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HOLDINGS HIGHMARK CAPITAL MANAGEMENT HighMark Plus(Active) Index Plus(Passive) Columbia Contrarian Core Z iShares Core S&P 500 ETF 350 California Street Suite 1600 Vanguard Growth&Income Adm iShares S&P 500Nalue San Francisco, CA 94104 Dodge&Cox Stock Fund iShares S&P 500/Growth 800-582-4734 Harbor Capital Appreciation iShares Russell Mid-Cap ETF www.highmarkcapital.com T. Rowe Price Growth Stock Vanguard REIT ETF iShares Russell Mid-Cap ETF iShares Russell 2000 Value ABOUT THE ADVISER Vanguard REIT ETF iShares Russell 2000 Growth , Capital Management, Inc. (HighMark)has Undiscovered Managers Behavioral Value iShares MSCI EAFE over 90 years(including predecessor organizations)of institutional money management experience with more T.Rowe Price New Horizons Vanguard FTSE Emerging Markets ETF than$14.0 billion in assets under management. Nationwide Ballard International Equities Vanguard Short-Term Invest-Grade Adm HighMark has a long term disciplined approach to Dodge&Cox International Stock iShares Core U.S.Aggregate a wide array money manaoement and currently manages assets for of clients. MFS International Growth I PowerShares Senior Loan Hartford Schroders Emerging Markets Eq First American Government Obligations Z ABOUT THE PORTFOLIO MANAGEMENT TEAM Andrew Brown,CFA® Vanguard Short-Term Invest-Grade Adm Senior Portfolio Manager PIMCO Total Return Investment Experience: since 1994 Prudential Total Return HighMark Tenure: since 1997 Holdings are subject to change at the Education: MBA. University of Southern California: Nationwide Loomis Bond discretion of the investment manager. BA, University of Southern California Eaton Vance Floating Rate&High Income Salvatore"Tory" Milazzo III.CFA= First American Government Obligations Z Senior Portfolio Manager Investment Experience: since 2004 HighMark Tenure: since 2014 STYLE Education BA. Colgate University Large Cap Value Real Estate 10.0% 1.8% Small Cap J. Keith Stribling,CFA® 10.5% Senior Portfolio Manager Cash Investment Experience: since 1985 2.2% HighMark Tenure: since 1995 Education: BA. Stetson University Interm-Term Bond 17.8% Christiane Tsuda Senior Portfolio Manager Intl Stocks Investment Experience: since 1987 20.2% Floating Rate Note HighMark Tenure: since 2010 1.0% Education: BA, International Christian University.Tokyo Short-Term Bond Anne Wimmer,CFA"- 4.0% Senior Portfolio Manager Mid Cap Investment Experience: since 1987 5.5% HighMark Tenure: since 2007 Large Cap Growth Large Cap Core Education. BA. University of California. Santa Barbara 6.2% 20.9% Randy Yurchak, CFA Senior Portfolio Manager The performance records shown represent size-weighted composites of tax exempt accounts that meet the following criteria: Investment Experience' since 2002 Composites are managed by HighMark's HighMark Capital Advisors(HCA)with full investment authority according to the PARS Capital Appreciation active and passive objectives and do not have equity concentration of 25%or more in one HighMark Tenure: since 2017 common stock security. Education: MBA;Arizona State University: The adviser to the PARS portfolios is US Bank,and HighMark serves as sub-adviser to US Bank to manage these portfolios. BS. University of Washington US Bank may charge clients as much as 0.60%annual management fee based on a sliding scale.As of December 31,2017, the blended rate is 0.58%.US Bank pays HighMark 60%of the annual management fee for assets sub-advised by HighMark under its sub-advisory agreement with US Bank.The 36 basis points paid to HighMark,as well as other expenses that may Asset Allocation Committee be incurred in the management of the portfolio,will reduce the portfolio returns.Assuming an investment for five years,a 5% annual total return,and an annual sub-advisory fee rate of 0.36%deducted from the assets at market at the end of each year, Number of Members: 16 a 10 million initial value would grow to$12.54 million after fees(Net-of-Fees)and$12.76 million before fees(Gross-of-Fees). Average Years of Experience: 26 Additional information regarding the firm's policies and procedures for calculating and reporting performance results is g p available upon request.in Q1 2010,the PARS Composite definition was changed from$750,000 minimum to no minimum. Average Tenure(Years): 13 Performance results are calculated and presented in U.S.dollars and do not reflect the deduction of investment advisory fees,custody fees,or taxes but do reflect the deduction of trading expenses.Returns are calculated based on trade-date accounting. Manager Review Group Blended benchmarks represent HighMark's strategic allocations between equity,fixed income,and cash and are rebalanced Number of Members:7 monthly.Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the Average Years of Experience: 20 reinvestment of dividends and other earnings.An investor cannot invest directly in an index.The unmanaged S&P 500 Index is representative of the performance of large companies in the U.S.stock market.The MSCI EAFE Index is a free float- Average Tenure(Years):7 adjusted market capitalization index designed to measure developed market equity performance,excluding the U.S.and Canada.The MSCI Emerging Markets Free Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.The Russell Midcap Index measures the performance of the mid-cap segment of the U.S.equity universe.The Russell 2000 Index measures the performance of the small-cap segment of the U.S.equity universe.The US High Yield Master II Index tracks the performance of below investment grade U.S.dollar-denominated corporate bonds publicly issued in the U.S.domestic market.Wilshire REIT index measures U.S. publicly traded Real Estate Investment Trusts.The unmanaged Bloomberg Barclays Capital(BC)U.S.Aggregate Bond Index is generally representative of the U.S.taxable bond market as a whole.The Merrill Lynch(ML)1-3 Year U.S.Corporate &Government Index tracks the bond performance of The ML U.S.Corporate&Government Index,with a remaining term to final maturity less than 3 years.The unmanaged Citigroup 1-Month Treasury Bill Index tracks the yield of the 1-month U.S. Treasury Bill. HighMark Capital Management,Inc. (HighMark),an SEC-registered investment adviser,is a wholly owned subsidiary of MUFG Union Bank,N.A.(MUB).HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations,public agencies,public and private retirement plans,and personal trusts of all sizes.It may also serve as sub-adviser for mutual funds,common trust funds,and collective investment funds.MUB,a subsidiary of MUFG Americas Holdings Corporation,provides certain services to HighMark and is compensated for these services.Past performance does not guarantee future results.Individual account management and construction will vary depending on each client's investment needs and objectives.Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency,are NOT Bank deposits,are NOT guaranteed by the Bank or any Bank affiliate,and MAY lose value,including possible loss of principal.