Last Last Last Last Last Last Month to Date           20D (bps) 60D (bps) 12M (bps) 20D/ Target 60D/ Target 12 M/ Target     ER (bps) Portfolio Benchmark MTD YTD SI             P(%) B(%)   US Equity- R1000       95 13 01 101 1.06 1.441 1.12 4.22 4.11 11 Tots! LC                           Passive R1000       0 0 12       4.11 4.11 (0) US Equity- R1000       221 185 178       4.27 4.11 16 Actwe LC                           Manager A R1000V (0.5S) (1.69) (0.11) 2272 23 32 2412 0.6? 0.6 62 0.692 4.32 4.73 (41) Manager B R1000G 1.0S 0.26 1.02 1,235 1.3021 1,162 1.30 1.371 1.22 6.71 3.46 325 Manager C R1000G 0.41 (0.85) 0.23 5S01 956 919 0.771 1.27 1.23 4.60 3.46 114 Manager D R1000G 1.01 (0.59) (1.38) 1,7452 1,6542 1.5011 1.942 1.842 1.671 6.33 3.46 288 Manager E R1000 (1.40) (0.62) (0.21) 162 175   0.81 0.88   3.45 4.11 (66) Manager F S&P 500 0.5S 0.60 (0.09) 85 90   0.85 0.90   4.00 3.76 24 US Equity- R2000       6921 S512 556 1.491 1.832 1.20 11.13 8.03 310 Total SC                           US Equity- R2000G       987 1,013 911       10.78 8.69 209 SCG                           Manager G R2000G 0.52 [0.63) 0.26 1,350 1,891? 1,100 1.50 2.102 1.22 10.34 8.69 165 Manager K R2000G 0.76   (0.87) 936 1.50O1 925 0.94 1.501 0.93 11.22 8.69 252 US Equity- R2000V       544 580 503       11.32 7.48 384 SCV                           Manager L R2000V 1.57 (0.26) 0.64 3192 4052 42 51 0.532 0.6 82 0.711 10.33 7.48 285 Manager M R2000V 2.23 1.37 0.75 1.4231 1,350   1.421 1.35   14.04 7.48 656 In? t-Total EAFE 50%       271 265 248 0.96 0.94 0.88 4.76 4.94 (19) Dev Hdgd                         Passive EAFE         28 69       5.35 5.41 {&) Int'l-Actwe Dev Manager N EAFE       302 304 332       5.46 5.41 6   EAFE (0.46) (0.66) (0.40) 560 575 675 1.02 1.05 1.23 4.96 5.41 (45) Manager O EAFE 0.28 0.65 (0.51) 3852 3902 38 62 0.59 0.562 0.552 6.01 5.41 60 Manager P EAFE (0.09) 0.19 1.01 456 650 587 0.91 1.30 1.17 5.52 5.41 11   Non-US- EMF       3S51 409 564 0.761 0.81 1.11 6.39 6.01 39 Emerg                           Manager Q EMF 0.14 0.38 0.20 402 415 424 0.80 0.83 0.85 6.37 6.01 36 Manager R EMF 0.02 (0.16) (1.63) 725 800 896 0.81 0.89 1.00 6.46 6.01 45 Global FI Leh Agg       78 71 85 1.13 1.03 1.23 (1.73) (1.66) U) Manager S Leh Agg (0.96) (0.60) (0.58) 110 95> 120 0.88 0.761 0.96 (1.92) (1.66) (26) Manager T Leh Agg (1.62) (0.79) (0.72) 1521 135 140 1.521 1.35 1.40 (2.05) (1.66) (39) Passive Leh Agg         3 12       (1.56) (1.66) 10 St rat eg it 0.37 (0.17) (0.16) bellows !Red zon in market volatility or changing correlations and volatilities of the stocks within the portfolio or benchmark can often help explain a manager's deviation from target. Other times there will be clear signals within the portfolio such as significant active over- or underweights that largely contribute to the sizable deviation. If it is determined through internal analysis and research that systematic or market factors aren't sufficient in helping explain a portfolio's deviations from target, then we would suggest immediately initiating contact with the portfolio manager. Manager conversations should focus on two specific areas: (1) gaining a better understanding of what decision factors and exposures have led to the deviations from target and (2) gaining a clear understanding of near-term and long-term expectations regarding the portfolio's tracking error. The decisions that led to the deviation from target help us to better evaluate whether the portfolio manager's exposures are intended exposures, which are more