First Quarter 2020 Deferred Compensation Plan Fact Sheet

KEY INVESTMENT PROFESSIONALS TOP TEN COMMON STOCK HOLDINGS, 3/31/20* Stephen Dexter Companies % of Portfolio Domicile Chief Investment Officer Coverage: Information Technology, Telecommunication Royal Unibrew A/S 2.42 Denmark Services, Industrials, Consumer Discretionary, Utilities Nihon Unisys, Ltd. 2.39 Japan +30 years experience Nichirei Corporation 2.35 Japan Yamazaki Baking Co., Ltd. 2.23 Japan David Dineen, CFA David Shea, CFA Capcom Co., Ltd. 2.11 Japan Sr. Portfolio Manager Sr. Portfolio Manager Dechra Pharmaceuticals PLC 2.00 UK Coverage: Financials, Coverage: Consumer Staples, Azbil Corporation 1.99 Japan Energy, Healthcare Materials, Information Globant SA 1.96 Luxembourg Technology +25 years experience Ship Healthcare Holdings, Inc. 1.96 Japan +25 years experience Euronext NV 1.95 Netherlands INVESTMENT OBJECTIVES 21.35% ◼ Outperform the MSCI EAFE Small Cap by 200 – 300 basis points gross of fees over a full market cycle SECTOR WEIGHTS, 3/31/20*

INVESTMENT PHILOSOPHY Communication Services We believe using a blend of quantitative and fundamental analyses to Consumer Discretionary identify companies with superior growth relative to their peers will lead to Consumer Staples consistent levels of outperformance. Energy ◼ Blended quantitative and fundamental analyses Financials ◼ Risk concentrated in bottom-up stock selection Healthcare ◼ “Alert List” provides enhanced risk controls Industrials Information Technology International Small Cap Stocks Materials ~ 4,500

Real Estate Quantitative Analysis Fundamental + Quantitative Utilities Analysis Cash & ETFs % of Equities Ranked International -- 10.00 20.00 30.00 Investable Universe NYC Deferred Compensation Plan

MSCI EAFE Small Cap Index

Due Diligence PORTFOLIO CHARACTERISTICS, 3/31/20*

Fundamental Analysis Fundamental NYC MSCI EAFE Characteristics Deferred Small Cap Index Price/Cash Flow 8.2 6.8 Alpha Optimization Process P/E (Forward 1 Year) 12.9 13.1 Yield (%) 2.9 3.8 Price to Book 1.6 1.1 Copper Rock Weighted Avg. Market Cap ($bil) 2.6 2.2 Portfolio Number of Companies 60 2,325 Active Share 95%

*Characteristics and positioning data are derived from the New York City Deferred Compensation Plan Portfolio. Source: Copper Rock, BNY Mellon, and FactSet. Top ten common stock holdings are based on total assets as of 3/31/20. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed will remain in the portfolio at any time you receive this report or that securities sold have not been repurchased. The securities mentioned may represent only a small percentage of a portfolio’s holdings. It should not be assumed that any of the holdings were or will prove to be profitable, or that the investment recommendations made in the future will be profitable or will equal the performance of the securities presented in this list. First Quarter 2020 New York City Deferred Compensation Plan Fact Sheet

REGIONAL ALLOCATION as of March 31, 2020

New York City Deferred Compensation Plan MSCI EAFE Small Cap

43% 45% 40% 40% 33% 35% 28% 30%

25%

20% 14% 16% 15% 10% 10% 7% 3% 4% 5% 1% <1% 0% 0% 0% Emerging Markets Europe ex-UK United Kingdom Pacific ex-Japan Japan Canada Cash

Source: FactSet

PERFORMANCE SUMMARY: As of March 31, 2020

New York City Deferred Compensation Plan Porfolio (Gross of Fees)

New York City Deferred Compensation Plan Portfolio (Net of Fees)

M SCI EAFE Small Cap Index

10% 5.4% 5% 1.3% 2.5% 1.8% 0%

-5% -2.5% -4.3% -4.9% -10% -8.0% -8.5% -15%

-20% -17.8% -25%

-30% -27.4% -27.8%-28.2% -35% -34.4%-34.5%

1st Quarter One Year Three Years Five Years Since Inception (September 14, 2012)

For purposes of this fact sheet, the New York City Deferred Compensation Plan Portfolio performance is shown. The New York City Deferred Compensation Plan Portfolio performance is benchmarked against the MSCI EAFE Small Cap Index. The inception date is September 14, 2012. The fee schedule for the New York City Deferred Compensation Plan Portfolio is 0.70% on the first $50 million and 0.60% on the remainder. The net returns are calculated monthly by deducting 1/12th of the fee schedule. The MSCI EAFE Small Cap Index is a free float adjusted market capitalization index that is designed to measure the equity performance of companies exhibiting a growth style in the developed markets around the world, excluding the and Canada. Past performance is not indicative of future results.