REVISIONS AND APPROVAL

Amended and restated by the Investment Committee: April 17, 2020.

Approved and adopted by Board: May 15, 2020.

Updated and adopted by Board: April 30, 2021

Updated and adopted by Board: May 13, 2022This section is provided for operational purposes and may be amended, modified, or deleted by the Investment Committee (or as otherwise directed). Amendment, modification, or deletion of this section does not require any Board permission, review, or approval.

Strategic Targets

To achieve the Portfolio’s objectives, the asset allocation will be based on strategic targets (and ranges). Targets are guidelines, rather than explicit rules, and will be updated by the Investment Advisor as needed to allow the strategy to meet the Portfolio’s objectives.

Following are targets to each of the broad asset categories that represent the Investment Advisor’s current understanding of the appropriate asset allocation for achieving the Portfolio’s objectives.

*Specific allocations not provided so as to give additional flexibility in implementation and allow for flexibility in benchmarking. Outer ranges shown will still apply.