Ivory Day Clear Investment Consulting Have insight! Will share!! ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Complete Report Ivory Day Clear Investment Consulting Have insight! Will share!!

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20152 TABLE OF CONTENTS

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20153 INTRODUCTION

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20154 INTRODUCTION FINANCIAL INVESTMENT ORGANIZATION DESCRIPTION (Who are we?) Name, Background, History, Experience, Scope, Mission INVESTMENT MANAGER CLIENTS (Who believes and trusts us?) Number, Type, Assets, Examples, Locations, Size INVESTMENT MANAGER CLIENT PROFILES (What do they care about?) Concerns, Interest, Priorities INVESTMENT MANAGER DESCRIPTION (What do we do?) Mission Statement, Goals, Objectives INVESTMENT MANAGEMENT PHILOSOPHY (What do we believe?) Simple Statement

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20155 INTRODUCTION EVIDENCE (Why do we believe it?) Prove it ! Studies, Exhibits, Statistics, Tables, Results INVESTMENT MANAGEMENT STRATEGY (What do we do about it?) Approach, Process, Exhibit, Diagram, Flowchart, Example INVESTMENT PERFORMANCE RESULTS (How have we done?) Investment Horizon, Rolling Periods, Market Cycles, Benchmark Indexes, Peer Universes Risk of Investment, Fidelity to Style, Return on Investment INVESTMENT MANAGEMENT PROFESSIONALS (Who does what?) Names, Experience, Education, Position, Responsibilities INVESTMENT CLIENT BENEFITS (Why should you care?) Professional Quality Investment Management, Professional Quality Client Service

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20156 HUMILITY The Encyclopedia of Ignorance is much larger than the Encyclopedia of Knowledge. SKEPTICISM We are all familiar with optical illusions and understand that often a different perspective will lead to better understanding. Beware of statistical illusions. INTEREST We need to understand what the manager is trying to accomplish and how they intend to do it. THOROUGHNESS Be sure to look at all of the relevant measures of performance in the context of the manager’s stated strategy and the plan sponsor’s investment needs. FAIRNESS Make sure that the Plan Sponsor has appropriate investment horizons and reasonable performance expectations for the Investment Managers. INTRODUCTION: Measures of Consultant / Sponsor Attitude

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20157 RETURN ON INVESTMENT (Higher is Better) Positive average excess returns over relevant market / core / style benchmark indexes over multiple rolling periods and investment horizons. RISK OF INVESTMENT (Smaller Ranges and Larger Values are Better when Excess Returns are Positive) Reasonable range and average excess return tracking error to relevant benchmark indexes over multiple rolling periods and investment horizons. EFFICIENCY OF INVESTMENT (Higher is Better) High information ratio of excess returns relative to appropriate benchmark indexes over multiple rolling periods and investment horizons. FIDELITY TO STYLE (FIT) (Smaller Spreads and Larger Values are Better) Appropriate excess return correlations and spreads to relevant benchmark indexes over multiple rolling periods and investment horizons. PERFORMANCE SUMMARY (Higher is Better) A combination of the previous four measures that summarizes the total effect that the manager achieves. INTRODUCTION: Measures of Investment Performance

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20158 INTRODUCTION: Description of Analysis ENHANCED INVESTMENT PARTNERS, LLC – EIR ACM Active QUARTERLY RETURNS from 1/1/2004 to 12/31/2013 S&P 500 LCM CW INDEX PROXY QUARTERLY RETURNS from 4/1/2010 to 3/31/2011 RUSSELL 3000 ACM CW INDEX PROXY QUARTERLY RETURNS from 1/1/1999 to 3/31/2002

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/20159 INTRODUCTION: Asset Allocation Passive Return Tables

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ INTRODUCTION: Asset Allocation Active Return Tables

Ivory Day Clear Investment Consulting Have insight! Will share!! ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Investment Performance Summary of Results

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ Enhanced Investment Partners, LLC. EIR ACC A Value Added for Plan Participants The Bottom Line:10 Year Average = $8.4 Million per Year Cumulative Dollars for Multiple Years Ending 12/31/2013 Include All Shorter Period Dollars

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Positive In-Between Negative

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ PORTFOLIO Range of Nominal Returns & Risk Statistics (10 Years)

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ PORTFOLIO Range of Excess Returns & Risk Statistics (10 Years)

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ PORTFOLIO Range of Excess Returns & Risk Statistics (10 Years)

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ PORTFOLIO RANGE OF NOMINAL RETURNS Quarterly and Annualized Returns Rolling Quarterly 11 Investment Horizons in 10 Years from 1/1/2003 to 12/31/2012

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ PORTFOLIO RANGE OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEX Quarterly and Annualized Returns Rolling Quarterly 11 Investment Horizons in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ PORTFOLIO RANGE OF EXCESS RETURNS vs. WILSHIRE 5000 ACM CW INDEX Quarterly and Annualized Returns Rolling Quarterly 11 Investment Horizons in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF TRACKING ERRORS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF INFORMATION RATIOS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF CORRELATIONS OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF PERFORMANCE vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF TRACKING ERRORS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF INFORMATION RATIOS vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF CORRELATIONS OF EXCESS RETURNS vs. RUSSELL 3000 MARKET INDEX Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF PERFORMANCE vs. RUSSELL 3000 MARKET INDEX Annualized Five Years Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Fidelity to Investment Style (Fit)

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF SELECTED CORRELATIONS OF NOMINAL RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF SELECTED CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Don’t Mess with Mr. In Between

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF FIRST QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF SECOND QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF THIRD QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ RANGE OF FOURTH QUARTILE CORRELATIONS OF EXCESS RETURNS vs. BENCHMARKS Based on Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ CORRELATION OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEX Based on Annualized Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ CORRELATION OF EXCESS RETURNS vs. RUSSELL 3000 ACM CW INDEX Based on Annualized Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Investment Performance Comparisons

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ SUMMARY OF RESULTS: Positive In-Between Negative

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ Enhanced Investment Partners, LLC. EIR ACC A Value Added for Plan Participants The Bottom Line:10 Year Average = $8.4 Million per Year Cumulative Dollars for Multiple Years Ending 12/31/2013 Include All Shorter Period Dollars

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Cumulative Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS DOLLARS vs. MARKET BENCHMARK Cumulative Quarterly Dollars 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Cumulative Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Cumulative Quarterly Returns 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS DOLLARS vs. MARKET BENCHMARK Cumulative Quarterly Dollars 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS DOLLARS vs. MARKET BENCHMARK Cumulative Quarterly Dollars 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Quarterly Returns (The View from 250 Feet) 40 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK One Year Returns Rolling Quarterly (The View from 1000 Feet) 37 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Annualized Three Year Returns Rolling Quarterly (The View from 3000 Feet) 29 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS RETURNS vs. MARKET BENCHMARK Annualized Five Year Returns Rolling Quarterly (The View from 5000 Feet) 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS STANDARD DEVIATIONS vs. MARKET BENCHMARK Based on Annualized Five Year Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS EFFICIENCY RATIOS vs. MARKET BENCHMARK Based on Annualized Five Year Statistics Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ NOMINAL and EXCESS SHARPE RATIOS vs. MARKET BENCHMARK Based on Annualized Five Year Statistics Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ More Reward More Risk Less Reward Less Risk Less Reward More Risk LARGER SYMBOLS MORE RECENT SMALLER SYMBOLS MORE DISTANT MANAGER EFFICIENCY (Return / Standard Deviation) vs. MARKET BENCHMARK Based on Annualized Five Year Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013 More Reward Less Risk

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ EXCESS RETURNS vs. BENCHMARKS Based on Annualized Five Year Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ EXCESS DOLLARS vs. BENCHMARKS on Base of $100,000,000 Based on Annualized Five Year Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ EXCESS RETURN TRACKING ERROR vs. MARKET BENCHMARK Based on Annualized Five Year Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ INFORMATION RATIO vs. MARKET BENCHMARK Based on Annualized Five Year Statistics Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ CORRELATION OF EXCESS RETURNS vs. MARKET BENCHMARK Based on Annualized Five Years of Returns Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ PERFORMANCE SUMMARY vs. BENCHMARKS Based on Annualized Five Year Statistics Rolling Quarterly 21 Periods in 10 Years from 1/1/2004 to 12/31/2013

Ivory Day Clear Investment Consulting Have insight! Will share!! ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) Investment Performance Analysis Appendix

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ APPENDIX B

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ APPENDIX B

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ APPENDIX B

Ivory Day Clear Investment Consulting Have insight! Will share!! 11/11/ Ivory Day Clear Investment Consulting is an independent investment consulting firm and is not affiliated with any brokerage firm. Ivory Day Clear Investment Consulting is solely responsible for preparing this report. The views and opinions expressed in this report are based on Ivory Day Clear Investment Consulting’s internal projections and should not be relied upon as an indication of future market or manager performance. As such, the information in this report will change in the future should any of the economic conditions or market conditions we used to base our capital market projections change. The performance results include information regarding the historical performance of various indices. An index is an unmanaged, broad- based market index, and investing in the portfolio is not similar to investing in an index. An index is not available for direct investment, and the securities in the index will not match the portfolio’s holdings. In addition, unlike an index, the portfolio’s performance will be affected by fees and expenses. Returns presented reflect the reinvestment of all dividends, interest and realized gains. Past performance does not guarantee, and is not necessarily indicative of, future results. The investment return and principal value of the investment will fluctuate over time. As with any investment, there can be no assurance that the investment objective will be achieved or that an investor will not lose a portion or all of its investment. All investments carry a certain degree of risk and it is important to review investment objectives, risk tolerance, tax objectives, and liquidity needs before choosing an investment style or manager. Disclosures

Ivory Day Clear Investment Consulting Have insight! Will share!! ENHANCED INVESTMENT PARTNERS, LLC – EIR ACC Active Overlay SDIC Quantitative Investment Performance Analysis Report (10Y201312) THANK YOU!!!