Summit ProgramGovernance - are you protecting your portfolio?

Combining Risk, Governance, and Return to meet current market challengesTopics address Governance and the balance between risk and return

The 2016 Summit is a forum for the exchange of investment information and ideas with institutionalinvestment professionals: designed for pension, foundation, endowment, and private office executives,trustees, investment officers, consultants and representatives of financial institutions.

October 30-31, 2016Dallas Marriott Las Colinas Hotel

2016 Summit – NSIIP Introduction

Welcome to the 2016 Summit,

The National Society of Institutional Investment Professionals welcomes you to the 22nd

Annual National Pension and Institutional Investor Summit at the Dallas MarriottLas Colinas Hotel, Dallas, Texas, October 30-31, 2016. “Governance - are youprotecting your portfolio?” is the theme with speakers and panel discussions to helpin the quest to find sufficient return while limiting risk. Topics will address current issuessuch as currency, rates, and alternatives and uncover ways to manage your portfolio tomeet current market challenges.

The National Society of Institutional Investment Professionals (NSIIP) MissionNSIIP is a national 501(c)3 non-profit organization designed for the education andnetworking of professionals who manage institutional investment funds includingcorporate pensions, public pensions, non-profit foundations and endowments, hospitals,and family offices. NSIIP promotes the exchange of information as it advocatesstandards of qualification, and develops and promotes continuing education programs.We also offer opportunities to network with other directors, trustees, investment officersand representatives of financial institutions.

NSIIP HistoryOur roots began more than 25 years ago in the Dallas/Ft. Worth area. Several largeplan sponsors hosted quarterly meetings highlighting an industry leader/speaker. Wealso established an annual one-day Summit with high-quality industry speakers toaddress topics such as equity, fixed income, real estate, alternative investment issues,asset analysis and allocation, defined benefit and defined contribution issues, as well aseconomic outlooks.

The NSIIP Organization Is administered by NSIIP officers according to the by-laws and is guided by the Texas

Advisory Board, a diverse group by region and investor type. The officers and board holdconference calls three to four times each year and meet annually at our Summit.

Sponsors an annual Summit in Dallas typically in the fall, attended by corporatepensions, public pensions, non-profits, hospitals, family offices, and consultants in theTexas region. The Summit is a full-day event featuring fund sponsor and investmentspeakers and begins with reception and dinner on the previous day. Costs are borne byvendors who are interested in attending, so there is no cost to institutional investors.

Sponsors eight regular meetings in the Dallas/Ft. Worth area with various speakers anda network exchange, all for the price of the lunch. In addition, there are usually one ortwo special meetings held to address specific topics.

Partners with the Dallas Economists Group for at least one meeting each year to hearspeakers from the Dallas Federal Reserve update us on the economy.

Partners with Thomson Reuters's Buyouts Magazine and Buyouts Texas AnnualConference, which is held in Dallas and provides a venue for multiple Private EquityInvestment Managers.

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2016 Summit – NSIIP Texas Advisory Board

The mission of the Texas Advisory Board is to advise the NSIIP Board of Directors and assist NSIIPwith various projects such as creating additional local NSIIP chapters and developing the NSIIP AnnualSummit program and speaker.AustinBrady Edwards, CFAPresidentHartline Investments

Sampson (Sam) K. JordanPension AdministratorAustin Police RetirementSystem

Danny SachnowitzChief Investment OfficerTexas Treasury & TobaccoFund

DallasCharles BallardAssistant Treasurer, GlobalOperationsKimberly-Clark Corporation

Rodric CumminsRetired Executive Officer,Investment ServicesGuideStone CapitalManagement

Cynthia FloydManager, Employee BenefitsFund InvestmentsTexas Instruments Inc.

Wm. David LawsonExecutive Director, Portfolio& Client ServicesUBS Realty Investors, LLC

Daniel E. O’Grady, CFA,CPAExecutive Director –InvestmentsAT&T Inc.

David J. PittmanPast ChairmanCatholic Charities/PIMCORetired

Dallas (continued)Frederic D. RichmondVP & Chief InvestmentOfficerTexas Scottish Rite Hospitalfor Children

Richard E. ScottManaging DirectorVista American FinancialGroup LLC

John E. Thompson, Jr.Investment Committee ChairCircle Ten Boy ScoutFoundation

Joe H. WrightSenior VP & ChiefInvestment OfficerHighGround Advisors(formerly Baptist Foundationof Texas)

El PasoRobert B. AshPension AdministratorEl Paso City Employees’Pension Fund

Jeffrey D. CothamTrusteeEl Paso Firemen &Policemen's Pension Fund

Ft. WorthBruce CoxPast Board MemberFort Worth Employees’Retirement Fund

Jim HilleChief Investment OfficerTexas Christian UniversityEndowment

Patrick B. O’ConnorChief Investment OfficerCook Children’s Health CareSystem

Ft. Worth (continued)Cynthia Thatcher, CFAPortfolio Manager, AssetManagementAmerican Beacon/AmericanAirlines

HoustonBill BlytheRetired State RepresentativeEmployees RetirementSystem of TexasTexas Pension ReviewBoard, Past Chairman

Michael J. Curran, CPAManager of Pension, Trustand Tax RevenueMetropolitan Transit Authorityof Harris County

Dennis D. VealAssistant TreasurerDresser-Rand, A SiemensBusiness

IrvingBryan M. Hedrick, CFA, CAIARetirement Fund ManagerDFW Airport

Randall L. KopsaRetired Treasury ManagerBoy Scouts of America

LaredoJames B. HarrellTrusteeLaredo Area CommunityFoundation

San AntonioLois M. EmersonSenior Manager - BenefitsTrust AdministrationCPS Energy

Diane L. Tobin, CFA, CPAAVP Chief Investment OfficeUSAA

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2016 Summit – Program Outline

Governance - Are you protecting your portfolio?

The 22nd Annual National Pension and Institutional Investor SummitOctober 30 – November 1, 2016 in Dallas, Texas at the Dallas Marriott Las Colinas

SUNDAY, OCTOBER 30, 20165:00PM - 5:30PM NSIIP Texas Advisory Board Meeting

5:30PM - 6:30PM Summit Opening: Networking ReceptionUnderwriters: Sandy Sinor, Senior Vice President and

Kevin Kuhner, Senior Vice PresidentVoya Investment ManagementCarl T. O'Connell, Managing Director, Senior Relationship ManagerThe Boston Company Asset Management, LLC

7:00PM Private Dinner (Transportation provided from hotel)(for Plan Sponsors, Foundations, Endowments, Family offices and Consultants)At Via Reál | Las Colinas Plaza | 4020 N MacArthur Blvd #100 Irving, TX 75038

Co-Sponsors: Sandy Sinor and Kevin Kuhner, Voya Investment ManagementCarl T. O'Connell, The Boston Company Asset Management, LLC

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2016 Summit – Program Outline

Governance - Are you protecting your portfolio?Combining Risk, Governance, and Return to meet current market challenges

MONDAY, OCTOBER 31, 2016

Underwriters: Sandy Sinor and Kevin Kuhner, Voya Investment ManagementCarl T. O'Connell, The Boston Company Asset Management, LLC

8:15AM - 9:00AM Registration and Networking Breakfast Buffet

9:00AM - 9:15AM Pledge, Invocation, Welcome, and IntroductionsOpening: Irving Fire Department Color Guard

Irving Fire Department Pipe and Drums

Pledge: Heidle Baskin, Vice-ChairmanIrving Firemen's Relief & Retirement Fund

Invocation: Randall L. Kopsa, Treasurer, RetiredBoy Scouts of America

Introductions: John E. Thompson, Jr., President andExecutive DirectorNational Society of Institutional Investment Professionals

Underwriters: Sandy Sinor, Senior Vice President andKevin Kuhner, Senior Vice PresidentVoya Investment ManagementCarl T. O'Connell, Managing Director, Senior Relationship ManagerThe Boston Company Asset Management, LLC

9:15AM – 10:00AM Kick-Off Presentation

How Much Risk is in Your Benchmark?Speaker: John C. Bailer, CFA, Senior Managing Director

The Boston Company Asset Management, LLCI’m voting for income! In an era of political and economic uncertainty, now more thanever, investors are turning to dividends as an important source of excess return,downside protection and sorely needed income. But the headlong pursuit of yieldhas resulted in overvalued dividend portfolios and dividend benchmarks.

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2016 Summit – Program Outline

MONDAY, OCTOBER 31, 2016 (Continued)

10:00AM - 10:55AM ComplianceWhat should be done to ensure you and your team are in compliance with the rules, regulations, andthe investment policy, including managing managers, consultants, audits, etc.

Panel DiscussionModerator: Randall L. Kopsa, Treasurer, Retired

Boy Scouts of AmericaPanelists: Craig M. White, Managing Director

Cambridge Associates LLCDeborah A. Castellani, Senior Fiduciary SpecialistAkros Fiduciary ManagementPatty Weiland, ConsultantHighGround AdvisorsKaren Soefje, PartnerMontgomery Coscia Greilich LLP

10:55AM - 11:15AM Networking Break

11:15PM – 12:15PM Breakout Sessions:Breakout Sessions will address issues that are specific to each investor group. This smaller settingis ideal for discussing the issues that are common for all in the group and that many are dealing with.A small sampling of the issues each group is prepared to discuss are as follows:

Breakout Panel #1 – Corporate Pension PlansAn active discussion of issues such as DOL rules, fiduciary governance, DB plan riskmanagement and DC plan decumulation strategyModerator: John A. Pickett, Senior Vice President

CAPTRUST Financial AdvisorsPanelists: Ron E. Hagan, CEO

Roland|Criss Fiduciary ServicesDavid R. Wilson, Managing DirectorNuveen Asset ManagementDebbie Ozee, VP, Regional Sales DirectorPrudential Retirement

Breakout Panel #2 – Public Pension PlansAn active discussion of issues such as of politics/local control and impact on local pensionplans, involvement of local plans in the legislative process, GASB and impact on pensionplan and sponsoring entity bond rating, and funding.Moderator: Paul R. Brown, President

TEXPERSPanelists: Michael Phemister, Vice President - Treasury Management

Dallas Fort Worth International Airport BoardNatalie Jenkins Sorrell, Deputy CIOEmployees' Retirement Fund of the City of DallasDan Martell, Portfolio Manager3Sisters Sustainable Management, LLC

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2016 Summit – Program Outline

MONDAY, OCTOBER 31, 2016 (Continued)

11:15PM – 12:15PM Breakout Sessions: (Continued)

Breakout Panel #3 – Foundations/Endowments/Family OfficesAn active discussion of issues such as spending policies and strategies, Family officeissues, legal obligations, donor interactionsModerator: Greg Dowell, Director of Investments

Lamar UniversityPanelists: Frederic D. Richmond, CFA, CIO

Texas Scottish Rite Hospital for ChildrenJoe Wright, Senior Vice President and Chief Investment OfficerHighGround Advisors

12:15PM - 1:45PM Luncheon Presentation

Efficacy of Low Rates and the Global Economic OutlookSpeaker: Guy V. Petcho, Portfolio Manager, Global Rates

Voya Investment ManagementAs Nixon famously quipped, “We’re all Keynesians now”. This is well treadedeconomic terrain, and yet we do not learn from history. The proposed plans by thepresidential candidates will provide a minimal impact to GDP. The US economicdownturn is well over a year old and will extend through Q1 2017. If the Fed were trulydata-dependent, the weak US momentum would be sufficient to delay another hike.However, there is an institutional desire to rebuild stimulus capacity for the nextrecession. The Global context though is shifting: China growth will remain robustand continue to support stable world trade volumes. Inflation green shoots areemerging, and with our financially intertwined world the consequences will be wide-spread.

1:45PM - 2:40PM Traditional Assets – Seeking ReturnSeeking returns using governance requirements and current investment trends in fixed income, smallcap investments, ETFs and smart beta.

Panel DiscussionModerator: Tim Bray, Senior Portfolio Manager

GuideStone Financial ResourcesPanelists: Zane Brown, Partner, Fixed Income Strategist

Lord AbbettDoug Foreman, Chief Investment OfficerKayne Anderson RudnickChad Nettleship, Assistant Vice PresidentSPDR ETFs / State Street Global AdvisorsDory Wiley, President & CEOCommerce Street Capital

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2016 Summit – Program Outline

MONDAY, OCTOBER 31, 2016 (Continued)

2:40PM - 3:25PM Alternative Assets – Seeking ReturnSeeking returns using governance requirements and current investment trends in commodities, realassets, hedge funds, and liquid alternatives.

Panel DiscussionModerator: Jacob Bowland, CFA, Investment Analyst

Fort Worth Employees' Retirement FundPanelists: Chris Zogg, Senior Portfolio Manager

Smith Group Asset ManagementMichelle Butler, Senior Vice President, Portfolio SpecialistCohen & SteersJim Dykstal, ConsultantDeMarche Associates, Inc.

3:25PM - 3:50PM Networking Break

3:50PM - 4:45PM Consultant TrendsHow should the consultant be utilized and how do trends such as consolidation, pressure on fees,outsourced CIO impact the relationship

Panel DiscussionModerator: Eric Nedderman, Pension Portfolio ManagerPanelists: Nolan Bean, Managing Principal

Fund Evaluation Group, LLCFred Stewart, Senior Vice President, Defined Contribution Practice LeaderLCG Associates, Inc.Jeff Foley, Executive Vice President, Business DevelopmentSolovis, Inc.

4:45PM - 5:00PM Concluding RemarksJohn E. Thompson, Jr., President and Executive Director, NSIIP

5:00PM - 6:00PM Closing Networking Reception

TUESDAY, NOVEMBER 1, 2016

7:00AM - 4:15PM TEXPERS' Basic Trustee Training (BTT)7:00AM - 8:00AM Registration for Trustee Training8:00AM - 4:15PM TEXPERS' Basic Trustee Training (BTT)

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2016 Summit – NSIIP Board of Directors

In 2006 the founding Board members saw a need for an organization to promote education and networking forprofessionals who manage institutional investment funds including corporate pensions, public pensions, non-profit foundations andendowments, hospitals, and family offices. They formed the National Society of Institutional Investment Professionals (NSIIP), a501(c)3 non-profit organization. The Board members are all volunteers, who follow the bylaws and jointly oversee the activities ofthe organization. They name the Executive Director to coordinate the annual Summit and carry out the other activities of theorganization. These Directors actively guide the organization, setting goals to fulfill the NSIIP mission and values. The Board ofDirectors also established its Texas Advisory Board to enlist advisors with diverse talents and backgrounds to help the organizationgrow and accomplish its objectives.

John E. Thompson, Jr. – President & Executive DirectorJohn Thompson has been the President of the National Society of Institutional Investment Professionals sincefounding the organization in 2006. In July 2012, he was named Executive Director with responsibilities thatinclude coordinating the organization’s annual Summit. He retired, June 2012, after 38 years with Energy FutureHoldings, including more than 25 years of pension investment experience.He was responsible for managing all the company's external trust funds including defined benefit plans, definedcontribution plans, various non-qualified plans, and nuclear decommissioning trusts totaling $4.5 billion in assets.

He is a founding board member of the National Society of Institutional Investment Professionals, President of theDallas Chapter, and has been involved in all 22 Annual National Pension & Institutional Investment Summits, which began in1995. He serves as chairman of the Investment Committee for the Circle Ten Council Boy Scout Foundation and is on theHighGround Advisors (formerly Baptist Foundation of Texas) board of directors.

He was an active member of the Utility Pension Fund Study Group the Nuclear Decommissioning Fund Study Group and previouslyserved on the editorial board of the Journal of Pension Plan Investing, and the Pension Policy and Legislation Committee for theTexas State Pension Review Board. He earned a BS in Business from Texas Wesleyan University in Ft. Worth, and an MBA inFinance from The University of Texas at Arlington. His master’s thesis was “An Analysis of the Financial Aspects of a TrusteedPension Plan.”

Bill Blythe – Vice PresidentBill is an associate real estate broker with Martha Turner Sotheby’s International Realty in Houston and TheWoodlands. He provides over forty years of real estate expertise to his many clients, having been involved incommercial and residential sales, building, and developing. He is an Accredited Buyer Representative (ABR®).

He was a member of the Texas House of Representatives for twelve years, and served in various appointedgovernment positions. He authored the legislation creating the Texas State Pension Review Board. In addition to

being a founder and a member of the Board of Directors, Bill served as the Executive Director of NSIIP until his recent retirement.He was one of the founders of the Texas Association of Public Employee Retirement Systems (TEXPERS) and served as itsExecutive Director for almost fifteen years.

David J. Pittman – Vice PresidentMr. Pittman is Vice Chairman of NSIIP’s Texas Advisory Board and retired from PIMCO, formerly a SeniorVice President & Southern Regional Director for PIMCO Institutional Services in California for 15 years. Priorto PIMCO, he was a Senior Vice President & Regional Director with The Northern Trust Company/Chicago,Bank of America/California, and Republic Bank/Dallas.

Mr. Pittman is on the President's Council of SouthWest Benefits Association (SWBA), a Founding Director ofthe National Society of Institutional Investment Professionals (NSIIP), and a Founding Member of the Texas Association of PublicEmployee Retirement Systems (TEXPERS). He was an Adjutant Professor at George Washington University's Pension Institute inD. C., on the Pension World Advisory Board in Atlanta, on the American Bankers Association Corporate Services Board in D.C.,and the Texas Bankers Association in Austin. He has also been involved in the Pensions & Investments/P&I Institute, NCTR,NCPERS, TEXPO, SCTR, and Southern Employee Benefits Conference as well as many Dallas community and church Boardsand volunteer activities.

He has 43 years of institutional investment, banking & finance experience, holds a Bachelors in Accounting Degree from theUniversity of Texas and a Graduate Banking Degree from Southern Methodist University (SMU) where his thesis was onERISA/1974. He also graduated the AMA Corporate Executives Course/Wharton University, and attended many PIMCO QuarterlyCyclical & Secular Investment Forums as well as industry educational conferences.

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2016 Summit – NSIIP Board of Directors

Randall L. Kopsa – SecretaryRandy Kopsa served the Boy Scouts of America as the Treasury Manager for over 20 years before retiringNovember 2015. His office was comprised of the Chief Investment Officer, the Directors of Insurance and RiskManagement, Credit and Collections, Cashier Services and Treasury Operations and their respective staffs.

He also served as Chief Financial Officer for BSA Asset Management, LLC, a BSA subsidiary company offeringinstitutional investment services to BSA Councils across the country with over $2 billion in assets under

management. Prior to joining Boy Scouts, he served the State of Oklahoma as the Secretary and CFO of the Oklahoma Teachers’Retirement System and as the Deputy State Treasurer.

Randy’s private sector experience is in banking, where he assumed various positions including commercial lending, asset/liabilitymanagement and administration.

In addition to serving on the NSIIP Board, he has served as a member of the Executive Committee of the National Association ofState Investment Officers, a member of Governmental Accounting Standards Board, the Financial Management Association andother financial associations.

Jim Harrell – TreasurerJim Harrell is the President of the World Giving Community Foundation. He combines a background with for-profit financial institutions and charitable entities. He served as the charitable liaison for Republic Bank andNorthern Trust and the finance officer for Southwestern Medical Foundation.

He recently organized one of the member community foundations of the Border Philanthropy Project betweenMexico and the United States, the Laredo Area Community Foundation, and is still a trustee.

Currently, he is establishing an ecumenical, faith based, community foundation, World Giving, to provide community foundationservices to a broad base of donors who want to fund charities globally. Jim is founding member and serves on the board of directorsof the National Society of Institutional Investment Professionals and is a member of the Society of Pension Professionals.

Bruce Cox – Director EmeritusBruce Cox served on the Board of Directors of the Employees’ Retirement Fund, City of Fort Worth from 1978until 2008. He also is on the Board of Directors of the National Society of Institutional Investment Professionalsand is a member of the Society of Pension Professionals.

Bruce served on the State Pension Review Board for six years and was on the Board of Directors for the TexasAssociation of Public Employees Retirement Systems for nine years. Bruce retired in 1993 from the position of

battalion chief with the Fort Worth Fire Department after 35 years of service. He is currently president of the Retired Fort WorthFirefighters Association.

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2016 Summit – Underwriters

Income Stock

Performance 1 Yr. 3 Yr. 5 Yr. ITD**

Income Stock 17.30% 10.70% 16.36% 11.78%

DJ Select Dividend/S&P 500* 15.43% 9.22% 14.13% 11.59%

Excess Return 1.87% 1.48% 2.23% 0.19%

*Dow Jones U.S. Select Dividend Index through 6/30/2015 and S&P 500 Indexthereafter. **Inception 4/1/2011.

Strategy Highlights

Seeks to achieve a dividend yield 1.5 times greater than that of the S&P 500 index,while being mindful of valuation and fundamental risk

Avoids the dividend trap by constructing a diversified portfolio from the bottom-up,taking a fundamental approach to stock selection

US Small Mid Cap Opportunistic Value Equity

Performance 1 Yr. 3 Yr. 5 Yr. 10 Yr.

US Small Mid Cap Opportunistic Value 13.68% 5.48% 17.14% 11.07%

Spliced Russell 2500 / Russell 2000* 14.44% 7.77% 16.30% 7.55%

Excess Return -0.75% -2.29% 0.85% 3.51%

*Russell 2000 Index from inception through 12/31/2009 and Russell 2500 Indexthereafter.

Strategy Highlights

A high conviction, excess return driven investment approach focused on stockselection and capital allocation

Large, tenured team is built for active management with embedded field, equity andmacro research capabilities guided by quantitative and qualitative risk assessment

Event-Driven

Performance 1 Yr. 3 Yr. 5 Yr. ITD*

Event-Driven 26.00% 8.03% 10.36% 7.74%

Citigroup 3-Month Treasury Bill 0.20% 0.09% 0.08% 0.07%

Excess Return 25.80% 7.94% 10.29% 7.67%

*Inception 7/1/2011.

Strategy Highlights

Concentrated long/short portfolio with positions in companies we believe havedefinable catalysts with potential to drive value creation or destruction

Merges private equity perspective with an event-driven framework

Opportunistic Alpha

Performance 1 Yr. 3 Yr. 5 Yr. ITD*

Opportunistic Alpha 6.73% 5.41% 11.71% 11.24%

Citigroup 3-Month Treasury Bill 0.20% 0.09% 0.08% 0.17%

Excess Return 6.52% 5.33% 11.63% 11.07%

*Inception 7/1/2008.

Strategy Highlights

Fundamental long/short strategy with the goal of outperforming the market over afull cycle with less risk

Employs a consistent process of identifying mispriced securities and seeks to profitfrom stock prices that deviate from intrinsic value

About TBCAMThe Boston Company AssetManagement, LLC, is aperformance-driven active equitymanager. We build portfolios thatare rooted in fundamental research,bottom-up stock selection, macroperspectives and risk controlsappropriate for our client base.We are dedicated to fostering long-term, solutions-based relationshipswith our clients and earning theirconfidence through the consistentdelivery of alpha across a widerange of equity offerings

All of our strategies, includinglong-only and alternatives, areimplemented with consistency anddiscipline, leveraging more than 40years of history in equity investing.Our investment performance isbased on a time-tested approach,coupled with the deep, broad-basedexperience of our investmentprofessionals.

For more information, please call oremail:

Carl T. O’ConnellSenior Relationship Manager

o’connell.ct@tbcam.com(617) 722.7265

DisclosureComposite returns are net of fees.No investment strategy or riskmanagement technique canguarantee returns or eliminate riskin any market environment. Past

performance is not a guarantee forfuture performance. Returns forperiods greater than one year areannualized. Variation in totals due torounding. Please see the end of thispresentation for important disclosures.

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2016 Summit – Underwriters

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2016 Summit – Speaker Bios

John C. Bailer, CFA, Senior Managing Director, The Boston Company Asset ManagementJohn is the lead portfolio manager of U.S. dividend-oriented Income Stock and Equity Income strategies. Inaddition, he functions as a senior research analyst on the Dynamic Large Cap Value strategy where he isresponsible for the Consumer, Technology and Telecommunications sectors. John joined The Boston Companyin 1992, became a U.S. large-cap senior fundamental research analyst in 1999, and became a U.S. large-capportfolio manager in 2005. John graduated with distinction from Babson College with a B.S. in accounting andmanagement information systems. He received an M.S. in finance from Boston College. He holds the CharteredFinancial Analyst® designation and is a member of the CFA Institute and the Boston Security Analysts Society.

Heidle Baskin, Vice-Chairman, Irving Firemen's Relief & Retirement FundHeidle has served on the Irving Fire Department for 33 years and is currently Battalion Chief. He directsemergency scene operations, instructs company officers, and supervises administrative details, training, fireinvestigations, and other specialized functions in support of Fire Department operations. He has served on theIrving Firemen’s Relief and Retirement Fund Board of Trustees since 1996 and is currently the Vice-Chairman.

Nolan Bean, Managing Principal, Fund Evaluation Group, LLCNolan Bean is a managing principal and head of institutional investments at Fund Evaluation Group, LLC (FEG).Nolan’s responsibilities include investment philosophy, asset allocation, investment manager selection, andserving FEG's most sophisticated client relationships, which total assets in excess of $10 billion. He also serveson FEG's Investment Policy Committee and investment advisory committee for Outsourced CIO (OCIO)relationships. Nolan was instrumental in the creation of FEG's asset and risk allocation team and enterprise riskcommittee, and was the initial architect of FEG's risk/exposure measurement and attribution analysis systems. In2011 Nolan was named “Nonprofit Consultant of the Year” by Institutional Investors Foundation & EndowmentMoney Management. Prior to joining FEG, Nolan worked for Waddell & Reed Financial Services and participatedin the Ewing Marion Kauffman Entrepreneur Internship program. Nolan is President of the CFA of Society ofCincinnati, and also serves on the Georgetown College Alumni Board and the University of Cincinnati JohnsonStudent Investment Fund Advisory Board. He received his MBA in Quantitative Analysis and Finance from theUniversity of Cincinnati Carl H. Linder College of Business and earned a BSBA in Finance from GeorgetownCollege. Additional professional development includes Chartered Financial Analyst (CFA) and Charter AlternativeInvestment Analyst (CAIA) designations. Nolan has been a FEG team member since 2004 and managingprincipal since 2011.

Jacob Bowland, CFA, Investment Analyst, Fort Worth Employees’ Retirement FundJacob Bowland is an Investment Analyst at the $2.1 billion Fort Worth Employees’ Retirement Fund. Mr. Bowlandis responsible for providing research, analysis, and recommendations to the Executive Director/Chief InvestmentOfficer and Board of Trustees on the Fund’s investment portfolio and its construction, as well as overall marketconditions and other investment issues. As a generalist, Mr. Bowland is responsible for covering all asset classes,but with a 40 percent allocation to alternatives, much of his time is spent monitoring and evaluating the Fund’scurrent and potential investments in hedge funds, private equity, and real estate. Recently, he has been involvedin the Fund’s effort to reconfigure the portfolio from the traditional way of looking at asset allocation into athematic based approach. Prior to joining the Fort Worth Employees’ Retirement Fund in August of 2011, Mr.Bowland worked for the Dallas based consulting firm of Larry Thompson & Associates, Inc. as a ResearchAssociate. While at LT&A, he was responsible for portfolio performance analysis across the firm’s institutionalclient base as well as asset class and manager research. Mr. Bowland has a B.A. in Economics from theUniversity of Oklahoma, an M.B.A. from the University of Texas at Arlington, and is a CFA Charterholder.

Tim Bray, CFA, CAIA, Senior Portfolio Manager, GuideStone Capital Management, LLCTim Bray is a principal leader of the manager research and selection process for GuideStone CapitalManagement, LLC, including ongoing monitoring and due diligence. Mr. Bray is a principal leader for all assetallocation strategies, which includes both DC offerings (such as our target date fund series, MyDestination Funds,as well as institutional portfolios). Tim Bray also leads a team of analysts in the research and implementation ofany alternative investment strategies on the platform. Since he came to GuideStone in January 2006, Mr. Brayhas progressed through a variety of investment roles, each with increasing responsibility. Most recently, he ledthe qualitative and quantitative analysis of current and prospective investment managers, with a specificemphasis on alternative assets. Mr. Bray holds a Bachelor of Arts in Management Information Systems fromTexas Tech University and a Master of Business Administration from The University of Texas at Arlington. He is a

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2016 Summit – Speaker Bios

CFA® charterholder and a member of the CFA Society of Dallas-Fort Worth and the Chartered AlternativeInvestment Analyst Association®.

Paul R. Brown, President, TEXPERSPaul R. Brown has been on the TEXPERS Board of Directors since 1996 and currently serves as President. Priorto holding this position, he was Immediate Past President after previously serving as the Association's Presidentuntil he was term-limited in 2010. He is a member of the Society of Pension Professionals and holds theirChartered Trustee designation. Paul is a trustee on the board of the Big Spring Firemen's Relief & RetirementFund and has also served as the Board's Chairman. Paul was previously with the Texas AFL-CIO as theirSecretary Treasurer. He holds an associate degree in science from Howard College.

Zane E. Brown, Partner, Fixed Income Strategist, Lord AbbettZane Brown is responsible for credit market analysis and strategy, enabling clients to gain context and furtherunderstanding of today’s credit markets and how they relate to various fixed-income disciplines. He also isresponsible for business development in Asia. Mr. Brown, who has more than 30 years of experience in thefinancial services industry, joined Lord Abbett in 1992 as an Investment Team Leader, and became a Partner in1996. During his tenure at Lord Abbett, he has been actively involved in the management of various fixed-incomeand balanced portfolios. He has spent most of the past decade as Director of Fixed Income. Prior to joining LordAbbett, Mr. Brown was an Executive Vice President at Equitable Capital Management Corp., and before that, aManager in the Bond Department at Brown Brothers Harriman and Co. He is a former board member of the FixedIncome Forum, an organization of fixed-income institutional investors. Mr. Brown has been featured in The WallStreet Journal, Financial Times, and Pensions & Investments, and is interviewed on CNN and CNBC, amongother media, discussing interest rates and Federal Reserve Board policies. In addition, Mr. Brown is published inthe Journal of Behavioral Finance. Mr. Brown earned an MBA in investment management from Colorado StateUniversity and a BA in management and marketing from Clarion University in Pennsylvania.

Michelle Butler, Senior Vice President, Portfolio Specialist, Cohen & SteersMichelle Butler is a Portfolio Specialist for Cohen & Steers’ Active Commodities strategy, with primaryresponsibility for articulating the investment team’s process, portfolio positioning, and investment outlook viewswith investors, consultants, and colleagues. Ms. Butler has an in-depth knowledge of commodity fundamentalsand markets and serves as an extension of the investment team, actively participating in daily portfoliomanagement and research discussions. Ms. Butler is the commercial architect for the Active Commoditiesstrategy, overseeing product design, messaging, and vehicle development. She has 19 years of investment-related experience. Prior to joining the firm in 2013, Ms. Butler was the Portfolio Specialist for the ActiveCommodities strategy at GE Asset Management, where she worked for 14 years in various product developmentand client service roles. Ms. Butler began her investment career in securities lending at the Bank of New York andUBS. Ms. Butler has a BA from Providence College and is based in New York.

Deborah A. Castellani, CFA, Senior Fiduciary Strategist, Akros Fiduciary ManagementDeb Castellani, CFA is a sought-after fiduciary consultant, strategist, innovator for financial, fiduciary andretirement plans and international speaker. During her decades’ long careers, she has designed and implementedvarious innovative financial products and systems. Deb is a Principal with Akros Fiduciary Management andcombines compliance strategies and business/technology skills to reduce fiduciary risk to Boards, investmentprofessionals, retirement plans, and other fiduciaries or to service providers who work with fiduciaries. Deb hasbeen a fiduciary her entire career including managing a multibillion-dollar investment company, created sales andregulatory compliance systems for numerous companies and streamlined operations which has resulted inincreased profits and decreased errors and liability. Most recently, she created an innovative 401(k) e-compliancetool, The FIRE System, which was designed to easily un-complicate 401(k) compliance for plan sponsors andtheir fiduciaries. In addition, the Ignite Fiduciary Sales Program to help increase sales, retention and profitmargins while decreasing compliance issues for retirement plan service providers. In addition, Deb is also thePresident of CFA Society of Austin, sits on the Board of CFA Societies of Texas, and chairs their state Advocacyand Basic Trustee Investment Education program.

Greg Dowell, Director of Investments, Lamar UniversityMr. Greg Dowell is the Director of Investments at Lamar University located in Beaumont Texas. He is responsiblefor all investment aspects of the University’s endowment and operating cash pools. Prior to Lamar, he worked at

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2016 Summit – Speaker Bios

the Meadows Foundation, Inc. for over twenty years. His last position at the Meadows Foundation was as VicePresident and Chief Investment Officer. While at the foundation, Greg was responsible for all investment of thefoundation’s globally diversified portfolio. Duties included: formation of investment policies, development ofstrategic asset allocations, evaluation, monitoring and termination of investment managers and risk management.He has experience with public international and domestic equity and credit as well as alternative such asinternational and domestic private equity, private real estate, and hedge funds. Greg holds a BBA from TexasA&M University, a Master of Science from the University of Southern California, and a MBA from the University ofTexas at Dallas. He is a Chartered Financial Analyst and a member of the CFA Institute and a member of theCFA Society of Dallas Ft Worth. Mr. Dowell is a retired Lieutenant Colonel in the Texas Air National Guard.

James Dykstal, CFA, Consultant, DeMarche Associates, Inc.Mr. Dykstal is a consultant of the firm who specializes in capital markets research and asset allocation, with 27years of industry experience and 7 years of service at DeMarche. He is chairman of our Asset AllocationCommittee, a member of our traditional and alternatives DeMarche Manager Review Committees (MARC) andserves as a portfolio manager for our discretionary (OCIO) client mandates. Prior to joining DeMarche he wastreasurer and fixed income manager for FC Stone Group. Prior to that time, he was vice president and seniorportfolio manager at Commerce Trust Company in Kansas City. Mr. Dykstal has an undergraduate degree fromthe University of Wisconsin – Madison and earned his MBA from the University of Missouri – Kansas City. Hebecame a CFA charterholder in 1998, is a member of the CFA Institute and an active member of the CFA Societyof Kansas City. He holds FINRA securities licenses Series 7, 28 and 66.

Jeff Foley, Executive Vice President, Business Development, Solovis, Inc.Jeff Foley currently serves as Executive Vice President for Business Development at Solovis, Inc., managing thefirm’s sales and marketing activities. Jeff has spent over 20 years in executive leadership roles in the financialservices and technology industries. He has worked with hundreds of endowments, foundations, pension fundsand family offices, implementing performance, risk and attribution solutions for the front, middle and back office.He has a rigorous analytical background, including extensive experience in equities, fixed income, derivatives,hedge funds, and private equity. Prior to Solovis, Jeff served in leadership positions at Backstop Solutions Group,Wilshire Associates, Interactive Data Corp, and Moody’s Wall Street Analytics. He received his B.A. in BusinessEconomics from the University of California, Santa Barbara and currently resides in Santa Monica, CA.

Douglas S. Foreman, CFA, Chief Investment Officer, Kayne Anderson Rudnick Investment MgtDouglas S. Foreman, CFA is responsible for leadership of the equity team and day-to-day oversight of KayneAnderson Rudnick’s (KAR) investment operations, including portfolio management and research. In addition, he isa member of the firm’s Executive Management Committee. Mr. Foreman joined Kayne Anderson Rudnick in 2011as Director of Equities. He has since assumed co-management of several KAR strategies, overseen the launch ofKAR’s first non-U.S. small-cap portfolio, and enhanced the firm’s equity research capabilities. In 2013, he servedas Co-Chief Investment Officer and became Chief Investment Officer in 2014. Previously, Mr. Foreman wasDirector of Equities at HighMark Capital Management, and before that, he was Group Managing Director andChief Investment Officer of U.S. equities at Trust Company of the West (TCW) in Los Angeles. Mr. Foremanbegan his investment career at Putnam Investments as an equity research analyst and portfolio manager. Mr.Foreman earned a B.S. in Marine Engineering from The U.S. Naval Academy and an M.B.A. from HarvardUniversity. He holds the Chartered Financial Analyst designation. He began working in the investment industry in1986. Over his investment career history, Mr. Foreman has been a regular contributor to leading business andinvestment news media, including CNBC and The Wall Street Journal.

Ronald E. Hagan, CEO, Roland|Criss Fiduciary ServicesRon is Chairman of the Fiduciary Standards Committee of Roland|Criss. In this role he manages the firm’sparticipation in national programs that define standards of care for retirement plan sponsors and vendors ofinvestment fiduciary services. Ron has a lengthy career in developing fiduciary processes and advising fiduciarycommittees on vendor selection and fiduciary practices. His knowledge of the vendor market was developedduring the most recent fifteen-year period during which he supervised the first fiduciary certifications of investmentfirms in the United States, Australia, New Zealand, Canada, and India. He was a founding member of CEFEX’sfiduciary support practices task force for retirement plan recordkeepers. He also supervised the first audits ofrecordkeepers in the U.S. under ASPPA’s certification program. He is a co-developer of the Qualified PlanReview™ program. Ron was a member of the select committee that developed the fiduciary standard for

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2016 Summit – Speaker Bios

retirement plan administrators in 2012. He is also a member of the board of directors of the Fiduciary SupplyManagement Association and serves as Executive Director of the Executive Leadership Forum, which is anindustry think tank focused on fiduciary issues. Ron has published numerous articles on the subject of fiduciarystandards of care. He is in frequent demand as a speaker at industry trade conferences and national webcasts.Prior to joining the Roland|Criss team he was a Senior Vice President and member of the Executive Committee ofthe First National Bank of Commerce. During his tenure there, he served as a fiduciary on its Asset LiabilityManagement Committee. Earlier in his career Ron was a Principal with Booz, Allen & Hamilton, Inc. His dutiesincluded advising executives of Fortune 500 companies on prudent fiduciary processes. Ron earned the CertifiedFoundation Fiduciary Specialist™ (CFFS™) and is an Accredited Investment Fiduciary Analyst™ (AIFA®). He isan alumnus of Erie College with a degree in accounting.

Randall L. Kopsa, Treasury Manager, Retired, Boy Scouts of AmericaRandy Kopsa served the Boy Scouts of America as the Treasury Manager for over 20 years before retiringNovember 2015. His office was comprised of the Chief Investment Officer, the Directors of Insurance and RiskManagement, Credit and Collections, Cashier Services and Treasury Operations and their respective staffs. Healso served as Chief Financial Officer for BSA Asset Management, LLC, a BSA subsidiary company offeringinstitutional investment services to BSA Councils across the country with over $2 billion in assets undermanagement. Prior to joining Boy Scouts, he served the State of Oklahoma as the Secretary and CFO of theOklahoma Teachers’ Retirement System and as the Deputy State Treasurer. Randy’s private sector experience isin banking, where he assumed various positions including commercial lending, asset/liability management andadministration. In addition to serving on the NSIIP Board, he has served as a member of the Executive Committeeof the National Association of State Investment Officers, a member of Governmental Accounting StandardsBoard, the Financial Management Association and other financial associations.

Kevin D. Kuhner, CFA, Senior Vice President, Voya Investment ManagementKevin Kuhner is an account manager and a member of Voya’s institutional client service group. He is responsiblefor managing business development relationships with corporate, endowment, and foundation organizations. Priorto joining Voya Investment Management in 2015, Kevin was with PIMCO where he was an account managerresponsible for working with U.S. corporations. Additionally, during his tenure at PIMCO he held positions in theirinsurance and financial institutions group based in London. He holds an undergraduate degree from Arizona StateUniversity and an MBA from ASU, Thunderbird School of Global Management. He also holds the CharteredFinancial Analyst® designation and is a member of the CFA Institute.

Daniel P. Martell, Portfolio Manager, 3Sisters Sustainable Management, LLCBefore joining 3Sisters Sustainable Management, LLC, Dan had over 35 years of investment, trading andfinancial advisory experience. His background includes founding Chariot Investment Group, a private investmentfund employing the extensive use of sector ETF’s, commodities and options, and Martell Trading Company toprovide floor brokerage services and 15 years as a floor trader in his personal account as a member of the NewYork Mercantile Exchange and Chicago Board of Trade. As a Senior Vice President at Cooper Neff Advisors, adivision of BNP Paribas, he ran a quantitative-focused merger arbitrage fund and managed an $80 millionportfolio of fully-automated computer arbitrage strategies as Head Trader at Maple Securities, a private CanadianBank. He has been directing Scarab, a public equity socially responsible fund since December of 2015. Scarab isa diversified domestic and global fund which has been achieving strong returns as well as an exceptionally highstandard of social responsibility. Dan received his BA from Harvard College, where he was a member of theVarsity Basketball Team, and an MBA from the Harvard School of Business Administration with a concentration inFinance and Agribusiness. He has been active in his community including serving as a volunteer instructor forThe First Tee, an inner city golf program in Nashville for youths at risk and a creative writing tutor at San QuentinState Prison. He lives in Sausalito, CA and Nashville, TN.

Eric E. Nedderman, CFA, Pension Portfolio ManagerMr. Nedderman is a treasury professional with plan sponsor experience as the investment manager of large andmedium-sized corporate defined benefit and defined contribution plans. He most recently spent six years atContran Corporation in Dallas where he was the investment officer for a $700 million DB pension fund whichfunctioned as the investment vehicle for four company ERISA pension plans. He sat on the investmentcommittees of numerous other ERISA DB and DC plans while at Contran. Previously, he was at Electronic DataSystems where he managed key aspects of the company’s $3 billion DB & DC plans, and corporate investments.

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2016 Summit – Speaker Bios

Charles Nettleship, Assistant Vice President, State Street Global AdvisorsChad is an Assistant Vice President of State Street Global Advisors and an Asset Owner ETF Specialist for theSPDR ETF business. Chad focuses on the distribution of SPDR ETFs to institutional investors throughout Texasand the Southeast covering pension funds, endowments, foundations, insurance companies and investmentconsultants. Chad has extensive experience working with institutional investors to provide education on ETFapplications, trading dynamics, and SSGA's comprehensive range of SPDR ETF solutions. Prior to this role, Chadserved as an Institutional ETF Sales Analyst, responsible for supporting the team's infrastructure and clientcoverage. Chad began his career at SSGA in 2011 as an Internal ETF Sales Associate working with NationalBroker Dealers throughout the Midwest. Chad holds a BS in Finance and Marketing from the University of NewHampshire. He has earned the Chartered Financial Analyst designation and is a member of the CFA Institute andthe Boston Security Analysts Society. He also holds the FINRA Series 7 and 63 licenses.

Carl T. O’Connell, Managing Director, The Boston Company Asset Management, LLCCarl is a senior relationship manager at The Boston Company, servicing corporate, public, endowment andfoundation clients. Previously, Carl managed client relationships throughout the South, Southwestern and Mid-Atlantic United States. Prior to that, he was an associate portfolio manager, assisting in the asset allocation ofportfolios and facilitating the investment process for the Equity Policy group. He served as a business analyst inThe Boston Company’s Operations department, playing a significant role in the transitioning of new clients to thefirm. Carl received a B.S. with a concentration in finance from the University of Massachusetts at Lowell.

Deborah Ozee, PRP, AIF, Vice President, Regional Sales Director, Prudential RetirementDeborah Ozee, PRP, AIF, is responsible for the new business development and advisor relations for the SouthRegion. Debbie ensures the retirement plan products and services offered by Prudential Retirement arecustomized and flexible, to meet the needs of the client and plan participants. Debbie entered the financialservices industry in 1985, joining Prudential in 2000. She is a Series 7 and 63 registered representative and holdslife, health, and variable annuity licenses. In addition, she has earned Plan Sponsor Retirement Professional(PRP) and Accredited Investment Fiduciary (AIF) credentials.

Guy V. Petcho, Portfolio Manager, Global Rates, Voya Investment ManagementGuy Petcho is a macro portfolio manager for Voya Investment Management responsible for investing in interestrate and foreign exchange markets across G10 economies. Prior to joining Voya, he was a global macro analystat Soros Fund Management with a developed and emerging markets mandate. Guy began his career in thederivative solutions group with Deutsche Bank Securities.

Michael Phemister, Vice President – Treasury Management, Dallas Fort Worth International AirportMichael Phemister is the Vice President of Treasury Management at the Dallas Fort Worth International Airportand has been employed at DFW since 1999. In his tenure at DFW, he has been responsible for 35 bond issuestotaling in excess of $10 billion. In addition, he has structured and issued bonds for a consolidated Rent-A-CarFacility in 1999 and for the construction of a Grand Hyatt Hotel in 2001. In addition to managing the Airport’s debt,he is also responsible for the management of $2.0 billion of cash and investments, management of a $575 millionretirement plan and for the management of federal grants and Passenger Facility Charges. In the past 7 years theDFW Retirement Plans has gone from 12 managers with a traditional 65/35 asset allocation to over 50 managersacross numerous asset classes. Prior to coming to DFW Airport, he was the Chief Financial Officer for the City ofRockwall, TX and prior to that the CFO for the City of Forest Hill, TX. He has a total of 35 years’ experience in themunicipal arena. Mike has a Bachelor Degree in Accounting from the University of Texas at Arlington.

John A. Pickett, Senior Vice President, CAPTRUST Financial AdvisorsJohn joined CAPTRUST Financial Advisors spring of 2010 opening the company’s first Texas office in Dallas. Hearrived at CAPTRUST following a successful career with RBC Wealth Management’s Institutional ConsultingGroup. At RBC, Pickett created a revered advisory practice, representing $8.5 billion in assets undermanagement, with many of his client relationships spanning 25 years or more. John was named PLANADVISORMagazine’s Top 100 Retirement Plan Advisers in 2011 and 2012. In 2013, the Dallas office was also named top100 Retirement Plan offices with more than $5 billion in assets under management. Highly regarded as theconsummate educator, Pickett is a frequent speaker at industry conferences and educational symposiums,including TEXPERS, the Investment Management Institute and Institutional Investors. Presently, Pickett sits onthe prestigious Institutional Retirement Income Council (IRIC) with membership confined to well-known industry

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2016 Summit – Speaker Bios

consultants and academics well-versed in the retirement savings industry. A Texas native, John graduated with aBachelor of Arts in Economics from Baylor University. He completed his Investment Manager AnalysisCertification (CIMA) after attending courses at The Wharton School.

Fredric D. Richmond, CFA, CIO, Texas Scottish Rite Hospital for ChildrenFred Richmond joined the staff of Texas Scottish Rite Hospital as Vice President and Chief Investment Officer in2013. Prior to joining TSRHC Fred was Chief Investment Officer at the national office of the Boy Scouts ofAmerica. Prior to joining the Boy Scouts in May 2000 he was the Assistant Administrator – Investments for theDallas Police and Fire Pension System. Prior to joining the Dallas Police and Fire in November 1994, he was withthe Dallas office of Mercer Investment Consulting. Fred’s investment experience dates to 1978 when he joinedDean Witter’s headquarters staff in San Francisco, CA. Fred holds a Bachelor of Arts in Economics from theUniversity of Colorado at Boulder and a Master of Business Administration in Finance from the University ofTexas at Austin. He is a member of the Chartered Financial Analyst Institute and the CFA Society of Dallas FortWorth.

Sandy Sinor, SVP, Institutional Sales & Relationship Management, Voya Investment ManagementSandy Sinor is an institutional sales and relationship manager for Voya Investment Management, responsible forinstitutional distribution in the Western United States in all market segments. Prior to joining the firm, she was aprincipal at Robeco Investment Management, focused on the public and Taft-Hartley markets. Previously, Sandyworked at Oppenheimer as the West Coast institutional sales representative. Sandy received a BBA from theUniversity of Texas in Arlington and an MBA from Amber University. She holds FINRA Series 6, 7 and 63licenses.

Karen A. Soefje, Partner, Montgomery Coscia Greilich LLPKaren joined the Firm in November 2009. Karen serves as the lead partner over the Firm’s qualified plans auditand consulting practice. Karen’s plan audit experience includes DOL disclaimer and full-scope audits of definedcontribution plans, defined benefit plans, health and welfare plans, cash balance plans, and employee stockownership plans. Karen has experience with complex plan investments and significant plan transactions. Inaddition, Karen has assisted numerous clients in plan document compliance reviews, Internal Revenue Service(“IRS”) / Department of Labor (“DOL”) correction methodologies and implementation procedures, as well as powerof attorney representation in IRS and DOL examinations. Karen serves the American Institute of Certified PublicAccountants (“AICPA”) as an oversight reviewer to peer review over employee benefit plan audits. Prior to joiningthe Firm, Karen spent seven years at KPMG LLP (KPMG) and was responsible for KPMG’s North Texas andOklahoma employee benefit plan audit practice. Karen also co-authored KPMG’s national training and local officetraining for employee benefit plan audits. In addition, she annually conducted KPMG’s quality peer review processover benefit plan audits across KPMG offices in the United States. Prior to joining KPMG, Karen spent twelveyears at Arthur Andersen, LLP. Karen provided corporate audit and qualified plans audit and consulting servicesto a variety of public and private companies. Karen also served as a national instructor on qualified plan topicsand supervised technology initiatives.

Natalie Jenkins Sorrell, Deputy CIO, Employees’ Retirement Fund of the City of DallasNatalie Jenkins Sorrell is the Deputy Chief Investment Officer for the $3.3 billion Employees’ Retirement Fund(EFR) of the City of Dallas. Natalie is responsible for the design and implementation of the overall investmentstrategy and policy for the Fund. She joined Dallas ERF in 2006 and has spearheaded efforts to fulfill new privateequity, private real estate, global equity, and master limited partnership (MLP) allocations of more than $600million collectively. Natalie she has led the effort to build the Next Generation Manager Program at ERF,allocating ten percent of the Fund to smaller, newer, and/ or minority owned investment managers across assetclasses. Natalie holds an M.B.A. from The Wharton School at The University of Pennsylvania where she was aRobert A. Toigo Fellow, and a B.A. with honors from Spelman College.

Frederick A. Stewart, SVP, Defined Contribution Practice Leader, LCG Associates, Inc.Mr. Stewart joined LCG in 2014 and is a Senior Vice President. His responsibilities include serving as the Firm’sDefined Contribution Practice Leader. Fred also conducts capital market and asset class research as well asinvestment manager due diligence. Prior to joining LCG, Fred was a Managing Director for the Southeast Regionat Portfolio Evaluations, Inc. He was responsible for starting and growing the firm’s Atlanta office. Before that,Fred was Vice President of the Institutional Consulting Group with UBS and a member of the Defined Contribution

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2016 Summit – Speaker Bios

Advisory Board. Fred has also worked in many diverse organizations, namely the mutual fund, insurance, andbanking industries. Fred graduated from Eastern Kentucky University with a B.S. in Industrial Psychology and aminor in Business. He has also been awarded the Certified Employee Benefit Specialist (CEBS) professionaldesignation.

John E. Thompson, Jr., President & Executive Director, NSIIPJohn Thompson has been the President of the National Society of Institutional Investment Professionals sincefounding the organization in 2006. In July 2012, he was named Executive Director with responsibilities thatinclude coordinating the organization’s annual Summit. He retired, June 2012, after 38 years with Energy FutureHoldings, including more than 25 years of pension investment experience. He was responsible for managing allthe company's external trust funds including defined benefit plans, defined contribution plans, various non-qualified plans, and nuclear decommissioning trusts totaling $4.5 billion in assets. He is a founding board memberof the National Society of Institutional Investment Professionals, President of the Dallas Chapter, and has beeninvolved in all 22 Annual National Pension & Institutional Investment Summits, which began in 1995. He serves aschairman of the Investment Committee for the Circle Ten Council Boy Scout Foundation and is on theHighGround Advisors (formerly Baptist Foundation of Texas) board of directors. He was an active member of theUtility Pension Fund Study Group the Nuclear Decommissioning Fund Study Group and previously served on theeditorial board of the Journal of Pension Plan Investing, and the Pension Policy and Legislation Committee for theTexas State Pension Review Board. He earned a BS in Business from Texas Wesleyan University in Ft. Worth,and an MBA in Finance from The University of Texas at Arlington. His master’s thesis was “An Analysis of theFinancial Aspects of a Trusteed Pension Plan.”

Patricia A. Weiland, Consultant, HighGround AdvisorsMs. Weiland is a Consultant with HighGround Advisors as well as the principal and owner of PAW Consulting,LLC, offering consulting services to financial services firms. Prior to starting her own firm, she worked forGuideStone Financial Resources of the Southern Baptist Convention where she served as an Executive Officer.During her tenure at GuideStone she was responsible for establishing and then managing the mutual fundcomplex. She served as the Senior Vice President and Chief Operating Officer of the registered investmentadvisory firm, GuideStone Capital Management, which provides advisory services to GuideStone Funds. Also,she served as President and CEO of the broker-dealer and investment advisory firm which offered theGuideStone Funds and delivered financial advice to participants. Ms. Weiland established the complianceprogram and initially served as the Chief Compliance Officer for both the registered mutual fund complex and theregistered investment advisory firm. Ms. Weiland also provided leadership to the retirement relationshipmanagement team, established a sales team for new business development and managed the call center for theorganization. In addition to these roles, she was a member of GuideStone’s Investment Strategy Group andGuideStone’s Committee on Socially Responsible Investing. Prior to joining GuideStone, Ms. Weiland spentalmost 20 years in the banking and trust industry. She worked at The Northern Trust Company, Bank of Americaand JPMorgan Chase where her responsibilities included relationship management, client servicing and newbusiness development for defined benefit and defined contribution plans. Also, she specialized in custody,investment management and record keeping services offered to large corporations. Ms. Weiland earned herbachelor of science in accounting from Emporia State University.

Craig M. White, Managing Director, Cambridge Associates LLCCraig is an Investment Director and has been a senior member and Managing Director of the firm’s Dallas officesince its founding in 2005. Craig also previously worked in the firm’s Boston office for four years. Craig advises anumber of U.S. university, foundation, and family clients ranging in size from $40 million to over $1 billion onissues such as asset allocation, implementation and program evaluation. Craig has been involved in firmwide andoffice leadership. Prior to joining Cambridge Associates, Craig traded commercial paper at Associates FirstCapital Corporation. Prior to this, he was an investment officer in equity research at Brown Brothers Harriman &Company, where he worked with an institutional account basis across several states. He also worked ininstitutional sales at Southwest Securities, Inc. in the fixed income securities division and in natural gas tradingand marketing with Seagull Energy Corporation. Craig received a BBA in Finance from the University of Texas atAustin and an MBA from the Edwin L. Cox School of Business at Southern Methodist University.

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2016 Summit – Speaker Bios

Dory A. Wiley, President & CEO, Commerce Street Holdings, LLCDory A. Wiley is President & CEO of Commerce Street Holdings, LLC, the holding company for Commerce StreetCapital, LLC ("CSC"), a FINRA-regulated broker/dealer and Commerce Street Investment Management, LLC("CSIM"), an SEC-registered investment advisor. Since co-founding the firm in 2007, his primary focus has beenthe creation and management of investment funds that specialize in financial institutions and related derivatives.Mr. Wiley serves on the Boards and Investment Committees of CSIM's investment funds. He formerly served as amember of the Board of Trustees of the Teacher Retirement System of Texas, an approximately $100 billionpension fund where he was Chairman of the Investment Committee. Mr. Wiley has over 20 years of experience incommercial and investment banking and investment management. Prior to his current position with CommerceStreet, Mr. Wiley was President of SAMCO Capital Markets, LLC, which he joined in August, 1996. Prior toSAMCO, he was Vice President and Manager of the Financial Institutions Group at Rauscher Pierce Refsnes,now RBC Capital Markets. Mr. Wiley often lectures on bank-related topics for universities, seminars andconferences. He has testified as an expert witness on bank and securities valuations, has written articles forvarious banking periodicals and has been quoted extensively in the media. He is a member of the AICPA, TexasSociety of CPAs, the Dallas Society of Financial Analysts, the National Association of Certified ValuationAnalysts, and the CFA Institute. He also serves on several charitable boards. Mr. Wiley received a BBA inFinance and Accounting from Texas Tech University, and an MBA from Southern Methodist University. Mr. Wileyis a registered representative and has passed the FINRA Series 7, 24, 63 and 65 examinations.

David R. Wilson, Managing Director & Head of Institutional Solutions, Nuveen Asset ManagementDave is responsible for utilizing the firm’s multi-asset class capabilities to develop customized investmentsolutions for defined benefit pension plans, insurance companies, workers compensation pools and otherinstitutions. He is also a portfolio manager of Nuveen’s Intelligent Risk Portfolios® – a suite of volatility-managed,global allocation strategies. Dave began working in the financial services industry in 1998. Prior to joining the firmin 2013, he served as managing director and head of customized strategies at Cutwater Asset Management,where he managed over $11 billion of customized mandates. His background includes structuring and managingcomplex liability-driven investing programs, which utilize multiple strategies in different currencies. During hiscareer, Dave has developed innovative solutions for clients seeking to optimize their business profile, generatevalue, de-risk or manage liquidity. He possesses strong capabilities in treasury management, structuring andcapital modeling, risk management and hedging. He started his career in the financial industry as a mergers andacquisitions analyst at Thompson Financial. Dave received a B.A. in economics from the University of Albany andan M.B.A. in finance from Fordham University. He holds the Chartered Financial Analyst designation from theCFA Institute and is a member of the New York Society of Security Analysts.

Joe H. Wright, Jr., Senior Vice President, Chief Investment Officer, HighGround AdvisorsJoe has over 20 years of institutional investment experience, with over 15 years managing endowment andplanned giving assets for charitable nonprofit institutions. He leads an eleven-member investment teamresponsible for managing HighGround Advisors’ $1.8 billion in assets under management. His backgroundincludes strategic asset allocation policy, distribution and spending policy, asset class strategy, manager researchand selection, portfolio construction, risk management, performance measurement and attribution, and oversightof the firm’s consulting and custody relationships. Before joining HighGround Advisors in 2001, Joe led allinvestment activities for J.C. Penney Company, Inc.’s qualified defined benefit, defined contribution 401(k) andhealth and welfare benefit plans totaling more than $7.5 billion. Joe holds an MBA from the University of Texas atDallas and a BBA from Baylor University.

Chris M. Zogg, CFA, Senior Portfolio Manager, Smith Group Asset ManagementMr. Zogg joined Smith Group Asset Management in November 1997 and is a member of the portfoliomanagement team as well as the quantitative research team. During his tenure at Smith Group, Mr. Zogg hasbeen a key component in the development of our current long/short strategy as well as the firm’s history withlong/short products. Prior to joining Smith Group, Mr. Zogg served as an Independent Computer Consultant,specializing in network design and systems integration. He earned his BBA from the University of Texas at Dallas.Mr. Zogg was awarded the Chartered Financial Analyst (CFA) designation in 2006. He is also a member of theCFA Institute and the CFA Society of Dallas-Ft. Worth.

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2016 Summit – Pre-Registered AttendeesThrough 10/24/16

Louis W. AdamsDirector - InvestmentsAT&T Inc.Dallas, TX

Peter AllenAnalystExxonMobilDallas, TX

Sam AustinSenior VP, Director ofMarketing & Client ServiceFIS GroupPhiladelphia, PA

Edith AustonPension AdministratorIrving Firemen's Relief &Retirement FundIrving, TX

John C. BailerSenior Managing DirectorThe Boston CompanyAsset Management, LLCNorfolk, MA

Sarah BarlupSenior VP, GlobalConsultant RelationsNuveenLos Angeles, CA

Heidle BaskinVice-ChairmanIrving Firemen's Relief &Retirement FundIrving, TX

Nolan M. BeanManaging Principal/Headof Inst. InvestmentsFund Evaluation GroupCincinnati, OH

Alan BerginConsultantLarry Thompson &Associates, Inc.Dallas, TX

Brenda BerryChief Financial OfficerDallas Museum of ArtDallas, TX

David BlanchardCEOThe Badge of HonorMemorial FoundationDallas, TX

Laura BleyPresidentBley Investment Group,Inc.Fort Worth, TX

Jeffrey BoucekSVP-Nat'l Director ofPublic Fund Cons.Segal RogerscaseyAtlanta, GA

Jacob BowlandInvestment AnalystFort Worth Employees’Retirement FundFort Worth, TX

Gerard BrankaVice PresidentPathway CapitalManagement, LLCWest Warwich, RI

Tim BraySenior Portfolio ManagerGuideStone CapitalManagementDallas, TX

Gerald BrownTrusteeDallas Police & FirePension SystemDallas, TX

Paul R. BrownPresidentTEXPERSTool, TX

Zane BrownPartner, Fixed IncomeStrategistLord AbbettJersey City, NJ

Mark BuckleyDirector - InstitutionalInvestmentsAllianceBernsteinNew York, NY

Dwight BurnsFinanceDallas Area Rapid TransitAuthorityDallas, TX

Michelle ButlerSenior VP, PortfolioSpecialistCohen & SteersNew York, NY

Allen F. CampbellChief Executive OfficerCampbell Family OfficeGreen Cove Springs, FL

David L. CardenasBusiness ManagerCity of Irving EmployeesSupplemental Benefit PlanIrving, TX

Deborah CastellaniSenior Fiduciary StrategistAkros FiduciaryManagementAustin, TX

Andy CentauroAssociatePioneer Institutional AssetManagementBoston, MA

Michael ChambersExecutive DirectorMorgan StanleyInvestment ManagementNew York, NY

William ConradPresident & CEOAkros FiduciaryManagementLufkin, TX

Joe CostelloFinanceDallas Area Rapid TransitAuthorityDallas, TX

Jeffrey D. CothamTrusteeEl Paso Firemen andPolicemen's Pension FundEl Paso, TX

Anna CottonBusiness DevelopmentSpecialistSolovis, Inc.Irving, TX

Todd CoxTrusteeFort Worth Employees’Retirement FundN. Richland Hills, TX

Denise CrandonBenefits Project ManagerDallas Area Rapid TransitAuthorityDallas, TX

Wyatt L. CrumplerSenior ConsultantNEPCCoppell, TX

Matt Paul DenBleykerSenior Research DirectorLarry Thompson &Associates, Inc.Dallas, TX

Clint DoroffSVP, Dir InstitutionalSales/Client SvcNuveen Asset MgtMinneapolis, MN

Greg DowellDirector InvestmentsLamar UniversityBeaumont, TX

Michael S. DunnManaging DirectorDGHM & Co., LLCNew York, NY

James DykstalConsultantDeMarche Associates, Inc.Merriam, KS

Brady EdwardsCIOHartlane InvestmentsAustin, TX

David EdwardsVice PresidentDodge & CoxSan Francisco, CA

Lois M. EmersonManager - Benefit TrustAdmin.CPS EnergySan Antonio, TX

Pat FellerDirector - InstitutionalMarketsGuidestone FinancialResourcesDallas, TX

Cynthia FloydManager, EmployeeBenefit Fund InvestmentsTexas InstrumentsDallas, TX

Jeff FoleyMarketingSolovis, Inc.Irving, TX

Doug ForemanChief Investment OfficerKayne Anderson RudnickLos Angeles, CA

Crissie FortmeyerInvestment Committee Co-ChairNorth Texas CommunityFoundationFort Worth, TX

Todd A. FurnissCEO & Managing PartnerglendonTodd CapitalDallas, TX

Richard O. GibersonPartnerAon Hewitt ConsultingDallas, TX

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2016 Summit – Pre-Registered AttendeesThrough 10/24/16

Colvin GibsonTrusteeIrving Firemen's Relief &Retirement FundIrving, TX

Brian GrosheiderVice President & Directorof FinanceSouthwestern MedicalFoundationDallas, TX

Eddie GuerraInvestment, AdvisoryBoard MemberCircle Ten FoundationDallas, TX

Ron E. HaganChairman & CEORoland/CrissArlington, TX

Ron W. HaganPresidentRoland/CrissArlington, TX

James B. HarrellSupporterPhilmont Scout RanchFoundationSanta Fe, NM

Ashley HartmanClient ExecutiveJanus Capital InstitutionalDenver, CO

Steven M. HealySenior Pension AnalystKimberly-Clark Corp.Irving, TX

Richard HolbeinSr. ConsultantThe Bogdahn GroupDallas, TX

Robert M. Holt, Jr.Managing PartnerHolt Capital Partners, L.P.Fort Worth, TX

Marianne HowardSenior Vice PresidentBley Investment Group,Inc.Fort Worth, TX

William HuberSenior Finance ManagerOncor Electric DeliveryDallas, TX

Robert Hudon, Jr.ConsultantMercerDallas, TX

Robert HulmeDeputy DirectorFort Worth Employees’Retirement FundFort Worth, TX

Steven IversenInvestment OfficerWaite & Genevieve PhillipsFoundationSanta Fe, NM

Janice JohnsonAssociate DirectorL&B Realty Advisors, LLPDallas, TX

Carol KilmanSenior Investment OfficerHighGround AdvisorsDallas, TX

Kenneth G. KingDirector, Client Services &Operations, BSAAMBoy Scouts of America,NationalIrving, TX

Larry KnottMechanical CentralSupportDallas Area Rapid TransitAuthorityDallas, TX

Randall L. KopsaManager, Treasury(Retired)Boy Scouts of America,NationalGranbury, TX

Kevin KuhnerSVP, Institutional ClientAdvisorVoya InvestmentManagementSanta Monica, CA

William D. LawsonExecutive DirectorUBS Realty InvestorsDallas, TXBen LazarusSenior DirectorNuveen InvestmentsEdina, MN

Annette LevineTransportation OperatorDallas Area Rapid TransitAuthorityDallas, TX

Shannon LewisConsultantChantico GlobalWest Hollywood, CA

Michael LoftonAssistant CityManager/FinanceCity of GalvestonGalveston, TX

Marty MansProgram CoordinatorNational Society ofInstitutional InvestmentProfessionalsDallas, TX

Daniel MartellConsultant3 Sisters InvestmentsPhiladelphia, PA

Emily L. MartinDirectorWoodrow Wilson HighSchool CommunityFoundationDallas, TX

Joel MayerTreasury DirectorParkland HospitalDallas, TX

Gregory McLaneSenior Vice PresidentSwearingen Realty GroupDallas, TX

Elizabeth McMullenVice President FinanceParkland Health & HospitalSystemDallas, TX

Jamil McNealInvestment AnalystGuideStone CapitalManagementDallas, TX

Robert M. MiloneAssistant TreasurerMethodist Health Systemof DallasDallas, TX

Reggie MooreTransportation OperatorDallas Area Rapid TransitAuthorityDallas, TX

Teresa MooreExecutive DirectorNorth Texas Chapter, PPPDallas, TX

Kellie L. MorrisonSenior Investment OfficerHighGround AdvisorsDallas, TX

Eric E. NeddermanInvestment ManagerConsultingFrisco, TX

Dale NeibertVice PresidentFinancial Solutions, Inc.Austin, TX

Charles NettleshipAsset Owner, ETFSpecialistState Street GlobalAdvisorsBoston, MA

Michael NiosiVice PresidentPrudential Fixed IncomeNewark, NJ

Carl T. O'ConnellDirectorThe Boston CompanyAsset Management, LLCBoston, MA

Daniel E. O'GradyExecutive Director -InvestmentsAT&T Inc.Dallas, TX

Cheryl OrrVP Of Human CapitalDallas Area Rapid TransitAuthorityDallas, TX

Debbie K. OzeeVP, Regional SalesDirectorPrudential RetirementDallas, TX

Guy PetchoVP Portfolio Manager-MacroVoya InvestmentManagementAtlanta, GA

Michael PhemisterVP-Treasury ManagementDallas Fort WorthInternational AirportDFW Airport, TX

Julie PhillipsTrusteePhilmont Scout RanchAmarillo, TX

Ryan PickertClient DevelopmentDeMarche Associates, Inc.Merriam, KS

(Page 21 of 24)

2016 Summit – Pre-Registered AttendeesThrough 10/24/16

John A. PickettSenior Vice PresidentCAPTRUST FinancialAdvisorsDallas, TX

Roxana PierceAttorneyRobbins Geller Rudman &Dowd LLPWashington, DC

Kenny PinkertonTrusteeBirmingham RetirementSystemDallas, TX

David J. PittmanPast ChairmanCatholic Charities/PIMCORetiredDallas, TX

Brian PossVP TreasurerArmy & Air ForceExchange Service(AAFES)Dallas, TX

Christina L. PrestonPension Invest Mgmt SpArmy & Air ForceExchange Service(AAFES)Dallas, TX

Ryan QuinnInvestment AnalystSouthwestern MedicalFoundationDallas, TX

Faisal A. RajaniChief Investment OfficerBoy Scouts of America,NationalIrving, TX

Jon ReaudTrusteeBeaumont Firemen's Relief& Retirement FundBeaumont, TX

Sandy G. ReevesVP Treasury ServicesTexas Health ResourcesArlington, TX

Frederic D. RichmondVP and CIOTexas Scottish RiteHospital for ChildrenDallas, TX

Leigh RoopChief HR OfficerArmy & Air ForceExchange Service(AAFES)Dallas, TX

Samantha ScherInvestment ManagerLord Abbett & Co.Jersey City, NJ

Kay SchlankeyVP-Director ofAccounting/FinanceSouthwestern MedicalFoundationDallas, TX

Todd SimoneauxTrusteeBeaumont Firemen's Relief& Retirement FundBeaumont, TX

Sandy SinorSenior VP-InstitutionalSalesVoya InvestmentManagementNew York, NY

Arthur SmileyVP/Chief Financial OfficerMetropolitan TransitAuthority of HoustonHouston, TX

James SmithSenior Vice PresidentPineBridge InvestmentsNew York, NY

Karen SoefjeAssurance PartnerMontgomery CosciaGreilichPlano, TX

Natalie Jenkins SorrellDeputy CIOEmployees' RetirementFund of the City of DallasDallas, TX

Frederik A. StewartSenior Vice PresidentLCG Associates, Inc.Atlanta, GA

Alan S. TaperPartnerAon HewittDallas, TX

Cynthia ThatcherPortfolio ManagerAmerican Beacon AdvisorsIrving, TX

John E. ThompsonInvestment CommitteeChairCircle Ten Boy ScoutFoundationDallas, TX

Dennis VealAssistant TreasurerDresser-RandHouston, TX

Bill VelascoBoard MemberDallas Area Rapid TransitAuthorityDallas, TX

Francis VillaminInvestment AnalystArmy & Air ForceExchange Service(AAFES)Dallas, TX

Jason VinikoorVP, Institutional SalesCohen & SteersNew York, NY

Ricky WalkerTransportation OperatorDallas Area Rapid TransitAuthorityDallas, TX

Kenneth WallaceDirector, BusinessDevelopmentSmith GroupDallas, TX

Cayce WeemsPrincipalWeems & RobertsonAustin, TX

Patty WeilandConsultantHighGround AdvisorsDallas, TX

Craig M. WhiteManaging DirectorCambridge Associates LLCDallas, TX

Travis WhittenVice PresidentCAPTRUST FinancialAdvisorsDallas, TX

Dory A. WileyPresident/CEOTexas Tech FoundationDallas, TX

Paul W. WilleyDirectorMethodist Hospital HealthSystem of DallasDallas, TX

Stefanie WilliamsRelationship ManagerRegions BankDallas, TX

David WilsonHead of InstitutionalSolutionsNuveen AssetManagementChicago, IL

Thomas WoolleySenior DirectorTIAA Global AssetManagementSan Francisco, CA

Allison WrightSenior Managing AdvisorBKD Wealth AdvisorsDallas, TX

Joe H. WrightSenior VP & CIOHighGround AdvisorsDallas, TX

Pye YuanInvestment AnalystBoy Scouts of America,NationalIrving, TX

David ZachaSenior ConsultantRegions BankDallas, TX

Barbara ZlatnikAssociate DirectorTEXPERSHouston, TX

Chris ZoggInvestment ManagerSmith GroupDallas, TX

143 Pre-Registered

(Page 22 of 24)

2016 Summit – Notes

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2016 Summit – Underwriters

DisclosureThe Boston Company Asset Management, LLC (TBCAM) is a registered investment adviser established in 1970 and a subsidiary ofThe Bank of New York Mellon Corporation. The Boston Company Asset Management, LLC (TBCAM) claims compliance with theGlobal Investment Performance Standards (GIPS®). To receive a list of composite descriptions of TBCAM composites and / or apresentation that complies with the GIPS standards, contact marketing@tbcam.com.

Note: Returns are shown in U.S. dollars net of fees.

BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S.wealth managers, encompassing BNY Mellon’s affiliated investment management firms, wealth management organization andglobal distribution companies. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also beused as a generic term to reference the Corporation as a whole or its various subsidiaries generally. To derive Ten LargestHoldings, Characteristics, Economic Sector Weightings, Country Weightings and Portfolio Holdings for presentation purposes, theportfolio manager has identified a representative institutional account to be used as a proxy for the strategy. This portfolio datashould not be relied upon as a complete listing of the Account’s holdings (or of an Account’s top holdings) as information onparticular holdings may be withheld if it is in the Account’s best interest to do so. Portfolio holdings and allocations are subject tochange without notice and may not represent current or future portfolio composition. The Account data is “as of” the date indicated.The information provided in this document should not be considered a recommendation to purchase or sell any particular security.There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this report orthat securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio and in theaggregate may represent only a small percentage of an account’s portfolio holdings. It should not be assumed that any of thesecurities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations ordecisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.Investments made by TBCAM for the portfolios it manages may differ significantly in terms of security holdings, industry weightingsand asset allocation from those of the benchmark. Accordingly, investment results and volatility of the portfolios may differ fromthose of the benchmark. Also, unlike the portfolios, the indices noted in this presentation are unmanaged, are not available for directinvestment, and are not subject to management fees, transaction costs or other types of expenses that the portfolios may incur.Because of these differences, investors should carefully consider these limitations when evaluating the performance in comparisonto benchmark data as provided herein. The impact of fees on performance can be significant.

This presentation or any portion thereof may not be copied or distributed without TBCAM’s prior written approval. Statements arecorrect as of the date of the material only. This document may not be used for the purpose of an offer or solicitation in anyjurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorized. The use of corporate names orlogos in this presentation, other than those of The Boston Company Asset Management, LLC or its affiliates, is for illustrativepurposes only and rights to any logos, trademarks or servicemarks are owned by their respective entities. It is not known whetherthe listed companies endorse or disapprove of TBCAM or any advisory services provided. Some information contained herein hasbeen obtained from third-party sources that are believed to be reliable, but the information has not been independently verified byTBCAM. TBCAM makes no representations as to the accuracy or the completeness of such information and has no obligation torevise or update any statement herein for any reason.

1-year3-year

Annualized5-year

AnnualizedIncome Stock Composite 17.30% 10.70% 16.36%S&P 500/Dow Jones U.S. Select Dividend Index 15.43% 9.22% 14.13%

The Income Stock strategy seeks high dividend income by investing in high dividend-payingstocks of leading U.S. companies. The use of derivatives is permitted. The Composite’sbenchmark is the Dow Jones U.S. Select Dividend Index through September 30, 2015, and theS&P 500 Index thereafter. The Dow Jones U.S. Select Dividend Index measures the performanceof one hundred stocks, selected by dividend yield, subject to screens for dividend-per-sharegrow th rate, dividend payout ratio and trading volume. The S&P 500 Index measures theperformance of the large-cap segment of the U.S. equity market.

Ended September 30, 2016

1-year3-year

Annualized5-year

AnnualizedEvent-Driven Composite 26.00% 8.03% 10.36%Citigroup 3-Month Treasury Bill Index 0.20% 0.09% 0.08%

Ended September 30, 2016

The Event-Driven strategy is an absolute return strategy investing, both long and short, primarilyin companies trading at signif icant differentials to their expected value and that have identif iablecatalysts expected to drive value creation or destruction. Emerging markets are allow ed. Thestrategy may use derivatives but w ill not use leverage. Prior to November 24, 2014, the strategyw as managed by the portfolio managers w hile employed w ith a prior f irm. The Citigroup 3-MonthTreasury Bill is used as a risk-free benchmark, even though it is not reflective of the fullinvestment universe, as this is an absolute return strategy.

US Small Mid Cap Opportunistic Value Equity 1-year3-year

Annualized5-year

AnnualizedComposite 13.68% 5.48% 17.14%Russell 2500 14.44% 7.77% 16.30%

The US Small Mid Cap Opportunistic Value Equity strategy primarily invests in small- and mid-capU.S. value companies. The strategy can invest in American Depositary Receipts. TheComposite's benchmark is the Russell 2000 Index from inception through 12/31/2009 and Russell2500 Index thereafter. The Russell 2500 Index measures the performance of the small- to mid-cap segment of the U.S. equity market. The Russell 2000 Index measures the performance of thesmall-cap segment of the U.S. equity market.

Ended September 30, 2016

1-year3-year

Annualized5-year

AnnualizedOpportunistic Alpha Composite 6.73% 5.41% 11.71%Citigroup 3-Month Treasury Bill Index 0.20% 0.09% 0.08%

Ended September 30, 2016

The strategy invests, both long and short, primarily in North American exchange-listedcompanies above $250 million in market cap at initial purchase. It may employ leverage at amaximum ratio of 2:1. It may invest in initial public offerings, American Depositary Receipts, andemerging market countries. Derivatives w ill be utilized for both hedging and speculativepurposes. Prior to 7/1/15 the Composite w as know n as Long/Short Opportunistic Equity. TheCitigroup 3-Month Treasury Bill Index is an average of treasury bill rates for each of the priorthree months, adjusted to a bond-equivalent basis. There is no independent or custombenchmark available for this strategy. It is used as a risk-free benchmark, even though it is notreflective of the full investment universe as this is an absolute return strategy.

(Page 24 of 24)

2016 Summit Underwriters

Carl T. O’ConnellThe Boston Company Asset Management, LLC

Sandy Sinor and Kevin KuhnerVoya Investment Management

Sunday, October 30, 2016Opening Networking Reception and Private Dinner

Monday, October 31, 20162015 Summit, Breakfast, Luncheon, and Closing Networking Reception

Summit Program2016 Summit Coordinated by:

John E. Thompson, Jr., NSIIP President & Executive DirectorMarty Mans, NSIIP Program Coordinator

2016 Summit Advisors:NSIIP Texas Advisory Board

National Society of Institutional Investment Professionals Board of DirectorsJohn E. Thompson, Jr., President & Executive Director

David J. Pittman, Vice PresidentBill Blythe, Vice President

Jim Harrell, TreasurerRandall L. Kopsa, SecretaryBruce Cox, Director Emeritus