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Performance Expectations <br /> Over the long-term, five years or longer, the performance objective for the Trust will be to achieve an <br /> average total annual rate of return that is equal to or greater than the Trust's actuarial discount rate. <br /> Additionally, it is expected that the annual rate of return on Trust assets will be commensurate with the <br /> then prevailing investment environment. Measurement of this return expectation will be judged by <br /> reviewing returns in the context of industry standard benchmarks, peer universe comparisons for <br /> individual Trust investments and blended benchmark comparisons for the Trust in its entirety. <br /> Selection of Investment Managers <br /> The Advisor shall prudently select appropriate Managers to invest the assets of the Trust. Managers <br /> must meet the following criteria: <br /> — The Manager must provide historical quarterly performance data compliant with Global Investment <br /> Performance Standards (GIPS'), Securities & Exchange Commission ("SEC"), Financial Industry <br /> Regulatory Agency ("FINRA") or industry recognized standards, as appropriate. <br /> — The Manager must provide detailed information on the history of the firm, key personnel, support <br /> personnel, key clients, and fee schedule (including most-favored-nation clauses). This information <br /> can be a copy of a recent Request for Proposal ("RFP") completed by the Manager or regulatory <br /> disclosure. <br /> — The Manager must clearly articulate the investment strategy that will be followed and document that <br /> the strategy has been successfully adhered to over time. <br /> — The investment professionals making the investment decisions must have a minimum of three (3) <br /> years of experience managing similar strategies either at their current firm or at previous firms. <br /> — Where other than common funds such as mutual funds or commingled trusts are utilized,the Manager <br /> must confirm receipt, understanding and adherence to this Policy Statement and any investment <br /> specific policies by signing a consent form provided to the Manager prior to investment of Trust <br /> assets. <br /> Guidelines for Portfolio Holdings <br /> Direct Investments by Advisor <br /> Every effort shall be made, to the extent practical, prudent and appropriate, to select investments that <br /> have investment objectives and policies that are consistent with this Policy Statement(as outlined in the <br /> following sub-sections of the "Guidelines for Portfolio Holdings"). However, given the nature of the <br /> investments, it is recognized that there may be deviations between this Policy Statement and the <br /> objectives of these investments. <br /> Limitations on Portfolio Holdings <br /> EQUITIES <br /> 7 <br />