Manager of Emerging Managers OverviewChanging the Face of the Investment Management Industrysm 3 A Snapshot View of Progress Independent, 100% employee-owned MWBE-certified registered

1

Changing the Face of the Investment Management Industrysm

www.progresinvestment.com

Manager of Emerging Managers OverviewThe history, role, trends, and related best practices associated with the Progress/SURS relationship

Presented to:The Board of Trustees and Investment StaffState Universities Retirement System of Illinois

Progress Presenters:

Thurman White, Jr.Chief Executive Officer

Mona WilliamsExecutive Vice President

March 14, 2012

Exhibit 16

2Changing the Face of the Investment Management Industrysm

Discussion Overview

Who We Are

History of the SURS/Progress Relationship

Our Role as Your Manager of Emerging Managers

Four Key Areas of Focus for Our Partnership

Benchmarking Against Other Plans

Best Practice Considerations

Note: The information contained in this presentation is confidential and legally privileged information intended only for the use of the individual or entity.

Exhibit 16


A Snapshot View of Progress

Independent, 100% employee-owned MWBE-certified registered investment adviser.

$7 billion in AUM as of February, 2012

Pioneer and leading manager of emerging managers: 22 years

What differentiates our firm and benefits SURS:

- Culture: Bold vision for “change”, empowerment and inclusion. Value-centric leadership model to set high performance expectations.

- Depth and Breadth of Experience: 22 years - different asset classes, customized client investment models, hired/fired over 125 emerging managers and graduated 35 managers to direct hire assignments.

- Organizational Scale/Capacity/Resources: Intellectual capital, research database, due diligence, systems and analytic tools, client reporting and monitoring oversight to manage multiple mandates. Capacity for growth.

- Knowledge Advantage: Manager due diligence and selection. Portfolio construction and risk management. Manager assistance to mitigate emerging manager business and investment risks/empower managers.

- Consultative and Adaptive to a Broad Range of Client Needs: Extension of staff and responsive high touch service. Knowledgeable about various public policy requirements and environments.

- Alpha Focus: Fiduciary mindset. Performance matters.

- Non-Investment Alpha: Thought leader. Share “best practices” with all stakeholders: clients, managers, consultants and MWBE brokers.

- People: Experienced and committed employee-owners.

MissionWe craft innovative alpha strategies by discovering,

developing, combining and empowering dynamic

teams of highly skilled investment professionals to

deliver excellence for all stakeholders.

VisionTo be the company most

known for “Changing the Face of the Investment Management Industry”

ValuesExcellence

IntegrityLeadership

DiversityTeamwork

Exhibit 16


Our Clients, Assets, and Products: $7 Billion

Commingled Funds vs. Separate Accounts

Client Type

Asset Type

As of February 29, 2012

PublicCalifornia Public Employees’ Retirement SystemCalifornia State Teachers’ Retirement SystemCounty Employees’ and Officers’ Annuity & Benefit Fund of Cook CountyIllinois Municipal Retirement Fund*

Los Angeles City Employees’ Retirement System Maryland State Retirement and Pension System*

Milwaukee County Employees’ Retirement SystemNew York City Employees’ Retirement System*

New York City Board of Education Retirement SystemNew York City Fire Department Pension FundNew York City Police Pension FundNew York City Teachers’ Retirement SystemNew York State Common Retirement Fund*

New York State Teachers’ Retirement FundPublic School Teachers’ Pension & Retirement Fund, ChicagoState of Connecticut Retirement Plans and Trust Funds*

State Universities Retirement System of Illinois*

Virginia Retirement System

CorporateAON Corporation**Bank of AmericaThe Boeing Company*

The Coca-Cola CompanyFord Motor CompanyGeneral Electric Pension Trust*

Liberty Mutual GroupPPL Corporation

Foundation/Endowments and OtherBoard of Pensions, Evangelical Lutheran Church in AmericaThe Boulé FoundationLaborers’ District Council Construction Industry Pension FundMassachusetts Bay Transportation Authority Retirement Fund*

W.K. Kellogg Foundation

* Multiple-Strategy Clients

** Funding Pending for 1st Quarter 2012

ProductsDomestic, Non-U.S. and Global EquitiesSmall, Mid and All CapitalizationValue, Core and Growth

Domestic Fixed IncomeCore, Core Plus and High Yield

Alternative InvestmentsPrivate Equity

In DevelopmentEmerging Opportunities FundHedge Fund Program

Private Equity$4mm

Commingled$177mm

Separate$6,278mm

Corporate $1,170mm Other

$80mm

Public$5,208mm

Private Equity$4mm Balanced

$161mm

Fixed Income$1,378mm

All Cap Equity$2,675mm

Mid Cap Equity$1,182mm

Int'l Equity$323mm

Small Cap Equity$560mm

Global Equity$175mm

Exhibit 16


Our Role as SURS’ Emerging Manager of Managers

Achieve investment and related policy objectives as outlined in ourInvestment Management Agreement;

Leverage our 22 years of experience as a Manager of EmergingManagers to assist SURS in achieving its diversity goals aslegislated by Illinois Public Act – 96-006;

Serve as a complement to the internally managed ManagerDiversity Program;

Identify the best, most talented, and most promising MFDV firmsin the industry today, focusing initially on smaller firms that areoften excluded from direct hire consideration;

Construct our All Cap, U.S. Equity, Fixed Income, and International Equity portfolios using prudent processes and highfiduciary standards and actively manage and monitor these portfolios with the policy objectives and program goals inmind;

Provide hands-on manager assistance in order to develop graduation-ready candidates and over time, develop a pool ofmanagers who have demonstrated a capacity to become viable, long-term partners from which SURS can source directhire candidates;

Create an “evergreen” platform, giving new firms the opportunity to participate in the spaces vacated by the graduatedfirms;

Be ever focused on excess alpha generation.

Exhibit 16


Providing Diversification Through a Single Point of Contact

SURS

Deliver risk-adjusted alpha

Manage tracking error

Be “evergreen”/graduation focused

Serve as an extension of staff

Mitigate business risk

Streamline hiring and firing

Provide business assistance and coaching

Provide efficient, cost-effective access

Source the highest potential managers

Conduct robust due diligence and ongoing monitoring

Manage and monitor to investor guidelines

Exhibit 16


Our Partnership History and Highlights

Partnership began in 1995 with an initial allocation of $5 million in our Private Equity Fund of Funds product.

In 1997, SURS invested $55 million across various Commingled Funds.

In December of 2007 Progress won a re-bid via RFP; In April 2008 the assets, valued at $183 million, were transitioned from the Commingled Fund investments into three separate account products—U.S. Equity All Cap Core, U.S. Fixed Income, and Non-U.S. Equity—that mirrored SURS’ larger asset allocation.

In July 2008, SURS allocated assets to Ativo Capital Management’s Non-U.S. Equity product and engaged Progress to monitor and coach the manager through their stage of early institutional development.

In September 2010, Progress partnered with SURS and other local pension funds to host an educational symposium on MFDV broker/dealer firm usage.

In December 2010, Ativo Capital Management’s Non-U.S. Equity product was graduated into SURS direct program.

As of February 29, 2012, SURS’ total market value was $477 million.

All of the Progress portfolios managed for SURS have outperformed since inception.

We have provided opportunities to 67 highly-qualified, diverse managers to manage assets on behalf of SURS: 18 African American-owned firms, 13 Latino American-owned firms, 6 Asian American-owned firms, 20 woman-owned firms, 9 emerging firms, and 1 Native American-owned firm – a record of inclusion and utilization that SURS should be proud of.

Exhibit 16

8Changing the Face of the Investment Management IndustrysmCONFIDENTIAL: NOT FOR DISTRIBUTION OR REPRINT

Why Emerging Managers Continue to be a Strong, Diversified Source of Alpha

Characteristics:

Small, entrepreneurial and independent firms promote return, not fee, driven cultures and decisions

Alignment of personal, professional and economic interests

Absence of bureaucracy allows them to move quickly

New product launch advantages –quicker to market

Performance Advantage:

Greater returns for early stage investors: Research indicates that younger funds outperform older funds by up to 250 bps (annualized)

Smaller firms have demonstrated a performance advantage during both bull and bear periods

Limiting opportunity set to large firms can eliminate as much as 40% of top quintile performers

Trading and liquidity advantage: Smaller positions allow emerging managers to trade efficiently and with less market impact

Capacity advantages

Exhibit 16


The Progress Database: Examining the Opportunity Set of Managers

Size and Style MatrixManager Research

and Focus List (Strategies)

Total Universe1,937

Total Universe1,937

ResearchList

288

ResearchList

288

Buy List

128

Buy List

128

Funded

List

95

Funded

List

95

Specifications1,937 Strategies; All developing managers with less than $10B; All woman- and minority-owned managers; At least 51% independently-owned; Registered Investment Advisors only. As of December 31, 2011.

Afr i can Ameri can

Asian Ameri can Emerging

Lat ino Ameri can

Main st ream

Minor i ty (O ther)

Nat i ve Amer ican Unknown

Ve teran/ Di sabled +

Minori ty WomenWomen+Minor i ty Al l

0-50 55 16 167 16 1 1 2 116 2 50 6 43250-100 1 37 6 11 7 62100-500 22 21 253 13 19 75 4 407500-1,000 21 15 129 2 9 2 18 1 1971,000-2,000 18 11 167 5 8 4 17 16 8 2542,000-5,000 26 274 15 13 32 26 2 3885,000 and Above 16 10 94 121 13 12 0 266Grand Total 158 74 1121 51 135 9 6 212 4 208 28 2006

Afr i can Ameri can

Asian Ameri can Emerging

Lat ino Ameri can

Main st ream

Minor i ty (O ther)

Nat i ve Amer ican Unknown

Ve teran/ Di sabled +

Minori ty WomenWomen+Minor i ty Al l

All Cap Core 1 2 42 1 2 4 10 62All Cap Growth 2 3 36 3 1 4 6 55All Cap Value 45 2 6 1 3 1 58Alternatives 1 2 13 1 5 17 2 1 42Fixed Income Core 11 2 46 7 7 2 5 7 3 90Fixed Income Core Plus 2 2 9 1 4 1 1 1 1 22Fixed Income High Yield 3 3 20 1 7 1 4 8 47Fixed Income Other 13 1 61 4 7 9 13 1 109Hedge Fund 5 4 41 3 4 1 2 7 6 73International/Global Equity 12 12 98 5 8 1 15 24 7 182Large Cap Core 6 6 86 1 6 1 19 19 3 147Large Cap Growth 23 7 100 4 6 13 1 28 3 185Large Cap Value 15 5 106 4 8 1 12 1 16 2 170Micro Cap Core 8 1 9Micro Cap Growth 9 2 11Micro Cap Value 1 5 1 1 2 10Mid Cap Core 6 21 1 1 2 8 39Mid Cap Growth 11 4 27 2 2 3 9 58Mid Cap Value 10 26 2 4 1 1 1 2 47Other Equity 5 5 64 35 1 1 57 1 4 173Small Cap Core 5 2 49 3 3 10 14 86Small Cap Growth 12 8 69 3 4 12 1 11 1 121Small Cap Value 10 4 78 2 7 1 4 6 2 114SMID Cap Core 3 12 2 3 3 1 24SMID Cap Growth 1 2 35 1 4 4 47SMID Cap Value 15 5 1 4 25Grand Total 158 74 1121 51 135 9 6 212 4 208 28 2006

Exhibit 16


Leveraging our Relationship: Accessing and Creating Manager Supply

Progress can be of greater assistance to SURS with respect to addressing manager under-representation by:

Working with SURS to leverage strategic relationships with key diversity groups and organizations, i.e., New America Alliance (NAA), National Association of Securities Professionals (NASP), Asian American Association of Investment Managers (AAAIM), Council of Urban Professionals (CUP), The Toigo Foundation and The Executive Leadership Council (ELC);

Working with SURS to ensure that these groups are aware of professional opportunities with SURS and that SURSis aware of resources available within these organizations;

Convening special purpose meetings with these groups as a way of solutions-oriented brainstorming;

Being available, if requested and deemed appropriate, to attend meetings with SURS’ staff and these organizations in order to provide input and perspective;

Exploring seeding and incubation vehicles, such as the Emerging Opportunities Fund, that address the lack of access to capital for new firm formations and provide assets to manage for newly launched firms and products.

Exhibit 16


Leveraging our Relationship: The Senate Hearings

Progress can be of greater assistance to SURS with respect to the Senate Hearings by:

Being a more integral part of the collection and analysis of SURS’ diversity data;

Assisting with the development of the narrative and visual illustrations of the data;

Helping SURS more fully highlight its diversity utilization improvements, success stories, and overall inclusion achievements;

Being available, if requested and deemed appropriate, to participate as part of the SURS presenting team at future Senate Hearings;

Being available, if requested and deemed appropriate, to attend informational update meetings with members of the Senate Committee on Pensions and Investments.

Exhibit 16


Leveraging our Relationship: MFDV Broker/Dealer Firm Utilization

Progress can be of greater assistance to SURS with respect to increasing MFDV brokerage utilization by:

Making the below list available to all SURS managers, not just the managers on the Progress platform;

Co-authoring a study with the appropriate subject matter experts—similar to those on the performance advantage of emerging managers—to highlight the capabilities of MFDV brokerage firms for use by SURS and other Illinois pension funds;

Working with SURS to convene more educational symposiums that bring managers and brokers together.

While Progress does not recommend brokerage firms to its funded managers, we are very cognizant of the value of and need for diverse service providers; we actively collect information on MFDV broker/dealers and disseminate this information to our funded managers as a way of facilitating access to MFDV brokerage firms; due diligence is the responsibility of the funded manager.

Currently, there are 111 MFDV brokerage firms in our database:

1 African/Asian-owned firm48 African American-owned firms8 Asian American-owned firms4 Disabled Veteran-owned firms17 Latino American-owned firms2 Native American-owned firms31 Woman-owned firms

Exhibit 16


Leveraging our Relationship: Reporting on SURS’ Achievements

Progress can be of greater assistance to SURS with respect to communicating its diversity improvements, successes and achievements by:

Working with SURS to develop a standard report, based on the data collected annually in advance of the Senate Hearings, that tracks usage, captures trends, and highlights milestones and achievements that could be provided to interested parties, such as members of the Senate Committee on Pensions and Investments

Exhibit 16


Widespread and Growing Utilization of Emerging Managers

The following is a representative list of known U.S. Pension Plans that have committed assets to emerging manager strategies:

1199 SEIU Employees Benefit and Pension Funds

Alameda County Employees’ Retirement Association

Arkansas Teacher Retirement System

Bank of America Corporation

Boeing Company, The

Boulé Foundation

California Public Employees’ Retirement System

California State Teachers’ Retirement System

Chicago Policemen’s Annuity & Benefit Fund

Chicago Teachers’ Pension Fund

City of Kansas City Employees’ Retirement System

City of Philadelphia Board of Pensions and Retirement

Coca Cola Master Retirement Trust

Contra Costa County Employees’ Retirement Association

Cook County Employees’

Detroit General Retirement System

District of Columbia Retirement Board

Exelon Corporation

GE Asset Management

Illinois Municipal Retirement Fund

Illinois State Board of Investment

Indiana Public Employees’ Retirement Fund

Liberty Mutual Retirement Benefit Plan

Los Angeles City Employees’ Retirement System

Los Angeles County Employees Retirement Association

Maryland State Retirement & Pension System

Massachusetts Bay Transportation Authority Retirement Fund

Michigan Department of Treasury

Minnesota State Board of Investment

Municipal Employees’ Annuity & Benefit Fund of Chicago

New York City Board of Education Retirement System

New York City Employees’ Retirement System

New York City Fire Department Pension Fund

New York City Police Pension Fund

New York State Common Retirement Fund

New York State Teachers’ Retirement System

Ohio Public Employees Retirement System

Oregon Public Employees Retirement Fund

Pennsylvania Public School Employees’ Retirement System

Pennsylvania Treasury Department, The

PG&E Corporation

PPL Services Corporation

Public School Teachers’ Pension & Retirement Fund of Chicago

San Antonio Fire & Police Pension Fund

San Francisco City & County Employees’ Retirement System

San Joaquin County Employees’ Retirement Association

Seattle City Employees’ Retirement System

Shell Oil Company

State of Connecticut Retirement Plans & Trust Funds

State Universities Retirement System of Illinois

Teacher Retirement System of Texas

Teachers’ Retirement System of the City of New York

Teachers’ Retirement System of the State of Illinois

Verizon Communications, Inc.

W.K. Kellogg Foundation

Exhibit 16


Ten Best Practice Strategies for Investing in Emerging Managers

1. Don’t treat Emerging Managers as separate or different – it’s all about performance

2. Incorporate the Emerging Manager program into the plan’s overall investment policy

3. Let performance dictate the size of the allocation to emerging manager strategies over time

4. Be proactive in considering emerging manager sources of alpha

5. Be dynamic about the size definition of emerging managers

6. Clarify how that definition will operate

7. Stimulate product innovation through program flexibility – fund emerging products and emerging firms

8. Extend emerging manager allocations across asset classes

9. Consider how best to use your Manager of Managers to complement your direct program

10. Establish a well-defined graduation policy

Exhibit 16

Appendix

Exhibit 16


Equity | Asset Distribution and Performance

As of January 31, 2012

Cumulative Per formance (%):

Manager Sty le1

Month3

Month6

Month YTD1

Year3

YearSince

InceptIncept.Date

1Month

3Month

6Month YTD

1Year

3Year

SinceIncept

SURS Equity (GROSS) 5.86 6.45 1.34 5.86 5.32 20.02 2.13 05/01/2008 0.81 0.82 -0.78 0.81 1.46 -0.22 0.80SJURS Equity (NET) 5.82 6.33 1.11 5.82 4.83 19.46 1.65 05/01/2008 0.77 0.70 -1.01 0.77 0.97 -0.78 0.32Russell 3000 Index 5.05 5.63 2.12 5.05 3.86 20.24 1.33 - - - - - - -

Annualized Excess Returns*Annualized Returns*: Per iod Ending January 2012

Note: Returns are final. (*) Annualized for periods 1 year and longer.Returns reflect the reinvestment of dividends and earnings. Index performance includes the reinvestment o f dividends and earnings.Past performance is no guarantee of future results.

Exhibit 16


Fixed Income | Asset Distribution and Performance


29.37%

70.63%

FI Core FI Core Plus

P ortfolio Allocation


Manager Style1

Month3

Month6

Month YTD1

Year3

YearSince

InceptIncept.Date

1Month

3Month

6Month YTD

1Year

3Year

SinceIncept

SURS Fixed (GROSS) 1.32 1.91 4.00 1.32 8.55 8.88 7.60 05/01/2008 0.44 0.01 -0.25 0.44 -0.13 1.47 1.06SURS Fixed (NET) 1.28 1.79 3.76 1.28 7.97 8.30 7.04 05/01/2008 0.40 -0.11 -0.49 0.40 -0.71 0.89 0.50Barclays Capital U.S.Aggregate 0.88 1.90 4.25 0.88 8.68 7.41 6.54 - - - - - - -

Annualized Excess Returns*Annualized Returns*: Per iod Ending January 2012

Note: Returns are final. (*) Annualized for periods 1 year and longer.Returns reflect the reinvestment o f dividends and earnings. Index performance includes the reinvestment o f dividends and earnings. Past performance is no guarantee of future results.

Exhibit 16


Non-U.S.| Asset Distribution and Performance



Manager Sty le1

Month3

Month6

Months YTD1

Year3

YearSince

InceptIncept.Date

1Month

3Month

6Month YTD

1Year

3Year

SinceIncept

SURS Non-US (GROSS) 6.51 0.91 -10.08 6.51 -7.86 17.87 -3.18 05/01/2008 1.16 1.59 0.25 1.16 1.32 3.98 2.96SURS Non-US (NET) 6.47 0.79 -10.30 6.47 -8.09 17.41 -3.59 05/01/2008 1.12 1.47 0.03 1.12 1.09 3.52 2.55MSCI EAFE Index 5.35 -0.68 -10.33 5.35 -9.18 13.89 -6.14 - - - - - - -

Annualized Returns*: Per iod Ending January 2012 Annualized Excess Returns*

Note: Returns are final. (*) Annualized for periods 1 year and longer.Returns reflect the reinvestment o f dividends and earnings. Index performance includes the reinvestment o f dividends and earnings.Past performance is no guarantee o f future results.

Exhibit 16


Bibliography of Research Papers on Emerging Managers

Aggarwal, Rajesh K. and Philippe Jorion. “The Risk of Emerging Hedge Fund Managers.” The Journal of Investing 18, no. 1 (2009): 100-107. (Winner Best Article -Progress Emerging Manager Research Prize).

Allen, Gregory C. “Does Size Matter? Assets under management a questionable criterion.” The Journal of Portfolio Management (Spring 2007): 57-62.

Anonymous. “Achieving Market Share Growth Through Investment Consulting Relationships – An Action Plan for Minority and Developing Investment Managers.” Commissioned by Watson Wyatt Investment Consulting for the Robert Toigo Foundation, June 2004.

–––. “Affirmative Investing: Women and Minority Owned Hedge Funds.” Hedge Fund Pulse, Barclays Capital, June 2011.

–––. “Emerging Manager Out-Performance: Alpha Opportunities from the Industry’s Newest Hedge Fund Managers.” HRF Asset Management, LLC, 2005.

–––. “LACERS’ Emerging Broker Initiative.” Los Angeles City Employees’ Retirement System Research, New America Alliance for the 5th Annual Wall Street Summit, October 2005.

–––. “Performance Characteristics of Emerging Managers 2006.” Leading Edge Investment Advisors Research Update, 2006. http://leia.net

–––. “The Quest for Emerging Alpha.” Global Pensions (July 2005): 31.

Bates, Dr. Timothy and Dr. William Bradford. “Minorities and Venture Capital: A New Wave in American Business.” Report for the Ewing Marion Kauffman Foundation, 2003. http://www.kauffman.org/research-and-policy/minorities-and-venture-capital.aspx

–––. “The Viability of the Minority-Oriented Venture Capital Industry Under Alternative Financing Arrangements.” Research paper, Department of Finance, University of Washington, Seattle, WA, 2001.

Beckers, Stan and Greg Vaughan. “Small Is Beautiful – An attempt to quantify the comparative disadvantage of large asset managers.“ The Journal of Portfolio Management (Summer 2001): 9-17.

Chang-Ross, Christopher. “Pushing for Progress: Pursuing Equity in the Equity Arena.” Cityflight Newsmagazine, June 2002, 33.

Granger, Kevin and Clayton Jue. “CALSTRS — Attitudes to Diversity in the Investment Management Industry.” A survey for California State Teachers’ Retirement System, facilitated by Leading Edge Investment Advisors, LLC and Anira Advisory Group, LLC, Summer 2005.

continued . . .

Exhibit 16



–––. “CALSTRS — Attitudes to Diversity in the Investment Management Industry.” A survey for California State Teachers’ Retirement System, facilitated by PhocasFinancial Corporation, LLC and Leading Edge Investment Advisors, LLC, Summer 2006.

Jones, Meredith A. Update to “An Examination of Fund Age and Size and Its Impact on Hedge Fund Performance.” The Journal of Investing 18, no. 1 (Spring 2009): 108-114. Sponsored by Progress Investment Management Company.

Jue, Clayton, CFA. “Seven Attributes of Great Performing Managers.” Leading Edge Investment Advisors, LLC. http://www.leia.net

Kao, Irene. “Building the Market for Mission: A Case Study for W.K. Kellogg Foundation Emerging Managers Program.” A study in partnership with Tides for the W.K. Kellogg Foundation, January 2012.

Keenan, Charles. “Bantam Boosters.” Institutional Investor (January 2004): 101-102.

Krum, Ted. “Potential Benefits of Investing with Emerging Managers: Can Elephants Dance?” Insights On... A Northern Trust Global Advisors Publication, 1995. http://www.northerntrust.com

–––. “Potential Benefits of Investing with Emerging Managers: Can Elephants Dance?” Insights On... A Northern Trust Global Advisors Publication, March 2006. http://www.northerntrust.com

–––. “Potential Benefits of Investing with Emerging Managers: Can Elephants Dance?” The Journal of Investing 16, no. 1 (Spring 2007): 8-14.

–––. “Emerging Managers | Hold Their Edge Versus Elephants.” Insights On... A Northern Trust Global Advisors Publication, July 2009. http://www.northerntrust.com

–––. “Emerging Managers | No Contest: Emerging Managers Lap Investment Elephants.” Insights On... A Northern Trust Global Advisors Publication, September 2010. http://www.northerntrust.com

Newsome, Jr., Lorenzo and Pamela A. Turner. “Is Age Just a Number: The Performance of Emerging Fixed Income Managers.” The Journal of Investing 18, no. 1 (Spring 2009): 115-125.

continued . . .

Exhibit 16



O’Dowd, Paul. “Emerging Managers’ Performance Edge Fades.” FundFire, August 7, 2009. http://www.fundfire.com/articles/20090807/emerging_managers_performance_edge_fades

Parker, Sandra, et al. “A Review of Developing Managers and Developing Manager Programs.” A PCA Research Brief, Pension Consulting Alliance, Inc., July 2003.

Snigaroff, Robert and David Wroblewski. “The End of the Boutique: Concentration in the Institutional Asset Management Industry.” The Journal of Investing 18, no. 1 (Spring 2009): 126-134.

Tuck School of Business at Dartmouth, Team of MBA students. “The 4Ps of Emerging Manager Selection.” Emerging Manager Monthly, September 2010. http://www.emergingmanagermonthly.com

Urbani, Peter. “Emerging Managers Continue to Deliver on Their Promise.” Infiniti Capital Research Paper, 2008.

Various authors. “Small Isn’t What It Used To Be: The Changing Face of Smaller Investment Firms.” Progress Investment Management Company Research Paper, June 2003. http://www.progressinvestment.com

White, Jr., Thurman Vernon. “From Diversity to Diversification—The Evolution of the Term Emerging Manager.” Progress Investment Management Company White Paper, July 2008. http://www.progressinvestment.com

–––. “Successful Emerging Manager Strategies for the 21st Century.” Progress Investment Management Company White Paper, 2008. http://www.progressinvestment.com

Williams, Tina Byles. “Survival of the Nimble, Why Smaller Investment Managers Outperformed Large Managers Despite a Challenging Market Cycle forFundamentally Based Active Managers.” FIS Group, April 2011.

–––. “Study on The Performance Drivers for Emerging Managers, Three Years Ending December 31, 2006.” Emerging Manager Monthly, July 2007. http://www.emergingmanagermonthly.com

Yost, William. “Are Emerging Managers Better? A Return and Risk Analysis.” Research Insights, Quotient Investors, LLC, Fourth Quarter, 2010.

Exhibit 16

Documents

Manager of Emerging Managers OverviewChanging the Face of the Investment Management Industrysm 3 A Snapshot View of Progress Independent, 100% employee-owned MWBE-certified registered