 2.5% 1.0% 16.5% 20.0% Total-Other 10.6% 9.7% -2.2% 3.9% Totals Developed 13.1% 0.0% 9.4% -- Emerging* 86.0% 100.0% 3.1% 6.4% Frontier** 0.9% 0.0% 1.3% -- _ ***MSCI Emerging Markets

June 30, 2017

98 Baltimore County Emerging Composite

International Equity Performance Attribution International Equity Performance Attribution Returns and Weights Attribution Effects Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Manager ***Index Manager ***Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects Return Return Weight Weight Effect Effect Effect Effect Effects _ _ Europe AsiaPacific Czech -- 10.9% 0.0% 0.2% -- 0.0% 0.0% -- 0.0% China* -1.1% 10.7% 4.8% 26.8% -3.1% -1.0% 0.1% 2.6% -1.5% Republic* Hong Kong 9.4% 7.2% 13.1% 0.0% 0.0% 0.1% -0.1% 0.3% 0.4% Greece* -- 34.2% 0.0% 0.3% -- -0.1% 0.0% -- -0.1% India* 2.2% 3.0% 14.9% 8.7% -0.1% -0.3% 0.0% -0.1% -0.4% Hungary* -- 19.6% 0.0% 0.3% -- 0.0% 0.0% -- 0.0% Indonesia* 14.2% 8.8% 2.2% 2.5% 0.1% 0.0% 0.0% 0.0% 0.1% Poland* -- 14.1% 0.0% 1.2% -- 0.0% -0.1% -- -0.1% Korea* 3.3% 9.9% 13.8% 15.0% -1.0% -0.1% 0.1% 0.1% -1.0% Russia* -10.4% -9.9% 3.6% 3.8% -0.2% 0.0% 0.1% 0.0% 0.0% Malaysia* 7.4% 5.1% 4.6% 2.4% 0.1% -0.1% 0.0% 0.1% 0.1% Americas Philippines* 9.8% 7.4% 1.6% 1.2% 0.0% 0.0% 0.0% 0.0% 0.0% Brazil* -1.5% -6.6% 7.0% 7.7% 0.4% 0.1% 0.1% 0.0% 0.4% Taiwan* 7.5% 9.1% 13.3% 12.2% -0.2% 0.0% 0.0% 0.0% -0.2% Chile* 5.8% -1.5% 0.6% 1.2% 0.1% 0.0% 0.0% 0.0% 0.1% Thailand* 8.8% 2.6% 2.6% 2.2% 0.2% 0.0% 0.0% 0.0% 0.1% Colombia* -- 2.0% 0.0% 0.4% -- 0.0% 0.0% -- 0.0% Other Mexico* 7.8% 7.4% 5.3% 3.7% 0.0% -0.1% 0.0% 0.0% 0.0% Egypt* -- 6.3% 0.0% 0.1% -- 0.0% 0.0% -- 0.0% Peru* 12.6% 7.4% 1.4% 0.4% 0.0% 0.0% 0.0% 0.1% 0.1% Kazakhstan** -4.2% 6.4% 0.5% 0.0% 0.0% 0.0% 0.0% -0.1% -0.1% _ Qatar* -14.8% -12.8% 2.4% 0.8% 0.0% -0.3% 0.0% 0.0% -0.4% Romania** 7.7% 6.4% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% South Africa* -5.2% 3.6% 5.3% 7.0% -0.6% 0.1% -0.1% 0.1% -0.4% Turkey* 16.5% 20.0% 2.5% 1.0% 0.0% 0.1% 0.1% 0.0% 0.1% United Arab -- 2.1% 0.0% 0.7% -- 0.0% 0.0% -- 0.0% Emirates* Totals Developed 9.4% -- 13.1% 0.0% 0.0% 0.0% -0.1% 0.4% 0.4% Emerging* 3.1% 6.4% 86.0% 100.0% -3.5% 0.0% 0.3% 0.5% -2.7% Frontier** 1.3% -- 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _ ***MSCI Emerging Markets

June 30, 2017

99 Baltimore County Mondrian

June 30, 2017

100 Baltimore County Mondrian

June 30, 2017

101 Baltimore County Mondrian

Top Positive Contributors Top Negative Contributors Characteristics Relative Relative MSCI Contribution Contribution Return % Return % Portfolio Emerging % %

Markets _ _ Number of Holdings 76 845 WH GROUP 0.6% 20.6% OAO GAZPROM ADS (LON) -0.3% -11.5% Weighted Avg. Market Cap. ($B) 42.8 68.1 FIBRA UNO ADMINISTRACION REIT 0.3% 13.4% WOOLWORTHS HDG. -0.2% -9.8% Median Market Cap. ($B) 11.7 5.4 BELLE INTERNATIONAL HDG. 0.3% 21.4% QATAR ELTY.& WT. -0.2% -15.0% Price To Earnings 13.5 20.5 MEDIATEK 0.3% 20.9% CMPH.COCS. RODOVIARIAS ON -0.2% -9.3% Price To Book 2.4 2.8 CHINA RES.POWER HDG. 0.2% 14.4% CHINA BLUE CHEMICAL 'H' -0.1% -24.2% Price To Sales 2.3 2.2 Return on Equity (%) 17.7 16.8 KASIKORN BANK NVDR (OTC) 0.2% 14.2% QATAR NATIONAL BANK -0.1% -14.6% Yield (%) 3.7 2.4 BANK RAKYAT INDONESIA 0.2% 17.5% CAIRN INDIA -0.1% -6.3% Beta 0.8 1.0 MALAYAN BANKING 0.2% 15.2% KOREA ELECTRIC POWER -0.1% -14.1% R-Squared 0.9 1.0 INDIABULLS HOUSING FIN 0.2% 9.3% KANGWON LAND -0.1% -10.8% PLDT.TEL.SPN.ADR 1:1 0.2% 9.8% LUKOIL OAO ADR. (LON) -0.1% -8.0%

_ _

Equity Sector Attribution Attribution Effects Returns Sector Weights Total Selection Allocation Interaction Effects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_ Energy 0.0% 0.0% -0.2% 0.1% -2.5% -4.6% 9.3% 7.3% Materials 0.4% 0.3% 0.3% -0.2% -0.4% -0.4% 2.5% 7.4% Industrials -0.5% -0.3% 0.0% -0.1% -2.5% 3.6% 7.2% 5.9% Consumer Discretionary -0.9% -0.7% 0.0% -0.2% 1.3% 8.5% 13.1% 10.4% Consumer Staples 0.4% 0.3% 0.0% 0.0% 10.8% 5.2% 6.3% 7.0% Health Care 0.1% 0.2% 0.0% -0.2% 12.6% 4.5% 0.7% 2.4% Financials 0.6% 0.5% 0.0% 0.1% 6.5% 4.1% 23.5% 24.2% Information Technology -2.0% -1.9% -0.7% 0.6% 7.7% 15.6% 16.9% 24.4% Telecommunication Services -0.2% 0.1% -0.3% 0.0% 2.4% 2.1% 11.0% 5.7% Utilities -0.1% 0.0% -0.2% 0.0% 0.2% -1.5% 5.7% 2.8% Real Estate -0.1% -0.2% 0.1% 0.1% 8.4% 11.4% 3.9% 2.6% Cash 0.0% ------0.0% 0.0% Portfolio -2.4% = -1.7% + -1.0% + 0.2% 3.9% 6.4% 100.0% 100.0% Method Effect 0.3% -0.1% Combined Performance 4.3% 6.3%

_

June 30, 2017

102 Baltimore County Mondrian

Country Allocation Country Allocation Manager Index Manager Index Manager ***Index Manager ***Index Allocation (USD) Allocation (USD) Return (USD) Return (USD) Allocation (USD) Allocation (USD) Return (USD) Return (USD) _ _ Americas AsiaPacific Brazil* 7.0% 7.7% -1.5% -6.6% China* 4.8% 26.8% -1.1% 10.7% Chile* 0.6% 1.2% 5.8% -1.5% Hong Kong 13.1% 0.0% 9.4% 7.2% Mexico* 5.3% 3.7% 7.8% 7.4% India* 14.9% 8.7% 2.2% 3.0% Peru* 1.4% 0.4% 12.6% 7.4% Indonesia* 2.2% 2.5% 14.2% 8.8% Total-Americas 14.3% 13.5% 3.6% -1.6% Korea* 13.8% 15.0% 3.3% 9.9% Europe Malaysia* 4.6% 2.4% 7.4% 5.1% Romania** 0.4% 0.0% 7.7% 6.4% Philippines* 1.6% 1.2% 9.8% 7.4% Russia* 3.6% 3.8% -10.4% -9.9% Taiwan* 13.3% 12.2% 7.5% 9.1% Total-Europe 4.0% 5.8% -8.6% -0.4% Thailand* 2.6% 2.2% 8.8% 2.6% _ Total-AsiaPacific 71.0% 71.0% 5.6% 8.8% Other Kazakhstan** 0.5% 0.0% -4.2% 6.4% Qatar* 2.4% 0.8% -14.8% -12.8% South Africa* 5.3% 7.0% -5.2% 3.6% Turkey* 2.5% 1.0% 16.5% 20.0% Total-Other 10.6% 9.7% -2.2% 3.9% Totals Developed 13.1% 0.0% 9.4% -- Emerging* 86.0% 100.0% 3.1% 6.4% Frontier** 0.9% 0.0% 1.3% -- _ ***MSCI Emerging Markets

June 30, 2017

103 Baltimore County Mondrian

Returns and Weights Attribution Effects Manager Index Manager Index Selection Allocation Currency Interaction Total Return Return Weight Weight Effect Effect Effect Effect Effects _ Totals Americas 3.6% -1.6% 14.3% 13.5% 0.6% -0.1% 0.1% 0.0% 0.7% Europe -8.6% -0.4% 4.0% 5.8% -0.5% 0.1% 0.0% 0.1% -0.2% Asia/Pacific 5.6% 8.8% 71.0% 71.0% -2.3% 0.0% 0.1% 0.0% -2.2% Other -2.2% 3.9% 10.6% 9.7% -0.6% 0.0% 0.0% -0.1% -0.7% Total 3.9% 6.4% 100.0% 100.0% -2.8% 0.0% 0.2% 0.1% -2.4% Totals Developed 9.4% -- 13.1% 0.0% 0.0% 0.0% -0.1% 0.4% 0.4% Emerging* 3.1% 6.4% 86.0% 100.0% -3.5% 0.0% 0.3% 0.5% -2.7% Frontier** 1.3% -- 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% _

June 30, 2017

104 Baltimore County Total Domestic Fixed Income

June 30, 2017

105 Baltimore County Total Domestic Fixed Income

June 30, 2017

106 Baltimore County Core Bonds Composite

June 30, 2017

107 Baltimore County Core Bonds Composite

June 30, 2017

108 Baltimore County Reams (Core Plus)

June 30, 2017

109 Baltimore County Reams (Core Plus)

June 30, 2017

110 Baltimore County Reams (Core Plus)

June 30, 2017

111 Baltimore County Western Asset Mgmt (Core Plus)

June 30, 2017

112 Baltimore County Western Asset Mgmt (Core Plus)

June 30, 2017

113 Baltimore County Western Asset Mgmt (Core Plus)

June 30, 2017

114 Baltimore County Earnest Partners (Core)

June 30, 2017

115 Baltimore County Earnest Partners (Core)

June 30, 2017

116 Baltimore County Earnest Partners (Core)

June 30, 2017

117 Baltimore County Garcia Hamilton (Core)

June 30, 2017

118 Baltimore County Garcia Hamilton (Core)

June 30, 2017

119 Baltimore County Garcia Hamilton (Core)

June 30, 2017

120 Baltimore County Loomis Credit Asset Fund

June 30, 2017

121 Baltimore County Loomis Credit Asset Fund

June 30, 2017

122 Baltimore County Loomis Credit Asset Fund

June 30, 2017

123 Baltimore County Diversified Fixed Income

PIMCO Diversified Index: 33.3% BC Global Agg / 33.3% JP Morgan EMBI Global / 33.3% ML Global HY BB-B

June 30, 2017

124 Baltimore County PIMCO Diversified Income

PIMCO Diversified Index: 33.3% BC Global Agg / 33.3% JP Morgan EMBI Global / 33.3% ML Global HY BB-B

June 30, 2017

125 Baltimore County PIMCO Diversified Income

PIMCO Diversified Index: 33.3% BC Global Agg / 33.3% JP Morgan EMBI Global / 33.3% ML Global HY BB-B

June 30, 2017

126 Baltimore County PIMCO Diversified Income

Fund Characteristics as of March 31, 2017 Fund Characteristics as of March 31, 2017 Sharpe Ratio (3 Year) 1.2 Sharpe Ratio (3 Year) 1.2 Average Duration 5.5 Average Duration 5.5 Average Coupon 3.9% Average Coupon 3.9% Average Effective Maturity 9.1 Average Effective Maturity 9.1 R-Squared (3 Year) 0.9 R-Squared (3 Year) 0.9 Alpha (3 Year) 0.0% Alpha (3 Year) 0.0% Beta (3 Year) 1.1 Beta (3 Year) 1.1

Top Holdings as of March 31, 2017 Maturities as of March 31, 2017 Fixed Income Sectors as of March 31, 2017 FIN FUT EURO$ CME (RED) 03/18/19 10.8% 1 to 3 Years 35.8% GOVERNMENT 73.7% CDX HY27 5Y ICE 7.5% 3 to 5 Years 53.7% MUNICIPAL 0.8% FIN FUT EURO$ CME (GRN) 12/16/19 6.3% 5 to 7 Years 20.7% CORPORATE 41.5% US 5 YEAR NOTE (CBT) JUNE17 5.1% 7 to 10 Years 15.2% SECURITIZED 31.8% US TREASURY NOTE 1.875% 5.1% 10 to 15 Years 9.3% CASH & EQUIVALENTS 4.4% US TREASURY NOTE 2.125% 5.1% 15 to 20 Years 9.6% DERIVATIVE 63.3% IRS EUR 0.25000 09/20/17-5Y 20 to 30 Years 11.6% 4.8% LCH_RECEIVE Greater than 30 Years 14.3% FIN FUT EURO$ CME (GRN) 03/16/20 4.5%

FNMA 4.2% ARGENTINA(REP OF) 3.875% 3.0%

PIMCO Diversified Income fund data is not yet available for 3/31/2017 from MonrningStar.

June 30, 2017

127 Baltimore County Loomis Sayles Strategic Alpha Trust

June 30, 2017

128 Baltimore County Loomis Sayles Strategic Alpha Trust

June 30, 2017

129 Baltimore County Stone Harbor EMD

June 30, 2017

130 Baltimore County Mellon Dynamic Growth Fund

Source: Mellon Capital Management

June 30, 2017

131 Baltimore County Mellon Dynamic Growth Fund

Source: Mellon Capital Management

June 30, 2017

132 Baltimore County Bridgewater All Weather Fund

Source: Bridgewater

June 30, 2017

133 Baltimore County Wellington Opportunistic

Portfolio Characteristics Fixed Income Sector

Top Relative Contributors and Detractors Equity Sector

Source: Wellington

June 30, 2017

134 Baltimore County ING Clarion Lion Fund

Source: Clarion Partners

June 30, 2017

135 Baltimore County UBS Trumbull Property Income Fund

Source: UBS Realty Investors

June 30, 2017

136 Baltimore County JPM Special Situation Property Fund

Source: J.P.Morgan Asset Management

June 30, 2017

137 First Quarter 2017 Private Markets Review

John Krimmel, CPA, CFA Eric Harnish Keith Stronkowsky, CFA Partner Principal Senior Consultant Table of Contents Page

Summary Letter 1

Trailing Period Returns 6

Portfolio Value 7

Portfolio Value by Lifecycle 9

Portfolio Value by Vintage Year 11

Portfolio Value by Strategy 14

Transaction Summary 16

Information Disclosure

• NEPC, LLC uses, as its data source, the plan’s fund manager and custodian bank or fund service company, and NEPC, LLC relies on those sources for all transactions, including capital calls, distributions, income/expense and reported values. While NEPC, LLC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within. • The Investment Performance Analysis is provided as a management aid for the client’s internal use only. Portfolio performance reported in the Investment Performance Analysis does not constitute a recommendation by NEPC, LLC. • Information in this report on market indices and security characteristics is received from sources external to NEPC, LLC. While efforts are made to ensure that this external data is accurate, NEPC, LLC cannot accept responsibility for errors that may occur.

August, 2017

Trustees Employees’ Retirement System of Baltimore County 400 Washington Avenue Towson, MD 21204

RE: Private Markets Strategy – 1st Quarter 2017

Dear Trustees,

We are pleased to present the March 31, 2017 Private Markets Report for the Employees’ Retirement System of Baltimore County (ERSBC). The report provides a variety of performance analysis for the overall portfolio. The reports include trailing performance, performance by lifecycle, vintage year and strategy.

The ERSBC experienced a positive quarter, having a nominal IRR of 2.59%. The overall IRR of the ERSBC private markets portfolio since inception is 9.58%. The overall multiple (current valuation plus cumulative distributions, divided by total capital calls) is 1.45.

The following table presents the status of the ERSBC private markets portfolio as of March 31, 2017:

Commitment Terminated Amount Amount Reported Call Distribution Commitments Funded Distributed Value Ratio Ratio $365,380,000 $0 $279,814,860 $265,826,231 $138,926,607 76.58% 95.00%

Market Exposure Total Fund Alternative Reported Market Unfunded (Reported Value + Composite Assets Value Exposure Commitment Unfunded Commitment) as of Target of Total as a % 3/31/2017 Fund Total Fund $85,565,140 $224,491,747 $3,093,261,817 7% 4.49% 7.26%

Total Value Total Value Internal Rate of Return (Reported Value + Distributions) To IRR, Since Inception Paid In Capital (January 1997) $404,752,838 1.45 9.58%

*Market Value as shown on Q1 IPA Executive Report

1 As of March 31, 2017, the ERSBC had commitments totaling $365.38 million to 37 private markets funds. Of the 37 funds in the ERSBC private markets portfolio, 12 funds are in the investing stage, 17 funds are in the harvesting stage, 6 funds are in the liquidating stage and 2 funds have been completed. The following charts illustrate the program’s current life cycle:

Gross Committed Capital Capital to be Funded $365,380,000 $85,565,140

Completed, Liquidating, $1,381,755 $2,000,000 Liquidating, Harvesting, $13,415,374 $69,500,000 Investing, 121,380,000

Investing, Harvesting, $70,768,011 $172,500,000

The following chart illustrates the commitment history of ERSBC’s private markets program through the quarter end:

Commitment History

$60,000,000

$50,000,000

$40,000,000

$30,000,000

$20,000,000

$10,000,000

$0

Venture Buyouts Mezzanine Secondaries Distressed Energy Growth Direct Lending

*Fund of Funds is not shown as a separate strategy and is instead being added 50% to Venture and 50% to Buyouts.

2

The following chart illustrates the cumulative commitment history, cumulative capital calls, cumulative distributions and reported value:

Cumulative Commitments, Capital Calls, Distributions and Total Value $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0

Distributions Reported Value Capital Called Total Value Total Commitments

The following chart is an analysis of the vintage years comparing the capital calls to the distributions and reported value:

Vintage Year Analysis of Commitments, Value, and Cash Flows Since Inception $120,000,000

$100,000,000

$80,000,000

$60,000,000

$40,000,000

$20,000,000

$0

Capital Called Distributions Reported Value Total Commitments

3 During the quarter ended March 31, 2017, the ERSBC private markets portfolio funded capital calls for 18 investments and received distributions from 26 of its investments. The summary of the cash flows follows:

Calls & Number of Distributions Number of Net Cash/Stock Expenses Funds Calling for the Quarter Funds Making Flows for the Funded for the Capital & Distributions Quarter Quarter Expenses $5,040,841 18 $8,548,599 26 $3,507,758

Since inception the private markets program added $124.67 million in value to the ERSBC. Investment strategies adding value included venture capital $21.71 million, buyouts $61.36 million, mezzanine $13.30 million, distressed $12.29 million, secondaries $11.70 million, direct lending $0.77 million, and energy $3.86 million. Growth equity has lost $0.32.

Value Added (Loss) By Strategy

70,000,000

60,000,000

50,000,000

40,000,000

30,000,000

20,000,000

10,000,000

0

-10,000,000 Venture Capital Buyouts Mezzanine Secondaries Distressed Growth Equity Energy Direct Lending *Fund of Funds is not shown as a separate strategy and is instead being added 50% to Venture and 50% to Buyouts.

4 As of March 31, 2017, the 37 private market funds in the ERSBC’s portfolio were diversified by investment strategy as follows:

Investment Reported Unfunded Total Strategy Target Min. Max. Value Commitment Exposure

Venture* 15% 0% 45% 6.6% 0.4% 7.0% Growth Equity 15% 0% 45% 2.5% 4.2% 6.6% Buyouts* 15% 0% 45% 27.4% 12.3% 39.7% Mezzanine 15% 0% 45% 5.7% 1.3% 7.1% Secondaries 15% 0% 45% 6.3% 11.6% 17.9% Distressed 15% 0% 45% 4.1% 0.8% 4.9% Energy 10% 0% 20% 6.8% 5.5% 12.3% Opportunistic 0% 0% 10% - - - Special Situations 0% 0% 10% - - - Direct Lending 0% -- 2.4% 2.1% 4.5% Totals 100% 61.9% 38.1% 100.0% *Fund of Funds is not shown as a separate strategy and is instead being added 50% to Venture and 50% to Buyouts.

As of March 31, 2017, the 37 private markets funds in the ERSBC portfolio had the following investment strategy diversification by the funds’ reported value:

Ownership Interest in the Private Equity Funds ($138.93 Million Reported Value) Direct Lending Venture Growth Equity 4% Capital 4% 11% Energy 11%

Distressed 7%

Secondaries 10% Buyouts 44%

Mezzanine 9%

We thank you for the opportunity to work with the ERSBC and look forward to continued success in the future.

Best regards, John Krimmel, CPA, CFA Eric Harnish Keith Stronkowsky, CFA Partner Principal Senior Consultant

5 Baltimore County ERS Executive IRR Summary 3/31/2017

Investment Name Vintage Commitment QTD YTD 1 Year 3 Year 5 Year Inception Year Amount

Anthem Capital LP 1997 1,000,000 -34.96

CCMP Capital Investors III, L.P. 2014 10,000,000 3.44 3.44 18.70 11.91

Crescent Mezzanine VI, L.P. 2012 10,000,000 1.92 1.92 8.00 8.58 8.14

Edison Venture Fund IV 1998 2,000,000 0.00 0.00 -23.69 -7.02 21.20 13.96

EIG Energy Fund XV, L.P. 2011 7,500,000 5.22 5.22 21.79 0.06 3.80 5.95

EIG Energy Fund XVI, L.P. 2013 7,500,000 8.83 8.83 69.49 13.60 8.80

Energy Spectrum Partners VI, LP 2010 7,500,000 4.11 4.11 30.40 3.33 3.12 2.33

Grotech V Maryland Fund 2000 1,000,000 -42.71 -43.72 -21.78

HarbourVest Partners Dover Street IX 2016 20,000,000 -3.43 -3.43 47.99

HarbourVest Partners Dover Street VII 2008 10,000,000 2.25 2.25 -11.50 -0.16 4.46 10.20

HarbourVest Partners V Partnership Fund 1996 30,000,000 -1.93 -1.93 1.77 -0.82 -3.91 15.26

HarbourVest Partners VI-Buyout Partnership Fund 1999 5,000,000 1.11 1.11 7.10 2.01 6.70 12.02

HarbourVest Partners VI-Partnership Fund 1999 15,000,000 1.35 1.35 10.06 1.26 4.27 3.72

HarbourVest Partners VII Buyout 2003 20,000,000 2.71 2.71 7.19 8.74 10.67 8.95

HarbourVest Partners VII Mezzanine Fund 2003 10,000,000 2.39 2.39 6.84 9.89 9.77 6.26

HarbourVest Partners VII Venture Fund 2003 20,000,000 2.94 2.94 0.89 4.79 7.99 7.00

Landmark Equity Partners XIV, L.P. 2009 5,000,000 -0.58 -0.58 -6.70 0.86 7.69 10.64

Landmark Equity Partners XV, L.P. 2013 7,500,000 -0.83 -0.83 11.48 8.19 11.78

Lexington Capital Partners VII 2011 10,000,000 -0.53 -0.53 6.06 8.99 12.99 16.47

Mesirow Partnership Fund IV 2007 20,000,000 4.22 4.22 15.18 12.03 13.82 10.14

Newstone Capital Partners I, LP 2007 10,000,000 3.35 3.35 26.15 19.14 12.05 8.50

Newstone Capital Partners II, LP 2009 5,000,000 2.88 2.88 7.13 13.24 10.65 10.44

Paul Capital Partners IX, LP 2007 5,000,000 -1.22 -1.22 -2.81 -0.88 -0.89 3.23

Private Advisors Small Company Buyout Fund V 2012 10,000,000 2.40 2.40 16.42 14.39 9.80

Private Advisors Small Company Private Equity Fund 2015 15,000,000 0.86 0.86 8.37 -1.03 VI Riverstone Credit Partners 2016 10,000,000 2.60 2.60 17.01

Riverstone Global Power and Energy Fund VI 2016 10,000,000 -0.57 -0.57 98.29

Siguler Guff DOF II 2006 7,500,000 3.71 3.71 3.42 -5.72 2.17 8.45

Siguler Guff DOF III 2008 10,000,000 2.93 2.93 10.91 5.42 9.49 10.58

Siguler Guff DOF IV 2010 10,000,000 1.42 1.42 10.13 9.27 11.34 9.43

Sterling Capital Partners IV 2011 5,000,000 -10.37 -10.37 -14.16 -5.95 -1.82 -2.73

TCW/Crescent Mezzanine V, L.P. 2008 7,500,000 1.14 1.14 5.71 7.05 9.47 10.04

Vista Equity Partners Fund IV, L.P. 2011 10,000,000 5.41 5.41 9.39 25.32 20.87 19.90

Vista Equity Partners Fund V, L.P. 2014 10,000,000 3.58 3.58 8.24 10.40

Vista Foundation Fund II 2013 5,000,000 3.48 3.48 11.10 8.69 7.03

Vista Foundation Fund III 2016 4,780,000 -5.58 -5.58 -23.25

Warburg Pincus Private Equity XII, LP 2015 11,600,000 3.76 3.76 -3.59 -8.13

Total: Baltimore County ERS 365,380,000 2.59 2.59 11.81 9.04 9.86 9.58

6 Baltimore County Performance Analysis 3/31/2017

Investment Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio

Baltimore County ERS

1 Anthem Capital LP 1997 1,000,000 1,000,000 0 0 208,797 0 208,797 -791,203 100% 0.21 0.21 -34.96%

2 CCMP Capital Investors III, L.P. 2014 10,000,000 5,600,445 4,399,555 0 192,540 6,941,592 7,134,132 1,533,687 56% 0.03 1.27 11.91%

3 Crescent Mezzanine VI, L.P. 2012 10,000,000 8,384,821 1,615,179 -38,174 3,656,530 6,488,575 10,145,105 1,798,458 84% 0.44 1.22 8.14%

4 Edison Venture Fund IV* 1998 2,000,000 2,000,000 0 0 7,847,342 59,359 7,906,701 5,906,701 100% 3.92 3.95 13.96%

5 EIG Energy Fund XV, L.P. 2011 7,500,000 7,453,926 46,074 0 4,124,255 4,750,365 8,874,620 1,420,694 99% 0.55 1.19 5.95%

6 EIG Energy Fund XVI, L.P. 2013 7,500,000 4,683,020 2,816,980 0 553,755 4,818,279 5,372,034 689,013 62% 0.12 1.15 8.80%

7 Energy Spectrum Partners VI, LP 2010 7,500,000 6,009,875 1,490,125 0 4,071,164 2,286,674 6,357,838 347,963 80% 0.68 1.06 2.33%

8 Grotech V Maryland Fund 2000 1,000,000 1,000,000 0 0 199,362 0 199,362 -800,638 100% 0.20 0.20 -21.78%

9 HarbourVest Partners Dover Street IX 2016 20,000,000 1,600,000 18,400,000 0 280,510 1,761,364 2,041,874 441,874 8% 0.18 1.28 47.99%

10 HarbourVest Partners Dover Street VII 2008 10,000,000 9,575,000 425,000 0 11,386,079 2,539,951 13,926,030 4,351,030 96% 1.19 1.45 10.20%

11 HarbourVest Partners V Partnership Fund 1996 30,000,000 29,550,000 450,000 0 50,112,663 320,983 50,433,646 20,883,646 99% 1.70 1.71 15.26%

12 HarbourVest Partners VI-Buyout Partnership 1999 5,000,000 4,775,000 225,000 0 8,565,185 273,071 8,838,256 4,063,256 96% 1.79 1.85 12.02% Fund 13 HarbourVest Partners VII Buyout 2003 20,000,000 18,900,000 1,100,000 0 26,163,720 5,231,526 31,395,246 12,495,246 95% 1.38 1.66 8.95%

14 HarbourVest Partners VII Mezzanine Fund 2003 10,000,000 9,400,000 600,000 0 11,121,894 2,366,229 13,488,123 4,088,123 94% 1.18 1.43 6.26%

15 HarbourVest Partners VII Venture Fund 2003 20,000,000 19,650,000 350,000 0 23,151,150 8,133,182 31,284,332 11,634,332 98% 1.18 1.59 7.00%

16 HarbourVest Partners VI-Partnership Fund 1999 15,000,000 14,700,000 300,000 0 17,669,694 1,313,731 18,983,425 4,283,425 98% 1.20 1.29 3.72%

17 Landmark Equity Partners XIV, L.P. 2009 5,000,000 4,703,293 296,707 16,184 4,140,769 1,974,485 6,115,254 1,395,777 94% 0.88 1.30 10.64%

18 Landmark Equity Partners XV, L.P. 2013 7,500,000 3,063,273 4,436,727 -22,793 1,174,346 2,515,532 3,689,878 649,398 41% 0.39 1.21 11.78%

19 Lexington Capital Partners VII 2011 10,000,000 7,915,327 2,084,673 38,686 8,099,732 4,201,223 12,300,955 4,346,942 79% 1.02 1.55 16.47%

20 Mesirow Partnership Fund IV 2007 20,000,000 18,900,000 1,100,000 14,729 17,003,007 13,441,075 30,444,082 11,529,353 95% 0.90 1.61 10.14%

21 Newstone Capital Partners I, LP 2007 10,000,000 9,593,245 406,755 76,064 12,492,050 934,740 13,426,790 3,757,481 96% 1.29 1.39 8.50%

22 Newstone Capital Partners II, LP 2009 5,000,000 4,639,054 360,946 -5,556 3,717,441 2,132,272 5,849,713 1,216,215 93% 0.80 1.26 10.44%

23 Paul Capital Partners IX, LP 2007 5,000,000 4,665,212 334,788 0 3,977,980 1,201,928 5,179,908 514,696 93% 0.85 1.11 3.23%

24 Private Advisors Small Company Buyout Fund 2012 10,000,000 7,644,490 2,355,510 4,044 1,260,243 8,203,307 9,463,550 1,815,016 76% 0.16 1.24 9.80% V 25 Private Advisors Small Company Private 2015 15,000,000 4,717,979 10,282,021 0 216,261 4,443,288 4,659,549 -58,430 31% 0.05 0.99 -1.03% Equity Fund VI 26 Riverstone Credit Partners 2016 10,000,000 5,373,854 4,626,146 102,142 800,098 5,443,835 6,243,933 767,937 54% 0.15 1.14 17.01%

27 Riverstone Global Power and Energy Fund VI 2016 10,000,000 1,986,556 8,013,444 0 14,139 3,371,320 3,385,459 1,398,903 20% 0.01 1.70 98.29%

28 Siguler Guff DOF II 2006 7,500,000 7,500,000 0 77,480 10,349,181 202,481 10,551,662 2,974,183 100% 1.37 1.39 8.45%

29 Siguler Guff DOF III 2008 10,000,000 9,700,000 300,000 -234 12,338,779 2,894,087 15,232,866 5,533,100 97% 1.27 1.57 10.58%

30 Siguler Guff DOF IV 2010 10,000,000 8,502,615 1,497,385 -33,598 6,165,804 6,081,156 12,246,960 3,777,943 85% 0.73 1.45 9.43%

7 Baltimore County Performance Analysis 3/31/2017

Investment Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 31 Sterling Capital Partners IV 2011 5,000,000 4,495,730 504,270 0 1,408,298 2,879,752 4,288,050 -207,680 90% 0.31 0.95 -2.73%

32 TCW/Crescent Mezzanine V, L.P. 2008 7,500,000 7,479,168 20,832 43,184 9,006,347 957,746 9,964,093 2,441,741 100% 1.20 1.32 10.04%

33 Vista Equity Partners Fund IV, L.P. 2011 10,000,000 8,710,604 1,289,396 -10,337 4,357,115 12,676,890 17,034,005 8,333,738 87% 0.50 1.96 19.90%

34 Vista Equity Partners Fund V, L.P. 2014 10,000,000 8,135,763 1,864,237 0 0 9,792,972 9,792,972 1,657,209 81% 0.00 1.20 10.40%

35 Vista Foundation Fund II 2013 5,000,000 4,502,665 497,335 6,482 0 5,188,945 5,188,945 679,798 90% 0.00 1.15 7.03%

36 Vista Foundation Fund III 2016 4,780,000 531,543 4,248,457 242 0 442,289 442,289 -89,496 11% 0.00 0.83 -23.25%

37 Warburg Pincus Private Equity XII, LP 2015 11,600,000 2,772,400 8,827,600 0 0 2,662,404 2,662,404 -109,996 24% 0.00 0.96 -8.13%

Subtotal: Baltimore County ERS 365,380,000 279,814,860 85,565,140 268,545 265,826,231 138,926,607 404,752,838 124,669,433 77% 0.95 1.45 9.58%

Total : Baltimore County 365,380,000 279,814,860 85,565,140 268,545 265,826,231 138,926,607 404,752,838 124,669,433 77% 0.95 1.45 9.58%

*Valuation is cash-adjusted

8 Baltimore County Lifecycle Performance Analysis 3/31/2017

Investment Name Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 2 Investing

1 CCMP Capital Investors III, L.P. 2014 10,000,000 5,600,445 4,399,555 0 192,540 6,941,592 7,134,132 1,533,687 56% 0.03 1.27 11.91%

2 EIG Energy Fund XVI, L.P. 2013 7,500,000 4,683,020 2,816,980 0 553,755 4,818,279 5,372,034 689,013 62% 0.12 1.15 8.80%

3 HarbourVest Partners Dover Street IX 2016 20,000,000 1,600,000 18,400,000 0 280,510 1,761,364 2,041,874 441,874 8% 0.18 1.28 47.99%

4 Landmark Equity Partners XV, L.P. 2013 7,500,000 3,063,273 4,436,727 -22,793 1,174,346 2,515,532 3,689,878 649,398 41% 0.39 1.21 11.78%

5 Private Advisors Small Company Buyout Fund 2012 10,000,000 7,644,490 2,355,510 4,044 1,260,243 8,203,307 9,463,550 1,815,016 76% 0.16 1.24 9.80% V 6 Private Advisors Small Company Private 2015 15,000,000 4,717,979 10,282,021 0 216,261 4,443,288 4,659,549 -58,430 31% 0.05 0.99 -1.03% Equity Fund VI 7 Riverstone Credit Partners 2016 10,000,000 5,373,854 4,626,146 102,142 800,098 5,443,835 6,243,933 767,937 54% 0.15 1.14 17.01%

8 Riverstone Global Power and Energy Fund VI 2016 10,000,000 1,986,556 8,013,444 0 14,139 3,371,320 3,385,459 1,398,903 20% 0.01 1.70 98.29%

9 Vista Equity Partners Fund V, L.P. 2014 10,000,000 8,135,763 1,864,237 0 0 9,792,972 9,792,972 1,657,209 81% 0.00 1.20 10.40%

10 Vista Foundation Fund II 2013 5,000,000 4,502,665 497,335 6,482 0 5,188,945 5,188,945 679,798 90% 0.00 1.15 7.03%

11 Vista Foundation Fund III 2016 4,780,000 531,543 4,248,457 242 0 442,289 442,289 -89,496 11% 0.00 0.83 -23.25%

12 Warburg Pincus Private Equity XII, LP 2015 11,600,000 2,772,400 8,827,600 0 0 2,662,404 2,662,404 -109,996 24% 0.00 0.96 -8.13%

Subtotal: 2 Investing 121,380,000 50,611,989 70,768,011 90,117 4,491,892 55,585,127 60,077,019 9,374,913 42% 0.09 1.18 11.25%

3 Harvesting

1 Crescent Mezzanine VI, L.P. 2012 10,000,000 8,384,821 1,615,179 -38,174 3,656,530 6,488,575 10,145,105 1,798,458 84% 0.44 1.22 8.14%

2 EIG Energy Fund XV, L.P. 2011 7,500,000 7,453,926 46,074 0 4,124,255 4,750,365 8,874,620 1,420,694 99% 0.55 1.19 5.95%

3 Energy Spectrum Partners VI, LP 2010 7,500,000 6,009,875 1,490,125 0 4,071,164 2,286,674 6,357,838 347,963 80% 0.68 1.06 2.33%

4 HarbourVest Partners Dover Street VII 2008 10,000,000 9,575,000 425,000 0 11,386,079 2,539,951 13,926,030 4,351,030 96% 1.19 1.45 10.20%

5 HarbourVest Partners VII Buyout 2003 20,000,000 18,900,000 1,100,000 0 26,163,720 5,231,526 31,395,246 12,495,246 95% 1.38 1.66 8.95%

6 HarbourVest Partners VII Mezzanine Fund 2003 10,000,000 9,400,000 600,000 0 11,121,894 2,366,229 13,488,123 4,088,123 94% 1.18 1.43 6.26%

7 HarbourVest Partners VII Venture Fund 2003 20,000,000 19,650,000 350,000 0 23,151,150 8,133,182 31,284,332 11,634,332 98% 1.18 1.59 7.00%

8 Landmark Equity Partners XIV, L.P. 2009 5,000,000 4,703,293 296,707 16,184 4,140,769 1,974,485 6,115,254 1,395,777 94% 0.88 1.30 10.64%

9 Lexington Capital Partners VII 2011 10,000,000 7,915,327 2,084,673 38,686 8,099,732 4,201,223 12,300,955 4,346,942 79% 1.02 1.55 16.47%

10 Mesirow Partnership Fund IV 2007 20,000,000 18,900,000 1,100,000 14,729 17,003,007 13,441,075 30,444,082 11,529,353 95% 0.90 1.61 10.14%

11 Newstone Capital Partners II, LP 2009 5,000,000 4,639,054 360,946 -5,556 3,717,441 2,132,272 5,849,713 1,216,215 93% 0.80 1.26 10.44%

12 Paul Capital Partners IX, LP 2007 5,000,000 4,665,212 334,788 0 3,977,980 1,201,928 5,179,908 514,696 93% 0.85 1.11 3.23%

13 Siguler Guff DOF III 2008 10,000,000 9,700,000 300,000 -234 12,338,779 2,894,087 15,232,866 5,533,100 97% 1.27 1.57 10.58%

14 Siguler Guff DOF IV 2010 10,000,000 8,502,615 1,497,385 -33,598 6,165,804 6,081,156 12,246,960 3,777,943 85% 0.73 1.45 9.43%

15 Sterling Capital Partners IV 2011 5,000,000 4,495,730 504,270 0 1,408,298 2,879,752 4,288,050 -207,680 90% 0.31 0.95 -2.73%

16 TCW/Crescent Mezzanine V, L.P. 2008 7,500,000 7,479,168 20,832 43,184 9,006,347 957,746 9,964,093 2,441,741 100% 1.20 1.32 10.04%

17 Vista Equity Partners Fund IV, L.P. 2011 10,000,000 8,710,604 1,289,396 -10,337 4,357,115 12,676,890 17,034,005 8,333,738 87% 0.50 1.96 19.90%

Subtotal: 3 Harvesting 172,500,000 159,084,626 13,415,374 24,885 153,890,064 80,237,115 234,127,179 75,017,669 92% 0.97 1.47 8.94%

4 Liquidating

1 Edison Venture Fund IV 1998 2,000,000 2,000,000 0 0 7,847,342 59,359 7,906,701 5,906,701 100% 3.92 3.95 13.96%

9 Baltimore County Lifecycle Performance Analysis 3/31/2017

Investment Name Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 2 HarbourVest Partners V Partnership Fund 1996 30,000,000 29,550,000 450,000 0 50,112,663 320,983 50,433,646 20,883,646 99% 1.70 1.71 15.26%

3 HarbourVest Partners VI-Buyout Partnership 1999 5,000,000 4,775,000 225,000 0 8,565,185 273,071 8,838,256 4,063,256 96% 1.79 1.85 12.02% Fund 4 HarbourVest Partners VI-Partnership Fund 1999 15,000,000 14,700,000 300,000 0 17,669,694 1,313,731 18,983,425 4,283,425 98% 1.20 1.29 3.72%

5 Newstone Capital Partners I, LP 2007 10,000,000 9,593,245 406,755 76,064 12,492,050 934,740 13,426,790 3,757,481 96% 1.29 1.39 8.50%

6 Siguler Guff DOF II 2006 7,500,000 7,500,000 0 77,480 10,349,181 202,481 10,551,662 2,974,183 100% 1.37 1.39 8.45%

Subtotal: 4 Liquidating 69,500,000 68,118,245 1,381,755 153,544 107,036,116 3,104,365 110,140,481 41,868,692 98% 1.57 1.61 11.14%

5 Completed

1 Anthem Capital LP 1997 1,000,000 1,000,000 0 0 208,797 0 208,797 -791,203 100% 0.21 0.21 -34.96%

2 Grotech V Maryland Fund 2000 1,000,000 1,000,000 0 0 199,362 0 199,362 -800,638 100% 0.20 0.20 -21.78%

Subtotal: 5 Completed 2,000,000 2,000,000 0 0 408,159 0 408,159 -1,591,841 100% 0.20 0.20 -23.45%

Total: Baltimore County 365,380,000 279,814,860 85,565,140 268,545 265,826,231 138,926,607 404,752,838 124,669,433 77% 0.95 1.45 9.58%

10 Baltimore County Vintage Year Performance Analysis 3/31/2017

Investment Name Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 1996

1 HarbourVest Partners V Partnership Fund 1996 30,000,000 29,550,000 450,000 0 50,112,663 320,983 50,433,646 20,883,646 99% 1.70 1.71 15.26%

Subtotal: 1996 30,000,000 29,550,000 450,000 0 50,112,663 320,983 50,433,646 20,883,646 99% 1.70 1.71 15.26%

1997

1 Anthem Capital LP 1997 1,000,000 1,000,000 0 0 208,797 0 208,797 -791,203 100% 0.21 0.21 -34.96%

Subtotal: 1997 1,000,000 1,000,000 0 0 208,797 0 208,797 -791,203 100% 0.21 0.21 -34.96%

1998

1 Edison Venture Fund IV 1998 2,000,000 2,000,000 0 0 7,847,342 59,359 7,906,701 5,906,701 100% 3.92 3.95 13.96%

Subtotal: 1998 2,000,000 2,000,000 0 0 7,847,342 59,359 7,906,701 5,906,701 100% 3.92 3.95 13.96%

1999

1 HarbourVest Partners VI-Buyout Partnership 1999 5,000,000 4,775,000 225,000 0 8,565,185 273,071 8,838,256 4,063,256 96% 1.79 1.85 12.02% Fund 2 HarbourVest Partners VI-Partnership Fund 1999 15,000,000 14,700,000 300,000 0 17,669,694 1,313,731 18,983,425 4,283,425 98% 1.20 1.29 3.72%

Subtotal: 1999 20,000,000 19,475,000 525,000 0 26,234,879 1,586,802 27,821,681 8,346,681 97% 1.35 1.43 5.63%

2000

1 Grotech V Maryland Fund 2000 1,000,000 1,000,000 0 0 199,362 0 199,362 -800,638 100% 0.20 0.20 -21.78%

Subtotal: 2000 1,000,000 1,000,000 0 0 199,362 0 199,362 -800,638 100% 0.20 0.20 -21.78%

2003

1 HarbourVest Partners VII Buyout 2003 20,000,000 18,900,000 1,100,000 0 26,163,720 5,231,526 31,395,246 12,495,246 95% 1.38 1.66 8.95%

2 HarbourVest Partners VII Mezzanine Fund 2003 10,000,000 9,400,000 600,000 0 11,121,894 2,366,229 13,488,123 4,088,123 94% 1.18 1.43 6.26%

3 HarbourVest Partners VII Venture Fund 2003 20,000,000 19,650,000 350,000 0 23,151,150 8,133,182 31,284,332 11,634,332 98% 1.18 1.59 7.00%

Subtotal: 2003 50,000,000 47,950,000 2,050,000 0 60,436,764 15,730,937 76,167,701 28,217,701 96% 1.26 1.59 7.61%

2006

1 Siguler Guff DOF II 2006 7,500,000 7,500,000 0 77,480 10,349,181 202,481 10,551,662 2,974,183 100% 1.37 1.39 8.45%

Subtotal: 2006 7,500,000 7,500,000 0 77,480 10,349,181 202,481 10,551,662 2,974,183 100% 1.37 1.39 8.45%

2007

1 Mesirow Partnership Fund IV 2007 20,000,000 18,900,000 1,100,000 14,729 17,003,007 13,441,075 30,444,082 11,529,353 95% 0.90 1.61 10.14%

2 Newstone Capital Partners I, LP 2007 10,000,000 9,593,245 406,755 76,064 12,492,050 934,740 13,426,790 3,757,481 96% 1.29 1.39 8.50%

3 Paul Capital Partners IX, LP 2007 5,000,000 4,665,212 334,788 0 3,977,980 1,201,928 5,179,908 514,696 93% 0.85 1.11 3.23%

Subtotal: 2007 35,000,000 33,158,458 1,841,542 90,793 33,473,037 15,577,743 49,050,780 15,801,530 95% 1.01 1.48 9.01%

2008

1 HarbourVest Partners Dover Street VII 2008 10,000,000 9,575,000 425,000 0 11,386,079 2,539,951 13,926,030 4,351,030 96% 1.19 1.45 10.20%

2 Siguler Guff DOF III 2008 10,000,000 9,700,000 300,000 -234 12,338,779 2,894,087 15,232,866 5,533,100 97% 1.27 1.57 10.58%

11 Baltimore County Vintage Year Performance Analysis 3/31/2017

Investment Name Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 3 TCW/Crescent Mezzanine V, L.P. 2008 7,500,000 7,479,168 20,832 43,184 9,006,347 957,746 9,964,093 2,441,741 100% 1.20 1.32 10.04%

Subtotal: 2008 27,500,000 26,754,168 745,832 42,950 32,731,205 6,391,784 39,122,989 12,325,870 97% 1.22 1.46 10.34%

2009

1 Landmark Equity Partners XIV, L.P. 2009 5,000,000 4,703,293 296,707 16,184 4,140,769 1,974,485 6,115,254 1,395,777 94% 0.88 1.30 10.64%

2 Newstone Capital Partners II, LP 2009 5,000,000 4,639,054 360,946 -5,556 3,717,441 2,132,272 5,849,713 1,216,215 93% 0.80 1.26 10.44%

Subtotal: 2009 10,000,000 9,342,347 657,653 10,628 7,858,210 4,106,757 11,964,967 2,611,992 93% 0.84 1.28 10.54%

2010

1 Energy Spectrum Partners VI, LP 2010 7,500,000 6,009,875 1,490,125 0 4,071,164 2,286,674 6,357,838 347,963 80% 0.68 1.06 2.33%

2 Siguler Guff DOF IV 2010 10,000,000 8,502,615 1,497,385 -33,598 6,165,804 6,081,156 12,246,960 3,777,943 85% 0.73 1.45 9.43%

Subtotal: 2010 17,500,000 14,512,490 2,987,510 -33,598 10,236,968 8,367,830 18,604,798 4,125,906 83% 0.71 1.28 7.56%

2011

1 EIG Energy Fund XV, L.P. 2011 7,500,000 7,453,926 46,074 0 4,124,255 4,750,365 8,874,620 1,420,694 99% 0.55 1.19 5.95%

2 Lexington Capital Partners VII 2011 10,000,000 7,915,327 2,084,673 38,686 8,099,732 4,201,223 12,300,955 4,346,942 79% 1.02 1.55 16.47%

3 Sterling Capital Partners IV 2011 5,000,000 4,495,730 504,270 0 1,408,298 2,879,752 4,288,050 -207,680 90% 0.31 0.95 -2.73%

4 Vista Equity Partners Fund IV, L.P. 2011 10,000,000 8,710,604 1,289,396 -10,337 4,357,115 12,676,890 17,034,005 8,333,738 87% 0.50 1.96 19.90%

Subtotal: 2011 32,500,000 28,575,587 3,924,413 28,349 17,989,400 24,508,230 42,497,630 13,893,693 88% 0.63 1.49 13.94%

2012

1 Crescent Mezzanine VI, L.P. 2012 10,000,000 8,384,821 1,615,179 -38,174 3,656,530 6,488,575 10,145,105 1,798,458 84% 0.44 1.22 8.14%

2 Private Advisors Small Company Buyout Fund 2012 10,000,000 7,644,490 2,355,510 4,044 1,260,243 8,203,307 9,463,550 1,815,016 76% 0.16 1.24 9.80% V Subtotal: 2012 20,000,000 16,029,311 3,970,689 -34,130 4,916,773 14,691,882 19,608,655 3,613,474 80% 0.31 1.23 8.89%

2013

1 EIG Energy Fund XVI, L.P. 2013 7,500,000 4,683,020 2,816,980 0 553,755 4,818,279 5,372,034 689,013 62% 0.12 1.15 8.80%

2 Landmark Equity Partners XV, L.P. 2013 7,500,000 3,063,273 4,436,727 -22,793 1,174,346 2,515,532 3,689,878 649,398 41% 0.39 1.21 11.78%

3 Vista Foundation Fund II 2013 5,000,000 4,502,665 497,335 6,482 0 5,188,945 5,188,945 679,798 90% 0.00 1.15 7.03%

Subtotal: 2013 20,000,000 12,248,958 7,751,042 -16,311 1,728,101 12,522,756 14,250,857 2,018,209 61% 0.14 1.16 8.79%

2014

1 CCMP Capital Investors III, L.P. 2014 10,000,000 5,600,445 4,399,555 0 192,540 6,941,592 7,134,132 1,533,687 56% 0.03 1.27 11.91%

2 Vista Equity Partners Fund V, L.P. 2014 10,000,000 8,135,763 1,864,237 0 0 9,792,972 9,792,972 1,657,209 81% 0.00 1.20 10.40%

Subtotal: 2014 20,000,000 13,736,208 6,263,792 0 192,540 16,734,564 16,927,104 3,190,896 69% 0.01 1.23 11.08%

2015

1 Private Advisors Small Company Private 2015 15,000,000 4,717,979 10,282,021 0 216,261 4,443,288 4,659,549 -58,430 31% 0.05 0.99 -1.03% Equity Fund VI

12 Baltimore County Vintage Year Performance Analysis 3/31/2017

Investment Name Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 2 Warburg Pincus Private Equity XII, LP 2015 11,600,000 2,772,400 8,827,600 0 0 2,662,404 2,662,404 -109,996 24% 0.00 0.96 -8.13%

Subtotal: 2015 26,600,000 7,490,379 19,109,621 0 216,261 7,105,692 7,321,953 -168,426 28% 0.03 0.98 -2.41%

2016

1 HarbourVest Partners Dover Street IX 2016 20,000,000 1,600,000 18,400,000 0 280,510 1,761,364 2,041,874 441,874 8% 0.18 1.28 47.99%

2 Riverstone Credit Partners 2016 10,000,000 5,373,854 4,626,146 102,142 800,098 5,443,835 6,243,933 767,937 54% 0.15 1.14 17.01%

3 Riverstone Global Power and Energy Fund VI 2016 10,000,000 1,986,556 8,013,444 0 14,139 3,371,320 3,385,459 1,398,903 20% 0.01 1.70 98.29%

4 Vista Foundation Fund III 2016 4,780,000 531,543 4,248,457 242 0 442,289 442,289 -89,496 11% 0.00 0.83 -23.25%

Subtotal: 2016 44,780,000 9,491,953 35,288,047 102,384 1,094,747 11,018,808 12,113,555 2,519,218 21% 0.11 1.26 42.44%

Total: Baltimore County 365,380,000 279,814,860 85,565,140 268,545 265,826,231 138,926,607 404,752,838 124,669,433 77% 0.95 1.45 9.58%

13 Baltimore County Investment Strategy Performance Analysis 3/31/2017

Investment Name Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 100 Venture

1 Anthem Capital LP 1997 1,000,000 1,000,000 0 0 208,797 0 208,797 -791,203 100% 0.21 0.21 -34.96%

2 Edison Venture Fund IV 1998 2,000,000 2,000,000 0 0 7,847,342 59,359 7,906,701 5,906,701 100% 3.92 3.95 13.96%

3 Grotech V Maryland Fund 2000 1,000,000 1,000,000 0 0 199,362 0 199,362 -800,638 100% 0.20 0.20 -21.78%

4 HarbourVest Partners VII Venture Fund 2003 20,000,000 19,650,000 350,000 0 23,151,150 8,133,182 31,284,332 11,634,332 98% 1.18 1.59 7.00%

Subtotal: 100 Venture 24,000,000 23,650,000 350,000 0 31,406,652 8,192,541 39,599,193 15,949,193 99% 1.33 1.67 6.99%

110 Growth Equity

1 Sterling Capital Partners IV 2011 5,000,000 4,495,730 504,270 0 1,408,298 2,879,752 4,288,050 -207,680 90% 0.31 0.95 -2.73%

2 Warburg Pincus Private Equity XII, LP 2015 11,600,000 2,772,400 8,827,600 0 0 2,662,404 2,662,404 -109,996 24% 0.00 0.96 -8.13%

Subtotal: 110 Growth Equity 16,600,000 7,268,130 9,331,870 0 1,408,298 5,542,156 6,950,454 -317,676 44% 0.19 0.96 -3.58%

120 Buyouts

1 CCMP Capital Investors III, L.P. 2014 10,000,000 5,600,445 4,399,555 0 192,540 6,941,592 7,134,132 1,533,687 56% 0.03 1.27 11.91%

2 HarbourVest Partners V Partnership Fund 1996 30,000,000 29,550,000 450,000 0 50,112,663 320,983 50,433,646 20,883,646 99% 1.70 1.71 15.26%

3 HarbourVest Partners VI-Buyout Partnership 1999 5,000,000 4,775,000 225,000 0 8,565,185 273,071 8,838,256 4,063,256 96% 1.79 1.85 12.02% Fund 4 HarbourVest Partners VII Buyout 2003 20,000,000 18,900,000 1,100,000 0 26,163,720 5,231,526 31,395,246 12,495,246 95% 1.38 1.66 8.95%

5 HarbourVest Partners VI-Partnership Fund 1999 15,000,000 14,700,000 300,000 0 17,669,694 1,313,731 18,983,425 4,283,425 98% 1.20 1.29 3.72%

6 Private Advisors Small Company Buyout Fund 2012 10,000,000 7,644,490 2,355,510 4,044 1,260,243 8,203,307 9,463,550 1,815,016 76% 0.16 1.24 9.80% V 7 Private Advisors Small Company Private 2015 15,000,000 4,717,979 10,282,021 0 216,261 4,443,288 4,659,549 -58,430 31% 0.05 0.99 -1.03% Equity Fund VI 8 Vista Equity Partners Fund IV, L.P. 2011 10,000,000 8,710,604 1,289,396 -10,337 4,357,115 12,676,890 17,034,005 8,333,738 87% 0.50 1.96 19.90%

9 Vista Equity Partners Fund V, L.P. 2014 10,000,000 8,135,763 1,864,237 0 0 9,792,972 9,792,972 1,657,209 81% 0.00 1.20 10.40%

10 Vista Foundation Fund II 2013 5,000,000 4,502,665 497,335 6,482 0 5,188,945 5,188,945 679,798 90% 0.00 1.15 7.03%

11 Vista Foundation Fund III 2016 4,780,000 531,543 4,248,457 242 0 442,289 442,289 -89,496 11% 0.00 0.83 -23.25%

Subtotal: 120 Buyouts 134,780,000 107,768,489 27,011,511 431 108,537,421 54,828,594 163,366,015 55,597,095 80% 1.01 1.52 10.97%

130 Mezzanine

1 Crescent Mezzanine VI, L.P. 2012 10,000,000 8,384,821 1,615,179 -38,174 3,656,530 6,488,575 10,145,105 1,798,458 84% 0.44 1.22 8.14%

2 HarbourVest Partners VII Mezzanine Fund 2003 10,000,000 9,400,000 600,000 0 11,121,894 2,366,229 13,488,123 4,088,123 94% 1.18 1.43 6.26%

3 Newstone Capital Partners I, LP 2007 10,000,000 9,593,245 406,755 76,064 12,492,050 934,740 13,426,790 3,757,481 96% 1.29 1.39 8.50%

4 Newstone Capital Partners II, LP 2009 5,000,000 4,639,054 360,946 -5,556 3,717,441 2,132,272 5,849,713 1,216,215 93% 0.80 1.26 10.44%

5 TCW/Crescent Mezzanine V, L.P. 2008 7,500,000 7,479,168 20,832 43,184 9,006,347 957,746 9,964,093 2,441,741 100% 1.20 1.32 10.04%

Subtotal: 130 Mezzanine 42,500,000 39,496,288 3,003,712 75,518 39,994,262 12,879,562 52,873,824 13,302,018 93% 1.01 1.34 7.84%

135 Direct Lending

1 Riverstone Credit Partners 2016 10,000,000 5,373,854 4,626,146 102,142 800,098 5,443,835 6,243,933 767,937 54% 0.15 1.14 17.01%

Subtotal: 135 Direct Lending 10,000,000 5,373,854 4,626,146 102,142 800,098 5,443,835 6,243,933 767,937 54% 0.15 1.14 17.01%

14 Baltimore County Investment Strategy Performance Analysis 3/31/2017

Investment Name Vintage Commitment Paid in Capital Capital to be Additional Cumulative Valuation Total Value Net Benefit Call DPI TVPI IRR Year Amount Funded Fees Distributions Ratio Ratio Ratio 140 Secondaries

1 HarbourVest Partners Dover Street IX 2016 20,000,000 1,600,000 18,400,000 0 280,510 1,761,364 2,041,874 441,874 8% 0.18 1.28 47.99%

2 HarbourVest Partners Dover Street VII 2008 10,000,000 9,575,000 425,000 0 11,386,079 2,539,951 13,926,030 4,351,030 96% 1.19 1.45 10.20%

3 Landmark Equity Partners XIV, L.P. 2009 5,000,000 4,703,293 296,707 16,184 4,140,769 1,974,485 6,115,254 1,395,777 94% 0.88 1.30 10.64%

4 Landmark Equity Partners XV, L.P. 2013 7,500,000 3,063,273 4,436,727 -22,793 1,174,346 2,515,532 3,689,878 649,398 41% 0.39 1.21 11.78%

5 Lexington Capital Partners VII 2011 10,000,000 7,915,327 2,084,673 38,686 8,099,732 4,201,223 12,300,955 4,346,942 79% 1.02 1.55 16.47%

6 Paul Capital Partners IX, LP 2007 5,000,000 4,665,212 334,788 0 3,977,980 1,201,928 5,179,908 514,696 93% 0.85 1.11 3.23%

Subtotal: 140 Secondaries 57,500,000 31,522,105 25,977,895 32,077 29,059,416 14,194,483 43,253,899 11,699,716 55% 0.92 1.37 10.83%

150 Distressed

1 Siguler Guff DOF II 2006 7,500,000 7,500,000 0 77,480 10,349,181 202,481 10,551,662 2,974,183 100% 1.37 1.39 8.45%

2 Siguler Guff DOF III 2008 10,000,000 9,700,000 300,000 -234 12,338,779 2,894,087 15,232,866 5,533,100 97% 1.27 1.57 10.58%

3 Siguler Guff DOF IV 2010 10,000,000 8,502,615 1,497,385 -33,598 6,165,804 6,081,156 12,246,960 3,777,943 85% 0.73 1.45 9.43%

Subtotal: 150 Distressed 27,500,000 25,702,615 1,797,385 43,648 28,853,765 9,177,724 38,031,489 12,285,225 93% 1.12 1.48 9.57%

170 Fund of Funds

1 Mesirow Partnership Fund IV 2007 20,000,000 18,900,000 1,100,000 14,729 17,003,007 13,441,075 30,444,082 11,529,353 95% 0.90 1.61 10.14%

Subtotal: 170 Fund of Funds 20,000,000 18,900,000 1,100,000 14,729 17,003,007 13,441,075 30,444,082 11,529,353 95% 0.90 1.61 10.14%

400 Energy

1 EIG Energy Fund XV, L.P. 2011 7,500,000 7,453,926 46,074 0 4,124,255 4,750,365 8,874,620 1,420,694 99% 0.55 1.19 5.95%

2 EIG Energy Fund XVI, L.P. 2013 7,500,000 4,683,020 2,816,980 0 553,755 4,818,279 5,372,034 689,013 62% 0.12 1.15 8.80%

3 Energy Spectrum Partners VI, LP 2010 7,500,000 6,009,875 1,490,125 0 4,071,164 2,286,674 6,357,838 347,963 80% 0.68 1.06 2.33%

4 Riverstone Global Power and Energy Fund VI 2016 10,000,000 1,986,556 8,013,444 0 14,139 3,371,320 3,385,459 1,398,903 20% 0.01 1.70 98.29%

Subtotal: 400 Energy 32,500,000 20,133,378 12,366,622 0 8,763,313 15,226,637 23,989,951 3,856,572 62% 0.44 1.19 7.76%

Total: Baltimore County 365,380,000 279,814,860 85,565,140 268,545 265,826,231 138,926,607 404,752,838 124,669,433 77% 0.95 1.45 9.58%

15 Baltimore County Transaction Summary 1/1/2017 - 3/31/2017

Date Paid in Capital Additional Fees Distributions Net Cash Flow

Baltimore County ERS

CCMP Capital Investors III, L.P. 02/16/2017 77,923.00 77,923.00 02/16/2017 36,943.00 40,980.00 Total: CCMP Capital Investors III, L.P.

77,923.00 36,943.00 40,980.00

Crescent Mezzanine VI, L.P. 01/24/2017 304,687.00 -304,687.00 01/24/2017 95,979.00 -208,708.00 Total: Crescent Mezzanine VI, L.P.

95,979.00 304,687.00 -208,708.00

EIG Energy Fund XV, L.P. 02/09/2017 60,230.32 -60,230.32 Total: EIG Energy Fund XV, L.P.

60,230.32 -60,230.32

EIG Energy Fund XVI, L.P. 01/26/2017 34,076.60 -34,076.60 02/23/2017 468,750.00 434,673.40 Total: EIG Energy Fund XVI, L.P.

468,750.00 34,076.60 434,673.40

Energy Spectrum Partners VI, LP 01/23/2017 115,049.56 115,049.56 02/17/2017 2,209,452.43 -2,094,402.87 Total: Energy Spectrum Partners VI, LP

115,049.56 2,209,452.43 -2,094,402.87

HarbourVest Partners Dover Street IX 02/07/2017 800,000.00 800,000.00 Total: HarbourVest Partners Dover Street IX

800,000.00 800,000.00

16 Baltimore County Transaction Summary 1/1/2017 - 3/31/2017

Date Paid in Capital Additional Fees Distributions Net Cash Flow

Baltimore County ERS

HarbourVest Partners Dover Street VII 02/08/2017 206,534.00 -206,534.00 03/31/2017 170,690.00 -377,224.00 Total: HarbourVest Partners Dover Street VII

377,224.00 -377,224.00

HarbourVest Partners VI-Buyout Partnership Fund 03/23/2017 74,665.00 -74,665.00 Total: HarbourVest Partners VI-Buyout Partnership Fund

74,665.00 -74,665.00

HarbourVest Partners VII Mezzanine Fund 01/23/2017 140,045.00 -140,045.00 Total: HarbourVest Partners VII Mezzanine Fund

140,045.00 -140,045.00

HarbourVest Partners VII Venture Fund 03/17/2017 495,000.00 -495,000.00 Total: HarbourVest Partners VII Venture Fund

495,000.00 -495,000.00

HarbourVest Partners VI-Partnership Fund 03/24/2017 96,324.00 -96,324.00 Total: HarbourVest Partners VI-Partnership Fund

96,324.00 -96,324.00

Landmark Equity Partners XIV, L.P. 01/09/2017 29,785.00 29,785.00 02/16/2017 45,990.00 -16,205.00 Total: Landmark Equity Partners XIV, L.P.

29,785.00 45,990.00 -16,205.00

17 Baltimore County Transaction Summary 1/1/2017 - 3/31/2017

Date Paid in Capital Additional Fees Distributions Net Cash Flow

Baltimore County ERS

Landmark Equity Partners XV, L.P. 01/06/2017 196,384.00 196,384.00 02/06/2017 61,935.00 258,319.00 02/21/2017 62,716.00 195,603.00 03/30/2017 49,235.00 146,368.00 Total: Landmark Equity Partners XV, L.P.

258,319.00 111,951.00 146,368.00

Lexington Capital Partners VII 01/31/2017 147,561.00 -147,561.00 02/28/2017 133,498.00 -281,059.00 03/22/2017 57,948.00 -223,111.00 03/31/2017 160,224.00 -383,335.00 Total: Lexington Capital Partners VII

57,948.00 441,283.00 -383,335.00

Mesirow Partnership Fund IV 02/28/2017 600,000.00 -600,000.00 03/31/2017 400,000.00 -200,000.00 03/31/2017 600,000.00 -800,000.00 Total: Mesirow Partnership Fund IV

400,000.00 1,200,000.00 -800,000.00

Newstone Capital Partners II, LP 01/10/2017 357,086.00 -357,086.00 03/27/2017 156,250.00 -200,836.00 03/27/2017 11,330.00 -212,166.00 Total: Newstone Capital Partners II, LP

156,250.00 368,416.00 -212,166.00

Paul Capital Partners IX, LP 01/26/2017 160,796.53 160,796.53 01/26/2017 164,106.14 -3,309.61 03/14/2017 27,908.17 -31,217.78 03/14/2017 160,807.18 129,589.40 Total: Paul Capital Partners IX, LP

321,603.71 192,014.31 129,589.40

Private Advisors Small Company Buyout Fund V

18 Baltimore County Transaction Summary 1/1/2017 - 3/31/2017

Date Paid in Capital Additional Fees Distributions Net Cash Flow

Baltimore County ERS

02/27/2017 450,000.00 450,000.00 02/27/2017 -30,030.59 419,969.41 02/27/2017 127,101.61 292,867.80 03/17/2017 412,027.88 -119,160.08 03/17/2017 -31,524.23 -150,684.31 Total: Private Advisors Small Company Buyout Fund V

388,445.18 539,129.49 -150,684.31

Private Advisors Small Company Private Equity Fund VI 03/31/2017 3,750.00 -3,750.00 Total: Private Advisors Small Company Private Equity Fund VI

3,750.00 -3,750.00

Riverstone Credit Partners 03/10/2017 120,673.44 -120,673.44 Total: Riverstone Credit Partners

120,673.44 -120,673.44

Riverstone Global Power and Energy Fund VI 02/21/2017 680,990.00 680,990.00 02/21/2017 -22,569.00 658,421.00 02/21/2017 14,139.00 644,282.00 Total: Riverstone Global Power and Energy Fund VI

658,421.00 14,139.00 644,282.00

Siguler Guff DOF II 01/24/2017 61,969.08 -61,969.08 02/16/2017 51,684.71 -113,653.79 03/30/2017 39,911.27 -153,565.06 Total: Siguler Guff DOF II

153,565.06 -153,565.06

Siguler Guff DOF III 01/24/2017 339,644.19 -339,644.19 03/13/2017 172,164.65 -511,808.84 Total: Siguler Guff DOF III

511,808.84 -511,808.84

19 Baltimore County Transaction Summary 1/1/2017 - 3/31/2017

Date Paid in Capital Additional Fees Distributions Net Cash Flow

Baltimore County ERS

Siguler Guff DOF IV 02/28/2017 635,883.73 -635,883.73 Total: Siguler Guff DOF IV

635,883.73 -635,883.73

Sterling Capital Partners IV 02/24/2017 263,120.00 -263,120.00 Total: Sterling Capital Partners IV

263,120.00 -263,120.00

TCW/Crescent Mezzanine V, L.P. 02/08/2017 118,228.00 -118,228.00 Total: TCW/Crescent Mezzanine V, L.P.

118,228.00 -118,228.00

Vista Equity Partners Fund IV, L.P. 01/17/2017 75,259.00 75,259.00 Total: Vista Equity Partners Fund IV, L.P.

75,259.00 75,259.00

Vista Equity Partners Fund V, L.P. 01/13/2017 70,871.00 70,871.00 01/30/2017 210,179.00 281,050.00 02/08/2017 30,878.00 311,928.00 02/24/2017 -35,865.00 276,063.00 Total: Vista Equity Partners Fund V, L.P.

276,063.00 276,063.00

Vista Foundation Fund II 01/13/2017 65,140.00 65,140.00 Total: Vista Foundation Fund II

65,140.00 65,140.00

20 Baltimore County Transaction Summary 1/1/2017 - 3/31/2017

Date Paid in Capital Additional Fees Distributions Net Cash Flow

Baltimore County ERS

Vista Foundation Fund III 01/13/2017 37,756.00 37,756.00 02/13/2017 66,507.00 104,263.00 02/13/2017 1,443.00 105,706.00 Total: Vista Foundation Fund III

104,263.00 1,443.00 105,706.00

Warburg Pincus Private Equity XII, LP 02/21/2017 174,000.00 174,000.00 02/24/2017 98,600.00 272,600.00 03/27/2017 417,600.00 690,200.00 Total: Warburg Pincus Private Equity XII, LP

690,200.00 690,200.00

Total: 5,039,398.45 1,443.00 8,548,599.22 -3,507,757.77

21 Investment Policy Statement

1

Employees’ Retirement System of Baltimore County

Investment Policy Guidelines

July 2017

(Revised July 2017)

Contents I. Introduction ...... 5 II. Roles and Responsibilities ...... 5 A. Fiduciaries ...... 5 B. Board of Trustees ...... 5 C. Investment Administrator ...... 6 D. Investment Consultant ...... 6 E. Investment Managers ...... 6 F. Custodian ...... 7 G. Other External Providers ...... 8 III. Investment Goals and Objectives ...... 8 IV. Asset Allocation ...... 9 A. Permissible Investments ...... 9 B. Prohibited Investments ...... 10 C. Target Asset Mix ...... 10 D. Rebalancing Procedures ...... 11 V. Manager Selection Criteria ...... 11 A. Selection Criteria ...... 11 B. Investment Manager Structure ...... 11 VI. Investment Manager Guidelines ...... 11 A. General Guidelines ...... 11 B. Derivative Policy ...... 12 C. Domestic Equity Managers ...... 12 D. Fixed Income Managers ...... 13 E. International Equity Managers ...... 13 F. Global Asset Allocation Manager Guidelines ...... 13 G. Real Estate Investment Manager Guidelines ...... 13 H. Alternative Asset Manager Guidelines ...... 13 VII. Performance Evaluation ...... 14 A. General Guidelines ...... 14 B. Manager Probation and Termination ...... 14 VIII. Manager Reporting Requirements ...... 15 A. Manager Reporting ...... 15 B. Manager Quarterly ...... 15 2

C. Annually ...... 15 IX. Implementation ...... 16 X. Approval ...... 16 Appendix I ...... 17 Target Asset Mix ...... 17 Appendix II ...... 18 INVESTMENT GUIDELINES FOR BENCHMARK PLUS MANAGEMENT ...... 18 INVESTMENT GUIDELINES FOR DECATUR CAPITAL MANAGEMENT ...... 19 INVESTMENT GUIDELINES FOR BROWN ADVISORY ...... 20 INVESTMENT GUIDELINES FOR BLACKROCK ...... 21 INVESTMENT GUIDELINES FOR CHANNING CAPITAL MANAGEMENT ...... 22 INVESTMENT GUIDELINES FOR MATARIN CAPITAL MANAGEMENT ...... 23 INVESTMENT GUIDELINES FOR EARNEST PARTNERS ...... 24 INVESTMENT GUIDELINES FOR BROWN CAPITAL ...... 24 INVESTMENT GUIDELINES FOR GRYPHON INTERNATIONAL INVESTMENT CORP……… ...... 26 INVESTMENT GUIDELINES FOR ATIVO CAPITAL MANAGEMENT, LLC ...... 28 INVESTMENT GUIDELINES FOR LSV ASSET MANAGEMENT ...... 30 INVESTMENT GUIDELINES FOR STRATEGIC GLOBAL ADVISORS ...... 32 INVESTMENT GUIDELINES FOR MONDRIAN ...... 34 INVESTMENT GUIDELINES FOR PIMCO ...... 35 INVESTMENT GUIDELINES FOR LOOMIS SAYLES ...... 36 INVESTMENT GUIDELINES FOR STONE HARBOR INVESTMENT PARTNERS ...... 37 INVESTMENT GUIDELINES FOR EARNEST PARTNERS LIMITED, LLC ...... 38 INVESTMENT GUIDELINES FOR REAMS ASSET MANAGEMENT COMPANY ...... 39 INVESTMENT GUIDELINES FOR WESTERN ASSET MANAGEMENT ...... 40 INVESTMENT GUIDELINES FOR GARCIA HAMILTION & ASSOCIATES, L.P...... 41 INVESTMENT GUIDELINES FOR BRIDGEWATER ASSOCIATES ...... 42 INVESTMENT GUIDELINES FOR WELLINGTON MANGEMENT CO...... 43 INVESTMENT GUIDELINES FOR MELLON CAPITAL MANAGEMENT ...... 44 INVESTMENT GUIDELINES FOR PRIVATE EQUITY PARTNERSHIPS ...... 45 INVESTMENT GUIDELINES FOR ING CLARION PARTNERS ...... 46 INVESTMENT GUIDELINES FOR UBS REALTY INVESTORS ...... 47 INVESTMENT GUIDELINES FOR JPMORGAN ASSET MANAGEMENT ...... 48 INVESTMENT GUIDELINES FOR TRANSWESTERN INVESTMENT COMPANY ...... 49 3

INVESTMENT GUIDELINES FOR EIM MANAGEMENT USA INC...... 50 INVESTMENT GUIDELINES FOR FEDERAL STREET PARTNERS ...... 51 INVESTMENT GUIDELINES FOR MELLON CASH ACCOUNT...... 52 Appendix III ...... 53 Baltimore County Emerging Managers Program Overview ...... 53

4

STATEMENT OF INVESTMENT OBJECTIVES, POLICY AND GUIDELINES

I. Introduction

The Baltimore County Employees’ Retirement System (the “System”), a defined benefit plan, was established January 1, 1945 by County ordinance. The authority to establish and maintain the System is specified in Section 5-1-101 of the Baltimore County Code.

Membership in the System is open to employees in both the classified and unclassified service of Baltimore County, employees of the Baltimore County Revenue Authority and employees of the Baltimore County Board of Education, the Baltimore County Board of Library Trustees and the Community College of Baltimore County who are not eligible to participate in the Maryland State Retirement and Pension Systems. Direct appointees of the Governor of Maryland, temporary employees and employees for whom there are existing pension provisions are excluded.

Purpose of this Policy Statement. This statement of Investment Objectives, Policy and Guidelines (the “Statement”) is issued on behalf of the System to provide guidance for fiduciaries, including the Board of Trustees (the “Board”), investment managers (the “Manager(s)”) and investment consultant (the “Consultant”) in the course of managing the assets of the retirement fund (the “Fund”).

In addition to defining guidelines and limitations for each asset class and for portfolios within each asset class, this policy:

− Discusses appropriate risk/return parameters for the investment of the system’s assets; − Establishes investment guidelines regarding the selection of Managers, permissible investments and diversification of assets; − Specifies the criteria for evaluating the performance of the Managers and of the Fund as a whole; − Defines the responsibilities of the Board and other parties responsible for the management of the System’s assets; and − All system-wide objectives are based on a five to ten year investment horizon, so interim fluctuations should be viewed with the appropriate perspective. The Board may make changes at any time they deem appropriate.

II. Roles and Responsibilities

A. Fiduciaries Specifically named as fiduciaries are: 1. Persons serving as members of the Board of Trustees; 2. Employees of the System who exercise discretionary authority or control over the management or administration of the System or its assets; and 3. Persons other than Trustees, who are designated by the Trustees to carry out fiduciary responsibilities including the external Managers, Consultant and Custodian.

B. Board of Trustees The role of the Board of Trustees is to oversee and make policy decisions regarding assets invested by the System. As fiduciaries, the Board has the duty to invest the assets:

5

1. For the exclusive purposes of providing benefits to participants and for reasonable expenses of administering the System; 2. With the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; 3. By diversifying the investments of the System so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. 4. With the advice of the Consultant, Actuary, and Managers, develop and modify the Fund’s policy objectives and guidelines, including the development of recommendations on long-term asset allocation and the appropriate mix of the Managers’ styles and strategies; 5. Review and approve or disapprove changes to the Fund’s policy objectives and guidelines that are recommended by a Manager or other Fund professional. 6. Review, as frequently as desired, the Fund’s investment results in relationship to investment expectations and actuarial assumptions and experience to determine if changes are needed to either the Investment Policy Statement or the implementation of the Investment Policy Statement; 7. Monitor and evaluate investment manager performance and adherence to policy guidelines, and the performance of the Fund as a whole; 8. Select or terminate Manager(s), Consultant, Actuary and Custodian; and 9. Act in accordance with the laws, documents and instruments governing the System.

C. Investment Administrator The Baltimore County Employees’ Retirement System’s Investment Administrator is responsible for all day- to-day administrative functions required to support the Investment Policy Statement, including: 1. Overseeing all service providers; 2. Coordinating review of contracts when new service providers are engaged, and as necessary with incumbent providers; 3. Coordinate funding of and withdrawals from Investment Manager; and 4. Receive reports from Investment Managers and other service providers and bringing to the attention of the Board items requiring Board review or action.

D. Investment Consultant The Consultant shall act as fiduciary to the Fund. Final decision making authority and responsibility, however, resides with the Board. The Consultant retained by the Board shall have the following responsibilities to the System:

1. To assist the Board in strategic planning for the system. This includes providing assistance in developing an investment policy, asset allocation strategy, and investment manager structure; 2. To provide to the Board quarterly performance measurement reports on each of the Managers and on the Fund as a whole and to assist the Board in interpreting the results; 3. To act as a liaison between Managers and the System, and thereby facilitate the communication of important information in the management of the Fund; and 4. Such other duties as may be mutually agreed upon.

E. Investment Managers The duties and responsibilities of each of the Managers retained by the Board include:

1. Act as fiduciary for that portion of the Fund’s assets under its discretion; 6

2. Managing the assets under their discretion in accordance with the policy guidelines and objectives expressed herein; 3. Meeting or exceeding the Manager specific established and agreed upon benchmarks; 4. Exercising investment discretion within the guidelines and objectives stated herein. Such discretion includes decisions to buy, hold or sell securities in amounts and proportions reflective of the Manager’s current investment strategy and compatible with the investment objectives; 5. Promptly informing the Board or its agents regarding all significant matters pertaining to investment of the Fund as outlined in Section VII; 6. Initiating written communication with the Board and the System’s Staff and Consultant when the Manager believes that this Statement is inhibiting and/or should be altered. No deviation from the guidelines and objectives established in the Policy Statement is permitted until after such communication has occurred and the Board has approved such deviation in writing; 7. Complying with all provisions pertaining to the Manager’s duties and responsibilities as a fiduciary. It is expected that the Fund’s assets will be invested with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent professional investment manager, acting in a like capacity and familiar with such matters, would use in the investment of Fund assets, all in accordance with applicable law; 8. Using its best efforts to ensure that portfolio transactions are placed on a “best execution” basis and considering the use of commission recapture program designated by the Board only if there is not a negative impact on such “best execution”; 9. Responding to funding requests within the requested timeline; 10. Each Manager is expected to meet with the Board upon the Board’s request. Additionally, each Manager shall submit a written report to the Board or its agents within 30 days after the end of each calendar quarter; 11. The Manager must comply with the Investment Policy Statement and guidelines as it currently exists or as it is modified in the future; 12. Monthly reporting through the master custodian bank; and 13. Submitting invoices or statements for fees directly to the Investment Administrator and reconciling the fee calculation with the reported period end assets.

F. Custodian The Custodian of the System shall have the following responsibilities: 1. Hold securities and other investments in the name of the System or in the name of the nominee custodian or in bearer form; 2. Collect and receive income, interest, proceeds of sale, maturities, investments, deposit of all receipts in a custodial or checking account and reinvest these receipts as directed by the Board; 3. Make disbursements and transfers as directed by the Board; 4. Maintain accounting records and assist in preparation of reports required by the Board; 5. Settle purchases and sales and engage in other transactions, including receipts and deliveries, exchanges and other voluntary corporate actions, with respect to securities or other property received by the Custodian. 6. Manage the securities lending program, if applicable; and 7. Perform other services for the Board as are customary and appropriate for Custodians.

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G. Other External Providers The System shall retain the services of various providers. The duties and responsibilities of each of these providers retained by the Board include: 1. Actuary – the actuary of the system shall be retained to prepare annual actuarial valuations in conformity with generally accepted actuarial principles and periodically analyze the actuarial assumptions and experience of the System. Perform other services for the Board as are customary and appropriate for Actuaries; 2. Financial Institution – a financial institution/bank shall be retained to provide checking account services for the System. The account will accommodate employee contributions, benefit checks and miscellaneous cash flows between the account and the Custodian bank; and 3. Auditor – the System shall retain accounting professionals to independently audit financial records annually in conformity with generally accepted accounting principles and review internal controls.

III. Investment Goals and Objectives

Total Return, consistent with prudent investment management, is the primary investment objective of the Fund. In addition, assets of the Fund shall be invested to ensure that principal is preserved and enhanced over time, both in real and nominal terms.

The long-term nominal rate of return objective is to meet or exceed the assumed actuarial rate of return. Return shall be measured as “total return”, including income and capital gains, both realized and unrealized.

An additional objective is to exceed the rate of inflation, as measured by the Consumer Price Index (CPI), by four (4) percentage points per year. The Board is aware that there may be short-term deviations from the achievement of these objectives and will therefore evaluate achievement of these objectives over the agreed- upon time frames.

Total return for the overall composite portfolio shall: − Meet or exceed the return of the Fund’s Policy Index − Consistently rank in the top half of the Consultants Public Funds Universe

The Investment performance of each equity Manager shall be measured against the investment performance of other equity managers with similar equity investment styles (e.g., large cap growth against large cap growth) and against the investment performance of that Manager’s equity benchmark. Manager benchmarks are specified in Appendix II.

The investment performance of each fixed income manager shall be measured against the investment performance of other fixed income managers with similar investment styles (e.g., core against core, high yield against high yield) and against the performance of that Manager’s fixed income benchmark. Manager benchmarks are specified in Appendix II.

The investment performance of each real estate manager shall be measured against the investment performance of other real estate managers and the performance of that manager’s real estate benchmark. Manager benchmarks are specified in Appendix II.

The investment performance of each alternative investment manager shall be measured against the investment performance of other similar types of investments.

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Total portfolio risk exposure and risk-adjusted returns will be regularly evaluated and compared with other Funds nationwide and with a universe of Public Funds. The risk exposure of the total Fund is expected to rank in the midrange (25th to 75th percentile) of a universe of comparable Funds or managers, respectively. Risk- adjusted returns are expected to consistently rank in the top half of a universe of comparable Funds or managers, respectively.

Normally, results for managers are evaluated over a three to five year time horizon, but shorter-term results will be regularly reviewed and earlier action taken if in the best interest of the Fund.

IV. Asset Allocation

A. Permissible Investments In fulfilling the investment objectives set forth above, the Fund’s assets may be invested in the following types of investments:

1. Domestic Equity Investments are permitted and may include common stocks traded over-the- counter or on an established domestic stock exchange. Convertible bonds, preferred stocks, warrants and rights may be purchased as equity substitutes so long as the underlying equity meets with applicable standards. American Depository Receipts (ADRs) and dual listed foreign stocks, which are dollar denominated foreign securities traded on domestic U.S. stock exchanges, may be held by each domestic equity manager to a maximum of 10%. A manager should not purchase securities for the Fund unless the Manager has determined that the securities to be purchased are of a quality suitable for the account. 2. Domestic Debt Securities are permitted and may include U.S. Government and Agency obligations, corporate bonds, asset backed securities, agency guaranteed mortgage pass-through securities and low risk collateralized mortgage obligations of comparable or lower risk, such as Planned Amortizations Class Level 1 and Sequentials, commercial paper, and certificates of deposit. Managers may also invest in U.S. dollar denominated issues of international agencies, foreign governments and foreign corporations (i.e., Eurodollar and Yankee bonds. 3. International Investments are permitted and may include equity and fixed income securities. International investments shall only be entered into through the selection of a qualified investment management organization as consistent with fiduciary responsibilities. An international manager employing an active currency management program may deal in futures and options within the discipline of that currency management program. 4. Real estate investments are permitted and may include both debt and equity investments. The Trustees may invest in real estate by appointing a registered Investment manager or by utilizing pooled accounts, limited liability companies, partnerships or group trusts. Investments may include Real Estate Investment Trusts (REITs), Real Estate Operating Companies (REOCs), and mutual funds composed of REITs and REOCs. 5. Cash Equivalents and other short-term funds are permitted and may be invested in direct U.S. Government obligations such as U.S. Treasury Bills or repurchase agreements, which are fully collateralized by U.S. Treasury issues. Unless expressly prohibited by the Board, excess cash may be invested in the Short Term Investment Fund of the Custodian Bank(s) or negotiable certificates of deposit, or other short-term investment vehicles designated by the Board.

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6. Futures and Options strategies may be employed, upon specific authorization of the Board, on equity and fixed income investments to provide volatility protection or enhance the rate of return over time. 7. Alternative investments, such as private equity (venture capital, leveraged buyouts, and mezzanine debt) and hedge funds may be included among the System’s equity investments, provided such investments remain within the limits authorized by the Trustees. Private equity amounts that exceed the target allocation, as a result of partial or full liquidation of positions or the receipt of income from investments, shall be reallocated to the System’s under-allocated asset classes. Hedge funds with appropriate transparency and liquidity (e.g. merger/convertible arbitrage, fund of funds) may be selected for investment. 8. Commingled funds and/or institutional mutual funds may be used as investment vehicles. The Board recognizes that it cannot give specific policy directives to a fund (whose policies are already established). Therefore, the Board understands that investments in commingled or mutual funds shall be managed in accordance with the objectives, policies, and restrictions set forth in the commingled fund’s guidelines or mutual fund’s prospectus. For mutual and other commingled funds, the prospectus or Trust documents of the fund(s) will govern the investment policies of the fund investments. Investment managers, however, shall be guided by the general principles and constraints outlined in this investment policy. 9. Securities lending may be implemented through the System’s custodian or other reputable agents provided that the loaned securities are fully collateralized (100% for domestic securities and 102% for international securities) and the custodian or agent receives the collateral prior to the release of the securities. The program shall be governed by the Securities Lending Agreement which shall set forth, among other things, procedures for broker selection; responsibilities of the agent; types of collateral; crediting of revenues; and indemnification measures.

B. Prohibited Investments The System’s assets in separately managed accounts may not be used for the following purposes:

1. Transactions prohibited or limited by Federal, State or local law; 2. Short Sales, except where permitted; 3. Purchases of letter stock, private placements (except for 144A securities with registration rights), or direct payments; 4. Leveraged transactions other than real estate; 5. Puts, calls, straddles, or other option strategies, except where permitted; 6. Investments in tax exempt securities; 7. Use of margin, or investments in any derivatives not explicitly permitted in this policy statement; and 8. Investments by the managers in their own securities, their affiliates, or subsidiaries (excluding money market or other commingled funds as authorized by the Board).

C. Target Asset Mix The Board, after due diligence, has adopted an asset allocation as outlined in Appendix I. Consistent with the Fund’s return objectives and risk parameters, the mix of assets for the Fund should be maintained as in Appendix I.

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1. Small temporary variations may occur. The maximum percentage designated for the “Cash and Cash Equivalents” category is intended to apply after the initial start-up of any one portfolio within the System. The Board recognizes that this initial start-up period to become fully invested could be as long as three months after the initiation of a portfolio. 2. Managers shall be as fully invested as is possible, realizing that there will be residual cash in portfolios from time to time subject to limits as described in the attachments.

D. Rebalancing Procedures

1. The allocation to each asset class and to investment styles within asset classes is expected to remain stable over most market cycles. Since capital appreciation (depreciation) and trading activity in each individually managed portfolio can result in a deviation from the overall Target asset allocation, the aggregate asset allocation will be monitored and the investment administrator will rebalance periodically. It is expected that rebalancing will occur as required. The Administrator will notify managers well in advance of withdrawals to allow sufficient time to provide liquidity. 2. The Board must be advised of any significant rebalancing activity. To achieve the rebalancing of the Fund, the Investment Administrator, in consultation with the System’s Consultant, may re-direct contributions and disbursements from individual managers as appropriate, in addition to shifting assets from one manager to another.

V. Manager Selection Criteria A. Selection Criteria 1. Managers retained by the Board shall be chosen based on, but not limited to, the following criteria: a. The investment style and discipline of the Manager and/or fund and how well the Manager’s investment style or approach complements other asset classes in which the System invests; b. Past performance, considered relative to other managers having similar investment styles including both consistency of performance and the level of risk taken to achieve results; c. Level of experience, financial resources, and staffing levels of the Manager; d. An assessment of the Manager’s investment process and philosophy; and e. An assessment of the likelihood of future investment success, relative to other opportunities.

B. Investment Manager Structure 1. The System will utilize a multi-manager structure of complementary investment styles and asset classes to invest System’s assets, as described in the attachments.

VI. Investment Manager Guidelines A. General Guidelines 1. Full discretion shall be granted to the Managers regarding the selection of securities and the timing of transactions, within the parameters of the objectives and guidelines described herein; 2. While the Board is sensitive to excessive turnover, there shall be no specific limitation to reasonable turnover in this regard, recognizing the importance of providing flexibility to the Manager(s) to adjust the security selection in changing market conditions;

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3. The flexible management of the portfolio is permitted, and while the Board is appropriately sensitive to paper losses, there is no justification to hold a particular security, or to manage the collective assets, for the principal purpose of avoiding the recognition of a paper loss. 4. Compliance with all guidelines must be monitored by the Managers on a regular basis (monthly or more frequently when unusual market conditions warrant) and based on then current market values. In the event that the portfolio moves out of compliance with these guidelines (as identified in the Manager’s regular review of the portfolio), through market conditions or other changes outside the control of the Manger, the Manger must: a. Bring the portfolio composition into compliance within 45 days from the first date that the portfolio moved out of compliance, or b. Make a written request to the Board for a compliance waiver.

B. Derivative Policy A derivative is a security or contractual agreement, which derives its value from some underlying security, commodity, currency, or index.

1. Types of derivative contracts a. Forward-based derivatives, including forward contracts, futures contracts, swaps, and similar instruments, and b. Option-based derivatives, including put options, call options, interest rate caps and floors, and similar instruments. 2. Types of Derivative Securities a. Collateralized Mortgage Obligations (CMOs) b. Structured Notes 3. The use of derivative securities is permitted as described under Section IV (A)(2) and derivative contracts under Section IV (A)(6). 4. Where appropriate, managers may use derivative contracts for the following reasons: a. Hedging. To the extent that the portfolio is exposed to clearly defined risks and there are derivative contracts that can be used to reduce those risks, the investment managers are permitted to use such derivatives for hedging purposes, including cross hedging of currency exposures. b. Creation of Market Exposures. Managers are permitted to use derivatives to replicate the risk/return profile of an asset or asset class provided that the guidelines for the Manager allow for such exposures to be created with the underlying assets themselves. 5. The following two uses of derivative contracts and securities are strictly prohibited: a. Leverage. Derivatives shall not be used to magnify overall portfolio exposure to an asset, asset class, interest rate, or any other financial variable beyond that which would be allowed by a portfolio’s investment guidelines if derivatives were not used. b. Unrelated speculation. Derivatives shall not be used to create exposures to securities, currencies, indices, or any other financial variable unless such exposures would be allowed by a portfolio’s investment guidelines if created with non-derivative securities.

C. Domestic Equity Managers Specific guidelines for equity specialist managers are included in Appendix II. Equity Managers will be expected to manage their holdings in order to maximize net long-term returns. The managers should determine that the securities to be purchased are suitable for this account. 12

D. Fixed Income Managers Specific guidelines for fixed-income specialist managers are included in Appendix II. Securities are to be selected and managed to ensure appropriate quality and maturity exposure, consistent with these guidelines and current money market and economic conditions.

E. International Equity Managers Specific guidelines for international equity managers are included in Appendix II. Securities selected for this portfolio are expected to be issued by non-US corporations, although the Manager has latitude to hold US securities provided that such investments are consistent with attainment of the portfolio’s investment objective and are limited to the percentage of the portfolio as specified in the manager guidelines.

F. Global Asset Allocation Manager Guidelines Specific guidelines for global asset allocation managers are included in Appendix II. Global asset allocation strategies are allowed, where the manager has the ability to invest in, but is neither limited by nor required to hold, domestic, international and emerging equities and bonds, investment in real assets, such as commodities and real estate, and derivative products. The manager will employ a global tactical asset allocation strategy that can change the capital structure of the fund at any time as market conditions dictate within the strategy guidelines of the manager. These strategies may employ either a passive or active/tactical approach with regard to how the assets are invested. These strategies should be employed to improve the overall portfolio’s diversification and to provide attractive risk-adjusted returns. These strategies may include products that are focused on generating absolute or real returns, compared to other strategies in the portfolio which may be more benchmark sensitive.

G. Real Estate Investment Manager Guidelines 1. The role of the real estate segment is to provide a stable return premium after inflation, and to increase the diversification of the overall fund; 2. Real estate managers will have full discretion to invest portfolios in accordance with the terms of their advisory agreements. It is expected that the Managers will adhere to their stated philosophies and that any material deviations will be communicated promptly to the Board; 3. It is expected that the real estate investment program shall be broadly diversified with respect to property type and geography, and primarily be in the equity of real property, which may or may not be levered; 4. The majority of real estate investments shall be “core” investments, with the remainder being styles complementary to core, such as “value-added” and “opportunistic”. (Individual vehicles, however, may be entirely committed to a single style.); and 5. All investments shall be in commingled funds, including but not limited to limited partnerships, LLCs, insurance company commingled separate accounts, and private REITs. Funds shall primarily be open-ended, although closed-end funds may be used as appropriate, particularly for value-added and opportunistic styles. (This is not intended to prevent domestic equity managers from holding public REITs.)

H. Alternative Asset Manager Guidelines 1. Use of Funds of Funds for Alternatives Allocations. Initial allocations to both hedge strategies and private assets will be achieved primarily through funds of funds in order to get initial exposure which is broadly diversified. Over time, the fund will build a diversified portfolio of individual strategies. 2. Commitment to Private Assets. Because commitments to most private equity investment vehicles are drawn down over time, actual investments are usually less than committed investments. To 13

compensate for this, the Fund will have to commit more than the target allocation, perhaps as much as twice the target allocation to private investments in order to achieve the actual investment target. 3. Transparency. The Fund shall only invest in alternative assets when there is complete transparency and policy compliance reporting. The Board recognizes that alternative assets are potentially more risky than other Fund investments. As such, extra care shall be taken in evaluating and full understanding all aspects of an alternative investment opportunity. 4. Diversification. The alternative asset program will be diversified to limit the exposure of any one investment to 2% of the Fund’s total assets. No more than 25% of the alternative asset investment allocation may be invested with a single investment manager, general partner, or single fund, with the exception of a fund-of-funds. Private asset investments will be diversified by industry and vintage year. Hedge strategy investments will be diversified by strategy. 5. Other. The Fund’s initial investment in a partnership/fund shall not exceed 10% of the committed capital of that partnership/fund. All investments must have a mechanism for timely exit. Preference will be given to those funds where the general partner is contributing at least 1% of the total fund. The relevant investment manager must check the references of each alternative investment fund’s general partner prior to investing Fund assets in that alternative fund.

VII. Performance Evaluation

A. General Guidelines 1. The Board will monitor the Fund’s performance on a quarterly basis and will evaluate the Fund’s success in achieving the investment objectives outlined in this document over an appropriate time horizon. The Board realizes that most investments go through cycles; therefore, interim fluctuations should be viewed within the long-term perspective. 2. The Fund’s (and Managers) performance should be reported in terms of rate of return and changes in dollar value. The returns should be compared to market indices and peer group universes pre- determined by the Board, for the most recent quarter and for annual and cumulative prior time periods. Investment managers will also be compared to a universe of peers over a market cycle. In addition, the Board will compare the annual returns for the total fund to the long-term returns projected by the aggregate asset allocation model. 3. The Fund’s asset allocation in separately managed accounts and the allocation to each commingled fund should also be reported on a quarterly basis. For the purposes of calculating the asset allocation of the Fund as a whole, the asset allocation of each portfolio shall assumed to be fully invested in the policy index to which it is compared. 4. Risk as measured by volatility, or standard deviation, should be evaluated after twelve quarters of performance history and periodically thereafter. Performance dispersion of each individual manager relative to other managed accounts of a similar style will be assessed from time-to-time. Such assessments will take into account the nature of the Manager’s style, portfolio constraints, and the market environment.

B. Manager Probation and Termination 1. A manager may be placed on a watch list in response to the Board’s concerns about the Manager’s recent or long-term investment results, failure by the Manager to comply with any of these investment guidelines, significant changes in the investment Manager’s firm, changes in the

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Manager’s investment strategy, anticipated changes in Fund structure, or for any other reasons which the Board deems appropriate. 2. Attainment of investment objectives does not guarantee continued employment by the Board, nor does failure to achieve these guidelines ensure dismissal. Managers serve at the discretion of the Board.

VIII. Manager Reporting Requirements

A. Manager Reporting Managers shall report on the following as soon as they occur: 1. Discovery of a violation of the investment guidelines contained in this Investment Policy Statement; 2. A significant change in investment strategy, portfolio structure, or market value or liquidity of managed assets; 3. A significant change, in the ownership affiliations, organizational structure, financial condition, professional staffing, or clientele of the Investment Manager; and 4. Sanctions against the firm or its employees by any state or federal governmental or regulatory agency, or by FINRA, to the extent permissible by law.

B. Manager Quarterly Manager shall report on the following quarterly:

1. Guideline compliance; 2. Brief review of investment process; 3. Discussion of any changes to the investment process; 4. Investment strategy used over the past year and underlying rationale; 5. Evaluation of strategy’s successes/disappointments; 6. Comment on the Manager’s assessment of the current liquidity of the portfolio and the market(s) in which the portfolio is invested; 7. Provide cumulative returns for last quarter, year-to-date, last year, three years, five years, ten years, and since inceptions versus designated benchmarks both on a gross and net of fees and expenses basis. Similarly, provide calendar year returns since inceptions; 8. Discuss net performance relative to benchmarks; 9. Provide a list of portfolio holdings grouped by industry/sector or other intuitive grouping; 10. Provide portfolio characteristics relative to benchmark; and 11. Derivatives Review Each manager that invests in derivatives contracts or securities shall also prepare a quarterly report on the following information: a. All derivatives positions as of quarter-end b. An assessment of how the derivatives positions affect the risk exposure of the total portfolio c. An explanation of any significant pricing discrepancies between the manager and the custodian bank

C. Annually A. Proxy Voting a. The Board shall delegate responsibility for the exercise of ownership rights through proxy voting to the Managers, who shall exercise this responsibility strictly for the economic benefit of the Fund and its participants. Managers shall annually report to the Board 15

standing policies with respect to proxy voting, including any changes that have occurred in those policies. b. Each annual commission report should include the following: i. Commission expense. Provide a review of the portfolio’s actual commission expense over the prior year. At a minimum, this should be broken down by broker and include average commission per share, total shares traded, total commission expense, and total trading volume. ii. Transaction cost analysis. In its capacity as a plan fiduciary, the Manager is expected to manage transaction costs it incurs on the System’s behalf in the best interest of the System beneficiaries. If the Manager has a system for monitoring total transaction costs, commissions plus market impact, a copy of this analysis should be provided. If requested, the Manager will report to the Trustees on the transaction costs incurred and the brokers used on the System’s behalf.

IX. Implementation All monies invested for the Fund by its Managers after the adoption of this statement shall conform to this Investment of Objectives and Policy Guidelines.

X. Approval It is understood that this investment policy is to be reviewed periodically by the Board to determine if any revisions are warranted by changing circumstances including, but not limited to, changes in financial status, risk tolerance, changes in the Fund or changes involving the Managers.

______Designees for Board of Trustees Date

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Appendix I

Baltimore County Investment Policy

Target Asset Mix (Adopted July 2017)

Permissible Asset Class Target Range Equities Domestic Large Cap 19% 14-24% Domestic Small Cap 8% 6-10% International 13% 10-16% Emerging Markets 9% 7-11% Fixed Income Core Bonds 8% 6-12% Diversified Bonds 9% 6-12% High Yield 0% 0-3% Bank Loans 3% 0-6% Emerging Market 4% 0-7% GAA (including Risk Parity) 15% 10-20% Real Estate 5% 0-7% Private Equity 7% 0-9% Cash and Cash Equivalents 0% 0-5%

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Appendix II

INVESTMENT GUIDELINES FOR BENCHMARK PLUS MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date February 2008)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and BENCHMARK PLUS MANAGEMENT (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a portable alpha large cap equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The Trustees selected Benchmark Plus as their portable alpha large cap equity manager. B. The Manager will purchase units in its Benchmark Plus Institutional fund to achieve the target asset allocation for its portfolio and meet its performance objectives. The fund seeks to obtain exposure to the S&P 500 index through the use of futures/derivatives instruments to buy the index in an uncorrelated hedge fund. The investment guidelines governing this fund have been reviewed by and are acceptable to the Trustees.

III. Investment Objectives A. To exceed the rate of return of the S&P 500 Stock Index, net of fees, over reasonable measurement periods. B. To achieve an above-median ranking within a universe of large cap domestic equity funds.

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INVESTMENT GUIDELINES FOR DECATUR CAPITAL MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date April 2013)

These investment guidelines extend the "Statement of Investment Policy for the Employees' Retirement System of Baltimore County" as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and DECATUR CAPITAL MANAGEMENT (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a large cap growth equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return, net of fees, is expected to exceed the Russell 1000 Growth Index over a rolling three to five year period. In addition, total return will be compared to the consultant’s universe of domestic large cap growth managers.

B. Return objectives should be achieved without assuming undue risk. The risk - as measured by the standard deviation of returns - and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of domestic large cap growth managers.

III. Guidelines A. Decatur Capital Management is granted full discretion, within the guidelines described herein.

B. Eligible securities are common stock and common stock-related securities traded on U.S. stock exchanges. American Depository Receipts and common stock of foreign domiciled companies traded on U.S. stock exchanges shall not exceed 20% of the portfolio’s market value.

C. The manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Trustees understand that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 10% of the portfolio, except as approved by the Trustees. The custodian bank Short Term Investment Fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least A1 or an equivalent rating.

D. The portfolio weight of the securities of an individual issuer shall not exceed the greater of: a) 5%, or b) 1.5 times the stock’s weight in the Russell 1000 Growth Index. Holdings in an individual issuer shall not exceed 5% of the amount of that issue currently outstanding.

E. Derivatives are not to be used in this portfolio, except as approved by the Trustees.

F. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the Fund’s staff.

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INVESTMENT GUIDELINES FOR BROWN ADVISORY BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date July 1986)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and BROWN ADVISORY (the “Manager”) with respect to the investment- related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core large cap equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The Brown Advisory (formerly, Alex. Brown Investment Management) portfolio may be invested with a maximum of 100% common stock and common stock-related securities traded on US exchanges. American Depository Receipts and common stock of foreign domiciled companies traded on US exchanges shall not exceed 20% of the portfolio’s market value. B. The portfolio shall be diversified to reduce the impact of losses in individual securities. No single security shall comprise greater than 10% of the market value of the entire portfolio.

III. Investment Objectives A. To exceed the rate of return of the S&P 500 Stock Index, net of fees, over reasonable measurement periods. B. To achieve an above-median ranking within a universe of large cap core stock funds.

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INVESTMENT GUIDELINES FOR BLACKROCK BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date February 1986)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and BLACKROCK (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for domestic and international core equity index portfolios. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. To approximate(with a reasonable tracking error) the returns of the appropriate market indices as outlined below: i. US Equity Market Fund is benchmarked to the Wilshire 5000 Stock Index ii. International Equity Fund is benchmarked to the MSCI All Country World ex-US index

III. Guidelines A. The assets are to be invested in BlackRock commingled US Equity and International Equity index funds in proportions and amounts determined by Trustees or the investment staff of Baltimore County as authorized by the Trustees.

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INVESTMENT GUIDELINES FOR CHANNING CAPITAL MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date May 2013)

These investment guidelines extend the "Statement of Investment Policy for the Employees' Retirement System of Baltimore County" as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and CHANNING CAPITAL MANAGEMENT, LLC, Inc. (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a domestic small cap value equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return, net of fees, is expected to exceed the Russell 2000 Value Index over a rolling three to five year period. In addition, total return will be compared to the consultant’s universe of domestic small cap value managers.

B. Return objectives should be achieved without assuming undue risk. The risk - as measured by the standard deviation of returns - and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of domestic small cap value managers.

III. Guidelines A. Channing Capital Management is granted full discretion, within the guidelines described herein.

B. Eligible securities are common stock and common stock-related securities traded on U.S. stock exchanges. American Depository Receipts and common stock of foreign domiciled companies traded on U.S. stock exchanges shall not exceed 20% of the portfolio’s market value.

C. The manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Trustees understand that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Trustees. The custodian bank Short Term Investment Fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least A1 or an equivalent rating.

D. The portfolio weight of the securities of an individual issuer shall not exceed the greater of: a) 5%, or b) 1.5 times the stock’s weight in the Russell 2000 Value Index. Holdings in an individual issuer shall not exceed 5% of the amount of that issue currently outstanding.

E. Derivatives are not to be used in this portfolio, except as approved by the Trustees.

F. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the Fund’s staff.

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INVESTMENT GUIDELINES FOR MATARIN CAPITAL MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date September 2017)

These investment guidelines extend the "Statement of Investment Policy for the Employees' Retirement System of Baltimore County" as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and MATARIN CAPITAL MANAGEMENT, LLC, Inc. (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a domestic small cap core equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return, net of fees, is expected to exceed the Russell 2000 Index over a rolling three to five year period. In addition, total return will be compared to the consultant’s universe of domestic small cap value managers.

B. Return objectives should be achieved without assuming undue risk. The risk - as measured by the standard deviation of returns - and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of domestic small cap value managers.

III. Guidelines A. Matarin Capital Management is granted full discretion, within the guidelines described herein.

B. Eligible securities are common stock and common stock-related securities traded on U.S. stock exchanges. American Depository Receipts and common stock of foreign domiciled companies traded on U.S. stock exchanges shall not exceed 5% of the portfolio’s market value.

C. The manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Trustees understand that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Trustees. The custodian bank Short Term Investment Fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least A1 or an equivalent rating.

D. The portfolio weight of the securities of an individual issuer shall not exceed the greater of: a) 5%, or b) 1.5 times the stock’s weight in the Russell 2000 Index. Holdings in an individual issuer shall not exceed 5% of the amount of that issue currently outstanding.

E. Derivatives are not to be used in this portfolio, except as approved by the Trustees.

F. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the Fund’s staff.

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INVESTMENT GUIDELINES FOR EARNEST PARTNERS BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date June 2005)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and EARNEST PARTNERS (the “Manager”) with respect to the investment- related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a small cap value equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return, net of fees, is expected to exceed the Russell 2000 Value Index over a rolling three to five year period. In addition, total return will be compared to the consultant’s universe of domestic small cap value managers.

B. Return objectives should be achieved without assuming undue risk. The risk, as measured by the standard deviation of returns – and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of domestic small cap value managers.

III. Guidelines A. The manager is granted full discretion, within the guidelines described herein.

B. Eligible securities are common stock and common stock-related securities (including exchanged traded funds “ETFs”) traded on US stock exchanges. American Depository Receipts and common stock of foreign domiciled companies traded on US stock exchanges shall not exceed 20% of the portfolio’s market value.

C. The manager is expected to be fully invested in equities (including warranties and convertibles); this notwithstanding, the Trustees understand that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Trustees. The custodian bank Short Term Investment Fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least A1 or an equivalent rating.

D. The portfolio weight of the securities of an individual issuer shall not exceed the greater of (1) 5% or (2) 1.5 times the stock’s weight in the Russell 2000 Value Index. Holdings in an individual issuer shall not exceed 5% of the amount that issue currently outstanding.

E. Derivatives are not to be used in this portfolio, except as approved by the Trustees.

F. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the fund’s staff.

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INVESTMENT GUIDELINES FOR BROWN CAPITAL BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date June 2005)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and BROWN CAPITAL (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a small cap growth equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return, net of fees, is expected to exceed the Russell 2000 Growth Index over a rolling three to five year period. In addition, total return will be compared to the consultant’s universe of domestic small cap growth managers.

B. Return objectives should be achieved without assuming undue risk. The risk – as measured by the standard deviation of returns – and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of domestic small cap growth managers.

III. Guidelines A. The manager is granted full discretion, within the guidelines described herein.

B. Eligible securities are common stock and common stock-related securities traded on US stock exchanges. American Depository Receipts and common stock of foreign domiciled companies traded on US stock exchanges shall not exceed 20% of the portfolio’s market value.

C. The manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Trustees understand that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Trustees. The custodian bank Short Term Investment Fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least A1 or an equivalent rating.

D. The portfolio weight of the securities of an individual issuer shall not exceed: (1) 5% or (2) 1.5 times the stock’s weight in the Russell 2000 Growth Index. Holdings in an individual issuer shall not exceed 5% of the amount of that issue currently outstanding.

E. Derivatives are not to be used in this portfolio, except as approved by the Trustees.

F. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the Fund’s staff.

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INVESTMENT GUIDELINES FOR GRYPHON INTERNATIONAL INVESTMENT CORP. BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date October 2009)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and GRYPHON INT’L INVESTMENT CORP. (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core international equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return for international equity specialist Manager shall meet or exceed the Morgan Stanley EAFE (Europe, Australia and Far East) International Index and consistently rank in the top half of the investment consultant’s universe of Developed International Equity Specialist Investment Managers.

B. Return objectives should be achieved without assuming undue risk. The risk – as measured by the standard deviation of returns – and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of international equity specialist managers.

III. Guidelines A. The manager is granted full discretion within the guidelines described herein.

B. Eligible securities should be traded on non-US stock exchanges, although the investment manager has latitude to hold securities traded on US stock exchanges, such as ADRs and GDRs, provided such securities are consistent with the attainment of the investment objectives and do not exceed 15% of the market value of the Manager’s portfolio. The predominance of the Manager’s holdings shall be in the developed market countries included in the Morgan Stanley EAFE Index.

C. The Manager may employ an active currency management program and may deal in futures and options within the discipline of that currency management program, subject to the Derivative Guidelines reflected in Section IV below.

D. The Manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Board understands that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Board. The custodian bank Short Term Investment Fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least AI or an equivalent rating.

E. Equity holdings in any one company should not exceed 5% of the market value of the Manager’s total portfolio without the consent of the Board.

F. No purchase shall be made, which would cause a holding to exceed 5% of an issuer’s outstanding shares on a capitalization weighted basis. 26

G. Stocks that are not listed on one of the major stock exchanges of the countries incorporated in the Morgan Stanley EAFE Index may comprise up to 15% of the market value of the portfolio.

H. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the System’s staff.

I. Unless otherwise noted, the Manager may not invest in the following: 1. Transactions prohibited or limited by Federal, State or local law. 2. Short Sales, excepts where permitted 3. Purchases of letter stock, private placements (except for 144A securities with registration rights), or direct payments. 4. Leveraged transactions other than real estate. 5. Puts, calls, straddles, or other option strategies, except where permitted. 6. Investment in tax-exempt securities. 7. Use of margin, or investments in any derivatives not explicitly permitted in this policy statement. 8. Investments by the managers in their own securities, their affiliates, or subsidiaries (excluding money market or other commingled funds as authorized by the Board)

IV. Derivatives Policy A. The use of derivatives is permitted and may be used for the following reasons: 1. Hedging. To the extent that the portfolio is exposed to clearly defined risks and there are derivative contracts that can be used to reduce those risks, the investment Managers are permitted to use such derivatives for hedging purposes, including cross-hedging of currency exposures. 2. Creation of Market Exposures. Investment Managers are permitted to use derivatives to replicate the risk/return profile of an asset or asset class provided that the guidelines for the Investment Manager allow for such exposures to be created with the underlying assets themselves.

B. Investment Managers may not use derivative contracts or securities for the following purposes: 1. Leverage. Derivatives shall not be used to magnify overall portfolio exposure to an asset, asset class, interest rate, or any other financial variable beyond that which would be allowed by a portfolio’s investment guidelines if derivatives were not used. 2. Unrelated Speculation. Derivatives shall not be used to create exposures to securities, currencies, indices, or any other financial variable unless such exposures would be allowed by a portfolio’s investment guidelines if created with non-derivative securities.

27

INVESTMENT GUIDELINES FOR ATIVO CAPITAL MANAGEMENT, LLC BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date January 2015)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and ATIVO CAPITAL MANAGEMENT, LLC, Inc. (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core international equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return for international equity specialist Manager shall meet or exceed the Morgan Stanley All Country World Ex-US (ACWI ex-US) Index and consistently rank in the top half of the investment consultant’s universe of Developed International Equity Specialist Investment Managers.

B. Return objectives should be achieved without assuming undue risk. The risk – as measured by the standard deviation of returns – and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of international equity specialist managers.

III. Guidelines A. The manager is granted full discretion within the guidelines described herein.

B. Eligible securities should be traded on non-US stock exchanges, although the investment manager has latitude to hold securities traded on US stock exchanges, such as ADRs and GDRs, provided such securities are consistent with the attainment of the investment objectives and do not exceed 15% of the market value of the Manager’s portfolio. The predominance of the Manager’s holdings shall be in countries included in the Morgan Stanley ACWI ex-US Index.

C. The Manager may employ an active currency management program and may deal in futures and options within the discipline of that currency management program, subject to the Derivative Guidelines reflected in Section IV below.

D. The Manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Board understands that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Board. The custodian bank Short Term Investment Fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least AI or an equivalent rating.

E. Equity holdings in any one company should not exceed 5% of the market value of the Manager’s total portfolio without the consent of the Board.

F. No purchase shall be made, which would cause a holding to exceed 5% of an issuer’s outstanding shares on a capitalization weighted basis.

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G. Stocks that are not listed on one of the major stock exchanges of the countries incorporated in the Morgan Stanley ACWI ex-US Index may comprise up to 15% of the market value of the portfolio.

H. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the System’s staff.

I. Unless otherwise noted, the Manager may not invest in the following: 1. Transactions prohibited or limited by Federal, State or local law. 2. Short Sales, excepts where permitted 3. Purchases of letter stock, private placements (except for 144A securities with registration rights), or direct payments. 4. Leveraged transactions other than real estate. 5. Puts, calls, straddles, or other option strategies, except where permitted. 6. Investment in tax-exempt securities. 7. Use of margin, or investments in any derivatives not explicitly permitted in this policy statement. 8. Investments by the managers in their own securities, their affiliates, or subsidiaries (excluding money market or other commingled funds as authorized by the Board)

IV. Derivatives Policy A. The use of derivatives is permitted and may be used for the following reasons: 1. Hedging. To the extent that the portfolio is exposed to clearly defined risks and there are derivative contracts that can be used to reduce those risks, the investment Managers are permitted to use such derivatives for hedging purposes, including cross-hedging of currency exposures. 2. Creation of Market Exposures. Investment Managers are permitted to use derivatives to replicate the risk/return profile of an asset or asset class provided that the guidelines for the Investment Manager allow for such exposures to be created with the underlying assets themselves.

B. Investment Managers may not use derivative contracts or securities for the following purposes: 1. Leverage. Derivatives shall not be used to magnify overall portfolio exposure to an asset, asset class, interest rate, or any other financial variable beyond that which would be allowed by a portfolio’s investment guidelines if derivatives were not used. 2. Unrelated Speculation. Derivatives shall not be used to create exposures to securities, currencies, indices, or any other financial variable unless such exposures would be allowed by a portfolio’s investment guidelines if created with non-derivative securities.

29

INVESTMENT GUIDELINES FOR LSV ASSET MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date July 2005)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (the “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and LSV ASSET MANAGEMENT (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a large cap value-oriented international equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return for International Equity Specialist Manager shall meet or exceed the Morgan Stanley EAFE (Europe, Australia and Far East) International Index and consistently rank in the top half of the investment consultant’s universe of Developed International Equity Specialist Investment Managers.

B. Return objectives should be achieved without assuming undue risk. The risk – as measured by the standard deviation of returns – and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of Developed International Equity Managers.

III. Guidelines A. The manager is granted full discretion within the guidelines described herein.

B. Eligible securities are publicly traded common stock and common stock-related securities traded on non-US stock exchanges. Such securities may include, but are not limited to, local shares, ADRs, GDRs, warrants, right of ownership or securities convertible into common stock. ADRs are restricted to no more than 10% of the portfolio. The predominance of the Manager’s holding shall be in the developed market countries included in the Morgan Stanley EAFE (Europe, Australia and Far East) International Index.

C. The Manager may employ an active currency management program and may deal in futures and options within the discipline of that currency management program, subject to the Derivative Guidelines reflected in Section IV below.

D. The Manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Board understands that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Board. The custodian bank’s short term investment fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least A1 or an equivalent rating.

E. The account will be well diversified and should hold at least 100 stocks with market capitalizations of at least $400 million at the time of purchase.

30

F. The account will be approximately country neutral relative to the benchmark and will attempt to outperform the benchmark through stock selection within each country. Industry exposures will also be closely monitored relative to the benchmark.

G. Equity holdings in any one company should not exceed 5% of the market value of the Manager’s total portfolio without the consent of the Board.

H. No purchase shall be made, which would cause a holding to exceed 5% of an issuer’s outstanding shares on a capitalization weighted basis.

I. Stocks that are not listed on one of the major stock exchanges of the countries incorporated in the EAFE (Europe, Australia and Far East) International Index may comprise up to 15% of the market value of the portfolio.

J. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the System’s staff.

K. Unless otherwise noted, the Manager may not invest in the following: 1. Transactions prohibited or limited by Federal, State or local law 2. Short Sales, except where permitted 3. Purchases of letter stock, private placements (except for 144A securities with registration rights), or direct payments 4. Leveraged transactions other than real estate 5. Puts, calls, straddles, or other option strategies, except where permitted 6. Investment in tax-exempt securities 7. Use of margin, or investments in any derivatives not explicitly permitted in this policy statement 8. Investments by the managers in their own securities, their affiliates, or subsidiaries (excluding money market or other commingled funds as authorized by the Board)

IV. Derivatives Policy A. The use of derivatives is permitted and may be used for the following reasons: 1. Hedging. To the extent that the portfolio is exposed to clearly defined risks and there are derivative contracts that can be used to reduce those risks, the investment managers are permitted to use such derivatives for hedging purposes, including cross-hedging of currency exposures.

B. Creation of Market Exposures. Investment managers are permitted to use derivatives to replicate the risk/return profile of an asset or asset class provided that the guidelines for the investment manager allow for such exposures to be created with the underlying assets themselves.

C. Investment managers may not use derivative contracts or securities for the following purposes: 1. Leverage. Derivatives shall not be used to magnify overall portfolio exposure to an asset, asset class, interest rate, or any other financial variable beyond that which would be allowed by a portfolio’s investment guidelines if derivatives were not used. 2. Unrelated Speculation. Derivatives shall not be used to create exposures to securities, currencies, indices, or any other financial variable unless such exposures would be allowed by a portfolio’s investment guidelines if created with non-derivative securities.

31

INVESTMENT GUIDELINES FOR STRATEGIC GLOBAL ADVISORS BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date July 2005)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (the “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and STRATEGIC GLOBAL ADVISORS (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for an international small cap equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Objectives A. Total return for International Small Cap Equity Specialist Manager shall meet or exceed the Morgan Stanley World ex-USA Small Cap Index and consistently rank in the top half of the investment consultant’s universe of Developed International Small Cap Equity Specialist Investment Managers.

B. Return objectives should be achieved without assuming undue risk. The risk – as measured by the standard deviation of returns – and the risk-adjusted return of this portfolio will be compared to the same measures for an appropriate universe of Developed International Equity Managers.

III. Guidelines A. The manager is granted full discretion within the guidelines described herein.

B. Eligible securities are publicly traded common stock and common stock-related securities traded on non-US stock exchanges. Such securities may include, but are not limited to, local shares, ADRs, GDRs, warrants, right of ownership or securities convertible into common stock. ADRs are restricted to no more than 10% of the portfolio. The predominance of the Manager’s holding shall be in the developed market countries included in the Morgan Stanley World ex-USA Small Cap Index

C. The Manager may employ an active currency management program and may deal in futures and options within the discipline of that currency management program, subject to the Derivative Guidelines reflected in Section IV below.

D. The Manager is expected to be fully invested in equities (including warrants and convertibles); this notwithstanding, the Board understands that some liquidity in the portfolio is necessary to facilitate trading, restricts cash to no more than 5% of the portfolio, except as approved by the Board. The custodian bank’s short term investment fund (“STIF”) is an allowed investment, as are other cash equivalents, provided they carry an S&P rating of at least A1 or an equivalent rating.

E. Equity holdings in any one company should not exceed 5% of the market value of the Manager’s total portfolio without the consent of the Board.

F. No purchase shall be made, which would cause a holding to exceed 5% of an issuer’s outstanding shares on a capitalization weighted basis.

32

G. Stocks that are not listed on one of the major stock exchanges of the countries incorporated in the Morgan Stanley ex-USA Small Cap Index may comprise up to 15% of the market value of the portfolio.

H. Responsibility for the exercise of ownership rights including proxy solicitations is delegated to the manager. The manager is expected to vote all proxies and to summarize votes in an annual report to the System’s staff.

I. Unless otherwise noted, the Manager may not invest in the following: 1. Transactions prohibited or limited by Federal, State or local law 2. Short Sales, except where permitted 3. Purchases of letter stock, private placements (except for 144A securities with registration rights), or direct payments 4. Leveraged transactions other than real estate 5. Puts, calls, straddles, or other option strategies, except where permitted 6. Investment in tax-exempt securities 7. Use of margin, or investments in any derivatives not explicitly permitted in this policy statement 8. Investments by the managers in their own securities, their affiliates, or subsidiaries (excluding money market or other commingled funds as authorized by the Board)

IV. Derivatives Policy A. The use of derivatives is permitted and may be used for the following reasons: 1. Hedging. To the extent that the portfolio is exposed to clearly defined risks and there are derivative contracts that can be used to reduce those risks, the investment managers are permitted to use such derivatives for hedging purposes, including cross-hedging of currency exposures.

B. Creation of Market Exposures. Investment managers are permitted to use derivatives to replicate the risk/return profile of an asset or asset class provided that the guidelines for the investment manager allow for such exposures to be created with the underlying assets themselves.

C. Investment managers may not use derivative contracts or securities for the following purposes: 1. Leverage. Derivatives shall not be used to magnify overall portfolio exposure to an asset, asset class, interest rate, or any other financial variable beyond that which would be allowed by a portfolio’s investment guidelines if derivatives were not used. 2. Unrelated Speculation. Derivatives shall not be used to create exposures to securities, currencies, indices, or any other financial variable unless such exposures would be allowed by a portfolio’s investment guidelines if created with non-derivative securities.

33

INVESTMENT GUIDELINES FOR MONDRIAN BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date September 2005)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” dated May 28, 1997 as revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and MONDRIAN (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core emerging market equity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. Mondrian Emerging Markets Equity Fund is authorized to invest the System’s funds in accordance with the investment objective stated below.

B. The fund shall be reasonably diversified in individual investments in a manner that is at the discretion of the portfolio manager.

C. Administrative duties, such as custody of assets, security settlement, and dividend collection, are the responsibility of the portfolio manager.

III. Investment Objectives A. To exceed the rate of return on the Morgan Stanley Capital International Emerging Market Index, net of fees, over reasonable measurement periods.

B. To achieve an above-median ranking within a universe of Emerging Market Stock Funds.

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INVESTMENT GUIDELINES FOR PIMCO BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date May 2007)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and PIMCO (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a diversified global fixed income portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The Trustees selected PIMCO as their diversified bond manager to provide a constant allocation to global bonds and high yield.

B. The Manager will purchase units in its Diversified Income Fund to achieve the target asset allocation for its portfolio and meet its performance objectives. The investment guidelines governing this fund have been reviewed by and are acceptable to the Trustees.

III. Performance Objectives A. The Manager shall exceed the return of a hypothetical portfolio invested 1/3 Citigroup World Government Bond Index, 1/3 in the Barclays Capital High Yield Index, and 1/3 in the JP Morgan Emerging Markets Debt Index.

B. Rank in the top half of a universe of CorePlus bond managers.

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INVESTMENT GUIDELINES FOR LOOMIS SAYLES BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date July 2014)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction C. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and LOOMIS SAYLES (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

D. The Manager will be responsible for a diversified fixed income as well as a credit opportunities portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The Trustees selected Loomis, Sayles & Company as their credit opportunities and as a diversified fixed income manager.

B. The Manager will purchase units in its Credit Asset and Strategic Alpha Funds to achieve the target asset allocation for its portfolio and meet its performance objectives. The investment guidelines governing these funds have been reviewed by and are acceptable to the Trustees.

III. Performance Objectives A. The Manager shall exceed the return of Barclays Corporate Bond Index +1.5% and 3-month Libor + 3% for the Credit Asset and Strategic Alpha Funds, respectively.

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INVESTMENT GUIDELINES FOR STONE HARBOR INVESTMENT PARTNERS BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date June 2011)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and STONE HARBOR INVESTMENT PARTNERS (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for an emerging market debt local currency portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The Trustees selected Stone Harbor Investment Partners as their emerging markets debt manager to provide a constant allocation to emerging market bonds and currencies.

B. The Manager will purchase units in its Local Markets Fund to achieve the target asset allocation for its portfolio and meet its performance objectives. The investment guidelines governing this fund have been reviewed by and are acceptable to the Trustees.

III. Performance Objectives A. The Manager shall exceed the return of a hypothetical portfolio invested in the JP Morgan Government Bonds Index- Emerging Markets Global Diversified.

B. Rank in the top half of a universe of Emerging Markets Debt managers.

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INVESTMENT GUIDELINES FOR EARNEST PARTNERS LIMITED, LLC BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date July 2004)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and EARNEST PARTNERS LIMITED (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core fixed income portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The portfolio shall be invested in investment grade fixed-income or fixed-income like securities (ex. Convertible bonds).

B. Up to 10% of the portfolio’s assets may be invested in 144A securities.

C. The manager shall be responsible for determining the maturities of all fixed-income securities within the portfolio.

D. The manager is not permitted to invest in securities rated below investment grade by a nationally recognized securities rating organization. Securities which are subsequently downgraded to below investment grade may still be held in the portfolio.

E. The manager is permitted to invest up to 5% of the portfolio in foreign bonds denominated in US dollars.

F. The manager will maintain a weighted average duration within +/- 15% of the Barclays Aggregate Bond Index.

G. The portfolio shall be diversified to reduce the impact of losses in individual investments in a manner that is at the discretion of the portfolio manager.

H. The manager may invest up to 5% of the portfolio in any one credit, mortgage property or issue and up to 20% in any one industry (excluding US government and agency securities).

III. Investment Objectives A. To exceed the rate of return of the Barclays Aggregate Bond Index, net of fees, over reasonable measurement periods.

B. To achieve an above-median ranking within a universe of fixed-income funds

38

INVESTMENT GUIDELINES FOR REAMS ASSET MANAGEMENT COMPANY BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolios Inception Dates of December 2000 and October 2016)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and REAMS ASSET MANAGEMENT (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core plus fixed income portfolio and a core short duration fixed income portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The portfolio shall be invested in investment-grade fixed-income or fixed-income like securities except where the manager determines value to exist in the below investment grade market. In making these investments, the manager is expected to use prudent judgment and investment principles consistent with the portfolio’s investment objectives.

B. At least 85% of the portfolio’s market value must be invested in securities rated Baa by Moody’s or BBB by Standard & Poor’s or better at the time of purchase. Reams has the flexibility to invest up to 15% of the portfolio, including a maximum of 5% in convertible bonds, in issues rated Ba/B by Moody’s and BB/B by Standard & Poor’s. Ratings will be the higher of Moody’s or Standard & Poor’s.

C. Reams shall be responsible for determining the maturities of all fixed-income securities within the portfolio.

D. The portfolio shall be diversified to reduce the impact of losses in individual investments in a manner that is at the discretion of the portfolio manager.

E. Interest rate futures, fixed-income securities options, and options on interest rate futures maybe used, but not for the purpose of speculation. At no time shall: 1. The combined value of long futures and options positions and non-cash equivalent fixed- income securities exceed 100% of the value of the portfolio, nor shall 2. The use of such instruments leads to an effective net short position.

F. Up to 10% of the portfolio may be invested in non-US fixed-income securities.

III. Investment Objectives A. To exceed the rate of return, net of fees, over reasonable measurement periods of the Barclays Aggregate Bond Index for the Core Plus strategy, and of the BofA Merrill Lynch US Corp & Gov 1-3 Years Index for the Core Short Duration strategy.

B. To achieve an above-median ranking within a universe of fixed-income funds. 39

INVESTMENT GUIDELINES FOR WESTERN ASSET MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date July 2004)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and WESTERN ASSET MANAGEMENT (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core plus fixed income portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The portfolio shall be invested in fixed-income or fixed-income like securities, except where the manager determines value to exist in the below investment grade market. In making these investments, the manager is expected to use prudent judgment and investment principals consistent with the portfolio’s investment objectives.

B. At least 80% of the portfolio’s market value must be invested in securities rated Baa by Moody’s or BBB by Standard & Poor’s or better at the time of purchase. The manager has the flexibility to invest up to 20% of the portfolio in issues rated below Baa/B by Moody’s and BBB/B by Standard & Poor’s. If not rated by Moody’s and Standard and Poor’s, then any other nationally recognized statistical rating organization or Western Asset Management equivalent ratings may be used. If differences in ratings prevail, the higher of Moody’s or Standard and Poor’s will be used. The allocation to below investment grade bonds can also be made through pooled investment vehicles managed by Western.

C. Up to 20% of the portfolio may be invested in non-US, dollar fixed-income securities through pooled investment vehicles managed by Western Asset Management.

D. Western Asset Management shall be responsible for determining the maturities of all fixed-income securities within the portfolio.

E. The portfolio shall be diversified to reduce the impact of losses in individual investments in a manner that is at the discretion of the portfolio manager.

F. Interest rate futures, fixed-income securities options, and options on interest rate futures, and swaps and options on swaps may be used, but not for the purpose of speculation. Futures, short options and swaps, will be covered with cash, cash equivalents, offsetting derivatives positions, or liquid assets.

III. Investment Objectives A. To exceed the rate of return of the Barclays Aggregate Bond Index, net of fees, over reasonable measurement periods. These standards should not be considered a guarantee of performance.

B. To achieve an above-median ranking within a universe of fixed-income funds. 40

INVESTMENT GUIDELINES FOR GARCIA HAMILTON & ASSOCIATES, L.P. BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date June 2013)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and GARCIA HAMILTON & ASSOCIATES (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a core fixed income portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. Guidelines A. The portfolio shall be invested in investment-grade fixed-income or fixed-income like securities except where the manager determines value to exist in the below investment grade market. In making these investments, the manager is expected to use prudent judgment and investment principles consistent with the portfolio’s investment objectives.

B. At least 90% of the portfolio’s market value must be invested in securities rated Baa by Moody’s or BBB by Standard & Poor’s or better at the time of purchase. Garcia Hamilton has the flexibility to invest up to 10% of the portfolio, including a maximum of 5% in convertible bonds, in issues rated Ba/B by Moody’s and BB/B by Standard & Poor’s. Ratings will be the higher of Moody’s or Standard & Poor’s.

C. Garcia Hamilton shall be responsible for determining the maturities of all fixed-income securities within the portfolio.

D. The portfolio shall be diversified to reduce the impact of losses in individual investments in a manner that is at the discretion of the portfolio manager.

E. Up to 10% of the portfolio may be invested in non-US fixed-income securities.

III. Investment Objectives A. To exceed the rate of return of the Barclays Aggregate Bond Index, net of fees, over reasonable measurement periods.

B. To achieve an above-median ranking within a universe of fixed-income funds.

41

INVESTMENT GUIDELINES FOR BRIDGEWATER ASSOCIATES BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date May 2007)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and BRIDGEWATER ASSOCIATES (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a risk parity portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. GTAA A. The Trustees selected Bridgewater Associates as its risk parity manager within the GTAA asset class bucket. Bridgewater has discretion to invest in global equities, bonds and commodities. Bridgewater may also use futures, options, swaps and other derivatives to gain exposure to the various markets in which it invests.

III. Investment Objectives A. Outperform cash plus 6%.

B. To achieve an above-median ranking within a universe of balanced manager funds.

IV. Investment Guidelines A. Bridgewater will purchase units in its All Weather Commingled Fund to achieve the target asset allocation for its portfolio. The investment guidelines governing this fund have been reviewed by and are acceptable to the Trustees.

42

INVESTMENT GUIDELINES FOR WELLINGTON MANGEMENT CO. BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date September 2008)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and WELLINGTON MANAGEMENT CO. (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a global tactical asset allocation portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. GTAA A. The Trustees selected Wellington Management Company as its global tactical asset allocation (“GTAA”) manager. Wellington has discretion to invest in global equities, bonds and commodities. Wellington may also use futures, options, swaps and other derivatives to gain exposure to the various markets in which it invests.

III. Investment Objectives A. Exceed the return of the benchmark; 65% Morgan Stanley Capital International All Country World Index and 35% Barclays Aggregate Bond index over a rolling three year period.

B. To achieve an above-median ranking within a universe of balanced manager funds.

IV. Investment Guidelines A. Wellington will purchase units in its Opportunistic Investment Fund to achieve the target allocation for its portfolio. The investment guidelines governing this fund have been reviewed by and are acceptable to the Trustees.

43

INVESTMENT GUIDELINES FOR MELLON CAPITAL MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date May 2007)

These investment guidelines extend the “Statement of Investment Policy for the Employees’ Retirement System of Baltimore County” as amended and revised.

I. Introduction A. The purpose of this Investment Policy and Guidelines (these “Guidelines”) is to establish a clear understanding between the Board of Trustees of the Baltimore County Employees’ Retirement System (the “Board”) and MELLON CAPITAL MANAGEMENT (the “Manager”) with respect to the investment-related guidelines applicable to the assets assigned to same for management.

B. The Manager will be responsible for a global tactical asset allocation portfolio. The Manager will have full discretion for the funds under its management subject to limitations appearing herein.

II. GTAA A. The Trustees selected Mellon Capital Management as its global tactical asset allocation (“GTAA”) manager. Mellon has discretion to invest in global equities and bonds and commodities as set forth in its guidelines below.

III. Investment Objectives A. Exceed the return of the benchmark; 60% Morgan Stanley Capital International World Index (50% hedged into the US dollar) and 40% Citigroup World Government Bond Index (50% hedged into the US dollar) over a rolling three year period).

B. To achieve an above-median ranking within a universe of balanced manager funds.

IV. Investment Guidelines A. Mellon Capital’s investment discretion is limited to investing the account in the Mellon Dynamic Growth Fund in meeting the objective. Within the Dynamic Growth Fund, long and short positions in foreign and domestic financial futures, options on financial futures, exchange-traded options, over-the-counter options and over-the-counter foreign currency forward contracts may be used from time to time.

44

INVESTMENT GUIDELINES FOR PRIVATE EQUITY PARTNERSHIPS BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Incepted 1996)

The investment guidelines for the System’s private equity managers are contained in each fund’s limited partnership agreements. The following schedule of private equity partnerships are those that were in place on June 30, 2017.

Commitment Investment Name Year Formed Amount ($) Strategy HarbourVest Partners V Partnership Fund 1996 30,000,000 Buyout Edison Venture Fund IV 1998 2,000,000 Venture HarbourVest Partners VI-Buyout Partnership Fund 1999 5,000,000 Buyout HarbourVest Partners VI- Partnership Fund 1999 15,000,000 Buyout HarbourVest Partners VII Venture Fund 2003 20,000,000 Venture HarbourVest Partners VII Buyout 2003 20,000,000 Buyout HarbourVest Partners VII Mezzanine Fund 2003 10,000,000 Mezzanine Siguler Guff DOF II 2006 7,500,000 Distressed Newstone Capital Partners I, LP 2007 10,000,000 Mezzanine Paul Capital Partners IX, LP 2007 5,000,000 Secondaries Mesirow Partnership Fund IV 2007 20,000,000 Fund of Funds TCW/Crescent Mezzanine V, L.P. 2008 7,500,000 Mezzanine HarbourVest Partners Dover Street VII 2008 10,000,000 Secondaries Siguler Duff DOF III 2008 10,000,000 Distressed Newstone Capital Partners II, LP 2009 5,000,000 Mezzanine Landmark Equity Partners XIV, L.P. 2009 5,000,000 Secondaries Siguler Guff DOF IV 2010 10,000,000 Distressed Energy Spectrum Partners VI, LP 2010 7,500,000 Energy Sterling Capital Partners IV 2011 5,000,000 Growth Equity Vista Equity Partners Fund IV, L.P. 2011 10,000,000 Buyout Lexington Capital Partners VII 2011 10,000,000 Secondaries EIG Energy Fund XV 2011 7,500,000 Energy Private Advisors Small Company Buyout V 2012 10,000,000 Buyout Crescent Mezzanine VI, L.P. 2012 10,000,000 Mezzanine Vista Foundation Fund II 2013 5,000,000 Buyout Landmark Equity Partners XV, L.P. 2013 7,500,000 Secondaries EIG Energy Fund XVI 2013 7,500,000 Energy CCMP Capital Investors III, L.P. 2014 10,000,000 Buyout Vista Equity Partners Fund V, L.P. 2014 10,000,000 Buyout Private Advisors Small Company Buyout VI 2015 15,000,000 Buyout Warburg Pincus Private Equity XII, L.P. 2015 11,600,000 Buyout HarbourVest Partners Dover Street IX 2016 20,000,000 Secondaries Riverstone Credit Partners 2016 10,000,000 Direct Lending Riverstone Global Power and Energy Fund VI 2016 10,000,000 Energy Vista Foundation Fund III 2016 4,780,000 Buyout Apollo IX 2017 16,000,000 Buyout Private Advisors Small Company Buyout VII 2017 20,000,000 Buyout

45

INVESTMENT GUIDELINES FOR ING CLARION PARTNERS BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date November 2005)

The Retirement System sets forth modified portfolio restrictions and performance objectives for the following Manager:

Type of Portfolio: Alternative Assets – Real Estate – Core

Performance Objectives: − Perform above median consistently over a three-year rolling period compared to a universe of real estate investment managers.

− Exceed the NCREIF Property Index by 100 basis points annually over a three-year rolling period.

46

INVESTMENT GUIDELINES FOR UBS REALTY INVESTORS BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date January 2006)

The Retirement System sets forth modified portfolio restrictions and performance objectives for the following Manager:

Type of Portfolio: Alternative Assets – Real Estate – Core

Performance Objectives: − Perform above median consistently over a three-year rolling period compared to a universe of real estate investment managers.

− Exceed the NCREIF Property Index by 100 basis points annually over a three-year rolling period.

47

INVESTMENT GUIDELINES FOR JPMORGAN ASSET MANAGEMENT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date January 2007)

The Retirement System sets forth modified portfolio restrictions and performance objectives for the following Manager:

Type of Portfolio: Alternative Assets – Real Estate – Value Added

Performance Objectives: − Perform above median consistently over a three-year rolling period compared to a universe of real estate investment managers.

− Exceed the NCREIF Property Index by 100 basis points annually over a three-year rolling period.

48

INVESTMENT GUIDELINES FOR TRANSWESTERN INVESTMENT COMPANY BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date December 2005)

The Retirement System sets forth modified portfolio restrictions and performance objectives for the following Manager:

Type of Portfolio: Alternative Assets – Real Estate – Opportunistic

Performance Objectives: − Perform above median consistently over a three-year rolling period compared to a universe of real estate investment managers.

− Exceed the NCREIF Property Index by 100 basis points annually over a three-year rolling period.

49

INVESTMENT GUIDELINES FOR EIM MANAGEMENT USA INC. BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date March 2006)

The Retirement System sets forth modified portfolio restrictions and performance objectives for the following Manager:

Type of Portfolio: Alternative Assets – Hedge Fund of Funds

Performance Objectives: − Perform above median consistently over a three-year rolling period compared to a universe of hedge fund investment managers.

− Exceed the HFRI Fund of Funds by 100 basis points annually over a three-year rolling period.

Note: The EIM portfolio was terminated July 2013 and proceeds are being paid out over time.

50

INVESTMENT GUIDELINES FOR FEDERAL STREET PARTNERS BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date March 2006)

The Retirement System sets forth modified portfolio restrictions and performance objectives for the following Manager:

Type of Portfolio: Alternative Assets – Hedge Fund of Funds

Performance Objectives: − Perform above median consistently over a three-year rolling period compared to a universe of hedge fund investment managers.

− Exceed the HFRI Fund of Funds by 100 basis points annually over a three-year rolling period.

Note: The Federal Street portfolio was terminated July 2013 and proceeds are being paid out over time.

51

INVESTMENT GUIDELINES FOR MELLON CASH ACCOUNT BALTIMORE COUNTY EMPLOYEES RETIREMENT SYSTEM (Portfolio Inception Date May 2004)

The Retirement System sets forth modified portfolio restrictions and performance objectives for the following Manager:

Type of Portfolio: Alternative Assets – Cash Account

Performance Objectives: − Exceed the 90 day T-bills Index by 100 basis points annually over a three-year rolling period.

52

Appendix III

Baltimore County Emerging Managers Program Overview

It is the Policy of Baltimore County: • To maintain guidelines and funding strategies that encourage the inclusion and support the development of Emerging Investment Managers; • To the greatest extent feasible within the bounds of financial and fiduciary prudence, take affirmative steps to remove any barriers to the full participation of Emerging Managers as part of the implementation of the Investment Policy; • To evaluate all managers using the same objective qualitative and quantitative measures. • To seek to be inclusive of Emerging Managers throughout its investment activities; • To recruit star Emerging Managers who can provide a critical source of superior investment performance. To proactively identify best-in-class Emerging Investment Managers who demonstrate the capacity to become long- term viable partners of the Retirement System Fund;

Baltimore County defines Emerging Managers as: • An investment firm physically headquartered in U.S. owned and operated by women and/or minority group members -African American, Asian American, Hispanic American or Native American based on 2010 Census classifications-that are U.S. citizens and/or permanent residents. The firms may be small, start-up firms with little or no track record that is led by an investment professional(s) with many years of experience as a fund manager at a larger investment management firm.

• Further, Emerging Managers shall have asset thresholds approximately equal to or lesser of $2 billion for Large Cap Equity or International Equity and $500 million for Mid/Small Cap Equity for Emerging Manager’s. Alternative investment managers shall have asset thresholds approximately equal to or lesser of $1 billion as well as have raised no more than 3 prior funds. Fixed income managers shall have asset thresholds approximately equal to or lesser of $2.5 billion.

The target range and utilization for Emerging Managers will approximate 6% of the total fund portfolio. The Emerging Manager participation will be determined by the Fund’s asset allocation in accordance with the guidelines and risk parameters established for the portfolio. With the employment of prudent selection processes and practices consistent with the high fiduciary standards for all investment management decisions; Participants in the Emerging Manager program in addition to the standard on going objective qualitative and quantitative measures; will be reviewed on rolling 3 year intervals and 5 year program assessment for the purpose of determining if the firm is of sufficient stature and capacity to become an Emerged Manager.

Upon being defined as an Emerged Manager, the manager will be transitioned from the EM program and apportioned an allocation of funds in accordance with the existing approved Asset Allocation at said time.

53

Appendix

1 Baltimore County Glossary of Terms

The calculation methodology for each measure of performance is outlined below.

Measurement Description Equation

Policy Target Measures policy allocation decisions. = TARGET ASSET WEIGHTS X INDEX RETURNS

Allocation Measures actual allocation decisions. = ACTUAL ASSET WEIGHTS X INDEX RETURNS Index Deviations from the policy target can be derived. (Allocation Index – Policy Index)

Composite Measures actual performance and can = ACTUAL ASSET WEIGHTS X ACTUAL RETURNS (Total Return) derive active management decisions. (Composite – Allocation Index)

The calculation methodology for each measure of attribution is outlined below.

Measurement Description Equation

Allocation Measure the effects of overweighting or = (ACTUAL MANAGER WEIGHT –POLICY TARGET Effect underweighting managers and asset WEIGHT) X POLICY INDEX RETURN classes.

Selection Measures the managers’ ability to add = (ACTUAL MANAGER RETURN –INDEX RETURN) X Effect excess return relative to the policy index. POLICY TARGET WEIGHT

Interaction Measures the cross correlation of both = (ACTUAL MANAGER RETURN X (ACTUAL MANAGER Effect selection and allocation affects and is WEIGHT –POLICY TARGET WEIGHT)) – ((MANAGER often referred to as an “error term”. WEIGHT –POLICY TARGET WEIGHT) X INDEX RETURN)

2 Baltimore County Glossary of Terms

• R-Squared (R2) – A statistical measure of the percentage of a Fund’s movements that can be explained by movements in an index benchmark. Values can range from 0 to 1 (0% to 100%). General Range for R-Squared: – 70-100% = high explanatory value of the benchmark's returns – 40-70% = average explanatory value of the benchmark's returns – 0-40% = low explanatory value of the benchmark's returns

• Alpha – A measure of performance on a risk-adjusted basis. The risk-adjusted performance is compared to that of a benchmark index and any excess return is Alpha. A positive Alpha of 1.0 indicates the fund outperformed its benchmark by 1%.

• Beta – A measure of a Fund’s volatility, or systematic risk, compared to that of its benchmark. The Beta of the market (benchmark) is 1.0. General Range for Beta: – A beta greater than 1.0 indicates the Fund’s returns are more volatile than the benchmark’s – A beta less than 1.0 indicates the Fund’s returns are less volatile than the benchmark’s – A beta of 1.0 indicates the Fund will generate the same level of risk as the market

• Standard Deviation – A statistical measurement of dispersion around an average, which represents how widely a Fund's returns varied over a specified time period. It is measured as the square root of variance. – A Fund with a standard deviation of 19% and a mean return of 5% over 5 years indicates about 68% of the data values have ranged between -14% and 24% (within one standard deviation of the mean) and about 95% of the data values have ranged between -33% and 43% (within two standard deviations of the mean) – Standard deviation is a representation of risk; higher standard deviation represents greater fluctuations in returns than lower standard deviation

3 Baltimore County Glossary of Terms

• Up Capture Ratio – Measures a Fund's performance in up markets relative to a benchmark. A ratio greater than 100% indicates the Fund has outperformed the benchmark during periods of rising markets.

• Down Capture Ratio – Measures a Fund's performance in down markets relative to a benchmark. A ratio greater than 100% indicates the Fund has underperformed the benchmark during periods of declining markets.

• Sharpe Ratio – A risk-adjusted performance measure that is used to determine reward per unit of risk. The Sharpe Ratio is calculated by subtracting the risk-free rate from the return (historical or expected) of a portfolio and then dividing the result by the standard deviation of portfolio returns. It is used to standardize performance comparisons given different levels of risk employed across funds.

• Tracking Error – Tracking error is the standard deviation of the differences between the Fund return and the benchmark return, i.e. the standard deviation of excess returns – Tracking error is a measure of how benchmark-sensitive a Fund is – Index funds generally have tracking error between 0 and 1.5% – Benchmark-aware Funds generally have tracking error between 2% and 5% – Benchmark-agnostic Funds generally have tracking error greater than 6%

• Information Ratio (IR) – A risk-adjusted performance measure that calculates the ratio of excess return versus a benchmark divided by the Tracking Error. A higher IR indicates greater risk-adjusted returns and can be used as an indicator of consistency General Range for Information Ratio: -0.5 to 0.5 – A Fund with Alpha of 0.5% and Tracking Error of 4% would have an Information Ratio of 0.125 – A Fund with Alpha of 1% and Tracking Error of 4% would have an Information Ratio of 0.25 – A Fund with Alpha of 1% and Tracking Error of 8% would have an Information Ratio of 0.125 – Information ratios fall in a tight range and are negative if Alpha is negative. Information ratios > 0 indicate positive risk-adjusted performance, and information ratios > 0.25 indicate strong risk-adjusted performance

4 Baltimore County Glossary of Terms

• Correlation - A statistical measure of how two securities (fund and benchmark) move in relation to each other. Values can range from -1.0 to +1.0 – Perfect positive correlation - A coefficient of +1.0; implies a Fund and benchmark move in lockstep, up or down – Perfect negative correlation – A coefficient of -1.0; implies a Fund and benchmark move perfectly oppositely, up or down – Zero correlation – A coefficient of 0; implies that movements between the Fund and benchmark are random and the change in value of one will have no impact in the change in value of the other

5 Baltimore County Information Disclaimer and Reporting Methodology

Information Disclaimer

• Past performance is no guarantee of future results.

• All investments carry some level of risk. Diversification and other asset allocation techniques are not guaranteed to ensure profit or protect against losses.

• While NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within. In addition, some index returns displayed in this report or used in calculation of a policy, allocation or custom benchmark may be preliminary and subject to change.

• This report is provided as a management aid for the client’s internal use only. Information contained in this report does not constitute a recommendation by NEPC.

• This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it.

• (c) Morningstar 2015. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction.

Reporting Methodology

• NEPC’s preferred data sources are the client’s record-keeper for asset balances and the client’s custodian bank for separate account holdings, unless otherwise directed. NEPC generally reconciles custodian data to manager data. If the custodian cannot provide accurate data, manager data may be used.

• Returns for pooled funds, e.g. mutual funds and collective trusts, are collected from third parties; they are not calculated by NEPC. Returns for separate accounts, with some exceptions, are calculated by NEPC.

• Trailing time period returns are determined by geometrically linking the holding period returns, from the first full month after inception to the report date. Rates of return are annualized when the time period is longer than a year. Performance is presented gross and/or net of manager fees as indicated on each page.

6