The URL can be used to link to this page

Home My WebLink About2012 05 08 Regular 601 The Bogdahn Group Quarterly Investment Performance Review - REVISED Winter Springs General Employees General Plan and Trust Investment Performance Review 1st Quarter 2012 THE cL: BOGDAHN ..., ' GROUP W W W.B O G D A H N C R O U P.C O M sin�plifyrng your invesrnie�»nrrd fiduci rry d�risions 1st Quarter 2012 Market Environment P \ THE 1 BOGDAHN -'' GROUP. TH1 2 BOGDAHN GROUP. Plan Investment Performance Total Fund Portfolio Attribution As of March 31,2012 (Reference Comparative Performance pages 20-23 of The Bogdahn Group March 31, 2012 Investment Performance Review) •The Fund experienced another quarter of strong performance. Investment returns were positive across all asset classes during the quarter. Outsized equity returns, once again, had the most significant impact on overall portfolio return attribution. Continued news of improving prospects for domestic economic stability, including modest but positively trending employment, overshadowed reports on the general economic deterioration of the Euro zone economies. The surge in risk asset performance continued also arguably due to the Greek debt resolution (at least for now), and most significantly due to the European Central Bank implementation of the Long Term Refinancing Operation(LTRO).The operation has brought relief,at least temporarily,to Europe contagion concerns. • Plan assets increased measurably from investments during the quarter, with a total return gain on investments of$2.337 million. This equates to a total return net of fees of 9.64% for the quarter. The Plan fiscal year to date return is now 16.44%net. Preliminary peer group ranking for the Plan continues to show improvement:Top 8 th percentile for the quarter, and 20 th percentile fiscal year to date. Manager performance to benchmarks was generally positive with RBC providing the most significant level of manager outperformance to the benchmark. • The most notable positive contribution came from the allocation to equity, equity total return performance was 14.36%vs. the policy benchmark of 12.44%. • The most significant detractor to program relative performance for the quarter was the Dalton All Cap Value allocation which returned 9.55% vs. the target benchmark return of 11.16% What helped? • The program continues to receive a performance boost from the allocation to Real Estate which returned 2.87%and 6.83%for the quarter and fiscal year to date respectively. • Global bond performance,while a small allocation,was very strong during the quarter returning 7.19%. What hurt? • Active management performance was below benchmarks for DGHM. Recommendations: • Review allocation for possible rebalancing. i THE 3 BOGDAHN GROUP. The Market Environment Major Market Index Performance As of March 31,2012 • For the second consecutive quarter, the capital markets generated Quarter Performance positive results. Both domestic and non-US equity markets had double-digit gains, results were mixed in the fixed income markets. MSCI ACWxUS 11.37ro MSCI EAFE 1 11.0% While there were signs of improvement in the U.S. economy in several MSCI Emerg Mkts 1 14.1% of the monthly data points, which helped investor sentiment - (unemployment claims, retail sales, non-farm payrolls), uncertainty S&P 500 12.6% remains both domestically and abroad (i.e., Europe debt, China). Russell 3000 12.9% However, as was the case in Q4, market sentiment appeared to Russell 1000 1 12.9% improve with additional government intervention (i.e., Greece bailout, the Russell MidCap - I 12.9% European Central Bank (ECB) Long Term Refinancing Operation Russell 2000 1 12.4% (LTRO) auction to help Eurozone banks shore up their balance sheets by offering low interest rate loans). Several investment managers we Barclays US Agg _ have talked to believe the US economy will continue to "muddle" along, Barclays US Tsy 1.3 0 Barclays US TIPS 0.9% for most of 2012, with moderate GDP growth in the low 2%range. Barclays MBS ] 0.6% Barclays Corp IG 1 2.1% • On the heels of a strong Q4, the equity markets continued the rally during 01. The S&P 500 Index, a proxy for large cap stocks, returned 3-Month T-Bill 0.0% +12.6% for the quarter. In the last three years since the end of the -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% `financial crisis', the S&P 500 has generated a positive return in 10 of the 12 quarters. Combining the performance over the last two quarters, the 1-Year Performance index has returned +25.9%. This six month return for the index is the best Q4 and Q1 performance since 4Q98 and 1Q99, and the best overall MSCI ACWxUS -6.7% six-month return since the rebound in the second and third quarters in MSCI EAFE -5.3% 2009(+34.0%). MSCI Emerg Mkts -8.5% • International equity performance was strong for the quarter with the S&P 500 MEM 8.5% MSCI-ACWxUS Index returning +11.3% in U.S. Dollars (USD). Russell3000 17.2% Developed markets, represented by the MSCI-EAFE Index, returned a Russell 1000 1 7.9% slightly lower +11.0% for the quarter and the MSCI-EM (emerging Russell MidCap 3.3% markets) Index posted the strongest equity returns of 14.1%. In general, Russell 2000 -0.2% 1 the USD depreciated across the board (especially versus EM currencies), favorably affecting US investor assets overseas. Barclays US Agg 1111.111.111 7.7% Barclays US Tsy 8.6% • The various sectors of the domestic bond market posted returns that Barclays US TIPS _ 112.2% were generally positive for the first quarter. However, the Barclay U.S. Barclays MBS I 6.2% Treasury Index returned -1.3%. The decline negated much of the Barclays Corp IG 1 9.5% strong performance from the credit sector (+2.1% QTD) leading to the - broad market Barclays US Aggregate index posting a tepid 0.3% return 3-Month T-Bill 0.0% for the quarter . -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% THE Source: Morningstar Direct 4 / BOGDAHN GROUP. The Market Environment Domestic Equity Style Index Performance As of March 31,2012 • The style-based indices continued to generate double-digit gains during the first quarter. In a reversal of last quarter, the growth-based index Quarter Performance- Russell Style Series results outperformed value-based index returns at all capitalization 3000 Value r11111111 11.2% levels for the quarter. The dispersion between the style indexes was 3000 Index 12.9% greater with the large capitalization indexes(360 basis points)compared 3000 Growth 14.6% to the 170 basis points(bps)dispersion in the small cap indexes. 1000 Value 11.1% • Apple was a significant holding in the S&P 500, Russell 1000, Russell 1000 Index 12.9% 1000 Growth, Russell 3000, and the Russell 3000 Growth indexes. 1000 Growth jIIIIII 14.7% While the average weight in the Russell 1000 Index was `only' 3.3%, Apple represented 6.6% of the Russell 1000 Growth Index. Combining MidCap Value 11111.11 11.4% Apple's size in the large cap core and growth indexes with the stock's MidCap Index 12.9% +48% return during the quarter results in a large contribution to each of the aforementioned index's total returns. For example, Apple contributed MidCap Growth 14.5% 7 275 bps to the Russell 1000 Growth Index or 18.75% of the total quarterly performance. 2000 Value 11.6% 2000 Index 12.4% • In general, the top performing sectors across the various capitalizations 2000 Growth 13.3° and styles were Information Technology, Consumer Discretionary, and 0.0% 5.0% 10.0% 15.0% 20.0% Financials. Information Technology, which returned +23.7%, accounted for approximately 30% of the Russell 1000 Growth Index. In the Russell 1-Year Performance- Russell Style Series 1000 Value Index, the Financials sector returned +21.4% and Bank of 3000 Value 1111111111= 4.3% America, with a quarterly return of +72.3%, was a large contributor (32 ' bps). The Consumer Discretionary sector, which represents 14.4% in 3000 Index 7.2°i° Milli the Russell 1000 Growth Index and 9.3% in the Russell 1000 Value 3000 Growth 10.1% Index, returned +16.8% and +16.4%, respectively. This was led by IIIIIIIIIMIII strong economic data and improved consumer confidence. 1000 Value 4.8% 1000 Index 7.9% OF • The one-year performance results also show growth outpacing value for 1000 Growth 11.0% all capitalization levels. Again, this is more pronounced at the larger end of the capitalization spectrum. Although Financials had a strong quarter MidCap Value M 2.3% to start 2012, performance in the last three quarters of 2011 was not MidCap Index I 3.3% enough to close the gap with the Russell 1000 Growth Index. The MidCap Growth AIME 4.4% Russell 2000 Value Index and the Russell 2000 Index were the only negative style indices for the year. A significant contributor to the 2000 Value -1.1% ii negative one-year performance for the Russell 2000 Value Index was 2000 Index -0.2% Energy. Even though the average exposure during the year was 2000 Growth 0.7% approximately 6%, the -22% return detracted 180 bps from the total , ' -5.0% o.o°° 5.0°r° 10.0% 15.0% return. c THE o Source:Morningstar Direct 5 BOGDAHN GROUP. The Market Environment GICS Sector Performance &(Quarter Average Sector Weight) As of March 31,2012 • In the Russell 1000 Index, six of the ten GICS sectors posted Russell 1000 •Quarter 01-Year double-digit returns for the quarter. Excluding Energy, the more cyclical sectors like Information Technology (+21.2%), Financials Energy(10.8%) -7.4%I 4.0% (+20.5%), and Consumer Discretionary (+16.6%) outperformed. Materials(4.0%) ° 12.3 ro The top two contributors from a sector perspective were -2.9/° Information Technology (390 bps) and Financials (293 bps). Industrials(10.9%) 12.1% 1.2% Utilities was the only sector that was negative during quarter. For 16.6% the second consecutive quarter, Utilities trailed the other sectors Consumer Disc(11.9%) 16.1% as investors looked beyond the defensive sector for returns. The Consumer Staples(9.8%) 5.8% top performing company in the Financials sector was Bank of 17.3% America, which returned +72.3% and contributed 41 bps to the Health Care(11.4%) 10.1% 15.3% index quarterly return. Apple , the largest holding in the Russell Financials(15.4%) 20.5% 1000 Index, returned +48% and was the top performing constituent -1.2% in the Information Technology sector. From a contribution Info Technology(19.8%) 15.ar°21.2 0 perspective, Apple's quarterly performance added 159 bps to the 3.1% index,which accounted for 12.4%of the index's total return. Telecom Services(2.6%) 3.1% Utilities(3.4%) 1.6� • I 12.7% • For the trailing twelve month period, seven of the ten sectors were positive; only the Energy, Materials, and Financials sectors had a -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% negative one-year return. For Financials, two consecutive quarters of positive performance has nearly erased the sector's difficulties Russell 2000 •Quarter 01-Year during the second and third quarter of 2011. ° -17.4% 7.2% Energy(6.5%) • Similar to the sector performance in the Russell 1000 Index, every Materials(4.6%) 13.0% sector in the Russell 2000 Index was positive during the quarter -10.3% except for Utilities (-2.1%). Dispersion in performance among the Industrials(15.7%) 11.3%-2.9% sectors was wide, but not as large as in the Russell 1000 Index 18.0% (201 bps compared 228 bps). The top performing sector was Consumer Disc(13.7%> 6.4% Consumer Discretionary(+18%). Consumer Staples(3.5%) 8.4% ° 11.2ro • Only six sectors in the Russell 2000 Index managed to post Health Care(12.7%) 15.3% positive returns for trailing one-year period. The sectors that have 7.9% P 9 Y P 11.7% underperformed are considered cyclical and have not been able to Financials(22.5%) M 3.8% rebound from the difficult performance periods in 2011 when the 14.0 r° Info Technology(16.7%) ° 'risk-off' sentiment prevailed and investors sold out of these -5.4/° sectors. Telecom Services(0.8%) 12.6% MI 2.5% Utilities(3.2%) -2.1 7.9% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% THE Source: Thompson One Portfolio Analytics 6 /(`a j„ BOGDAHN `- GROUP. The Market Environment Top 10 Index Weights& Quarterly Performance for the Russell 1000 &2000 As of March 31,2012 Top 10 Weighted Stocks Top 10 Weighted Stocks Russell 1000 Symbol Weight Return Sector Russell 2000 Symbol Weight Return Sector Apple Inc AAPL 3.32% 48.0% Information Technology World Fuel Services Corp INT 0.26% -2.2% Energy Exxon Mobil Corp XOM 3.06% 2.9% Energy Clean Harbors Inc CLH 0.26% 5.6% Industrials IBM IBM 1.70% 13.9% Information Technology Parametric Technology Corp PMTC 0.25% 53.0% Information Technology Microsoft Corp MSFT 1.63% 25.1% Information Technology Nu Skin Enterprises Inc NUS 0.25% 19.7% Consumer Staples Chevron Corp CVX 1.56% 1.6% Energy Jack Henry&Associates Inc JKHY 0.25% 1.9% Information Technology General Electric Co GE 1.47% 13.0% Industrials American Campus Communities ACC 0.24% 7.4% Financials Procter&Gamble Co PG 1.33% 1.6% Consumer Staples Biomed Realty Trust Inc BMR 0.24% 6.2% Financials •T&T INC T 1.31% 4.8% Telecomm Service Salix Pharmaceuticals Ltd SLXP 0.24% 9.7% Health Care Johnson&Johnson JNJ 1.29% 1.5% Health Care Signature Bank SBNY 0.24% 5.1% Financials Pfizer Inc PFE 1.23% 5.8% Health Care Home Properties Inc HME 0.24% 7.2% Financials Top 10 Performing Stocks 111111161111 Top 10 Performing Stocks Russell 1000 Symbol Weight Return Sector ERusseIl 2000 Symbol Weight Return Sector Amylin Pharmaceuticals Inc AMLN 0.01% 119.3% Health Care Bon-Ton Stores Inc BONT 0.01% 178.6% Consumer Discretionary Regeneron Pharmaceuticals Inc REGN 0.05% 110.4% Health Care Alimera Sciences Inc ALIM 0.00% 170.4% Health Care Sears Holdings Corp SHLD 0.02% 108.5% Consumer Discretionary Orexigen Therapeutics Inc OREX 0.01% 154.7% Health Care Cobalt International Energy Inc CIE LPS 0.02% 93.5% Energy Sunesis Pharmaceuticals Inc SNSS 0.00% 145.3% Health Care Lender Processing Services Inc 0.01% 73.3% Information Technology nhibitex Inc INHX 0.06% 137.7% Health Care umina Inc ILMN 0.04% 72.6% Health Care Viws Inc VV 0.12% 129.3% Health Care Bank Of America Corp BAC 0.57% 72.3% Financials Towerstream Corp TWER 0.01% 126.2% Telecomm Service Skyworks Solutions Inc SWKS 0.03% 70.5% Information Technology Builders Firstsource Inc BLDR 0.01% 107.4% Industrials Terex Corp TEX 0.02% 66.5% Industrials Av Biopharma Inc AVII 0.01% 106.7% Health Care Fossil Inc FOSL 0.04% 66.3% Consumer Discretionary Smith Micro Software Inc SMSI 0.01% 106.2% Information Technology Bottom 10 Performing Stocks Bottom 10 Performing Stocks Russell 1000 Symbol Weight Return Sector 1 Russell 2000 Symbol Weight Return Sector Education Management Corp EDMC 0.01% -51.1% Consumer Discretionary Dynegy Inc DYN 0.01% 79.8% Utilities Exco Resources Inc XCO 0.01% -36.2% Energy Columbia Laboratories Inc CBRX 0.01% 71.6% Health Care Radioshack Corp RSH 0.01% -34.7% Consumer Discretionary Anthera Pharmaceuticals Inc ANTH 0.01% 64.0% Health Care Webmd Health Corp WBMD 0.01% -31.9% Information Technology Houston American Energy Corp HUSA 0.01% 57.2% Energy Amr Corp 18674 0.00% -31.4% Industrials Amyris Inc AMRS 0.01% -55.1% Energy Supervalu Inc SVU 0.01% 28.7% Consumer Staples Chelsea Therapeutics Intl CHTP 0.02% -50.1% Health Care Apollo Group Inc APOL 0.04% -28.3% Consumer Discretionary Peregrine Pharmaceuticals Inc PPHM 0.01% -47.6% Health Care First Solar Inc FSLR 0.02% -25.8% Information Technology Hyperdynamics Corp HDY 0.03% -47.3% Energy Arch Coal Inc ACI 0.02% -25.6% Energy Zeltiq Aesthetics Inc ZLTQ 0.01% -45.7% Health Care Alpha Natural Resources Inc ANR 0.03% -25.6% Energy CI INC NCIT 0.00% -45.2% Information Technology THE Source. Thompson One Portfolio Analytics r BOGDAHN GROUP. The Market Environment International and Regional Market Index Performance(Country Count) As of March 31,2012 • All of the non-US regional benchmarks posted double-digit returns Quarter Performance •USD ❑Local Currency for the first quarter in USD terms. Emerging Europe was the strongest region as it rebounded from a significantly negative AC World x US(44) 11.3% s.s% 2011-in particular, Germany and Belgium recorded returns of+21% and +19%, respectively. Spain was the only negative-returning WORLD x US(23) 10.5% p Y P Y 9 9 s.7 r° country during the quarter(-3%). - 11.0°x° EAFE(22) 111111111111111111111111110.3% • Europe appears to have entered an official recession based on PMI Europe(16) 10.8% results for the region suggesting growth declined for the second ''% consecutive quarter. While Greece seems to have allayed fears of a Pacific(5) 11.3% near-term default (at least temporarily), there remain serious - 15.5°%° questions as to whether the agreed-upon austerity measures will be Emerging Mkt(21) 14'1% 10.8% 19.3% tolerated by citizens and even if they will be enough to stave off the - inevitable. EM Europe(5) IIIMIIIIIIIIIIIIIIMIIIMIMI3.7%% EM Asia(8) 1111111111111 13.4 11.6% • The MSCI-ACWxUS Index realized positive performance across all 10 economic sectors for the quarter. However, performance for EM Latin Amer(5) 14.7% Telecom Services companies in the developed market index was 10.3% actually slightly negative. Consumer Discretionary, Financials and 0.0% 5.0% 10.0% 15.0% 20.0% Information Technology were the strongest performers in the developed countries. There was less disparity among sector 1-Year Performance ■USD ❑Local Currency performance in emerging countries, with Information Technology and s.ar° AC World x US(44) Industrials being the best performers. a.3°i° WORLD x 123) -6.2% • The USD finally weakened against most of the developed and -4.5% emerging market currencies during the quarter. The one exception EAFE(22) -5.3% I was developed Asia, where the Yen depreciated significantly versus -3.7% USD after Japan announced a shift in its inflation target from 0% to Europe(16) 69% 3.9% o ° 1 /o. Pacific(5) -2.6%9%111111 • The 1-Year performance results for non-US equities (especially EM -8.5% �� Emerging Mkt(21) -3.7% __ _ Europe) remain in negative territory despite the impressive returns -18.1° - for the first quarter. EM Europe(5) -129% EM Asia(8) -7.6% . .., -5.0 EM Latin Amer(5) 8.1% 0.5% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% THE. Source: MSCI(www.msci.com) 8 L BOGDAHN GROUP. The Market Environment U.S. Dollar International Index Attribution&Country Detail As of March 31,2012 MSCI-EAFE MSCI-ACWIxUS Quarter 1-Year MSCI-EAFE Sector Weight Quarter Return 1-Year Return Country Weight Weight Return Return Energy 8.5% 4.2% -4.8% United Kingdom 22.4% 15.3% 7.6% 1.1% Japan 21.6% 14.7% 11.4% 0.4% Materials 10.2% 11.7% -15.0% France 9.3% 6.3% 12.3% -14.7% Industrials 12.7% 13.0% -8.4% Germany 8.6% 5.9% 21.1% -7.1% Consumer Discretionary 10.8% 19.6% 3.4% Switzerland 8.6% 5.8% 10.6% 2.0% Australia • 8.4% 5.7% 9.0% -6.9% Consumer Staples 11.2% 7.9% 12.5% Sweden 3.2% 2.2% 14.8% -7.6% Health Care 9.3% 5.2% 9.4% Spain 2.9% 2.0% -3.1% -24.3% Financials 22.6% 16.6% -12.2% Hong Kong 2.9% 1.9% 13.4% -4.4% Information Technology 4.8% 13.7% -5.3% Netherlands 2.5% 1.7% 8.7% 13.2 • Italy 2.3% 1.6% 8.9% -25.6% Telecommunication Services 5.4% -0.4% -9.3% Singapore 1.8% 1.2% 19.3% -1.5% Utilities 4.3% 5.0% -14.1% Denmark 1.1% 0.8% 18.2% -9.1% Total 100.0% 11.0% -5.3% Belgium 1.0% 0.7% 19.0% 1.5% Norway 1.0% 0.7% 15.1% -2.1 Finland 0.9% 0.6% 17.2% -20.9% MSCI-Emerging Mkt Sector Weight Quarter Return 1-Year Return Israel 0.6% 0.4% 8.7% -19.3% Energy 13.9% 13.3% -16.9% Ireland 0.3% 0.2% 9.8% 14.8%• Austria 0.3% 0.2% 16.5% -29.7% Materials 12.9% 11.7% -20.6% Portugal 0.2% 0.1% 1.6% -27.0 Industrials 6.7% 18.4% -13.7% New Zealand 0.1% 0.1% 16.8% 19.0% Consumer Discretionary 7.9% 12.3% 0.4% Greece 0.1% 0.1% 13.5% -63.2% Total EAFE Countries 100.0% 67.9% 11.0% -5.3% Consumer Staples 8.0% 13.0% 15.6% Canada 8.1% 6.6% -13.2% Health Care 1.0% 14.9% -6.0% Total Developed Countries 76.0% 10.5% -6.2% Financials 23.8% 14.3% -13.1% China 4.1% 9.9% -12.7% Information Technology 13.9% 21.2% 4.9% Korea 3.6% 15.5% -5.3% Brazil 3.6% 13.9% -13.0% Telecommunication Services 8.0% 8.3% 2.1% Taiwan 2.6% 14.5% -4.5% Utilities 3.7% 12.7% -4.6% South Africa 1.8% 11.2% -2.9% Total 100.0% 14.1% -8.5% Russia 1.6% 18.6% -17.7% India 1.6% 20.1% -20.5% Mexico 1.1% 15.6% 1.0% MSCI-ACWIxUS Sector Weight Quarter Return 1-Year Return Malaysia 0.8% 8.6% 4.2% Energy 11.3% 6.2% -11.9% Indonesia 0.7% 4.1% 5.8% Thailand 0.5% 21.2% 13.5% Materials 11.6% 10.2% -17.6% Chile 0.4% 17.9% 2.4% Industrials 10.7% 13.3% -9.1% Poland 0.3% 17.5% -22.5% Consumer Discretionary 9.6% 18.0% 2.3% Turkey 0.3% 27.1% -13.1% Consumer Staples 9.8% 8.9% 13.0% Colombia 0.3% 18.1% 11.9% Philippines 0.2% 21.6% 25.2% Health Care 6.7% 5.7% 8.7% Peru 0.2% 12.4% 2.3% Financials 23.9% 15.7% -11.6% Egypt 0.1% 41.1% -2.4% Information Technology 6.7% 17.2% -2.2% Czech Republic 0.1% 9.3% -10.8% Telecommunication Services 5.9% 2.4% -4,9%0 Hungary 0.1% 22.8% -322% . Morocco 0.0% 4.0% -15.9% Utilities 3.9% 6.5% -11.7% Total Emerging Countries 24.0% 14.1% -8.5% Total 100.0% 11.3% -6.8% Total ACWIxUS Countries 100.0! 11.3% -6.8% 1111.4\ THE Source:MSCI(www.msci.corn) 9 BOGDAHN GROUP. The Market Environment Domestic Bond Sector& Broad/Global Bond Market Performance As of March 31,2012 • With the exception of the U.S. Treasuries and the AAA-rated sector, Quarter Performance each of the fixed income benchmarks posted positive results for the quarter. The broad market Barclays Aggregate bond index posted a AAA -1.0% return of +0.3%. Within the benchmark's segments, Treasuries (- AA 1.4% 1.3%) detracted from returns while MBS (+0.6%) and corporate A 2.0% bonds (+2.1%) were accretive to performance. In a continuation of last quarter's rally in credit spreads, the scaled credit benchmark Baa 2.4�%n results show that investors once again favored the "yield-advantage" High Yield 4.9% of lower-rated issues over the "safety" of Treasury securities. The Treasury 1.3% high yield benchmark returned a strong +4.9% for the quarter while Mortgage 0.6% the high-quality AAA index declined 1.0%. While Treasury returns were negative for the quarter due to a sell-off in longer dated Corporate IG 2.1°/0 maturities, Treasury Inflation Protected Securities (TIPS) returned a TIPS 0.9% solid 0.9%. TIPS were the beneficiary of the continued concern over future inflation. Outside of the U.S. market, the Barclays Global Aggregate III 0.3% Aggregate x US benchmark posted a return of+1.2%for the quarter. Intermediate Agg 0.7% • The trailing one-year returns continued to be strong across the Global Agg x US 1.2% various broad and sector-based fixed income indices. The year's -2.0% 0.0% 2.0% 4.0% 6.0% fixed income results were led by the 12.2% return of TIPS, which benefited from continued concern over future inflation. The leading 1-Year Performance performance of TIPS for 2011 was followed by AAA-rated bonds AAA 10.9% (10.9%), and Baa-rated corporate bonds(10.3%). AA 8.3% • The advantage of longer-duration portfolios in the trailing year's A 9.0% declining interest rate environment is evident in the 150 basis point Baa 10.3% return differential between the Barclays Aggregate and the Barclays ,High Yield 6.6% Intermediate Aggregate benchmarks. Outside of the Aggregate index components, the performance of the global (3.7%) and high Treasury 8.6% yield (6.6%) benchmarks were held back by risk factors associated Mortgage 6.2% with ongoing global macroeconomic events and concerns. Corporate IG 9.5% TIPS 12.2% Aggregate 111111111111.11111111111111111111111111111111 7.7% Intermediate Agg 6.2% Global Agg x US 3.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% AAA,AA,A,Baa,Treasury,Mortgage 8 Corporate benchmarks are sub-components of the Barclays Aggregate Index. THE Source: Barclays Capital Live 10 I BOGDAHN GROUP. The Market Environment Market Rate&Yield Curve Comparison As of March 31,2012 • With no direct action by the Fed, the fed funds rate remained 1-Year Trailing Market Rates 4.50 - unchanged during the quarter (targeted at 0.0% to 0.25%). Even though the short end was unchanged, the benchmark 10-year 4.00 Fed Funds Rate •TED Spread 3-Month Libor Treasury fell dramatically late in the quarter closing at a yield of BAA/10yr Spread •10yr Treasury 10yr TIPS 2.23%, 34 basis points higher than its 12/30/11 yield. As the green 3.50 10-year Treasury yield line on the market rate graph clearly shows, 3.00 - the move in 10-year yields occurred in March as European fears began to subside and the U.S. economy showed signs of 2.50 improvement. Despite the rise in long-term yields, the appetite for more attractive yields in fixed income securities remained strong. 2.00 - The 10-year closed at its highest level of the quarter on 3/19/11 with 1.50 - a yield of 2.39% before declining back to the 2.23% level. The rise was similar to the risk in October where the yield rose to 2.42%, but too then rallied back to a low of 1.82% 0.50 - ■ The Treasury yield curve steepened from the levels one quarter ago. o.00 As the chart on the bottom right reflects, The Federal Reserve has maintained short rates at or near zero, but long rates have risen from -0.50 the levels of late 2011. However, the yield curve is much flatter N• \° �' N'' when compared to one year ago. As of 03/31/2012, the yield spread e PQ a� o� �; PoA coe, 0° ,e oe� �a� • fie• between the ten- and two-year Treasury is 190 basis points Treasury Yield Curve compared to 267 bps at March 2011. 5.50 5.00 —. 12/31/2009 0 12/31/2010—a-12/30/2011 3/30/20121 • The Treasury yield curve ended the first quarter steeper relative to the closing levels of December 31, 2011. Yields along the 10-, 20-, 4.50 - and 30-year maturities rose an average of 34, 43, and 46 basis O O 4.00 - points, respectively. While the first paragraph detailed a fair amount • of "intra-quarter" volatility in 10-year Treasury yields, portfolios with 3.50 - • an underweight to longer-dated Treasuries had a nice tailwind for the 3.00 - quarter. These portfolios, along with those with an overweight to • corporate bonds, should have generated good relative performance, 2.50 - • but modest absolute returns. 2.00 • • 1.50 - 1.00 - • 0.50 - • 0.00 --" 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr THE Source: US Department of Treasury, FRED-Federal Reserve of St. Louis, and Mortgage-X.coM (� BOGGROUDAHN P. `- "Y Asset Allocation Summary Total Fund As of March 31.2012 Asset Allocation By Segment as of Asset Allocation By Segment as of December 31,2011 :$23,748,185 March 31,2012:$26,085,360 4 Allocation Allocation Segments Market Value Allocation Segments Market Value Allocation • Domestic Equity 11,679,992 49.2 • Domestic Equity 12,836,999 49.2 International Equity 3,136,046 13.2 International Equity 3,688,553 14.1 • Fixed Income 4,940,754 20.8 • Fixed Income 5,484,501 21.0 Global Fixed Income 944,275 4.0 Global Fixed Income 1,000,000 3.8 Real Estate 2,244,157 9.4 Real Estate 2,297,015 8.8 • Cash Equivalent 802,961 3.4 • Cash Equivalent 778,293 3.0 � THE 12 BOGDAHN GROUP. Asset Allocation Summary Total Fund As of March 31.2012 Asset Allocation By Manager as of Asset Allocation By Manager as of December 31,2011 :$23,748,185 March 31,2012:$26,085,360. i --,T,I--,Y,,,.i..,:i. \ e 4 x, ! 4 Y a a ," a 5" a $xv ark ,t 4 e 4 Allocation Allocation Market Value Allocation Market Value Allocation ■ Lateef Asset Mgmt.Equity 5,919,527 24.9 • Lateef Asset Mgmt.Equity 6,915,520 26.5 s, Dalton All Cap Value Equity 5,919,026 24.9 " Dalton All Cap Value Equity 6,536,941 25.1 • Galliard Core Fixed Income 3,802,526 16.0 II Galliard Core Fixed Income 4,335,720 16.6 RBC Global(Voyageur) 3,136,046 13.2 RBC Global(Voyageur) 3,688,553 14.1 Intercontinental 1,545,832 6.5 Intercontinental 1,588,043 6.1 • Galliard TIPS 1,148,822 4.8 • Galliard TIPS 1,172,431 4.5 1,000,000 3.8 Templeton Global Bond Fund(TGBAX) 944,275 4.0 Templeton Global Bond Fund(TGBAX) American Core Realty Fund 698,325 2.9 American Core Realty Fund 708,972 2.7 Receipt&Disbursement 633,590 2.7 Receipt&Disbursement 138,964 0.5 Galliard Cash 216 0.0 Galliard Cash 216 0.0 THE 13 t� BOGDAHN Le_..,,,,, GROUP. Tlil: 14 (� BOGDAHN \`-'''r GROUP. Asset Allocation vs. Target Allocation Total Fund As of March 31,2012 Asset Allocation vs.Target Allocation Domestic Large Cap Value Equity 0.1% Domestic Broad Cap Growth Equity i.5% RBC Global International Equity -0.9 i Galliard Capital Fixed Income 16i Galliadr Capital TIPS -0.5 i Templeton Global Bond Fund -1.2 i American Core Realty Fund -2.3 i Intercontinental Realty 1.1% Receipt&Disbursement o.5% Galliard Cash .0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% • Allocation Differences Market Value Allocation(%) Target(%) Domestic Large Cap Value Equity 6,536,941 25.1 25.0 Domestic Broad Cap Growth Equity 6,915,520 26.5 25.0 RBC Global International Equity 3,688,553 14.1 15.0 Galliard Capital Fixed Income 4,335,720 16.6 15.0 Galliadr Capital TIPS 1,172,431 4.5 5.0 Templeton Global Bond Fund 1,000,000 3.8 5.0 American Core Realty Fund 708,972 2.7 5.0 Intercontinental Realty 1,588,043 6.1 5.0 Receipt&Disbursement 138,964 0.5 0.0 Galliard Cash 216 0.0 0.0 Total Fund 26,085,360 100.0 100.0 THE 15 i� ,, BOGDAHN ..„ GROUP, Asset Allocation History Total Fund As of March 31,2012 Historical Asset Allocation by Portfolio Mar-2012 Dec-2011 Sep-2011 Jun-2011 Mar-2011 ($) % ($) % ($) % ($) % ($) % Total Equity 17,141,014 65.71 14,974,598 63.06 13,730,700 62.30 16,655,319 67.48 16,433,476 68.25 Total Domestic Equity 13,452,461 51.57 11,838,553 49.85 10,637,310 48.26 12,767,958 51.73 12,611,331 52.37 Dalton All Cap Value Equity 6,536,941 25.06 5,919,026 24.92 5,305,428 24.07 6,408,076 25.96 6,408,094 26.61 Lateef Asset Mgmt.Equity 6,915,520 26.51 5,919,527 24.93 5,331,882 24.19 6,359,882 25.77 6,203,237 25.76 Total International Equity 3,688,553 14.14 3,136,046 13.21 3,093,390 14.03 3,887,362 15.75 3,822,145 15.87 RBC Global(Voyageur) 3,688,553 14.14 3,136,046 13.21 3,093,390 14.03 3,887,362 15.75 3,822,145 15.87 Total Fixed Income 6,508,151 24.95 5,895,623 24.83 5,894,006 26.74 5,676,295 23.00 5,457,217 22.66 Total Domestic Fixed Income 5,508,151 21.12 4,951,348 20.85 - 0.00 - 0.00 - 0.00 Galliard Core Fixed Income 4,335,720 16.62 3,802,526 16.01 4,760,830 21.60 4,568,825 18.51 4,387,658 18.22 Galliard TIPS 1,172,431 4.49 1,148,822 4.84 1,133,176 5.14 1,107,470 4.49 1,069,559 4.44 ' Total Global Fixed Income 1,000,000 3.83 944,275 3.98 - 0.00 - 0.00 - 0.00 Templeton Global Bond Fund(TGBAX) 1,000,000 3.83 944,275 3.98 - 0.00 - 0.00 - 0.00 p Total Real Estate 2,297,015 8.81 2,244,157 9.45 2,182,283 9.90 2,128,576 8.62 2,069,315 8.59 American Core Realty Fund 708,972 2.72 698,325 2.94 689,588 3.13 678,112 2.75 662,552 2.75 Intercontinental 1,588,043 6.09 1,545,832 6.51 1,492,695 6.77 1,450,464 5.88 1,406,763 5.84 Receipt&Disbursement 138,964 0.53 633,590 2.67 233,642 1.06 196,439 0.80 87,251 0.36 Galliard Cash 216 0.00 216 0.00 216 0.00 26,316 0.11 32,116 0.13 Total Fund Portfolio 26,085,360 100.00 23,748,185 100.00 22,040,847 100.00 24,682,945 100.00 24,079,375 100.00 16 �M 1bGDAHN H L- GROUP. Asset Allocation History Total Fund As of March 31,2012 Historical Asset Allocation by Segment 7 100.0 90.0 80.0 70.0 60.0 0 50.0 co u 0 40.0 30.0 20.0 10.0 0.0 9/07 12/07 3/08 6/08 9/08 12/08 3/09 6/09 9/09 12/09 3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11 3/12 Cash Equivalent Real Estate Global Fixed Income I Fixed Income International Equity Domestic Equity THE 17 (r� _ BOGDAHN GROUP. Financial Reconciliation Quarter to Date Total Fund 1 Quarter Ending March 31,2012 Financial Reconciliation Quarter to Date Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Equity 14,974,598 55,613 - - -33,612 -2,077 72,711 2,073,780 17,141,014 Total Domestic Equity 11,838,553 47,900 - - -25,898 -1,500 43,820 1,549,586 13,452,461 LateefAssetMgmt.Equity 5,919,527 -11,050 - - -14,800 -758 9,846 1,012,755 6,915,520 Dalton All Cap Value Equity 5,919,026 58,950 - - -11,098 -741 33,974 536,831 6,536,941 Total International Equity 3,136,046 7,713 - - -7,713 -577 28,891 524,194 3,688,553 RBC Global(Voyageur) 3,136,046 7,713 - - -7,713 -577 28,891 524,194 3,688,553 Total Fixed Income 5,895,623 491,228 - - -2,809 -144 16,706 107,546 6,508,151 Total Domestic Fixed Income 4,951,348 503,289 - -2,809 -144 4,645 51,821 5,508,151 Galliard Core Fixed Income 3,802,526 492,809 - - -2,809 - - 43,193 4,335,720 Galliard TIPS 1,148,822 10,480 - - - -144 4,645 8,628 1,172,431 Total Global Fixed Income 944,275 -12,061 - - - - 12,061 55,725 1,000,000 Templeton Global Bond Fund(TGBAX) 944,275 -12,061 - - - - 12,061 55,725 1,000,000 Total Real Estate 2,244,157 - - -8,522 -5,629 - 21,186 45,823 2,297,015 American Core Realty Fund 698,325 - - -8,522 -1,952 - 10,475 10,646 708,972 Intercontinental 1,545,832 - - - -3,677 - 10,711 35,177 1,588,043 Receipt&Disbursement 633,590 -546,841 522,290 -396,018 - -74,060 3 - 138,964 Galliard Cash 216 - - - - - - - 216 Total Fund Portfolio 23,748,185 - 522,290 -404,540 -42,050 -76,281 110,606 2,227,150 26,085,360 THE 18 `l f BOGDAHN `-y' GROUP Financial Reconciliation Fiscal Year to Date Total Fund October 1,2011 To March 31,2012 Financial Reconciliation Fiscal Year to Date Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Equity 13,730,700 63,744 - -65,020 -4,108 134,299 3,281,400 17,141,014 Total Domestic Equity 10,637,310 47,900 - - -49,176 -2,905 96,416 2,722,916 13,452,461 LateefAssetMgmt.Equity 5,331,882 -11,050 - - -28,130 -1,468 29,818 1,594,468 6,915,520 Dalton All Cap Value Equity 5,305,428 58,950 - - -21,046 -1,437 66,598 1,128,448 6,536,941 Total International Equity 3,093,390 15,844 - - -15,844 -1,203 37,883 558,484 3,688,553 RBC Global(Voyageur) 3,093,390 15,844 - - -15,844 -1,203 37,883 558,484 3,688,553 Total Fixed Income 5,894,006 465,499 - - -6,210 -285 49,904 105,237 6,508,151 Total Domestic Fixed Income - -493,310 - - -6,210 -239 11,818 5,996,092 5,508,151 Galliard Core Fixed Income 4,760,830 -503,790 - - -6,210 - - 84,890 4,335,720 Galliard TIPS 1,133,176 10,480 - - - -285 8,713 20,347 1,172,431 Total Global Fixed Income - 958,809 - - - - 41,191 - 1,000,000 Templeton Global Bond Fund(TGBAX) - 958,809 - - - - 41,191 - 1,000,000 Total Real Estate 2,182,283 - - -16,937 -19,411 - 43,864 107,216 2,297,015 American Core Realty Fund 689,588 - - -16,937 -3,882 - 20,819 19,384 708,972 Intercontinental 1,492,695 - - - -15,529 - 23,045 87,832 1,588,043 Receipt&Disbursement 233,642 -529,243 1,296,340 -774,395 - -87,394 14 - 138,964 Galliard Cash 216 - - - - - - - 216 Total Fund Portfolio 22,040,847 - 1,296,340 -791,332 -90,641 -91,788 228,080 3,493,852 26,085,360 TtIE 19 c BOGDAHN 4, GROUP. Comparative Performance Trailing Returns Total Fund As of March 31,2012 Comparative Performance Trailling Returns QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Total Fund(Net) 9.64 (8) 16.44 (20) 3.76 (66) 16.57 (32) 2.60 (81) 4.13 (82) 11/01/2000 Total Fund Policy 8.54 (37) 16.33 (22) 6.75 (7) 16.58 (31) 4.01 (24) 3.80 (92) All Public Plans-Total Fund Median 8.14 14.71 4.31 15.90 3.38 4.85 Total Fund(New Mgrs)(Net) 9.73 (7) 16.39 (20) 3.68 (67) 16.52 (33) N/A 1.43 (81) 10/01/2007 Total Fund Policy 8.54 (37) 16.33 (22) 6.75 (7) 16.58 (31) 4.01 (24) 3.11 (25) All Public Plans-Total Fund Median 8.14 14.71 4.31 15.90 3.38 2.45 Total Fund(Gross) 9.81 (6) 16.86 (14) 4.53 (42) 17.44 (20) 3.33 (53) 4.86 (49) 11/01/2000 Total Fund Policy 8.54 (37) 16.33 (22) 6.75 (7) 16.58 (31) 4.01 (24) 3.80 (92) All Public Plans-Total Fund Median 8.14 14.71 4.31 15.90 3.38 4.85 Total Fund(New Mgrs)(Gross) 9.90 (5) 16.81 (15) 4.46 (44) 17.31 (21) N/A 2.08 (64) 10/01/2007 Total Fund Policy 8.54 (37) 16.33 (22) 6.75 (7) 16.58 (31) 4.01 (24) 3.11 (25) All Public Plans Total Fund Median 8.14 14.71 4.31 15.90 3.38 2.45 Total Equity 14.35 24.92 2.64 24.44 1.72 3.99 01/01/2001 Total Equity Policy 12.44 23.77 4.24 21.28 0.95 2.46 Total Domestic Equity 13.48 (42) 26.56 (49) 5.08 (78) 24.02 (29) 2.84 (44) 3.89 (33) 11/01/2000 Total Domestic Equity Policy 12.87 (55) 26.55 (49) 7.18 (62) 23.69 (34) 2.15 (65) 1.85 (88) IM U.S.Large Cap Core Equity(SA+CF)Median 13.10 26.42 8.34 22.70 2.55 3.02 Total International Equity 17.64 (2) 19.28 (14) -5.38 (60) 26.70 (3) -2.61 (66) 4.23 (95) 11/01/2000 MSCI EAFE Index 10.98 (50) 14.73 (55) -5.31 (59) 17.68 (57) -3.04 (72) 3.23 (99) IM International Large Cap Value Equity(SA+CF)Median 10.89 15.09 -4.64 18.31 -1.48 6.68 Total Fixed Income 2.03 2.54 7.02 8.51 6.00 6.03 11/01/2000 Total Fixed Policy 0.66 1.57 6.16 6.10 5.90 5.99 Total Domestic Fixed Income 1.10 2.19 6.66 8.39 5.93 6.00 11/01/2000 Total Domestic Fixed Policy 0.66 1.57 6.16 6.10 5.90 5.99 Total Global Fixed Income 7.19 (5) N/A N/A N/A N/A 7.27 (4) 12/01/2011 I/ Total Global Fixed Income Policy (100) N/A N/A N/A N/A 0.35 (98) IM Global Fixed Income(MF)Median 2.45 3.33 4.71 9.08 5.73 3.24 Total Real Estate 2.87 6.83 14.10 2.15 N/A -2.33 10/01/2007 NCREIF ODCE(Proxy) 2.82 5.87 14.66 4.14 -0.43 -2.42 Returns for periods greater than one year are annualized.Returns are expressed as percentages. ■ THE 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. BOLt1 .-11 1 20 \-' �I GROUP. Comparative Performance Trailing Returns Total Fund As of March 31,2012 QTR FYTD 1 YR 3 YR 5 YR Inception Inception Date Dalton All Cap Value Equity 9.65 (76) 22.55 (72) -0.17 (82) N/A N/A 19.52 (61) 05/01/2009 Russell 3000 Value Index 11.16 (60) 25.97 (51) 4.30 (48) 23.03 (65) -0.75 (93) 19.36 (64) IM U.S.All Cap Value Equity(SA+CF)Median 11.76 26.02 4.25 24.30 2.15 20.26 Lateef Asset Mgmt.Equity 17.31 (26) 30.56 (11) 10.51 (35) 24.11 (45) N/A 4.75 (16) 10/01/2007 Russell 1000 Growth Index 14.69 (64) 26.85 (50) 11.02 (32) 25.28 (32) 5.10 (41) 3.19 (35) IM U.S.Large Cap Growth Equity(SA+CF)Median 15.50 26.79 9.21 23.74 4.76 2.55 RBC Global(Voyageur) 17.64 (2) 19.28 (14) -5.38 (60) 26.70 (3) N/A -4.34 (49) 11/01/2007 MSCI EAFE Index 10.98 (50) 14.73 (55) -5.31 (59) 17.68 (57) -3.04 (72) -6.14 (76) IM International Large Cap Value Equity(SA+CF)Median 10.89 15.09 4.64 18.31 1.48 -4.41 Galliard Core Fixed Income 1.01 (61) 2.07 (59) 6.50 (44) 8.72 (22) N/A 5.72 (84) 10/01/2007 i Barclays Capital Intermediate Aggregate 0.66 (81) 1.57 (81) 6.16 (62) 6.10 (77) 5.90 (72) 6.01 (71) IM U.S.Intermediate Duration(SA+CF)Median 1.17 2.22 6.38 7.04 6.25 6.36 Galliard TIPS 1.16 (44) 2.57 (96) 7.15 (93) 6.67 (96) N/A 6.28 (96) 10/01/2007 BC U.S.Treasury Inflation Notes: 1-10 Year 1.44 (23) 3.15 (80) 7.96 (91) 7.14 (94) 6.64 (93) 6.59 (93) } IM U.S.TIPS(SA+CF)Median 1.02 3.54 12.22 8.81 7.73 7.74 Templeton Global Bond Fund(TGBAX) 7.19 (5) N/A N/A N/A N/A 7.27 (4) 12/01/2011 Citigroup World Government Bond (100) -0.63 (98) 5.12 (40) 6.24 (86) 6.78 (26) 0.35 (98) IM Global Fixed Income(MF)Median 2.45 3.33 4.71 9.08 5.73 3.24 American Core Realty Fund 3.02 (50) 5.88 (39) 13.44 (65) 1.93 (82) N/A -2.47 (62) 10/01/2007 4 American Core Realty Policy 2.82 (66) 5.87 (39) 14.66 (27) 6.70 (3) N/A 1.87 (5) IM U.S.Open End Private Real Estate(SA+CF)Median 3.01 5.51 14.00 4.97 0.83 -1.01 Intercontinental 2.97 (57) 7.45 (18) 14.58 (28) N/A N/A 15.61 (57) 10/01/2010 NCREIF ODCE(Proxy) 2.82 (66) 5.87 (40) 14.66 (27) 4.14 (79) -0.43 (60) 16.17 (33) IM U.S.Open End Private Real Estate(SA+CF)Median 3.01 5.51 14.00 4.97 0.83 15.67 Returns for periods greater than one year are annualized.Returns are expressed as percentages. 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. THE 21 if BOGDAHN GROUP. Comparative Performance Fiscal Year Returns Total Fund As of March 31,2012 Comparative Performance Fiscal Year Returns Oct-2010 Oct-2009 Oct-2008 Oct-2007 Oct-2006 Oct-2005 FYTD To To To To To To Sep-2011 Sep-2010 Sep-2009 Sep-2008 Sep-2007 Sep-2006 Total Fund(Net) 16.44 (20) -1.30 (83) 10.92 (28) 0.73 (59) -16.82 (90) 13.03 (75) 7.89 (65) Total Fund Policy 16.33 (22) 2.53 (13) 9.13 (75) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) All Public Plans-Total Fund Median 14.71 0.23 9.99 1.29 -13.69 14.42 8.64 Total Fund(New Mgrs)(Net) 16.39 (20) -1.17 (81) 10.66 (33) 0.68 (59) -16.82 (90) N/A N/A Total Fund Policy 16.33 (22) 2.53 (13) 9.13 (75) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) All Public Plans-Total Fund Median 14.71 0.23 9.99 1.29 -13.69 14.42 8.64 Total Fund(Gross) 16.86 (14) -0.44 (67) 11.71 (16) 1.44 (48) -16.46 (89) 13.92 (59) 8.62 (51) Total Fund Policy 16.33 (22) 2.53 (13) 9.13 (75) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) All Public Plans-Total Fund Median 14.71 0.23 9.99 1.29 -13.69 14.42 8.64 Total Fund(New Mgrs)(Gross) 16.81 (15) -0.45 (67) 11.40 (21) 1.39 (49) -16.46 (89) N/A N/A Total Fund Policy 16.33 (22) 2.53 (13) 9.13 (75) 0.33 (63) -12.11 (30) 11.97 (88) 9.55 (32) All Public Plans-Total Fund Median 14.71 0.23 9.99 1.29 -13.69 14.42 8.64 Total Equity 24.92 -4.58 13.61 -1.09 -25.61 18.52 10.83 Total Equity Policy 23.77 -1.66 9.34 -6.91 -21.98 16.44 12.51 Total Domestic Equity 26.56 (49) -3.30 (89) 14.19 (8) -4.29 (36) -21.66 (62) 17.58 (43) 9.29 (68) Total Domestic Equity Policy 26.55 (49) 0.55 (56) 10.96 (32) -6.91 (63) -21.98 (67) 16.44 (60) 10.79 (49) IM U.S.Large Cap Core Equity(SA+CF)Median 26.42 0.96 9.50 -5.83 -20.49 16.98 10.76 Total International Equity 19.28 (14) -8.75 (53) 11.69 (12) 11.87 (21) -39.55 (100) 23.63 (56) 19.84 (66) MSCI EAFE Index 14.73 (55) -8.94 (56) 3.71 (64) 3.80 (61) -30.13 (72) 25.38 (40) 19.65 (69) IM International Large Cap Value Equity(SA+CF)Median 15.09 -8.54 4.91 5.14 -27.38 23.91 20.89 Total Fixed Income 2.54 4.67 9.27 10.53 0.64 4.96 3.27 Total Fixed Policy 1.57 4.22 7.52 9.69 4.16 5.33 3.55 Total Domestic Fixed Income 2.19 4.67 9.27 10.53 0.64 4.96 3.27 Total Domestic Fixed Policy 1.57 4.22 7.52 9.69 4.16 5.33 3.55 Total Global Fixed Income N/A N/A N/A N/A N/A N/A N/A Total Global Fixed Income Policy N/A N/A N/A N/A N/A N/A N/A IM Global Fixed Income(MF)Median 3.33 1.43 7.85 13.44 -1.60 7.79 2.56 Total Real Estate 6.83 (23) 15.82 (85) 2.71 (75) -32.42 (35) 4.72 (40) N/A N/A NCREIF ODCE(Proxy) 5.87 (40) 18.27 (44) 6.97 (44) -35.19 (50) 3.19 (54) 18.21 (58) 17.46 (57) IM U.S.Open End Private Real Estate(SA+CF)Median 5.51 16.99 6.09 -35.27 3.60 18.73 18.17 Returns for periods greater than one year are annualized.Returns are expressed as percentages. • \ THE 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. • $OGDA N 22 GROUP. Comparative Performance Fiscal Year Returns Total Fund As of March 31,2012 Oct-2010 Oct-2009 Oct-2008 Oct-2007 Oct-2006 Oct-2005 FYTD To To To To To To Sep-2011 Sep-2010 Sep-2009 Sep-2008 Sep-2007 Sep-2006 Dalton All Cap Value Equity 22.55 (72) -5.35 (89) 16.63 (10) N/A N/A N/A N/A Russell 3000 Value Index 25.97 (51) -2.22 (62) 9.15 (70) -10.79 (94) -22.70 (76) 13.73 (76) 14.55 (18) IM U.S.All Cap Value Equity(SA+CF)Median 26.02 -1.37 10.79 -3.63 -19.98 16.77 10.51 Lateef Asset Mgmt.Equity 30.56 (11) -1.17 (75) 11.93 (43) 0.53 (23) -15.13 (15) N/A N/A Russell 1000 Growth Index 26.85 (50) 3.78 (28) 12.65 (36) -1.85 (39) -20.88 (52) 19.35 (57) 6.04 (57) IM U.S.Large Cap Growth Equity(SA+CF)Median 26.79 1.25 11.29 -2.97 -20.55 20.22 6.79 RBC Global(Voyageur) 19.28 (14) -8.75 (53) 11.69 (12) 11.87 (21) N/A N/A N/A MSCI EAFE Index 14.73 (55) 8.94 (56) 3.71 (64) 3.80 (61) -30.13 (72) 25.38 (40) 19.65 (69) IM International Large Cap Value Equity(SA+CF)Median 15.09 -8.54 4.91 5.14 -27.38 23.91 20.89 Galliard Core Fixed Income 2.07 (59) 4.16 (25) 9.63 (17) 12.08 (41) -1.68 (93) N/A N/A Barclays Capital Intermediate Aggregate 1.57 (81) 4.22 (21) 7.52 (78) 9.69 (82) 4.16 (34) 5.33 (69) 3.84 (60) 4 IM U.S. Intermediate Duration(SA+CF)Median 2.22 3.60 8.26 11.52 3.21 5.49 3.91 Galliard TIPS 2.57 (96) 6.73 (92) 7.28 (95) 3.97 (89) 7.72 (17) N/A N/A I BC U.S.Treasury Inflation Notes: 1-10 Year IM U.S.TIPS(SA+CF)Median 3.15 (80) 7.19 (86) 7.40 (95) 4.02 (89) 7.89 (14) 5.32 (27) 5.11 2.28 (45) 3.54 9.70 9.36 6.18 6.34 2.20 Templeton Global Bond Fund(TGBAX) N/A N/A N/A N/A N/A N/A N/A Citigroup World Government Bond -0.63 (98) 4.61 (8) 4.98 (95) 13.79 (47) 5.88 (5) 8.69 (35) 2.22 (67) IM Global Fixed Income(MF)Median 3.33 1.43 7.85 13.44 -1.60 7.79 2.56 American Core Realty Fund 5.88 (39) 16.11 (84) 2.71 (75) -32.42 (35) 4.72 (40) N/A N/A American Core Realty Policy 5.87 (39) 18.27 (44) 5.84 (52) -22.09 (5) 5.27 (29) N/A N/A IM U.S.Open End Private Real Estate(SA+CF)Median 5.51 16.99 6.09 -35.27 3.60 18.73 18.17 Intercontinental 7.45 (18) 15.68 (85) N/A N/A N/A N/A N/A NCREIF ODCE(Proxy) 5.87 (40) 18.27 (44) 6.97 (44) -35.19 (50) 3.19 (54) 18.21 (58) 17.46 (57) IM U.S.Open End Private Real Estate(SA+CF)Median 5.51 16.99 6.09 -35.27 3.60 18.73 18.17 Returns for periods greater than one year are annualized.Returns are expressed as percentages. THE 10/1/2007 inception date represents the date new managers were hired. Total Fund Policy represents new policy beginning 10/1/2009. Old policy geometrically linked to new policy. See benchmark history for details. WIN 23 If BOGDAHN \ GROUP. Performance Review Total Fund (Gross) As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Fund(Gross) 23,748 - 522 -405 -42 -76 111 2,227 26,085 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Fund(Gross) 22,041 - 1,296 -791 -91 -92 228 3,494 26,085 Peer Group Analysis-All Public Plans-Total Fund Cummulative Performance 20.00 $180.00 $171.19 $170.00 17.00 • • O O $160.00 $ •9.21 14.00 $150.00 E 11.00 $140.00 • • • © le 8.00 0 $130.00 $120.00 5.00 I. • ® r_ $110.00 2.00 $100.00 -1.00 $90.00 $80.00 $70.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR • Total Fund(Gross) 9.81 (6) 16.86 (14) 4.53 (42) 9.65 (19) 17.44 (20) 4.13 (54) 3.33 (53) 2/01 6/02 12/03 6/05 12/06 6/08 12/09 3/12 © Total Fund Policy 8.54 (37) 16.33 (22) 6.75 (7) 10.21 (9) 16.58 (31) 5.01 (24) 4.01 (24) Total Fund(Gross) '- Total Fund Policy Median 8.14 14.71 4.31 8.61 15.90 4.19 3.38 Comparative Performance 1Qtr 1Qtr 1Qtr 1Qtr 1Qtr 1Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Total Fund(Gross) 6.42 (39) -11.50 (80) 1.07 (52) 4.92 (9) 6.09 (54) 10.11 (11) Total Fund Policy 7 18 (16) 9.45 (37) 1 34 30) 4 31 36) 7.11 (19) 9.08 (37) All Public Plans-Total Fund Median 6 11 10 24 1 09 4 07 6.20 8.75 THE 24 (� BOGDAHN GROUP. 1 Performance Review Total Fund (Gross) As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years Over x 0.00 18.0 performance c lir K ® • e .m 25.00 0 Q 7. ` O O 8 O`- 6.0 O O O Q 0 Q O c • a Q Q O O Q O r. LL 0.0 Q 75.00 ee0 QOQOQO0 • -6.0 • • Under ri Performance re 100.00 • ® • -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 Total Fund Policy(%) • Over Performance a Under Performance Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Jun-2007 X Mar-2012 • Total Fund(Gross) 20 3 (15%) 2 (10%) 9 (45%) 6 (30%) • Total Fund Policy 20 0 (0%) 10 (50%) 8 (40%) 2 (10%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 17.50 • 4.00 17.00 °3,80 E 16.50 ° 3.60 m m K K 16.00 3.40 III I 12.00 12.20 12.40 12.60 12.80 13.00 13.20 13.40 13.60 13.80 13.20 13.50 13.80 14.10 14.40 14.70 15.00 Risk(Standard Deviation%) Risk(Standard Deviation%)) Return Standard Return Standard Deviation Deviation • Total Fund(Gross) 17.44 13.54 • Total Fund(Gross) 3.33 14.89 o Total Fund Policy 16.58 12.22 0 Total Fund Policy 4.01 13.26 - Median 15.90 12.34 - Median 3.38 13.65 4 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Fund(Gross) 2.07 106.71 109.78 -0.69 0.45 1.27 1.10 7.53 Total Fund Policy 0 00 100 00 100.00 0.00 N/A 1.33 1.00 6.66 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Fund(Gross) 2.78 107.38 115.65 -0.94 -0.15 0.21 1.11 10.01 Total Fund Policy 0 00 100.00 100.00 0.00 N/A 0.27 1.00 8.64 THE 25 L7.....„ BOGDAHN GROUP. Performance Review Total Domestic Equity As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Domestic Equity 11.839 48 - - -26 -1 44 1,550 13.452 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Domestic Equity 10.637 48 - - -49 -3 96 2,723 13.452 Peer Group Analysis-IM U.S.Large Cap Core Equity(SA+CF) Cumulative Performance 36.00 5150.00 5156.20 32.00 ti 28,00 • O 5140.00 f` 4 24.00 • 0 1 IVS 33.16 F. 20.00 $120.00 I 3 16.00 ��. a et 12.00 ili • 0 $100.00 8.00 Q •4.00 • Q • $80.00 0.00 O 660.00 -4.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 2/01 6/02 12/03 6/05 12/06 6/08 12/09 3/12 • Total Domestic Equity 13.48 (42) 26.56 (49) 5.08 (78) 11.45 (60) 24.02 (29) 4.54 (49) 2.84 (44) © Total Domestic Equity Policy 12.87 (55) 26.55 (49) 7.18 (62) 12.18 (48) 23.69 (34) 4.04 (60) 2.15 (65) - Total Domestic Equity " Total Domestic Equity Policy Median 13.10 26.42 8.34 12.04 22.70 4.49 2.55 Comparative Performance .1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Total Domestic Equity 11.53 (60) -17.20 (86) 027 (57) 6.86 (36) 8.99 (88) 12.92 (11) I otal Domestic Equity Policy 12.12 (42) -15.28 (60) -0.03 (65) 6.38 (47) 11.59 (30) 11.53 (35) IM U.S.Large Cap Core Equity(SA+CF)Median 11.82 -14.84 0.47 6.29 10.90 11.03 • THE 26 ( ` BOGDAHN ` GROUP. Performance Review Total Domestic Equity As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years 0.00 30.0 Y • Over Pertonnance w •5 20.0 • 25.00 O 0 • e la 5 c O • 10.0 u 50.00 0 0 0 0 O O O O O E 0.0 • it O O r1 O O g O O O p 75.00 l}J{ 0 g O 0 - -10.0 Under e r°- Performance rc 100.00 • -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 Total Domestic Equity Policy(%) 5-25 25-Median Median-75 75-95 • Over Performance • Under Performance Total Period Count Count count Count Jun-2007 X Mar-2012 • Total Domestic Equity 20 2 (10%) 9 (45%) 5(25%) 4 (20%) 0 Total Domestic Equity Policy 20 0(0%) 3 (15%) 15 (75%) 2 (10%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 24.00 • 2.80 • -23.60 0 e. 2.60 c E u 23.20 0 2.40 a: K 22.80 2.20 0 19.20 19.40 19.60 19.80 20.00 20.20 21.30 21.40 21.50 21.60 21.70 21,80 21.90 22.00 22.10 22.20 22.30 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Total Domestic Equity 24.02 20.10 • Total Domestic Equity 2.84 22.18 O Total Domestic Equity Policy 23.69 19.38 0 Total Domestic Equity Policy 2.15 21.67 - Median 22.70 19.25 - Median 2.55 21.34 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Domestic Equity 3.58 102.84 103.70 -1.12 0.15 1.28 1.07 9.33 Total Domestic Equity Policy 0 00 100 00 100.00 0.00 N/A 1.37 1.00 9.01 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Domestic Equity 4.74 102.13 98.97 0.79 0.18 0.18 1.02 14.39 Total Domestic Equity Policy 0.00 100.00 100.00 0.00 N/A 0.15 1.00 14.07 111.1a . THE 27 (4 BOGDAHN GROUP. Performance Review Lateef Asset Mgmt.Equity As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Lateef Asset Mgmt.Equity 5,920 -11 - - -15 -1 10 1,013 6.916 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Lateef Asset Mgmt.Equity 5.332 -11 - - -28 -1 30 1.594 6.916 Peer Group Analysis-IM U.S.Large Cap Growth Equity(SA+CF) Cumulative Performance 36.00 $130.00 $123.22 32.00 • $120.00 $ 15.16 28.00 O 0 $110.00 24.00 • $100.00 20.00 16.00 • 0 0 $90.00 ' .` K 12.00 • O $80.00 8.00 mili4.00 O $70.00 0.00 $60.00 -4.00 $50.00 a QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 11/07 6/08 3/09 12/00 9/10 6/11 3/12 • Lateef Asset Mgmt.Equity 17.31 (26) 30.56 (11) 10.51 (35) 13.83 (45) 24.11 (44) 7.58 (23) N/A O Russell 1000 Growth Index 14.69 (64) 26.85 (50) 11.02 (32) 14.58 (36) 25.28 (32) 6.62 (36) 5.10 (40) Lateef Asset Mgmt.Equity Russell 1000 Growth Index Median 15.49 26.79 9.21 13.36 23.74 5.76 4.74 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Lateef Asset Mgmt.Equity 11.29 (23) -16.55 (76) 1.44 (28) 6 57 (31) 9.55 (84) 13.95 (27) Russell 1000 Growth Index 10.61 (37) -13.14 (27) 0.76 (47) 6.03 (47) 11.83 (50) 13.00 (39) IM U.S.Large Cap Growth Equity(SA+CF)Median 10.10 -14.59 0.63 5.84 11.82 12.29 28 iTHE i7� BOGDAHN GROUP ,R Performance Review Lateef Asset Mgmt.Equity As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years ▪30.0 y 0.00 0 Over c 0 := ^ a, 0 w 20.0 • 25.00 0 0 0 C,o.o • . 50.00 0 0 0 0 0 0 0 0 0 0 0 0 • d r-, O D O O 0 • 0.0 4 • E 75.00 0 0 I; Under m „ Performance re 100.00 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 Russell 1000 Growth Index(%) 5-25 25-Median Median-75 75-95 • Over Performance • Under Performance Total Period Count Count Count Count Jun-2007 X Mar-2012 • Lateef Asset Mgmt.Equity 7 4 (57%) 2 (29%) 1 (14%) 0 (0%) O Russell 1000 Growth Index 20 0 (0%) 10 (50%) 10 (50%) 0 (0%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 25.50 0 5.10 0 Z 25.00 " 5.00 c c 24.50 `0 4.90 o • o re 24.00 4.80 4.70 18.60 18.80 19.00 19.20 19.40 19.60 19.80 20.00 20.20 20.40 20.60 21.50 21.60 21.70 21.80 21.90 22.00 22.10 22.20 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Lateef Asset Mgmt.Equity 24.11 20.37 • Lateef Asset Mgmt.Equity N/A N/A O Russell 1000 Growth Index 25.28 18.83 0 Russell 1000 Growth Index 5.10 21.55 _ Median 23.74 19.76 - Median 4.74 22.20 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Lateef Asset Mgmt.Equity 4.25 103.50 114.31 -3.16 -0.14 1.27 1.11 9.17 Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 1.47 1.00 8.52 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Lateef Asset Mgmt.Equity N/A N/A N/A N/A N/A N/A N/A N/A Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.29 1.00 13.74 THE 29 `. .�'(� BOGDAHN GROUP. so BOGDAHN GROUP Performance Review Dalton All Cap Value Equity As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Dalton All Cap Value Equity 5,919 59 - - -11 -1 34 537 6,537 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Dalton All Cap Value Equity 5,305 59 - - -21 -1 67 1,128 6,537 Peer Group Analysis-IM U.S.All Cap Value Equity(SA+CF) Cumulative Performance 40.00 35.00 $160.00 $159.43 $147.29 30.00 $150.00 25.00 .40. 0 $140.00 E 20.00 ; 15.00 $130.00 re 10.00 © _ • Q $120.00 /,,,v \I\' . 5.00 Q / 0.00 $110.00 / -5.00 $100.00 -10.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 8/09 3/10 12/10 9/11 3/12 • Dalton All Cap Value Equity 9.65 (76) 22.55 (72) -0.17 (82) 9.07 (71) N/A N/A N/A O Russell 3000 Value Index 11.16 (60) 25.97 (51) 4.30 (48) 9.80 (61) 23.03 (65) 1.88 (91) -0.75 (93) - Dalton All Cap Value Equity "°° Russell 3000 Value Index Median 11.76 26.02 4.25 10.80 24.30 4.31 2.15 Comparative Performance I Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Dalton All Cap Value Equity 11.77 (68) -17.84 (61) -0.86 (70) 7.13 (43) 8.45 (87) 11.94 (30) Russell 3000 Value Index 13.33 (32) -16.63 (48) -0.68 (66) 6.47 (49) 10.92 (58) 10.10 (67) IM U.S.All Cap Value Equity(SA+CF)Median 12.30 -16.99 -0,10 6.37 11.37 10.83 011itiN THE 31 BOGDAHN ' GROUP. Performance Review Total International Equity As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total International Equity 3,136 8 - - -8 -1 29 524 3,689 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total International Equity 3,093 16 - - -16 -1 38 558 3,689 Peer Group Analysis-IM International Large Cap Value Equity(SA+CF) Cumulative Performance $200.00 30.00 25.00 • $180.00 1 20.00 • • 0 $160.00 , $154.38 15.00 $1 4.10 .C. 10.00 $140.00 re • /I/ '' . re 5.00 0 5120.00 Nib 0.00 O . .00 f"." -1 0.00 1111111 , $80.00 -15.00 $60.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR • Total International Equity 17.64 (2) 19.28 (14) -5.38 (60) 6.74 (18) 26.70 (3) -2.14 (61) -2.61 (66) 2/01 6/02 12/03 6/05 12/06 6/08 12/09 3/12 © MSCI EAFE Index 10.98 (50) 14.73 (55) -5.31 (59) 2.47 (63) 17.68 (57) -3.23 (73) -3.04 (72) Total International Equity -"- MSCI EAFE Index Median 10.89 15.09 -4.64 3.73 18.31 -1.62 -1.48 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 - Dec-2010 Sep-2010 Total International Equity 1.40 (91) -21.20 (79) 0.67 (72) 4.69 (23) 9.87 (5) 19.39 (7) MSCI EAFE Index 3.38 (57) -18.95 (56) 1.83 (42) 3.45 (53) 6.65 (56) 16.53 (33) IM International Large Cap Value Equity(SA+CF)Median 3.59 -18.76 1.46 3 51 6.74 15.71 THE 32 . BOGDAHN "` GROUP. Performance Review Total International Equity As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years >, 33.0 Over x 0.00 ••c X Performance W • w 22.0 • 0 25.00 0 c 11.0 e . ` 50.00 0 0 0 0 0 n 0.0 • e o. 0 0 0 2. -11.0 •e E 75.00 0 0 0 0 0 0 0 0 0 0 0 0 0 _ ID Under i 0 O a -22.0 Performance 100.00 • • • • • ® ® ® -20.0 -10.0 0.0 10.0 20.0 30.0 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 MSCI EAFE Index(%) S Over Performance 0 Under Performance Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count Jun-2007 X Mar-2012 • Total International Equity 20 3 (15%) 2 (10%) 5 (25%) 10 (50%) 0 MSCI EAFE Index 20 0 (0%) 2 (10%) 17 (85%) 1 (5%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 27.00 0 -1.50 24.00 °-2.00 E E 0 21.00 0 -2.50 a re 18.00 0 -3.00 0 23.00 24.00 25.00 26.00 27.00 28.00 29.00 30.00 24.00 25.00 26.00 27.00 28.00 29.00 30.00 31.00 32.00 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Total International Equity 26.70 29.24 • Total International Equity -2.61 30.97 • MSCI EAFE Index 17.68 24.37 0 MSCI EAFE Index -3.04 25.34 - Median 18.31 23.53 - Median -1.48 24.15 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total International Equity 7.26 120.84 99.36 6.12 1.14 1.10 1.12 12.07 MSCI EAFE Index 0 00 100.00 100.00 0.00 N/A 0.89 1.00 11.54 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Beta Ratio Ratio Risk Capture Capture Total International Equity 8.35 110.64 105.89 1.49 0.17 -0.01 1.11 19.40 MSCI EAFE Index 0 00 100.00 100.00 0.00 N/A -0.07 1.00 16.99 THE 33 BOGDAHN citir- --- GROUP Performance Review RBC Global (Voyageur) As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 RBC Global(Voyageur) 3,136 8 - - -8 -1 29 524 3,689 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 RBC Global(Voyageur) 3,093 16 - - -16 -1 38 558 3.689 Peer Group Analysis-IM International Large Cap Value Equity(SA+CF) Cumulative Performance 30.00 $100.00 • 25.00 $91.51 20.00 • $90.00 • • 0 15.00 0 79.95 $80.00 0 E 10.00 • 1�. K 5.00 $70.00 0 0.00 • 0 0 $60.00 0.00 dia 10.00 $50.00 -15.00 ' ' $40.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR • RBC Global(Voyageur) 17.64 (2) 19.28 (14) -5.38 (60) 6.74 (18) 26.70 (3) -2.14 (61) N/A 2/08 9/08 6/09 3/10 12/10 9/11 3/12 • MSCI EAFE Index 10.98 (50) 14.73 (55) -5.31 (59) 2.47 (63) 17.68 (57) -3.23 (73) -3.04 (72) RBC Global(Voyageur) " MSCI SAFE Index Median 10.89 15.09 -4.64 3.73 18.31 -1.62 -1.48 Comparative Performance 1 Qtr 1Qtr 1 Qtr 1 Qtr 1 Qtr 1Qtr Ending Ending Ending Ending Ending Ending ' Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 RBC Global(Voyageur) 1.40 (91) -21.20 (79) 0.67 (72) 4.69 (23) 9.87 (5) 19.39 (7) j MSCI EAFE Index 3 38 (57) -18.95 (56) 1.83 (42) 3.45 (53) 6.65 (56) 16.53 (33) IM International Large Cap Value Equity(SA+CF)Median 3.59 -18.76 1.46 3.51 6.74 15.71 THE. 34 r� BOGDAHN N. GROUP. RBC Global (Voyageur) As of March 31,2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years Performance Review x 0.00 • • F Over e • C' 20.0 • K 0 25.00 0 0 • 0 10.0 u 50.00 0 0 0 0 _ ' a 0 O 0 T. • E 75.00 0 0 0 0 0 D 0 0 0 0 0 0 d . 0 O 0.0 m re U 100.00 m Under rd -10.0 Performance 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count MSCI EAFE Index(%) • Over Performance 4 Jun-2007 X Mar-2012 • RBC Global(Voyageur) 6 3 (50%) 2 (33%) 1 (17%) 0 (0%) 0 MSCI EAFE Index 20 0 (0%) 2 (10%) 17 (85%) 1 (5%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 27.00 • -1.50 ▪ 24.00 •-2.00 E E 0 u 21.00 0 -2.50 re re 18.00 0 -3.00 O 23.00 24.00 25.00 26.00 27.00 28.00 29.00 30.00 24.00 24.20 24.40 24.60 24.80 25.00 25.20 25.40 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • RBC Global(Voyageur) 26.70 29.24 • RBC Global(Voyageur) N/A N/A © MSCI EAFE Index 17.68 24.37 0 MSCI EAFE Index -3.04 25.34 - Median 18.31 23.53 - Median -1.48 24.15 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Beta Capture Capture Ratio Ratio Risk RBC Global(Voyageur) 7.26 120.84 99.36 6.12 1.14 1.10 1.12 12.07 MSCI EAFE Index 0 00 100.00 100.00 0.00 N/A 0.89 1.00 11.54 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture RBC Global(Voyageur) N/A N/A N/A N/A N/A N/A N/A N/A MSCI EAFE Index 0 00 100.00 100.00 0.00 N/A -0.07 1.00 16.99 THE 35 (� BOGDAHN GROUP. Performance Review Total Domestic Fixed Income Composite As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Domestic Fixed Income Composite 4,951 503 - - -3 - 5 52 5,508 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Domestic Fixed Income Composite - -493 - - -6 - 12 5,996 5,508 Peer Group Analysis-IM U.S.Intermediate Duration(SA+CF) Cumulative Performance $200.00 12.00 $190.00 MEI& $180.00 10.00 $170.00 8.00 • $160.00 E • '` $150.00 6.00 • li 111111.' 1111111 rail L $140.00 4.00 $130.00 2.00 • $120.00 • a C♦ $110.00 0.00 $100.00 $90.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 2/01 6/02 12/03 6/05 12/06 6/08 12/09 3/12 • Total Domestic Fixed Income Composite 1.10 (54) 2.19 (51) 6.66 (37) 6.18 (27) 8.39 (25) 5.68 (62) 5.93 (71) O Total Domestic Fixed Policy 0.66 (81) 1.57 (81) 6.16 (62) 5.46 (76) 6.10 (77) 5.42 (70) 5.90 (72) Total Domestic Fixed Income Composite -"" Total Domestic Fixed Policy Median 1.17 2.22 6.38 5.83 7.04 5.88 6.25 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Total Domestic Fixed Income Composite 1.08 (48) 2.02 (48) 2.30 (5) 1.15 (14) -0.85 (35) 2.76 (51) 0 Total Domestic Fixed Policy 0.91 (77) 2.30 (33) 2.17 (17) 0.48 (68) -0.75 (30) 2.07 (89) IM U.S.Intermediate Duration(SA+CF)Median 1.07 2.01 2.00 0.60 -1.08 2.77 THE 36 BOGDAHN ( `~.! GROUP. Performance Review Total Domestic Fixed Income Composite As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years E 10.0 m 0,00 Over e o Q Performance • e e 8.0 m 25.00 0 O E o c 0 O 0 8.0 Q Q • ° 50.00 Q • • e Co a. Q Q Q Q Q! 4.0 • Q Q Q Q 8 Q R 9 Q E 75.00 0 • Q 0 • Under • Q Q Q 2.0 Performance K 100.00 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 6/07 ..._- - - 12/08 6/09 12/09 6/10 12/10 6/11 3/12 Total Domestic Fixed Policy(%) Over Performance Under Performance Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count + Jun-2007 X Mar-2012 • Total Domestic Fixed Income Composite 20 2(10%) 1(5%) 6(30%) 11 (55%) o Total Domestic Fixed Policy 20 1(5%) 5(25%) 12(60%) 2(10%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 6.30 8.40 • 6.20 e 7.80 • 7.20 ` 6.10 a 6.00 K 6. 60 re 5.90 0 • 6.00 2.10 2.20 2.30 2.40 2.50 2.60 2.70 2.80 2.90 3.00 2.60 2.80 3.00 3.20 3.40 3.60 3.80 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Total Domestic Fixed Income Composite 8.39 2.85 • Total Domestic Fixed Income Composite 5.93 3.74 © Total Domestic Fixed Policy 6.10 2.21 0 Total Domestic Fixed Policy 5.90 2.67 - Median 7.04 2.74 - Median 6.25 3.45 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Domestic Fixed Income Composite 1.20 127.18 77.08 1.95 1.79 3.08 1.04 1.00 1 Total Domestic Fixed Policy 0.00 100.00 100.00 0.00 N/A 2.63 1.00 1.01 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Domestic Fixed Income Composite 2.67 106.36 124.83 0.14 0.02 1.16 0.99 2.39 Total Domestic Fixed Policy 0.00 100.00 100.00 0.00 N/A 1.57 1 00 1.28 alloa THE 3, (� BOGDAHN `- GROUP. Performance Review Galliard Core Fixed Income As of March 31,2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Galliard Core Fixed Income 3,803 493 - - -3 - 43 4.336 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Galliard Core Fixed Income 4,761 -504 - - -6 - - 85 4,336 Peer Group Analysis-IM U.S.Intermediate Duration(SA+CF) Cumulative Performance $136.00 12.00 $132.00 $130.05 ,111 8.45 $128.00 10.00 $124.00 • 8.00 $120.00 f ? 6.00 • • 0 • $116.00 K O $112.00 1..."--".".\■...//': 4.00 $108.00 2.00 $104.00 aadale $100.00 0.00 $96.00 $92.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 11/07 6/08 3/09 12/09 9/10 6/11 3/12 • Galliard Core Fixed Income 1.01 (61) 2.07 (59) 6.50 (44) 5.97 (40) 8.72 (22) 5.93 (48) N/A O Barclays Capital Intermediate Aggregate 0.66 (81) 1.57 (81) 6.16 (62) 5.46 (76) 6.10 (77) 5.42 (70) 5.90 (72) - Galliard Core Fixed Income --` Barclays Capital Intermediate Aggregate Median 1.17 2.22 6.38 5.83 7.04 5.88 6.25 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Galliard Core Fixed Income 1.05 (56) 2.13 (41) 2.17 (17) 0.88 (24) -1.05 (46) 2.92 (36) r Barclays Capital Intermediate Aggregate 0.91 (77) 2.30 (33) 2.17 (17) 0.48 (68) -0.75 (30) 2.07 (89) IM U.S.Intermediate Duration(SA+CF)Median 1.07 2.01 2.00 0.60 -1.08 2.77 THE 38 BOGDAHN - GROUP Performance Review Galliard Core Fixed Income As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years 0 Over C 0.00 u y 0 Performance K C 0 0 25.00 0 • 6.0 0 0 50.00 0 0 0 0 0 0 0 7.0 • U 6.0 • 75.00 0 8 0 0 0 0 ° •• Under m A 5.0 Performance a' ' 100.00 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 Barclays Capital Intermediate Aggregate(%) • Over Performance Under Performance Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count Jun-2007 X Mar-2012 • Galliard Core Fixed Income 7 2(29%) 3(43%) 0(0%) 2(29%) 0 Barclays Capital Intermediate Aggregate 20 0(0%) 5(25%) 13(65%) 2(10%) Peer Group Scattergram -3 Years Peer Group Scattergram-5 Years 6.30 9.00 • -6.20 ▪8.00 E c 6.10 F.• 7.00 0 6.00 K re 6.00 0 5.90 O 2.20 2.40 2.60 2.80 3.00 3.20 3.40 2.60 2.70 2.80 2.90 3.00 3.10 3.20 3.30 3.40 3.50 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Galliard Core Fixed Income 8.72 3.38 • Galliard Core Fixed Income N/A N/A O Barclays Capital Intermediate Aggregate 6.10 2.21 0 Barclays Capital Intermediate Aggregate 5.90 2.67 - Median 7.04 2 74 - Median 6.25 3.45 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Galliard Core Fixed Income 1.35 130.15 67 69 2.17 1.83 3 08 1.05 0.98 Barclays Capital Intermediate Aggregate 0.00 N/A 2.63 1.00 1.01 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Galliard Core Fixed Income N/A N/A N/A N/A N/A N/A N/A N/A Barclays Capital Intermediate Aggregate 0.00 N/A 1.57 1.00 1.28 39 CTHE , BOGDAHN GROUP. Performance Review Galliard TIPS As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Galliard TIPS 1.149 10 - - - - 5 9 1,172 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Galliard TIPS 1,133 10 - - - - 9 20 1,172 Peer Group Analysis-IM U.S.TIPS(SA+CF) Cumulative Performance 16.00 $136.00 $133.28 14.00 $132.00 711.53 7 12.00 $128.00 iii 10.00 $124.00 6 $120.00 K 0 $116.00 6.00 $112.00 4.00 $108.00 2.00 • o $104.00 0.00 $100.00 $96.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 11/07 6/08 3/09 12/09 9/10 6/11 3/12 • Galliard TIPS 1.16 (44) 2.57 (96) 7.15 (93) 6.77 (95) 6.67 (96) 4.36 (98) N/A O BC U.S.Treasury Inflation Notes:1-10 Year 1.44 (23) 3.15 (80) 7.96 (91) 7.37 (94) 7.14 (94) 4.71 (93) 6.64 (93) - GalliardTlPS BC U.S.Treasury Inflation Notes:1-10 Year Median 1.02 3.54 12.22 10.09 8.81 6 07 7.73 Comparative Performance .1 Qtr 1 Qtr 1 Qtr 1 Oft 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Galliard TIPS 1.39 (94) 1.57 (92) 2.84 (90) 2 23 (35) -0.05 (23) 1.89 (93) BC U.S.Treasury Inflation Notes:1-10 Year 1.69 (90) 1.65 (91) 2.96 (78) 0.06 (13) 1.92 (91) IM U.S.TIPS(SA+CF)Median 2.65 4.55 3.56 -0.72 2.69 THE 40 ( BOGDAHN - A'. GROUP Performance Review Galliard TIPS As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years x 0.00 9.0 Over c Performance ^ 0 a --8.0 • e 25.00 .c 0 n 7.0 X u 50.00 _- 0 i 60 0 0 0 E 75.00 0 5.0 4.0 Under 100.00 3.0 Performance 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 Total 5-25 25-Median Median-75 75-95 BC U.S.Treasury Inflation Notes::/1-10 Year(%) Period Count Count Count Count • Under Performance 4 Jun-2007 X Mar-2012 • Galliard TIPS 7 0(0%) 0(0%) 0(0%) 7(100°) 0 BC U.S.Treasury Inflation Notes:1-10 Year 20 2(10%; 2(10%; 6(30%. 10(50%; Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 9.00 7.80 8.40 F. 7.50 E 7.80 E 7.20 O O rc 7.20 (3 K 6.90 6.60 • 6.60 0 1.60 1.80 2.00 2.20 2.40 2.60 2.80 3.00 3.20 5.08 5.09 5.10 5.11 Risk(Standard Deviation 16) Risk(Standard Deviation°) Return Standard Return Standard Deviation Deviation • Galliard TIPS 6.67 1.78 • Galliard TIPS N/A N/A O BC U.S.Treasury Inflation Notes:1-10 Year 7.14 1.73 0 BC U.S.Treasury Inflation Notes:1-10 Year 6.64 5.11 - Median 8.81 3.07 - Median 7.73 5.08 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Galliard TIPS 0.93 94.43 97.44 -0.06 -0.48 1.97 0.94 1.37 BC U.S Treasury Inflation Notes:1-10 Year 0.00 100.00 100.00 0.00 N/A 2.08 1.00 1.26 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Galliard TIPS N/A N/A N/A N/A N/A N/A N/A N/A BC U.S.Treasury Inflation Notes:1-10 Year 0.00 100.00 100.00 0.00 N/A 0.89 1.00 4.10 4 .0., THE 41 (� BOGDAHN GROUP Performance Review Total Global Fixed Income Composite As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Global Fixed Income Composite 944 -12 - - - - 12 56 1,000 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Global Fixed Income Composite - 959 - - - - 41 - 1,000 Peer Group Analysis-IM Global Fixed Income(MF) Cumulative Performance $108.00 $107.19 17.00 $107.00 14.00 $106.00 $105.00 11.00 c $104.00 i 8.00 re • $103.00 5.00 $102.00 2.00 MI $101.00 / • $100.00 -1.00 _. .$99.49 $99.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 2/12 3/12 • Total Global Fixed Income Composite 7.19 (5) N/A N/A N/A N/A N/A N/A O Total Global Fixed Income Policy -0.51 (100) N/A N/A N/A N/A N/A N/A - Total Global Fixed Income Composite Total Global Fixed Income Policy Median 2.45 3.33 4.71 5.83 9.08 4.61 5.73 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending r Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Total Global Fixed Income Composite N/A N/A N/A N/A N/A N/A Total Global Fixed Income Policy N/A N/A N/A N/A N/A N/A IM Global Fixed Income(MF)Median 0 88 -1.46 2 25 1.53 -1.15 7.51 THE 42 (� BOGDAHN GROUP. Performance Review Templeton Global Bond Fund (TGBAX) As of March 31,2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Templeton Global Bond Fund(TGBAX) 944 -12 - - - - 12 56 1.000 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Templeton Global Bond Fund(TGBAX) - 959 - - - - 41 - 1.000 Peer Group Analysis-IM Global Fixed Income(MF) Cumulative Performance $108.00 $107.19 17.00 $107.00 4 14.00 $106.00 $105.00 11.00 E $1 04.00 8.00 • 0 $103.00 0 0 / 5.00 0 C• $102.00 2.00 ,j $101.00 vvvttt -1.00 • O $100.00 $99.49 $99.00 -4.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 2/12 3/12 • Templeton Global Bond Fund(TGBAX) 7.19 (5) N/A N/A N/A N/A N/A N/A O Citigroup World Government Bond -0.51 (100) -0.63 (98) 5.12 (40) 6.19 (39) 6.24 (86) 3.64 (71) 6.78 (26) Templeton Global Bond Fund(TGBAX) Citigroup World Govemment Bond Median 2.45 3.33 4.71 5.83 9.08 4.61 5.73 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Templeton Global Bond Fund(TGBAX) N/A N/A N/A N/A N/A N/A Citigroup World Government Bond (86) 2.38 (15) 3.33 (10) 0.65 (77) 6 (74) 8.18 (18) IM Global Fixed Income(MF)Median 0.88 -1.46 2.25 1.53 -1.15 7.51 THE 43 Lip-dB OGDAHN GROUP Performance Review Total Real Estate As of March 31,2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Real Estate 2.244 - - -9 -6 - 21 46 2,297 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Total Real Estate 2.182 - - -17 -19 - 44 107 2,297 Peer Group Analysis-IM U.S.Open End Private Real Estate(SA+CF) Cumulative Performance 28.00 $110.00 24.00 $105.00 20.00 $100.00 0 16.00 • $95.00 • O 12.00 $90.00 1111-,811 E 3 8.00 O $85.00 re 4.00 O - • $80.00 0.00 MN- $75.00 -4.00 • O $70.00 -8.00 $65.00 -12.00 $60.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 11/07 6/08 3/09 12/09 9/10 6/11 3/12 • Total Real Estate 2.87 (64) 6.83 (23)14.10 (48)15.58 (68) 2.15 (82) -3.44 (62) N/A 0 NCREIF Fund Index-Open End Diversified Core(EVV) 2.82 (66) 5.87 (39)14.66 (27)17.37 (34) 4.14 (79) -3.55 (62) -0.43 (60) - Total Real Estate "-"- NCREIF Fund Index-Open End Diversified Core(EV✓) Median 3.01 5.51 14.00 16.52 4.97 -1.94 0.83 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Total Real Estate 3.85 (35) 3.17 (52) 3.51 (79) 4.39 (55) 3.88 (67) 4.56 (71) y NCREIF Fund Index-Open End Diversified Core(EVV) 2.97 (57) 3.52 (41) 4.62 (45) 4.01 (68) 4.99 (35) 5.45 (56) IM U.S.Open End Private Real Estate(SA+CF)Median 3.05 3.19 4.32 4.49 4.58 6.01 THE 44 (� BOGDAHN GROUP. Performance Review Total Real Estate As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years 0.00 Over n K 4.0 Performance fe 2 x m 25.00 S 0.0 c -4.0 • L: 50. 0 0 0 0 0 0 0 0 0 0 0 O S 9 0 g 8 II 8 a. te is E 75.00 0 -8.0 f " Under e' 100.00 -12.0 Performance 6/07 12/07 /OS 12/08 6/09 12/09 6/10 12/10 6/11 3/12 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 NCREIF Fund Index-Open End Diversified Core(EW)(%) 5-25 25- Median- Total 75-95 • Over Performance • Under Performance Period Count Median 75 Count Count Count e} Jun-2007 X Mar-2012 • Total Real Estate 7 0(0%) 5(71°/ 1(14°A 1 (14°A © NCREIF Fund Index-Open End Diversified Core(EW) 20 0(0%) 12(60°/ 7(35°/. 1 (5%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 5.00 0.80 -'4.00 0 e 0.40 E E K 3.00 0.00 re 2.00 • -0.40 O I 8.60 8.70 8.80 8.90 9.00 9.10 9.20 9.30 9.40 9.50 9.60 10.80 10.90 11.00 11.10 11.20 11.30 11.40 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Total Real Estate 2.15 9.47 • Total Real Estate N/A N/A o NCREIF Fund Index-Open End Diversified Core(EW) 4.14 9.53 0 NCREIF Fund Index-Open End Diversified Core(EW) -0.43 11.34 - Median 4.97 8.70 - Median 0.83 10.85 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Total Real Estate 2.15 86.20 106.13 -1.79 -0.90 0.26 0.97 7.36 NCREIF Fund Index-Open End Diversified Core(EW) 0.00 100.00 100.00 0.00 N/A 0.46 1.00 7.01 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk Total Real Estate N/A N/A N/A N/A N/A N/A N/A N/A NCREIF Fund Index-Open End Diversified Core(EW) 0.00 100.00 100.00 0.00 N/A -0.09 1.00 9.54 THE 45 (� BOGDAHN GROUP. Performance Review American Core Realty Fund As of March 31.2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec.l Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 American Core Realty Fund 698 - - -9 -2 - 10 11 709 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 American Core Realty Fund 690 - - -17 -4 - 21 19 709 Peer Group Analysis-IM U.S.Open End Private Real Estate(SA+CF) Cumulative Performance 28.00 $110.00 $106.44 24.00 $105.00 20.00 $100.00 16.00 •-.0 • 0 $95.00 12.00 E $90.00 $89.35 p 8.00 ii K • 0 • $85.00 4.00 ,_ • 0.00 ® $80.00 -4.00 + $75.00 MilliMUMMi-8.00 $70.00 -12.00 $65.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 11/07 6/08 3/09 12/09 9/10 6/11 3/12 • American Core Realty Fund 3.02 (50) 5.88 (39) 13.44 (65) 15.20 (76) 1.93 (82) -3.60 (62) N/A O NCREIF Property Index 2.59 (79) 5.63 (47) 13.41 (65) 14.71 (90) 5.96 (14) 0.38 (7) 2.89 (8) Ame can Core Realty Fund NCREIF Property Index Median 3.01 5.51 14.00 16.52 4.97 -1.94 0.83 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 American Core Realty Fund 2.77 (68) 3.19 (47) 3.83 (64) 4.48 (52) 3.71 (77) 4.56 (71) NCREIF Property Index 2.96 (57) 3.30 (43) 3.94 (63) 3.36 (90) 4.62 (48) 3.86 (83) IM U.S.Open End Private Real Estate(SA+CF)Median 3.05 3.19 4.32 4 49 4.58 6.01 THE 46 BOGDAHN L----' GROUP Performance Review American Core Realty Fund As of March 31,2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years o.00 O O O 0 0 0 0 0 0 0 O O O - 6.0 Over c . Performance K o 3.0 X •e 25.00 0 u.4' C 0 O O O O 0 0.0 F. 50.00 O 0 -3.0 • O 0 2 o E 75.00 C.) 0 -6.0 • o C • O te n -9.0 �e � 100.00 Z. Under 1 -12.0 Performance 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 Total Period 5-25 25-Median Median-75 75-95 NCREIF Property Index(%) Count Count Count Count • Under Performance + Jun-2007 X Mar-2012 • American Core Realty Fund 7 0 (0%) 5 (71%) 1 (14%) 1 (14%) O NCREIF Property Index 20 14 (70%) 1 (5%) 5 (25%) 0 (0%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 6.60 0 3.00 O 5.50 2.40 E 4.40 ` J 1.80 03.30 m re K 1.20 2.20 • - 0.60 6.00 6.40 6.80 7.20 7.60 8.00 8.40 8.80 9.20 9.60 7.60 8.00 8.40 8.80 9.20 9.60 10.00 10.40 10.80 11.20 Risk(Standard Deviation%) Risk(Standard Deviation%) Standard Standard Return Deviation Return Deviation • American Core Realty Fund 1.93 9.41 • American Core Realty Fund N/A N/A O NCREIF Property Index 5.96 6.22 0 NCREIF Property Index 2.89 7.75 - Median 4.97 8.70 - Median 0.83 10.85 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture American Core Realty Fund 3.79 98.13 198.13 -6.26 -0.96 0.24 1.46 7.36 4 NCREIF Property Index 0.00 100.00 100.00 0.00 N/A 0.95 1.00 3.76 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beth Risk Capture Capture American Core Realty Fund N/A N/A N/A N/A N/A N/A N/A N/A i NCREIF Property Index 0.00 100.00 100 00 0 00 N/A 0.26 1.00 5 74 THE 47 (� , BOGDAHN ` ., GROUP. THE 48 C BOGDAHN GROUP. Performance Review Intercontinental As of March 31,2012 Financial Reconciliation 1 Quarter Market Value Net Management Other Apprec./ Market Value 01/01/2012 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Intercontinental 1,546 - - - -4 - 11 35 1,588 Financial Reconciliation October 1,2011 To March 31,2012 Market Value Net Management Other Apprec./ Market Value 10/01/2011 Transfers Contributions Distributions Fees Expenses Income Deprec. 03/31/2012 Intercontinental 1,493 - - - -16 - 23 88 1,588 Peer Group Analysis-IM U.S.Open End Private Real Estate(SA+CF) Cumulative Performance 28.00 $129.00 $126.00 g� 5 Z 24.00 ii. b 20.00 $123.00 16.00 0 $120.00 12.00 $117.00 c 0 8.00 • $114.00 cc 4.00 ©.. 0 - $111.00 fl, 0.00 o $108.00 -4.00 0 $105.00 -8.00 - $102.00 -12.00 $99.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 11/10 12/10 3/11 6/11 9/11 12/11 3/12 • Intercontinental 2.97 (57) 7.45 (18)14.58 (28) N/A N/A N/A N/A © NCREIF Fund Index-Open End Diversified Core(EW) 2.82 (66) 5.87 (39)14.66 (27)17.37 (34) 4.14 (79) -3.55 (62) -0.43 (60) - Intercontinental "`"°` NCREIF Fund Index-Open End Diversified Core(EV4 Median 3.01 5.51 14.00 16.52 4.97 -1.94 0.83 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Li,Intercontinental 4.35 (28) 3.17 (52) 3.36 (84) 4.35 (57) 3.97 (65) N/A NCREIF Fund Index-Open End Diversified Core(EVE 2.97 (57) 3.52 (41) 4.62 (45) 4.01 (68) 4.99 (35) 5.45 (56) IM U.S.Open End Private Real Estate(SA+CF)Median 3.05 3.19 4.32 4.49 4.58 6 01 THE as BOGDAHN GROUP. Manager Performance Reviews THE 50 BOGDAHN GROUP Manager Composite Returns Gross and Net of Fees As of March 31.2012 Inception MANAGER QTR FYTD 1 YR 3 YR 5 YR Since Inception Date DGHM AIICap Value Equity(Gross) 9.62 (81) 22.53(82) -0.36 (90) 22.84(46) 5.35 (8) 13.20 (18) 01101/1983 DGHM AIICap Value Equity(Net of 75 bp fee) 9.43 22.15 -1.11 22.09 4.60 12.45 Russell 3000 Value Index 11.16 (61) 25.97 (48) 4.30 (61) 23.03 (43) -0.75 (87) 11.49 (69) U.S.Large Cap Value Equity(SA+CF)Median 11.89 25.76 5.14 22.55 1.30 12.40 Lateef Asset Mgmt Large Cap GARP Equity(Gross) 17.81 (20) 30.46 (13) 11.52 (27) 24.52(38) 4.04 (65) 4.04 (67) 03/01/2007 Lateef Asset Mgmt Large Cap GARP Equity(Net of 100 bp fee) 17.56 29.96 10.52 23.52 3.04 3.04 Russell 1000 Growth Index 14.69 (64) 26.85 (50) 11.02 (32) 25.28 (32) 5.10 (41) 5.13 (45) U.S.Large Cap Growth Equity(SA+CF)Median 15.50 26.79 9.21 23.74 4.76 4.88 RBC International Equity(Gross) 17.61 (2) 19.25 (14) -5.45 (61) 26.45 (3) -2.61 (66) 9.10 (16) 07/01/1998 RBC International Equity(Net of 95 bp fee) 17.38 18.77 -6.40 25.50 -3.56 8.15 MSCI EAFE Index 10.98 (50) 14.73 (55) -5.31 (59) 17.68 (57) -3.04 (72) 3.65 (100) International Large Cap Value Equity(SA+CF)Median 10.89 15.09 -4.64 18.31 -1.48 6.50 Galliard Capital Mgmt Intermediate Core Fl(Gross) 1.06 (59) 2.18 (53) 7.08 (16) 6.91 (55) 6.41 (43) 6.26(40) 10/01/1995 Galliard Capital Mgmt Intermediate Core Fl(Net of 25 bp fee) 0.99 2.05 6.83 6.66 6.16 6.01 Barclays Capital Intermediate Aggregate 0.66 (81) 1.57 (81) 6.16 (62) 6.10 (77) 5.90 (72) 5.99 (74) U.S. Intermediate Duration(SA+CF)Median 1.17 2.22 6.38 7.04 6.25 6.15 4 *Templeton GI Bond;Adv(TGBAX)(Net of fees) 7.20 (1) 8.52 (1) 2.62 (61) 12.11 (14) 10.41 (1) 8.57 (1) 02/01/1997 Citigroup Non-U.S.World Government Bond -0.22 (100) -0.69 (83) 3.93 (36) 6.92 (77) 6.94 (31) 5.74 (55) International Fixed Income(MF)Median 1.97 1.68 3.06 8.10 6.10 5.93 *Mutual Fund data is always presented net of fees. THE 51 (f BOGDAHN GROUP. Performance Review Lateef Investment Management As of March 31.2012 Financial Reconciliation 1 Quarter No data found. Financial Reconciliation October 1,2011 To March 31,2012 No data found. Peer Group Analysis-IM U.S.Large Cap Growth Equity(SA+CF) Cumulative Performance $140.00 36.00 $130.00 $126.24 32.00 • $121.90 28.00 $120.00 air24.00 . 0.., $110.00 V 20.00 E • $100.00 16.00 0. lail fr re 12.00 • 0 • CO $90.00 8 7\/ .00 • 0 $80.00 ma © / 4.00 $70.00 �. 0.00 $60.00 -4.00 $50.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 5/07 12/07 9/08 6/09 3/10 12/10 9/11 3/12 • Large Cap GARP Equity 17.81 (20) 30.46 (13) 11.52 (27) 13.96 (44) 24.52 (38) 7.20 (26) 4.04 (65) O Russell 1000 Growth Index 14.69 (64) 26.85 (50) 11.02 (32) 14.58 (36) 25.28 (32) 6.62 (36) 5.10 (40) Large Cap GARP Equity Russell 1000 Growth Index Median 15.49 26.79 9.21 13.36 23.74 5.76 4.74 Comparative Performance I Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Large Cap GARP Equity 10.73 (34) -15.74 (65) 1.45 (28) 6.06 (46) 8.74 (92) 14.39 (21) Russell 1000 Growth Index 10.61 (37) -13.14 (27) 0.76 (47) 6.03 (47) 11.83 (50) 13.00 (39) IM U.S.Large Cap Growth Equity(SA+CF)Median 10.10 -14.59 0.63 5.84 11.82 12 29 THE 52 (r BOGDAHN GROUP. Performance Review Lateef Investment Management As of March 31,2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years 1'4- ,� 0.00 30.0 Over c 0 P Performance m 20.0 m 25.00 ° ° ii 10.0 2 50.00 0 0 0 0 0 0 0 0 0 8 0 ° 0 8 O ae o u 0.0 75.00 0 ° ° ° o 0 :+ Under u ,e -10.0 Performance re 100.00 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 Russell 1000 Growth Index(%) • Over Performance • Under Performance Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count + Jun-2007 X Mar-2012 • Large Cap GARP Equity 9 1 (11%) 5 (56%) 3 (33%) 0 (0%) 0 Russell 1000 Growth Index 20 0 (0%) 10 (50%) 10 (50%) 0 (0%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 25.50 0 5.10 0 F 25.00 � . -..4.80 •• 24.50 c > > 4.50 m re 24.00 4.20 • 3.90 18.60 18.80 19.00 19.20 19.40 19.60 19.80 20.00 20.20 20.40 21.50 21.60 21.70 21.80 21.90 22.00 22.10 22.20 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Large Cap GARP Equity 24.52 20.18 • Large Cap GARP Equity 4.04 21.85 O Russell 1000 Growth Index 25.28 18.83 0 Russell 1000 Growth Index 5.10 21.55 - Median 23.74 19.76 - Median 4.74 22.20 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk s Capture Capture Large Cap GARP Equity 4.61 101.71 107.14 -2.28 -0.07 1.30 1.08 8.82 Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 1.47 1.00 8 52 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Large Cap GARP Equity 6.84 94.77 98.00 -0.58 -0.16 0.24 0.92 12.60 Russell 1000 Growth Index 0.00 100.00 100.00 0.00 N/A 0.29 1.00 13.74 THE 53 (l ,,\. BOGDAHN GROUP Performance Review Dalton, Greiner, Hartman, Maher& Co., LLC As of March 31.2012 Financial Reconciliation 1 Quarter No data found. Financial Reconciliation October 1,2011 To March 31,2012 No data found. Peer Group Analysis-IM U.S.Large Cap Value Equity(SA+CF) Cumulative Performance $4,500.00 35.00 $4,000.00 $ ,753.77 30.00 O $3,500.00 25.00 • • 0 $3,000.00 20.00 m iliablill $2,500.00 $2,409.93 c 15.00 $2,000.00 cc 10.00 1111111 • 0 $1,500.00 A • 5.00 0 • $1,000.00 0 - 0.00 NM 0 i $500.00 -5.00 $0.00 ($500.00) QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 2/83 12/85 12/88 12/91 12/94 12/97 12/00 12/03 12/06 3/12 • AIICap Value 9.62 (81) 22.53 (82) -0.36 (90) 8.90 (70) 22.84 (46) 6.57 (11) 5.35 (8) O Russell 3000 Value Index 11.16 (61) 25.97 (48) 4.30 (61) 9.80 (57) 23.03 (43) 1.88 (78) -0.75 (87) - Ail Cap Value - Russell 3000 Value Index Median 11.89 25.75 515 10.37 22.55 3.48 1.30 Comparative Performance I Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 AIICap Value 11.77 (66) -17.96 (74) -0.87 (70) 7.05 (35) 8.38 (88) 11.93 (23) Russell 3000 Value Index 13 33 (28) -16.63 (57) -0.68 (65) 6.47 (47) 10.92 (37) 10.10 (66) IM U.S.Large Cap Value Equity(SA+CF)Median 12.38 -16.30 -0.21 6.34 10.46 10.78 THE 54 (r BOGDAHN GROUP. Performance Review Dalton, Greiner, Hartman, Maher&Co., LLC As •f Mar h 31 2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years 30.0 0.00 • • • • • • • • • • • • e Over e Performance te 20.0 e 25.00 • • 0 6 0 0 10.0 ■•• 50.00 O 0 > d M �e 0 p 0 O p O• E O o.o 75.00 0 p p O 0 O O O O p p a-10.0 • K 100.00 Under -20.0 Performance 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 5-25 25-Median Median-75 75-95 Russell 3000 Value Index(%) Total Period Count Count Count Count • Over Performance + Jun-2007 X Mar-2012 • AIICap Value 20 14 (70%) 5 (25%) 1 (5%) 0 (0%) 0 Russell 3000 Value Index 20 0 (0%) 2 (10%) 9 (45%) 9 (45%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 6.00 0 _23.00 0 _ 4.00 E 22.80 • E , , 2.00 m i W K 22.60 0.00 0 19.70 19.80 19.90 20.00 20.10 20.20 20.30 20.40 20.50 20.70 21.00 21.30 21.60 21.90 22.20 22.50 22.80 23.10 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • AIICap Value 22.84 19.76 • AIICap Value 5.35 20.81 o Russell 3000 Value Index 23.03 20.41 0 Russell 3000 Value Index -0.75 22.94 - Median 22.55 20.00 - Median 1.30 22.04 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture AIICap Value 4.55 100.60 101.91 0.07 -0.02 1.25 0.99 9.70 Russell 3000 Value Index 0.00 100.00 100.00 0.00 N/A 1.29 1.00 9.36 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture AIICap Value 5.88 104.28 83.80 5.95 0.96 0.31 0.88 13.10 Russell 3000 Value Index 0.00 100.00 100.00 0.00 N/A 0.01 1.00 15.34 L7101■44:0,THE 55 BOGDAHN GROUP. Performance Review RBC Global Asset Management As of March 31.2012 Financial Reconciliation 1 Quarter No data found. Financial Reconciliation October 1,2011 To March 31,2012 No data found. Peer Group Analysis-IM International Large Cap Value Equity(SA+CF) Cumulative Performance $440.00 30.00 $400.00 • 25.00 $360.00 20.00 .331.16 • • 0 $320.00 15.00 0 E 10.00 $280.00 oda i 5.00 • $240.00 0 0.00 $200.00 • 0 • O 1 ��t ..^'$163.62 -5.00 • 0 O. $160.00 /''� f-^,,; -10.00 $120.00 Y j \f -15.00 ' '�� . $80.00 ~°,,,,,,f $40.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR • International Equity 17.61 (2) 19.25 (14) -5.45 (61) 6.50 (20) 26.45 (3) -2.25 (62) -2.61 (66) 8/98 12/99 6/01 12/02 6/04 12/05 6/07 12/08 6/10 3/12 O MSCI EAFE Index 10.98 (50) 14.73 (55) -5.31 (59) 2.47 (63) 17.68 (57) -3.23 (73) -3.04 (72) International Equity " MSCI EAFE Index Median 10.89 15.09 -4.64 3.73 18.31 -1.62 -1.48 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 International Equity 1.39 (91) -21.22 (79) 0.64 (72) 4.69 (23) 9.82 (6) 19.30 (8) MSCI EAFE Index 3.38 (57) -18.95 (56) 1.83 (42) 3.45 (53) 6.65 (56) 16.53 (33) IM International Large Cap Value Equity(SA+CF)Median 3.59 -18.76 1.46 3.51 6.74 15.71 56 PTHE '' BOGDAHN GROUP. Performance Review RBC Global Asset Management As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years 0.00 • T • c 33.0 Over 11 Performance X 0 • . 22 � 22.0 0 • m 25.00 0 0 0• • - ° ul 11.0 Z � 5°.°° 00 ° ° e8 0 00 77, •. • a 0 0 0 0 0 0 0 0 ° 0 0 -11.o E 75.00 0 P. • Under m 0 a: E -22.0 Performance O 100.00 • -20.0 -10.0 0.0 10.0 20.0 30.0 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 MSCI EAFE Index(%) • Over Performance • Under Performance Total Period 5-25 25-Median Median-75 75-95 Count Count Count Count + Jun-2007 X Mar-2012 • International Equity 20 4 (20%) 4 (20%) 4 (20%) 8 (40%) O MSCI EAFE Index 20 0 (0%) 2 (10%) 17 (85%) 1 (5%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 27.00 • -1.50 24.00 --2.00 E E 0 21.00 m -2.50 • w cc 18.00 -3.00 0 23.00 24.00 25.00 26.00 27.00 28.00 29.00 30.00 24.00 25.00 26.00 27.00 28.00 29.00 30.00 31.00 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • International Equity 26.45 29.24 • International Equity -2.61 30.61 O MSCI EAFE Index 17.68 24.37 0 MSCI EAFE Index -3.04 25.34 - Median 18.31 23.53 - Median -1.48 24.15 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture International Equity 7.25 120.57 99.79 5.90 1.11 1.09 1.12 12.15 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A 0.89 1.00 11.54 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture International Equity 8.16 111.17 106.40 1.50 0.18 -0.01 1.12 19.41 MSCI EAFE Index 0.00 100.00 100.00 0.00 N/A -0.07 1.00 16.99 Os 4,4N THE 57 BOGDAHN GROUP. Performance Review Galliard Capital Management(Intermediate Core) As of March 31,2012 Financial Reconciliation 1 Quarter No data found. Financial Reconciliation October 1,2011 To March 31,2012 No data found. Peer Group Analysis-IM U.S.Intermediate Duration(SA+CF) Cumulative Performance $300.00 12.00 $280.00 $272.31 1.33 $260.00 10.00 $240.00 8.00 $220.00 • • 0 6.00 0 • 0 • • 0 $200.00 e. t _ - $180.00 4.00 $160.00 2.00 iirma $140.00 ANIS $120.00 0.00 $100.00 $80.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 11/95 12/97 3/00 6/02 9/04 12/06 3/09 3/12 • Intermediate Core 1.06 (59) 2.18 (53) 7.08 (16) 5.91 (45) 6.91 (55) 6.10 (39) 6.41 (43) O Barclays Capital Intermediate Aggregate 0.66 (81) 1.57 (81) 6.16 (62) 5.46 (76) 6.10 (77) 5.42 (70) 5.90 (72) - Intermediate Core -- Barclays Capital Intermediate Aggregate Median 1.17 2.22 6.38 5.83 7.04 5.88 6.25 Comparative Performance I Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Intermediate Core 1.11 (46) 2.56 (22) 2.18 (16) 0.61 (48) -1.28 (69) 2.68 (62) Barclays Capital Intermediate Aggregate 0.91 (77, 2.30 (33) 2.17 (17) 0.48 (68) -0.75 (30) 2.07 (89) IM U.S.Intermediate Duration(SA+CF)Median 1.07 2.01 2.00 0.60 -1.08 2.77 THE 58 c--.' BOGDAHN GROUP. Performance Review Galliard Capital Management(Intermediate Core) As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years Over • c x 0.00 8.0 performance • • K 0 7.0 0 25.00 O p 0 A s.o • u 50.00 0 O O B 8 0 0 0 0 0 0000 m 0 0 0 B 0 O p p 0 E 0 0 5.0 • n .4.0 E 75.00 O O O O O 4.0 Under m i Performance re 100.00 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 Barclays Capital Intermediate Aggregate(%) • Over Performance Under Performance Total 5-25 25-Median Median-75 75-95 Period Count Count Count Count Jun-2007 X Mar-2012 • Intermediate Core 20 0 (0%) 16(80%) 4(20%) 0(0%) 0 Barclays Capital Intermediate Aggregate 20 0 (0%) 5(25%) 13(65%) 2(10%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years -6.90 • 6.40 It e E 6.6o ` 6.20 o a re re a: 6.00 0 6.00 2.20 2.30 2.40 2.50 m 2.60 2.70 2.80 2.60 2.70 2.80 2.90 3.00 3.10 3.20 3.30 3.40 3.50 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Intermediate Core 6.91 2.64 • Intermediate Core 6.41 2.86 0 Barclays Capital Intermediate Aggregate 6.10 2.21 Barclays Capital Intermediate Aggregate 5.90 2.67 3.45 - Median 7.04 2.74 - Median 6.25 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Beta Ratio Ratio Risk Capture Capture Intermediate Core 0.56 110.69 98.81 0.43 1.36 2.74 1.06 1.15 t Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 2.63 1.00 1.01 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Market Market Alpha Beta Error Capture Capture Ratio Ratio Risk Intermediate Core 0.95 104.66 90.87 0.38 0.52 1.61 1.02 1.60 Barclays Capital Intermediate Aggregate 0.00 100.00 100.00 0.00 N/A 1.57 1.00 1.28 THE 59 BOGDAHN GROUP. Performance Review Templeton GI Bond;Adv (TGBAX) As of March 31.2012 Financial Reconciliation 1 Quarter No data found. Financial Reconciliation October 1,2011 To March 31,2012 No data found. Peer Group Analysis-IM Global Fixed Income(MF) Cumulative Performance $390.00 $360.00 $352.27 17.00 $330.00 14.00 • $300.00 11.00 $270.00 • • • $240.00 $244.12 3 8.00 re • 0 • 0 $210.00 5.00 0 IIIIII $180.00 • 46 1111 2.00 $150.00 / • • -1.00 $120.00 $90.00 -4.00 QTR FYTD 1 YR 2 YR 3 YR 4 YR 5 YR 5/97 6/99 9/01 12/03 3/06 6/08 9/10 3/12 • Templeton GI Bond;Adv(TGBAX) 7.20 (5) 8.52 (6) 2.62 (85) 5.49 (57) 12.11 (33) 8.92 (1) 10.41 (1) o Citigroup World Government Bond -0.51 (100) -0.63 (98) 5.12 (40) 6.19 (39) 6.24 (86) 3.64 (71) 6.78 (26) Templeton GI Bond;Adv(TGBAX) - Citigroup World Government Bond Median 2.45 3.33 4.71 5.83 9.08 4.61 5.73 Comparative Performance 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr 1 Qtr Ending Ending Ending Ending Ending Ending Dec-2011 Sep-2011 Jun-2011 Mar-2011 Dec-2010 Sep-2010 Templeton GI Bond;Adv(TGBAX) 1.23 (40) -7.73 (97) 2.48 (46) 2.15 (24) 1.34 (7) 7.40 (54) Citigroup World Government Bond -0.13 (86) 2 38 (15) 3.33 (10) 0.65 (77) -1.76 (74) 8.18 (18) .IM Global Fixed Income(MF)Median 0.88 -1.46 2.25 1.53 -1.15 7.51 THE 60 BOGDAHN GROUP. Performance Review Templeton GI Bond;Adv (TGBAX) As of March 31.2012 3 Yr Rolling Under/Over Performance-5 Years 3 Yr Rolling Percentile Ranking-5 Years .: 14.0 Over • • x 0.00 • • • • S • • • d e • • • • • • • ._..,;;;; •, C O -ama:±-H m Performance • ^ • f 12.0 •• . 25.00 © Q i k , l 0 • • 10.0 • e e NI a 0 8.0 a. to 75.00 3 6.0 m K 0 100.00 4.0 Under Performance 6/07 12/07 6/08 12/08 6/09 12/09 6/10 12/10 6/11 3/12 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 5-25 25-Median Median-75 75-95 Citigroup World Government Bond(%) Total Period Count Count Count Count • Over Performance + Jun-2007 X Mar-2012 • Templeton GI Bond;Adv(TGBAX) 20 18(90%) 2(10%) 0(0%) 0(0%) 0 Citigroup World Government Bond 20 11 (55%) 2(10%) 3(15%) 4(20%) Peer Group Scattergram-3 Years Peer Group Scattergram-5 Years 12.00 • 10.40 • c 10.00 if. 9. 10 > > 7.80 rc 8.00 0 6.50 6.00 0 5.20 6.30 6.60 6.90 7.20 7.50 7.80 8.10 8.40 8.70 9.00 9.30 9.60 7.20 7.50 7.80 8.10 8.40 8.70 9.00 9.30 9.60 Risk(Standard Deviation%) Risk(Standard Deviation%) Return Standard Return Standard Deviation Deviation • Templeton GI Bond;Adv(TGBAX) 12.11 9.27 • Templeton GI Bond;Adv(TGBAX) 10.41 9.37 0 Citigroup World Government Bond 6.24 6.79 0 Citigroup World Government Bond 6.78 7.91 - Median 9.08 6.48 - Median 5.73 7.36 Historical Statistics-3 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture I Templeton GI Bond;Adv(TGBAX) 9.23 118.86 46.86 9.08 0.61 1.27 0.51 5.72 Citigroup World Government Bond 0.00 100.00 100.00 0.00 N/A 0.91 1.00 4.48 Historical Statistics-5 Years Tracking Up Down Information Sharpe Downside Error Market Market Alpha Ratio Ratio Beta Risk Capture Capture Templeton GI Bond;Adv(TGBAX) 9.01 95.58 46.62 6.78 0.39 0.98 0.55 5.64 Citigroup World Government Bond 0.00 100.00 100.00 0.00 N/A 0.72 1.00 4.79 TFiF 61 BOGDAHN GROUP. C- THE BOGDAHN 62 GROUP. _ _ Benchmark Historical Hybrid Compositions Total Fund As of March 31,2012 Total Fund Policy Total Equity Policy Allocation Mandate Weight(%) Allocation Mandate Weight(%) Jan-1976 Jan-1970 S&P 500 65.00 S&P 500 90.00 Barclays Capital Aggregate 30.00 MSCI EAFE Index 10.00 MSCI EAFE Index 5.00 Oct-2003 Oct-2003 S&P 500 85.00 S&P 500 60.00 MSCI EAFE Index 15.00 Barclays Capital Aggregate 30.00 MSCI EAFE Index 10.00 Sep-2006 S&P 500 100.00 Sep-2006 S&P 500 60.00 Oct-2009 Barclays Capital Intermediate Aggregate 40.00 Russell 3000 Index 77.00 MSCI EAFE Index 23.00 Oct-2009 Russell 3000 Index 50.00 Barclays Capital Intermediate Aggregate 25.00 MSCI EAFE Index 15.00 Total Domestic Equity Policy Barclays Capital U.S.Treasury:U.S.TIPS 5.00 Allocation Mandate Weight(%) NCREIF Property Index 5.00 Jan-1926 Oct-2010 S&P 500 100.00 Russell 3000 Index 50.00 Oct-2009 Barclays Capital Intermediate Aggregate 20.00 Russell 3000 Index 100.00 MSCI EAFE Index 15.00 Barclays Capital U.S.Treasury:U.S.TIPS 5.00 NCREIF Fund Index-Open End Diversified Core(EVE 10.00 Total Fixed Income Policy Allocation Mandate Weight(%) Nov-2000 Barclays Capital Aggregate 100.00 Sep-2006 Barclays Capital Intermediate Aggregate 100.00 THE 63 P BOGDAHN GROUP. Disclosures Total Fund As of March 31,2012 Disclosures Neither The Bogdahn Group, nor any covered associates have made political contributions to any official associated with the Winter Springs General Employees General Plan and Trust, in excess of the permitted amount. THE 64 (1 , BOGDAHN `- ' GROUP. Report Statistics Definitions and Descriptions Return -Compounded rate of return for the period. Standard Deviation -A statistical measure of the range of a portfolio's performance. It represents the variability of returns around the average return over a specified time period. Sharpe Ratio - Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is an absolute rate of return per unit of risk. A higher value demonstrates better historical risk-adjusted performance. Alpha -A measure of the difference between a portfolio's actual performance and its expected return based on its level of risk as determined by beta. It determines the portfolio's non-systemic return, or its historical performance not explained by movements of the market. Beta -A measure of the sensitivity of a portfolio to the movements in the market. It is a measure of the portfolio's systematic risk. R-Squared -The percentage of a portfolio's performance that can be explained by the behavior of the appropriate benchmark. A high R-Squared means the portfolio's performance has historically moved in the same direction as the appropriate benchmark. Treynor Ratio -Similar to Sharpe ratio but utilizes beta rather than excess risk as determined by standard deviation. It is calculated by taking the excess rate of return above the risk free rate divided by beta to derive the absolute rate of return per unit of risk.A higher value indicates a product has achieved better historical risk-adjusted performance. Downside Risk -A measure similar to standard deviation that utilizes only the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. A higher factor is indicative of a riskier product. Tracking Error -This is a measure of the standard deviation of a portfolio's returns in relation to the performance of its designated market benchmark. Information Ratio -This calculates the value-added contribution of the manager and is derived by dividing the active rate of return of the portfolio by the tracking error. The higher the Information Ratio, the more the manager has added value to the portfolio. Consistency -The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. Higher consistency indicates the manager has contributed more to the product's performance. Excess Return -Arithmetic difference between the manager's performance and the risk-free return over a specified time period. Active Return -Arithmetic difference between the manager's performance and the designated benchmark return over a specified time period. Excess Risk -A measure of the standard deviation of a portfolio's performance relative to the risk free return. Up Market Capture -The ratio of average portfolio performance over the designated benchmark during periods of positive returns. A higher value indicates better product performance. Down Market Capture -The ratio of average portfolio performance over the designated benchmark during periods of negative returns. A lower value indicates better product performance THE Calculations based on monthly periodicity. 65 (T BOGDAHN GROUP. City of Winter Springs General Employee Retirement System Compliance Checklist as of March 31, 2012 Total Fund Compliance: Yes No N/A 1. The Total Plan return equaled or exceeded the 8% actuarial earnings assumption over the trailing three and five year periods. ✓ 2. The Total Plan return equaled or exceeded the total plan benchmark over the trailing three and five year periods. ✓ 3. The Total Plan return ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ✓ Equity Compliance: Yes No N/A 1. Total equity returns meet or exceed the benchmark over the trailing three and five year periods. ✓ 2. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing three year period. ✓ 3. Total domestic equity returns ranked within the top 40th percentile of its peer group over the trailing five year period. ✓ 4. The total equity allocation was less than 75% of the total plan assets at market. ✓ 5. Total foreign equity was less than 25% of the total plan assets at cost. ✓ Fixed Income Compliance: Yes No N/A 1. Total fixed income returns meet or exceed the benchmark over the trailing three and five year periods. ✓ 2. Total fixed income returns ranked within the top 40th percentile of its peer group over the trailing three and five year periods. ✓ 3. All fixed income investments had a minimum rating of investment grade or higher.` ✓ `Less than 1.0% rated below investment grade as reported by the manager. Manager Compliance: Lateef 'Dalton RBC Global ' Galliard TIPS Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A 1. Manager outperformed the index over the trailing three year period. ✓ ✓ ✓ ✓ ✓ 2. Manager outperformed the index over the trailing five year period. ✓ ✓ ✓ ✓ ✓ 3. Manager ranked within the top 40th percentile over trailing three year period. ✓ ✓ ✓ ✓ ✓ 4. Manager ranked within the top 40th percentile over trailing five year period. ✓ ✓ ✓ ✓ ✓ 5. Less than four consecutive quarters of under performance relative to the benchmark. ✓ ✓ ✓ ✓ ✓ 6. Three year down-market capture ratio less than the index. ✓ ✓ ✓ ✓ ✓ THE 66 i BOGDAHN N. GROUP City of Winter Springs General Employee Retirement System Compliance Checklist as of March 31, 2012 Manager Compliance: American P+ Intercon. R! Yes No N/A Yes No N/A Yes No N/A Yes No N/A Yes No N/A 1. Manager outperformed the index over the trailing three year period. ✓ ✓ 2. Manager outperformed the index over the trailing five year period. ✓ ✓ 3. Manager ranked within the top 40th percentile over trailing three year period. ✓ ✓ 4. Manager ranked within the top 40th percentile over trailing five year period. ✓ ✓ 5. Less than four consecutive quarters of under performance relative to the benchmark. ✓ ✓ 6. Three-year down-market capture ratio less than the index. ✓ ✓ THE 67 r BOGDAHN GROUP. THE (� BOGDAHN GROUP THE BOGDAHN GROUP. Z0Z£S u!suo3sIM •oa'1 ' "1!V BbZSL suxal 'sulluo 0081 ai!ns `any u!suoas!M -3 ocz OSZ 31!ns `AunIxiud sullua OLLSI aalnumH IAj S1 fltJ Z£6L•01Z 998 1181£ up!Jo1d `opuulio 009 a)! S `Puo21 puulau!A 106b oputj .ip suour,.p A:rnvnpr[put,jrrnuJsanus rnor Xus4jpdru,s dflOW ) NHVUDOJ 3HJ 1 £ 1 bb o!yp 'aauapuadapul : 0£ aI!ns `{ l auenbS ap!s)aoa SSS09 S!OUtf11 '3LI! tU3i1 A puo ap!s)1ao £ £ 19 OOZ 31!ns 'Puo2l Pla!3u!M b OZ£ p" 1 u >' jana1D ogu3iLiD