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Montag & Caldwell Balanced Growth Strategy

Montag & Caldwell’s Balanced Growth philosophy combines the disciplines Performance through September 30, 2016 of the firm’s large cap growth equity and high quality fixed income 3Q16YTD 1 Year 3 Years* 5 Years* 10 Years* strategies. M&C Institutional Balanced Composite 0.80%2.08% 6.76% 7.19% 9.81% 7.52% Process & Strategy (gross of fees) M&C Institutional Balanced Composite Montag & Caldwell’s equity selection process is a high quality, growth stock 0.73%1.84% 6.42% 6.86% 9.47% 7.17% (net of fees) approach. Ours is primarily a bottom up process in which we interrelate 60% S&P 500 / 40% Bloomberg Barclays valuation with earnings momentum. Montag & Caldwell utilizes a total 2.48% 7.49% 11.73% 8.50% 11.12% 6.60% Govt Credit return approach to fixed income portfolio management. Both sector weighting and weighted average duration targets are actively managed *Returns are annualized for periods greater than one year according to our outlook. Our objective is to provide an above market Portfolio Characteristics (3Q16) return while assuming less credit risk than the market. Minimal shifts M&C Large Cap Growth Russell 1000 Growth around the strategic target asset allocation are made based upon the Rep Account Index Investment Policy Group's outlook for the equity and fixed income markets. Number of Holdings 32 599 Price to Earnings (Forward) 20.59 19.26 Sector Allocation (3Q16) Earnings Instability 0.68 18.42 Top Ten Equity Holdings of 5 Yr. Average ROE 25.79 33.88 M&C Large Cap Growth Balanced Strategy (3Q16) Rep Account LT Debt to Capital 32.11 45.33 Hist 5 Yr EPS Growth 13.09 12.83 Discretionary 10.4% Company Name % As s e t s Est 3-5 Yr EPS Growth 13.90 13.79 Energy 1.6% 1 Alphabet Inc. Class A 4.9% Weighted Avg Market Cap $145,416MM $151,730MM Financial Services 2.5% 2 Facebook, Inc. Class A 4.6% Median Market Cap $84,113MM $9,113MM Healthcare 21.0% 3 PepsiCo, Inc. 4.6% Industrials 6.1% Bloomberg Barclays Capital 4 Vis a Inc. Clas s A 4.5% M&C Fixed Income Int. Government/Credit Materials 0.0% Rep Account 5 Medtronic plc 4.3% Bond Index Staples 24.0% 6 Company 4.0% Technology 26.3% Average YTM 1.58% 1.49% 7 , Inc. 3.9% Average Coupon 2.75% 2.38% 8 WalgreensCl A Boots Alliance Inc 3.8% Average Maturity 6.34 yrs. 4.35 yrs. M&C Fixed Income % Average Quality Aa3 Aa3 Rep Account 9 Incorporated 3.8% Current Yield 2.58% 2.30% 10 , Inc. 3.8% U.S. Corporate Bonds 65.36 Effective Duration 5.22 yrs. 3.98 yrs. U.S. Treasury 31.48

U.S. Government 3.16 Source: AXYS, FactSet Data as of 09/30/ 2016 1 Please see Disclosures Tab for important information that is pertinent to this presentation.