City of Hartford Pension Commission Via Tele-conference Friday, April 30, 2021 9:00 a.m.

AGENDA

INVESTMENT PROGRAM

I. Review of Regular Meeting Minutes • Minutes of March 26, 2021

II. Status of the MERF Portfolio • Inventory of assets as of March 31, 2021 • MERF’s overall performance

III. Private Equity Consultant – Meketa • Phase I Due Diligence Review: Apax Digital Fund II • Phase I Due Diligence Review: African Development Partners III • Phase II Due Diligence Review: Linden Fund V

IV. General Investment Consultant-NEPC • MERF asset allocation recommendation • Updated Work Plan

V. Master Custody Services Recommendation

VI. Executive Session • Fienemann Road Property Update

VII. Other Business • Public Comments

INVESTMENTS AGENDA ITEM I

City of Hartford Pension Commission Meeting Via Video-Conference Friday, March 26, 2021 9:00 a.m.

MINUTES

INVESTMENT PROGRAM

MEMBERS PRESENT: Peter Stevens, Chairman; Gene Goldman, Commissioner; Nicholas Trigila, Employee Representative; Adam M. Cloud, Secretary and Carmen I. Sierra, Assistant Secretary

STAFF PRESENT: Gary B. Draghi, Chief Investment Officer; P. Wayne Moore, Deputy Chief Investment Officer; and J. Sean Antoine, Principal Administrative Analyst

OTHERS PRESENT: Jennifer Hockenhull, CFO/Director of Management, Budget and Grants; Leigh Ann Ralls, Finance Director; Lisa Silvestri, General Counsel; Chelsea Mott, Senior Project Manager; Sabri Akter, Member Services Specialist; Chay Iv, Executive Assistant; Bill Beccaro, Attorney; Kristin Finney- Cooke, NEPC; Tad Fergusson, Meketa; Gary Carter and Matthew McCue, general public

Commission Chair Peter Stevens called the meeting to order at 11:44 a.m.

I. Review of Minutes of the Meeting of February 26, 2021

Chairman Stevens introduced the item and asked for questions, comments or corrections. There were none.

A motion was made, seconded and adopted to accept the minutes as presented.

Pension Commission Minutes Investment Program March 26, 2021 Page 2 of 6 ************************ II. Status of the MERF Portfolio as of February 28, 2021

Chairman Stevens introduced the item. Mr. J. Sean Antoine, the MERF’s principal administrative analyst, reported that, at February 28, 2021, the MERF portfolio had a market value of approximately $1.1 billion and had generated a net return of 1.4% for the month, underperforming the policy benchmark by 40 basis points.

Mr. Antoine then detailed sector performance, noting that the MERF’s equity portfolio generated a net return of 3.2% for the month, outperforming its custom benchmark by 50 basis points. Mr. Antoine reported that domestic equities outperformed its benchmark, while both international emerging markets and international developed equities underperformed. Regarding fixed income, Mr. Antoine reported that the MERF’s portfolio posted a -1.6% return, underperforming its benchmark by 40 basis points. He noted that sub-sector performance was mixed for the month.

Mr. Antoine reported that the MERF’s asset allocation positioning was either at or relatively close to target weights for the month except for equity, fixed income, private equity, private debt, real assets and cash. He added that the MERF was within target ranges for all asset classes except for equity, private equity, real assets and cash.

Mr. Antoine updated the Commission that, as of closing on March 25, 2021, the portfolio remained at $1.1 billion and noted that the MERF did receive its quarterly contribution from the City. He then referred to the NEPC February performance report and noted that for the trailing 3, 5, and 10 year periods, the MERF has outperformed. He added that the MERF’s fiscal year to date return is at 17.6% which is slightly below its policy benchmark. Discussion ensued.

The Commission accepted the report for advice.

III. Private Equity Consultant - Meketa

Phase I Review: Linden Fund V, L.P.

Chairman Stevens introduced the item. Tad Fergusson of Meketa, the MERF’s private equity consultant, provided an overview of its Phase I due diligence report for Linden Fund V, L.P. (“Linden V” or the “Fund”), a healthcare middle market focused buyout fund. Mr. Ferguson reported that, while this would be a new commitment for the MERF, Linden Capital Partners (“Linden”), the General Partner of Linden V, was founded in 2004 and its founding partners had significant experience working together. He noted that since its founding, Chicago-based Pension Commission Minutes Investment Program March 26, 2021 Page 3 of 6 ************************ Linden has invested over $2.5 billion in 160 transactions focusing on companies providing healthcare services, products and distribution. Mr. Fergusson added that Linden has generated strong results in prior investments with individual fund net internal rates of returns ranging from 8% to 33%. He stated that Linden V will target multiples of invested capital of 2.5 to 3 times on each investment. Mr. Fergusson noted that Meketa is recommending that the MERF move forward with Phase II due diligence on Linden Fund V, L.P. and would address the increase in the size of Linden V relative to prior funds, the underperformance of one of Linden’s prior funds, and the prior departure of a founder along with other standard due diligence issues. Discussion ensued.

A motion was made, seconded and adopted to approve the Secretary’s recommendation to authorize Phase II due diligence on Linden Fund V, L.P.

IV. General Investment Consultant – NEPC

MERF Asset Allocation Options

Chairman Stevens introduced the item. Kristin Finney-Cooke of NEPC, the MERF’s general investment consultant, began with a brief overview of the MERF’s February 2021 performance, highlighting the strong returns of the MERF’s public equities managers. Her presentation then shifted to the MERF’s asset allocation considerations and the corresponding long term return projections. She then provided an overview of the proposed 2021 asset mixes NEPC had provided for consideration by the MERF, noting that the portfolio had the capacity to take on more risk than the current level of 13% (as measured by standard deviation) citing the MERF’s current positioning as relatively low risk relative to its peers. To illustrate, Ms. Finney-Cooked explained that the 7.25% return scenario increased portfolio risk to 15.2%, which she noted was not recommended. She then referred to the materials, noting that in order to achieve long term (30 years) rates of return of 7.1% annually, the portfolio would need to consider the inclusion of a dedicated equity exposure in China, an increase in private equity, the reduction of public fixed income in favor of additional private credit exposure, and the reduction of hedge fund and global tactical asset allocation strategies. Discussion ensued.

Secretary Cloud commented that during April NEPC will be informed of the MERF’s assumed rate of return. This discount rate would then be used as the basis upon which NEPC can work with the MERF to determine the asset allocation that is deemed most appropriate.

The Commission accepted the report for advice.

Pension Commission Minutes Investment Program March 26, 2021 Page 4 of 6 ************************ MERF Liquidity Study

Ms. Finney-Cooke reported that the MERF currently has a 23.5% level of illiquidity in the portfolio, meaning that the portfolio is more liquid in 2021 when compared to 2020, when its illiquidity was 25%. She noted that a liquidity study is completed every year to ensure that the MERF’s expected cashflows support the allocations required for commitments to illiquid asset classes and other liquidity needs. Ms. Finney-Cooke noted that the MERF has 76.5% of its total assets available on at least a monthly basis to meet liquidity needs such as benefit payments and expenses, rebalancing, and capital calls and that NEPC has no concerns with the liquidity of the MERF portfolio. Discussion ensued.

The Commission accepted the report for advice.

V. Fiduciary Liability Insurance Renewal Recommendation

Chairman Stevens introduced the item. Secretary Cloud asked Mr. Antoine to report to the Commission. Mr. Antoine reported that a request for proposals for fiduciary liability insurance had been sent out with one response received. He noted that General Counsel Lisa Silvestri and Sara Lowenthal, the City’s Risk Manager, and staff reviewed the response. Mr. Antoine added that the proposal received from Assured Partners (formerly Peoples United Insurance Agency) featured identical coverages to the previous policy and, while it is approximately $1,000 higher, the policy terms and conditions remain the same. Discussion ensued.

Secretary Cloud added a comment expressing his disappointment that other companies did not submit proposals but noted that there aren’t many players within this small space and stated that Assured Partners is a reputable company who has done business with the MERF previously and provides the coverage needed.

A motion was made, seconded and adopted to authorize the Secretary to award the fiduciary liability insurance policy to Assured Partners effective March 27, 2021 for a term of one year.

VI. Annual Manager Review Meeting Reports with First Eagle Investment Management and Walter Scott & Partners, Ltd.

Chairman Stevens introduced the item. Secretary Cloud reported that both First Eagle Investment Management and Walter Scott & Partners, Ltd. are top performing, longstanding managers of the MERF. He noted that communication Pension Commission Minutes Investment Program March 26, 2021 Page 5 of 6 ************************ has always been invaluable as both are able to provide insights into their philosophies and updates on their portfolios. Given that these were the first two companies to be reviewed since the start of the MERF’s diversity initiative, Mr. Draghi stated that both have recognized the importance of this effort and stepped up to provide the requested information. Mr. Moore added that he was pleased that both were eager to share their accomplishments and felt that companies are much more sensitive to the issue of diversity and inclusion than ever before. Secretary Cloud concluded by noting that he has been impressed by the timeliness and the substance of the responses received to date as well as the commitment. Discussion ensued.

The Commission accepted the report for advice.

VII. Other Business

Chairman Stevens introduced the item. Secretary Cloud added a few comments. First, he noted that he will be reaching out to Ms. Kucenski, not only for alternative scenarios on the MERF’s discount rate, but also for a five-year projection on the ADEC once the discount rate has been decided, in order to share with Ms. Hockenhull for budgetary planning purposes.

Secondly, Secretary Cloud informed the Commission that an offer had been received and is being considered for the Fienemann Road property noting it was from a developer who intends to build residential housing. He added that prior to making any decisions, the developer would be expected to appear before the Commission. Additionally, he noted that there is also interest from a data center development group and that discussions with this group are currently taking place.

Lastly, Secretary Cloud provided an update on the Stadium Authority’s plans for parcels A, C and D of the City’s Downtown North development project, noting the potential opportunity for a data center for parcel A. Discussion ensued.

Mr. Draghi informed the Commission of contractual items that are expected to be brought in for review and approval over the next few months. He listed the proxy voting services agreement and the BNY Mellon custodial contract, both of which expire on June 30th.

Public Comments:

Secretary Cloud asked Mr. Gary Carter, former MERF Director of Investments and current MERF retiree for questions, comments, or feedback. Mr. Carter expressed

INVESTMENTS: AGENDA ITEM II

INTEROFFICE MEMORANDUM

TO: Adam M. Cloud, City Treasurer Carmen I. Sierra, Assistant City Treasurer

FROM: Gary B. Draghi, Chief Investment Officer P. Wayne Moore, Deputy Chief Investment Officer J. Sean Antoine, Principal Investment Analyst

DATE: April 23, 2021

SUBJECT: MERF Investment Portfolio Status as of March 31, 2021

PERFORMANCE:

As of March 31, 2021, the MERF’s net asset value was approximately $1.1 billion. Net of fees, the fund returned 0.8% for the month, underperforming the policy benchmark return by 20 basis points. The components of the monthly performance are illustrated below.

1 INVESTMENTS: AGENDA ITEM II The MERF’s public equity portfolio returned 0.9% for the month, underperforming its custom benchmark return by 120 basis points. International developed markets equities outperformed its benchmark, while domestic and international emerging markets underperformed.

The MERF’s fixed income portfolio posted a -0.9% return for the month, slightly underperforming its benchmark by 10 basis points. Sub-sector performance was mixed.

2 INVESTMENTS: AGENDA ITEM II ASSET ALLOCATION: All of the MERF’s asset classes were at or are relatively close to their target weights except for equity, fixed income, private equity, real assets and cash.

The MERF was within target ranges for all asset classes except for equity, real assets and cash.

3 MARCH PERFORMANCE REPORT CITY OF HARTFORD MUNICIPAL EMPLOYEES’ RETIREMENT FUND

March 31, 2021 Kristin Finney-Cooke, CAIA, Senior Consultant

BOSTON | ATLANTA | CHARLOTTE | CHICAGO | DETROIT | LAS VEGAS | PORTLAND | SAN FRANCISCO CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (NET OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Composite 1,152,151,298 100.0 0.8 2.2 18.6 29.8 9.1 9.4 7.3 8.3 Jan-86 Policy Index 1.0 3.1 20.0 36.7 8.5 9.0 7.1 -- Jan-86 Total Equity Composite 547,723,004 47.5 0.9 4.2 32.8 60.3 13.7 14.0 9.2 11.1 Sep-10 Equity Custom Benchmark 2.1 5.1 33.3 59.0 10.8 12.7 8.6 10.5 Sep-10 Domestic Equity Composite 283,045,521 24.6 1.2 7.4 40.3 77.2 19.2 18.2 13.5 9.7 Aug-96 Russell 3000 3.6 6.3 33.2 62.5 17.1 16.6 13.8 9.9 Aug-96 SSgA Russell 3000 Index 24,614,811 2.1 3.6 6.3 32.9 61.9 16.7 16.4 -- 13.5 Aug-14 Russell 3000 3.6 6.3 33.2 62.5 17.1 16.6 13.8 13.7 Aug-14 Edgewood 87,404,285 7.6 -1.1 1.5 26.2 64.2 23.4 -- -- 24.3 Oct-16 Russell 1000 Growth 1.7 0.9 27.3 62.7 22.8 21.0 16.6 22.3 Oct-16 Eagle Capital Large Value 84,330,442 7.3 4.4 10.8 41.2 68.5 17.1 17.8 14.0 12.0 Oct-03 Russell 1000 Value 5.9 11.3 36.6 56.1 11.0 11.7 11.0 9.1 Oct-03 Columbus Circle SMID Growth 43,519,358 3.8 -4.3 4.2 59.5 126.2 ------31.3 Aug-18 Russell 2500 Growth -3.3 2.5 41.1 87.5 20.0 19.9 14.2 19.4 Aug-18 Channing Capital SMID Value 43,446,240 3.8 4.6 16.1 59.5 98.2 ------7.9 Aug-18 Russell 2500 Value 5.0 16.8 55.5 87.5 10.9 12.2 10.2 9.2 Aug-18

Returns are net of manager fees.

Policy Index effective July 1, 2020: 19% Russell 3000, 11% MSCI ACWI ex USA, 3% MSCI EAFE Small Cap, 5% MSCI Emerging Markets, 3% MSCI Emerging Markets Small Cap, 4% BBgBarc US Aggregate TR, 4% BBgBarc US TIPS TR, 2% FTSE High Yield Market TR, 2% BBgBarc US Govt/Credit Long TR, 3% HFRI RV: Fixed Income-Asset Backed, 3% 3-Month LIBOR, 3% JP Morgan GBI EM, 3% JP Morgan EMBI Global TR, 3% 91 Day T-Bills, 9% Russell 3000 + 3%, 4% Credit Suisse Leveraged Loan, 5% S&PGSCI Total Return Index, 7% NCREIF Property Index 1 Qtr. Lag, 5% HFRI Fund of Funds Composite Index, 2% 91 Day T-Bills

Equity Custom Benchmark: 46% Russell 3000, 27% MSCI ACWI ex USA, 7% MSCI EAFE Small Cap, 12% MSCI Emerging Markets, 7% MSCI Emerging Markets Small Cap

The market value of -$269,616 for Matarin Small Cap Core is included in the composites.

March 31, 2021 1 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (NET OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ International Equity Composite 264,677,483 23.0 0.5 0.9 25.2 44.3 8.3 9.8 5.1 5.9 Sep-97 MSCI ACWI ex USA 1.3 3.5 28.7 49.4 6.5 9.8 4.9 5.5 Sep-97 International Developed Markets Equity 163,534,703 14.2 2.4 0.1 19.0 35.2 8.9 9.8 7.3 8.3 Dec-10 MSCI ACWI ex USA 1.3 3.5 28.7 49.4 6.5 9.8 4.9 5.9 Dec-10 Walter Scott Large Growth 86,113,430 7.5 2.0 -1.2 19.9 37.4 12.5 13.1 7.9 6.4 May-06 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 3.8 May-06 First Eagle All Cap Value 65,762,533 5.7 2.8 1.3 16.3 29.9 5.1 6.2 5.6 10.7 Oct-02 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 7.8 Oct-02 SSgA MSCI EAFE Index 10,526,158 0.9 2.4 3.6 26.1 45.1 6.3 9.1 -- 5.0 Jul-14 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 4.7 Jul-14 SSgA Daily MSCI CAD Index 1,132,582 0.1 5.0 9.9 33.2 59.9 10.2 10.2 -- 3.6 Aug-14 MSCI ACWI 2.7 4.6 29.7 54.6 12.1 13.2 9.1 9.3 Aug-14 International Emerging Markets Equity 101,142,781 8.8 -2.3 2.3 36.7 62.5 6.6 9.5 4.1 5.6 Dec-10 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 4.4 Dec-10 Mondrian Emerging Markets 40,224,039 3.5 -2.0 4.0 40.3 61.8 6.7 9.6 -- 4.5 Jun-12 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 6.8 Jun-12 SSgA Daily MSCI EM Index 4,174,798 0.4 -1.5 2.2 33.4 59.0 5.8 11.7 -- 5.4 Aug-14 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 5.6 Aug-14 UBS Emerging Markets Equity 56,743,944 4.9 -2.6 1.1 34.5 63.4 ------23.0 Nov-19 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 20.3 Nov-19

Returns are net of manager fees.

March 31, 2021 2 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (NET OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Total Fixed Income Composite 249,648,814 21.7 -0.9 -3.1 3.9 12.4 4.8 5.0 4.7 5.7 Jul-97 Custom Fixed Benchmark -0.8 -2.3 3.2 8.9 5.1 4.7 4.9 -- Jul-97 Domestic Fixed Income Composite 184,153,847 16.0 -0.3 -2.0 3.2 9.4 6.0 5.2 4.8 4.4 Sep-10 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 3.2 Sep-10 Core Bonds Composite 49,420,896 4.3 -1.1 -3.2 -1.2 2.3 4.7 3.6 3.9 3.9 Dec-10 SSgA Barclays Aggregate Index 16,669,879 1.4 -1.3 -3.4 -2.1 0.8 4.6 3.0 -- 3.1 May-11 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 3.3 May-11 Piedmont Investment Advisors 16,697,690 1.4 -1.0 -3.1 -0.7 3.4 ------2.6 Sep-19 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 2.2 Sep-19 LM Capital Group 15,922,847 1.4 -1.1 -3.1 -1.0 2.7 ------3.4 Sep-19 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 2.2 Sep-19 Unconstrained Fixed Income 34,613,267 3.0 0.0 0.0 8.0 17.3 4.7 4.8 -- 3.9 Aug-15 LS Strategic Alpha 34,613,267 3.0 0.0 0.0 8.0 17.3 4.7 4.8 -- 3.9 Aug-15 3-Month LIBOR + 3% 0.3 0.8 2.4 3.3 4.7 4.5 3.9 4.4 Aug-15 Long Gov/Credit Composite 20,384,660 1.8 -3.2 -9.9 -6.6 1.8 5.9 5.6 5.8 6.1 Dec-10 PIMCO Long Duration Fixed 14,813,737 1.3 -3.0 -9.9 -6.3 2.9 5.6 5.5 5.6 6.4 Jun-08 BBgBarc US Govt/Credit Long TR -3.6 -10.4 -7.8 -2.1 7.1 5.5 7.0 7.1 Jun-08 SSgA Long US Gov't Credit 5,423,441 0.5 -3.6 -10.4 -7.4 -1.4 7.4 5.6 -- 5.8 Jul-14 BBgBarc US Govt/Credit Long TR -3.6 -10.4 -7.8 -2.1 7.1 5.5 7.0 5.6 Jul-14 High Yield Composite 30,670,739 2.7 0.1 0.5 10.7 21.5 6.5 6.8 5.6 5.9 Dec-10 Shenkman Capital High Yield Fixed 27,325,113 2.4 0.2 0.5 10.5 21.1 6.4 6.8 5.6 5.9 Jul-10 FTSE High Yield Market TR 0.3 0.9 12.7 23.4 6.5 7.9 6.2 7.0 Jul-10 SSgA High Yield Bond 3,345,626 0.3 0.1 0.5 12.3 24.8 6.9 7.2 -- 4.8 Jul-14 BBgBarc US High Yield TR 0.1 0.8 12.3 23.7 6.8 8.1 6.5 5.5 Jul-14

Returns are net of manager fees.

Custom Fixed Benchmark:16.7% BBgBarc US Aggregate TR, 16.7% BBgBarc US TIPS TR, 8.3% FTSE High Yield Market TR, 8.3% BBgBarc US Govt/Credit Long TR, 12.5% HFRI RV:Fixed Income-Asset Backed, 12.5% 3-Month LIBOR, 12.5% JP Morgan GBI EM, 12.5% JP Morgan EMBI Global TR

The market value of -$132,007 for Hartford Investment Core Plus Fixed is included in the composites.

March 31, 2021 3 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (NET OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ TIPS Composite 44,143,626 3.8 0.3 -1.3 2.9 7.0 5.4 3.7 3.5 3.8 Dec-10 Brown Bros-Harriman Global TIPS 40,819,203 3.5 0.3 -1.3 2.9 7.0 5.4 3.7 3.5 4.1 Apr-05 BBgBarc US TIPS TR -0.2 -1.5 3.2 7.5 5.7 3.9 3.4 4.1 Apr-05 SSgA US TIPS Index 3,324,423 0.3 -0.2 -1.5 3.0 7.4 5.6 3.7 -- 2.9 Jul-14 BBgBarc US TIPS TR -0.2 -1.5 3.2 7.5 5.7 3.9 3.4 3.0 Jul-14 Opportunistic Credit 4,920,659 0.4 11.1 11.1 27.6 19.1 ------13.6 Oct-18 HFRI RV: Fixed Income-Asset Backed 0.8 3.5 11.0 17.3 3.3 5.4 6.5 3.0 Oct-18 VWH Partners L.P. 4,920,659 0.4 11.1 11.1 27.6 19.1 ------13.6 Oct-18 HFRI RV: Fixed Income-Asset Backed 0.8 3.5 11.0 17.3 3.3 5.4 6.5 3.0 Oct-18 International Fixed Income Composite 65,494,967 5.7 -2.6 -6.0 6.0 21.6 1.4 4.7 4.8 4.8 Sep-10 Prudential Emerging Mkt Debt 60,490,984 5.3 -2.6 -5.9 6.3 22.4 1.6 4.8 6.5 7.8 Aug-05 50% JPM EMBI Global Diversified/ 50% JPM GBI-EM Global Diversified -2.0 -5.6 3.1 14.5 1.7 4.1 3.1 5.7 Aug-05 SSgA Passive EM Local Currency 5,003,983 0.4 -3.2 -6.8 2.7 12.7 -1.1 2.7 -- -0.6 Aug-14 JP Morgan GBI EM -2.2 -4.4 5.2 12.5 -1.1 3.3 0.4 -0.7 Aug-14 Global Asset Allocation Composite 33,115,803 2.9 0.1 -2.3 -1.4 -1.6 -1.7 2.9 -- 3.4 Apr-12 60% MSCI World (Net) / 40% FTSE WGBI 1.2 0.6 16.8 31.1 8.8 9.0 6.8 7.3 Apr-12 Invesco Global Targeted Return 33,115,803 2.9 0.1 -2.3 -1.4 -1.6 ------0.2 Jul-19 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 0.8 Jul-19

Returns are net of manager fees.

Prudential Emerging Mkt Debt was benchmarked against the JP Morgan EMBI Global Diversified Index from inception to 4/30/2016. Starting on 5/1/2016, the benchmark was changed to 50% JP Morgan EMBI Global Diversified Index/50% JP Morgan GBI-EM Global Diversified Index.

March 31, 2021 4 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (NET OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Total Alternatives Composite 276,226,432 24.0 2.5 4.3 14.9 12.8 8.2 8.9 10.2 8.9 Feb-07 Alternatives Custom Benchmark 1.0 5.3 20.3 37.5 8.3 8.6 8.0 6.3 Feb-07 Private Equity Composite 81,724,552 7.1 4.2 5.5 24.1 17.3 13.8 13.7 14.4 13.5 Dec-02 Russell 3000 + 3% 3.8 7.1 36.1 67.2 20.6 20.1 17.2 14.1 Dec-02 Private Debt 35,994,635 3.1 5.5 6.5 16.4 10.5 8.9 9.7 -- 9.7 Apr-13 Credit Suisse Leveraged Loan 0.1 2.0 10.1 20.8 4.1 5.3 4.4 4.2 Apr-13 Real Estate Composite 70,399,913 6.1 1.4 2.3 4.8 5.9 4.5 6.0 6.9 -1.4 Jul-98 NCREIF Property Index 0.0 0.0 1.9 0.9 4.3 5.4 8.6 8.5 Jul-98 Real Assets 29,300,472 2.5 0.1 4.4 11.1 -0.1 5.9 8.4 -- -5.8 Jul-14 CPI + 4% (Unadjusted) 1.0 2.7 5.8 6.7 6.1 6.2 5.8 5.6 Jul-14 S&P GSCI Total Return Index -2.2 13.5 36.0 50.2 -4.9 1.2 -8.6 -11.5 Jul-14 Hedge Funds 58,806,860 5.1 0.8 3.5 18.5 26.5 7.2 7.1 -- 4.5 May-14 HFRI Fund of Funds Composite Index -0.3 1.9 14.8 23.8 5.4 5.6 3.4 4.0 May-14 Cash & Cash Equivalents 45,437,245 3.9 0.0 0.1 0.2 0.4 1.9 1.6 1.0 1.0 Jul-11 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 0.6 Jul-11 Cash 16,523,375 1.4 0.0 0.2 0.6 1.3 3.3 3.4 2.4 2.3 Jul-96 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 2.0 Jul-96 Custom Benchmark 0.6 1.8 5.4 7.2 7.2 7.2 -- -- Jul-96 Benefits Payment Fund 28,912,164 2.5 0.0 0.0 0.1 0.2 1.5 1.0 0.6 1.6 Oct-96 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 2.0 Oct-96 COH Transition Account - BP Fund 1,707 0.0 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 0.5 Apr-09

Returns are net of manager fees.

Total Alternatives Composite Custom Benchmark: 30% Russell 3000 + 3%, 13.3% Credit Suisse Leveraged Loan, 16.7% S&P GSCI Total Return Index, 23.3% NCREIF Property Index 1 Qtr. Lag, 16.7% HFRI Fund of Funds Composite Index

March 31, 2021 5 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (NET OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Passive Portfolios Composite 83,273,456 7.2 1.1 1.6 17.0 31.8 9.1 9.0 6.5 7.8 Apr-09 50% MSCI All Country World IMI (gross) / 50% FTSE WGBI ex US 0.0 -0.7 16.6 29.8 6.9 8.0 5.5 8.0 Apr-09 SSgA Russell 3000 Index 24,614,811 2.1 3.6 6.3 32.9 61.9 16.7 16.4 -- 13.5 Aug-14 Russell 3000 3.6 6.3 33.2 62.5 17.1 16.6 13.8 13.7 Aug-14 SSgA MSCI EAFE Index 10,526,158 0.9 2.4 3.6 26.1 45.1 6.3 9.1 -- 5.0 Jul-14 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 4.7 Jul-14 SSgA Daily MSCI EM Index 4,174,798 0.4 -1.5 2.2 33.4 59.0 5.8 11.7 -- 5.4 Aug-14 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 5.6 Aug-14 SSgA Barclays Aggregate Index 16,669,879 1.4 -1.3 -3.4 -2.1 0.8 4.6 3.0 -- 3.1 May-11 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 3.3 May-11 SSgA Long US Gov't Credit 5,423,441 0.5 -3.6 -10.4 -7.4 -1.4 7.4 5.6 -- 5.8 Jul-14 BBgBarc US Govt/Credit Long TR -3.6 -10.4 -7.8 -2.1 7.1 5.5 7.0 5.6 Jul-14 SSgA US TIPS Index 3,324,423 0.3 -0.2 -1.5 3.0 7.4 5.6 3.7 -- 2.9 Jul-14 BBgBarc US TIPS TR -0.2 -1.5 3.2 7.5 5.7 3.9 3.4 3.0 Jul-14 SSgA Passive EM Local Currency 5,003,983 0.4 -3.2 -6.8 2.7 12.7 -1.1 2.7 -- -0.6 Aug-14 JP Morgan GBI EM -2.2 -4.4 5.2 12.5 -1.1 3.3 0.4 -0.7 Aug-14 SSgA High Yield Bond 3,345,626 0.3 0.1 0.5 12.3 24.8 6.9 7.2 -- 4.8 Jul-14 BBgBarc US High Yield TR 0.1 0.8 12.3 23.7 6.8 8.1 6.5 5.5 Jul-14 SSgA Daily MSCI CAD Index 1,132,582 0.1 5.0 9.9 33.2 59.9 10.2 10.2 -- 3.6 Aug-14 MSCI ACWI 2.7 4.6 29.7 54.6 12.1 13.2 9.1 9.3 Aug-14 SSgA US REIT Index 6,569,226 0.6 4.7 10.0 25.6 36.7 7.2 3.7 -- 5.9 Jul-14 NCREIF ODCE 1 Qtr. Lag 1.3 1.3 0.2 1.2 4.9 6.2 9.9 8.3 Jul-14 SSgA Real Assets 2,488,529 0.2 0.9 6.1 23.3 36.2 5.9 6.4 -- 7.4 Mar-16 CPI + 4% (Unadjusted) 1.0 2.7 5.8 6.7 6.1 6.2 5.8 6.3 Mar-16 XXXXX

Returns are net of manager fees.

March 31, 2021 6 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (GROSS OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Composite 1,152,151,298 100.0 0.8 2.3 19.1 30.6 9.7 10.0 7.9 8.6 Jan-86 Policy Index 1.0 3.1 20.0 36.7 8.5 9.0 7.1 -- Jan-86 Total Equity Composite 547,723,004 47.5 0.9 4.4 33.6 61.6 14.6 14.9 10.0 11.9 Sep-10 Equity Custom Benchmark 2.1 5.1 33.3 59.0 10.8 12.7 8.6 10.5 Sep-10 Domestic Equity Composite 283,045,521 24.6 1.3 7.6 41.3 78.8 20.2 19.2 14.4 10.2 Aug-96 Russell 3000 3.6 6.3 33.2 62.5 17.1 16.6 13.8 9.9 Aug-96 SSgA Russell 3000 Index 24,614,811 2.1 3.6 6.4 33.0 62.0 16.8 16.5 -- 13.6 Aug-14 Russell 3000 3.6 6.3 33.2 62.5 17.1 16.6 13.8 13.7 Aug-14 Edgewood 87,404,285 7.6 -1.1 1.6 27.1 65.7 24.6 -- -- 25.5 Oct-16 Russell 1000 Growth 1.7 0.9 27.3 62.7 22.8 21.0 16.6 22.3 Oct-16 Eagle Capital Large Value 84,330,442 7.3 4.6 11.3 42.9 70.8 18.3 18.9 14.9 12.9 Oct-03 Russell 1000 Value 5.9 11.3 36.6 56.1 11.0 11.7 11.0 9.1 Oct-03 Columbus Circle SMID Growth 43,519,358 3.8 -4.2 4.4 60.4 127.9 ------32.3 Aug-18 Russell 2500 Growth -3.3 2.5 41.1 87.5 20.0 19.9 14.2 19.4 Aug-18 Channing Capital SMID Value 43,446,240 3.8 4.6 16.3 60.4 99.6 ------8.7 Aug-18 Russell 2500 Value 5.0 16.8 55.5 87.5 10.9 12.2 10.2 9.2 Aug-18

Returns are gross of manager fees.

Policy Index effective July 1, 2020: 19% Russell 3000, 11% MSCI ACWI ex USA, 3% MSCI EAFE Small Cap, 5% MSCI Emerging Markets, 3% MSCI Emerging Markets Small Cap, 4% BBgBarc US Aggregate TR, 4% BBgBarc US TIPS TR, 2% FTSE High Yield Market TR, 2% BBgBarc US Govt/Credit Long TR, 3% HFRI RV: Fixed Income-Asset Backed, 3% 3-Month LIBOR, 3% JP Morgan GBI EM, 3% JP Morgan EMBI Global TR, 3% 91 Day T-Bills, 9% Russell 3000 + 3%, 4% Credit Suisse Leveraged Loan, 5% S&PGSCI Total Return Index, 7% NCREIF Property Index 1 Qtr. Lag, 5% HFRI Fund of Funds Composite Index, 2% 91 Day T-Bills

Equity Custom Benchmark: 46% Russell 3000, 27% MSCI ACWI ex USA, 7% MSCI EAFE Small Cap, 12% MSCI Emerging Markets, 7% MSCI Emerging Markets Small Cap

The market value of -$269,616 for Matarin Small Cap Core is included in the composites.

March 31, 2021 7 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (GROSS OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ International Equity Composite 264,677,483 23.0 0.6 1.1 25.9 45.4 9.1 10.7 6.0 6.5 Sep-97 MSCI ACWI ex USA 1.3 3.5 28.7 49.4 6.5 9.8 4.9 5.5 Sep-97 International Developed Markets Equity 163,534,703 14.2 2.4 0.3 19.9 36.5 9.9 10.8 8.2 9.2 Dec-10 MSCI ACWI ex USA 1.3 3.5 28.7 49.4 6.5 9.8 4.9 5.9 Dec-10 Walter Scott Large Growth 86,113,430 7.5 2.0 -1.1 20.6 38.4 13.5 14.2 8.9 7.4 May-06 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 3.8 May-06 First Eagle All Cap Value 65,762,533 5.7 2.8 1.5 17.7 31.8 6.1 7.1 6.5 11.6 Oct-02 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 7.8 Oct-02 SSgA MSCI EAFE Index 10,526,158 0.9 2.4 3.6 26.1 45.3 6.4 9.2 -- 5.1 Jul-14 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 4.7 Jul-14 SSgA Daily MSCI CAD Index 1,132,582 0.1 5.0 9.9 33.3 60.1 10.3 10.3 -- 3.7 Aug-14 MSCI ACWI 2.7 4.6 29.7 54.6 12.1 13.2 9.1 9.3 Aug-14 International Emerging Markets Equity 101,142,781 8.8 -2.2 2.4 37.1 63.0 7.3 10.2 4.9 6.4 Dec-10 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 4.4 Dec-10 Mondrian Emerging Markets 40,224,039 3.5 -1.8 4.2 41.2 63.2 7.7 10.6 -- 5.6 Jun-12 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 6.8 Jun-12 SSgA Daily MSCI EM Index 4,174,798 0.4 -1.5 2.2 33.5 59.1 5.9 11.8 -- 5.5 Aug-14 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 5.6 Aug-14 UBS Emerging Markets Equity 56,743,944 4.9 -2.6 1.1 34.5 63.4 ------23.0 Nov-19 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 20.3 Nov-19

Returns are gross of manager fees except for hedge funds and private equity which are net of fees.

March 31, 2021 8 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (GROSS OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Total Fixed Income Composite 249,648,814 21.7 -0.9 -3.0 4.2 12.8 5.1 5.4 5.0 6.0 Jul-97 Custom Fixed Benchmark -0.8 -2.3 3.2 8.9 5.1 4.7 4.9 -- Jul-97 Domestic Fixed Income Composite 184,153,847 16.0 -0.3 -1.9 3.4 9.7 6.3 5.6 5.1 4.7 Sep-10 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 3.2 Sep-10 Core Bonds Composite 49,420,896 4.3 -1.1 -3.1 -1.2 2.4 4.9 3.8 4.1 4.1 Dec-10 SSgA Barclays Aggregate Index 16,669,879 1.4 -1.3 -3.4 -2.0 0.9 4.7 3.1 -- 3.2 May-11 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 3.3 May-11 Piedmont Investment Advisors 16,697,690 1.4 -1.0 -3.1 -0.7 3.4 ------2.6 Sep-19 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 2.2 Sep-19 LM Capital Group 15,922,847 1.4 -1.0 -3.1 -0.8 2.9 ------3.6 Sep-19 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 2.2 Sep-19 Unconstrained Fixed Income 34,613,267 3.0 0.0 0.1 8.4 17.9 5.2 5.3 -- 4.4 Aug-15 LS Strategic Alpha 34,613,267 3.0 0.0 0.1 8.4 17.9 5.2 5.3 -- 4.4 Aug-15 3-Month LIBOR + 3% 0.3 0.8 2.4 3.3 4.7 4.5 3.9 4.4 Aug-15 Long Gov/Credit Composite 20,384,660 1.8 -3.1 -9.9 -6.4 2.1 6.2 5.9 6.1 6.4 Dec-10 PIMCO Long Duration Fixed 14,813,737 1.3 -3.0 -9.8 -6.2 3.2 5.8 5.7 5.9 6.6 Jun-08 BBgBarc US Govt/Credit Long TR -3.6 -10.4 -7.8 -2.1 7.1 5.5 7.0 7.1 Jun-08 SSgA Long US Gov't Credit 5,423,441 0.5 -3.6 -10.3 -7.4 -1.3 7.5 5.7 -- 5.9 Jul-14 BBgBarc US Govt/Credit Long TR -3.6 -10.4 -7.8 -2.1 7.1 5.5 7.0 5.6 Jul-14 High Yield Composite 30,670,739 2.7 0.1 0.6 11.0 22.0 6.9 7.3 6.1 6.4 Dec-10 Shenkman Capital High Yield Fixed 27,325,113 2.4 0.2 0.6 10.9 21.6 6.9 7.2 6.1 6.4 Jul-10 FTSE High Yield Market TR 0.3 0.9 12.7 23.4 6.5 7.9 6.2 7.0 Jul-10 SSgA High Yield Bond 3,345,626 0.3 0.1 0.5 12.4 24.9 7.0 7.3 -- 4.9 Jul-14 BBgBarc US High Yield TR 0.1 0.8 12.3 23.7 6.8 8.1 6.5 5.5 Jul-14

Returns are gross of manager fees.

Custom Fixed Benchmark:16.7% BBgBarc US Aggregate TR, 16.7% BBgBarc US TIPS TR, 8.3% FTSE High Yield Market TR, 8.3% BBgBarc US Govt/Credit Long TR, 12.5% HFRI RV:Fixed Income-Asset Backed, 12.5% 3-Month LIBOR, 12.5% JP Morgan GBI EM, 12.5% JP Morgan EMBI Global TR

The market value of -$132,007 for Hartford Investment Core Plus Fixed is included in the composites.

March 31, 2021 9 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (GROSS OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ TIPS Composite 44,143,626 3.8 0.3 -1.3 3.0 7.2 5.6 3.9 3.7 3.9 Dec-10 Brown Bros-Harriman Global TIPS 40,819,203 3.5 0.3 -1.2 3.0 7.2 5.6 3.9 3.7 4.3 Apr-05 BBgBarc US TIPS TR -0.2 -1.5 3.2 7.5 5.7 3.9 3.4 4.1 Apr-05 SSgA US TIPS Index 3,324,423 0.3 -0.2 -1.5 3.1 7.5 5.7 3.8 -- 3.0 Jul-14 BBgBarc US TIPS TR -0.2 -1.5 3.2 7.5 5.7 3.9 3.4 3.0 Jul-14 Opportunistic Credit 4,920,659 0.4 11.1 11.1 27.6 19.1 ------13.6 Oct-18 HFRI RV: Fixed Income-Asset Backed 0.8 3.5 11.0 17.3 3.3 5.4 6.5 3.0 Oct-18 VWH Partners L.P. 4,920,659 0.4 11.1 11.1 27.6 19.1 ------13.6 Oct-18 HFRI RV: Fixed Income-Asset Backed 0.8 3.5 11.0 17.3 3.3 5.4 6.5 3.0 Oct-18 International Fixed Income Composite 65,494,967 5.7 -2.6 -5.9 6.4 22.3 2.0 5.2 5.4 5.4 Sep-10 Prudential Emerging Mkt Debt 60,490,984 5.3 -2.6 -5.8 6.7 23.2 2.2 5.4 7.1 8.5 Aug-05 50% JPM EMBI Global Diversified/ 50% JPM GBI-EM Global -2.0 -5.6 3.1 14.5 1.7 4.1 3.1 5.7 Aug-05 Diversified SSgA Passive EM Local Currency 5,003,983 0.4 -3.2 -6.7 2.7 12.8 -1.0 2.8 -- -0.5 Aug-14 JP Morgan GBI EM -2.2 -4.4 5.2 12.5 -1.1 3.3 0.4 -0.7 Aug-14 Global Asset Allocation Composite 33,115,803 2.9 0.1 -2.2 -0.9 -0.9 -1.1 3.7 -- 4.3 Apr-12 60% MSCI World (Net) / 40% FTSE WGBI 1.2 0.6 16.8 31.1 8.8 9.0 6.8 7.3 Apr-12 Invesco Global Targeted Return 33,115,803 2.9 0.1 -2.2 -0.9 -0.9 ------1.0 Jul-19 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 0.8 Jul-19

Returns are gross of manager fees except for hedge funds and private equity which are net of fees.

Prudential Emerging Mkt Debt was benchmarked against the JP Morgan EMBI Global Diversified Index from inception to 4/30/2016. Starting on 5/1/2016, the benchmark was changedto 50% JP Morgan EMBI Global Diversified Index/50% JP Morgan GBI-EM Global Diversified Index.

March 31, 2021 10 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (GROSS OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Total Alternatives Composite 276,226,432 24.0 2.5 4.3 15.2 13.3 8.6 9.4 10.6 9.1 Feb-07 Alternatives Custom Benchmark 1.0 5.3 20.3 37.5 8.3 8.6 8.0 6.3 Feb-07 Private Equity Composite 81,724,552 7.1 4.2 5.5 24.1 17.3 13.8 13.7 14.4 13.6 Dec-02 Russell 3000 + 3% 3.8 7.1 36.1 67.2 20.6 20.1 17.2 14.1 Dec-02 Private Debt 35,994,635 3.1 5.5 6.5 16.4 10.5 8.9 9.7 -- 9.7 Apr-13 Credit Suisse Leveraged Loan 0.1 2.0 10.1 20.8 4.1 5.3 4.4 4.2 Apr-13 Real Estate Composite 70,399,913 6.1 1.4 2.4 5.2 6.4 5.0 6.5 7.2 -1.3 Jul-98 NCREIF Property Index 0.0 0.0 1.9 0.9 4.3 5.4 8.6 8.5 Jul-98 Real Assets 29,300,472 2.5 0.1 4.4 11.5 0.4 6.4 8.9 -- -5.3 Jul-14 CPI + 4% (Unadjusted) 1.0 2.7 5.8 6.7 6.1 6.2 5.8 5.6 Jul-14 S&P GSCI Total Return Index -2.2 13.5 36.0 50.2 -4.9 1.2 -8.6 -11.5 Jul-14 Hedge Funds 58,806,860 5.1 0.9 3.8 19.4 27.8 8.3 8.2 -- 5.6 May-14 HFRI Fund of Funds Composite Index -0.3 1.9 14.8 23.8 5.4 5.6 3.4 4.0 May-14 Cash & Cash Equivalents 45,437,245 3.9 0.0 0.1 0.2 0.4 1.9 1.6 1.1 1.1 Jul-11 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 0.6 Jul-11 Cash 16,523,375 1.4 0.0 0.2 0.6 1.3 3.3 3.4 2.5 2.4 Jul-96 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 2.0 Jul-96 Custom Benchmark 0.6 1.8 5.4 7.2 7.2 7.2 -- -- Jul-96 Benefits Payment Fund 28,912,164 2.5 0.0 0.0 0.1 0.2 1.5 1.0 0.6 1.6 Oct-96 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 2.0 Oct-96 COH Transition Account - BP Fund 1,707 0.0 91 Day T-Bills 0.0 0.0 0.1 0.1 1.4 1.1 0.6 0.5 Apr-09

Returns are gross of manager fees.

Total Alternatives Composite Custom Benchmark: 30% Russell 3000 + 3%, 13.3% Credit Suisse Leveraged Loan, 16.7% S&P GSCI Total Return Index, 23.3% NCREIF Property Index 1 Qtr. Lag, 16.7% HFRI Fund of Funds Composite Index

March 31, 2021 11 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND PLAN PERFORMANCE DETAIL (GROSS OF FEES) Ending March 31, 2021 Fiscal Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception YTD ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date (%) _ Passive Portfolios Composite 83,273,456 7.2 1.1 1.7 17.1 32.0 9.2 9.1 6.6 7.9 Apr-09 50% MSCI All Country World IMI (gross) / 50% FTSE WGBI ex US 0.0 -0.7 16.6 29.8 6.9 8.0 5.5 8.0 Apr-09 SSgA Russell 3000 Index 24,614,811 2.1 3.6 6.4 33.0 62.0 16.8 16.5 -- 13.6 Aug-14 Russell 3000 3.6 6.3 33.2 62.5 17.1 16.6 13.8 13.7 Aug-14 SSgA MSCI EAFE Index 10,526,158 0.9 2.4 3.6 26.1 45.3 6.4 9.2 -- 5.1 Jul-14 MSCI EAFE 2.3 3.5 25.8 44.6 6.0 8.8 5.5 4.7 Jul-14 SSgA Daily MSCI EM Index 4,174,798 0.4 -1.5 2.2 33.5 59.1 5.9 11.8 -- 5.5 Aug-14 MSCI Emerging Markets -1.5 2.3 34.1 58.4 6.5 12.1 3.7 5.6 Aug-14 SSgA Barclays Aggregate Index 16,669,879 1.4 -1.3 -3.4 -2.0 0.9 4.7 3.1 -- 3.2 May-11 BBgBarc US Aggregate TR -1.2 -3.4 -2.1 0.7 4.7 3.1 3.4 3.3 May-11 SSgA Long US Gov't Credit 5,423,441 0.5 -3.6 -10.3 -7.4 -1.3 7.5 5.7 -- 5.9 Jul-14 BBgBarc US Govt/Credit Long TR -3.6 -10.4 -7.8 -2.1 7.1 5.5 7.0 5.6 Jul-14 SSgA US TIPS Index 3,324,423 0.3 -0.2 -1.5 3.1 7.5 5.7 3.8 -- 3.0 Jul-14 BBgBarc US TIPS TR -0.2 -1.5 3.2 7.5 5.7 3.9 3.4 3.0 Jul-14 SSgA Passive EM Local Currency 5,003,983 0.4 -3.2 -6.7 2.7 12.8 -1.0 2.8 -- -0.5 Aug-14 JP Morgan GBI EM -2.2 -4.4 5.2 12.5 -1.1 3.3 0.4 -0.7 Aug-14 SSgA High Yield Bond 3,345,626 0.3 0.1 0.5 12.4 24.9 7.0 7.3 -- 4.9 Jul-14 BBgBarc US High Yield TR 0.1 0.8 12.3 23.7 6.8 8.1 6.5 5.5 Jul-14 SSgA Daily MSCI CAD Index 1,132,582 0.1 5.0 9.9 33.3 60.1 10.3 10.3 -- 3.7 Aug-14 MSCI ACWI 2.7 4.6 29.7 54.6 12.1 13.2 9.1 9.3 Aug-14 SSgA US REIT Index 6,569,226 0.6 4.7 10.1 25.7 36.8 7.3 3.8 -- 6.0 Jul-14 NCREIF ODCE 1 Qtr. Lag 1.3 1.3 0.2 1.2 4.9 6.2 9.9 8.3 Jul-14 SSgA Real Assets 2,488,529 0.2 0.9 6.1 23.4 36.4 6.0 6.5 -- 7.5 Mar-16 CPI + 4% (Unadjusted) 1.0 2.7 5.8 6.7 6.1 6.2 5.8 6.3 Mar-16 XXXXX

Returns are gross of manager fees except for hedge funds and private equity which are net of fees.

March 31, 2021 12 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND CASH FLOW SUMMARY Month Ending March 31, 2021 Beginning Net Investment Ending Month Contributions Withdrawals Market Value Change Market Value Return _ Aetna GICS $149,314 $0 -$2,412 $581 $147,482 -0.01% Alcentra $1,834,017 $0 $0 $0 $1,834,017 0.00% Ares Corporate Opportunity Fund $13,450 $0 $0 -$1,775 $11,675 -13.20% Ares Corporate Opportunity Fund II $5,250 $0 $0 $1,245 $6,495 23.72% Ares Corporate Opportunity Fund III $415,815 $0 -$2,220 $11,565 $425,160 2.80% Ares Corporate Opportunity Fund IV $3,798,083 $0 -$176,832 $777,588 $4,398,839 21.39% Ares Corporate Opportunity Fund V $6,086,445 $0 -$136,828 $407,538 $6,357,155 6.76% Ares Corporate Opportunity Fund VI $0 $1,350,680 -$7,103 $31,039 $1,374,616 2.31% Barings Core Property $21,596,644 $0 -$140,063 $0 $21,456,581 0.00% Basis Investment Group Fund $3,775,885 $0 -$73,153 $0 $3,702,733 0.00% Benefits Payment Fund $38,953,194 $0 -$10,045,223 $4,193 $28,912,164 0.01% Brightwood Capital III $3,132,384 $0 -$8,548 $858,704 $3,982,540 27.49% Brown Bros-Harriman Global TIPS $40,687,888 $0 $0 $131,315 $40,819,203 0.32% Cash $18,710,233 $5,651,319 -$7,843,362 $5,185 $16,523,375 0.04% Channing Capital SMID Value $41,518,806 $0 -$24,575 $1,952,009 $43,446,240 4.58% COH Transition Account - BP Fund $1,707 $0 $0 $0 $1,707 0.00% Columbia Core Plus Fixed $263,066 $0 -$800 $220 $262,487 -0.22% Columbus Circle SMID Growth $45,450,091 $0 -$27,200 -$1,903,533 $43,519,358 -4.31% Eagle Capital Large Value $80,596,739 $173,485 -$173,485 $3,733,704 $84,330,442 4.42% Edgewood $88,396,341 $0 $0 -$992,056 $87,404,285 -1.12% Fairview Private Markets IV $8,217,218 $0 $0 $0 $8,217,218 0.00% Fairview Private Markets V $1,142,356 $200,000 -$61,262 $0 $1,281,094 0.00% Fairview Ventures III $5,820,983 $0 $0 $0 $5,820,983 0.00% First Eagle All Cap Value $63,951,874 $0 $0 $1,810,659 $65,762,533 2.83% Grosvenor $58,327,064 $0 -$50,663 $530,459 $58,806,860 0.82% Hartford Investment Core Plus Fixed -$132,007 $0 $0 $0 -$132,007 0.00% Heitman America Realty Fund $12,845,692 $0 $0 $0 $12,845,692 0.00% Invesco Global Targeted Return $33,096,286 $0 -$19,658 $39,174 $33,115,803 0.06% Landmark Equity Partners XI $1 $0 $0 $0 $1 0.00% Landmark Equity Partners XIII $33,593 $0 $0 $0 $33,593 0.00%

Returns are net of manager fees.

March 31, 2021 13 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND CASH FLOW SUMMARY Month Ending March 31, 2021 Beginning Net Investment Ending Month Contributions Withdrawals Market Value Change Market Value Return _ Landmark Equity Partners XIV $1,483,856 $0 -$36,263 $0 $1,447,593 0.00% Landmark Equity XV $3,246,934 $0 -$131,475 $0 $3,115,459 0.00% Landmark Equity XVI $3,667,228 $0 -$184,260 $0 $3,482,969 0.00% Landmark Infrastructure Fund II $939,027 $0 $0 $0 $939,027 0.00% Landmark RE VII $1,686,389 $0 $0 $0 $1,686,389 0.00% Lexington Capital Partners $39,304 $0 $0 $0 $39,304 0.00% Lexington Capital Partners VI-B $494,891 $0 -$13,383 $0 $481,508 0.00% Lexington Capital Partners VII $2,004,339 $0 -$122,972 $0 $1,881,367 0.00% LM Capital Group $16,095,575 $0 -$8,106 -$164,621 $15,922,847 -1.07% LS Strategic Alpha $34,613,267 $0 $0 $0 $34,613,267 0.00% Magnetar Energy Opps Fund II $7,202,307 $0 $0 $0 $7,202,307 0.00% Matarin Small Cap Core -$269,616 $0 $0 $0 -$269,616 0.00% Mesirow Real Estate Value Fund II $3,455,538 $0 $0 $0 $3,455,538 0.00% Mondrian Emerging Markets $41,059,533 $0 -$88,155 -$747,339 $40,224,039 -2.03% Monroe Capital Private Credit II $12,290,767 $0 -$82,614 $468,141 $12,676,294 3.83% Monroe Capital Private Credit III $6,802,751 $0 -$198,834 $271,477 $6,875,394 4.01% Monroe Senior Secured DL Fund $3,673,167 $0 -$38,150 $270,973 $3,905,990 7.45% New Boston Urban Strategy Amer Fund $7,346 $0 $0 $0 $7,346 0.00% Nexus Special Situation III $348,609 $0 $0 $0 $348,609 0.00% Oaktree Real Estate Debt Fund $281,523 $0 -$259,552 $0 $21,971 0.00% Och Ziff Real Estate Fund III $1,770,022 $6,609 -$72,820 $71,152 $1,774,963 4.12% Parish Capital II $24,938 $0 $0 $0 $24,938 0.00% Pegasus Capital $4,204,003 $29,336 $0 $0 $4,233,339 0.00% Permira Credit Solutions III $6,720,400 $0 $0 $0 $6,720,400 0.00% Piedmont Investment Advisors $16,869,848 $0 $0 -$172,158 $16,697,690 -1.02% PIMCO Long Duration Fixed $15,271,851 $0 -$3,086 -$455,027 $14,813,737 -3.02% Private Advisors Real Assets $6,992,779 $0 -$233,870 $0 $6,758,909 0.00% Private Advisors Real Assets II $6,282,945 $0 -$292,731 $0 $5,990,214 0.00% Prudential Emerging Mkt Debt $62,097,977 $0 $0 -$1,606,993 $60,490,984 -2.59% Real Estate - Land $5,190,000 $0 $0 $0 $5,190,000 0.00%

Returns are net of manager fees.

March 31, 2021 14 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND CASH FLOW SUMMARY Month Ending March 31, 2021 Beginning Net Investment Ending Month Contributions Withdrawals Market Value Change Market Value Return _ Reverence Capital Opportunities Fund II $3,745,819 $112,733 -$215,839 $924,357 $4,567,070 25.76% Reverence Capital Opportunities Fund III $0 $2,732,549 $0 $0 $2,732,549 0.00% Riverstone Credit Partners $2,110,969 $0 $0 $0 $2,110,969 0.00% Riverstone Credit Partners II $3,996,217 $0 -$450,726 $0 $3,545,491 0.00% Riverstone MERF Syndication II $1,229,617 $0 -$25,565 $0 $1,204,052 0.00% Shenkman Capital High Yield Fixed $27,282,720 $0 $0 $42,392 $27,325,113 0.16% SSgA Barclays Aggregate Index $16,732,687 $399,000 -$254,389 -$207,419 $16,669,879 -1.27% SSgA Daily MSCI CAD Index $1,077,961 $14,000 -$14,095 $54,716 $1,132,582 5.01% SSgA Daily MSCI EM Index $4,001,581 $236,000 -$349 -$62,433 $4,174,798 -1.52% SSgA High Yield Bond $3,330,705 $47,000 -$35,280 $3,201 $3,345,626 0.09% SSgA Long US Gov't Credit $5,483,142 $262,000 -$126,454 -$195,247 $5,423,441 -3.64% SSgA MSCI EAFE Index $10,304,181 $139,000 -$165,881 $248,858 $10,526,158 2.38% SSgA Passive EM Local Currency $4,930,127 $234,000 -$419 -$159,725 $5,003,983 -3.24% SSgA Real Assets $2,463,895 $9,000 -$6,208 $21,843 $2,488,529 0.88% SSgA Russell 3000 Index $24,229,395 $77,000 -$571,060 $879,476 $24,614,811 3.61% SSgA US REIT Index $6,497,144 $94,000 -$329,550 $307,632 $6,569,226 4.67% SSgA US TIPS Index $3,345,311 $36,000 -$50,278 -$6,609 $3,324,423 -0.21% TA Realty $628,631 $0 -$2,796 $4,753 $630,588 0.76% TA Realty Associates Fund XII $4,786,369 $0 $0 $212,215 $4,998,584 4.43% Tristan EPISO 3 $3,083,497 $119,820 -$14,400 $214,191 $3,403,108 6.89% Tristan EPISO 4 $3,551,745 $0 -$11,232 $177,654 $3,718,167 5.02% UBS Emerging Markets Equity $58,255,950 $0 $0 -$1,512,006 $56,743,944 -2.60% Vista Equity Partners IV $6,360,530 $7,003 $0 -$35,016 $6,332,517 -0.55% Vista Equity Partners V $5,512,151 $0 -$146,606 $733,028 $6,098,573 13.66% Vista Equity Partners VI $10,749,334 $0 -$87,498 $381,594 $11,043,430 3.58% Vista Equity Partners VII $4,285,825 $698,157 $0 $62,125 $5,046,107 1.25% VWH Partners L.P. $4,520,758 $0 -$90,295 $490,196 $4,920,659 11.06% Walter Scott Large Growth $84,388,610 $0 $0 $1,724,820 $86,113,430 2.04% Wellington Hadley Harbor III $1,877,094 $1,045,298 $0 $0 $2,922,392 0.00% Wellington Opportunistic $1 $0 $0 $0 $1 0.00% Total $1,151,997,875 $13,673,988 -$23,158,579 $9,638,013 $1,152,151,298 -- XXXXX

Returns are net of manager fees.

March 31, 2021 15 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND FEE SCHEDULE Market Value Est. Minimum Estimated Annual Estimated Annual Account Fee Schedule % of Portfolio As of 3/31/2021 Annual Fee ($) Fee ($) Fee (%) _ SSgA Russell 3000 Index 0.10% of First 50.0 Mil, $24,614,811 2.1% $24,615 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter Edgewood 1.00% of Assets $87,404,285 7.6% $874,043 1.00% Eagle Capital Large Value 1.00% of First 5.0 Mil, $84,330,442 7.3% $644,978 0.76% 0.75% Thereafter Columbus Circle SMID Growth 0.75% of Assets $43,519,358 3.8% $326,395 0.75% Matarin Small Cap Core 0.70% of Assets -$269,616 0.0% -$1,887 0.70% Channing Capital SMID Value 0.70% of First 25.0 Mil, $43,446,240 3.8% $294,901 0.68% 0.65% of Next 25.0 Mil, 0.60% Thereafter Walter Scott Large Growth 1.00% of First 50.0 Mil, $86,113,430 7.5% $779,181 0.90% 0.85% of Next 25.0 Mil, 0.60% Thereafter First Eagle All Cap Value 0.75% of Assets $65,762,533 5.7% $493,219 0.75% SSgA MSCI EAFE Index 0.10% of First 50.0 Mil, $10,526,158 0.9% $10,526 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter SSgA Daily MSCI CAD Index 0.10% of First 50.0 Mil, $1,132,582 0.1% $1,133 0.10% 0.06% of Next 50.0 Mil, 0.50% Thereafter Mondrian Emerging Markets 1.00% of First 25.0 Mil, $40,224,039 3.5% $364,180 0.91% 0.75% of Next 25.0 Mil, 0.60% Thereafter SSgA Daily MSCI EM Index 0.10% of First 50.0 Mil, $4,174,798 0.4% $4,175 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter UBS Emerging Markets Equity No Fee $56,743,944 4.9% -- -- Hartford Investment Core Plus Fixed 0.30% of First 100.0 Mil, -$132,007 0.0% $0 0.00% 0.25% Thereafter Columbia Core Plus Fixed 2.00% of Assets $262,487 0.0% $5,250 2.00% SSgA Barclays Aggregate Index 0.10% of First 50.0 Mil, $16,669,879 1.4% $16,670 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter Piedmont Investment Advisors No Fee $16,697,690 1.4% -- -- LM Capital Group No Fee $15,922,847 1.4% -- --

March 31, 2021 16 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND FEE SCHEDULE Market Value Est. Minimum Estimated Annual Estimated Annual Account Fee Schedule % of Portfolio As of 3/31/2021 Annual Fee ($) Fee ($) Fee (%) _ LS Strategic Alpha 0.60% of First 20.0 Mil, $34,613,267 3.0% $193,066 0.56% 0.50% of Next 30.0 Mil, 0.40% Thereafter PIMCO Long Duration Fixed 0.25% of Assets $14,813,737 1.3% $37,034 0.25% SSgA Long US Gov't Credit 0.10% of First 50.0 Mil, $5,423,441 0.5% $5,423 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter Aetna GICS No Fee $147,482 0.0% -- -- Shenkman Capital High Yield Fixed 0.50% of Assets $27,325,113 2.4% $136,626 0.50% SSgA High Yield Bond 0.10% of First 50.0 Mil, $3,345,626 0.3% $3,346 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter Brown Bros-Harriman Global TIPS 0.15% of First 100.0 Mil, $40,819,203 3.5% $61,229 0.15% 0.10% Thereafter SSgA US TIPS Index 0.10% of First 50.0 Mil, $3,324,423 0.3% $3,324 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter VWH Partners L.P. No Fee $4,920,659 0.4% -- -- Prudential Emerging Mkt Debt 0.55% of First 75.0 Mil, $60,490,984 5.3% $332,700 0.55% 0.45% of Next 100.0 Mil, 0.40% Thereafter SSgA Passive EM Local Currency 0.10% of First 50.0 Mil, $5,003,983 0.4% $5,004 0.10% 0.06% of Next 50.0 Mil, 0.05% Thereafter Wellington Opportunistic 0.65% of Assets $1 0.0% $0 0.65% Invesco Global Targeted Return No Fee $33,115,803 2.9% -- -- Ares Corporate Opportunity Fund No Fee $11,675 0.0% -- -- Ares Corporate Opportunity Fund II No Fee $6,495 0.0% -- -- Ares Corporate Opportunity Fund III No Fee $425,160 0.0% -- -- Ares Corporate Opportunity Fund IV No Fee $4,398,839 0.4% -- -- Ares Corporate Opportunity Fund V No Fee $6,357,155 0.6% -- -- Ares Corporate Opportunity Fund VI No Fee $1,374,616 0.1% -- -- Fairview Private Markets IV No Fee $8,217,218 0.7% -- -- Fairview Private Markets V No Fee $1,281,094 0.1% -- -- Fairview Ventures III No Fee $5,820,983 0.5% -- --

March 31, 2021 17 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND FEE SCHEDULE Market Value Est. Minimum Estimated Annual Estimated Annual Account Fee Schedule % of Portfolio As of 3/31/2021 Annual Fee ($) Fee ($) Fee (%) _ Landmark Equity Partners XI No Fee $1 0.0% -- -- Landmark Equity Partners XIII No Fee $33,593 0.0% -- -- Landmark Equity Partners XIV No Fee $1,447,593 0.1% -- -- Landmark Equity XV No Fee $3,115,459 0.3% -- -- Landmark Equity XVI No Fee $3,482,969 0.3% -- -- Lexington Capital Partners No Fee $39,304 0.0% -- -- Lexington Capital Partners VI-B No Fee $481,508 0.0% -- -- Lexington Capital Partners VII No Fee $1,881,367 0.2% -- -- Nexus Special Situation III No Fee $348,609 0.0% -- -- Parish Capital II No Fee $24,938 0.0% -- -- Pegasus Capital No Fee $4,233,339 0.4% -- -- Reverence Capital Opportunities Fund II No Fee $4,567,070 0.4% -- -- Reverence Capital Opportunities Fund III No Fee $2,732,549 0.2% -- -- Vista Equity Partners IV No Fee $6,332,517 0.5% -- -- Vista Equity Partners V No Fee $6,098,573 0.5% -- -- Vista Equity Partners VI No Fee $11,043,430 1.0% -- -- Vista Equity Partners VII No Fee $5,046,107 0.4% -- -- Wellington Hadley Harbor III No Fee $2,922,392 0.3% -- -- Alcentra No Fee $1,834,017 0.2% -- -- Brightwood Capital III No Fee $3,982,540 0.3% -- -- Monroe Capital Private Credit II No Fee $12,676,294 1.1% -- -- Monroe Capital Private Credit III No Fee $6,875,394 0.6% -- -- Monroe Senior Secured DL Fund No Fee $3,905,990 0.3% -- -- Permira Credit Solutions III No Fee $6,720,400 0.6% -- -- Real Estate - Land No Fee $5,190,000 0.5% -- -- New Boston Urban Strategy Amer Fund No Fee $7,346 0.0% -- -- Heitman America Realty Fund No Fee $12,845,692 1.1% -- -- TA Realty No Fee $630,588 0.1% -- -- TA Realty Associates Fund XII No Fee $4,998,584 0.4% -- -- Tristan EPISO 3 No Fee $3,403,108 0.3% -- -- Oaktree Real Estate Debt Fund No Fee $21,971 0.0% -- -- SSgA US REIT Index No Fee $6,569,226 0.6% -- -- Barings Core Property No Fee $21,456,581 1.9% -- --

March 31, 2021 18 CITY OF HARTFORD MUNICIPAL EMPLOYEES RETIREMENT FUND FEE SCHEDULE Market Value Est. Minimum Estimated Annual Estimated Annual Account Fee Schedule % of Portfolio As of 3/31/2021 Annual Fee ($) Fee ($) Fee (%) _ Mesirow Real Estate Value Fund II No Fee $3,455,538 0.3% -- -- Och Ziff Real Estate Fund III No Fee $1,774,963 0.2% -- -- Landmark RE VII No Fee $1,686,389 0.1% -- -- Tristan EPISO 4 No Fee $3,718,167 0.3% -- -- Basis Investment Group Fund No Fee $3,702,733 0.3% -- -- Landmark Infrastructure Fund II No Fee $939,027 0.1% -- -- Magnetar Energy Opps Fund II No Fee $7,202,307 0.6% -- -- SSgA Real Assets No Fee $2,488,529 0.2% -- -- Private Advisors Real Assets No Fee $6,758,909 0.6% -- -- Private Advisors Real Assets II No Fee $5,990,214 0.5% -- -- Riverstone Credit Partners No Fee $2,110,969 0.2% -- -- Riverstone Credit Partners II No Fee $3,545,491 0.3% -- -- Riverstone MERF Syndication II No Fee $1,204,052 0.1% -- -- Grosvenor 1.15% of First 25.0 Mil, $58,806,860 5.1% $607,955 1.03% 1.00% of Next 25.0 Mil, 0.80% of Next 50.0 Mil, 0.60% Thereafter Cash No Fee $16,523,375 1.4% -- -- Benefits Payment Fund No Fee $28,912,164 2.5% -- -- COH Transition Account - BP Fund No Fee $1,707 0.0% -- -- Investment Management Fee $1,152,151,298 100.0% $5,223,085 0.45% XXXXX

March 31, 2021 19 DISCLAIMERS & DISCLOSURES

• Past performance is no guarantee of future results.

• Returns for pooled funds, e.g. mutual funds and collective investment trusts, are collected from third parties; they are not generally calculated by NEPC. Returns for separate accounts, with some exceptions, are calculated by NEPC. Returns are reported net of manager fees unless otherwise noted.

• A “since inception” return, if reported, begins with the first full month after funding, although actual inception dates (e.g. the middle of a month) and the timing of cash flows are taken into account in Composite return calculations.

• NEPC’s preferred data source is the plan’s custodian bank or record-keeper. If data cannot be obtained from one of the preferred data sources, data provided by investment managers may be used. Information on market indices and security characteristics is received from additional providers. While NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within. In addition, some index returns displayed in this report or used in calculation of a policy index, allocation index or other custom benchmark may be preliminary and subject to change.

• All investments carry some level of risk. Diversification and other asset allocation techniques are not guaranteed to ensure profit or protect against losses.

• The opinions presented herein represent the good faith views of NEPC as of the date of this presentation and are subject to change at any time. Neither fund performance nor universe rankings contained in this report should be considered a recommendation by NEPC.

• This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it.

20 INVESTMENTS: AGENDA ITEM III

CITY OF HARTFORD PENSION COMMISSION

MEMORANDUM

To: Pens on � From: Adam M. Cloud, Secretary Carmen I. Sierra, Assistant Secretary

Date: April 20, 2021

Subject: Private Equity Consultant - Meketa

Meketa representatives will discuss the followingitems. Please see the enclosed materials which they will be utilized in this presentation:

• Phase I Due Diligence Review: Apax Digital Fund II • Phase I Due Diligence Review: African Development Partners III • Phase II Due Diligence Review: Linden Fund V 25 3 INVESTMENTS: AGENDA ITEM III in fund size for ADF II and (3) the allocation of the firm’s resources among its various funds as well as the allocation of investment opportunities and other standard due diligence issues. As always, there is no additional cost to the MERF for Meketa’s Phase II due diligence work.

Based on Meketa’s report, staff and I recommend that the Pension Commission authorize me to instruct Meketa to perform Phase II due diligence on Apax Digital Fund II, L.P.

I look forward to discussing this matter with you at our upcoming meeting.

2175 NW Raleigh Street 503.226.1050 Suite 300A Meketa.com Portland, OR 97210

MEMORANDUM

TO: City of Hartford Municipal Employees’ Retirement Fund (“MERF”) FROM: Meketa Investment Group, Inc. (“Meketa”) DATE: April 30, 2021 RE: Phase I Review of Apax Digital Fund II, L.P.

SUMMARY Meketa has conducted an initial review of Apax Digital Fund II, L.P. (“ADF II” or the “Fund”) and recommends it for further consideration.

Apax Partners (“Apax” or the “Firm”) was founded nearly 50 years ago, launching offices in Europe and North America simultaneously upon founding. In the 1980s and early 1990s, the Firm focused on venture capital investing in Europe and the U.S. In 1993, the Firm launched its first buyout fund, which today remains its flagship strategy. In 2002 Apax began investing beyond Europe and North America, opening offices in China (2005), India (2006) and a second office in China (2008). Today, Apax has more than 130 investment professionals operating across seven offices globally. Apax launched its dedicated digital platform in 2017 to execute minority growth and control buyout investments in middle market companies globally. The Firm launched its first fund dedicated to the strategy, Apax Digital Fund I (“ADF I”) that same year with $1.1 billion in commitments.

Apax Digital Fund II would be a new relationship for MERF and represents an opportunity to access a quality firm investing in minority growth and control buyout deals in middle-market technology companies. However, the initial review generated a few areas for consideration that may need to be examined further through a Phase II partnership review. These areas include, but may not be limited to:

 Increasing Fund Size. ADF II is targeting $1.5 billion of commitments. This is up from $1.1 billion in ADF I and there is no set hard cap for ADF II at this time. Further discussion and examination regarding the maximum potential commitments for ADF II and any potential impact on transaction sizing will continue.

BOSTON CHICAGO LONDON MIAMI NEW YORK PORTLAND SAN DIEGO April 30, 2021

 Portfolio Allocation Across Fund Series. As both the flagship Apax Buyout Funds and Apax Digital Funds invest in technology portfolio companies, allocation policies and the potential for investment from both fund series into the same portfolio company will be further explored.

 Technology Sub-Sector Benefits. ADF II is targeting transactions within the technology sector, diversified across five subsectors: tech-enable services, software, data & analytics, digital marketplaces, and digital media and disruptive ecommerce. While the portfolio is expected to be diversified across 15-20 transactions, further analysis of the key characteristics of the underlying sub-sectors will be analyzed to better assess the overall diversification benefits to the portfolio.

 Utilization of Apax’s Operational Excellence Practice. Apax’s Operational Excellence Practice (“OEP”) assists with the value creation at portfolio companies across funds. The OEP is a large team comprised of 21 operating specialists and a number of digital experts with management experience at leading digital companies. This value creation often includes active involvement in due diligence of new investments, carve-out and merger integration processes, revenue acceleration and other value-creation initiatives post-closing. As part of further due diligence, how these resources are prioritized and allocated across funds within Apax will be further examined.

Key Findings Meketa’s key findings in the initial review of Apax Digital II are:

FUNDRAISING STATUS ADF II is targeting $1.5 billion of commitments with an initial close expected on June 1, 2021 with a final on July 1, 2021. The Fund is expected to be oversubscribed. No hard cap on fund size has been set.

INVESTMENT STRATEGY Remaining consistent with ADF I, ADF II will execute 15-20 minority growth and control buyout investments in middle market technology businesses with equity investments ranging from $50 million- $200 million. The Fund intends to target companies with more than $20 million of revenue which are past the venture phase, with a proven business model and which are leaders or showing market share gains in their markets, in order to pursue high quality growth investment opportunities at a reasonable price. The Firm will target approximately a 50% allocation of capital to both minority growth and buyout deals, but acknowledges that the Firm will remain bottoms-up and seek out the best deals possible for the Fund. Apax expects to deploy 85%-90% of capital in businesses across North America and Europe,

Page 2 April 30, 2021

with the balance invested across the rest of the globe (primarily in China and India). Target sub-sectors within the digital ecosystem include:

 tech-enabled services,  software,  data and analytics,  digital marketplaces, and  digital media and disruptive ecommerce.

Apax believes that these targeted sub-sectors continue to represent large, fast growing pockets within the technology market, benefiting from strong secular tailwinds as the digital economy continues to expand.

The Firm seeks transactions where Apax can positively and fundamentally increase the value of the business. Value creation levers that the Firm can pull have included promoting top line revenue growth, launching new products/services, developing cross-platform portfolio partnerships, and implementing operational and technological advances. To implement this value-add, ADF II will leverage Apax's OEP team. This 21 member group is comprised of “deep technologists” with operational experience in executive roles.

ADF II is believed to be well positioned to benefit from the deep sub-sector expertise of Apax and the Apax Digital Team, the scale of the Apax platform globally, and the value creation potential of Apax’s operational experts. ADF II will target a 3.0x gross MOIC and 25% gross IRR.

INVESTMENT TEAM ADF II will continue to be led by Managing Partners Marcelo Gigliani and Dan O'Keefe, both New York-based. Messrs. Gigliani and O'Keefe are supported by a dedicated team of 17 professionals across the Firm's New York and London offices, including one Partner, four Principals, one Vice President, two Senior Associates, five Associates, and four Analysts. The ADF II team is also expected to benefit from the larger resources associated with the global Apax platform. Apax, in aggregate, has over 130 investment professionals globally, across seven offices worldwide. Twenty-two of these professionals are focused on tech-investing on behalf of the “flagship” buyout funds.

Page 3 April 30, 2021

APAX DIGITAL INVESTMENT COMMITTEE Name Title Location Year Joined Years Apax Experience Andrew Sillitoe Co-CEO, Tech & Telco London 1998 23 Marcelo Gigliani Managing Partner, Apax Digital New York 1999 22 Daniel O’Keefe Managing Partner, Apax Digital New York 19991 21 Salim Nathoo Equity Partner, Tech & Telco London 1999 21 Jason Write Equity Partner, Tech & Telco New York 2000 21

Source: Apax

The Apax Digital Investment Committee (the “Digital IC”) is comprised of the Firm’s most senior and experienced digital and technology investment professionals and includes Andrew Sillitoe (Apax Co- CEO and former head of the Firm’s Tech & Telco sector team), Salim Nathoo (co-leader in the Firm’s Tech & Telco sector team in London) and Jason Wright (co-leader in the Firm’s Tech & Telco sector team in New York), as well as Messrs. Gigliani and O’Keefe.

Mitch Truwit serves as Chairman of the Apax Digital strategy. Mitch is Co-CEO of Apax with 14 years of investment experience at Apax and 12 years of operational experience, including as President and CEO of Orbitz Worldwide and COO of Priceline.com. In this role, Mr. Truwit attends meetings of the Digital IC as an observer for investment opportunities in relation to which he has relevant expertise.

PERFORMANCE RESULTS Apax, as a firm, has significant expertise and experience investing in the technology and digital sector. Since 2003, Apax Funds have invested approximately $14.5 billion in technology investments generating realized returns of 3.4x gross Total Value Multiple (“TVM”) as of December 31, 2020.

ADF I, with a 2017 vintage, is performing well to date with a 48.4% net IRR as of December 31, 2020 but remains immature. The portfolio has been constructed with ten transactions to date, with all ten still unrealized. ADF I is expected to make approximately four more investments before completing portfolio construction.

1 First with Apax from 1999 to 2001 then left for business school and returned to Apax in 2016.

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TRACK RECORD SUMMARY Fund Vintage Invested Realized Value Total Value Gross TVM Net IRR Top ($) ($) ($) (x) (%) Quartile2 ADF I 2017 663 23 1,218 1.9 48.4 28.2

Source: Apax, as of December 31, 2020

Digital investments made by Apax flagship funds between 2003 and 2020 have also performed well. These 46 transactions, representing $13.7 billion of invested capital, have generated a 2.9x gross TVM, with 26 of the investments fully realized.

KEY TERMS

MANAGEMENT FEE The management fee will equal 2.0% of aggregate capital commitments during the investment period, declining to 1.75% of net invested capital thereafter.

DISTRIBUTIONS/CARRIED INTEREST The general partner will receive 20% of all distributions only after investors have received back their capital contributions and expenses on realized and unrealized write-downs, and an 8% preferred return. The distribution waterfall includes a “catch-up” after limited partners have achieved their 8% preferred return where the general partner receives 100% of distributions until receiving 20% of total amounts distributed. After which 80% will go to all partners in relation to their funded commitments and 20% to the general partner as carried interest.

TERM AND INVESTMENT PERIOD The Fund’s term will be ten years from the final closing, subject to extension for an additional one-year period by the general partner with approval of the majority of investors based on commitments or the limited partners advisory committee and for up to two additional one-year periods with the consent of investors holding a majority of total commitments. The investment period will terminate on the fifth anniversary of the final closing.

GENERAL PARTNER COMMITMENT The general partner will commit, at least, 2% of total commitments ($133.5 million for the $1.5 billion fund target) to the Fund, a portion of which will be subject to management fees offsets.

2 Cambridge Associates All Global PE Universe, Top Quartile, as of September 30, 2020

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2175 NW Raleigh Street 503.226.1050 Suite 300A Meketa.com Portland, OR 97210

MEMORANDUM

TO: City of Hartford Municipal Employees’ Retirement Fund (“MERF”) FROM: Meketa Investment Group, Inc. (“Meketa”) DATE: April 30, 2021 RE: Phase I Review of African Development Partners III

SUMMARY Meketa has conducted an initial review of African Development Partners III, L.P. (“ADP III” or the “Fund”).

Development Partners International (“DPI” or the “Firm”) was founded by Miles Morland and Runa Alam in 2007 and plans to build a diversified pan-African portfolio of private equity investments in growing and profitable companies with emphasis on those benefiting from Africa’s growing middle class. DPI’s partners have more than a decade of experience working together. Over the last 13 years, DPI has built a team of over 40 members with a depth of investment professionals. The DPI team is experienced in working throughout Africa and is able to work in the various business and local languages. Members of the team are fluent in English, French, Arabic and Spanish and have a working knowledge of Portuguese and Italian. Most DPI partners and professionals have worked together through the last fund cycle. The team has developed a strong, cohesive and collegiate culture by being based in one office in London. DPI currently advises three pan-African funds (the “Funds”); African Development Partners I, LLC (“ADP I”) closed at €271 million (approximately US$400 million) in December 2009, African Development Partners II L.P. (“ADP II”) closed at US$725 million in March 2015, and African Development Partners III L.P. ( “ADP III”) which held a first close in June 2019.

African Development Partners III would be a new relationship for MERF and represents an opportunity to access an experienced firm targeting investments across Africa that are expected to benefit from the growth of Africa’s middle class. However, the initial review generated areas for additional consideration to be examined further through a Phase II partnership review. These areas include, but may not be limited to:

 Varied Markets. Countries in Africa have varying economies, rule of law, opportunity sets, etc. Additional due diligence will focus on the target geographies associated with the ADP III investment strategies and how risks associated with different country investments will be mitigated.

BOSTON CHICAGO LONDON MIAMI NEW YORK PORTLAND SAN DIEGO April 30, 2021

 Performance Considerations. The performance of DPI’s prior funds is mixed depending on which peer universe is utilized for comparison. Relative to a small, Africa-only focused peer universe, the Funds have performed well and place in the top quartile. Relative to a broader, global private equity universe, the Funds are generally in the second and third quartile. On an absolute basis, with net IRRs ranging from 10.4% to 11.6%, performance has been reasonable, but at the lower end of return expectations for a private equity program. Further assessment will focus on the upside potential for the current portfolios, changes in market conditions in the investment geography, and measures taken by DPI to enhance returns going forward.

 COVID. The long-term impact of COVID remains uncertain across markets. Africa, in general, had reported a death rate per capita on the continent as relatively low compared to other parts of the world, partly due to the continent’s young population, experience in epidemic control from tackling other diseases, cross-immunity from other coronaviruses and low rates of travel. However, DPI’s annual letter to investors acknowledges that “COVID-19 cases and deaths are surging in Africa as new, more contagious variants of the virus spread.” Further understanding of Africa’s current status and progress towards a rollout for vaccines is necessary.

 Team Location. While the DPI team is deemed to be experienced and capable, it is commonly seen as a benefit to have investment professionals located in the geography of the targeted investment strategy. This is believed to enhance sourcing and value-add capabilities. Further discussions will focus on understanding DPI’s ability to invest in Africa while located in the United Kingdom.

Key Findings Meketa’s key findings in the initial review of African Development Partners III are:

FUNDRAISING STATUS ADP III had an initial target of $800 million with a $1 billion hard cap. The Fund’s initial closing was held in June 2019 and the Fund has achieved its $800 million target as of April 2021. A final close for the fund is expected by June 30, 2021.

Page 2 April 30, 2021

INVESTMENT STRATEGY The objective of the ADP III investment strategy is to build a diversified pan-African portfolio of private equity investments in growing and profitable companies with emphasis on those benefiting from Africa’s growing middle class. ADP III will seek to make between 8 and 14 investments with a target investment size of $40 million to $120 million. The strategy and type/ size of investment is expected to be similar to ADP I and ADP II. To achieve the investment objective outlined above, DPI targets the following:

 Pan-Africa: ADP III will seek to make investments only in businesses based, or with primary operations, in Africa. DPI will seek to develop a portfolio of investments for the Fund that is diversified across the key regions of Africa and investments, in aggregate, will be limited to 20% in any one single country unless the Advisory Committee approves otherwise. Historically, most African private equity deals have been sourced in a number of countries which have relatively more sophisticated and larger companies. These countries include Egypt, Algeria, Morocco, Côte d’Ivoire, Nigeria, Ghana and Southern and Eastern Africa. DPI believes that these countries continue to offer attractive investment opportunities and will continue to seek investments in them. Additionally, DPI actively seeks transactions in, or strives to expand its portfolio companies into, Africa’s newly liberalizing countries, which are believed to be amongst the fastest-growing countries in the world.  Emerging middle class: Like China and India in recent years, the emerging middle class in Africa has been driving economic growth as the demand for middle class consumer goods and services has grown faster than the overall economy. DPI believes that the Fund can take advantage of this growth trend by investing in businesses that benefit from the rise of the middle class in Africa. DPI partners have extensive experience investing in companies serving the growing middle class in sectors ranging from banking and personal finance, mobile communications, manufacturing, education and retail. DPI has demonstrated its ability to deliver this strategy with the ADP I and ADP II portfolio, which is diversified by sectors addressing the emerging middle class.  Established businesses: DPI seeks investments in profitable and/ or cash flow positive companies with strong projected growth rates and experienced management with a clear corporate strategy. DPI considers that profitable and/ or cash flow positive companies that have proven their business model, viability and management expertise, allow the Fund and its investors to capture the highest returns whilst significantly reducing downside risk. However, the Fund will also consider investing alongside established global multinationals entering Africa for the first time (or expanding into new countries in Africa) or with established African companies in new ventures, licenses or geographic expansion in Africa, as long as these opportunities are supported by a proven track record and business plan.

Page 3 April 30, 2021

 Unique opportunities: DPI will continue to assess, and where appropriate, recommend, investments where its experience and network would, in its view, allow the Fund to take advantage of a strategic opportunity with significant upside. These opportunities potentially include, among others, resource-based businesses to take advantage of Africa’s oil, natural gas and mineral riches, as its exports are predominantly resource-based.

DPI targets 30% gross IRR or 3.0x gross MOIC for investments with holding periods typically between four and seven years.

DPI is also focused on remaining “best of class” in ESG and Impact investing and is working with various Development Finance Institution (DFI) investors and others to innovate in this area. DPI has developed a fully integrated ESG and Impact Management System:  The integrated system sets out DPI’s ambitions;  Identifies impact opportunities for potential deals at origination; and  Formally assesses Impact and ESG during due diligence.

Furthermore, the system enables enhanced Impact measurement throughout the investment period through practical tools to report Impact achievements and their contributions to the UN Sustainable Development Goals to limited partners. Key Impact themes going forward will focus on:  Job quality and growth; and  Climate change.

INVESTMENT TEAM The DPI LLP team consists of six partners (Chairman, CEO, two Investment Partners, Administrative Partner and CFO) and approximately 35 additional members of staff, based in its London office. The team has deep roots in the continent, speaks a wide range of African business languages, and has a contact network that gives DPI an advantage in sourcing, executing, managing and exiting investments in all regions of the continent. The make-up and skills of the team match the pan-African nature of the investments assessed by DPI. DPI’s principals have gained a wealth of African private equity and investment experience at other investment firms prior to the formation of DPI. DPI also works closely with experienced African operating executives who can work with portfolio companies and help manage the entire life cycle of an investment, from due diligence, monitoring and value-add, through to final exit. The DPI team continues to be a stable team, with no departures in the investment, portfolio management or investor relations areas for three years.

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SENIOR DPI INVESTMENT PROFESSIONALS Name Title Nationality / Year Joined Years Heritage Team Experience Miles Morland Chairman & Co-Founding Partner UK 2007 51 Runa Alam CEO & Co-Founding Partner UK/US 2007 35 Eduardo Gutierrez-Garcia Partner (Investment) South Africa/Spain/UK 2008 26 Sofiane Lahmar Partner (Investment) Algeria/France 2010 20 Sarah Shackleton Partner (Administrative) Zimbabwe/UK 2007 22 Rose Fletcher CFO & Partner (Finance, Tax) South Africa/UK 2008 29 Source: DPI

DPI describes its culture as focusing on open communication, consensus decision-making with limited hierarchy. All investment decisions are made with input from all professionals and all partnership decisions are made by all partners. DPI is process driven and communicates very frequently through regular update meetings, email correspondence (i.e.: working group lists), and time/responsibility lists. Partner meetings are held at least once a month or more if needed. Weekly investment meetings occur on Mondays where the entire Firm is invited to participate. Portfolio management meetings generally take place on Friday. The partners have an open-door policy and everyone, including the CEO, is very accessible. The benefit of the team being based in one office and sitting together on one floor (in a non- COVID environment (vs in multiple offices allows for frequent and on-going communication.

PERFORMANCE RESULTS DPI has invested $764.6 across 25 transactions since 2008. The portfolio companies appear to have fared well to date in regards to COVID as DPI has stated that all ADP portfolio companies are operating and 55% delivered growth in Q4 2020.

TRACK RECORD SUMMARY Fund Vintage Invested Realized Value Total Value Net TVM Net IRR Top ($) ($) ($) (x) (%) Quartile1 ADP I 2008 227.1 380.2 575.6 1.8x 10.4% 16.7% ADP II 2013 599.6 117.2 1,171.8 1.5x 11.6% 20.5% ADP III 2019 142.3 3.0 174.9 1.0x 6.5% 15.3% Source: DPI, as of December 31, 2020

1 Cambridge Associates All Global PE Universe, Top Quartile, as of September 30, 2020

Page 5 April 30, 2021

Net IRRs for DPI’s more mature funds, ADP I and ADP II, are 10.4% and 11.6%, respectively. Relative to the global private equity universe, all three of DPI’s funds are placing below the top quartile with ADP I and ADP III currently placing in the second quartile and ADP II in the third quartile. There is not a robust universe for African focused funds, and therefore this performance comparison is being made relative to the broad, global private equity universe. According to the African Private Equity & Venture Capital benchmark report as of September 30, 2020 the top quartile return for funds with vintages years ranging from 2005 to 2013 (10 observations) is 5.4%. Relative to this universe, both ADP I and ADP II place in the top quartile.

ADP III has made three investments to date. These companies operate in the financial services/telecommunications, food processing, and pharmaceuticals industries with geographic operations categorized as Tunisia and Pan-Africa.

KEY TERMS MANAGEMENT FEE The management fee will equal a blended annual rate equal to 2.0% with respect to the first $500 million of the aggregate commitments and 1.87% per annum with respect to the amount over $500 million of the aggregate commitments during the investment period. Thereafter, 2.0% of the acquisition cost of remaining investments.

DISTRIBUTIONS/CARRIED INTEREST The general partner will receive 20% of all distributions only after investors have received back their capital contributions and expenses on all transactions (whole fund basis), and an 8% preferred return. The distribution waterfall includes a “catch-up” after limited partners have achieved their 8% preferred return where the general partner receives 100% of distributions until receiving 20% of total amounts distributed. After which 80% will go to all partners in relation to their funded commitments and 20% to the general partner as carried interest.

TERM AND INVESTMENT PERIOD The Fund’s term will be ten years, subject to extension for two additional one-year periods. The investment period is five years.

GENERAL PARTNER COMMITMENT The general partner will commit 1% of total commitments ($8 million for the $800 million fund target) to the Fund.

Page 6

Private Markets Investment Memorandum

Linden Capital Partners V Linden Co-Investment Fund V

April 30, 2021

BOSTON CHICAGO LONDON MIAMI NEW YORK PORTLAND SAN DIEGO CONFIDENTIAL MEKETA INVESTMENT GROUP

BOSTON OFFICE MIAMI OFFICE 80 University Avenue 5200 Blue Lagoon Drive, Suite 120 Westwood, MA 02090 Miami, FL 33126 (781) 471-3500 (305) 341-2900

NEW YORK OFFICE PORTLAND OFFICE 48 Wall Street 2175 NW Raleigh Street, Suite 300A

11th Floor Portland, OR 97209 New York, NY 10005 (503) 226-1050 (212) 918-4783 CHICAGO OFFICE SAN DIEGO OFFICE 1 East Wacker Drive, Suite 1210 5796 Armada Drive, Suite 110 Chicago, IL 60601 Carlsbad, CA 92008 (312) 474-0900 (760) 795-3450 LONDON OFFICE 25 Green Street London, UK W1K 7AX +44 (0)20 3841-6255

Confidentiality: This communication has been prepared by Meketa Investment Group solely for the use by the intended recipient in its evaluation of the investment manager (“Manager”) that is the subject of this communication (such evaluation, the “Purpose”). In taking receipt of this communication, the recipient acknowledges and agrees: (i) this communication contains, reflects or is based on information of the Manager and/or one or more of its affiliates not generally available to the public (“Information”); (ii) it shall maintain this communication in strict confidence, use all reasonable efforts to prevent the unauthorized use, disclosure or dissemination of this communication; (iii) it will use this communication solely for the Purpose; (iv) that it will not distribute or otherwise divulge this communication to any person other than its legal business, investment or tax advisors in connection with obtaining the advice of any such person in connection with the Purpose; and (v) it will promptly remove any Information (as directed by Meketa Investment Group) from this communication and to certify such removal in writing to Meketa Investment Group. If recipient is requested or required by law or legal process to disclose this communication, in whole or in part, it agrees that it shall provide Meketa Investment Group with prompt written notice of such request or requirement and will reasonably cooperate with the Manager and/or one or more of its affiliates in its and/or their efforts to obtain a protective order or other appropriate remedy to limit disclosure of the Information.

MEKETA INVESTMENT GROUP 1

LINDEN FUND V Private Markets Investment Memorandum Table of Contents

Table of Contents

EXECUTIVE SUMMARY ______3

INVESTMENT STRATEGY ______8

MANAGER BACKGROUND ______9

INVESTMENT RESOURCES AND EXPERIENCE ______100

INVESTMENT PROCESS ______155

HISTORICAL PERFORMANCE ______16

SUMMARY OF KEY PARTNERSHIP TERMS ______22

ENVIRONMENTAL, SOCIAL, & CORPORATE GOVERNANCE ______244

OPERATIONS ______25

OTHER ITEMS ______28

ANALYSIS & CONCLUSIONS ______29

APPENDICES ______32 Exhibit 1: Partnership Terms______33 Exhibit 2: Professional Biographies______37

MEKETA INVESTMENT GROUP 2

LINDEN FUND V Private Markets Investment Memorandum Executive Summary

Executive Summary DILIGENCE PROCESS Meketa Investment Group (“Meketa”) initiated its evaluation of Linden Capital Partners V (the “Fund” or “Fund V”) in February 2021. As part of a comprehensive due diligence process, Meketa completed a thorough review of marketing materials and other supporting documentation including the Limited Partnership Agreement, manager presentation materials, and Linden’s response to Meketa’s Due Diligence Questionnaire. In addition, Meketa attended a virtual on-site due diligence session to perform a deeper evaluation of the Fund’s strategy, personnel, and resources. Due to travel restrictions and social distancing protocols related to the COVID-19 pandemic, a virtual rather than physical on-site visit was conducted. Meketa is familiar with Linden through prior diligence on Linden Capital Partners II in 2010, Linden Capital Partners III in 2014, and Linden Capital Partners IV in 2017. Given the combination of advantages and concerns summarized below, Meketa believes that it would be an appropriate investment decision for the City of Hartford Municipal Employees’ Retirement Fund (“MERF”) to commit up to $10.0 million to Linden Capital Partners V, L.P.

Linden Capital Partners (the “Firm” or “Linden”) is targeting $2.5 billion (target and hard cap) in aggregate commitments for Linden Capital Partners V and $500 million for Linden Co- Investment V. The Fund is expected to hold a first close in May 2021 primarily for existing investors.

MANAGER BACKGROUND

Fund Name Manager Office Location(s) Target Market Target Geography Linden Capital Middle Market Partners V and Linden Manager, Healthcare Chicago United States Linden Co- LLC (Products, Services, Investment V Distribution)

Linden is a Chicago-based private equity firm focused exclusively on investing in middle market healthcare companies. Since its founding, Linden has strived to become one of the preeminent private equity healthcare firms in the United States. The Firm was established in 2004 by three Partners who had worked together for over fifteen years at First Chicago Equity Capital (“FCEC”). In the 1990’s, these Partners, Eric Larson, Andy Davis, and Brian Miller, pioneered the healthcare

MEKETA INVESTMENT GROUP 3

LINDEN FUND V Private Markets Investment Memorandum Executive Summary

investment strategy at FCEC. In 1995, FCEC merged with the National Bank of Detroit before it was acquired in 1998 by Banc One Corporation (which was in turn bought by JP Morgan in 2002). In 2001, Mr. Larson, Mr. Miller, and Mr. Davis left FCEC to form Linden. Today, Linden has invested over $2.4 billion across 32 healthcare platforms with Mr. Davis and Mr. Miller serving as the two Managing Partners of the Firm, which currently has 43 professionals on staff.

OFFERING TERMS

Fund Size Management Carry And Preferred Fee Income Inv. Period And Fee1 Carry Return Total Term Structure Linden Capital Partners V 20%; Deal-by- 6 years; 10 $2.5 billion 2.0% 8% 80% off-set Deal basis years Linden Co-Investment V 20%; Deal-by- 6 years; 10 $500 million 1.25% 8% 80% off-set Deal basis years

Fund V’s fund size of $2.5 billion represents a $1 billion increase from Fund IV. The rest of the terms are consistent with Linden’s prior funds and are broadly in line with market standards. However, the Linden Co-Investment V terms are less favorable as lower management fees and carried interest are commonly offered in the marketplace.

STRATEGY Fund V will continue the strategy of prior funds, investing in middle market healthcare businesses across the United States. The Fund will primarily execute control buyouts while also structuring flexible, non-control investments that maintain significant governance influence. It will invest across the entire healthcare industry targeting sub-sectors within services, products, and distribution. The Fund’s approach to sub-sectors is opportunistic, and it will prioritize and deprioritize sub-sectors based on changes in market fundamentals, expected deal volumes, and the team’s ability to add value. Several specific sub-sectors in which Linden currently holds higher conviction in today’s market include: behavioral health, healthcare IT, multi-site providers, pharma services, contract manufacturing, devices, and diagnostics.

1 2.0% per annum of aggregate commitments during the Investment Period; thereafter, 2.0% per annum of net invested capital for Fund V. The Co-Investment V fee is based on unreturned invested capital and guarantees, less complete write-offs.

MEKETA INVESTMENT GROUP 4

LINDEN FUND V Private Markets Investment Memorandum Executive Summary

Linden will execute a proprietary Value Creation Program (“VCP”), which emphasizes a focus on human capital improvements, processes/systems, and the development of new products, services, and capacity for portfolio companies. The team seeks to differentiate themselves through its use of Operating Partners who are sector specialists, improvement of management teams by attracting top talent, and industry expertise across a variety of healthcare businesses. The Fund is targeting 12-14 platform investments in the portfolio.

The Co-Investment Fund will invest alongside Fund V in certain investments. These transactions will require $50 million or more of equity in excess of the investment amount deemed appropriate for Fund V (expected to range from $125 million to $350 million). These target amounts are preliminary and based upon Linden’s current assumptions and are subject to change. In addition, there is no guarantee that capital will be deployed for the Co-Investment Fund or how diversified the portfolio may be.

TRACK RECORD LINDEN CAPITAL PARTNERS AS OF DECEMBER 31, 2020 ($ IN MILLIONS)

Fund Vintage Invested Realized Total Net Net Top Year ($) Value Value Multiple IRR Quartile2 ($) ($) (X) (%) (%) Fund I3 2005 183.3 512.5 512.5 2.3 22.9 12.0 Fund II 2011 328.5 359.0 637.4 1.6 8.0 22.3 Fund III4 2015 747.8 1,140.5 2,278.4 2.5 36.5 18.6 Fund IV 2018 1,104.8 153.1 1,344.7 1.1 15.4 17.2 Total 2,364.4 2,165.0 4,773.0

2 Cambridge Associates (PE: Buyout; United States) as of September 30, 2020. 3 Includes co-investment alongside Fund II in Young Innovations. 4 Includes Fund III’s investment in Virtus and a co-investment alongside Fund IV in Specialty Networks.

MEKETA INVESTMENT GROUP 5

LINDEN FUND V Private Markets Investment Memorandum Executive Summary

INVESTMENT ANALYSIS Strengths  Deep and experienced team.  Strong emphasis on value creation.  Exclusive focus on investments in the healthcare sector.  Strong performance results to date for Fund I, Fund III, and Fund IV. Weaknesses  Increasing funds size to $2.5 billion.  Mitigating factor(s): Linden expects an increase in the number of portfolio investments, a greater number of larger deals, and less co-investment for smaller transactions. Linden also acknowledges increased valuations requiring larger equity contributions to complete transactions.  Fund II underperformance.  Mitigating factor(s): Lessons learned include the need to monitor reimbursement risk, understanding the importance of addressing human capital needs in its portfolio companies, and better cash flow management at the portfolio level.

Opportunities  Dedicated healthcare strategy and team may prove to be a differentiator in a competitive environment.  Continued focus on healthcare cost containment and demands for efficiency.

Threats  Healthcare sector continues to be expensive and ongoing competition is to be expected.  The healthcare industry is highly regulated and at the forefront of the political landscape.  Mitigating Factor(s): Continued cost containment initiatives and corresponding calls for regulatory relief can be assured in this segment; however, Linden seeks to make investments in healthcare sectors that are less likely to be subject to reimbursement risk.

MEKETA INVESTMENT GROUP 6

LINDEN FUND V Private Markets Investment Memorandum Executive Summary

CONCLUSION Fund V will continue to focus on buyout investments in middle-market healthcare companies targeting a variety of sub-sectors in the U.S. Linden is well-resourced and has an operational value-add focus, believed to provide a competitive advantage in the healthcare sector. The investment team draws from a variety of backgrounds to source, execute, monitor, and exit transactions. The single focus on healthcare allows the team to develop a deep understanding of the industry backed by relevant industry experience. The Firm’s focus on operational improvements in an industry where there are myriad growth opportunities should continue to drive strong return potential. The prior track record has both strong and weak points. Fund I and Fund III are performing very well, placing in the top quartile, and Fund IV is off to a strong start. Fund II has underperformed, but lessons learned appear to be implemented to the benefit of subsequent funds.

MEKETA INVESTMENT GROUP 7

LINDEN FUND V Private Markets Investment Memorandum Investment Strategy

Investment Strategy

Linden Fund V will continue the strategy of prior funds, investing in middle market healthcare businesses across the United States. The Fund will primarily execute control buyouts while also structuring flexible, non-control investments that maintain significant governance influence. It will invest across the entire healthcare industry targeting sub-sectors within services (behavioral health, dental service organizations, HCIT, multi-site providers, payor services, pharma services, pharmacy services, physician groups, post-acute), products (contract manufacturing, dental products, devices, diagnostics, specialty pharmaceuticals), and distribution (home health/non-acute, hospital, specialty products). The Fund’s approach to sub- sectors is opportunistic, and it will prioritize and deprioritize sub-sectors based on changes in market fundamentals, expected deal volumes, and the team’s ability to add value. The team highlighted several specific sub-sectors in which it holds high conviction in today’s market: behavioral health, healthcare IT, multi-site providers, pharma services, contract manufacturing, devices, and diagnostics. Linden intends to focus on purchasing common and preferred equity. Target companies, with enterprise values ranging from $250 million to $700+ million, will typically have $10 million to $40+ million in EBITDA, and the Fund will seek to make equity commitments of $125 million to $350 million per transaction.

Linden will execute a proprietary Value Creation Program, which emphasizes a focus on human capital improvements, processes/systems, and the development of new products, services, and capacity for portfolio companies. The team seeks to differentiate themselves through its use of Operating Partners who are sector specialists, improvement of management teams by attracting top talent, and industry expertise across a variety of healthcare businesses.

The Fund is targeting 12-14 platform investments in the portfolio. With an expected $1.0 billion increase in fund size, the team plans to execute a greater number of larger deals ($30 million - $40 million EBITDA companies), which they have in previous funds but not across an entire portfolio. Linden also anticipates less co-investment for transactions in the lower end of the range. Rising valuations may also cause the Fund to pay a little more for these bids (approximately 8x equity). These increased valuations have led to more focus on growth to drive returns, which has been a steady shift in strategy. Linden will typically pursue exit opportunities via larger private equity sponsors and some strategics.

MEKETA INVESTMENT GROUP 8

LINDEN FUND V Private Markets Investment Memorandum Manager Background

Manager Background Linden is a Chicago-based firm that was formed in 2004 by former partners who had worked together at First Chicago Equity Capital (“FCEC”). In 1991, First Chicago and the National Bank of Detroit merged, and the combined entity became Bank One (which was in turn bought by JP Morgan in 2002). Most of the former First Chicago team splintered after the Bank One acquisition, going on to form private equity firms Beecken Petty O’Keefe & Company and Water Street Healthcare Partners, while others went to Madison Dearborn Partners. In 2001, Eric Larson and Brian Miller left FCEC and worked as advisors to Madison Dearborn and Baird on several healthcare transactions. Linden was formed as an independent healthcare buyout firm in 2004 after Larson’s non-compete expired and Anthony Davis decided to leave One Equity Partners (formerly FCEC) to launch a formal private equity fund.

Today, Anthony Davis, Brian Miller, Mike Watts, Michael Farah, Kamlesh Shah, and Piyush Shukla serve as Partners at the Firm and are joined by 14 additional investment professionals in Fund V. Two Human Capital Principals, led by Partner Mark Sullivan, support the differentiated strategic human capital initiatives of the Firm and its portfolio companies and one Investor Relations Partner, as well as eight former healthcare industry executives, provide deep transaction, operating, and industry expertise. The Linden team combines the experience of professionals with healthcare, management consulting, investment banking, and private equity investment expertise. Before launching Fund IV, founder Eric Larson departed to start his own private equity fund.

Linden raised $200 million for Fund I, $375 million for Fund II, $750 million for Fund III, and $1,530 million for Fund IV. Fund I (2005 vintage) has invested $183.3 million in nine portfolio companies, Fund II (2011 vintage) has invested $328.5 million in seven portfolio companies, Fund III (2015 vintage) has invested $747.8 million in ten portfolio companies, and Fund IV (2018 vintage) has invested $1,104.8 in nine portfolio companies as of December 31, 2020.

MEKETA INVESTMENT GROUP 9

LINDEN FUND V Private Markets Investment Memorandum Investment Resources and Experience

Investment Resources and Experience Linden operates out of one office, located in Chicago, IL, and the team combines investment, operating, and corporate relationship management skills, with deep networks within the healthcare and private equity industries. The Linden team consists of 43 professionals, up from 17 in 2009, with over 500 years of private equity, healthcare operations, and transaction experience. The Principals and Operating Partners work together to create healthcare investment theses, source transactions, develop and maintain industry relationships, conduct in- depth investment due diligence, recruit potential executives and board members, manage portfolio companies and managers, implement Linden’s post-investment Value Creation Program, and exit investments. Linden Operating Partners will receive part of the management pool in portfolio companies sourced or play an integral part during diligence. In addition, they will receive compensation from the portfolio company for serving on its Board. Further, Operating Partners receive a monthly stipend, often ultimately paid for by an underlying portfolio company or the Fund. They are exclusive to Linden for middle market healthcare companies but can work for other private equity funds and companies on other types of deals. The Linden team is further augmented by a deep and expansive network of relationships with executive, operating, management, regulatory, reimbursement, and scientific advisors from some of the world’s leading corporations, professional firms, consulting firms, government entities, and academic institutions.

INVESTMENT PROFESSIONALS

Name Title Years At Total Years’ Relevant Experience/Degree Manager Experience  Partner at One Equity Partners (formerly First Chicago Equity President & Capital) Tony Davis Managing 17 25  Consultant at Cresap, Partner McCormick & Paget  MBA: Chicago; BA: Northwestern Brian Miller Managing 17 21  Founding member of Partner healthcare team at First Chicago Equity Capital  Investment Banking at Salomon Brothers (currently Citigroup)  MBA: Harvard; AB: Princeton

MEKETA INVESTMENT GROUP 10

LINDEN FUND V Private Markets Investment Memorandum Investment Resources and Experience

Name Title Years At Total Years’ Relevant Experience/Degree Manager Experience  VP at Metalmark Capital  Associate at Summit Partners Michael Farah Partner 6 16  UBS Investment Bank  MBA: Harvard; BA: Carnegie Mellon  Associate at Sun Capital Partners Kamlesh Shah Partner 8 12  Investment Banking Analyst at Goldman Sachs  MBA: Stanford; BS: Illinois  Principal at Warburg Pincus  Corporate Tax Specialist at Arthur Andersen Piyush Shukla Partner 3 19  MBA: Wharton; MA in Natural Sciences (Astrophysics): Cambridge University  Associate at Brockway Moran & Partners Mike Watts Partner 10 15  Stephens, Inc.  MBA: Kellogg; BA: Washington & Lee  Senior Associate at RoundTable Healthcare Partners Joshua Reilly Principal 5 10  Investment Banking Analyst at William Blair  MBA: Kellogg; AB: Harvard  Private Equity at World Bank  Associate at KRG Capital Partners Prab Chawla Vice President 2 8  Investment Banking Analyst at Credit Suisse  MBA: Harvard; BA: Northwestern  Investment Banking Analyst at Adam Friedman Vice President 3 5 Perella Weinberg Partners  BS: Indiana  Investing Banking Analyst at Dan Fallahi Vice President 2 6 Evercore  MSE and BSE: Penn

MEKETA INVESTMENT GROUP 11

LINDEN FUND V Private Markets Investment Memorandum Investment Resources and Experience

Name Title Years At Total Years’ Relevant Experience/Degree Manager Experience  Co-Founder of 4YAY Medical Innovations  Lindsay Goldberg Aakash Madhu Vice President 2 11  Investment Banking at Credit Suisse  BS: Wharton; BA: College of Arts & Sciences, UPenn  Principal at BC Partners  Pride Tree Holdings Arsi Sefaj Vice President 1 7  Investment Banking at Berenson & Company  MBA: Wharton; BA: Yale  Senior Associate at GTCR Jonathan Skekloff Vice President 1 7  L.E.K. Consulting  BA: Penn  Investment Banking Analyst at AJ Gauthier Associate 1 3 Greenhill & Co.  BS: Indiana University  Investment Banking Analyst at Logan Goshorn Associate <1 2 Perella Weinberg Partners  BS: Indiana University  Investment Banking Analyst at Chase Grable Associate <1 2 Morgan Stanley  BBA: Notre Dame  Investment Banking Analyst at Bank of America Colon Kenney Associate <1 2  Investment Banking Analyst at Petsky Prunier  BS: Vanderbilt University  Investment Banking Analyst at David Rothfield Associate <1 2 Cain Brothers  BA: Northwestern  Investment Banking Analyst at Macquarie Capital Kevin Shi Associate 1 3  HBA: University of Western Ontario  Investment Banking Analyst at Bennett Yasskin Associate 1 3 Lazard  BS and BA: TCU

MEKETA INVESTMENT GROUP 12

LINDEN FUND V Private Markets Investment Memorandum Investment Resources and Experience

FIRM DIVERSITY

Staff Demographics (%) Male Female Minority Non-Minority Entire Staff 77 23 23 77 All Investment Professionals 100 0 23 77 Senior Investment Professionals 100 0 50 50 Firm Ownership 100 0 0 100

Relative to the results of Meketa’s 2021 Diversity, Equity & Inclusion Questionnaire, Linden generally places below median or in the bottom quartile among the 283 respondents with the exception of Senior Investment Professionals where the Firm places in the top quartile. While Linden does not have specific diversity criteria, it will interview and consider for hiring any qualified applicant, regardless of race, gender, religion, or sexuality. Linden states that it is focused on the issue and Linden's Human Capital Partner, Mark Sullivan, has stressed to its external recruiters that Linden desires a diverse slate of candidates for all roles. In 2020, all four of Linden's non-associate hires were women or minorities. To encourage ongoing development, Linden employs informal mentorship as well as formal coaching and 360 feedback. The Firm’s coaching program targets two Investment Professionals a year to engage with an executive coach, conducting a fulsome 360 feedback report and six months of coaching support. Specific to Linden V, 33% of the Investment Committee will be minorities.

OWNERSHIP & COMPENSATION

Name % of Ownership % of Total (Economic) Carried Interest Tony Davis 60 30 Brian Miller 40 24 Deal Partners --- 5-8* Non-Deal Partners --- 2-3* Experienced Vice Presidents --- 1.5* New Vice Presidents --- 1* * per professional

All employees of the Firm are compensated with a salary and, when appropriate, a performance- based bonus. Investment professionals of Vice President-level or above will share in the carried interest of the Fund. The four Deal Partners include Mike Watts, Mike Farah, Kam Shah, and Piyush Shukla while the Non-Deal Partners include the CFO and two Principals. Investment professionals below the Partner level can earn a performance-based bonus. Linden Operating

MEKETA INVESTMENT GROUP 13

LINDEN FUND V Private Markets Investment Memorandum Investment Resources and Experience

Partners will receive ownership in portfolio companies they sourced or played an integral part during diligence. Carried interest vests annually in equal increments over seven years.

DEPARTURES

Name Entry Year Last Title Exit Year Reason Max Gaby 2016 Vice President 2018 Other opportunities Jack Neal 2004 Special Partner 2018 Retired Eric Larson 2004 Chairman 2017 To raise his own fund at Tilia Neel Varshney 2013 Vice President 2015 Left to work at KKR Bill Drehkoff 2009 Partner 2015 Mutual Decision Todd Van Horn 2008 Principal 2013 Other opportunities

Linden has exhibited organizational stability with limited turnover, particularly over the past three years. The departures of Messrs. Neal and Gaby are not deemed to be material. It was signaled during the due diligence of Fund IV that Mr. Neal was winding down his involvement as he reached retirement age, and Mr. Gaby’s move to another private equity firm is reasonable. Eric Larson, one of the founders, left the Firm prior to raising Fund IV in order to establish his own small buyout fund targeting lower middle market transactions across the global food supply chain. By all accounts, the departure was amicable and driven by Larson’s desire to pursue an area of investing for which he has greater passion.

PERSONNEL SUMMARY Linden has constructed a deep team of investment professionals and Operating Partners with a spectrum of backgrounds. The Firm has exhibited consistent growth combined with organizational stability. In tandem with the closing of Fund V, Linden anticipates hiring one additional Vice President, who is rejoining the Firm after previously working as an Associate at Linden before moving to a portfolio company. Additionally, Linden anticipates hiring a Human Capital Vice President to support Mark Sullivan and the Firm’s differentiated human capital effort, and other back office support as necessary.

MEKETA INVESTMENT GROUP 14

LINDEN FUND V Private Markets Investment Memorandum Historical Performance

Investment Process

The Fund will leverage a network of healthcare executives and corporations for insight, resources, and contacts. Over the years, the Firm has built relationships with individual bankers and corporates in healthcare sub-sectors and will utilize these connections to source deal flow for the Fund. During the diligence process, the team will use a proprietary scoring matrix to identify areas of creating value and formalize defined business plans within its Value Creation Program. Linden uses a 20- point scoring scale to measure identified, bottom-up operating metrics before making a bid. The ranking system scores the opportunity on eight different attributes within four categories: process, competitive advantage, business, and price. If the score is high enough, and there is a Partner willing to pursue the deal, then the investment is initially presented at regular, firm-wide weekly meetings via a standard one-page summary.

Linden is typically looking for transactions that will differentiate Linden from the competition and allow it to add value to the investment, such as relationships with the sellers or management, knowledge of the key sector dynamics, suppliers or customers, potential add-on acquisitions, and specific industry experience of an assigned Operating Partner. This process is also used to re-rank (up or down) the investment based on the entire Firm’s knowledge and relationships. At this point, the lead Partner then assigns the appropriate Operating Partner for the investment, and a diligence team is formed. Linden deal teams are typically staffed with one or more Partners, one or more Operating Partners, one Principal/VP, and one Associate.

Investment decisions are presented to and discussed by the Investment Committee and often the entire Firm. The final decision to invest is made by Linden’s Investment Committee, which includes Messrs. Davis, Farah, Miller, Shah, Shukla, and Watts for Linden V. The final decision to invest is made after the Investment Committee reviews the diligence and analysis performed and the recommendation of the deal team. The Investment Committee provides recommendations and input with each update they receive from the deal team. The governance documents for Linden V have not been finalized, however in Fund IV the investment approval process required majority approval amongst the Linden Investment Committee. Tony Davis has a veto that he has not to date exercised.

Exit planning is also integral to the initial investment evaluation to strive to deliver attractive returns. Following closing, Linden will work with company management to oversee the VCP and actively monitor and track the progress of the plans. Historically, EBITDA growth (mostly organic and some from add-ons) and multiple expansion attributed to the value creation in Linden’s realized investments.

MEKETA INVESTMENT GROUP 15

LINDEN FUND V Private Markets Investment Memorandum Historical Performance

Historical Performance Linden Capital Partners As of December 31, 2020 ($ in Millions) Fund Year of First Number of Invested Realized Unrealized Total Investment Investments Capital Value Value Value ($) ($) ($) ($) Fund I5 2005 9 183.3 512.5 0.0 512.5 Fund II 2011 7 328.5 359.0 278.4 637.4 Fund III6 2015 10 747.8 1,140.5 1,137.9 2,278.4 Fund IV 2018 9 1,104.8 153.1 1,191.7 1,344.7 Total 35 2,364.4 2,165.0 2,608.0 4,773.0

Fund Gross Net Top Gross Net Top Loss IRR IRR Quartile7 TVM8 TVM Quartile7 Ratio9 (%) (%) (%) (X) (X) (X) (%) Fund I5 33.5 22.9 12.0 2.8 2.3 1.9 37.5 Fund II 12.4 8.0 22.3 1.9 1.6 2.3 26.4 Fund III6 42.8 36.5 18.6 3.0 2.5 1.7 4.4 Fund IV 19.4 15.4 17.2 1.2 1.1 1.2 0.0 Total 28.6 2.0 8.0

Since 2005, Linden has demonstrated strong performance on both an IRR and multiple basis across three of its four funds. Specifically, Funds I and III significantly outperformed the upper quartile benchmark, which includes eight fully realized investments. Fund II has been the worst performing fund, generating a lower quartile IRR and a multiple slightly below the median benchmark. Several of the lessons learned from this underperforming fund include the need to monitor reimbursement risk when evaluating prospective deals and understanding the importance of addressing human capital needs in its portfolio companies. Additionally, the notable gross to net spread in Fund I and the drag on net IRR in Fund II was amplified by the drawing of fees prior to executing fund investments, which has also been addressed in the more recent funds. Fund IV remains relatively immature, but is evolving nicely with a 15.4% net IRR and Linden plans to execute 1-2 more platform deals before beginning to deploy Fund V.

5 Includes co-investment alongside Fund II in Young Innovations. 6 Includes Fund III’s investment in Virtus and a co-investment alongside Fund IV in Specialty Networks. 7 Cambridge Associates (PE: Buyout; United States) as of September 30, 2020. 8 Total Value Multiple (TVM) equals Realized Value plus Unrealized Value, then divided by Invested Capital. 9 Loss Ratios represent the proportion of invested capital that has resulted in realized and unrealized losses in a portfolio. The Ratio is calculated by taking the sum of lost capital (invested capital minus an investment’s total value) for all investments that have generated a negative return, then dividing that amount by total invested capital across the entire portfolio.

MEKETA INVESTMENT GROUP 16

LINDEN FUND V Private Markets Investment Memorandum Historical Performance

PERFORMANCE RANGE - AGGREGATE

Since 2005, Linden has completed 32 platform TVM IRR investments consisting of $2.4 billion of invested 14 12 12 capital across four funds. In aggregate, 12 11 11

performance has been strong with 17 deals 10

generating a 2.0x multiple or greater. Eleven fully 8

realized investments across Funds I and II have 6 5 5 4 4 generated a 29.1% gross IRR and 2.7x multiple 4 umber umber of Companies N despite two write-offs and another exit below cost. 2

Collectively, Linden has returned a 28.6% gross IRR 0 <1.0x, <0% 1.0x - 2.0x, 0% 2.0x - 4.0x, >4.0x, >50% and 2.0x multiple on invested capital. - 20% 20% - 50%

PERFORMANCE RANGE – FUND I

Fund I executed eight platform investments TVM IRR 4.5 (shown in the chart) as well as one co-investment 4 alongside Fund II in Young Innovations. Making its 4 3.5 first investment in 2005, Fund I is now fully 3 3 3 realized. In aggregate, Fund I generated a 33.5% 2.5 2 2 2 gross IRR and 2.8x multiple on $183.3 million of 2 invested capital, despite two exits below cost. 1.5

Number Number of Companies 1 Ranir, a contract manufacturer of oral health 0.5 0 0 products, was the strongest performer, returning 0 <1.0x, <0% 1.0x - 2.0x, 0% 2.0x - 4.0x, >4.0x, >50% a 202.8% gross IRR and 14.1x multiple. - 20% 20% - 50%

PERFORMANCE RANGE – FUND II Fund II, a 2011 vintage fund, consists of seven deals TVM IRR totaling $328.5 million of invested capital. Three 4.5 4 investments, Strata (0.0x), SeraCare (3.2x), and 4 Young Innovations (3.6x), have been fully realized. 3.5 3 In aggregate, Fund II is generating a 12.4% gross 3 2.5 IRR and 1.9x multiple on invested capital. Spear, a 2 2 2 2 provider of post-graduate dental continuing 1.5 1

education (“CE”), is a strong performer in the Number of Companies 1 0.5 remaining unrealized portfolio at a 3.2x. Poor 0 0 0 performance of Fund II’s largest investment, Virtus <1.0x, <0% 1.0x - 2.0x, 0% 2.0x - 4.0x, >4.0x, >50% (0.1x), has put a drag on overall returns. - 20% 20% - 50%

MEKETA INVESTMENT GROUP 17

LINDEN FUND V Private Markets Investment Memorandum Summary of Partnership Terms

PERFORMANCE RANGE – FUND III Fund III has completed eight platform investments (shown in the chart) as well as an investment in TVM IRR 4.5 Virtus (a Fund II portfolio company) and a co- 4 4 investment alongside Fund IV in Specialty 4 3.5 Networks. Making its first investment in 2015, Fund 3 III is Linden’s best performing fund to date, 2.5 2 2 2 2 producing a 42.8% gross IRR and 3.0x multiple on 2 $747.8 million of invested capital. All investments ber of Companies 1.5

Num 1 are performing above cost, led by strong returns 0.5 0 0 generated from Advarra, a research compliance 0 <1.0x, <0% 1.0x - 2.0x, 0% 2.0x - 4.0x, >4.0x, >50% organization, which is marked at an 80.0% gross - 20% 20% - 50% IRR and 8.0x multiple.

PERFORMANCE RANGE – FUND IV

Fund IV, which launched in 2018, consists of nine TVM IRR 9 investments totaling $1.1 billion of invested capital. 8 8 The portfolio remains significantly unrealized with 7 7 many investments still marked at cost. The 6 repercussions of COVID-19 affected several 5 portfolio companies (e.g., Evolution Research 4 Group) for about two months but all have 3

Number Number of Companies 2 rebounded in recent months leading up to year- 1 1 1 1 0 0 0 end. Fund IV is currently marked at a 19.4% gross 0 <1.0x, <0% 1.0x - 2.0x, 0% 2.0x - 4.0x, >4.0x, >50% IRR and 1.2x multiple. - 20% 20% - 50% PERFORMANCE BY SECTOR – AGGREGATE Linden has maintained diversified exposure across a variety of subsectors within healthcare products, services, and distribution throughout its first four funds. The majority of invested capital has been committed to Services (16 deals, 55%) with this sector generating a collective multiple of 1.9x. Some of these healthcare services include pharmaceutical, dental, oral health, disease management, behavioral health, physical therapy, orthopedic, etc. Fourteen investments in Products businesses account for the other significant amount of invested capital, producing a 2.1x multiple in aggregate. These healthcare products include contract manufacturing, oral health, infection control, allergy, nutrition, and aesthetics, among others. Two distribution deals (one in Fund I and the other in Fund IV) are generating a collective multiple of 3.6x.

MEKETA INVESTMENT GROUP 18

LINDEN FUND V Private Markets Investment Memorandum Summary of Partnership Terms

4.0x 3.6x 3.5x

3.0x 3% Products 2.5x 2.1x 1.9x 2.0x 42% 1.5x Services 1.0x

0.5x 55% Distribution 0.0x

PERFORMANCE BY GEOGRAPHY – AGGREGATE Across its last four funds, Linden has invested in businesses headquartered throughout the United States. Based in Chicago, Linden has leveraged its local presence to complete 11 deals in the Midwest, which account for 31% of invested capital. These investments are generating a collective 1.8x multiple. The Firm has also focused on companies based in the Northeast (10 deals), which have returned a 2.2x multiple in aggregate on 34% of invested capital. The strongest performing region to date has been the West with four investments producing a 3.5x multiple collectively.

4.0x 3.5x 3.5x

3.0x Midwest 9% 2.5x 2.2x 6% Northeast 1.8x 2.0x 1.7x 31% 9% 1.5x 1.2x 1.3x West

1.0x Southeast 11% 0.5x Mountain 0.0x

34% Southwest

PERFORMANCE BY SOURCE – AGGREGATE Linden has sourced the majority of its investments (22 deals totaling 78% of invested capital) from a combination of full auctions, limited auctions, broken auctions, and preempted auctions. These investments have resulted in 2.0x returns in aggregate. The Firm has also sourced deals directly (6 investments), via public take-private processes (2 investments), and through seller re-investments (2 deals). Linden leverages a network of healthcare executives and corporations as well as individual bankers and corporates focused on the healthcare sector to drive deal flow for the Firm.

MEKETA INVESTMENT GROUP 19

LINDEN FUND V Private Markets Investment Memorandum Summary of Partnership Terms

4.0x 3.4x 3.5x 3.0x 8% Auction 4% 2.5x 2.0x 2.0x 1.7x 1.5x 10% 1.5x Direct 1.0x 0.5x Public Take-Private 0.0x 78% Seller Re-Investment

PERFORMANCE BY PROFESSIONAL ATTRIBUTION – AGGREGATE Of Linden’s 32 platform deals, the two Managing Partners, Brian Miller and Tony Davis, have lead or co- lead partner attribution for 13 and 11 investments, respectively. Mr. Davis has generated a collective 2.9x multiple on 18% of total invested capital, the strongest returns of any professional. Mr. Miller’s deals account for 25% of total invested capital, the most attributable capital of any professional. Overall, Linden has relied on a variety of senior professionals, including several Operating Partners, to source deal flow for the Firm. Of the professionals listed below, Eric Larson and Bill Drehkoff (part of Other) are no longer with the Firm but have not led a deal since Fund II.

2.9x 3.0x Tony Davis 2.6x 2.5x 5% 2.2x Brian Miller 2% 2.0x 18% 1.6x 9% 1.5x 1.5x 1.5x Michael Farah 1.5x 1.2x 12% Michael Watts 1.0x Piyush Shukla 0.5x 25%

0.0x 15% Kam Shah

14% Eric Larson

Other

PERFORMANCE BY PROFESSIONAL ATTRIBUTION – FUND IV In Fund IV, Mr. Davis has significantly decreased his involvement in leading or co-leading investment opportunities as other Partners at the Firm have gained more experience. Thus far, Mr. Davis has co- led one deal with Mr. Shah, Advarra, which accounts for just 6% of invested capital in the Fund IV portfolio. Mr. Miller remains heavily involved with sourcing and leading deals with Mr. Farah, Mr. Watts, Mr. Shukla, and Mr. Shah continuing to take on more lead roles.

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LINDEN FUND V Private Markets Investment Memorandum Summary of Partnership Terms

2.0x 1.8x 1.8x Tony Davis 1.6x 1.3x 1.3x 6% 1.4x 13% Brian Miller 1.2x 1.0x 1.0x 1.0x 1.0x 29% 0.8x 16% Michael Farah 0.6x 0.4x Michael Watts 0.2x 0.0x 19% Piyush Shukla 17%

Kam Shah

PERFORMANCE BY COMPANY SIZE – AGGREGATE With each subsequent fund, Linden has progressively targeted larger companies and written larger check sizes due to steadily increasing fundraises. In aggregate, Linden has invested in nine companies with EBITDA exceeding $25.0 million at the time of acquisition. These deals have generated a collective 1.6x multiple on 34% of invested capital. Linden completed one such deal in Fund I, one in Fund II, two in Fund III, and five in Fund IV. BarrierSafe Solutions (2.8x, Fund I) and Young Innovations (3.6x, Fund II) are fully realized. The other seven investments in these larger companies are less mature and remain unrealized.

2.5x 2.2x 2.0x 2.0x 1.6x

1.5x EBITDA >25.0mm 34% 1.0x

0.5x EBITDA 0.0x 66% <25.0mm

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LINDEN FUND V Private Markets Investment Memorandum Summary of Partnership Terms

Summary of Key Partnership Terms

PROVISION TERMS RATING/COMMENT

Fund Size & Hard Cap $2.5 billion target and hard cap Neutral/Negative. Represents a 63% increase from the $1.5 billion raised in Fund IV. However, higher valuations in the healthcare space as well as increased equity requirements for deals and additional portfolio companies are expected as Linden deploys the Fund. GP Commitment At least 2.0% of aggregate Neutral. In line with market standards, commitments to the Fund. although 30% will be payable in cash and the remainder via fee waiver. Alignment would be stronger if the GP Commitment was made fully in cash. Investment Period 6 years from the later of (i) the initial Neutral. In line with market standards. closing date and (ii) the date when the GP notifies LPs that the Partners have commenced identifying and investigating new investment opportunities for the Fund. Total Term 10 years, subject to three one-year Neutral. In line with market standards. extension options requiring the consent of the Advisory Committee. Diversification Limits Without the approval of the Advisory Neutral. Deemed appropriate for the Committee, the Fund will not invest proposed strategy. more than 20% of aggregate commitments in any one Portfolio Company plus an additional 10% of aggregate commitments as bridge financing. Management Fee 2% per annum of aggregate Neutral. In line with market standards. commitments during the Investment Period; thereafter, 2% per annum of net invested capital. Preferred Return 8%, compounded annually Neutral. In line with market standards. Carried Interest 20% Neutral. In line with market standards. Carry Structure Deal-by-deal basis Neutral. In line with market standards in the United States, although a whole fund carry structure is preferred to mitigate the need for a clawback. Catch-Up Provision 100% General Partner catch-up Neutral. In line with market standards, although a slower catch-up would be preferred.

MEKETA INVESTMENT GROUP 22

LINDEN FUND V Private Markets Investment Memorandum Summary of Partnership Terms

PROVISION TERMS RATING/COMMENT

Fee Income The Management Fee will be reduced Negative. Offset percentage is below the by 80% of any directors’, financial market standard of 100%. consulting, advisory, transaction, break- up, or similar fees received by the General Partner. Key Person Provision A Key Person Event will be triggered if Neutral. The Key Person Provision (i) there ceases to be at least three of appears to provide some protection Tony Davis, Brian Miller, Michael Farah, against the departure of the most Michael Watts, Kam Shah, and Piyush important individuals, especially Mr. Davis Shukla active in the Fund’s affairs and and Mr. Miller. However, the Fund may still Mr. Davis and Mr. Miller are not the continue if the four other Key Persons remaining two or (ii) Mr. Davis ceases to leave. The Fund may also continue if Mr. be active in the Fund’s affairs. After the Miller leaves and three other Key occurrence of a Key Person Event, the Persons, including Mr. Davis, remain GP will not fund any new investments active in the Fund’s affairs. without the approval of LPs holding at least a majority of the aggregate commitments. No-Fault Termination Limited Partners representing at least Positive. The presence of any form of a 75% of aggregate commitments may no-fault termination is typically viewed as elect to terminate the Fund at any time. favorable for the LPs.

MEKETA INVESTMENT GROUP 23

LINDEN FUND V Private Markets Investment Memorandum Environmental, Social, & Corporate Governance

Environmental, Social, & Corporate Governance

ESG POLICY AND PROGRAM Linden believes that ESG issues should be considered when taking a responsible approach to investing. Linden also believes that companies which proactively address ESG issues are better managed and that investments in such companies are more likely to deliver better outcomes for their investors, as well as the firm, its portfolio companies, and the communities in which they operate. In an effort to codify and formalize the responsible investment practices that have largely been in place at Linden since the Firm’s founding, Linden adopted an ESG Policy in 2017. The ESG Policy is intended to provide the guidelines under which the Firm will consider and advance ESG issues in its transactional due diligence as well as with portfolio companies post- closing.

Linden’s strategy of investing only in established middle market healthcare businesses results in what Linden believes is an inherently ESG friendly investment set. All investment personnel are responsible for proper ESG integration within the due diligence process and at each portfolio company. Linden has developed what it feels is a thorough ESG due diligence questionnaire designed to assist the investment team in identifying ESG risks and opportunities in its potential investments. This questionnaire is completed by the investment team with input from all necessary diligence providers including legal, insurance, benefits, and environmental. The results of this questionnaire are shared and discussed with the Investment Committee. Linden will exclude from investment consideration any businesses that are deemed to have material weaknesses with regards to the Firm’s ESG Policy.

Linden’s ESG committee reviews performance against policy objectives and goals with meetings occurring at least annually, striving for continuous improvement. The ESG committee is currently composed of Michael Farah, Katie Kornel, and Doug VanDegrift and reports to Linden’s President.

All members of the Linden investment team underwent training when the ESG Policy was initially implemented. Additionally, all new employees receive training regarding Linden’s ESG policies and procedures. On an annual basis, the investment team receives a follow-up training session to reinforce and enhance their understanding of Linden’s ESG policies and procedures.

MEKETA INVESTMENT GROUP 24

LINDEN FUND V Private Markets Investment Memorandum Operations

Operations ORGANIZATION While maintaining its focus on the healthcare sector, Linden has grown its team of investment professionals and Operating Partners with minimal turnover. The Firm has consistently raised institutional funds targeting the healthcare sector with incremental increases in fund size. Linden acknowledges the necessity of driving value creation initiatives in a high price environment to generate returns and therefore continues to expand its value-add resources, such as the Human Capital Team. While Linden has formed a structured capital fund, it was stated that there are no current plans for additional product expansion or partial sale of the company via GP stakes transaction.

FINANCE AND ACCOUNTING Linden’s back office, accounting, and support personnel consist of the following individuals:

 Mark Sullivan, Linden’s Human Capital Partner, manages Linden’s human capital and resource operations. The human capital and resource operations provide the internal human resource function for Linden, support the diligence activities for new investments, and provide human capital support and structure to the portfolio companies. The support covers the human capital spectrum: recruitment, executive and organizational assessment, training & development, compensation, employee relations, and onboarding.  Brandon Heck is Linden’s Leadership & Assessment Principal. He focuses on executive assessment, team effectiveness, and leadership training for the internal Linden team as well as the executive teams across the portfolio companies.  Katie Kornel, Linden’s Investor Relations Partner, directs fundraising efforts and oversees relationship management for Linden investors.  Doug VanDegrift is Linden’s Chief Financial and Compliance Officer. Mr. VanDegrift manages all accounting and reporting related to the investment vehicles, investor data requests, finances of the management company, the compliance monitoring processes and is part of Linden’s ESG Committee.  Michael Connolly is Linden’s Vice President of Finance and Tax. Mr. Connolly performs the day to day accounting function for the investment vehicles and management company, including investor data requests, and manages the tax compliance for all Linden entities.  Grace Ann Crenny, Linden’s Senior Accountant, assists Mr. Connolly with the day to day accounting, accounts payable, fund accounting, and tax compliance.

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LINDEN FUND V Private Markets Investment Memorandum Operations

Linden is subject to various anti-money laundering laws and regulations and has adopted an AML Program to comply with its obligations under these laws and regulations.

Linden has adopted a Business Continuity Plan (“BCP”) designed to reasonably ensure that the essential business functions of Linden are recovered in the event of a disaster or significant disruption to business. The BCP addresses core employee responsibilities, Fund, investor and business contact communications, site relocation, and technology matters. Doug VanDegrift, the Firm’s Business Continuity Team Leader, is the Linden employee responsible for overseeing the Firm’s BCP.

VALUATION Linden’s valuation process involves the entire Linden team and is performed on a quarterly basis. Linden’s investment team will prepare an analysis of each portfolio company’s operating and financial performance and future outlook. These investment team presentations generally summarize all data relevant to the investment team’s view of the appropriate valuation of the investment at such time. Based on these analyses, the Firm’s entry multiple and an evaluation of the portfolio company’s performance, Linden will select an appropriate valuation statistic and apply this statistic to a normalized and, when necessary, pro forma trailing twelve months EBITDA to determine enterprise value of the portfolio company. Linden calibrates its purchase multiple against relevant market comparable transaction at entry. Subsequent valuations consider this entry calibration in determining the appropriateness of subsequent multiples. The relevant Fund’s equity value in a portfolio company will then be based on the Fund’s share of proceeds after accounting for any outstanding net debt and any outstanding securities with claims senior to the equity interest, and will account for any vested and in-the-money incentive equity. The investment team will then consider whether the equity value requires an adjustment based on the implied gain or loss from this analysis, taking into account any positive or negative mitigating circumstances and the overall magnitude of the implied change in value. Throughout this process, Linden’s CFO provides regular feedback to the investment teams to ensure consistency and adherence to GAAP. Final signoff on the valuations is provided by Linden’s valuation committee.

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LINDEN FUND V Private Markets Investment Memorandum Operations

LEGAL AND COMPLIANCE From time to time Linden may be involved in various litigation matters. Linden is unable to comment on ongoing matters but they do not feel that the complaints have merit. Additionally, in connection with the take-private acquisitions of Young Innovations and SeraCare, Linden was named in the customary shareholder lawsuits that typically accompanies such transaction. The lawsuits were settled without any compensation paid by Linden.

TECHNOLOGY INFRASTRUCTURE As part of its cybersecurity program, Linden has created an incident response team (“IRT”) to properly monitor and periodically evaluate the Firm’s computer network and the risks it faces with regards to cybersecurity. On at least an annual basis, the IRT will present to Linden’s senior management a summary of the IRT’s findings. If senior management deems necessary, the IRT will present any findings to Linden’s limited partner advisory board, or if deemed necessary, to all Investors, in the event that an incident rises to that level of elevation. On an annual basis, the IRT will evaluate the Firm’s risk assessment processes to identify potential cybersecurity threats and any responsive remediation efforts taken by or on behalf of the Firm.

MEKETA INVESTMENT GROUP 27

LINDEN FUND V Private Markets Investment Memorandum Other Items

Other Items POTENTIAL CONFLICTS Except for managing the remaining investments in Funds II, III, and IV, Linden does not expect to manage another investment vehicle with the same investment objectives as Fund V. The Fund V investment committee is also on the investment committee for Linden’s Structured Capital Fund, however that vehicle has its own dedicated senior team of Vice Presidents, Principal and Partner. The Structured Capital Fund makes preferred equity or subordinated debt investments in middle market healthcare companies. The limited partnership agreement for the Structured Credit Fund includes conditions and procedures relating to conflicts of interest that must be met, or otherwise seek consent of the advisory committee, prior to transacting with a portfolio company in a “flagship” fund. Linden has executed cross fund transactions, but only with the expected review and approval of the Limited Partners. The Fund will have an advisory committee generally comprised of representatives of Fund V’s largest investors that will provide such advice and counsel as is requested by the general partner in connection with Fund investments, potential conflicts of interest and other Fund-related matters.

DISTRIBUTION/MARKETING Linden has engaged PJT Partners LP to market the Fund to certain potential investors. PJT Partners is a SEC registered broker-dealer and a member of FINRA.

There is no compensatory relationship between Meketa Investment Group and Linden or any of the placement agents engaged by Linden, including PJT Partners.

LIMITED PARTNERS Fund V has not held an initial close yet, but investors in Fund IV include, but are not limited to:

Limited Partners Arizona State Retirement System Cathay Life Insurance Danica Pension New York State Teacher’s Retirement System Northwest Mutual Life Insurance Company Sacramento County Employees’ Retirement System

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LINDEN FUND V Private Markets Investment Memorandum Investment Analysis

Analysis & Conclusions DUE DILIGENCE BASIS Meketa has carefully evaluated the Fund’s manager, investment professionals’ experience and qualifications and related resources, strategy, existing investments and pipeline, investment process, historical track record, and other aspects of this opportunity as described in prior sections of this investment memorandum.

Overall, we find Fund V an attractive opportunity that we can generally recommend for client private equity portfolios, and specifically where it is consistent with a client’s investment policy, pacing plan, and other private equity portfolio goals and objectives. This finding is based on our evaluation of this offering’s primary advantages, balanced with any concerns or considerations, along with Meketa’s and the manager’s view of the investment thesis relative to market opportunities and potential strategy execution challenges. These elements of our findings are documented below, along with our overall conclusion and recommendation.

SWOT ANALYSIS Strengths  Linden has a deep and experienced team consisting of 43 professionals, up from 17 in 2009, with over 500 years of private equity, healthcare operations, and transaction experience. The Principals and Operating Partners work together to create healthcare investment theses, source transactions, develop and maintain industry relationships, conduct in-depth investment due diligence, recruit talent, add value, and exit investments.  The Firm places strong emphasis on value creation and executes a proprietary Value Creation Program, with a focus on human capital improvements, processes/systems, and the development of new products, services, and capacity for portfolio companies. Linden seeks to differentiate themselves through its use of Operating Partners who are sector specialists, improvement of management teams by attracting top talent, and industry expertise across a variety of healthcare businesses.  The Firm focuses exclusively on investments in the healthcare sector, which has a complex system of market dynamics and demand drivers. Specialization in the healthcare industry should lead to competitive advantages, which may be particularly beneficial in a relatively expensive industry and market environment.

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 Performance, in aggregate, has been strong with Funds I and III significantly outperforming the upper quartile benchmark. Fund II has been the worst performing fund, generating a lower quartile IRR and a multiple slightly below the median benchmark. Fund IV, a 2018 vintage fund, is progressing and places just below the top quartile as of December 31, 2020 with a 15.4% net IRR.

Weaknesses  The fund size for Fund V is increasing to $2.5 billion, a 63% increase from the prior fund, raising concerns regarding potential strategy shift as transactions size increases along with fund size.  Mitigating factor(s): Linden expects the additional capital for Fund V to be absorbed by a slight increase in the number of portfolio companies (targeting 12-14 up from 10-12 previously), a greater number of larger deals ($30 million -$40 million EBITDA companies), and less co-investment for smaller transactions. Linden also acknowledges increased valuations in the healthcare space and the need for larger equity contributions to complete transactions.  Fund II (2011 vintage) underperformed on an absolute and relative basis with the net IRR placing in the lower quartile and total value multiple placing below median.  Mitigating factor(s): Linden learned several lessons from this underperforming fund which has resulted in stronger performance in subsequent funds with lower loss ratios. These lessons include the need to monitor reimbursement risk when evaluating prospective deals, understanding the importance of addressing human capital needs in its portfolio companies, and better cash flow management at the portfolio level.

Opportunities  Dedicated investment strategy and team of operating professionals to the healthcare segment may prove to be a differentiator in terms of firm capabilities and overall investment acumen.  With the increased focus on healthcare cost containment and demands for efficiency many healthcare related businesses that can assist in meeting these objectives will represent attractive investment alternatives for knowledgeable investors.

Threats  The healthcare sector continues to be a high priced deal environment and Linden is expected to continue to encounter competition from private equity funds and other strategic buyers who may bid up entry multiples.

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 The healthcare segment is a highly regulated industry that will continue to be at the forefront of the political landscape as legislative efforts target healthcare reform.  Mitigating Factor(s): Continued cost containment initiatives and corresponding calls for regulatory relief can be assured in this segment; however, Linden seeks to make investments in healthcare sectors that are less likely to be subject to reimbursement risk.

CONCLUSION Fund V will continue to focus on buyout investments in middle-market healthcare companies targeting a variety of sub-sectors in the U.S. Linden is well resourced and has an operational value-add focus, believed to provide a competitive advantage in the healthcare sector. The investment team draws from a variety of backgrounds to source, execute, monitor, and exit transactions. The single focus on healthcare allows the team to develop a deep understanding of the industry backed by relevant industry experience. The firm’s focus on operational improvements in an industry where there are myriad growth opportunities should continue to drive strong return potential. The prior track record has both strong and weak points. Fund I and Fund III are performing very well, placing in the top quartile, and Fund IV is off to a strong start. Fund II has underperformed, but lessons learned appear to be implemented to the benefit of subsequent funds.

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Appendices

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Exhibit 1: Partnership Terms MANAGEMENT/GOVERNANCE Type of Partnership Delaware Limited Partnership Legal Counsel Kirkland & Ellis LLP Auditor RSM US Placement Agent PJT Partners LP

FEES, TERMS AND CONDITIONS ANALYSIS. Below is a summary of the key terms and conditions that appear in Linden, LLC Private Placement Memorandum, the response to Meketa Investment Group’s Due Diligence Questionnaire, and the draft Limited Partnership Agreement as of February 19, 2021. Please note that these terms are subject to change based on ongoing or future negotiations between the General Partner and Limited Partners, including Meketa Investment Group acting on behalf of its clients.

Fund Size & Hard Cap $2.5 billion target and hard cap Rating: Neutral/Negative Comments: The target fund size of $2.5 billion represents a significant increase (63%) from the $1.53 billion raised in Fund IV. However, higher valuations in the healthcare space as well as increased equity requirements for deals are expected as Linden deploys the Fund. The Firm also expects less of a reliance on co- investments. Investment Period 6 years from the later of (i) the initial closing date and (ii) the date when the GP notifies LPs that the Partners have commenced identifying and investigating new investment opportunities for the Fund. Rating: Neutral Comments: In line with market standards. Total Term 10 years, subject to three one-year extension options requiring the consent of the Advisory Committee. Rating: Neutral Comments: In line with market standards. GP Commitment At least 2.0% of aggregate commitments to the Fund. Rating: Neutral Comments: In line with market standards, although 30% will be payable in cash and the remainder via fee waiver. Alignment would be stronger if the GP Commitment was made fully in cash. Co-investment Policies The GP may offer co-investment opportunities to one or more LPs and/or third parties at its own discretion. Rating: Neutral Comments: In line with market standards. Diversification Limits Without the approval of the Advisory Committee, the Fund will not:

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LINDEN FUND V Private Markets Investment Memorandum Appendices

 Invest more than 20% of aggregate commitments in the securities of any one portfolio company plus an additional 10% of aggregate commitments as bridge financing;  Invest, or assist in financing a tender offer for, any entity if such investment or tender offer is actively opposed by such entity’s board of directors or other governing body at the time of such investment;  Invest in any blind-pool investment fund subject to management fees or carried interest;  Invest in publicly traded securities with a cost exceeding 5% of aggregate commitments;  Invest in any private placement of public company securities with a cost exceeding 20% of aggregate commitments;  Invest more than 20% of aggregate commitments in portfolio companies organized under the laws of a jurisdiction outside the United States and Canada;  Invest in uncovered options, futures contracts, or other derivative securities other than to hedge non-U.S. currency or interest rate exposure; or  Invest in a portfolio company whose primary business is real estate or in reserves or the exploration of oil and gas. Rating: Neutral Comments: Diversification limits appear appropriate for the given strategy of the Fund. Management Fee 2% per annum of aggregate commitments during the Investment Period; thereafter, 2% per annum of net invested capital Rating: Neutral Comments: In line with market standards. Preferred Return 8%, compounded annually Rating: Neutral Comments: In line with market standards. Carried Interest 20% Rating: Neutral Comments: In line with market standards. Carry Structure Deal-by-deal basis Rating: Neutral Comments: In line with market standards in the United States, although a whole fund carry structure is preferred to mitigate the need for a clawback. Catch-Up Provision 100% General Partner catch-up Rating: Neutral Comments: In line with market standards, although a slower catch-up would be preferred. Clawback The General Partner will be required to return the after-tax amount of any excess carried interest distributions upon the eighth anniversary and final liquidation of the Fund. Rating: Positive

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Comments: The presence of an interim clawback provision is viewed as favorable for LPs in a deal-by-deal carry structure. Fund Level Leverage The Fund may only incur indebtedness if the General Partner reasonably determines it will not likely result in the recognition of UBTI by tax exempt partners and such indebtedness is used to fund an investment or partnership expenses pending receipt of capital contributions pursuant to a capital call notice made no later than one year after the incurrence of such indebtedness. Aggregate indebtedness may not exceed the lesser of (i) 30% of aggregate commitments and (ii) the Fund’s remaining uncalled commitments. Rating: Neutral Comments: In line with market standards, although a shorter limitation on the amount of time indebtedness may remain outstanding would be preferred. Fee Income The Management Fee will be reduced by 80% of any directors’, financial consulting, advisory, transaction, break-up, or similar fees received by the General Partner. Rating: Negative Comments: Offset percentage is below the market standard of 100%. Organizational Expenses The Fund will bear all organizational expenses up to $2.25 million. Amounts exceeding this limit shall be offset by a reduction in the Management Fee. Rating: Neutral Comments: In line with market standards. Recall/Recycle Provisions At the GP’s sole discretion, distributions representing the repayment or recoupment of capital contributions with respect to an investment realized within 18 months after such investment was made will be subject to recall. To the extent capital contributions are used to pay expenses, any associated amounts returned to LPs will be subject to recall. Rating: Neutral Comments: In line with market standards, although a cap on aggregate recallable distributions would be preferred. Key-Person Provision A Key Person Event will be triggered if (i) there ceases to be at least three of Tony Davis, Brian Miller, Michael Farah, Michael Watts, Kam Shah, and Piyush Shukla active in the Fund’s affairs and Mr. Davis and Mr. Miller are not the remaining two or (ii) Mr. Davis ceases to be active in the Fund’s affairs. Active in the Fund’s affairs is defined as devoting (i) substantially all business time and attention to the affairs of the Fund and affiliated entities during the Investment Period and (ii) an amount of business time and attention to the affairs of the Fund and affiliated entities as the GP reasonably determines is consistent with the Fund achieving its objectives after the Investment Period. If a Key Person Event is triggered, the GP must deliver a notice to the LPs within 14 days. After the occurrence of a Key Person Event, the GP will not fund any investments (except for follow-on investments in an aggregate amount not to exceed 20% of aggregate commitments, investments in process, and investments pursuant to then-existing commitments) without the approval of LPs holding at least a majority of aggregate commitments. Rating: Neutral

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Comments: The Key Person Provision appears to provide some protection against the departure of the most important individuals, especially Mr. Davis and Mr. Miller. However, the Fund may still continue if the four other Key Persons leave. The Fund may also continue if Mr. Miller leaves and three other Key Persons, including Mr. Davis, remain active in the Fund’s affairs. No-Fault Termination Limited Partners representing at least 75% of aggregate commitments may elect to terminate the Fund at any time. Rating: Positive Comments: The presence of any form of a no-fault termination is typically viewed as favorable for the LPs. Legal Structure Delaware Limited Partnership. The General Partner will use its reasonable best efforts to ensure that the Fund either qualifies as a “VCOC” or is otherwise not deemed to hold “plan assets” for the purposes of ERISA. Rating: Neutral Comments: In line with market standards.

ESTIMATED IMPACT OF FEES Aggregate fees charged by the General Partner are estimated to reduce the Fund’s gross IRR by between 375 and 675 basis points.

This estimate is produced by first modeling expected Fund cash flows over its full life cycle, and then reducing the annual net cash flows based on estimated fees paid by Fund Limited Partners to the General Partner. Fund cash flow models employ contribution and distribution rate assumptions that are determined by observing historic rates for similar funds, and adjusting such rates based on forward-looking expectations. In the model, fees paid to the Fund’s General Partner are based on certain assumptions regarding Fund terms and conditions, most of which reflect the terms currently offered by the General Partner. With respect to Linden Fund V, the model incorporates carried interest of 20%, a preferred return of 8%, an aggregate Fund size of $2.5 billion, organizational expenses of $2.25 million, and annual management fees of 2.0% per year of commitments during the Investment Period, and, 2.0% per year of net invested capital, thereafter.

Gross IRR 0% 5% 10% 15% 20% Impact on Performance (bps) 375 375 375 575 675

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Exhibit 2: Professional Biographies Anthony B. Davis, President and Managing Partner (51): Tony Davis is the President, a Managing Partner and Co-Founder of Linden Capital Partners. He has been involved in private equity and consulting since 1992. He currently serves on the boards of Advarra, Smile Doctors and Spear Education and is Chairman of the board of Sage Dental. He previously served on the boards of directors for Behavioral Centers of America, Drayer Physical Therapy Institute, Focused Health Solutions, ProPharma, Ranir, Virtus Pharmaceuticals and Young Innovations. Additionally, Mr. Davis is a member of the Chicago Commonwealth Club, The Chicago Council on Global Affairs, The Commercial Club of Chicago and The Economic Club of Chicago. Tony is a Trustee of the Museum of Science and Industry and is a Director on the Northwestern Medical Group Board of Directors. Tony was selected by the U.S. Department of Health and Human Services Deputy Secretary as a member of the Deputy Secretary’s Innovation and Investment Summit (DSIIS).

Mr. Davis holds a Bachelor of Arts with honors in Economics from Northwestern University and an MBA with honors from the University of Chicago Booth School of Business, where he was a Rosett Scholar and serves on the Polsky Center Private Equity Council and as a guest lecturer on private equity.

Brian Miller, Managing Partner (46): Brian Miller is a Managing Partner and Co-Founder of Linden Capital Partners. He has been involved in healthcare principal investing since 1998. Prior to Linden, Brian was a founding member of the healthcare team at First Chicago Equity Capital. Mr. Miller began his career in the investment banking division of Salomon Brothers Inc. (currently Citigroup). He is currently a board member of Flexan, HydraFacial, MeriCal, Z-Medica, and Collagen Matrix, and was previously a board member of Solara, SeraCare, BarrierSafe Solutions International, CORPAK MedSystems, HYCOR Biomedical, Strata Pathology Services and Suture Express.

Mr. Miller holds a Bachelor of Arts with honors in Economics from Princeton University and an MBA from Harvard Business School, with a concentration in healthcare. He is a board member of AdvaMed, the Founder of the Healthcare Private Equity Association, the founder of Private Equity Analysts of Chicago, a Trustee of The University of Chicago Medical Center, a Trustee of the Latin School of Chicago, and a member of the Economic Club of Chicago.

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Michael Farah, Partner (41): Michael Farah has been involved in principal investing and investment banking since 2001. Prior to Linden, he was a Vice President at Metalmark Capital where he focused on healthcare investing. Mr. Farah began his career at UBS Investment Bank where he focused on M&A advisory and capital raising transactions for the healthcare sector and also spent three years with Summit Partners as a private equity associate.

Mr. Farah holds a Bachelor of Arts in Finance, with honors, from Carnegie Mellon University and an MBA from Harvard Business School.

Kam Shah, Partner (35): Kam Shah has been involved in principal investing and investment banking since 2006. He currently serves on the boards of Advarra, HydraFacial and StatLab. He previously served on the board of directors for SeraCare Life Sciences. Prior to Linden, he was a Private Equity Associate at Sun Capital Partners, Inc. Mr. Shah began his career as an Investment Banking Analyst at Goldman, Sachs & Co. where he focused on M&A advisory, capital raising and leveraged buyout transactions.

Mr. Shah holds a Bachelor of Science in Finance with high honors from the University of Illinois at Urbana-Champaign and an MBA from the Stanford Graduate School of Business.

Piyush Shukla, Partner (44): Piyush Shukla has been involved in principal investing and investment banking since 2005. Prior to Linden, Mr. Shukla was a Principal with Warburg Pincus in London, where he evaluated and executed investment opportunities across the healthcare and consumer sectors. Mr. Shukla began his career as a corporate tax specialist with Arthur Andersen, where he also qualified as a Chartered Accountant with the Institute of Chartered Accountants in England and Wales.

Mr. Shukla holds a Master of Arts with honors in Natural Sciences (Astrophysics) from Cambridge University and an MBA from The Wharton School, University of Pennsylvania.

Michael Watts, Partner (40): Michael Watts has been involved in principal investing and investment banking since 2003. Prior to Linden, he was an Associate at Brockway Moran & Partners where he evaluated and executed investment opportunities across a wide range of industries, including healthcare services. Mr. Watts began his career at Stephens, Inc. where he focused on M&A advisory and capital raising transactions.

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Mr. Watts holds a Bachelor of Arts in Economics and History, summa cum laude, from Washington & Lee University and an MBA from the Kellogg School of Management with a major in Health Enterprise Management.

Joshua Reilly, Principal (34): Joshua Reilly has been involved in principal investing and investment banking since 2008. Prior to Linden, he was a Private Equity Senior Associate at RoundTable Healthcare Partners. Mr. Reilly began his career as an Investment Banking Analyst at William Blair & Co. where he focused on M&A advisory and capital raising transactions for the healthcare sector.

Mr. Reilly holds an AB cum laude in Economics from Harvard College and an MBA with Distinction from the Kellogg School of Management.

Prab Chawla, Vice President (33): Prab Chawla has been involved in principal investing and investment banking since 2010. Prior to joining Linden, he worked for the private equity arm of the World Bank, where he evaluated and executed investments in various emerging markets. Previously, Mr. Chawla was an Associate at KRG Capital Partners, where he focused on private equity opportunities across healthcare, consumer, business services, and manufactured products. He began his career in investment banking at Credit Suisse, where he was an Analyst in the Mergers & Acquisitions Group in New York.

Mr. Chawla holds a BA in Economics, with honors, from Northwestern University and an MBA from Harvard Business School.

Adam Friedman, Vice President (30): Adam Friedman has been involved in principal investing and investment banking since 2013. Mr. Friedman began his career as an Investment Banking Analyst at Perella Weinberg Partners where he focused on M&A advisory and capital raising transactions.

Mr. Friedman holds a BS in Finance and Accounting with Highest Distinction from Indiana University and an MBA from Harvard Business School.

Aakash Madhu, Vice President (34): Aakash Madhu has been involved in principal investing and investment banking since 2009. Prior to Linden, he co-founded 4YAY Medical Innovations, a medical device development company, and was

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LINDEN FUND V Private Markets Investment Memorandum Appendices

involved in several other entrepreneurial ventures in the healthcare space. Mr. Madhu worked at Lindsay Goldberg, where he evaluated and executed investment opportunities across a wide range of industries. He began his career in the healthcare investment banking group at Credit Suisse.

Mr. Madhu holds a Bachelor of Arts in Mathematics from the College of Arts & Sciences and a Bachelor of Science in Economics with a concentration in Finance from The Wharton School at the University of Pennsylvania, magna cum laude.

Arsi Sefaj, Vice President (31): Arsi Sefaj has been involved in principal investing and investment banking since 2011. Prior to Linden, he was a Principal with BC Partners in New York, where he evaluated and executed private equity investments across the healthcare, business services, industrials, and software sectors. Previously, Mr. Sefaj spent two years with Pride Tree Holdings, a media and consumer technology investment firm. He began his career in investment banking at Berenson & Company, where he focused on M&A and Restructuring advisory.

Mr. Sefaj holds a BA in Economics and International Studies from Yale University, and an MBA with honors from The Wharton School at the University of Pennsylvania.

Jonathan Skekloff, Vice President (30): Jonathan Skekloff has been involved in principal investing and investment advisory since 2013. Prior to Linden, he was a Private Equity Senior Associate at GTCR, where he focused on healthcare investing. Mr. Skekloff began his career at L.E.K. Consulting where he focused on M&A and growth strategy advisory for the healthcare and industrial sectors.

Mr. Skekloff holds a BA with Distinction in Philosophy, Politics, and Economics from the University of Pennsylvania, Summa Cum Laude.

AJ Gauthier, Associate (26): AJ Gauthier joined Linden as an Associate in 2019. Prior to joining Linden, AJ was an Investment Banking Analyst with Greenhill & Co., where he focused on M&A advisory across industries.

AJ holds a BS in Finance with High Distinction from the Kelley School of Business at Indiana University.

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Logan Goshorn, Associate (25): Logan Goshorn joined Linden as an Associate in 2020. Prior to joining Linden, Logan was an Investment Banking Analyst with Perella Weinberg Partners in the Healthcare Group, where he focused on M&A advisory and capital raising transactions.

Logan holds a Bachelor of Science with Distinction in Finance and Law, Ethics and Decision Making from the Kelley School of Business at Indiana University.

Chase Grable, Associate (25): Chase Grable joined Linden as an Associate in 2020. Prior to joining Linden, Chase was an Investment Banking Analyst with Morgan Stanley, where he focused on M&A advisory and capital raising transactions.

Chase holds a BBA in Finance and Spanish, magna cum laude, from the University of Notre Dame.

Colin Kenney, Associate (24): Colin Kenney joined Linden as an Associate in 2020. Prior to joining Linden, Colin was an Investment Banking Analyst with Bank of America in the Healthcare Group, where he focused on M&A advisory and capital raising transactions, and at Petsky Prunier, where he focused on middle market M&A transactions.

Colin holds a Bachelor of Science in Human & Organizational Development with a Minor in Financial Economics from Vanderbilt University.

David Rothfield, Associate (25): David Rothfield joined Linden as an Associate in 2020. Prior to joining Linden, David was an Investment Banking Analyst with Cain Brothers, where he focused on M&A advisory and capital raising transactions. David holds a BA in Economics, cum laude, from Northwestern University.

Kevin Shi, Associate (25): Kevin Shi joined Linden as an Associate in 2019. Prior to joining Linden, Kevin was an Investment Banking Analyst with Macquarie Capital, where he focused on M&A advisory and capital raising transactions.

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LINDEN FUND V Private Markets Investment Memorandum Appendices

Kevin holds an HBA in Business Administration from the Richard Ivey Business School at the University of Western Ontario.

Bennett Yasskin, Associate (26): Bennett Yasskin joined Linden as an Associate in 2019. Prior to joining Linden, Bennett was an Investment Banking Analyst with Lazard, where he focused on M&A advisory and capital raising transactions.

Bennett holds a BS in Economics and a BA in Mathematics, summa cum laude, from Texas Christian University.

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2021 ASSET UPDATED ALLOCATION

CITY OF HARTFORD, CT MUNICIPAL EMPLOYEES’ RETIREMENT FUND

April 2021

Kristin Finney-Cooke, CAIA, Senior Consultant

BOSTON | ATLANTA | CHARLOTTE | CHICAGO | DETROIT | LAS VEGAS | PORTLAND | SAN FRANCISCO 2021 ASSUMPTIONS: MERF PORTFOLIO

NEPC, LLC CORE GEOMETRIC RETURN ASSUMPTIONS

10-Year 30-Year Asset Class Volatility Return Return Cash 0.8% 1.9% 0.6% US Inflation 2.0% 2.2% - US Large-Cap Equity 5.4% 6.3% 16.6% Non-US Developed Equity 5.9% 6.5% 19.7% Emerging Market Equity 7.5% 8.4% 28.7%

Equity Global Equity* 6.2% 7.0% 18.1% Private Equity* 9.3% 10.1% 24.8% US Treasury Bond 0.9% 2.0% 5.3% US Aggregate Bond* 1.4% 2.7% 5.7% US TIPS 1.0% 2.1% 5.8% US High Yield Corporate Bond 2.9% 5.0% 11.5%

Fixed Income Fixed Private Debt* 6.1% 7.5% 11.9% Commodity Futures 0.9% 3.3% 18.5% US REIT 5.5% 6.7% 21.4%

Gold 2.9% 3.7% 16.4% Real

Assets Core Real Estate 4.4% 5.6% 15.0% Private Real Assets - Infrastructure 5.4% 6.6% 12.5%

- 60% S&P 500 & 40% US Aggregate 4.1% 5.1% 10.3%

60% MSCI ACWI & 40% US Aggregate 4.6% 5.6% 11.19% Asset Multi Hedge Fund* 4.0% 5.2% 8.7% *Calculated as a blend of other asset classes

3 ASSET MIXES FOR CONSIDERATION

7.25% Current Return Recommended Policy Policy Portfolio Cash 2% 2% 1% Total Cash 2% 2% 1% US Large-Cap Equity 14% 14% 16% Increase in private US Small/Mid-Cap Equity 6% 8% 8% equity and the Non-US Developed Equity 14% 14% 12% inclusion of China Emerging Market Equity 5% 5% 7% exposure Emerging Market Small-Cap Equity 3% 3% 4% Private Equity 9% 10% 11% China Equity 0% 2% 3% Total Equity 51% 56% 61% US TIPS 4% 4% 4% US Aggregate Bond 4% 4% 4% Reduction of public US High Yield Corporate Bond 2% 2% 2% fixed income in Emerging Market External Debt 3% 3% 3% favor of private Emerging Market Local Currency Debt 3% 3% 3% credit Diversified Fixed Income 6% 0% 4% Private Debt 5% 7% 5% US Long-Term Government/Credit 2% 0% 0% Total Fixed Income 29% 22% 25% Core Real Estate 7% 3% 3% Non-Core Real Estate 0% 4% 4% Private Real Assets - Natural Resources 0% 2% 2% Private Real Assets - Infrastructure 3% 4% 4% Total Real Assets 10% 13% 13% Hedge Fund 5% 5% 0% Invesco GTR 3% 2% 0% Total Multi Asset 8% 7% 0%

Expected Return 10 yrs 5.6% 6.1% 6.3% Expected Return 30 yrs 6.6% 7.1% 7.3% Standard Dev 13.0% 14.3% 15.2% Sharpe Ratio (10 years) 0.37 0.37 0.36 Sharpe Ratio (30 years) 0.36 0.36 0.35

*Policy Target as of 12/31/20, allocation may not add to 100% due to rounding

4 APPENDIX

NEPC, LLC BUILDING BLOCKS METHODOLOGY

Asset models reflect current Illiquidity Premium and forecasted market data to inform expected returns Valuation

Systematic inputs are paired with a long-term trend rate path for terminal values Inflation

Model inputs are aggregated to capture key return drivers Real Growth for each asset class

Building block inputs will Yield differ for equity, fixed income, and real assets

6 10-YEAR RETURN FORECASTS

Geometric Expected Return Asset Class 12/31/2020 9/30/2020 Delta Inflation 2.0% 1.6% +0.4% Cash 0.8% 0.6% +0.2% US Leverage Cost 1.2% 0.9% +0.3% Non-US Cash 0.0% 0.0% - US Large-Cap Equity 5.4% 5.8% -0.4% US Small/Mid-Cap Equity 5.7% 6.4% -0.7% Non-US Developed Equity 5.9% 6.2% -0.3% Non-US Developed Equity (USD Hedge) 6.1% 6.6% -0.5% Non-US Developed Small-Cap Equity 6.1% 6.4% -0.3% Emerging Market Equity 7.5% 8.0% -0.5% Emerging Market Small-Cap Equity 8.1% 8.5% -0.4% Hedge Fund - Equity 4.0% 4.3% -0.3% Private Equity - Buyout 7.6% 8.3% -0.7% Private Equity - Growth 8.9% 9.6% -0.7% Private Equity - Venture 10.4% 11.0% -0.6% Private Equity - Secondary 7.1% 7.8% -0.7% Non-US Private Equity 10.7% 11.0% -0.3% China Equity 7.0% 7.0% - US Microcap Equity 6.6% 7.2% -0.6%

7 10-YEAR RETURN FORECASTS

Geometric Expected Return Asset Class 12/31/2020 9/30/2020 Delta US TIPS 1.0% 0.8% +0.2% US Treasury Bond 0.9% 0.6% +0.3% US Corporate Bond 2.2% 2.4% -0.2% US Mortgage-Backed Securities 1.2% 0.8% +0.4% US High Yield Corporate Bond 2.9% 3.6% -0.7% US Leveraged Loan 3.9% 3.8% +0.1% Emerging Market External Debt 3.0% 4.0% -1.0% Emerging Market Local Currency Debt 5.0% 5.4% -0.4% Non-US Government Bond 0.6% 0.6% - Non-US Government Bond (USD Hedge) 0.8% 0.9% -0.1% US Municipal Bond 2.0% 2.0% - US Municipal Bond (1-10 Year) 1.1% 1.0% +0.1% US High Yield Municipal Bond 2.8% 3.3% -0.5% Hedge Fund - Credit 3.9% 4.1% -0.2% Private Debt - Credit Opportunities 6.2% 6.6% -0.4% Private Debt - Distressed 7.2% 7.7% -0.5% Private Debt - Direct Lending 5.4% 5.3% +0.1% US Securitized Bond 1.8% 1.6% +0.2% US Collateralized Loan Obligation 2.3% 2.1% +0.2% US High Yield Securitized Bond 2.3% 1.8% +0.5% US High Yield Collateralized Loan Obligation 4.6% 4.6% -

8 10-YEAR RETURN FORECASTS

Geometric Expected Return Asset Class 12/31/2020 9/30/2020 Delta US Short-Term TIPS (1-3 Year) 1.1% 0.8% +0.3% US Short-Term Treasury Bond (1-3 Year) 1.0% 0.7% +0.3% US Short-Term Corporate Bond (1-3 Year) 1.8% 1.6% +0.2% US Short-Term High Yield Corporate Bond 2.5% 2.6% -0.1% US Intermediate-Term TIPS (3-10 Year) 0.9% - - US Intermediate-Term Treasury Bond 1.0% - - US Intermediate-Term Corporate Bond 2.3% - - US Long-Term Treasury Bond (10-30 Year) 0.7% 0.4% +0.3% US Long-Term TIPS (10-30 Year) 1.0% 0.8% +0.2% US Long-Term Corporate Bond 2.3% 2.8% -0.5% 20+ Year US Treasury STRIPS 0.4% 0.0% +0.4% US Corporate Bond - AAA 1.5% 1.5% - US Corporate Bond - AA 1.6% 1.7% -0.1% US Corporate Bond - A 1.9% 2.0% -0.1% US Corporate Bond - BBB 2.5% 2.9% -0.4% US Corporate Bond - BB 3.9% 4.4% -0.5% US Corporate Bond - B 3.0% 3.8% -0.8% US Corporate Bond - CCC/Below -3.4% -2.4% -1.0% US Taxable Municipal Bond 2.5% 2.5% - 10 Year US Treasury Bond 0.9% 0.5% +0.4% 10 Year Non-US Govt. Bond (USD Hedge) -0.1% -0.1% -

9 10-YEAR RETURN FORECASTS

Geometric Expected Return

Asset Class 12/31/2020 9/30/2020 Delta Commodity Futures 0.9% 0.6% +0.3% Midstream Energy 7.4% 8.0% -0.6% US REIT 5.5% 5.7% -0.2% Global Infrastructure Equity 5.9% 6.2% -0.3% Global Natural Resources Equity 6.7% 7.1% -0.4% Gold 2.9% - - Core Real Estate 4.4% 4.2% +0.2% Non-Core Real Estate 5.5% 5.1% +0.4% Private Debt - Real Estate 4.1% 3.9% +0.2% Private Real Assets - Natural Resources 8.0% 8.2% -0.2% Private Real Assets - Infrastructure 5.4% 5.5% -0.1% Hedge Fund - Macro 3.6% 4.1% -0.5% Global Equity* 6.2% 6.6% -0.4% Private Equity* 9.3% 10.0% -0.7% US Aggregate Bond* 1.4% 1.2% +0.2% Private Debt* 6.1% 6.3% -0.2% US Long-Term Government/Credit* 1.7% 1.8% -0.1% Hedge Fund* 4.0% 4.3% -0.3% *Calculated as a blend of other asset classes

10 30-YEAR RETURN FORECASTS

Geometric Expected Return Asset Class 12/31/2020 9/30/2020 Delta Inflation 2.2% 2.1% +0.1% Cash 1.9% 1.8% +0.1% US Leverage Cost 2.2% 2.1% +0.1% Non-US Cash 1.1% 1.2% -0.1% US Large-Cap Equity 6.3% 6.4% -0.1% US Small/Mid-Cap Equity 6.6% 6.8% -0.2% Non-US Developed Equity 6.5% 6.6% -0.1% Non-US Developed Equity (USD Hedge) 6.7% 7.0% -0.3% Non-US Developed Small-Cap Equity 6.8% 6.9% -0.1% Emerging Market Equity 8.4% 8.7% -0.3% Emerging Market Small-Cap Equity 8.6% 8.9% -0.3% Hedge Fund - Equity 5.0% 5.2% -0.2% Private Equity - Buyout 8.5% 8.7% -0.2% Private Equity - Growth 9.8% 10.0% -0.2% Private Equity - Venture 10.7% 10.9% -0.2% Private Equity - Secondary 8.0% 8.2% -0.2% Non-US Private Equity 10.7% 10.9% -0.2% China Equity 7.8% 8.1% -0.3% US Microcap Equity 7.4% 7.6% -0.2%

11 30-YEAR RETURN FORECASTS

Geometric Expected Return Asset Class 12/31/2020 9/30/2020 Delta US TIPS 2.1% 2.1% - US Treasury Bond 2.0% 1.9% +0.1% US Corporate Bond 3.7% 3.7% - US Mortgage-Backed Securities 2.3% 2.2% +0.1% US High Yield Corporate Bond 5.0% 5.2% -0.2% US Leveraged Loan 4.8% 4.7% +0.1% Emerging Market External Debt 4.5% 4.8% -0.3% Emerging Market Local Currency Debt 5.1% 5.3% -0.2% Non-US Government Bond 1.7% 1.5% +0.2% Non-US Government Bond (USD Hedge) 1.9% 1.8% +0.1% US Municipal Bond 2.3% 2.3% - US Municipal Bond (1-10 Year) 1.9% 1.9% - US High Yield Municipal Bond 3.9% 4.1% -0.2% Hedge Fund - Credit 5.3% 5.4% -0.1% Private Debt - Credit Opportunities 7.0% 7.1% -0.1% Private Debt - Distressed 7.8% 7.9% -0.1% Private Debt - Direct Lending 7.4% 7.0% +0.4% US Securitized Bond 3.1% 3.0% +0.1% US Collateralized Loan Obligation 3.3% 3.1% +0.2% US High Yield Securitized Bond 4.5% 4.3% +0.2% US High Yield Collateralized Loan Obligation 5.7% 5.6% +0.1%

12 30-YEAR RETURN FORECASTS

Geometric Expected Return Asset Class 12/31/2020 9/30/2020 Delta US Short-Term TIPS (1-3 Year) 2.0% 2.0% - US Short-Term Treasury Bond (1-3 Year) 2.0% 1.9% +0.1% US Short-Term Corporate Bond (1-3 Year) 3.7% 2.8% +0.9% US Short-Term High Yield Corporate Bond 3.5% 3.3% +0.2% US Intermediate-Term TIPS (3-10 Year) 2.1% - - US Intermediate-Term Treasury Bond 2.1% - - US Intermediate-Term Corporate Bond 3.8% - - US Long-Term Treasury Bond (10-30 Year) 1.9% 1.8% +0.1% US Long-Term TIPS (10-30 Year) 2.0% 2.0% - US Long-Term Corporate Bond 3.8% 4.0% -0.2% 20+ Year US Treasury STRIPS 1.7% 1.5% +0.2% US Corporate Bond - AAA 2.8% 2.8% - US Corporate Bond - AA 2.9% 2.9% - US Corporate Bond - A 3.3% 3.3% - US Corporate Bond - BBB 3.9% 4.0% -0.1% US Corporate Bond - BB 5.6% 5.8% -0.2% US Corporate Bond - B 4.9% 5.1% -0.2% US Corporate Bond - CCC/Below -0.8% -0.5% -0.3% US Taxable Municipal Bond 3.9% 3.9% - 10 Year US Treasury Bond 2.3% 2.1% +0.2% 10 Year Non-US Govt. Bond (USD Hedge) 1.1% 1.1% -

13 30-YEAR RETURN FORECASTS

Geometric Expected Return

Asset Class 12/31/2020 9/30/2020 Delta Commodity Futures 3.3% 3.6% -0.3% Midstream Energy 7.3% 7.9% -0.6% US REIT 6.7% 6.8% -0.1% Global Infrastructure Equity 6.6% 6.7% -0.1% Global Natural Resources Equity 7.0% 7.2% -0.2% Gold 3.7% - - Core Real Estate 5.6% 5.5% +0.1% Non-Core Real Estate 7.0% 6.9% +0.1% Private Debt - Real Estate 5.2% 5.1% +0.1% Private Real Assets - Natural Resources 8.5% 8.9% -0.4% Private Real Assets - Infrastructure 6.6% 6.8% -0.2% Hedge Fund - Macro 4.7% 4.7% - Global Equity* 7.0% 7.2% -0.2% Private Equity* 10.1% 10.3% -0.2% US Aggregate Bond* 2.7% 2.6% +0.1% Private Debt* 7.5% 7.3% +0.2% US Long-Term Government/Credit* 3.1% 3.1% - Hedge Fund* 5.2% 5.4% -0.2%

*Calculated as a blend of other asset classes

14 INFORMATION DISCLAIMER

Past performance is no guarantee of future results.

The goal of this report is to provide a basis for substantiating asset allocation recommendations. The opinions presented herein represent the good faith views of NEPC as of the date of this report and are subject to change at any time.

Information on market indices was provided by sources external to NEPC. While NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within.

All investments carry some level of risk. Diversification and other asset allocation techniques do not ensure profit or protect against losses.

This report is provided as a management aid for the client’s internal use only. This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it.

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