Regular Joint Meeting of the Retirement Boards

City of Fresno Retirement Systems REGULAR JOINT MEETING OF THE RETIREMENT BOARDS AGENDA Tuesday, August 27, 2019 12:00 PM Retirement Office, 2828 Fresno St., 2nd Fl., Board Chamber, Room 202, Fresno, CA 93721

EMPLOYEES RETIREMENT BOARD Phillip Hardcastle-Chair, TJ Miller-Vice Chair, Marvell French, David Cain, Jane Sumpter

FIRE AND POLICE RETIREMENT BOARD Jonathan Lusk-Chair, John Jensen-Vice Chair Theodore Semonious, Lynn Bennink, Donald Gross

(1) If you want to speak to the Board, please complete a Request to Speak form and hand it to the Board Secretary at the beginning of the Board Meeting. (2) The meeting room is accessible to the physically disabled, and the services of a translator can be made available. Requests for additional accommodations for the disabled, signers, assistive listening devices, or translators should be made one week prior to the meeting. Please call the Retirement Board Secretary at 559-621-7085 to make arrangements. (3) When considering disability retirement applications, the Board may find it necessary to discuss matters relating to the evaluation of the work performance of an employee who has applied for disability retirement, or discuss complaints or charges made against such employee. If this occurs, the Board may adjourn to a closed session to discuss such matters pursuant to Government Code secion 54957, unless the employee requests that the discussion be in public.

ROLL CALL

At the commencement of the first meeting and after roll call is taken, those present will be asked to stand for the Pledge of Allegiance.

APPROVE MINUTES

Approve Minutes of August 14, 2019, Regular Joint Meeting of the Retirement Boards. REGULAR JOINT MEETING OF THE RETIREMENT BOARDS - 14 Aug 2019 - Minutes - Pdf

APPROVE AGENDA

Approve Agenda of August 27, 2019, Regular Joint Meeting of the Retirement Boards.

TIMED SCHEDULED HEARINGS AND MATTERS

12:00 pm Educational Asset Class Review of US and Non-US Equity: Small Cap Growth & Value; International Developed (ACWIexUS and EAFE); and Emerging Market Total Equity Review 2019 JPM Strategic Property AAC Update

1:00 pm Northern Trust Annual Presentation and Review of Custodial Services, Securities Litigation and Brokerage Recapture Programs provided by Gerald J. Sinish, Jr. and Don Anderson Fresno Aug 27 2019

REGULAR JOINT MEETING OF THE RETIREMENT BOARDS Page 1 of 391 Agenda Tuesday, August 27, 2019

A. CONSENT CALENDAR

1. Approve date and time of the next Regular Joint Meeting of the Retirement Boards scheduled at 1:00 pm on Wednesday, September 11, 2019.

2. Review and Accept Report on Funding Payroll/Operating Trust Accounts and Authorized Custodial Account Trade Activity Review and Accept Report on Funding Payroll/Operating Trust Accounts and Authorized Custodial Account Trade Activity - Pdf

3. Approve Reports for Administrative Oversight in Accordance with Joint Retirement Boards' Administrative Oversight Policy §2-3 Approve Reports for Administrative Oversight in Accordance with Joint Retirement Boards' Administrative Oversight Policy §2-3 - Pdf

4. Review and Accept Rebalancing and Trade Activities - July 2019 Review and Accept Rebalancing and Trade Activities - July 2019 - Pdf 08 19 balancing notification

B. EMPLOYEE PERSONNEL ISSUES

C. STAFF INITIATED ITEMS

D. BOARD INITIATED ITEMS

1. Review, Discuss and Consider Board Policy and Securities Litigation Monitoring, Class Action Proceeds Received During Fiscal Year 2019 Review, Discuss and Consider Board Policy and Securities Litigation Monitoring, Class Action Proceeds Received During Fiscal Year 2019 - Pdf

2. Review, discuss and accept the Quarterly Investment Performance Report from NEPC for the period ending June 30, 2019 2019 Q2 Net IPA Fresno - Pared Version

3. Review and Accept Trade Cost Analysis as of June 30, 2019 and direction on moving forward Review and Accept Trade Cost Analysis as of June 30, 2019 and direction on moving forward - Pdf

4. Review and Consider Principal EAFE Re-Underwriting by NEPC Principal EAFE Re-Underwriting

E. GENERAL DISCUSSION

F. INFORMATION ONLY ITEMS

1. Monthly Performance Report - July 2019 Monthly Performance Report - July 2019 - Pdf

G. PROPOSED AGENDA ITEMS FOR NEXT BOARD MEETING

REGULAR JOINT MEETING OF THE RETIREMENT BOARDS Page 2 of 391 Agenda Tuesday, August 27, 2019

H. UNSCHEDULED ORAL COMMUNICATIONS

I. PUBLIC COMMENTS

J. ADJOURNMENT

REGULAR JOINT MEETING OF THE RETIREMENT BOARDS Page 3 of 391 Page 4 of 391 MINUTES REGULAR JOINT MEETING OF THE RETIREMENT BOARDS 1:00 PM - Wednesday, August 14, 2019

Retirement Office, 2828 Fresno St., 2nd Fl., Board Chamber, Room 202,

Fresno, CA 93721

The REGULAR JOINT MEETING OF THE RETIREMENT BOARDS of the City of Fresno Retirement Systems was called to order on Wednesday, August 14, 2019, at 1:00 PM, in the Retirement Office, 2828 Fresno St., 2nd Fl., Board Chamber, Room 202, Fresno, CA 93721, with the following members present:

PRESENT: Jonathan Lusk, Lynn Bennink, John Jensen, Don Gross, Phillip Hardcastle, TJ Miller, Marvell French, David Cain, and Jane Sumpter ABSENT: Theodore Semonious STAFF PRESENT: Robert Theller, Kathleen Riley Brown, Chad Jacobs, Yvonne Timberlake, Andrea Ketch, Pattie Laygo, and Russ Richeda

ROLL CALL 1:08 PM At the commencement of the first meeting and after roll call is taken, those present will be asked to stand for the Pledge of Allegiance.

APPROVE MINUTES Approve Minutes of July 23, 2019, Regular Joint Meeting of the Retirement Boards.

Moved by TJ Miller Seconded by Marvell French

To approve the minutes of July 23, 2019 of the Regular Joint Meeting of the Retirement Boards

Aye: Phillip Hardcastle, TJ Miller, Marvell French, and David Cain Noes: None Abstained: Jane Sumpter Absent: None CARRIED. 4-0 on a recorded vote RESO-2019141

Moved by Lynn Bennink Seconded by Don Gross

To approve minutes of July 23, 2019, Regular Joint Meeting of the Retirement Boards. Page 1 of 4

Page 5 of 391

Aye: Jonathan Lusk, Lynn Bennink, and Don Gross Noes: None Abstained: John Jensen Absent: Theodore Semonious CARRIED. 3-0 on a recorded vote RESO-2019142

APPROVE AGENDA Approve Agenda of August 14, 2019, Regular Joint Meeting of the Retirement Boards.

Moved by David Cain Seconded by Jane Sumpter

To approve agenda of August 14, 2019, Regular Joint Meeting of the Retirement Boards.

Aye: Phillip Hardcastle, TJ Miller, Marvell French, David Cain, and Jane Sumpter Noes: None Abstained: None Absent: None CARRIED. 5-0 on a recorded vote RESO-2019143

Moved by Don Gross Seconded by John Jensen

To approve the agenda of August 14, 2019, Regular Joint Meeting of the Retirement Boards.

Aye: Jonathan Lusk, Lynn Bennink, John Jensen, and Don Gross Noes: None Abstained: None Absent: Theodore Semonious CARRIED. 4-0 on a recorded vote RESO-2019144

TIMED SCHEDULED HEARINGS AND MATTERS None

A. CONSENT CALENDAR 1. Approve date and time of the Educational Joint Meeting of the Retirement Boards beginning at 12:00 pm on Tuesday, August 27, 2019.

Page 2 of 4

Page 6 of 391

Noted that Employees Member Marvell French and Fire and Police Members Jensen and Gross will not be present at the Board meeting on August 27, 2019.

Moved by Jane Sumpter Seconded by Marvell French

To approve consent calendar of August 14, 2019, Regular Joint Meeting of the Retirement Boards.

Aye: Phillip Hardcastle, TJ Miller, Marvell French, David Cain, and Jane Sumpter Noes: None Abstained: None Absent: None CARRIED. 5-0 on a recorded vote RESO-2019145

Moved by Lynn Bennink Seconded by Don Gross

To approve consent calendar of August 14, 2019, Regular Joint Meeting of the Retirement Boards.

Aye: Jonathan Lusk, Lynn Bennink, John Jensen, and Don Gross Noes: None Abstained: None Absent: Theodore Semonious CARRIED. 4-0 on a recorded vote RESO-2019146

B. EMPLOYEE PERSONNEL ISSUES

C. STAFF INITIATED ITEMS

D. BOARD INITIATED ITEMS 1. Discussion with legal counsel for guidance regarding Board member compensation for Retirement Board business.

The Boards reviewed and discussed issue with Legal Counsel. The Boards directed Legal Counsel to prepare memorandum to City of Fresno that clarifies past practice and the responsibility of the Retirement Boards for the Boards review.

E. GENERAL DISCUSSION 1. Administrator's Monthly Report 8-14-2019

Page 3 of 4

Page 7 of 391 Received.

2. Report by Legal Counsel.

Received.

F. INFORMATION ONLY ITEMS

G. PROPOSED AGENDA ITEMS FOR NEXT BOARD MEETING

H. UNSCHEDULED ORAL COMMUNICATIONS

I. PUBLIC COMMENTS

J. ADJOURNMENT 1:50 pm

Secretary / Deputy

Employees Retirement System - Board Chair / Vice Chair

Fire & Police Retirement System - Board Chair / Vice Chair

Page 4 of 4

Page 8 of 391 2019 INTERNATIONAL EQUITY ASSET CLASS REVIEW

Page 9 of 391 CITY OF FRESNO RETIREMENT SYSTEMS

August 27, 2019 Don Stracke, CFA, CAIA, Senior Consultant Michael Miranda, CFA, Senior Analyst

NEPC, LLC BEST FIRST HALF SINCE 1997 FOR US STOCKS

30% S&P 500 Cumulative Returns

20%

10% Page 11 of 391

-10%

-20%

First Half -30% Second Half

-40% 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

Source: FactSet

3 EQUITY INDEX PERFORMANCE

US Style Returns International Style Returns 15% 8% Monthly Return 10% Trailing 12M Return 6% 4% 5% 2% 0% 0%

-5% -2% Monthly Return Trailing 12M Return

Page 12 of 391 -10% -4% Russell Russell Russell Russell Russell Russell MSCI MSCI MSCI MSCI EM MSCI EM MSCI EM 1000 1000 1000 2000 2000 2000 EAFE EAFE EAFE Growth Value Growth Value Growth Value Growth Value

Source: FactSet Source: FactSet

Country-Specific Index Performance 50%

40% Monthly Return Trailing 12M Return 30%

20%

10%

-10% US China Japan Germany UK France India Italy Brazil Canada

Source: FactSet

4 INDEX COMPOSITION

Index Return Contribution MTD QTD YTD Weight S&P 500 7.0% 4.3% 18.5% 100.0% MSCI ACWI Weights Communication Services 0.4% 0.4% 1.9% 10.2% Consumer Discretionary 0.8% 0.5% 2.2% 10.2% Consumer Staples 0.4% 0.3% 1.2% 7.3% Energy 0.5% -0.2% 0.8% 5.0% Financials 0.9% 1.0% 2.3% 13.1% Health Care 0.9% 0.2% 1.3% 14.2% Industrials 0.7% 0.3% 2.0% 9.4% Information Technology 1.9% 1.3% 5.3% 21.5%

Page 13 of 391 Materials 0.3% 0.2% 0.5% 2.8% Real Estate 0.1% 0.1% 0.6% 3.1% Utilities 0.1% 0.1% 0.5% 3.3% Source: FactSet

Index Return Contribution MTD QTD YTD Weight MSCI ACWI 6.5% 3.6% 16.2% 100.0% Communication Services 0.4% 0.3% 1.3% 8.7% Consumer Discretionary 0.9% 0.5% 1.9% 10.8% Consumer Staples 0.4% 0.2% 1.2% 8.3% Energy 0.4% -0.1% 0.9% 5.9% Financials 1.0% 1.0% 2.5% 16.9% Health Care 0.8% 0.2% 1.2% 11.4% Industrials 0.8% 0.5% 2.0% 10.5% Information Technology 1.3% 0.8% 3.6% 16.0% Materials 0.5% 0.2% 0.8% 4.9% Real Estate 0.1% 0.0% 0.5% 3.2% Utilities 0.1% 0.1% 0.4% 3.3% Source: FactSet Source: FactSet

5 EARNINGS & YIELDS

Index Trailing EPS 180 160 S&P 500 MSCI EAFE 140 MSCI EM 120 100 80 60 40 20 Page 14 of 391 0 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Source: FactSet

Dividend Yields 6% S&P 500 5% MSCI EAFE MSCI EM 4% MSCI ACWI

0% 2008 2010 2012 2014 2016 2018

Source: FactSet

6 US EQUITY VALUATIONS

US Valuations 30 Forward P/E Forward P/E Median Trailing P/E Trailing P/E Median

25 Page 15 of 391 20 Ratio PE 15

5 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Source: FactSet

7 EAFE EQUITY VALUATIONS

EAFE Valuations 45 Forward P/E Forward P/E Median 40 Trailing P/E Trailing P/E Median

Page 16 of 391 30

25 Ratio PE

5 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Source: FactSet

8 EM EQUITY VALUATIONS

EM Valuations 40 Forward P/E Forward P/E Median Trailing P/E 35 Trailing P/E Median

30 Page 17 of 391

25 Ratio

PE 20

5 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Source: FactSet

9 2019 US-CHINA TRADE RELATIONS Page 18 of 391

Q1 Q2

May May May China implements US raises tariffs to 25% China raises tariffs on previously announced on $200B worth of goods $60B worth of goods tariff levies Feb May May June US announces delay to US-China trade negotiations US bans Huawei and 70 US and China agree to implement tariffs on break down as both sides affiliates from purchasing resume dialogue additional $200B of goods trade accusations US origin technology following the G20 summit

Trade Optimism Escalating Trade Rhetoric What is Next?

10 TARIFFS SHIFT US IMPORTS AWAY FROM CHINA

Change in US Imports by Country

Vietnam

Taiwan

South Korea

France

India

Page 19 of 391 Italy

Switzerland

United Kingdom

Mexico

Japan

Thailand

Ireland

Germany

Canada

Malaysia

China

-20% -10% 0% 10% 20% 30% 40% 50%

Source: United States International Trade Commission Change calculated by comparing aggregate imports from Jan-Apr 2018 to Jan-Apr 2019 of countries with imports greater than $5 Billion

11 TARIFFS WEIGH ON GLOBAL SENTIMENT

65 Manufacturing PMI

United States Business sentiment begins China to decline as US-China Germany tariffs became a reality in Japan summer of 2018 60 Page 20 of 391 55

40 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19

Source: FactSet

12 TARIFFS/SENTIMENT IS WEIGHING ON CHINA Page 21 of 391

Source: China Customs, FactSet

13 Page 22 of 391 CFRS US EQUITY PORTFOLIO

NEPC, LLC US EQUITY ASSET CLASS OVERVIEW – AS OF JUNE 30, 2019

• US Equity Market Value: $632 Million Total Fund: $ 3.0 B Policy: 25% US Equity Passive Allocation: • Long-Term Target: 23% 60.4% (currently all in large Actual: 21.0% cap)

Page 23 of 391 • Strategies: 3

15 ExistingEXISTING US Equity StructureUS EQUITY – June STRUCTURE30, 2016 – JUNE 30, 2019

US Equity Portfolio 25% Policy; 23% Long Term Target 21.0% Actual, $632 Million

Large Cap Equity Small Cap Equity 17.0% Policy; 15.8% Long Term Target 8.0% Target; 7.2% Long Term Target 12.7% Actual ($382 M) 8.3% Actual ($250 M) Page 24 of 391

Eagle Asset Management NTAM Russell 1000 Index (Growth) $382 Million $136 Million

• US Large Cap Equity is Kennedy Capital (Value) passively managed as finding $114 Million managers who can consistently add alpha net of fees is very difficult. • US Small Cap Equity is actively managed and has a modest overweight to growth as growth has outperformed recently.

16 US EQUITY ASSET CLASS MANDATES – JUNE 30, 2019

Actual Investment Firm Investment Product Primary Benchmark Asset Value Allocation

Northern Trust Asset Russell 1000 Index Fund Russell 1000 578,816,636 12.7% Management

Eagle Asset Management Small Cap Growth Russell 2000 Growth 136,383,544 4.5% Page 25 of 391 Kennedy Capital Mgmt Small Cap Value Russell 2000 Value 113,947,334 3.8%

17 US EquityUS EQUITY Characteristics CHARACTERISTICS As of June 30, 2016 – JUNE 30, 2019 Page 26 of 391

Within the US Equity portfolio, Small and SMID Cap equities are overweight relative to the Russell 3000

18 US EquityUS EQUITY Performance PERFORMANCE – Net of Fees as of June – 30,JUNE 2016 30, 2019 Page 27 of 391

19 MANAGER ASSESSMENT (NEPC)

Investment NEPC Due Diligence NEPC Due Diligence Investment Firm On FPL Product Rating Status

Northern Trust Asset Russell 1000 Index N/A Preferred No Action Management Fund Page 28 of 391

Eagle Asset Small Cap Growth Yes 1-rated (Preferred) No Action Management

Kennedy Capital Small Cap Value No 3-rated (Neutral) On Hold Mgmt

Kennedy is On Hold at the firm level as a result of several senior departures that occurred in 2018

20 Page 29 of 391 CFRS INTERNATIONAL EQUITY PORTFOLIO

NEPC, LLC NON-US EQUITY OVERVIEW – AS OF JUNE 30, 2019

• Non-US Equity Market Value: Total Fund: $ 3.0 B $960 Million Policy: 27% (Developed + Emerging Markets) Long Term Target: 25% (Developed • Non-US Equity Passive + Emerging Markets) Allocation: 30.4% (34.2% Actual: 31.8% within Developed Markets) Dedicated EM % Of Total Equity: 6.6% (14.2% inclusive of EM held in Developed ex US managers)

Page 30 of 391 • Strategies: 5

22 EXISTING NON-US EQUITY STRUCTURE – JUNE 30, 2019

Non-US Equity Portfolio 27% Policy; 25% Long Term Target 31.2% Actual, $960 Million

Non-US Developed Markets Emerging Market Equity 20% Policy; 19% Long Term Target 7% Policy; 6% Long Term Target 28.3% Actual ($855 M) 3.5% Actual ($105 M) Page 31 of 391

MSCI EAFE Strategies MSCI ACWI ex US Strategies 7.4% Actual $225 M 20.9% Actual $630 M

Principal Global Baillie Gifford Axiom $225 Million $338 Million $53 Million

BlackRock Index Fund Acadian $292 Million $52 Million

Emerging Markets is 100% actively • The Non-US Developed Markets • allocation is about one-third managed as it is a less efficient passively managed and two-thirds market and active management has actively managed as the active shown to add value. managers in the allocation have • The dedicated allocation is proven to add value net of fees. underweight because the MSCI ACWI ex US managers have Emerging Markets exposure as well.

23 NON-US EQUITY ASSET CLASS MANDATES – JUNE 30, 2019

Investment Primary Actual Investment Firm Asset Value Product Benchmark Allocation

Acadian Asset Acadian Emerging MSCI Emerging $52,735,920 1.75% Management LLC Markets Equity Markets Page 32 of 391 Axiom International Axiom Int'l. Investors MSCI Emerging $52,100,555 1.73% Investors LLC EME Markets

Baillie Gifford Int'l. Baillie Gifford & Co MSCI ACWI ex USA $338,104,644 11.21% Equity

BlackRock BlackRock ACWI ex US MSCI ACWI ex USA $292,161,726 9.69%

Principal Global Principal Global Int'l. MSCI EAFE $224,553,108 7.45% Equities Equity

24 Non-NONUS Equity-US Allocation EQUITY Comparison PEER COMPARISON

Target Non-US Target Total Non-US Equity Client Equity Public Equity to Public Equity Allocation* Allocation Ratio City of Fresno Retirement Systems 27% 52% 51.9% Arizona State Retirement System 24% 50% 48.0% Arizona Public Safety Personnel Retirement System 18% 38% 47.4% Los Angeles City Employees' Retirement System 29% 53% 54.7% New Mexico Educational Retirement Board 14% 31% 45.2% Page 33 of 391 San Bernadino County Employees' Retirement Association 15% 28% 53.6% Seattle City Employees' Retirement System 22% 48% 44.8% Ventura County Employees' Retirement Association 17% 53% 32.1%

Average 21% 44% 47%

* Includes Emerging Market Equity allocation but excludes Global Equity allocation.

25 Non-NONUS Equity-US Allocation EQUITY Comparison CHARACTERISTICS As of March 31, 2016 – JUNE 30, 2019 Page 34 of 391

26 Non-NONUS Equity-US Country EQUITY Allocations COUNTRY and 1Q Attribution ALLOCATION – JUNE 30, 2019 Page 35 of 391

• Within the International Equity portfolio, Emerging Markets are underweight relative to the MSCI ACWI Ex USA

27 Non-NONUS Equity-US Performance EQUITY – NetPERFORMANCE of Fees March 31, 2016 – JUNE 30, 2019 Page 36 of 391

28 Non-NONUS Equity-US Performance EQUITY – NetPERFORMANCE of Fees March 31, 2016 – JUNE 30, 2019 Page 37 of 391

29 MANAGER ASSESSMENT (NEPC)

Investment NEPC Due Diligence NEPC Due Diligence Investment Firm On FPL Product Rating Status Acadian Asset Emerging Markets Yes 1-rated (Preferred) No Action Management LLC Equity Axiom Emerging

Page 38 of 391 Axiom International Markets Equity Yes 1-rated (Preferred) No Action Investors LLC Strategy ACWI ex US Alpha Baillie Gifford & Co No 3-rated (Neutral) No Action Equities All Country World Ex- BlackRock N/A 1-rated (Preferred) No Action US Index Principal Global International Core No 3-rated (Neutral) No Action Equities Equity

30 INFORMATION DISCLAIMER

Past performance is no guarantee of future results.

The goal of this report is to provide a basis for monitoring financial markets. 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.

Page 39 of 391 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.

31 Page 40 of 391

To: CFRS Joint Board

From: Don Stracke, CFA, CAIA, Senior Consultant

Date: August 27, 2019

Subject: JP Morgan Strategic Property Fund

Background

JP Morgan is a core real estate manager for the City of Fresno Retirement Systems (“CFRS”) which as of June 30, 2019 managed approximately $255.4 million for the Fund. JP Morgan was hired effective November 1995 to manage the core real estate mandate versus the NCREIF ODCE Index. NEPC Research has downgraded JP Morgan from a 1-rated manager to a 2-rated manager primarily for portfolio construction reasons reviewed below. As a reminder, we use a scale of 1-5, where 1-rated managers are on our recommended list. A 2-rated product is one we have positive opinion on but is not as highly convicted as a 1- rated strategy. It is also worth noting that we are wrapping up a core plus real estate search to diversify away from JP Morgan.

Core Real Estate

Core real estate is generally defined as institutional quality, commercial real estate that generates a return primarily from current rental income, with some capital appreciation. Therefore, the holdings are typically well-occupied with high quality tenants. These assets are usually located in high quality, high barrier-to-entry markets. Most core managers are

Page 41 of 391

broadly diversified by property type and geography and typically employ 20-30% leverage. NEPC is currently neutral on this asset class as the underlying properties have appreciated significantly, and the current yield has declined.

JP Morgan Performance through June 30, 2019

3 Mo(%) YTD(%) 1 Yr(%) 3 Yrs(%) 5 Yrs(%) 10 Yrs(%) Inception(%) JP Morgan RE 0.9 1.2 4.4 6.1 8.1 8.7 8.9 NCREIF ODCE 1.0 2.4 6.4 7.6 9.8 9.9 9.2

Over/Under -0.1 -1.2 -2.0 -1.5 -1.7 -1.2 -0.3

The Fund has underperformed in recent years on both a levered and unlevered basis. The Fund's income return has also been slightly lower than the ODCE in recent years (more in- line over the trailing 5- and 10-year time periods). The Manager points to a high cash position (in 2017) and exposure to Houston (2015-16) as reasons for the underperformance. Once seen as a positive, the Fund's size and ability to invest in malls has recently resulted in a drag on performance due to write-downs in the first quarter of 2019 (not reflected in the performance on the following pages, which is as of December 31, 2018).

Page 42 of 391

Page 43 of 391

Page 44 of 391

Investment Team

NEPC has a generally favorable view of the JPM real estate team; however, the recent investment with Black Creek raises concerns about the Manager's ability to execute in the industrial space, particularly given the Fund's size. The team is divided regionally with co- heads for each region and dedicated sector specialists for each sector. The investment team can also leverage the in-house economists and dedicated real estate research professionals.

Investment Process

JPM has shown data to support that they have outperformed within each sector (e.g. their office assets have outperformed the market's office assets), but NEPC analysis suggests that the Manager has consistently lost value through its top-down property type allocations.

Portfolio

The Fund is overweight to office and retail, and underweight to industrial and multifamily. The Manager does not plan to meaningfully change these relative weights, but is considering allocating to new property types within the Fund. The Fund's recent investment with Black Creek, which effectively delegated discretion to a third party, raises concerns. The Fund's size has been both a strength and a weakness at times, allowing the Manager to acquire large assets (like trophy CBD office buildings) but presenting challenges to asset manage and execute on smaller transactions (like industrial).

Page 45 of 391

NEPC Rating Change

The Strategic Property Fund was formed in 1998 and has been a 1-rated strategy since August 2011. Today the Fund is the largest in the ODCE, with a $43 billion in GAV at year- end. In recent years, the Fund has slightly underperformed, and may underperform in 2019 given the Q1 write-downs to some of the Fund's mall assets.

We are downgrading the Fund to a 2 rating, primarily due to some portfolio construction concerns. The Fund recently made an investment with Black Creek ("BC," an industrial developer) which included a seed allocation to BC's open-end fund and a $300 million commitment to BC's development pipeline which effectively delegated discretion on approximately $400 million in acquisitions for 2019 (with the potential to grow in future years). In addition, the Fund is currently overweight to office and retail and the Manager does not anticipate decreasing these relative weights.

Page 46 of 391 CORPORATE & INSTITUTIONAL SERVICES Northern Trust Update Page 47 of391

Prepared for: City of Fresno Fire and Police Retirement System August 27, 2019

City of Fresno Employees Retirement System

Gerald J. Sinish, Jr. Don Anderson Vice President Senior Vice President Relationship Manager Global Securities Lending

130 years of strength & stability

Disciplined, client-centric strategy

Page 49 of391 Product leadership & innovation

Highest standards of client service

Solutions-focused technology & integrated operating platform

1889 Today Page 50 of391

Asset servicing, asset management and banking for personal and institutional clients, supported by our integrated operating platform.

Corporate & Institutional Services $8.5 • Insurance companies trillion • Pensions assets

Page 51 of391 under custody • Sovereign entities • Fund managers • Foundations and endowments $1.2 Corporate & Wealth trillion Institutional Wealth Management Management assets under Services management • Individuals • Families • Family offices $6.8 • Foundation trillion* • Endowments assets under administration • Privately held businesses

Figures as of 06/30/2019 unless otherwise indicated (*Figures as of 03/31/2019) Amounts shown are in U.S. Dollars Source: Northern Trust northerntrust.com | © 2019 NorthernTrust 5 FOCUSED ON WHAT WE DO BEST PROVIDING STABILITY FOR YOU

Northern Trust is sharply focused on asset servicing and asset management - we do not change our business model or risk profile to capitalize on shifting markets, giving you stability for your business.

Businesses Northern Trust is NOT in:

Page 52 of391 Investment banking Credit cards

Sub-prime mortgage underwriting Retail banking

Asset backed commercial paper conduits Consumer finance

American depositary receipts Venture capital

Discount brokerage Stock transfer

Defined contribution record keeping

Public Fund Client Servicing Relationships

• Established in 1987 • 28 Client Servicing Professionals • 188 clients − Average of 18 years of relationship management experience − 30% of top 100 public plans − Average of 13 years with Northern Trust • $740 billion AUC • 27% increase in servicing staff over last 2 • 12.5%Public YoY growth Fund in AUC years Page 53 of391 Relationships Commitment to Asset Servicing

Public Fund Gains & • Derived 72% of total revenue from fee-based, Losses non-interest activities related to asset servicing • Technology: • 2016-2017: USD $2.5 billion CLIENTS GAINED CLIENTS LOST • 2019-2021: Estimated USD $3.1 billion Number of Number of Year Year Clients Clients Legal

2019 6 2019 0 • No litigation on FX practices 2014 - 2018 41 2014 - 2018 8 • No pay to play actions/investigations • No DOJ actions

Representative California Public Funds Clients:

. City of Fresno Retirement Systems . Kern County Employees’ Retirement Association

. City of Oakland Retirement Systems . Los Angeles City Employees' Retirement System

Page 54 of391 . East Bay Municipal Utility District . Los Angeles Fire & Police Pension System

. Fresno County Employees’ Retirement Association . Orange County Treasurer

. Golden Gate Transit Amalgamated Retirement Board . Stanislaus County Employees’ Retirement Association

. San Joaquin County Employees’ Retirement Association . Los Angeles Water & Power Employees Retirement Plan

. San Mateo County Employees’ Retirement Association . Alameda-Contra Costa Transit District

. Merced Country Employees’ Retirement Association . Santa Ynez Band of Chumash Indians

Well-positioned for continued investment in our business, across all market cycles

STRONG CAPITAL POSITION HIGH QUALITY BALANCE SHEET

Northern Trust Corporation Capital Ratios 2Q19 Minimum Capital Ratios

Advanced Approach

Common Equity Tier 1 13.6% 4.5%

Tier 1 14.9% 6.0% Securities 39%

Page 55 of391 Total 16.7% 8.0% Money market assets 28% Tier 1 Leverage 8.6% 4.0% Loans and leases 24% Supplementary Leverage 7.6% 3.0% Other 9% Standardized Approach

Common Equity Tier 1 13.2% 4.5%

Tier 1 14.5% 6.0% Total 16.4% 8.0% Balance sheet is highly liquid and low risk Tier 1 Leverage 8.6% 4.0%

SUPERIOR CREDIT RATING

Standard & Poor’s Moody’s Fitch Ratings DBRS

Northern Trust Corporation Standard & Poor’s assigned the Short-Term / Commercial Paper A-1 No Rating* F1+ R-1 (middle) highest credit ratings of any Long-Term / Senior Debt A+ A2 AA- AA (low) comparable U.S.-based bank to our Corporation and main bank subsidiary, The Northern Trust Company The Northern Trust Company. Short-Term / Deposits A-1+ P-1 F1+ R-1 (high)

Long-Term / Deposits AA- Aa2 AA AA

1 All figures as of June 30, 2019. Capital ratios are preliminary until regulatory reports have been filed. * Rating removed as of September 16, 2016, as Northern Trust does not have an active Commercial Paper Program. northerntrust.com | © 2019 NorthernTrust 9 CORPORATE & INSTITUTIONAL SERVICES Custody Services Page 56 of391

City of Fresno Retirement Systems

Senior management oversight

Jeffrey Porta 312-557-0474 Patti Somerville-Koulouris 312-444-2357 Practice Lead – Public Funds [email protected] Manager – Public Funds [email protected]

Relationship management

Gerald J. Sinish, Jr. 312-444-5733 Claudiu Besoaga 312-557-4049 Page 57 of391 Relationship Manager [email protected] Back-Up Relationship Manager [email protected]

Bill Coen 312-557-6524 J.J. Standring 312-557-5439 Client Service Manager [email protected] Back-Up Client Service Manager [email protected]

Client service team

Patty Hafner 312-444-3535 Deborah Phillips 312-557-0117 IRAS Consultant [email protected] Treasury Management [email protected]

Don Anderson 312-444-5386 Tamara Doi Beck 303-335-1416 Sec Lending RM [email protected] Investment RM [email protected]

Product specialists

Trade and Asset pricing and coding Asset management Global custody operations cash processing Accounting and Investment Performance, risk Income processing regulatory reporting manager liaison and compliance Corporate and Business continuity and Tax reclamation Proxy services class actions disaster recovery

Dublin London Stockholm Limerick Amsterdam Toronto Beijing Guernsey Frankfurt Chicago Seoul

Page 58 of391 Luxembourg New York Switzerland Tokyo Riyadh Tempe Abu Dhabi Hong Kong

Pune Manila A Network of Offices in 19 States and Washington D.C. Bangalore Kuala Lumpur

Singapore

Sydney Clients in 53 countries Melbourne

Services in 102 markets

As at 06/30/2019 (updated quarterly) Source: Northern Trust 22,000+ Staff Worldwide* *Total employees, 19,733 of which are permanent

• Active management • Defined contribution • Factor-based investing Asset Management • Alternative investments • Equities /fixed income • Index management • Cash management • ESG/SRI • Outsourced CIO

• Alternative asset servicing • Fund execution • Safekeeping Asset Servicing • Collateral management • Entitlement processing • Settlement • Derivatives processing • Proxy voting •Tax reclamation

• Brokerage • FX eCommerce/algos • Securities lending Capital Markets • Commission management • Passive currency overlay • Third party lending

Page 59 of391 • Foreign exchange • Pooled fund transitions • Transition management

• Compliance monitoring • Investment accounting • Transparency analysis Data • Data aggregation • Performance analytics • Unitization/plan allocation • Financial accounting • Risk analytics • Valuation reporting

• Cross-border pooling • Financial reporting • Tax transparent pooling Fund • Corporate secretarial • Fund administration • Transfer agency • Component outsourcing • Operations outsourcing • Trustee/depositary

• Banking • Corporate cash services • Peer to peer Liquidity • Cash funds/management • Deposit placing • Repo, reverse repo • Credit facilities • Evergreen deposits • Treasury management

• EMIR/Dodd Frank FASB • Regulatory reporting • SORP, nFTK Regulatory • GASB, GAAP • Regulatory returns • Solvency II • IFRS, APRA, ASCII • Investment oversight • Transparency analytics

• Account control agreement • Defined contribution • Institutional governance • Benefit payments Retirement • De-risking support • Reservoir trusts • Contingent assets • Fund rebalancing • Trapped surplus vehicles

northerntrust.com | © 2019 NorthernTrust 13 CUSTODY - A COMPREHENSIVE SERVICE SUITE Northern Trust delivers process efficiencies, automation, scale and flexibility through our comprehensive asset servicing product offering

Income Trade collection

Page 60 of391 Trade Corporate Proxy Accounting & receipt Safekeeping Class actions settlement and tax actions voting reporting & capture reclamation

A single global operating platform across all regions, clients, and constituencies

Single point of access to customized service, data, and 24/7 reporting. Business continuity through regional hubs providing worldwide support, 24 hours a day

northerntrust.com | © Northern Trust 2019 14 EMERGING TECHNOLOGIES IN FINANCIAL SERVICES

The financial services industry is having to adapt, and in some cases, lead this technological revolution Robo Advisers Expectations and Opportunities Cognitive • Data aggregation across businesses Internet Computing of Things • Business solutions not individual products

Page 61 of391 and • Customization and flexibility Artificial Intelligence Accessibility and Analytics FinTech • New ways for accessing services Innovation Examples • Actionable insights and intelligence Semantic Big Data • Real-time information Web

Speed and Efficiency • Reduced frictional cost • Operational efficiencies Blockchain Robotic • Improved performance Process Automation

northerntrust.com | © Northern Trust 2019 15 ALIGNMENT OF CLIENT AND NORTHERN TRUST OBJECTIVES

A technology strategy designed to mutually drive client and Northern Trust outperformance

CLIENT BENEFITS NORTHERN TRUST BENEFITS Enhanced data quality Efficient capital deployment

Page 62 of391 Increased resilience and production Collaboration Increased productivity stability and co-creation

Improved speed to market Optimum efficiency Enabling data-driven Rapid client change Enhanced partner digital implementation decision making experience

Maximum user flexibility Differentiating, contemporary technology

Strategic Technology Platform | Innovation Lab | Silicon Valley | Digital Transformation

northerntrust.com | © Northern Trust 2019 16 SILICON VALLEY ENGAGEMENT

Taking advantage of technology innovation opportunities via robust engagement with Silicon Valley

Ongoing Investment Creation of a Virtual Think Tank

Our 50 South Capital Market Advocacy group driving our ‘Tech asset management Radar’. subsidiary has invested Page 63 of391 Collaboration with private equity and technology more than $1 billion in $1B+ firms in Silicon Valley enabling us to: tech start-ups over the INVESTED IN START-UPS past 16 years • Evaluate emerging technologies • Access the industry’s best tech talent • Ensure IT expertise supports business decisions

Early Adopter Advantage

Silicon Valley engagement has enabled us to capitalize on new technology innovation

Guardian Cloud Nutanix Illumino Docker Bitbucket Kubernetes Analytics Foundry

VCE Confluent Cloudera Splunk Stackrox RabbitMQ Vblock Kafka

northerntrust.com | © Northern Trust 2019 17 INNOVATION IN ACTION: BLOCKCHAIN LEADERSHIP

Putting our R&D mindset to work - first financial services company to deploy a practical blockchain solution

A ‘Game Changer’ for Private Multiple Points of Innovation Engagement and Investment Equity  Addresses infrastructure  Recognized as an industry challenges • Member of the R3 opportunity consortium  Reduces administrative pain  Collaborated extensively across points • Developing Page 64 of391 investors, managers, regulators, groundbreaking technology providers  Removes barriers for investors and general partners, such as commercial applications of  Launched an ‘industry first’ PE duplicative processes distributed ledger ecosystem technology in financial  Promotes better connectivity and services  Marketing, issuing, trading, interaction between all market servicing and audit support on a participants • Bringing together global transparent platform  Provides a fully transparent, expertise across electronic  Determining where next for secure, highly efficient solution financial markets, blockchain cryptography and digital  Industry recognition as a leader currencies and technology innovator

2017 2017 2017

northerntrust.com | © Northern Trust 2019 18 DATA AND DIGITAL SOLUTIONS

Delivering intuitive and insightful information across all elements of your portfolio

Passport ‘Now’ Passport ‘Tomorrow’ API Roadmap Page 65 of391

• A phased set of releases delivering a • Prototype built by NT Innovation Lab • Increased use of APIs (Application superior client digital experience in collaboration with institutional Programming Interface) providing a — New look and feel clients around the world (completed connection point where a client 2017) application accesses Northern Trust — Improved navigation data directly, without the need for a • Phased rollout over next few years will — Redesigned homepage custom-built application provide: — Updated visual display — Sophisticated data visualization • Providing reliable and secure digital — Updated security protocols access to relevant, business-critical — Increased personalization • New features added on a rolling Northern Trust data — Interactive information tailored to basis; pre-cursor to next-gen behaviours and preferences • Enhanced flexibility for clients to Passport ‘Tomorrow’ consume data how they determine • Ongoing release of client focused (pull as well as push) tools and capabilities

Capabilities that will be available across the

Enterprise northerntrust.com | © Northern Trust 2019 19 CORPORATE & INSTITUTIONAL SERVICES NORTHERN TRUST GLOBAL SECURITIES

Page 66 of391 LENDING

Prepared for: The City of Fresno Retirement Systems

Don Anderson Senior Vice President Global Securities Lending

northerntrust.comnortherntrust.com | |© © Northern Northern Trust Trust 2019 2019 20 SECURITIES LENDING DEFINED

Securities transferred on a temporary basis from a lender to a borrower with the latter obliged to return the securities either on demand or at the end of a specific period

Parties to a loan: Lender (Client) - beneficial owner of the securities Borrower - to whom the assets are being lent, usually a broker-dealer Lending Agent (Northern Trust) - the party negotiating and facilitating the loan

Page 67 of391 Re-investment manager - portfolio manager/team who invests the cash collateral

Securities are The borrower Borrowers reduce Where borrowers The value of loaned temporarily provides collateral the time and cost of provide cash as securities is borrowed by the with an agreed obtaining securities collateral, the cash is marked-to-market invested according to borrower from the margin in exchange temporarily for the daily by the lending agreed investment lender for the securities purpose of agent, resulting in guidelines and and pays a fee for facilitating provides an additional the borrower the transaction settlements and opportunity for providing further supporting trade generating revenue. collateral if prices strategies Borrowers that increase or the provide cash lending agent collateral receive a returning collateral rebate from the if prices decline lender, which is offset against income earned from the cash reinvestment activity

northerntrust.com | © Northern Trust 2019 21 SECURITIES LENDING TRANSACTION PROCESS

The life cycle of a loan

Securities lending authorization agreement (SLAA) Master borrowing agreement

1. Initiate loan Page 68 of391 2. Negotiate terms Monthly fee payments 3. Receive collateral

Daily activity and compliance reporting 4. Move security Beneficial via Passport© Lending agent Borrower(s) owner (Northern Trust) 5. Daily mark to market Intra-day sales 6. Entitlements management

Daily availability 7. Return security

8. Return collateral

Non-cash Cash *Sample agreements available upon request collateral collateral

northerntrust.com | © Northern Trust 2019 22 SECURITIES LENDING INCOME COMPONENTS

Understanding how securities lending income is generated

Total securities lending spread

Reinvestment spread: Intrinsic value spread: Page 69 of391 Basis points earned from Basis points earned from lending security to borrower, reinvestment of cash collateral based on intensity of borrower demand

Yield on cash collateral Fed funds rate – rebate rate investment – fed funds rate

Rebate rate Yield on Federal funds (or benchmark) rate (Positive, > 0%, is paid to cash collateral borrower. Negative, < investment 0%, is paid by borrower)

Reinvestment spread + Intrinsic value spread = Total securities lending spread Total securities lending spread x Loan volume = Total gross securities lending income

northerntrust.com | © Northern Trust 2019 23 HOW REVENUE IS GENERATED

Example: Northern Trust lends $25 million of US Equity

Non-Cash Loan Cash Loan The $25 million market value loan is for 30 days The $25 million market value loan is for 30 days collateralized by a US Treasury. collateralized with cash (federal funds at 2.00%)

Receive non-cash collateral valued Receive cash collateral valued at 1 1 Page 70 of391 at $25,500,000 (102%) $25,500,000 (102%) Fee charged to borrower on the Cash collateral invested in a 2 2 $44,625 value of the loan (20 bps) $4,167 collateral pool at yield of 2.10%

Gross revenue (gross spread 20 Rebate paid to borrower at rate of 3 $4,167 3 $(38,250) bps) credited to client monthly 1.80%

Gross Revenue (gross spread 30 4 Monthly lender’s fee (@ 30%) $1,250 4 $6,375 bps)

5 Net client earnings $2,917 5 Monthly lender’s fee (@ 30%) $1,913

6 Net client earnings $4,462

Gross Spread = Lending Spread + Investment Spread Lending Spread = Fed Funds – Rebate Rate Investment Spread = Reinvestment Yield – Fed Funds

northerntrust.com | © Northern Trust 2019 24 GLOBAL SECURITIES LENDING

Designed to enhance the return of an overall investment program without interfering with the investment strategy

We strive to extract the highest Who We Are What We Do amount of intrinsic value from A core business within Northern Trust and an • Cash Management each loan, while mitigating risk industry leader in terms of size, scale and • Risk Management for the benefit of our clients. innovation. • Customized participation and collateral Page 71 of391 • 451 clients from 31 countries selection • $1.2 trillion of lendable securities* • Lend in 35 countries and 54 worldwide • $159 billion of loans outstanding* Equity & Fixed Income markets • 73 approved borrowers at parent level • 24-hour trading — Supported by our single, multi-currency Who We Serve proprietary platform • Corporations — Locations in Hong Kong, London, Client Toronto, Sydney and Chicago Trading Focus • Endowments and Foundations • Public Funds

Global Innovation • Mutual Funds Coordination • Insurance

Experience • Government • Taft Hartley

*Average for June 2019 northerntrust.com | © Northern Trust 2019 25 Source: Northern Trust MANAGING RISK

Risk management is instrumental to our program

Borrower Trade Settlement

Borrower defaults and collateral is not sufficient to cover Fund sells securities and borrower doesn’t return in time for trade to settle Mitigating factors: Page 72 of391 Mitigating Factors: • Credit review of borrowers • Over-collateralization • Timely communication • Daily marking • Automated reallocations • Indemnification • Trade settlement protection • Risk analysis tools

Cash Collateral Reinvestment Interest Rate

Cash collateral investment becomes impaired or Loan rebate rate exceeds earnings on cash collateral decreases in value investments

Mitigating Factors: Mitigating Factors: • Client approved guidelines • Weekly gap analysis • Dedicated team of fixed income research analysis • Shared risk and stress testing of portfolio • Daily automated compliance

northerntrust.com | © Northern Trust 2019 26 NT BORROWER RISK MANAGEMENT

Our borrower selection follows stringent financial viability standards, underwriting and approval procedures as set by NT’s Capital Markets Credit Committee (CMCC).

Overall Credit Risk Ratings

Northern Trust uses an established framework to size borrower The majority of our borrowers will have a long-term individual or credit limits to reduce concentration risk via three tests: parent-level credit rating of A- or better and a short-term rating of A-1 or better from at least one NRSRO • Credit exposure relative to the borrower’s capital Page 73 of391 • Size of our exposure to the borrower relative to other market participants • Size of our exposure to the borrower relative to Northern Trust’s total lending program

Financial Responsibility and Compliance Parent Organization

Each borrower and parent borrower must provide audited We also focus on the condition and credit worthiness of the financial statements and be both financially sound and in borrower’s parent organization compliance with regulatory capital requirements

northerntrust.com | © Northern Trust 2019 27 NTAM CREDIT RISK MANAGEMENT STRUCTURE – CASH COLLATERAL REINVESTMENT

NTAM Security Approval Group (SAG)

• Northern Trust has an independent risk management group to provide an independent approval of all securities eligible for investment in our Securities Lending cash collateral accounts • Consists of 3 groups which must unanimously approve all new issuers and limits — Credit Risk (NTAM) Page 74 of391 — Fixed Income Research (NTAM) — Credit Risk Management (Northern Trust)

• Prior to the purchase of a new security into the portfolio, a fixed income credit analyst will present the asset to SAG for approval • This allows for an additional layer of credit review to provide for a full understanding of issuer and security risks prior to purchase

NTAM Credit Risk Management Committee (CRMC)

• Primary group for setting credit parameters and procedure in NTAM • Committee members include representatives from risk management and credit risk management • CRMC sets overall policy governing short term funds, including setting the appropriate tenor for credit instruments, setting overall limits to issuers, and approving any new types of security instruments

northerntrust.com | © Northern Trust 2019 28 SECURITIES LENDING TRADING STRATEGY

Objective: To maximize portfolio returns through superior trading whilst managing risks

• Endeavor to maximize revenue across a portfolio in accordance with the beneficial owner’s risk parameter settings Maximize Portfolio • Analyze and consider the optimum mix of available trade structures within any particular Returns jurisdiction • Demonstrate to clients where existing parameters are preventing the realization of Page 75 of391 enhanced returns

• Understand demand trends to deploy effective strategies to achieve outperformance Superior Trading • Utilize industry data in internal variance reports to actively track our performance trends Performance • Coordinated lending and reinvestment approach

• Maintain robust risk management policies that work in conjunction with our first two objectives Manage Risks • In-built system flexibility to allow our clients to customize their own risk parameters • Proactively generate solutions so that the underlying risk profile is not compromised

northerntrust.com | © Northern Trust 2019 29 CASH COLLATERAL MANAGEMENT

Objective: To generate a competitive yield while seeking to preserve principal and provide daily liquidity

Cash management philosophy Page 76 of391

Comprehensive risk Size and scale, coupled with controls are fundamental Principal Liquidity sophisticated technology, allow to the implementation of Preservation Management for the precise management of our investment strategy daily liquidity needs

Yield Generation

We seek to generate yield while maintaining necessary daily liquidity with the utilization of high quality securities

northerntrust.com | © Northern Trust 2019 30 TECHNOLOGY

Strong performance achieved through a single, global trading platform

Industry Trade Platform Cash Collateral Management • Facilitate quick and accurate Global Securities Lending (GSL) • Aladdin matching of borrower needs • Northern Trust Investments with our supply Short Duration team manages • Allow our trading team to focus on Proprietary trading system cash collateral

Page 77 of391 higher value trades • Passport® reporting available for cash collateral positions Electronic links with custody, and characteristics depository systems and industry Data Providers trade platform • Compare our program against the industry and our clients Automates the vast majority against their peers of loans • Provide industry data to improve loan pricing decisions

Passport® reporting

Earnings Borrower Exposure Collateralization At loan level, security level, asset Market Value and collateral value by Collateralization levels, cash and class, account level, and entity level. borrower noncash holdings

northerntrust.com | © Northern Trust 2019 31 CENTRAL BANKING ACTIVITY

Concerns of a broad-based global slowdown remain a key focus of central banks and policy makers

The European Central U.S. Federal Reserve (FED) The Bank of England (BOE) Bank (ECB)

• Fed funds futures have priced in a 25 • Eurozone economic momentum • The next interest rate action by the st

Page 78 of391 basis point rate cut at the July 31 continues to slow Monetary Policy Committee (MPC) is meeting • Inflation remains muted and is unknown given Brexit uncertainty • Future cuts are unclear in terms of both expected to decline • Brexit remains the critical unknown for timing and number • Reinstatement of a key central bank the near term future of the UK • Economic data such as GDP and other lending program called Targeted economy growth variables are slowing but still in Long-Term Refinancing Operations • UK labor market still strong but signs a positive range (TLTRO) will begin later this year of softening on the horizon • Labor conditions remain solid and have • Expectations for a rate cut as an • Inflation expected to oscillate around reached the Fed’s target, but inflation additional policy tool have risen the BOE’s 2% target, although metrics remain subdued although no certainty in terms of underperforming of late timing

June 2019 northerntrust.com | © Northern Trust 2019 32 COLLATERAL REINVESTMENT TRENDS

How market dynamics affect our cash portfolio positioning

Market dynamics Current portfolio positioning

• Treasury yields continue to compress across all • Taking longer duration view generally as rate cuts are durations – with yields currently inverted when Page 79 of391 priced into market expectations considering 3 month US treasury bills out to the 10 year portion of the curve • Retaining strong overnight liquidity positions focused on repurchase agreements and time deposits of • Credit spreads continue to compress as well with financial institutions additional short duration cash entering the markets, pushing yields down • Decision-making on fixed rate versus floating rate trades being done on a tactical basis evaluating value • General yield curve inversion makes tactical portfolio in the context of the changing certainty/likelihood of positioning critical future cuts and their timing

June 2019 northerntrust.com | © Northern Trust 2019 33 INVESTMENT PROFILE: CORE STIF CASH COLLATERAL FUND JUNE 30, 2019 Page 80 of391

SL CORE STIF 6/30/18 Fresno Average Yield Market to Book Avg Loan Duration 2.62% 1.00007 85 Days

NOTE: This information was created using the best unaudited data available to us and may not be completely reliable, accurate, or timely. Data is prepared on a settled basis, which may differ from traded basis data on the Cash Collateral Holdings report. “Traded Basis” reflects pending trades.

northerntrust.com | © Northern Trust 2019 34 KEY MARKET TRENDS AND OBSERVATIONS

MACRO ECONOMIC TRENDS INDUSTRY TRENDS

Market Developments Trading Regulatory The regulatory environment continues to . Regulation and balance sheet • As signs of slowing persist, central banks took influence borrower demand. Key trends requirements continue to drive demand steps to bolster growth in global economies include: for government bonds • Despite a strong US jobs market, the FOMC . “HQLA” - Elevated demand for High . Global equity loan volumes softened as chair’s most recent comments suggest a rate cut Quality Liquid Assets (HQLA), Page 81 of391 leveraged investors reduced exposures is likely at the July meeting. Markets are particularly over sensitive reporting due to uncertainty relating to the overwhelmingly pricing in a July cut, with a periods strong possibility of a second in September US/China trade tensions, and shifting

global central bank policy . Term - Increased demand to source • Low inflation and subdued expectations have supply on a term basis to help meet . Directional demand for corporate bonds maintained dovish ECB rhetoric. Lowering the funding and liquidity ratios deposit rate by 10bps to -0.50% and an and equities is dominated by key sector

announcement to restart asset purchases are trends (e.g. Consumer Discretionary, . Regulatory Capital - New regulatory expected by year-end Technology, Healthcare, Industrials, capital efficient trade structures – for Financials) example pledged collateral and central • Brexit uncertainties and the rising chances of no- clearing models (CCPs) deal scenario continue to pressure UK growth. . Borrower constraints and changes in tax

However, buoyant jobs market should provide reclaim legislation continue to negatively . Beneficial Owners - Entity type and the BoE with comfort to maintain interest rate impact yield enhancement demand jurisdiction are increasingly relevant as globally these impact borrowers’ regulatory • In Asia, increasing headwinds from US-imposed capital usage tariffs led to slower Chinese GDP growth. Japanese data has shown resilience amid weaker global growth headwinds

northerntrust.com | © Northern Trust 2019 35 HISTORICAL EARNINGS SUMMARY Page 82 of391

northerntrust.com | © Northern Trust 2019 36 PERFORMANCE SCORECARD: LENDING & INVESTMENT BREAKDOWN Page 83 of391

northerntrust.com | © Northern Trust 2019 37 PERFORMANCE SCORECARD: DATE RANGE COMPARISON Page 84 of391

northerntrust.com | © Northern Trust 2019 38 PERFORMANCE SCORECARD: TOP TEN EARNING SECURITIES Page 85 of391

northerntrust.com | © Northern Trust 2019 39 CORPORATE & INSTITUTIONAL SERVICES Commission Recapture Page 86 of391

northerntrust.com | © NorthernTrust 2019 40 COMMISSION MANAGEMENT REVIEW

One Year Ending June 30, 2019

Program Commission $ 31,292.55

Rebate basis $ 17,277.12 Page 87 of391 Rebate $ 13,773.43

Rebate % 80 – Domestic 70 – International

% CM trades of total 5.85 %

Effective Commission Rate

• Before Rebate 1.54 cps (cents per share) • After Rebate 1.50 cps

northerntrust.com | © NorthernTrust 2019 41 EFFECTIVE COMMISSION RATES One Year Ending June 30, 2019 Page 88 of391

northerntrust.com | © NorthernTrust 2019 42 COMMISSION MANAGEMENT SUMMARY

 Current Environment  Commissions have been falling for the last few years  Providers excluding trades having commissions under a specified level, usual 3 cps  Many CM providers and participating brokers left the space  Program economics tough in the lower commission environment

Page 89 of391  Northern’s Commission Management, a smarter approach  Northern Trust Securities restructured its Commission Management Program Economics work for all parties All Trades are Eligible Rebate basis is 80% commission in excess of the executing brokers cost of trade processing

 Economics work for City of Fresno  Recaptured amount lowers effective commission  Benefit to plan until there is no rebate available  No rebate available mean plan is trading at broker’s cost

northerntrust.com | © NorthernTrust 2019 43 CORPORATE & INSTITUTIONAL SERVICES Class Actions Page 90 of391

northerntrust.com | © NorthernTrust 2019 44 CLASS ACTION PROCEEDS REVIEW

One Year Ending June 30, 2019

Class Action Proceeds Received $ 61,135.23

Number of Class Action Receipts 47

Largest Class Action Receipt* $ 14,216.07 Page 91 of391

*DFC Global Corp for class period 01/27/2011 to 05/02/2014, distributed on 2/20/2019

Five Years Ending June 30, 2019

Class Action Proceeds Received $681,401.10

Number of Class Action Receipts 205

Largest Class Action Receipt** $45,950.39

**J.P. Morgan Acceptance Corp I for class period 01/03/2005 to 08/07/2014, distributed on 10/28/2015

northerntrust.com | © NorthernTrust 2019 45 IMPORTANT INFORMATION

Confidentiality Notice: This communication is confidential, may be privileged, and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender as soon as possible. All materials contained in this presentation, including the description of Northern Trust, its systems, processes and pricing methodology, are proprietary information of Northern Trust. In consideration of acceptance of these materials, the recipient agrees that it will keep all such materials strictly confidential and that it will not, without the prior written consent of Northern Trust, distribute such materials or any part thereof to any person outside the recipient’s organization or to any individual within the recipient’s organization who is not directly involved in reviewing this presentation, unless required to do so by applicable law. If the recipient is a consultant acting on behalf of a third party client, the recipient may share such materials with its client if it includes a copy of these restrictions with such materials. In such event, the client agrees to comply with these restrictions in consideration of its accepting such materials.

Confidentiality Notice: Information is not intended to be and should not be construed as an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Under no circumstances should you rely upon this information as a substitute for obtaining specific legal or tax advice from your own professional legal or tax advisors. Information is subject to change based on market or other conditions and is not intended to influence your investment decisions. This communication is directed to institutional, qualified clients participating (or considering participating) in

Page 92 of391 Northern Trust's Securities Lending program. Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, and personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. © 2018 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For legal and regulatory information about individual market offices, visit northerntrust.com/disclosures.

© 2017 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The following information is provided to comply with local disclosure requirements: The Northern Trust Company, London Branch; Northern Trust Global Services Limited; Northern Trust Global Investments Limited. The following information is provided to comply with Article 9(a) of The Central Bank of the UAE’s Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, Abu Dhabi Representative Office. Northern Trust Global Services Limited Luxembourg Branch, 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Succursale d’une société de droit étranger RCS B129936. Northern Trust Luxembourg Management Company S.A., 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Société anonyme RCS B99167. Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA.

June 2019

northerntrust.com | © Northern Trust 2019 46 Page 93 of391

northerntrust.com | © Northern Trust 2019 47 Page 94 of 391 Meeting Date: August 27, 2019

REPORT TO RETIREMENT BOARDS

August 8, 2019

FROM: KATHLEEN RILEY BROWN, Assistant Administrator

SUBJECT: REVIEW AND ACCEPT REPORT ON FUNDING PAYROLL/OPERATING TRUST ACCOUNTS AND AUTHORIZED CUSTODIAL ACCOUNT TRADE ACTIVITY

Page 95 of 391 Agenda Item No. Board Meeting August 27, 2019

Reviewed by

Retirement Administrator

REPORT TO THE JOINT RETIREMENT BOARDS

August 8, 2019

FROM: ROBERT T. THELLER, Retirement Administrator

BY: KATHLEEN RILEY BROWN, Assistant Retirement Administrator

SUBJECT: REVIEW AND ACCEPT REPORT ON FUNDING PAYROLL/OPERATING TRUST ACCOUNTS AND AUTHORIZED CUSTODIAL ACCOUNT TRADE ACTIVITY

Funding Payroll [and Operating] Trust Accounts

As of July 31, 2019, the Payroll Trust account balance was approximately $315,000 and the Operating Trust account balance was $1.164 million.

Initial cash flow projections showed that withdrawals of roughly $96.7 million will fund needs of both the Benefit Payroll and Operating Trust Account expenses for Fiscal Year 2020 [July 1, 2019 – June 30, 2020]. Amounts needed to fund the Payroll account will average ~$8.0 million and fluctuate on a monthly basis between $5.6 and $9.5 million.

Twice a year, the Accounting Staff transfer cash from the Operating account to fund the Retirement Office Administrative Budget expenses to the City of Fresno. Employer and Employee defined benefit contributions fund the respective System’s portion of the Operating account on a monthly basis.

Drawbacks are no longer be automatically withdrawn from the NTAM Russell 1000 Index. CFRS Investment Officer in consultation with the Boards Investment Consultant determine monthly withdrawals from respective investment portfolios for rebalancing, funding of capital calls and the benefit payroll trust account. The Payroll Trust Account funding occurs on the next to last business day of the month.

RECOMMENDATION Staff recommends that the Joint Boards review and accept the Funding of Benefit Payroll Account/Authorized Trades activity report for July 2019, which reflects funding of $8.4 million to Payroll Trust account on July 30, 2019. Payroll funding consisted of cash transfers of distributions received from Private Market accounts, PCCP $1,014,250 and Crescent $385,750, and $7.0 million from the NTAM Russell 1000 Index Fund.

Authorized trades consisted of withdrawals totaling $151,881,604 of which $8.4 million funded the benefit payroll account and the remaining $143,481,604 funded rebalancing of the NTAM Russell 1000 Index fund, initial funding of Harvest and Tortoise – Mid Stream Energy portfolios, and Capital Calls for BRAVO III, COF II and Artemis.

Page 96 of 391 CITY OF FRESNO RETIREMENT SYSTEMS FUNDING OF BENEFIT PAYROLL ACCOUNT/AUTHORIZED TRADES

BENEFIT PAYROLL FUNDING

ESTIMATED REVISED FUNDING DATE FUNDING PROJECTIONS DATE ACTUAL AMOUNT Jul-19 $ 8,300,000 $ 8,400,000 7/30/2019 $ 8,400,000 Aug-19 $ 9,000,000 $ 8,300,000 8/29/2019 Sep-19 $ 7,600,000 $ 7,300,000 9/27/2019 Oct-19 $ 8,000,000 $ 7,800,000 10/30/2019 Nov-19 $ 8,700,000 $ 8,500,000 11/27/2019 Dec-19 $ 8,800,000 $ 8,400,000 12/27/2019 Jan-20 $ 7,200,000 $ 7,100,000 1/30/2020 Feb-20 $ 8,700,000 $ 8,700,000 2/27/2020 Mar-20 $ 5,700,000 $ 5,300,000 3/30/2020 Apr-20 $ 8,000,000 $ 8,000,000 4/29/2020 May-20 $ 9,400,000 $ 9,200,000 5/28/2020 Jun-20 $ 7,300,000 $ 7,300,000 6/29/2020 TOTAL $ 96,700,000 $ 94,300,000 $ 8,400,000

AUTHORIZED TRADES DATE WITHDRAWAL/SELL PURCHASES/CAPITAL CALLS Jul-19 $ (80,000,000) JPM SPF $80,000,000 NTAM R1000 Index $ (50,000,000) NTAM R1000 $30,000,000 Harvest $20,000,000 Tortoise $ (13,200,000) PIMCO Income $4,800,000 BRAVO III $8,400,000 COFII $ (281,604) Crescent $281,604 Artemis $ (385,750) Crescent to Payroll $ (1,014,250) PCCP to Payroll $ (7,000,000) NTAM R1000 to Payroll $ (151,881,604) $143,481,604 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

Page 97 of 391 CITY OF FRESNO RETIREMENT SYSTEMS TOTAL PORTFOLIO BY ASSET CLASS AS OF JULY 31, 2019 Large Cap Mid Cap Small Cap Intern'l Emerging Total Pct. Pct. Total Equity Managers Equity Equity Equity Equity Mkt Equity Equity Equity Portfolio NTAM R1000 Index 440,278,784 440,278,784 27.23% 14.62% Eagle 139,368,072 139,368,072 8.62% 4.63% Kennedy 114,611,964 114,611,964 7.09% 3.81% BlackRock ACWIxUS 191,411,810 67,602,818 259,014,628 16.02% 8.60% Baillie Gifford ACWIxUS 264,486,616 72,439,010 336,925,626 20.84% 11.19% Principal EAFE 222,645,674 222,645,674 13.77% 7.39% Acadian 51,348,819 51,348,819 3.18% 1.71% Axiom 52,782,927 52,782,927 3.26% 1.75% Totals 440,278,784 253,980,036 678,544,100 244,173,574 1,616,976,494 100.00% 53.69% Actual Pct. Allocation 14.62% 8.43% 22.53% 8.11% 53.69% Target Allocation 15.80% 7.20% 19.00% 7.00% 49.00% Variance -1.18% 1.23% 3.53% 1.11% 4.69% Target Ranges 13-27% 2-9% 13-27% 0-10%

Fixed Income Alternatives - Private Page 98 of 391 PE/Infra/Mid Pct. Fixed Pct. Total Non-Equity Managers Core High Yield Debt/Credit Stream Energy Real Estate Total Income Portfolio Prudential 153,287,406 153,287,406 10.99% 5.09% Dodge & Cox 259,711,945 11,471,040 271,182,985 19.45% 9.00% Loomis Sayles HY 168,586,725 168,586,725 12.09% 5.60% Crescent 60,068,389 60,068,389 4.31% 1.99% Monroe 72,783,272 72,783,272 5.22% 2.42% PIMCO COF II 40,857,477 40,857,477 2.93% 1.36% PIMCO Income Fund 40,653,445 40,653,445 2.92% 1.35% J.P. Morgan Real Estate 175,413,649 175,413,649 12.58% 5.82% Heitman REIT 34,586,784 34,586,784 2.48% 1.15% Principal REIT 103,981,153 103,981,153 7.46% 3.45% Oaktree Value Add RE 14,341,361 14,341,361 1.03% 0.48% PCCP Value Add RE 18,619,282 18,619,282 1.34% 0.62% PIMCO BRAVO III 37,254,185 37,254,185 2.67% 1.24% Artemis AREPF III 1,953,424 1,953,424 0.14% 0.06% Brookfield BSREP III 11,196,604 11,196,604 0.80% 0.37% JPMorgan IIF 61,363,910 61,363,910 4.40% 2.04% Ullico UIF 60,765,877 60,765,877 4.36% 2.02% Pantheon PE 17,961,414 17,961,414 1.29% 0.60% MidStream Energy 49,417,681 49,417,681 3.54% 1.64% Payroll Account 314,978 0.02% 0.01% Totals 453,652,796 180,057,765 173,709,138 189,508,882 397,346,442 1,394,590,001 100.00% 46.31% Actual Pct. Allocation 15.06% 5.98% 5.77% 6.29% 13.19% 46.31% Target Allocation 10.00% 5.00% 8.00% 13.00% 15.00% 51.00% Variance 5.06% 0.98% -2.23% -6.71% -1.81% -4.69% Target Ranges 4-19% 3-12% 0-10% 0-10% 5-20% 3,011,566,495 100% CITY OF FRESNO RETIREMENT SYSTEMS TOTAL PORTFOLIO ESTIMATED PERFORMANCE JULY 31, 2019 WITH VALIDATED CASH MOVEMENTS FROM PRIOR MONTH

Variance Managers: Current Month Prior month Net Change Pct. from Index Index Benchmark NTAM Russell 1000 440,278,784 435,016,216 5,262,568 1.21% -5.81% 7.02% Russell 1000 Eagle 139,368,072 136,383,544 2,984,528 2.19% -5.51% 7.70% Russell 2000 Growth Kennedy 114,611,964 113,947,334 664,630 0.58% -5.79% 6.37% Russell 2000 Value BlackRock ACWIxUS 259,014,628 262,161,726 (3,147,098) -1.20% -7.27% 6.07% MSCI ACWIxUS Baillie Gifford 336,925,626 338,104,644 (1,179,018) -0.35% -6.42% 6.07% MSCI ACWIxUS Principal EAFE 222,645,674 224,553,108 (1,907,434) -0.85% -6.82% 5.97% MSCI EAFE Acadian EME 51,348,819 52,100,555 (751,736) -1.44% -7.76% 6.32% MSCI Emerging Mrkts Axiom EME 52,782,927 52,735,920 47,007 0.09% -6.23% 6.32% MSCI Emerging Mrkts Equity Totals 1,616,976,494 1,615,003,047 1,973,447 0.12%

Variance

Page 99 of 391 Managers: Current Month Prior Month Net Change Pct. from Index Index Benchmark Prudential 153,287,406 152,878,319 409,087 0.27% -0.99% 1.26% BC US Aggregate Dodge & Cox 271,182,985 269,992,965 1,190,020 0.44% -0.82% 1.26% BC US Aggregate Loomis Sayles 168,586,725 168,101,581 485,144 0.29% -1.99% 2.28% BC US Corporate High Yield Crescent 60,068,389 60,067,291 1,098 0.00% -1.85% 1.85% 50% BA/50% BA US HY CORP +100B Monroe 72,783,272 72,783,267 5 0.00% -1.85% 1.85% 50% BA/50% BA US HY CORP +100B PIMCO COF II 40,857,477 40,857,231 246 0.00% -1.80% 1.80% 50% BA/50% BA US HY CORP +100B PIMCO Income Fund 40,653,445 40,502,328 151,117 0.37% -1.46% 1.83% 50% BA/25% Global/25% HY +100BPS J.P. Morgan Real Estate 175,413,649 175,392,245 21,404 0.01% 0.01% 0.00% NCREIF Qtrly Return Heitman REIT 34,586,784 34,162,342 424,442 1.24% -0.19% 1.43% WRESI Principal REIT 103,981,153 102,519,234 1,461,919 1.43% 0.00% 1.43% WRESI Oaktree Value Add RE 14,341,361 14,050,131 291,230 2.07% 0.79% 1.28% NCREIF ODCE + 100 BPS PCCP Value Added RE 18,619,282 18,614,874 4,408 0.02% -1.26% 1.28% NCREIF ODCE + 100 BPS PIMCO BRAVO III 37,254,185 37,254,185 0 0.00% -1.28% 1.28% NCREIF ODCE + 100 BPS Artemis AREPF III 1,953,424 2,028,219 (74,795) -3.69% -4.97% 1.28% NCREIF ODCE + 100 BPS Brookfield BSREP III 11,196,604 11,196,604 0 0.00% -1.28% 1.28% NCREIF ODCE + 100 BPS JPMorgan IIF 61,363,910 61,363,910 0 0.00% -0.35% 0.35% CPI+400bps Ullico UIF 60,765,877 60,765,877 0 0.00% -0.35% 0.35% CPI+400bps Pantheon PE 17,961,414 17,961,406 8 0.00% -7.13% 7.13% CFRS Private Equity Index MidStream Energy 49,417,681 50,000,000 (582,319) -1.16% 0.40% -1.56% Alerian MidStream Energy Payroll Account 314,978 567,835 (252,857) Fixed Income/Real Estate 1,394,590,001 1,391,059,844 3,530,157 0.25% Totals 3,011,566,495 3,006,062,891 5,503,604 0.18% Prior month Drawback 5,900,000 Totals 3,011,962,891 Page 100 of 391 Meeting Date: August 27, 2019

REPORT TO RETIREMENT BOARDS

August 8, 2019

FROM: KATHLEEN RILEY BROWN, Assistant Administrator

BY: ALBERTO MAGALLANES, Senior Accountant Auditor

SUBJECT: APPROVE REPORTS FOR ADMINISTRATIVE OVERSIGHT IN ACCORDANCE WITH JOINT RETIREMENT BOARDS' ADMINISTRATIVE OVERSIGHT POLICY §2-3

Page 101 of 391 Agenda Item No. Joint Board Meeting August 27, 2019

Reviewed by

Retirement Administrator

REPORT TO THE JOINT RETIREMENT BOARDS

August 13, 2019

FROM: ROBERT T. THELLER, Retirement Administrator

BY: KATHLEEN RILEY BROWN, Assistant Retirement Administrator

SUBJECT: REVIEW AND ACCEPT REPORTS FOR ADMINISTRATIVE OVERSIGHT IN ACCORDANCE WITH JOINT RETIREMENT BOARDS’ ADMINISTRATIVE OVERSIGHT POLICY §2-3

BACKGROUND

In accordance with the Joint Retirement Boards’ Administrative Oversight Policy §2-3, accounting staff has prepared the quarterly listing of the Systems’ Cash Disbursement payments made to each professional service provider, including but not limited to the Systems’ actuary, auditor, legal counsel, investment consultant and investment managers for the quarter ending June 30, 2019.

In addition, we are providing the unaudited Statement of Net Assets and Income Statement for Twelve Months ended June 30, 2019.

The Boards review Budget and Operating Expenses annually during the budget preparation process. FY2019 Budget Reports for each System and the Retirement Administration Operating Budget, show the amount budgeted vs. actual expenses incurred for the fiscal year ended June 30, 2019.

Overall FY2019 Trust Fund expenditures were less than the total amount appropriated for FY2019. However, a few line items exceed their budget amounts.

Benefit Services: Employees Retirement System Monthly Benefit Payments and DROP exceeded the amounts appropriated due to the higher number of retirees during the fiscal year and increased proportion of benefits from DROP account distributions, which have been notoriously difficult to estimate. The System’s estimates for the FY2020 Budget increased accordingly to include a higher number of anticipated retirements.

Investment Professional Services: The Investment Consultant line item includes background investigations related to new investments. Since the Investment Consultant fees are actually defined by the Agreement between the Boards and NEPC; and fees for investment legal review and background investigations are estimates, actual expenses may or may not exceed the budget amount based on the actual number of new investments requiring investment/operational due diligence. Staff recommends combining the Investment Legal Counsel and Background Investigations expenses for budgetary purposes.

Administrative Expenses: In general, the additional expenses are the result of higher than anticipated costs associated with iPad replacements for Board Members and Staff, associated accessories and data charges, as well as an office computer and printers.

COMMITTEE ACTION: TO BOARD LAID OVER REVIEW

Page 102 of 391 Page 2 Report to the Joint Retirement Boards August 27, 2019

RECOMMENDATION

Staff recommend that the Joint Boards review and accept the attached Cash Disbursement, Unaudited Statement of Plan Asset and Income Statements and review the FY2019 Budget/Operating Expense reports showing the budgeted amount vs. actual expenses incurred for the fiscal year ended June 30, 2019.

In addition, Staff recommend that the Joint Boards accept the line item movement and combination of Investment Legal Counsel and Background Investigations for FY2020 Budget reporting purposes.

COMMITTEE ACTION: TO BOARD LAID OVER REVIEW

Page 103 of 391 Employees Retirement System Quarterly Expenses April through June 2019

Expense Type Name Amount

Retire Benefit Pmt/Member Rfds Monthly Benefits 12,543,897.31 DROP 2,741,169.00 Employee Contribution Refunds 123,195.10 Total Retire Benefit Pmt/Member Rfds 15,408,261.41

Investment Expense

Foreign Income Taxes/Misc Investment Expenses 318,385.93

Investment Managers Axiom International Investors 54,900.51 Acadian Asset Mgt 43,834.56 Baillie Gifford 156,312.28 BlackRock Institutional TrustCo 12,773.45 Dodge & Cox 48,636.76 Eagle Asset Management-F&P 98,634.99 Heitman Real Estate Securities 44,099.31 Kennedy Capital Mgt 105,340.60 Loomis Sayles & Company LP 92,439.50 Northern Trust NTAM R1000 2,921.17 Principal Global Investors 168,431.70 Prudential Fixed Income Finance 14,107.64 Total Investment Managers 842,432.47

Investment Legal Counsel Folely & Lardner LLP 11,510.00 Total Investment Legal Counsel 11,510.00

Investment Consultant Charles Levenberg LLC 10,800.00 NEPC LLC 32,991.66 Total Investment Consultant 43,791.66

Global Custodian Northern Trust 1,473.87 Total Global Custodian 1,473.87

Page 1 of 6

Page 104 of 391 Employees Retirement System Quarterly Expenses April through June 2019

Expense Type Name Amount

Professional Services Legal Expense ICE MILLER LLP 12,962.50 Saltzman Johnson 23,222.00 Total Legal Expense 36,184.50

Actuarial The Segal Company 3,450.00 Total Actuarial Expense 3,450.00

Computer Systems Maintenance Kodak Alaris Inc 1,518.00 Levi, Ray & Shoup 7,545.00 Total Computer Systems Maintenance 9,063.00

Independent Auditor Brown Armstrong 1,159.65 Total Independent Auditor 1,159.65

Hearing Officers, Medical Examiners ExamWorks Inc 5,448.00 Total Hearing Officers, Medical Examiners 5,448.00

Professional Svcs Other ID Billing 483.26 Total Professional Svcs Other 483.26

Operating Expenses Memberhips & Dues CAIA 175.00 Total Memberhips & Dues 175.00

Education & Conference CALAPRS 313.24 IFEBP 7,950.46 Total Education & Conference 8,263.70

Due Diligence Site Visitation MLP's 1,717.14 PIMCO COF II - BRAVO III 580.07 Total Due Diligence Site Visitation 2,297.21

Page 2 of 6

Page 105 of 391 Employees Retirement System Quarterly Expenses April through June 2019

Expense Type Name Amount

Administrative Expenses

Lease Office Space Rent/CAM CFRS Realty Holding Corporation 46,566.72 Total Lease Office Space/CAM 46,566.72

Retirement Staff Education and Conference ILPA 1,006.94 CALAPRS 1,952.59 Institutional Investor Public Funds 968.40 IFEBP 4,548.90 LRS 376.20 NEPC 87.57 Total Retirement Staff and Conference 8,940.60

Postage and Overnight Mail United Parcel Service 301.35 Total Postage and Overnight Mail 301.35

Stationary & Supplies Facility Design 170.51 Misc (Toner, Video Cables, Various iPhone/iPad accessories) 1,267.61 Office Depot 429.49 Valley Coffee 146.33 Total Stationary & Supplies 2,013.94

Subscriptions/Publications IFEBP 7.98 Bloomberg 170.00 Total Subscriptions/Publications 177.98

Miscellaneous Expense Team Shirts 502.52 Total Miscellaneous 502.52

Total Expenses 16,750,882.77

Page 3 of 6

Page 106 of 391 Fire and Police Retirement System Quarterly Expenses April through June 2019

Expense Type Name Amount

Retire Benefit Pmt/Member Rfds Monthly Benefits 12,556,458.13 PRSB 537,407.59 DROP 3,292,645.93 Employee Contribution Refunds 16,986.41 Total Retire Benefit Pmt/Member Rfds 16,403,498.06

Investment Expense

Foreign Income Taxes/Misc Investment Expenses 379,577.18

Investment Managers Acadian Asset Mgt 52,325.44 Axiom International Investors 65,534.92 Baillie Gifford 186,312.28 BlackRock Institutional TrustCo 15,247.70 Dodge & Cox 58,057.86 Eagle Asset Management-F&P 117,740.90 Heitman Real Estate Securities 52,641.48 Kennedy Capital Mgt 125,745.40 Loomis Sayles & Company LP 110,345.31 Northern Trust NTAM R1000 3,485.38 Principal Global Investors 201,057.45 Prudential Fixed Income Finance 16,840.33 Total Investment Managers 1,005,334.45

Folely & Lardner LLP 11,510.00 Total Investment Legal Counsel 11,510.00

Investment Consultant Charles Levenberg LLC 10,800.00 NEPC LLC 32,991.67 Total Investment Consultant 43,791.67

Global Custodian Northern Trust 1,760.02 Total Global Custodian 1,760.02

Page 4 of 6

Page 107 of 391 Fire and Police Retirement System Quarterly Expenses April through June 2019

Expense Type Name Amount

Professional Services Legal Expense ICE MILLER LLP 14,865.00 Saltzman Johnson 22,500.00 Total Legal Expense 37,365.00

Actuarial The Segal Company 3,725.00 Total Actuarial Expense 3,725.00

Computer Systems Maintenance Kodak Alaris Inc 1,518.00 Levi, Ray & Shoup 7,545.00 Total Computer Systems Maintenance 9,063.00

Independent Auditor Brown Armstrong 1,159.65 Total Independent Auditor 1,159.65

Hearing Officers, Medical Examiners ExamWorks Inc 27,925.00 Total Hearing Officers, Medical Examiners 27,925.00

Professional Svcs Other ID Billing 483.26 Total Professional Svcs Other 483.26

Operating Expenses Memberhips & Dues CAIA 175.00 Total Memberhips & Dues 175.00

Education & Conference CALAPRS 6,000.00 NEPC 2,380.48 NCPERS 3,133.07 IFEBP 3,605.82 Total Education & Conference 15,119.37

Due Diligence Site Visitation MLP's 1,734.65 PIMCO COF II - BRAVO III 627.51 Total Board Education and Conference 2,362.16

Page 5 of 6

Page 108 of 391 Fire and Police Retirement System Quarterly Expenses April through June 2019

Expense Type Name Amount

Administrative Expenses Lease Office Space Rent/CAM CFRS Realty Holding Corporation 46,566.71 Total Lease Office Space/CAM 46,566.71

Retirement Staff Education and Conference ILPA 1,006.94 CALAPRS 1,952.58 Institutional Investor Public Funds 968.40 IFEBP 4,548.90 LRS 376.20 NEPC 87.57 Total Retirement Staff and Conference 8,940.59

Equipment Incl Rental/Lease ACH Unversal Software 1,177.00 10X Charges 857.00 Data Charges & IPad Replacement 14,126.91 Total Equipment Rental/Lease 16,160.91

Postage and Overnight Mail United Parcel Service 301.36 Total Postage and Overnight Mail 301.36

Stationary & Supplies Facility Design 170.51 Misc (Toner, Video Cables, Various iPhone/iPad accessories) 1,267.61 Office Depot 429.49 Valley Coffee 146.33 Total Stationary & Supplies 2,013.94

Subscriptions/Publications IFEBP 7.97 Bloomberg 170.00 Total Subscriptions/Publications 177.97

Miscellaneous Expense Sunnyside Trophy 80.71 Team Shirts 550.41 Total Miscellaneous 631.12

Total Expenses 18,017,641.42

Page 6 of 6

Page 109 of 391 City of Fresno Employees' Retirement System Statement of Plan Net Assets June 30, 2019 (Unaudited)

ASSETS: Cash and Short Term Investments $ 23,212,389

RECEIVABLES: Interest & Dividends 3,436,967 Receivables for Investments Sold 31,998,787 Other Investment Related 84,583,816 TOTAL RECEIVABLES 120,019,570

CAPITAL ASSETS: Fixed Assets 36,948 Intangible Assets 930,716 TOTAL CAPITAL ASSETS 967,664

INVESTMENTS AT FAIR VALUE Domestic Equity 389,901,484 International Developed Market Equities 248,931,711 International Emerging Market Equities 47,148,574 Domestic Fixed Income 286,786,322 Direct Lending 139,125,572 Real Estate 215,908,589 TOTAL INVESTMENTS 1,327,802,252

TOTAL ASSETS 1,472,001,875

LIABILITIES Payable for Foreign Currency Purchases 3,112,323 Payable for Investments Purchased 8,332,615 Other Liabilities 83,755,896 TOTAL LIABILITIES 95,200,834

NET ASSETS HELD IN TRUST FOR PENSION BENEFITS 1,376,801,041

TOTAL LIABILITIES & FUND BALANCE $ 1,472,001,875

Page 110 of 391 City of Fresno Employees' Retirement System Statement of Changes in Plan Net Assets For Fiscal Year Ended June 30, 2019 (Unaudited)

ADDITIONS: Contributions & Income from Operations Employer Contributions $ 14,581,330 Employee Contributions 10,478,120 Trust Interest 40,679 Miscellaneous Income 12,364 TOTAL CONTRIBUTIONS & INCOME FROM OPERATIONS 25,112,493

Investment Income: Net Appreciation (Depreciation) in Value of Investment 47,388,221 Interest 12,418,545 Dividends 11,920,503 Less Investment Expense (5,152,365) NET INVESTMENT INCOME 66,574,904

TOTAL INCOME 91,687,397

DEDUCTIONS: Benefits 62,144,084 Professional Services Expense 304,858 Administrative Expense 1,128,046 TOTAL DEDUCTIONS 63,576,988

NET INCOME/(LOSS) $ 28,110,409

Page 111 of 391 City of Fresno Fire and Police Retirement System Statement of Plan Net Assets June 30, 2019 (Unaudited)

ASSETS: Cash and Short Term Investments $ 27,767,730

RECEIVABLES: Interest & Dividends 4,107,473 Receivables for Investments Sold 38,241,320 Other Investment Related 100,643,602 TOTAL RECEIVABLES 142,992,395

CAPITAL ASSETS: Fixed Assets 36,948 Intangible Assets 930,716 TOTAL CAPITAL ASSETS 967,664

INVESTMENTS AT FAIR VALUE Domestic Equity 465,966,025 International Developed Market Equities 297,494,943 International Emerging Market Equities 56,346,628 Domestic Fixed Income 342,734,479 Direct Lending 166,267,101 Real Estate 257,437,191 TOTAL INVESTMENTS 1,586,246,367

TOTAL ASSETS 1,757,974,156

LIABILITIES Payable for Foreign Currency Purchases 3,719,495 Payable for Investments Purchased 9,958,277 Other Liabilities 99,577,235 TOTAL LIABILITIES 113,255,007

NET ASSETS HELD IN TRUST FOR PENSION BENEFITS 1,644,719,149

TOTAL LIABILITIES & FUND BALANCE $ 1,757,974,156

Page 112 of 391 City of Fresno Fire and Police Retirement System Statement of Changes in Plan Net Assets For Fiscal Year Ended June 30, 2019 (Unaudited)

ADDITIONS: Contributions & Income from Operations Employer Contributions $ 20,538,719 Employee Contributions 9,564,504 Trust Interest 49,582 Miscellaneous Income 11,055 TOTAL CONTRIBUTIONS & INCOME FROM OPERATIONS 30,163,860

Investment Income: Net Appreciation (Depreciation) in Value of Investment 56,652,647 Interest 14,810,204 Dividends 14,216,424 Less Investment Expense (6,091,355) NET INVESTMENT INCOME 79,587,920

TOTAL INCOME 109,751,780

DEDUCTIONS: Benefits 65,962,137 Professional Services Expense 492,953 Administrative Expense 1,163,134 TOTAL DEDUCTIONS 67,618,224

NET INCOME/(LOSS) $ 42,133,556

Page 113 of 391 City of Fresno Employees Retirement System Budget Report FY 2019 As of June 30, 2019

Budget Actual Available Pct (%)

Line Item Description FY2019 FY2019 Budget Available Benefit Services Monthly Benefit Payments 48,000,000 49,483,649 (1,483,649) -3.09% Post Retirement Supplemental Benefit - - - - Deferred Retirement Option Payments 11,000,000 11,411,644 (411,644) -3.74% Employee Contribution Refunds 2,000,000 1,248,791 751,209 37.56% Total Benefit Services 61,000,000 62,144,084 (1,144,084) -1.88% Operations Investment Expenses Foreign Income Taxes/Misc Investment Expense 1,000,000 714,961 285,039 28.50% Total Foreign Income Taxes 1,000,000 714,961 285,039 28.50% Professional Investment Svcs - Portfolio Mgrs & Consultants Domestic Equity - Large, Small Cap 935,000 828,587 106,413 11.38% International Equity - EAFE, ACWixUS, EM 1,935,000 1,552,678 382,322 19.76% Fixed Income - Domestic Core and High Yield 650,000 605,022 44,978 6.92% Real Estate - Public and Private 1,480,000 1,063,977 416,023 28.11% Analytical Database Services 17,500 16,250 1,250 7.14% Investment Legal Counsel 125,000 61,190 63,810 51.05% Investment Consultant 135,000 158,692 (23,692) -17.55% Global Custodian 230,000 151,008 78,992 34.34% Total Prof Investment Svcs - Portfolio Mgrs & Consultants 5,507,500 4,437,404 1,070,096 19.43% Total Investment Expenses 6,507,500 5,152,365 1,355,135 20.82% Professional Services - Consultants & Other Legal 100,000 112,973 (12,973) -12.97% Actuarial 115,000 62,045 52,955 46.05% Computer Systems Maintenance 110,000 72,194 37,806 34.37% Independent Auditor 22,000 20,448 1,552 7.05% Hearing Officers,Medical Examiners 35,000 23,998 11,002 31.43% Consultants/Temporary Services 12,500 9,569 2,931 23.45% Other 10,000 3,631 6,369 63.69% Total Professional Services - Consultants & Other 404,500 304,858 99,642 24.63% Administrative Expenses Reimbursement to City for Board Member Time 10,000 925 9,075 90.75% Board Education & Conference 35,000 19,346 15,654 44.73% Board Education & Conference - Offsite 10,000 2,432 7,568 75.68% Due Diligence Site Visitation (Travel Costs) 55,000 38,419 16,581 30.15% Membership & Dues 6,500 5,808 692 10.65% Transfer to Retirement Office Fund (Employees Svc & ID charges) 863,400 863,400 - 0.00% Web Svcs (Workiva, EDMS and Board Agenda distribution) 22,500 3,605 18,895 83.98% Lease Office Space/ CAM 145,000 135,915 9,085 6.27% Insurance (Fiduciary & Cyber) 40,000 - 40,000 100.00% Retirement Staff Education and Conference 37,500 28,843 8,657 23.09% iPad Data Charges, Equipment and Rental 7,500 20,491 (12,991) -173.21% Postage and Overnight mail 2,500 938 1,562 62.48% Stationary & Supplies 7,000 6,457 543 7.76% Subscriptions & Publications 500 428 72 14.40% Miscellaneous Expense 1,500 1,039 461 30.73% Total Administrative Expenses 1,243,900 1,128,046 115,854 9.31% Capital Budget Computer Systems (Pension System Software, Hardware) 10,000 - 10,000 100.00% Furniture, Computer Equipment 10,000 3,062 6,938 69.38% Total Capital Budget 20,000 3,062 16,938 84.69%

Total Administrative Expenses and Capital Budget 1,263,900 1,131,108 132,792 10.51%

Total System Budget without contingency 69,175,900 68,732,415 443,485 0.64% Contingency Budget - - - - Total System Budget 69,175,900 68,732,415 443,485 0.64%

Page 114 of 391 City of Fresno Fire & Police Retirement System Budget Report FY 2019 As of June 30, 2019

Budget Actual Available Pct (%)

Line Item Description FY2019 FY2019 Budget Available Benefit Services Monthly Benefit Payments 49,000,000 49,640,322 (640,322) -1.31% Post Retirement Supplemental Benefit 2,500,000 2,122,442 377,558 15.10% Deferred Retirement Option Payments 14,000,000 13,350,379 649,621 4.64% Employee Contribution Refunds 1,500,000 848,994 651,006 43.40% Total Benefit Services 67,000,000 65,962,137 1,037,863 1.55% Operations Investment Expenses Foreign Income Taxes/Misc Investment Expense 1,125,000 849,847 275,153 24.46% Total Foreign Income Taxes 1,125,000 849,847 275,153 24.46% Professional Investment Svcs - Portfolio Mgrs & Consultants Domestic Equity - Large, Small Cap 1,120,000 987,228 132,772 11.85% International Equity - EAFE, ACWixUS, EM 2,310,000 1,849,687 460,313 19.93% Fixed Income - Domestic Core and High Yield 800,000 720,909 79,091 9.89% Real Estate - Public and Private 1,770,000 1,267,253 502,747 28.40% Analytical Database Services 17,500 16,250 1,250 7.14% Investment Legal Counsel 125,000 61,190 63,810 51.05% Investment Consultant 135,000 158,692 (23,692) -17.55% Global Custodian 265,000 180,299 84,701 31.96% Total Prof Investment Svcs - Portfolio Mgrs & Consultants 6,542,500 5,241,508 1,300,992 19.89% Total Investment Expenses 7,667,500 6,091,355 1,576,145 20.56% Professional Services - Consultants & Other Legal 155,000 116,321 38,679 24.95% Actuarial 125,000 64,230 60,770 48.62% Computer Systems Maintenance 110,000 72,194 37,806 34.37% Independent Auditor 25,000 20,448 4,552 18.21% Hearing Officers,Medical Examiners 160,000 206,560 (46,560) -29.10% Consultants/Temporary Services 12,500 9,569 2,931 23.45% Other 15,000 3,631 11,369 75.79% Total Professional Services - Consultants & Other 602,500 492,953 109,547 18.18% Administrative Expenses Reimbursement to City for Board Member Time 50,000 21,274 28,726 57.45% Board Education & Conference 35,000 33,311 1,689 4.83% Board Education & Conference - Offsite 10,000 2,432 7,568 75.68% Due Diligence Site Visitation (Travel Costs) 55,000 38,771 16,229 29.51% Membership & Dues 6,500 5,808 692 10.65% Transfer to Retirement Office Fund (Employees Svc & ID charges) 863,400 863,400 - 0.00% Web Svcs (Workiva, EDMS and Board Agenda distribution) 22,500 3,605 18,895 83.98% Lease Office Space/ CAM 145,000 135,915 9,085 6.27% Insurance (Fiduciary & Cyber) 40,000 - 40,000 100.00% Retirement Staff Education and Conference 37,500 28,843 8,657 23.09% iPad Data Charges, Equipment and Rental 7,500 21,436 (13,936) -185.81% Postage and Overnight mail 2,700 938 1,762 65.26% Stationary & Supplies 7,000 5,727 1,273 18.19% Subscriptions & Publications 500 428 72 14.40% Miscellaneous Expense 1,500 1,246 254 16.93% Total Administrative Expenses 1,284,100 1,163,134 120,966 9.42% Capital Budget Computer Systems (Pension System Software, Hardware) 10,000 - 10,000 100.00% Furniture, Computer Equipment 10,000 3,062 6,938 69.38% Total Capital Budget 20,000 3,062 16,938 84.69%

Total Administrative Expenses and Capital Budget 1,304,100 1,166,196 137,904 10.57%

Total System Budget without contingency 76,574,100 73,712,641 2,861,459 3.74% Contingency Budget - - - - Total System Budget 76,574,100 73,712,641 2,861,459 3.74%

2 of 3

Page 115 of 391 City of Fresno Retirement Systems Retirement Administration Office Budget FY 2019 As of June 30, 2019

Budget Actual Available PCT (%) Acct # Account Description FY2019 FY2019 Budget Available

Employee Services 51101 Permanent Salaries 1,080,000 1,098,479 (18,479) -1.71% 51102/4/5 Permanent Fringe 166,300 160,808 5,492 3.30% 51103 Employee Leave Payoff-Non Term 29,800 29,680 120 0.40% 51107 Permanent Fringe - Pension 108,800 114,552 (5,752) -5.29% 51109 Leave Payoff At Termination 13,100 13,100 - 0.00% 51201 Non-Permanent Salaries - - - - 51202 Non-Permanent Fringe - - - - 51301 Overtime - 285 (285) - 51401 Premium Pay 9,100 1,294 7,806 85.78% 51403 Commission Stipends 4,800 3,300 1,500 31.25% Employee Services Total 1,411,900 1,421,498 (9,598) -0.68%

Operations & Maintenance 52302 Gen Svc Pens Oblig Bond Dbt Svc 26,900 26,900 0 0.00% 52403 HRA Payments 17,200 14,280 2,920 16.98% 52601 Workers Compensation 200 200 - - 52901 Recurring Vehicle Allowance 11,900 11,880 20 0.17% Operations & Maintenance Total 56,200 53,260 2,940 5.23%

InterDepartmental Charges 59102 City Attorney Charges 4,200 4,200 100.00% 59201 Fixed Interdept Reimb - Gen Fund 90,400 90,400 0 0.00% 59302 Info Systems Service Charge 163,700 163,700 0 0.00% 59303 Info Systems Equip Charge 25,600 25,724 (124) -0.48% 59304 Property Self-Insurance Charges 500 500 0 0.00% 59306 Msngr/Mail/Copier Svc - 2,095 (2,095) - 59307 Telephone Service Charges 8,100 10,001 (1,901) -23.47% 59310 Non-Recurring Spec Project Chg - - - - 59312 Fleet Services Charge - - - - 59315 Employee/Visitor Parking Perm 100 180 (80) - 59322 PeopleSoft Replacement Charge 4,000 4,000 0 0.00% 59323 Network Replacement Charge 4,900 4,900 0 0.00% InterDepartmental Charges Total 301,500 301,500 0 0.00%

Contingency 61001 Contingency / Reserve 0 0 0 61099 Contingency / Budget Hold Back 0 0 0 Contingencies Total 0 0 0

Grand Total 1,769,600 1,776,258 (6,658) -0.38%

Page 116 of 391 Meeting Date: August 27, 2019

REPORT TO RETIREMENT BOARDS

August 6, 2019

FROM: CHAD JACOBS, Investment Officer

SUBJECT: REVIEW AND ACCEPT REBALANCING AND TRADE ACTIVITIES - JULY 2019

OVERVIEW

No rebalancing activities occurred during the month, however, several capital calls were received and funded accordingly.

RECOMMENDATION

Staff recommends that the Joint Boards review and accept the rebalancing and trade activities report for July 2019. Payroll funding consists of $7.0 million from the JP Morgan Strategic Property Fund redemption; and cash transfers of distributions received from PCCP ($1,014,250) and Crescent ($385,750).

Page 117 of 391 City of Fresno Retirement Systems Rebalance Analysis and Recommendation Reported Balances as of: July-19

Target Potential Net Contribution Est. MV After Allocation % After Asset Class Manager Actual $ Range Actual % Target % Target $ Action Difference %4 Rebalance $ or (Distribution) Action Action Large Cap NTAM Russell 1000 440,278,784 13%-27% 14.6% 15.8% -7.5% 476,011,459 No Action CONTRIB 23,000,000 440,278,784 14.6% Small Cap Growth Eagle 139,368,072 4.6% 3.6% 28.5% 108,458,307 (19,859,401) 139,368,072 4.6% 2%-9% Small Cap Value Kennedy 114,611,964 3.8% 3.6% 5.7% 108,458,307 No Action 114,611,964 3.8% Total Domestic Equity 694,258,820 15%-36% 23.0% 23.0% 692,928,073 (19,859,401) 694,258,820 23.0% ACWIxUS Baillie Gifford1 266,171,245 8.8% 7.0% 26.2% 210,891,153 (34,885,225) 266,171,245 8.8% ACWIxUS BlackRock1 194,260,971 13%-27% 6.4% 6.0% 7.5% 180,763,845 No Action 194,260,971 6.4% EAFE Principal 222,645,674 7.4% 6.0% 23.2% 180,763,845 (25,792,790) 222,645,674 7.4% Total International Dev Equity 683,077,890 13%-27% 22.7% 19.0% 572,418,843 (60,678,015) 683,077,890 22.7% Emerging Markets Acadian 51,348,819 1.7% 1.5% 13.6% 45,190,961 No Action 51,348,819 1.7% 0%-10% Emerging Markets Axiom 52,782,927 1.8% 1.5% 16.8% 45,190,961 (4,433,698) 52,782,927 1.8% Total Emerging Equity2 239,639,785 13%-27% 8.0% 7.0% 210,891,153 (4,433,698) 239,639,785 8.0% Core Dodge & Cox 271,182,985 9.0% 5.0% 80.0% 150,636,538 (108,506,693) 271,182,985 9.0% Core PIMCO Income 40,653,445 4%-19% 1.3% 0.0% 1.3% 0 No Action DRAW (13,200,000) 40,653,445 1.3% Core Prudential 153,287,406 5.1% 5.0% 1.8% 150,636,538 No Action 153,287,406 5.1% High Yield Loomis Sayles 168,586,725 3%-12% 5.6% 5.0% 11.9% 150,636,538 No Action 168,586,725 5.6% Total Fixed Income 633,710,560 7%-31% 21.0% 15.0% 451,909,613 (108,506,693) 633,710,560 21.0% Page 118 of 391 Core JP Morgan 175,413,649 5%-20% 5.8% 11.0% -47.1% 331,400,383 41,282,696 DRAW (80,000,000) 175,413,649 5.8% REIT Principal 103,981,153 3.5% 0.0% 3.5% 0 No Action 103,981,153 3.5% 0%-4% REIT Heitman 34,586,784 1.1% 0.0% 1.1% 0 No Action 34,586,784 1.1% VARE PIMCO BRAVO III 37,254,185 1.2% CONTRIB 4,800,000 37,254,185 1.2% VARE PCCP 18,619,282 0.6% DRAW (1,014,250) 18,619,282 0.6% VARE Oaktree 14,341,361 0.5% 14,341,361 0.5% 1%-9% 4.0% 120,509,230 VARE Brookfield 11,196,604 0.4% 11,196,604 0.4% VARE Artemis 1,953,424 0.1% CONTRIB 281,604 1,953,424 0.1% VARE Blue Vista 0.0% - 0.0% Total Real Estate 397,346,442 6%-28% 13.2% 15.0% 451,909,613 41,282,696 397,346,442 13.2% Infrastructure JP Morgan 61,363,910 2.0% 2.0% 1.8% 60,254,615 No Action 61,363,910 2.0% 0%-10% Infrastructure Ullico 60,765,877 2.0% 2.0% 0.8% 60,254,615 No Action 60,765,877 2.0% Midstream Energy Harvest 29,428,929 1.0% 3.0% 90,381,923 CONTRIB 30,000,000 29,428,929 1.0% 2%-9% Midstream Energy Tortoise 19,988,752 0.7% 2.0% 60,254,615 CONTRIB 20,000,000 19,988,752 0.7% Private Equity Pantheon 17,961,414 2%-10% 0.6% 4.0% 120,509,230 17,961,414 0.6% Private Debt PIMCO COF II 40,857,477 1.4% CONTRIB 8,400,000 40,857,477 1.4% Private Debt Crescent 60,068,389 0%-10% 2.0% 8.0% 241,018,460 DRAW (667,354) 60,068,389 2.0% Private Debt Monroe 72,783,272 2.4% 72,783,272 2.4% Total Alternatives 363,218,019 0%-40% 12.1% 21.0% 632,673,458 363,218,019 12.1%

Cash3 1,479,235 0.0% 0.0% - CONTRIB 8,400,000 1,479,235 0.0%

TOTAL FUND 3,012,730,751 100.0% 100.0% 100.0% 3,012,730,751 - 5,618,396 3,012,730,751 100.0%

1 MVs for Baillie Gifford and BlackRock exclude estimated EM exposure 2 Aggregate MV for Emerging Market Equity includes estimated EM exposure from Baillie Gifford and BlackRock 3 Cash includes the Payroll and Operating accounts 4 If the cell value is GREEN, it denotes the portfolio is underweight and eligible for rebalancing; If the cell value is RED it denotes that portfolio is overweight and eligible to be drawn down for rebalancing purposes; If the cell value is within the +/- 15% band, No Action can be taken for rebalancing purposes but could potentially be drawn down for other liquidity needs CFRS Trade Activities for Month Ending July 31, 2019

Distributions Contributions Payroll Estimates Transfer Funding Manager Amount Manager Amount Wire Date Month Amount Date Date Crescent 281,604 7/2/2019 Artemis 281,604 7/2/2019 PIMCO Income 3,600,000 7/3/2019 PIMCO COF 3,600,000 7/3/2019 Jul-19 (8,400,000) 7/30/2019 JPM SPF 80,000,000 7/9/2019 NTAM (via JPM) 80,000,000 7/9/2019 Aug-19 (8,900,000) 8/29/2019 PIMCO Income 4,800,000 7/18/2019 PIMCO BRAVO 4,800,000 7/19/2019 Sep-19 (7,300,000) 9/27/2019 JPM (via NTAM) 57,000,000 7/25/2019 PIMCO COF 4,800,000 7/30/2019 Oct-19 (7,800,000) 10/30/2019 PIMCO Income 4,800,000 7/29/2019 Tortoise 20,000,000 7/31/2019 Nov-19 (8,500,000) 11/27/2019 Crescent 385,750 7/29/2019 Harvest 30,000,000 8/1/2019 Dec-19 (8,500,000) 12/27/2019 PCCP 1,014,250 7/29/2019 Page 119 of 391

Total Contributions (143,481,604) Payroll (8,400,000) Total Distribs 151,881,604 Total Trades & O/U - 151,881,604 Available Cash Carry Forward - Page 120 of 391

To: City of Fresno Retirement Systems (CFRS) Joint Board

From: Don Stracke, CFA, CAIA

Date: August 27, 2019

Subject: Rebalancing Notification

Background

Following the rebalancing plan adopted by the board in June of this year, there was a movement of cash in the plan early in August. Staff notified NEPC of a potential rebalancing of approximately $38 million from Dodge & Cox to the Northern Trust US Index account. You will recall that historically this Index account has been the main source of funding benefit payments and is under-weight it’s long term target. NEPC reviewed the staff recommendation and concluded that it was consistent with the adopted plan:

- The rebalancing was less than 1.5% of the fund - Dodge & Cox was more $106 million over weight - The Northern Trust Index Fund was over 3% of the total fund underweight - The Index Fund was getting close to the low end of the range

Therefore, NEPC gave verbal approval to staff, and is now notifying the board, consistent with the recently adopted rebalancing policy.

Page 121 of 391

Page 122 of 391 Meeting Date: August 27, 2019

REPORT TO RETIREMENT BOARDS

August 9, 2019

FROM: KATHLEEN RILEY BROWN, Assistant Administrator

SUBJECT: REVIEW, DISCUSS AND CONSIDER BOARD POLICY AND SECURITIES LITIGATION MONITORING, CLASS ACTION PROCEEDS RECEIVED DURING FISCAL YEAR 2019

Page 123 of 391 Agenda Item No. Board Meeting August 27, 2019

Reviewed by

Retirement Administrator

REPORT TO THE JOINT RETIREMENT BOARDS

August 9, 2019

FROM: ROBERT T. THELLER, Retirement Administrator

BY: KATHLEEN RILEY BROWN, Assistant Retirement Administrator

SUBJECT: REVIEW, DISCUSS AND CONSIDER BOARD POLICY AND SECURITIES LITIGATION MONITORING, CLASS ACTION PROCEEDS RECEIVED DURING FISCAL YEAR 2019

BACKGROUND:

Securities Litigation policy, Section 2-18 of the Retirement Board Policy and Reference Manual was initially adopted in December 2003. The policy establishes the procedures and guidelines for monitoring securities class actions, submitting claims, and evaluating whether the Systems’ would participate as a Lead Plaintiff in securities class actions, when such action is appropriate to protect the Boards’ interest.

The Boards’ Securities Litigation policy also provides details of the review of routine class action filings, describes the coordination with present and past custodians to ensure that accurate claims are filed on behalf of the Boards; and outlines the elements of reporting that staff provides to the Boards.

Northern Trust, the Systems’ custodian effective October 1, 2003, became responsible for monitoring and filing claims for class actions for class periods that occurred after October 1, 2003.

Northern Trust Class Action Services

Northern Trust performs three primary functions for securities litigation that have settled through U.S. courts, where claim administration is being handled by U.S. claim administrators:

1. Track and provide notification of settled lawsuits; 2. File claims; and 3. Post disbursements to the Systems’ portfolio(s).

Northern Trust’s process entails a dedicated class action group which oversees the class action settlement claims-filing process from beginning to end. The process undergoes a regular review from their internal audit staff, and is subject to stringent accuracy controls. BOARD ACTION: APPROVED LAID OVER REC REVIEW

Page 124 of 391 Page 2 Report to the Joint Retirement Boards Securities Litigation August 27, 2019

Northern Trust provides Class action and settlement reports that track all class action events where they have received notification. Reports can detail Class Actions by event status (notified, open, filed, and disbursing) and settlements received as of a certain period (monthly, fiscal or year-to-date). Attached are examples of these reports for FY2019, all class actions events; all class actions filed; and proceeds received.

Details below show by fiscal year [July 1 –June 30] the number of claims filed by Northern Trust, the number of claims paid and the proceeds received.

Fiscal Year Ending Number of Claims Number of Claims Total Amount June 30 Filed by NT Paid Paid 2009 77 24 120,493.51 2010 95 28 61,984.00 2011 61 33 148,565.23 2012 94 23 150,942.82 2013 77 33 172,937.51 2014 61 47 168,427.25 2015 78 36 201,764.76 2016 85 30 88,601.88 2017 55 36 97,211.18 2018 31 32 162,025.85 2019 91 32 38,780.90

Grand Total 805 354.00 $ 1,411,734.89

RETIREMENT BOARDS’ SECURITIES LITIGATION POLICY

The Boards’ policy requires formal review every three years. The Boards reviewed their Securities Litigation policy in August 2015, at which time; the Boards adopted a Claims Reporting review on an annual as opposed to a semi-annual basis. Inadvertently, the formal review of the policy did not occur in August 2018; therefore, the policy provided is for formal review with only slight language modifications recommended.

ISSUE

Should the Boards accept the annual report on Securities Litigation and adopt the language modifications to its Securities Litigation policy?

RECOMMENDATION

Staff recommends that the Boards review and accept the annual report on Securities Litigation claims filings and proceeds received; and adopt the Securities Litigation policy with slight language modifications.

BOARD ACTION: APPROVED LAID OVER REC REVIEW

Page 125 of 391 RETIREMENT BOARD POLICY AND REFERENCE MANUAL

Section: 2-18 SUBJECT: SECURITIES LITIGATION 08/27/2019 Date Adopted/Revised: 08/24/2015 Approved: SYSTEM(S): JOINT

Retirement Administrator

PURPOSE

The Retirement Boards as fiduciaries owe a duty to system members and retirees to manage prudently system assets, an overall duty which includes the subordinate duty to evaluate and monitor securities class actions in which the Systems are members of the class. The Boards in appropriate cases will take reasonable steps to reduce attorneys’ fees awards, to increase class recoveries, to obtain monetary recoveries from individual corporate wrongdoers, and to achieve appropriate corporate governance. The Retirement Boards recognize that resources devoted to securities class actions may reduce resources needed to satisfy other fiduciary duties and so only intend to act in this area when the probable benefits to the Systems clearly outweigh by a substantial margin the costs, both financial and otherwise, of action.

POLICY

The City of Fresno Retirement Boards have adopted this policy to establish procedures and guidelines for monitoring securities class actions, for submitting claims, and for evaluating whether to participate as a Lead Plaintiff in securities class actions, when such action is appropriate to protect the Boards’ interest.

Statement of Functions and Responsibilities:

A. Active Case Monitoring

1. Retention of Outside Counsel

The Boards may in the exercise of their discretion to retain one or more private law firms to advise and/or represent the Boards in class action matters.

Page 126 of 391 BOARD POLICY AND REFERENCE MANUAL SECTION 2-18 SECURITIES LITIGATION

2. Case Monitoring

Board counsel, in conjunction with retained outside counsel to the extent appropriate, shall actively monitor only those cases determined to have merit and in which the Systems’ estimated loss is at least two million dollars. Active monitoring shall include periodic status reports to the Boards, coordination with class counsel, and participation in significant motions or in settlement discussions.

3. Coordination with Outside Counsel

Board counsel will coordinate with an experienced law firm selected by the Boards to determine if a lawsuit possesses merit and is worthy of additional inquiry. Board counsel shall report to the Boards concerning whether for each lawsuit the Boards should limit their activities to claims monitoring or should actively monitor the lawsuit or should seek lead plaintiff status.

4. Participation as Lead Plaintiff

Board counsel shall recommend to the Boards to seek lead plaintiff status only when (i) Board counsel, after consultation with retained outside counsel, has determined that the case has significant merit and (ii) the Systems’ estimated loss is at least three million dollars.

5. Reports to the Boards

Board counsel shall report to the Boards on at least a semi-annual basis the status of cases under active monitoring or in which one or both Boards are lead plaintiffs.

B. Review of Routine Class Action Filings

1. Retention of Service Provider to Routinely Monitor Class Action Cases

The Retirement Boards shall retain an experienced outside service provider to monitor class action filings and to estimate on a realistic basis losses incurred by the Systems.

Page 127 of 391 BOARD POLICY AND REFERENCE MANUAL SECTION 2-18 SECURITIES LITIGATION

2. Claims Filing

The Boards shall coordinate with present and past custodians to insure that accurate claims are filed on behalf of the Boards in pending state or federal securities class actions.

3. Claims Reporting

Retirement staff shall provide an annual written report to the Boards on an annual basis with a written report detailing the status of claims, including the name of the action, the file date for a claim(s) was filed on behalf of the Boards, the amount of the claim(s), the date of judgment or settlement, the date a distribution was madeproceeds received, and the amount of the distribution to the Boards.

C. Policy Review

The Boards shall review this policy at least once every three years.

______

1. Adopted 12/18/2003 2 Annual Review, format clarifying the functions and responsibilities for Active Case Monitoring and Review of Routine Class Action filing, revised 12/10/2008 3. Claims Reporting on an annual as opposed to semi-annual basis, revised 8/24/2015. 4. Formal Review 8/27/2019; slight modifications to language.

Page 128 of 391 Class Action Services Account number 2622494 01 Jul 18 - 30 Jun 19 CFRSR-PAYROLL ACCOUNT

u Class Action Proceeds Received Report Page 1 of 4

2622494 CFRSR-PAYROLL ACCOUNT Shares / Par Entry Date Asset Description Asset ID Transaction Description Payment Amount Received

2-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 Amer. Intl. Grp. (2004) (COMPANY) RECEIVED DISTRIBUTION 1,341.88 0.00 FOR CLASS PERIOD 10/27/1999 TO 12/15/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2622500 CLOSED ZZCFRSR-ALLIANCE CAPITAL MGMT 2-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 Amer. Intl. Grp. (2004) (COMPANY) RECEIVED DISTRIBUTION 168.10 0.00 FOR CLASS PERIOD 10/27/1999 TO 12/15/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2622501 CLOSED ZZCFRSR-GOLDMAN RESTRUCTURING 5-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 AMERICAN INTL GRP (04) (STARR DEFENDENTS RECEIVED 26.02 0.00 DISTRIBUTION FOR CLASS PERIOD 10/27/1999 TO 12/15/2010 Page 129 of 391 CASH DISTRIBUTION 2 FILED ACCOUNT 2622501 CLOSED ZZCFRSR-GOLDMAN RESTRUCTURING 5-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 AMERICAN INTL GRP (04) (STARR DEFENDENTS RECEIVED 200.54 0.00 DISTRIBUTION FOR CLASS PERIOD 10/27/1999 TO 12/15/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2622500 CLOSED ZZCFRSR-ALLIANCE CAPITAL MGMT 6-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 AIG-GENERAL REINSURANCE CORP RECEIVED DISTRIBUTION 155.06 0.00 FOR CLASS PERIOD 10/27/1999 TO 12/15/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2622500 CLOSED ZZCFRSR-ALLIANCE CAPITAL MGMT 6-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 AIG-GENERAL REINSURANCE CORP RECEIVED DISTRIBUTION 30.18 0.00 FOR CLASS PERIOD 10/27/1999 TO 12/15/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2622501 CLOSED ZZCFRSR-GOLDMAN RESTRUCTURING 10-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 Amer. Intl. Grp. (2004) (PWC) RECEIVED DISTRIBUTION FOR 187.46 0.00 CLASS PERIOD 10/27/1999 TO 06/29/2005 CASH DISTRIBUTION 2 FILED ACCOUNT 2622500 CLOSED ZZCFRSR-ALLIANCE CAPITAL MGMT 10-Jul-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 Amer. Intl. Grp. (2004) (PWC) RECEIVED DISTRIBUTION FOR 31.19 0.00 CLASS PERIOD 10/27/1999 TO 06/29/2005 CASH DISTRIBUTION 2 FILED ACCOUNT 2622501 CLOSED ZZCFRSR-GOLDMAN RESTRUCTURING 23-Jul-18 FNMA COM STK 313586109 FANNIE MAE (2008) RECEIVED DISTRIBUTION FOR CLASS 13.93 0.00 PERIOD 11/07/2006 TO 12/05/2008 CASH DISTRIBUTION 3 FILED ACCOUNT 2631653 CLOSED ZZCFRSR-ALLIANCE CORE STRA

23-Aug-18 #REORG/SCHERING CASH & STK MRGR TO MERCK & 806605101 SCHERING-PLOUGH CORP (2008) RECEIVED DISTRIBUTION 22.24 0.00 CO INC NEW #2055872 EFF 11/3/09 FOR CLASS PERIOD 01/02/2007 TO 06/27/2008 CASH DISTRIBUTION 4 FILED ACCOUNT 2631653 CLOSED ZZCFRSR-ALLIANCE CORE STRA

*Generated by Northern Trust from periodic data on 09 Aug 19 C1536 Class Action Services Account number 2622494 01 Jul 18 - 30 Jun 19 CFRSR-PAYROLL ACCOUNT

u Class Action Proceeds Received Report Page 2 of 4

2622494 CFRSR-PAYROLL ACCOUNT Shares / Par Entry Date Asset Description Asset ID Transaction Description Payment Amount Received

10-Sep-18 #REORG/LEHMAN BROS HLDGS PLAN OF REORG ESC 524908100 LEHMAN BROTHERS EQTY/DEBT - EY SETTLE II RECEIVED 4,012.27 0.00 LEHMAN BROTHERS 6066173 3/6/2012 DISTRIBUTION FOR CLASS PERIOD 06/11/2007 TO 10/28/2008 CASH DISTRIBUTION 1 FILED ACCOUNT 2622509 CLOSED ZZCFRSR-ABERDEEN ASSET MGMT 10-Sep-18 #REORG/LEHMAN BROS HLDGS PLAN OF REORG ESC 524908100 LEHMAN BROTHERS EQTY/DEBT - EY SETTLE II RECEIVED 889.00 0.00 LEHMAN BROTHERS 6066173 3/6/2012 DISTRIBUTION FOR CLASS PERIOD 06/11/2007 TO 10/28/2008 CASH DISTRIBUTION 1 FILED ACCOUNT 2631653 CLOSED ZZCFRSR-ALLIANCE CORE STRA 10-Sep-18 #REORG/LEHMAN BROS HLDGS PLAN OF REORG ESC 524908100 LEHMAN BROTHERS EQTY/DEBT - EY SETTLE II RECEIVED 1,018.30 0.00 LEHMAN BROTHERS 6066173 3/6/2012 DISTRIBUTION FOR CLASS PERIOD 06/11/2007 TO 10/28/2008 Page 130 of 391 CASH DISTRIBUTION 1 FILED ACCOUNT 2631655 CLOSED ZZ*CFRSR-CAP GUARD US EQ DIVSL 21-Sep-18 HALLIBURTON CO COM 406216101 RECEIVED DISTRIBUTION FOR CLASS PERIOD 08.13.99 TO 1,058.86 0.00 03.06.02 HALLIBURTON COMPANY SECURITIES LITIGATION FILED ACCT 2622494

23-Oct-18 GENWORTH FINL INC COM CL A COM CL A 37247D106 GENWORTH FINANCIAL, INC. (2014) (E.D.VA. RECEIVED 1,469.88 0.00 DISTRIBUTION FOR CLASS PERIOD 10/29/2013 TO 02/03/2015 CASH DISTRIBUTION 2 FILED ACCOUNT 1788030 TNT-LDN-CFR16-MACKAY SHIELDS 1-Nov-18 #REORG/MERCK & CO INC COM-NAME CHANGE TO 589331107 MERCK & CO. RECEIVED DISTRIBUTION FOR CLASS PERIOD 3,763.47 0.00 MERCK & CO INC 2055872 EFF 11/3/09 05/20/1999 TO 01/28/2005 CASH DISTRIBUTION 1 FILED ACCOUNT 2622501 CLOSED ZZCFRSR-GOLDMAN RESTRUCTURING 2-Nov-18 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 CREDIT SUISSE BULK SETTLEMENT FAIR FUND RECEIVED 840.02 0.00 DISTRIBUTION FOR CLASS PERIOD 01/02/2003 TO 09/09/2016 CASH DISTRIBUTION 1 FILED ACCOUNT 2622509 CLOSED ZZCFRSR-ABERDEEN ASSET MGMT 14-Nov-18 #REORG/WYETH COM CASH AND STOCK MERGER EFF 983024100 WYETH RECEIVED DISTRIBUTION FOR CLASS PERIOD 503.74 0.00 10-15-09 01/11/2008 TO 07/31/2008 CASH DISTRIBUTION 1 FILED ACCOUNT 2631651 CLOSED ZZCFRSR-GOLDMAN ENHANCED

14-Nov-18 #REORG/WYETH COM CASH AND STOCK MERGER EFF 983024100 WYETH RECEIVED DISTRIBUTION FOR CLASS PERIOD 1,737.88 0.00 10-15-09 01/11/2008 TO 07/31/2008 CASH DISTRIBUTION 1 FILED ACCOUNT 2631654 CLOSED ZZCFRSR-AXAROSENLGECAP EQ

23-Nov-18 #REORG/VERIFONE SYSTEMS CASH MERGER 92342Y109 VERIFONE HOLDINGS, INC RECEIVED DISTRIBUTION FOR 75.58 0.00 08-20-2018 CLASS PERIOD 08/30/2006 TO 06/30/2008 CASH DISTRIBUTION 3 FILED ACCOUNT 2631655 CLOSED ZZ*CFRSR-CAP GUARD US EQ DIVSL

*Generated by Northern Trust from periodic data on 09 Aug 19 C1536 Class Action Services Account number 2622494 01 Jul 18 - 30 Jun 19 CFRSR-PAYROLL ACCOUNT

u Class Action Proceeds Received Report Page 3 of 4

2622494 CFRSR-PAYROLL ACCOUNT Shares / Par Entry Date Asset Description Asset ID Transaction Description Payment Amount Received

28-Nov-18 #REORG/SMART REVERSE STOCK SPLIT SMART T 83172R108 SMART TECHNOLOGIES , INC (2011) RECEIVED DISTRIBUTION 13,561.49 0.00 ECHNOLOGIES INC 2111AE1 05/12/16 FOR CLASS PERIOD 07/13/2010 TO 04/30/2013 CASH DISTRIBUTION 1 FILED ACCOUNT 2671430 CLOSED ZZ*CFRSR-TCW INVESTMENT MGM-SL 11-Dec-18 CVS HEALTH CORP COM 126650100 CVS CAREMARK CORP RECEIVED DISTRIBUTION FOR CLASS 97.34 0.00 PERIOD 10/29/2008 TO 02/02/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2631654 CLOSED ZZCFRSR-AXAROSENLGECAP EQ

24-Dec-18 #REORG TELE COMMUN INC SER A TCI GRP COM EXCH 87924V101 WIRE RECEIVED FROM STATE STREET FOR DISTRIBUTION ON 7.66 0.00 AT&T CORP @.7757 MGR 3-9-99 NET CLASS SETTLEMENT FUND FOR CLASS PERIOD OF Page 131 of 391 06.23.98 TO 03.09.99 TELE-COMUNICATIONS LITGATION FUND # H929 PAYEE CITY OF FRESNO RETIREMENT SYSTEM 22-Jan-19 AVEO PHARMACEUTICALS INC COM STK 053588109 AVEO PHARMACEUTICALS, INC. RECEIVED DISTRIBUTION FOR 500.67 0.00 CLASS PERIOD 05/15/2012 TO 07/30/2013 CASH DISTRIBUTION 1 FILED ACCOUNT 2671430 CLOSED ZZ*CFRSR-TCW INVESTMENT MGM-SL 23-Jan-19 ANADARKO PETRO CORP COM 032511107 ANADARKO PETROLEUM CORP RECEIVED DISTRIBUTION FOR 43.67 0.00 CLASS PERIOD 06/11/2009 TO 06/09/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2631655 CLOSED ZZ*CFRSR-CAP GUARD US EQ DIVSL 11-Mar-19 PFIZER INC COM 717081103 PFIZER, INC. (2004) RECEIVED DISTRIBUTION FOR CLASS 811.73 0.00 PERIOD 10/30/2000 TO 03/16/2005 CASH DISTRIBUTION 1 FILED ACCOUNT 2622501 CLOSED ZZCFRSR-GOLDMAN RESTRUCTURING 4-Apr-19 #REORG/AFFILIATED COMPUTER CASH & STK MERGER 008190100 AFFILIATED COMPUTER SERVICES INC (2009) RECEIVED 40.93 0.00 XEROX CORP 2946695 EFF 2/8/10 DISTRIBUTION FOR CLASS PERIOD 09/25/2009 TO 02/22/2010 CASH DISTRIBUTION 2 FILED ACCOUNT 2631654 CLOSED ZZCFRSR-AXAROSENLGECAP EQ 26-Apr-19 #REORG/AMERICAN REV SPLIT TO AMERICAN 026874107 AMERICAN INTL. GRP. (2008) RECEIVED DISTRIBUTION FOR 994.00 0.00 INTERNATIONL GRP 2053139 6/30/09 CLASS PERIOD 03/15/2006 TO 09/05/2014 CASH DISTRIBUTION 2 FILED ACCOUNT 1728676 TNT-LDN-CFR05-TRANSITION EQ

26-Apr-19 #REORG/AMERICAN REV SPLIT TO AMERICAN 026874107 AMERICAN INTL. GRP. (2008) RECEIVED DISTRIBUTION FOR 706.68 0.00 INTERNATIONL GRP 2053139 6/30/09 CLASS PERIOD 03/15/2006 TO 09/05/2014 CASH DISTRIBUTION 2 FILED ACCOUNT 2622509 CLOSED ZZCFRSR-ABERDEEN ASSET MGMT 26-Apr-19 #REORG/AMERICAN REV SPLIT TO AMERICAN 026874107 AMERICAN INTL. GRP. (2008) RECEIVED DISTRIBUTION FOR 3,927.85 0.00 INTERNATIONL GRP 2053139 6/30/09 CLASS PERIOD 03/15/2006 TO 09/05/2014 CASH DISTRIBUTION 2 FILED ACCOUNT 2631654 CLOSED ZZCFRSR-AXAROSENLGECAP EQ

*Generated by Northern Trust from periodic data on 09 Aug 19 C1536 Class Action Services Account number 2622494 01 Jul 18 - 30 Jun 19 CFRSR-PAYROLL ACCOUNT

u Class Action Proceeds Received Report Page 4 of 4

2622494 CFRSR-PAYROLL ACCOUNT Shares / Par Entry Date Asset Description Asset ID Transaction Description Payment Amount Received

26-Apr-19 #REORG/AMERICAN REV SPLIT TO AMERICAN 026874107 AMERICAN INTL. GRP. (2008) RECEIVED DISTRIBUTION FOR 458.02 0.00 INTERNATIONL GRP 2053139 6/30/09 CLASS PERIOD 03/15/2006 TO 09/05/2014 CASH DISTRIBUTION 2 FILED ACCOUNT 2631655 CLOSED ZZ*CFRSR-CAP GUARD US EQ DIVSL 10-May-19 U.S CL ACTIONS (DELISTED/VAR CUSIPS) 181994104 WELLS FARGO MTG BACKED SEC RECEIVED DISTRIBUTION 85.26 0.00 FOR CLASS PERIOD 12/30/2004 TO 11/09/2011 CASH DISTRIBUTION 3 FILED ACCOUNT 2622509 CLOSED ZZCFRSR-ABERDEEN ASSET MGMT

TOTAL FOR CFRSR-PAYROLL ACCOUNT 38,780.90 0.00 Page 132 of 391

GRAND TOTAL 38,780.90 0.00

Although this report has been prepared using information believed to be reliable, it may contain information provided by third parties or derived from third party information, and/or information that may have been obtained from, categorized or otherwise reported based upon client direction. The Northern Trust Company does not guarantee the accuracy, timeliness or completeness of any such information. The information included in this report is intended to assist clients with their financial reporting needs, but you must consult with your accountants, auditors and/or legal counsel to ensure your accounting and financial reporting complies with applicable laws, regulations and accounting guidance. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report. *Generated by Northern Trust from periodic data on 09 Aug 19 C1536 Class Action Services

Page 1 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

21VIANET GROUP, INC. FILED 02 Oct 18 19 Aug 13 31 Oct 18 10 Oct 18 A.B. DATA, LTD. www.21vianetsecuritieslitigation.com 14 Nov 16 10 Oct 18

ABILITY INC. FILED 25 Sep 18 23 Dec 15 16 Oct 18 24 Aug 18 KURTZMAN www.abilitysecuritiessettlement.com 29 Jul 16 24 Aug 18 CARSON CONSULTANTS ALERE INC. FILED 10 Jun 19 08 May 13 26 Jun 19 07 May 19 A.B. DATA, LTD. www.aleresecuritieslitigation.com 03 Oct 17 07 May 19

ALIBABA GROUP HOLDING LIMITED (CALI SC) FILED 15 Apr 19 17 Sep 14 02 May 19 02 Apr 19 GILARDI & CO. www.alibabasecuritieslitigation.com Page 133 of 391 05 Oct 15 02 Apr 19

ALLERGAN, INC. (2014) FILED 26 Jul 18 24 Feb 14 07 Aug 18 09 May 18 GARDEN CITY www.allerganproxyviolationsecuritiesliti 21 Apr 14 GROUP

AMAYA, INC. (D. N. J.) FILED 31 Oct 18 05 Jun 15 13 Nov 18 20 Nov 18 JND LEGAL www.amayasecuritieslitigation.com 20 Jun 16 20 Nov 18 ADMINISTRATION

AMERICAN HOMEPATIENT INC. FILED 23 Apr 19 01 Sep 10 11 May 19 28 Feb 19 EPIQ SYSTEMS, americanhomepatientincsettlement.com 29 Oct 10 INC.

APOLLO EDUCATION GROUP INC. FILED 10 Jul 19 12 Nov 13 19 Jul 19 05 Jun 19 AB DATA apolloeducationgroupsecuritieslitigation 19 Jan 16 05 Jun 19

ATOSSA GENETICS INC. FILED 01 Aug 18 19 Dec 12 20 Aug 18 29 Jun 18 RUST www.atossageneticssecuritieslitigation.c 04 Oct 13 29 Jun 18 CONSULTING, INC.

BARCLAYS PLC (2014) FILED 30 May 19 01 Aug 11 07 Jun 19 10 May 19 JND LEGAL www.barclayslxsecuritieslitigation.com 23 Sep 14 10 May 19 ADMINISTRATION

BAXANO SURGICAL, INC. F/K/A TRANS1, INC. FILED 18 Dec 18 20 Feb 09 02 Jan 19 29 Oct 18 EPIQ GLOBAL www.trans1securitiessettlement.com 13 Jan 12 29 Oct 18

BHP BILLITON LTD FILED 14 Mar 19 24 Sep 14 02 Apr 19 15 Jan 19 GILARDI www.bhpsecuritieslitigation.com 26 Feb 16 15 Jan 19

BIG LOTS INC. FILED 28 Sep 18 01 Mar 12 08 Oct 18 09 Oct 18 GILARDI www.biglotssecuritiessettlement.com 20 Nov 12 09 Oct 18

BLOUNT INTERNATIONAL INC. (D. OR.) FILED 05 Aug 19 04 Mar 16 12 Aug 19 19 Aug 19 EPIQ CLASS www.blountinternationalsettlement.com 12 Apr 16 19 Aug 19 ACTION & CLAIMS SOLUTIONS INC Class Action Services

Page 2 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

BONY MELLON ADR FX ERISA SETTLEMENT FILED 29 Apr 19 01 Jan 97 15 Jun 19 ANALYTICS www.bnymadrerisasettlement.com 20 Dec 18 CONSULTING LLC

CELADON GROUP, INC. (S.D.N.Y.) FILED 13 Feb 19 28 Oct 13 25 Feb 19 26 Dec 18 EPIQ GLOBAL www.celadongroupsecuritieslitigation.com 13 Jul 18 26 Dec 18

CEMTREX, INC. FILED 04 Apr 19 24 Dec 12 15 Apr 19 08 May 19 RG/2 www.rg2claims.com/cemtrex 22 May 17 22 Apr 19

CENTRAIS ELETRICAS BRAS. S.A- ELETROBRAS FILED 18 Dec 18 16 Aug 10 04 Jan 19 14 Nov 18 EPIQ CLASS www.eletrobrassecuritieslitigation.com 22 Sep 15 14 Nov 18 ACTION & CLAIMS Page 134 of 391 SOLUTIONS, IN CHIASMA, INC. FILED 26 Jul 19 15 Jul 15 02 Aug 19 06 Jun 19 GILARDI www.chiasmasecuritiessettlement.com 09 Jun 16 06 Jun 19

CHINA ENERGY SAVINGS TECH (2006) SEC FILED 16 May 19 30 Jun 04 04 Jun 19 KURTZMAN wwwchinaenergyfairfund.com 06 Dec 06 CARSON CONSULTANTS CITI SPONSORED ADRS (CITIBANK) FILED 05 Aug 19 30 Dec 05 12 Aug 19 07 Jun 19 KURTZMAN www.citibankadrsettlement.com 04 Sep 18 07 Jun 19 CARSON CONSULTANTS CLUBCORP HOLDINGS INC. FILED 12 Feb 19 10 Jul 17 18 Feb 19 11 Feb 19 EPIQ CLASS www.clubcorpshareholderslitigation.com/ 29 Sep 17 04 Feb 19 ACTION & CLAIMS SOLUTIONS INC COBALT INTERNATIONAL ENERGY INC. FILED 29 Mar 19 28 Feb 11 04 Apr 19 23 Jan 19 EPIQ CLASS www.cobaltsecuritieslitigation.com 11 Oct 18 23 Jan 19 ACTION & CLAIMS SOLUTIONS CODE REBEL II CORPORATION FILED 12 Sep 18 18 May 15 25 Sep 18 25 Sep 18 STRATEGIC strategicclaims.net/coderebel-auditor/ 12 May 17 25 Sep 18 CLAIMS

CONCORDIA INTERNATIONAL CORP. (CANADA) FILED 12 Mar 19 12 Nov 15 19 Mar 19 28 Sep 18 TRILOGY CLASS www.concordiasettlement.com 25 Aug 16 03 Jan 19 ACTION SERVICES

CONCORDIA INTERNATIONAL CORP. FILED 08 May 19 05 Jan 16 29 May 19 28 May 19 STRATEGIC www.strategicclaims.net/concordia 12 Aug 16 04 Jun 19 CLAIMS

CONN'S, INC. FILED 25 Oct 18 02 Apr 13 10 Nov 18 20 Sep 18 EPIQ GLOBAL www.connssecuritieslitigation.com 10 Mar 15 20 Sep 18

CPI CARD GROUP INC. FILED 25 Jan 19 08 Oct 15 30 Jan 19 15 Jan 19 A.B. DATA, LTD www.cpisecuritiessettlement.com/ 06 Mar 17 15 Jan 19 Class Action Services

Page 3 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

CYAN, INC (2014) FILED 10 May 19 08 May 13 24 May 19 25 Apr 19 GILARDI www.cyansecuritieslitigation.com 01 Apr 14 07 Aug 15

CYTRX CORPORATION (2016) FILED 08 Nov 18 11 Sep 14 16 Nov 18 27 Aug 18 AB DATA www.cytrxsecuritiessettlement.com 07 Oct 16 27 Aug 18

DIAMOND FOODS, INC. (SEC FAIR FUND) FILED 19 Jul 19 25 Feb 10 29 Jul 19 KURTZMAN www.diamondfoodsfairfund.com 09 Feb 12 CARSON CONSULTANTS EL POLLO LOCO HOLDINGS, INC. FILED 30 Jul 19 14 May 15 06 Aug 19 31 Jul 19 GILARDI & CO. www.elpollolocosecuritiessettlement.com Page 135 of 391 13 Aug 15 31 Jul 19

EMERGENT BIOSOLUTIONS INC. FILED 01 Feb 19 08 Jan 16 16 Feb 19 26 Dec 18 GILARDI www.emergentsecuritieslitigation.com/ 19 Sep 16 26 Dec 18

ENDURANCE INT'L GROUP HOLDINGS INC. FILED 30 May 19 24 Oct 13 31 May 19 23 Aug 19 JND LEGAL www.endurancesecuritieslitigation.com 15 Mar 16 23 Aug 19 ADMINISTRATION

ERBA DIAGNOSTICS INC. FILED 16 Nov 18 13 Jun 13 10 Dec 18 09 Jan 19 STRATEGIC www.strategicclaims.com 19 Feb 16 10 Dec 18 CLAIMS

EXTREME NETWORKS, INC. (2015) FILED 23 May 19 11 Sep 13 06 Jun 19 23 May 19 KURTZMAN www.extremenetworkssecuritieslitigation. 08 Jul 15 23 May 19 CARSON CONSULTANTS FACEBOOK INC(2012)(INSTL&RETAIL INV CL) FILED 23 Jul 18 17 May 12 24 Jul 18 15 Aug 18 AB DATA www.facebooksecuritieslitigation.com 23 Feb 18 19 Aug 15

FIAT CHRYSLER AUTOMOBILES N.V. (2016) FILED 03 Jul 19 31 Oct 14 10 Jul 19 15 May 19 JND LEGAL www.fiatsecuritieslitigationsettlement.c 24 Oct 16 15 May 19 ADMINISTRATION

GALENA BIOPHARMA STOCKHOLDER SETTLEMENT FILED 29 May 19 09 Sep 16 29 May 19 22 Feb 18 GARDEN CITY galenabiopharmastockholdersettlement.com 09 Sep 16

GLOBAL EAGLE ENTERTAINMENT INC. FILED 10 Jan 19 06 May 16 18 Jan 19 11 Feb 19 STRATEGIC www.strategicclaims.net/globaleagle/ 16 Mar 17 18 Jan 19 CLAIMS

GLOBALSCAPE, INC. FILED 11 Feb 19 02 Mar 16 16 Feb 19 27 Nov 18 A.B. DATA, LTD. www.globalscapesecuritieslitigation.com/ 07 Aug 17 27 Nov 18

GOPRO, INC. (2016) (CALI SUP COURT) FILED 19 Jul 18 26 Jun 14 26 Jul 18 27 Jun 18 JND LEGAL http://www.goproshareholderlitigation.co 22 Jan 16 27 Jun 18 ADMINISTRATION Class Action Services

Page 4 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

HEARTWARE INTN'L INC (2016) (S.D.N.Y.) FILED 25 Apr 19 09 Jun 14 14 May 19 22 Mar 19 ANALYTICS heartwaresecuritieslitigation.com/ 08 Apr 16 22 Mar 19 CONSULTING LLC

IMMUNOCELLULAR THERAPEUTICS LTD (2017) FILED 16 Jul 19 30 Apr 12 24 Jul 19 04 Jun 19 AB DATA www.imucsecuritieslitigation.com 29 Aug 14 04 Jun 19

INOVALON HOLDINGS, INC FILED 24 Jul 19 11 Feb 15 30 Jul 19 21 Jun 19 GILARDI www.inovalonsecuritiessettlement.com 11 Mar 19 21 Jun 19

INSULET CORPORATION FILED 16 Aug 18 06 May 13 04 Sep 18 03 Jul 18 ANALYTICS https://insuletsecuritieslitigation.com 29 Jul 15 03 Jul 18 CONSULTING LLC Page 136 of 391

INTUITIVE SURGICAL, INC (2013) FILED 19 Nov 18 03 Feb 12 06 Dec 18 29 Nov 18 GARDEN CITY intuitivesurgicalsecuritieslitigation.co 17 Oct 13 29 Nov 18

INVENTURE FOODS INC (2016) FILED 16 Nov 18 11 Sep 14 06 Dec 18 03 Oct 18 ANGEION GROUP www.inventureclassaction.com/home 23 Apr 15 03 Oct 18

INVESTMENT TECHNOLOGY GROUP, INC. FILED 29 Mar 19 25 Feb 11 04 Apr 19 31 Jan 19 GARDEN CITY www.itgsecuritiessettlement.com 30 Oct 15 31 Jan 19

JBS S.A. (E.D.N.Y.) FILED 24 Jun 19 31 May 13 08 Jul 19 06 Jun 19 AB DATA www.jbsadrsettlement.com 05 Jul 17 06 Jun 19

JOY GLOBAL INC. FILED 28 Dec 18 01 Sep 16 14 Jan 19 29 Nov 18 GILARDI & CO. www.joyglobalsecuritieslitigation.com 05 Apr 17 29 Nov 18

JPMORGAN CHASE BANK N.A. ADR FX FILED 10 Jan 19 19 Nov 10 12 Jan 19 18 Dec 18 KURTZMAN www.jpmorganadrfxsettlement.com 18 Jul 18 18 Dec 18 CARSON CONSULTANTS JUNO THERAPEUTICS INC. (2016) FILED 25 Oct 18 03 Jun 16 06 Nov 18 02 Nov 18 AB DATA www.junotherapeuticslitigation.com 17 Feb 17 02 Nov 18

K12, INC. FILED 14 Jun 19 09 Oct 13 13 Jul 19 19 Jun 19 EPIQ GLOBAL www.k12securitieslitigation.com 22 Jan 16 19 Jun 19

KEURIG GREEN MOUNTAIN, INC. (2011) FILED 20 Nov 18 01 Feb 11 01 Dec 18 01 Oct 18 EPIQ CLASS www.greenmountainsecuritieslitigation.co 07 Feb 12 01 Oct 18 ACTION & CLAIMS SOLUTIONS, IN KOBE STEEL, LTD. FILED 14 Mar 19 28 May 13 27 Mar 19 01 Feb 19 A.B. DATA, LTD. www.kobesteelsecuritieslitigation.com 26 Apr 18 01 Feb 19 Class Action Services

Page 5 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

LION BIOTECHNOLOGIES INC.(N/K/A IOVANCE) FILED 08 Mar 19 26 Sep 13 22 Mar 19 15 Mar 19 JND LEGAL lionbiotechnologieslitigationsettlement. 07 Jul 17 15 Mar 19 ADMINISTRATION

LIQUIDITY SERVICES, INC. FILED 24 Oct 18 31 Jan 12 03 Nov 18 14 Sep 18 GARDEN CITY www.liquidityservicessecuritieslitigatio 05 Aug 14 20 Feb 18 GROUP

LOGITECH INT'L S.A. (SEC FAIR FUND) FILED 07 Mar 19 27 May 11 11 Mar 19 GARDEN CITY www.logitechfairfund.com 26 Oct 11

LRR ENERGY L.P. FILED 09 Nov 18 28 Aug 15 26 Nov 18 09 Nov 18 GARDEN CITY www.lrrenergysecuritieslitigation.com 22 Aug 18 Page 137 of 391

LSB INDUSTRIES, INC. FILED 15 Jul 19 06 Nov 14 23 Jul 19 07 Jun 19 JDN LEGAL www.lsbsecuritieslitigation.com 03 Feb 16 07 Jun 19 ADMINISTRATION

MARRONE BIO INNOVATIONS, INC. (F/K/A MAR FILED 23 Apr 19 31 Jul 13 06 May 19 27 Jun 19 EPIQ GLOBAL, INC. www.mbisecuritieslitigationsettlement.co 01 Aug 16 27 Jun 19

MAXWELL TECHNOLOGIES INC SEC FAIRFUND FILED 30 Jul 19 26 Feb 12 31 Jul 19 EPIQ SYSTEMS, www.maxwellfairfund.com 19 Mar 13 27 Jun 19 INC.

MEDTRONIC, INC (2013) FILED 21 Dec 18 07 Sep 10 02 Jan 19 19 Nov 18 GILARDI medtronicsecuritiessettlement.com 26 Sep 11 19 Nov 18

NANTKWEST INC. FILED 15 Apr 19 27 Jul 15 26 Apr 19 15 Apr 19 JND LEGAL www.nantkwestsecuritieslitigation.com 20 Feb 19 15 Apr 19 ADMINISTRATION

NUVASIVE, INC FILED 12 Oct 18 21 Oct 08 23 Oct 18 26 Oct 18 STRATEGIC www.nuvasiveclassaction.com 28 Oct 13 02 Nov 18 CLAIMS

OCH-ZIFF CAPITAL MANAGEMENT GROUP LLC FILED 28 Dec 18 08 Feb 12 09 Jan 19 02 Jan 19 STRATEGIC www.strategicclaims.net 19 Nov 14 02 Jan 19 CLAIMS SERVICES

OMNICARE INC. (2006) FILED 21 Jun 19 12 Dec 05 01 Jul 19 06 Jun 19 GILARDI www.omnicaresecuritiessettlement.com 31 Aug 15 06 Jun 19

ONEMAIN HOLDINGS, INC. (2017) (S.D.N.Y.) FILED 07 Aug 19 24 Feb 16 13 Aug 19 19 Jul 19 EPIQ SYSTEMS, www.onemainsecuritiessettlement.com 03 Feb 17 19 Jul 19 INC.

ORBITAL ATK INC. FILED 29 May 19 16 Dec 14 30 May 19 10 May 19 GILARDI www.orbitalsecuritieslitigation.com 07 Nov 16 10 May 19

ORTHOFIX INTN'L N. V. (SEC) FILED 12 Oct 18 01 Mar 10 22 Oct 18 30 May 18 STRATEGIC www.strategicclaims.net/orthofixsec/ 07 Aug 13 CLAIMS Class Action Services

Page 6 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

OSIRIS THERAPEUTICS, INC. (D. MD.) FILED 23 Jan 19 09 May 14 30 Jan 19 03 Dec 18 EPIQ GLOBAL www.osirissecuritiessettlement.com 12 Feb 16 03 Dec 18

PHC, INC D/B/A PIONEER BEHAVIORAL HEALTH FILED 04 Jun 19 13 Jun 11 06 Jun 19 19 Mar 19 KURTZMAN www.phcshareholderlitigation.com 30 Dec 11 CARSON CONSULTANTS POSEIDON CONCEPTS CORP.(CAN)(ABLERTA) FILED 01 Feb 19 01 Nov 11 07 Feb 19 EPIQ CLASS www.poseidonclassactionsettlement.com 14 Feb 13 ACTION & CLAIMS SOLUTIONS INC

Page 138 of 391 POWER SOLUTIONS INTERNATIONAL INC. FILED 03 Jun 19 26 Feb 14 13 Jun 19 22 Apr 19 EPIQ GLOBAL INC. powersolutionssecuritieslitigation.com 03 May 17 22 Apr 19

PTC THERAPEUTICS INC. FILED 31 Aug 18 05 Nov 14 27 Sep 18 17 Aug 18 AB DATA ptctherapeuticssecuritieslitigation.com 20 May 16 17 Aug 18

QUALITY SYSTEMS, INC. (2013) FILED 15 Nov 18 25 May 11 12 Dec 18 29 Oct 18 A.B. DATA, LTD. www.qsisecuritiessettlement.com 23 Oct 12 29 Oct 18

RENT-A-CENTER, INC. (2016) FILED 17 Apr 19 30 Jan 15 02 May 19 12 Apr 19 EPIQ GLOBAL www.rentacentersecuritiessettlement.com/ 06 Jan 17 12 Apr 19

RENTRAK CORP (2016) FILED 09 Nov 18 28 Jan 16 22 Nov 18 23 Oct 18 GARDEN CITY nathanvmattashareholderslitigation.com 13 Jul 18 23 Oct 18

SABA SOFTWARE, INC. (2015) FILED 26 Oct 18 02 Mar 15 26 Nov 18 10 Sep 18 GARDEN CITY www.sabasoftwaresettlement.com 30 Apr 15 GROUP

SANTANDER CONSUMER USA HLDGS INC (2016) FILED 13 Feb 19 02 Feb 15 21 Feb 19 19 Dec 18 JND LEGAL www.santandersecuritieslitigation.com 13 Jun 16 19 Dec 18 ADMINISTRATION

SIERRA ONCOLOGY (PRONAI THERAPEUTICS) CA FILED 14 May 19 15 Jul 15 30 May 19 30 Apr 19 EPIQ SYSTEMS, www.pronaishareholderlitigation.com 18 Nov 16 30 Apr 19 INC.

SNC-LAVILIN GROUP INC (CANADA)(ONTARIO) FILED 06 May 19 05 Nov 09 13 May 19 17 Oct 18 RICEPOINT www.snclavalinclassaction.com 22 Feb 19 08 May 13 ADMINISTRATION

SPROUTS FARMERS MARKET INC (AZ SUP CRT) FILED 13 Jun 19 03 Mar 15 25 Jun 19 10 May 19 AB DATA www.sproutssecuritieslitigation.com 29 Mar 19 10 May 19

STATE STREET CORPORATION (2017) FILED 28 Feb 19 24 Feb 12 04 Mar 19 31 Mar 19 STRATEGIC www.statestreetclassaction.com 18 Apr 17 18 Mar 19 CLAIMS SERVICES Class Action Services

Page 7 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

STERICYCLE, INC FILED 02 Aug 19 06 Feb 13 07 Aug 19 01 Jul 19 JND LEGAL www.stericyclesecuritieslitigation.com 22 May 18 01 Jul 19 ADMINISTRATION

STRAIGHT PATH COMMUNICATIONS INC (2015) FILED 26 Jul 18 31 Jul 13 02 Aug 18 17 Aug 18 AB DATA www.straightpathsecuritieslitigation.com 21 Oct 16 17 Aug 18

SUNRUN INC. (2016) (CALIF SUP COURT) FILED 18 Dec 18 05 Aug 15 03 Jan 19 04 Dec 18 GARDEN CITY www.sunrunsecuritieslitigation.com 13 Apr 16 04 Dec 18

SUNRUN INC. (2017) FILED 21 Feb 19 15 Sep 15 04 Mar 19 07 Feb 19 STRATEGIC www.sunrunsecuritiesclassaction.com 18 Aug 17 07 Feb 19 CLAIMS SERVICES Page 139 of 391

TEREX CORPORATION (D CONN.) FILED 05 Aug 19 19 Feb 08 13 Aug 19 03 Jul 19 GILARDI & CO. www.terexsecuritiessettlement.com 12 May 09 03 Jul 19

THORATEC CORPORATION (2014) FILED 07 Jun 19 10 May 11 18 Jun 19 11 Jun 19 A.B. DATA, LTD. www.thorateclitigation.com 04 Nov 14 11 Jun 19

TWITTER, INC. (CALIF. SUPERIOR COURT) FILED 22 Aug 18 06 Nov 13 31 Aug 18 17 Jul 18 STRATEGIC www.strategicclaims.net/twitter 04 Nov 16 17 Jul 18 CLAIMS

UNITED DEVELOPMENT FUNDING IV FILED 13 Feb 19 07 Mar 11 21 Feb 19 25 Jan 19 STRATEGIC www.strategicclaims.net 08 Mar 16 25 Jan 19 CLAIMS

UTI WORLDWIDE INC. FILED 11 Dec 18 27 Mar 13 18 Dec 18 05 Feb 19 KURTZMAN www.utiworldwidesettlement.com 27 May 14 05 Feb 19 CARSON CONSULTANTS VIRTUS INVESTMENT PARTNERS FILED 28 Sep 18 24 Jan 13 10 Oct 18 03 Oct 18 GARDEN CITY www.virtussecuritieslitigation.com 07 Aug 15

VISTA OUTDOOR INC FILED 14 Nov 18 10 Aug 16 26 Nov 18 10 Oct 18 GARDEN CITY www.vistaoutdoorsecuritiessettlement.com 08 Feb 18 10 Oct 18

VOLKSWAGEN AG (2015) FILED 08 Apr 19 18 Nov 10 18 Apr 19 18 Apr 19 EPIQ CLASS www.volkswagenadrlitigation.com 01 Apr 16 18 Apr 19 ACTION & CLAIMS SOLUTIONS, IN WAL-MART STORES INC. FILED 10 Apr 19 07 Dec 11 15 Apr 19 14 Mar 19 GILARDI www.walmartsecuritiessettlement.com 20 Jul 12 14 Mar 19

WALTER INV MGMT CORP (2017) (E. D. PA.) FILED 11 Dec 18 08 Aug 16 20 Dec 18 14 Nov 18 AB DATA www.walterinvestmentsettlement.com 30 Oct 17 14 Nov 18 Class Action Services

Page 8 of 8 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

WELLS FARGO & COMPANY (2016) FILED 18 Jan 19 25 Feb 14 23 Jan 19 27 Nov 18 EPIQ SYSTEMS, wellsfargosecuritieslitigation.com 19 Dec 16 27 Nov 18 INC.

WELLS FARGO BANK (2016) (RES MORTG BCKD) FILED 27 Jun 19 17 Jun 14 02 Jul 19 15 Apr 19 JND LEGAL blackrockwellsfargotrusteeclassaction.co 11 Mar 19 15 Apr 19

WILLBROS GROUP, INC. (2014) FILED 14 Aug 18 27 Feb 14 06 Sep 18 12 Jul 18 GILARDI & CO. www.willbrossecuritieslitigation.com 15 Jun 15 12 Jul 18

WILMINGTON TRUST CORP (D. DEL.) FILED 14 Nov 18 17 Jan 08 26 Nov 18 12 Oct 18 EPIQ SYSTEMS, wilmingtontrustsecuritieslitigation.com 28 Jan 11 INC. Page 140 of 391

YAHOO! INC. (2017) FILED 23 Aug 18 29 Apr 13 01 Sep 18 16 Aug 18 JND LEGAL www.yahoosecuritieslitigation.com 14 Mar 17 16 Aug 18 ADMINISTRATION

YINGLI GREEN ENERGY HOLDING COMPANY LIMI FILED 16 Nov 18 01 Dec 10 08 Dec 18 20 Nov 18 RG/2 CLAIMS www.rg2claims.com/yingli.html 13 Aug 15 20 Nov 18 ADMINISTRATION LLC

Page 1 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

THE BANK OF NEW YORK MELLON ADR FX OPEN 06 Jun 19 31 Dec 96 15 Aug 19 13 May 19 KURTZMAN www.bnymadrfxsettlement.com 17 Jan 19 13 May 19 CARSON CONSULTANTS ADTALEM GLOBAL EDUCATION INC. NOTIFIED 02 Apr 19 24 May 17 07 May 19 JND LEGAL agesecurities@jndla INFORMATIONAL ONLY 21 Feb 19 ADMINISTRATION

AGEAS SA/NV 10/3/2008 NOTIFIED 04 Oct 18 03 Oct 08 28 Jul 19 COMPUTERSHARE www.forsettlement.com INFORMATIONAL ONLY 03 Oct 08 31 Dec 18 INVESTORS SERVICES LLC

Page 141 of 391 AGEAS SA/NV 11/7/2007 NOTIFIED 04 Oct 18 07 Nov 07 28 Jul 19 COMPUTERSHARE www.forsettlement.com INFORMATIONAL ONLY 07 Nov 07 31 Dec 18 INVESTORS SERVICES LLC AGEAS SA/NV 5/13/2008 NOTIFIED 04 Oct 18 13 May 08 28 Jul 19 COMPUTERSHARE www.forsettlement.com INFORMATIONAL ONLY 13 May 08 31 Dec 18 INVESTORS SERVICES LLC AGEAS SA/NV 6/25/2008 NOTIFIED 04 Oct 18 25 Jun 08 28 Jul 19 COMPUTERSHARE www.forsettlement.com INFORMATIONAL ONLY 25 Jun 08 31 Dec 18 INVESTORS SERVICES LLC AGEAS SA/NV 9/21/2007 NOTIFIED 04 Oct 18 21 Sep 07 28 Jul 19 COMPUTERSHARE www.forsettlement.com INFORMATIONAL ONLY 21 Sep 07 31 Dec 18 INVESTORS SERVICES LLC AGEAS SA/NV 9/29/2008 NOTIFIED 04 Oct 18 29 Sep 08 28 Jul 19 COMPUTERSHARE www.forsettlement.com INFORMATIONAL ONLY 29 Sep 08 31 Dec 18 INVESTORS SERVICES LLC AGEAS SA/NV FKA FORTIS SA/NV NETH NOTIFIED 03 Oct 18 28 Feb 07 28 Jul 19 COMPUTERSHARE www.forsettlement.com INFORMATIONAL ONLY 14 Oct 08 31 Dec 18 INVESTORS SERVICES LLC AKERS BIOSCIENCES INC. NOTIFIED 31 Jul 19 12 May 17 09 Oct 19 18 Oct 19 STRATEGIC www.strategicclaims.net/akers 31 Aug 18 18 Oct 19 CLAIMS

ALIBABA GROUP HOLDING LIMITED (S.D.N.Y.) NOTIFIED 10 May 19 18 Sep 14 03 Sep 19 25 Sep 19 STRATEGIC www.alibabasettlement.com 28 Apr 15 25 Sep 19 CLAIMS SERVICES

ALLIANCE FIBER OPTIC PRODUCTS, INC. NOTIFIED 04 Mar 19 07 Apr 16 12 Apr 19 KURTZMAN www.afopshareholderlitigation.com INFORMATIONAL ONLY 03 Jun 16 12 Apr 19 CARSON CONSULTANTS ALLIED NEVADA GOLD CORP (HYCROFT MINING) NOTIFIED 05 Nov 18 09 May 13 MORGANTI & CO., www.morgantico.com INFORMATIONAL ONLY 22 Jul 13 30 Nov 18 P.C. Class Action Services

Page 2 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

AMERICAS ENERGY COMPANY-AECO (F/K/A TREN NOTIFIED 31 Jul 19 08 Sep 09 08 Oct 19 EPIQ CLASS www.secvstrebingerdistributionfund.com 02 Sep 10 ACTION & CLAIMS SOLUTIONS INC AMP LTD (AUSTRALIA) (SLATER & GORDON) NOTIFIED 16 Aug 18 07 Jun 12 01 Sep 18 SLATER & www.slatergordon.com.au/amp INFORMATIONAL ONLY 15 Apr 18 GORDON

AMP LTD. (AUS) (M. BLACKBURN) NOTIFIED 31 Dec 18 10 May 12 01 Feb 19 MAURICE classaction.mauriceblackburn.com.au/shar INFORMATIONAL ONLY 13 Apr 18 BLACKBURN

APIGEE CORPORATION (2016) NOTIFIED 05 Sep 18 24 Apr 15 GILARDI www.apigeesecuritieslitigation.com Page 142 of 391 INFORMATIONAL ONLY 16 Mar 16 23 Oct 18

ARRIUM LIMITED (AUSTRALIA) NOTIFIED 09 Jul 18 19 Aug 14 01 Aug 18 SQUIRE PATTON www.squirepb.com INFORMATIONAL ONLY 05 Jul 18 BOGGS

ASHLEY SVCS GRP LTD (AUSTRALIA) NOTIFIED 08 May 19 21 Aug 14 28 May 19 IMF BEMTHAM www.williamroberts.com.au INFORMATIONAL ONLY 24 Apr 15 30 Mar 18

BHP BILLITON LTD(AUS)(MAURICE BLACKBURN) NOTIFIED 09 Aug 19 08 Aug 12 01 Sep 19 MAURICE www.mauriceblackburn.com.au/about/privac INFORMATIONAL ONLY 09 Nov 15 BLACKBURN

BHP BILLITON LTD/PLC(AUS)(PHI FIN MCDON) NOTIFIED 09 Jul 18 21 Oct 13 15 Jul 18 G&E KTMC www.bhpclassaction.com INFORMATIONAL ONLY 30 Nov 15

BHP BILLITON LTD/PLC(AUS)(PHI FIN MCDON) NOTIFIED 24 Jul 19 31 May 12 30 Sep 19 G & E KTMC [email protected] INFORMATIONAL ONLY 30 Nov 15

BLACKBERRY LIMITED (CANADA) NOTIFIED 27 Mar 19 28 Mar 13 RICEPOINT www.siskinds.com/blackberry INFORMATIONAL ONLY 20 Sep 13 06 May 19 ADMINISTRATION INC. BLUE SKY ALTERNATIVE INV LTD (AUSTRALIA) NOTIFIED 03 Jan 19 28 Mar 18 01 Feb 19 GADENS [email protected] INFORMATIONAL ONLY 16 Apr 18

BOARDWALK PIPELINE PARTNERS LP NOTIFIED 27 Jul 18 30 Apr 18 13 Sep 18 EPIQ SYSTEMS, [email protected] INFORMATIONAL ONLY 18 Jul 18 INC.

BRAMBLES LTD. (AUS) (BLACKBURN, MAURICE) NOTIFIED 02 Apr 19 18 Aug 16 01 May 19 MAURICE register.mauriceblackburn.com.au/bramble INFORMATIONAL ONLY 17 Feb 17 BLACKBURN

BRAMBLES LTD. (AUS) (SLATER & GORDON) NOTIFIED 07 May 19 18 Aug 16 01 Jul 19 IMF BENTHAM www.imf.com.au/brambles INFORMATIONAL ONLY 17 Feb 17 LIMITED Class Action Services

Page 3 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

BT GROUP PLC (UK) (QUINN EMANUEL) NOTIFIED 06 Feb 19 01 Feb 13 01 Apr 19 INNSWORTH [email protected] INFORMATIONAL ONLY 24 Jan 17

CALAMOS ASSET MANAGEMENT, INC. NOTIFIED 21 Feb 19 30 Sep 16 11 Apr 19 KURTZMAN www.calamosstockholdersettlement.com/ INFORMATIONAL ONLY 21 Feb 17 CARSON CONSULTANTS CAPSTONE TURBINE CORPORATION (2015) NOTIFIED 26 Jun 19 11 Jun 14 15 Oct 19 15 Oct 19 ANGEION GROUP www.capstoneturbinesecuritieslitigation. 03 Feb 16 15 Oct 19

CENTURYLINK INC. (2017) (LOUISIANA DIST) NOTIFIED 17 Dec 18 31 Oct 16 11 Jan 19 AB DATA [email protected] Page 143 of 391 INFORMATIONAL ONLY 01 Nov 17

CIMIC GROUP (FKA LEIGHTON) (AUS) (BLACKB NOTIFIED 23 Aug 18 23 Nov 10 02 Oct 18 MAURICE www.mauriceblackburn.com.au INFORMATIONAL ONLY 03 Oct 13 BLACKBURN

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. NOTIFIED 09 Jan 19 14 Mar 15 14 Jan 19 PRIME CLERK LLC www.primeclerk.com INFORMATIONAL ONLY 14 Mar 18

CORPORATE TRAVEL MANAGEMENT (AUSTRALIA) NOTIFIED 21 Nov 18 30 Jun 17 01 Feb 19 MAURICE classaction.mauriceblackburn.com.au/shar INFORMATIONAL ONLY 27 Oct 18 BLACKBURN

CREDIT SUISSE GROUP AG (SWITZERLAND) NOTIFIED 29 May 19 23 Nov 15 31 May 19 SPV ASTRAEA LTD [email protected] INFORMATIONAL ONLY 03 Dec 15

CROWN RESORTS LIMITED (AUS) NOTIFIED 25 Jan 19 06 Feb 15 04 Mar 19 MAURICE www.mauriceblackburn.com.au/crown INFORMATIONAL ONLY 14 Oct 16 BLACKBURN

CYTODYN INC. NOTIFIED 07 Dec 18 05 Dec 18 31 Dec 18 KCC CLASS www.nfllp.com/cytodyn-settlement/ INFORMATIONAL ONLY 05 Dec 18 ACTION SERVICES

DAIMLER AG (GRMNY) DRRT/THERIUM NOTIFIED 02 Apr 19 10 Jul 12 30 Jun 19 DRRT THERIUM www.investorclaimsagainstdaimler.com INFORMATIONAL ONLY 31 Dec 18 CAPITAL MGMT

DAIMLER AG(GER)(ROTTER RECHTSANWAELTE) NOTIFIED 28 Jun 19 25 Sep 15 30 Sep 19 ROTTER www.rrlaw.de INFORMATIONAL ONLY 11 Jun 18 RECHTSANWAELTE

DANSKE BANK A/S (DENMARK - DEMINOR) NOTIFIED 26 Mar 19 05 Feb 14 01 May 19 DEMINOR [email protected] INFORMATIONAL ONLY 01 Nov 18 RECOVERY SERVICES DANSKE BANK A/S (DENMARK) (ISAF) NOTIFIED 25 Jun 19 29 Dec 06 12 Jul 19 ISAF www.isafmanagement.com INFORMATIONAL ONLY 21 Jun 19 Class Action Services

Page 4 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

DANSKE BANK A/S (DENMARK)(ISAF) NOTIFIED 28 Jan 19 29 Dec 06 31 Mar 19 ISAF www.isafmanagement.com INFORMATIONAL ONLY 23 Jan 19

DANSKE BANK A/S (DENMARK)(ISAF) NOTIFIED 02 Apr 19 29 Dec 06 31 May 19 ISAF www.isafmanagement.com INFORMATIONAL ONLY 29 Mar 19

DANSKE BANK A/S (DENMARK)(KLAR ADVOKATE) NOTIFIED 06 Feb 19 18 Jun 07 01 Mar 19 INNSWORTH [email protected] INFORMATIONAL ONLY 19 Sep 18

DANSKE BANK A/S (DENMARK)(POMERANTZ) NOTIFIED 09 Nov 18 29 Dec 06 31 Jan 19 POMERANTZ LLP [email protected] INFORMATIONAL ONLY 05 Nov 18 Page 144 of 391

DANSKE BANK A/S (UNITED KINGDOM) NOTIFIED 11 Oct 18 29 Dec 06 01 Nov 18 INNSWORTH [email protected] INFORMATIONAL ONLY 09 Oct 18

DANSKE BANK A/S DEN QUINN E (NJORD LAW) NOTIFIED 08 Jul 19 31 Dec 12 09 Sep 19 IMF BENTHAM imf.com.au/danske INFORMATIONAL ONLY 31 Oct 18

DANSKE BANK A/S DENMARK (G & E / DRRT) NOTIFIED 24 Dec 18 31 Dec 12 31 Jan 19 GRANT & [email protected] INFORMATIONAL ONLY 19 Dec 18 EISENHOFER P.A.

DANSKE BK A/S(DEN)(BURFORD CAP/LUNDGREN) NOTIFIED 22 Jul 19 29 Dec 06 30 Sep 19 BURFORD CAPITAL [email protected] INFORMATIONAL ONLY 26 Feb 19

DANSKE BNK A/S (GRANT EISENHOF/DRRT) NOTIFIED 29 May 19 31 Dec 12 31 Jul 19 GRANT & [email protected] INFORMATIONAL ONLY 29 Mar 19 EISENHOFER P. A.

DELTA NATURAL GAS COMPANY, INC. NOTIFIED 12 Oct 18 21 Feb 17 13 Nov 18 GARDEN CITY www.deltanaturalgaslitigation.com INFORMATIONAL ONLY 20 Sep 17

DICK SMITH (AUS) (BANNISTER LAW) NOTIFIED 14 Sep 18 16 Feb 15 08 Oct 18 VANNIN CAPITAL dshclaim.com.au/ INFORMATIONAL ONLY 04 Jan 16

DICK SMITH (AUS) (CORRS CHAMBERS WESTGA) NOTIFIED 02 Nov 18 16 Feb 15 19 Nov 18 VANNIN CAPITAL dshclaim.com.au/ INFORMATIONAL ONLY 04 Jan 16

DICK SMITH (DSHE HOLDINGS LTD) (J W & S) NOTIFIED 08 Nov 18 14 Nov 13 19 Nov 18 ICP CLAIMS www.icp.net.au/icp-claims/dick-smith INFORMATIONAL ONLY 04 Jan 16

DICK SMITH (DSHE HOLDINGS LTD) (J W & S) NOTIFIED 14 Nov 18 14 Nov 13 19 Nov 18 ICP CLAIMS www.icp.net.au/icp-claims/dick-smith INFORMATIONAL ONLY 04 Jan 16

DIPLOMAT PHARMACY INC. (2) (2016) NOTIFIED 12 Jul 19 26 Feb 16 23 Sep 19 30 Jul 19 GILARDI www.diplomatsecuritiessettlement.com 31 Jan 17 30 Jul 19 Class Action Services

Page 5 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

DISCOVERY METALS LTD (AUS) P ALDERMAN NOTIFIED 12 Apr 19 23 Nov 12 07 May 19 PIPER ALDERMAN www.piperalderman.com.au INFORMATIONAL ONLY 15 Feb 13

DISCOVERY METALS LTD (AUSTRALIA) NOTIFIED 10 Sep 18 23 Nov 12 12 Oct 18 PIPER ALDERMAN www.dmlclaimregister.com INFORMATIONAL ONLY 27 Feb 15

EBIX, INC. (2013) NOTIFIED 25 Feb 19 15 Jul 09 18 Mar 19 KURTZMAN www.ebixstockholderlitigation.com INFORMATIONAL ONLY 23 Jan 19 CARSON CONSULTANTS ENDO INTERNATIONAL PLC (2017) NOTIFIED 01 Aug 19 04 Jun 15 14 Nov 19 30 Sep 19 AB DATA endointernationalsecuritiessettlemen.com Page 145 of 391 13 Nov 18 30 Sep 19

ENERGY RECOVERY INC NOTIFIED 14 Aug 18 02 May 18 03 Oct 18 KURTZMAN [email protected] INFORMATIONAL ONLY 08 Aug 18 CARSON CONSULTANTS ENTEROMEDICS, INC. NOTIFIED 13 Nov 18 03 Nov 16 03 Dec 18 PURCELL JULIE & pjlfirm.com/enteromedics-inc INFORMATIONAL ONLY 24 Feb 17 LEFKOWITZ LLC

ESTIA HEALTH LIMITED (AUSTRALIA) NOTIFIED 08 Jan 19 12 Aug 15 01 Feb 19 ICP [email protected] INFORMATIONAL ONLY 05 Oct 16

ESTIA HEALTH LTD (AUS) NOTIFIED 13 Jun 19 12 Aug 15 01 Aug 19 ICP [email protected] INFORMATIONAL ONLY 05 Oct 16

FAIRMOUNT SANTROL HLDGS INC NOTIFIED 28 Jan 19 11 Dec 17 20 Feb 19 EPIQ SYSTEMS, [email protected] INFORMATIONAL ONLY 01 Jun 18 INC.

FIAT CHRYSLER AUTOMOBILES N.V. (2015) NOTIFIED 23 May 19 10 Oct 14 28 Aug 19 15 Aug 19 EPIQ CLASS www.abdatalawserve.com 21 Aug 17 15 Aug 19 ACTION & CLAIMS SOLUTIONS INC FIFTH ST FIN CORP/FIFTH ST SR FLTG RATE NOTIFIED 16 Jul 19 01 Apr 13 24 Jul 19 EPIQ CLASS www.fifthstreetfairfund.com INFORMATIONAL ONLY 31 Dec 14 ACTION & CLAIMS SOLUTIONS INC FOLLI FOLLIE SA (GR) NOTIFIED 17 Jun 19 30 Mar 98 30 Jun 19 KYROS LAW helinas.gr/eligibility-check-folli-folli INFORMATIONAL ONLY 25 May 18 OFFICES

G8 EDU LIMITED (AUS) NOTIFIED 13 Jun 19 24 May 17 01 Aug 19 SLATER & [email protected] INFORMATIONAL ONLY 25 Feb 18 GORDON

GAZPROM (RUSSIA) NOTIFIED 24 Jan 19 01 Sep 15 01 Mar 19 MYRIAD RUS. www.myriadrus.com/gazpclaim.html INFORMATIONAL ONLY 23 Jan 19 Class Action Services

Page 6 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

GETSWIFT LTD. (AUS) PHI FINNEY MCDONALD NOTIFIED 28 Mar 19 24 Feb 17 01 Apr 19 THERIUM [email protected] INFORMATIONAL ONLY 19 Jan 18 28 Mar 19 AUSTRALIA LTD.

GLENCORE PLC (UNITED KINGDOM) NOTIFIED 06 Feb 19 30 Sep 16 01 May 19 INNSWORTH www.innsworth.com INFORMATIONAL ONLY 03 Jul 18 ADVISORS

GOPRO, INC. (N. D. CAL.) 2016 NOTIFIED 05 Jun 19 16 Sep 16 20 Aug 19 20 Aug 19 EPIQ SYSTEMS, www.goprosecuritieslitigation.com 06 Feb 17 20 Aug 19 INC.

HANDY & HARMAN LTD (DELAWARE CHANCERY) NOTIFIED 18 Sep 18 26 Jun 17 KURTZMAN [email protected] INFORMATIONAL ONLY 31 Oct 17 30 Oct 18 CARSON Page 146 of 391 CONSULTANTS HANSEN MEDICAL INC (2016)(CALIF SUP CRT) NOTIFIED 10 Apr 19 27 Jul 16 21 Jun 19 EPIQ GLOBAL www.hansenmedicallitigation.com INFORMATIONAL ONLY 27 Jul 16 21 Jun 19

HIH INSURANCE LIMITED -LIQUIDATION DECIS NOTIFIED 13 May 19 25 Aug 99 16 May 19 N/A www.hih.com.au 15 Mar 01

ICHIA TECHNOLOGIES, INC. (TAIWAN) NOTIFIED 16 Jan 19 05 Jan 16 11 Feb 19 SFIPC www.sfipc.org.tw INFORMATIONAL ONLY 15 Jan 16

INOTERA MEMORIES-NANYA TECH (TAIWAN) NOTIFIED 10 May 19 03 Dec 15 03 Jun 19 SFIPC www.sfipc.org.tw INFORMATIONAL ONLY 08 Jun 16

IOOF HOLDINGS LTD. (AUS) (QUINN EMANUEL) NOTIFIED 09 Apr 19 27 May 15 03 Jun 19 REGENCY GROUP www.ioofclassaction.com.au/registration- INFORMATIONAL ONLY 06 Dec 18

IZEA, INC. NOTIFIED 12 Jun 19 14 May 15 19 Aug 19 03 Sep 19 KURTZMAN www.izeasecuritiessettlement.com 29 Jun 18 03 Sep 19 CARSON CONSULTANTS J.C.PENNEY COMP INC. NOTIFIED 02 Aug 18 31 Jul 18 13 Aug 18 GARDEN CITY www.choosegcg.com/cases-info/jcp/. INFORMATIONAL ONLY 31 Jul 18

KOBE STEEL LIMITED-JPN-DRRT NOTIFIED 11 Jul 19 31 May 13 13 Sep 19 DRRT [email protected] INFORMATIONAL ONLY 09 Mar 18

LEGACY RESERVES LP (DEL CHANCERY COURT) NOTIFIED 26 Jul 18 21 Jan 16 31 Aug 18 JND LEGAL www.legacyreservessettlement.com INFORMATIONAL ONLY 24 Jul 18 ADMINISTRATION

LENDLEASE CORPORATION LIMITED (AUS) NOTIFIED 10 Apr 19 31 Dec 15 15 May 19 PHI FINNEY [email protected] INFORMATIONAL ONLY 22 Feb 19 MCDONALD Class Action Services

Page 7 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

LENDLEASE CORPORATION LIMITED (AUS) NOTIFIED 17 May 19 31 Dec 15 07 Jun 19 PHI FINNEY [email protected] INFORMATIONAL ONLY 22 Feb 19 MCDONALD

LENDLEASE GROUP (AUS)(MAURICE BLACKBURN) NOTIFIED 08 Apr 19 21 Feb 18 17 May 19 MAURICE www.mauriceblackburn.com/au/lendlease INFORMATIONAL ONLY 08 Nov 18 BLACKBURN

LENDLEASE GROUP (AUS)(MAURICE BLACKBURN) NOTIFIED 15 May 19 17 Nov 17 01 Jul 19 MAURICE www.mauriceblackburn.com.au/lendlease INFORMATIONAL ONLY 08 Nov 18 BLACKBURN

LIBERATOR MEDICAL HOLDINGS, INC. NOTIFIED 24 Jul 19 20 Nov 15 22 Oct 19 09 Sep 19 GILARDI www.liberatorsettlement.com 29 Jan 16 Page 147 of 391

LIBERTY TAX INC. (DELAWARE CHANCERY CT) NOTIFIED 16 Apr 19 17 Apr 18 18 Jun 19 AB DATA www.libertytaxshareholdersettlement.com INFORMATIONAL ONLY 12 Apr 19

LIONBRIDGE TECHNOLOGIES INC. (2017) NOTIFIED 21 Dec 18 27 Jan 17 GILARDI www.lionbridgeshareholderlitigation.com INFORMATIONAL ONLY 27 Jan 17 24 Jan 19

MACMAHON HLDGS LTD (AUSTRALIA) (2014) NOTIFIED 01 Aug 18 10 Apr 12 24 Aug 18 ACA LAWYERS acalawyers.com.au/macmahon-holdings INFORMATIONAL ONLY 19 Sep 12

MAXWELL TECHNOLOGIES, INC. (SEC) NOTIFIED 04 Oct 18 24 Feb 12 27 Oct 18 EPIQ SYSTEMS, www.maxwellfairfund.com INFORMATIONAL ONLY 19 Mar 13 INC.

MCAFEE INC. (CALIFORNIA SUPERIOR COURT) NOTIFIED 21 Jun 19 28 Feb 11 09 Sep 19 12 Aug 19 GILARDI www.mcafeeshareholdersettlement.com 31 Mar 11 01 Jun 12

METLIFE, INC. NOTIFIED 06 Aug 19 03 Aug 10 GILARDI [email protected] INFORMATIONAL ONLY 06 Oct 11 16 Sep 19

MG UNIT TRUST (AUSTRALIA) (ELLIOTT) NOTIFIED 09 Aug 19 29 May 15 09 Sep 19 ELLIOTT LEGAL murraygoulburnclassaction.com.au/ INFORMATIONAL ONLY 26 Oct 18

MG UNIT TRUST (AUSTRALIA)(SLATER&GORDON) NOTIFIED 16 Jan 19 29 May 15 IMF BENTHAM www.imf.com/au/mgc INFORMATIONAL ONLY 26 Apr 16 19 Feb 19 LIMITED

MITSUBISHI MOT CORP (JAPAN) (DRRT/G&E/KT NOTIFIED 24 Jan 19 31 Dec 10 30 Mar 19 DRRT [email protected] INFORMATIONAL ONLY 22 Sep 17

MORGAN STANLEY & CO. LLC (SEC FAIR FUND) NOTIFIED 21 Jun 19 01 May 07 30 Jun 19 GARDEN CITY www.msfairfund.com INFORMATIONAL ONLY 24 Oct 07 GROUP

NEWPORT CORPORATION NOTIFIED 06 Feb 19 23 Feb 16 GILARDI INFORMATIONAL ONLY 29 Apr 16 04 Mar 19 Class Action Services

Page 8 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

NOVO NORDISK A/S (DENMARK) NOTIFIED 04 Jun 19 01 Dec 14 15 Jul 19 IMF [email protected] INFORMATIONAL ONLY 30 Mar 17

OOMA, INC. NOTIFIED 25 Jul 19 16 Jul 15 14 Oct 19 13 Sep 19 GILARDI & CO. www.oomasecuritieslitigation.com/ 22 Jun 18 13 Sep 19

PARAMETRIC SOUND CORP NOTIFIED 05 Mar 19 15 Jan 14 GILARDI www.gilardi.com INFORMATIONAL ONLY 15 Jan 14 01 Apr 19

PETROFAC LTD (UK) (MORGAN LEWIS BOCKIUS) NOTIFIED 06 Aug 19 11 May 17 27 Sep 19 WOODSFORD www.woodsfordlitigationfunding.com INFORMATIONAL ONLY 06 Feb 19 LITIGATION Page 148 of 391 FUNDING LTD PETROFAC LTD UK (INNSWORTH ADVISORS) NOTIFIED 22 Feb 19 02 Feb 09 31 Mar 19 INNSWORTH www.innsworth.com INFORMATIONAL ONLY 20 Feb 19 ADVISORS, LTD.

PETROFAC LTD. (UK) NOTIFIED 10 Aug 18 01 Jan 13 07 Sep 18 INNSWORTH [email protected] INFORMATIONAL ONLY 31 May 17 ADVISORS LTD.

PORSCHE AUTO HLDG SE (GER) (Q-EMANUEL) NOTIFIED 07 Nov 18 31 Dec 08 31 Dec 18 INNSWORTH [email protected] INFORMATIONAL ONLY 21 Sep 15 VENTURES

PORSCHE AUTO HLDG SE (GERMANY) (RGR&D) NOTIFIED 13 Nov 18 31 Dec 09 30 Nov 18 ROBBIN GELLER www.rgrdlaw.com INFORMATIONAL ONLY 31 Dec 15 RUDMAN & DOWD

PORSCHE AUTO HLDNG SE (GERMANY)(DEMINOR) NOTIFIED 08 Nov 18 31 Dec 08 26 Nov 18 DEMINOR [email protected] INFORMATIONAL ONLY 06 Nov 18

PPG INDUSTRIES, INC. NOTIFIED 09 Aug 19 18 Jan 17 20 Dec 19 30 Sep 19 JND LEGAL www.ppgindustriessecuritieslitigation.co 08 Aug 18 30 Sep 19 ADMINISTRATION

PRECISION CASTPARTS CORP. (2016) (10B-5) NOTIFIED 13 Mar 19 09 May 13 JND LEGAL www.precisioncastpartssecuritieslitigati INFORMATIONAL ONLY 15 May 15 03 May 19 ADMINISTRATION

PRETIUM RESOURCES INC (CANADA) NOTIFIED 26 Feb 19 23 Jul 13 TRILOGY CLASS morgantico.com/pretium-resources-inc INFORMATIONAL ONLY 21 Oct 13 11 Apr 19 ACTION SERVICES

QRX PHARMA LTD. (AUS) NOTIFIED 09 Oct 18 06 Nov 09 16 Nov 18 JUSTKAPITAL www.qrxclassaction.com.au INFORMATIONAL ONLY 25 Jun 12 16 Nov 18 LITIGATION PARTNERS LIMITED QUINTIS LIMITED (AUS)(PIPER ALDERMAN) NOTIFIED 27 Jun 19 31 Aug 15 06 Aug 19 PIPER ALDERMAN www.piperalderman.com.au/class-actions/c INFORMATIONAL ONLY 15 May 17 Class Action Services

Page 9 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

QUINTIS LTD (AUS) GADENS NOTIFIED 02 Jul 19 01 Jul 15 06 Aug 19 GADENS classactions.gadens.com/actions/details/ INFORMATIONAL ONLY 10 May 17

QURATE RETAIL, INC. NOTIFIED 22 Jul 19 04 Aug 15 25 Oct 19 03 Sep 19 STRATEGIC www.strategicclaims.net/qurate/ 06 Dec 16 03 Sep 19 CLAIMS SERVICES

RCR TOMLINSON LIMITED (AUS) (JWS) NOTIFIED 31 May 19 11 Aug 17 01 Jul 19 ICP www.icp.net.au/icp-claims/rcr-tomlinson- INFORMATIONAL ONLY 12 Nov 18

RCR TOMLINSON LTD (AUS) P. ALDERMAN NOTIFIED 14 Jun 19 28 Aug 18 01 Jul 19 IMF BENTHAM www.imf.com.au INFORMATIONAL ONLY 09 Nov 18 Page 149 of 391

RENTECH, INC. (2017) (C.D. CAL.) NOTIFIED 06 Aug 19 14 Mar 16 26 Nov 19 19 Sep 19 A.B. DATA, LTD. www.rentechsecuritieslitigation.com 05 Jul 17 19 Sep 19

RETAIL FOOD GROUP LTD. (AUS)(PHI FINNEY) NOTIFIED 21 May 19 01 Jan 17 01 Jun 19 IMF BENTHAM www.imf.com.au/cases/register/rfg-invest INFORMATIONAL ONLY 28 Feb 18 LIMITED ("IMF")

ROADRUNNER TRANSPORTATION SYSTEMS, INC. NOTIFIED 29 Jul 19 13 Mar 13 07 Nov 19 03 Sep 19 HEFFLER CLAIMS www.roadrunnersettlement.com 24 Jul 19 03 Sep 19 GROUP

SANDISK CORP (N/K/A SANDISK LLC)(2015) NOTIFIED 01 Jul 19 15 Oct 14 12 Sep 19 05 Sep 19 EPIQ CLASS www.sandisksecuritieslitigation.com 14 Jul 15 05 Sep 19 ACTION & CLAIMS SOLUTIONS SANDISK CORPORATION (2015) (10B-5) NOTIFIED 22 Jan 19 16 Oct 14 EPIQ GLOBAL www.sandisksecuritieslitigation.com INFORMATIONAL ONLY 15 Apr 15 28 Feb 19

SEAWORLD ENTERTAINMENT, INC. NOTIFIED 13 Feb 19 29 Aug 13 EPIQ CLASS www.seaworldsecuritieslitigation.com INFORMATIONAL ONLY 12 Aug 14 09 Apr 19 ACTION & CLAIMS SOLUTIONS, IN SERCO GROUP PLC-G4S PLC (UK) NOTIFIED 09 Jul 19 08 Jul 13 26 Aug 19 WOODSFORD www.serco.com INFORMATIONAL ONLY 12 Mar 14

SIMS METAL MGMT LIMITED (AUS) NOTIFIED 14 Jun 19 21 Aug 15 01 Aug 19 INVESTOR CLAIM [email protected] INFORMATIONAL ONLY 19 Feb 16 PARTNER PTY LTD

SIRTEX MED LTD(AUS)(MAURICE BLACKBURN) NOTIFIED 16 Jul 19 24 Aug 16 07 Aug 19 07 Aug 19 IMF BENTHAM www.imf.com.au/cases/register/sirtexmed INFORMATIONAL ONLY 16 Dec 16 01 Nov 18

SLATER & GORDON LTD. (PITCHER) (AUS) NOTIFIED 25 Jan 19 30 Mar 15 01 Mar 19 MAURICE www.mauriceblackburn.com.au/class-action INFORMATIONAL ONLY 24 Feb 16 BLACKBURN Class Action Services

Page 10 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

SOUTHERN COPPER CORPORATION (2015) NOTIFIED 09 Oct 18 16 Mar 12 07 Nov 18 KURTZMAN www.kccllc.com/ INFORMATIONAL ONLY 03 Oct 18 CARSON CONSULTANTS SPOTLESS GRP. HLDGS LTD (AUS) NOTIFIED 11 Dec 18 25 Aug 15 28 Jan 19 28 Jan 19 SLATER AND www.spoclassaction.com.au INFORMATIONAL ONLY 01 Dec 15 GORDON

STARZ (2016) (DELAWARE CHANCERY COURT) NOTIFIED 31 Oct 18 07 Dec 16 30 Nov 18 AB DATA www.starzstockholderlitigation.com/ INFORMATIONAL ONLY 20 Dec 16

STEINHOFF INT HLDGS N.V. (NL)(CAB/SAX) NOTIFIED 22 May 19 08 Sep 09 28 Jun 19 LIEFF [email protected] Page 150 of 391 INFORMATIONAL ONLY 07 Dec 17 CABRASER/SAXEN A WHITE STEINHOFF INT HLDGS N.V. (NL)(DRRT/THER) NOTIFIED 15 May 19 26 Jun 13 30 Jun 19 DRRT steinhoffclassaction.org INFORMATIONAL ONLY 28 Feb 18

STEINHOFF INT. HLD N.V. (NTH) BARENTSKRA NOTIFIED 17 Oct 18 26 Jun 13 12 Nov 18 CLAIMS FUNDING [email protected] INFORMATIONAL ONLY 06 Dec 17 EUROPE

STEINHOFF INTL HLDGS (BUREAU BRANDEIS) NOTIFIED 07 Nov 18 30 Nov 15 30 Nov 18 GRANT & [email protected] INFORMATIONAL ONLY 20 Dec 17 EISENHOFER P.A

STEINHOFF INTL HLDGS (DRRT/ BYNKERSHOEK) NOTIFIED 07 Nov 18 26 Jun 13 30 Nov 18 STEINHOFF [email protected] INFORMATIONAL ONLY 28 Feb 18 INVESTOR LOSS RECOVERY TEAM STEINHOFF INTL HLDGS LTD/NV (DRRT/THERI) NOTIFIED 06 Feb 19 26 Jun 13 30 Apr 19 DRRT steinhoffclassaction.org INFORMATIONAL ONLY 28 Feb 18

STEINHOFF INTL HLDGS LTD/NV (S.A) (DRRT) NOTIFIED 07 May 19 26 Jun 12 30 Jun 19 DRRT www.steinhoffclassaction.org INFORMATIONAL ONLY 28 Feb 18

STEINHOFF INTL HLDGS LTD/NV (SA) (DRRT) NOTIFIED 05 Dec 18 26 Jun 13 28 Dec 18 DRRT www.steinhoffclassaction.org INFORMATIONAL ONLY 28 Feb 18

STEINHOFF INTL HLDGS LTD/NV (SA) (DRRT) NOTIFIED 25 Jan 19 26 Jun 13 30 Apr 19 DRRT www.steinhoffclassaction.org INFORMATIONAL ONLY 28 Feb 18

STEINHOFF INTL HLDGS N.V.(NETHERL)(VEB) NOTIFIED 31 Aug 18 07 Aug 15 01 Oct 18 VEB [email protected] INFORMATIONAL ONLY 07 Dec 17

STEINHOFF INTL HLDGS NV(NETH)(POMERANTZ) NOTIFIED 24 Jun 19 26 Jun 13 31 Jul 19 POMERANTZ LLP [email protected] INFORMATIONAL ONLY 28 Feb 18 Class Action Services

Page 11 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

STEINHOFF INTL HLDGS(GER)(TILP RECHTSAN) NOTIFIED 29 Mar 19 07 Dec 15 30 Apr 19 THERIUM https://steinhoff-claim.com INFORMATIONAL ONLY 07 Dec 17

STEINHOFF INTNL HOLD NV (NTH) (EVERS S) NOTIFIED 07 Nov 18 26 Jun 13 31 Jan 19 BURFORD CAPITAL [email protected] INFORMATIONAL ONLY 06 Dec 17

STEMLINE THERAPEUTICS INC. NOTIFIED 18 Jul 19 19 Jan 17 23 Oct 19 02 Sep 19 STRATEGIC strategicclaims.net/stemline-therapeutic 02 May 17 02 Sep 19 CLAIMS

SUNEDISON, INC. NOTIFIED 07 May 19 18 Aug 15 ANALYTICS www.sunedisonsecuritieslitigation.com INFORMATIONAL ONLY 04 Apr 16 17 Jun 19 CONSULTING Page 151 of 391

SUPERALLOY INDUSTRIAL CO., LTD./JIAN SIN NOTIFIED 07 Jan 19 06 Jul 17 07 Jan 19 SFIPC www.sfipc.org.tw/mainweb/index.aspx?l=2 INFORMATIONAL ONLY 16 Aug 17

SURFSTITCH GRP (AUS)(JOHNSONWINTERSLATT) NOTIFIED 16 Aug 18 27 Aug 15 01 Sep 18 JOHNSON WINTER www.surfstitchclassaction.com.au INFORMATIONAL ONLY 09 Jun 16 & SLATTERY

SURFSTITCH GRP LTD (AUS) (GADENS) NOTIFIED 16 Aug 18 25 Feb 16 01 Sep 18 GADENS classactions.gadens.com INFORMATIONAL ONLY 09 Jun 16

SWEDBANK AB (SWEDEN)(BURFORD CAP) NOTIFIED 03 Apr 19 31 Dec 09 30 Jun 19 BURFORD CAPITAL [email protected] INFORMATIONAL ONLY 29 Mar 19

TA CHONG BANK LTD. (TAIWAN) NOTIFIED 19 Apr 19 05 Aug 15 03 May 19 SFIPC www.sfipc.org.tw/mainweb/index.aspx?l=2 INFORMATIONAL ONLY 05 Aug 15

TABERNA CAPITAL MGMT LLC (SEC FAIR FUND) NOTIFIED 08 Aug 19 05 Feb 09 12 Sep 19 07 Jan 19 RUST www.tabernafairfund.com 31 Dec 18

TATUNG CO. (TAIWAN) NOTIFIED 07 Nov 18 01 Sep 16 30 Nov 18 SFIPC [email protected] INFORMATIONAL ONLY 10 Feb 17

TILE SHOP HOLDINGS, INC. NOTIFIED 09 Jul 18 11 Apr 18 09 Aug 18 STRATEGIC [email protected] INFORMATIONAL ONLY 02 Jul 18 CLAIMS

TWITTER, INC. (N.D. CAL.) NOTIFIED 11 Apr 19 06 Feb 15 EPIQ GLOBAL www.twittersecuritieslitigation.com INFORMATIONAL ONLY 28 Jul 15 23 May 19

UGL LTD (AUS) NOTIFIED 09 Nov 18 16 Apr 14 30 Nov 18 IMF BENTHAM imf.com.au/cases/register/ugl-limited INFORMATIONAL ONLY 05 Nov 14

VOCATION LIMITED (AUSTRALIA) (MAURICE B) NOTIFIED 29 Jan 19 27 Nov 13 04 Mar 19 MAURICE www.vocationclassaction.com.au. INFORMATIONAL ONLY 04 Dec 14 BLACKBURN Class Action Services

Page 12 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

VOCATION LTD. (AUS) (SLATER & GORDON) NOTIFIED 04 Jan 19 25 Aug 14 01 Feb 19 IMF BENTHAM www.imf.com.au INFORMATIONAL ONLY 23 Oct 14

VOCUS GROUP LTD (AUS)(SLATER & GORDON) NOTIFIED 24 Jun 19 29 Jun 16 13 Aug 19 ICP www.icp.net.au/icp-claims/vocus/ INFORMATIONAL ONLY 02 May 17

VOCUS GROUP LTD.(AUSTRALIA)(ACA LAWYERS) NOTIFIED 12 Jun 19 29 Nov 16 01 Jul 19 HARBOUR FUND III www.acalawyers.com.au INFORMATIONAL ONLY 02 May 17 LP

VOLKSWAGEN AG (CANADA) (QUEBEC SUP CRT) NOTIFIED 30 May 19 12 Mar 09 RICEPOINT www.volkswagenadrlitigation.com INFORMATIONAL ONLY 18 Sep 15 26 Jul 19 ADMINISTRATION Page 152 of 391

VOLKSWAGEN AG (GER) (ISAF) NOTIFIED 03 Dec 18 29 Jun 12 07 Dec 18 ISAF isafmanagement.com/volkswagen-case/volks INFORMATIONAL ONLY 31 Dec 15

VOLKSWAGEN AG (GERMANY) (ISAF) NOTIFIED 24 Oct 18 29 Jun 12 30 Nov 18 ISAF isafmanagement.com/volkswagen-case/volks INFORMATIONAL ONLY 31 Dec 15

VOLKSWAGEN AG (GERMANY) (ROTTER R) NOTIFIED 03 Oct 18 29 Oct 08 10 Dec 18 ROTTER www.rrlaw.de INFORMATIONAL ONLY 17 Sep 15 RECHTSANWAELTE

VOLKSWAGEN AG (GERMANY) (TILP) NOTIFIED 07 Aug 18 06 Jun 08 31 Aug 18 DRRT [email protected] INFORMATIONAL ONLY 25 Sep 15

VW AG/PORSCHE SE/AUDI AG (GER) (TILP) NOTIFIED 15 Nov 18 06 Jun 08 01 Dec 18 DRRT [email protected] INFORMATIONAL ONLY 25 Sep 15

WELLARD LTD (AUSTRALIA) NOTIFIED 02 Aug 18 20 Nov 15 01 Sep 18 INVESTOR CLAIM www.icp.net.au/register-wellard/ INFORMATIONAL ONLY 31 Aug 16 PARTNERS PTY LTD WESTERNONE INC. (CAD) NOTIFIED 16 Aug 18 12 Jun 14 24 Jul 18 KIRWIN PARTNERS www.strosbergco.com INFORMATIONAL ONLY 12 Nov 14 17 Sep 18 LLP

WINTEK CORP. (TAIWAN) NOTIFIED 12 Apr 19 03 Oct 14 03 May 19 SFIPC www.sfipc.org.tw./mainweb/index.aspx?l=2 INFORMATIONAL ONLY 09 Oct 14

WIRECARD AG (GERMANY) NOTIFIED 17 Jun 19 31 Dec 13 30 Sep 19 ROBBINS GELLER [email protected] INFORMATIONAL ONLY 01 Feb 19 RUDMAN & DOWD

WOOLWORTHS LTD. (AUSTRALIA) NOTIFIED 13 Aug 18 29 Aug 14 24 Aug 18 MAURICE www.mauriceblackburn.com.au INFORMATIONAL ONLY 06 May 15 BLACKBURN

XEROX CORPORATION (2018) NOTIFIED 11 Jun 19 31 Jan 18 09 Aug 19 BERNSTEIN www.blbglaw.com/cases/00348 INFORMATIONAL ONLY 11 May 18 09 Aug 19 LITOWITZ Class Action Services

Page 13 of 32 u Class Action Event Summary by Event Status

Objection/ Event Event Status Class Start Filing Exclusion Class Action Name Status As Of Class End Deadline Deadline Claims Admin Name Web Address

ZYNGA INC. DERIVATIVE LITIGATION NOTIFIED 15 Nov 18 16 Dec 11 17 Dec 18 DONLIN RECAN & www.donlinrecano.com/zinga INFORMATIONAL ONLY 30 Oct 18 CO.

21VIANET GROUP, INC. FILED 02 Oct 18 19 Aug 13 31 Oct 18 10 Oct 18 A.B. DATA, LTD. www.21vianetsecuritieslitigation.com 14 Nov 16 10 Oct 18

ALIBABA GROUP HOLDING LIMITED (CALI SC) FILED 15 Apr 19 17 Sep 14 02 May 19 02 Apr 19 GILARDI & CO. www.alibabasecuritieslitigation.com 05 Oct 15 02 Apr 19