1. 1 Jewish Endowment & Foundation Investment Institute (JEFII) Access to Success The Goals and Vision of the Chairs of the JFNA Investment Institute Alan Leifer, President Leifer Capital Advisers Founder of Boston’s Jewish Community Endowment Pool Co-Chair of JFNA’s Investment Institute Alan@leifer.org www.leifer.org JFNA 2013 Investment Institute February 2013

2. 2 JEF-121219-JEFII JerryBOS JEFII’s Vision Our vision is for the world of Jewish philanthropy to define the standard of excellence in the governance and management of long-term capital.

3. 3 Strong Governance Effective Investment Superior Returns Increased Jewish Philanthropic Resources Ultimate Goal Increasing SAT - The Virtuous Circle of Endowment & Foundation Management

4. The Market Scope: $65 Billion in Jewish Philanthropic Assets Split Among 3000 Organizations $22.7B 1,117 $8.0B 439 $1.6B 100 $0.4B 53 $1.6B 116 $11.6B 322 $12.6B 364 $1.4B 78 $3.8B 196 Source: 2010 JFNA Annual Survey & The Institute for Jewish & Community Research, Foundation Giving 2011

5. 5 Annual Return Requirements and Cost of Investment Programs are Significant ($ in MMs) We Allocate More to Money Managers Than We Do to Israel Source: The Institute for Jewish & Community Research, Foundation Giving 2011, Odmark Consulting

6. We Have Two Ways To Influence The Field Increase Use of Pooling We will encourage Jewish endowments and foundations (E&F) to invest using pooled vehicles that can deliver SAT (size, access, talent) We will introduce and provide access to both internal and external providers Studies show that E&F of >$1B outperform smaller E&F by up to 2.5% per year Influence on Best Practices We will promote broader adoption of investment best practices -Building Staff -Accessing Volunteers -Benchmarking -Asset allocation -Using consultants -Fee awareness -Risk management -Fiduciary responsibility Surveys of Jewish E&Fs show that many are not using best practices and many are underperforming their potential 6

7. 7 JEF-121219-JEFII JerryBOS We Will Become a Trusted Advisor Throughout the Year Trusted Advisor Consulting & Expert Resource Benchmarking Leverage the Network Resource Library Events & Conferences Increase NJFIP Usage 12 3 5 6 4

8. Executing on a 10 Year Plan Will Grow Jewish Philanthropic Assets by $200 MM to >$1 Billion (assuming $0 for Development Impact) Note: Based on $5M cumulative investment of philanthropic capital to fund operations until JEFII achieves breakeven in year 5 Source: Odmark Consulting

9. 9 Strong Governance Effective Investment Superior Returns Gain Share of Jewish Wallet Increased Jewish Philanthropic Resources Ultimate Goal The Virtuous Circle of Endowment & Foundation Management