& Poors 500 Index -189% -37.00% -11.01% US Small Cap -4.46% -40.52% -1731% Russell 2000 Index -777% -33.79% -14.95% International Equity European Equity -5.94% -52.67% a" N/A Japan Equity -5.26% -35.82% •** N/A Pacific Basin ex-Japan Equity 17.84% -55.86% •** N/A SAFE N/A -L22% *•** -19

vehicles As of 06/30/17 Asset class U.S. Large Cap Equity WM U.S. Core Equity N/A U.S. Small Cap Equity Aberdeen Small Cap Equity Fund GSCIX European Equity Invesco AIM European Growth Fund AEDYX European Equity db X-trackers MSCI Europe Hedged Equity Fund DBEU Japanese Equity Matthews Japan Fund

Growth/CoreNalue - Individual Securities 0.00% 1.46% 33.0% 0.00% U.S. Small Cap ClearBridge Small Cap Growth SBPYX 0.90% 3.65% 3.0% 0.03% European Equity Invesco AIM European Growth AEDYX 1.09% 6.04% 7.0% 0.08% European Equity db X-Trackers MSCI Europe Hedged Equity Fund DBEU 0.45% 3.86% 7.

Implementation vehicles as of 4/20/15 Asset class U.S. Large Cap Equity U.S. Small Cap Equity European Equity European Equity Japanese Equity Pacific ex-Japan Equity Emerging Markets Core Equity Vehicit MMOI WM U.S. Core Equity N/A ClearBridge Sma

Implementation vehicles as of 4/20/15 Asset class U.S. Large Cap Equity U.S. Small Cap Equity European Equity European Equity Japanese Equity Pacific ex-Japan Equity Emerging Markets Core Equity Vehicit MMOI WM U.S. Core Equity N/A ClearBridge Small

rs et-ittelier Getch more AR-coats 330% Maximum &with .Alccaion U.S. Large Cap Equity S&P 500 Index 150% 235% 420% U S Sinai Cap Equal/ European Equity Russel 2000 Index MSCI Europe Index (net of iatholdng taxes) 20% 75% 2.5% 115% 35% t5.0% 4.0% 20.0% Japan Equity MSCI Japan Index (net of

US Large Cap/Growth/Core/Value - Individual Securities 0.00% 35.5% 0.00% U.S. Small Cap CtearBridge Small Cap Growth SBPYX 0.75% 3.0% 0.02% European Equity Invesco AIM European Growth AEDYX 0.89% 7.5% 0.07% European Equity db X-Trackers MSCI Europe Hedged Equity Fund DBEU 0.45% 7.5% 0.03% Jap

of historical allocation weights and components is available upon request. Income Sub-asset Class U.S. Large Cap Equity U.S. Small Cap Equity European Equity Japan Equity Pacific ex-Japan Equity Emerging Market Equity Municipal Bonds U.S. High Yield Bonds International Bonds Benchmark S&P 500 Index

of historical allocation weights and components is available upon request. Income Sub-asset Class U.S. Large Cap Equity U.S. Small Cap Equity European Equity Japan Equity Pacific ex-Japan Equity Emerging Market Equity Municipal Bonds U.S. High Yield Bonds International Bonds Benchmark S&P 500 Index

oors 500 Index -3.89% -37.00% -11.01% US Small Cap -4.46% -40.52% -17.71% Russell 2000 Index -7.77% -33.79% -14.95% International Equity European Equity Japan Equity Pacific Basin ex-Japan Equity EAFE MSG EAFE Index Emerging Markets Equity MSC1 Emerging Markets Free Index -5.94% -526% 17.84%

2 250 8169 Ju Wang, (1) 212 250 7911 Winnie Nip (1) 415 617 3297 EFTA01476128 8 December 2015 World Outlook 2016: Managing with less liquidity European Equity Strategy: 7% upside in 2016E but beware of the risk of a near-term correction We see around 7% upside for the European equity market by end 2016, w