Agenda Retiree Health Care Trust Board Regular Meeting Monroe County Board of Commissioners Chambers Room Monday, November 28, 2016 – 3:00 P.M

Retiree Health Care Trust Board Regular Meeting November 28, 2016 Page 1

AGENDA RETIREE HEALTH CARE TRUST BOARD REGULAR MEETING MONROE COUNTY BOARD OF COMMISSIONERS CHAMBERS ROOM MONDAY, NOVEMBER 28, 2016 – 3:00 P.M. 125 E. SECOND STREET MONROE, MI 48161 (734) 240-7003

I. CALL TO ORDER

II. ROLL CALL

III. PLEDGE OF ALLEGIANCE

IV. APPROVAL OF AGENDA

V. APPROVAL OF MINUTES 1. 10/24/2016 – Regular Meeting 2. 10/28/2016—Special Meeting

VI. PUBLIC COMMENT

VII. COMMUNICATIONS 1. Correspondance 2. Information 3. Presentation from Money Manager, Voya/Clarion—REIT, Mark Blinder

VIII. OLD BUSINESS 1. Update on Investment Consultant Request for Proposal jointly with other Monroe County Trust Funds 2. Discussion of presentation to Board of Commissioners to comply with Article VII, Section 7.01 (paragraph #4); Copy attached

IX. NEW BUSINESS 1. Monroe County Retiree Health Care Trust Investment Report as of October 31, 2016 2. Monroe County Retiree Health Care Trust Quarterly report as of September 30, 2016 3. Monroe County Retiree Health Care Trust Quarterly Watch List as of September 30, 2016

X. PUBLIC COMMENT

XI. MEMBERS TIME

XII. NEXT MEETING – To Be Determined

XIII. ADJOURNMENT

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

Human Resources – 125 East Second Street, Monroe, MI 48161 – Voice (734) 240-7295 and TDD (734) 240-7300 Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 1

RETIREE HEALTH CARE BOARD OF TRUSTEES

I. The Retiree Health Care Board of the Trustees of the Monroe County Board of Commissioners was held in the Board of Commissioners Chambers on Monday, October 24, 2016.

Chairman, Bob Neely, called the meeting to order at 3:01 p.m.

II. ROLL CALL Roll call by clerk as follows:

Trustees Present: Michael Bosanac, Bob Neely, Al Potratz, David Rever and Kay Sisung. Trustees Absent: None Michael Cho from Morgan Stanley was also in attendance.

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

III. PLEDGE OF ALLEGIANCE

Al Potratz led the Pledge of Allegiance.

IV. APPROVAL OF AGENDA

Motion by Michael Bosanac, supported by David Rever to approve the September 30, 2016 agenda as presented.

Motion carried.

V. APPROVAL OF MINUTES (09/30/16 Regular Meeting)

Motion by Michael Bosanac, supported by Kay Sisung to approve the September 30, 2016 Regular Meeting minutes as presented and waive the reading of the minutes.

Motion carried.

VI. PUBLIC COMMENT – None

VII. COMMUNICATIONS-- 1. Correspondence – None 2. Information—None 3. Presentation from Money Manager, TCW—Large Value, Erick Coan  $200 billion under management  75% in domestic fixed income

Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 2

 Search for Value Poised for Growth  Companies with low current valuations but improving fundamentals or a catalyst which could enhance earnings growth and company value  Fast growing companies selling at attractive valuations due to temporary conditions  Actively managed and long term investors  Underperformed the benchmark for over 15 years

4. Presentation from Money Manager, Wisdomtree—ETF Currency Hedge, Chris Jerome and Brad Krom  Exposure to Japanese values but hedging out the yen  Target revenue from outside of Japan  Thesis has not fully run its course  Weakening yen is a positive in Japanese stocks

VIII. OLD BUSINESS – 1. Update on Investment Consultant Request for Proposal jointly with MCERS, Library and Road Commission RHC Funds.

Michael Bosanac discussed that they should do their due diligence and issue the RFP possibly with the other Boards. He doesn’t think the pension board will ever go along. Thinks we need to make some modifications to it and issue it without waiting any longer.

Chairman Neely proposes that as a courtesy they notify the other boards, that we intend to proceed, give them a date that we will issue RFP and give them opportunity to join in. We will proceed with RFP by January 1, 2017.

Chairman Neely wants a Sub-Committee to review the RFP and make any necessary modifications and identify a date to issue it. The Sub-Committee will consist of David Rever, Michael Bosanac and Bob Neely. They plan to meet within the next 30 days.

Motion by Michael Bosanac to form the Sub-Committee, supported by Kay Sisung.

Discussion continued and Michael Bosanac to issue courtesy letter to the other Boards under Chairman Neely’s signature and do so as soon as possible.

Motion carried.

2. Discussion of Retiree Health Care Actuarial Valuation as of December 31, 2015

Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 3

Michael Bosanac discussed. Pension Board and Retiree Health Care Trust Board have different actuaries. Pension Board’s actuary only presents to the Pension Board and not to the governing Board of Commissioners. Retiree Health Care actuary presents in front of the governing Board of Commissioners with the Retiree Health Care Trust Board in attendance. Pension Board has a 7% discount rate and the Retiree Health Care Trust Board has a 6.5% discount rate.

IX. NEW BUSINESS—

1. Monroe County Retiree Health Care Trust Investment Report as of September 30, 2016

The Account Value as of September 30, 2016 was $45,157,143.68; change in value was an increase of $608,668.98 from August 31, 2016 or .38% MTD and 5.44% YTD returns. $440,000.00 cash transfer.

Michael Cho explained the investment report.

Discussed the 2 Money Managers TCW and Wisdomtree (DXJ) and the presentations in general. Retiree Health Care Trust Board is adamant that the presentations stick to certain subjects, i.e. Performance.

Intentions of the Board is to wait until the end of the year and pick up some value and keep the losses under $100,000 with Wisdomtree. Monitor for the next two months and decide what action to take at the end of this year.

Discussion of performance of Clearbridge and Loomis Sayles. Michael Cho wants to terminate Loomis Sayles and move into his preference of a Small Cap investment. He will provide information for the Board by tomorrow and they will likely meet again this week to make a decision. They will monitor Clearbridge.

Discussed Micro cap investment information.

2. Resolution regarding investment turnaround time

Michael Bosanac presented a revised version of the Resolution.

Michael Bosanac moved to accept the Resolution as presented, supported by David Rever.

Roll Call by Clerk as follows:

AYE NAY EXCUSED ABSTAIN Michael Bosanac Bob Neely Al Potratz

Retiree Health Care Board Regular Meeting Minutes October 24, 2016 Page 4

David Rever Kay Sisung

Motion carried.

3. Discussion of presentation to Board of Commissioners to comply with Article VII, Section 7.01 (paragraph #4)

Michael Bosanac explained that the Retiree Health Care Trust periodically needs to report to the full Board of Commissioners of the Trust. They will come before the Board at the Finance Committee meeting and make a presentation to satisfy the requirement of the Retiree Health Care Trust.

Al Potratz added that the BOC is very pleased with how this Board is doing.

4. Discussion of Clearbridge and Loomis Sayles review—See #1 above

X. PUBLIC COMMENT –None

XI. MEMBERS TIME–No comments from members

XII. NEXT MEETING—November 27, 2016 at 3:00 p.m.

XIII. ADJOURNMENT Chairman adjourned the meeting at 4:56 p.m. with no further business.

Retiree Health Care Board Special Meeting Minutes October 28, 2016 Page 1

RETIREE HEALTH CARE BOARD OF TRUSTEES

I. The Special Meeting of the Retiree Health Care Board of Trustees of the Monroe County Board of Commissioners was held in the Board of Commissioners Chambers on Friday, October 28, 2016.

Chairman, Bob Neely, called the meeting to order at 11:30 a.m.

II. ROLL CALL Roll call by clerk as follows:

Trustees Present: Michael Bosanac, Bob Neely, Al Potratz, David Rever and Kay Sisung. Trustees Absent: None Michael Cho from Morgan Stanley was also in attendance (arrived at 11:35).

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

III. PLEDGE OF ALLEGIANCE

David Rever led the Pledge of Allegiance.

Motion carried.

IV. PUBLIC COMMENT – None

V. NEW BUSINESS—

1. Review of Smid Value section of investment portfolio and any action to change manager to another active manage or passive investment instrument

Discussion regarding active versus passive manager funds, including Aberdeen, iShares Russell 2000, iShares Core S&P Small-Cap and Vanguard Small Cap Index Adm

Mike Cho recommends iShares Core S&P Small-Cap for passive funds and a split of the funds into both passive and active managers.

David Rever would like to see Holdings and Attributes of actively managed funds. Michael Cho will provide and the Board will evaluate a possible split within 60 days.

Motion by Michael Bosanac to terminate Loomis Sayles and move all the funds into passively managed iShares Core S&P Small Cap, and to evaluate a possible split into an actively managed fund in 60 days once they see Holdings and Attributes report of actively managed funds; motion supported by David Rever.

Motion carried. Retiree Health Care Board Special Meeting Minutes October 28, 2016 Page 2

VI. MEMBERS TIME– Michael Bosanac thanked Michael Cho for taking time to come down for this Special Meeting. No other comments from members.

VII. ADJOURNMENT Chairman adjourned the meeting at 12:10 p.m. with no further business. U.S. Real Estate Strategy Portfolio Review and Market Update

Monroe County Retiree Health Care Fund November 2016

Presented by: Ritson Ferguson Co-CIO, CBRE Clarion Securities Disclaimer

This document contains proprietary information of CBRE Clarion Securities (CBRE Clarion) and is provided to you on a strictly confidential basis. This document and the information contained herein should not be reproduced, communicated, or shared with any other party, either in whole or in part, without the express written consent of CBRE Clarion.

The views expressed represent the opinion of CBRE Clarion which are subject to change and are not intended as a forecast or guarantee of future results. Stated information is derived from proprietary and non-proprietary sources which have not been independently verified for accuracy or completeness. While CBRE Clarion believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Statements of future expectations, estimate, projections, and other forward-looking statements are based on available information and management’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions which may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements.

Past performance of various investment strategies, sectors, vehicles and indices are not indicative of future results. There is no guarantee that the investment objective will be attained. Results may vary. There is no guarantee that risk can be managed successfully.

2 Table of Contents

Section Organization Overview I Investment Philosophy, Process & Performance II U.S. Investment Outlook III U.S. REIT Strategy Performance Review IV Biographies Appendix

3 Section I: Organization Overview CBRE Clarion Securities A Leading Investment Manager Specializing in Real Assets

• Experience & Depth Real Estate Securities

– Dedicated team of 95+ professionals including 40 investment professionals worldwide

– Average portfolio management team experience 23 years

– Over 30 year investment track record

– Manage over $20 billion1 in real asset portfolios Infrastructure Securities • Culture & Stability

– Management equity ownership

– Team-oriented approach with individual accountability

– Exceptionally low turnover of investment team personnel • Global Resources Master Limited Partnerships – Part of CBRE Group, Inc. the world’s premier real estate services and investment business

– Affiliated with CBRE Global Investors a leading manager of direct real estate solutions with $70 billion1 in assets under management

1CBRE Clarion and CBRE Global Investors as of June 30, 2016.

PA10102016 5 Unmatched Global Platform CBRE Clarion Securities is part of CBRE Group, Inc. (NYSE: CBG), the world’s leading real estate services firm.

CBRE CLARION CBRE Group, Inc. SECURITIES CBRE Global Investors $21 Billion AUM Industry Leading Global Industry Leading Global Services and Market Research Platform Real Estate Investment Manager

Financing Leasing Direct Property Americas Fund of Funds

Property Management Brokerage Direct Property Asia CRE Debt

Market Research – CBRE Econometric Advisers Direct Property Europe Market Research

Client Investments Operations Service & & & Marketing Trading Compliance

Data as of June 30, 2016.

PA06302016 6 CBRE Overview The Global Market Leader

Scale Leading and Diversity Global Brand • 400+ offices in over 60 countries1 • FORTUNE 500 company since 2008; ranked #259 in 2016 • Serves over 90% of the Fortune 100 • FORTUNE’s Most Admired • $284.9 billion of sales and lease Companies Only commercial real activity in 2015 estate services and investment • 50 billion square feet of property company among the Most and corporate facilities managed1 Admired for 4 consecutive years • $88.6 billion of real estate • Euromoney Global real estate investment assets under advisor of the year four years in a management2 row • Forbes Ranked 15 out of 500 companies for 4 consecutive years

1 includes affiliate offices as of December 31, 2015 2 as of June 30, 2016. Source: CBRE Group as of December 31, 2015 and June 30, 2016. This information is subject to change. CBRE Clarion is majority owned by CBRE Group.

PA08312016 7 Worldwide Research and Operations

Our organization has a global footprint. Our clients benefit from the research and resources of our global organization.

London

Philadelphia Tokyo

Hong Kong

Sydney Research Professionals Worldwide

CBRE Clarion Securities 40

CBRE Global Investors 26

CBRE Group, Inc. 500+ CBRE Clarion Securities Locations: 5 Offices; 95+ Employees CBRE Global Investors Locations: 29 Offices; ≈800 Employees CBRE Group, Inc. Locations: ≈400 Offices; 70,000+ Employees*

*excludes affiliate offices as March 31, 2016

PA06302016 8 Global Real Estate Investment Team Portfolio Management and Research Staff

Our portfolio management team is organized for fast, efficient decision-making. Senior Portfolio Managers implement decisions based on input from the regional teams.

T. Ritson Ferguson, CFA CEO, Global CIO

Joseph P. Smith, CFA Steven D. Burton, CFA President, Co-CIO Co-CIO

Kenneth Weinberg, CFA W. Stevens Carroll, CPA Christopher Reich, CFA Global Portfolio Manager Global Portfolio Manager Global Portfolio Manager Regional Investment Teams Americas Europe Asia Pacific Jonathan Miniman, CFA Simon Robson Brown Justin Pica Regional Portfolio Manager Regional Portfolio Manager Regional Portfolio Manager

− Diane Wade, CFA − James Crutcher − Nelson Wong, Ph.D. Senior Analyst Senior Analyst Portfolio Manager − Christopher Stephan, CFA − Nazanin Nobahar, CFA − Daisuke Hotta Senior Analyst Analyst Senior Analyst − Daniel Foley, CFA − Chloe Mallo − Helen Wong Senior Analyst Junior Analyst Senior Analyst − Christopher Durante, CFA − Gavin Peacock, CFA Analyst Senior Analyst − Matthew Grover Analyst − Martin Svenning Junior Analyst

Trading Staff Located Philadelphia, London, Sydney (4)

Portfolio Analytics (7)

Source: CBRE Clarion as of 06/30/2016

PA06302016 9 Global Investment Team Portfolio Management and Research Staff Years with Years Real Estate Team Title Focus Region / Sector Location the Firm Experience T. Ritson Ferguson CEO, Co-CIO Global Real Estate/Infrastructure All Regions / Sectors Philadelphia 25 30 Joseph P. Smith President, Co-CIO Global Real Estate All Regions / Sectors Philadelphia 19 26 Steven D. Burton Co-CIO Global Real Estate All Regions / Sectors Philadelphia 21 32 Christopher S. Reich Senior Portfolio Manager Global Real Estate All Sectors Philadelphia 13 22 Kenneth S. Weinberg Senior Portfolio Manager Global Real Estate All Sectors Philadelphia 12 25 W. Stevens Carroll Senior Portfolio Manager Global Real Estate All Sectors Philadelphia 12 28 Kenneth D. Campbell Managing Director Global Real Estate All Sectors Philadelphia 47 47 Simon Robson Brown Portfolio Manager Europe Real Estate All Sectors London 10 17 James Crutcher Senior Analyst Europe Real Estate / Infrastructure All Sectors / Global Transportation London 10 17 Nazanin Nobahar Analyst Europe Real Estate All Sectors London 1 6 Chloe Mallo Junior Analyst Europe Real Estate All Sectors London 2 2 Justin Pica Portfolio Manager Asia Pac Real Estate Australia / Singapore Sydney 6 19 Nelson Wong, Ph.D. Portfolio Manager Asia Pac Real Estate Hong Kong / China /Emerging Asia Hong Kong 10 25 Daisuke Hotta Senior Analyst Asia Pac Real Estate/Infrastructure Japan / Emerging Asia / Transportation Tokyo 10 14 Helen Wong Senior Analyst Asia Pac Real Estate Hong Kong / China Hong Kong 9 17 Gavin Peacock Senior Analyst Asia Pac Real Estate Australia /Singapore Sydney 10 13 Jonathan D. Miniman Portfolio Manager Americas Real Estate All U.S. Sectors / Latin America Philadelphia 14 15 Diane L. Wade Senior Analyst Americas Real Estate Retail / Apartments / Triple Net / Canada Philadelphia 20 26 Christopher J. Stephan Senior Analyst Americas Real Estate Office / Industrial / Healthcare Philadelphia 12 13

Daniel R. Foley Senior Analyst Americas Real Estate / Infrastructure Storage / Tech / Comm/ Trans Philadelphia 10 10 Christopher Durante Analyst Americas Real Estate Hotels / Triple Net Philadelphia 7 7 Matthew Grover Analyst Americas Real Estate Retail / Canada Philadelphia 1 3 Martin Svenning Junior Analyst Americas Real Estate All U.S. Sectors Philadelphia 1 1 Years with Years Infrastructure Team Title Focus Region / Sector Location the Firm Experience Jeremy Anagnos CIO Infrastructure Global Infrastructure All Sectors Philadelphia 12 21 Hinds Howard Assoc. Portfolio Manager Americas Infrastructure MLPs / Midstream / Pipelines Philadelphia 3 11 Marc de Croisset Senior Analyst Global Infrastructure Gas Utilities Philadelphia 3 16 Erik J. Lang Senior Analyst Asia Pac Infrastructure Infrastructure Hong Kong 8 14 Chad Stecker Senior Analyst Americas Infrastructure MLPs / Midstream / Pipelines Philadelphia 9 11 Sean Bones Analyst Americas Infrastructure Utilities Philadelphia 1 1

Source: CBRE Clarion as of 06/30/2016

PA06302016 10 CBRE Clarion Securities Real Asset Investment Strategies CBRE Clarion’s investment strategies offer clients an array of performance objectives and risk profiles. Real Estate Securities Infrastructure Securities Master Limited Total Return Income Long/Short Total Return Partnerships (MLPs) Performance Maximize relative total return; Maximize current income; Maximize return per unit of Generate returns in excess Generate returns in excess Objective outperform benchmark over a 3 generate a portfolio yield risk; generate absolute of the global infrastructure of the Master Limited year investment cycle competitive with other return in-line with direct securities market with Partnership (MLP) securities income oriented property over a long-term lower volatility of returns market with lower volatility investments investment cycle relative to the broader of returns relative to the global equity market broader equity market

Description Well diversified portfolio with Well diversified portfolio Diversified portfolio of real Globally diversified Diversified portfolio with active relative positions at the with emphasis on higher estate securities of long portfolio with active active relative positions at regional, sector, and individual yielding countries, sectors, and short positions relative positions at the the sub-sector and stock level and individual securities designed to deliver positive regional, sector, and individual stock level returns while controlling individual stock level risk

Asset Common equity and cash Common equity, preferred Common equity, preferred Common equity, Master MLPs, common equity, and Allocation equity securities, and cash equity, convertible bond Limited Partnerships cash securities, and cash (MLPs), and cash

Risk Portfolio diversification; Portfolio diversification; Manage net market Portfolio diversification; Portfolio diversification; Management individual country, sector and individual country, sector exposure via long and individual country, sector individual sub-sector and single position limits; monitor and single position limits short positions; portfolio and single position limits single position limits tracking error diversification; single position limits

Track Record October 1984 (U.S. only) February 2004 November 2000 March 2012 August 2012 Inception November 2001 (Global) November 2001 (Global ex U.S.)

Product Registered fund, collective trust Registered fund and Registered fund and Registered fund, limited Limited partnership and Offerings and separate account separate account separate account partnership, and separate separate account account There is no guarantee that investment objectives will be obtained. Results may vary. There is no guarantee that risk or volatility can be managed successfully.

PA09302015 11 Section II: Investment Philosophy, Process & Performance Investment Philosophy

CBRE Clarion seeks to generate consistent outperformance versus passive strategies through building conviction based portfolios.

• Aim to identify undervalued real estate in the listed markets through superior information and research

• Allocate capital to regions and sectors where we believe real estate fundamentals and valuations are most attractive

• Identify individual companies with the most compelling risk-return potential and establish positions based on the level of conviction

• Manage risk via:

– Intensive company due diligence and prudent security selection

– Maintain diversification of companies, property sector and geography

PA08292011 13 U.S. Real Estate Securities Diverse Investment Universe

CBRE Clarion’s investable universe provides a rich array of property sectors to diversify risk and maximize return potential.

CBRE Clarion Investment Universe at September 30, 2016 201 U.S. Real Estate Companies $1,104 Billion Equity Market Value

18% Retail 14% Technology Real Estate 12% Residential 11% Healthcare 10% Office 9% Hotels 8% Net Leased Properties 6% Storage 5% Industrial 3% Timber 2% Real Estate Services 2% Other

Source: CBRE Clarion investable universe as of 09/30/2016

PA09302016 14 Top-Down/Bottom-Up Investment Process

CBRE Clarion’s investment process aims to add value through both research driven asset allocation and superior stock selection.

Top-Down Analysis

• Macro Economic Analysis

Investment • Capital Market Review Policy Committee • Cyclical & Structural Risk Senior Portfolio Managers • Real Estate Conditions & Trends

• Sector Allocation Targets

+ Client Portfolio Bottom-Up Analysis

• Relative Value Analysis CBRE Clarion’s Investment Team • Proprietary NAV & Earnings Models Portfolio Managers & Analysts • Balance Sheet Analysis

• Management & Property Quality

• Company Specific Risk

PA08292011 15 Investment Process Top-Down Analysis

Senior Portfolio Managers determine real estate regional themes and sector allocations.

GDP growth, shifts in yield curve, unemployment, Macro Economic Analysis CPI

Review relative attractiveness of real estate Capital Market Review stocks vs. equities and bonds

Occupancies, rents, cap rates, valuations, Real Estate Conditions & Trends supply & demand

Comparison of cash flow growth rates, cash flow Listed Real Estate Market Review yields, discounts/premiums to estimated private market values, and projected 12-month total returns

Identify real estate investment themes and set Real Estate Investment Themes/ targeted sector overweights and underweights Sector Allocations

PA08292011 16 Investment Process Bottom-Up Security Selection

Bottom-up security selection is based on extensive and rigorous fundamental analysis. Analysts integrate proprietary information and data from property visits, management meetings and modeling to develop recommendations.

Security CBRE Clarion Securities Selection

Company XYZ Analyze Relative XYZ AU Valuation Earnings Model Com pany XYZ (XYZ AU) FY04A FY05A FY06E FY07E FY08E FY09E FY10E FY11E FY12E Trust net property income: Office $m 154.7 150.4 144.3 143.6 143.2 146.2 149.9 155.2 159.2 Retail $m 199.0 211.3 231.0 240.7 260.9 292.0 314.2 330.5 342.3 Industrial $m 46.9 52.1 56.1 63.6 63.9 65.1 66.4 67.3 70.1 Assess Company Risk Factors Office Parks $m 16.9 15.8 9.8 8.7 17.5 17.7 18.0 19.0 19.5 Total net property income $m 417.5 429.6 441.3 456.6 485.5 521.0 548.5 571.9 591.2 Trust P&L: Net income from investment properties $m 417.5 429.5 441.3 456.6 485.5 521.0 548.5 571.9 591.2 Gain on sale of assets/int rate hedging $m 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest income - corporation loan $m 47.9 77.4 141.4 150.5 159.1 167.1 175.4 184.2 193.4 Interest income $m 5.2 2.7 4.0 4.4 4.5 4.7 4.9 5.0 5.3 Prepare NAV, DCF & Expenses: Interest expense $m 103.0 98.9 142.2 144.9 168.0 198.7 213.7 224.7 233.2 Trust management fee $m 6.1 5.8 13.4 13.9 14.3 14.5 14.6 14.8 15.0 Earnings Forecasts Other expenses $m 6.0 7.2 5.6 5.7 5.9 6.0 6.2 6.3 6.5 Trust net income $m 355.5 397.7 425.4 447.1 460.9 473.5 494.3 515.4 535.2 Corporation: Residential estates EBIT $m 144.4 185.1 223.8 233.5 270.1 339.5 366.4 384.7 404.0 Apartments EBIT $m 13.2 12.0 6.4 16.9 32.2 48.0 47.7 50.1 52.6 Retail projects EBIT $m 10.0 5.8 3.5 9.1 13.3 4.1 3.2 3.4 3.5 Hotel management EBIT $m 4.8 5.4 9.5 9.7 9.9 10.1 10.3 10.5 10.7 Interview Management & Tour Properties Interest income (director loans) $m 6.2 6.3 6.9 7.2 7.4 7.6 7.8 8.0 8.3 Net property income $m 2.0 4.2 5.2 5.3 5.4 5.5 5.6 5.7 5.8 Other income $m 18.0 25.1 21.8 22.5 23.1 23.8 24.5 25.3 26.0 Gain(loss) on sale on non-current assets $m 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Management & admin expenses $m 39.9 60.9 67.0 69.0 71.1 81.2 83.6 86.2 88.7 Corporation EBIT $m 158.7 183.1 210.1 235.1 290.3 357.4 381.9 401.6 422.2 Borrow ing costs $m 14.8 8.7 13.0 13.7 14.7 15.9 17.2 18.6 20.1 Research Market Fundamentals via Corp. profit before tax $m 143.9 174.4 197.1 221.4 275.6 341.5 364.7 383.0 402.2 Tax $m 43.8 55.0 57.8 62.0 77.2 95.6 102.1 107.2 112.6 CBRE and other sources Corporation NPAT $m 100.0 119.4 139.3 159.4 198.4 245.9 262.6 275.8 289.6 Total NPAT $m 455.5 517.1 564.7 606.5 659.3 719.3 756.9 791.1 824.7

Trust Fundamentals: Trust EPU ¢ 29.5 30.6 31.7 32.4 33.2 34.1 35.5 37.0 38.4 Corporation EPS ¢ 8.3 9.2 10.4 11.6 14.3 17.7 18.9 19.8 20.8 Total EPS ¢ 37.8 39.8 42.0 44.0 47.5 51.8 54.4 56.8 59.1 Screen Investment Universe EPS grow th 12.9% 5.4% 5.6% 4.5% 8.0% 9.0% 5.1% 4.4% 4.1% Trust DPU ¢ 29.5 30.6 32.1 32.4 33.2 34.2 35.5 36.9 38.4 Corporation DPS ¢ 7.5 8.3 9.3 10.4 12.9 15.9 17.0 17.8 18.7 Total DPS ¢ 36.9 38.9 41.4 42.8 46.1 50.1 52.5 54.7 57.1 DPS grow th 15.2% 5.3% 6.6% 3.3% 7.6% 8.8% 4.7% 4.2% 4.3%

Weighted average securities on issue '000 1,206.4 1,299.0 1,342.8 1,379.8 1,388.4 1,390.0 1,391.6 1,393.2 1,394.8

PA08292011 17 Investment Process Bottom-Up Security Selection

Proprietary factor-based model utilized by the investment team to generate investment ideas and maintain buy / sell discipline. Relative Value Analysis Ranking (RVA)

Valuation Metrics Quantitative scores based on bottom-up modeling of company cap rates, cash flows and • Cash Flow Yield valuations • Cash Flow Growth • Price versus NAV

+ RVA Qualitative scores from interviews Management & Strategy = SCORE with management, assessment of Scoring system using 1-10 • Execution and Depth strategy and business model, and scale within property type • Ownership/Alignment site visits to determine relative (U.S.) and geography (non- • Corporate Governance portfolio quality differences U.S.) • Property Quality +

Capital Structure Quantitative scores for size and leverage; larger companies • Size rewarded for lower cost of capital • Leverage

PA08312012 18 Investment Process Portfolio Construction Translating conviction-based research into consistent performance

Portfolio Management

• Daily monitoring by portfolio management, trading and operations teams; identify sources and uses of cash; manage models; encourage cross-border knowledge sharing, and risk management • Responsibility: Senior Portfolio Managers

Asset Stock Idea Generation/ Buy / Sell Position Sizing & Allocation Research Priorities Recommendations Implementation

• Identify investment themes and • Review stock over / under • Present investment thesis and • Based on analyst conviction, determine active allocations by weights vs. RVA, top-down recommendation to Regional RVA score, liquidity and country thematics, attribution analysis, Team (Strong Overweight, potential tracking error news Overweight, Strong • Responsible: Senior Portfolio Underweight or • Risk Guidelines: Regional, Managers • Responsible: Regional Teams; Underweight) Sector, and Individual facilitated by Portfolio Positions Managers • Responsible: Analysts • Responsible: Portfolio Managers

RVA refers to Relative Value Analysis, CBRE Clarion’s proprietary system used as a framework for stock selection.

PA09302015 19 CBRE Clarion U.S. Real Estate Securities Composite Annualized Performance

For the U.S. Strategy, CBRE Clarion has the longest track record in the real estate securities asset management business.(1)

CBRE Clarion U.S. Real Estate Securities Composite as of September 30, 2016 25%

19.8% 20% 18.1% 17.4% 15.8% 15.8% 16.0% 15.6% 14.5% 15.0% 15.2% 15% 13.8% 14.1% 11.8% 11.3% 11.5% 10.9% 10.7% 10% 9.5% 7.4% 6.7% 6.2% 5%

0% 1 Year 3 Years 5 Years 7 Years 10 Years 20 Years Since Inception (10/84)

CBRE Clarion Composite-Gross CBRE Clarion Composite-Net MSCI US REIT Index* Dow Jones U.S. Select Real Estate Securities Index

*Inception date for the MSCI REIT Index is 1995. Gross returns do not reflect the deduction of advisory fees, but are net of transaction costs and include the reinvestment of dividends, capital gains, and other earnings. Actual returns will be reduced by the advisory fee, as described in Part 2A of CBRE Clarion’ Form ADV, plus any other costs a client may incur directly. This is supplemental information. Please refer to Appendix A1 of this presentation for important disclosures and a fully compliant presentation. Past performance is no guarantee of future results. (1) Based on the product inception dates of 61 U.S. real estate securities strategies included in the eVestment U.S. REIT universe as of 12/31/2014.

PA09302016 20 CBRE Clarion U.S. Real Estate Securities Composite Calendar Year Relative Outperformance

CBRE Clarion’s disciplined investment process has delivered consistent outperformance, exceeding the benchmark in 13 of the last 14 full calendar years over various investment environments. 2012-2015 2008-2009 •U.S. economic outlook 2004 – 2007 •Global Financial Crisis transition from uncertain to •Global Liquidity Boom •Balance Sheet Recapitalizations improving •Abundant Debt Capital •Fed’s QE program ends •US REIT Privatization Wave 2010 - 2011 •Fed Funds increases begin • 4% Fiscal Cliff •Uncertain global economic • 2002– 2003 European Crisis outlook drives volatility YTD 2016 •Post 9/11 Economic •Fiscal and Monetary •Low Rates 3% Recession Easing •High Dividend Yield Rally 2%

0% Relative Return -1%

-2%

-3% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CBRE Clarion 4.8% 37.6% 34.4% 13.5% 37.8% -15.4% -34.4% 31.1% 29.0% 10.4% 16.5% 2.9% 31.2% 4.1% 9.6% (Gross) CBRE Clarion 4.4% 37.1% 33.9% 13.0% 37.3% -15.9% -34.8% 30.3% 28.2% 9.7% 15.7% 2.2% 30.4% 3.5% 9.1% (Net) MSCI U.S. 3.6% 36.7% 31.5% 12.1% 35.9% -16.8% -38.0% 28.6% 28.5% 8.7% 17.8% 2.5% 30.4% 2.5% 11.9% REIT Index Source: CBRE Clarion Securities as of 09/30/2016. Relative performance is a measurement of the difference between the total return of the CBRE U.S. Real Estate Securities Composite (gross of fees) and its benchmark index, the MSCI U.S. REIT Index. An index is unmanaged and not available for direct investment. Gross returns do not reflect the deduction of advisory fees, but are net of transaction costs and include the reinvestment of dividends, capital gains, and other earnings. Actual returns will be reduced by the advisory fee, as described in Part 2A of CBRE Clarion’ Form ADV, plus any other costs a client may incur directly. This is supplemental information. Please refer to Appendix A1 for important disclosures and a fully compliant presentation. Past performance is no guarantee of future results. PA09302016 21 CBRE Clarion U.S. Real Estate Securities Composite Portfolio Construction and Performance Attributes

Consistent outperformance over various investment environments.

• Focused on maximizing total return while mitigating risk

• Tracking Error Target ≥ 2.0

• Reasonable Portfolio Concentration (+/- 40 stocks)

• Measured Annualized Turnover 38.2%1

• Correlation analysis across individual positions aims to mitigate concentration risk

• Identify sector and stock catalysts that can drive relative outperformance

Information is the opinion of CBRE Clarion as of the date of this presentation, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. This is supplemental information. Please refer to Appendix A1 for important disclosures and a fully compliant presentation. Past performance is no guarantee of future results. 1Annualized turnover is calculated as the average turnover for a U.S. Real Estate Strategy representative account over ten years (2006-2015).

PA12312015 22 Section I Section III: U.S. Investment Outlook U.S. Real Estate Securities Outlook

Macro environment remains supportive of asset class: • Economic growth is improving, but at a meaningfully slower pace than in past recoveries • Unlike prior cycles, development has not ramped-up given a more disciplined approach to capital allocation coupled with more rigorous financing requirements • A low inflation, low interest rate environment is expected to persist, which provides continued demand for asset classes providing stable earnings growth with attractive dividend income • Initial yields for commercial real estate remain high relative to fixed income, supporting continued institutional demand and rising property values We expect high single-digit to low double-digit total returns for property stocks over the next twelve months: • Solid fundamentals in most markets • Well-supported, growing dividends with current yield of approximately 3.6% • 6-7% cash flow per share growth for 2016-2017 • Attractive valuations • M&A supportive of valuations

Information is the opinion of CBRE Clarion, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Forecasts and any factors discussed are not a guarantee of future results.

PA2016 24 Commercial Property Markets U.S. - New Construction Remains Well Below Long-Term Average Low new supply bodes well for future space absorption.

% of Stock Historical Average: 2.1% 2%

0% 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: McGraw-Hill Construction, Citi Investment Research and Analysis, CBRE Econometric Advisors and CBRE Global Investors as of December 31, 2015. Information is the opinion of CBRE Clarion as of the date of this presentation is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any factors discussed are not indicative of future investment performance.

PA06302016 25 Commercial Property Values are Attractive vs. Fixed Income

• The spread between cap rates and fixed-income is meaningfully wider than the historic average

• Although short-term interest rates are projected to increase, long-term interest rates are expected to remain low over the medium term which should provide for a lower cap rate environment for the foreseeable future

U.S. Cap Rates Relative to Fixed Income

8 Prior Peak

Above average 4 spread

2 U.S. Cap Rates 10-Year Treasury Yield 0 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Cap Rates vs. Long-Term Spread Current 10-Year Treasury Yield Avg. Spread Prior Peak Spread

United States 320 bps 58 bps 465 bps

Source: NCREIF Property Index Transaction Cap Rate (equal weighted), Factset, and Bloomberg. Information is the opinion of CBRE Clarion as of 09/30/2016, is subject to change and is not intended to be a forecast of future events, or a guarantee of future results, or investment advice. Forecasts and any factors discussed are not indicative of future investment performance.

PA10312016 26 U.S. Earnings Growth

U.S. earnings growth is expected to be in the 6-7% range over the next two years.

15%

10%

0% Technology Shopping Storage Industrial Malls Residential Hotels Net Lease Office Healthcare Average Real Estate Centers 2015e 12.7% 10.7% 10.0% 10.1% 9.2% 14.4% 6.2% 2.8% 4.5% 4.9% 8.1% 2016f 11.7% 8.9% 8.6% 8.0% 6.6% 5.3% 4.3% 4.1% 3.5% 1.0% 5.9% 2017f 10.7% 12.7% 6.8% 6.7% 5.5% 1.6% 5.6% 5.0% 8.0% 3.6% 6.4%

2017 Earnings Multiple 19.8x 20.4x 20.0x 17.2x 19.7x 8.8x 18.5x 17.2x 17.5x 15.6x 17.7x

Source: CBRE Clarion as of 09/30/2016. Information is the opinion of CBRE Clarion as of 09/30/2016, which is subject to change and should not be construed as investment advice. “e” refers to “estimates” “f” refers to “forecasts”. Stated information is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Forecasts and the factors noted are not indicative of future investment performance.

PA09302016 27 U.S. NAV Premium/Discount by Sector

Public real estate is trading within the band of normal valuations (+10% to -10%). REITs are trading at a 2% premium to NAV.

NAV Premium / Discount by Property Type 30% 28% (weighted average) 25% “Core” Real Estate Sectors 20% 18% 16% -7% Discount to NAV 15% 10% 8% 6% 5% 2% 2% 0% -5% -2% -10% -11% -15% -15% -20% -19% -25% Net Lease Healthcare Technology Storage Industrial Shopping Residential Office Hotels Malls Average Real Estate Centers CBRE Clarion Current Model 6.9% 6.6% 7.3% 5.3% 5.7% 5.6% 5.1% 5.1% 7.7% 4.6% 5.8% Cap Rate

Implied Listed 6.2% 5.9% 6.6% 5.1% 5.4% 5.6% 5.2% 5.5% 8.7% 5.3% 5.8% Market Cap Rate

Information is the opinion of CBRE Clarion as of 09/30/2016, which is subject to change and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. Forecasts and any factors discussed are not indicative of future investment performance.

PA09302016 28 U.S. REIT Pricing vs. Net Asset Value

Public real estate is trading within the band of normal valuations (+10% to -10%). REITs are trading at a 2% premium to NAV.

Share Price Premium/Discount to Estimates of NAV 40% +34%

30%

20% +18%

10% +2% 0%

-7% -10% -10% -20%

-30%

-40% -36% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Green Street Advisors, CBRE Clarion through 09/30/2016 Information is the opinion of CBRE Clarion as of 09/30/2016, which is subject to change and is not intended to be a forecast of future events, or construed as investment advice. Past performance is no guarantee of future results.

PA09302016 29 Dividend Yield

REIT dividend yields are at 3.6% with a 73% payout of estimated 2016 cash flow (a historically low level). The positive 200 basis point spread to 10-year Treasury is above the long-term average of 81 basis points since 1985. REIT Dividend Yield vs. 10 Year Treasury Yield

6% 09/30/2016: +2.00%

1% Average 0.81% 0%

-1%

-2%

-3%

-4% 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: CBRE Clarion, NAREIT through 09/30/2016. Dividend yields fluctuate and are not indicative of future investment performance.

PA09302016 30 U.S. Real Estate Stocks Attractive Long Term Total Return

• Consistent annual income return Key Statistics* • History of multi-year price appreciation Total Return 12.01% Dividend Return 7.77% Price Return 4.24% FTSE NAREIT Equity REIT Index Annual Returns 50%

40%

30%

20%

10% 7.8%

-10%

-20%

-30% Average: 23% Average: 21% Average: 23% Average:17%

-40% Income Return Appreciation Historic Average -50% 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: CBRE Clarion and FTSE NAREIT Equity Index as of 12/31/2015. Opinions are those of CBRE Clarion as of the date of this presentation and are subject to change and are not intended to be a forecast of future events, a guarantee of future results, or investment advice. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results. * Returns are annualized.

PA12312015 31 Section I Section IV: U.S. REIT Strategy Performance Review U.S. REIT Market Review Total Returns by Property Sector

U.S. real estate stocks were modestly negative for the quarter, and are +11% year-to-date.

Q3 Highlights • Given the strong performance from mid-February Total Returns by Property Sector through July, U.S. real estate stocks seemed due for a Q1 2016 Q2 2016 Q3 2016 YTD 2016 healthy consolidation MSCI U.S. REIT Index 6.3% 6.8% -1.45% 11.91% • The industrial sector is benefitting from the growth in demand from e-commerce trends (Amazon) Industrial 6.1% 15.3% 6.6% 30.4%

• The office sector rebound continues with the CBD Healthcare 3.1% 11.4% 3.2% 18.5% names outperforming suburban office companies Office -1.2% 7.6% 2.8% 9.3% • The net lease sector performance was weighed down by the two prison REITs, each down in excess of -30% Hotels 6.1% -2.9% 0.2% 3.2% on the news that the Justice Department plans to end its use of private prisons Residential 4.6% 0.5% -1.2% 3.9% • Technology stocks are benefitting from strong demand Shopping Centers 7.9% 8.6% -3.1% 13.5%

related to cloud computing. After a strong 1H, the Malls 6.1% 4.5% -3.1% 7.4% stocks underperformed. Given the strong earnings growth we believe the stocks will rebound. Net Leased 15.8% 13.0% -3.4% 26.4%

• The residential sector continues to underperform in the Technology Real Estate 14.5% 20.5% -8.9% 25.7% face of supply concerns in coastal markets and decelerating top-line growth. Self Storage 12.2% -3.1% -11.1% -3.3% • The self storage sector had its worst quarter in many years, top-line revenue growth appears to be peaking

Source: CBRE Clarion and MSCI U.S. REIT Index as of 09/30/2016. Quintile analysis established by dividend yields within the CBRE Clarion investable universe. Dividend yields fluctuate and are not indicative of present or future investment performance. This information is not indicative of the performance of any CBRE Clarion investment strategy. Information is subject to change and should not be construed as investment advice. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results.

PA10122016 33 U.S. Real Estate Market Review Market Favors Highest Dividend Yielding Stocks

U.S. REITs have delivered attractive returns YTD with the “dividend yield trade” driving outperformance. Our experience suggests that absolute dividend yield alone is not a reliable predictor of future outperformance.

U.S. REIT Market Total Return Comparison High Dividend Yielding vs. Low Dividend Yielding Stocks

25%

20% 17.9%

15% 11.9%

YTD Total Return YTD Total 10% 6.7%

0% Highest Dividend MSCI U.S. REIT Index Lowest Dividend Yield Quintile Yield Quintile

PA10122016 34 CBRE Clarion U.S. Real Estate Strategy Q3 2016 Performance Summary

Performance Summary U.S. Strategy Benchmark Relative +/- Q3 2016 -1.5% -1.5% 0.0%

Attribution Summary: Relative performance matched the benchmark for the quarter with positive stock selection offset by negative asset allocation. Asset Allocation -7 bps − Overweight to the outperforming industrial sector and an underweight to the underperforming storage sector enhanced relative performance. − Underweight to the outperforming healthcare sector combined with an overweight to each of the underperforming mall and shopping center sectors detracted from relative performance. Stock selection +7 bps − Positive stock selection contributions came primarily from not owning materially underperforming stocks in the net lease and technology real estate sectors. − Stock selection in the hotel and residential sectors were modest contributors.

Source: CBRE Clarion and MSCI REIT Index as of 09/30/2016. Information is subject to change and should not be viewed as investment recommendations. This is supplemental information. Gross returns do not reflect the deduction of advisory fees, but are net of transaction costs and include the reinvestment of dividends, capital gains, and other earnings. Actual returns will be reduced by the advisory fee, as described in Part 2A of CBRE Clarion’s Form ADV, plus any other costs a client may incur directly. Please refer to the Appendix A1 of this presentation for the GIPS compliant presentation, which includes important information related to composite description, fees, and index information. An index is unmanaged and not available for direct investment. Portfolio information is derived from a representative fund managed against the MSCI US REIT Index and included in the U.S. composite. The representative fund was selected based on objective criteria, but not limited to, the nature of the client, the client’s benchmark, and the ability for the mandate to be implemented without material restrictions or limitations. Past performance is no guarantee of future results.

PA10122016 35 CBRE Clarion U.S. Real Estate Securities Strategy Property Sector Allocation and Favorite Stocks(1) in Each Sector

Relative Property Sector Sector Relative Weight Favorite Stock (1) Weight

Malls 1.4% General Growth Properties 1.8

Technology Real Estate 1.3% Digital Realty Trust 1.4

Industrial 0.6% Prologis, Inc. 0.8

Shopping Centers 0.6% Kimco Realty Corporation 1.1

Office 0.1% Vornado Realty Trust 1.7

Storage -0.6% CubeSmart 1.2

Net Lease -0.7% VEREIT, Inc. 1.4

Healthcare -1.0% Welltower, Inc. 1.7

Hotels -1.1% Sunstone Hotel Investors, Inc. 0.9

Residential -1.6% Sun Communities, Inc. 1.6

(1) Favorite stocks are the largest positive relative position in each property sector. Source CBRE Clarion and MSCI as of 09/30/2016. Allocation figures and securities indicated are subject to change and should not be considered as investment recommendations. The securities identified are based on the largest relative positions compared to the MSCI U.S. REIT Index in the representative account within corresponding sub-sectorormarket,areexpressedasa percentage of assets as a relative overweight compared to the benchmark, and do not represent all the securities purchased, sold or held in the account. It should not be assumed that an investment in these securities may or may not be profitable. This is supplemental information. Please refer to Appendix A1 for important disclosures and a fully compliant presentation.

PA09302016 36 CBRE Clarion U.S. Real Estate Securities Composite Current Asset Allocation Property Type Mix

20% CBRE Clarion U.S. Composite MSCI U.S. REIT Index

15% 14% 14% 15% 14% 14% 12% 13% 13% 10% 10% 10% 9% 9% 8% 8% 8% 7% 7% 6% 5% 5% 4%

Malls Technology Shopping Industrial Office Self Storage Net Leased Healthcare Hotels Residential Centers Top Ten Holdings Geographic Type Distribution

Company Sector Weight % Mountain West North East North 6% Simon Property Group Inc. Malls 9.1 Central 4% Central 12% Welltower Inc. Healthcare 4.9 Northeast Public Storage Self Storage 4.2 19% Pacific ProLogis Inc. Industrial 4.2 17% AvalonBay Comunities Inc. Residential 4.0

Equity Residential Residential 3.9 Non U.S. Mideast Vornado Realty Trust Office 3.8 6% 13% General Growth Properties Malls 3.7 Digital Realty Trust Inc. Technology Real Estate 3.3 Southwest Southeast 9% 14% Boston Properties Inc. Office 3.1 Total 44.2 Representative account holdings at 09/30/2016. Allocation figures indicated are subject to change and should not be considered as investment recommendations. Portfolio information is derived from a representative mutual fund managed against the MSCI U.S. REIT Index and included in the domestic composite. The representative account was selected based on objective criteria, including, but not limited to, the nature of the client, the client’s benchmark, and the ability for the mandate to be implemented without material restrictions or limitations. The securities identified are based on the largest positions in the account, as a percentage of assets, and do not represent all of the securities purchased, sold or held in the account. It should not be assumed that an investment in these securities may or may not be profitable. This is supplemental information. Please refer to Appendix A1 of this presentation for important disclosures and a fully compliant presentation. Percentages may not add to 100% due to rounding.

PA09302016 37 Appendix: Biographies Senior Investment Professionals

T. Ritson Ferguson, CFA CEO; CBRE Clarion Securities CEO, Global Chief Investment Officer; CBRE Global Investors

Ritson Ferguson is CEO of CBRE Global Investors and CEO of its equity securities management subsidiary, CBRE Clarion Securities. He is also the firm’s Global Chief Investment Officer. Mr. Ferguson is responsible for the global management of the firm and has broad responsibilities for coordinating the investment decision-making and program offerings of CBRE Global Investors across the range of listed and unlisted real estate markets. He is a Global Senior Portfolio Manager and a member of the CBRE Clarion Global Investment Policy Committee. He chairs the Global Executive Committee and Global Investment Committee for CBRE Global Investors, which manages approximately $90 billion on behalf of its clients and with operations in the United States, Europe and Asia Pacific. Prior to joining CBRE Global Investors, Mr. Ferguson was on the global management committee of ING Real Estate Investment Management. He was one of the founding principals who formed the predecessor entity to CBRE Clarion Securities. Earlier in his real estate career, he worked at K.S. Sweet Associates and Trammell Crow Company. He was also a consultant at Bain & Company and a Captain in the U.S. Air Force. CREDENTIALS • Asia Public Real Estate Association (APREA) • European Public Real Estate Association (EPRA) • National Association of Real Estate Investment Trusts (NAREIT) • Chartered Financial Analyst (CFA)

EDUCATION • M.B.A, Wharton School, University of Pennsylvania, 1987 (with Distinction) • B.S., Duke University, 1981 (summa cum laude, Phi Beta Kappa)

PA02292016 39 Senior Investment Professionals

Joseph P. Smith, CFA Principal, President, Co-Chief Investment Officer, Senior Global Portfolio Manager

Mr. Smith is President and Co-Chief Investment Officer of CBRE Clarion Securities, as well as chair of the firm’s Management Committee and a member of the Global Investment Committee. Mr. Smith is co-leader of the U.S. real estate securities team. Mr. Smith joined CBRE Clarion Securities’ predecessor firm in 1997. Prior to that, Mr. Smith worked in various management and analyst positions in the real estate industry including positions at Alex Brown & Sons, PaineWebber and Radnor Advisors. Mr. Smith has over 26 years of real estate investment management experience.

CREDENTIALS • National Association of Real Estate Investment Trusts (NAREIT) • Chartered Financial Analyst (CFA)

EDUCATION • M.B.A., Wharton School, University of Pennsylvania, 1996 • B.S., Villanova University, 1990 (magna cum laude)

PA12312015 40 Senior Investment Professionals

Steven D. Burton, CFA Principal, Co-Chief Investment Officer, Senior Global Portfolio Manager Mr. Burton is Co-Chief Investment Officer, a member of CBRE Clarion Securities’ Global Investment Policy Committee, and a member of the firm’s management committee. In addition, Mr. Burton is co-leader of the European real estate securities research team. Mr. Burton joined CBRE Clarion Securities’ predecessor firm in 1995. Prior to that, Mr. Burton worked in various management and analyst positions in the real estate industry including positions with General Electric Investment Corporation and PNC Financial Corporation. Mr. Burton has over 32 years of real estate investment management experience.

CREDENTIALS • European Public Real Estate Association (EPRA) • National Association of Real Estate Investment Trusts (NAREIT) • Chartered Financial Analyst (CFA)

EDUCATION • M.B.A., Kellogg School, Northwestern University, 1988 • B.A., Middlebury College, 1982 (cum laude, mathematics)

PA12312015 41 Senior Investment Professionals

W. Stevens Carroll, CPA Principal, Senior Global Portfolio Manager Mr. Carroll is a Senior Global Portfolio Manager, a member of the CBRE Clarion Securities’ Global Investment Policy Committee, and co-leader of the Asia-Pacific real estate securities research team. Prior to joining CBRE Clarion Securities in 2011, Mr. Carroll served as Co-Chief Investment Officer of CB Richard Ellis Investors’ Securities Team responsible for the portfolio management of global real estate securities separate accounts and funds. Prior to that, Mr. Carroll served as LaSalle Investment Management Securities’ Baltimore-based Global Securities Portfolio Manager and as LaSalle's European Securities Portfolio Manager in Amsterdam. His past experience also includes real estate and financial analysis experience at Kenneth Leventhal & Company, a national real estate accounting firm and asset management experience with JCF Partners, a real estate asset management firm located in Maryland. Mr. Carroll has over 28 years of real estate investment management experience.

CREDENTIALS • Serves as the Chairman of the North American Index Committee for the FTSE EPRA/NAREIT Global Real Estate Index • Serves on the FTSE EPRA/NAREIT Global Real Estate Supervisory Committee • National Association of Real Estate Investment Trusts (NAREIT) • Certified Public Accountant licensed in the State of California

EDUCATION • B.A., University of California

PA12312015 42 Senior Investment Professionals

Jeremy Anagnos, CFA Principal, CIO - Infrastructure Mr. Anagnos is the CIO - Infrastructure and a member of the CBRE Clarion Management and Global Investment Policy Committees. Prior to joining CBRE Clarion Securities in 2011, Mr. Anagnos served as Co-Chief Investment Officer of CB Richard Ellis Investors’ Securities Team responsible for portfolio management of global real estate securities separate accounts and funds. Mr. Anagnos was a founder of the securities group at CBRE and assisted in raising over $3 billion in assets as well as overseeing the global 28 member investment and operations team. During his career, Mr. Anagnos has worked in various management and research positions in the real estate industry with LaSalle Investment Management in Baltimore/Amsterdam and Deutsche Bank in London. Mr. Anagnos has over 21 years of real asset investment management experience.

CREDENTIALS • Chartered Financial Analyst (CFA) • Member of Edison Electric Institute (EEI) • Member of Master Limited Partnership Association (MLPA) • Advisory Board Member of Institutional Investing in Infrastructure

EDUCATION • B.S. Boston College, 1995 (cum laude, finance)

PA12312015 43 Senior Investment Professionals

Kenneth S. Weinberg, CFA Principal, Senior Global Portfolio Manager Mr. Weinberg is a Senior Global Portfolio Manager, a member of CBRE Clarion Securities’ Global Investment Policy Committee, and co-leader of the U.S. real estate securities research team. Mr. Weinberg joined CBRE Clarion Securities’ predecessor firm in 2004. Prior to that, Mr. Weinberg worked in various management and analyst positions in the real estate industry including positions with Legg Mason Wood Walker, Inc. and Prudential Real Estate Investors. Mr. Weinberg has over 25 years of real estate investment management experience.

CREDENTIALS • National Association of Real Estate Investment Trusts (NAREIT) • Chartered Financial Analyst (CFA)

EDUCATION • M.B.A., Fuqua School, Duke University, 1999 • B.S., Duke University (cum laude and with Departmental Distinction), 1991

PA12312015 44 Senior Investment Professionals

Christopher S. Reich, CFA Principal, Senior Global Portfolio Manager Mr. Reich is a Senior Global Portfolio Manager, a member of CBRE Clarion Securities’ Global Investment Policy Committee, and co-leader of the Asia-Pacific real estate securities research team. Mr. Reich joined CBRE Clarion Securities’ predecessor firm in 1999. His post work history includes various management and analyst positions with UBS Securities, LLC and Accenture. Mr. Reich has over 22 years of financial industry and investment management experience.

CREDENTIALS • Asia Public Real Estate Association (APREA) • Chartered Financial Analyst (CFA)

EDUCATION • M.B.A., Stern School, New York University, 2002 (Beta Gamma Sigma Honor Society) • B.S., Bucknell University, 1994 (Dean’s List, member of Alpha Lambda Delta Honor Society)

PA12312015 45 Important Performance Information

CBRE Clarion U.S. Real Estate Securities Composite As of September 30, 2016

Total Return % MSCI U.S. Dow Jones US FTSE NAREIT Number % Standard Composite % of Firm Total Firm REIT Index Select Real Equity REIT of Deviation Assets (millions) Assets Assets (millions) Gross Net Estate Index Accounts Securities Index

2001 7.38% 6.96% 12.83% 10.45% 13.93% 28 0.48 1,667.23 91 $1,734.1 2002 4.81% 4.38% 3.64% 2.63% 3.81% 21 0.29 1,589.76 90 $1,762.4 2003 37.62% 37.05% 36.74% 37.06% 37.14% 26 0.24 2,143.47 85 $2,658.4 2004 34.40% 33.86% 31.49% 34.77% 31.59% 31 0.50 2,853.85 46 $6,280.3 2005 13.45% 13.01% 12.13% 14.05% 12.17% 34 0.60 2,152.75 22 $9,964.7 2006 37.81% 37.25% 35.92% 35.87% 35.03% 29 0.50 1,894.39 10 $19,780.7 2007 -15.41% -15.89% -16.82% -17.89% -15.70% 18 0.24 1,067.25 6 $17,682.5 2008 -34.40% -34.80% -37.98% -39.83% -37.74% 16 0.47 862.59 8 $10,815.0 2009 31.14% 30.25% 28.61% 29.01% 28.01% 16 0.43 1,524.56 9 $17,238.6 2010 28.95% 28.21% 28.48% 28.48% 27.94% 18 0.37 1,968.33 10 $19,454.3 2011 10.42% 9.72% 8.67% 8.86% 8.28% 21 0.44 2,183.47 11 $19,626.9 2012 16.49% 15.74% 17.79% 17.09% 18.07% 20 0.23 2,660.94 11 $23,646.7 2013 2.91% 2.23% 2.47% 1.31% 2.45% 20 0.22 2,665.52 12 $22,754.1 2014 31.17% 30.35% 30.38% 31.85% 30.14% 23 0.80 3,357.80 14 $25,776.2 2015 4.11% 3.46% 2.52% 4.46% 3.20% 21 0.49 3,103.40 15 $20,754.9 2016* 9.56% 9.05% 11.91% 9.42% 11.75% 18 * 2,925.21 15 $20,115.6 Annualized Returns (as of September 30, 2016) 3 Year Annualized Standard Deviation

Total Return % Dow Jones FTSE FTSE CBRE Clarion MSCI U.S. Dow Jones Select NAREIT MSCI U.S. US Select NAREIT U.S. Composite Real Estate Real Estate (Gross) REIT Index Securities Index Equity REIT Gross Net REIT Index Securities Equity REIT Index Index Index

1 Year 18.13% 17.40% 19.83% 17.68% 19.86% 2016 14.72% 14.79% 14.97% 14.63% 3 Year 14.53% 13.81% 14.11% 14.24% 14.22% 5 Year 15.79% 15.04% 15.79% 15.57% 15.90% Since Inception 11.48% 10.90% ** 9.45% 11.18% *2016 information is preliminary and has not been audited by Ernst & Young. **Inception date for the MSCI US REIT Index is 1995. Please see additional disclosures on the following page.

PA09302016 A146 Important Performance Information Continued

CBRE Clarion Securities (CBRE Clarion) claims compliance with the Global Investment Performance Standards during the month. Such cash additions or withdrawals are accounted for using the modified Dietz method. (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. CBRE Clarion An account may be temporarily removed from the Composite if it experiences a “significant cash flow” that is has been independently verified for the ten-year period ended December 31, 2015. Verification assesses a cumulative cash flow in excess of 30% of the portfolio’s market value during the month; an account will not whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a be removed if it is the only account in the Composite. The account is returned to the Composite the following firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance month. An account may also be temporarily removed from the Composite if the implementation of the in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite strategy is interrupted due to client direction, such as raising cash for a significant withdrawal over the course presentation. The CBRE Clarion Real Estate Securities Composite has been examined for the periods January of month end. 1, 1999 through December 31, 2015 by Ernst & Young LLP. The verification and performance examination report is available upon request. Composite information for the periods ended December 31, 1998 and Composite returns are net of execution costs, include the effect of withholding taxes, and reflect the prior were verified by KPMG LLP. reinvestment of dividends, interest and capital gains. Gross returns do not reflect the deduction of investment advisory fees. Actual investment returns will be reduced by the advisory fees, consistent with the fees CBRE Clarion is an investment adviser registered with the U.S. Securities and Exchange Commission and described in the client’s investment management agreement or Part 2A of the CBRE Clarion Form ADV, plus specializes in the management of real asset securities, including real estate and infrastructure securities. any other cost a client may incur directly, such as custody fees. Net of fees returns are calculated by CBRE Clarion is a majority owned subsidiary of CBRE Group, Inc. and includes four wholly owned deducting the annualized equivalent of the annual management fee for each constituent account from the subsidiaries. CBRE Clarion has offices located in Radnor, PA, USA; London, England; Tokyo, Japan; Hong gross of fees return for the constituent on a monthly basis. Any constituent accounts which have performance Kong; and Sydney, Australia. Total firm assets as of December 31, 2015 were US $21 billion. fee arrangements are calculated net of the performance fee. The management fee for CBRE Clarion U.S. Real Estate Securities strategy is generally tiered and begins at 0.50% per annum, billed quarterly in arrears, The CBRE Clarion Real Estate Securities Composite (“the Composite”) seeks high total return through for an initial investment of US $50 million. Fees are negotiable depending on the size of the account. investment in U.S. real estate equity securities along with a combination of above-average income and long- Management fees do not include custody fees. The performance numbers as presented are expressed in U.S. term growth of capital. The Composite’s inception date is October 1, 1984 and was initially created January Dollars (US$). The three-year annualized standard deviation measures the variability of the composite returns 1, 1993. The Composite is benchmarked to the MSCI US REIT Index (RMS). RMS is comprised of U.S. Real over the preceding 36-month period. The standard deviation is not required for periods prior to 2011. The Estate Investment Trusts (REITs) of reasonable size and liquidity weighted by market capitalization and dispersion of annual returns is measured by the standard deviation across equal-weighted portfolio returns considered representative of U.S. equity REIT performance. In addition the composite is compared to the Dow represented within the composite for a full year. For periods where less than five accounts were included in Jones US Select Real Estate Securities Index (DJ Index) and the FTSE NAREIT Equity REIT Index (NAREIT Index). the composite for the full year, standard deviation is not disclosed, as it is not considered meaningful. The DJ index is a market cap weighted index comprised of U.S. REITs and Real Estate Operating companies (REOCs), with minimum total market caps of at least US $200 million, that are both equity owner and Upon request, we can provide: (a) a complete list and description of CBRE Clarion composites; (b) commercial and/or residential real estate having at least 75% of the company’s total revenue derived from information regarding our policies for valuing portfolios, calculating performance and preparing compliant these areas. The NAREIT Index is an unmanaged, market capitalization weighted index of all publicly traded presentations; (c) a copy of the verification report; and (d) a list of affiliated entities. Please direct requests to Equity REITs that have 75% or more of their gross invested book assets invested directly or indirectly in the the CBRE Clarion compliance department at 610.995.2500. equity ownership of real estate. Investors cannot invest directly in an index. Index performance is gross of withholding taxes and reflects the reinvestment of dividend and gains but does not reflect the deduction of any The information presented should not be considered as a recommendation. Investing in real estate securities fees or expenses, which would reduce returns. The composition of an index may not reflect the manner in involves risk including to potential loss of principal. Real estate equities are subject to risks similar to those which an account is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, associated with the direct ownership of real estate. Portfolios concentrated in real estate securities may volatility or tracking error targets, all of which may change over time. The accounts in the Composite typically experience price volatility and other risks associated with non-diversification. While equities may offer the invest in approximately 40 - 60 securities and their volatility may be greater than the index, which typically potential for greater long-term growth than some debt securities, they generally have higher volatility. There contain more securities than those in the composite. are no assurances performance will match or outperform any particular benchmark. Past performance is no guarantee of future results. The Composite contains accounts which are non-restricted, discretionary, fee-paying portfolios managed to the Composite’s investment objective with market value greater than US $1 million. New accounts included in the Composite have been under management for at least one full month and terminated accounts are included in the Composite through the last full month they are invested. The Composite may contain separate account constituents with performance generated by the CBRE Clarion accounting system, as well as fund constituents with NAV based performance. If NAV based funds are included in composites, the performance is “grossed up” based on the total fee ratio. The annual total fee ratio is split equally monthly so that the compounded monthly fee ratio equals the annual total fee ratio. Monthly Composite returns are calculated by asset weighting each account’s monthly return based on the beginning of month market values. CBRE Clarion uses a time-weighted, monthly linked rate of return formula with daily adjustments for cash flows. The monthly rate of return for an eligible account is the percentage change in the market value of the account during the month, taking into account the effect of any cash additions or withdrawals that occur

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MONROE COUNTY RETIREE HEALTH CARE FUND As of October 31, 2016

Account Value Account Value Manager Unaudited Returns Net Incpn Name October 31, 2016 September 30, 2016 Change in Value Cash TransferAlloc % MTD YTD Value

Total Fund (Incpn Date) $44,712,339.08 $45,157,143.68 ($444,804.60) $440,000.00 (1.95%) 3.39% Domestic Equities Atlanta Capital - Core Eq (2/16) $3,342,899.40 $3,473,972.17 (131,072.77) 7.48% (3.77%) 5.40% $3,184,821 iShares MSCI Min Vol USA (6/30) $1,149,077.62 $1,181,588.87 (32,511.25) 2.57% (2.75%) 1.57% $1,202,086 Winslow - Large Growth (11/10) $2,739,949.43 $2,828,628.54 (88,679.11) 6.13% (3.14%) (1.81%) $985,325 Federated - Strategic Dvd (6/12) $5,256,377.52 $5,429,044.90 (172,667.38) 11.76% (3.18%) 8.12% $3,750,000 TCW - Large Value (10/07) $3,209,032.56 $3,294,124.98 (85,092.42) 7.18% (2.58%) 6.93% $2,127,190 Large Cap Sub-Total $15,697,336.53 $16,207,359.46 (510,022.93) $0.00 35.11% (3.15%) 3.23% Clearbridge - Mid Core (4/13) $3,699,351.86 $3,769,696.39 (70,344.53) 8.27% (1.87%) 0.85% $2,987,564 Mid Cap Sub-Total $3,699,351.86 $3,769,696.39 (70,344.53) $0.00 8.27% (1.87%) 0.85% Loomis - Smid Value (10/12) $3,876,530.29 $3,999,265.59 (122,735.30) 8.67% (3.07%) 3.13% $3,146,348 Small Cap Sub-Total $3,876,530.29 $3,999,265.59 (122,735.30) $0.00 8.67% (3.07%) 3.13% Sub-total Domestic Equities $23,273,218.68 $23,976,321.44 (703,102.76) $0.00 52.05% (2.93%) 2.99% International Equities Renaissance - International (3/10) $1,827,655.99 $1,859,953.30 ($32,297.31) 4.09% (1.74%) 1.74% $1,374,993 Schafer Cullen - International (7/14) $1,768,620.16 $1,830,277.71 ($61,657.55) 3.96% (3.37%) 2.10% $2,053,695 Wisdomtree Japan $hdgd (2/15) $1,145,094.30 $1,088,283.42 $56,810.88 2.56% 5.22% (8.77%) $1,200,093 Lazard - Emerging Mkt (3/10) $1,952,246.62 $1,923,940.85 $28,305.77 4.37% 1.47% 20.54% $1,923,560 Sub-total International Equities $6,693,617.07 $6,702,455.28 ($8,838.21) $0.00 14.97% (0.13%) 4.92% Fixed Income Boyd Watterson - Intm Fixed (1/98) $6,086,397.67 $6,123,974.51 ($37,576.84) 13.61% (0.61%) 3.27% $2,724,225 LM Brandywine Global FI (8/16) $1,157,431.70 $1,174,626.60 ($17,194.90) 2.59% (1.46%) (1.91%) $1,180,000 Sub-total Fixed Income $7,243,829.37 $7,298,601.11 ($54,771.74) $0.00 16.20% (0.75%) 1.29% Real Estate Voya/CBRE - REIT (10/12) $1,817,198.59 $1,921,176.72 ($103,978.13) 4.06% (5.41%) 3.61% $1,450,000 Boyd Watterson - GSA RE (12/13) $4,171,132.24 $4,121,970.43 $49,161.81 9.33% 1.19% 7.40% $2,706,510 Sub-total Real Estate $5,988,330.83 $6,043,147.15 ($54,816.32) $0.00 13.39% (0.91%) 5.78% Alternatives Tortoise MLP (6/16) $1,050,079.49 $1,108,108.11 -$58,028.62 $0.00 2.35% (5.24%) 4.10% $1,000,000

Cash CGA - Cash $463,263.64 $28,510.59 $434,753.05 $440,000.00 1.04% 0.00% 0.03%

This summary page is not an official statement, please see your Morgan Stanley statements / custodial statements. Past performance is not indicative of future returns. Net inception value is the starting value (+/-) contribution and withdrawals - please see Morgan Stanley quarterly reports for detailed flows. 1 MONROE COUNTY RETIREE HEALTH CARE FUND As of October 31, 2016

Asset Allocation

Alts Cash Templeton Global Tortoise MLP Cash Atlanta - CEUSMV Winslow - LG Bond Fund 1% 7% 3% 2.35% 2.60% Boyd Watterson - 2% 6% Real Estate 3% Int. Fixed Inc. 13.35% 14% Federated - Str Dvd Fixed Income Lazard - EM 12% WisdomTree4% JPN 16.15% 3%

Schaffer Cullen 4% TCW - LV Equities Renaissance - IE 7% 4% 65.55% Titanium - GSA Clearbridge - MC 9% 8%

ING - REIT Loomis - SMidV 4% 9%

Domestic Equity Managers 50.79% International Equity Managers 15.37% Fixed Income Manager 16.63% Real Estate Managers 13.75% Cash 1.06%

Change in Account Value and Disbursements IPS Allocation Targets Domestic Large Cap (10-30%) 25% As of October 31, 2016 Domestic Mid Cap (5-20%) 10% Month Year-to-Date Domestic Small Cap (5-10%) 10% Beginning Value $45,157,143.68 $41,494,930.92 International Equity (0-20%) 10% Cash Transfers $440,000.00 $2,080,000.00 Domestic Fixed Income (20-40%) 22% Ending Value $44,712,339.08 $44,712,339.08 Global Bonds (0-20%) 15% Real Estate (0-10%) 5% Appreciation before transfers -$884,804.60 $1,137,408.16 Alternatives (0-10%) 0% Unaudited Returns -1.95% 3.39% Cash (0-5%) 3%

This summary page is not an official statement, please see your Morgan Stanley statements. Past performance is not indicative of future returns. 2 Total Fund Performance Monroe County Retiree Health Care As of 9/30/2016

200 180 160 140 120 100 80 60 40 20 0 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16

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

Current 2016 Trailing Trailing Trailing Trailing Trailing Since Inception Quarter YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception Date Combined Account 3.04% 5.31% 9.73% 5.39% 8.05% 6.53% 4.16% 4.71% Jan-98 Manager Allocation Index 3.48% 8.65% 12.65% 6.43% 8.20% 7.13% 5.24% 4.64% Policy Index 2.00% 5.94% 9.36% 6.92% 9.25% 8.21% 5.82% 5.50% 90 Day T-Bills 0.06% 0.17% 0.18% 0.06% 0.06% 0.07% 0.83% 2.03%

Change in Value Beginning Market Value $42,937,711 $41,535,716 $39,733,645 $33,976,068 $22,778,017 $23,126,811 $15,509,551 $2,799,303 Net Flow $1,043,667 $1,645,493 $1,945,513 $6,036,671 $11,036,481 $9,772,673 $19,163,158 $28,415,961 Investment Earnings $1,226,906 $2,027,075 $3,529,126 $5,195,545 $11,393,785 $12,308,799 $10,535,575 $13,993,019 Ending Market Value $45,208,284 $45,208,284 $45,208,284 $45,208,284 $45,208,284 $45,208,284 $45,208,284 $45,208,284

The Policy index is comprised of 25% S&P 500 Index; 10% Russell Mid Cap Index; 10% Russell 2000 Index; 10% MSCI ACWI ex U.S. (Net); 5% MSCI EM (Net); 25% Barclays Interm. Gov't/Credit Index; 10% Citi World Gov't Bond Index; 2% NAREIT; & 3% 90 Day T-Bills. From 3/31/1999 - 12/31/2013, the Policy Index was comprised of 50% S&P 500 Index, 45% Barclays Interm. Gov't/Credit Index, & 5% 90 Day T-Bills. Prior to 3/31/1999, the Policy Index was comprised of 55% S&P 500 Index, 40% Barclays Interm. Gov't/Credit Index, & 5% 90 Day T-Bills. The Manager Allocation Index reflects the actual manager allocation at the beginning of each quarter, using each Manager's Index. Periods greater than one year are annualized. Source: Morgan Stanley & Manager statements and Zephyr StyleAdvisor

1 Asset Allocation Monroe County Retiree Health Care As of 9/30/2016

Real Estate Energy 6.7% 9.1% Cash 1.7%

Fixed Income 16.1%

Equities 66.5%

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

Equities $30,041,763 66.5% 60.0% 6.5% $2,916,792 Fixed Income $7,275,157 16.1% 32.0% -15.9% -$7,191,494 Real Estate $3,010,053 6.7% 5.0% 1.7% $749,639 Energy $4,121,970 9.1% 0.00% 9.1% $4,121,970 Cash $759,341 1.7% 3.0% -1.3% -$596,908 Combined Accounts $45,208,284 100.0% 100.0%

Source: Morgan Stanley & Manager statements and Zephyr StyleAdvisor 2 Allocation by Manager / Style Monroe County Retiree Health Care As of 9/30/2016

Market Portfolio Manager Asset Class Value Percentage Cash Winslow Large Growth $2,829,470 6.3% 0.1% Winslow Atlanta Large Core $3,477,303 7.7% Boyd Watterson GSA 6.3% Atlanta iShares Min. Volatility Large Core $1,181,589 2.6% CBRE REIT 9.1% 7.7% 4.3% TCW Large Value $3,298,674 7.3% Federated Large Value $5,445,658 12.0% iShares Min. Volatility ClearBridge Mid Cap Core $3,774,911 8.4% Tortoise MLP 2.6% 2.5% Loomis Sayles Sm/Mid Value $4,000,391 8.8% Renaissance International $1,861,522 4.1% Schafer Cullen International $1,835,377 4.1% Brandywine 2.6% TCW Lazard Emerging Markets $1,926,986 4.3% 7.3% WisdomTree International $1,088,283 2.4% Boyd Watterson Boyd Watterson Fixed Income $6,123,976 13.5% 13.5% Brandywine Global FI $1,174,627 2.6% Tortoise MLP MLP / Energy $1,108,108 2.5% CBRE REIT Real Estate $1,930,927 4.3% WisdomTree Federated 2.4% 12.0% Boyd Watterson GSA Real Estate $4,121,970 9.1% Cash Cash $28,511 0.1% Lazard Combined Accounts $45,208,284 100.0% 4.3% ClearBridge Schafer Cullen 8.4% 4.1% Loomis Sayles Asset Class Portfolio % Renaissance 8.8% 4.1% Domestic Equity 51.9% Int'l Equity 14.6% Fixed Income 16.1% MLP / Energy 9.1% Real Estate 6.7% Cash 1.7% Combined Accts. 100.0%

Source: Morgan Stanley & Manager statements and Zephyr StyleAdvisor 3 Asset Class / Manager Performance Monroe County Retiree Health Care As of 9/30/2016

Current 2016 Trailing Trailing Trailing Since Inception Quarter YTD 1 Year 3 Years 5 years Inception Date Large Cap Equities Winslow Large Growth 6.35% 1.38% 10.06% 9.73% 15.28% 12.30% Nov-10 Russell 1000 Growth Index 4.58% 6.01% 13.76% 11.84% 16.60% 13.66% Atlanta Capital 2.95% N/A N/A N/A N/A 9.75% Feb-16 S&P 500 Index 3.86% 7.84% 15.43% 11.16% 16.37% 13.63% iShares MSCI Min. Volatility -1.30% N/A N/A N/A N/A -1.30% Jun-16 MSCI Minimum Volatility Index (Net) -1.33% 9.88% 16.59% 12.71% 15.09% -1.33% TCW Large Value 6.48% 9.92% 13.54% 9.44% 17.33% 5.88% Oct-07 Russell 1000 Value Index 3.47% 9.97% 16.17% 9.69% 16.14% 4.98% Federated Strategic Value -3.01% 11.69% 17.46% 11.70% N/A 11.76% Jun-12 Dow Jones Select Dividend Index 1.37% 17.13% 22.24% 12.68% 16.46% 14.40%

Small & Mid Cap Equities ClearBridge Mid Cap Core 5.84% 2.94% 7.54% 7.74% N/A 10.75% Apr-13 Russell Mid Cap Index 4.52% 10.27% 14.26% 9.70% 16.67% 11.14% Loomis Sayles Sm / Mid Cap 5.42% 6.72% 11.39% 7.20% N/A 12.39% Oct-12 Russell 2500 Index 6.57% 10.81% 14.44% 7.77% 16.30% 13.50%

International Equities Renaissance Int'l Equity 6.86% 3.61% 10.21% 2.94% 9.60% 5.38% Mar-10 MSCI EAFE Index (Net) 6.44% 1.74% 6.52% 0.48% 7.39% 4.09% Schafer Cullen Int'l Value 3.63% 5.98% 8.72% N/A N/A -2.65% Jul-14 MSCI EAFE Index (Net) 6.44% 1.74% 6.52% 0.48% 7.39% -3.09% Lazard Emerging Markets 9.90% 18.95% 21.82% -1.36% 4.86% 2.22% Mar-10 MSCI Emerging Markets Index (Net) 9.03% 16.02% 16.79% -0.56% 3.03% 0.80% WisdomTree Japan Hedged Equity 10.78% -13.32% -6.15% N/A N/A -9.54% Feb-15 MSCI Japan Index 8.76% 2.88% 12.52% 3.65% 7.63% 2.60%

Source: Morgan Stanley & Manager statements and Zephyr StyleAdvisor 4 Asset Class / Manager Performance Monroe County Retiree Health Care As of 9/30/2016

Current 2016 Trailing Trailing Trailing Since Inception Quarter YTD 1 Year 3 Years 5 years Inception Date Fixed Income Boyd Watterson Intermediate FI 0.14% 4.04% 3.42% 3.03% 2.80% 5.31% Jan-98 BC Intermediate Gov't/Credit Index 0.15% 4.23% 3.52% 2.79% 2.44% 4.79% Brandywine Global Opp. Bond N/A N/A N/A N/A N/A 0.55% Aug-16 Citi World Gov't Bond Index 0.30% 11.07% 9.71% 1.78% 0.77% 0.65%

Alternatives Tortoise MLP & Pipeline 9.85% N/A N/A N/A N/A 9.85% Jun-16 Alerian MLP Index 1.07% 15.94% 12.74% -4.82% 4.96% 1.07% CBRE Clarion REIT -1.30% 9.88% 18.32% 14.70% N/A 12.49% Oct-12 NAREIT -0.95% 12.57% 20.60% 13.67% 15.72% 11.83% Boyd Watterson - GSA 2.45% 6.42% 10.39% N/A N/A 8.61% Dec-13 NCREIF Property Index 1.77% 6.13% 9.12% 11.30% 11.18% 11.37%

Source: Morgan Stanley & Manager statements and Zephyr StyleAdvisor

5 Public Act 314 Review Monroe County Retiree Health Care As of 9/30/2016 Foreign Global Equity Securities Fixed Income Cash Real Estate Basket Clause Total % of Portfolio

Winslow $2,802,637 $0 $0 $26,833 $0 $0 $2,829,470 6.3% Atlanta $3,418,424 $0 $0 $58,879 $0 $0 $3,477,303 7.7% iShares Minimum Volatility $1,181,589 $0 $0 $0 $0 $0 $1,181,589 2.6% TCW $3,197,465 $0 $0 $101,209 $0 $0 $3,298,674 7.3% Federated $5,301,961 $0 $0 $143,697 $0 $0 $5,445,658 12.0% ClearBridge $3,718,825 $0 $0 $56,086 $0 $0 $3,774,911 8.4% Loomis Sayles $3,823,606 $0 $0 $176,785 $0 $0 $4,000,391 8. 8% Renaissance $1,850,218 $0 $0 $11,304 $0 $0 $1,861,522 4.1% Schafer Cullen $1,807,663 $0 $0 $27,714 $0 $0 $1,835,377 4. 1% Lazard $1,851,091 $0 $0 $75,895 $0 $0 $1,926,986 4.3% WisdomTree $1,088,283 $0 $0 $0 $0 $0 $1,088,283 2.4% Boyd Watterson $0 $0 $6,100,531 $23,446 $0 $0 $6,123,976 13 .5% Brandywine $0 $831,636 $326,546 $16,445 $0 $0 $1,174,627 2. 6% Tortoise MLP & Pipeline $1,108,108 $0 $0 $0 $0 $0 $1,108,108 2.5% ING CBRE REIT $0 $0 $0 $28,982 $1,901,945 $0 $1,930,927 4.3 % Boyd Watterson - GSA $0 $0 $0 $0 $4,121,970 $0 $4,121,970 9 .1% Cash $0 $0 $0 $28,511 $0 $0 $28,511 0.1%

Total $31,149,871 $831,636 $6,427,077 $775,786 $6,023,915 $0 $45,208,284 % of Portfolio 68.9% 1.8% 14.2% 1.7% 13.3% 0.0% Max per PA 314? 70.0% 20.0% 100.0% 100.0% 10.0% 15.0% In Compliance? Yes Yes Yes Yes No Yes Source: Morgan Stanley & Manager statements and Zephyr StyleAdvisor

6 Total Fund Risk / Return Analysis Monroe County Retiree Health Care As of 9/30/2016 Risk / Return Analysis Since 1/1998 (Inception)

2% Annualized Return% Annualized 0% 0% 2% 4% 6% 8% 10% Annualized Standard Deviation% Combined Account Manager Allocation Index Policy Index 90 Day T-Bills Annualized % Return Standard Deviation Combined Account 4.71% 7.88% Manager Allocation Index 4.64% 7.16% Policy Index 5.50% 7.07% 90 Day T-Bills 2.03% 0.60%

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

12% 12%

9% 9%

6% 6%

3% 3%

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

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

Annualized % Return Std Dev Annualized % Return Std Dev Combined Account 5.39% 7.79% Combined Account 8.05% 7.74 % Manager Allocation Index 6.43% 7.32% Manager Allocation Index 8.20% 6.96% Policy Index 6.92% 5.29% Policy Index 9.25% 5.54% 90 Day T-Bills 0.06% 0.03% 90 Day T-Bills 0.06% 0.02%

Source: Morgan Stanley & Manager statements and Zephyr StyleAdvisor 7 (Page Intentionally Left Blank)

8 Winslow Large Growth Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 140 $2,802,637 $26,833 $2,829,470 120

100 Cash 80 0.9% 60

-20 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Equities 99.1%

Winslow Large Growth Russell 1000 Growth Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since November 2010 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 20% Winslow Large Growth 6.35% 1.38% 10.06% 9.73% 15.28% 12.30%

Russell 1000 Growth Index 4.58% 6.01% 13.76% 11.84% 16.60% 13.66% 15% Inception as of Nov-10 10%

Current QuarterTrailing Year Since Inception

Annualized Annualized Return% 5% Beginning Market Value $2,663,998 $3,073,855 $1,717,651

Contributions/Withdrawals $0 -$500,000 -$700,000 0% Investment Earnings $165,472 $255,614 $1,811,818 0% 3% 6% 9% 12% 15% Annualized Standard Deviation% Ending Market Value $2,829,470 $2,829,470 $2,829,470 Winslow Large Growth Russell 1000 Growth Index Annualized % Return Std. Dev.

Winslow Large Growth 12.30% 14.09% Russell 1000 Growth Index 13.66% 11.94%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

9 Winslow Large Growth Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Large Cap Growth Gross 0%

25% Winslow Large Cap Growth Russell 1000 Growth 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile

Return Rank Return 75th to 95th Percentile 75%

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Russell 1000 Growth 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 14 405 mng 375 mng 352 mng 337 mng 317 mng 309 mng 297 mng 276 mng

10 Winslow Large Cap Growth 16.09% 19.52% 24.79% 43.15% 44.94% 58.12% 39.19% 56.00%

8 Winslow Large Cap Growth

6 Number of Quarters of Number

Russell 1000 Growth 57.42% 44.83% 32.04% 29.92% 41.79% 47.83% 51.11% 33.01% 2

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

10 Atlanta Capital Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 14 $3,418,424 $58,879 $3,477,303

10 Cash 8 1.7%

0 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Equities 98.3%

Atlanta Capital S&P 500 Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since February 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception Atlanta Capital 2.95% N/A N/A N/A N/A 9.75% S&P 500 Index 3.86% 7.84% 15.43% 11.16% 16.37% 13.63% Account Less than 1 Year Old: Inception as of Feb-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current QuarterTrailing Year Since Inception Beginning Market Value $3,382,465 N/A $3,646,377 Contributions/Withdrawals $0 N/A -$500,000 Investment Earnings $94,838 N/A $330,926 Ending Market Value $3,477,303 $3,477,303 $3,477,303

Annualized % Return Std. Dev.

Atlanta Capital 9.75% N/A S&P 500 Index 13.63% N/A

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

11 Atlanta Capital Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Large Cap Core Gross 0%

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

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. S&P 500 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 18 472 mng 459 mng 443 mng 417 mng 385 mng 367 mng 347 mng 320 mng 16

Atlanta Capital HQ Select Equity 4.67% 9.17% 12.22% 10.34% 2.08% 65.30% 29.48% 51.10% 12

10 Atlanta Capital HQ Select Equity 8 Number of Quarters of Number 6

4 S&P 500 77.33% 72.22% 61.63% 44.74% 52.13% 49.18% 61.46% 32.76% 2

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

12 iShares MSCI Min. Volatility Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 0 $1,181,589 $0 $1,181,589

0 Cash 0.0% -1

-1

-1 Jun-16 Sep-16 Equities 100.0% iShares MSCI Min. Volatility MSCI Minimum Volatility Index (Net)

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since June 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception iShares MSCI Min. Volatility -1.30% N/A N/A N/A N/A -1.30% MSCI Minimum Volatility Index (Net) -1.33% 9.88% 16.59% 12.71% 15.09% -1.33% Account Less than 1 Year Old: Inception as of Jun-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value $309,284 N/A $309,284 Contributions/Withdrawals $893,966 N/A $893,966 Investment Earnings -$21,660 N/A -$21,660 Ending Market Value $1,181,589 $1,181,589 $1,181,589

Annualized % Return Std. Dev.

iShares MSCI Min. Volatility -1.30% N/A MSCI Minimum Volatility Index (Net) -1.33% N/A

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

13 iShares MSCI Min. Volatility Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Large Blend 0%

25% iShares MSCI Min Vol MSCI USA MINIMUM VOLATILITY (USD) 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI USA MINIMUM VO LATILITY (USD) 12-Quarter Moving Windows, Computed Yearly January 2012 - September 2016 Sep 2015 Sep 2016 18 1533 mng 1492 mng 16

14 iShares MSCI Min Vol 27.57% 0.13% 12 10 iShares MSCI Min Vol 8 Number of Quarters of Number 6

4 MSCI USA MINIMUM VOLATILITY (USD) 23.20% 0.12% 2

0 < -3 -3 to 0 > 0 Morningstar Large Blend Excess Returns vs. MSCI USA MINIMUM VOLATILITY (USD ) Range (%) Source: Zephyr StyleAdvisor

14 TCW Large Value Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 80 $3,197,465 $101,209 $3,298,674

40 Cash 20 3.1%

-20

-40

-60 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Equities 96.9%

TCW Large Value Russell 1000 Value Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since October 2007 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 8% TCW Large Value 6.48% 9.92% 13.54% 9.44% 17.33% 5.88%

Russell 1000 Value Index 3.47% 9.97% 16.17% 9.69% 16.14% 4.98% 6% Inception as of Oct-07 4%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% 2% Beginning Market Value $3,102,358 $2,639,854 $852,191

Contributions/Withdrawals $0 $300,000 $2,328,999 0% Investment Earnings $196,316 $358,820 $117,484 0% 5% 10% 15% 20% 25% Annualized Standard Deviation% Ending Market Value $3,298,674 $3,298,674 $3,298,674 TCW Large Value Russell 1000 Value Index Annualized % Return Std. Dev.

TCW Large Value 5.88% 18.33% Russell 1000 Value Index 4.98% 16.68%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

15 TCW Large Value Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Large Cap Value Gross 0%

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

Return Rank Return 75th to 95th Percentile 75%

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Russell 1000 Value 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 20 415 mng 419 mng 412 mng 407 mng 398 mng 377 mng 361 mng 350 mng 320 mng

TCW Relative Large Value 92.03% 86.13% 79.08% 65.52% 58.91% 19.68% 14.17% 32.96% 49.22%

TCW Relative Large Value 10 Number of Quarters of Number

5 Russell 1000 Value 72.03% 86.87% 83.39% 79.79% 50.78% 50.25% 38.00% 57.87% 35.80%

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

16 Federated Strategic Value Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 90 $5,301,961 $143,697 $5,445,658 80 70

60 Cash 2.6% 50 40 30 20 10 0 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Equities 97.4%

Federated Strategic Value Dow Jones Select Dividend Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since June 2012

Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 20% Federated Strategic Value -3.01% 11.69% 17.46% 11.70% N/A 11.76% Dow Jones Select Dividend Index 1.37% 17.13% 22.24% 12.68% 16.46% 14.40% 15%

Inception as of Jun-12 10%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% 5% Beginning Market Value $5,622,684 $3,732,671 $2,614,931 Contributions/Withdrawals $0 $1,000,000 $1,250,000 0% 0% 3% 6% 9% 12% 15% Investment Earnings -$177,026 $712,987 $1,580,727 Annualized Standard Deviation% Ending Market Value $5,445,658 $5,445,658 $5,445,658 Federated Strategic Value Dow Jones Select Dividend Index

Annualized % Return Std. Dev.

Federated Strategic Value 11.76% 9.38% Dow Jones Select Dividend Index 14.40% 9.24%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

17 Federated Strategic Value Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Large Cap Value Gross 0%

25% Federated Strategic Dividend Dow Jones Select 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Dow Jones Select 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 20 415 mng 419 mng 412 mng 407 mng 398 mng 377 mng 361 mng 350 mng 320 mng

Federated Strategic Dividend 38.89% 80.38% 39.42% 11.33% 7.05% 82.45% 97.22% 72.78% 3.13%

Federated Strategic Dividend 10 Number of Quarters of Number

5 Dow Jones Select 78.28% 96.44% 58.72% 40.00% 3.95% 39.52% 85.39% 48.58% 2.42%

0 < -15 -15 to -10 -10 to -5 -5 to 0 0 to 5 5 to 10 > 10 PSN Large Cap Value Gross Excess Returns vs. Dow Jones Select Range (%) Source: Zephyr StyleAdvisor

18 ClearBridge Mid Cap Core Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 50 $3,718,825 $56,086 $3,774,911 45 40 35 30 Cash 1.5% 25 20 15 10 5 0 Sep-13 Sep-14 Sep-15 Sep-16 Equities 98.5% ClearBridge Mid Cap Core Russell Mid Cap Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since April 2013 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 20% ClearBridge Mid Cap Core 5.84% 2.94% 7.54% 7.74% N/A 10.75% Russell Mid Cap Index 4.52% 10.27% 14.26% 9.70% 16.67% 11.14% 15%

Inception as of Apr-13 10%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% 5% Beginning Market Value $3,572,322 $3,534,102 $1,787,565

Contributions/Withdrawals $0 $0 $1,200,000 0% 0% 3% 6% 9% 12% 15% Investment Earnings $202,589 $240,809 $787,346 Annualized Standard Deviation% Ending Market Value $3,774,911 $3,774,911 $3,774,911 ClearBridge Mid Cap Core Russell Mid Cap Index

Annualized % Return Std. Dev.

ClearBridge Mid Cap Core 10.75% 12.57% Russell Mid Cap Index 11.14% 11.26%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

19 ClearBridge Mid Cap Core Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Mid Cap Core Gross 0%

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

Return Rank Return 75th to 95th Percentile 75%

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Russell Midcap 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016

Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016

82 mng 91 mng 97 mng 98 mng 98 mng 100 mng 97 mng 95 mng 90 mng 88 mng 87 mng 25

ClearBridge Mid Cap Core 88.89% 36.67% 22.92% 19.59% 45.36% 67.68% 68.75% 24.47% 22.47% 21.84% 70.93% 15 ClearBridge Mid Cap Core

Number of Quarters of Number 10

Russell Midcap 31.84% 27.10% 60.45% 71.82% 66.67% 50.45% 48.69% 50.59% 37.56% 51.28% 41.41% 5

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

20 Loomis Sayles Sm / Mid Cap Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 70 $3,823,606 $176,785 $4,000,391

40 Cash 4.4% 30

0 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Equities 95.6%

Loomis Sayles Sm / Mid Cap Russell 2500 Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since October 2012 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 20% Loomis Sayles Sm / Mid Cap 5.42% 6.72% 11.39% 7.20% N/A 12.39% Russell 2500 Index 6.57% 10.81% 14.44% 7.77% 16.30% 13.50% 15%

Inception as of Oct-12 10%

Current Quarter Trailing Year Since Inception Annualized Annualized Return% 5% Beginning Market Value $3,373,344 $3,210,536 $1,506,348 Contributions/Withdrawals $445,454 $445,454 $2,427,617 0% 0% 3% 6% 9% 12% 15% Investment Earnings $181,593 $344,400 $66,426 Annualized Standard Deviation% Ending Market Value $4,000,391 $4,000,391 $4,000,391 Loomis Sayles Sm / Mid Cap Russell 2500 Index

Annualized % Return Std. Dev.

Loomis Sayles Sm / Mid Cap 12.39% 13.01% Russell 2500 Index 13.50% 12.58%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

21 Loomis Sayles Sm / Mid Cap Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Small Cap Core Gross 0%

25% Loomis Sayles Small/Mid Cap Russell 2500 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile 75th to 95th Percentile Return Rank Return 75%

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Russell 2500 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016

Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016

164 mng 168 mng 175 mng 168 mng 174 mng 177 mng 178 mng 177 mng 178 mng 174 mng 158 mng 20

15 Loomis Sayles Small/Mid Cap 11.38% 6.53% 8.68% 10.27% 15.81% 15.61% 41.47% 58.91% 30.53% 62.48% 63.84%

Loomis Sayles Small/Mid Cap 10 Number of Quarters of Number

5 Russell 2500 65.78% 53.16% 46.03% 42.33% 40.23% 48.42% 55.75% 66.34% 54.82% 63.92% 53.01%

0 < -5 -5 to 0 0 to 5 > 5 PSN Small Cap Core Gross Excess Returns vs. Russell 2500 Range (%) Source: Zephyr StyleAdvisor

22 Renaissance Int'l Equity Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 60 $1,850,218 $11,304 $1,861,522 50

40 Cash 30 0.6% 20

-10

-20 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Equities 99.4%

Renaissance Int'l Equity MSCI EAFE Index (Net)

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since March 2010 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 8% Renaissance Int'l Equity 6.86% 3.61% 10.21% 2.94% 9.60% 5.38% MSCI EAFE Index (Net) 6.44% 1.74% 6.52% 0.48% 7.39% 4.09% 6%

Inception as of Mar-10 4%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% 2% Beginning Market Value $2,235,971 $2,179,064 $1,300,000

Contributions/Withdrawals -$500,000 -$500,000 $74,993 0% 0% 5% 10% 15% 20% 25% Investment Earnings $125,551 $182,458 $486,529 Annualized Standard Deviation% Ending Market Value $1,861,522 $1,861,522 $1,861,522 Renaissance Int'l Equity MSCI EAFE Index (Net)

Annualized % Return Std. Dev.

Renaissance Int'l Equity 5.38% 15.56% MSCI EAFE Index (Net) 4.09% 16.07%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

23 Renaissance Int'l Equity Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN International Equity Gross 0%

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

Return Rank Return 75th to 95th Percentile 75%

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI EAFE (Net) 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 18

817 mng 848 mng 867 mng 861 mng 861 mng 865 mng 873 mng 833 mng 16

12 Renaissance International 27.21% 76.62% 87.88% 63.37% 34.77% 19.56% 33.83% 40.87% 10 Renaissance International 8

Number of Quarters of Number 6

4 MSCI EAFE (Net) 77.20% 78.81% 79.92% 85.94% 52.62% 55.83% 49.75% 74.07% 2

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

24 Schafer Cullen Int'l Value Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 0 $1,807,663 $27,714 $1,835,377 -2 -4 -6 Cash 1.5% -8 -10 -12 -14 -16 -18 Sep-14 Sep-15 Sep-16 Equities 98.5%

Schafer Cullen Int'l Value MSCI EAFE Index (Net)

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since July 2014

Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 4% Schafer Cullen Int'l Value 3.63% 5.98% 8.72% N/A N/A -2.65% MSCI EAFE Index (Net) 6.44% 1.74% 6.52% 0.48% 7.39% -3.09% 2%

Inception as of Jul-14 0%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% -2% Beginning Market Value $2,272,819 $2,178,536 $2,797,523 Contributions/Withdrawals -$500,000 -$500,000 -$743,828 -4% 0% 3% 6% 9% 12% 15% Investment Earnings $62,558 $156,841 -$218,318 Annualized Standard Deviation% Ending Market Value $1,835,377 $1,835,377 $1,835,377 Schafer Cullen Int'l Value MSCI EAFE Index (Net)

Annualized % Return Std. Dev.

Schafer Cullen Int'l Value -2.65% 11.39% MSCI EAFE Index (Net) -3.09% 12.72%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

25 Schafer Cullen Int'l Value Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN International Equity Gross 0%

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

Return Rank Return 75th to 95th Percentile 75%

817 mng 848 mng 867 mng 861 mng 861 mng 865 mng 873 mng 833 mng 16

12 Schafer Cullen Int'l Value 44.49% 60.33% 91.57% 46.40% 51.63% 50.23% 62.04% 56.37% 10 Schafer Cullen Int'l Value 8

Number of Quarters of Number 6

4 MSCI EAFE (Net) 77.20% 78.81% 79.92% 85.94% 52.62% 55.83% 49.75% 74.07% 2

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

26 Lazard Emerging Markets Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total 35 $1,851,091 $75,895 $1,926,986 30 25 20 Cash 15 3.9% 10 5 0 -5 -10 -15 Equities Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 96.1%

Lazard Emerging Markets MSCI Emerging Markets Index (Net)

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since March 2010 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 4% Lazard Emerging Markets 9.90% 18.95% 21.82% -1.36% 4.86% 2.22%

MSCI Emerging Markets Index (Net) 9.03% 16.02% 16.79% -0.56% 3.03% 0.80% 3% Inception as of Mar-10 2%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% 1% Beginning Market Value $1,756,442 $1,592,737 $599,959

Contributions/Withdrawals $0 $0 $1,323,601 0% Investment Earnings $170,544 $334,250 $3,427 0% 5% 10% 15% 20% 25% Annualized Standard Deviation% Ending Market Value $1,926,986 $1,926,986 $1,926,986 Lazard Emerging Markets MSCI Emerging Markets Index (Net) Annualized % Return Std. Dev.

Lazard Emerging Markets 2.22% 18.98% MSCI Emerging Markets Index (Net) 0.80% 18.32%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

27 Lazard Emerging Markets Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Intl Emerging Markets Gross 0%

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

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI EM (EMERGING M ARKETS) (Net) 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 18 144 mng 160 mng 179 mng 186 mng 202 mng 218 mng 226 mng 229 mng 16

Lazard Emerging Markets 37.76% 19.50% 55.06% 30.27% 41.79% 44.70% 83.11% 67.98% 12

10 Lazard Emerging Markets 8 Number of Quarters of Number 6

4 MSCI EM (EMERGING MARKETS) (Net) 58.23% 63.42% 59.91% 62.78% 70.37% 75.02% 76.66% 73.12% 2

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

28 WisdomTree Japan Hedged Equity Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Equities Cash Total $1,088,283 $0 $1,088,283 20

10 Cash 0.0% 5

-5

-10

-15

-20 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Equities 100.0% WisdomTree Japan Hedged Equity MSCI Japan Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since February 2015 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 12% WisdomTree Japan Hedged Equity 10.78% -13.32% -6.15% N/A N/A -9.54% MSCI Japan Index 8.76% 2.88% 12.52% 3.65% 7.63% 2.60% 6%

Inception as of Feb-15 0%

Current Quarter Trailing Year Since Inception Annualized Annualized Return% -6% Beginning Market Value $982,414 $1,159,568 $1,283,722 Contributions/Withdrawals -$14 -$14 -$8,576 -12% 0% 5% 10% 15% 20% 25% Investment Earnings $105,883 -$71,271 -$186,863 Annualized Standard Deviation% Ending Market Value $1,088,283 $1,088,283 $1,088,283 WisdomTree Japan Hedged Equity MSCI Japan Index

Annualized % Return Std. Dev.

WisdomTree Japan Hedged Equity -9.54% 21.99% MSCI Japan Index 2.60% 15.34%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

29 WisdomTree Japan Hedged Equity Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Japan Stock 0%

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

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. MSCI JAPAN 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 14 28 mng 30 mng 30 mng 38 mng 32 mng 32 mng 26 mng 25 mng

10 WisdomTree Japan Hedged Equity 2.37% 61.53% 100.00% 100.00% 24.99% 0.00% 0.00% 73.57%

8 WisdomTree Japan Hedged Equity

6 Number of Quarters of Number

MSCI JAPAN 3.42% 35.79% 47.39% 52.93% 42.88% 50.64% 49.48% 57.66% 2

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

30 Boyd Watterson Intermediate FI Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Fixed Income Cash Total 180 $6,100,531 $23,446 $6,123,976 160 140 120 Cash 0.4% 100 80 60 40 20 0 Sep-98 Sep-00 Sep-02 Sep-04 Sep-06 Sep-08 Sep-10 Sep-12 Sep-14 Sep-16 Fixed Income 99.6%

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

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since January 1998 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 12% Boyd Watterson Intermediate FI 0.14% 4.04% 3.42% 3.03% 2.80% 5.31% BC Intermediate Gov't/Credit Index 0.15% 4.23% 3.52% 2.79% 2.44% 4.79% 9%

Inception as of Jan-98 6%

Current Quarter Trailing Year Since Inception Annualized Annualized Return% 3% Beginning Market Value $6,123,406 $6,945,373 $2,799,303 Contributions/Withdrawals $0 -$1,000,000 -$1,075,078 0% 0% 1% 2% 3% 4% 5% Investment Earnings $570 $178,604 $4,399,751 Annualized Standard Deviation% Ending Market Value $6,123,976 $6,123,976 $6,123,976 Boyd Watterson Intermediate FI BC Intermediate Gov't/Credit Index

Annualized % Return Std. Dev.

Boyd Watterson Intermediate FI 5.31% 3.26% BC Intermediate Gov't/Credit Index 4.79% 2.99%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

31 Boyd Watterson Intermediate FI Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly PSN Intermediate Fixed Income 0%

25%

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

100% Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Barclays Capital In termediate U.S. Government/Credit 12-Quarter Moving Windows, Computed Yearly January 2003 - September 2016 35 Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016

1350 mng 1374 mng 1360 mng 1338 mng 1307 mng 1275 mng 1271 mng 1262 mng 1234 mng 1165 mng 900 mng 30

Boyd Watterson Interm. FI 53.07% 29.72% 30.04% 18.33% 29.18% 44.40% 59.85% 64.93% 60.57% 51.62% 64.63% 20

Boyd Watterson Interm. FI

15 Number of Quarters of Number

Barclays Interm. U.S. Gov't/Credit 76.25% 69.59% 40.12% 48.78% 54.65% 63.44% 65.88% 73.93% 79.48% 69.52% 73.88% 5

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

32 Brandywine Global Opp. Bond Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Fixed Income Cash Total 1 $1,174,627 $0 $1,174,627 1 1 1 Cash 1 0.0% 1 0 0 0 0 0 Sep-16 Fixed Income 100.0% Brandywine Global Opp. Bond Citi World Gov't Bond Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since August 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception Brandywine Global Opp. Bond N/A N/A N/A N/A N/A 0.55% Citi World Gov't Bond Index 0.30% 11.07% 9.71% 1.78% 0.77% 0.65% Account Less than 1 Year Old: Inception as of Aug-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value N/A N/A $1,168,179 Contributions/Withdrawals N/A N/A $0 Investment Earnings N/A N/A $6,448 Ending Market Value $1,174,627 $1,174,627 $1,174,627

Annualized % Return Std. Dev.

Brandywine Global Opp. Bond 0.55% N/A Citi World Gov't Bond Index 0.65% N/A

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

33 Brandywine Global Opp. Bond Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar World Bond 0%

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

100% Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Citigroup World Gov ernment Bond Index 12-Quarter Moving Windows, Computed Yearly January 2007 - September 2016 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 25

252 mng 289 mng 310 mng 318 mng 319 mng 346 mng 357 mng

LM Brandywine Global Opp. Bond 30.28% 13.19% 0.97% 4.73% 19.18% 48.99% 32.87% 15

LM Brandywine Global Opp. Bond

10 Number of Quarters of Number

5 Citi World Gov't Bond Index 39.13% 52.70% 80.28% 74.72% 94.54% 77.14% 55.73%

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

34 Tortoise MLP & Pipeline Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Energy Cash Total 12 $1,108,108 $0 $1,108,108

8 Cash 0.0% 6

0 Jun-16 Sep-16 Energy 100.0% Tortoise MLP & Pipeline Alerian MLP Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since August 2016 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception Tortoise MLP & Pipeline 9.85% N/A N/A N/A N/A 9.85% Alerian MLP Index 1.07% 15.94% 12.74% -4.82% 4.96% 1.07% Account Less than 1 Year Old: Inception as of Aug-16 This space is reserved for an Annualized Return/Annualized Standard Deviation Scatter Plot which requires a minimum of 1 year of monthly performance history. The graph will appear as soon as your account reaches its 1 year anniversary. Current Quarter Trailing Year Since Inception Beginning Market Value $1,008,744 N/A $1,008,744 Contributions/Withdrawals $0 N/A $0 Investment Earnings $99,364 N/A $99,364 Ending Market Value $1,108,108 $1,108,108 $1,108,108

Annualized % Return Std. Dev.

Tortoise MLP & Pipeline 9.85% N/A Alerian MLP Index 1.07% N/A

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

35 Tortoise MLP & Pipeline Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Equity Energy 0%

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

Return Rank Return 75th to 95th Percentile 75%

100% Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. Alerian MLP Infrast ructure 12-Quarter Moving Windows, Computed Yearly July 2011 - September 2016 Sep 2014 Sep 2015 Sep 2016 7

85 mng 93 mng 98 mng 6

5 Tortoise MLP & Pipeline 0.00% 5.89% 0.00% 4

Tortoise MLP & Pipeline

3 Number of Quarters of Number

Alerian MLP Infrastructure 1.73% 8.92% 26.47% 1

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

36 CBRE Clarion REIT Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Real Estate Cash Total 70 $1,901,945 $28,982 $1,930,927

50 Cash 40 1.5%

0 Sep-13 Sep-14 Sep-15 Sep-16 Real Estate 98.5%

CBRE Clarion REIT NAREIT

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since October 2012

Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 20% CBRE Clarion REIT -1.30% 9.88% 18.32% 14.70% N/A 12.49% NAREIT -0.95% 12.57% 20.60% 13.67% 15.72% 11.83% 15%

Inception as of Oct-12 10%

Current Quarter Trailing Year Since Inception

Annualized Annualized Return% 5% Beginning Market Value $1,223,374 $1,026,006 $755,570 Contributions/Withdrawals $750,000 $750,000 $700,000 0% 0% 3% 6% 9% 12% 15% Investment Earnings -$42,447 $154,921 $475,357 Annualized Standard Deviation% Ending Market Value $1,930,927 $1,930,927 $1,930,927 CBRE Clarion REIT NAREIT

Annualized % Return Std. Dev.

CBRE Clarion REIT 12.49% 14.45% NAREIT 11.83% 13.36%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

37 CBRE Clarion REIT Monroe County Retiree Health Care As of 9/30/2016 Manager vs Universe: Return Rank 12-Quarter Moving Windows, Computed Yearly Morningstar Real Estate 0%

25% CBRE Clarion REIT FTSE Nareit All REITs 5th to 25th Percentile Median 25th Percentile to Median Median to 75th Percentile

Return Rank Return 75th to 95th Percentile 75%

100% Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Manager vs Universe: Return Rank Histogram of Excess Returns vs. FTSE Nareit All REI Ts 12-Quarter Moving Windows, Computed Yearly October 2006 - September 2016 Sep 2005 Sep 2006 Sep 2007 Sep 2008 Sep 2009 Sep 2010 Sep 2011 Sep 2012 Sep 2013 Sep 2014 Sep 2015 Sep 2016 25

218 mng 231 mng 246 mng 251 mng 260 mng 262 mng 264 mng 265 mng 267 mng 272 mng 272 mng 275 mng

CBRE Clarion REIT 36.43% 18.35% 10.02% 0.89% 10.51% 9.96% 17.16% 5.33% 7.70% 11.89% 11.26% 7.69% 15 CBRE Clarion REIT

10 Number of Quarters of Number

5 FTSE Nareit All REITs 74.44% 71.36% 79.52% 77.16% 53.34% 43.94% 34.60% 28.10% 7.26% 9.81% 62.40% 35.34%

0 < -3 -3 to 0 0 to 3 > 3 Morningstar Real Estate Excess Returns vs. FTSE Nareit All REITs Range (%) Source: Zephyr StyleAdvisor

38 Boyd Watterson - GSA Monroe County Retiree Health Care As of 9/30/2016 Manager Performance vs. Benchmark Asset Allocation Real Estate Cash Total 40 $4,121,970 $0 $4,121,970

30 Cash 25 0.0%

0 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Real Estate 100.0%

Boyd Watterson - GSA NCREIF Property Index

Current 2016 Trailing Trailing Trailing Since Risk/Return Analysis Since December 2013 Investment Returns (%) Quarter YTD 1 Year 3 Years 5 Years Inception 12% Boyd Watterson - GSA 2.45% 6.42% 10.39% N/A N/A 8.61% NCREIF Property Index 1.77% 6.13% 9.12% 11.30% 11.18% 11.37% 9%

Inception as of Dec-13 6%

Current Quarter Trailing Year Since Inception Annualized Annualized Return% 3% Beginning Market Value $3,291,771 $2,121,704 $1,000,000 Contributions/Withdrawals $750,000 $1,750,000 $2,706,510 0% 0% 1% 2% 3% 4% 5% Investment Earnings $80,199 $250,267 $415,460 Annualized Standard Deviation% Ending Market Value $4,121,970 $4,121,970 $4,121,970 Boyd Watterson - GSA NCREIF Property Index

Annualized % Return Std. Dev.

Boyd Watterson - GSA 8.61% 1.25% NCREIF Property Index 11.37% 4.57%

Source: Morgan Stanley and Manager statements and Zephyr StyleAdvisor.

39 Investment Manager Fee Schedule Monroe County Retiree Health Care As of 9/30/2016

Domestic Equity Global / International Equity Alternatives

Winslow Large Growth Renaissance International Tortoise MLP & Pipeline Fund 0.35% All Assets 0.37% All Assets 0.99% All Assets

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

iShares Minimum Volatility WisdomTree Japan Hedge Boyd Watterson GSA Real Estate 0.15% All Assets 0.48% All Assets 1.25% All Assets

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

Federated Strategic Dividend 0.35% All Assets Fixed Income

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

Loomis Sayles Sm/ Mid Cap Brandywine Global Opp. Bond 0.47% All Assets 0.69% All Assets

Source: Morgan Stanley & Manager statements

40 Monroe County Retiree Health Care As of 9/30/2016

Important Disclosures

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

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

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

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

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

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

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

Investments and Services offered through Morgan Stanley, member SIPC.

41 Monroe County Retiree Health Care Trust Fund

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

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

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

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

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

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

Winslow Large Growth (11/10) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Out Out Under Out Under Out Under Out Under Under Under Out Universe Ranking (PSN Large Cap Growth) 56% 53% 58% 25% 39% 42% 64% 50% 58% 61% 63% 42% Risk Measure vs. Russell 1000 Growth Index Less Less Less Less Less Greater Less Less Less Less Less Less Pass / Fail Pass Pass Fail Pass Pass Pass Fail Pass Fail Fail Fail Pass

Atlanta Capital (2/16) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Under Under N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Universe Ranking (PSN Large Cap Core) 51% 30% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Risk Measure vs. S&P 500 Index Greater Greater N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Pass / Fail Pass Pass N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

TCW Large Value (10/07) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Out Under Out Under Under Out Out Out Under Out Under Out Universe Ranking (PSN Large Cap Value) 49% 69% 63% 60% 34% 23% 26% 19% 14% 26% 45% 31% Risk Measure vs. Russell 1000 Value Index Less Less Less Less Less Less Less Less Less Less Less Less Pass / Fail Pass Fail Pass Fail Pass Pass Pass Pass Pass Pass Pass Pass

Source: Morgan Stanley statements and Zephyr StyleAdvisor 3 Monroe County Retiree Health Care Trust Fund Domestic Equity

Federated Strategic Dividend (6/12) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Under Out Under Out Out Out Out Under Out Out Out Under Universe Ranking (PSN Large Cap Value) 3% 1% 6% 71% 78% 95% 80% 96% 97% 47% 45% 67% Risk Measure vs. DJ Select Dividend Index Greater Greater Greater Greater Less Greater Greater Less Less Greater Greater Greater Pass / Fail Pass Pass Pass Pass Pass Pass Pass Fail Pass Pass Pass Pass

ClearBridge Mid Cap (4/13) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Out Under Under Out Out Out Out Out Under Under Under Under Universe Ranking (PSN Mid Cap Core) 71% 66% 35% 18% 22% 28% 41% 25% 24% 31% 22% 38% Risk Measure vs. Russell Mid Cap Core Index Less Less Less Greater Greater Greater Less Less Less Less Less Less Pass / Fail Pass Fail Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

Loomis Sayles Sm/Mid Cap (10/12) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Under Under Out Out Under Under Out Under Out Out Under Out Universe Ranking (PSN Small Cap Core) 64% 74% 75% 66% 60% 45% 38% 31% 27% 34% 40% 43% Risk Measure vs. Russell 2500 Index Less Less Less Less Less Greater Greater Greater Greater Greater Greater Greater Pass / Fail Fail Fail Pass Pass Fail Pass Pass Pass Pass Pass Pass Pass

Source: Morgan Stanley statements and Zephyr StyleAdvisor 4 Monroe County Retiree Health Care Trust Fund International Equity / Emerging Markets

Renaissance International (3/10) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Out Under Out Out Under Out Out Under Out Out Under Out Universe Ranking (PSN International Equity) 41% 27% 19% 25% 33% 39% 40% 41% 19% 29% 36% 27% Risk Measure vs. MSCI EAFE Index (Net) Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Less Greater Pass / Fail Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

Schafer Cullen (7/14) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Under Out Out Under Out Out Under Under N/A N/A N/A N/A Universe Ranking (PSN International Equity) 56% 51% 61% 63% 63% 70% 62% 69% N/A N/A N/A N/A Risk Measure vs. MSCI EAFE Index (Net) Greater Greater Greater Greater Greater Greater Greater Greater N/A N/A N/A N/A Pass / Fail Pass Pass Pass Pass Pass Pass Pass Pass N/A N/A N/A N/A

Lazard Emerging Markets (3/10) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Out Under Out Out Under Out Under Out Under Out Under Out Universe Ranking (PSN Emerging Markets) 68% 41% 53% 60% 70% 49% 53% 24% 23% 14% 15% 20% Risk Measure vs. MSCI EM Index (Net) Greater Greater Less Greater Less Less Less Greater Greater Greater Greater Greater Pass / Fail Pass Pass Pass Pass Fail Pass Fail Pass Pass Pass Pass Pass

WisdomTree Japan Hedge (2/15) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Out Under Under Under Under Out N/A N/A N/A N/A N/A N/A Universe Ranking (Morningstar Japan Stock) 74% 91% 34% 0% 0% 0% N/A N/A N/A N/A N/A N/A Risk Measure vs. MSCI Japan Index Less Less Greater Greater Greater Greater N/A N/A N/A N/A N/A N/A Pass / Fail Pass Fail Pass Pass Pass Pass N/A N/A N/A N/A N/A N/A

Source: Morgan Stanley statements and Zephyr StyleAdvisor 5 Monroe County Retiree Health Care Trust Fund Fixed Income

Boyd Watterson Fixed Income (1/98) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Under Out Under Out Out Under Under Out Out Out Out Out Universe Ranking (PSN Interm. Fixed Income) 65% 58% 55% 66% 65% 56% 56% 61% 63% 77% 75% 73% Risk Measure vs. BC Interm. Gov't / Credit Index Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Greater Pass / Fail Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

LM Brandywine Global Opp. Bond (8/16) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Universe Ranking N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Risk Measure vs. Index N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Pass / Fail N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Source: Morgan Stanley statements and Zephyr StyleAdvisor 6 Monroe County Retiree Health Care Trust Fund Real Estate & Energy

CBRE Clarion REIT (10/12) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Under Under Under Out Out Under Out Out Under Out Out Out Universe Ranking (Morningstar Real Estate) 8% 11% 7% 8% 11% 23% 17% 16% 12% 7% 6% 9% Risk Measure vs. NAREIT Index Less Less Greater Greater Greater Less Less Less Less Greater Greater Less Pass / Fail Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass Pass

Tortoise MLP (6/16) Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Outperform / Underperform Out N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Universe Ranking (Morningstar Equity Energy) 0% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Risk Measure vs. Alerian MLP Index Greater N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Pass / Fail Pass N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Source: Morgan Stanley statements and Zephyr StyleAdvisor 7 Monroe County Retiree Health Care Trust Fund Disclosures

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

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

Investments and Services offered through Morgan Stanley, member SIPC.