Alpha Capital Management has partnered with Nasdaq to deliver the industry’s first suite of OCIO indices. The Alpha Nasdaq OCIO Indices are aimed at creating transparency for the OCIO industry and are designed to give investors and OCIO firms the ability to objectively measure OCIO performance against peers.

Alpha Nasdaq OCIO IndexCreating transparency for institutional investing

For more information, contact: support@alphanasdaqocio.com.

CONTRIBUTING OCIOs

ACGAgilityAngeles Investment AdvisorsAtlanta Consulting GroupBeacon PointeBNY MellonBrown AdvisoryCanterbury ConsultingClearstead AdvisorsCommonfundCornerStone Partners

Crewcial PartnersDeMarcheEdgehill Endowment PartnersFEG Investment AdvisorsFidelity Institutional Mgmt.Fiducient AdvisorsGallagherGlobal Endowment Mgmt.JPMorgan Asset Mgmt.KF AdvisorsLowe, Brockenbrough

Marquette AssociatesMeketa Investment GroupMEMCONEPCNorthern Trust Asset Mgmt.PFM Asset Mgmt.PNC Institutional Asset Mgmt.RockCreekRussell InvestmentsSEISilvercrest Asset Mgmt.

Spider ManagementSterling Capital Mgmt.Strategic Investment GroupTIFF Investment Mgmt.US Bank Inst. Asset Mgmt.VanguardVerger CapitalVerusWespath Institutional Inv.Wilshire Associates

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Q2 2021 PERFORMANCE RESULTS

Index MRQ 1 YR 3 YR 5 YR 7 YR 10 YR

Broad Market Index 5.55 23.05 11.10 10.15 7.75 8.25

Defined Benefit Pension Plans Index 5.65 18.24 11.35 9.83 7.91 8.65

Endowments & Foundations Index 5.70 27.28 11.20 10.74 7.81 8.13

Healthcare Operating Reserves Index 4.90 23.45 9.97 9.45 7.06 7.46

Insurance Reserves Index 4.59 19.78 9.96 --- --- ---

Aggressive Asset Allocation Index 6.65 34.02 13.25 --- --- ---

Moderately Aggressive Asset Allocation Index 6.08 29.56 12.16 11.54 8.29 8.40

Moderate Asset Allocation Index 5.34 24.51 10.81 10.32 7.73 8.25

Moderately Conservative Asset Allocation Index 5.26 15.19 9.80 8.59 7.02 7.85

Conservative Asset Allocation Index 4.71 4.93 8.41 6.37 5.84 6.96

MSCI ACWI 7.53 39.87 15.14 15.20 10.32 10.48

S&P 500 8.55 40.79 18.67 17.65 14.10 14.84

Bloomberg Barclays US Aggregate 1.83 -0.33 5.34 3.03 3.28 3.39

60% MSCI ACWI / 40% Bloomberg Barclays US Aggregate 5.23 22.51 11.56 10.47 7.71 7.86

60% S&P 500 / 40% Bloomberg Barclays US Aggregate 5.84 23.02 13.64 11.89 9.93 10.39

--- Indicates there are fewer than 15 observations for that time period

For more information, contact: support@alphanasdaqocio.com.

Methodology & DisclosuresAlpha Nasdaq OCIO Index

Data SourceThe AlphaNasdaq OCIO indices are based on anonymized account-level return streams, asset allocation and metadata reported directly by OCIO firms. The Alpha NASDAQ OCIO indices use this anonymously reported data to construct a family of indices that represent the broad OCIO market along with variations of the OCIO market to more appropriately reflect the nuances across sub-categories, such as plan type and risk profile.

Index Constituents The broad market AlphaNasdaq OCIO index includes all account-level returns streams reported by OCIOs. The plan type AlphaNasdaq OCIO indices are based on the associated plan type for each account as reported by each OCIO. The risk-based AlphaNasdaq OCIO indices are based on the asset allocation for each account as reported by each OCIO. Below are the number of observations included in each of the AlphaNasdaq OCIO indices as of 6/30/2021. Unreported periods have fewer than 15 observations.

Index MRQ 1 YR 3 YR 5 YR 7 YR 10 YR

Broad Market Index 1114 874 655 391 331 221

Defined Benefit Pension Plans Index 427 349 260 175 155 109

Endowments & Foundations Index 519 385 307 154 120 77

Healthcare Operating Reserves Index 63 58 50 30 27 15

Insurance Reserves Index 45 25 18 --- --- ---

Aggressive Asset Allocation Index 65 26 22 --- --- ---

Moderately Aggressive Asset Allocation Index 300 174 139 61 51 36

Moderate Asset Allocation Index 480 449 336 210 177 112

Moderately Conservative Asset Allocation Index 170 149 111 71 60 42

Conservative Asset Allocation Index 99 76 67 39 34 25

Risk Category BandsThe risk-based AlphaNasdaq OCIO indices are constituted based on the account-level asset allocation. Asset allocation is collected across 25 asset classes. Each asset class is defined as Growth or Risk-Mitigating based on the relative historical volatility of each asset class. Accounts in each risk-based index are reviewed annually (Q1 reported data) to determine if an account has shifted into a new risk category. The risk-based index thresholds are defined as:

• Aggressive: 0-20% allocation to risk-mitigating asset classes• Moderately Aggressive: 21-30% allocation to risk-mitigating asset classes• Moderate: 31-50% allocation to risk-mitigating asset classes• Moderately Conservative: 51-75% allocation to risk-mitigating asset classes• Conservative: 76-100% allocation to risk-mitigating asset classes

Calculation MethodologyEach of the AlphaNasdaq OCIO indices are calculated using the average net of fees return, as reported by each OCIO, for all the constituents within a given index. All constituents are equally weighted in each respective index. A minimum of 15 accounts are required to create a sub-category of the AlphaNasdaq OCIO Broad Market index.

Index InclusionTo be included in any of the AlphaNasdaq OCIO indices, account size must be $50m or greater, must be fully discretionary, represent a US-based client, and the performance must be live client performance net of all fees. Defined Contribution accounts are excluded. Accounts already included in the index that fall below $50m due to market activity are granted a 10% allowance below the $50m threshold to remain in the index.