One Hundred Northfield Drive, Windsor, CT 06095 Toll Free: 866.466.9412 www.fiallc.com

Introduction to Fiduciary Investment Advisors

Our Mission

Our mission is to provide customizedconsulting services to assist our clients in achieving their investment objectives while fulfilling their fiduciary obligations.

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Who We AreFee-Only Fiduciary Advisor • Completely independent - zero

conflicts of interest

• No product sales or ancillarybusiness lines

Employee-Owned Firm• We provide an exceptional,

customized service experience

• 72 employees, all dedicated tothis work

Strategic AdviceFocused Expertise

99% Client Retention Rate*• Client satisfaction is the primary

focus of our firm

• Retention rate is the result ofthoughtful, customized consulting

Company Culture

• Experience and knowledge regardingchallenges faced by non-profit organizations

• Deep knowledge of appropriate assetallocation and spending policyimplementation

• Numerous “Best Places to Work”awards, both locally and nationally

• Focus on collaboration, consistency ofadvice, and continuity of service team

• Emphasis on community service

• Over 20 years of experienceconsulting to non-profit clients

• Advise on approximately $5 billionfor more than 85 Endowment andFoundation clients

*Since our inception, FIA has maintained a client retention rate of over 99% (excluding plan terminations, organization dissolution, and mergers & acquisitions), a testament, we believe, to the proactive and customized solutions we seek to deliver on behalf of our clients.

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Non-Profit Focus

5.0BEndowment &

Foundation assets under advisement

23Years providing

consulting services to non-profit clients

We have been providing investment services and strategic guidance to non-profit clients since 1994 (andour first non-profit client remains a client today!).

We serve a number of religious organizations and have significant experience adhering to investmentrestrictions.

We have an internal Endowment & Foundation committee tasked with monitoring trends and bestpractices and driving implementation and process across our practice.

We have an internal ESG committee tasked with keeping abreast of trends in the marketplace andengaging with managers who provide various means of ESG investing.

150+Number of non-profit clients

we currently serve

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Our Organization

Performance / Technology

Marc Ursin,Sr. Performance Analyst

David Fontaine,Sr. Performance Analyst

William Garcia,Performance Analyst

Patrick Chase, CIPM, PMP,Director, Technology & Performance Monitoring

Business Development & Marketing

Christian Coleman,Partner & Director,

Business Development & Marketing

Carrie Gallo,Marketing Associate

Kristen Klaus,Marketing Consultant

Client Analysts / Research Analysts

Maura Goulart, CFA,Director,

Client Services

Matt Kaminski, CFA,Partner & Director, Manager Research

Research Analysts:

Richard CareyPolina Crotty, CFP®

Oakley DuryeaChris Dziubasik

Matt FratiniAnne HaynesChris Ledwith

Katie Marino, AIF®

Director,Client Services

Senior Research Analysts:

Laura GineoRobert Lowry, CFASusan Woytowicz

Associate Research Analysts:

Zhomart DairovDan Duffy

Melissa DurkinGavin Johnson

Mike KopecDan Lojko

Demarco PalmerSapan Patel

Kyle ShermanPaige Thompson

Consultants

Jeff Capone,Partner & Sr. Consultant

Vincent Smith, AIF®,Partner & Sr. Consultant

Kevin O’Brien, CFA,Partner & Sr. Consultant

Tyler Polk, AIF®,Partner & Sr. Consultant

Mike Chase,Partner & Sr. Consultant

Devon Francis, CIMA®,Partner & Sr. Consultant

Leslie Whitney, AIF®,Senior Consultant

Peter Nadeau, ARPC,Senior Consultant

Operations & Client Services

Tracey Flynn,Director,

Client Services

Janet Ramos,Senior Client

Service Associate

Maggie Percival,Accounting Specialist

Chelsea Wrzesinski,Client Service Associate

Felicia Lastra,Client Service Associate

Mark Wetzel,President

Mike Goss,Executive

Vice President

Chris Kachmar, CFA,

Managing Partner, Chief Investment

Officer

Tony Tranghese, CFA,

Managing Partner & Senior

Consultant

Karen Paulson, CIMA®, PRP,

Managing Partner & Senior

Consultant

Ryan Gardner,Managing

Partner & Senior Consultant

Chris Rowlins, AIF®,

Managing Partner & Senior

Consultant

Maureen Cooper,

Chief Operating Officer

Jim O’Brien,Business Development

Associate

William Horobin,Technology Associate

Carol Morelli,Administrative Assistant

Andre Joyner,Marketing Associate

Gregory Adams, ChFC®

Consultant

Sarah Cowenhoven,Operations Analyst

Scott Boulton,Consultant &

Research Analyst

Andrea McAndrew, CFA, Consultant & Research Analyst

Dennis Scarpa, CFA, Consultant &

Research Analyst

Eileen Foley Allgrove, JD, MST, CFP®

Associate Director, Private Client Group

Andrew Salak,Associate Director,

Private Client Group

Joseph Diogostine,Client Service Associate

James Romano, CFA,

Executive Vice President

Carol McShera, Consultant &

Research Analyst

Cindy Vitek,Client Service Associate

Research Analysts:(cont.)

Sean McCafferyMatthew PranaitisMatt Smith, CFAKelly Spencer

Ahmad Nouman,Data & Performance

Analyst

Hannah Olson,Administrative Assistant

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Your ConsultantDevon Francis, CIMA®

Devon is a Partner and Senior Consultant at Fiduciary Investment Advisors, LLC (FIA), where she works with avariety of endowment, foundation, and defined benefit clients. She serves on a number of internal committees atFIA, including the Endowment and Foundation Subcommittee, the ESG Subcommittee, the Defined BenefitSubcommittee, and the FIA Community Service Committee. Prior to joining FIA in 2006, Devon worked with thePRIME Asset Consulting Group at UBS Financial Services. She is a current member of the Investments & WealthInstitute (formerly IMCA) and holds the designation of Certified Investment Management Analyst, sponsored by theInvestments & Wealth Institute and taught in conjunction with The Wharton School, University of Pennsylvania.

Education:University of New Haven, MEdDuke University, BA

Outside Activities:Hartford Stage – Board of Directors, Executive Committee, Investment Committee, Finance CommitteeAurora Foundation – Grants CommitteeConnecticut Women’s Council – Member

Speaking Engagements & Publications:Speaking Engagement – 6th Annual New England Institutional Investor Forum (October 2018)Speaking Engagement – Vanguard Institutional Conference (May 2018)Speaking Engagement – Opal Endowment & Foundation Forum (November 2017)White Paper – ESG: A Brave New World of Investing (May 2016)White Paper – Board Governance – A Structured Framework (December 2014)White Paper – Corporate Pension Update (June 2014)White Paper – Maintaining a Long Term View in Endowment and Foundation Investing (May 2014)White Paper – Building a Better Investment Committee (July 2013)White Paper – Rethinking Endowment Spending Policies (May 2013)

Personal Interests:Reading, theater, running, flying trapeze (that’s not a joke)

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FIA Consulting Services

Investment Policy/

Spending Policy

Asset Allocation

Investment ManagerSearch/

Selection

InvestmentPerformanceMonitoring

Fee Analysis &Negotiation

Peer Benchmarking

Fiduciary Governance

Operational Support

CTUCC Investment

Program

FIA believes that each client is unique and, as such, our solutions are customized to meet the specific goals and objectives of the CT Conference of UCC.

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1st Quarter: Benchmarking Focus› Portfolio/Investment Review› Peer Benchmarking› Endowment/Foundation

Landscape Update› Fee Analysis› Ongoing Projects / Open

Discussion

2nd Quarter: Asset Allocation Focus› Portfolio/Investment Review› Asset Allocation Review› Investment Policy Review› Ongoing Projects / Open

Discussion

3rd Quarter: Investment Focus › Portfolio/Investment review› Portfolio Structure› Attribution› Manager Specific Topics /

Interviews› Ongoing Projects / Open

Discussion

4th Quarter: Institution Focus › Portfolio/Investment review› Update on the Institution /

Initiatives› Committee Best Practices› Spending Policy Review› Ongoing Projects / Open

Discussion

Fiduciary Governance Calendar

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Tenets of FIA’s Portfolio Construction Philosophy

› Long term, not tactical

› Set realistic return expectations

› Establish ranges around targets

› Make proactive adjustments

› Revisit rebalancing regularly

Strategic Asset Allocation

› Market timing is difficult, if not impossible

› Disciplined, consistent exposure to markets should align with strategic objectives

› Any allocation to cash equivalents is determined by circumstances unique to the organization

Fully Invested Portfolios

› All asset classes are considered

› Global orientation

› Generally style & market cap neutral

› Employ multiple institutionally oriented firms

Diversified Portfolios

› Unique needs & circumstances of each client serve as the basis for recommendations

› Consider both indexing and “active” strategies where appropriate

› Fees always considered

Customized Solutions

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Manager Research Overview

The Manager Research Group is responsible for

› Conducting research and due diligence on new investment managers, products and asset classes

› Monitoring currently utilized investment strategies on an ongoing basis › Supporting consultants by providing ongoing capital market intelligence› Assisting consultants and analysts with ad hoc client requests

Manager Research Team

Andrea McAndrew, CFA

Research Analyst14 years of experience

Oakley Duryea Chris DziubasikResearch Analyst

11 years of experience

Rob Lowry, CFASr. Research Analyst7 years of experience

Matt Kaminski, CFA Partner & Director,Manager Research

11 years of experience

Research Analyst16 years of experience

Matt Smith, CFAResearch Analyst

7 years of experience

The team works closely with the CIO, Chris Kachmar, CFA, and senior consultants, Tony Tranghese, CFA & Chris Rowlins.

Chris LedwithResearch Analyst

21 years of experience

Sean McCafferyResearch Analyst

1 year of experience

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Manager Research Process Overview

Data Analytics & Idea Generation› Analysts use a variety of sources for idea generation and initial

analysis› Access to full spectrum of asset classes and institutional

quality managers› eVestment Alliance, Morningstar Direct, mPi Stylus› FIA Proprietary Database

Detailed Due Diligence› Quantitative analysis› Portfolio Manager Calls/Meetings› Onsite interviews with additional team members› Detailed Questionnaire

Manager Approval› Analysts present managers to FIA Investment

Committee for a ratings determination› Funds placed on Maintain are available for use

with clients

Ongoing Monitoring› Monthly performance monitoring and quarterly commentary

addressing performance and positioning› Ongoing calls/meetings› In depth review as needed› Quarterly status review and confirmation

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Please remember that past performance may not be indicative of future results. Different types ofinvestments involve varying degrees of risk, and there can be no assurance that the future performance ofany specific investment, investment strategy, or product (including the investments and/or investmentstrategies recommended or undertaken by Fiduciary Investment Advisors, LLC), or any non-investmentrelated content, made reference to directly or indirectly in this presentation will be profitable, equal anycorresponding indicated historical performance level(s), be suitable for your portfolio or individual situation,or prove successful. Due to various factors, including changing market conditions and/or applicable laws, thecontent may no longer be reflective of current opinions or positions. Moreover, you should not assume thatany discussion or information contained in this presentation serves as the receipt of, or as a substitute for,personalized investment advice from Fiduciary Investment Advisors, LLC. Fiduciary Investment Advisors, LLCis neither a law firm nor a certified public accounting firm and no portion of the newsletter content should beconstrued as legal or accounting advice. A copy of the Fiduciary Investment Advisors, LLC’s current writtendisclosure statement discussing our advisory services and fees is available for review upon request.

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