Total Fund Review Investment Performance (% Rate of Return)

As of September 30, 2017 Market % of Calendar Return Inception Value Portfolio 1 Mo. 3 Mo. YTD 1 YR 3 YRS 5 YRS 7 YRS 10 YRS Since Date

$128,175,703 100.0 Total Fund 2.0 3.8 12.7 14.3 7.1 8.6 7.8 5.6 6.8 Aug-99 Policy Index 1.4 3.7 11.2 12.0 5.8 7.6 7.4 4.2 5.4 Aug-99 Actual Index 1.7 4.0 11.9 13.4 6.3 8.1 7.4 3.9 4.6 Jan-07 65% MSCI AC World Index/35% Blbg Barc Global Agg 0.9 4.0 13.3 11.3 5.4 6.8 6.6 4.0 4.9 Aug-99 Consumer Price Index 0.5 0.8 2.2 2.2 1.2 1.3 1.8 1.7 2.2 Aug-99

Please Note: - Periods greater than one year are annualized - Since inception returns are calculated from the first full month

Berkshire Taconic Community Foundation

5 Segment Performance Benchmark Dependent Metrics relative to S&P 500 Index As of September 30, 2017 10 Years 10 Years Since 10 Years 1 Month 3 Month Year To Date 1 Year 3 Years 5 Years 7 Years 10 Years Standard 10 Years Actual Inception Sharpe Inception Return Return Return Return Return Return Return Return Deviation Correlation Return Ratio Date Total Fund 2.0 3.8 12.7 14.3 7.1 8.6 7.8 5.6 9.7 0.6 0.9 6.8 0.6 Aug-99 Policy Index 1.4 3.7 11.2 12.0 5.8 7.6 7.4 4.2 10.3 0.6 0.9 5.4 0.4 Aug-99 Actual Index 1.7 4.0 11.9 13.4 6.3 8.1 7.4 3.9 9.9 0.6 0.9 4.6 0.4 Jan-07 65% MSCI AC World Index/35% Blbg Barc Global Agg 0.9 4.0 13.3 11.3 5.4 6.8 6.6 4.0 11.9 0.7 0.9 4.9 0.4 Aug-99 Consumer Price Index 0.5 0.8 2.2 2.2 1.2 1.3 1.8 1.7 1.4 0.0 0.1 2.2 0.9 Aug-99

Domestic Equity 2.4 4.4 14.0 17.2 9.6 12.8 13.7 8.0 14.7 1.0 1.0 9.2 0.6 Aug-99 Russell 3000 Index 2.4 4.6 13.9 18.7 10.7 14.2 14.3 7.6 15.6 1.0 1.0 6.1 0.5 Aug-99

International Equity 3.0 5.9 20.4 19.8 6.4 7.8 5.7 2.3 17.6 1.0 0.9 6.1 0.2 Apr-05 MSCI AC World ex USA (Net) 1.9 6.2 21.1 19.6 4.7 7.0 5.2 1.3 19.0 1.1 0.9 5.5 0.1 Apr-05

Flexible Capital 0.8 2.2 7.8 10.2 5.5 7.1 6.7 6.7 4.2 0.1 0.4 8.8 1.4 Jul-01 HFRI Composite Index 0.5 2.3 5.6 6.5 2.2 3.9 2.9 1.1 5.2 0.3 0.7 3.4 0.2 Jul-01

Global 3.8 3.5 14.1 17.9 11.6 15.9 13.6 10.6 9.7 0.0 0.0 1.0 1.0 Jul-01 All Private Equity Benchmark NA NA NA NA NA NA NA NA NA NA NA NA NA Jul-01

Global Fixed Income 0.0 1.1 3.9 2.6 2.0 1.6 2.8 4.4 6.5 0.3 0.6 4.5 0.6 Feb-03 Blbg Barc U.S. Aggregate -0.5 0.8 3.1 0.1 2.7 2.1 3.0 4.3 3.3 0.0 0.0 4.2 1.2 Feb-03

Real Assets 0.0 0.8 1.7 -1.0 1.6 -0.5 1.3 -0.9 15.7 0.7 0.7 -0.9 0.0 Oct-07 Real Assets Composite Index -0.6 0.8 1.7 -0.7 1.6 -0.2 2.2 0.9 12.4 0.6 0.7 0.9 0.1 Oct-07

Cash 0.1 0.2 0.4 0.5 0.2 0.1 0.1 0.3 0.3 0.0 -0.2 1.1 -1.3 Oct-03 Citigroup 3 Month T-Bill 0.1 0.3 0.6 0.6 0.3 0.2 0.2 0.4 0.2 0.0 -0.2 1.2 NA Oct-03

Please Note: - Periods greater than one year are annualized - Since inception returns are calculated from the first full month

6 Investment Return Detail Berkshire Taconic Community Foundation

Preliminary as of September 30, 2017

Market % of Calendar Return Inception Value Portfolio 1 Mo. YTD 1 YR 3 YRS 5 YRS 7 YRS 10 YRS Since Date

$128,175,703 100.0 Total Fund (including Gift Account) $128,175,703 100.0 Total Fund 2.0 12.7 14.3 7.1 8.6 7.8 5.6 6.8 Aug-99

Policy Index 1.4 11.2 12.0 5.8 7.6 7.4 4.2 5.4 Aug-99 Actual Index 1.7 11.9 13.4 6.3 8.1 7.4 3.9 4.6 Jan-07 65% MSCI AC World Index/35% Blbg Barc Global Agg 0.9 13.3 11.3 5.4 6.8 6.6 4.0 4.9 Aug-99 Consumer Price Index 0.5 2.2 2.2 1.2 1.3 1.8 1.7 2.2 Aug-99

$85,126,727 66.4 Global Equity 2.7 16.2 18.2 8.8 11.4 10.1 5.7 8.0 Aug-99 MSCI AC World Index (Net) 1.9 17.3 18.6 7.4 10.2 9.2 3.9 4.8

$46,163,379 36.0 Domestic Equity 2.4 14.0 17.2 9.6 12.8 13.7 8.0 9.2 Aug-99 Russell 3000 Index 2.4 13.9 18.7 10.7 14.2 14.3 7.6 6.1

$24,490,959 19.1 iShares S&P 500 Index ETF 2.0 14.0 18.6 10.8 14.2 14.6 7.6 8.0 Dec-06 S&P 500 Index 2.1 14.2 18.6 10.8 14.2 14.4 7.4 7.8 $12,413,618 9.7 Adage Capital Partners L.P. 2.8 15.9 19.0 10.0 16.1 16.8 NA 13.0 Jul-08 S&P 500 Index 2.1 14.2 18.6 10.8 14.2 14.4 7.4 10.0 $4,643,204 3.6 Vanguard Extended Market Index Adm Fund 4.2 12.7 19.0 NA NA NA NA 8.1 Jun-15 Spliced Extended Market Index 4.2 12.7 18.9 10.3 14.1 13.8 8.2 7.9 $4,615,598 3.6 Parnassus Core Equity Instl Fund 1.8 10.7 13.2 NA NA NA NA 12.5 Apr-16 S&P 500 Index 2.1 14.2 18.6 10.8 14.2 14.4 7.4 16.8

Berkshire Taconic Community Foundation

7 Investment Return Detail Berkshire Taconic Community Foundation

Preliminary as of September 30, 2017 Market % of Calendar Return Inception Value Portfolio 1 Mo. YTD 1 YR 3 YRS 5 YRS 7 YRS 10 YRS Since Date

$28,198,288 22.0 Non-U.S. Developed Equity 3.2 20.4 20.2 6.5 9.3 7.2 3.1 6.8 Apr-05 MSCI EAFE (Net) 2.5 20.0 19.1 5.0 8.4 6.4 1.3 5.1

$7,995,857 6.2 Dodge & Cox Intl Stock Fund 3.4 22.5 26.6 3.9 10.1 7.1 2.9 6.5 Apr-05 MSCI AC World ex USA (Net) 1.9 21.1 19.6 4.7 7.0 5.2 1.3 5.5 $6,008,836 4.7 Mondrian Intl Small Cap Equity Fund, L.P. 2.9 24.8 16.5 8.3 8.6 8.4 NA 10.2 Oct-08 MSCI EAFE Small Cap Index (Net) 2.9 25.4 21.8 11.1 12.8 10.0 4.6 10.4 $6,461,540 5.0 Highclere Intl Investors Smaller Companies Fund 2.0 24.0 21.3 11.4 13.0 11.1 NA 12.5 Oct-08 S&P EPAC Developed BMI < $2Billion (Gross) 1.7 21.6 17.7 9.4 11.3 8.4 3.1 8.7 $7,732,055 6.0 Causeway Global Value Instl Fund 4.3 12.6 15.7 NA NA NA NA 5.2 Apr-15 MSCI World Index (Net) 2.2 16.0 18.2 7.7 11.0 10.1 4.2 7.9

$2,643,451 2.1 Emerging Markets Equity 0.1 21.0 15.0 4.7 4.8 2.2 NA 5.2 Sep-09 MSCI Emerging Markets Net Index -0.4 27.8 22.5 4.9 4.0 2.5 1.3 5.7

$2,643,451 2.1 Prince Street Opportunities Offshore, Ltd Class A 0.1 21.0 15.1 4.2 7.7 NA NA 4.4 Apr-11 MSCI Emerging Markets Net Index -0.4 27.8 22.5 4.9 4.0 2.5 1.3 1.3

$8,121,609 6.3 Global Private Equity 3.8 14.1 17.9 11.6 15.9 13.6 10.6 1.0 Jul-01 Russell 3000 Index 2.4 13.9 18.7 10.7 14.2 14.3 7.6 7.0

Berkshire Taconic Community Foundation

8 Investment Return Detail Berkshire Taconic Community Foundation

Preliminary as of September 30, 2017 Market % of Calendar Return Inception Value Portfolio 1 Mo. YTD 1 YR 3 YRS 5 YRS 7 YRS 10 YRS Since Date

$32,514,654 25.4 Flexible Capital 0.8 7.8 10.2 5.5 7.1 6.7 6.7 8.8 Jul-01 HFRI Fund of Funds Composite Index 0.5 5.6 6.5 2.2 3.9 2.9 1.1 3.4

$7,200,000 5.6 Farallon Capital Institutional Partners, L.P. 0.1 7.2 9.7 4.8 6.2 6.0 3.8 3.6 Jul-07 HFRI Event-Driven (Total) Index 1.3 6.2 10.0 3.7 5.9 5.2 4.0 3.8 $7,665,070 6.0 Elliott International Ltd. Class A 1.1 6.1 10.6 6.7 8.5 7.8 9.3 11.2 Jul-01 HFRI Event-Driven (Total) Index 1.3 6.2 10.0 3.7 5.9 5.2 4.0 6.5 $6,266,466 4.9 Davidson Kempner Institutional Partners, L.P. 0.6 5.5 6.9 4.2 6.0 NA NA 6.0 Oct-12 HFRI Event-Driven (Total) Index 1.3 6.2 10.0 3.7 5.9 5.2 4.0 5.9 $6,278,421 4.9 Varde Investment Partners Offshore, Ltd. 1.2 13.3 16.5 NA NA NA NA 9.2 Mar-15 HFRI ED: Distressed/Restructuring Index 0.9 4.9 10.7 2.2 5.4 5.1 3.7 4.0 $3,198,415 2.5 Anchorage Capital Partners Offshore, Ltd. 1.7 4.2 5.7 NA NA NA NA 2.5 Mar-15 HFRI ED: Distressed/Restructuring Index 0.9 4.9 10.7 2.2 5.4 5.1 3.7 4.0 $1,906,282 1.5 Prince Street Fund, Ltd.Class A1 -0.2 13.8 7.2 3.0 7.0 2.7 NA 3.4 Sep-10 MSCI Emerging Markets Net Index -0.4 27.8 22.5 4.9 4.0 2.5 1.3 4.0

$25,350 0.0 Real Assets 0.0 1.7 -1.0 1.6 -0.5 1.3 -0.9 -0.9 Oct-07

$25,350 0.0 Private Real Assets 0.0 NA NA NA NA NA NA NA Dec-16

$8,806,280 6.9 Total Fixed Income 0.0 3.9 2.6 2.0 1.6 2.8 4.4 4.5 Feb-03 Blbg Barc U.S. Aggregate -0.5 3.1 0.1 2.7 2.1 3.0 4.3 4.2

$8,806,280 6.9 Dodge & Cox Income Fund 0.0 3.9 2.6 3.2 NA NA NA 3.9 Oct-13 Blbg Barc Aggregate Index -0.5 3.1 0.1 2.7 2.1 3.0 4.3 3.0

Berkshire Taconic Community Foundation

9 Investment Return Detail Berkshire Taconic Community Foundation

Preliminary as of September 30, 2017 Market % of Calendar Return Inception Value Portfolio 1 Mo. YTD 1 YR 3 YRS 5 YRS 7 YRS 10 YRS Since Date

$1,702,692 1.3 Cash 0.1 0.4 0.5 0.2 0.1 0.1 0.3 1.1 Oct-03

$1,702,692 1.3 Wilmington U.S. Government 0.1 0.4 0.5 0.2 0.1 0.1 0.3 1.1 Oct-03 Citigroup Treasury Bill 3 Months Index 0.1 0.6 0.6 0.3 0.2 0.2 0.4 1.2

Please Note: - Periods greater than one year are annualized. - Since inception returns are calculated from the first full month. - Performance and market values are subject to change based on statement availability from the investment manager/custodian. - Returns are net of fees and gross of consulting fees unless otherwise stated. - Actual Index calculated using manager allocations and index returns. - Policy Index: 25% Russell 3000 Index/ 25% MSCI AC World xUS Index/ 10% All Private Equity Benchmark/ 20% HFRI Fund-of-Funds Index/ 10% Blbg Barc Aggregate Index/ 10% Real Assets Composite Index. - Real Assets Composite Index: 100% Blbg Barc US Treasury Inflation Notes Index. Components have changed over time - Private Equity: Market value generally reported one quarter in arrears, adjusted for current capital activity. Valuations subject to availability. Performance may change as updates are processed. - Segment level performance includes terminated managers. - Anchorage, Davidson Kempner, Elliot Intl, Farallon and Varde: Market value estimated using preliminary manager reported performance.

Berkshire Taconic Community Foundation

10 Non-Marketable Strategies As of September 30, 2017

Capital Cmt Paid-in Capital % Remaining Capital Recallable Market Net Growth DPI TVPI IRR Valuation Commitment Date Capital Contributed Funded Commitment Distributed Returned Capital Value of Portfolio Multiple Multiple (%) Date

Total Non-Marketable $25,207,833 $13,679,280 $12,425,541 49.3 $12,782,292 $12,203,385 $11,120,938 $1,081,370 $8,146,959 $6,669,987 0.9 1.5 11.6

Global Private Equity $23,707,833 $13,653,930 $12,400,191 52.3 $11,307,642 $12,203,385 $11,120,938 $1,081,370 $8,121,609 $6,669,987 0.9 1.5 11.6

Commonfund Capital Partners 2000 $938,583 Jun-01 $915,016 $915,016 97.5 $23,567 $1,373,303 $1,373,303 - $251,755 $710,042 1.5 1.8 9.4 Jun-17 Kinderhook Capital Fund II LP $2,000,000 Feb-07 $2,166,975 $1,963,454 98.2 $36,546 $4,508,226 $4,305,111 $203,115 $542,722 $2,883,973 2.1 2.3 15.5 Jun-17 Commonfund Private Equity Partners VII $3,000,000 Oct-07 $2,698,500 $2,698,500 90.0 $301,500 $2,492,022 $2,492,022 - $2,224,327 $2,017,849 0.9 1.7 12.7 Jun-17 Oaktree Principal Fund V (Cayman), Ltd. $2,000,000 Nov-09 $1,926,354 $1,779,902 89.0 $220,098 $1,168,131 $1,068,131 $100,000 $968,067 $209,844 0.6 1.1 2.6 Jun-17 Lexington Capital Partners VII Offshore, L.P. $1,000,000 Jan-10 $1,032,726 $794,170 79.4 $205,830 $1,098,441 $858,808 $238,556 $372,636 $437,274 1.1 1.4 14.0 Jun-17 Och-Ziff Real Estate Parallel Fund III B, LP $3,000,000 Sep-14 $1,383,991 $1,158,889 38.6 $1,841,111 $409,676 $306,074 $103,602 $1,048,711 $74,396 0.3 1.1 3.8 Jun-17 Jordan Resolute Fund III, LP $2,000,000 Aug-14 $1,662,379 $1,226,282 61.3 $773,718 $925,290 $489,193 $436,097 $1,073,986 $336,897 0.6 1.2 16.7 Jun-17 TA Associates Fund XII, L.P. $1,075,000 May-15 $370,878 $370,878 34.5 $704,122 $45,688 $45,688 - $368,620 $43,430 0.1 1.1 13.5 Jun-17 Warburg Pincus XII, LP $1,500,000 Sep-15 $650,250 $650,250 43.4 $849,750 $4,050 $4,050 - $635,652 -$10,548 0.0 1.0 -2.5 Jun-17 Cinven Capital Management VI, LP $1,694,250 Apr-16 $344,441 $344,441 20.3 $1,349,809 $158,018 $158,018 - $161,913 -$24,511 0.5 0.9 -11.1 Jun-17 Madison Dearborn Partners VII, L.P. $2,000,000 May-16 $502,420 $498,409 24.9 $1,501,591 $20,540 $20,540 - $473,220 -$8,660 0.0 1.0 -2.1 Jun-17 Moonrise Venture Partners I $2,000,000 Jun-17 - - 0.0 $2,000,000 ------Sep-17 Trilantic Capital Partners VI $1,500,000 Aug-17 - - 0.0 $1,500,000 ------Sep-17

Private Real Assets $1,500,000 $25,350 $25,350 1.7 $1,474,650 - - - $25,350 - - 1.0 0.0

EnCap Energy Capital Fund XI L.P. $1,500,000 Dec-16 $25,350 $25,350 1.7 $1,474,650 - - - $25,350 - - 1.0 0.0 Sep-17

General Notes: -Market value reported one quarter in arrears, adjusted for current capital activity, unless otherwise noted. Valuations subject to availability. Performance may change as updates are processed. -This report contains information from manager supplied financial reports (audited or unaudited). Content is subject to change without notice. Information obtained from the manager is believed to be reliable; however, accuracy of the data is not guaranteed and has not been independently verified by Prime Buchholz.

Fund Specific Notes: - Cinven Capital Management VI, LP: Fund local currency is Euros. Commitment estimated using Euro/USD exchange rate when capital activity and quarterly valuations occur.

Glossary: -Paid-in Capital: Sum of all contributions into the fund. -Capital Contributed: Paid-in capital (excluding fees/expenses ex. capital commitment) reduced by recallable capital. -Remaining Commitment: Total amount remaining to be called. -Distributed: Sum of both recallable and non-recallable distributions. -Capital Returned: Distributions not subject to recall. -Recallable Capital: Distributions subject to recall. -Net Growth of Portfolio: Reduced by any fees paid ex-capital commitment. -DPI Multiple: Distributions (including recallable capital) to paid-in capital. -TVPI Multiple: Total Value (market value + distributions including recallable capital) to paid-in capital. -IRR: Calculated since inception.

Berkshire Taconic Community Foundation

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