Gwinnett County, Georgia Retirement Plans Management Committee February 20, 2014 Regular Meeting 8:00 AM Gwinnett Justice and Ad

Gwinnett County, Georgia Retirement Plans Management Committee February 20, 2014 Regular Meeting 8:00 AM Gwinnett Justice and Administrative Center, Conference Room C

Agenda

1. Call to Order * Chairman

2. Adoption of Agenda * Chairman

3. Approval of Minutes * Chairman

December 2, 2013 Meeting

4. Performance Reports – Fund Reports *** Great-West

a. 4th Quarter DC Plans

1. Fund Performance Review – AAG 2. Stable Value Fund 3. Alerts for 401(a)/457 4. Executive Summary 5. Plan Review *** UBS b. 4th Quarter DB Plan

1. Economic Overview 2. Performance Report 3. Watch List 4. Downgraded Bonds 5. Fee Schedule

5. Past Quarter Participation and Education *** Debbi Davidson Fred Minot a. Participation Numbers b. Education Update

6. Investment Committee Reports * Mike Ludwiczak

a. Emerging Markets Manager Search Recommendation Page 2 RPMC Regular Meeting, February 20, 2014 b. Fiduciary Advisor for DC Plans Recommendation c. Update on Securities Litigation d. Additional Contribution to DB Plan

7. Vendor Review – Cavanaugh Macdonald *** Chairman

8. Next Meeting – May 22, 2014 ***

9. Public Comments **

10. Adjournment *

*Action Items **Speakers wishing to address the RPMC must report to the Clerk of the Committee prior to the meeting being called to order. Speakers are limited to 3 minutes or less. ***Information items requiring no action.

Gwinnett County, Georgia Retirement Plans Management Committee December 2, 2013 Regular Meeting Minutes 8:00 AM Gwinnett Justice and Administrative Center, Conference Room C

Members Present: Jim Underwood, Aaron Bovos, Glenn Stephens, David Crews, Ashley Stinson, Joy Parish, Scott Fuller

Chairman David Crews called the meeting to order at 8:05 AM.

Adoption of Agenda

Joy Parish made a motion to adopt the agenda and Glenn Stephens seconded. (Vote 7 – 0) Parish – Yes; Underwood – Yes; Bovos –Yes; Stephens – Yes; Crews – Yes; Stinson – Yes; Fuller – Yes.

Approval of Meeting Date Change

Glenn Stephens made a motion to approve the meeting date change from November 21, 2013 to December 2, 2013 and Jim Underwood seconded. (Vote 7 – 0) Fuller – Yes; Underwood – Yes; Bovos – Yes; Crews – Yes; Stephens – Yes; Stinson – Yes; Parish – Yes.

Approval of Minutes

Jim Underwood made a motion to approve the minutes for the August 22, 2013 meeting and Ashley Stinson seconded. (Vote 7 – 0) Fuller – Yes; Underwood – Yes; Bovos –Yes; Stephens – Yes; Crews – Yes; Stinson – Yes; Parish – Yes.

Performance Reports/ Executive Summaries

The Market Value of plan assets for the DB and OPEB Plans as of 09/30/2013 was $894,470,036. These assets are invested in the following accounts:

Large Cap Growth $116,636,578 Large Cap Value $117,377,719 Mid Cap Core $36,850,687 Mid Cap Growth $31,877,867 Mid Cap Value $35,281,752 Small Cap Blend $79,485,839 REITS $41,109,103 Foreign Developed Blend $132,613,915 Fixed Income Taxable Intermediate $256,956,785 Emerging Markets $46,279,791 Total $894,470,036

Third Quarter DB Plan Investment Performance Report

The report for the second quarter of 2013 was presented by Scott Olsen and Ray Vuicich of UBS. Gwinnett County’s portfolio continues to do well.

Amy Heyel of Great-West presented staffing updates. Tem Miller has moved to sales and Erik Sanderson is being considered to be our new Client Relationship Director for Great-West.

Third Quarter DC and 457 Plans Fund Performance

The reports on the funds in these plans were presented by Amy Heyel and Fred Minot of Great- West. Fred Minot presented the Plan Review for October 1, 2012 through September 30, 2013. Plan assets were $249.28 million as of September 30, 2013. Plan assets grew by $35.84 million (16.8%) from October 1, 2012 to September 30, 2013. Contributions were $23.95 million from October 1, 2012 to September 30, 2013. The average account balance per participant was $35,179 for the 401(a) Plan and $25,692 for the 457(b) Plan. The County is doing very well compared to other governments on contributions by asset class.

Investment Committee Recommendations and Reports

Mike Ludwiczak, Chairman of the Investment Committee, provided an update on Securities Litigation Monitoring activity. We were asked to be lead plaintive but we were not able to commit in the timeframe and it was not a requirement. Our interests will be protected by this relationship.

Jim Underwood made a motion to accept the recommendation on Emerging Markets Manager Search and Interim Strategy and Scott Fuller seconded. (Vote 7 – 0) Stinson – Yes; Fuller – Yes; Stephens – Yes; Bovos – Yes; Underwood – Yes; Crews – Yes; Parish – Yes.

Mike Ludwiczak made the recommendation for an informal process to explore other investment advisors for the DC Plans. He also recommended deferring the discussion on Perkins Mid Cap Fund until the new advisor is in place.

DB and DC Plan Restatements and IRS Determination Letter Applications

Ed Emerson, Morris, Manning and Martin, LLP, provided information on DB and DC Plan Restatements and IRS Determination Letter Applications.

Ashley Stinson made a motion approve the restatements for the DB and DC Plans and Joy Parish seconded. (Vote 7 – 0) Stinson – Yes; Fuller – Yes; Stephens – Yes; Bovos – Yes; Underwood – Yes; Crews – Yes; Parish – Yes.

Past Quarter Education and Participation Information

Participation Information – Current Active Participants DB Plan 1,899 – 43% DC Plan 2,502 – 57% Deferred Comp 3,016 – 69% RMSA 556 Retirees Retirees Receiving DB Pensions 1,907 Retirees with Health Insurance 1,215

Third Quarter Education Update There were a total of 411 Group/Onsite, One on One Meetings and Seminars/Lunch and Learns.

Vendor Renewals

Debbi Davidson stated the contract with BNY Mellon is evergreen contract . There was no discussion or concerns so the contract will continue.

2014 Planning –

The 2014 meeting schedule:

1st Qtr. – February 20, 2014 2nd Qtr. – May 22, 2014 3rd Qtr. – August 28, 2014 4th Qtr. – November 20, 2014

Glenn Stephens made a motion to change the February 27, 2014 meeting to February 20, 2014 and Jim Underwood seconded. . (Vote 7 – 0) Stinson – Yes; Fuller – Yes; Stephens – Yes; Bovos – Yes; Underwood – Yes; Crews – Yes; Parish – Yes.

Debbi Davidson reviewed the goals for 2013.

Election of 2014 Officers

Glenn Stephens made a motion to nominate David Crews for chairman and Jim Underwood for vice-chairman, Ashley Stinson seconded. (Vote 7 – 0) Stinson – Yes; Fuller – Yes; Stephens – Yes; Bovos – Yes; Underwood – Yes; Crews – Yes; Parish – Yes.

Next Meeting February 20, 2014, Gwinnett Justice and Administration Center, Conference Room C at 8:00 a.m.

Public Comments (Limited to 30 minutes) There were no public comments.

Adjournment Jim Underwood made a motion to adjourn and Glenn Stephens seconded. (Vote 7 – 0) Fuller – Yes; Underwood – Yes; Bovos –Yes; Stephens – Yes; Crews – Yes; Stinson – Yes; Parish – Yes.

The meeting adjourned at 10:50 a.m.

Gwinnett County Retirement Plans Fund Performance Review

December 31, 2013

RETIREMENT SERVICES Section IEI. Economi iRc Revi ew II. Investment Analysis •Efficient Frontier Map: Plan Diversification •Performance Monitoring •Manager Style and Manager Style Drift •Compliance Report Card III. Investment Policy Monitoring IV. Glossary Economic and Capital MktRiMarkets Review

Fourth Quarter ― 2013

ADVISED ASSETS GROUP, LLC Current Economic Conditions

GDP – Real Gross Domestic Product increased at an annual real rate of 4.1% in the third quarter of 2013.1 • Previous estimates indicated real growth at a 3.6% annual rate, but private inventory investments and state and local government sppgending came in better than ex pected. Offsettin g this was a deceleration in exports. • For 2012, the economy grew at an annual real rate of 2.2% after a 1.8% real increase in 2011.

Source: St. Louis Fed, http://research.stlouisfed.org/fred2/graph/?id=GDPC1 (12/31/13)

Inflation – The C onsumer P ri ce I nd ex (CPI) i ncreased 1.2% for the 12 months ending November.2 • The 12 month change in Core CPI (CPI ex food & energy) was 1.7% over the previous 12 months. • Food index rose slightly in November and is up 1.2% over the last 12 months. • Energy Index declined 1.0% in November. The gasoline and natural gas index fell significantly, more than offsetting increases in electricity and fuel oil. • Inflation expectations remain benign over the near term.

Source: St. Louis Fed, http://research.stlouisfed.org/fred2/graph/?id=CPIAUCSL# (12/31/13)

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. Current Economic Conditions Employment Statistics – The offi ci al unempl oyment rat e (U -3) dddecreased to 6.7% at the end of December.3 • Non-farm payrolls increased by 74,000 in December. Employment rose in retail and wholesale trade but declined in information. • In 2012 , th e num ber o f unemp loye d persons fe ll 1. 9 m illion and the unemployment rate fell 1.2 percentage points. • The “U-6 Rate”, the most comprehensive measure of the nation’s employment situation, fell from 13.6% in September to 13.1% in December. • The labor force participation rate declined by 0.2% to 62.8% in December, matching the level in October and the lowest since 1978.

Source: St.. Louis Fed, http://research.stlouisfed.org/fred2/graph/?id=UNRATE (12/31/13)

Housing – November Housing Starts increased 25.0% from the September measure.4 • This number represents a 29.6% increase from the November 2012 measure. • Building permits increased 7. 9% from the November 2012 figures. • Housing is a key component of consumer spending and sentiment. • Home price indices continue to improve, with prices increasing across the nation.

Source: St. Louis Fed, http://research.stlouisfed.org/fred2/graph/?id=HOUST# (12/31/13)

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. Year End Returns

Calendar Year Returns of Various Asset Classes

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Emrg Mkt Sm Value Sm Value Bonds Emrg Mkt Emrg Mkt Emrg Mkt Emrg Mkt Emrg Mkt Bonds Emrg Mkt Sm Growth Bonds Mid Val Sm Growth 66.4 22.8 14.0 10.3 56.3 26.0 34.5 32.6 39.8 5.2 79.0 29.1 7.8 18.5 43.3

Mid Growth Mid Val Bonds Emrg Mkt Sm Growth Mid Val EAFE EAFE EAFE Sm Value Mid Growth Mid Growth Lg Growth Emrg Mkt Mid Growth 51.30 19.2 8.4 -6.0 48.5 23.7 14.0 26.9 11.6 -28.9 46.3 26.4 2.6 18.2 35.7

Sm Growth Bonds Mid Val Mid Val Sm Value Sm Value Mid Val Sm Value Lg Growth Lg Value Lg Growth Mid Val Lg Value Sm Value Sm Value 43.1 11.6 2.3 -9.6 46.0 22.3 12.7 23.5 11.8 -36.9 37.2 24.8 0.4 18.1 34.5

Lg Growth Lg Value Emrg Mkt Sm Value Mid Growth EAFE Mid Growth Lg Value Mid Growth Mid Val Sm Growth Sm Value Mid Val - Lg Value Lg Growth 33.2 7.0 -2.4 -11.4 42.7 20.7 12.1 22.3 11.4 -38.4 34.5 24.5 1.4 17.5 33.5

EAFE Mid Growth Lg Value Lg Value EAFE Lg Value Lg Value Mid Val Sm Growth Lg Growth Mid Val Emrg Mkt Mid Growth EAFE Mid Val 27.3 -11.8 -5.6 -15.5 39.2 16.5 7.1 20.2 7.1 -38.4 34.2 18.9 -1.7 17.3 33.5

Lg Value EAFE Sm Growth EAFE Mid Val Mid Growth Lg Growth Sm Growth Bonds Sm Growth EAFE Lg Growth Sm Growth Mid Growth Lg Value 7.4 -14.0 -9.2 -15.7 38.1 15.5 5.3 13.4 7.0 -38.5 32.5 16.7 -2.9 15.8 32.5

Mid V al LGLg Growth Mid G rowth Mid G rowth LVlLg Value SGSm Growth SVlSm Value Mid G rowth LVlLg Value EAFE SVlSm Value LVlLg Value SVlSm Value LGLg Growth EAFE -0.1 -22.4 -20.2 -27.4 30.0 14.3 4.7 10.7 -0.2 -43.1 20.6 15.5 -5.5 15.3 22.8

Bonds Sm Growth Lg Growth Lg Growth Lg Growth Lg Growth Sm Growth Lg Growth Sm Value Mid Growth Lg Value EAFE EAFE Sm Growth Bonds -0.8 -22.4 -20.4 -27.9 29.8 6.3 4.2 9.1 -9.8 -44.3 19.7 7.8 -12.1 14.6 (2.0)

Sm Value Emrg Mkt EAFE Sm Growth Bonds Bonds Bonds Bonds Mid Val Emrg Mkt Bonds Bonds Emrg Mkt Bonds Emrg Mkt -1.5 -30.6 -21.2 -30.3 414.1 434.3 242.4 434.3 -1.4 -53.2 595.9 656.5 -18.4 424.2 (2.6)

Key: Large Growth - Russell 1000 Growth Index Small Growth - Russell 2000 Growth Index Large Value - Russell 1000 Value Index Small Value - Russell 2000 Value Index Mid Growth - Russell Midcap Growth Index EAFE - MSCI EAFE Index Mid Value - Russell Midcap Value Index Emerging Markets - MSCI Emerging Markets Index Source: Morningstar Direct

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. Market Update – Domestic Equity

Zephyr StyleADVISOR Zephyr StyleADVISOR: Advised Assets Group LLC

Domestic Equity Indices - Total Return as of December 2013

S&P 500 Russell 1000 Growth Russell 1000 Value Russell Midcap Growth Russell Midcap Value Russell 2000 Growth Russell 2000 Value

45 40 35 30 25 20 Return 15 10 5 0 3 months 1 year 3 years 5 years 10 years

Domestic equity markets continued their torrid pace in the 4th quarter. • Large Growth stocks led the quarter with gains of more than 10%. • For the year, Small Growth stocks handily outperformed all other categories. • All domestic sectors produced gains of more than 30% for the year.

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. Market Update – International Equity

Zephyr StyleADVISOR Zephyr StyleADVISOR: Advised Assets Group LLC

International Equity Indices - Total Return as of December 2013

MSCI EAFE MSCI AC WORLD INDEX ex USA MSCI EUROPE MSCI JAPAN MSCI CHINA MSCI EM (EMERGING MARKETS)

30 25

Return 10

-5 3 months 1 year 3 years 5 years 10 years

International stocks produced small gains for the fourth quarter. • Developed markets (as measured by EAFE) continued to outperform emerging markets stocks. • DitiiththiddfthtDespite gains in the third and fourth quarters, Emerg iMkttking Markets stocks saw a loss fthfor the year. • Both European and Japanese stocks produced excellent gains for the year, returning 25% and 27%, respectively.

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. Market Update – Fixed Income

Zephyr StyleADVISOR Zephyr StyleADVISOR: Advised Assets Group LLC

Fixed Income Returns as of December 2013

Barclays Capital U.S. Aggregate Barclays Capital U.S. Government: Intermediate Barclays Capital U.S. Treasury: U.S. TIPS Barclays Capital U.S. Intermediate Credit Barclays Capital Intermediate U.S. High Yield Citigroup WorldBIG Index

5 Return 0

-5

-10 3 months 1 year 3 years 5 years 10 years

Source: U. S. Treasury Treasury Yield Curve5 Broad Fixed Income indexes saw negative www.treasury.gov returns for 2013. 5.0% • The Barclays Aggregate Bond Index posted a yearly 4.0% loss for the first time since 1999. 30%3.0% • High Yield bonds were once again the best-performing 2.0% fixed income sector, returning more than 7% for the 1.0% 0.0% year. 1 month 90 days 1 year 2 year 3 year 5 year 7 year 10 year 20 year 30 year

12/31/2013 12/31/2012 12/31/2011

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. 1 Bureau of Economic Analysis , “National Income and Products Accounts GDP, 3rd quarter 2013 (third estimate), December 20, 2013 http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm 2 Bureau of Labor Statistics, U.S. Department of Labor, Economic News Release “Consumer Price Index – November 2013”, December 17, 2013, httppg://bls.gov/news.release/c pi.nr0.htm

3 Bureau of Labor Statistics, U.S. Department of Labor, Economic News Release “Employment Situation Summary”, January 10, 2014. http://www.bls.gov/news.release/empsit.nr0.htm

4 U. S. Census Bureau News, New Residential Construction in November 2013 , December 18, 2013 http://www.census.gov/construction/nrc/pdf/newresconst.pdf

5U.S. Department of the Treasury, Data and Charts Center 2014, http://www.treasury.gov/resource-center/data-chart-center/Pages/index.aspx

NOT FDIC, NCUA/NCUSIF INSURED | NOT A DEPOSIT | NOT GUARANTEED BY ANY BANK OR CREDIT UNION | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. This Economic and Capital Markets Review is being offered as informational and educational material provided to a Plan Sponsor or a Representative, duly authorized and acting on behalf of a Plan Sponsor, to assist the Plan Sponsor in understanding the general investment environment.

This document is not intended as a recommendation,,gypy solicitation or offering of any particular securities by Advised Assets Group,,, LLC, Great-West Life & Annuity Insurance Company, or any of its subsidiaries or affiliates.

The purpose of this document is to provide investment-related information only for the benefit of the Plan Sponsor in its role as a fiduciary to the plan, not as investment advice for plans or plan participants. Although we believe the data contained in this report is generally from reliable sources, Advised Assets Group, LLC cannot guarantee its completeness or accuracy. Economic data and information are derived from a variety of financial publications and economic reporting companies, including Moody’s, S&P, etc. The opinions expressed herein are those of AAG as of 10/15/2013 and are subject to change. No forecast is guaranteed.

Plan fiduciaries should review the educational material provided and consult with their investment advisers if necessary to make investment decisions as the information provided herein is not legal, ERISA, or tax advice. Any discussion of these matters included or related to this document or other educational information is provided for informational purposes only. Such discussion does not purport to be complete or to cover every situation. Current tax and ERISA law are subject to interpretation and legislative change. The appropriateness of any product for any specific taxpayer may vary depending on the particular set of facts and circumstances. You should consult with and rely on your own legal and tax advisers.

MSCI EAFE® Index is a trademark of Morgan Stanley Capital International. Inc. and is an unmanaged index considered indicative of the International equity market. S&P 500® Index is a trademark of the Standard & Poor’s Financial Services, LLC and is an unmanaged index considered indicative of the domestic Large-Cap equity market. Russell 2000® Index is a trademark of the Frank Russell Company and is an unmanaged index considered indicative of the domestic Small-Cap equity market. Russell 1000® Index is a trademark of the Frank Russell Company and is an unmanaged index considered indicative of the domestic Large-Cap equity market. Russell Midcap® Index is a trademark of the Frank Russell Company and is an unmanaged index considered indicative of the domestic mid-cap equity market. Barclays Capital is a trademark of Barclays Capital, the investment banking division of Barclays Bank PLC.

Advised Assets Group, LLC is a federally registered investment adviser and wholly owned subsidiary of Great-West Life & Annuity Insurance Company and an affiliate of Great-West Life & Annuity Insurance Company of New York, White Plains, New York More information can be found at www.adviserinfo.sec.gov. All rights reserved. Form #AAG XXXXXX (1/14)

UlUnless o therw ise no tdted: NOT FDIC, NCUA/NCUSIF INSURED | NOT A DEPOSIT | NOT GUARANTEED BY ANY BANK OR CREDIT UNION | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE

FOR PLAN SPONSOR OR ADVISOR USE ONLY. Not for Use with Plan Participants. Executive Summary

Advised Assets Group, LLC Gwinnett County Plan Options

Highest Risk of Principal Emerging Markets Oppenheimer Devel Mkts Y Artisan International Inv International Equity Oppenheimer Global Dreyfus Intl Stock Index Asset Class SllCSmall Cap GthGrowth Franklin Small Cap Growth A Small Cap Value Columbia Small Cap Value Z Mid Cap Growth Baron Growth Neuberger Berman Genesis Tr ArtissdCpan Mid Cap Mid Cap V a lue Perkins Mid Cap Value T American Cent Mid Cap Val A Large Cap Growth Pioneer Fundamental Growth Y Fidelity Contrafund Amer Funds Gr Fund A Larggpe Cap Blend Amer Funds Inv Co of Amer A Nuveen Tradewinds Val Opp I

Blackrock Equity Idx F TIAA-CREF Eq Index Inst Large Cap Value Van Kampen Growth & Income Y Balanced/Asset Allocation Fidelity Puritan Maxim Profile Series Janus Balanced T Asset Allocation Funds: (Target Risk Funds) High-Yield Bond JP Morgan High Yield A Maxim SecureFoundation Inv Grade Bond PIMCO Total Return Admin (Target Date Funds) Vanguard Total Bd Mkt Idx Government Bond Gwinnett County Stable Value Fund Lowest Risk of Principal

For Plan Sponsor Use Only 13 Performance Monitoring

10/1/2013 1/1/2013 1/1/2011 1/1/2009 1/1/2004 12/31/2013 12/31/2013 12/31/2013 12/31/2013 12/31/2013 % of Peer % of Peer % of Peer % of Peer % of Peer Group/Investment Return Group Beaten Return Group Beaten Return Group Beaten Return Group Beaten Return Group Beaten

US OE Diversified Emerging Mkts Oppenheimer Developing Markets Y 3.69 68 8.68 87 2.69 90 20.23 96 15.32 100 Benchmark 1: MSCI EM NR USD 1.83 -2.60 -2.06 14.79 11.17 Benchmark 2: US OE Diversified Emerggging Mkts 2.58 -0.69 -1.94 14.17 9.92 Number of investments ranked 682 642 451 391 226

US OE Foreign Large Blend Artisan International Inv 7.40 81 25.18 90 13.33 100 16.60 95 8.93 88 Dreyfus Intl Stock Index 5.37 31 21.12 65 7.65 67 11.75 34 6.41 42 Benchmark 1: MSCI EAFE NR USD 5.71 22.78 8.17 12.44 6.91 Benchmark 2: US OE Foreign Large Blend 5.94 19.29 6.71 11.89 6.41 Number of investments ranked 831 818 760 731 500

US OE World Stock Oppenheimer Global Y 7597.59 51 27. 11 61 12. 11 71 17. 98 81 8708.70 72 Nuveen Tradewinds Value Opportunities I 8.23 68 27.67 65 7.37 13 18.36 83 Benchmark 1: MSCI ACWI NR USD 7.31 22.80 9.73 14.92 7.17 Benchmark 2: US OE World Stock 7.40 24.69 9.86 15.12 7.16 Number of investments ranked 1,151 1,080 863 757 473

US OE Small Growth Franklin Small Cap Growth A 10.09 86 54.48 95 19.11 86 27.02 94 9.83 65 Benchmark 1: Russell 2000 Growth TR USD 8.17 43.30 16.82 22.58 9.41 Benchmark 2: US OE Small Growth 8.12 40.83 15.38 21.39 8.10 Number of investments ranked 732 726 692 657 550

US OE Small Value Columbia Small Cap Value Fund II Z 8.63 37 40.14 80 16.16 80 19.76 49 10.30 80 Benchmark 1: Russell 2000 Value TR USD 9.30 34.52 14.49 17.64 8.61 Benchmark 2: US OE Small Value 9.27 36.20 14.77 19.81 8.90 Number of investments ranked 390 380 343 323 251

US OE Mid-Cap Growth Neuberger Berman Genesis Tr 9.15 74 36.89 68 16.29 83 19.23 22 11.30 90 Baron Growth Retail 7.96 44 38.32 79 17.70 89 22.10 71 10.52 75 Artisan Mid Cap Inv 5.93 3 37.39 73 17.15 87 26.02 97 11.43 93 Benchmark 1: Russell Mid Cap Growth TR USD 8.23 35.74 15.63 23.37 9.77 Benchmark 2: US OE Mid-Cap Growth 8.31 34.80 13.77 20.61 8.31 Number of investments ranked 752 736 717 678 600

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 14 Performance Monitoring

US OE Mid-Cap Value Perkins Mid Cap Value T 7.23 11 25.92 6 10.62 4 15.17 4 9.06 43 American Century Mid Cap Value A 7.90 21 29.70 11 14.25 41 18.25 19 Benchmark 1: Russell Mid Cap Value TR USD 8.56 33.46 15.97 21.16 10.25 Benchmark 2: US OE Mid-Cap Value 8.98 34.93 14.75 19.82 8.84 Number of investments ranked 434 427 395 372 289

US OE Large Growth Fidelity Contrafund 10.52 56 34.15 54 15.91 69 18.67 48 10.20 94 American Funds Growth Fund of Amer A 9.40 24 33.79 51 15.33 58 18.29 42 8.31 71 Pioneer Fundamental Growth Y 11.56 81 33.16 45 17.68 91 19.44 62 8.52 76 Benchmark 1: Russell 1000 Growth TR USD 10.44 33.48 16.45 20.39 7.83 Benchmark 2: US OE Large Growth 10.30 33.87 14.55 18.59 6.80 Number of investments ranked 1,775 1,769 1,628 1,546 1,332

US OE Large Blend American Funds Invmt Co of Amer A 10.42 66 32.43 59 14.57 44 16.22 32 7.15 55 TIAA-CREF Equity Index Instl 10.04 50 33.47 69 16.18 79 18.66 81 7.85 76 Great-West Aggressive Profile I Init 7.90 12 28.85 21 12.77 20 17.13 50 7.60 70 Benchmark 1: S&P 500 NR USD 10.33 31.55 15.43 17.17 6.73 Benchmark 2: US OE Large Blend 9.71 31.32 14.14 16.82 6.65 Number of investments ranked 1,656 1,602 1,459 1,389 1,128

US OE Large Value Invesco Growth and Income Y 8.84 34 34.16 75 14.79 54 16.30 55 8.06 76 Benc hmar k 1: Russe ll 1000 Va lue TR USD 10. 01 32. 53 16. 06 16. 67 7587.58 Benchmark 2: US OE Large Value 9.32 31.15 14.21 16.04 6.53 Number of investments ranked 1,289 1,256 1,158 1,123 941

US OE Aggressive Allocation Great-West Moderately Agg Profile I Init 5.92 22 20.40 36 10.29 53 14.31 48 7.33 78 Benchmark 1: Morningstar Aggressive Target Risk 7.29 24.53 11.69 16.51 8.34 Benchmark 2: US OE Aggressive Allocation 6.62 20.90 9.81 14.19 6.32 Number of investments ranked 427 415 348 327 211

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 15 Performance Monitoring

US OE Moderate Allocation Fidelity Puritan 7.03 91 20.34 85 11.29 86 14.77 86 7.00 82 Janus Balanced T 6.50 81 19.59 78 11.03 82 12.88 50 8.29 96 Great-West Moderate Profile I Init 4.90 27 16.16 42 8.79 38 12.31 36 6.88 77 Great-West Moderately Cnsrv Prfl I Init 3.72 7 11.82 10 7.31 15 10.67 9 6.33 59 Benchmark 1: Morningstar Moderately Aggr Target Risk 6.14 20.18 10.45 14.58 7.95 Benchmark 2: US OE Moderate Allocation 5.37 16.10 8.95 12.38 5.67 Number of investments ranked 918 901 794 749 586

US OE Conservative Allocation Great-West Conservative Profile I Init 2.56 33 7.55 51 5.82 42 9.18 34 5.42 63 Benchmark 1: Morningstar Conservative Target Risk 1.36 2.97 4.89 6.24 5.14 Benchmark 2: US OE Conservative Allocation 2.97 7.07 5.97 9.52 4.63 Number of investments ranked 753 737 598 555 320

US OE High Yield Bond JPMorgan High Yield A Load Waived 3.22 52 6.85 56 7.75 35 16.21 48 7.93 81 Benchmark 1: Barclays US HY Interm TR USD 3.53 7.57 9.10 18.28 8.35 Benchmark 2: US OE High Yield Bond 3.20 6.92 8.01 15.94 6.76 Number of investments ranked 707 686 594 554 484

US OE Intermediate-Term Bond PIMCO Total Return Admin -0.1032-2.17323.82576.65565.7794 Vanguard Total Bond Market Index Signal -0.19 24 -2.15 32 3.15 32 4.39 16 4.50 55 Benchmark 1: Barclays US Agg Bond TR USD -0.14 -2.02 3.26 4.44 4.55 Benc hmar k 2: US OE In terme dia te- Term Bon d 0310.31 -1381.38 3683.68 6386.38 4074.07 Number of investments ranked 1,114 1,105 1,041 961 864

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 16 Performance Monitoring

US OE Target Date 2011-2015 Great-West SecureFoundation® LT 2015 G 4.50 81 14.49 95 8.60 89 Benchmark 1: Morningstar Lifetime Moderate 2015 3.57 10.50 8.23 11.65 7.52 Benchmark 2: US OE Target Date 2011-2015 3.57 9.62 6.67 10.78 4.90 Number of investments ranked 188 184 157

US OE Target Date 2016-2020 Great-West SecureFoundation® LT 2020 G 4.43 49 14.42 70 Benchmark 1: Morningstar Lifetime Moderate 2020 4.26 12.98 8.96 12.86 7.85 Benchmark 2: US OE Target Date 2016-2020 4.14 11.59 7.48 11.64 5.45 Number of investments ranked 239 230

US OE Target Date 2021-2025 Great-West SecureFoundation® LT 2025 G 4.88 31 16.28 51 8.89 55 Benchmark 1: Morningstar Lifetime Moderate 2025 5155.15 16. 28 9839.83 14. 17 8168.16 Benchmark 2: US OE Target Date 2021-2025 5.12 15.26 8.56 13.21 5.78 Number of investments ranked 190 187 150

US OE Target Date 2026-2030 Great-West SecureFoundation® LT 2030 G 5.81 45 19.61 66 Benchmark 1: Morningstar Lifetime Moderate 2030 6.06 19.64 10.66 15.31 8.41 Benchmark 2: US OE Target Date 2026-2030 5.52 16.62 8.91 13.52 5.77 Number of investments ranked 239 230

US OE Target Date 2031-2035 Grea t- Wes t Secure Foun da tion ® LT 2035 G 6636.63 56 22. 30 67 10. 75 72 Benchmark 1: Morningstar Lifetime Moderate 2035 6.70 22.03 11.22 16.01 8.60 Benchmark 2: US OE Target Date 2031-2035 6.36 19.97 9.98 14.62 6.22 Number of investments ranked 190 187 150

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 17 Performance Monitoring

US OE Target Date 2036-2040 Great-West SecureFoundation® LT 2040 G 7.05 61 23.58 73 Benchmark 1: Morningstar Lifetime Moderate 2040 6.99 23.05 11.42 16.30 8.73 Benchmark 2: US OE Target Date 2036-2040 6.37 19.92 9.79 14.59 6.14 Number of investments ranked 236 227

US OE Target Date 2041-2045 Great-West SecureFoundation® LT 2045 G 7.20 59 23.81 66 11.18 66 Benchmark 1: Morningstar Lifetime Moderate 2045 6.99 23.07 11.34 16.35 8.79 Benchmark 2: US OE Target Date 2041-2045 6.90 22.01 10.57 15.24 6.73 Number of investments ranked 190 186 149

US OE Target Date 2046-2050 Great-West SecureFoundation® LT 2050 G 7.10 50 23.49 58 Benchmark 1: Morningstar Lifetime Moderate 2050 6936.93 22. 83 11. 19 16. 34 8838.83 Benchmark 2: US OE Target Date 2046-2050 6.64 20.98 10.11 15.06 6.53 Number of investments ranked 221 211

US OE Target Date 2051+ Great-West SecureFoundation® LT 2055 G 7.04 38 23.16 46 10.86 49 Benchmark 1: Morningstar Lifetime Moderate 2050 6.93 22.83 11.19 16.34 8.83 Benchmark 2: US OE Target Date 2051+ 7.26 23.34 10.89 15.52 6.73 Number of investments ranked 155 133 69

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 18 Stable Asset Fund

Gwinnett County Stable Asset Fund Performance (as of December 31, 2013) 1 Year 3 Years 5 Years 10 Years Fund* 2.13% 2.71% 3.17% 3.56% Morningstar Taxable MM Funds 0.02% 0.02% 0.06% 1.48% 1-3 Year Treasuries 0. 36% 0. 78% 111%1.11% 257%2.57%

Average Credit Quality: AAA (Moody’s) Average Duration: 3.8 years MV to BV: 99.9%

* Fund performance is Net of Fees.

19 Manager Style

Manager Style Graph: Each quadrant of the graph represents one of the four major domestic equity components of the market. From top left working clockwise the quadrants include Large Value, Large Growth, Small Growth and Small Value.

Manager Style January 2009 - December 2013 (Single Computation)

Large

Russell Top 200 Value Russell Top 200 Growth 1

Baron Growth Retail Neuberger Berman Genesis Tr Columbia Small Cap Value II Z Artisan Mid Cap Inv Russell Midcap Value Russell Midcap Growth Nuveen Tradewinds Value Opportunities I 0 Fide lity Con tra fun d American Funds Growth Fund of Amer A American Funds Invmt Co of Amer A Perkins Mid Cap Value T American Century Mid Cap Value A Invesco Van Kampen Growth and Income Y Franklin Small Cap Growth A Pioneer Fundamental Growth Y -1 Rll6StlBiRussell 6-way Style Basis Russell 2000 Value Russell 2000 Growth

Small Value -1 0 1 Growth

For Plan Sponsor Use Only Created with Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc. 20 Manager Style Drift

Manager Style January 2009 - December 2013 (36-Month Moving Windows, Computed Monthly)

Large

Russell Top 200 Value Russell Top 200 Growth 1

Small Value -1 0 1 Growth

For Plan Sponsor Use Only Created with Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc. 21 Fund Compliance Report Card

Performance Summary: Gwinnett County Retirement Plans period ended 12/31/2013 OllRtiOverall Rating1 Long-T erm R olli ng A nal ysi s2 Fund Consecutive # of Quarters Morningstar Complex Ticker Composite %'s Mstar Quarters Below out of Category Rating Symbol Fund Name Overall Return Sharpe Rating Below trailing 12 Intl3 Diversified Emerging Mkts 1 ODVYX Oppenheimer Developing Markets Y 93.3 94.7 92.0 5 Above 0 0 out of 12 Pass Foreign Large Blend 1 ARTIX Artisan International Inv 94.8 94.0 95.5 5 Above 0 0 out of 12 Pass World Stock 1 OGLYX Oppenheimer Global Y 65.3 73.7 57.0 4 Above 0 0 out of 12 Pass World Stock 1 NVORX Nuveen Tradewinds Value Opportunities I 51.8 49.0 54.5 3 Above 0 0 out of 12 Pass

Small-Cap5 Small Growth 1 FSGRX Franklin Small Cap Growth A load waived 84.7 80.3 89.0 4 Above 0 0 out of 12 Pass Small Value 1 NSVAX Columbia Small Cap Value Fund II Z 61.1 69.7 52.5 4 Above 0 0 out of 12 Pass

Mid-Cap 8 Mid-Cap Growth 1 ARTMX Artisan Mid Cap Inv 89.0 92.0 86.0 4 Above 0 0 out of 12 Pass Mid-Cap Growth 1 BGRFX Baron Growth Retail 81.5 77.0 86.0 4 Above 0 0 out of 12 Pass Mid-Cap Growth 1 NBGEX Neuberger Berman Genesis Tr 69.3 64.0 74.5 4 Above 0 0 out of 12 Pass Mid-Cap Value 1 ACLAX American Centuryyp Mid Cap Value A lw 56.5 29.5 83.5 3 Above 0 0 out of 12 Pass Mid-Cap Value 1 JMCVX Perkins Mid Cap Value T 18.3 17.7 19.0 3 Below 2 2 out of 12 Fail

Large-Cap Large Growth 1 FUNYX Pioneer Fundamental Growth Y 83.6 70.7 96.5 5 Above 0 0 out of 12 Pass Large Growth 1 FCNTX Fidelity Contrafund 78.0 69.0 87.0 4 Above 0 0 out of 12 Pass Large Growth 1 AGTHX American Funds Growth Fund of Amer A lw 58.6 55.7 61.5 4 Above 0 0 out of 12 Pass Large Blend 1 AIVSX American Funds Invmt Co of Amer A lw 49.8 43.7 56.0 3 Neutral 0 0 out of 12 Pass Large Blend 1 MXPPX Great-West Aggressive Profile I Init 33.3 46.7 20.0 3 Neutral 0 3 out of 12 Pass Large Value 1 ACGMX Invesco Growth and Income Y 54.3 60.0 48.5 3 Above 0 0 out of 12 Pass

Asst All/Other Aggressive Allocation 1 MXRPX Great-West Moderately Agg Profile I Init 58.8 58.0 59.5 3 Above 0 0 out of 12 Pass Moderate Allocation 1 FPURX Fidelity Puritan 82.7 83.3 82.0 4 Above 0 0 out of 12 Pass Moderate Allocation 1 JABAX Janus Balanced T 76.8 75.7 78.0 4 Above 0 0 out of 12 Pass Moderate Allocation 1 MXOPX Great-West Moderate Profile I Init 40.8 50.0 31.5 4 Neutral 0 0 out of 12 Pass Moderate Allocation 1 MXTPX Great-West Moderately Cnsrv Prfl I Init 36.4 26.3 46.5 3 Neutral 0 0 out of 12 Pass Conservative Allocation 1 MXVPX Great-West Conservative Profile I Init 44.1 44.7 43.5 3 Neutral 0 0 out of 12 Pass

Bond9 High Yield Bond 1 OHYAX JPMorgan High Yield A Load Waived 54.8 54.0 55.5 4 Above 0 0 out of 12 Pass Intermediate-Term Bond 1 PTRAX PIMCO Total Return Admin 50.6 69.7 31.5 4 Above 0 0 out of 12 Pass

Index Funds 6 Foreign Large Blend 1 DIISX Dreyfus Intl Stock Index (idx) 47.7 47.3 48.0 3 N/A N/A N/A out of 12 Pass Large Blend 1 TIEIX TIAA-CREF Equity Index Instl (idx) 77.0 80.0 74.0 4N/A N/A N/A out of 12 Pass Intermediate-Term Bond 1 VBTSX Vanguard Total Bond Market Index Signal (idx 32.3 35.0 29.5 2N/A N/A N/A out of 12 Pass

1.The Overall Ratingg,ypg,ypgg is derived from the 3, 5 and 10 year net-of-fee performance figures, the 3 and 5 year Sharpe Ratios and the Morningstar Rating TM. 2.The Long-Term Rolling Analysis accumulates the trailing 12 quarter Overall Ratings and determines a pass/fail designation accordingly.

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 22 Fund Compliance Report Card

Return Analysis: Gwinnett County Retirement Plans period ended 12/31/2013 4th Qtr 4th Qtr Performance vs. Benchmark (Annualized Returns and Return Percentiles %) 2013 2013 1 Year 1 Year 3 Year 3 Year 5 Year 5 Year 10 Year 10 Year Incept. Fund Name Return Percentile Return Percentile Return Percentile Return Percentile Return Percentile Date Intl3 Diversified Emerging Mkts Peer Group 2.38 50 -1.58 50 -2.00 50 14.13 50 10.30 50 Oppenheimer Developing Markets Y 3.69 68 8.68 86 2.69 89 20.23 96 15.32 99 9/7/2005 Foreign Large Blend Peer Group 5.78 50 20.00 50 7.10 50 12.20 50 6.73 50 Artisan International Inv 7.40 80 25.18 90 13.33 99 16.60 95 8.93 88 12/28/1995 World Stock Peer Group 7.59 50 25.67 50 10.88 50 15.61 50 7.70 50 Oppenheimer Global Y 7.59 50 27.11 60 12.11 70 17.98 81 8.70 70 11/17/1998 NTdidVlOtitiINuveen Tradewinds Value Opportunities I 8238.23 68 27.67 64 7377.37 14 18.36 84 N/A N/A 12/9/2004 Small-Cap5 Small Growth Peer Group 8.05 50 41.03 50 16.17 50 22.08 50 9.40 50 Franklin Small Cap Growth A load waived 10.09 86 54.48 95 19.11 85 27.02 93 9.83 63 5/1/2000 Small Value Peer Group 9.20 50 35.99 50 14.56 50 19.89 50 9.34 50 Columbia Small Cap Value Fund II Z 8.63 36 40.14 81 16.16 80 19.76 48 10.30 81 5/1/2002 Mid-Cap8 Mid-Cap Growth Peer Group 8.12 50 35.37 50 13.97 50 20.98 50 9.39 50 Artisan Mid Cap Inv 5.93 3 37.39 71 17.15 87 26.02 97 11.43 92 6/27/1997 Baron Growth Retail 7.96 43 38.32 78 17.70 89 22.10 68 10.52 74 12/30/1994 Neuberger Berman Genesis Tr 9.15 73 36.89 66 16.29 83 19.23 20 11.30 89 8/26/1993 Mid-Cap Value Peer Group 8.73 50 34.91 50 14.65 50 20.13 50 9.25 50 American Century Mid Cap Value A lw 7.90 23 29.70 11 14.25 41 18.25 18 N/A N/A 1/13/2005 Perkins Mid Cap Value T 7.23 11 25.92 5 10.62 5 15.17 4 9.06 44 8/12/1998 Large-Cap Large Growth Peer Group 10.34 50 33.91 50 14.96 50 18.85 50 7.52 50 Pioneer Fundamental Growth Y 10.10 45 31.43 29 17.17 85 19.13 55 8.37 72 4/7/2009 Fidelity Contrafund 10.52 54 34.15 52 15.91 67 18.67 46 10.20 94 5/17/1967 American Funds Growth Fund of Amer A lw 9.40 24 33.79 49 15.33 56 18.29 40 8.31 71 11/30/1973 Large Blend Peer Group 10.10 50 31.90 50 14.94 50 17.19 50 7.03 50 American Funds Invmt Co of Amer A lw 10.42 66 32.43 59 14.57 43 16.22 31 7157.15 57 1/2/1934 Great-West Aggressive Profile I Init 7.90 11 28.85 20 12.77 20 17.13 48 7.60 72 9/11/1997 Large Value Peer Group 9.49 50 31.52 50 14.73 50 16.20 50 7.21 50 Invesco Growth and Income Y 8.84 32 34.16 73 14.79 52 16.30 52 8.06 76 10/19/2004 Asst All/Other Aggressive Allocation Peer Group 6.66 50 21.49 50 10.29 50 14.38 50 6.63 50 Great-West Moderately Agg Profile I Init 5.92 23 20.40 36 10.29 50 14.31 46 7.33 78 9/11/1997 Moderate Allocation Peer Group 5.67 50 17.17 50 9.33 50 12.94 50 6.16 50 Fidelity Puritan 7.03 91 20.34 84 11.29 85 14.77 85 7.00 80 4/16/1947 Janus Balanced T 6.50 81 19.59 77 11.03 82 12.88 49 8.29 96 9/1/1992 GtWtMdtPfilIIitGreat-West Moderate Profile I Init 4904.90 28 16.16 41 8798.79 39 12.31 35 6886.88 76 9/11/1997 Great-West Moderately Cnsrv Prfl I Init 3.72 8 11.82 10 7.31 14 10.67 8 6.33 57 9/11/1997 Conservative Allocation Peer Group 3.13 50 7.62 50 6.39 50 10.02 50 5.16 50 Great-West Conservative Profile I Init 2.56 33 7.55 49 5.82 39 9.18 34 5.42 61 9/11/1997 Bond9 High Yield Bond Peer Group 3.19 50 6.61 50 8.17 50 16.27 50 7.26 50 JPMorgan High Yield A Load Waived 3.22 52 6.85 55 7.75 33 16.21 48 7.93 81 11/13/1998 Intermediate-Term Bond Peer Group 0.16 50 -1.72 50 3.63 50 6.25 50 4.40 50 PIMCO Total Return Admin -0.10 32 -2.17 33 3.82 58 6.65 58 5.77 93 9/8/1994 Index Funds Dreyy()fus Intl Stock Index (idx) 5.37 31 21.12 64 7.65 66 11.75 35 6.41 41 6/30/1997 TIAA-CREF Equity Index Instl (idx) 10.04 48 33.47 70 16.18 80 18.66 82 7.85 78 7/1/1999 Vanguard Total Bond Market Index Signal (idx) -0.19 24 -2.15 33 3.15 32 4.39 18 4.50 55 9/1/2006

A Percentile Ranking of 100% represents the best in class performance whereas 0% represents the lowest. Investment options available in the plan may be through mutual funds and/or a group fixed annuity contract. Total return performance shown above represents that of the underlying fund and does not include a deduction for any applicable annuity contract of administrative fees/expenses. Performance numbers shown above would be less after applicable fee/expenses are deducted. For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 23 Fund Compliance Report Card

Sharpe Ratio and Expense Analysis: Gwinnett County Retirement Plans period ended 12/31/2013 Sharpp%e Ratios and Percentiles % Standard Deviation Expense Expense Manager Fund Size Fund Name 3 Yr Ratio 3 Yr % 5 Yr Ratio 5 Yr % 3 Yr 5 Yr Ratio Percentile % Tenure (yrs) $MM Intl 3 Diversified Emerging Mkts Peer Group -0.01 50 0.69 50 19.27 22.82 1.55 50 Oppenheimer Developing Markets Y 0.23 88 0.95 96 17.65 21.92 1.05 91 7 38,659 Foreign Large Blend Peer Group 0.50 50 0.68 50 16.37 19.91 1.23 50 Artisan International Inv 0.81 98 0.85 93 17.21 20.41 1.19 53 18 14,539 World Stock Peer Group 0.80 50 0.92 50 14.58 18.10 1.35 50 Oppenheimer Global Y 0.79 49 0.97 65 15.94 18.77 0.93 86 9 10,469 Nuveen Tradewinds Value Opportunities I 0.57 16 1.16 93 14.16 15.63 1.09 76 2 555 Small-Cap 5 Small Growth Peer Group 0970.97 50 1121.12 50 17.01 19.54 1331.33 50 Franklin Small Cap Growth A load waived 1.17 86 1.33 92 16.14 19.53 1.35 50 14 1,138 Small Value Peer Group 0.92 50 0.97 50 16.24 21.38 1.31 50 Columbia Small Cap Value Fund II Z 0.96 69 0.94 36 17.06 21.81 1.07 73 12 1,781 Mid-Cap8 Mid-Cap Growth Peer Group 0.93 50 1.17 50 15.39 17.90 1.22 50 Artisan Mid Cap Inv 1.09 78 1.35 94 15.67 18.46 1.33 39 17 9,345 Baron Growth Retail 1.26 94 1.27 78 13.65 16.84 1.32 39 19 8,324 Neuberger Berman Genesis Tr 1.19 90 1.21 59 13.40 15.53 1.11 61 20 14,894 Mid-Cap Value Peer Group 1.01 50 1.09 50 14.59 18.09 1.23 50 American Century Mid Cap Value A lw 1.22 87 1.18 80 11.44 15.12 1.26 42 10 4,892 Perkins Mid Cap Value T 0.85 16 1.02 22 12.76 14.93 0.77 92 15 10,801 Large-Cap Large Growth Peer Group 1.08 50 1.15 50 13.86 16.29 1.11 50 Pioneer Fundamental Growth Y 1.49 99 1.36 94 11.02 13.55 0.81 81 7 1,679 Fidelity Contrafund 1.28 87 1.30 87 12.12 13.96 0.74 88 23 111,094 American Funds Growth Fund of Amer A lw 1.15 66 1.17 57 13.14 15.38 0.70 91 25 136,469 Large Blend Peer Group 1.16 50 1.08 50 12.72 16.02 1.06 50 American Funds Invmt Co of Amer A lw 1.21 60 1.08 52 11.77 14.93 0.62 83 22 68,678 Great-West Aggressive Profile I Init 0.94 18 0.98 22 13.74 17.63 1.30 32 16 82 Large Value Peer Group 1.16 50 1.00 50 12.94 16.69 1.06 50 Invesco Growth and Income Y 1.16 51 0.99 46 12.56 16.68 0.57 94 15 9,033 Asst All/Other Aggressive Allocation Peer Group 0.91 50 1.04 50 11.26 14.01 1.24 50 Great-West Moderately Agg Profile I Init 0.98 66 1.05 53 10.53 13.63 1.18 55 16 154 Moderate Allocation Peer Group 1.05 50 1.17 50 8.68 10.83 1.11 50 Fidelity Puritan 1.27 77 1.33 87 8.72 10.74 0.58 95 10 23,003 Janus Balanced T 1.22 72 1.31 84 8.87 9.58 0.83 78 9 10,829 Great-West Moderate Profile I Init 0.99 39 1.08 24 8.85 11.33 1.10 53 16 206 Great-West Moderately Cnsrv Prfl I Init 1021.02 45 1161.16 48 7117.11 9029.02 1021.02 60 16 0 Conservative Allocation Peer Group 1.11 50 1.35 50 5.87 7.54 1.14 50 Great-West Conservative Profile I Init 1.07 42 1.32 45 5.37 6.76 0.96 67 16 40 Bond9 High Yield Bond Peer Group 1.23 50 1.83 50 6.53 8.41 1.01 50 JPMorgan High Yield A Load Waived 1.19 42 1.91 69 6.40 8.05 1.01 50 15 10,859 Intermediate-Term Bond Peer Group 1.18 50 1.75 50 2.89 3.33 0.80 50 PIMCO Total Return Admin 0.97 22 1.67 41 3.89 3.86 0.71 61 27 237,264 Index Funds Dreyfus Intl Stock Index (idx) 0.52 60 0.65 36 16.69 20.05 0.60 91 7 537 TIAA-CREF Equity Index Instl (idx) 1.24 68 1.13 80 12.71 16.31 0.07 99 9 7,900 Vanguard dT Tot al lB Bond dM Mark et tI Ind ex Si gnal l(id) (idx) 1091.09 38 1441.44 21 2822.82 2962.96 0100.10 99 21 17,730

A Percentile Ranking of 100% represents the best in class performance whereas 0% represents the lowest. Expense refers to the Prospectus Net Expense Ratio

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 24 Fund Compliance Report Card

Annual Returns and Statistics: Gwinnett County Retirement Plans period ended 12/31/2013 Portfolio Construction Calendar Year Returns MPT Statistics ( 3 year) Turnover Number of % in top Fund Name 2013 2012 2011 2010 2009 Alpha Beta R2 Ratio Holdings 10 holdings Intl 3 Diversified Emerging Mkts Peer Group -1.58 18.88 -18.90 18.49 73.92 Oppenheimer Developing Markets Y 8.68 21.29 -17.85 27.39 82.10 4.40 0.88 92 29 110 25% Foreign Large Blend Peer Group 20.00 18.16 -13.61 10.49 31.46 Artisan International Inv 25.18 25.39 -7.26 5.91 39.77 1.87 1.18 94 42 83 32% World Stock Peer Group 25.67 16.53 -7.57 12.83 33.37 Oppenheimer Global Y 27.11 21.09 -8.46 16.06 39.77 -0.74 1.14 96 11 87 23% NTdidVlOtitiINuveen Tradewinds Value Opportunities I 27.67 2282.28 -5205.20 24.13 51.14 -3203.20 0990.99 79 84 51 33% Small-Cap5 Small Growth Peer Group 41.03 13.96 -2.59 27.71 35.91 Franklin Small Cap Growth A load waived 54.48 10.51 -1.02 34.56 45.41 2.37 0.96 92 41 103 16% Small Value Peer Group 36.01 15.93 -4.50 25.42 31.50 Columbia Small Cap Value Fund II Z 40.14 14.57 -2.39 25.64 25.14 -0.55 1.05 98 42 128 12% Mid-Cap8 Mid-Cap Growth Peer Group 35.37 14.45 -3.82 25.75 40.57 Artisan Mid Cap Inv 37.39 19.52 -2.08 31.57 50.26 2.53 0.96 91 44 70 30% Baron Growth Retail 38.32 16.43 1.24 24.01 34.24 3.65 0.87 93 10 103 26% Neuberger Berman Genesis Tr 36.89 9.82 4.60 21.38 26.25 3.07 0.80 92 20 144 18% Mid-Cap Value Peer Group 34.91 16.55 -4.27 22.18 36.26 American Century Mid Cap Value A lw 29.70 16.11 -0.97 19.27 29.97 -1.51 0.92 98 61 128 21% Perkins Mid Cap Value T 25.92 10.32 -2.55 14.81 30.37 -3.22 0.86 97 60 106 18% Large-Cap Large Growth Peer Group 33.91 15.32 -1.77 16.00 34.95 Pioneer Fundamental Growth Y 31.43 14.71 6.70 11.04 34.32 2.54 0.87 95 28 41 N/A Fidelity Contrafund 34.15 16.26 -0.14 16.93 29.23 1.26 0.89 97 48 304 31% American Funds Growth Fund of Amer A lw 33.79 20.54 -4.89 12.28 34.48 -1.57 1.04 96 27 459 23% Large Blend Peer Group 31.90 15.42 -0.15 14.28 27.08 American Funds Invmt Co of Amer A lw 32.43 15.60 -1.76 10.86 27.18 -0.56 0.94 98 21 235 25% Great-West Aggressive Profile I Init 28.85 16.45 -4.41 15.55 33.01 0.31 1.09 98 32 12 94% Large Value Peer Group 31.52 14.90 -0.33 13.35 23.98 Invesco Growth and Income Y 34.16 14.91 -1.89 12.92 24.55 0.26 0.97 98 29 78 26% Asst All/Other Aggressive Allocation Peer Group 21.49 13.75 -2.90 14.13 28.70 Great-West Moderately Agg Profile I Init 20.40 13.89 -2.17 13.15 28.57 0.27 0.96 99 28 18 73% Moderate Allocation Peer Group 17.17 12.03 -0.20 12.11 24.44 Fidelity Puritan 20.34 13.79 0.67 14.04 26.69 -0.02 0.69 96 229 1228 17% Janus Balanced T 19.59 12.97 1.31 7.75 24.28 2.44 0.78 97 78 404 21% Great-West Moderate Profile I Init 16.16 12.25 -1.26 11.54 24.43 0330.33 0800.80 99 24 18 66% Great-West Moderately Cnsrv Prfl I Init 11.82 10.59 -0.08 10.04 22.08 -0.31 0.87 99 30 18 63% Conservative Allocation Peer Group 7.62 9.49 1.77 10.26 21.09 Great-West Conservative Profile I Init 7.55 9.02 1.06 8.73 20.39 0.10 0.64 98 30 19 65% Bond9 High Yield Bond Peer Group 6.61 14.72 3.48 14.11 47.17 JPMorgan High Yield A Load Waived 6.85 14.48 2.26 14.46 48.04 -1.86 1.07 98 65 1033 5% Intermediate-Term Bond Peer Group -1.72 6.41 6.39 7.48 12.50 PIMCO Total Return Admin -2.17 10.08 3.91 8.56 13.55 -0.16 0.78 74 380 20509 76% Index Funds Dreyfus Intl Stock Index (idx) 21.12 17.74 -12.51 7.31 30.15 -0.52 1.01 99 23 1072 13% TIAA-CREF E quit y I nd ex I nstl (id x) 33.4 7 16.33 0990.99 16.88 28.34 -0060.06 1001.00 100 8 2962 14% Vanguard Total Bond Market Index Signal (idx) -2.15 4.15 7.69 6.54 6.04 -0.18 1.02 99 80 16042 6%

A Percentile Ranking of 100% represents the best in class performance whereas 0% represents the lowest. The Fund Performance Review is a proprietary high level analytical tool that is used to evaluate fund performance and is not intended as an offer or solicitation of securities, or as investment advice. Investment options available in the plan may be through mutual funds and/or a group fixed annuity contract. Total return performance shown above represents that of the underlying fund and does not include a deduction for any applicable annuity contract of administrative fees/expenses. Performance numbers shown above would be less after applicable fee/expenses are deducted. For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 25 Fund Compliance Report Card

Index Performance period ending 12/31/2013 Total Total Total Total Return Return Return Annual Annual Annual Annual Annual Return Annlzd Annlzd Annlzd Return Return Return Return Return Index 1 Year 3 Year 5 Year 10 Year 2013 2012 2011 2010 2009 International 3 MSCI EMF ID -4.98 -4.50 12.08 8.52 -4.98 15.15 -20.41 16.36 74.50 MSCI Eafe Ndtr_D 22.78 8.17 12.44 6.91 22.78 17.32 -12.14 7.75 31.78 MSCI World Ndtr_D 26.68 11.49 15.02 6.98 26.68 15.83 -5.54 11.76 29.99

Small-Cap5 Russell 2000 Growth 43.30 16.82 22.58 9.41 43.30 14.59 -2.91 29.09 34.47 Russell 2000 38.82 15.67 20.08 9.07 38.82 16.35 -4.18 26.85 27.17 Russell 2000 Value 34.52 14.49 17.64 8.61 34.52 18.05 -5.50 24.50 20.58

Mid-Cap8 Russell Midcap Growth 35.74 15.63 23.37 9.77 35.74 15.81 -1.65 26.38 46.29 Standard & Poor's Midcap 400 33.50 15.64 21.89 10.36 33.50 17.88 -1.73 26.64 37.38 Russell Midcap Value 33.46 15.97 21.16 10.25 33.46 18.51 -1.38 24.75 34.21 Large-Cap Russell 1000 Growth 33.48 16.45 20.39 7.83 33.48 15.26 2.64 16.71 37.21 Standard & Poor's 500 TR 32.39 16.18 17.94 7.41 32.39 16.00 2.11 15.06 26.46 Russell 1000 Value 32.53 16.06 16.67 7.58 32.53 17.51 0.39 15.51 19.69

Bond9 Barclays Capital Aggregate Bond -2.02 3.26 4.44 4.55 -2.02 4.21 7.84 6.54 5.93 Barclays Capital Credit -2.01 5.11 7.89 5.23 -2.01 9.37 8.35 8.47 16.04 Barclays Capital Mortgage-Backed -1.41 2.42 3.69 4.61 -1.41 2.59 6.23 5.37 5.89 Barclays Capital Government Bond -2.60 2.70 2.26 4.14 -2.60 2.02 9.02 5.52 -2.20 Barclays Capital 1-3 Year Governm 0.37 0.81 1.25 2.67 0.37 0.51 1.56 2.40 1.41

MSCI EMF ID A capitalization-weighted index of stocks from 26 emerging markets that only includes issues that may be traded by foreign investors. The reported returns reflect equities priced in US dollars and do not include the effects of reinvested dividends. MSCI EAFE Ndtr_D Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. MSCI World Ndtr_D Includes all 23 MSCI developed market countries. Ndtr_D indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. Russell 2000 Growth Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. Russell 2000 Consists of the smallest 2000 companies in the Russell 3000 Index, representing approximately 7% of the Russell 3000 total market capitalization. Russell 2000 Value Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. Russell Mid Cap Growth Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having higher price-to-book ratios and higher forecasted growth values. Standard & Poor's Midcap 400 Includes approximately 10% of the capitalization of U.S. equity securities. These are comprised of stocks in the middle capitalization range. Russell Mid Cap Value Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. Russell 1000 Growth Market-weighted total return index that measures the performance of companies within the Russell 1000 Index having higher price-to-book ratios and higher forecasted growth values. Standard & Poor's 500 A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. It measures the movement of the largest issues. Standard and Poor's chooses the member companies for the 500 based on market size, liquidity and industry group representation. Russell 1000 Value Market-weighted total return index that measures the performance of companies within the Russell 1000 Index having lower price-to-book ratios and lower forecasted growth values. BarCap US Aggregate Bond Composed of the Barclays Capital Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. BarCap US Credit Listed for corporate bond-general and high-quality funds. This index tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC-registered, investment-grade corporate debt. BarCap US MBS Includes 15- and 30-year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA). BarCap US Government Bond Listed for government-bond general and Treasury funds because it tracks the returns of U.S. Treasuries, agency bonds, and one- to three-year U.S. government obligations. This index is effective for tracking portfolios holding non-mortgage government securities. BarCap US Govt 1-3 Yr Comprised of both the Treasury Bond index (all public obligations of the U.S. Treasury, excluding flower bonds and foreign-targeted issues) and the Agency Bond Index (all publicly issued debt of U.S. Government agencies and quasi-federal corporations and corporate-debt guaranteed by the U.S. Government).

A benchmark index is not actively managed, does not have a defined investment objective, and does not incur fees or expenses. Therefore, performance of an Index Fund will generally be less than its benchmark index. You cannot invest directly in a benchmark index.

DtData S ource: MiMorningst tDit®ar Direct® S&P 500® Index is a registered trademark of Standard & Poor's Financial Services LLC ("Standard & Poor's), and is an unmanaged index considered indicative of the domestic Large-Cap equity market. S&P 400® Index is a registered trademark of Standard & Poor's Financial Services LLC ("Standard & Poor's), and is an unmanaged index considered indicative of the domestic Mid-Cap equity market. Please refer to the Appendix page for additional disclosures © 2010 Morningstar, Inc. All Rights Reserved.

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 26 Investment Policy Monitoring

Advised Assets Group, LLC Investment Policy Monitoring

Name Ticker Style Manager Ownership Style Drift Regulatory Notes: Change Change Change Action Oppenheimer Developing Markets Y ODVYX 1. Dylan Yolles ‐ Staying with the company but moving to a different division of Capital Artisan International Inv ARTIX Management and Research. Dylan gave up his role on GFA to focus on other strategies. Columbia Small Cap Value Fund II Z NSVAX Martin Romo: Newly disclosed PC on the fund. Martin has been managing on the fund for 2 years. Barry Crosthwaite: Newly disclosed PC on the fund. Barry has been Oppenheimer Global Y OGLYX managing on the fund for 5 years. Gordy Crawford is still listed as a PC on the fund, Franklin Small Cap Growth A FSGRX however he will be retiring at the end of the month. (November, 2012) American Century Mid Cap Value A ACLAX 2. The style consistency of this fund slipped from medium to low. This fund does not American Funds Growth Fund of Amer A AGTHX 1 have a market cap constraint and can be expected to be more of a multi‐cap fund with Artisan Mid Cap Inv ARTMX 8 some international exposure. (November, 2012) Baron Growth Retail BGRFX 3. This fund shifted from the Morningstar Large Cap Blend Category to the Morningstar World Stock Category. International exposure is currently at 32% of the portfolio. Fidelity Contrafund FCNTX (December 2012) Pioneer Fundamental Growth Y FUNYX 4. Josh Barrickman replacing Gregory Davis as one of the managers on this fund. Perkins Mid Cap Value T JMCVX 6 Kenneth Volpert will remain on the fund. Greg Davis is leaving the bond indexing group Neuberger Berman Genesis Tr NBGEX the be the CIO of the Asia Pacific Group. Josh Barrickman will assume his role and has Invesco Growth and Income Y ACGMX 7 over 10 years of bond indexing experience with Vanguard. (February, 2013) 5. Previous management: Thomas J. Durante,Todd Rose,Richard A. Brown,Karen Q. American Funds Invmt Co of America A AIVSX Wong,Lynn A. Hutchison,Rebecca Gao,Danny Lai,Marlene Walker Smith Dreyfus Intl Stock Index DIISX 5 Current management: Thomas J. Durante,Richard A. Brown,Karen Q. Wong. These Fidelity Puritan FPURX changes are just clean‐up after merging serveral boutiques within Dreyfus. The people Janus Balanced T JABAX removed are all junior PMs. Great-West Moderate Profile I Init MXOPX (March, 2013) 6. In a move to add additional resources to this fund, Kevin Preloger was added to the Great-West Aggressive Profile I Init MXPPX management team of this fund. (April, 2013) Great- West Moderately Agg Profile I Init MXRPX 7. PiPrevious management: Mary Jayne MlMaly, James O. RdMkRoeder,Mark LkiThLaskin,Thomas Great-West Moderately Cnsrv Prfl I Init MXTPX Bastian,Sergio Marcheli Great-West Conservative Profile I Init MXVPX Current management: Mary Jayne Maly,James O. Roeder,Thomas Bastian,Sergio Nuveen Tradewinds Value Opportunities I NVORX 32Marcheli. Mark Laskin left the firm and INVESCO is not going to add another portfolio manager, but will add another senior analyst to replace his analyst duties. (June, 2013) JPMorgan High Yield A Load Waived OHYAX 8. Craigh A. Cepukenas was added as anamed manager on this fund. Has been working PIMCO Total Return Admin PTRAX on the fund since 2009. (October, 2013) TIAA-CREF Equity Index Instl TIEIX Vanguard Total Bond Market Index Signal VBTSX 4

For Plan Sponsor Use Only DATA SOURCE: Morningstar 12/31/13 28 Glossary

Advised Assets Group, LLC Glossary

12b-1 Fee The maximum annual charge deducted from fund assets to pay for distribution and marketing costs. Although usually set on a percentage basis, this amount will occasionally be a flat figure. Actively managed fund A fund manager buys and sells securities attempting to outperform the market as a whole. Adjustable Bonds A bond whose coupon is reset periodically—usually every six months to three years. At the reset date, the coupon is set equal to some base index, such as the one-year constant Treasury rate, plus a spread (or margin). When interest rates are falling, these bonds do better than an in-year Treasury, but when interest rates rise, they can lag Treasury yields.

Aggressive Growth (Objective) Funds that seek rapid growth of capital and that may invest in emerging market growth companies without specifying a market capitalization range. They often invest in small or emerging growth companies and are more likely than other funds to invest in IPO's or in companies with high price/earnings and price/book ratios. They may use such investment techniques as heavy sector concentrations, leveraging, and short-selling.

Alpha A measure of the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund’s underperformance, given the expectations established by the fund’s beta.

Annual Returns Total returns calculated on a calendar-year basis. The annual return for a fund will be the same as its trailing 12-month total return only at year-end. Annualized Returns Returns for periods longer than one year are expressed as "annualized returns." This is equivalent to the compound rate of return which, over a certain period of time, would produce a fund’s total return over that same period. Asset Allocation (Objective) Income and capital appreciation are dual goals for funds in this objective. Managers often use a flexible combination of stocks, bonds, and cash. Managers may shift assets based on analysis of business-cycle trends.

Average Credit Quality Gives a snapshot of the portfolio’s overall credit quality. It is an average of each bond’s credit rating, adjusted for its relative weighting in the portfolio.

Average Effective Duration A measure of a fund's interest-rate sensitivity--the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities. Small coupons tend to increase duration, while shorter maturities and higher coupons shorten duration. The relationship between funds with different durations is straightforward: A fund with a duration of 10 years is twice as volatile as a fund with a five-year duration.

Average Effective Maturity Used for taxable fixed-income funds only, this figure takes into consideration all mortgage prepayments, puts, and adjustable coupons; it does not, however, account for call provisions. The number listed is a weighted average of all the maturities of the bonds in the portfolio, computed by weighing each maturity date (the date the security comes due) by the market value of the security.

Balanced (Objective) Funds that seek both income and capital appreciation by investing in a generally fixed combination of stocks and bonds. These funds generally hold a minimum of 25% of their assets in fixed-income securities at all times.

Basis Point One-hundredth of a percentage point. For example, 50 basis points equals .50%. Beta A measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. Beta is calculated by comparing a fund’s excess return over Treasury bills to the market's excess return over Treasury bills, so a beta of 1.10 shows that the fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is expected to perform 15% worse than the market’s excess return during up markets and 15% better during down markets.

Bonds Interest-bearing certificates of indebtedness or IOUs. While bonds' rates of return remain fixed, bond prices change in relation to interest rates — when interest rates go up, bond prices go down, and vice versa. However, bond funds are variable funds and fluctuate with market conditions.

Bond funds Contrary to individual bonds, which offer a guaranteed rate of return, bond funds are variable funds and their returns may rise or fall depending on market conditions. Funds with 70% or more of their assets invested in bonds are classified as Bond Funds. Bond funds are divided into two main groups: Taxable Bond and Municipal Bond. Taxable Bond Fund categories include the following: Long-Term Government, Intermediate-Term Government, Short-Term Government, Long-Term Bond, Intermediate-Term Bond, Short-Term Bond, Ultrashort-Bond, International- Bond, High-Yield Bond, Emerging-Markets Bond and Multisector Bond. Breakpoint The investment amount at which investors in a load fund qualify for a discount on the fund’s sales charges.

G - 1 Glossary

Broker A firm or individual that acts as an intermediary between a buyer and a seller of securities, thereby earning a commission on the transaction. Unlike a broker-dealer, a broker does not own the securities that he or she sells. Callable Bond A bond that can be repaid early, at the issuer’s discretion. A callable bond allows an issuer to refinance debt at a lower rate, should interest rates drop below the coupon rate on the bond. If interest rates have dropped significantly since the date of issue, a callable bond will trade as though its maturity were shortened to the call date, which is the earliest time at which the bond can be redeemed.

Capital Appreciation The taxable income generated when a security is sold. The amount of appreciation is measured by subtracting the purchase price from the sale price. Capital Gains Taxable income generated only when a security is sold. This figure is calculated by subtracting the purchase price from the sale price. Under IRS regulations, funds must distribute 98% of their capital gains each year to avoid paying taxes on them. Shareholders pay taxes on these distributions, even if the gains are reinvested. Further capital gains can be generated by selling shares in a fund for more than the original purchase price.

Capitalization The total dollar value of all stock issued by a company. Small-cap stocks are issued by companies with market cap less than $1 billion. Mid-cap stocks are issued by medium-sized companies with market cap anywhere from $1 billion to $5 billion. Large-cap stocks include companies with market cap greater than $5 billion. CMOs Collateralized mortgage obligations are derivative securities, created by chopping up mortgage pass-throughs or whole loans into various slices in order to redistribute the cash flows (both principal and interest payments) from the underlying bonds. The CMO group, except for adjustable-rate mortgage funds, includes PACs (planned amortization class bonds), floating- and inverse- floating-rate CMOs, and accrual or Z-tranche bonds, among other varieties. Consumer Price Index (CPI) This index measures the changes in prices of goods and services purchased by urban households. Many pension and employment contracts are tied to changes in consumer prices, as protection against inflation and reduced purchasing power.

Corporate Bond--General (Objective) Funds that seek income by investing in fixed-income securities. Funds with this objective may hold a variety of issues, including but not limited to government bonds, high-quality corporates, mortgages, asset-backeds, bank loans and junk bonds.

Corporate Bond--High Quality (Objective) Offerings that seek income by investing at least 65% of their assets in corporate debt securities rated A or higher. They generally maintain average ratings of AA or better.

Corporate Bond--High Yield (Objective) Funds that seek income by generally investing 65% or more of their assets in bonds rated below BBB. The price of these issues is generally affected more by the condition of the issuing company (similar to a stock) than by the interest-rate fluctuation that usually causes bond prices to move up and down. Current income Results when a stock pays a dividend or a bond makes an interest payment. This is the value of your investment increased. With current income, you get a fairly stable pattern of income — which generally means reduced volatility. (Stock dividends must be declared, and are not predictable.)

Diversification Spreading your money over many different types of investments. Contrary to putting all your eggs in one basket, diversification can help protect your savings because when one investment is doing poorly, another may be doing well. This does not guarantee against loss of value in your investments. Dividends The distribution of earnings to stockholders by a company. Dividends are usually paid out from current earnings.

Domestic equity funds are placed in a category based on the style and size of the stocks they typically own. The style and size parameters are based on the divisions used in the investment style box: Value, Blend, or Growth style and Small, Medium, or Large median market capitalization.

Domestic Hybrid Category Used for funds with stock holdings of greater than 20% but less than 70% of the portfolio.

Dow Jones Industrial Average Computed by summing the prices of the stocks of 30 companies and then dividing that total by an adjusted value--one which has been adjusted over the years to account for the effects of stock splits on the prices of the 30 companies. Dividends are reinvested to reflect the actual performance of the underlying securities.

Duration A time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital). A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Equity-Income (Objective) Funds that are expected to pursue current income by investing at least 65% of their assets in dividend-paying equity securities.

G - 2 Glossary

Equity style box is a matrix that shows a fund’s investment style. Nine boxes represent two variables: the size of the companies invested in (small-cap, mid-cap, large-cap), and whether a fund is growth, value, or blend oriented. Morningstar recalculates the style of each fund on a monthly basis. The equity style box is shown below (areas are shaded according to risk — the darker the area, the higher the risk associated with the investment).

Value Blend Growth 123 Large

4 5 6 Medium 7 8 9 Small

Excess Returns A component found in Morningstar Return, Morningstar Risk, and the Morningstar Rating. This figure is calculated by subtracting the monthly returns of the three-month Treasury- bill from the monthly returns of the fund during the same time period. Exchange-Traded Funds (ETFs) are not mutual funds in the traditional sense; rather, they are hybrid instruments combining aspects of common stocks and mutual funds and offering many the benefits of both. ETFs are products that trade like stocks. They mimic stock indexes and are passively managed just like an index fund. Because ETFs trade throughout the day just like a stock, investors have the ability to choose the timing and know the price of the transaction.

Expense Ratio The percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s NAV . Sales charges are not included in the expense ratio. FHLMC mortgages The Federal Home Loan Mortgage Commission, a federally-sponsored corporation that packages huge pools of individual mortgages and carves these pools up as mortgage- backed securities. This provides diversification, and consequently lower risk for mortgage investors. Although FHLMC securities are not directly backed by the federal government, it is implicitly recognized that the government would step in were there a likelihood that they would default. Fixed-income style box is similar to the equity style box. Fixed income style boxes represent a bond fund’s investment style. A fixed-income style would be the intersection of its duration (short, intermediate, and long) and the quality of the bonds selected for the portfolio (high, medium, low). Listed below is the matrix using the fixed-income style groupings (again, the darker the shading, the higher the risk).

Short Int. Long 123 High

4 5 6 Medium 7 8 9 Low

Flagship Fund Not to be confused with the Flagship Family of funds, a flagship fund is typically the oldest of a management company’s funds, or one that boasts the largest number of assets. Such funds often bear the management company’s name.

Foreign Stock Category An international fund having no more than 10% of stocks invested in the United States. Fund of Funds A fund that specializes in buying shares in other mutual funds rather than individual securities. Quite often this type of fund is not discernible from its name alone, but rather through prospectus wording (i.e.: the fund’s charter). Geometric Mean Return A compounded and annualized rate of return.

GNMA mortgages These are mortgage pass-through securities issued by the Government National Mortgage Association. These bonds are backed by the full faith and credit of the U.S. government. Government Bond--General (Objective) Offerings that pursue income by investing in a combination of mortgage-backed securities, Treasuries, and agency securities.

G - 3 Glossary

Government Bond--Mortgage (Objective) Funds that seek income by generally investing at least 65% of their assets in securities backed by mortgages, such as securities issued by the Government National Mortgage Association (GNMA), the Federal National Mortgage Association (FNMA), and the Federal Home Loan Mortgage Corporation (FHLMC). Government Bond--Treasury (Objective) Treasury funds that seek income by generally investing at least 80% of their assets in U.S. Treasury securities. Growth (Objective) Funds that pursue capital appreciation by investing primarily in equity securities. Current income, if considered at all, is a secondary concern.

Growth and Income (Objective) Growth of capital and current income are near-equal objectives for these funds. Investments are typically selected for both appreciation potential and dividend- paying ability. Guaranteed Certificate Fund All money deposited into a certificate during a "deposit period" earns a guaranteed rate of return, credited daily until maturity. Backed by the general assets of the certificate issuer. High-Yield Bond Category A fund with at least 65% or more of bond assets in bonds rated below BBB.

Index Fund A fund that tracks a particular index and attempts to match returns. While an index typically has a much larger portfolio than a mutual fund, the fund’s management may study the index’s movements to develop a representative sampling, and match sectors proportionately. Individual Retirement Account (IRA) A personal retirement plan. Taxes on earnings are deferred until money from the account is withdrawn. Industrial Cyclicals Sector Includes aerospace and aerospace industries, building supplies, industrial-building products, business equipment, chemicals, machinery (both light and industrial), metals fabrication (iron, steel, coal, and rare metals), paper and packaging, and photo equipment. Some examples of companies in this sector include Boeing, Canon, Caterpillar, Eastman Kodak, Georgia Pacific, Potash, and Sherwin-Williams.

Information Ratio The information ratio is a measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return.

Institutional Fund Any fund that meets one of the following qualifications: a) has the word "institutional" in its name. b) has a minimum initial purchase of $100,000 or more. c) states in its prospectus that it is designed for institutional investors or those purchasing on a fiduciary basis. International Equity Funds with 40% or more of their equity holdings in foreign stocks (on average over three years) are placed in the international equity class. These categories include Europe, Japan, International Hybrid, Latin America, Diversified Pacific, Pacific ex. Japan, Specialty Precious Metals, Diversified Emerging Markets, World Stock, and Foreign Stock. Foreign investments involve special risks, including currency fluctuations and political developments. Lehman Brothers 1-3 Year Government Bond Comprised of both the Treasury Bond index (all public obligations of the U.S. Treasury, excluding flower bonds and foreign-targeted issues) and the Agency Bond Index (all publicly issued debt of U.S. Government agencies and quasi-federal corporations and corporate-debt guaranteed by the U.S. Government). These bonds also must have maturities of one to three years. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Aggregate Index Composed of the Lehman Brothers Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Credit Listed for corporate bond-general and high-quality funds. This index tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC- registered, investment-grade corporate debt. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Government Bond Index Listed for government-bond general and Treasury funds. Because it tracks the returns of U.S. Treasuries, agency bonds, and one- to three-year U.S. government obligations, this index is effective for tracking portfolios holding non-mortgage government securities. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Govt/Credit Represents a combination of the Government and Corporate Bond indices. The returns published for the index are total returns, which include reinvestment of dividends. For more information, view the Lehman Brothers Web site or call 212-526-1000.

G - 4 Glossary

Lehman Brothers Intermediate Government Index Includes those indexes found in the LB Government Index which have a maturity of one to three years. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Intermediate Government/Corporate Index Includes both corporate (publicly-issued, fixed-rate, nonconvertible, investment grade, dollar-denominated, SEC-registered, corporate dept.) and government (Treasury Bond index, Agency Bond index, 1-3 Year Government index, and the 20+-Year treasury) indexes, including bonds with maturities up to ten years. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Intermediate Treasury This index includes treasury bonds with maturates of at least one year and up to 10 years with an outstanding par value of at least 100 million. They include fixed-rate debt issues, rated investment grade or higher by Moody’s Investor Services, Standard & Poor’s Corporation, or Fitch Investor’s Service (in that order). Treasuries include all public obligations of the U.S. Treasury, excluding flower bonds and foreign-targeted issues. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Long Credit Serves as a measure of all public-issued nonconvertible investment-grade corporate debts that have a maturity of 10 years or more. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Long Term Government Index Includes those indexes found in the LB Government index which have a maturity of 10 years or more. The returns published for the index are total returns, which include reinvestment of dividends.

Lehman Brothers Mortgage-Backed Securities Includes 15- and 30-year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA). The returns published for the index are total returns, which include reinvestment of dividends.

Life Cycle These funds are geared toward investors of a certain age or with a specific time horizon for investing. Typically they are grouped together in sets (i.e. conservative, moderate, and aggressive portfolios).

Linear Scale Linear graphs are scaled so that equal vertical distances represent the same absolute dollar value change. A drop from $10,000 to $9,000, for example, is represented in the same way as a drop from $100,000 to $99,000.

Logarithmic Scale Used for graphs, a scale that reveals percentage changes. A given percentage move takes up the same amount of space as another move of equal percentage. A change from 100 to 200, for example, is presented in the same way as a change from 1000 to 2000. Maturity Short-term bonds mature (or come due) in less than four years. Intermediate-term bonds mature in four to ten years. Long-term bonds mature more than ten years from the date of purchase. The longer the term, the higher the risk and the rate of potential return. Management Fees The management fee is the percentage deducted from fund assets to pay an advisor or subadvisor. Often, as the fund's net assets grow, the percentage deducted for management fees decreases. For example, a particular fund may report a management fee of 0.40% on the first $500 million in assets, 0.35% on all assets between $500 million and $1 billion, and 0.30% on assets in excess of $1 billion. Thus, if the fund contains $1.5 billion in total net assets, the advisor scales back its management fees accordingly. Alternatively, the fund may compute the fee as a flat percentage of average net assets. The management fee might also come in the form of a group fee (G), a performance fee (P), or a gross income fee (I). Note: The management fee is just one (albeit a major) component of a fund's costs. The overall expense ratio is the most useful number for investors. Actual fees are also noted in this section. Market-Neutral Funds These are funds that attempt to eliminate the risks of the market by holding 50% of assets in long positions in stocks and 50% of assets in short positions. Funds in this group match the characteristics of their long and short portfolios, keeping factors such as price-to-earnings and industry exposure similar. Stock picking, rather than broad market moves, should drive a market-neutral fund's performance. Median Market Capitalization The median market capitalization of a fund's equity portfolio gives you a measure of the size of the companies in which the fund invests. It is the trimmed mean of the market capitalizations of the stocks in the fund’s portfolio.

Modern Portfolio Theory (MPT) Statistics Alpha, beta, and R-squared are modern-portfolio-theory measures of a fund’s relative risk, based on least-squares regression of a fund’s excess returns on the excess returns of a market index. Standard deviation is not considered an MPT statistic because it is not generated through the same formula or mathematical analysis as the other three statistics. Money market funds Best described as short-term versions of bonds. These relatively low-risk variable funds hold very short-term securities such as U.S. government securities, certificates of deposit, cash and cash equivalents. Investments in Money Market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although they seek to preserve the value of your investment at $1 per share, it is possible to lose money in Money Market funds.

G - 5 Glossary

Morley Stable Value Index A hypothetical portfolio comprised of a weighted blend of 50% five-year stable value contracts, 30% three-year stable value contracts and 20% 30-day prime commercial paper. The five-year component consists of 60 hypothetical five-year stable value contracts, one purchased at the prior month end's illustrative rate at the beginnning of each month for the prior 60 months. The three-year component consists of 36 hypothetical three-year stable value contracts, one purchased at the prior month end's illustrative rate at the beginnning of each month for the prior 36 months.

Morningstar was founded in 1984 to provide investors with useful information for making intelligent, informed investment decisions. The company’s first product, originally named the Mutual Fund Sourcebook, proved to be innovative in its ability to tap into an underserved market. Soon a demand grew for an even more in-depth and analytical publication, leading to the launch of Morningstar Mutual Funds in late 1986.

Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, we estimate where it will fall before assigning a more permanent category. When necessary, we may change a category assignment based on current information. MSCI EAFE Ndtr_D Listed for foreign stock funds (EAFE refers to Europe, Australasia, and Far East). Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. Ndtr_D indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. The returns published for the index are total returns, which include reinvestment of dividends.

MSCI Europe Ndtr_D Listed for Europe stock funds. This index measures the performance of stock markets in Austria, Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, Ireland, Portugal, and the United Kingdom. Total returns date back to December 1981. Ndtr_D indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty.

MSCI Pacific Ndtr_D Formerly known as MS Pacific, this index is listed for Pacific stock funds and measures the performance of stock markets in Australia, Hong Kong, Japan, New Zealand, and Singapore, and Malaysia. Ndtr_D indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. The returns we publish for the index are total returns, which include reinvestment of dividends.

MSCI World Ndtr_D Includes all 23 MSCI developed market countries. Ndtr_D indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. Mutual fund An investment option that pools money from many shareholders and invests it in a group of stocks, bonds, or other securities. Also known as an open-end investment management company, mutual funds are securities required to be registered with the SEC. NASD (National Association of Securities Dealers) A self-regulatory organization for the securities industry with jurisdiction over certain broker-dealers. The NASD enforces broker-dealers’ compliance with securities regulations, including the requirement that they maintain sufficient levels of net operating capital. It also conducts market surveillance of the over-the-counter (OTC) securities market.

NAV Stands for net asset value, which is the fund’s share price. Funds compute this value by dividing the total net assets by the total number of shares. NASDAQ Composite Index Measures the performance of all issues listed in the NASDAQ Stock Market, except for rights, warrants, units, and convertible debentures. Net Assets The month-end net assets of the mutual fund, recorded in millions of dollars. Net-asset figures are useful in gauging a fund’s size, agility, and popularity. They help determine whether a small company fund, for example, can remain in its investment-objective category if its asset base reaches an ungainly size.

Ndtr_D: Noted for various Morgan Stanley indexes, Ndtr_D indicates that the index is listed in US dollars, with net dividends reinvested. Ndtr_D indexes take into account actual dividends before withholding taxes, but excludes special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty.

NYSE (New York Stock Exchange Composite) Serves as a comprehensive measure of the market trend for the benefit of investors who are concerned with general stock market price movements. The index is a composite of all common stocks listed on the NYSE and four sub-groups--Industrial, Transportation, Utility, and Finance.

Options/Futures/Warrants Options and futures may be used speculatively, to leverage a portfolio, or cautiously, as a hedge against risk.

G - 6 Glossary

OTC (over the counter) A name for a security that is not listed on an exchange. The OTC is the major trading market for all US bonds, as well as many small- and large-capitalization stocks. Whereas non-OTC stocks trade on the floor of actual stock exchanges, OTC issues are traded via telephone and computer networks connecting dealers in stocks and bonds. The dealer may or may not be a member of a securities exchange, but he or she must be a member of the NASD.

Price/Book Ratio The weighted average of the price/book ratios of all the stocks in a fund’s portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per-share book value. Stocks with negative book values are excluded from this calculation. In theory, a high P/B ratio indicates that the price of the stock exceeds the actual worth of the company's assets, while a low P/B ratio indicates that the stock is a bargain.

Price/Earnings Ratio The weighted average of the price/earnings ratios of the stocks in a fund’s portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months’ earnings per share. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents, so that larger positions have proportionately greater influence on the fund’s final P/E.

Price/Cash Flow This represents the weighted average of the price/cash-flow ratios of the stocks in a fund's portfolio. Price/cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company's operations. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. Because accounting conventions differ among nations, reported earnings (and P/E ratios) may not be comparable across national boundaries. Price/cash-flow attempts to provide an internationally-standard measure of a firm's stock price relative to its financial performance.

Prospectus A fund's formal written statement, generally issued on an annual basis. In this statement the fund sets forth its proposed purposes and goals, and other facts (e.g.: history and investment objective) that an investor should know in order to make an informed decision. Prospectus Objective Indicates a particular fund’s investment goals, based on the wording in a fund's prospectus. R-Squared Reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. An R-squared of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, index funds that invest only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very few of the fund’s movements can be explained by movements in its benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by movements in the benchmark index.

Regression A mathematical tool used to study the way that two sets of numbers interact with each other. Regression measures how much of one number's changes might be caused by or linked to how much another number changes.

Returns Based Style Analysis In 1988, William F. Sharpe, Nobel Laureate and Professor of Finance at Stanford University, wrote an article for the Investment Analyst Review entitled "Determining a Fund's Effective Asset Mix". In this article, he demonstrated that a manager's style could be determined by analyzing portfolio returns, as opposed to holdings. This was done mathematically by comparing the manager's returns to the returns of a number of style indexes. This discovery revolutionized style and performance analysis and provided the basis for the StyleADVISOR suite of software.

Since its debut in 1993, StyleADVISOR has been the style analysis package of choice for the large institutional marketplace. Our client list has grown to include over 250 plan sponsors, consultants, and money managers. They use StyleADVISOR to determine, for themselves, using only monthly or quarterly returns, the style and consistency of managers and funds. They create custom style benchmarks, do performance, risk-return, upside downside market capture analyses, manager to peer universe comparisons, asset allocation, and much more. StyleADVISOR also enables them to perform manager searches, create custom universes, evaluate competitors, and monitor aggregate portfolios. Risk Basically there are four types of risk: 1) inflation risk means your money may not earn enough in the long run because as prices go up the value of your money goes down; 2) market risk means you could lose money because the price of a stock may go down; 3) credit risk means a company or organization that borrowed your money may not be able to pay it back; and 4) interest rate risk means you could lose money because as interest rates go up the value of bond investments goes down. Risk-Free Rate of Return Three-month T-bills are government-backed short-term investments considered to be risk-free and as good as cash because the maturity is only three months.

Risk/Return Graph The Manager Risk/Return Graph displays the risk/return characteristics of a manager and compares them to a benchmark, universe or other managers. It plots Return on the vertical axis and a Risk Statistic on the horizontal axis. The chart has crosshairs that provide a basis for comparison by dividing the graph into four quadrants. The crosshairs are centered at either the Market Benchmark, the Style Benchmark or the median of the Universe, depending on the options you select. A relatively aggressive manager, for example, is likely to fall in the Northeast corner relative to the crosshairs centered at the universe median, with both more risk and more return.

G - 7 Glossary

Russell 1000 Consists of the 1000 largest companies within the Russell 3000 index. Also known as the Market-Oriented Index, because it represents the group of stocks from which most active money managers choose. The returns published for the index are total returns, which include reinvestment of dividends.

Russell 1000 Growth Market-capitalization weighted index of those firms in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately 98% of the investable US equity market.

Russell 1000 Value Market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately 98% of the investable US equity market.

Russell 2000 Consists of the smallest 2000 companies in the Russell 3000 Index, representing approximately 7% of the Russell 3000 total market capitalization. The returns published for the index are total returns, which include reinvestment of dividends.

Russell 2000 Growth Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market.

Russell 2000 Value Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market.

Russell 3000 Composed of the 3000 largest U.S. companies by market capitalization, representing approximately 98% of the U.S. equity market. The returns published for the index are total returns, which include reinvestment of dividends. S&P 500/BARRA Growth Index A subset of the Standard & Poor's 500 Index®. Each year, all the stocks in the S&P 500® are classified as either growth or value. The stocks classified as growth make up the S&P 500/BARRA Growth Index. In general, growth companies tend to have high price-to-earnings (P/E) ratios, low dividend yields, and above-average earnings growth rates.

S&P 500/BARRA Value Index A subset of the Standard & Poor's 500 Index®. Each year, all the stocks in the S&P 500® are classified as either growth or value. The stocks classified as value make up the S&P 500/BARRA Value Index. In general, value companies tend to have low P/E ratios, high dividend yields, and below-average earnings growth rates.

S&P 400 MidCap Index The S&P 400 MidCap Index consists of 400 U.S. companies that have market capitalization from $1 billion to $5 billion. The index includes approximately 312 industrial companies, 10 transportation companies, 41 utilities, and 37 financial companies.

S&P 500 Index® Standard & Poor's 500 Index® is a benchmark for the United States stock market. It's a list of the 500 largest publicly traded companies, which include 400 industrial companies, 20 transportation companies, 40 utilities, and 40 financial companies.

S&P Small Cap 600 Index The Standard & Poor's SmallCap 600 Index consists of 600 U.S. companies that have market capitalization less than $1 billion. The index includes approximately 499 industrial companies, 18 transportation companies, 27 utilities, and 56 financial companies. Equity securities of companies with small market capitalization may be more volatile than securities of larger, more established companies.

SEC Yield A calculation based on a 30-day period ending on the last of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. Share Classes Shares of the same fund that offer different shareholder rights and obligations, such as different fee and load charges. Common share classes are A (front-end load), B (deferred fees), C (no sales charge and a relatively high annual 12b-1 fee, such as 1.00%). Multi-class funds hold the same investment portfolio for all classes, and differ only in their surrounding fee structure.

Sharpe Ratio A risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe ratio is calculated for the past 36-month period by dividing a fund’s annualized excess returns by its annualized standard deviation.

G - 8 Glossary

Socially Conscious Any fund that invests according to non-economic guidelines. Such funds may make investments based on such issues as environmental responsibility, human rights, or religious views. A socially conscious fund may take a pro-active stance by selectively investing in, for example, environmentally-friendly companies, or firms with good employee relations. This group also includes funds that avoid investing in companies involved in promoting alcohol, tobacco, or gambling, or in the defense industry.

Standard Deviation A statistical measurement of dispersion about an average, which, for a mutual fund, depicts how widely the returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility. Stocks Ownership in a company. Stocks are sold by the company and then bought/sold among investors. Risks involved include the company not performing up to expectations or that the price of your stock will fall.

Style Benchmark The concept of the style benchmark was first introduced by Nobel Laureate William F. Sharpe in 1988 and referred to as the "Effective Asset Mix". A quadratic optimizer is used to find a combination of the selected indices that would best track (have the highest correlation to) a given return series. For example, if a domestic equity manager optimization found that a weighted composite of 20% Russell Large Value, 10% Russell Large Growth, 60% Russell Small Value, 5% Russell Small Growth, and 5% T-bills had a 92% R-squared to that manager's returns, it could be said that 92% of this manager's performance may be attributed to his "style". The remaining 8% is unexplained variance due to stock selection, etc.

Tax-deferred earnings You don't have to pay taxes on any earnings in your 401(k) until you withdraw your money. The money in a 401(k) can grow faster than with other types of savings plans, because the earnings you accumulate, if any, are also tax-deferred. Treynor Ratio The Treynor Ratio is a measure of performance per unit of market risk. It is the portfolio's excess return over the risk-free rate divided by the portfolio's beta to the selected benchmark. Also known as the Reward to Volatility Ratio.

Turnover Ratio The turnover rate of a fund is a decent proxy for how frequently a manager trades his or her portfolio. The inverse of a fund's turnover ratio is the average holding period for a security in that fund. If a fund consistently showed a 20% turnover ratio, for example, it would suggest that--on average--that fund holds a security for five years before selling it. A fund with a 200% turnover ratio pretty much changes its portfolio wholesale every six months.

Upside / Downside Market Capture Graph StyleADVISOR's Upside / Downside Market Capture graph displays the percentage of benchmark movement captured by a manager in both up and down markets. The graph plots the manager's upside capture ratio (vertical axis) against the downside capture ratio (horizontal axis). The capture ratio is the manager's return divided by the benchmark's return, or the percentage of the benchmark’s return that was “captured” by the manager. The Upside capture ratio is computed for periods when the market has a positive return. The Downside capture ratio is computed for periods when the market has a negative return. Variable funds Investments that fluctuate with market conditions. Unlike guaranteed investments, such as bonds or CDs, variable funds don't guarantee a specific rate of return. They do offer potential for higher earnings in return for higher degree of market risk. Wilshire 4500 Listed for small-company funds, measures the performance of all U.S. common equity securities excluding the stocks in the S&P 500. The returns published for the index are total returns, which include reinvestment of dividends. Wilshire 5000 Measures the performance of all U.S. common equity securities, and so serves as an index of all stock trades in the United States. The returns published for the index are total returns, which include reinvestment of dividends.

World Stock Category An international fund having more than 10% of stocks invested in the US. Also known as global funds. Foreign Investments involve special risks, including currency fluctuations and political developments. 1996-2001. Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, Inc., (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, Inc., (4) are provided solely for information purposes and (5) are not warrented to be correct, complete or accurate. Morningstar, Inc. shall not be responsible for any trading decisions, damages or other losses resulting from or related to, this information, data, analyses or opinions or their use.

G - 9 Gwinnett Stable Value Fund Quarterly Report

Fund Inception Date: November 2002 Fund Investment Manager: Great-West Life & Annuity Insurance Company Investment Policy Statement: Government only

Great-West FinancialSM refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York (GWL&A of NY), Home Office: White Plains, NY; its subsidiaries and affiliates including Great-West Capital RETIREMENT SERVICES Management, LLC. The trademarks, logos, service marks, and design elements used are owned by GWL&A. ©2013 Great-West Life & Annuity Insurance Company. All rights reserved. 11/2013 PT187353

For Plan Sponsor use only - Not for use with Plan Participants CSVFSTMT13 Confidential - Do not disclose or disseminate Gwinnett Stable Value Fund Quarterly Statement as of December 31, 2013

Fund Characteristics Fees and Expenses

12/31/13 9/30/13 Investment Management Fee 0.20% Number of Long Term Holdings 204 202 Participant Book Value Guarantee (Wrap) Fee 0.20% Market Value of Assets $81.32 MM $80.44 MM Fee Paid to Plan Account 0.20% Book Value Liabilities (participant account balances) $81.40 MM $79.88 MM Total Fees 0.60% Market Value of Assets to Book Value of Liabilities 99.9% 100.7% Average Life 4.9 Years 5.4 Years Average Duration 3.8 Years 4.1 Years Credited Rate 2.00% 4Q 2013 2.00% 3Q 2013 Next Quarter Credited Rate 1.75% 1Q 2014

Average Rating (S&P / Moody's / Fitch) AA+/AAA/AAA AA+/AAA/AAA

Fund Allocation Cash Agency 6% (in millions) 12/31/13 9/30/13 Securities Market % of Market % of 2% Value Portfolio Value Portfolio Agency CMBS Agency MBS$ 54.52 67.0%$ 59.37 73.9% 11% Agency CMO$ 11.53 14.2%$ 8.58 10.7% Agency CMO Agency CMBS$ 9.24 11.4%$ 7.44 9.2% 14% Agency Securities$ 1.43 1.8%$ 1.48 1.8% Agency MBS Total Market Value of Long Term Holdings$ 76.72 94.3%$ 76.87 95.6% 67% Net Short Term$ 4.60 5.7%$ 3.58 4.4% Total Market Value of Assets$ 81.32 100.0%$ 80.44 100.0%

For Plan Sponsor use only - Not for use with Plan Participants 2 Confidential - Do not disclose or disseminate Performance Gwinnett Stable Value Fund Quarterly Statement as of December 31, 2013

Performance/Credited Rates

Since Annual Performance 3-Month YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception Gwinnett Stable Value Fund (net of fees) 0.50% 2.13% 2.13% 2.71% 3.17% 3.56% 3.67% ####### ####### ####### ####### 12/1/2009 Calendar Year Performance 2013 2012 2011 2010 2009 Gwinnett Stable Value Fund (net of fees) 2.13% 2.69% 3.33% 3.64% 4.05%

31-Dec 30-Nov 31-Oct 30-Sep Current Yield of the Portfolio Based on BV of Assets 2.45% 2.47% 2.51% 2.57% Amortization of Realized G/L AND of Asset/Liability Differential -0.10% -0.10% -0.10% -0.08% Net Investment Performance 2.35% 2.37% 2.41% 2.48% Investment Management Fees -0.20% -0.20% -0.20% -0.20% Participant Book Value Guarantee (Wrap) Fee -0.20% -0.20% -0.20% -0.20% Fee Paid to Plan Account -0.20% -0.20% -0.20% -0.20% Investment Performance After Fees 1.75% 1.77% 1.81% 1.88%

Credited Rate History

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2013 2.30% 2.20% 2.00% 2.00%2003 4.90% 4.70% 4.40% 4.10% 2012 2.90% 2.85% 2.65% 2.35%2002 N/A N/A N/A 5.15% 2011 3.40% 3.40% 3.30% 3.20% 2010 3.65% 3.65% 3.60% 3.40% 2009 4.25% 4.10% 4.05% 3.80% 2008 4.70% 4.55% 4.55% 4.35% 2007 4.10% 4.40% 4.50% 4.60% 2006 3.70% 3.80% 3.90% 4.00% 2005 3.25% 3.50% 3.50% 3.55% 2004 3.70% 3.50% 3.50% 3.25%

For Plan Sponsor use only - Not for use with Plan Participants 4 Confidential - Do not disclose or disseminate Gwinnett Stable Value Fund Quarterly Statement as of December 31, 2013

Portfolio Quality Portfolio Quality 120.0% Total Assets S&P Moodys Fitch 100.0% AAA 0.0% 98.7% 97.9% AA+ 97.9% 0.0% 0.0% 80.0% AA 0.0% 0.0% 0.0% AA- 0.0% 0.0% 0.0% 60.0% A+ 0.0% 0.0% 0.0% S&P Moodys A 0.0% 0.0% 0.0% 40.0% Fitch A- 0.0% 0.0% 0.0% BBB+ 0.0% 0.0% 0.0% 20.0% BBB 0.0% 0.0% 0.0% BBB- 0.0% 0.0% 0.0% 0.0% BB & below 0.0% 0.0% 0.0% AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB & NR NR 2.1% 1.3% 2.1% below

EtiEstima tdCted Cas hFlh Flow Shdl*Schedule* 25.00%

20.00%

15.00%

10.00%

5.00%

0.00% ≤ 1 year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years 5 to 6 Years 6 to 7 Years 7 to 8 Years 8 to 9 Years 9 to 10 Years 10 Years +

* Estimated principal and interest flow from current securities in the portfolio.

For Plan Sponsor use only - Not for use with Plan Participants 5 Confidential - Do not disclose or disseminate Holdings Detail Long Term Holdings Report December 31, 2013 Gwinnett Stable Value Fund

Cusip Description Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P Moody's Fitch's 31283HZN8 FHLMC GOLD POOL #G01649 GIANT 5% Due 2/1/2034 Mo-1 76,465.96 78,377.63 78,314.16 82,772.20 20090218 3.68 AA+ Aaa AAA 31287QGL9 FHLMC GOLD POOL #C64703 LLB 6 1/2% Due 3/1/2032 Mo-1 104,844.93 109,235.35 108,518.29 116,749.74 20021216 5.77 AA+ Aaa AAA 31287RQW2 FHLMC GOLD POOL #C65869 LLB 6% Due 4/1/2032 Mo-1 43,855.39 45,164.18 45,038.08 49,267.15 20030923 5.13 AA+ Aaa AAA 31288DMK2 FHLMC GOLD POOL #C74862 6% Due 11/1/2032 Mo-1 39,516.50 41,134.21 41,028.67 44,261.37 20030224 4.04 AA+ Aaa AAA 3128E6B48 FHLMC GOLD POOL #D99059 3 1/2% Due 3/1/2032 Mo-1 370,024.66 387,889.90 387,117.05 377,130.08 20120427 2.44 AA+ Aaa AAA 3128E6YT8 FHLMC GOLD POOL #D99722 3% Due 12/1/2032 Mo-1 1,057,771.63 1,115,287.97 1,113,001.06 1,044,823.36 20121127 2.19 AA+ Aaa AAA 3128H3JV4 FHLMC GOLD POOL #E95676 LLB 5% Due 4/1/2018 Mo-1 269,108.98 277,098.14 272,457.37 285,012.67 20030429 4.20 AA+ Aaa AAA 3128LXF47 FHLMC GOLD POOL #G01987 HLB 6% Due 12/1/2035 Mo-1 159,735.16 162,106.23 161,978.86 178,396.69 20060105 5.25 AA+ Aaa AAA 3128LXMK3 FHLMC GOLD POOL #G02162 MEGA 5 1/2% Due 5/1/2036 Mo-1 120,118.15 121,685.32 121,605.64 131,235.08 20080115 4.62 AA+ Aaa AAA 3128M4FW8 FHLMC GOLD POOL #G02581 GIANT 5% Due 9/1/2035 Mo-1 184,327.91 186,027.21 185,937.35 200,347.82 20080123 4.55 AA+ Aaa AAA 3128M6AP3 FHLMC GOLD POOL #G04214 GIANT 5 1/2% Due 5/1/2038 Mo-1 142,980.97 147,717.23 147,527.95 155,831.25 20090727 3.42 AA+ Aaa AAA 3128M6DA3 FHLMC GOLD POOL #G04297 GIANT 6% Due 12/1/2037 Mo-1 86,478.61 87,951.46 87,884.79 95,814.46 20080530 4.94 AA+ Aaa AAA 3128M73E4 FHLMC GOLD POOL #G05897 GIANT 4 1/2% Due 5/1/2040 Mo-1 268,741.99 273,528.97 273,383.32 285,553.61 20101229 3.96 AA+ Aaa AAA 3128M7XB7 FHLMC GOLD POOL #G05774 GIANT 5% Due 1/1/2040 Mo-1 696,239.78 724,143.76 723,256.54 757,543.41 20100316 3.67 AA+ Aaa AAA 3128M87E8 FHLMC GOLD POOL #G06893 GIANT 4% Due 1/1/2042 Mo-1 656,791.49 703,280.03 702,588.79 675,051.99 20130508 2.34 AA+ Aaa AAA 3128MB3F2 FHLMC GOLD POOL #G13298 GIANT 5% Due 10/1/2023 Mo-1 72,946.57 71,886.57 71,981.65 78,725.13 20081017 5.69 AA+ Aaa AAA 3128MBYV3 FHLMC GOLD POOL #G13224 GIANT 4 1/2% Due 5/1/2023 Mo-1 44,735.57 45,972.78 45,846.41 47,986.43 20090417 2.83 AA+ Aaa AAA 3128MC3Z6 FHLMC GOLD POOL #G14216 MEGA 3 1/2% Due 7/1/2021 Mo-1 239,488.15 252,061.28 250,100.77 251,560.41 20110816 1.68 AA+ Aaa AAA 3128MDRH8 FHLMC POOL #G14788 3 1/2% Due 9/1/2026 Mo-1 436,455.98 455,687.31 455,218.56 455,250.52 20130702 2.02 AA+ Aaa AAA 3128MDVQ3 FHLMC GOLD POOL #G14923 3% Due 10/1/2023 Mo-1 987,413.13 1,029,841.04 1,029,260.86 1,022,233.89 20131018 2.11 AA+ Aaa AAA 3128MJDL1 FHLMC GOLD POOL #G08106 GIANT 6% Due 1/1/2036 Mo-1 114,381.53 115,221.54 115,175.86 127,599.40 20071022 5.62 AA+ Aaa AAA 3128MJJB7 FHLMC GOLD POOL #G08257 GIANT 6% Due 3/1/2038 Mo-1 92,103.51 93,614.59 93,547.70 101,519.72 20080530 5.03 AA+ Aaa AAA 3128MJJJ0 FHLMC GOLD POOL #G08264 GIANT 6% Due 4/1/2038 Mo-1 64,833.69 65,568.12 65,534.67 71,461.97 20080630 5.20 AA+ Aaa AAA 3128MMKJ1 FHLMC GOLD POOL #G18296 GIANT 4 1/2% Due 2/1/2024 Mo-1 55,982.18 57,259.27 57,119.36 60,056.68 20090218 3.39 AA+ Aaa AAA 3128MMKR3 FHLMC GOLD POOL #G18303 GIANT 4 1/2% Due 3/1/2024 Mo-1 146,339.01 150,946.40 150,564.68 156,945.42 20090428 2.79 AA+ Aaa AAA 3128MMLB7 FHLMC GOLD POOL #G18321 GIANT 4 1/2% Due 8/1/2024 Mo-1 342,341.36 352,504.43 351,577.70 367,174.14 20090903 2.91 AA+ Aaa AAA 3128MMP31 FHLMC GOLD POOL #G18441 GIANT 2 1/2% Due 8/1/2027 Mo-1 572,474.20 593,763.09 592,586.07 568,062.51 20120716 1.55 AA+ Aaa AAA 3128P7M67 FHLMC GOLD POOL #C91281 4 1/2% Due 12/1/2029 Mo-1 216,419.42 222,066.60 221,735.81 232,008.72 20100216 3.28 AA+ Aaa AAA 3128P7NT6 FHLMC GOLD POOL #C91302 4 1/2% Due 5/1/2030 Mo-1 244,610.87 253,630.88 253,156.97 263,199.24 20100525 2.91 AA+ Aaa AAA 3128P7S53 FHLMC GOLD POOL #C91440 3 1/2% Due 3/1/2032 Mo-1 355,157.45 373,303.77 372,568.62 361,982.38 20120416 2.28 AA+ Aaa AAA 3128P7TJ2 FHLMC GOLD POOL #C91453 3 1/2% Due 5/1/2032 Mo-1 701,203.86 743,604.79 741,938.44 714,622.68 20120530 2.07 AA+ Aaa AAA 3128P7W58 FHLMC GOLD POOL #C91568 3% Due 10/1/2032 Mo-1 452,030.39 475,196.95 474,224.96 446,497.61 20121101 2.23 AA+ Aaa AAA 3128PRAQ2 FHLMC GOLD POOL #J11815 4% Due 3/1/2025 Mo-1 164,141.22 170,533.74 170,117.48 173,314.91 20100715 1.61 AA+ Aaa AAA 3128PTJ63 FHLMC GOLD POOL #J13885 3 1/2% Due 12/1/2025 Mo-1 746,539.22 787,015.64 786,611.98 778,853.32 20131121 2.01 AA+ Aaa AAA 3128PTUH6 FHLMC GOLD POOL #J14184 3 1/2% Due 1/1/2026 Mo-1 783,266.73 825,795.67 825,373.48 817,173.45 20131126 2.01 AA+ Aaa AAA 3128PWM47 FHLMC POOL #J16679 3% Due 9/1/2026 Mo-1 211,902.04 221,007.21 220,721.93 216,272.44 20130612 1.96 AA+ Aaa AAA 3128PXKT2 FHLMC GOLD POOL #J17506 3% Due 12/1/2026 Mo-1 2,286,105.90 2,362,547.58 2,355,801.90 2,333,227.75 20111228 2.26 AA+ Aaa AAA 3128QHUM0 FHLMC POOL #1N1488 HARM Adj % Due 5/1/2037 Mo-1 243,118.91 242,928.96 242,892.72 258,209.63 20070531 1.93 AA+ Aaa AAA 3128QSD86 FHLMC POOL #1G1927 HARM Adj % Due 5/1/2037 Mo-1 53,285.24 53,254.02 53,249.91 56,791.92 20070702 2.47 AA+ Aaa AAA 31292K2X4 FHLMC GOLD POOL #C03490 4 1/2% Due 8/1/2040 Mo-1 319,468.69 331,486.19 331,108.53 338,507.97 20100720 3.01 AA+ Aaa AAA 31292K3K1 FHLMC GOLD POOL #C03502 5% Due 5/1/2040 Mo-1 229,074.53 239,955.57 239,609.01 249,178.48 20100519 3.72 AA+ Aaa AAA 31292K7K7 FHLMC GOLD POOL #C03598 4% Due 11/1/2040 Mo-1 235,610.22 243,819.76 243,557.80 242,177.26 20101013 2.95 AA+ Aaa AAA 3129343B6 FHLMC GOLD POOL #A87994 5% Due 8/1/2039 Mo-1 199,532.06 206,827.45 206,584.94 215,890.93 20091009 3.73 AA+ Aaa AAA 312939JH5 FHLMC GOLD POOL #A91164 5% Due 2/1/2040 Mo-1 642,988.98 668,658.31 667,762.62 699,302.78 20100216 3.87 AA+ Aaa AAA 312940EQ8 FHLMC GOLD POOL #A91943 4 1/2% Due 4/1/2040 Mo-1 178,806.07 181,516.12 181,430.17 189,369.89 20110111 3.82 AA+ Aaa AAA 3129413F2 FHLMC GOLD POOL #A93498 4 1/2% Due 8/1/2040 Mo-1 507,469.14 531,415.34 530,890.10 538,478.28 20100805 2.95 AA+ Aaa AAA 312941B71 FHLMC GOLD POOL #A92762 4 1/2% Due 6/1/2040 Mo-1 319,598.99 327,064.61 326,833.25 338,578.74 20100525 3.74 AA+ Aaa AAA 31294KN43 FHLMC GOLD POOL #E01311 5 1/2% Due 2/1/2018 Mo-1 40,676.41 41,782.28 41,177.07 43,378.23 20021218 4.61 AA+ Aaa AAA 31294KP41 FHLMC GOLD POOL #E01343 5% Due 4/1/2018 Mo-1 88,256.10 87,395.94 87,638.07 93,431.12 20030227 5.40 AA+ Aaa AAA 31294KTB1 FHLMC GOLD POOL #E01446 4 1/2% Due 9/1/2018 Mo-1 40,868.30 40,753.37 40,772.22 43,319.75 20030923 4.58 AA+ Aaa AAA 31294KUE3 FHLMC GOLD POOL #E01481 4 1/2% Due 10/1/2018 Mo-1 44,584.05 44,472.59 44,486.27 47,251.75 20031031 4.57 AA+ Aaa AAA 31294MJN2 FHLMC GOLD POOL #E02969 3 1/2% Due 8/1/2026 Mo-1 518,013.76 540,838.72 539,269.91 541,567.49 20111104 2.08 AA+ Aaa AAA 312964RN1 FHLMC GOLD POOL #B12293 MLB 5 1/2% Due 2/1/2019 Mo-1 62,649.57 63,794.87 63,169.92 66,004.56 20040618 5.04 AA+ Aaa AAA 312965KJ4 FHLMC GOLD POOL #B12997 4 1/2% Due 3/1/2019 Mo-1 40,494.75 40,058.16 40,213.29 42,923.63 20040421 4.83 AA+ Aaa AAA 31296YFU2 FHLMC GOLD POOL #A21979 5% Due 5/1/2034 Mo-1 216,674.82 223,784.45 223,453.65 233,899.20 20090107 3.56 AA+ Aaa AAA 312970N28 FHLMC GOLD POOL #B17609 LLB 5% Due 1/1/2020 Mo-1 156,374.62 157,425.27 156,877.91 168,411.63 20050426 4.81 AA+ Aaa AAA 31297TY31 FHLMC GOLD POOL #A37930 100% NY 5 1/2% Due 10/1/2035 Mo-1 85,667.24 85,934.94 85,913.85 93,501.29 20050928 5.29 AA+ Aaa AAA 3132GUKK9 FHLMC GOLD POOL #Q08898 3 1/2% Due 6/1/2042 Mo-1 605,322.91 635,305.30 634,670.83 601,295.38 20120621 2.45 AA+ Aaa AAA 3132HNDM8 FHLMC GOLD POOL #Q11908 3 1/2% Due 10/1/2042 Mo-1 405,723.51 426,960.60 426,621.45 403,024.02 20130227 2.39 AA+ Aaa AAA 3136A74V1 FNMA CMO SER.2012-96 CL.VA 3 1/2% Due 2/25/2022 Mo-1 877,493.81 961,129.95 948,958.43 934,119.58 20120823 1.45 AA+ Aaa AAA 31371HPB8 FNMA POOL #252518 7% Due 5/1/2029 Mo-1 88,060.06 92,463.07 91,536.26 100,063.85 20021217 6.05 AA+ Aaa AAA

For Plan Sponsor use only - Not for use with Plan Participants 7 of 12 Confidential - Do not disclose or disseminate Long Term Holdings Report December 31, 2013 Gwinnett Stable Value Fund

Cusip Description Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P Moody's Fitch's 31371KXQ9 FNMA POOL #254587 5 1/2% Due 12/1/2022 Mo-1 41,921.84 42,589.97 42,442.23 46,039.49 20050301 4.75 AA+ Aaa AAA 31371LCA5 FNMA POOL #254865 4 1/2% Due 9/1/2018 Mo-1 87,067.31 87,189.76 87,019.13 92,667.05 20030716 4.40 AA+ Aaa AAA 31371LVC0 FNMA POOL #255411 5 1/2% Due 10/1/2034 Mo-1 185,821.74 192,644.87 192,336.75 204,488.37 20090728 3.15 AA+ Aaa AAA 31371MGG6 FNMA POOL #255899 SEASONED 5 1/2% Due 10/1/2035 Mo-1 151,038.13 149,197.34 149,240.14 166,039.57 20071114 6.01 AA+ Aaa AAA 31376J5B1 FNMA POOL #357342 5 1/2% Due 2/1/2033 Mo-1 85,179.26 86,683.22 86,587.04 93,837.63 20050211 4.43 AA+ Aaa AAA 31376KH41 FNMA POOL #357651 4 1/2% Due 11/1/2014 Mo-1 14,220.13 14,722.28 14,289.91 15,117.87 20090626 2.83 AA+ Aaa AAA 31376KJD9 FNMA POOL #357660 4 1/2% Due 12/1/2014 Mo-1 13,671.23 14,153.99 13,758.06 14,534.32 20090626 2.62 AA+ Aaa AAA 3137A2AZ4 FHLMC ABS SER.K009 CL.A1 2.757% Due 5/25/2020 Mo-1 367,170.01 370,826.28 368,924.48 382,160.83 20101115 2.54 AA+ Aaa AAA 3137A5LP7 FHLMC CMO SER.3791 CL.LV 4 1/2% Due 2/15/2022 Mo-1 391,188.87 419,611.20 404,394.02 415,989.46 20110131 2.52 AA+ Aaa AAA 3137A7JT8 FHLMC ABS SER. 2011 K-701 CL.A1 2.776% Due 6/25/2017 Mo-1 343,381.68 346,803.83 344,771.48 354,857.50 20110218 2.46 AA+ Aaa AAA 3137A7NT3 FHLMC ABS SER.K011 CL.A1 2.917% Due 8/25/2020 Mo-1 602,762.98 602,759.15 602,413.81 629,872.85 20110318 2.89 AA+ Aaa AAA 3137A7YW4 FHLMC CMO SER.3827 CL.VA 4% Due 5/15/2022 Mo-1 594,543.89 622,970.52 595,646.22 606,686.85 20110318 1.98 AA+ Aaa AAA 3137A8PN2 FHLMC ABS SER.K012 CL.A1 3.427% Due 10/25/2020 Mo-1 600,134.97 606,130.29 603,886.67 636,347.71 20110407 3.19 AA+ Aaa AAA 3137ABFG1 FHLMC ABS SER.KAIV CL.A1 2.966% Due 1/25/2021 Mo-1 392,514.24 409,717.40 408,761.65 409,059.50 20130815 1.76 AA+ Aaa AAA 3137ACK99 FHLMC CMO SER.3876 CL.CA 2 3/4% Due 6/15/2026 Mo-1 731,148.54 756,738.74 756,179.30 755,057.10 20131212 0.76 AA+ Aaa AAA 3137AFSN3 FHLMC CMO SER.3919 CL.VJ 4% Due 8/15/2024 Mo-1 1,290,334.52 1,421,384.13 1,410,270.68 1,408,512.39 20130604 1.68 AA+ Aaa AAA 3137AKKC4 FHLMC ABS SER.K705 CL.A2 2.303% Due 9/25/2018 Mo-1 500,000.00 504,986.00 503,409.20 505,368.50 20120119 2.13 AA+ Aaa AAA 3137ANMN2 FHLMC ABS SER.K707 CL.A2 2.22% Due 12/25/2018 Mo-1 1,000,000.00 1,027,031.25 1,020,363.87 1,002,686.00 20120530 1.76 AA+ Aaa AAA 3137ASNH3 FHLMC ABS SER.K019 CL.A1 1.459% Due 9/25/2021 Mo-1 929,596.87 912,638.98 914,009.42 909,811.33 20130717 1.98 AA+ Aaa AAA 3137AUPD5 FHLMC ABS SER.K021 CL.A1 1.603% Due 1/25/2022 Mo-1 483,271.88 469,377.81 470,266.96 471,883.09 20130814 2.33 AA+ Aaa AAA 3137B4WA0 FHLMC ABS SER.K033 CL.A1 2.871% Due 2/25/2023 Mo-1 746,569.18 761,494.59 761,124.86 755,001.68 20131002 2.49 AA+ Aaa AAA 3137B4WU6 FHLMC ABS FLOAT SER.KGRP CL.A Flt % Due 4/25/2020 Mo-25 500,000.00 500,000.00 500,000.00 500,000.00 20131017 0.56 AA+ Aaa AAA 3137B5J79 FHLMC ABS FLOAT SER.KF02 CL.A1 Flt % Due 7/25/2020 Mo-25 749,432.42 749,432.42 749,432.42 749,742.69 20131029 0.55 AA+ Aaa AAA 31385JM88 FNMA POOL #545883 SEASONED 5 1/2% Due 9/1/2017 Mo-1 46,308.05 48,666.89 47,707.09 49,482.15 20090626 3.11 AA+ Aaa AAA 31389MC47 FNMA POOL #629291 LLB 6 1/2% Due 2/1/2032 Mo-1 227,463.29 237,059.40 236,021.93 252,902.15 20021205 5.29 AA+ Aaa AAA 3138A4F42 FNMA POOL #AH2886 3 1/2% Due 2/1/2026 Mo-1 230,860.62 241,537.91 240,696.19 241,561.54 20110816 2.03 AA+ Aaa AAA 3138A7G28 FNMA POOL #AH5616 3 1/2% Due 2/1/2026 Mo-1 373,806.49 390,627.77 389,506.30 391,109.62 20110927 1.81 AA+ Aaa AAA 3138ABL31 FNMA POOL #AH9345 3 1/2% Due 4/1/2026 Mo-1 727,049.51 763,685.99 763,361.37 760,764.64 20131212 2.25 AA+ Aaa AAA 3138AVRM9 FNMA POOL #AJ4091 3 1/2% Due 10/1/2026 Mo-1 529,656.31 554,401.21 552,434.04 554,457.92 20111121 2.23 AA+ Aaa AAA 3138AVRN7 FNMA POOL #AJ4092 3 1/2% Due 10/1/2026 Mo-1 327,843.36 342,493.86 341,391.34 343,184.09 20111109 2.19 AA+ Aaa AAA 3138AWNM1 FNMA POOL #AJ4895 4% Due 1/1/2042 Mo-1 869,762.76 942,877.19 941,286.98 896,038.68 20120911 2.64 AA+ Aaa AAA 3138EH7H9 FNMA POOL #AL1795 MEGA 3% Due 4/1/2027 Mo-1 1,234,171.72 1,306,872.15 1,301,875.02 1,260,837.49 20120713 1.71 AA+ Aaa AAA 3138EL3P6 FNMA POOL #AL4405 3% Due 11/1/2023 Mo-1 985,572.22 1,026,997.05 1,026,406.39 1,022,419.13 20131018 2.12 AA+ Aaa AAA 3138EL4X8 FNMA POOL #AL4437 MEGA 3% Due 4/1/2023 Mo-1 492,735.43 514,523.58 514,162.74 511,121.05 20131017 1.72 AA+ Aaa AAA 3138M0UC2 FNMA POOL #AO8678 3% Due 7/1/2027 Mo-1 515,704.00 545,921.04 543,667.07 526,903.14 20120802 1.92 AA+ Aaa AAA 3138MFP27 FNMA POOL #AQ0440 3 1/2% Due 10/1/2042 Mo-1 454,130.32 479,888.02 479,390.06 451,585.59 20130125 2.79 AA+ Aaa AAA 3138NYQR9 FNMA POOL #AR2263 3 1/2% Due 2/1/2043 Mo-1 892,112.84 946,615.36 945,693.66 887,116.05 20130117 2.52 AA+ Aaa AAA 3138W95D8 FNMA POOL #AS0843 3% Due 10/1/2023 Mo-1 1,207,299.61 1,256,346.15 1,255,193.49 1,252,461.34 20131011 1.94 AA+ Aaa AAA 3138W9UF5 FNMA POOL #AS0581 3% Due 9/1/2023 Mo-1 1,202,841.91 1,250,955.59 1,249,827.37 1,247,825.41 20131011 1.85 AA+ Aaa AAA 31391HV27 FNMA POOL #667633 LLB 7% Due 10/1/2032 Mo-1 90,695.51 95,471.21 94,621.89 101,941.06 20021204 6.15 AA+ Aaa AAA 31391KAG2 FNMA POOL #668807 LLB 6% Due 11/1/2017 Mo-1 124,758.75 130,450.87 127,011.59 131,230.06 20021205 4.64 AA+ Aaa AAA 31391NES6 FNMA POOL #671645 6% Due 11/1/2032 Mo-1 43,563.15 44,958.52 44,725.03 48,933.50 20021223 5.42 AA+ Aaa AAA 31392ESX9 FNMA CMO SER.2002-59 CL.B 5 1/2% Due 9/25/2017 Mo-1 22,338.50 22,736.40 22,433.13 23,590.98 20040519 4.84 AA+ Aaa AAA 31393RN55 FHLMC CMO FLOAT SER.2637 CL.FA Flt % Due 6/15/2018 Mo-15 0.03 0.03 - - 20051027 0.00 AA+ Aaa AAA 31394BSN5 FNMA CMO FLOAT SER.2004-90 CL.F Flt % Due 11/25/2034 Mo-25 197,191.82 197,191.82 197,191.82 196,921.66 20041222 3.08 AA+ Aaa AAA 31394UCB6 FNMA CMO FLOAT SER.2005-86 CL.FC Flt % Due 10/25/2035 Mo-25 33,066.75 33,056.42 32,409.01 33,043.01 20051006 3.18 AA+ Aaa AAA 31394W2R8 FHLMC CMO SER.2770 CL.PM 4 1/2% Due 3/15/2034 Mo-1 277,519.36 280,294.53 279,501.49 292,574.51 20100326 4.28 AA+ Aaa AAA 31394YF33 FHLMC CMO SER.2796 CL.LB 4 1/2% Due 5/15/2024 Mo-1 164,096.42 167,070.66 165,515.92 178,076.45 20090518 4.03 AA+ Aaa AAA 31395E4K0 FHLMC CMO SER.2843 CL.VB 5 1/2% Due 8/15/2023 Mo-1 1,000,000.00 1,067,346.00 1,032,787.78 1,042,483.00 20121105 2.37 AA+ Aaa AAA 31396AHP2 FHLMC CMO FLOAT SER.3032 CL.FP Flt % Due 8/15/2035 Mo-15 59,323.57 59,203.08 57,840.38 59,328.61 20060809 3.16 AA+ Aaa AAA 31397P4Q0 FHLMC CMO FLOAT SER.3390 CL.FB Flt % Due 10/15/2017 Mo-15 37,888.42 37,468.09 37,761.74 37,855.27 20090619 0.94 AA+ Aaa AAA 31397QXC7 FNMA CMO SER.2011-15 CL.VC 4% Due 5/25/2022 Mo-1 785,372.19 801,447.75 788,057.10 813,856.07 20110209 3.23 AA+ Aaa AAA 31397W5M3 FHLMC CMO SER.3460 CL.VA 5% Due 5/15/2019 Mo-1 57,463.67 57,266.14 57,348.50 57,742.94 20081003 5.10 AA+ Aaa AAA 31398E2E3 FHLMC ABS SER.K003 CL.A4 5.053% Due 1/25/2019 Mo-1 1,000,000.00 1,127,343.75 1,118,581.50 1,123,110.00 20130827 2.18 AA+ Aaa AAA 31398JZR7 FHLMC ABS SER.K004 CL.A1 3.413% Due 5/25/2019 Mo-1 341,931.63 350,319.67 347,152.98 363,106.43 20110225 2.82 AA+ Aaa AAA 31398PTG4 FNMA CMO SER.2010-42 CL.EP 4 1/2% Due 11/25/2039 Mo-1 78,032.87 81,007.87 79,116.70 81,418.72 20100427 2.68 AA+ Aaa AAA 31398S3L5 FNMA CMO SER.2010-153 CL.VA 4% Due 2/25/2022 Mo-1 385,595.46 398,368.34 386,539.06 397,429.00 20101213 2.74 AA+ Aaa AAA 31398TNB3 FNMA CMO SER.2010-75 CL.NA 4% Due 9/25/2028 Mo-1 187,485.34 195,687.83 191,384.50 195,059.75 20110921 1.03 AA+ Aaa AAA 31400UJ21 FNMA POOL #697881 LLB 5% Due 7/1/2018 Mo-1 102,011.26 102,441.62 101,996.69 108,706.08 20030826 4.89 AA+ Aaa AAA 31400X4X3 FNMA POOL #701138 5 1/2% Due 4/1/2033 Mo-1 85,441.67 85,989.02 85,919.43 94,154.89 20040805 5.27 AA+ Aaa AAA 31402DC24 FNMA POOL #725589 MEGA 5% Due 7/1/2034 Mo-1 143,034.17 146,341.83 146,187.16 155,413.80 20090629 3.62 AA+ Aaa AAA

For Plan Sponsor use only - Not for use with Plan Participants 8 of 12 Confidential - Do not disclose or disseminate Long Term Holdings Report December 31, 2013 Gwinnett Stable Value Fund

Cusip Description Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P Moody's Fitch's 31402DCV0 FNMA POOL #725584 MEGA 5% Due 7/1/2034 Mo-1 100,018.43 102,155.55 102,049.34 108,692.71 20090202 3.82 AA+ Aaa AAA 31402J4Y0 FNMA POOL #730839 5% Due 7/1/2033 Mo-1 272,108.00 281,631.79 281,173.52 296,061.21 20090331 3.27 AA+ Aaa AAA 31402RDD8 FNMA POOL #735500 MEGA 5 1/2% Due 5/1/2035 Mo-1 93,006.98 93,719.07 93,674.10 103,098.37 20080521 4.99 AA+ Aaa AAA 31402V4E7 FNMA POOL #739821 5% Due 9/1/2033 Mo-1 207,356.10 213,285.19 213,052.17 225,646.81 20090316 3.01 AA+ Aaa AAA 31402WTX6 FNMA POOL #740466 MLB 5 1/2% Due 10/1/2018 Mo-1 52,279.01 53,716.68 53,077.50 55,901.10 20031017 4.35 AA+ Aaa AAA 31402YEY6 FNMA POOL #741851 MLB 6% Due 9/1/2033 Mo-1 481,766.87 497,913.61 495,771.63 542,244.56 20031002 5.32 AA+ Aaa AAA 31403CXQ9 FNMA POOL #745087 MEGA 5 1/2% Due 12/1/2035 Mo-1 168,007.11 169,870.94 169,772.82 184,766.59 20080331 4.77 AA+ Aaa AAA 31403DBK4 FNMA POOL #745342 MEGA 6% Due 3/1/2036 Mo-1 79,765.18 81,267.01 81,195.90 89,541.42 20080103 5.02 AA+ Aaa AAA 31403DD97 FNMA POOL #745428 MEGA 5 1/2% Due 1/1/2036 Mo-1 92,857.95 93,068.32 93,044.36 102,113.17 20080214 5.22 AA+ Aaa AAA 31403DDX4 FNMA POOL #745418 MEGA 5 1/2% Due 4/1/2036 Mo-1 136,085.96 137,053.46 136,994.07 149,597.24 20080324 4.90 AA+ Aaa AAA 31403DSP5 FNMA POOL #745826 6% Due 7/1/2036 Mo-1 77,516.04 77,152.67 77,154.31 85,901.84 20070809 6.13 AA+ Aaa AAA 31403VT66 FNMA POOL #759373 100% NY 5 1/2% Due 1/1/2034 Mo-1 158,503.53 162,156.56 161,832.70 174,973.33 20040226 4.79 AA+ Aaa AAA 31407HJB3 FNMA POOL #831058 SEASONED 5% Due 10/1/2020 Mo-1 252,178.95 255,528.20 254,411.75 271,286.81 20080414 4.48 AA+ Aaa AAA 31408DLL6 FNMA POOL #848231 HARM Adj % Due 11/1/2035 Mo-1 510,066.06 508,511.94 508,552.03 538,757.25 20061215 2.50 AA+ Aaa AAA 31410GA78 FNMA POOL #888430 MEGA 5% Due 11/1/2033 Mo-1 107,706.07 110,567.01 110,424.29 117,252.45 20090309 3.61 AA+ Aaa AAA 31410GAR4 FNMA POOL #888416 MEGA 5% Due 9/1/2035 Mo-1 195,072.25 200,314.80 200,074.37 212,514.95 20090309 3.52 AA+ Aaa AAA 31410KJ54 FNMA POOL #889584 5 1/2% Due 1/1/2037 Mo-1 82,182.91 82,850.63 82,811.41 90,368.28 20080521 4.92 AA+ Aaa AAA 31410LC67 FNMA POOL #890293 MEGA 4 1/2% Due 8/1/2040 Mo-1 192,922.13 196,057.13 195,952.41 204,388.14 20110113 3.73 AA+ Aaa AAA 31411NCF2 FNMA POOL #911870 6% Due 12/1/2021 Mo-1 155,610.59 157,652.97 157,214.55 169,955.68 20070522 5.26 AA+ Aaa AAA 31412PRQ6 FNMA POOL #931195 4 1/2% Due 5/1/2024 Mo-1 100,446.24 105,060.50 104,706.40 106,912.28 20100519 1.65 AA+ Aaa AAA 31412QGK9 FNMA POOL #931802 5% Due 8/1/2039 Mo-1 173,396.63 179,032.02 178,830.21 189,365.68 20091027 3.79 AA+ Aaa AAA 31412QSY6 FNMA POOL #932135 5% Due 11/1/2039 Mo-1 380,510.61 392,698.85 392,276.13 415,642.59 20100111 3.93 AA+ Aaa AAA 31413BWG2 FNMA POOL #940847 6% Due 8/1/2037 Mo-1 165,404.18 164,835.60 164,832.82 183,004.85 20070820 6.04 AA+ Aaa AAA 31414RQB4 FNMA POOL #973950 4 1/2% Due 4/1/2023 Mo-1 39,465.74 40,236.56 40,154.41 42,055.56 20090225 3.14 AA+ Aaa AAA 31416LTZ9 FNMA POOL #AA3267 5% Due 2/1/2039 Mo-1 139,913.83 143,477.26 143,318.98 152,205.63 20090306 3.29 AA+ Aaa AAA 31416TL49 FNMA POOL #AA9346 4 1/2% Due 8/1/2039 Mo-1 250,771.56 259,822.87 259,542.02 266,489.79 20101202 3.27 AA+ Aaa AAA 31416WP71 FNMA POOL #AB1345 4 1/2% Due 8/1/2040 Mo-1 240,704.00 246,364.30 246,190.88 255,463.46 20101222 3.74 AA+ Aaa AAA 31416WUN0 FNMA POOL #AB1488 4% Due 9/1/2030 Mo-1 536,901.11 557,412.41 556,355.07 561,191.39 20100916 2.40 AA+ Aaa AAA 31417ARK7 FNMA POOL #AB4089 3% Due 12/1/2026 Mo-1 305,517.26 315,064.68 314,358.44 312,129.67 20111207 2.08 AA+ Aaa AAA 31417BRG4 FNMA POOL #AB4986 3 1/2% Due 4/1/2032 Mo-1 382,020.63 401,360.41 400,412.40 388,999.47 20120416 2.53 AA+ Aaa AAA 31417CJL0 FNMA POOL #AB5666 3 1/2% Due 7/1/2042 Mo-1 880,724.74 943,889.21 942,653.94 875,798.93 20121228 2.55 AA+ Aaa AAA 31417CXG5 FNMA POOL #AB6078 3% Due 9/1/2032 Mo-1 1,001,209.29 1,054,398.54 1,052,228.02 986,411.16 20121127 2.19 AA+ Aaa AAA 31417DLP6 FNMA POOL #AB6633 3 1/2% Due 10/1/2042 Mo-1 1,356,431.01 1,441,631.83 1,440,283.01 1,348,830.78 20130404 2.54 AA+ Aaa AAA 31417UZZ1 FNMA POOL #AC7959 4% Due 1/1/2025 Mo-1 265,457.27 277,693.19 276,740.73 281,375.30 20110719 2.11 AA+ Aaa AAA 31417VPB3 FNMA POOL #AC8517 5% Due 12/1/2039 Mo-1 246,489.37 255,578.64 255,260.06 269,422.40 20100120 3.64 AA+ Aaa AAA 31417Y2J5 FNMA POOL #MA0776 4 1/2% Due 6/1/2031 Mo-1 270,428.89 284,077.11 283,407.96 290,696.81 20110602 2.91 AA+ Aaa AAA 31417Y3B1 FNMA POOL #MA0793 3 1/2% Due 7/1/2021 Mo-1 493,224.86 520,660.48 516,386.81 518,370.93 20110812 1.47 AA+ Aaa AAA 31417Y3Z8 FNMA POOL #MA0815 3 1/2% Due 8/1/2021 Mo-1 528,201.45 553,043.42 549,028.99 555,159.62 20110801 1.86 AA+ Aaa AAA 31417Y4T1 FNMA POOL #MA0833 3% Due 8/1/2021 Mo-1 212,778.28 221,555.38 220,354.73 220,660.09 20110825 1.34 AA+ Aaa AAA 31417YFM4 FNMA POOL #MA0171 4 1/2% Due 9/1/2029 Mo-1 310,637.93 317,190.46 316,771.29 331,010.73 20090903 3.49 AA+ Aaa AAA 31417YGJ0 FNMA POOL #MA0200 4 1/2% Due 10/1/2029 Mo-1 151,601.87 156,836.87 156,526.77 161,459.99 20091201 2.92 AA+ Aaa AAA 31417YKF3 FNMA POOL #MA0293 4 1/2% Due 1/1/2030 Mo-1 311,629.05 320,661.42 320,112.85 332,011.41 20091211 3.24 AA+ Aaa AAA 31417YM95 FNMA POOL #MA0383 4 1/2% Due 4/1/2030 Mo-1 179,700.58 184,558.11 184,268.06 191,408.21 20100226 3.24 AA+ Aaa AAA 31417YMB0 FNMA POOL #MA0353 4 1/2% Due 3/1/2030 Mo-1 166,743.07 170,911.65 170,656.40 177,623.66 20100216 3.36 AA+ Aaa AAA 31417YQP5 FNMA POOL #MA0461 4 1/2% Due 7/1/2030 Mo-1 269,726.93 280,684.57 280,139.36 287,433.32 20100621 2.50 AA+ Aaa AAA 31417YW86 FNMA POOL #MA0670 3 1/2% Due 3/1/2021 Mo-1 469,799.93 491,821.81 488,204.77 493,808.66 20110801 1.73 AA+ Aaa AAA 31417YX93 FNMA POOL #MA0703 3 1/2% Due 4/1/2021 Mo-1 348,202.55 363,273.21 360,374.91 365,981.83 20110719 2.16 AA+ Aaa AAA 31418AB31 FNMA POOL #MA0957 3% Due 1/1/2022 Mo-1 423,248.76 440,046.44 439,316.62 438,984.48 20130702 1.45 AA+ Aaa AAA 31418AF29 FNMA POOL #MA1084 3 1/2% Due 6/1/2032 Mo-1 403,863.52 426,707.04 425,709.98 411,277.49 20120621 2.37 AA+ Aaa AAA 31418AH76 FNMA POOL #MA1153 3% Due 8/1/2022 Mo-1 746,504.49 778,610.01 777,463.68 774,399.22 20130812 1.50 AA+ Aaa AAA 31418ALT3 FNMA POOL #MA1237 3% Due 11/1/2032 Mo-1 454,801.28 478,180.90 477,193.66 448,099.35 20121101 2.22 AA+ Aaa AAA 31418AP36 FNMA POOL #MA1341 2 1/2% Due 2/1/2023 Mo-1 874,825.27 917,199.61 913,579.00 893,172.55 20130110 1.31 AA+ Aaa AAA 31418MUR1 FNMA POOL #AD0591 MEGA 5% Due 12/1/2039 Mo-1 461,344.95 478,357.05 477,749.15 504,495.39 20100120 3.83 AA+ Aaa AAA 31418NFF2 FNMA POOL #AD1065 4% Due 3/1/2025 Mo-1 192,132.77 201,589.32 200,768.30 203,603.10 20100825 1.97 AA+ Aaa AAA 31418PS71 FNMA POOL #AD2341 4 1/2% Due 3/1/2040 Mo-1 229,186.15 238,962.38 238,682.64 242,837.97 20110603 2.78 AA+ Aaa AAA 31418WKK5 FNMA POOL #AD8397 4 1/2% Due 8/1/2040 Mo-1 283,757.98 294,642.76 294,266.75 300,791.80 20100810 2.56 AA+ Aaa AAA 31419AN52 FNMA POOL #AE0411 4 1/2% Due 9/1/2040 Mo-1 603,011.27 629,251.68 628,476.24 640,697.92 20101116 3.16 AA+ Aaa AAA 31419AX93 FNMA POOL #AE0703 3 1/2% Due 12/1/2025 Mo-1 306,879.44 322,990.61 321,538.61 321,263.40 20111208 2.10 AA+ Aaa AAA 31419BYQ2 FNMA POOL #AE1618 4% Due 10/1/2040 Mo-1 216,984.46 224,443.30 224,212.73 223,462.18 20101006 2.94 AA+ Aaa AAA 31419DJX0 FNMA POOL #AE2977 4% Due 8/1/2025 Mo-1 79,368.02 81,550.64 81,418.58 84,087.59 20110330 2.37 AA+ Aaa AAA 31419E6N4 FNMA POOL #AE4476 4% Due 3/1/2041 Mo-1 714,999.66 774,098.85 772,847.01 736,554.06 20120828 2.41 AA+ Aaa AAA

For Plan Sponsor use only - Not for use with Plan Participants 9 of 12 Confidential - Do not disclose or disseminate Long Term Holdings Report December 31, 2013 Gwinnett Stable Value Fund

Cusip Description Par Value Purchase Price Book Value Market Value * Purchase Date Book Yld S&P Moody's Fitch's 31419EJ83 FNMA POOL #AE3886 4 1/2% Due 11/1/2040 Mo-1 269,029.29 278,024.94 277,758.51 285,129.11 20101202 3.40 AA+ Aaa AAA 36202E4J5 GNMA POOL #004425 5 1/2% Due 4/20/2039 Mo-1 194,720.84 201,414.36 201,229.23 215,467.98 20090629 4.02 AA+ Aaa AAA 36202EGR4 GNMA POOL #003808 6% Due 1/20/2036 Mo-1 256,386.27 262,074.85 261,810.85 285,669.46 20071127 5.20 AA+ Aaa AAA 36202ETU3 GNMA POOL #004163 5 1/2% Due 6/20/2038 Mo-1 21,595.97 22,129.13 22,114.22 22,891.47 20081218 3.19 AA+ Aaa AAA 36202EV71 GNMA POOL #004238 5 1/2% Due 9/20/2038 Mo-1 32,245.93 32,094.79 32,096.12 34,178.10 20081007 5.66 AA+ Aaa AAA 36202FEH5 GNMA POOL #004636 4 1/2% Due 2/20/2040 Mo-1 259,172.61 274,398.98 274,434.12 278,377.08 20101028 2.52 AA+ Aaa AAA 36202FLP9 GNMA POOL #004834 4 1/2% Due 10/20/2040 Mo-1 271,274.91 287,339.45 286,937.75 291,337.68 20101028 2.86 AA+ Aaa AAA 3620A6CS4 GNMA POOL #720181 4% Due 7/15/2039 Mo-1 510,697.05 548,041.78 547,621.78 531,341.74 20130530 2.17 AA+ Aaa AAA 3620ANGZ7 GNMA POOL #734716 4 1/2% Due 4/15/2040 Mo-1 289,224.73 304,770.56 304,388.73 309,304.14 20100927 2.82 AA+ Aaa AAA 36225BQ68 GNMA POOL #781377 6% Due 9/15/2029 Mo-1 76,972.08 79,954.75 79,488.99 86,116.26 20021220 5.09 AA+ Aaa AAA 36225CYE0 GNMA POOL #80708 Adj % Due 7/20/2033 Mo-1 20,978.80 21,083.67 21,063.61 21,794.79 20031216 1.54 AA+ Aaa AAA 38375CVV9 GNMA CMO SER.2012-43 CL.VA 3 1/2% Due 7/20/2023 Mo-1 656,315.15 708,205.08 699,862.13 682,313.76 20120327 2.00 AA+ Aaa AAA 62888VAA6 NCUA GTD NOTES TRUST 2010-R1 FLOAT CMO SER.2010-R1 CL.1A Flt % Due 10/7/2020 Mo-25 829,007.93 834,707.36 834,733.55 833,467.99 20131211 0.41 AA+ Aaa AAA 62888XAC8 NCUA GTD NOTES TRUST 2010-C1 ABS SER.2010-C1 CL.APT 2.65% Due 10/27/2020 Mo-27 436,741.56 419,954.33 429,129.56 448,679.89 20110216 3.64 AA+ Aaa AAA 709604AA0 PENTA AIRCRAFT LEASING 2 SECURED NOTES 1.691% Due 4/29/2025 JAJO2 480,575.79 480,575.79 480,575.79 453,663.55 20130509 1.70 NR NR NR 90864QAB4 UNION 13 LEASING LLC SECURED NOTES 1.682% Due 12/19/2024 MJSD 461,477.31 461,477.31 461,477.31 435,633.66 20130109 1.69 NR NR NR 92242PAA7 VCH LEASE SA SECURED NOTES 1.736% Due 5/15/2025 FMAN 577,295.29 577,295.29 577,295.29 543,963.41 20130508 1.74 NR Aaa NR 92261UAA2 VENDEE MORTGAGE TRUST CMO SER.2008-1 CL.GD 5 1/4% Due 1/15/2032 Mo-1 1,127,686.88 1,131,166.87 1,129,765.37 1,259,488.67 20080417 5.22 AA+ Aaa AAA 92261WAB6 VENDEE MORTGAGE TRUST CMO SER.2011-1 CL.DV 3 3/4% Due 6/15/2022 Mo-1 398,810.22 412,955.51 409,519.00 420,626.73 20110414 3.08 AA+ Aaa AAA 92261XAA6 VENDEE MORTGAGE TRUST CMO SER.2010-1 CL.DA 4 1/4% Due 2/15/2035 Mo-1 355,188.62 361,654.14 360,549.93 376,886.74 20100415 3.99 AA+ Aaa AAA 92262BAA3 VENDEE MORTGAGE TRUST CMO SER.2011-2 CL.DA 3 3/4% Due 12/15/2033 Mo-1 405,389.12 425,721.92 423,896.83 423,201.11 20111014 2.82 AA+ Aaa AAA 73,657,528.85 76,578,673.65 76,292,895.97 76,722,950.45 2.58 Cash & Short Term 4,601,626.10 4,601,626.10 4,601,626.10 4,601,626.10 0.00 204 Number of Long Term Securities 78,259,154.95 81,180,299.75 80,894,522.07 81,324,576.55 Book Yield 2.43 0.024336 Annual Eff. Yield 2.45 * Fixed income and other securities are valued by independent pricing services approved by Great-West Life & Annuity Insurance Company (“the Company”). In some instances, valuations from independent pricing services are not available or do not reflect significant events in the market therefore fair valuation procedures are implemented by the Company. For fixed income securities, regardless of whether the price is sourced from our independent pricing services or the fair value procedures of the Company, fair value determinations involve judgments that are inherently subjective. These determinations are made in good faith and in accordance with procedures adopted by the independent pricing services or the Company. Factors used in the determination of fair value may include but are not limited to market data incorporating available trade, and bid and other market information, such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Model processes, such as the Option Adjusted Spread model, are used to develop prepayment and interest rate scenarios. Pricing evaluators gather information from market sources and integrate relevant credit information, perceived market movements, and sector news into the evaluated pricing applications and models. These policies are intended to assure the Portfolio’s valuation fairly reflects security values at the time of pricing.

For Plan Sponsor use only - Not for use with Plan Participants 10 of 12 Confidential - Do not disclose or disseminate Glossary Glossary Debt instruments issued by an agency of the Federal government. Though not general obligations of the U.S. Treasury such securities are Agency Securities: sponsored by the government and therefore have high safety ratings. Amortization of Realized If applicable, The process of recognizing realized gains or losses that occurred due to the sale of assets or prepayment of securities that Gains/Losses: were faster or slower than expected via the crediting rate. Amortization period is typically the average duration of the portfolio. Amortization of the Difference If applicable, the process of recognizing differences between what the fund has earned and the interest that was credited from inception to Between Assets and Liabilities: the statement date via the crediting rate. Amortization period is the average duration of the portfolio. Asset Backed Securities (ABS): A debt security whose cash flows are backed by a pool of receivables or other financial assets. Average Life: The average expected maturity date of the securities based on current pre-payment speeds and determined by an outside organization. Average Maturity: The number of years until a bond pays back its principal. The amount owed by the issuer of the security to the security holder on behalf of the plan participants, subject to certain terms and Book Value Assets: conditions. Book Value Liabilities: The value of deposited principal, plus accrued interest, minus withdrawals and expenses Collateralized Mortgage Mortgage backed bonds that separates mortgage pools into different maturity classes. Obligations (CMO): Commercial Mortgage Backed An asset backed security whose cash flows are backed by the principal and interest payments of commercial or multifamily property Securities (CMBS): mortgage loans. Corporates: A debt instrument issued by a private Corporation whose cash flows are backed by the issuing organization. Credit Quality The measure of the financial soundness of an institution, indicating its ability to honor its financial obligations in a timely manner. Crediting Rate The interest rate applied to the book value of the stable value fund liabilities, expressed as an effective annual yield. Duration: A theoretical measurement developed by Professor Frederic Macauley that measures the sensitivity of a financial instrument to changes in FGLMC: Federal Home Loan Mortgage Corporation - Gold pool. Nicknamed Freddie Mac. FHLMC: Federal Home Loan Mortgage Corporation. Nicknamed Freddie Mac. FNMA: Federal National Mortgage Association. Nicknamed Fannie Mae. GNMA: Government National Mortgage Association. Nicknamed Ginnie Mae. GSE: Government Sponsored Entity Investment Grade: A security judged likely enough to meet payment obligations that banks are allowed to invest in it. Investment Guidelines Guidelines established between a plan sponsor or trustee and an investment manager that dictate the investment parameters and risk Market Value Assets: The cash value of a security could be sold for at a given price on the open market. Prices are determined by independent pricing services. Mortgage Backed Securities (MBS): An asset backed security whose cash flows are backed by the principal and interest payments of a set of mortgage loans. A firm that evaluates the financial quality of an institution's debt, the claims paying ability of life insurance companies, and/or the deposit Nationally Recognized Statistical credit rating of banks. Examples of NRSROs include Standard & Poor's (S&P), Moody's Investors Service, and Fitch Ratings. For a list of Ratings Organization (NRSRO) all NRSROs, please visit www.sec.gov/divisions/marketreg/ratingagency.htm. Par Value: Maturity value of the security. Purchase Price: Original purchase price of the security less any reductions from principal payments. Treasury Notes: Intermediate securities issued by the United States Government with maturities of 1 to 10 years. Vendee: Veterans Administration Mortgage. The rate of return anticipated on a security if it is held until the maturity date. The calculation takes into account the current market price, Yield To Maturity par value, coupon interest rate and the time to maturity and assumes that all coupons are reinvested at the same rate.

For Plan Sponsor use only - Not for use with Plan Participants 12 Confidential - Do not disclose or disseminate Gwinnett County

January 1, 2013 to December 31, 2013 Executive Summary

February 2014

RETIREMENT SERVICES Agenda…

• Outstanding from previous RPMC meeting (12/2/13) – Eric Sanderson – new Client Relationship Director ______• Updates for current RPMC meeting (2/20/14) – Frederick Minot – promotion to Manager, Retirement Plan Counseling – Plan Benchmarking reminder ______• Legislative / Regulatory Updates – “Focus on 457 Best Practices Checklist” – January 2014 – “Single vs. Multiple Providers” webinar January 2014

2 Best Practices and Industry Trends Implemented DC Plan Survey Results Yes No March 31, 2013* Consolidated RecordKeeping X Best Practice Open Architecture X Best Practice Auto Enrollment X (401 a) 27% Auto Increase X 27% Qualified Default Investment Alternative (QDIA) X 72% Employer Match X 40% Roth 457 X 32% Loans** X 92%** Investment Advisory Services** X 64% Self‐Directed Brokerage X 89% Fee Disclosure & Transparency X 57% DB & DC Integration X 35% no coordination 26% offering income Behavior-Based Education X projections Lifetime Income X 26%

*136 governmental defined contribution plans with a total of $103.3 b, 89 - 457b, 12 - 401k, 29 - 401a, 6 - 403b. ** Statistics from 2013 Plan Sponsor Defined Contribution Survey – 627 Large plans defined as $200 m - $1 B in size. 3 Plan Overview (in millions) December 31, 2013

Plan assets were $265.33 million as of December 31, 2013 Assets at Dec 31, 2013 $265.33 Less assets at Dec 31, 2012 $220.09

Plan assets grew $45.24 million (20.6%) from January 1, Asset change for the year $45.24 2013 to December 31, 2013

Contributions were $24.11 million since January 1, 2013 Contributions for the year $24.11

Less distributions for the year ($17.44)

As of December 31, 2013, there were 8,525 participants Net investment gain for the $38.57 year

Asset change for the year $45.24

4 Assets Distribution

Asset Distribution by Plan

Active Participants: 401(a) 457(b) Total (%)

12/31/2012 3,313 4,762 8,075 12/31/2013 3,563 4,962 8,525 Average Account Balance per Participant: 401(a) 457(b) Total

12/31/2012 $32,617 $23,525 $27,255 12/31/2013 $36,852 $27,010 $31,123

Average Number of Investment Options per Participant: 401(a) 457(b) Total

12/31/2012 6.1 5.1 5.5 12/31/2013 6.5 5.5 5.9

5 Asset Contribution Asset Contribution by Plan

401(a) Benchmark* 457(b) Benchmark* Total Benchmark* Contributing Participants:

12/31/2012 2,663/100% 44% 3,345/75% 26% 6,008/89% 34% 12/31/2013 2,825/100% 52% 3,466/77% 23% 6,291/86% 26% Average Contributions per Participant: 401(a) 457(b) Total

12/31/2012 $4,708 $2,497 $3,477 $4,334 12/31/2013 $4,978 $2,899 $3,833 $4,219 Average Number of Investment Options per Participant 401(a) Benchmark* 457(b) Benchmark* Total Benchmark*

12/31/2012 9.1 4.0 7.7 4.0 8.3 4.0 12/31/2013 9.0 4.0 7.7 4.0 8.3 4.0

*NAGDCA DC Plan Survey. 2012 84 governmental defined contribution plans with a total of $88 b, 55-457b, 13-401k, 13-401a, 3-403b; 2013 136 governmental defined contribution plans with a total of $103.3 b, 89- 57b, 12- 01k, 29-401a, 6-403b. ** Statistics from 2013 Plan Sponsor Defined Contribution Survey – 627 Large plans defined as $200 m - $1 B in size. 6 Assets by Asset Class

$100.0

$77.37 $80.0

$53.24 $60.0 $48.06

$40.0 $27.40 $26.32

Dollar Amount (in millions) (in Amount Dollar $20.0 $10.30 $9.96 $7.58 $5.08 $-

Fixed 3.8% 2.9% 1.9% 3.9% Large Cap 29.2% 9.9% Fund of Funds Mid Cap

10.3% International Bond 20.1% Small Cap 18.1% Self-Directed Balanced

7 Plan Participation

9,000 8,525 8,075 7,310 7,515 7,500 6,583

6,000

4,500

3,000

1,500

0 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 457(b) Plan 4,020 4,389 4,471 4,762 4,962 401(a) Plan 2,563 2,921 3,044 3,313 3,563

8 Pending Litigation

• Great-West has no pending litigation to report as of December 31, 2013.

9 PLAN REVIEW

Gwinnett County For the Period From January 1, 2013 to December 31, 2013 Table of Contents

Executive Summary

Plan Assets

Contributions

Participation

Distributions

Participant Services

Great-West Update

Disclosures

2 Executive Summary (in Millions)

Total Assets u Assets at December 31, 2013 $265.33 u Less assets at December 31, 2012 $220.09 u Asset change for the year $45.24

Asset Components u Contributions for the year $24.11 u Less distributions for the year -$17.44 u Net investment gain for the year $38.57 u Asset change for the year $45.24

3 Executive Summary

u Plan assets were at $265.33 million as of December 31, 2013 u Plan assets grew by $45.24 million (20.6%) from January 1, 2013 to December 31, 2013 u Contributions were $24.11 million from January 1, 2013 to December 31, 2013 u From January 1, 2013 to December 31, 2013 there were 8,525 participants

4 Asset Growth

$300.0 265.32

$240.0 220.09 195.59 187.36 $180.0 160.37

$120.0 Dollar Amount (in Millions) (in Amount Dollar $60.0

$0.0 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 457(b) Plan 88.22 99.36 100.92 112.03 134.02 401(a) Plan 72.15 88.00 94.67 108.06 131.30

5 Assets by Asset Class

$100.0

$77.37 $80.0

$53.24 $60.0 $48.06

$40.0 $27.40 $26.32

Dollar Amount (in millions) (in Amount Dollar $20.0 $10.30 $9.96 $7.58 $5.08 $-

Fixed 3.8% 2.9% 1.9% 3.9% Large Cap 29.2% 9.9% Fund of Funds Mid Cap

10.3% International Bond 20.1% Small Cap 18.1% Self-Directed Balanced

6 Percentage of Assets by Asset Class

Self Fund of Small Mid Large 401(a) Plan Directed Funds Internat'l Cap Cap Cap Balanced Bond Fixed 1/1/2009 to 12/31/2009 2.9% 23.5% 7.6% 2.7% 4.5% 9.8% 2.6% 4.4% 42.0% 1/1/2010 to 12/31/2010 4.3% 25.0% 7.7% 3.9% 6.8% 9.7% 2.1% 3.4% 37.3% 1/1/2011 to 12/31/2011 4.2% 25.1% 8.2% 3.5% 7.0% 8.3% 2.1% 3.9% 37.8% 1/1/2012 to 12/31/2012 4.9% 26.2% 10.0% 2.3% 9.4% 10.2% 1.7% 4.0% 31.2% 1/1/2013 to 12/31/2013 4.2% 25.9% 11.6% 3.2% 10.3% 13.0% 2.0% 4.2% 25.6%

457(b) Plan Self Funds of Small Mid Large Directed Funds Internat'l Cap Cap Cap Balanced Bond Fixed 1/1/2009 to 12/31/2009 1.9% 8.5% 7.0% 3.7% 7.1% 26.6% 2.2% 3.2% 39.8% 1/1/2010 to 12/31/2010 1.9% 9.3% 7.2% 4.6% 8.6% 24.8% 1.9% 3.1% 38.7% 1/1/2011 to 12/31/2011 1.9% 9.2% 6.5% 4.4% 8.0% 22.1% 1.9% 3.3% 42.8% 1/1/2012 to 12/31/2012 1.5% 9.6% 7.3% 3.4% 9.1% 23.8% 1.7% 3.7% 39.8% 1/1/2013 to 12/31/2013 1.6% 10.5% 8.3% 4.3% 10.4% 27.0% 1.8% 3.6% 32.6%

Self Fund of Small Mid Large Combined Directed Funds Internat'l Cap Cap Cap Balanced Bond Fixed 1/1/2009 to 12/31/2009 2.3% 15.3% 7.3% 3.2% 5.9% 19.1% 2.4% 3.7% 40.8% 1/1/2010 to 12/31/2010 3.0% 16.7% 7.4% 4.2% 7.7% 17.7% 2.0% 3.3% 38.0% 1/1/2011 to 12/31/2011 3.0% 16.9% 7.3% 3.9% 7.5% 15.4% 2.0% 3.6% 40.3% 1/1/2012 to 12/31/2012 3.2% 17.8% 8.6% 2.8% 9.2% 17.2% 1.7% 3.9% 35.6% 1/1/2013 to 12/31/2013 2.9% 18.1% 9.9% 3.8% 10.3% 20.1% 1.9% 3.9% 29.2%

7 Assets by Investment Option

TD AMERITRADE SDB Money Market $0.917 TD AMERITRADE SDB Securities $6.665 Maxim Aggressive Profile Portfolio $11.528 Maxim Moderately Aggressive Profile Port $12.379 Maxim Moderate Profile Portfolio $14.888 Maxim Moderately Conservative Profile $4.862 Maxim Conservative Profile Portfolio $3.685 Great-West SF Lifetime 2015 Fund G $0.415 Great-West SF Lifetime 2020 Fund G $0.019 Great-West SF Lifetime 2025 Fund G $0.085 Great-West SF Lifetime 2030 Fund G $0.031 Great-West SF Lifetime 2035 Fund G $0.170 Great-West SF Lifetime 2045 Fund G $0.000 Artisan International Inv $6.274 Dreyfus International Stock Index $5.870 Oppenheimer Developing Markets Y $4.912 Oppenheimer Global Y $9.266 Columbia Small Cap Value Fund II Z $3.470 Neuberger Berman Genesis Fund - Trust $4.378 Franklin Small Cap Growth A $2.113 Artisan Mid Cap Inv $7.594 American Century Mid Cap Value A $5.105 Nuveen Tradewinds Value Opportunities I $1.308 Baron Growth Retail $6.748 Perkins Mid Cap Value Fund T $6.649 American Funds Growth Fund A $13.447 American Funds Inv Co Amer A $2.315 BlackRock Equity Index - Collective F $6.358 Fidelity Contrafund $16.389 Pioneer Fundamental Growth Y $2.321 TIAA-CREF Institutional Equity Index $8.570 Invesco Growth and Income Y $3.841 Fidelity Puritan Fund $2.565 Janus Balanced Fund T $2.517 PIMCO Total Return Admin $4.394 Vanguard Total Bond Market Index Signal $4.165 JPMorgan High Yield A $1.742 Gwinnett Stable Value Fund $77.370 $0.0 $15.0 $30.0 $45.0 $60.0 $75.0 $90.0

Dollar Amount (in millions)

8 Asset Distribution – 401(a) 01 Plan

Asset Class/Fund Name 12/31/2012 12/31/2013 Amount Pct Accts Amount Pct Accts Self-Directed Active Participants: TD AMERITRADE SDB Money Market 906,231 0.8% 38 417,115 0.3% 37 12/31/2009 2,563 TD AMERITRADE SDB Securities 4,363,713 4.0% 31 5,072,509 3.9% 31 5,269,944 4.9% 5,489,625 4.2% 12/31/2010 2,921 Fund of Funds 12/31/2011 3,044 Maxim Aggressive Profile Portfolio 5,786,254 5.4% 303 7,319,184 5.6% 285 Maxim Moderately Aggressive Profile Port 7,398,731 6.8% 328 8,703,846 6.6% 308 12/31/2012 3,313 Maxim Moderate Profile Portfolio 9,687,175 9.0% 526 11,986,827 9.1% 493 12/31/2013 3,563 Maxim Moderately Conservative Profile 3,292,191 3.0% 136 3,658,897 2.8% 129 Maxim Conservative Profile Portfolio 2,166,614 2.0% 107 2,198,291 1.7% 94 Great-West SF Lifetime 2015 Fund G 33,363 0.0% 1 83,964 0.1% 3 Average Account Great-West SF Lifetime 2020 Fund G 0 0.0% - 13,309 0.0% 1 Great-West SF Lifetime 2025 Fund G 0 0.0% - 48,710 0.0% 2 Balance per Participant: Great-West SF Lifetime 2030 Fund G 335 0.0% 1 1,273 0.0% 1 12/31/2009 $28,149 Great-West SF Lifetime 2035 Fund G 0 0.0% - 633 0.0% 2 Great-West SF Lifetime 2045 Fund G 0 0.0% - 369 0.0% 1 12/31/2010 $30,127 28,364,662 26.2% 34,015,302 25.9% 12/31/2011 $31,100 International 12/31/2012 $32,617 Artisan International Inv 2,421,462 2.2% 1,508 3,070,933 2.3% 1,791 Dreyfus International Stock Index 3,728,501 3.5% 1,486 3,758,936 2.9% 1,811 12/31/2013 $36,852 Oppenheimer Developing Markets Y 1,862,212 1.7% 1,447 2,957,396 2.3% 1,783 Oppenheimer Global Y 2,783,438 2.6% 1,325 5,461,084 4.2% 1,910 10,795,612 10.0% 15,248,349 11.6% Average Number of Small-Cap Investment Options Columbia Small Cap Value Fund II Z 666,888 0.6% 961 1,954,964 1.5% 1,550 Neuberger Berman Genesis Fund - Trust 1,086,143 1.0% 109 1,358,010 1.0% 96 per Participant: Franklin Small Cap Grow th A 0 0.0% - 923,876 0.7% 80 12/31/2009 3.6 Royce Low Priced Stock Svc 750,983 0.7% 89 0 0.0% - 2,504,015 2.3% 4,236,849 3.2% 12/31/2010 4.1 M id-Cap 12/31/2011 5.0 Artisan Mid Cap Inv 2,119,034 2.0% 607 2,672,536 2.0% 332 American Century Mid Cap Value A 1,780,134 1.6% 1,390 3,379,316 2.6% 1,180 12/31/2012 6.1 Nuveen Tradew inds Value Opportunities I 573,616 0.5% 78 502,424 0.4% 57 12/31/2013 6.5 Baron Grow th Retail 2,786,234 2.6% 1,493 3,270,138 2.5% 1,549 Perkins Mid Cap Value Fund T 2,861,940 2.6% 1,447 3,643,771 2.8% 1,463 10,120,957 9.4% 13,468,184 10.3% Large-Cap American Funds Grow th Fund A 1,509,339 1.4% 140 2,217,324 1.7% 281 American Funds Inv Co Amer A 474,567 0.4% 52 1,097,452 0.8% 442 BlackRock Equity Index - Collective F 1,616,803 1.5% 158 2,262,757 1.7% 292 Fidelity Contrafund 2,113,396 2.0% 184 3,133,415 2.4% 304 Pioneer Fundamental Grow th Y 0 0.0% - 1,328,129 1.0% 90 Janus Tw enty Fund T 1,233,052 1.1% 1,144 0 0.0% - TIAA-CREF Institutional Equity Index 3,436,049 3.2% 1,405 5,617,270 4.3% 1,630 Invesco Grow th and Income Y 691,578 0.6% 72 1,390,893 1.1% 377 11,074,784 10.2% 17,047,240 13.0% Balanced Fidelity Puritan Fund 752,515 0.7% 125 906,360 0.7% 147 Janus Balanced Fund T 1,133,695 1.0% 93 1,740,894 1.3% 397 1,886,210 1.7% 2,647,254 2.0% Bond PIMCO Total Return Admin 1,819,644 1.7% 1,477 2,222,444 1.7% 1,804 Vanguard Total Bond Market Index Signal 1,837,936 1.7% 658 2,448,954 1.9% 838 JPMorgan High Yield A 696,703 0.6% 89 802,534 0.6% 79 4,354,282 4.0% 5,473,931 4.2% Fixed Gw innett Stable Value Fund 33,690,081 31.2% 1,200 33,676,348 25.6% 1,423 33,690,081 31.2% 33,676,348 25.6%

108,060,546 100.0% 131,303,083 100.0%

9 Asset Distribution – 457(b) 03 Plan

Asset Class/Fund Name 12/31/2012 12/31/2013 Amount Pct Accts Amount Pct Accts Active Participants: Self-Directed TD AMERITRADE SDB Money Market 471,218 0.4% 35 500,175 0.4% 35 12/31/2009 4,020 TD AMERITRADE SDB Securities 1,219,164 1.1% 31 1,592,530 1.2% 32 12/31/2010 4,389 1,690,382 1.5% 2,092,705 1.6% Fund of Funds 12/31/2011 4,471 Maxim Aggressive Profile Portfolio 2,991,395 2.7% 437 4,208,520 3.1% 436 12/31/2012 4,762 Maxim Moderately Aggressive Profile Port 2,708,650 2.4% 396 3,675,431 2.7% 404 Maxim Moderate Profile Portfolio 2,669,052 2.4% 384 2,901,043 2.2% 373 12/31/2013 4,962 Maxim Moderately Conservative Profile 902,486 0.8% 144 1,203,014 0.9% 139 Maxim Conservative Profile Portfolio 1,265,398 1.1% 133 1,486,549 1.1% 128 Great-West SF Lifetime 2015 Fund G 254,048 0.2% 2 330,998 0.2% 5 Average Account Great-West SF Lifetime 2020 Fund G 0 0.0% - 5,667 0.0% 2 Balance per Participant: Great-West SF Lifetime 2025 Fund G 0 0.0% - 35,821 0.0% 5 Great-West SF Lifetime 2030 Fund G 195 0.0% 1 29,594 0.0% 2 12/31/2009 $21,945 Great-West SF Lifetime 2035 Fund G 0 0.0% - 169,733 0.1% 4 12/31/2010 $22,638 Great-West SF Lifetime 2045 Fund G 0 0.0% - 112 0.0% 2 10,791,223 9.6% 14,046,484 10.5% 12/31/2011 $22,572 International 12/31/2012 $23,525 Artisan International Inv 2,484,389 2.2% 1,636 3,203,490 2.4% 1,921 Dreyfus International Stock Index 1,996,437 1.8% 1,534 2,110,829 1.6% 1,863 12/31/2013 $27,010 Oppenheimer Developing Markets Y 1,439,811 1.3% 1,487 1,954,993 1.5% 1,820 Oppenheimer Global Y 2,278,518 2.0% 1,462 3,805,293 2.8% 2,030 8,199,156 7.3% 11,074,605 8.3% Average Number of Small-Cap Investment Options Columbia Small Cap Value Fund II Z 487,997 0.4% 948 1,514,786 1.1% 1,534 Neuberger Berman Genesis Fund - Trust 2,159,733 1.9% 258 3,020,159 2.3% 242 per Participant: Franklin Small Cap Grow th A 0 0.0% - 1,189,416 0.9% 171 12/31/2009 3.6 Royce Low Priced Stock Svc 1,109,558 1.0% 192 0 0.0% - 12/31/2010 3.8 3,757,289 3.4% 5,724,361 4.3% M id-Cap 12/31/2011 4.4 Artisan Mid Cap Inv 3,805,735 3.4% 909 4,921,963 3.7% 637 12/31/2012 5.1 American Century Mid Cap Value A 832,261 0.7% 1,353 1,725,998 1.3% 1,169 Nuveen Tradew inds Value Opportunities I 734,553 0.7% 149 805,764 0.6% 120 12/31/2013 5.5 Baron Grow th Retail 2,362,434 2.1% 1,577 3,477,688 2.6% 1,660 Perkins Mid Cap Value Fund T 2,457,693 2.2% 1,567 3,005,354 2.2% 1,574 10,192,676 9.1% 13,936,768 10.4% Large-Cap American Funds Grow th Fund A 8,575,160 7.7% 834 11,229,264 8.4% 973 American Funds Inv Co Amer A 858,774 0.8% 132 1,217,672 0.9% 538 BlackRock Equity Index - Collective F 2,978,503 2.7% 395 4,095,179 3.1% 525 Fidelity Contrafund 9,905,171 8.8% 881 13,255,832 9.9% 965 Pioneer Fundamental Grow th Y 0 0.0% - 993,358 0.7% 147 Janus Tw enty Fund T 969,899 0.9% 1,179 0 0.0% - TIAA-CREF Institutional Equity Index 1,676,697 1.5% 1,385 2,952,300 2.2% 1,628 Invesco Grow th and Income Y 1,718,721 1.5% 270 2,449,662 1.8% 563 26,682,926 23.8% 36,193,266 27.0% Balanced Fidelity Puritan Fund 1,386,181 1.2% 226 1,658,669 1.2% 249 Janus Balanced Fund T 565,148 0.5% 114 775,608 0.6% 417 1,951,329 1.7% 2,434,277 1.8% Bond PIMCO Total Return Admin 1,962,376 1.8% 1,546 2,171,166 1.6% 1,881 Vanguard Total Bond Market Index Signal 1,494,848 1.3% 726 1,716,544 1.3% 923 JPMorgan High Yield A 685,103 0.6% 158 939,406 0.7% 140 4,142,327 3.7% 4,827,116 3.6% Fixed Gw innett Stable Value Fund 44,620,169 39.8% 2,022 43,693,650 32.6% 2,220 44,620,169 39.8% 43,693,650 32.6%

112,027,475 100.0% 134,023,232 100.0%

10 Asset Distribution – Combined

Asset Class/Fund Name 12/31/2012 12/31/2013 Amount Pct Accts Amount Pct Accts Self-Directed Total Active Accounts: TD AMERITRADE SDB Money Market 1,377,449 0.6% 73 917,290 0.3% 72 12/31/2009 6,583 TD AMERITRADE SDB Securities 5,582,877 2.5% 62 6,665,040 2.5% 63 12/31/2010 7,310 6,960,326 3.2% 7,582,330 2.9% Fund of Funds 12/31/2011 7,515 Maxim Aggressive Profile Portfolio 8,777,648 4.0% 740 11,527,703 4.3% 721 12/31/2012 8,075 Maxim Moderately Aggressive Profile Port 10,107,381 4.6% 724 12,379,278 4.7% 712 Maxim Moderate Profile Portfolio 12,356,227 5.6% 910 14,887,870 5.6% 866 12/31/2013 8,525 Maxim Moderately Conservative Profile 4,194,676 1.9% 280 4,861,912 1.8% 268 Maxim Conservative Profile Portfolio 3,432,012 1.6% 240 3,684,840 1.4% 222 Great-West SF Lifetime 2015 Fund G 287,410 0.1% 3 414,962 0.2% 8 Average Account Great-West SF Lifetime 2020 Fund G 0 0.0% - 18,976 0.0% 3 Balance per Account: Great-West SF Lifetime 2025 Fund G 0 0.0% - 84,532 0.0% 7 Great-West SF Lifetime 2030 Fund G 530 0.0% 2 30,868 0.0% 3 12/31/2009 $24,361 Great-West SF Lifetime 2035 Fund G 0 0.0% - 170,366 0.1% 6 12/31/2010 $25,630 Great-West SF Lifetime 2045 Fund G 0 0.0% - 481 0.0% 3 39,155,885 17.8% 48,061,786 18.1% 12/31/2011 $26,026 International 12/31/2012 $27,255 Artisan International Inv 4,905,851 2.2% 3,144 6,274,424 2.4% 3,712 Dreyfus International Stock Index 5,724,938 2.6% 3,020 5,869,765 2.2% 3,674 12/31/2013 $31,123 Oppenheimer Developing Markets Y 3,302,022 1.5% 2,934 4,912,389 1.9% 3,603 Oppenheimer Global Y 5,061,956 2.3% 2,787 9,266,377 3.5% 3,940 18,994,768 8.6% 26,322,955 9.9% Average Number of Small-Cap Investment Options Columbia Small Cap Value Fund II Z 1,154,886 0.5% 1,909 3,469,750 1.3% 3,084 Neuberger Berman Genesis Fund - Trust 3,245,877 1.5% 367 4,378,169 1.7% 338 per Account: Franklin Small Cap Grow th A 0 0.0% - 2,113,291 0.8% 251 12/31/2009 3.6 Royce Low Priced Stock Svc 1,860,541 0.8% 281 0 0.0% - 6,261,303 2.8% 9,961,210 3.8% 12/31/2010 3.9 M id-Cap 12/31/2011 4.7 Artisan Mid Cap Inv 5,924,769 2.7% 1,516 7,594,499 2.9% 969 American Century Mid Cap Value A 2,612,395 1.2% 2,743 5,105,313 1.9% 2,349 12/31/2012 5.5 Nuveen Tradew inds Value Opportunities I 1,308,168 0.6% 227 1,308,187 0.5% 177 12/31/2013 5.9 Baron Grow th Retail 5,148,668 2.3% 3,070 6,747,827 2.5% 3,209 Perkins Mid Cap Value Fund T 5,319,633 2.4% 3,014 6,649,125 2.5% 3,037 20,313,633 9.2% 27,404,952 10.3% Large-Cap American Funds Grow th Fund A 10,084,499 4.6% 974 13,446,587 5.1% 1,254 American Funds Inv Co Amer A 1,333,341 0.6% 184 2,315,124 0.9% 980 BlackRock Equity Index - Collective F 4,595,306 2.1% 553 6,357,937 2.4% 817 Fidelity Contrafund 12,018,568 5.5% 1,065 16,389,247 6.2% 1,269 Pioneer Fundamental Grow th Y 0 0.0% - 2,321,487 0.9% 237 Janus Tw enty Fund T 2,202,951 1.0% 2,323 0 0.0% - TIAA-CREF Institutional Equity Index 5,112,746 2.3% 2,790 8,569,570 3.2% 3,258 Invesco Grow th and Income Y 2,410,299 1.1% 342 3,840,555 1.4% 940 37,757,710 17.2% 53,240,506 20.1% Balanced Fidelity Puritan Fund 2,138,696 1.0% 351 2,565,030 1.0% 396 Janus Balanced Fund T 1,698,843 0.8% 207 2,516,502 0.9% 814 3,837,539 1.7% 5,081,531 1.9% Bond PIMCO Total Return Admin 3,782,019 1.7% 3,023 4,393,610 1.7% 3,685 Vanguard Total Bond Market Index Signal 3,332,784 1.5% 1,384 4,165,498 1.6% 1,761 JPMorgan High Yield A 1,381,806 0.6% 247 1,741,940 0.7% 219 8,496,609 3.9% 10,301,047 3.9% Fixed Gw innett Stable Value Fund 78,310,250 35.6% 3,222 77,369,999 29.2% 3,643 78,310,250 35.6% 77,369,999 29.2%

220,088,022 100.0% 265,326,316 100.0%

11 Contribution History

$30.0

24.11 $25.0 22.57 20.57 20.43 20.89 $20.0

$15.0

$10.0 Dollar Amount (in Millions) (in Amount Dollar

$5.0

$0.0 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 457(b) Plan 10.23 8.29 7.58 8.35 10.05 401(a) Plan 12.34 12.28 12.85 12.54 14.06

12 Contributions by Asset Class

$6.00

$4.79 $4.67 $5.00 $4.61 $4.06 $3.65 $4.00

$3.00

$2.00 $1.26 Dollar Amount (in millions) (in Amount Dollar $0.80 $1.00 $0.27 $-

Large Cap 3.3% 1.1% 5.2% 19.9% Fixed 15.1% Fund of Funds

International

19.4% Mid Cap 16.8% Bond

19.1% Small Cap Balanced

13 Percentage of Contributions by Asset Class

401(a) Plan Fund of Small Mid Large Funds Internat'l Cap Cap Cap Balanced Bond Fixed 1/1/2009 to 12/31/2009 33.9% 10.6% 2.9% 5.7% 12.7% 2.1% 3.3% 28.9% 1/1/2010 to 12/31/2010 30.9% 12.3% 4.7% 7.9% 13.8% 1.6% 3.8% 25.1% 1/1/2011 to 12/31/2011 28.0% 15.1% 5.9% 11.1% 11.6% 1.5% 3.3% 23.4% 1/1/2012 to 12/31/2012 26.6% 16.1% 3.0% 15.4% 13.4% 1.4% 2.6% 21.5% 1/1/2013 to 12/31/2013 22.1% 18.3% 3.3% 16.1% 15.7% 1.2% 4.2% 19.1%

Fund of Small Mid Large 457(b) Plan Funds Internat'l Cap Cap Cap Balanced Bond Fixed 1/1/2009 to 12/31/2009 12.2% 8.7% 3.7% 7.2% 21.4% 1.8% 2.9% 42.1% 1/1/2010 to 12/31/2010 15.1% 10.3% 4.7% 8.5% 20.2% 1.5% 3.7% 36.0% 1/1/2011 to 12/31/2011 16.8% 13.1% 6.2% 11.3% 19.0% 1.7% 3.4% 28.6% 1/1/2012 to 12/31/2012 13.8% 13.3% 4.0% 13.6% 18.5% 1.2% 3.2% 32.4% 1/1/2013 to 12/31/2013 15.0% 14.8% 3.4% 13.8% 25.6% 1.1% 6.6% 19.7%

Fund of Small Mid Large Combined Funds Internat'l Cap Cap Cap Balanced Bond Fixed 1/1/2009 to 12/31/2009 24.1% 9.7% 3.2% 6.4% 16.7% 2.0% 3.1% 34.9% 1/1/2010 to 12/31/2010 24.5% 11.5% 4.7% 8.2% 16.4% 1.5% 3.7% 29.5% 1/1/2011 to 12/31/2011 23.8% 14.3% 6.0% 11.1% 14.4% 1.6% 3.3% 25.3% 1/1/2012 to 12/31/2012 21.5% 15.0% 3.4% 14.7% 15.5% 1.3% 2.8% 25.9% 1/1/2013 to 12/31/2013 19.1% 16.8% 3.3% 15.1% 19.9% 1.1% 5.2% 19.4%

14 Contributions by Investment Option

Maxim Aggressive Profile Portfolio $1.020 Maxim Moderately Aggressive Profile… $1.121 Maxim Moderate Profile Portfolio $1.630 Maxim Moderately Conservative Profile $0.445 Maxim Conservative Profile Portfolio $0.369 Great-West SF Lifetime 2015 Fund G $0.011 Great-West SF Lifetime 2020 Fund G $0.001 Great-West SF Lifetime 2025 Fund G $0.003 Great-West SF Lifetime 2030 Fund G $0.001 Great-West SF Lifetime 2035 Fund G $0.008 Great-West SF Lifetime 2045 Fund G $0.000 Artisan International Inv $0.721 Dreyfus International Stock Index $1.375 Columbia Small Cap Value Fund II Z $0.418 Neuberger Berman Genesis Fund -… $0.239 Franklin Small Cap Growth A $0.014 Royce Low Priced Stock Svc $0.131 Artisan Mid Cap Inv $0.410 American Century Mid Cap Value A $0.523 Nuveen Tradewinds Value… $0.121 Baron Growth Retail $0.951 Perkins Mid Cap Value Fund T $1.645 American Funds Growth Fund A $0.819 American Funds Inv Co Amer A $0.182 BlackRock Equity Index - Collective F $0.629 Fidelity Contrafund $0.976 Pioneer Fundamental Growth Y $0.016 Janus Twenty Fund T $0.199 TIAA-CREF Institutional Equity Index $1.777 Invesco Growth and Income Y $0.189 Fidelity Puritan Fund $0.138 Janus Balanced Fund T $0.136 PIMCO Total Return Admin $0.482 Vanguard Total Bond Market Index… $0.429 JPMorgan High Yield A $0.347 Gwinnett Stable Value Fund $4.672 $0.00 $1.50 $3.00 $4.50 $6.00 Dollar Amount (in millions)

15 Contributions by Fund – 401(a) 01 Plan

Asset Class/Fund Name 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Amount Pct Accts Amount Pct Accts Contributing Participants: Fund of Funds Maxim Aggressive Profile Portfolio 684,157 5.5% 241 647,752 4.6% 237 12/31/2009 2,140 Maxim Moderately Aggressive Profile Port 807,987 6.4% 255 723,620 5.1% 230 12/31/2010 2,404 Maxim Moderate Profile Portfolio 1,400,299 11.2% 407 1,323,219 9.4% 379 Maxim Moderately Conservative Profile 244,399 1.9% 101 228,861 1.6% 89 12/31/2011 2,460 Maxim Conservative Profile Portfolio 192,429 1.5% 87 172,835 1.2% 80 Great-West SF Lifetime 2015 Fund G 390 0.0% 1 5,437 0.0% 2 12/31/2012 2,663 Great-West SF Lifetime 2025 Fund G 0 0.0% - 1,810 0.0% 2 12/31/2013 2,825 Great-West SF Lifetime 2030 Fund G 327 0.0% 1 805 0.0% 1 Great-West SF Lifetime 2035 Fund G 0 0.0% - 613 0.0% 2 Great-West SF Lifetime 2045 Fund G 0 0.0% - 344 0.0% 1 Average Contribution per 3,329,988 26.6% 3,105,296 22.1% International Participant: Artisan International Inv 796,074 6.4% 1,416 412,391 2.9% 1,681 Dreyfus International Stock Index 538,294 4.3% 1,391 910,471 6.5% 1,666 12/31/2009 $5,765 Oppenheimer Developing Markets A 23,068 0.2% 969 0 0.0% - 12/31/2010 $5,110 Oppenheimer Global Fund A 108,375 0.9% 1,051 0 0.0% - Janus Global Select T 106,149 0.8% 323 0 0.0% - 12/31/2011 $5,223 Oppenheimer Developing Markets Y 242,231 1.9% 1,339 641,566 4.6% 1,655 Oppenheimer Global Y 209,289 1.7% 1,190 608,243 4.3% 1,719 12/31/2012 $4,708 2,023,480 16.1% 2,572,671 18.3% 12/31/2013 $4,978 Small-Cap Columbia Small Cap Value Fund II Z 75,391 0.6% 1,110 276,328 2.0% 1,529 Neuberger Berman Genesis Fund - Trust 117,271 0.9% 96 108,566 0.8% 83 Franklin Small Cap Grow th A 0 0.0% - 7,866 0.1% 58 Royce Low Priced Stock Svc 185,070 1.5% 870 70,410 0.5% 70 Average Number of Investment 377,732 3.0% 463,170 3.3% M id-Cap Options per Participant: Artisan Mid Cap Inv 307,032 2.4% 1,324 169,686 1.2% 571 12/31/2009 4.1 American Century Mid Cap Value A 700,857 5.6% 1,285 344,261 2.4% 1,513 Nuveen Tradew inds Value Opportunities I 73,003 0.6% 277 58,248 0.4% 257 12/31/2010 6.0 Baron Grow th Retail 446,189 3.6% 1,357 608,192 4.3% 1,670 Perkins Mid Cap Value S 130,791 1.0% 1,011 0 0.0% - 12/31/2011 6.1 Perkins Mid Cap Value Fund T 270,924 2.2% 1,172 1,079,359 7.7% 1,639 12/31/2012 9.1 1,928,797 15.4% 2,259,747 16.1% Large-Cap 12/31/2013 9.0 American Funds Grow th Fund A 204,539 1.6% 1,103 227,893 1.6% 1,387 American Funds Inv Co Amer A 50,240 0.4% 39 100,159 0.7% 1,302 BlackRock Equity Index - Collective F 120,708 1.0% 341 179,357 1.3% 438 Fidelity Contrafund 252,746 2.0% 191 272,013 1.9% 233 Pioneer Fundamental Grow th Y 0 0.0% - 8,655 0.1% 59 Janus Tw enty Fund T 109,614 0.9% 944 121,106 0.9% 1,232 TIAA-CREF Institutional Equity Index 862,652 6.9% 1,332 1,209,520 8.6% 1,623 Invesco Grow th and Income Y 70,491 0.6% 56 91,570 0.7% 298 Invesco Grow th & Income A 8,936 0.1% 55 0 0.0% - 1,679,927 13.4% 2,210,272 15.7% Balanced Fidelity Puritan Fund 80,172 0.6% 327 77,037 0.5% 162 Janus Balanced Fund T 89,805 0.7% 63 89,725 0.6% 301 169,976 1.4% 166,762 1.2% Bond PIMCO Total Return Admin 176,357 1.4% 1,182 278,950 2.0% 1,644 Vanguard Total Bond Market Index Signal 98,380 0.8% 291 270,022 1.9% 526 JPMorgan High Yield A 50,566 0.4% 46 45,049 0.3% 52 325,303 2.6% 594,021 4.2% Fixed Gw innett Stable Value Fund 2,701,297 21.5% 900 2,691,926 19.1% 996 2,701,297 21.5% 2,691,926 19.1%

12,536,500 100.0% 14,063,865 100.0%

16 Contributions by Fund – 457(b) 03 Plan

Asset Class/Fund Name 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Amount Pct Accts Amount Pct Accts Fund of Funds Contributing Participants: Maxim Aggressive Profile Portfolio 394,508 4.7% 336 372,381 3.7% 334 Maxim Moderately Aggressive Profile Port 303,765 3.6% 296 397,334 4.0% 275 12/31/2009 3,010 Maxim Moderate Profile Portfolio 313,608 3.8% 298 306,405 3.0% 274 Maxim Moderately Conservative Profile 69,194 0.8% 98 216,421 2.2% 95 12/31/2010 3,146 Maxim Conservative Profile Portfolio 73,673 0.9% 88 196,007 2.0% 77 12/31/2011 3,176 Great-West SF Lifetime 2015 Fund G 443 0.0% 2 5,928 0.1% 3 Great-West SF Lifetime 2020 Fund G 0 0.0% - 604 0.0% 1 12/31/2012 3,345 Great-West SF Lifetime 2025 Fund G 0 0.0% - 816 0.0% 3 12/31/2013 3,466 Great-West SF Lifetime 2030 Fund G 188 0.0% 1 465 0.0% 2 Great-West SF Lifetime 2035 Fund G 0 0.0% - 7,758 0.1% 4 Great-West SF Lifetime 2045 Fund G 0 0.0% - 105 0.0% 2 1,155,379 13.8% 1,504,224 15.0% Average Annual Contributions International per Participant: Artisan International Inv 425,173 5.1% 1,421 308,524 3.1% 1,674 Dreyfus International Stock Index 266,877 3.2% 1,352 464,727 4.6% 1,619 12/31/2009 $3,399 Oppenheimer Developing Markets A 16,379 0.2% 937 0 0.0% - Oppenheimer Global Fund A 47,499 0.6% 1,022 0 0.0% - 12/31/2010 $2,635 Janus Global Select T 49,019 0.6% 319 0 0.0% - 12/31/2011 $2,386 Oppenheimer Developing Markets Y 178,228 2.1% 1,340 366,594 3.6% 1,627 Oppenheimer Global Y 124,605 1.5% 1,367 347,939 3.5% 1,731 12/31/2012 $2,497 1,107,779 13.3% 1,487,784 14.8% Small-Cap 12/31/2013 $2,899 Columbia Small Cap Value Fund II Z 54,438 0.7% 1,177 141,402 1.4% 1,456 Neuberger Berman Genesis Fund - Trust 132,082 1.6% 162 130,040 1.3% 141 Franklin Small Cap Grow th A 0 0.0% - 6,233 0.1% 91 Royce Low Priced Stock Svc 143,984 1.7% 832 60,760 0.6% 113 Average Number of Investment 330,504 4.0% 338,436 3.4% M id-Cap Options per Participant: Artisan Mid Cap Inv 245,800 2.9% 1,403 239,881 2.4% 738 American Century Mid Cap Value A 314,857 3.8% 1,214 179,172 1.8% 1,451 12/31/2009 3.9 Nuveen Tradew inds Value Opportunities I 82,753 1.0% 317 62,767 0.6% 283 12/31/2010 5.2 Baron Grow th Retail 277,725 3.3% 1,358 342,631 3.4% 1,664 Perkins Mid Cap Value S 51,829 0.6% 998 0 0.0% - 12/31/2011 5.2 Perkins Mid Cap Value Fund T 163,739 2.0% 1,333 566,023 5.6% 1,624 1,136,702 13.6% 1,390,473 13.8% 12/31/2012 7.7 Large-Cap 12/31/2013 7.7 American Funds Grow th Fund A 391,588 4.7% 1,327 590,624 5.9% 1,632 American Funds Inv Co Amer A 52,132 0.6% 84 82,320 0.8% 1,279 BlackRock Equity Index - Collective F 152,704 1.8% 457 449,312 4.5% 534 Fidelity Contrafund 390,048 4.7% 509 704,341 7.0% 520 Pioneer Fundamental Grow th Y 0 0.0% - 7,226 0.1% 91 Janus Tw enty Fund T 86,834 1.0% 941 77,700 0.8% 1,170 TIAA-CREF Institutional Equity Index 383,926 4.6% 1,271 567,747 5.7% 1,558 Invesco Grow th and Income Y 81,292 1.0% 139 96,962 1.0% 388 Invesco Grow th & Income A 10,682 0.1% 136 0 0.0% - 1,549,206 18.5% 2,576,233 25.6% Balanced Fidelity Puritan Fund 70,835 0.8% 364 61,426 0.6% 207 Janus Balanced Fund T 30,191 0.4% 73 45,952 0.5% 307 101,026 1.2% 107,378 1.1% Bond PIMCO Total Return Admin 139,489 1.7% 1,244 203,105 2.0% 1,595 Vanguard Total Bond Market Index Signal 84,923 1.0% 328 158,481 1.6% 558 JPMorgan High Yield A 44,545 0.5% 70 302,070 3.0% 74 268,957 3.2% 663,656 6.6% Fixed Gw innett Stable Value Fund 2,701,998 32.4% 1,260 1,980,174 19.7% 1,337 2,701,998 32.4% 1,980,174 19.7%

8,351,550 100.0% 10,048,358 100.0%

17 Contributions by Fund – Combined

Asset Class/Fund Name 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Total Accounts Amount Pct Accts Amount Pct Accts Fund of Funds Receiving Contributions: Maxim Aggressive Profile Portfolio 1,078,665 5.2% 577 1,020,133 4.2% 571 Maxim Moderately Aggressive Profile Port 1,111,752 5.3% 551 1,120,954 4.6% 505 12/31/2009 5,150 Maxim Moderate Profile Portfolio 1,713,908 8.2% 705 1,629,624 6.8% 653 12/31/2010 5,550 Maxim Moderately Conservative Profile 313,593 1.5% 199 445,282 1.8% 184 Maxim Conservative Profile Portfolio 266,101 1.3% 175 368,843 1.5% 157 12/31/2011 5,636 Great-West SF Lifetime 2015 Fund G 833 0.0% 3 11,365 0.0% 5 Great-West SF Lifetime 2020 Fund G 0 0.0% - 604 0.0% 1 12/31/2012 6,008 Great-West SF Lifetime 2025 Fund G 0 0.0% - 2,626 0.0% 5 12/31/2013 6,291 Great-West SF Lifetime 2030 Fund G 514 0.0% 2 1,270 0.0% 3 Great-West SF Lifetime 2035 Fund G 0 0.0% - 8,371 0.0% 6 Great-West SF Lifetime 2045 Fund G 0 0.0% - 449 0.0% 3 Average Contributions per 4,485,366 21.5% 4,609,521 19.1% International Account: Artisan International Inv 1,221,248 5.8% 2,837 720,916 3.0% 3,355 Dreyfus International Stock Index 805,171 3.9% 2,743 1,375,198 5.7% 3,285 12/31/2009 $4,382 Oppenheimer Developing Markets A 39,446 0.2% 1,906 0 0.0% - 12/31/2010 $3,707 Oppenheimer Global Fund A 155,874 0.7% 2,073 0 0.0% - Janus Global Select T 155,167 0.7% 642 0 0.0% - 12/31/2011 $3,624 Oppenheimer Developing Markets Y 420,459 2.0% 2,679 1,008,160 4.2% 3,282 Oppenheimer Global Y 333,894 1.6% 2,557 956,182 4.0% 3,450 12/31/2012 $3,477 3,131,259 15.0% 4,060,455 16.8% 12/31/2013 $3,833 Small-Cap Columbia Small Cap Value Fund II Z 129,829 0.6% 2,287 417,730 1.7% 2,985 Neuberger Berman Genesis Fund - Trust 249,353 1.2% 258 238,606 1.0% 224 Average Number of Franklin Small Cap Grow th A 0 0.0% - 14,099 0.1% 149 Royce Low Priced Stock Svc 329,054 1.6% 1,702 131,170 0.5% 183 Investment Options per 708,236 3.4% 801,605 3.3% M id-Cap Account: Artisan Mid Cap Inv 552,832 2.6% 2,727 409,567 1.7% 1,309 12/31/2009 4.0 American Century Mid Cap Value A 1,015,714 4.9% 2,499 523,433 2.2% 2,964 Nuveen Tradew inds Value Opportunities I 155,756 0.7% 594 121,015 0.5% 540 12/31/2010 5.5 Baron Grow th Retail 723,913 3.5% 2,715 950,823 3.9% 3,334 Perkins Mid Cap Value S 182,620 0.9% 2,009 0 0.0% - 12/31/2011 5.6 Perkins Mid Cap Value Fund T 434,663 2.1% 2,505 1,645,382 6.8% 3,263 12/31/2012 8.3 3,065,499 14.7% 3,650,220 15.1% Large-Cap 12/31/2013 8.3 American Funds Grow th Fund A 596,127 2.9% 2,430 818,518 3.4% 3,019 American Funds Inv Co Amer A 102,373 0.5% 123 182,478 0.8% 2,581 BlackRock Equity Index - Collective F 273,412 1.3% 798 628,669 2.6% 972 Fidelity Contrafund 642,794 3.1% 700 976,354 4.0% 753 Pioneer Fundamental Grow th Y 0 0.0% - 15,881 0.1% 150 Janus Tw enty Fund T 196,449 0.9% 1,885 198,806 0.8% 2,402 TIAA-CREF Institutional Equity Index 1,246,578 6.0% 2,603 1,777,266 7.4% 3,181 Invesco Grow th and Income Y 151,783 0.7% 195 188,532 0.8% 686 Invesco Grow th & Income A 19,618 0.1% 191 0 0.0% - 3,229,133 15.5% 4,786,504 19.9% Balanced Fidelity Puritan Fund 151,006 0.7% 691 138,463 0.6% 369 Janus Balanced Fund T 119,996 0.6% 136 135,677 0.6% 608 271,002 1.3% 274,140 1.1% Bond PIMCO Total Return Admin 315,846 1.5% 2,426 482,056 2.0% 3,239 Vanguard Total Bond Market Index Signal 183,303 0.9% 619 428,503 1.8% 1,084 JPMorgan High Yield A 95,111 0.5% 116 347,119 1.4% 126 594,260 2.8% 1,257,677 5.2% Fixed Gw innett Stable Value Fund 5,403,295 25.9% 2,160 4,672,100 19.4% 2,333 5,403,295 25.9% 4,672,100 19.4%

20,888,050 100.0% 24,112,223 100.0%

18 Plan Participation

9,000 8,525 8,075 7,310 7,515 7,500 6,583

6,000

4,500

3,000

1,500

0 12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 457(b) Plan 4,020 4,389 4,471 4,762 4,962 401(a) Plan 2,563 2,921 3,044 3,313 3,563

19 Benefit Payment Distribution – 401(a) 01 Plan

1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Amount Pct Count Amount Pct Count Full Withdrawals Death 1,534,491 17.4% 1 552,151 6.5% 8 Disability 26,076 0.3% 1 118,214 1.4% 4 Retirement 276,248 3.1% 14 944,339 11.2% 18 Separation of Service 3,122,860 35.4% 158 4,889,604 58.0% 192 Total Full Withdrawals: 4,959,675 56.2% 174 6,504,307 77.1% 222

Partial Withdrawals Benefit Payment 1,800 0.0% 1 0 0.0% 0 Death 27,500 0.3% 1 14,736 0.2% 2 Disability 12,519 0.1% 1 4,000 0.0% 1 In Service 37,519 0.4% 2 65,431 0.8% 2 In Service - Retirement Age 25,038 0.3% 1 0 0.0% 0 Minimum Distribution 0 0.0% 0 5,229 0.1% 1 Retirement 2,243,663 25.4% 20 773,402 9.2% 16 Separation of Service 941,087 10.7% 32 518,759 6.2% 36 Total Partial Withdrawals: 3,289,125 37.3% 58 1,381,558 16.4% 58

Periodic Payments Benefit Payment 1,800 0.0% 1 8,800 0.1% 2 Minimum Distribution 11,013 0.1% 4 12,909 0.2% 6 Retirement 555,789 6.3% 21 503,588 6.0% 17 Separation of Service 0 0.0% 0 19,900 0.2% 2 Total Periodic Payments: 568,603 6.4% 26 545,196 6.5% 27

8,817,402 100.0% 258 8,431,061 100.0% 307

20 Benefit Payment Distribution – 457(b) 03 Plan

1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Amount Pct Count Amount Pct Count Full Withdrawals Deminimus 457 4,844 0.1% 1 0 0.0% 0 Death 332,050 3.8% 7 35,823 0.4% 3 Disability 13,997 0.2% 3 0 0.0% 0 Retirement 2,220,270 25.5% 67 1,439,767 16.0% 45 Separation of Service 661,549 7.6% 136 1,747,050 19.4% 157 Total Full Withdrawals: 3,232,710 37.1% 214 3,222,641 35.8% 205

Partial Withdrawals INSERVROMT 39,125 0.4% 6 62,082 0.7% 8 Death 9,370 0.1% 2 2,400 0.0% 1 Disability 0 0.0% 0 9,031 0.1% 2 Hardship 89,292 1.0% 23 98,987 1.1% 25 Loan 2,025,284 23.2% 331 2,226,993 24.7% 319 Minimum Distribution 25,572 0.3% 5 22,334 0.2% 4 Retirement 2,105,839 24.2% 101 2,006,496 22.3% 98 Separation of Service 341,241 3.9% 22 464,487 5.2% 25 Service Credit 75,752 0.9% 2 53,559 0.6% 10 Total Partial Withdrawals: 4,711,475 54.0% 492 4,946,370 54.9% 492

Periodic Payments Benefit Payment 19,485 0.2% 3 27,985 0.3% 3 Minimum Distribution 60,608 0.7% 31 96,680 1.1% 44 Retirement 694,899 8.0% 72 714,839 7.9% 60 Separation of Service 0 0.0% 0 3,600 0.0% 1 Total Periodic Payments: 774,992 8.9% 106 843,103 9.4% 108

8,719,177 100.0% 812 9,012,114 100.0% 805

21 Benefit Payment Distribution – Combined

1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Amount Pct Count Amount Pct Count Full Withdrawals Deminimus 457 4,844 0.0% 1 0 0.0% 0 Death 1,866,541 10.6% 8 587,974 3.4% 11 Disability 40,073 0.2% 4 118,214 0.7% 4 Retirement 2,496,518 14.2% 81 2,384,107 13.7% 63 Separation of Service 3,784,408 21.6% 294 6,636,654 38.0% 349 Total Full Withdrawals: 8,192,385 46.7% 388 9,726,948 55.8% 427

Partial Withdrawals INSERVROMT 39,125 0.2% 6 62,082 0.4% 8 Benefit Payment 1,800 0.0% 1 0 0.0% 0 Death 36,870 0.2% 3 17,136 0.1% 3 Disability 12,519 0.1% 1 13,031 0.1% 3 Hardship 89,292 0.5% 23 98,987 0.6% 25 In Service 37,519 0.2% 2 65,431 0.4% 2 In Service - Retirement Age 25,038 0.1% 1 0 0.0% 0 Loan 2,025,284 11.5% 331 2,226,993 12.8% 319 Minimum Distribution 25,572 0.1% 5 27,564 0.2% 5 Retirement 4,349,503 24.8% 121 2,779,898 15.9% 114 Separation of Service 1,282,328 7.3% 54 983,246 5.6% 61 Service Credit 75,752 0.4% 2 53,559 0.3% 10 Total Partial Withdrawals: 8,000,600 45.6% 550 6,327,928 36.3% 550

Periodic Payments Benefit Payment 21,285 0.1% 4 36,785 0.2% 5 Minimum Distribution 71,621 0.4% 35 109,588 0.6% 50 Retirement 1,250,688 7.1% 93 1,218,426 7.0% 77 Separation of Service 0 0.0% 0 23,500 0.1% 3 Total Periodic Payments: 1,343,594 7.7% 132 1,388,299 8.0% 135

17,536,579 100.0% 1,070 17,443,175 100.0% 1,112

KeyTalk® Statistics – 401(a) 01 Plan

Plan Totals 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Category Total Pct Total Pct Change Passcode 369 78.8% 378 95.7% Inq Acct Bal 8 1.7% 10 2.5% Inq Alloc 8 1.7% 3 0.8% Inq Loan 78 16.7% - 0.0% Inq Tran Hist 5 1.1% 4 1.0%

GRAND TOTAL 468 100.0% 395 100.0%

Total Calls 1,547 1,428 Rolled to Customer Service 1,146 1,047 Pct Transferred to CSR 74.1% 73.3%

KeyTalk® Statistics – 457(b) 03 Plan

Plan Totals 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Category Total Pct Total Pct Allocation 1 0.1% - 0.0% Change Passcode 580 63.5% 676 67.2% Deferral 30 3.3% 15 1.5% Inq Acct Bal 1 0.1% 13 1.3% Inq Alloc 5 0.5% 2 0.2% Inq Loan 213 23.3% 228 22.7% Inq Rates 1 0.1% - 0.0% Inq Tran Hist 5 0.5% 11 1.1% Inq Uval - 0.0% 1 0.1% Loan Request 78 8.5% 60 6.0%

GRAND TOTAL 914 100.0% 1,006 100.0%

Total Calls 1,782 1,779 Rolled to Customer Service 1,129 1,259 Pct Transferred to CSR 63.4% 70.8%

KeyTalk® Statistics – Combined

Plan Totals 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Category Total Pct Total Pct Allocation 1 0.1% - 0.0% Change Passcode 949 68.7% 1,054 75.2% Deferral 30 2.2% 15 1.1% Inq Acct Bal 9 0.7% 23 1.6% Inq Alloc 13 0.9% 5 0.4% Inq Loan 291 21.1% 228 16.3% Inq Rates 1 0.1% - 0.0% Inq Tran Hist 10 0.7% 15 1.1% Inq Uval - 0.0% 1 0.1% Loan Request 78 5.6% 60 4.3%

GRAND TOTAL 1,382 100.0% 1,401 100.0%

Total Calls 3,329 3,207 Rolled to Customer Service 2,275 2,306 Pct Transferred to CSR 68.3% 71.9%

25 Internet Statistics – 401(a) 01 Plan

Plan Totals 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Category Total Pct Total Pct Account And Certificates Overview 5,556 11.5% 16,490 25.9% Allocation And Asset Allocation 2,160 4.5% 1,336 2.1% Disbursement Summary 1,226 2.5% 1,663 2.6% Fund Overview And Prospectus 224 0.5% 1,207 1.9% Address Change 48 0.1% 29 0.0% Allocation 164 0.3% 174 0.3% Beneficiaries 203 0.4% 159 0.2% Change Passcode 595 1.2% 417 0.7% Disbursement Summary 1,226 2.5% 1,663 2.6% Dollar Cost Avg - 0.0% 1 0.0% Elec Filing Cabinet 79 0.2% 254 0.4% Email Address 387 0.8% 379 0.6% Fund To Fund Trf 260 0.5% 297 0.5% Indic Data 114 0.2% 292 0.5% Inq Acct Bal 3,170 6.5% 1,463 2.3% Inq Acct Sum 1,202 2.5% 336 0.5% Inq Alloc 650 1.3% 253 0.4% Inq Asset Alloc 410 0.8% 211 0.3% Inq Asset Alloc Comparison 311 0.6% 159 0.2% Inq Bal Comparison 1,327 2.7% 1,100 1.7% Inq Bal History 1,949 4.0% 2,070 3.3% Inq Bene 1,172 2.4% 890 1.4% Inq Dfrl 74 0.2% 20 0.0% Inq Elec Stmts 683 1.4% 247 0.4% Inq Fund Overview 634 1.3% 619 1.0% Inq Fund Prospectus 50 0.1% 222 0.3% Inq Fund Returns 477 1.0% 873 1.4% Inq Funds Trnd 378 0.8% 557 0.9% Inq Loan Sum 111 0.2% 24 0.0% Inq Managed Account-Ibbotson 52 0.1% 19 0.0% Inq O/L Forms 920 1.9% 651 1.0% Inq Online Prospectus 113 0.2% 39 0.1% Inq Per Rate Return 5,102 10.5% 4,280 6.7% Inq Rates 129 0.3% 164 0.3% Inq Stmt On Demand 1,630 3.4% 422 0.7% Inq Tran Hist 9,432 19.5% 19,268 30.3% Inq Trfs - Comp/Pend/Perd 366 0.8% 891 1.4% Inq Uval 680 1.4% 1,356 2.1% Inquire Address 679 1.4% 809 1.3% Order Passcode 133 0.3% 240 0.4% Rebalancer 66 0.1% 77 0.1% Registration 606 1.3% 1,302 2.0% Transaction Downloads 3,608 7.4% 701 1.1% Trf From Sda 20 0.0% 22 0.0% Trf To Sda 56 0.1% 26 0.0%

GRAND TOTAL 48,432 100.0% 63,672 100.0%

Number of Successful log ins 21,773 28,489

26 Internet Statistics – 457(b) 03 Plan

Plan Totals 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Category Total Pct Total Pct Account And Certificates Overview 5,262 6.0% 21,073 19.4% Allocation And Asset Allocation 614 0.7% 2,663 2.5% Disbursement Summary 1,858 2.1% 2,162 2.0% Fund Overview And Prospectus 248 0.3% 1,677 1.5% Address Change 23 0.0% 19 0.0% Allocation 359 0.4% 350 0.3% Beneficiaries 245 0.3% 244 0.2% Change Passcode 971 1.1% 723 0.7% Deferral 617 0.7% 794 0.7% Disbursement Summary 1,858 2.1% 2,162 2.0% Dollar Cost Avg 1 0.0% 2 0.0% Elec Filing Cabinet 69 0.1% 270 0.2% Email Address 229 0.3% 487 0.4% Fund To Fund Trf 522 0.6% 609 0.6% Indic Data 156 0.2% 438 0.4% Inq Acct Bal 6,821 7.7% 3,207 3.0% Inq Acct Sum 3,675 4.2% 1,004 0.9% Inq Alloc 1,688 1.9% 568 0.5% Inq Asset Alloc 1,001 1.1% 457 0.4% Inq Asset Alloc Comparison 879 1.0% 462 0.4% Inq Bal Comparison 4,126 4.7% 2,530 2.3% Inq Bal History 4,570 5.2% 4,243 3.9% Inq Bene 1,801 2.0% 1,336 1.2% Inq Dfrl 2,546 2.9% 3,274 3.0% Inq Elec Stmts 1,324 1.5% 394 0.4% Inq Fund Overview 1,009 1.1% 981 0.9% Inq Fund Prospectus 211 0.2% 314 0.3% Inq Fund Returns 1,024 1.2% 1,859 1.7% Inq Funds Trnd 938 1.1% 1,372 1.3% Inq Loan Sum 5,400 6.1% 6,122 5.6% Inq Managed Account-Ibbotson 83 0.1% 62 0.1% Inq O/L Forms 1,663 1.9% 1,067 1.0% Inq Online Prospectus 230 0.3% 71 0.1% Inq Per Rate Return 11,332 12.8% 8,512 7.8% Inq Rates 366 0.4% 494 0.5% Inq Stmt On Demand 2,996 3.4% 962 0.9% Inq Tran Hist 11,989 13.6% 24,635 22.7% Inq Trfs - Comp/Pend/Perd 1,003 1.1% 1,645 1.5% Inq Uval 1,879 2.1% 2,972 2.7% Inquire Address 1,360 1.5% 1,160 1.1% Loan Request 251 0.3% 260 0.2% Online Enrollment 43 0.0% 51 0.0% Order Passcode 86 0.1% 179 0.2% Rebalancer 159 0.2% 128 0.1% Registration 919 1.0% 2,386 2.2% Transaction Downloads 3,927 4.4% 2,182 2.0% Trf From Sda 16 0.0% 27 0.0% Trf To Sda 29 0.0% 19 0.0%

GRAND TOTAL 88,376 100.0% 108,608 100.0%

Number of Successful log ins 39,164 49,004

27 Internet Statistics – Combined

Plan Totals 1/1/2012 to 12/31/2012 1/1/2013 to 12/31/2013 Category Total Pct Total Pct Account And Certificates Overview 10,818 7.9% 37,563 21.8% Allocation And Asset Allocation 2,774 2.0% 3,999 2.3% Disbursement Summary 3,084 2.3% 3,825 2.2% Fund Overview And Prospectus 472 0.3% 2,884 1.7% Address Change 71 0.1% 48 0.0% Allocation 523 0.4% 524 0.3% Beneficiaries 448 0.3% 403 0.2% Change Passcode 1,566 1.1% 1,140 0.7% Deferral 617 0.5% 794 0.5% Disbursement Summary 3,084 2.3% 3,825 2.2% Dollar Cost Avg 1 0.0% 3 0.0% Elec Filing Cabinet 148 0.1% 524 0.3% Email Address 616 0.5% 866 0.5% Fund To Fund Trf 782 0.6% 906 0.5% Indic Data 270 0.2% 730 0.4% Inq Acct Bal 9,991 7.3% 4,670 2.7% Inq Acct Sum 4,877 3.6% 1,340 0.8% Inq Alloc 2,338 1.7% 821 0.5% Inq Asset Alloc 1,411 1.0% 668 0.4% Inq Asset Alloc Comparison 1,190 0.9% 621 0.4% Inq Bal Comparison 5,453 4.0% 3,630 2.1% Inq Bal History 6,519 4.8% 6,313 3.7% Inq Bene 2,973 2.2% 2,226 1.3% Inq Dfrl 2,620 1.9% 3,294 1.9% Inq Elec Stmts 2,007 1.5% 641 0.4% Inq Fund Overview 1,643 1.2% 1,600 0.9% Inq Fund Prospectus 261 0.2% 536 0.3% Inq Fund Returns 1,501 1.1% 2,732 1.6% Inq Funds Trnd 1,316 1.0% 1,929 1.1% Inq Loan Sum 5,511 4.0% 6,146 3.6% Inq Managed Account-Ibbotson 135 0.1% 81 0.0% Inq O/L Forms 2,583 1.9% 1,718 1.0% Inq Online Prospectus 343 0.3% 110 0.1% Inq Per Rate Return 16,434 12.0% 12,792 7.4% Inq Rates 495 0.4% 658 0.4% Inq Stmt On Demand 4,626 3.4% 1,384 0.8% Inq Tran Hist 21,421 15.7% 43,903 25.5% Inq Trfs - Comp/Pend/Perd 1,369 1.0% 2,536 1.5% Inq Uval 2,559 1.9% 4,328 2.5% Inquire Address 2,039 1.5% 1,969 1.1% Loan Request 251 0.2% 260 0.2% Online Enrollment 43 0.0% 51 0.0% Order Passcode 219 0.2% 419 0.2% Rebalancer 225 0.2% 205 0.1% Registration 1,525 1.1% 3,688 2.1% Transaction Downloads 7,535 5.5% 2,883 1.7% Trf From Sda 36 0.0% 49 0.0% Trf To Sda 85 0.1% 45 0.0%

GRAND TOTAL 136,808 100.0% 172,280 100.0%

Number of Successful log ins 60,937 77,493

28 Recordkeeping - Participant History

Great-West continues to grow as a force in the Record keeping marketplace. We do record keeping in the 457(b), 401(a/k), 403(b), 408 markets as well as in the Institutional and Defined Benefit plan markets. The table below shows our participant growth as a record keeper in these markets •12/31/2012 4,656,306 •12/31/2011 4,438,513 •12/31/2010 4,409,418 •12/31/2009 4,200,735 •12/31/2008 3,739,464 •12/31/2007 3,477,918 •12/31/2006 3,413,562 •12/31/2005 2,766,641 •12/31/2004 2,510,681 •12/31/2003 2,351,450 •12/31/2002 2,289,241

29 Recordkeeping Services

30 Government Relationships

Great-West has one of the strongest track records in the industry on renewing existing client relationships and adding new client relationships. Attached is a list of just a few of those recently renewed or new relationships we have formed.

Renewed Relationships: •State of Oklahoma •Commonwealth of Massachusetts •State of Texas •City of Los Angeles •City of South San Francisco

New Relationships: •West Palm Beach, FL •City of Pasadena, CA •City of Glendale, AZ

31 Great-West Current Ratings

• A.M. Best Company, Inc.: A+ (Superior; highest of 10 categories) for financial strength, operating performance, and business profile

• Fitch Ratings: AA (Very Strong; second highest of nine categories) for financial strength

• Moody’s Investors Service: Aa3 (Excellent; second highest of nine categories) for financial strength

• Standard & Poor’s: AA (Very Strong; second highest of nine categories) for financial strength

32 Five Year Financial Rating History

Fitch Moody’s S&P A.M. Best

2012 AA Aa3 AA A+

2011 AA Aa3 AA A+

2010 AA+ Aa3 AA A+

2009 AA+ Aa3 AA A+

2008 AA+ Aa3 AA A+

For Broker, TPA or Plan Sponsor Use Only

33 DISCLOSURES

Great-West FinancialSM refers to products and services provided by Great-West Life & Annuity Insurance Company (GWLA), Corporate Headquarters: Greenwood Village, CO, its subsidiaries and affiliates. Insurance products and related services are sold in New York exclusively by Great-West Life & Annuity Insurance Company of New York, Home Office: White Plains, NY, a subsidiary of GWLA. Great-West Retirement Services® refers to products and services of Great-West Financial Companies, as applicable, and FASCore, LLC (FASCore Administrators, LLC in California), subsidiaries of GWLA. The trademarks, logos, service marks, and design elements used are owned by GWLA.

Core securities, when offered, are offered through GWFS Equities, Inc. and/or other broker dealers. GWFS Equities, Inc., Member FINRA/SIPC, is a wholly owned subsidiary of Great-West Life & Annuity Insurance Company and an affiliate of Great-West Life & Annuity Insurance Company of New York, White Plains, New York, and FASCore, LLC (FASCore Administrators, LLC in California).

Managed account, guidance and advice services are offered by Advised Assets Group, LLC (AAG), a federally registered investment adviser and wholly owned subsidiary of Great-West Life & Annuity Insurance Company and an affiliate of Great-West Life & Annuity Insurance Company of New York, Home Office White Plains, New York. More information can be found at www.adviserinfo.sec.gov.

34 ab CIO WM Research February 2014

UBS House View: Presentation New year, new basics

This report has been prepared by UBS Financial Services Inc. (UBS FS) and UBS AG. Section 1 Summary

ab 11 Global review & outlook

• US economic growth accelerated earlier and faster than our above-consensus forecast and we expect the improvement to continue in 2014. Economy • The Eurozone is recovering moderately, as expected, and we look for a continuation of that trend. • The theme for China is stabilization as slower credit and infrastructure investment growth is partially offset by growth in less credit-sensitive sectors like consumptions and exports.

• Our positive economic outlook should be supportive of further advances in global equities. • US and Eurozone are our favored equity markets. Solid domestic demand supported by robust Equities consumption and an improving housing market should drive US company earnings 8% higher in 2014. • In the Eurozone, profit margins are depressed compared to historical figures, but are showing some early signs of turnaround and offer a lot of room for improvement.

• We expect a gradual increase in rates through 2014 as the global economy accelerates and the Fed scales back bond purchases. • We foresee very modest total returns on government bonds and recommend tactical overweights in Fixed income both US investment grade and US high yield corporate bonds. • In the US tax-exempt space, the municipal asset class still holds value for high net worth investors despite the headwinds that remain.

• Broadly diversified commodity indices remain an unattractive investment in 2014 as the overall asset class could deliver investment returns in the low single digits. Commodities • Positive performance contributions, due to roll yield gains in energy and stronger base metals, are unlikely to compensate for the price decline in energy, precious metals and agricultural commodity prices this year.

• We remain overweight in the US dollar as well as the British pound. FX • We are less optimistic on the Japanese yen and Swiss franc; they will likely remain under pressure given stretched valuations and a shift towards higher growth developed market currencies.

ab 2 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot

Section 2 Macro view

ab 3 Fixed income allocations in an environment of rising rates US 10-year government bond yield (%)

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0 Jul-13 Jul-12 Jul-11 Jul-10 Jul-09 Jan-13 Jan-12 Jan-11 Jan-10 Jan-09 Oct-13 Oct-12 Oct-11 Oct-10 Oct-09 Apr-13 Apr-12 Apr-11 Apr-10 Apr-09

Source: Bloomberg, UBS ab 4 Please see important disclaimer and disclosures at the end of the document. The role of cash 1m USD LIBOR (%, annualized)

0 1995 1995 1996 1996 1997 1997 1998 1998 1999 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013

Source: Bloomberg, UBS ab 5 Please see important disclaimer and disclosures at the end of the document. Are commodities worth the risk? DJ UBS Commodities Total Return index

500

450

400

350

300

250

200 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13

Source: Bloomberg ab 6 Please see important disclaimer and disclosures at the end of the document. Can the Fed successfully withdraw from QE? Federal Reserve Balance Sheet (USD, bn)

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0 2005 2006 2007 2008 2009 2010 2011 2012 2013

Source: Bloomberg ab 7 Please see important disclaimer and disclosures at the end of the document. Can China avoid a credit event? China interbank 7-day repo rate (%)

3 2-Jan-14 9-Jan-14 5-Dec-13 7-Nov-13 16-Jan-14 23-Jan-14 24-Oct-13 31-Oct-13 12-Dec-13 19-Dec-13 26-Dec-13 14-Nov-13 21-Nov-13 28-Nov-13

Source: Bloomberg ab 8 Please see important disclaimer and disclosures at the end of the document. Can the Eurozone banks pass the Asset Quality Review EuroStoxx banks index

160

155

150

145

140

135

130

125

120 7-Jan-14 1-Oct-13 21-Jan-14 15-Oct-13 29-Oct-13 10-Dec-13 24-Dec-13 12-Nov-13 26-Nov-13

Source Datastream, UBS ab 9 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot

Section 3 In detail: economic and asset class outlook

ab 10 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot US – Real GDP growth to remain robust in 2014 US real GDP and its components, quarter-on-quarter annualized in %

8% UBS CIO WMR 6% forecasts 4% 2% 0% -2% -4% -6% -8% -10% Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2006 2007 2008 2009 2010 2011 2012 2013 2014 Consumption Commercial real estate investment Capital expenditures IPP expenditures Residential investment Inventories Net Exports Government Real GDP (q/q annualized)

Source: Thomson Datastream, UBS, as of 23 January 2014 These forecasts were developed by economists employed by UBS Investment Research (INV) INV is published by UBS Investment Bank. Forecasts and estimates are current only as of the date of this publication and may change without notice. ab 11 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot US – Still a good amount of labor market slack U-6 unemployment rate and its components, in % of the labor force including the marginally attached, not seasonally adjusted 18 16 14 12 10 8 6 4 2 0 Jan-94 Jan-98 Jan-02 Jan-06 Jan-10 Jan-14 Part-time work for econ. Rest of marginally attached Discouraged Unemployed U-6 (sum of components)

Source: Thomson Datastream, Bloomberg, UBS, as of 23 January 2014 ab 12 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Eurozone – manufacturing sector extends its expansion Eurozone manufacturing Purchasing Managers' Index, level

65 60 55 50 45 40 35 30 25 07 08 09 10 11 12 13

No-change line Manufacturing

Services Composite

Source: Bloomberg, UBS, as of 23 January 2014 ab 13 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot China – Growth to stabilize RMB bank lending and total social financing (TSF) excl. equities, year-on-year in %

Source: Bloomberg, UBS, as of 23 January 2014 ab 14 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot US equities Valuations supported, not threatened, from normalizing interest rates

S&P 500 trailing P/E and 10 year Treasury yield 18x 4%

16x 3%

14x 2%

12x 1%

10x 0% 2010 2011 2012 2013 2014

S&P 500 P/E (left) 10yr Treasury yield (right)

Source: Bloomberg, FactSet and UBS CIO WMR as of 21 January 2014. ab 15 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot US equities Earnings set to moderately accelerate

S&P 500 operating EPS growth 10%

0% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 2013 2014

Note: Brown bars denote UBS CIO WMR estimates. Source: FactSet and UBS CIO WMR as of 21 January 2014. ab 16 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot International equities matching the US Total return, end-2012 indexed to 100

135 130 125 120 115 110 105 100 95 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- 13 13 13 13 13 13 13 13 13 13 13 13 14 S&P 500 Non-US developed markets US relative to non-US

Source: Bloomberg, UBS CIO WMR; as of 24 January 2014 ab 17 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Emerging market earnings remain stagnant Consensus earnings estimates

120

100

0 2000 2002 2004 2006 2008 2010 2012 2014

12-month forward earnings, lagged 12 months 12-month trailing earnings

Source: Datastream, IBES, UBS CIO WMR, as of 16 January 2014 ab 18 Please see important disclaimer and disclosures at the end of the document. We continue to forecast higher Treasury yields The yield curve should remain steep

Yield in % 4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15

2yr actual 2yr forecast 10yr actual 10yr forecast

Source: Bloomberg, UBS CIO WMR; as of 22 January 2014 ab 19 Please see important disclaimer and disclosures at the end of the document. Neutral on Emerging Market Bonds Spreads of EM corporate bonds dipped below EM sovereigns

Spreads of EM bonds over US Treasuries, in bps 600

550

500

450

400

350

300

250

200 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14

Emerging markets sovereign bonds (EMBI Global) Emerging markets corporate bonds (CEMBI Broad)

Source: JP Morgan, UBS; as of 22 January 2014 ab 20 Please see important disclaimer and disclosures at the end of the document. AAA municipal-to-Treasury yield ratios Ratio, in %

125

120

115

110

105

100

80 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 10 yr 30 yr

Source: MMD, UBS CIO WMR, as of 22 January 2014 ab 21 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Foreign exchange EM currencies returning to levels not seen since 2008 financial crisis

JPMorgan EM Currency Index 115

110

105

100

80 Jan-08 Oct-08 Jul-09 Apr-10 Jan-11 Oct-11 Jul-12 Apr-13 Jan-14

Source: UBS CIO, Bloomberg, as of 24 January 2014. ab 22 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot

Section 4 In focus: The Yellen challenge

ab 23 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Fed balance sheet swelled under Chairman Bernanke Federal Reserve balance sheet, in trillions of US dollars

0 1998 2002 2006 2010 2014

Source: Bloomberg, UBS CIO WMR, as of 21 January 2014 ab 24 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Drop in participation contributes to a lower unemployment rate Labor force participation rate, in %

60 1994 1999 2004 2009 2014

Source: Bloomberg, UBS CIO WMR, as of 21January 2014 ab 25 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot

Section 5 In focus: Global investing for the global consumer

ab 26 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Prices of global goods fluctuate greatly with currency moves Liv-ex 100 Fine Wine Investable Index since 1999, in dollars & euros

500

450

400

350

300

250

200

150

100

50 1999 2001 2003 2005 2007 2009 2011 2013 in USD in EUR

Source: UBS CIO, LIV-EX, Bloomberg, as of 31 December 2013 ab 27 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Low EM country correlation argues for active approach 26-week rolling correlation among 10 largest EM equity markets

0.95 EM Country Correlation 0.90

0.85

0.80

0.75

0.70

0.65

0.60

0.55

0.50 2001 2003 2005 2007 2009 2011 2013

Source: UBS CIO WMR, Bloomberg, as of 10 January 2014. ab 28 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot International managers have been better at hitting benchmarks Average 3-year fund manager performance vs. benchmark after fees (in bps)

150

100

-50

-100

-150

-200 Emerging Equities International Equities US Equities

Source: UBS CIO WMR, Standard & Poor's’, as of June 2013. ab 29 Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Key forecasts

m/m 6-month forecast Asset class TAA 1 Change Benchmark Valueperf 2 in House View Positive Negative

EQUITIES - USA S&P 500 INDEX 1845 1.5% 1900 2125 1525 Eurozone - Euro Stoxx 320 4.0% 333 370 260 UK - FTSE 100 INDEX 6826 3.3% 6930 7425 5775 Japan - Topix 13003.0% 1330 1500 1080 Switzerland - SMI 8467 4.8% 8600 9200 7750 Emerging markets - MSCI EM 976 -1.2% 1000 1200 800

BONDS US Government bonds - 10yr yield 2.9% 0.2% 3.20% 3.3-3.9% 2.0-2.8% US Corporate bonds - Spread 111 bps 0.6% 100 bps 90 bps 350 bps US High yield bonds - Spread 382 bps 1.4% 350 bps 300 bps 800 bps Emerging Market Bonds - 342 bps / 0.6%/ 330 bps / 310 bps / 400 bps / Spread (Sovereign / Corporate) 316 bps -1.0% 330 bps 300 bps 485 bps

Other Asset Classes Commodities DJUBS Commodity NA -1.4% NA NA NA Listed Real Estate - EPRA/NAREIT 3738 3.1% 3830 4000 3600

CURRENCIES USD - NA NA NA NA NA EUR/USD - EURUSD 1.35 -0.9% 1.34 1.40 1.20 GBP/USD - GBPUSD 1.66 1.5% 1.67 NA NA USD/JPY - USDJPY 105 0.4% 107 110 95 USD/CHF - USDCHF 0.91 1.7% 0.92 NA NA

Source: UBS CIO WMR, Bloomberg Overweight 1TAA = tactical asset allocation, 2Month-on-month performance, Neutral 3Municipal bonds preferred in taxable portfolios, investment grade corporates in tax-exempt portfolios Underweight

30 ab Past performance is no indication of future performance. Forecasts are not a reliable indicator of future performance. As of 22 January 2014. Please see important disclaimer and disclosures at the end of the document. C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot

Important information

ab 31 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Investment committees

Global Investment Process and Committee Description The UBS investment process is designed to achieve replicable, high quality results through applying intellectual rigor, strong process governance, clear responsibility and a culture of challenge.

Based on the analyses and assessments conducted and vetted throughout the investment process, the Chief Investment Officer (CIO) formulates the UBS Wealth Management Investment House View (e.g., overweight, neutral, underweight stance for asset classes and market segments relative to their benchmark allocation) at the Global Investment Committee (GIC). Senior investment professionals from across UBS, complemented by selected external experts, debate and rigorously challenge the investment strategy to ensure consistency and risk control.

Global Investment Committee Composition The GIC is comprised of 13 members, representing top market and investment expertise from across all divisions of UBS: • Alex Friedman (Chair) • Mark Andersen • Mark Haefele • Andreas Höfert • Jorge Mariscal • Mads Pedersen • Mike Ryan • Simon Smiles • Larry Hathaway (*) • Bruno Marxer (*) • Curt Custard (*) • Andreas Koester (*) • Andrew Williamson (*) (*) Business areas distinct from Chief Investment Office/Wealth Management Research

WMA Asset Allocation Committee Description We recognize that a globally derived house view is most effective when complemented by local perspective and application. As such, UBS has formed a Wealth Management Americas Asset Allocation Committee (WMA AAC). WMA AAC is responsible for the development and monitoring of UBS WMA’s strategic asset allocation models and capital market assumptions. The WMA AAC sets parameters for the CIO WMR Americas Investment Strategy Group to follow during the translation process of the GIC’s House Views and the incorporation of US-specific asset class views into the US-specific tactical asset allocation models.

WMA Asset Allocation Committee Composition The WMA Asset Allocation Committee is comprised of six members: • Mike Ryan • Michael Crook • Stephen Freedman • Richard Hollmann (*) • Brian Nick • Jeremy Zirin (*) Business areas distinct from Chief Investment Office/Wealth Management Research

ab 32 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Statement of Risk

1. Equity markets are difficult to forecast because of fluctuations in the economy, investor psychology, geopolitical conditions, and other important variables. 2. Bond market returns are difficult to forecast because of fluctuations in the economy, investor psychology, geopolitical conditions and other important variables. Corporate bonds are subject to a number of risks, including credit risk, interest rate risk, liquidity risk, and event risk. Though historical default rates are low on investment grade corporate bonds, perceived adverse changes in the credit quality of an issuer may negatively affect the market value of securities. As interest rates rise, the value of a fixed coupon security will likely decline. Bonds are subject to market value fluctuations, given changes in the level of risk-free interest rates. Not all bonds can be sold quickly or easily on the open market. Prospective investors should consult their tax advisors concerning the federal, state, local, and non-U.S. tax consequences of owning any securities referenced in this report. 3. Prospective investors should consult their tax advisors concerning the federal, state, local, and non-U.S. tax consequences of owning preferred stocks. Preferred stocks are subject to market value fluctuations, given changes in the level of interest rates. For example, if interest rates rise, the value of these securities could decline. If preferred stocks are sold prior to maturity, price and yield may vary. Adverse changes in the credit quality of the issuer may negatively affect the market value of the securities. Most preferred securities may be redeemed at par after five years. If this occurs, holders of the securities may be faced with a reinvestment decision at lower future rates. Preferred stocks are also subject to other risks, including illiquidity and certain special redemption provisions. 4. Although historical default rates are very low, all municipal bonds carry credit risk, with the degree of risk largely following the particular bond’s sector. Additionally, all municipal bonds feature valuation, return, and liquidity risk. Valuation tends to follow internal and external factors, including the level of interest rates, bond ratings, supply factors, and media reporting. These can be difficult or impossible to project accurately. Also, most municipal bonds are callable and/or subject to earlier than expected redemption, which can reduce an investor’s total return. Because of the large number of municipal issuers and credit structures, not all bonds can be easily or quickly sold on the open market.

ab 33 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Disclosures

Emerging Market Investments Investors should be aware that Emerging Market assets are subject to, amongst others, potential risks linked to currency volatility, abrupt changes in the cost of capital and the economic growth outlook, as well as regulatory and socio-political risk, interest rate risk and higher credit risk. Assets can sometimes be very illiquid and liquidity conditions can abruptly worsen. WMR generally recommends only those securities it believes have been registered under Federal U.S. registration rules (Section 12 of the Securities Exchange Act of 1934) and individual State registration rules (commonly known as "Blue Sky" laws). Prospective investors should be aware that to the extent permitted under US law, WMR may from time to time recommend bonds that are not registered under US or State securities laws. These bonds may be issued in jurisdictions where the level of required disclosures to be made by issuers is not as frequent or complete as that required by US laws. For more background on emerging markets generally, see the WMR Education Notes "Investing in Emerging Markets (Part 1): Equities", 27 August 2007, "Emerging Market Bonds: Understanding Emerging Market Bonds," 12 August 2009 and "Emerging Markets Bonds: Understanding Sovereign Risk," 17 December 2009. Investors interested in holding bonds for a longer period are advised to select the bonds of those sovereigns with the highest credit ratings (in the investment grade band). Such an approach should decrease the risk that an investor could end up holding bonds on which the sovereign has defaulted. Sub-investment grade bonds are recommended only for clients with a higher risk tolerance and who seek to hold higher yielding bonds for shorter periods only. Non-Traditional Assets Non-traditional asset classes are alternative investments that include hedge funds, private equity, real estate, and managed futures (collectively, alternative investments). Interests of alternative investment funds are sold only to qualified investors, and only by means of offering documents that include information about the risks, performance and expenses of alternative investment funds, and which clients are urged to read carefully before subscribing and retain. An investment in an alternative investment fund is speculative and involves significant risks. Specifically, these investments (1) are not mutual funds and are not subject to the same regulatory requirements as mutual funds; (2) may have performance that is volatile, and investors may lose all or a substantial amount of their investment; (3) may engage in leverage and other speculative investment practices that may increase the risk of investment loss; (4) are long-term, illiquid investments, there is generally no secondary market for the interests of a fund, and none is expected to develop; (5) interests of alternative investment funds typically will be illiquid and subject to restrictions on transfer; (6) may not be required to provide periodic pricing or valuation information to investors; (7) generally involve complex tax strategies and there may be delays in distributing tax information to investors; (8) are subject to high fees, including management fees and other fees and expenses, all of which will reduce profits. Interests in alternative investment funds are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. Prospective investors should understand these risks and have the financial ability and willingness to accept them for an extended period of time before making an investment in an alternative investment fund and should consider an alternative investment fund as a supplement to an overall investment program. In addition to the risks that apply to alternative investments generally, the following are additional risks related to an investment in these strategies: • Hedge Fund Risk: There are risks specifically associated with investing in hedge funds, which may include risks associated with investing in short sales, options, small-cap stocks, "junk bonds," derivatives, distressed securities, non-U.S. securities and illiquid investments. • Managed Futures: There are risks specifically associated with investing in managed futures programs. For example, not all managers focus on all strategies at all times, and managed futures strategies may have material directional elements. • Real Estate: There are risks specifically associated with investing in real estate products and real estate investment trusts. They involve risks associated with debt, adverse changes in general economic or local market conditions, changes in governmental, tax, real estate and zoning laws or regulations, risks associated with capital calls and, for some real estate products, the risks associated with the ability to qualify for favorable treatment under the federal tax laws. • Private Equity: There are risks specifically associated with investing in private equity. Capital calls can be made on short no-tice, and the failure to meet capital calls can result in significant adverse consequences including, but not limited to, a total loss of investment. • Foreign Exchange/Currency Risk: Investors in securities of issuers located outside of the United States should be aware that even for securities denominated in U.S. dollars, changes in the exchange rate between the U.S. dollar and the issuer’s "home" currency can have unexpected effects on the market value and liquidity of those securities. Those securities may also be affected by other risks (such as political, economic or regulatory changes) that may not be readily known to a U.S. investor.

ab 34 C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Explanations about asset allocations

Sources of strategic asset allocations and investor risk profiles Strategic asset allocations represent the longer-term allocation of assets that is deemed suitable for a particular investor. The strategic asset allocation models discussed in this publication, and the capital market assumptions used for the strategic asset allocations, were developed and approved by the WMA AAC. The strategic asset allocations are provided for illustrative purposes only and were designed by the WMA AAC for hypothetical US investors with a total return objective under five different Investor Risk Profiles ranging from conservative to aggressive. In general, strategic asset allocations will differ among investors according to their individual circum-stances, risk tolerance, return objectives and time horizon. Therefore, the strategic asset allocations in this publication may not be suitable for all investors or investment goals and should not be used as the sole basis of any investment decision. Minimum net worth requirements may apply to allocations to non-traditional assets. As always, please consult your UBS Financial Advisor to see how these weightings should be applied or modified according to your individual profile and investment goals. The process by which the strategic asset allocations were derived is described in detail in the publication entitled “UBS WMA’s Capital Markets Model: Explained, Part II: Methodology,” published on 22 January 2013. Your Financial Advisor can provide you with a copy. Deviations from benchmark allocation. Deviations from strategic asset allocation or benchmark allocation The recommended tactical deviations from the strategic asset allocation or benchmark allocation are provided by the Global Investment Committee and the Investment Strategy Group within Wealth Management Research Americas. They reflect the short- to medium- term assessment of market opportunities and risks in the respective asset classes and market segments. Positive / zero / negative tactical deviations correspond to an overweight / neutral / underweight stance for each respective asset class and market segment relative to their strategic allocation. The current allocation is the sum of the strategic asset allocation and the tactical deviation. Overweight: Tactical recommendation to hold more of the asset class than specified in the strategic asset allocation on pages 24-27 of the flagship publication UBS House View: Investment Strategy Guide. Underweight: Tactical recommendation to hold less of the asset class than specified in the strategic asset allocation on pages 24-27 of the flagship publication UBS House View: Investment Strategy Guide. Neutral: Tactical recommendation to hold the asset class in line with its weight in the strategic asset allocation on pages 24-27 of the flagship publication UBS House View: Investment Strategy Guide. NOTE: TACTICAL TIME HORIZON IS APPROXIMATELY SIX MONTHS

ab 35 Disclaimer

Chief Investment Office (CIO) Wealth Management Research is published by Wealth Management & Swiss Bank and Wealth Management Americas, Business Divisions of UBS AG (UBS) or an affiliate thereof. In certain countries UBS AG is referred to as UBS SA. This publication is for your information only and is not intended as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. The analysis contained herein does not constitute a personal recommendation or take into account the particular investment objectives, investment strategies, financial situation and needs of any specific recipient. It is based on numerous assumptions. Different assumptions could result in materially different results. We recommend that you obtain financial and/or tax advice as to the implications (including tax) of investing in the manner described or in any of the products mentioned herein. Certain services and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis and/ or may not be eligible for sale to all investors. All information and opinions expressed in this document were obtained from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to its accuracy or completeness (other than disclosures relating to UBS and its affiliates). All information and opinions as well as any prices indicated are currently only as of the date of this report, and are subject to change without notice. Opinions expressed herein may differ or be contrary to those expressed by other business areas or divisions of UBS as a result of using different assumptions and/or criteria. At any time, investment decisions (including whether to buy or hold securities) made by UBS AG, its subsidiaries and employees thereof, may differ from or be contrary to the opinions expressed in UBS research publications. Some investments may not be readily realizable since the market in the securities is illiquid and therefore valuing the investment and identifying the risk to which you are exposed may be difficult to quantify. UBS relies on information barriers to control the flow of information contained in one or more areas within UBS, into other areas, units, divisions or affiliates of UBS. Futures and options trading is considered risky. Past performance of an investment is no guarantee for its future performance. Some investments may be subject to sudden and large falls in value and on realization you may receive back less than you invested or may be required to pay more. Changes in FX rates may have an adverse effect on the price, value or income of an investment. This report is for distribution only under such circumstances as may be permitted by applicable law. Distributed to US persons by UBS Financial Services Inc., a subsidiary of UBS AG. UBS Securities LLC is a subsidiary of UBS AG and an affiliate of UBS Financial Services Inc. UBS Financial Services Inc. accepts responsibility for the content of a report prepared by a non-US affiliate when it distributes reports to US persons. All transactions by a US person in the securities mentioned in this report should be effected through a US-registered broker dealer affiliated with UBS, and not through a non-US affiliate. The contents of this report have not been and will not be approved by any securities or investment authority in the United States or elsewhere. UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. Version as per September 2013. UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. © 2014. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved

Cover image © Getty Images 2014

ab 36 Investment Performance

Period Ending December 31, 2013

Prepared For: Gwinnett County Employees Retirement System February 3, 2014

Prepared by: Allen Wright, Earle Dodd, Scott Olsen, Ray Vuicich

Gwinnett County Composite

Please contact your UBS Institutional Consultant if you have any questions regarding this report, if your financial situation, individual needs or investment objectives have changed, or if you would like to initiate or modify any investment restrictions on this account. Please note that you are also required to inform your Institutional Consultant, directly, of any changes in your financial condition, investment objectives or investment restrictions on your account.

Rule 204-3 under the Investment Advisers Act of 1940 requires that we make an annual offer to clients to send to them, without charge, a written disclosure statement meeting the requirements of such rule. We will be glad to send you a copy of such statement to you upon your written request. Table of Contents

Managed Account Performance

Annualized Performance Summary 1 of 69 Net Annualized Performance Summary 3 of 69 Actual vs Target Allocation 5 of 69 Opportunity Gain/Loss Report 6 of 69 3 Year Capital Market Line 7 of 69 5 Year Capital Market Line Chart 8 of 69 Capital Market Line Chart 9 of 69 Universe Comparisons 10 of 69 Benchmark Comparisons Used in this Report 11 of 69

Investment Manager Performance

Columbia Management 12 of 69 TCW Institutional 15 of 69 Barrow Hanley 18 of 69 Fairpointe Capital 22 of 69 William Blair 26 of 69 Vaughan Nelson 30 of 69 Atlanta Capital 34 of 69 Invesco REIT 38 of 69 1607 Capital Partners 42 of 69 ING 46 of 69 Ryan Labs 50 of 69 Templeton Global Bond 54 of 69 Dreyfus International 58 of 69 Table of Contents

Disclosures

Disclosures 62 of 69 Definitions 64 of 69 Gwinnett County Employees Retirement System December 31, 2013

Accounts Included in this Report

UBS account statements represent the only official record of holdings, balances, transactions and security values of assets in your UBS Financial Services Inc. account and are not replaced, amended or superseded by any information presented in this report. As an accommodation to you, values of accounts that you hold at other financial institutions may be included as part of your UBS IC Consulting Services Agreement based on information, including pricing information, provided to us. UBS does not independently verify or guarantee the accuracy or validity of any information provided by sources other than UBS Financial Services Inc. Please see the 'Important Information' section at the end of this report for detailed pricing information.

Account Name Account Number Custodian Name Cash 1607 Capital Partners GWxxxxxxx02 BofNY Columbia Management GWxxxxxxx02 BofNY Dreyfus International GWxxxxxxx02 BofNY Templeton Global Bond GWxxxxxxx02 BofNY Ryan Labs GWxxxxxxx02 BofNY ING GWxxxxxxx02 BofNY Atlanta Capital GWxxxxxxx02 BofNY Invesco REIT GWxxxxxxx02 BofNY Vaughan Nelson GWxxxxxxx02 BofNY William Blair GWxxxxxxx02 BofNY Fairpointe Capital GWxxxxxxx02 BofNY Barrow Hanley GWxxxxxxx02 BofNY TCW Institutional GWxxxxxxx02 BofNY

Inception 12/31/2013 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tile Account Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year Ranking Inception Ranking Consolidated Portfolio* 12/31/2006 $948,478,814 5.51% 59 17.85% 50 17.85% 50 10.53% 32 13.71% 17 7.07% 1 Policy Index 4.39% 83 14.36% 80 14.36% 80 9.15% 74 12.91% 41 5.74% 37 Dynamic Index 5.02% 72 15.77% 69 15.77% 69 9.29% 64 12.13% 72 Large Cap Growth Equities Columbia Management 04/02/2013 $66,475,911 9.96% 71 29.78% 1 Russell 1000 Growth 10.44% 57 22.00% 74 TCW Institutional 04/02/2013 $61,317,791 9.15% 86 21.68% 58 Russell 1000 Growth 10.44% 57 22.00% 74 Large Cap Value Equities Barrow Hanley 01/03/2007 $129,249,380 10.11% 43 34.73% 38 34.73% 38 17.49% 21 17.31% 53 6.04% 53 Russell 1000 Value 10.01% 46 32.53% 56 32.53% 56 16.06% 50 16.67% 70 4.56% 91 Mid Cap Core Fairpointe Capital 03/30/2012 $40,485,107 9.86% 38 47.87% 1 47.87% 1 28.67% 1 Russell Midcap 8.39% 85 34.76% 71 34.76% 71 21.14% 57 Mid Cap Growth William Blair 03/30/2012 $34,074,197 6.89% 81 30.29% 96 30.29% 96 15.77% 91 Russell Midcap Grwth 8.23% 51 35.74% 67 35.74% 67 19.81% 51 Mid Cap Value Vaughan Nelson 03/30/2012 $38,686,223 9.65% 41 43.45% 8 43.45% 8 24.79% 20 Russell Midcap Value 8.56% 71 33.46% 77 33.46% 77 22.13% 52 Small Cap Blend Atlanta Capital 01/31/2007 $88,039,623 10.76% 25 42.09% 38 42.09% 38 20.61% 13 22.87% 39 13.45% 1 Russell 2000 8.72% 69 38.82% 60 38.82% 60 15.67% 76 20.08% 80 7.04% 79 REITs Invesco REIT 01/05/2007 $30,894,909 -0.39% 62 2.37% 59 2.37% 59 9.76% 75 16.55% 93 2.75% 60 NAREIT Equity -0.18% 50 2.85% 50 2.85% 50 10.06% 65 16.90% 75 76 Foreign Developed Blend 1607 Capital Partners 06/30/2008 $129,579,810 5.26% 74 19.11% 70 19.11% 70 8.27% 27 17.64% 4 5.50% 10 MSCI ACWI ex US Net 4.76% 79 15.29% 85 15.29% 85 5.14% 85 12.82% 42 1.89% 64

*Under $1 Billion Public Funds Universe The inception date may or may not be coincident with the date that the UBS Institutional Consulting Group commenced providing performance reporting services to you. Please be sure to read the DISCLOSURE SECTION at the end of this report which contains important disclosures and disclaimers on the information provided to you in this report. Page 1 Gross of Fees Summary Statement Gwinnett County Employees Retirement System

Inception 12/31/2013 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tile Account Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year Ranking Inception Ranking

Core Fixed Income ING 12/10/2007 $155,295,318 0.26% 37 -1.59% 69 -1.59% 69 3.60% 51 6.19% 28 5.58% 24 Barclays Aggregate -0.14% 90 -2.02% 84 -2.02% 84 3.26% 71 4.44% 74 4.73% 78 Ryan Labs 04/03/2012 $103,324,871 0.52% 14 -1.27% 60 -1.27% 60 2.45% 21 Barclays Aggregate -0.14% 90 -2.02% 84 -2.02% 84 1.17% 89 Global Fixed Income Templeton Global Bond 12/08/2011 $24,502,664 2.71% 18 2.41% 29 2.41% 29 8.53% 21 CG World Gov't -1.09% 97 -4.00% 91 -4.00% 91 99 Dreyfus International 12/08/2011 $22,482,881 0.26% 66 -3.60% 87 -3.60% 87 3.16% 64 CG World Gov't -1.09% 97 -4.00% 91 -4.00% 91 99

*Under $1 Billion Public Funds Universe The inception date may or may not be coincident with the date that the UBS Institutional Consulting Group commenced providing performance reporting services to you. Please be sure to read the DISCLOSURE SECTION at the end of this report which contains important disclosures and disclaimers on the information provided to you in this report. Page 2 Net of Fees Summary Statement Gwinnett County Employees Retirement System

Inception 12/31/2013 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tile Account Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year Ranking Inception Ranking Consolidated Portfolio* 12/31/2006 $948,478,814 5.40% 62 17.52% 58 17.52% 58 10.15% 48 13.29% 31 6.63% 1 Policy Index 4.39% 83 14.36% 80 14.36% 80 9.15% 74 12.91% 41 5.74% 37 Dynamic Index 5.02% 72 15.77% 69 15.77% 69 9.29% 64 12.13% 72 Large Cap Growth Equities Columbia Management 04/02/2013 $66,475,911 9.82% 68 29.35% 1 Russell 1000 Growth 10.44% 52 22.00% 70 TCW Institutional 04/02/2013 $61,317,791 8.99% 85 21.15% 58 Russell 1000 Growth 10.44% 52 22.00% 70 Large Cap Value Equities Barrow Hanley 01/03/2007 $129,249,380 10.03% 42 34.31% 36 34.31% 36 17.08% 18 16.87% 48 5.65% 44 Russell 1000 Value 10.01% 42 32.53% 47 32.53% 47 16.06% 35 16.67% 54 4.56% 72 Mid Cap Core Fairpointe Capital 03/30/2012 $40,485,107 9.70% 42 46.97% 1 46.97% 1 27.88% 1 Russell Midcap 8.39% 80 34.76% 61 34.76% 61 21.14% 50 Mid Cap Growth William Blair 03/30/2012 $34,074,197 6.68% 82 29.27% 94 29.27% 94 14.97% 90 Russell Midcap Grwth 8.23% 48 35.74% 54 35.74% 54 19.81% 43 Mid Cap Value Vaughan Nelson 03/30/2012 $38,686,223 9.63% 40 42.66% 7 42.66% 7 23.94% 20 Russell Midcap Value 8.56% 67 33.46% 75 33.46% 75 22.13% 40 Small Cap Blend Atlanta Capital 01/31/2007 $88,039,623 10.58% 23 41.10% 36 41.10% 36 19.77% 13 21.97% 38 13.17% 1 Russell 2000 8.72% 60 38.82% 55 38.82% 55 15.67% 56 20.08% 64 7.04% 62 REITs Invesco REIT 01/05/2007 $30,894,909 -0.56% 59 1.67% 63 1.67% 63 8.98% 63 15.71% 95 1.99% 72 NAREIT Equity -0.18% 40 2.85% 45 2.85% 45 10.06% 27 16.90% 63 68 Foreign Developed Blend 1607 Capital Partners 06/30/2008 $129,579,810 5.07% 75 18.51% 75 18.51% 75 7.52% 45 16.83% 8 4.76% 16 MSCI ACWI ex US Net 4.76% 79 15.29% 85 15.29% 85 5.14% 85 12.82% 42 1.89% 64

*Under $1 Billion Public Funds Universe The inception date may or may not be coincident with the date that the UBS Institutional Consulting Group commenced providing performance reporting services to you. Please be sure to read the DISCLOSURE SECTION at the end of this report which contains important disclosures and disclaimers on the information provided to you in this report. Page 3 Net of Fees Summary Statement Gwinnett County Employees Retirement System

Inception 12/31/2013 Latest %tile Year to %tile 1 %tile 3 %tile 5 %tile %tile Account Date Market Value QTR Ranking Date Ranking Year Ranking Year Ranking Year Ranking Inception Ranking

Core Fixed Income ING 12/10/2007 $155,295,318 0.20% 36 -1.90% 69 -1.90% 69 3.35% 51 6.05% 29 5.37% 19 Barclays Aggregate -0.14% 82 -2.02% 76 -2.02% 76 3.26% 55 4.44% 70 4.73% 59 Ryan Labs 04/03/2012 $103,324,871 0.48% 16 -1.46% 56 -1.46% 56 2.28% 25 Barclays Aggregate -0.14% 82 -2.02% 76 -2.02% 76 1.17% 81 Global Fixed Income Templeton Global Bond 12/08/2011 $24,502,664 2.71% 19 2.41% 32 2.41% 32 8.53% 20 CG World Gov't -1.09% 99 -4.00% 94 -4.00% 94 99 Dreyfus International 12/08/2011 $22,482,881 0.26% 67 -3.60% 89 -3.60% 89 3.16% 67 CG World Gov't -1.09% 99 -4.00% 94 -4.00% 94 99

*Under $1 Billion Public Funds Universe The inception date may or may not be coincident with the date that the UBS Institutional Consulting Group commenced providing performance reporting services to you. Please be sure to read the DISCLOSURE SECTION at the end of this report which contains important disclosures and disclaimers on the information provided to you in this report. Page 4 Actual vs Target Asset Allocation As of December 31, 2013

Actual Asset Allocation Target Asset Allocation

Mid Cap Equities Mid Cap Equities Core Fixed Income Large Cap Growth Large Cap Growth Equities Core Fixed Equities Income

Small Cap Equities

Reits Small Cap Equities Large Cap Value Foreign Developed Equities Reits Large Cap Value Blend Global Fixed Foreign Developed Equities Global Fixed Income Blend Income

Market Value Percent Market Value Percent Market Value Percent Actual Actual Target Target Difference Difference

Core Fixed Income 258,620,188.6 27.3% 331,967,585.0 35.0% (73,347,396.4) (7.7%) Foreign Developed Blend 129,579,810.4 13.7% 142,271,822.1 15.0% (12,692,011.7) (1.3%) Large Cap Value Equities 129,249,380.0 13.6% 118,559,851.8 12.5% 10,689,528.2 1.1% Large Cap Growth Equities 127,793,701.9 13.5% 118,559,851.8 12.5% 9,233,850.1 1.0% Mid Cap Equities 113,245,526.3 11.9% 71,135,911.1 7.5% 42,109,615.2 4.4% Small Cap Equities 88,039,622.8 9.3% 71,135,911.1 7.5% 16,903,711.7 1.8% Global Fixed Income 46,985,544.1 5.0% 47,423,940.7 5.0% (438,396.6) 0.0% REITs 30,894,908.6 3.3% 47,423,940.7 5.0% (16,529,032.1) (1.7%) Total Fund $948,478,814.2 100.0% $948,478,814.2 100.0% ($24,070,131.6) 0.0%

Latest Quarter One Year Three Years Five Years Since Inception Beginning Mkt Value 894,470,035.66 805,661,809.93 613,935,970.80 408,025,916.70 N/A Contributions 0.00 102,215,169.59 465,532,796.64 465,532,796.64 465,532,796.64 Withdrawals 20,000,000.00 127,564,204.57 431,544,122.73 431,544,122.73 431,544,122.73 Interest And Dividend Income 7,767,449.06 19,189,456.79 49,854,699.53 49,854,699.53 0.00 Investment Earnings 74,008,778.57 168,166,039.28 300,554,169.52 506,464,223.62 0.00 Ending Mkt Value 948,478,814.23 948,478,814.23 948,478,814.23 948,478,814.23 948,478,814.23 Market Experience 913,672,328.60 896,500,843.94 844,556,540.41 795,106,948.17 N/A Surplus/Deficit 34,806,485.63 51,977,970.29 103,922,273.82 153,371,866.06 N/A

Gross Time Weighted Return 5.51 17.85 10.53 13.71 7.07

More Return More Return Less Risk More Risk 11.00

10.00 Composite

9.00 Policy Index Index

8.00

7.00

6.00

5.00

4.00

3.00 Annualized Rate of Return (%) Annualized

2.00

1.00

0.00 3 Mth T-Bill T-Bill -1.00 Less Return Less Return Less Risk More Risk -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 Standard Deviation (Risk)

Return Std Dev Beta Alpha R-Squared Composite 10.53 9.14 0.98 1.48 98.12 Policy Index 9.15 9.27 1.00 0.00 100.00 3 Mth T-Bill 0.07 0.02 1.00 0.00 100.00

More Return More Return 15.00 Less Risk More Risk 14.00 Composite 13.00 Policy Index Index 12.00

11.00

10.00

9.00 8.00 7.00

6.00 5.00 4.00 Annualized Rate of Return (%) Annualized 3.00 2.00 1.00

0.00 3 Mth T-Bill T-Bill -1.00 Less Return Less Return Less Risk More Risk -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 Standard Deviation (Risk)

Return Std Dev Beta Alpha R-Squared Composite 13.71 10.79 0.88 2.10 97.27 Policy Index 12.91 12.05 1.00 0.00 100.00 3 Mth T-Bill 0.10 0.03 1.00 0.00 100.00

More Return More Return Less Risk More Risk

7.00 Composite

6.00

Policy Index Index

5.00

4.00

3.00 Annualized Rate of Return (%) Annualized

2.00

1.00 3 Mth T-Bill T-Bill Less Return Less Return 0.00 Less Risk More Risk -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 Standard Deviation (Risk)

Return Std Dev Beta Alpha R-Squared Composite 7.07 10.57 0.87 1.80 97.93 Policy Index 5.74 12.04 1.00 0.00 100.00 3 Mth T-Bill 0.87 0.44 1.00 0.00 100.00

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 9 Composite PeerUniverseComparisonversusBNYMellonPublicFundsLessThan$1BillionManagers Please be suretoreadthe DISCLOSURESECTION attheend ofthisreportwhich containsimportant disclosures anddisclaimerson theinformation providedtoyou inthisreport. The inception datemayor maynotbecoincident withthedate thattheUBS InstitutionalConsulting Groupcommenced providing performancereporting services toyou. Plc ne .98 43 01.68 .57 29 157 37 N/A 5.74 N/A 1 41 72 7.07 12.91 12.13 17 74 64 13.71 9.15 9.29 32 80 69 10.53 14.36 15.77 50 80 69 17.85 14.36 15.77 50 83 72 17.85 4.39 5.02 59 Dynamic Index 5.51 Policy Index Gwinnett County Dynamic Index Policy Index CountyGwinnett Lws au .621 .122 .53.86 5.09 5.55 5.94 7.85 6.62 11.85 12.73 13.47 2.27 15.89 8.98 10.01 10.89 12.57 2.11 14.84 17.99 19.72 32.75 2.11 14.84 17.99 19.72 32.75 0.46 5.01 5.85 Mean 6.38 Value Lowest 9.68 Third Quartile Median Value Quartile First Highest Value Ma 70 23 .51.61.9-43 7.45 -24.31 8.53 19.79 12.17 -22.01 12.56 -5.13 24.28 1.35 32.18 14.23 12.34 18.14 2.48 17.06 8.26 13.59 16.98 Mean Lowest Value 19.72 Third Quartile 32.75 Median Value First Quartile Highest Value

Rate of Return (%) Rate of Return (%) -40 -30 -20 -10 10 15 20 25 30 35 eunRn eunRn eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rank Return Rank Return 10 20 30 0 5 Return 0 15.77 14.36 17.85 Quarter 2013 14.84 17.99 5.65 2.11 Rank 69 80 50 Return 11. 46 11. 79 12. 34 Calendar YTD 2012 11.64 12.90 2.31 17.06 Rank 79 64 58 Return 1.17 1.71 2.01 Trailing Periods Annual Periods 2011 -3. 21 -0. 21 1.40 Rank One Year 61 45 29 17.06 Return 13.65 14.38 15.18 2010 11.67 12.99 2.46 Rank 40 23 Three Years 6 Return 9.75 19.45 23.40 22.23 2009 17.52 20.26 6.88 Rank 51 24 27 -24.15 -24.20 -21.51 Return Five YearsFive 12.45 -36.14 -27.07 -24.72 2008 Rank 37 37 20 Return 12/2006-12/2013 N/A 6.23 8.08 2007 4.74 6.32 7.50 5.48 Rank N/A 81 33 Page 10 Benchmark Comparisons Used In This Report

The primary index comparison for your portfolio and each of its asset classes is listed below.

COMPOSITE BENCHMARK 11/30/2011 - Present 35.00% Barclays Aggregate 15.00% MSCI ACWI ex US Net 12.50% Russell 1000 Growth 12.50% Russell 1000 Value 7.50% Russell 2000 7.50% Russell Midcap 5.00% Citigroup World Gov't Bond 5.00% NAREIT Equity 06/30/2005 - 11/30/2011 35.00% Barclays Aggregate 15.00% MSCI ACWI ex US Net 12.50% Russell 1000 Growth 12.50% Russell 1000 Value 7.50% Russell 2000 7.50% Russell Midcap 5.00% JP Morgan Emerging Mkt Bnd + Index 5.00% NAREIT Equity

Portfolio Performance Growth of a Dollar

135 30 28 130 26 125 24 22 120 20 18 115 16 Dollar Dollar Value 110 14 12

Rate of Return (%) 105 10 8 100 6 95 4 6/2013 9/2013 12/2013 2 0 Quarter Inception Quarter Inception Columbia Mgmt 9.96 30.44 Total Portfolio Russell 1000 Growth Russell 1000 Growth 10.44 19.32 Asset Allocation Change in Financial Position

Cash & Equivalents 1.0% Latest Quarter Year to Date Beginning Mkt Value 60,457,049 -- Net Contributions -- 51,001,100 Interest And Dividend Income 43,676 -- Net Capital Appreciation 5,975,186 -- Fees 79,419 218,389 Ending Mkt Value 66,475,911 66,475,911 Equity 99.0%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 12 Total PortfolioPeerUniverseComparisonversusLargeCapGrowthManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe Clmi gt99 13.41 74 30.44 19.32 71 57 9.96 10.44 Russell 1000 Growth Columbia Mgmt TidQatl 9.78 10.68 11.74 12.99 Mean Value Lowest Third Quartile Median Value First Quartile Highest Value eunRn eunRank Return Rank Return

Rate of Return (%) 10 15 20 25 30 0 5 Trailing Periods Annual Periods Quarter 10.72 7.95 4/2013-12/2013 21.47 14.82 19.26 21.34 23.89 30.67 Page 13 Market Timing And Security Selection September 30, 2013 Through December 31, 2013

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 2.88 Equity 97.12 Asset Class Index Performance Barclays Treas Bill 0.01 Russell 1000 Growth 10.44 Total Portfolio and Benchmark Performance Dynamic Index 10.11 Policy Index 10.44 Portfolio Return 9.96 Value Added By Manager Market Timing -0.33 Security Selection -0.15 Total Value Added -0.48

Portfolio Performance Growth of a Dollar

123

20 120

18 118 115 16 113 14 110

12 108 Dollar Dollar Value 10 105

8 103 Rate of Return (%) 100 6 98 4 95 6/2013 9/2013 12/2013 2

0 Quarter Inception Quarter Inception TCW Institutional 9.15 20.60 Total Portfolio Russell 1000 Growth Russell 1000 Growth 10.44 19.32 Asset Allocation Change in Financial Position

Cash & Equivalents 2.3% Latest Quarter Year to Date Beginning Mkt Value 56,179,529 -- Net Contributions -- 50,392,507 Interest And Dividend Income 84,485 -- Net Capital Appreciation 5,053,776 -- Fees 88,121 243,503 Ending Mkt Value 61,317,791 61,317,791 Equity 97.7%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 15 Total PortfolioPeerUniverseComparisonversusLargeCapGrowthManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe TWIsiuinl91 62.058 74 20.60 19.32 86 57 9.15 10.44 Russell 1000 Growth TCW Institutional TidQatl 9.78 10.68 11.74 12.99 Mean Value Lowest Third Quartile Median Value First Quartile Highest Value eunRn eunRank Return Rank Return

Rate of Return (%) 10 15 20 25 30 0 5 Trailing Periods Annual Periods Quarter 10.72 7.95 4/2013-12/2013 21.47 14.82 19.26 21.34 23.89 30.67 Page 16 Market Timing And Security Selection September 30, 2013 Through December 31, 2013

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 2.83 Equity 97.17 International Equity 0.00 Asset Class Index Performance Barclays Treas Bill 0.01 Russell 1000 Growth 10.44 Total Portfolio and Benchmark Performance Dynamic Index 10.13 Policy Index 10.44 Portfolio Return 9.15 Value Added By Manager Market Timing -0.30 Security Selection -0.99 Total Value Added -1.29

Portfolio Performance Risk vs Reward

19.00 More Return More Return 35 Less Risk More Risk 18.00 17.00 Total Portfolio 16.00 Russell 1000 1000 Value Value 30 15.00 14.00 13.00 25 12.00 11.00 10.00 9.00 20 8.00 7.00 6.00 5.00 15 Rate Annualized ofReturn (%) 4.00 3.00

Rate of Return (%) 2.00 10 1.00 0.00 Barclays Treas Treas Bill Bill -1.00 Less Return Less Return 5 -2.00 Less Risk More Risk -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00 23.00 24.00 Standard Deviation (Risk) 0 Quarter One Year Three Years Five Years Return Std Dev Beta Alpha R-Squared Total Portfolio 17.31 18.92 0.94 1.48 95.40 Russell 1000 Value 16.67 19.65 1.00 0.00 100.00 Total Portfolio Russell 1000 Value Barclays Treas Bill 0.14 0.03 1.00 0.00 100.00 Asset Allocation Change in Financial Position Cash & Equivalents 3.8% Latest Quarter Year to Date Beginning Mkt Value 117,377,718 95,929,972 Net Contributions -- 81,362 Interest And Dividend Income 788,269 3,107,929 Net Capital Appreciation 11,083,392 30,211,948 Fees 95,236 360,839 Ending Mkt Value 129,249,380 129,249,380 Equity 96.2%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 18 Total PortfolioPeerUniverseComparisonversusLargeCapValueManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe Russell 1000 Value Hanley Barrow Ma 35 53 .31.12.9-34.53 -44.34 25.89 -24.06 13.27 14.91 46.69 10.12 1.53 20.37 -7.14 15.38 10.84 8.82 33.50 21.79 24.70 Mean Value Lowest 42.71 Third Quartile Median Value Quartile First Highest Value Bro aly1.14 47 83.33 74 11.15 .553 91 5.95 4.38 53 70 17.31 16.67 21 50 17.49 16.06 38 56 34.73 32.53 38 56 34.73 32.53 43 46 10.11 10.01 Russell 1000 Value Barrow Hanley Ma .03.03.01.81.06.06 5.19 17.70 6.03 6.82 9.12 16.30 16.08 17.46 18.83 22.79 14.75 33.50 16.07 17.34 20.12 30.89 33.50 33.18 36.38 42.71 30.89 9.90 33.18 36.38 42.71 9.08 9.87 Mean 10.80 Value Lowest Third Quartile 12.61 Median Value Quartile First Highest Value

Rate of Return (%) -50 -40 -30 -20 -10 Return 10 20 30 40 50 32.53 34.73 0 2013 30.89 33.18 36.38 Rate of Return (%) 10 15 20 25 30 35 40 45 eunRn eunRn eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rank Return Rank Return 0 5 Rank Quarter 56 38 6.50 Return 17.51 15.26 2012 12.97 15.67 17.77 Calendar YTD 24.70 Rank 26 54 Trailing Periods Annual Periods Return 0.39 4.43 One Year 2011 -1.20 24.70 1.29 4.21 Rank 61 23 Return Three Years 15.51 11.16 12.07 2010 13.18 14.81 16.54 Rank 39 94 Five YearsFive Return 14.36 19.69 23.22 2009 20. 94 25. 03 29. 64 Rank 1/2007-12/2013 82 60 3.27 -36.85 -34.66 Return -37.30 -34.92 -31.97 2008 Rank 71 45 Page 19 Performance in Rising and Declining Markets January 3, 2007 Through December 31, 2013

Up Market Performance Down Market Performance

42.0 0.0 40.0 38.0 -2.0 36.0 -4.0 34.0 -6.0 32.0 -8.0 30.0 28.0 -10.0 26.0 -12.0 24.0 -14.0 22.0 -16.0 20.0 18.0 -18.0 16.0 -20.0 Rate of Return (%) Rate of Return (%) 14.0 -22.0 12.0 -24.0 10.0 -26.0 8.0 6.0 -28.0 4.0 -30.0 2.0 -32.0 0.0

One Year Three Years Five Years One Year Three Years Five Years Total Portfolio 34.73 34.25 40.79 Total Portfolio N/A -16.41 -32.15 Russell 1000 Value 32.53 33.55 40.55 Russell 1000 Value N/A -18.46 -33.27 Difference 2.21 0.70 0.24 Difference N/A 2.05 1.13 Ratio 1.07 1.02 1.01 Ratio N/A 0.89 0.97 Up Periods 4 9 15 Down Periods 0 3 5

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Alt Equity 0.00 Cash & Equivalents 2.69 Equity 97.33 International Equity 0.00 Asset Class Index Performance N/A Barclays Treas Bill 0.01 Russell 1000 Value 10.01 Total Portfolio and Benchmark Performance Dynamic Index N/A Policy Index 10.01 Portfolio Return 10.11 Value Added By Manager Market Timing N/A Security Selection N/A Total Value Added 0.11

Portfolio Performance Growth of a Dollar

50 160

45 150

40 140

35 130

30 120

25 Dollar Value 110 20

Rate of Return (%) 100 15 90 10 80 3/2012 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013 5

0 Quarter 1 Year Inception Quarter 1 Year Inception Total Portfolio 9.86 47.87 28.58 Total Portfolio Russell Midcap Russell Midcap 8.39 34.76 21.17 Asset Allocation Change in Financial Position

Cash & Equivalents 2.6% Latest Quarter Year to Date Beginning Mkt Value 36,850,687 27,378,522 Net Contributions -- 44,489 Interest And Dividend Income 93,516 357,871 Net Capital Appreciation 3,540,904 12,748,714 Fees 59,882 210,673 Ending Mkt Value 40,485,107 40,485,107 Equity 97.4%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 22 Total PortfolioPeerUniverseComparisonversusMidCapCoreManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe Russell Midcap Fairpointe Capital Mean Value Lowest Third Quartile Median Value First Quartile Highest Value RselMda .98 47 13.67 11 57 1 21.17 28.58 71 1 34.76 47.87 71 1 34.76 47.87 85 38 8.39 9.86 Russell Midcap Fairpointe Capital

Ma .43.83.821.70 20.04 21.90 23.52 26.68 37.08 34.60 37.24 39.22 Rate 45.62 of 37.08 Return (%) 34.60 37.24 39.22 45.62 9.84 8.92 9.54 10.73 12.97 Mean Value Lowest Third Quartile Median Value First Quartile Highest Value 10 15 20 25 30 35 40 45 50 0 5

eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rate of Return (%) 10 15 20 25 30 35 40 45 50 0 5 Quarter 7.84 Return 34.76 47.87 Trailing Periods Annual Periods Calendar YTD 29.47 37. 08 29. 47 45. 62 34. 60 37. 24 39. 22 2013 One Year 29.47 Rank 71 1 3/2012-12/2013 16.69 Page 23 Performance in Rising and Declining Markets March 30, 2012 Through December 31, 2013

Up Market Performance Down Market Performance

50.0

45.0

40.0

35.0

30.0

25.0 0.0

20.0 Rate of Return (%) Rate of Return (%) 15.0

10.0

5.0

0.0

One Year One Year Total Portfolio 47.87 Total Portfolio N/A Russell Midcap 34.76 Russell Midcap N/A Difference 13.11 Difference N/A Ratio 1.38 Ratio N/A Up Periods 4 Down Periods 0

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 0.77 Equity 99.44 International Equity 0.00 Asset Class Index Performance Barclays Treas Bill 0.01 Russell 2000 8.72 Total Portfolio and Benchmark Performance Dynamic Index 8.68 Policy Index 8.39 Portfolio Return 9.86 Value Added By Manager Market Timing 0.30 Security Selection 1.18 Total Value Added 1.48

Portfolio Performance Growth of a Dollar

140 36 34 135 32 130 30 28 125 26 120 24 22 115 20

18 Dollar Value 110 16 105 14 Rate of Return (%) 12 100 10 95 8 6 90 3/2012 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013 4 2 0 Quarter 1 Year Inception Quarter 1 Year Inception Total Portfolio 6.89 30.29 15.80 Total Portfolio Russell Midcap Grwth Russell Midcap Grwth 8.23 35.74 19.84 Asset Allocation Change in Financial Position

Cash & Equivalents 2.7% Latest Quarter Year to Date Beginning Mkt Value 31,877,867 26,152,305 Net Contributions -- 52,786 Interest And Dividend Income 33,682 218,161 Net Capital Appreciation 2,162,647 7,703,730 Fees 66,621 240,777 Ending Mkt Value 34,074,197 34,074,197 Equity 97.3%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 26 Total PortfolioPeerUniverseComparisonversusMidCapGrowthManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe Russell Midcap Grwth William Blair Mean Value Lowest Third Quartile Median Value First Quartile Highest Value WlimBar68 13.99 02 61.091 51 15.80 19.84 96 67 30.29 35.74 96 67 30.29 35.74 81 51 6.89 8.23 Russell Midcap Grwth William Blair

Ma .23.33.320.16 17.96 20.02 22.37 28.49 37.93 34.12 37.78 Rate 41.67 of 49.23 37.93 Return (%) 34.12 37.78 41.67 49.23 8.42 7.22 8.33 9.46 Mean 11.77 Value Lowest Third Quartile Median Value First Quartile Highest Value 10 15 20 25 30 35 40 45 50 0 5

eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rate of Return (%) 10 15 20 25 30 35 40 45 50 0 5 Quarter 5.10 Return 35.74 30.29 Trailing Periods Annual Periods Calendar YTD 28.44 34. 12 37. 78 41. 67 2013 37. 93 28. 44 49. 23 One Year 28.44 Rank 67 96 3/2012-12/2013 13.11 Page 27 Performance in Rising and Declining Markets March 30, 2012 Through December 31, 2013

Up Market Performance Down Market Performance

36.0 34.0 32.0 30.0 28.0 26.0 24.0 22.0 20.0 0.0 18.0 16.0 14.0 Rate of Return (%) Rate of Return (%) 12.0 10.0 8.0 6.0 4.0 2.0 0.0

One Year One Year Total Portfolio 30.29 Total Portfolio N/A Russell Midcap Grwth 35.74 Russell Midcap Grwth N/A Difference -5.45 Difference N/A Ratio 0.85 Ratio N/A Up Periods 4 Down Periods 0

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 2.05 Equity 97.95 Asset Class Index Performance Barclays Treas Bill 0.01 Russell Midcap Grwth 8.23 Total Portfolio and Benchmark Performance Dynamic Index 8.05 Policy Index 8.23 Portfolio Return 6.89 Value Added By Manager Market Timing -0.19 Security Selection -1.16 Total Value Added -1.34

Portfolio Performance Growth of a Dollar

45 160

40 150

140 35

130 30

120 25

Dollar Dollar Value 110 20

Rate of Return (%) 100 15 90 10 80 5 3/2012 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013

0 Quarter 1 Year Inception Quarter 1 Year Inception Total Portfolio 9.65 43.45 24.84 Total Portfolio Russell Midcap Value Russell Midcap Value 8.56 33.46 22.17 Asset Allocation Change in Financial Position

Cash & Equivalents 1.4% Latest Quarter Year to Date Beginning Mkt Value 35,281,752 26,969,363 Net Contributions -- 52,554 Interest And Dividend Income 91,599 365,749 Net Capital Appreciation 3,312,872 11,351,111 Fees 5,532 178,133 Ending Mkt Value 38,686,223 38,686,223 Equity 98.6%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 30 Total PortfolioPeerUniverseComparisonversusMidCapValueManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe Russell Midcap Value Vaughan Nelson Mean Value Lowest Third Quartile Median Value First Quartile Highest Value VuhnNlo .54 34 34 48 20 52 24.84 22.17 8 77 43.45 33.46 8 77 43.45 33.46 41 71 9.65 8.56 Russell Midcap Value Vaughan Nelson

Ma .23.53.522.68 20.82 22.46 24.56 28.75 36.65 33.76 36.32 Rate 39.42 of 46.50 36.65 Return (%) 33.76 36.32 39.42 46.50 9.42 8.43 9.36 10.29 Mean 12.52 Value Lowest Third Quartile Median Value First Quartile Highest Value 10 15 20 25 30 35 40 45 50 0 5

eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rate of Return (%) 10 15 20 25 30 35 40 45 50 0 5 Quarter 6.70 Return 33.46 43.45 Trailing Periods Annual Periods Calendar YTD 26.99 33. 76 36. 32 39. 42 2013 36. 65 26. 99 46. 50 One Year 26.99 Rank 77 8 3/2012-12/2013 16.08 Page 31 Performance in Rising and Declining Markets March 30, 2012 Through December 31, 2013

Up Market Performance Down Market Performance

45.0

40.0

35.0

30.0

25.0 0.0 20.0 Rate of Return (%) Rate of Return (%) 15.0

10.0

5.0

0.0

One Year One Year Total Portfolio 43.45 Total Portfolio N/A Russell Midcap Value 33.46 Russell Midcap Value N/A Difference 9.99 Difference N/A Ratio 1.30 Ratio N/A Up Periods 4 Down Periods 0

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 1.09 Equity 98.91 International Equity 0.00 Asset Class Index Performance Barclays Treas Bill 0.01 Russell Midcap Value 8.56 N/A Total Portfolio and Benchmark Performance Dynamic Index N/A Policy Index 8.56 Portfolio Return 9.65 Value Added By Manager Market Timing N/A Security Selection N/A Total Value Added 1.09

Portfolio Performance Risk vs Reward

26.00 More Return More Return 25.00 Less Risk More Risk 24.00 23.00 40 22.00 Total Portfolio 21.00 20.00 35 19.00 Russell 2000 2000 18.00 17.00 16.00 30 15.00 14.00 13.00 12.00 25 11.00 10.00 9.00 8.00 20 7.00

Annualized Rate Annualized ofReturn (%) 6.00 5.00 15 4.00

Rate of Return (%) 3.00 2.00 1.00 10 0.00 -1.00 Barclays Treas Treas Bill Bill -2.00 Less Return Less Return -3.00 Less Risk More Risk 5 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 Standard Deviation (Risk) 0 Quarter One Year Three Years Five Years Return Std Dev Beta Alpha R-Squared Total Portfolio 22.87 18.24 0.81 5.64 97.48 Russell 2000 20.08 22.34 1.00 0.00 100.00 Total Portfolio Russell 2000 Barclays Treas Bill 0.14 0.03 1.00 0.00 100.00 Asset Allocation Change in Financial Position Cash & Equivalents 4.9% Latest Quarter Year to Date Beginning Mkt Value 79,485,839 61,962,372 Net Contributions -- 114,958 Interest And Dividend Income 250,740 708,996 Net Capital Appreciation 8,303,044 25,368,255 Fees 147,565 527,128 Ending Mkt Value 88,039,623 88,039,623 Equity 95.1%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 34 Total PortfolioPeerUniverseComparisonversusSmallCapCoreManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe Russell 2000 Capital Atlanta Ma 98 63 05 79 25 -35.07 -44.18 32.52 -24.34 17.39 27.99 54.45 20.63 -0.56 36.88 -9.60 16.37 8.33 9.01 39.83 22.97 26.74 Mean Value Lowest 49.73 Third Quartile Median Value QuartileFirst Highest Value Rsel20 .26 88 03.26 56 62.88 .479 7.04 1 80 13.25 39 20.08 76 22.87 13 15.67 60 20.61 38 38.82 60 42.09 38 38.82 69 42.09 25 8.72 10.76 Russell 2000 Atlanta Capital Ma .03.33.31.22.08.46 7.30 22.20 8.30 10.06 11.98 20.75 17.52 22.18 23.61 27.83 15.71 39.83 17.57 19.52 22.30 36.15 39.83 40.21 43.70 49.73 36.15 9.40 40.21 43.70 49.73 8.34 9.64 Mean 10.76 Value Lowest Third Quartile 12.35 Median Value Quartile First Highest Value

Rate of Return (%) -50 -40 -30 -20 -10 Return 10 20 30 40 50 60 38. 82 42. 09 0 2013 36.15 40.21 43.70 Rate of Return (%) 10 15 20 25 30 35 40 45 50 eunRn eunRn eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rank Return Rank Return 0 5 Rank Quarter 60 38 5.51 Return 16.35 12.08 2012 13.99 16.49 18.97 Calendar YTD 26.74 Rank 53 89 Return Trailing Periods Annual Periods 10.18 -4.18 One Year 2011 -3. 24 -0. 54 26.74 2.12 Rank 81 1 Return 26.85 25.78 Three Years 10.32 2010 24.92 27.95 30.68 Rank 63 69 Five YearsFive Return 18.37 27.17 26.90 2009 25.75 31.11 38.59 Rank 1/2007-12/2013 69 71 4.86 -33.79 -19.69 Return -38.52 -35.40 -32.45 2008 Rank 37 1 Page 35 Performance in Rising and Declining Markets January 31, 2007 Through December 31, 2013

Up Market Performance Down Market Performance

50.0 0.0 45.0 -2.0 -4.0 40.0 -6.0 -8.0 35.0 -10.0 -12.0 30.0 -14.0 -16.0 25.0 -18.0 -20.0 20.0 -22.0 Rate of Return (%) Rate of Return (%) -24.0 15.0 -26.0 -28.0 10.0 -30.0 5.0 -32.0 -34.0 0.0 -36.0

One Year Three Years Five Years One Year Three Years Five Years Total Portfolio 42.09 38.75 45.24 Total Portfolio N/A -16.02 -25.61 Russell 2000 38.82 38.64 48.38 Russell 2000 N/A -25.79 -36.35 Difference 3.26 0.11 -3.14 Difference N/A 9.77 10.74 Ratio 1.08 1.00 0.94 Ratio N/A 0.62 0.70 Up Periods 4 9 15 Down Periods 0 3 5

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Alt Equity 0.00 Cash & Equivalents 4.63 Equity 95.34 Asset Class Index Performance N/A Barclays Treas Bill 0.01 Russell 2000 8.72 Total Portfolio and Benchmark Performance Dynamic Index N/A Policy Index 8.72 Portfolio Return 10.76 Value Added By Manager Market Timing N/A Security Selection N/A Total Value Added 2.04

Portfolio Performance Risk vs Reward

19.00 More Return More Return 18 18.00 Less Risk More Risk 17.00 NAREIT Equity Equity 16 16.00 Total Portfolio 15.00 14 14.00 13.00 12.00 12 11.00 10.00 10 9.00 8.00 7.00 8 6.00 5.00 Annualized Rate Annualized ofReturn (%) 6 4.00 3.00 Rate of Return (%) 4 2.00 1.00 0.00 2 Barclays Treas Treas Bill Bill -1.00 Less Return Less Return -2.00 Less Risk More Risk 0 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 26.00 28.00 30.00 32.00 Standard Deviation (Risk) -2 Quarter One Year Three Years Five Years Return Std Dev Beta Alpha R-Squared Total Portfolio 16.55 25.89 0.93 0.47 99.50 Nareit Equity 16.90 27.67 1.00 0.00 100.00 Total Portfolio NAREIT Equity Barclays Treas Bill 0.14 0.03 1.00 0.00 100.00 Asset Allocation Change in Financial Position

Latest Quarter Year to Date Beginning Mkt Value 41,109,103 40,206,626 Net Contributions (10,000,000) (10,000,000) Interest And Dividend Income -- 5 Net Capital Appreciation (166,094) 954,466 Fees 69,291 287,378 Ending Mkt Value 30,894,909 30,894,909 Real Estate 100.0%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 38 Total PortfolioPeerUniverseComparisonversusREIT/RealEstateManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe Ma .71.695 89 30 -35.92 -45.15 33.08 -22.73 24.15 28.91 62.64 22.03 9.54 35.11 -0.75 18.86 13.99 14.80 3.87 28.20 -0.22 Mean Value Lowest 16.44 Third Quartile Median Value QuartileFirst Highest Value NAREIT Equity Invesco REIT Ma .738 .71.91.42.19 0.16 18.14 1.83 3.20 7.26 17.11 10.69 17.60 18.29 23.44 9.77 3.87 10.27 10.86 14.67 1.65 3.87 2.81 4.80 16.44 1.65 0.17 2.81 4.80 16.44 -0.61 -0.13 Mean 0.85 Value Lowest 4.00 Third Quartile Median Value Quartile First Highest Value IvsoRI 03 223 923 997 51.59 .360 76 1.53 0.81 93 75 16.55 16.90 75 65 9.76 10.06 50 59 2.85 2.37 50 59 2.85 2.37 50 62 -0.18 -0.39 NAREIT Equity REIT Invesco

Rate of Return (%) -50 Return 50 0 2.85 2.37 2013

1.65 2.81 4.80 Rate of Return (%) 10 15 20 25 eunRn eunRn eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rank Return Rank Return 0 5 Rank Quarter 50 59 -1.46 Return 19.72 17.94 2012 17.29 17.80 19.12 Calendar YTD -0.22 Rank 16 42 Return Trailing Periods Annual Periods 8.27 9.52 One Year 2011 10. 11 11. 61 8.99 -0.22 Rank 79 58 Return 27.94 24.40 Three Years 8.34 2010 26.62 29.27 30.45 Rank 67 88 Five YearsFive Return 16.28 28.01 30.76 2009 28.12 31.24 35.97 Rank 1/2007-12/2013 76 55 -0.79 -37.73 -33.61 Return -39.07 -35.19 -32.04 2008 Rank 62 30 Page 39 Performance in Rising and Declining Markets January 5, 2007 Through December 31, 2013

Up Market Performance Down Market Performance

50.0 0.0 -2.0 45.0 -4.0 -6.0 40.0 -8.0 35.0 -10.0 -12.0 30.0 -14.0 -16.0 25.0 -18.0 -20.0 20.0 Rate of Return (%) Rate of Return (%) -22.0 15.0 -24.0 -26.0 10.0 -28.0 -30.0 5.0 -32.0 -34.0 0.0

One Year Three Years Five Years One Year Three Years Five Years Total Portfolio 6.78 27.18 46.97 Total Portfolio -4.13 -18.24 -32.15 NAREIT Equity 8.10 28.45 50.01 NAREIT Equity -4.86 -19.20 -34.66 Difference -1.32 -1.27 -3.04 Difference 0.73 0.96 2.52 Ratio 0.84 0.96 0.94 Ratio 0.85 0.95 0.93 Up Periods 1 8 14 Down Periods 3 4 6

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 0.03 Real Estate 99.68 Asset Class Index Performance Barclays Treas Bill 0.01 NAREIT Equity -0.18 Total Portfolio and Benchmark Performance Dynamic Index 0.00 Policy Index -0.18 Portfolio Return -0.39 Value Added By Manager Market Timing 0.17 Security Selection -0.39 Total Value Added -0.22

Portfolio Performance Risk vs Reward

More Return More Return 20 9.00 Less Risk More Risk

8.00 Total Portfolio 18 7.00 16 6.00 14 5.00 MSCI ACWI ACWI ex ex US US Net Net

12 4.00

10 3.00 Annualized Rate Annualized ofReturn (%) 8 2.00

Rate of Return (%) 6 1.00

0.00 Barclays Treas Treas Bill Bill 4 Less Return Less Return -1.00 Less Risk More Risk -2.00 -1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 2 Standard Deviation (Risk) 0 Quarter One Year Three Years Five Years Inception Return Std Dev Beta Alpha R-Squared Total Portfolio 8.27 17.11 0.99 2.99 98.62 Msci Acwi Ex Us Net 5.14 17.11 1.00 0.00 100.00 Total Portfolio MSCI ACWI ex US Net Barclays Treas Bill 0.12 0.03 1.00 0.00 100.00 Asset Allocation Change in Financial Position Cash & Equivalents 5.0% Latest Quarter Year to Date Beginning Mkt Value 132,613,915 117,029,714 Net Contributions (10,000,000) (9,804,096) Interest And Dividend Income 2,334,431 3,284,804 Net Capital Appreciation 4,631,464 19,265,293 Fees 240,511 895,037 Ending Mkt Value 129,579,810 129,579,810 Equity 95.0%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 42 Total PortfolioPeerUniverseComparisonversusInternationalEquityManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe MSCI ACWI Net ex US 1607 Capital Ma 04 84 1.41.235.04 20.87 11.72 82.38 4.08 -13.84 22.65 -22.65 18.47 -7.26 12.67 20.48 25.04 7.49 Mean 29.32 Value Lowest Third Quartile Median Value First Quartile Highest Value 10 aia .67 91 01.17 .72 76 .010 5.50 64 4 1.89 17.64 42 27 12.82 8.27 85 70 5.14 19.11 85 70 15.29 19.11 85 74 15.29 5.26 79 4.76 MSCI ACWI US Net ex 1607 Capital Ma .52.82.871 29 2.59 1.38 12.98 2.49 3.78 7.09 7.16 11.63 12.50 13.97 19.18 6.24 20.48 7.38 8.46 11.39 20.48 18.56 21.00 22.97 29.32 6.05 18.56 21.00 22.97 29.32 5.15 6.10 Mean 7.24 Value Lowest 8.67 Third Quartile Median Value First Quartile Highest Value

Return Rate of Return (%) 15.29 19.11 50 0 Rate of Return (%) 10 15 20 25 30 2013 18.56 21.00 22.97 eunRn eunRn eunRn eunRn eunRn eunRan Return Rank Return Rank Return Rank Return Rank Return Rank Return -5 0 5 Quarter 2.14 Rank 85 70 Return Calendar YTD 16.83 20.71 7.49 2012 16. 50 18. 53 20. 76 Trailing Periods Annual Periods Rank 71 24 One Year 7.49 -13.71 -11.72 Return -15.58 -13.66 -11.84 2011 Three Years Rank -0.42 50 24 Return 11. 15 20. 87 Five YearsFive 8.64 2010 10.75 14.25 8.36 Rank 45 5 6/2008-12/2013 -2.78 Return 41.47 46.88 k 2009 28.30 33.22 39.10 Rank 16 11 Page 43 Performance in Rising and Declining Markets June 30, 2008 Through December 31, 2013

Up Market Performance Down Market Performance

42.0 0.0 40.0 -2.0 38.0 -4.0 36.0 34.0 -6.0 32.0 -8.0 30.0 -10.0 28.0 -12.0 26.0 -14.0 24.0 -16.0 22.0 -18.0 20.0 -20.0 18.0 -22.0 Rate of Return (%) Rate of Return (%) 16.0 14.0 -24.0 12.0 -26.0 10.0 -28.0 8.0 -30.0 6.0 -32.0 4.0 -34.0 2.0 -36.0 0.0

One Year Three Years Five Years One Year Three Years Five Years Total Portfolio 23.46 27.41 41.40 Total Portfolio -3.52 -26.40 -32.24 MSCI ACWI ex US Net 18.99 23.91 37.03 MSCI ACWI ex US Net -3.11 -28.26 -37.03 Difference 4.47 3.49 4.37 Difference -0.41 1.85 4.79 Ratio 1.24 1.15 1.12 Ratio 1.13 0.93 0.87 Up Periods 3 9 15 Down Periods 1 3 5

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Alt Equity 0.00 Cash & Equivalents 8.91 Equity 91.00 International Equity 0.00 Other Assets 0.00 Asset Class Index Performance N/A Barclays Treas Bill 0.01 MSCI ACWI ex US Net 4.76 Total Portfolio and Benchmark Performance Dynamic Index N/A Policy Index 4.76 Portfolio Return 5.26 Value Added By Manager Market Timing N/A Security Selection N/A Total Value Added 0.50

Portfolio Performance Risk vs Reward

4.00 More Return More Return 7 Less Risk More Risk Total Portfolio 6 Barclays Aggregate Aggregate 5 3.00 4 3 2.00 2

1 Rate Annualized ofReturn (%) 1.00

Rate of Return (%) 0

-1 0.00 Barclays Treas Treas Bill Bill Less Return Less Return -2 Less Risk More Risk 0.00 1.00 2.00 3.00 Standard Deviation (Risk) -3

Quarter One Year Three Years Five Years Inception Return Std Dev Beta Alpha R-Squared Total Portfolio 3.60 2.93 0.93 0.55 95.23 Barclays Aggregate 3.26 3.07 1.00 0.00 100.00 Total Portfolio Barclays Aggregate Barclays Treas Bill 0.12 0.03 1.00 0.00 100.00 Asset Allocation Change in Financial Position

Latest Quarter Year to Date Beginning Mkt Value 154,887,235 163,811,822 Net Contributions -- (6,023,803) Interest And Dividend Income 2,715,873 5,996,422 Net Capital Appreciation (2,307,791) (8,386,247) Fees 94,533 388,473 Ending Mkt Value 155,295,318 155,295,318 Fixed Income 100.0%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 46 Total PortfolioPeerUniverseComparisonversusCoreFixedIncomeManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe AggregateBarclays ING Ma 09 .866 .890 3.51 -7.30 9.01 9.67 3.11 6.98 17.78 3.39 6.66 11.24 2.03 5.48 10.20 1.96 -0.97 10.04 -2.84 Mean Value Lowest 1.16 Third Quartile Median Value QuartileFirst Highest Value IG02 7-.96 15 936 161 856 24 5.63 28 78 6.19 4.58 51 74 3.60 4.44 69 71 -1.59 3.26 69 84 -1.59 -2.02 37 84 0.26 -2.02 90 -0.14 Barclays Aggregate ING Ma .3-.7-.736 .45.11 4.67 5.44 5.08 5.63 6.88 4.44 3.68 5.25 6.35 8.90 3.16 -0.97 3.62 4.25 5.51 -1.68 -0.97 -1.01 -0.30 1.16 -1.68 0.23 -1.01 -0.30 1.16 0.01 0.20 Mean 0.38 Value Lowest 1.23 Third Quartile Median Value First Quartile Highest Value

Rate of Return (%) Return 10 15 -5 -2.02 -1.59 0 5 2013 -1.68 -1.01 -0.30 Rate of Return (%) eunRn eunRn eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rank Return Rank Return -2 0 2 4 6 8 Rank Quarter 84 69 -0.33 Return 4.21 5.21 2012 Calendar YTD 4.36 5.33 6.43 -2.84 Rank 78 55 Return Trailing Periods Annual Periods 7.84 7.40 One Year 2011 5.75 6.91 7.93 -2.84 Rank 29 41 Return Three Years 6.54 8.20 1.74 2010 6.12 6.87 7.82 Rank 61 18 Five YearsFive Return 12.22 3.01 5.93 2009 11.10 6.49 8.60 Rank 12/2007-12/2013 80 16 3.18 Return 5.24 2.90 2008 1.42 4.34 6.47 Rank 39 63 Page 47 Performance in Rising and Declining Markets December 10, 2007 Through December 31, 2013

Up Market Performance Down Market Performance

9.0 0.0

8.0

7.0 -1.0 6.0

5.0

-2.0 4.0 Rate of Return (%) Rate of Return (%) 3.0

2.0 -3.0

1.0

0.0

One Year Three Years Five Years One Year Three Years Five Years Total Portfolio 0.67 5.89 8.75 Total Portfolio -2.24 -2.24 -3.48 Barclays Aggregate 0.57 5.59 6.62 Barclays Aggregate -2.58 -2.58 -3.84 Difference 0.10 0.30 2.13 Difference 0.33 0.33 0.36 Ratio 1.18 1.05 1.32 Ratio 0.87 0.87 0.91 Up Periods 1 9 16 Down Periods 3 3 4

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Alt Equity 0.00 Cash & Equivalents -5.83 US Treasury Bills 0.00 Fixed Income 102.99 Equity 0.00 Equity 0.00 Asset Class Index Performance N/A Barclays Treas Bill 0.01 Barclays Aggregate -0.14 Total Portfolio and Benchmark Performance Dynamic Index N/A Policy Index -0.14 Portfolio Return 0.26 Value Added By Manager Market Timing N/A Security Selection N/A Total Value Added 0.40

Portfolio Performance Growth of a Dollar

3 107

106 2 105

1 104

103 0 Dollar Dollar Value 102

Rate of Return (%) -1 101

100 -2 99 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013

-3 Quarter 1 Year Inception Quarter 1 Year Inception Total Portfolio 0.52 -1.27 1.86 Total Portfolio Barclays Aggregate Barclays Aggregate -0.14 -2.02 0.41 Asset Allocation Change in Financial Position

Cash & Equivalents 2.4% Latest Quarter Year to Date Beginning Mkt Value 102,785,994 105,080,365 Net Contributions -- 50,356 Interest And Dividend Income 818,033 3,017,104 Net Capital Appreciation (279,156) (4,772,599) Fees 49,837 200,166 Ending Mkt Value 103,324,871 103,324,871 Fixed Income 97.6%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 50 Total PortfolioPeerUniverseComparisonversusCoreFixedIncomeManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe AggregateBarclays Ryan Labs Mean Value Lowest Third Quartile Median Value QuartileFirst Highest Value Ra as05 4-.76 12 018 21 89 1.86 0.41 60 84 -1.27 -2.02 60 84 -1.27 -2.02 14 90 0.52 -0.14 Aggregate Barclays Labs Ryan

Ma .3-.7-.71.32 0.74 1.25 1.76 3.48 -0.97 -1.68 -1.01 -0.30 Rate 1.16 of -0.97 Return (%) -1.68 -1.01 -0.30 1.16 0.23 0.01 0.20 0.38 1.23 Mean Value Lowest Third Quartile Median Value First Quartile Highest Value -3 -2 -1 0 1

eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rate of Return (%) -3 -2 -1 0 1 2 3 Quarter -0.33 Return -2.02 -1.27 Trailing Periods Annual Periods Calendar YTD -2.84 2013 -0.97 -2.84 -1.68 -1.01 -0.30 1.16 One Year -2.84 Rank 84 60 4/2012-12/2013 0.03 Page 51 Performance in Rising and Declining Markets April 3, 2012 Through December 31, 2013

Up Market Performance Down Market Performance

0.6 0.0 0.5 0.5 0.5 0.4 0.4 -1.0 0.3 0.3 0.2 Rate of Return (%) Rate of Return (%) 0.2 0.2 0.1 -2.0 0.1 0.0 0.0

One Year One Year Total Portfolio 0.33 Total Portfolio -1.59 Barclays Aggregate 0.57 Barclays Aggregate -2.58 Difference -0.24 Difference 0.99 Ratio 0.57 Ratio 0.62 Up Periods 1 Down Periods 3

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 3.76 Fixed Income 96.24 Equity 0.00 Asset Class Index Performance Barclays Treas Bill 0.01 Barclays Aggregate -0.14 Total Portfolio and Benchmark Performance Dynamic Index -0.08 Policy Index -0.14 Portfolio Return 0.52 Value Added By Manager Market Timing 0.05 Security Selection 0.61 Total Value Added 0.66

Portfolio Performance Growth of a Dollar

123 10 120 9 118 8 7 115 6 113 5 110 4 108 3 105 2 Dollar Value 103 1

Rate of Return (%) 100 0 -1 98 -2 95 -3 93 12/2011 3/2012 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013 -4 -5 Quarter 1 Year Inception Quarter 1 Year Inception TOTAL FUND 2.71 2.41 9.09 TOTAL FUND CG World Gov't CG World Gov't -1.09 -4.00 -1.22 Asset Allocation Change in Financial Position

Latest Quarter Year to Date Beginning Mkt Value 23,855,559 23,926,760 Net Contributions -- -- Interest And Dividend Income 331,710 1,030,955 Net Capital Appreciation 315,395 (455,051) Fees -- -- Ending Mkt Value 24,502,664 24,502,664 Fixed Income 100.0%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 54 TOTAL FUNDPeerUniverseComparisonversusGlobalFixedIncomeManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe CG World CG Gov't Templeton Global C ol o' 10 7-.09 40 1-.299 21 -1.22 9.09 91 29 -4.00 2.41 91 29 -4.00 2.41 97 18 -1.09 2.71 CG World Gov't Templeton Global Lws au -5.05 11.37 Mean Value Lowest Third Quartile Median Value Quartile First Highest Value Ma .809 .45.45 2.10 4.43 7.49 15.27 0.94 -2.46 0.29 3.42 11.37 0.94 -2.46 0.29 3.42 11.37 1.18 -0.04 0.95 2.09 4.94 Mean Value Lowest Third Quartile Median Value First Quartile Highest Value

eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rate of Return (%) 10 15 -5 0 5 Quarter -1.15 Return -4.00 2.41

Rate of Return (%) 10 15 20 -5 0 5 2013 -2. 46 0.94 0.29 3.42 Trailing Periods Annual Periods Calendar YTD -5.05 Rank 91 29 One Year -5.05 Return 16.22 1.65 12/2011-12/2013 -0.04 19.93 2012 12.72 5.55 8.36 9.15 1.58 Rank 99 12 Page 55 Performance in Rising and Declining Markets December 8, 2011 Through December 31, 2013

Up Market Performance Down Market Performance

3.0

1.0

0.0

2.0 -1.0

-2.0

-3.0 Rate of Return (%) Rate of Return (%) 1.0 -4.0

-5.0

-6.0

0.0

One Year One Year TOTAL FUND 1.07 TOTAL FUND 1.32 CG World Gov't 2.88 CG World Gov't -6.69 Difference -1.81 Difference 8.01 Ratio 0.37 Ratio -0.20 Up Periods 1 Down Periods 3

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents 0.00 Fixed Income 100.00 Asset Class Index Performance N/A CG World Gov't -1.09 Total Portfolio and Benchmark Performance Dynamic Index N/A Policy Index -1.09 Portfolio Return 2.71 Value Added By Manager Market Timing N/A Security Selection N/A Total Value Added 3.80

Portfolio Performance Growth of a Dollar

112 4 110 3 108 2 106 1 104 0 102 Dollar Dollar Value -1 100

Rate of Return (%) -2 98

-3 96

94 -4 12/2011 3/2012 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013

-5 Quarter 1 Year Inception Quarter 1 Year Inception TOTAL FUND 0.26 -3.60 3.03 TOTAL FUND CG World Gov't CG World Gov't -1.09 -4.00 -1.22 Asset Allocation Change in Financial Position

Latest Quarter Year to Date Beginning Mkt Value 22,424,232 23,323,371 Net Contributions -- -- Interest And Dividend Income 181,434 432,560 Net Capital Appreciation (122,785) (1,273,050) Fees -- -- Ending Mkt Value 22,482,881 22,482,881 Fixed Income 100.0%

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 58 TOTAL FUNDPeerUniverseComparisonversusGlobalFixedIncomeManagers returns. See IMPORTANTINFORMATION atendofreport for details. official record ofyourholdings,balances, transactionsand securityvaluesandare notamendedorsuperseded byanyoftheinformation presentedinthis report.Information iscurrentasofthedat e shown.Past performanceisnoguarantee offuture This reportis providedforinformational purposesonly.The informationshownwas obtainedfromsources believedtobereliable, theaccuracyofwhich cannotbeguaranteed. Accountstatements providedbyUBS or otherfinancialinstitutions arethe CG World CG Gov't Intl Dreyfus DefsIt .66 36 7-.08 .364 99 3.03 -1.22 87 91 -3.60 -4.00 87 91 -3.60 -4.00 66 97 0.26 -1.09 CG World Gov't Dreyfus Intl Lws au -5.05 11.37 Mean Value Lowest Third Quartile Median Value Quartile First Highest Value Ma .809 .45.45 2.10 4.43 7.49 15.27 0.94 -2.46 0.29 3.42 11.37 0.94 -2.46 0.29 3.42 11.37 1.18 -0.04 0.95 2.09 4.94 Mean Value Lowest Third Quartile Median Value First Quartile Highest Value

eunRn eunRn eunRn eunRank Return Rank Return Rank Return Rank Return Rate of Return (%) 10 15 -5 0 5 Quarter -1.15 Return -4.00 -3.60

Rate of Return (%) 10 15 20 -5 0 5 2013 -2. 46 0.94 0.29 3.42 Trailing Periods Annual Periods Calendar YTD -5.05 Rank 91 87 One Year -5.05 Return 10.12 1.65 12/2011-12/2013 -0.04 19.93 2012 12.72 5.55 8.36 9.15 1.58 Rank 99 32 Page 59 Performance in Rising and Declining Markets December 8, 2011 Through December 31, 2013

Up Market Performance Down Market Performance

3.0 0.0

-1.0

2.0 -2.0

-3.0

-4.0 Rate of Return (%) Rate of Return (%) 1.0

-5.0

-6.0

0.0

One Year One Year TOTAL FUND 1.32 TOTAL FUND -4.86 CG World Gov't 2.88 CG World Gov't -6.69 Difference -1.56 Difference 1.83 Ratio 0.46 Ratio 0.73 Up Periods 1 Down Periods 3

Fund's Average Investment Exposure and Market Index Returns

Quarter Asset Class Cash & Equivalents -0.11 Fixed Income 100.11 Asset Class Index Performance Barclays Treas Bill 0.01 CG World Gov't -1.09 Total Portfolio and Benchmark Performance Dynamic Index 0.01 Policy Index -1.09 Portfolio Return 0.26 Value Added By Manager Market Timing 1.10 Security Selection 0.25 Total Value Added 1.35

This report is provided for informational purposes only, does not constitute an offer to buy or sell securities or investment products and is current as of the date shown. It may include information regarding your Institutional Consulting accounts held at various UBS entities including UBS Financial Services Inc., UBS Securities LLC and UBS AG (collectively, "UBS" or "UBS entities"), as well as accounts you hold at other financial institutions. Accounts included in this report are identified at the beginning of the report. Also, information may be shown for individual accounts or as one or more combined portfolios; the accounts included in each portfolio are also identified at the beginning of the report.

ACCOUNTS AND ASSETS INCLUDED UBS account statements provide the official records of holdings, balances, transactions, and security values of assets held in UBS accounts and are not replaced, amended or superseded by any of the information presented in this report. Note that various factors, including unpriced securities and certain holdings, adjustments or activity may cause the results shown in this report to differ from actual performance. Note that these results may differ from other performance reports provided to you by UBS. Performance information may be impacted by the different ways each UBS entity or third party financial institution respectively records trade executions. Past performance is no guarantee of future results. Neither the UBS entities nor any of their respective representatives provide tax or legal advice. You must consult with your legal or tax advisors regarding your personal circumstances.

If assets that you hold at other financial institutions are included in this report, they are being provided as part of your UBS IC Consulting Services Agreement based on information, including pricing and transactional information, furnished to UBS. You should review the account statements and other documentation provided by other financial institutions for their record of holdings, balances, transactions, and security values of assets held in those accounts, as well as notices, disclosures and other information important to you, and may also serve as a reference should questions arise regarding the accuracy of the information in this report. UBS Financial Services Inc. SIPC coverage would only apply to those assets respectively held at UBS Financial Services Inc. You should contact your financial representative at any other financial institution where you hold an account to determine the availability of SIPC coverage, if any. In addition, this report may include additional financial assets that you have asked us to include as an accommodation, but are not included as part of your UBS IC Consulting Services Agreement with us. UBS has not verified and is not responsible for the accuracy or completeness of information regarding assets held at other financial institutions.

Pricing of Securities: All securities held in UBS accounts are priced as of the end of the period shown unless otherwise noted and reflect the last recorded transaction of all listed securities, options and OTC NASDAQ securities, when available. Less actively traded securities may be priced using a computerized valuation model and may not reflect an actual market price or value. To obtain current quotations, when available, contact your Institutional Consultant. CD prices may be derived using a computerized valuation model and therefore represent an estimated market value. Deposits or securities denominated in currencies other than U.S. dollars may be reflected at the exchange rate as of the date of these reports. To obtain precise U.S. dollar values for these deposits or securities at a time before the date of these reports, contact your Institutional Consultant. Prices may or may not represent current or future market value. Every reasonable attempt has been made to accurately price securities; however, no warranty is made with respect to any security's price. Securities that have no readily available market value are displayed at the most recently obtainable price. Such pricing may affect the performance information provided in these reports.

The services UBS provides to you may be based on and/or include information obtained from third-party sources. Assets held at other financial institutions reflect the price provided by the respective institution or you. UBS will not independently verify pricing information obtained from third-party sources and cannot guarantee the accuracy of such third-party information. If pricing is indicated as "NA", the required data for that field was not provided by the other financial institution or you; this will affect the performance information provided in these reports.

Certain Assets: Certain assets may not be held by or within the possession and control of the UBS entities are displayed on these reports for informational purposes only. Positions and values of these assets (e.g., insurance, annuities and 529 plans) and certain other securities (e.g. thinly traded securities, structured products and alternative investments) are provided by the outside sources and are believed to be reliable, but are not guaranteed as to their accuracy.

Structured products and alternative investments: these investments may not have been registered with the Securities and Exchange Commission or under any state securities laws. The market for such securities and alternative investments may be highly illiquid and subjectively valued, and these reports provide values for informational purposes only. Accuracy is not guaranteed. These values may differ substantially from prices, if any, at which a unit may be bought or sold and do not necessarily represent the value you would receive from the issuer upon liquidation. Issuer estimated values, if any, are generally updated on a regular (annual or semi-annual) basis and are supplied to us by the issuer (general partner), but may be calculated based on different information from that used by third parties to derive their estimated values

Investment Policy Statements: UBS will not track or monitor specific investments to determine whether they complement the Investment Policy Statement, unless the client has entered into a written contract with UBS for such services through UBS Institutional Consulting.

Retirement Assets: Unless you enter into a separate written contractual arrangement with UBS providing otherwise, you control the investment and reinvestment of the assets in any retirement account held with UBS and neither UBS nor your Financial Advisor has the authority or responsibility to act as a fiduciary or provide "investment advice" (as that term is defined in ERISA or the Internal Revenue Code) with respect to your retirement assets. This analysis is provided to you individually and not in your capacity as a participant in any retirement plan.

This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 62 Performance Analytics: Unless otherwise noted, performance shown is based on Time Weighted Rate of Return. Periods greater than one year have been annualized, but annual performance may not represent a full calendar year depending on the inception date of the first account included in these reports. Standard deviations are shown only for periods of 12 months or longer. This report may reflect performance before the deduction of fees. The payment of fees and expenses will reduce the performance of the account and the reduction in performance will have a cumulative effect over time. The net effect of the payment of fees on the annualized performance, and the compounded or cumulative effect over time, is dependent on the amount of the fee and the account's investment performance. For example, an account that experiences an annual gross performance of 10% but incurs a 2.8% annual fee that is deducted quarterly on a prorated basis, will experience net annual performance of 7.1%, a reduction of 2.9% per year.

Performance information incorporates data as of the date your accounts became available for these reports, not as of your initial acquisition of a particular investment unless performance history is imported at client's request. For reports that reflect combined account information, the Performance Start Date will be the earliest performance start date of any of the individual accounts selected for the consolidation time period. If an individual account's performance information is not available for a full reporting time period (month to date, quarter to date, year to date or performance to date), that account's information will only be included for the period when available. For consolidated accounts that include different account Performance Start Dates, the consolidated Additions/Withdrawals, Income Earned and Investment Appreciation/ Depreciation will include all activity that occurred during the consolidated reporting time period. Accounts that hold or held insurance products will be reported on from the month end date of when insurance and annuity activity could be obtained from the carrier.

Benchmark Index Information: For comparison purposes, these reports may contain a number of general broad market indices, which were selected to demonstrate the performance of broad market indicators that are readily recognized, rather than for direct performance comparisons, and do not reflect the performance of actual investments. Depending on your accounts' holdings and your investment objectives, these indices may not be an appropriate measure for comparison purposes, and are therefore presented for illustrative purposes only. The selection and use of benchmarks is not a promise or guarantee that your accounts will meet or exceed the stated benchmarks. All indices are unmanaged, cannot be invested in directly, assume no management, custody, transaction or the expenses that would lower the performance results, and assume reinvestment of dividends and capital gains. Information about indices is based on information obtained from sources believed to be reliable, but no independent verification has been made. UBS does not guarantee the accuracy or completeness of any index information presented. Market index data is subject to review and revision, and UBS reserves the right to substitute indices or display only those indices for which current updated information is available. Information regarding the indexes shown in this report can be found at the end of this report.

Policy Index: This is a passive index or blending of indexes that you have selected to serve as a comparison point for the performance of an account or group of accounts. These returns do not reflect the impact of transaction costs, fees or taxes which, if included, would lower the results shown.

Gain/(Loss) Information: When data is available from UBS, estimated unrealized gains/losses are calculated for individual security lots. For assets transferred from another financial institution, gain/loss information will be reflected only for the period of time the assets have been held at UBS entities. For assets held at other financial institutions, information provided by that entity, if any, is reflected. Total realized gain/loss information may include calculations based upon non-UBS entities cost basis information. UBS Financial Services Inc. does not independently verify or guarantee the accuracy or validity of any information provided by sources other than UBS Financial Services Inc. When original cost information is unavailable, gain/loss amounts gain/loss amounts will represent current market value and total gains/losses may be inaccurate. Date information for when a particular security was acquired, when available, appears on these reports. When no acquisition date is provided for a security, these reports reflect "N/A" and omit this information. As a result, these figures may not be accurate and are provided for informational purposes only.

Interest and Dividend Income: When shown on this report, information does not reflect your account's tax status or reporting requirements. You should use only official IRS forms for tax reporting purposes. The classification of private investment distributions can only be determined by referring to the official year-end tax-reporting document provided by the issuer.

Contributions and Withdrawals: When shown on a report, information regarding contributions and withdrawals may represent the net value of all cash and securities contributions and withdrawals, and may include program fees (including wrap fees) and other fees added to or subtracted from your accounts from the first day to the last day of the period covered by these reports. Program fees may be separately identified or included in withdrawals except when paid via an invoice or through a separate account billing arrangement.

Cash Flow: Cash Flow analysis is based on the historical dividend, coupon and interest payments you have received as of the Record Date in connection with the securities listed and assumes that you will continue to hold the securities for the periods for which cash flows are projected. This may or may not include principal paybacks for the securities listed. These potential cash flows are subject to change due to a variety of reasons, including but not limited to, contractual provisions, changes in corporate policies, changes in the value of the underlying securities and interest rate fluctuations. The effect of a call on any security(s) and the consequential impact on its potential cash flow(s) is not reflected in this report. Payments that occur in the same month in which the report is generated -- but prior to the report run ("As of") date -- are not reflected in this report. In determining the potential cash flows, UBS relies on information obtained from third party services it believes to be reliable but does not independently verify or guarantee the accuracy or validity of any information provided by third parties. Cash flows for mortgage-backed, asset-backed, factored, and other pass-through securities are based on the assumptions that the current face amount, principal pay-down, interest payment and payment frequency remain constant. Calculations may include principal payments, are intended to be an estimate of future projected interest cash flows and do not in any way guarantee accuracy.

Alpha: Alpha measures the difference between an investment's actual performance, and its expected performance as indicated by the returns of a selected market index. A positive Alpha indicates the risk-adjusted performance is above that index. In calculating Alpha, Standard Deviation (total risk) is used as risk measure. Alpha is often used to judge the value added or subtracted by a manager.

Appreciation/Depreciation: Appreciation or Depreciation is the change in market value minus net cash flows. The value indicates by how much the portfolio value has changed due to changes in asset values. Appreciation would be an increase, Depreciation would be a decrease.

Average Exposure: Average Exposure is generally, the average allocation to a segment or an asset. Calculated as the beginning market value plus the weighted net cash flows as a percentage of the total portfolio market value.

Beta: Beta is defined as a Manager's sensitivity to market movements and is used to evaluate market related, or systematic risk. Beta is a measure of the linear relationship, over time, of the Manager's returns and those of the Benchmark. Beta is computed by regressing the Manager's excess returns over the risk free rate (cash proxy) against the excess returns of the Benchmark over the risk free rate. An investment that is as equally volatile as the market will have a Beta of 1.0; an investment half as volatile as the market will have a Beta of 0.5; and so on. Thus, Betas higher than 1.0 indicate that the fund is more volatile than the market.

Composite Benchmark: The Composite Benchmark is a weighted average benchmark based on the allocation of funds within each of the portfolios in the composite and the risk index assigned to each portfolio.

Correlation (R): The Correlation represents the degree to which investments move in tandem with one another and is a critical component of diversified portfolio construction. The Correlation varies between a minimum of -1 (move in opposite direction) and a maximum of 1 (completely correlated). Lower Correlations enhance diversification and lead to better risk-adjusted returns within diversified portfolios. An R of less than 0.3 is often considered low Correlation.

Current Yield: This measure looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. This measure is not an accurate reflection of the actual return that an investor will receive in all cases because bond and stock prices are constantly changing due to market factors.

Distribution of Excess Returns: Distribution of Excess Returns displays an arrangement of statistical data that exhibits the frequency of occurrence of the investment's returns in excess of the selected Market Index.

Down Market (Mkt) Capture Ratio: Down Market Capture Ratio is a measure of an investment's performance in down markets relative to the market itself. A down market is one in which the market's return is less than zero. The lower the investment's Down Market Capture Ratio, the better the investment protected capital during a market decline. A negative Down Market Capture Ratio indicates that an investment's returns rose while the market declined.

Downside Capture Return: The downside capture return is the cumulative performance of the portfolio in all periods during which the risk benchmark posted a negative return.

Downside Probability: The downside probability is the ratio of the number of periods during which the portfolio posted a negative return to the total number of periods under study. If, for example, during a 12 month span, the portfolio realized 5 months of negative returns, the downside probability would be equal to 5/12 or 42 percent. The sum of the downside and upside probabilities must equal 1.0. The downside probability does not consider the extent to which the portfolio will fail to exceed the target index. It merely considers the likelihood that the target will not be exceeded. It is important to bear in mind this point when comparing the downside probabilities of more than one portfolio. It is not necessarily correct, for example, to deem portfolio A riskier than portfolio B simply because A has a higher downside probability.

Downside Risk (Semi Standard Deviation, Semi Std Dev, or Downside Deviation): Downside Risk only identifies volatility on the down side. Downside Risk measures the variability of returns below zero, whereas Standard Deviation attributes volatility in either direction to risk. The Downside Risk method calculates the deviations below zero for each observed return. Each time a return falls below zero, the sum is divided by the number of observations and the square root is taken. This result is then shown on an annualized basis.

Dynamic Index: A Dynamic Index is a weighted average benchmark based on the average allocation of the portfolio within its asset classes and the risk index assigned to each asset class. The index is dynamic in that the asset class weights change as the asset allocation changes.

Effective Duration: A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change.

Excess: Denotes that a statistic is being measured relative to the Market Index selected. The data set analyzed consists of the periodic differences between the investment's measure and the selected Market Index's definition.

Expense Ratio: Often referred to as the Net Expense Ratio, Morningstar pulls the net annual expense ratio from the fund's audited annual report. Annual-report expense ratios reflect the actual fees charged during a particular fiscal year. The annual report expense ratio for a fund of funds is the wrap or sponsor fee only. The expense ratio expresses the percentage of assets deducted each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Portfolio transaction fees, or brokerage costs, as well as initial or deferred sales charges are not included in the expense ratio. The expense ratio, which is deducted from the fund's average net assets, is accrued on a daily basis. If the fund's assets are small, its expense ratio can be quite high because the fund must meet its expenses from a restricted asset base. Conversely, as the net assets of the fund grow, the expense percentage should ideally diminish as expenses are spread across the wider base. Funds may also opt to waive all or a portion of the expenses that make up their overall expense ratio.

Gross Dollar Weighted Return: Gross Dollar Weighted Return is the internal rate of return, excluding money manager fees.

The Gross Expense Ratio: Represents the total gross expenses (net expenses with waivers added back in) divided by the fund's average net assets. If it is not equal to the net expense ratio, the gross expense ratio portrays the fund's

Gross Time Weighted Return: Gross Time Weighted Return is the Modified Dietz return, excluding money manager fees.

Index Value: Index Value is the unit value series based on the return stream. It can be used to calculate rates of return between any two dates in the report.

Information Ratio: The Information Ratio is a measure of value added by an investment manager. It is the ratio of (annualized) excess return above the selected Market Index to (annualized) Tracking Error. Excess return is calculated by linking the difference of the manager's return for each period minus the selected Market Index return for each period, then annualizing the result.

Manager Capture Ratio: The Manager Capture Ratio is manager return divided by the selected Market Index return. It shows what portion of the market performance was captured by the manager under certain market conditions: up market, down market, or both.

Market Experience: Market Experience is the presumable market value of the portfolio if it and its cash flows had grown at the policy index rate of return. It lets the reader know if active management has aided or hurt the portfolio.

Net Cash Flow: For the total portfolio, net cash flow is aggregate contributions minus aggregate withdrawals. At the asset class level, net cash flow is aggregate purchases minus aggregate sales minus aggregate income. It is used in the numerator of the Modified Dietz return calculation. It is the same as "New Money" and "Flow".

Net Dollar Weighted Return: Net Dollar Weighted Returns is the internal rate of return, including money manager fees.

Net Time Weighted Return: Net Time Weighted Return is the Modified Dietz return, including money manager fees.

New Money: For the total portfolio, New Money is aggregate contributions minus aggregate withdrawals. At the asset class level, New Money is aggregate purchases minus aggregate sales minus aggregate income. It is used in the numerator of the Modified Dietz return calculation. It is the same as "Net Cash Flow" and "Flow".

Rate of Return, ROR, Return %, ROI: All Return terms refer to the Modified Dietz return.

Relative Risk: Relative risk is simply the ratio of the standard deviation of the portfolio to the standard deviation of the risk index. The statistic reveals how much of the variation of the risk index is "shared" by the portfolio. A relative risk of 1.0 indicates that the portfolio has the same level of return variability as the risk index. A relative risk of less than 1.0 indicates that the portfolio has shown a lower dispersion of returns than the index. A relative risk in excess of 1.0 indicates that the portfolio returns have been more dispersed than those of the index.

Riskless Index: The theoretical rate of return of an investment with zero risk. The risk-free rate represents the interest an investor would expect from an absolutely risk-free investment over a specified period of time. The 3 month T-Bill is the usual index used for riskless.

R-Squared (R2): The diversification measure R2 indicates the percentage of volatility in portfolio returns which can be "explained" by market volatility. This statistic indicates the degree to which the observed values of one variable, such as the returns of a managed portfolio, can be explained by, or are associated with the values of another variable, such as a Market Index. It is especially helpful in assessing how likely it is that Alpha and Beta are statistically significant. The R2 values generally range from 0.0 to 1.0. An investment with an R2 of 1.0 is perfectly correlated with the market whereas an investment with an R2 of 0.0 will behave independently of the market. An R2 of 0.95, for example, implies that 95% of the fluctuations in a portfolio are explained by fluctuations in the market.

Sector Allocations: The percentage a manager has allocated to specific economic sectors.

Sharpe Ratio: The Sharpe Ratio indicates the excess return per unit of total risk as measured by Standard Deviation. It is a ratio of the arithmetic average of excess returns over the risk free rate to the Standard Deviation. The Sharpe Ratio is a measure of the premium earned for the risk incurred by the portfolio.

Sortino Ratio: The Sortino Ratio is a measure of reward per unit of risk. With Sortino, the numerator (i.e., reward) is defined as the incremental compounded average return over the minimum acceptable return (MAR). The denominator (i.e., risk) is defined as the downside deviation of the returns below the MAR. Since the downside deviation is the standard deviation of those returns which fail to exceed the MAR, the result of the Sortino Ratio is a measure of the average reward per unit of loss. As with Sharpe and Treynor, the Sortino Ratio only has value when it is used as the basis of comparison between portfolios. The higher the Sortino Ratio, the better.

Standard Deviation: A measure of the extent to which observations in a series vary from the arithmetic mean of the series. The Standard Deviation of a series of asset returns is a measure of volatility or risk of the asset.

Target Allocation: The Target Allocation is the allocation goal of the portfolio.

Tracking Error (Excess Standard Deviation): Tracking Error is a measure of how closely an investment's returns track the returns of the selected Market Index. It is the annualized Standard Deviation of the differences between the investment's and the associated index's returns. If an investment tracks its associated index closely, then Tracking Error will be low. If an investment tracks its associated index perfectly, then Tracking Error will be zero.

Treynor Ratio: The Treynor Ratio is defined as the ratio of the manager's excess geometrically annualized return over the portfolio Beta. Excess returns are computed versus the cash index.

Page 65 Up Market (Mkt) Capture Ratio: Up Market Capture Ratio is a measure of a product's performance in up markets relative to the market itself. An up market is one in which the market's return is greater than or equal to zero. The higher the investment's Up Market Capture Ratio, the better the investment capitalized on a rising market.

Upside Capture Return: The upside capture return is the cumulative performance of the portfolio in all periods during which the risk benchmark posted a positive return.

Upside Probability: The upside probability is the ratio of the number of periods during which the portfolio posted a positive return to the total number of periods under study. If, for example, during a 12 month span, the portfolio realized 7 months of positive returns, the upside probability would be equal to 7/12 or 58 percent. The sum of upside and downside probabilities must equal 1.0.

Upside Uncertainty: Upside uncertainty measures the variability of portfolio returns that exceed a minimum acceptable return (MAR). Risk, in this instance, is defined as the likelihood that the MAR will not be achieved. Since the statistic is defined as the variability of returns greater than the MAR, risk is not an issue. Thus, variability on the upside is referred to as uncertainty, not risk. The upside uncertainty is simply the standard deviation of those portfolio returns that exceed the MAR. The larger the upside uncertainty, the better.

Weighted Average: This is a calculation that looks at the average for the statistic for each security weighted by the allocation by market value for each security.

Weighted Flow: The net cash flows weighted for the duration of the month during which the money manager had access to the funds. It is used in the denominator of the Modified Dietz rate of return calculation.

Yield: Yield refers to the yield to maturity.

YTD: Year to Date.

Page 66 Index Definitions

10-Year U.S. Treasury Index: A debt obligation issued by the U.S. Treasury with a term of 10 years. Barclays Capital Global Aggregate X U.S.: An index consisting of all investment grade securities issued in different currencies and combining the Barclays Aggregate, Barclays Pan-European Aggregate and Barclays Global Treasury indexes. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities and U.S. dollar investment grade, 144A securities.

Barclays Capital Global Emerging Markets: Tracks total returns of external-currency-denominated debt instruments of the emerging markets: Brady bonds, loans, Eurobonds, and U.S. dollar-denominated local market instruments. The index covers five regions: Americas, Europe, Asia, Middle East and Africa.

Barclays Capital Muni Bond Index: A capitalization-weighted bond index created by Barclays intended to be a representative of major municipal bonds of all quality ratings.

Barclays Capital U.S. Aggregate Index: Covers the U.S. dollar-denominated, investment grade, fixed rate, taxable bond market segment of SEC-registered securities and includes bonds from the U.S. Treasury, government-related, corporate, mortgage- and asset-backed and commercial mortgage-backed securities.

Barclays Capital U.S. Aggregate Government: Composed of the Barclays U.S. Treasury Bond Index (all public obligations of the U.S. Treasury, excluding flower bonds and foreign-targeted issues) and the Agency Bond Index (all publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate debt guaranteed by the U.S. government).

Barclays Capital U.S. Aggregate High Yield: Covers the universe of fixed-rate, dollar-denominated, non-convertible, publicly issued, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded but Canadian bonds and SEC-registered global bonds of issuers in non-emerging countries are included. Original issue zeroes, step-up coupon structures and 144As are also included. Bonds must have at least one year to final maturity, at least $150 million par amount outstanding and be rated Ba1 or lower.

Barclays Capital U.S. Aggregate Investment Grade: Covers all publicly issued, fixed-rate, nonconvertible, investment grade corporate debt. Issues are rated at least Baa by Moody's Investors Service or BBB by Standard & Poor's. Total return comprises price appreciation / depreciation and income as a percentage of the original investment.

Barclays Capital U.S. Convertibles Composite: The Barclays Capital U.S. Convertible Bond Index represents the market of U.S. convertible bonds. Convertible bonds are bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer's preferred stock or common stock.

Barclays Capital U.S. Treasury - Bills (1-3 months): Is a market value-weighted index of investment-grade fixed-rate public obligations of the U.S. Treasury with maturities of three months, excluding zero coupon strips.

Cambridge U.S. Private Equity: Based on returns data compiled on funds representing more than 70% of the total dollars raised by U.S. leveraged buyout funds, subordinated debt and special situation managers between 1986-2008.

Cambridge U.S. Venture Capital Index: Based on returns data compiled for more than 75% of U.S., institutional venture capital assets between 1990-2008.

Dow Jones AIG Commodity Index: Composed of futures contracts on 20 physical commodities. It is composed of commodities traded on U.S. exchanges with the exception of nickel, aluminum and zinc. The Index relies primarily on liquidity data or the relative amount of trading activity to determine its weightings. All data used for both liquidity and production calculations are averaged for a five-year period.

HFRI Distressed & Restructuring: Equally weighted index of investment managers who employ an investment process focused on corporate fixed income instruments, primarily on corporate credit instruments of companies trading at significant discounts to their value at issuance or obliged (par value) at maturity as a result of either formal bankruptcy proceeding or financial market perception of near-term proceedings. Distressed strategies employ primarily debt (greater than 60%) but also may maintain related equity exposure.

HFRI Equity Hedge: Equally weighted index of investment managers who employ equity hedge strategies, maintaining both long and short positions primarily in equity and equity derivative securities. Equity hedge managers would typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities both long and short.

HFRI Event Driven: Equally weighted index of investment managers who maintain positions in companies currently or prospectively involved in corporate transactions of a wide variety including but not limited to mergers, restructurings, financial distress, tender offers, shareholder buybacks, debt exchanges, security issuance or other capital structure adjustments. Security types can range from most senior in the capital structure to most junior or subordinated, and frequently involve additional derivative securities.

HFRI Fund of Funds Index: Fund of funds invested with multiple managers through funds or managed accounts. The strategy accesses a diversified pool of managers with the objective of lowering the risk of investing in one single manager. The fund of funds manager has discretion in choosing which strategies and managers to invest in the fund.

HFRI Fund Weighted Composite: An equally weighted return of all funds net of fees in the HFRI monthly indexes. Fund strategies include, but are not limited to: convertible arbitrage, distressed securities, emerging markets, equity hedge, equity market neutral, statistical arbitrage, event driven, macro, market timing, merger and risk arbitrage, relative value, short selling and sector funds.

HFRI Macro: Equally weighted index of investment managers which trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches and long- and short-term holding periods. This report is provided for informational purposes only. The information shown was obtained from sources believed to be reliable, the accuracy of which cannot be guaranteed. Account statements provided by UBS or other financial institutions are the official record of your holdings, balances, transactions and security values and are not amended or superseded by any of the information presented in this report. Information is current as of the date shown. Past performance is no guarantee of future returns. See IMPORTANT INFORMATION at end of report for details. Page 67 HFRI Relative Value: Equally weighted index of investment managers who maintain positions in which the investment thesis is predicated on realization of a valuation discrepancy in the relationship between multiple securities. Managers employ a variety of fundamental and quantitative techniques to establish investment theses, and security types range broadly across equity, fixed income, derivative or other security types.

JP Morgan Global Ex-U.S. Bond Index: Consists of regularly traded, fixed-rate domestic government debt instruments from 12 international bond markets. Countries included are Austria, Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden and the United Kingdom.

MSCI AC World Index ex USA: Consists of approximately 2,000 securities across 47 markets, with emerging markets representing approximately 18%. MSCI attempts to capture approximately 85% of the market capitalization in each country.

MSCI EAFE Index (Europe, Australasia, Far East): A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of June 2007, the MSCI EAFE Index consisted of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

MSCI Emerging Markets Index: A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of November 2008, the MSCI Emerging Markets Index consisted of the following 24 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

MSCI Europe Index: A free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of the developed markets in Europe. As of June 2007, the MSCI Europe Index consisted of the following 16 developed market country indexes: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

MSCI Japan Index: A free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of Japan.

NAREIT Index: Benchmarks the performance of the REIT industry since its inception in 1972. It was designed to provide a comprehensive assessment of overall industry performance. Some REITs available from over-the-counter markets are not included due to the lack of real-time pricing.

NCREIF Property Index (NPI): A quarterly time series composite total rate of return measure of investment performance of a large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors - the great majority being pension funds. As such, all properties are held in a fiduciary environment.

Russell 1000® Index: Measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

Russell 1000® Growth Index: Measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Value Index: Measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

Russell 2000® Growth Index: Measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Value Index: Measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell Mid-Cap® Growth Index: Measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell mid-cap companies with higher price-to-book ratios and higher forecasted growth values.

Russell Mid-Cap® Value Index: Measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell mid-cap companies with lower price-to-book ratios and lower forecasted growth values.

S&P 500 Index: Covers 500 large cap industrial, utility, transportation, and financial companies of the US markets. The index represents about 75% of NYSE market capitalization and 30% of NYSE issues. It is a capitalization weighted index calculated on a total return basis with dividends reinvested.

TASS Index of CTAs: Is a dollar-weighted index based on historical managed futures performance of CTAs with established track records.

UBS Financial Services Inc. www.ubs.com/financialservicesinc 050707-1138

UBS Financial Services Inc. is a subsidiary of UBS AG. Page 69 Manager Status and Watch List 4Q13

Compliance with Criteria 1 Year 3/5 Year Cummulative Watch Manager Criteria Criteria Criteria List YES NO YES NO YES NO YES NO U.S. Equity Columbia NA NA NA NA TCW NA NA NA NA Barrow Hanley √√√ √ Atlanta Capital √√√ √ Invesco REIT √√√√ Fairpointe Capital √ NA NA NA Vaughan Nelson √ NA NA NA William Blair √ NA NA NA International Equity 1607 Capital Partners √√√ √ Fixed Income ING √√√ √ Ryan Labs √ NA NA NA Templeton Global Bond √ NA NA √ Dreyfus International √ NA NA √

ab Q4 2013 Gwinnett County Public Employees Retirement System

Downgraded Bonds 4Q13 ING INVESTMENTS Stated Date of Moody's Fitch Current Market Market Value Position Description Coupon Maturity CUSIP Downgrade Rating S&P Rating Rating Face (m) Price (m)

Still Holding from Q3 Chase Funding Loan Acquisition Trust 4.75 12/25/2019 161542CY9 9/26/2013 Baa1 A+ to BB+ AA 2,930,000

Watch List Commentary

NO DOWNGRADES IN Q4

Downgraded Bonds 4Q13 RYAN LABS Stated Date of Moody's Fitch Current Market Market Value Position Description Coupon Maturity CUSIP Downgrade Rating S&P Rating Rating Face (m) Price (m)

ADT Corp Sold 3.50 7/15/2022 Ba2 BB- BBB- Watch List Commentary

NO DOWNGRADES IN Q4 ab Gwinnett County Public Employees Retirement System Investment Management Fee Schedule Large Cap Growth Columbia Management 0.60% (60 basis points) on the first $25 million 0.45% (45 basis points) on the next $25 million 0.40% (40 basis points) on all assets over $50 million

TCW 0.60% on 25mm and > Large Cap Value Barrow Hanley 0.75% of First $10.0 Mil, 0.50% of Next $15.0 Mil, 0.25% of Next $175.0 Mil Mid Cap Core Fairpointe Capital 0.65 Flat Mid Cap Growth William Blair 0.90 of First $10.0 Mil, 0.75% of Next $20.0 Mil, 0.65% of Next $20.0 Mil, 0.60% of Next $50.0 Mil Mid Cap Value Vaughan Nelson 0.85% of First $10.0 Mil, 0.75% of Next $15.0 Mil, Small Cap Blend Atlanta Capital 0.80% of First $50.0 Mil, 0.50% of Next $50.0 Mil REITS Invesco Real Estate 0.75% of First $10.0 Mil, 0.70% of Next $10.0 Mil 0.65% Remainder Foreign Developed Blend 1607 Capital Partners 0.75% of First $100.0 Mil, 0.65% of Next $150.0 Mil, 0.50% on 250.0 Mil or > Fixed Income Taxable Intermediate ING Asset Management 0.30% of First $50.0 Mil, 0.25% of Next $50.0 Mil, 0.18% of Next $400.0 Mil

Ryan Labs 0.30% of First $10.0 Mil, 0.28% of Next $10,0 Mil, 0.25% of Next $15.0 Mil, 0.20% of Next $15.0 Mil, 0.145% of Next $50.0 Mil, 0.10% of Next $200.0 Mil Emerging Markets Templeton Global Bond 0.65% Expense Ratio

Dreyfus International 0.80% Expense Ratio Plan Participation – 2013

Plan 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Participation Participation Participation Participation

DB Plan 1,962 – 45% 1,921 – 44% 1,899 – 43% 1,846 – 42%

DC Plans 2,437 – 55% 2,470 – 56% 2,502 – 57% 2,510 – 58% Retiree Medical Savings Plan 596 580 556 551 Deferred Compensation 2,976 – 68% 3,008 – 69% 3,016 – 69% 3,090 – 71% Deferred Compensation - Roth 174 - 4% 216 – 5% 273 – 7% 297 – 7%

Deferred 1,364 - 74% 1,427 – 76% 1,487 – 76% 1518 – 81% Compensation Match

Total Participants 4,399 4,391 4,401 4,356 Retirees receiving DB pension 1,881 1,910 1,907 1,981

Retirements - DB 8 30 3 32

Retirements – DC 4 6 2 1

Deferred Vested 18 4 6 4 Retirees w/Health Insurance 1,207 1,223 1,215 1,540

Great West Education Participation - 2013

Activity 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Participation Participation Participation Participation Participation Group/Onsite Meetings 63 53 59 54 239 Seminars/Lunch & Learns 3 4 8 2 17 One on One Meetings 327 278 411 334 1,350

Deferred Vested Audit Project

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Total 976 980 984 1093 Number Completed 577 728 908 971 % Complete 59.12% 74.29% 92.28% 93.46%

Gwinnett County Public Employees Retirement System

UBS Institutional Consulting Group

Emerging Markets Search February 10, 2014 PERFORMANCE ANALYSIS TRAILING PERIODS ENDING DECEMBER 31, 2013 GROSS RETURNS

22 20 18 16 14 12 10 8 6

RATE OF RETURN 4 2 0 -2 -4

Latest Quarter 1 Year 3 Years 5 Years 7 Years 10 Years American Funds New World A** 4.01 10.01 4.18 15.09 5.35 10.99 Brandes Emerging Markets I** 2.78 5.04 0.54 20.77 6.89 12.57 Driehaus Emerging Markets Growth** 3.76 8.92 3.42 18.38 6.04 13.89 Oppenheimer Developing Markets A** 3.63 8.35 2.36 19.87 8.07 15.01 MSCI Emerging Markets Net 1.83 -2.60 -2.06 14.79 3.78 11.17

Page 1 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. PERFORMANCE ANALYSIS CALENDAR PERIODS ENDING DECEMBER 31, 2013 GROSS RETURNS

120

100

RATE OF RETURN 0

-20

-40

-60

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 American Funds New World A** -4.62 43.36 20.79 22.20 33.42 32.85 -46.32 52.21 17.32 -14.13 19.71 10.01 Brandes Emerging Markets I** -18.12 76.17 31.66 22.17 27.42 18.89 -47.80 113.82 18.24 -18.68 18.98 5.04 Driehaus Emerging Markets Growth** -7.61 65.50 24.12 38.95 41.22 42.36 -54.45 70.10 23.56 -15.01 19.51 8.92 Oppenheimer Developing Markets A** -1.60 65.24 33.00 41.23 25.19 33.86 -48.03 81.73 26.98 -18.10 20.85 8.35 MSCI Emerging Markets Net -6.17 55.82 25.55 34.00 32.17 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60

Page 2 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. QUARTILE RANKING ANALYSIS DIVERSIFIED EMERGING MKTS UNIVERSE TRAILING PERIODS ENDING DECEMBER 31, 2013

-10 0 10 20 30 40 50 60 70 80

RATE OF RETURN RANKING 90 100 110

Latest Quarter 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years HIGH (0.05) 6.61 13.47 18.78 4.18 19.54 6.38 13.28 FIRST QUARTILE 3.91 1.33 10.18 -0.37 15.32 4.32 11.17 MEDIAN 2.36 -1.62 7.86 -2.04 14.04 2.79 10.24 THIRD QUARTILE 1.35 -4.59 5.89 -3.20 12.86 1.91 9.40 LOW (0.95) -0.82 -7.73 2.81 -6.31 9.80 -0.57 7.62 MEAN 2.57 -0.73 8.44 -1.75 14.13 2.97 10.36 VALID COUNT 530 479 407 316 251 166 119 Latest Quarter 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK American Funds New World A** 4.01 22 10.01 5 14.76 6 4.18 1 15.09 28 5.35 7 10.99 29 Brandes Emerging Markets I** 2.78 43 5.04 12 11.79 16 0.54 19 20.77 1 6.89 1 12.57 5 Driehaus Emerging Markets Growth** 3.76 28 8.92 8 14.09 10 3.42 2 18.38 3 6.04 2 13.89 1 Oppenheimer Developing Markets A** 3.63 30 8.35 9 14.43 8 2.36 7 19.87 1 8.07 1 15.01 1 MSCI Emerging Markets Net 1.83 59 -2.60 56 7.31 56 -2.06 50 14.79 33 3.78 32 11.17 25

Page 3 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. QUARTILE RANKING ANALYSIS DIVERSIFIED EMERGING MKTS UNIVERSE CALENDAR PERIODS ENDING DECEMBER 31, 2013

-10 0 10 20 30 40 50 60 70 80

RATE OF RETURN RANKING 90 100 110

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 HIGH (0.05) 2.95 72.80 35.21 41.40 42.32 46.70 -46.04 103.30 27.82 -12.02 27.86 13.47 FIRST QUARTILE -2.31 58.19 27.04 36.31 34.89 40.78 -50.70 77.68 21.33 -17.65 20.49 1.33 MEDIAN -5.40 54.73 24.96 33.71 32.01 37.04 -54.21 72.85 18.43 -19.02 18.89 -1.62 THIRD QUARTILE -8.71 51.38 20.75 28.32 29.36 33.27 -56.39 67.38 17.22 -21.83 16.36 -4.59 LOW (0.95) -18.37 42.83 17.02 21.72 26.13 27.24 -61.60 50.92 12.13 -26.58 10.34 -7.73 MEAN -5.56 55.75 24.60 32.57 32.23 36.96 -53.62 72.72 19.45 -19.60 18.64 -0.73 VALID COUNT 99 114 119 126 140 166 185 251 269 316 407 479 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK American Funds New World A** -4.62 42 43.36 95 20.79 73 22.20 96 33.42 35 32.85 78 -46.32 3 52.21 96 17.32 73 -14.13 4 19.71 39 10.01 5 Brandes Emerging Markets I** -18.12 98 76.17 1 31.66 7 22.17 97 27.42 90 18.89 99 -47.80 13 113.82 1 18.24 55 -18.68 43 18.98 48 5.04 12 Driehaus Emerging Markets Growth** -7.61 68 65.50 10 24.12 57 38.95 14 41.22 1 42.36 13 -54.45 52 70.10 61 23.56 14 -15.01 9 19.51 42 8.92 8 Oppenheimer Developing Markets A** -1.60 19 65.24 11 33.00 2 41.23 2 25.19 99 33.86 71 -48.03 16 81.73 17 26.98 4 -18.10 33 20.85 21 8.35 9 MSCI Emerging Markets Net -6.17 54 55.82 43 25.55 42 34.00 46 32.17 49 39.39 33 -53.33 43 78.51 21 18.88 45 -18.42 37 18.22 59 -2.60 56

Page 4 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. TOTAL RISK REWARD ANALYSIS 3 YEAR PERIOD ENDING DECEMBER 31, 2013 GROSS RETURNS

More Return More Return 5 Less Risk More Risk

0 RATE OF RETURN

-1

-2 MSCI Emerging Markets Net Less Return Less Return Less Risk More Risk -3 16 17 18 19 20 STANDARD DEVIATION

ROR Std Dev Pop Alpha Beta R-Squared American Funds New World A** 4.18 15.56 5.75 0.84 0.97 Brandes Emerging Markets I** 0.54 19.62 2.92 1.05 0.97 Driehaus Emerging Markets Growth** 3.42 15.58 4.97 0.83 0.95 Oppenheimer Developing Markets A** 2.36 16.75 4.12 0.90 0.96 MSCI Emerging Markets Net -2.06 18.32 0.00 1.00 1.00

RISK BENCHMARK USED FOR THIS ANALYSIS: MSCI EMERGING MARKETS NET Page 5 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. TOTAL RISK REWARD ANALYSIS 5 YEAR PERIOD ENDING DECEMBER 31, 2013 GROSS RETURNS

More Return More Return Less Risk More Risk 21

17 RATE OF RETURN 16

15 MSCI Emerging Markets Net Less Return Less Return 14 Less Risk More Risk 23 28 STANDARD DEVIATION

ROR Std Dev Pop Alpha Beta R-Squared American Funds New World A** 15.09 19.47 2.69 0.80 0.96 Brandes Emerging Markets I** 20.77 28.44 3.51 1.17 0.96 Driehaus Emerging Markets Growth** 18.38 21.64 4.56 0.89 0.96 Oppenheimer Developing Markets A** 19.87 23.80 4.66 0.99 0.98 MSCI Emerging Markets Net 14.79 23.79 0.00 1.00 1.00

RISK BENCHMARK USED FOR THIS ANALYSIS: MSCI EMERGING MARKETS NET Page 6 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. TOTAL RISK REWARD ANALYSIS 7 YEAR PERIOD ENDING DECEMBER 31, 2013

More Return More Return Less Risk More Risk 8

RATE OF RETURN 5

Less Return MSCI Emerging Markets Net Less Return Less Risk More Risk

22 23 24 25 26 27 28 29 30 STANDARD DEVIATION

ROR Std Dev Pop Alpha Beta R-Squared American Funds New World A** 5.35 22.65 1.60 0.82 0.97 Brandes Emerging Markets I** 6.89 29.36 3.23 1.02 0.88 Driehaus Emerging Markets Growth** 6.04 26.11 2.29 0.95 0.97 Oppenheimer Developing Markets A** 8.07 26.06 4.10 0.95 0.97 MSCI Emerging Markets Net 3.78 27.10 0.00 1.00 1.00

RISK BENCHMARK USED FOR THIS ANALYSIS: MSCI EMERGING MARKETS NET Page 7 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. UPSIDE VS. DOWNSIDE MARKET CAPTURE ANALYSIS 3 YEAR PERIOD ENDING DECEMBER 31, 2013

Outperforms in Underperforms in Neg. Qtrs. Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs. 125

100 MSCI Emerging Markets Net

25 UPSIDE CAPTURE RATIO

90 Day U.S. Treasury Bill 0

Underperforms in Pos. Qtrs. Underperforms in Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs.

-25 0 25 50 75 100 125 DOWNSIDE CAPTURE RATIO

Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared American Funds New World A** 25.99 101.67 -20.16 65.35 0.97 Brandes Emerging Markets I** 29.21 114.26 -29.23 94.79 0.97 Driehaus Emerging Markets Growth** 24.79 96.98 -20.49 66.44 0.95 Oppenheimer Developing Markets A** 25.84 101.07 -23.34 75.67 0.96 MSCI Emerging Markets Net 25.56 100.00 -30.84 100.00 1.00

RISK BENCHMARK USED FOR THIS ANALYSIS: MSCI EMERGING MARKETS NET Page 8 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. UPSIDE VS. DOWNSIDE MARKET CAPTURE ANALYSIS 5 YEAR PERIOD ENDING DECEMBER 31, 2013

Outperforms in Underperforms in Neg. Qtrs. Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs.

125

100 MSCI Emerging Markets Net

25 UPSIDE CAPTURE RATIO

90 Day U.S. Treasury Bill 0

Underperforms in Pos. Qtrs. Underperforms in Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs.

-25 0 25 50 75 100 125 DOWNSIDE CAPTURE RATIO

Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared American Funds New World A** 35.59 83.86 -21.49 70.18 0.96 Brandes Emerging Markets I** 51.91 122.32 -29.28 95.64 0.96 Driehaus Emerging Markets Growth** 40.75 96.02 -20.95 68.41 0.96 Oppenheimer Developing Markets A** 45.12 106.31 -23.26 75.97 0.98 MSCI Emerging Markets Net 42.44 100.00 -30.62 100.00 1.00

RISK BENCHMARK USED FOR THIS ANALYSIS: MSCI EMERGING MARKETS NET Page 9 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. UPSIDE VS. DOWNSIDE MARKET CAPTURE ANALYSIS 7 YEAR PERIOD ENDING DECEMBER 31, 2013

128 Outperforms in Underperforms in Neg. Qtrs. Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs.

103 MSCI Emerging Markets Net

28 UPSIDE CAPTURE RATIO

3 90 Day U.S. Treasury Bill

Underperforms in Pos. Qtrs. Underperforms in Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs. -22 -26 -1 24 49 74 99 124 DOWNSIDE CAPTURE RATIO

Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared American Funds New World A** 34.98 83.76 -32.57 79.82 0.97 Brandes Emerging Markets I** 43.86 105.04 -37.37 91.61 0.88 Driehaus Emerging Markets Growth** 41.11 98.44 -36.59 89.70 0.97 Oppenheimer Developing Markets A** 42.54 101.87 -34.34 84.17 0.97 MSCI Emerging Markets Net 41.76 100.00 -40.80 100.00 1.00

RISK BENCHMARK USED FOR THIS ANALYSIS: MSCI EMERGING MARKETS NET Page 10 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. MULTI-STATISTIC QUARTILE RANKING BAR DIVERSIFIED EMERGING MKTS UNIVERSE DECEMBER 31, 2010 TO DECEMBER 31, 2013

10 1.1 7 13 -2

6 14 -1 0.7 5 1.5 0 5 15 4 1.0 0.8 1 3 16 2 0 2 17 0.9 0.5 1 3 0.9 18 0 4 1.0 -5 -1 19 5

-2 20 1.1 6 -0.5 0.8 -3 -10 21 7 1.2 -4 22 -5 8

-15 1.3 -6 23 9 -1.5

ROR R-Squared Beta Alpha Std Dev Pop Tracking Error Pop Info Ratio Pop HIGH (0.95) 4.18 0.99 0.79 5.75 14.58 1.64 1.23 FIRST QUART -0.37 0.98 0.95 1.80 17.88 2.85 0.45 MEDIAN -2.04 0.97 1.00 0.02 18.66 3.60 0.01 THIRD QUART -3.20 0.95 1.04 -1.06 19.38 5.01 -0.41 LOW (0.05) -6.31 0.84 1.17 -4.06 21.95 7.88 -1.42 MEAN -1.75 0.96 0.99 0.38 18.51 3.94 -0.00 VALID COUNT 316 316 316 316 316 316 316 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK American Funds New World 4.18 1 0.97 44 0.84 9 5.75 1 15.56 6 4.00 62 1.56 1 Brandes Emerging Markets I** 0.54 19 0.97 55 1.05 81 2.92 14 19.62 80 3.60 50 0.72 10 Driehaus Emerging Markets 3.42 2 0.95 80 0.83 6 4.97 3 15.58 8 4.82 74 1.14 1 Oppenheimer Developing Ma 2.36 7 0.96 69 0.90 18 4.12 8 16.75 15 3.86 56 1.15 1 MSCI Emerging Markets Net -2.06 50 1.00 1 1.00 50 0.00 50 18.32 38 0.00 1 0.00 50 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION.

Page 11 MULTI-STATISTIC QUARTILE RANKING BAR DIVERSIFIED EMERGING MKTS UNIVERSE DECEMBER 31, 2008 TO DECEMBER 31, 2013

30 1.1 6 10 -10 1.5

5 0.7 25 4 -5 15 1.0 0.8 3

20 2 0 0.5 0.9 1 20

15 0.9 1.0 0 5

-1 25 1.1 10 -2 10 -0.5

0.8 1.2 -3 30 5 -4 15 1.3 -5

0 1.4 -6 35 20 -1.5

ROR R-Squared Beta Alpha Std Dev Pop Tracking Error Pop Info Ratio Pop HIGH (0.95) 19.54 0.99 0.74 4.04 19.44 2.47 0.76 FIRST QUART 15.32 0.99 0.96 1.18 22.95 3.37 0.09 MEDIAN 14.04 0.98 0.99 -0.77 23.87 3.85 -0.16 THIRD QUART 12.86 0.96 1.04 -1.87 25.05 5.91 -0.57 LOW (0.05) 9.80 0.87 1.22 -4.18 29.65 11.18 -1.12 MEAN 14.13 0.97 0.99 -0.37 24.05 4.62 -0.21 VALID COUNT 251 251 251 251 251 251 251 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK American Funds New World 15.09 28 0.96 72 0.80 6 2.69 11 19.47 2 5.93 78 0.05 29 Brandes Emerging Markets I** 20.77 1 0.96 84 1.17 95 3.51 4 28.44 96 7.23 91 0.83 1 Driehaus Emerging Markets 18.38 3 0.96 76 0.89 12 4.56 1 21.64 10 4.86 62 0.74 1 Oppenheimer Developing Ma 19.87 1 0.98 41 0.99 46 4.66 1 23.80 46 3.53 33 1.44 1 MSCI Emerging Markets Net 14.79 33 1.00 1 1.00 57 0.00 38 23.79 44 0.00 1 0.00 33 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION.

Page 12 MULTI-STATISTIC QUARTILE RANKING BAR DIVERSIFIED EMERGING MKTS UNIVERSE DECEMBER 31, 2006 TO DECEMBER 31, 2013

10 1.1 6 15 -10 1.0

9 5

8 0.8 4 -5 20 7 1.0 3 6 0.9 0 2 5 25 1 4 0.9 1.0 5 0.0 0 3 30 -1 2 1.1 10 -2 1 0.8 35 0 1.2 -3 15

-1 -4

-2 1.3 -5 40 20 -1.0

ROR R-Squared Beta Alpha Std Dev Pop Tracking Error Pop Info Ratio Pop HIGH (0.95) 6.38 0.99 0.82 2.69 22.63 2.90 0.36 FIRST QUART 4.32 0.98 0.95 0.68 26.11 3.58 0.10 MEDIAN 2.79 0.98 1.00 -0.90 27.07 4.39 -0.27 THIRD QUART 1.91 0.97 1.04 -1.64 28.57 5.38 -0.47 LOW (0.05) -0.57 0.88 1.19 -3.94 33.27 10.72 -0.98 MEAN 2.97 0.98 1.00 -0.63 27.32 4.71 -0.22 VALID COUNT 166 166 166 166 166 166 166 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK American Funds New World 5.35 7 0.97 85 0.82 3 1.60 8 22.65 2 6.32 87 0.25 12 Brandes Emerging Markets I** 6.89 1 0.88 99 1.02 61 3.23 1 29.36 88 10.03 99 0.31 4 Driehaus Emerging Markets 6.04 2 0.97 78 0.95 22 2.29 2 26.11 25 4.78 65 0.47 1 Oppenheimer Developing Ma 8.07 1 0.97 70 0.95 22 4.10 1 26.06 21 4.68 60 0.92 1 MSCI Emerging Markets Net 3.78 32 1.00 1 1.00 52 0.00 34 27.10 51 0.00 1 0.00 32 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION.

Page 13 Emerging Markets

Jan-09 - Dec-13

MSCI EM LCV MSCI EM LC MSCI EM LCG 1

MSCI EM MCV MSCI EM MC MSCI EM MCG 0

-1 MSCI EM SCV MSCI EM SC MSCI EM SCG

-1 0 1

MSCI Emerging markets Oppenheimer Developing Markets A American Funds New World A Brandes Emerging Markets I Driehaus Emerging Markets Growth MSCI EM (Emerging Markets) ND USD Page 14

Created with mpi Stylus (Data: Morningstar®) Emerging Markets

Jan-09 - Dec-13

MSCI EM LCV MSCI EM LC MSCI EM LCG 1

MSCI EM MCV MSCI EM MC MSCI EM MCG 0

-1 MSCI EM SCV MSCI EM SC MSCI EM SCG

-2 -1 0 1

MSCI Emerging markets Oppenheimer Developing Markets A American Funds New World A Brandes Emerging Markets I Driehaus Emerging Markets Growth MSCI EM (Emerging Markets) ND USD Page 15

Created with mpi Stylus (Data: Morningstar®) PERFORMANCE ANALYSIS TRAILING PERIODS ENDING DECEMBER 31, 2013 GROSS RETURNS

RATE OF RETURN 4

-4

Latest Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Gwinnett BA 3.40 7.49 2.35 18.17 6.32 11.94 Gwinnett BO 3.20 6.68 1.45 20.39 7.55 13.87 Gwinnett DA 3.89 9.46 3.81 16.77 5.80 12.53 Gwinnett DB 3.28 6.97 1.98 19.69 6.61 13.39 Gwinnett DBA 3.52 7.97 2.71 18.25 6.29 12.67 Gwinnett DBO 3.40 7.43 2.11 19.76 7.12 13.96 Gwinnett DO 3.70 8.64 2.90 19.14 7.11 14.52 MSCI Emerging Markets Net 1.83 -2.60 -2.06 14.79 3.78 11.17

Page 1 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. PERFORMANCE ANALYSIS CALENDAR PERIODS ENDING DECEMBER 31, 2012 GROSS RETURNS

100

0 RATE OF RETURN -20

-40

-60

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Gwinnett BA -0.88 -11.37 60.18 26.21 22.19 30.42 25.76 -47.02 82.53 17.76 -16.44 19.37 Gwinnett BO -1.71 -9.81 70.83 32.33 31.73 26.29 26.28 -47.89 97.71 22.51 -18.39 19.94 Gwinnett DA -2.93 -6.13 54.33 22.45 30.54 37.35 37.66 -50.36 61.15 20.43 -14.57 19.63 Gwinnett DB 0.17 -12.67 71.02 27.93 30.57 34.39 30.52 -51.18 91.66 20.83 -16.86 19.25 Gwinnett DBA -1.21 -10.03 61.91 25.53 27.77 34.07 31.30 -49.52 78.36 19.66 -15.96 19.42 Gwinnett DBO -1.78 -9.01 69.10 29.62 34.14 31.29 31.63 -50.09 88.36 22.85 -17.27 19.80 Gwinnett DO -3.82 -4.62 65.35 28.58 40.09 33.17 38.14 -51.20 75.86 25.27 -16.57 20.19 MSCI Emerging Markets Net -2.61 -6.17 55.82 25.55 34.00 32.17 39.39 -53.33 78.51 18.88 -18.42 18.22

-10 0 10 20 30 40 50 60 70 80 90

RATE OF RETURN RANKING 100 110

Latest Quarter 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years HIGH (0.05) 6.61 13.47 18.78 4.18 19.54 6.38 13.28 FIRST QUARTILE 3.91 1.33 10.18 -0.37 15.32 4.32 11.17 MEDIAN 2.36 -1.62 7.86 -2.04 14.04 2.79 10.24 THIRD QUARTILE 1.35 -4.59 5.89 -3.20 12.86 1.91 9.40 LOW (0.95) -0.82 -7.73 2.81 -6.31 9.80 -0.57 7.62 MEAN 2.57 -0.73 8.44 -1.75 14.13 2.97 10.36 VALID COUNT 530 479 407 316 251 166 119 Latest Quarter 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK Gwinnett BA 3.40 34 7.49 11 13.28 13 2.35 7 18.17 4 6.32 1 11.94 11 Gwinnett BO 3.20 37 6.68 11 13.11 14 1.45 12 20.39 1 7.55 1 13.87 1 Gwinnett DA 3.89 25 9.46 6 14.43 8 3.81 1 16.77 7 5.80 2 12.53 6 Gwinnett DB 3.28 35 6.97 11 12.94 14 1.98 9 19.69 1 6.61 1 13.39 1 Gwinnett DBA 3.52 30 7.97 10 13.55 13 2.71 5 18.25 4 6.29 1 12.67 5 Gwinnett DBO 3.40 34 7.43 11 13.44 13 2.11 8 19.76 1 7.12 1 13.96 1 Gwinnett DO 3.70 29 8.64 9 14.27 8 2.90 5 19.14 1 7.11 1 14.52 1 MSCI Emerging Markets Net 1.83 59 -2.60 56 7.31 56 -2.06 50 14.79 33 3.78 32 11.17 25

-10 0 10 20 30 40 50 60 70 80 90

RATE OF RETURN RANKING 100 110

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 HIGH (0.05) 7.70 2.95 72.80 35.21 41.40 42.32 46.70 -46.04 103.30 27.82 -12.02 27.86 FIRST QUARTILE -0.11 -2.31 58.19 27.04 36.31 34.89 40.78 -50.70 77.68 21.33 -17.65 20.49 MEDIAN -2.88 -5.40 54.73 24.96 33.71 32.01 37.04 -54.21 72.85 18.43 -19.02 18.89 THIRD QUARTILE -5.43 -8.71 51.38 20.75 28.32 29.36 33.27 -56.39 67.38 17.22 -21.83 16.36 LOW (0.95) -8.96 -18.37 42.83 17.02 21.72 26.13 27.24 -61.60 50.92 12.13 -26.58 10.34 MEAN -2.52 -5.56 55.75 24.60 32.57 32.23 36.96 -53.62 72.72 19.45 -19.60 18.64 VALID COUNT 86 99 114 119 126 140 166 185 251 269 316 407 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK Gwinnett BA -0.88 32 -11.37 92 60.18 21 26.21 36 22.19 96 30.42 61 25.76 99 -47.02 9 82.53 15 17.76 62 -16.44 14 19.37 43 Gwinnett BO -1.71 34 -9.81 86 70.83 1 32.33 4 31.73 56 26.29 97 26.28 99 -47.89 14 97.71 2 22.51 18 -18.39 36 19.94 35 Gwinnett DA -2.93 50 -6.13 53 54.33 53 22.45 63 30.54 62 37.35 12 37.66 46 -50.36 23 61.15 87 20.43 32 -14.57 6 19.63 40 Gwinnett DB 0.17 22 -12.67 92 71.02 1 27.93 15 30.57 62 34.39 28 30.52 89 -51.18 28 91.66 4 20.83 27 -16.86 17 19.25 44 Gwinnett DBA -1.21 34 -10.03 88 61.91 21 25.53 43 27.77 80 34.07 30 31.30 89 -49.52 20 78.36 22 19.66 39 -15.96 13 19.42 42 Gwinnett DBO -1.78 34 -9.01 77 69.10 6 29.62 14 34.14 46 31.29 55 31.63 89 -50.09 22 88.36 6 22.85 17 -17.27 22 19.80 38 Gwinnett DO -3.82 60 -4.62 42 65.35 10 28.58 15 40.09 7 33.17 40 38.14 40 -51.20 28 75.86 36 25.27 9 -16.57 15 20.19 29 MSCI Emerging Markets Net -2.61 47 -6.17 54 55.82 43 25.55 42 34.00 46 32.17 49 39.39 33 -53.33 43 78.51 21 18.88 45 -18.42 37 18.22 59

Page 4 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. TOTAL RISK REWARD

DECEMBER 31, 2010 TO DECEMBER 31, 2013

More Return More Return Less Risk More Risk 4

0 RATE OF RETURN -1

-2 MSCI Emerging Markets Net Less Return Less Return Less Risk More Risk -3 14 15 16 17 18 19 20 STANDARD DEVIATION

ROR Std Dev Pop Alpha Beta R-Squared Gwinnett BA 2.35 16.78 4.04 0.86 0.95 Gwinnett BO 1.45 17.86 3.33 0.91 0.94 Gwinnett DA 3.81 15.84 5.35 0.80 0.93 Gwinnett DB 1.98 17.42 3.79 0.89 0.94 Gwinnett DBA 2.71 16.61 4.38 0.85 0.95 Gwinnett DBO 2.11 17.29 3.90 0.88 0.94 Gwinnett DO 2.90 16.82 4.60 0.85 0.93 MSCI Emerging Markets Net -2.06 19.04 0.00 1.00 1.00

DECEMBER 31, 2008 TO DECEMBER 31, 2013

More Return More Return 21 Less Risk More Risk

RATE OF RETURN 16

15 MSCI Emerging Markets Net Less Return Less Return 14 Less Risk More Risk 17 18 19 20 21 22 23 24 STANDARD DEVIATION

ROR Std Dev Pop Alpha Beta R-Squared Gwinnett BA 18.17 20.46 4.40 0.89 0.95 Gwinnett BO 20.39 22.53 5.23 0.98 0.96 Gwinnett DA 16.77 19.17 3.85 0.83 0.95 Gwinnett DB 19.69 22.09 4.87 0.96 0.95 Gwinnett DBA 18.25 20.48 4.38 0.90 0.96 Gwinnett DBO 19.76 21.85 4.95 0.96 0.96 Gwinnett DO 19.14 21.22 4.77 0.93 0.96 MSCI Emerging Markets Net 14.79 22.40 0.00 1.00 1.00

DECEMBER 31, 2006 TO DECEMBER 31, 2013

9 More Return More Return Less Risk More Risk

RATE OF RETURN 4 MSCI Emerging Markets Net 3 Less Return Less Return Less Risk More Risk 2 20 21 22 23 24 25 26 27 STANDARD DEVIATION

ROR Std Dev Pop Alpha Beta R-Squared Gwinnett BA 6.32 22.70 2.62 0.85 0.94 Gwinnett BO 7.55 24.47 3.78 0.92 0.94 Gwinnett DA 5.80 22.22 2.04 0.84 0.96 Gwinnett DB 6.61 24.29 2.84 0.92 0.95 Gwinnett DBA 6.29 22.93 2.51 0.87 0.96 Gwinnett DBO 7.12 24.09 3.28 0.92 0.96 Gwinnett DO 7.11 23.92 3.25 0.91 0.97 MSCI Emerging Markets Net 3.78 25.81 0.00 1.00 1.00

Outperforms in Underperforms in Neg. Qtrs. 125 Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs.

100 MSCI Emerging Markets Net

25 UPSIDE CAPTURE RATIO 90 Day U.S. Treasury Bill 0

Underperforms in Pos. Qtrs. Underperforms in Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs.

-25 0 25 50 75 100 125 DOWNSIDE CAPTURE RATIO

Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared Gwinnett BA 27.63 108.07 -24.85 80.59 0.98 Gwinnett BO 27.55 107.76 -26.36 85.48 0.97 Gwinnett DA 25.39 99.31 -20.31 65.86 0.97 Gwinnett DB 26.96 105.47 -24.96 80.93 0.97 Gwinnett DBA 26.66 104.28 -23.40 75.88 0.98 Gwinnett DBO 26.59 104.03 -24.42 79.18 0.98 Gwinnett DO 25.29 98.91 -21.89 70.97 0.97 MSCI Emerging Markets Net 25.56 100.00 -30.84 100.00 1.00

Outperforms in Underperforms in Neg. Qtrs. Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs. 125

100 MSCI Emerging Markets Net

25 UPSIDE CAPTURE RATIO 90 Day U.S. Treasury Bill 0 Underperforms in Pos. Qtrs. Underperforms in Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs.

-25 0 25 50 75 100 125 DOWNSIDE CAPTURE RATIO

Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared Gwinnett BA 44.02 103.72 -25.51 83.31 0.98 Gwinnett BO 48.62 114.56 -26.36 86.08 0.98 Gwinnett DA 38.21 90.04 -21.21 69.26 0.97 Gwinnett DB 46.41 109.36 -25.22 82.35 0.97 Gwinnett DBA 42.93 101.15 -24.00 78.39 0.98 Gwinnett DBO 46.00 108.39 -24.57 80.24 0.98 Gwinnett DO 42.91 101.11 -22.08 72.11 0.98 MSCI Emerging Markets Net 42.44 100.00 -30.62 100.00 1.00

128 Outperforms in Underperforms in Neg. Qtrs. Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs.

103 MSCI Emerging Markets Net

28 UPSIDE CAPTURE RATIO 3 90 Day U.S. Treasury Bill

Underperforms in Pos. Qtrs. Underperforms in Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs. -22 -26 -1 24 49 74 99 124 DOWNSIDE CAPTURE RATIO

Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared Gwinnett BA 39.74 95.18 -35.00 85.80 0.95 Gwinnett BO 43.34 103.79 -35.87 87.93 0.94 Gwinnett DA 38.09 91.22 -34.50 84.57 0.98 Gwinnett DB 42.72 102.31 -36.94 90.56 0.96 Gwinnett DBA 40.26 96.41 -35.47 86.95 0.98 Gwinnett DBO 42.68 102.21 -36.06 88.38 0.97 Gwinnett DO 41.84 100.20 -35.38 86.73 0.99 MSCI Emerging Markets Net 41.76 100.00 -40.80 100.00 1.00

10 1.1 7 13 -2

6 14 -1 0.7 5 1.5 5 15 0 4 1.0 0.8 1 3 16 2 0 2 17 0.9 0.5 1 3 0.9 18 0 4 1.0 -5 -1 19 5 -2 20 1.1 6 -0.5 0.8 -3 -10 21 7 1.2 -4 22 -5 8

-15 1.3 -6 23 9 -1.5

ROR R-Squared Beta Alpha Std Dev Pop Tracking Error Pop Info Ratio Pop HIGH (0.95) 4.18 0.99 0.79 5.75 14.58 1.64 1.23 FIRST QUART -0.37 0.98 0.95 1.80 17.88 2.85 0.45 MEDIAN -2.04 0.97 1.00 0.02 18.66 3.60 0.01 THIRD QUART -3.20 0.95 1.04 -1.06 19.38 5.01 -0.41 LOW (0.05) -6.31 0.84 1.17 -4.06 21.95 7.88 -1.42 MEAN -1.75 0.96 0.99 0.38 18.51 3.94 -0.00 VALID COUNT 316 316 316 316 316 316 316 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK Gwinnett BA 2.35 7 0.98 25 0.95 25 4.30 7 17.52 22 2.68 19 1.65 1 Gwinnett BO 1.45 12 0.97 36 0.98 35 3.50 12 18.11 34 2.90 27 1.21 1 Gwinnett DA 3.81 1 0.97 53 0.83 7 5.35 2 15.48 3 4.10 65 1.43 1 Gwinnett DB 1.98 9 0.97 45 0.94 22 3.91 9 17.49 22 3.18 35 1.27 1 Gwinnett DBA 2.71 5 0.98 30 0.91 19 4.51 6 16.80 17 3.06 33 1.56 1 Gwinnett DBO 2.11 8 0.98 31 0.93 21 3.97 8 17.16 22 2.94 30 1.42 1 Gwinnett DO 2.90 5 0.97 41 0.86 14 4.53 6 15.99 12 3.71 52 1.34 1 MSCI Emerging Markets Net -2.06 50 1.00 1 1.00 50 0.00 50 18.32 38 0.00 1 0.00 50 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION.

Page 11 MULTI-STATISTIC QUARTILE RANKING BAR DIVERSIFIED EMERGING MKTS UNIVERSE DECEMBER 31, 2008 TO DECEMBER 31, 2013

30 1.1 6 10 -10

5 0.7 1.5 25 4 -5 15 1.0 0.8 3

20 2 0 0.9 20 1 0.5

15 0.9 1.0 0 5

-1 25 1.1 10 -2 10 -0.5 0.8 1.2 -3 30 5 -4 15 1.3 -5

0 1.4 -6 35 20 -1.5

ROR R-Squared Beta Alpha Std Dev Pop Tracking Error Pop Info Ratio Pop HIGH (0.95) 19.54 0.99 0.74 4.04 19.44 2.47 0.76 FIRST QUART 15.32 0.99 0.96 1.18 22.95 3.37 0.09 MEDIAN 14.04 0.98 0.99 -0.77 23.87 3.85 -0.16 THIRD QUART 12.86 0.96 1.04 -1.87 25.05 5.91 -0.57 LOW (0.05) 9.80 0.87 1.22 -4.18 29.65 11.18 -1.12 MEAN 14.13 0.97 0.99 -0.37 24.05 4.62 -0.21 VALID COUNT 251 251 251 251 251 251 251 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK Gwinnett BA 18.17 4 0.98 41 0.99 51 3.15 5 23.87 51 3.56 35 0.95 1 Gwinnett BO 20.39 1 0.98 36 1.08 87 4.07 1 25.98 87 4.23 57 1.32 1 Gwinnett DA 16.77 7 0.97 62 0.85 9 3.63 3 20.49 6 5.00 67 0.40 9 Gwinnett DB 19.69 1 0.97 56 1.03 69 4.02 1 24.91 69 4.13 56 1.18 1 Gwinnett DBA 18.25 4 0.98 33 0.96 32 3.60 3 23.05 28 3.41 28 1.02 1 Gwinnett DBO 19.76 1 0.98 29 1.02 63 4.22 1 24.45 62 3.27 22 1.52 1 Gwinnett DO 19.14 1 0.98 31 0.94 20 4.60 1 22.60 16 3.42 28 1.27 1 MSCI Emerging Markets Net 14.79 33 1.00 1 1.00 57 0.00 38 23.79 44 0.00 1 0.00 33 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION.

Page 12 MULTI-STATISTIC QUARTILE RANKING BAR DIVERSIFIED EMERGING MKTS UNIVERSE DECEMBER 31, 2006 TO DECEMBER 31, 2013

9 1.1 5 15 -10

8 4 0.8 -5 7 3 20 1.0 1.0 6 2 0.9 0 5 1 25 4 0.9 1.0 0 5 3 -1 30 0.0 2 1.1 10 -2 1 0.8 -3 35 0 1.2 15

-1 -4

-2 1.3 -5 40 20 -1.0

ROR R-Squared Beta Alpha Std Dev Pop Tracking Error Pop Info Ratio Pop HIGH (0.95) 6.38 0.99 0.82 2.69 22.63 2.90 0.36 FIRST QUART 4.32 0.98 0.95 0.68 26.11 3.58 0.10 MEDIAN 2.79 0.98 1.00 -0.90 27.07 4.39 -0.27 THIRD QUART 1.91 0.97 1.04 -1.64 28.57 5.38 -0.47 LOW (0.05) -0.57 0.88 1.19 -3.94 33.27 10.72 -0.98 MEAN 2.97 0.98 1.00 -0.63 27.32 4.71 -0.22 VALID COUNT 166 166 166 166 166 166 166 VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK Gwinnett BA 6.32 1 0.95 94 0.93 14 2.46 1 25.64 14 5.88 83 0.43 1 Gwinnett BO 7.55 1 0.94 94 0.99 40 3.64 1 27.43 54 6.48 92 0.58 1 Gwinnett DA 5.80 2 0.98 50 0.89 10 1.98 2 24.25 9 4.65 58 0.43 1 Gwinnett DB 6.61 1 0.96 89 0.99 42 2.72 1 27.20 51 5.13 73 0.55 1 Gwinnett DBA 6.29 1 0.98 51 0.93 14 2.39 1 25.56 14 4.27 48 0.59 1 Gwinnett DBO 7.12 1 0.97 59 0.97 37 3.17 1 26.71 35 4.34 49 0.77 1 Gwinnett DO 7.11 1 0.99 16 0.95 23 3.18 1 25.86 16 3.27 11 1.02 1 MSCI Emerging Markets Net 3.78 32 1.00 1 1.00 52 0.00 34 27.10 51 0.00 1 0.00 32 ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION.

Page 13 Important Information about this Report This report includes presentations of managers’ performance on a gross fee basis. results are generally net of commissions on securities transactions but do not reflect Since the effects of management fees reduce performance, this report is intended the deduction of the investment manager’s fee or UBS Financial Services’ fee. The only for one-on-one presentations to institutional and high net worth individuals payment of these fees and expenses will reduce your return. The net effect of the who understand how the payment of fees, compounded over time, will reduce deduction of fees on annualized performance, including the compounded effect over performance results and have indicated such accreditation in the MEPS time, is determined by the relative size of the fee and the account’s investment questionnaire. performance. For example, for an account with a 2.8% annual fee deducted quarterly, if the gross performance is 10% on an annual basis, the quarterly This report is intended as a general guide for your investment plans and is for your compounding effect of the fees will result in a final performance of approximately use only. This report provides, among other things, a preliminary comparison to 7.1% per year, a reduction of 2.9% per year. Compounding will similarly affect the various market indexes of the hypothetical investment performance that might have account’s performance on a cumulative basis. It should also be noted that where been achieved if the investment managers identified had managed an investor’s your gross returns are compared to an index, the index performance also does not account in accordance with the asset allocations and investment styles specified. It is reflect any transaction costs or management fees. not intended to provide and should not be construed as providing tax or legal advice. Some investment managers presented in the strategies may have individual The information contained in this report reflects a collaborative process between you performance track records that are longer than the period shown in the report. and your Financial Advisor. Any recommendations are based upon our Individual investment managers’ performance records for longer time periods, if understanding of your responses to the profile questions and are current only as of applicable, are available through your Financial Advisor. For complete information the date printed on the front cover. Unless you make a specific request for an update, regarding these investment managers, their fees and performance, contact your this report will not be updated to reflect any changes in any of the accounts covered, UBSIC Consultant and see the manager’s Form ADV, Part II. your investment objectives, risk tolerances or market conditions. Important Information Regarding Simulated Performance You should note that UBS Financial Services (“the Firm”) has a variety of products and services that provide portfolio review and analysis. The recommendations and The strategy is a new strategy and does not have a track record. The performance types of analyses provided (including recommended asset allocation strategies) may information presented is simulated, backtested and was created by applying the same vary depending on the asset allocation model and program used. investment perspectives and quantitative analysis of valuation, quality and sentiment that are employed in existing strategies managed by the investment manager, though This report may cover a number of your existing portfolio, each with potentially differences exist in portfolio construction. Any improvements that were incorporated different investment objectives and risk parameters. As you instructed, the assets in into the current investment process and quantitative models were assumed to exist these accounts have been considered as a whole in developing an overall asset for the entire simulation period. Implementation of the live strategy versus the allocation strategy that addresses your specific investment goal. simulated strategy will be virtually identical with the exception of intramonth Investment Manager Performance trading. The hypothetical performance results for the model shown reflect the investment returns that an investor might have achieved by investing in the strategy Performance results for investment managers that are included in our ACCESS for the entire period indicated. It assumes that, since inception, no cash was added to program, which are indicated throughout the report, are based upon the ACCESS or assets withdrawn from the account and that all dividends, gains and other manager’s time weighted rates of return of fully discretionary ACCESS accounts earnings in the account were reinvested. The simulation assumed once a month managed for at least one full calendar quarter. Performance results for non-ACCESS trading but trading for the live strategy will likely occur more frequently. Returns participating investment managers are obtained from Informa Investment Solutions’ are simulated for the entire period and assume 1.0% transaction costs. The testing Plan Sponsor Network (PSN) as reported by each investment manager and do not methodology used both internally and Factset provided data and applications to reflect actual UBS Financial Services account performance. Your returns may vary generate simulated historical portfolios. The results shown do not represent the from these results shown due to timing and other individual account factors. These results of actual trading using client assets, but were achieved by means of the retroactive application of a model that was designed with the benefit of hindsight. site visits are the same for managers in both programs. In addition, for ACCESS The simulated performance was compiled after the end of the period depicted and managers, a detailed review of portfolio performance and attribution is performed on does not represent the actual investment decisions of the advisor. These results do a quarterly basis to ensure that portfolios continue to be invested consistent with the not reflect the effect of material economic and market factors on decision-making. manager’s stated investment style. Portfolio attribution analysis is performed prior As a result, there is no reason to believe that your portfolio will perform in a similar to on-site visits and may be done during periods of poor relative performance, but is manner or that the investment manager would have made the same investment not systematically performed on a quarterly basis. T recommendations or achieved the same level of performance if it had been managing the strategy for the entire period for actual clients and charging fees for he strategies presented are hypothetical portfolios, and have not been tracked by the advice, with the knowledge that clients would rely on the advice and in light of UBS Financial Services. They were created as of the date of this report with the then-current market conditions. The strategy did not exist during the period benefit of hindsight. The past performance of each recommended investment presented. In addition, if investors had actually invested based on the strategy, their manager was known to UBS Financial Services when it developed the strategies and results would have differed from those shown because of differences in the timing was a key factor in the Firm’s decision to include each investment manager in a and amounts of their investments. Past performance is never an indicator of future recommended strategy. There is no reason to believe that UBS Financial Services results. would have been able to develop this same strategy without knowing in advance how the recommended investment managers and the markets would perform, and Index Information these results are not an indicator that UBS Financial Services will be able to do so in the future. An actual investment in the securities included in the index would require an investor to incur transaction costs, which would lower the performance results. The past performance results for the recommended strategy are hypothetical. They Please keep in mind that index information is for illustrative purposes and relates to reflect the theoretical investment returns that an investor might have achieved by historical performance of market indexes and not the performance of actual investing the amount and on the dates indicated on the investment profile section of strategies or managers presented. The past performance of the indexes is not a this report, and by following the recommendation for initially allocating, and then guarantee of future results because each index reflects an unmanaged universe of reallocating from time to time, the account’s assets among the different securities and does not include any deduction for advisory fees or other expenses recommended investment managers. It assumes that, after establishing the account, that would reduce actual returns. The performance shown should not be considered the investor would not have added any cash to or withdrawn assets from the account indicative of the performance of an actively managed portfolio for the same time and that all dividends, gains and other earnings in the account would have been period. Most managers are not restricted to investment in the same securities or reinvested in accordance with the Firm’s recommendations. The recommended security weightings as the corresponding indexes, so performance will vary. Finally, strategy in this format may not have existed as of the dates for which performance is the performance of the indexes reflects the reinvestment of all income and shown. In addition, some of the investment managers recommended may not have dividends. A description of each index can be found in the Definitions section at the been part of any UBS Financial Services sponsored program at that time. Actual end of this report. assets of actual clients may not have been invested in accordance with these strategies during the time periods shown. Recommended Strategies Past performance can never guarantee future results. The Manager Recommendations included in this Report are limited to those managers and strategies in our ACCESS, MAC Researched, and UBSIC Reviewed Assets Held at Other Financial Institutions programs. While the due diligence process encompasses managers in each program, the frequency and depth of our due diligence reviews varies depending on which At your direction, we may also have considered assets that you hold at other program the manager participates in. The level of due diligence encompasses a financial institutions. Information about these assets is based solely on the quantitative review of composite and actual performance data and portfolio analytics information you have provided to us. We have not verified, and are not responsible (including responses to a detailed questionnaire) and may also include on-site visits for, the accuracy or completeness of this information. by one or more of our Investment Manager Research Analysts to each manager. For You have provided the names of investment managers managing your assets at other ACCESS managers, on-site visits occur on average at least once every 12 months. financial institutions. This report provides performance information derived from a On-site visits to MAC Researched managers occur on average at least every 2 years. third party database, which is believed to be reliable, but which UBS Financial UBSIC Reviewed managers are subject to in-depth review on average at least every Services has not verified. The managers listed are in comparative portfolios and are 2 years, but no on-site visits are conducted. The evaluation criteria covered in on- for illustrative purposes. You may not have received the performance returns presented here because they are gross of any management fees and other charges that have been assessed to your account. Therefore, any evaluation or analysis provided in this report regarding separate account managers, which includes assets Please note that any discrepancies between the information you provided and the actual value of those assets at the time you choose to implement the strategy may also affect the outcome of the asset allocation strategy we discuss with you. As such, the results may differ from any illustrations shown on this report. Taxes Implementing any strategy presented, including changing any strategy may result in incurring gains or losses for income tax purposes. UBS Financial Services does not provide tax advice. We recommend that you evaluate this report with your legal and/or tax advisor before taking any action because of the significance and complexity of tax considerations. Periodic Reviews Since this report is based on information provided as of the date indicated on the cover, assumptions and estimates may change. For this reason, with your Financial Advisor, you should periodically revisit your current financial situation, your current strategy, and the assumptions it contains. Definitions General Definitions Sharpe-Ratio – A risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine Alpha – A measure of the difference between a fund’s actual returns and its reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s expected performance, given its level of risk as measured by beta. A positive alpha historical risk-adjusted performance is. The Sharpe Ratio is calculated for the past figure indicates the fund has performed better than its beta would predict. In 36-month period by dividing a portfolio’s annualized excess returns by its contrast, a negative alpha indicates the fund’s underperformance, given the annualized standard deviation. Since this ratio uses standard deviation as its risk expectations established by the fund’s beta. All MPT statistics (alpha, beta, and R- measure, it is most appropriately applied when analyzing a portfolio that is an squared) are based on a least-squared regression of the fund’s return over Treasury investor’s sole holding. The Sharpe Ratio can be used to compare two portfolios bills. directly on how much risk a fund has to bear to earn excess return over the risk-free Beta – A measure of a fund’s sensitivity to market movements. The beta of the rate. market is 1.00 by definition. Morningstar calculates beta by comparing a fund’s Standard Deviation – A measure of risk. A statistical measurement of dispersion excess return over T-bills to the market’s excess return over T-bills, so a beta of 1.10 about an average, which, for a portfolio, depicts how widely the returns varied over shows that the fund has performed 10% better than its benchmark index in up a certain period of time. Investors use the standard deviation of historical markets and 10% worse in down markets, assuming all other factors remain performance to try to predict the range of returns that are most likely for a given constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is portfolio. When a portfolio has a high standard deviation, the predicted range of expected to perform 15% worse than the market’s excess return during up markets performance is wide, implying greater risk and volatility. and 15% better during down markets. Tracking Error – Measures the divergence between the price behavior of a Blend – A Blend is several managers allocated to percentages of a whole. The portfolio to the price behavior of a benchmark. performance of the managers is weighted to create the blended performance. Up Market Capture Ratio – Up-market capture ratio is a measure of managers’ Downside Risk – Downside Risk, or Semi-variance is the standard deviation (see performance in up markets relative to the market itself. An up market is one in Standard Deviation) of the portfolio’s negative returns. Many consultants find the which the market’s quarterly return is greater than or equal to zero. The higher the statistic extremely useful since it measures volatility in undesirable situations. The manager’s up-market capture ratio, the better the manager capitalized on a rising higher the value, the greater the historical Downside Risk. market. For example, a value of 110 suggests that the manager captured 110% of the Down Market Capture Ratio – A measure of managers’ performance in down up market (performed ten percent better than the market) when the market was up. markets relative to the market itself. A down market is one in which the market’s quarterly return is less than zero. The lower the manager’s down-market capture ratio, the better the manager protected capital during a market decline. A value of 90 suggests that a manager’s losses were 90% of the market loss when the market was down. Information Ratio – The ratio of annualized expected residual return to residual risk. To calculate the IR the active return and tracking error must be annualized. R-Squared – Reflects the percentage of a strategy’s movements that can be explained by movements in its benchmark index. An R-squared of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, portfolios invested in S&P 500 stocks will typically have an R-squared close to 100. Conversely, a low R-squared indicates that very few of the fund’s movements can be explained by movements in its benchmark index. An R-squared measure of 35, for example, means that movements in the benchmark index can explain only 35% of the portfolio’s movements. Index Definitions Barclays Capital Mortgage Backed (BCMBS) Composed of all fixed-rate, securitized mortgage pools by GNMA, FNMA, and FHLMC, including GNMA First Boston Convertible Securities (FBCB) This is a performance benchmark for graduated payment mortgages. The minimum principal amount required for convertible accounts. This index generally includes 250 to 300 issues. To be inclusion is $50 million. Total return comprises price appreciation/depreciation and included, convertible bonds and preferreds must be rated B- or better by Standard & income as a percentage of the original investment. Indexes are rebalanced monthly Poor’s (quality-related adjustments are made at the end of each calendar year), by market capitalization. convertibles must have a minimum issue size of $50 million (new issues are added in the month following their issuance), and preferreds must have a minimum of Barclays Capital Municipal Bond (BCM) Computed twice monthly from prices 500,000 shares outstanding. Eurobonds are also included if they are issued by US- on approximately 1,100 bonds. Prices are supplied by Kenny Information Systems, domiciled companies, rated B- or higher by Standard & Poor’s, and have an issue Inc. The index is composed of approximately 60% revenue bonds and 40% state size greater than $100 million. government obligations. Barclays Capital Aggregate Bond Index (BCAG) Composed of securities from Barclays Capital Municipal 5 Year (BCMB) A subset of the Barclays Capital Barclays Capital Brothers government/corporate bond index, mortgage-backed Municipal Bond Index where the average maturity of the bonds are five years. securities index, and the asset-backed securities index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. MSCI (EAFE) An arithmetic, market value-weighted average of the performance of Indexes are rebalanced monthly by market capitalization. over 900 securities listed on the stock exchanges of the following countries in Europe, Australia and the Far East: Australia, Hong Kong, Norway, Austria, Ireland, Barclays Capital Corporate Int (BCIC) A subset of the Barclays Capital Singapore, Belgium, Italy, Spain, Denmark, Japan, Sweden, Finland, Malaysia, Corporate Bond Index covering all corporate, publicly issued, fixed-rate, Switzerland, France, Netherlands, United Kingdom, Germany, New Zealand. nonconvertible US debt issues rated at least Baa with at least $50 million principal outstanding and maturity less than 10 years. MSCI Emerging Markets (EMF) The MSCI Emerging Markets (EMF) is a free float-adjusted market capitalization index that is designed to measure equity market Barclays Capital Corporate Long Term (BCLTC) A subset of the Barclays performance in the global emerging markets. As of April 2002 the MSCI EMF Capital Corporate Bond Index covering all corporate, publicly issued, fixed-rate, Index consisted of the following 26 emerging market country indexes: Argentina, nonconvertible US debt issues rated at least Baa with at least $50 million principal Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, outstanding and maturity greater than 10 years. Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela. Barclays Capital Government Corporate Bond Index (BCGC) Composed of all bonds that are investment grade (rated Baa or higher by Moody’s or BBB or highest MSCI World S/B Net (MSCIW) The MSCI World Index is a free float-adjusted by S&P, if unrated by Moody’s). Issues must have at least one year to maturity. market capitalization index that is designed to measure global developed market Total return comprises price appreciation/depreciation and income as a percentage equity performance. As of April 2002 the MSCI World Index consisted of the of the original investment. Indexes are rebalanced monthly by market capitalization. following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Barclays Capital Government/Corporate Int (BCIGC) Composed of all bonds Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, covered by the Barclays Capital Government/Corporate Bond Index with maturities Switzerland, the United Kingdom and the United States. between one and 9.99 years. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced S&P 500 (SWPI) Covers 500 industrial, utility, transportation, and financial monthly by market capitalization. companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization and 30% of NYSE issues. It is a capitalization- Barclays Capital Government/Corporate Long Term (BCLTGC) Composed of weighted index calculated on a total return basis with dividends reinvested. all bonds covered by the Barclays Capital Government/Corporate Bond Index with maturities of 10 years or greater. Total return comprises price Russell 1000 (R1000) Consists of the 1,000 largest securities in the Russell 3000 appreciation/depreciation and income as a percentage of the original investment. index. This large cap (market-oriented) index represents the universe of stocks from Indexes are rebalanced monthly by market capitalization. which most active money managers typically select. The Russell 1000 is highly correlated with the S&P 500 index. Russell 1000 Growth (R1000G) Contains those Russell 1000 securities with a values. The stocks in this index are also members of either the Russell 1000® Value greater-than-average growth orientation. Securities in this index tend to exhibit or the Russell 2000® Value indexes. higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the value universe. Russell Midcap (RMID) Consists of the smallest 800 securities in the Russell 1000 index, as ranked by total market capitalization. This index accurately captures the Russell 1000 Value (R1000V) Contains those Russell 1000 securities with a less- medium-sized universe of securities and represents approximately 35% of the than-average growth orientation. It represents the universe of stocks from which Russell 1000 total market capitalization. value managers typically select. Securities in this index tend to exhibit low price-to- book and price-earnings ratios, higher dividend yields and lower forecasted growth Russell Midcap Growth (RMIDG) Contains those Russell Midcap securities with values than the growth universe. a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher Russell 2000 (R2000) Consists of the smallest 2,000 securities in the Russell 3000 forecasted growth values than the value universe. The stocks are also members of index, representing approximately 11% of the Russell 3000 total market the Russell 1000 Growth Index. capitalization. This index is widely regarded in the industry as the premier measure of small cap stocks. Russell Midcap Value (RMIDV) Contains those Russell Midcap securities with a less-than-average growth orientation. Securities in this index tend to exhibit low Russell 2000 Growth (R2000G) Contains those Russell 2000 securities with a price-to-book and price-earnings ratios, higher dividend yields and lower forecasted greater-than-average growth orientation. Securities in this index tend to exhibit growth values than the growth universe. The stocks are also members of the Russell higher price-to-book and price-earnings ratios, lower dividend yields and higher 1000 Value Index. forecasted growth values than the value universe. Salomon Brothers World Government Bond (SWGB) A market capitalization- Russell 2000 Value (R2000V) Contains those Russell 2000 securities with a less- weighted index consisting of government bond markets of the following countries: than-average growth orientation. Securities in this index tend to exhibit lower price- Australia, Austria, Belgium, Canada, Denmark, France, Germany, Italy, Japan, to-book and price-earnings ratios, higher dividend yields and lower forecasted Netherlands, Spain, Sweden, United Kingdom, United States. growth values than the growth universe. U.S. Treasury Bill (USTB): Represents 90-day return for Treasury Bills issued by Russell 2500 (R2500) Consists of the bottom 500 securities in the Russell 1000 the United States government. index and all 2,000 securities in the Russell 2000 index, representing approximately 23% of the Russell 3000 total market capitalization. This index is a good measure of Wilshire RE Securities Index (WRESI) A broad measure of the performance of small to medium-small stock performance. publicly traded real estate securities, such as Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs). The index is capitalization- Russell 2500 Growth (R2500G) Measures the performance of those Russell 2500 weighted. The beginning date, January 1, 1978, was selected because it coincides companies with higher price-to-book ratios and higher forecasted growth values. with the Russell/NCREIF Property Index start date. The Index is rebalanced monthly, and returns are calculated on a buy and hold basis. Russell 2500 Value (R2500V) Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. Russell 3000 (R3000) Measures the performance of the 3,000 largest US companies based on total market capitalization, which represents approximately 98% of the investable US equity market. Russell 3000 Growth (R3000G) Measures the performance of those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000® Growth or the Russell 2000® Growth indexes. Russell 3000 Value (R3000V) Measures the performance of those Russell 3000® Index companies with lower price-to-book ratios and lower forecasted growth Next Meeting