No preview available
HomeMy WebLinkAbout11-16-22Tamarac Firefighters' Pension Trust Fund Quarterly Performance Summary As of September 30, 2022 Scott Owens, CFAâ, CIMAâ Managing Director - Wealth Management Institutional Consulting Director Corporate Retirement Director Impact Investing Director Alternative Investment Director Scott.Owens@msgraystone.com (813) 227-2027 Andy McIlvaine, CIMAâ Associate Vice President Institutional Consultant Financial Advisor - Wealth Management Andy.McIlvaine@msgraystone.com (813) 227-2160 Tamarac Firefighters' Pension Trust Fund Goal Review as of September 30, 2022 Goals: The General investment objectives of the Board are as follows: 1. Establish a Prudent Investment Program Although the Retirement Plan is not covered by the Employee Retirement Income Security Act of 1974 (ERISA), the assets of this fund shall be invested in a manner consistent with the fiduciary standard set forth in ERISA, as though ERISA applied to the Pension Fund; namely, (1) in accordance with the safeguards and diversity to which a prudent investor would adhere (2) and all transactions undertaken on behalf of the Fund must be for the sole interest of Plan participants and their beneficiaries to provide benefits and pay the expenses of the Fund. The pension investment program must operate in compliance with all applicable State and Federal laws and regulations concerning the investment of pension assets. 2. Achieve Growth in Purchasing Power Primary investment emphasis must be placed upon the consistent protection of the funds assets and growth performance, i.e., the achievement of adequate investment growth must not be at the expense of the protection of the assets over the investment horizon. More specific investment objectives established by the Board include the following: • The Fund should earn a return over time exceeding the assumed actuarial rate of return. In addition, the Fund should earn a return greater than inflation, as measured by the Consumer Price Index, by 4.0% per year. It is also consistent with the Board's objective to enhance the purchasing power of the Funds. • Individual investment managers will not be measured against the aggregate fund objective stated above. They will be compared to appropriate market indices, and the performance of other managers who utilize a similar investment style. (source: November 2020: IPS) The price, quotes, and statistics contained herein have been obtained from sources believed to be reliable, however, it’s accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 2 Timeline: • August 2022: International Growth Mgr Search • June 2021: Removed: HFOF • November 2020: • Infrastructure Fund Search • Investment Policy Statement • August 2020: Infrastructure Fund Search • June 2020: • Added: Fund of Hedge Funds • Added: Fixed Income Alt. Manager • May 2020: • Infrastructure Fund Search • Investment Policy Statement • February 2020: • FOHF / Alt. Search • Asset Allocation Study • Infrastructure Education • Private Equity & Credit Education • May 2019: • LCV Manager Search • Int’l Value Manager Search • Int’l Growth Manager Search • October 2018: Replaced: Large-Cap Growth Mgr • September 2018: Investment Policy Statement • August 2018: Removed: MLP • June 2018: • LCG Manager Search • Fixed Income Manager Search • Asset Allocation Study • Private Equity & Credit Education • September 2017: LCG Manager Search • March 2017: Replaced: Int’l Value Manager • January 2017: • Int’l Value Manager Search • Asset Allocation Study • November 2016: Investment Policy Statement • August 2016: Investment Policy Statement • January 2016: Replaced: Fixed Income Manager • November 2015: Fixed Income Manager Search • October 2014: • Added: Fund of Hedge Funds • Added: MLP • September 2014: • Removed: Small-Cap Core Manager • Investment Policy Statement • August 2014: • FOHF Search • MLP Search • Asset Allocation Study • March 2014: Alts Education • October 2013: Asset Allocation Study • August 2013: Added: Mid-Cap Value Manager • April 2013: Investment Policy Statement • February 2013: MCV & SCV Manager Search • September - October 2012: SCV & SCG Mgr Search • July 2012: Added: Private Real Estate Fund • May 2012: Investment Policy Statement • August 2011: Int’l Value Manager Search • May 2011: Int’l Value Manager Search • February 2010: Investment Policy Statement U.S. Equity Market % Returns for the Period Ending September 30, 2022 S&P 500 Sector % Returns for the Period Ending September 30, 2022 Quarter to Date Year to Date 12 Months Three Years (annualized) Five Years (annualized) Seven Years (annualized) Ten Years (annualized) S&P 500 Index (4.88) (23.87) (15.47) 8.16 9.24 11.40 11.70 Dow Jones Industrial Average (6.17) (19.72) (13.40) 4.36 7.42 10.97 10.45 Russell 3000 Index (4.46) (24.62) (17.63) 7.70 8.62 10.90 11.39 Russell 3000 Value Index (5.56) (17.97) (11.79) 4.37 5.11 8.10 9.08 Russell 3000 Growth Index (3.37) (30.57) (23.01) 10.16 11.57 13.28 13.36 Russell 1000 Index (4.61) (24.59) (17.21) 7.95 9.00 11.15 11.60 Russell 1000 Value Index (5.62) (17.75) (11.36) 4.36 5.29 8.15 9.17 Russell 1000 Growth Index (3.60) (30.66) (22.59) 10.67 12.17 13.74 13.70 Russell Midcap Index (3.44) (24.27) (19.39) 5.19 6.48 8.79 10.30 Russell Midcap Value Index (4.93) (20.36) (13.56) 4.50 4.75 7.66 9.44 Russell Midcap Growth Index (0.65) (31.45) (29.50) 4.26 7.63 9.54 10.85 Russell 2000 Index (2.19) (25.10) (23.50) 4.29 3.55 7.51 8.55 Russell 2000 Value Index (4.61) (21.12) (17.69) 4.73 2.87 7.42 7.94 Russell 2000 Growth Index 0.24 (29.28) (29.27) 2.94 3.60 7.12 8.81 Quarter to Date Consumer Discretionary 4.36 Energy 2.35 Financials (3.10) Industrials (4.72) Health Care (5.18) Utilities (5.99) Technology (6.21) Consumer Staples (6.62) Materials (7.13) Real Estate (11.03) Communication Services (12.71) Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as of September 30, 2022 Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: PARis Page 4 Developed Markets Equity % Returns for the Period Ending September 30, 2022 U.S. Dollar Local Currency Emerging Markets Equity % Returns for the Period Ending September 30, 2022 U.S. Dollar Local Currency Quarter to Date Year to Date 12 Months 3 Years 5 Years Regional and Other Multi-Country Indices MSCI EAFE (9.36) (27.09) (25.13) (1.83) (0.84) MSCI Europe (10.15) (28.83) (24.80) (1.72) (1.24) MSCI Far East (8.35) (25.07) (27.97) (2.62) (0.56) MSCI Pacific ex. Japan (8.82) (18.72) (18.79) (1.39) 0.59 MSCI The World (6.08) (25.13) (19.25) 5.06 5.84 MSCI World ex. U.S. (9.20) (26.23) (23.91) (1.21) (0.39) National Indices MSCI Hong Kong (16.97) (19.39) (22.25) (4.18) (2.34) MSCI Ireland (5.41) (39.02) (38.64) (3.15) (3.87) MSCI Japan (7.52) (26.11) (29.02) (2.29) (0.26) MSCI Singapore (2.80) (20.47) (23.34) (5.85) (2.27) Quarter to Date Year to Date 12 Months 3 Years 5 Years (3.52) (14.06) (10.66) 2.98 3.33 (4.10) (16.68) (11.21) 1.82 2.78 (3.24) (9.02) (10.17) 5.71 3.79 (4.43) (11.17) (11.61) (0.02) 3.34 (4.31) (21.61) (15.17) 6.54 N/A (3.31) (13.79) (10.10) 3.30 3.60 (16.94) (18.86) (21.63) (4.14) (2.24) 0.95 (29.21) (27.41) 0.37 1.37 (1.47) (7.12) (7.91) 7.70 4.88 1.22 (14.84) (18.15) (4.41) (1.01) Quarter to Date Year to Date 12 Months 3 Years 5 Years Regional and Other Multi-Country Indices MSCI EM (11.42) (26.90) (27.80) (1.71) (1.44) National Indices MSCI China (22.44) (31.12) (35.29) (7.06) (5.42) MSCI Malaysia (7.08) (17.37) (15.88) (6.10) (4.42) MSCI Taiwan (14.03) (35.39) (29.91) 11.15 8.89 MSCI Thailand (2.80) (9.36) (6.61) (7.67) (2.00) Quarter to Date Year to Fixed Income % Returns for the Period Ending September 30, 2022 Quarter to Date Year to Date 12 Months Three Years (annualized) Five Years (annualized) Seven Years (annualized) Ten Years (annualized) U.S. Fixed Income 90-Day T-Bills 0.45 0.62 0.63 0.57 1.13 0.92 0.66 Barclays Aggregate (4.75) (14.61) (14.60) (3.26) (0.27) 0.54 0.89 Barclays Credit (4.95) (18.07) (17.89) (3.61) (0.05) 1.39 1.58 Barclays Govt/Credit (4.56) (15.10) (14.95) (3.15) (0.05) 0.78 1.02 Barclays Government (4.30) (12.95) (12.81) (3.05) (0.20) 0.19 0.52 Barclays High Yield (0.64) (14.73) (14.15) (0.47) 1.56 4.12 3.94 Barclays Intermediate Govt/Credit (3.06) (9.62) (10.14) (1.64) 0.38 0.80 1.00 Barclays Long Govt/Credit (9.03) (28.94) (27.41) (7.35) (1.17) 1.01 1.35 Barclays Mortgage Backed (5.35) (13.66) (13.98) (3.67) (0.92) (0.11) 0.51 Barclays Municipal (3.46) (12.13) (11.50) (1.85) 0.59 1.33 1.79 Global Fixed Income Merrill Lynch Global High Yield (2.61) (18.90) (19.50) (2.80) (0.32) 2.87 2.93 Barclays Global Treasury ex. US (9.77) (26.32) (27.93) (9.55) (5.07) (2.41) (2.63) Barclays Capital Majors ex. U.S. (10.00) (26.94) (28.36) (10.37) (5.30) (2.71) (3.39) Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as of September 30, 2022 Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: PARis Page 6 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 -45.0 Return Current Quarter YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Total Fund Policy Index 90-Day T-Bills -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%) -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 04/01/2002 Total Fund -4.54 -17.07 -17.07 3.94 4.64 6.17 6.71 6.06 Policy Index -4.62 -14.83 -14.83 3.98 5.06 6.73 7.03 6.40 Differences 0.08 -2.24 -2.24 -0.04 -0.42 -0.56 -0.32 -0.34 Current Quarter Fiscal YTD Executive Summary Policy Target In Policy Outside Policy 0.0% 15.0% 30.0% 45.0% 60.0% 75.0% 90.0% 105.0% Non-Managed Account $1,434.5K (1.1%) 0.0% - 5.0% Alternatives $18,647.7K (14.4%) 0.0% - 17.5% Fixed Income $27,428.7K (21.2%) 15.0% - 25.0% Global Equity $81,573.4K (63.2%) 60.0% - 70.0% 0.0% 15.0% 20.0% 65.0% Tamarac Firefighters' Pension Trust Fund Asset Allocation Compliance as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 8 Executive Summary Policy Target In Policy Outside Policy 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Non-Managed Account $1,434.5K (1.1%) 0.0% - 5.0% Mainstay - Global Infrastructure $7,093.9K (5.5%) 0.0% - 7.5% Blackrock - Global L/S Credit $2,831.5K (2.2%) 0.0% - 4.1% Blackstone - Multi-Strategy $2,847.8K (2.2%) 0.0% - 4.1% UBS - Private Real Estate $5,874.5K (4.6%) 0.0% - 10.0% Garcia Hamilton - Interm Fixed Income $27,428.7K (21.2%) 15.0% - 25.0% Renaissance - International Growth $6,204.9K (4.8%) 5.0% - 10.0% ClearBridge - International Value $9,596.6K (7.4%) 5.0% - 10.0% MDT Advisers - Mid Cap Growth $6,748.5K (5.2%) 3.8% - 6.2% Kennedy - Mid Cap Value $7,505.7K (5.8%) 3.8% - 6.2% Polen - Large Cap Growth $24,203.3K (18.7%) 17.5% - 22.5% Cambiar Investors Inc - Large Cap Value $27,314.4K (21.2%) 17.5% - 22.5% 0.0% 5.0% 2.5% 2.5% 5.0% 20.0% 7.5% 7.5% 5.0% 5.0% 20.0% 20.0% Tamarac Firefighters' Pension Trust Fund Asset Allocation Compliance as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 9 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Cambiar Investors Inc - Large Cap Value Russell 1000 Value 90-Day T-Bills -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%) -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 12/01/2005 Cambiar - Large Cap Value -4.51 -12.64 -12.64 8.08 6.89 9.30 10.32 7.38 Russell 1000 Value -5.62 -11.36 -11.36 4.36 5.29 8.15 9.17 6.74 Differences 1.11 -1.28 -1.28 3.72 1.60 1.15 1.15 0.64 Current Quarter Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 20.0 40.0 -20.0 -40.0 -60.0 Return Current Quarter Fiscal YTD 1 Year 3 Years Since Inception Polen - Large Cap Growth Russell 1000 Gr 90-Day T-Bills -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years Inception 11/01/2018 Polen - Large Cap Growth -4.82 -33.61 -33.61 5.39 8.96 Russell 1000 Gr -3.60 -22.59 -22.59 10.67 11.72 Differences -1.22 -11.02 -11.02 -5.28 -2.76 Current Quarter Fiscal YTD 1 Year 3 Years Inception 11/01/2018 Polen - Large Cap Growth Beginning Market Value 22,749 33,230 33,230 23,943 21,762 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Since Inception Kennedy - Mid Cap Value Russell Midcap Value 90-Day T-Bills -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 09/01/2013 Kennedy - Mid Cap Value -1.54 -13.48 -13.48 7.30 6.16 9.53 9.22 Russell Midcap Value -4.93 -13.56 -13.56 4.50 4.75 7.66 7.99 Differences 3.39 0.08 0.08 2.80 1.41 1.87 1.23 Current Quarter Fiscal YTD Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 20.0 40.0 -20.0 -40.0 -60.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception MDT Advisers - Mid Cap Growth Russell Midcap Growth 90-Day T-Bills -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2007 MDT Advisers - Mid Cap Growth -1.65 -25.89 -25.89 7.21 10.25 11.47 12.82 10.12 Russell Midcap Growth -0.65 -29.50 -29.50 4.26 7.63 9.54 10.85 8.23 Differences -1.00 3.61 3.61 2.95 2.62 1.93 1.97 1.89 Current Quarter Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 -15.0 -30.0 -45.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception ClearBridge - International Value MSCI AC World ex US Net 90-Day T-Bills -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Inception 04/01/2017 ClearBridge - Intl Value -6.93 -18.27 -18.27 1.07 -2.36 -0.13 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 1.38 Differences 2.98 6.90 6.90 2.59 -1.55 -1.51 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 -45.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Renaissance - International Growth MSCI AC World ex US Net 90-Day T-Bills -2.0 0.0 2.0 4.0 6.0 8.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 01/01/2009 Renaissance - Intl Growth -10.00 -26.49 -26.49 -3.19 -3.36 1.34 3.04 5.03 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 3.29 3.01 5.22 Differences -0.09 -1.32 -1.32 -1.67 -2.55 -1.95 0.03 -0.19 Current Quarter Fiscal Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 6.0 -6.0 -12.0 -18.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception Garcia Hamilton - Interm Fixed Income BC Gov/Cr Intm 90-Day T-Bills 0.6 0.7 0.8 0.9 1.0 1.1 Return (%) -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Inception 02/01/2016 Garcia Hamilton - Interm Fixed Income -4.19 -9.04 -9.04 -1.65 0.44 0.93 BC Gov/Cr Intm -3.06 -10.14 -10.14 -1.64 0.38 0.76 Differences -1.13 1.10 1.10 -0.01 0.06 0.17 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Inception Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 8.0 -8.0 -16.0 -24.0 Return Current Quarter Fiscal YTD 1 Year Since Inception Blackrock - Global L/S Credit HFRX Fixed Income - Credit Index 90-Day T-Bills -3.6 -3.0 -2.4 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 Return (%) -2.7 -1.8 -0.9 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackrock - Global L/S Credit -0.66 -8.41 -8.41 0.65 07/01/2020 HFRX Fixed Income - Credit Index -1.05 -13.81 -13.81 -1.91 Differences 0.39 5.40 5.40 2.56 Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackrock - Global L/S Credit 07/01/2020 Beginning Market Value 4,375 4,745 4,745 2,882 Net Contributions -1,530 -1,530 -1,530 20 Fees/Expenses - - - - Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 5.0 10.0 -5.0 -10.0 -15.0 Return Current Quarter Fiscal YTD 1 Year Since Inception Blackstone - Multi-Strategy HFRX Global Hedge Fund 90-Day T-Bills -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Return (%) -1.4 -0.7 0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 6.3 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackstone - Multi-Strategy -1.27 -6.96 -6.96 2.67 07/01/2020 HFRX Global Hedge Fund 0.51 -4.50 -4.50 2.98 Differences -1.78 -2.46 -2.46 -0.31 Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackstone - Multi-Strategy 07/01/2020 Beginning Market Value 4,488 4,762 4,762 2,903 Net Contributions -1,590 -1,590 -1,590 -140 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 8.0 16.0 24.0 32.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception UBS - Private Real Estate NCREIF Property Idx 90-Day T-Bills -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Return (%) -2.4 -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2012 UBS - Private Real Estate 0.02 17.36 17.36 7.63 5.96 6.28 7.76 7.89 NCREIF Property Idx 0.57 16.07 16.07 9.91 8.62 8.46 9.48 9.57 Differences -0.55 1.29 1.29 -2.28 -2.66 -2.18 -1.72 -1.68 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 -4.0 -8.0 -12.0 -16.0 Return Current Quarter Fiscal YTD 1 Year Since Inception Mainstay - Global Infrastructure DJ Brookfield Gbl Infra Comp TR 90-Day T-Bills -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Mainstay - Global Infrastructure -9.31 -8.61 -8.61 -7.54 05/01/2021 DJ Brookfield Gbl Infra Comp TR -10.22 -7.24 -7.24 -4.30 Differences 0.91 -1.37 -1.37 -3.24 Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Mainstay - Global Infrastructure 05/01/2021 Beginning Market Value 7,822 7,046 7,046 7,197 Net Contributions - 737 737 737 Fees/Expenses - - - - Income 60 60 60 60 Allocation Market Value ($) % Performance(%) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Fund 129,084,327 100.00 -4.54 -17.07 -17.07 3.94 4.64 6.17 6.71 6.06 04/01/2002 Total Fund (net) -4.65 -17.47 -17.47 3.45 4.14 5.66 6.17 5.57 Policy Index -4.62 -14.83 -14.83 3.98 5.06 6.73 7.03 6.40 Domestic Equity Cambiar Investors Inc - Large Cap Value 27,314,414 21.16 -4.51 -12.64 -12.64 8.08 6.89 9.30 10.32 7.38 12/01/2005 Cambiar Investors Inc - Large Cap Value (net) -4.63 -13.11 -13.11 7.53 6.33 8.75 9.74 6.84 Russell 1000 Value -5.62 -11.36 -11.36 4.36 5.29 8.15 9.17 6.73 Polen - Large Cap Growth 24,203,256 18.75 -4.82 -33.61 -33.61 5.39 N/A N/A N/A 8.96 11/01/2018 Polen - Large Cap Growth (net) -4.92 -33.95 -33.95 4.87 N/A N/A N/A 8.46 Russell 1000 Gr -3.60 -22.59 -22.59 10.67 N/A N/A N/A 11.72 Kennedy - Mid Cap Value 7,505,683 5.81 -1.54 -13.48 -13.48 7.30 6.16 9.53 N/A 9.22 09/01/2013 Kennedy - Mid Cap Value (net) -1.93 -14.15 -14.15 6.51 5.37 8.63 N/A 8.32 Russell Midcap Value -4.93 -13.56 -13.56 4.50 4.75 7.66 N/A 7.98 MDT Advisers - Mid Cap Growth 6,748,452 5.23 -1.65 -25.89 -25.89 7.21 10.25 11.47 12.82 10.12 08/01/2007 MDT Advisers - Mid Cap Growth (net) -1.85 -26.58 -26.58 6.26 9.28 10.49 11.78 9.14 Russell Midcap Growth -0.65 -29.50 -29.50 4.26 7.63 9.54 10.85 8.22 International Equity ClearBridge - International Value 9,596,607 7.43 -6.93 -18.27 -18.27 1.07 -2.36 N/A N/A -0.13 04/01/2017 ClearBridge - International Value (net) -7.08 -18.90 -18.90 0.43 -2.97 N/A N/A -0.72 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 N/A N/A 1.38 MSCI AC World ex US Value Net -10.44 -20.02 -20.02 -2.15 -2.12 N/A N/A -0.16 Renaissance - International Growth 6,204,943 4.81 -10.00 -26.49 -26.49 -3.19 -3.36 1.34 3.04 5.03 01/01/2009 Renaissance - International Growth (net) -10.17 -26.99 -26.99 -3.80 -3.97 0.70 2.38 4.38 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 3.29 3.01 5.22 Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 21 Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of September 30, 2022 Allocation Market Value ($) % Performance(%) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Fixed Income Garcia Hamilton - Interm Fixed Income 27,428,713 21.25 -4.19 -9.04 -9.04 -1.65 0.44 N/A N/A 0.93 02/01/2016 Garcia Hamilton - Interm Fixed Income (net) -4.25 -9.27 -9.27 -1.89 0.19 N/A N/A 0.68 BC Gov/Cr Intm -3.06 -10.14 -10.14 -1.64 0.38 N/A N/A 0.76 Alternatives Blackrock - Global L/S Credit 2,831,508 2.19 -0.66 -8.41 -8.41 N/A N/A N/A N/A 0.65 07/01/2020 Blackrock - Global L/S Credit (net) -0.66 -8.41 -8.41 N/A N/A N/A N/A 0.65 HFRX Fixed Income - Credit Index -1.05 -13.81 -13.81 N/A N/A N/A N/A -1.91 Barclays Aggregate -4.75 -14.60 -14.60 N/A N/A N/A N/A -6.88 Blackstone - Multi-Strategy 2,847,811 2.21 -1.27 -6.96 -6.96 N/A N/A N/A N/A 2.67 07/01/2020 Blackstone - Multi-Strategy (net) -1.27 -6.96 -6.96 N/A N/A N/A N/A 2.67 HFRX Global Hedge Fund 0.51 -4.50 -4.50 N/A N/A N/A N/A 2.98 Barclays Aggregate -4.75 -14.60 -14.60 N/A N/A N/A N/A -6.88 UBS - Private Real Estate 5,874,541 4.55 0.02 17.36 17.36 7.63 5.96 6.28 7.76 7.89 08/01/2012 UBS - Private Real Estate (net) -0.16 16.56 16.56 6.83 5.08 5.30 6.68 6.83 NCREIF Property Idx 0.57 16.07 16.07 9.91 8.62 8.46 9.48 9.57 Barclays Aggregate -4.75 -14.60 -14.60 -3.26 -0.27 0.54 0.89 0.90 Mainstay - Global Infrastructure 7,093,861 5.50 -9.31 -8.61 -8.61 N/A N/A N/A N/A -7.54 05/01/2021 Mainstay - Global Infrastructure (net) -9.31 -8.61 -8.61 N/A N/A N/A N/A -7.54 DJ Brookfield Gbl Infra Comp TR -10.22 -7.24 -7.24 N/A N/A N/A N/A -4.30 Barclays Aggregate -4.75 -14.60 -14.60 N/A N/A N/A N/A -9.84 Cash & Equivalents Non-Managed Account 1,434,539 1.11 0.22 0.30 0.30 0.46 1.03 0.81 0.56 0.50 07/01/2011 90-Day T-Bills 0.45 0.63 0.63 0.57 1.13 0.92 0.66 0.59 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 22 % Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Fund 100.00 -4.67 -17.45 -17.45 3.56 4.19 5.65 6.11 5.76 03/29/2002 Domestic Equity Cambiar Investors Inc - Large Cap Value 21.16 -4.49 -12.71 -12.71 8.64 7.07 9.24 10.25 7.55 03/29/2002 Polen - Large Cap Growth 18.75 -6.08 -34.45 -34.45 7.71 N/A N/A N/A 11.26 10/31/2018 Kennedy - Mid Cap Value 5.82 -1.90 -13.78 -13.78 8.87 6.81 9.52 N/A 8.69 08/02/2013 MDT Advisers - Mid Cap Growth 5.23 -1.84 -26.58 -26.58 8.66 11.08 11.89 13.18 10.88 07/05/2007 International Equity ClearBridge - International Value 7.43 -7.08 -18.77 -18.77 0.73 -1.93 N/A N/A -0.59 03/31/2017 Renaissance - International Growth 4.81 -7.50 -25.06 -25.06 -3.96 -4.14 -0.85 0.64 2.11 12/29/2008 Fixed Income Garcia Hamilton - Interm Fixed Income 21.25 -4.35 -9.42 -9.42 -2.19 -0.06 0.41 0.71 2.75 03/29/2002 Alternatives Blackrock - Global L/S Credit 2.19 -0.32 -8.19 -8.19 N/A N/A N/A N/A -0.87 06/30/2020 Blackstone - Multi-Strategy 2.21 -1.19 -6.91 -6.91 N/A N/A N/A N/A 1.04 06/30/2020 UBS - Private Real Estate 4.55 -0.16 16.56 16.56 6.83 5.08 5.30 6.68 6.83 07/31/2012 Mainstay - Global Infrastructure 5.50 -9.31 -8.91 -8.91 N/A N/A N/A N/A -7.82 04/30/2021 Tamarac Firefighters' Pension Trust Fund Asset Allocation & Net Dollar Weighted Performance (IRR) as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 23 GUIDELINES Equity Portfolio Listed on recognized exchange Single issue not to exceed 10% at market value for each equity in each separately managed portfolio Single issue not to exceed 5% at market value for the total portfolio Fixed Income U.S. Government / Agency or U.S. Corporations Bonds rated "A" or better Single corporate issuer not exceed 10% of bond portfolio (except U.S. Government/Agency) Tamarac Firefighters' Pension Trust Fund Compliance Checklist as of September 30, 2022 In Compliance Yes Yes Yes Yes Yes Yes The prices, quotes, and statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Page 24 Account Name YTD 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Performance Appendix QTD Performance Data below is net of fees. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Blackrock - Global L/S Credit -0.66 -8.37 -8.41 -- -- -- 0.40 06/25/2020 Blackstone - Multi-Strategy -1.27 -6.44 -6.96 -- -- -- 2.61 06/25/2020 Cambiar Investors Inc - Large Cap Value -4.63 -16.68 -13.11 7.53 6.33 9.74 6.25 03/29/2002 ClearBridge - International Value -7.08 -20.77 -18.90 0.43 -2.97 1.87 2.87 03/18/2004 Garcia Hamilton - Interm Fixed Income -4.25 -9.04 -9.27 -1.89 0.19 0.89 2.90 03/29/2002 Kennedy - Mid Cap Value -1.93 -21.01 -14.15 6.51 5.37 -- 7.66 08/02/2013 MDT Advisers - Mid Cap Growth -1.85 -30.44 -26.58 6.26 9.28 11.78 8.99 07/05/2007 Mainstay - Global Infrastructure -9.31 -15.47 -8.61 -- -- -- -5.31 04/13/2021 Non-Managed Account 0.22 0.29 0.30 0.46 0.95 -2.27 -2.68 07/01/2011 Polen - Large Cap Growth -4.92 -37.10 -33.95 4.87 8.41 10.36 8.15 03/31/2004 Renaissance - International Growth -10.17 -28.81 -26.99 -3.80 -3.97 2.38 4.44 12/29/2008 UBS - Private Real Estate -0.16 11.15 16.56 6.83 5.08 6.68 6.78 07/02/2012 All performance above are Time Weighted(TWR) performance Glossary of Terms Active Contribution Return: The gain or loss percentage of an investment relative to the performance of the investment benchmark. Active Exposure: The percentage difference in weight of the portfolio compared to its policy benchmark. Active Return: Arithmetic difference between the manager’s return and the benchmark’s return over a specified time period. Actual Correlation: A measure of the correlation (linear dependence) between two variables X and Y, with a value between +1 and -1 inclusive. This is also referred to as coefficient of correlation. Alpha: A measure of a portfolio's time weighted return in excess of the market’s return, both adjusted for risk. A positive alpha indicates that the portfolio outperformed the market on a risk-adjusted basis, and a negative alpha indicates the portfolio did worse than the market. Best Quarter: The highest quarterly return for a certain time period. Beta: A measure of the sensitivity of a portfolio’s time weighted return (net of fees) against that of the market. A beta greater than 1.00 indicates volatility greater than the market. Consistency: The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product’s performance. performance. Core: Refers to an investment strategy mandate that is blend of growth and value styles without a pronounced tilt toward either style. Cumulative Selection Return (Cumulative Return): Cumulative investment performance over a specified period of time. Distribution Rate: The most recent distribution paid, annualized, and then divided by the current market price. Distribution rate may consist of investment income, short-term capital gains, long-term capital gains, and/or return of capital. Down Market Capture: The ratio of average portfolio returns over the benchmark during periods of negative benchmark return. Lower values indicate better product performance. Downside Risk: A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The commodity. Excess over Benchmark: The percentage gain or loss of an investment relative to the investment's benchmark. Excess Return: Arithmetic difference between the manager’s return and the risk-free return over a specified time period. Growth: A diversified investment strategy which includes investment selections that have capital appreciation as the primary goal, with little or no dividend payouts. These strategies can include reinvestment in expansion, acquisitions, and/or research and development opportunities. Growth of Dollar: The aggregate amount an investment has gained or lost over a certain time period, also referred to as Cumulative Return, stated in terms of the amount to which an initial dollar investment would have grown over the given time period. Investment Decision Process (IDP): A model for structuring the investment process and implementing the correct attribution methodologies. The IDP includes every decision made concerning the division of the assets under management over the various asset categories. To analyze each decision‘s contribution to the total return, a modeling approach must measure the marginal value of every individual decision. In this respect, the hierarchy of the decisions becomes very important. We therefore use the IDP model, which serves as a proper foundation for registering the decisions and relating them to each other. Information Ratio: Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added contribution by the manager. Jensen’s Alpha: The Jensen's alpha measure is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. This metric is also commonly referred to as alpha.. Kurtosis: A statistical measure that is used to describe the distribution, or skewness, of observed data around the mean, sometimes referred to as the volatility of volatility. Maximum Drawdown: The drawdown is defined as the percent retrenchment from a fund's peak to the fund's trough value. It is in effect from the time the fund's retrenchment begins until a new fund high is reached. The maximum drawdown encompasses both the period from the fund's peak to the fund's valley (length), and the time from the fund's valley to a new fund high (recovery). It measures the largest percentage drawdown that has occurred in any fund's data record. Modern Portfolio Theory (MPT): An investment analysis theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward. Mutual Fund (MF): An investment program funded by shareholders that trade in diversified holdings and is professionally managed. Peer Group: A combination of funds that share the same investment style combined as a group for comparison purposes. Peer/ Plan Sponsor Universe: A combination of asset pools of total plan investments by specific sponsor and plan types for comparison purposes. Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate valuations and transaction data for these assets are not processed or maintained by us. Common examples of these include life insurance, some annuities and some assets held externally. Performance Statistics: A generic term for various measures of investment performance measurement terms. Portfolio Characteristics: A generic term for various measures of investment portfolio characteristics. Preferred Return: A term used in the private equity (PE) world, and also referred to as a “Hurdle Rate.” It refers to the threshold return that the limited partners of a private equity fund must receive, prior to the PE firm receiving its carried interest or "carry." Ratio of Cumulative Wealth: A defined ratio of the Cumulative Return of the portfolio divided by the Cumulative Return of the benchmark for a certain time period. Regression Based Analysis: A statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables Residual Correlation: Within returns-based style analysis, residual correlation refers to the portion of a strategy’s return pattern that cannot be explained by its correlation to the asset-class benchmarks to which it is being compared. Return: A rate of investment performance for the specified period. Rolling Percentile Ranking: A measure of an investment portfolio’s ranking versus a peer group for a specific rolling time period (i.e. Last 3 Years, Last 5 years, etc.). Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. Upside Semi Deviation: A statistical calculation that measures the volatility of returns above an acceptable return. This return measure isolates the positive portion of volatility: the larger the number, the greater the volatility. Value: A diversified investment strategy that includes investment selections which tend to trade at a lower price relative to its dividends, earnings, and sales. Common attributes are stocks that include high dividend, low price-to-book ratio, and/or low price-to-earnings ratio. Worst Quarter: The lowest rolling quarterly return for a certain time period. Information Disclosures Performance results are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest and income. The investment results depicted herein represent historical performance. As a result of recent market activity, current performance may vary from the figures shown. Past performance is not a guarantee of future results. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Benchmark indices and blends included in this material are for informational purposes only, are provided solely as a comparison tool and may not reflect the underlying composition and/or investment objective(s) associated with the account(s). Indices are unmanaged and not available for direct investment. Index returns do not take into account fees or other charges. Such fees and charges would reduce performance. The performance data shown reflects past performance, which does not guarantee future results. Investment return and principal will fluctuate so that an investor’s shares when redeemed may be worth more or less than original cost. Please note, current performance may be higher or lower than the performance data shown. For up to date month-end performance information, please contact your Financial Advisor or visit the funds’ company website. Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. The prospectus and, if available the summary prospectus, contains this and other information that should be read carefully before investing. Investors should review the information in the prospectus carefully. To obtain a prospectus, please contact your Financial Advisor or visit the funds’ company website. Past performance is no guarantee of future results. Investing involves market risk, including possible loss of principal. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. Small and mid-capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than those of larger, more established companies. Bond funds and bond holdings have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the funds. The return of principal in bond funds, and in funds with significant bond holdings, is not guaranteed. International securities’ prices may carry additional risks, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets. Alternative investments, including private equity funds, real estate funds, hedge funds, managed futures funds, and funds of hedge funds, private equity, and managed futures funds, are speculative and entail significant risks that can include losses due to leveraging or\other speculative investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in a fund, potential lack of diversification, absence and/or delay of information regarding valuations and pricing, complex tax structures and delays in tax reporting, less regulation and higher fees than mutual funds and risks associated with the operations, personnel and processes of the advisor. Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the “Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the S&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the market in an effort to enhance overall investment returns. Tilt strategies are subject to significant timing risk and could potentially expose investors to extended periods of underperformance.” Custom Account Index: The Custom Account Index is an investment benchmark based on your historical target allocations and/or manager selection that you may use to evaluate the performance of your account. The Custom Account index does take into consideration certain changes that may have occurred in your portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some circumstances, it may not be an appropriate benchmark for use with your specific account composition. For detailed report of the historical composition of this blend please contact your Financial Advisor. Peer Groups Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach. Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.com/style-peer-groups Peer Group Ranking Methodology A percentile rank denotes the value of a product in which a certain percent of observations fall within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30% of the highest observations may be found, the 65th percentile is the value in which 65% of the highest observations may be found, and so on. Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics. For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers. In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile. Alternatives Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. (“Morgan Stanley”) This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public. not for distribution to the general public. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. This information is being provided as a service of your Graystone Institutional Consultant and does not supersede or replace your Morgan Stanley customer statement. The information is as of the date(s) noted and subject to daily market fluctuation. Your interests in Alternative Investments, which may have been purchased through us, are generally not held here, and are generally not covered by SIPC. The information provided to you: 1) is included as a service to you, valuations for certain products may not be available; 2) is derived from you or another external source for which we are not responsible, and may have been modified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflect actual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fair value estimate; and 5) should not be relied upon for tax reporting purposes. Notwithstanding the foregoing, 1) to the extent this report displays Alternative Investment positions within a Morgan Stanley Individual Retirement Account (“IRA”), such positions are held by Morgan Stanley Smith Barney LLC as the fund;• Volatility of returns;• Restrictions on transferring interests in a fund;• Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized;• Absence of information regarding valuations and pricing;• Complex tax structures and delays in tax reporting;• Less regulation and higher fees than mutual funds; and• Risks associated with the operations, personnel, and processes of the manager. As a diversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker- dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management’s interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market. Any performance or related information presented has not been adjusted to reflect the impact of the additional fees paid to a placement agent by an investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee of up to 3%, and for Morgan Stanley investment advisory clients, an annual advisory fee of up to 2.5%), which would result in a substantial reduction in the returns if such fees were incorporated. For most investment advisory clients, the program account will be charged an asset-based wrap fee every quarter (“the Fee”). In general, the Fee covers investment advisory services and reporting. In addition to the Fee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees and expenses are charged directly to the pool of assets the fund invests in and impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not be included in the Fee amount in the account statements. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2.5% annual fee, if the gross performance is 5% per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 2.40% per year over a three year period, and the total value of the client’s portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see the applicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including a description of the fee schedule. It is available at www.morganstanley.com/ADV <http://www.morganstanley.com/ADV> <http://www.morganstanley.com/ADV> or from your Financial Advisor/Private Wealth Advisor. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank. SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments. © 2018 Morgan Stanley Smith Barney LLC. Member SIPC. Money Market Funds You could lose money in Money Market Funds. Although MMFs classified as government funds (i.e., MMFs that invest 99.5% of total assets in cash and/or securities backed by the U.S government) and retail funds (i.e., MMFs open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they may be worth more or less than originally paid. MMFs may impose a fee upon sale or temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchases, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. Bloomberg Bloomberg G/C 1-3 Year G/C 1-5 Year Index Index Security Selection/Decision Making Duration 1.9 years 2.6 years Sector Breakdown Treasuries/Agencies 65% 74% Corporates 35% 26% Mortgages/Asset-Backed 0% 0% Other 0% 0% Quality Breakdown AAA / AA 79% 76% A 11% 13% BBB 10% 12% FEES RISK (5 year) Standard Deviation 2.00 2.77 PERFORMANCE Equity Gross Net* Gross Net* Gross Net* Gross Net* 1 year (4.56) (5.74) (7.04) (7.47) (4.40) (4.57) (3.80) (3.96) (5.07) (7.28) 3 year (0.15) (1.37) (0.33) (0.75) 0.14 (0.06) 0.06 (0.12) (0.42) (0.90) 5 year 1.01 (0.24) 1.04 0.56 1.22 0.95 1.03 0.84 0.70 0.55 10 year 1.00 (0.23) 1.66 1.16 1.13 0.82 1.04 0.85 0.80 0.87 Since Inception 1.95 0.70 3.49 2.97 3.20 2.85 2.26 2.04 Inception Date OTHER INFORMATION Year Firm Established Who Est. Performance Commitment Total Assets Total PM's & Analysts Pooled vs. Separate Sources: Morgan Stanley Global Investment Manager Analysis team, Informa PSN, Zephyr StyleADVISOR, and the investment managers. 3.05 Jan-99 1968 Team 58% 20% 23% 0.10% Short-Term Fixed Income Duration/Maturity Control 2.5 years 58% 0% * Note: The net performance shown is net of the maximum potential management fee that could be charged. This summary contains select data for each investment manager and index listed and should not be considered inclusive of all material information available for each investment. Please refer to additional information provided in the complete presentation books provided by each manager. 15 Separate 6 Separate 12 Separate Separate Owners/Well Paid $25.2B Firm/$353M Strategy 1994 Team Owners/Well Paid Scott Owens CFA ®, CIMA ® Managing Director – Wealth Management Institutional Consulting Director Corporate Retirement Director Scott.Owens@msgraystone.com (813) 227-2027 Tamarac Firefighters’ Pension Fund Investment Manager Searches November 2022 Short-Term Fixed Income - Quantitative Analysis (Gross of Fees Performance) Trailing Periods Return Analysis The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 3 Zephyr StyleADVISOR Zephyr StyleADVISOR: MSSB - Tampa, FL Manager vs Benchmark: Return October 2007 - September 2022 (not annualized if less than 1 year) Return -8 -6 -4 -2 0 2 4 1 quarter 1 year 3 years 5 years 7 years 10 years 15 years BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Manager vs Benchmark: Return October 2007 - September 2022 (not annualized if less than 1 year) BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr 1 quarter 1 year 3 years 5 years 7 years 10 years 15 years Since Inception -1.21% -4.56% -0.15% 1.01% 1.04% 1.00% 1.56% 1.95% -1.76% -7.04% -0.33% 1.04% 1.66% 1.66% 2.47% 3.49% -1.12% -4.40% 0.14% 1.22% 1.25% 1.13% 1.91% 3.20% -0.98% -3.80% 0.06% 1.03% 1.08% 1.04% 1.81% 2.26% -2.16% -7.28% -0.90% 0.55% 0.76% 0.87% 2.01% 3.74% -1.48% -5.07% -0.42% 0.70% 0.78% 0.80% 1.63% N/A Calendar Year Return Analysis The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 4 BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 -4.16% -0.29% 3.60% 4.46% 1.73% 1.34% 1.09% 0.77% 0.90% 0.55% 1.82% 1.32% 2.55% 2.52% 3.46% -6.41% -0.57% 5.72% 6.22% 0.84% 2.85% 3.69% 1.27% 1.86% 1.36% 3.83% 3.21% 3.52% 6.83% 0.87% -4.02% -0.02% 3.98% 4.64% 1.74% 1.42% 1.43% 0.85% 0.65% 0.73% 1.55% 1.77% 2.69% 4.05% 5.54% -3.34% -0.25% 3.28% 3.93% 1.81% 1.07% 1.52% 0.83% 0.97% 0.66% 1.62% 1.96% 2.65% 3.95% 4.76% -6.61% -0.97% 4.71% 5.02% 1.39% 1.23% 1.57% 0.97% 1.42% 0.29% 2.24% 3.13% 4.08% 4.63% 5.13% -4.54% -0.47% 3.33% 4.03% 1.59% 0.85% 1.27% 0.65% 0.77% 0.65% 1.26% 1.60% 2.79% 3.83% 4.98% Calendar Year Return As of September 2022 5-Year Rolling Periods Returns The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 5 Manager vs Benchmark: Return October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) Return 0 1 2 3 4 5 Q3 2012 Q4 2013 Q4 2015 Q4 2017 Q4 2019 Q3 2022 BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Manager vs Benchmark: Return October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Sep 2022 Sep 2021 Sep 2020 Sep 2019 Sep 2018 Sep 2017 Sep 2016 Sep 2015 Sep 2014 Sep 2013 Sep 2012 1.01% 2.15% 2.32% 1.80% 1.02% 0.99% 1.17% 1.09% 1.42% 2.27% 2.69% 1.04% 3.02% 3.69% 2.93% 2.07% 2.29% 2.61% 2.15% 2.79% 4.17% 4.09% 1.22% 2.35% 2.44% 1.89% 1.11% 1.04% 1.19% 1.13% 1.55% 2.66% 3.51% 1.03% 2.00% 2.21% 1.75% 1.06% 1.06% 1.26% 1.25% 1.59% 2.52% 3.36% 0.55% 2.18% 2.58% 2.01% 1.05% 1.19% 1.59% 1.60% 2.23% 3.56% 4.31% 0.70% 1.89% 2.09% 1.59% 0.83% 0.91% 1.05% 1.04% 1.45% 2.52% 3.29% 5-Year Rolling Periods Alphas The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 6 Manager vs Benchmark: Alpha October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) Alpha -1.5 -1 -0.5 0 0.5 1 1.5 Q3 2012 Q4 2013 Q4 2015 Q4 2017 Q4 2019 Q3 2022 BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Manager vs Benchmark: Alpha October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Sep 2022 Sep 2021 Sep 2020 Sep 2019 Sep 2018 Sep 2017 Sep 2016 Sep 2015 Sep 2014 Sep 2013 Sep 2012 0.28% 0.30% 0.30% 0.25% 0.21% 0.05% 0.02% -0.13% -0.06% -0.14% -0.72% 0.53% 0.79% 1.15% 0.97% 0.99% 0.73% 0.48% -0.42% 0.12% 0.70% -0.26% 0.47% 0.73% 0.65% 0.37% 0.32% 0.17% 0.15% -0.04% 0.11% -0.04% 0.44% 0.25% 0.26% 0.28% 0.22% 0.25% 0.16% 0.17% 0.12% 0.20% 0.59% 1.04% 0.04% -0.12% -0.01% 0.03% 0.00% -0.33% -0.23% -0.58% -0.48% -0.05% 0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Risk/Return Analysis – 3 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 7 Risk / Return October 2019 - September 2022 (Single Computation) Return -1% -0.8% -0.6% -0.4% -0.2% 0% 0.2% 0.4% 0.6% 0.8% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% 3% 3.5% BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2019 - September 2022: Summary Statistics BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Adv isory : Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio Risk/Return Analysis – 5 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 8 Risk / Return October 2017 - September 2022 (Single Computation) Return 0% 0.2% 0.4% 0.6% 0.8% 1% 1.2% 1.4% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% 3% BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2017 - September 2022: Summary Statistics BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Adv isory : Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio R-Squared vs. Risk/Return Analysis – 7 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 9 Risk / Return October 2015 - September 2022 (Single Computation) Return 0% 0.2% 0.4% 0.6% 0.8% 1% 1.2% 1.4% 1.6% 1.8% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% 3% BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2015 - September 2022: Summary Statistics BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Adv isory : Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio Risk/Return Analysis – 10 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past performance is not a guarantee of future results. 10 Risk / Return October 2012 - September 2022 (Single Computation) Return 0% 0.2% 0.4% 0.6% 0.8% 1% 1.2% 1.4% 1.6% 1.8% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Advisory: Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2012 - September 2022: Summary Statistics BlackRock Short Term TFI (Gross) Genter Cap ST Taxable FI (Gross) Sage Adv isory : Short Term F.I. (Gross) Segall Bryant: Short Term Fixed (Gross) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio Short-Term Fixed Income - Quantitative Analysis (Net of Fees Performance) Trailing Periods Return Analysis The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 12 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. Zephyr StyleADVISOR Zephyr StyleADVISOR: MSSB - Tampa, FL Manager vs Benchmark: Return October 2007 - September 2022 (not annualized if less than 1 year) Return -8 -6 -4 -2 0 2 4 1 quarter 1 year 3 years 5 years 7 years 10 years 15 years BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Manager vs Benchmark: Return October 2007 - September 2022 (not annualized if less than 1 year) BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr 1 quarter 1 year 3 years 5 years 7 years 10 years 15 years Since Inception -1.52% -5.74% -1.37% -0.24% -0.19% -0.23% 0.32% 0.70% -1.88% -7.47% -0.75% 0.56% 1.15% 1.16% 1.95% 2.97% -1.17% -4.57% -0.06% 0.95% 0.96% 0.82% 1.59% 2.85% -1.02% -3.96% -0.12% 0.84% 0.88% 0.85% 1.61% 2.04% -2.16% -7.28% -0.90% 0.55% 0.76% 0.87% 2.01% 3.74% -1.48% -5.07% -0.42% 0.70% 0.78% 0.80% 1.63% N/A Calendar Year Return Analysis The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 13 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 -5.06% -1.48% 2.32% 3.13% 0.49% 0.12% -0.15% -0.42% -0.30% -0.67% 0.59% 0.09% 1.28% 1.23% 2.15% -6.73% -1.00% 5.28% 5.68% 0.28% 2.33% 3.12% 0.75% 1.36% 0.86% 3.32% 2.67% 3.02% 6.24% 0.34% -4.15% -0.20% 3.77% 4.28% 1.38% 1.07% 1.08% 0.50% 0.32% 0.37% 1.17% 1.41% 2.32% 3.67% 5.16% -3.46% -0.45% 3.09% 3.73% 1.60% 0.87% 1.31% 0.63% 0.76% 0.46% 1.42% 1.79% 2.40% 3.75% 4.60% -6.61% -0.97% 4.71% 5.02% 1.39% 1.23% 1.57% 0.97% 1.42% 0.29% 2.24% 3.13% 4.08% 4.63% 5.13% -4.54% -0.47% 3.33% 4.03% 1.59% 0.85% 1.27% 0.65% 0.77% 0.65% 1.26% 1.60% 2.79% 3.83% 4.98% Calendar Year Return As of September 2022 5-Year Rolling Periods Returns The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 14 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. Manager vs Benchmark: Return October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) Return -1 0 1 2 3 4 5 Q3 2012 Q4 2013 Q4 2015 Q4 2017 Q4 2019 Q3 2022 BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Manager vs Benchmark: Return October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Sep 2022 Sep 2021 Sep 2020 Sep 2019 Sep 2018 Sep 2017 Sep 2016 Sep 2015 Sep 2014 Sep 2013 Sep 2012 -0.24% 0.90% 1.06% 0.56% -0.19% -0.22% -0.05% -0.13% 0.18% 1.01% 1.42% 0.56% 2.51% 3.16% 2.38% 1.54% 1.77% 2.10% 1.65% 2.28% 3.64% 3.55% 0.95% 2.05% 2.11% 1.54% 0.76% 0.69% 0.83% 0.77% 1.18% 2.29% 3.14% 0.84% 1.80% 2.01% 1.54% 0.85% 0.85% 1.05% 1.05% 1.39% 2.31% 3.16% 0.55% 2.18% 2.58% 2.01% 1.05% 1.19% 1.59% 1.60% 2.23% 3.56% 4.31% 0.70% 1.89% 2.09% 1.59% 0.83% 0.91% 1.05% 1.04% 1.45% 2.52% 3.29% 5-Year Rolling Periods Alphas The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 15 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. Manager vs Benchmark: Alpha October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) Alpha -2.5 -2 -1.5 -1 -0.5 0 0.5 1 Q3 2012 Q4 2013 Q4 2015 Q4 2017 Q4 2019 Q3 2022 BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Manager vs Benchmark: Alpha October 2007 - September 2022 (20-Quarter Moving Windows, Computed Quarterly) BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Sep 2022 Sep 2021 Sep 2020 Sep 2019 Sep 2018 Sep 2017 Sep 2016 Sep 2015 Sep 2014 Sep 2013 Sep 2012 -0.96% -0.92% -0.92% -0.97% -0.99% -1.15% -1.17% -1.31% -1.25% -1.34% -1.93% 0.05% 0.29% 0.62% 0.42% 0.46% 0.21% -0.03% -0.90% -0.37% 0.21% -0.77% 0.20% 0.43% 0.30% 0.02% -0.03% -0.18% -0.20% -0.38% -0.25% -0.40% 0.08% 0.06% 0.06% 0.08% 0.02% 0.05% -0.04% -0.03% -0.10% -0.00% 0.39% 0.86% 0.04% -0.12% -0.01% 0.03% 0.00% -0.33% -0.23% -0.58% -0.48% -0.05% 0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Risk/Return Analysis – 3 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 16 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. Risk / Return October 2019 - September 2022 (Single Computation) Return -1.5% -1% -0.5% 0% 0.5% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% 3% 3.5% BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2019 - September 2022: Summary Statistics BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio R-Squared vs. Market -1.37% -0.96% 2.10% 0.91 -6.47% 54.89% 120.58% -1.00% -0.93 92.83% -0.75% -0.34% 3.50% 1.36 -7.67% 152.67% 156.97% -0.17% -0.38 74.82% -0.06% 0.36% 2.96% 0.79 -4.57% 117.12% 92.40% 0.30% -0.21 35.36% Risk/Return Analysis – 5 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 17 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. Risk / Return October 2017 - September 2022 (Single Computation) Return -0.4% -0.2% 0% 0.2% 0.4% 0.6% 0.8% 1% 1.2% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% 3% BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2017 - September 2022: Summary Statistics BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio R-Squared vs. Risk/Return Analysis – 7 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 18 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. Risk / Return October 2015 - September 2022 (Single Computation) Return -0.4% -0.2% 0% 0.2% 0.4% 0.6% 0.8% 1% 1.2% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% 3% BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2015 - September 2022: Summary Statistics BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio R-Squared vs. Risk/Return Analysis – 10 Years The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. Past 19 performance is not a guarantee of future results. Net returns are net of maximum advisory & management fees that could potentially be charged. Risk / Return October 2012 - September 2022 (Single Computation) Return -0.4% -0.2% 0% 0.2% 0.4% 0.6% 0.8% 1% 1.2% 1.4% Standard Deviation 0% 0.5% 1% 1.5% 2% 2.5% BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Market Benchmark: Bloomberg Gov Cr 1 to 3 yr Cash Equivalent: Citigroup 3-month T-bill Return & Risk Analysis October 2012 - September 2022: Summary Statistics BlackRock Short Term TFI (Net) Genter Cap ST Taxable FI (Net) Sage Advisory: Short Term F.I. (Net) Segall Bryant: Short Term Fixed (Net) Bloomberg Gov Cr 1 to 5 yr Bloomberg Gov Cr 1 to 3 yr Return Excess Return vs. Market Standard Deviation Beta vs. Market Maximum Drawdown Up Capture vs. Market Down Capture vs. Market Alpha vs. Market Sharpe Ratio R-Squared Important Disclosures Important Notes About Performance Important Notes About Performance (Cont’d) Manager and Fund Designations Important Notes About This Report Important Notes About This Report (Cont’d) Important Notes About This Report (Cont’d) Important Notes About This Report (Cont’d) Important Notes About This Report (Cont’d) Important Notes About This Report (Cont’d) Important Notes About This Report (Cont’d) Glossary Glossary (Cont’d) Glossary (Cont’d) Glossary (Cont’d) Glossary (Cont’d) Glossary (Cont’d) Qualitative Due Diligence Reports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``a'b[c[dZe'fgceh'ij\_ke lgm['noej\ep 34A.:+/.4+'H4"!?:+ q6:"FC6++:r/:F#&/ sO'QOQ'Qtu,uTXv ijwemxkejx'nxyZez ()&*+'-.*/'760.5'34#&/.D'S('-"0"1!. 9&*. n{d|nxyZez ()&*+'-.*/'760.5'34#&/.D'34+.*/.56"+. -"0"1!.'9&*.D'-"0"1!.'9&*. Yej\}k[p]z !&&/1.*;'H;;*.;"+.' &45'345.0D !&&/1.*;'34+.*/.56"+.'H;;*.;"+. 345.0D' !&&/1.*;'O','R'~."*'K&A+29*.56+ 345.0 ia€'nx[x{mz H<<*&A.5'q6:+ `p_h{\x'byoez (.<"*"+.!?'>"4";.5'H##&84+ )++<N22BBBF1!"#$*&#$F#&/ -).':+*"+.;6.:':..$'+&+"!'*.+8*4'=*&/ #&8<&4'64+.*.:+'"45'#"<6+"!'"<<*.#6"+6&4F >"4";./.4+':..$:'+&'#"<+8*. 64A.:+/.4+'&<<&*+846+6.:'64'"'/60'&= /"*$.+'#&456+6&4:'"#*&::'V8"!6+?D':.#+&*D ;.&;*"<)6#'*.;6&4'"45'58*"+6&4F K!&1"!'34A.:+/.4+'>"4";.*'H4"!?:6:''H8;8:+'RXD'QXQQ €oop_weh'lgmx'^eo_px ‚ƒ„ …'†‡ˆ‰†Š'„ …'‰‹Œ'Š‰'Ž‡' …‡'„‹'‘‰‹‹‡‘Š„‰‹'’„Šƒ'„‹“‡ …Š”‡‹Š'•“„ …‰†'ˆ†‰–†•” …'•‹'‹‰Š'Ž†‰—‡†•–‡'•‘‘‰‹Š …˜' ™‰†–•‹'šŠ•‹Œ‡'›‡•ŒŠƒ'™•‹•–‡”‡‹Š'„ …'Šƒ‡'Š†•‡'‹•”‡'‰œ'™‰†–•‹'šŠ•‹Œ‡'š”„Šƒ'•†‹‡'žžŸ '•'†‡–„ …Š‡†‡'Ž†‰—‡†¡‡•Œ‡†'„‹'Šƒ‡'¢‹„Š‡'šŠ•Š‡ …˜'‚ƒ„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`$#%4-+(6.7(&2+*; ^.-%42$a23&-/-4:23$@AAM";$^.+,4'(7 _.':&*$b97':*(42*;$^42+-.7&5+()&*;$c&6&2*&; d4-24/-.5,1`#3:'+$b2+&-+.(20&2+;$>+&0 ^&''*;$e&.542*$`$^()('(.2$F(-&.-0*;$f:0.2 \(/,+*$\&74-3$KL4++40$CG$d&-64-0&-*N; !-.2;$>:3.2$gg$b2)(-420&2+.'$_.':&*? b2)(-420&2+$KL4++40$CG$d&-64-0&-*N;$!-.2; >:3.2$gg$"4-.'*$_.':&*$d.78./&?$!-.2; >:3.2;$ ^42+-.7&5+()&*;$ .0%'(2/; d4-24/-.5,1`#3:'+$b2+&-+.(20&2+;$>+&0 ^&''*;$M4%.774;$>+&0$^&''*;$M4%.774 h4 ".2./&-$\&*+-(7+(42$>7-&&2*$.).('.%'&$:542 7'(&2+$-&]:&*+ h42& OPQRSTU$VWXSYRPSY ijjklmno$pqrs$knjlks tWTXuT$RTvTR$wP$xyzPRwX{w$x{vPRyXwxP{|$}xuSWPuQRTu$X{}$~QXWxSXwxP{u$Xw$w€T$T{}$Pv$w€xu$yXwTRxXW "4-/.2$>+.2'&1$e&.'+,$".2./&0&2+ $‚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` abcd \_[]\d efghij klijmno pnimlq eijihnrnjl s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`Z)'1&R >,?$13 )0( /)3 (#.1+$2# ) =,14. F$.' ,+ J>>+,*#( F$.' $0*#.'/#0' >+,(41' ). 2#$0% ,0 QZ)'1&R $- E<;J $(#0'$C#. .>#1$C1 )+#). '&)' [)] /#+$' -4+'&#+ #*)?4)'$,0 23 E<;J )0( [2] /)3: 24' )+# 0,' 1#+')$0 ',: +#.4?' $0 '&# $0*#.'/#0' >+,(41' 2#1,/$0% Q_,' J>>+,*#(@R D&# Z)'1& >#+$,( (#>#0(. ,0 '&# ?#0%'& ,- '$/# 0##(#( -,+ E<;J ', 1,0(41' $'. #*)?4)'$,0 )0( -,+ '&# $0*#.'/#0' /)0)%#+ ,+ -40( ', abbcdefg hijk cfbdck lmnopq rspqtuv wuptsx lpqpouyuqs z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`ab%cdef%^a]_^f ghijkl%mnklopq%rpkons%gklkjptpln %u !"#$%&#!%'()*+,-%.''/*,)'(*)%0*1 *'&23'21$*' !-1,+#'*%4#)'$#-,) % #$' !'2++ % *!'%*'*)' !$%#2+'*0'2!3'$#-,) % #$'+ $-,$$#+' !'%4 $')#(*)%.''5*'!*% 2$$,&#'%42%'2!3'4*1+ !6$'&#!% *!#+'7#)#8'*)'7 11'9#8'()*:%291#.' ;2%#) 21' !'%4 $')#(*)%'42$'9##!'*9%2 !#+'0)*&'$*,)-#$'%42%'7#'9#1 #"#'%*'9#')#1 291#8'9,%'7#'+*'!*%'6,2)2!%##' %$'2--,)2-38'-*&(1#%#!#$$'*) % &#1 !#$$.''<4 )+'(2)%3'+2%2'()*" +#)$'&2=#'!*'72))2!% #$'*)')#()#$#!%2% *!$')#12% !6'%*'%4#'2--,)2-38'-*&(1#%#!#$$'*)'% &#1 !#$$'*0'%4#'+2%2 %4#3'()*" +#'2!+'2)#'!*%'1 291#'0*)'2!3'+2&26#$')#12% !6'%*'%4 $'+2%2. >!"#$% !6' !' 8' '2!+' ' '#!%2 1$'%4#') $=$'*0'&2)=#%'"*12% 1 %3.''<4#'"21,#'*0'211'%3(#$'*0' !"#$%&#!%$ &23' !-)#2$#'*)'+#-)#2$#'*"#)'"2)3 !6'% &#'(#) *+$.'?#$ +#$'%4#'6#!#)21') $='*0'4*1+ !6'$#-,) % #$'%42%'&23'+#-1 !#' !'"21,#8' &23'42"#'2++ % *!21') $=$')#12%#+'%*'+#-1 ! !6'&2)=#%'() -#$')#12% "#'%*'!#%'2$$#%'"21,#$'@ABC$D8'2-% "#'&2!26#)',!+#)(#)0*)&2!-#8'2!+'(*%#!% 21 1#"#)26#.'E*&#'0,!+$'21$*' !"#$%' !'0*)# 6!'$#-,) % #$8'74 -4'&23' !"*1"#'-,))#!-3') $=. &23'-2))3'2++ % *!21') $=$8' !-1,+ !6'0*)# 6!'#-*!*& -8'(*1 % -218'&*!#%2)3'2!+F*)'1#621'02-%*)$8'-42!6 !6'-,))#!-3 #G-42!6#')2%#$8'0*)# 6!'%2G#$'2!+'+ 00#)#!-#$' !':!2!- 21'2!+'2--*,!% !6'$%2!+2)+$.'>!%#)!2% *!21' !"#$% !6'&23'!*%'9#'0*)'#"#)3*!#.'<4#$#') $=$ &23'9#'&26! :#+' !' .'' '2)#'$,9H#-%'%*' !%#)#$%')2%#') $=.''I4#!' !%#)#$%')2%#$') $#8'9*!+'() -#$'0211J'6#!#)2113'%4#'1*!6#)'2'9*!+K$'&2%,) %38'%4#'&*)#'$#!$ % "#' %' $ %*'%4 $') $=.''?*!+$'&23'21$*'9#'$,9H#-%'%*'-211') $=8'74 -4'211*7$'%4#' $$,#)'%*')#%2 !'%4#') 64%'%*')#+##&'%4#'+#9%8'0,113'*)'(2)% 21138'9#0*)#'%4# $-4#+,1#+'&2%,) %3'+2%#.''L)*-##+$'0)*&'$21#$'() *)'%*'&2%,) %3'&23'9#'&*)#'*)'1#$$'%42!'*) 6 !2113' !"#$%#+'+,#'%*'-42!6#$' !'&2)=#% -*!+ % *!$'*)'-42!6#$' !'%4#'-)#+ %'M,21 %3'*0'%4#' $$,#). '2)#'$,9H#-%'%*'2++ % *!21') $=$'$,-4'2$' !-)#2$#+') $='*0'+#02,1%'2!+'6)#2%#)'"*12% 1 %3'9#-2,$#'*0'%4#'1*7#)'-)#+ %'M,21 %3'*0'%4# $$,#$.' '@N;?EOD8'74 -4' !-1,+#'-*112%#)21 P#+'&*)%626#'*91 62% *!$'@NQ;R$OD8'21$*')#0#))#+'%*'2$')#21'#$%2%#'&*)%626# !"#$%&#!%'-*!+, %$'@NST;>Q$OD8'&23'!*%'9#'2(()*() 2%#'0*)'211' !"#$%*)$.'<4#)#' $'%4#'(*$$ 9 1 %3'*0'#2)13')#%,)!'*0'() !- (21'+,#'%*'&*)%626# ()#(23&#!%$8'74 -4'-2!')#+,-#'#G(#-%#+'3 #1+'2!+')#$,1%' !')# !"#$%&#!%') $=.''Q*!"#)$#138')#%,)!'*0'() !- (21'&23'9#'$1*7#)'%42!' ! % 21 ()#(23&#!%'$(##+'2$$,&(% *!$8'#G%#!+ !6'%4#'2"#)26#'1 0#'*0'%4#'$#-,) %3',('%*' %$'1 $%#+'&2%,) %3'+2%#'@21$*')#0#))#+'%*'2$'#G%#!$ *!') $=D.' B++ % *!21138'%4#',!+#)13 !6'-*112%#)21'$,((*)% !6';?E'&23'+#02,1%'*!'() !- (21'2!+' !%#)#$%'(23&#!%$.''>!"#$%&#!%$' !'$,9*)+ !2%#+';?E !"*1"#'6)#2%#)'-)#+ %') $='*0'+#02,1%'%42!'%4#'$#! *)'-12$$#$'*0'%4#'$2&#' $$,#.';?E'2)#'21$*'$#!$ % "#'%*' !%#)#$%')2%#'-42!6#$'74 -4'-2! !#62% "#13' &(2-%'%4#'&2)=#%'"21,#'*0'%4#'$#-,) %3.''5,) !6'% &#$'*0'4# 64%#!#+'"*12% 1 %38';?E'-2!'#G(#) #!-#'6)#2%#)'1#"#1$'*0' 11 M, + %3'2!+ 12)6#)'() -#'&*"#&#!%$. '6#!#)2113'+#-)#2$#' !'"21,#'2$'2')#$,1%'*0' !%#)#$%')2%#' !-)#2$#$8'9,%'&23'9#!#:%'1#$$'%42!'*%4#)':G#+U !-*&#'$#-,) % #$ 0)*&'+#-1 ! !6' !%#)#$%')2%#$8'() !- (2113'9#-2,$#'*0'()#(23&#!%$. >!%#)#$%'*!' ' $'6#!#)2113'#G#&(%'0)*&'0#+#)21' !-*&#'%2GJ'4*7#"#)8'$*&#'9*!+$'&23'9#'$,9H#-%'%*'%4#'21%#)!2% "#'& ! &,&'%2G @B;<D.''<3( -21138'$%2%#'%2GU#G#&(% *!'2((1 #$' 0'$#-,) % #$'2)#' $$,#+'7 %4 !'*!#V$'$%2%#'*0')#$ +#!-#'2!+8' 0'2((1 -291#8'1*-21'%2GU#G#&(% *! 2((1 #$' 0'$#-,) % #$'2)#' $$,#+'7 %4 !'*!#V$'- %3'*0')#$ +#!-#. '-*,(*!'(23&#!%$'2!+',!+#)13 !6'() !- (21'2)#'2,%*&2% -2113' !-)#2$#+'%*'-*&(#!$2%#'0*) !W2% *!'93'%)2-= !6'%4#'-*!$,&#)'() -#' !+#G'@QL>D.'I4 1#'%4#')#21')2%#'*0')#%,)!' $'6,2)2!%##+8'<>LE'%#!+'%*'*00#)'2'1*7')#%,)!.'?#-2,$#'%4# )#%,)!'*0'<>LE' $'1 !=#+'%*' !W2% *!8'<>LE'&23'$ 6! :-2!%13',!+#)(#)0*)&'"#)$,$'-*!"#!% *!21'X.E.'<)#2$,) #$' !'% &#$'*0'1*7' !W2% *!. <4#')#%,)!$'*!'2'(*)%0*1 *'-*!$ $% !6'() &2) 13'*0 '&23'9#'1*7#)'*)'4 64#)'%42! 2'(*)%0*1 *'%42%' $'&*)#'+ "#)$ :#+'*)'74#)#'+#- $ *!$'2)#'92$#+'$*1#13'*!' !"#$%&#!%'-*!$ +#)2% *!$.'?#-2,$#'TEY'-) %#) 2'#G-1,+#'$*&# !"#$%&#!%$8' !"#$%*)$'&23'!*%'9#'291#'%*'%2=#'2+"2!%26#'*0'%4#'$2&#'*((*)%,! % #$'*)'&2)=#%'%)#!+$'2$' !"#$%*)$'%42%'+*'!*%',$#'$,-4'-) %#) 2. <4#'-*&(2! #$' +#!% :#+'2!+' !"#$%&#!%'#G2&(1#$'2)#'0*)' 11,$%)2% "#'(,)(*$#$'*!13'2!+'$4*,1+'!*%'9#'+##&#+'2')#-*&&#!+2% *!'%*'(,)-42$#8 4*1+'*)'$#11'2!3'$#-,) % #$'*)' !"#$%&#!%'()*+,-%$.'<4#3'2)#' !%#!+#+'%*'+#&*!$%)2%#'%4#'2(()*2-4#$'%2=#!'93'&2!26#)$'74*'0*-,$'*!'TEY -) %#) 2' !'%4# )' !"#$%&#!%'$%)2%#63.'<4#)#'-2!'9#'!*'6,2)2!%##'%42%'2'-1 #!%V$'2--*,!%'7 11'9#'&2!26#+'2$'+#$-) 9#+'4#)# !. ' !'6#!#)218' !"*1"#'$(#- 21') $=$'2!+'-*$%$'%42%'&23')#$,1%' !'1*$$#$.''<4#'$,--#$$0,1',$#'*0'+#) "2% "#$')#M, )#$'$*(4 $% -2%#+ &2!26#&#!%8' !'*)+#)'%*'&2!26#'2!+'2!213P#'+#) "2% "#$'%)2!$2-% *!$.''<4#'() -#$'*0'+#) "2% "#$'&23'&*"#' !',!#G(#-%#+'723$8'#$(#- 2113' ! 29!*)&21'&2)=#%'-*!+ % *!$.''>!'2++ % *!8'-*))#12% *!'9#%7##!'%4#'(2)% -,12)'+#) "2% "#'2!+'2!'2$$#%'*)'1 29 1 %3'*0'%4#'&2!26#)'&23'!*%'9#'742% %4#' !"#$%&#!%'&2!26#)'#G(#-%#+.''E*&#'+#) "2% "#$'2)#'Z1#"#)26#+Z'2!+'%4#)#0*)#'&23'&26! 03'*)'*%4#)7 $#' !-)#2$#' !"#$%&#!%'1*$$#$.' R%4#)') $=$' !-1,+#'%4#'(*%#!% 21' !29 1 %3'%*'%#)& !2%#'*)'$#11'+#) "2% "#'(*$ % *!$8'2$'2')#$,1%'*0'-*,!%#)(2)%3'02 1,)#'%*'$#%%1#'*)'*%4#)')#2$*!$.' X!1 =#'2'&,%,21'0,!+8' $'!*%')#6 $%#)#+',!+#)'%4#'>!"#$%&#!%'Q*&(2!3'B-%'*0'[\]^.'Q*&& !61#+' !"#$%&#!% 0,!+$'2)#'$,9H#-%'%*'+ 00#)#!%')#(*)% !6'2!+'+ $-1*$,)#')#M, )#&#!%$'%42!'&,%,21'0,!+$8'2!+'%4# )'$42)#$'2)#'!*%'(,91 -13'%)2+#+'*)'1 $%#+'*! #G-42!6#$.'<4#$#'0,!+$'2)#'!*%'2"2 1291#'0*)'(,)-42$#'93'%4#' !+ " +,21' !"#$%*)$'9,%'2)#'*!13'2"2 1291#'0*)' !"#$%&#!%'%4)*,64'-#)%2 !'M,21 :#+ (12!$'$,-4'2$')#% )#&#!%'(12!$8'(#!$ *!'0,!+$8' !$,)2!-#'$,9U2--*,!%$8'2!+'*%4#)' !$% %,% *!21'2--*,!%$.' $'2)#'*!13'0*)'#1 6 91#' !"#$%*)$'2!+'!*%'0*)'#"#)3*!#.'<4#3'2)#'6#!#)2113' 11 M, +'2!+'12-='%)2!$(2)#!-3' ! (#)0*)&2!-#')#(*)% !6'2!+'*%4#)'0,!+' !0*)&2% *!.'Q*&& !61#+' !"#$%&#!%'0,!+$'2)#'!*%'92!='+#(*$ %$8'!*%'_5>Q' !$,)#+8'2!+'2)#'$,9H#-%'%* !"#$%&#!%') $=$8' !-1,+ !6'1*$$'*0'() !- (21.'<4#'0,!+'*00#) !6'+*-,&#!%$' !-1,+#' !0*)&2% *!')#62)+ !6' !"#$%&#!%'*9H#-% "#$8') $=$8'-42)6#$'2!+ #G(#!$#$'%42%' !"#$%*)$'$4*,1+')#2+'2!+'-2)#0,113'-*!$ +#)'9#0*)#' !"#$% !6.'<4 $'2!+'*%4#)' &(*)%2!%' !0*)&2% *!' $'2"2 1291#'0)*&'3*,) _ !2!- 21'B+" $*)'*)'L) "2%#'I#21%4'B+" $*)8'2!+'$4*,1+'9#')#2+'-2)#0,113'9#0*)#' !"#$% !6. `aabcdef'ghij'beacbj klmnop'qropstu'vtosrw'kopontxtpr 'y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`aabcdef#ghij#beacbj klmnop#qropstu#vtosrw#kopontxtpr #y !"#$ %&'(%) #$ (*+, )( -& .$&/ #* 0(**&0)#(* 1#)" #*2&$)3&*) 4/2#$(%, '%(5%43$ 4*/ *() -%(6&%45& 400(.*)$7 89:;<!=;9! >?@ABC!<D 9@! EA8C 89<B?;AF9@ GH9I JBH?H9!;;F=HK L@<; :HLB; !"#$ #$ *() 4 M%&$&4%0" %&'(%)N 4$ /&O#*&/ -, E89?H ?.+& PPQR 4*/ 14$ *() '%&'4%&/ -, )"& ?&$&4%0" A&'4%)3&*)$ (O =(%54* <)4*+&, <3#)" G4%*&, LLC (% #)$ 4OO#+#4)&$7 8*2&$)3&*)$ 4*/ $&%2#0&$ (OO&%&/ )"%(.5" =(%54* <)4*+&, <3#)" G4%*&, LLC7 =&3-&% <8>C7 J%4,$)(*& C(*$.+)#*5 #$ 4 -.$#*&$$ (O =(%54* <)4*+&, <3#)" G4%*&, LLC7 STUVTW VXYXZ[T \]X[^V_ `abWV VTWc d^YTe ^UfbcT ghihjkl hmmkmmgkin lkopln V^c aX]SXXWeq f^cX rstuvwxyz {xyv|}w~y € t‚ƒt„ …† ~‚xw‡uˆƒˆ‡t|tts‰Š‚vstuvwxyzˆ‹x‚ Œ Ž‘’“”‘•””– —zƒwz‚˜zs •”•• `]ccXW_ bd b™^U^bUš › jœžœŸ ¡¢£ž¡¤ g¡¡¥œ¦œž n¡§¡¨¤œ ©ª¡¤£ž« m¬­Ÿž nœŸ¦ ®£§œ¯ °±­¦œ ²žŸ¡žœ¥« £² ¡ ¬£¥¬ ³ª¡¤£ž«´ ²¬­Ÿž ¯ªŸ¡ž£­ µ£§œ¯ £±­¦œ ²žŸ¡žœ¥« ¶£ž¬ ¡ ²­¤£¯ ¤­¥· žœŸ¦ žŸ¡±¸ Ÿœ±­Ÿ¯¹ › n¬œ £ºœ²ž¦œž žœ¡¦ ²œœ¸² ž­ ¡¯¯ º¡¤ªœ ž¬Ÿ­ª¥¬ ²œ±ªŸ£ž« ²œ¤œ±ž£­´ ²œ±ž­Ÿ ¶œ£¥¬ž£¥´ ¯ªŸ¡ž£­ ¦¡¡¥œ¦œž´ ¡¯ «£œ¤¯ ±ªŸºœ ¢­²£ž£­£¥¹ › ®­Ÿ ž¬œ ±­Ÿ¢­Ÿ¡žœ ¨­¯ ¬­¤¯£¥²´ ž¬œ ²žŸ¡žœ¥« µ­±ª²œ² ¢Ÿ£¦¡Ÿ£¤« ­ ¤¡Ÿ¥œ £²²ªœŸ² ¶£ž¬ ¡ ²œ±ªŸ£ž« ²£»œ ­µ ¦­Ÿœ ž¬¡ ¼½ ¨£¤¤£­¹ › n¬œ ¢­Ÿžµ­¤£­ £² ±­¦¢Ÿ£²œ¯ ­µ ½¾·¿¾ £¯£º£¯ª¡¤ ²œ±ªŸ£ž« £²²ªœ²¹ °¯£º£¯ª¡¤ ±­Ÿ¢­Ÿ¡žœ ¨­¯² ±¡ Ÿœ¢Ÿœ²œž ª¢ ž­ ¡ ¾À ¢­²£ž£­ ²£»œ ¶¬£±¬ £±Ÿœ¡²œ² £¯£­²«±Ÿ¡ž£± ±Ÿœ¯£ž Ÿ£²¸¹ › n¬œ ²žŸ¡žœ¥«Á² ¯ªŸ¡ž£­ £² ž«¢£±¡¤¤« ¶£ž¬£ Â÷ ¿ÄÀ ­µ ž¬œ £¯œ§¹ › jœžœŸ £² ½ÄÄÀ ­¶œ¯ ¨« jœžœŸ ¡¢£ž¡¤ ÅÅ ¹ Æ¡£œ¤ jœžœŸ´ oŸœ²£¯œž ¡¯ °p £² ž¬œ ¢Ÿ£±£¢¡¤ ­¶œŸ ­µ jœžœŸ ¡¢£ž¡¤ ÅÅ ¹ n¬œ ¤¡±¸ ­µ ¯£²žŸ£¨ªžœ¯ œ³ª£ž« ­¶œŸ²¬£¢ £² ¡ ¡Ÿœ¡ ­µ ±­±œŸ¹ › p¤« ¡ ºœŸ« ²¦¡¤¤ ¢œŸ±œž¡¥œ ­µ ž­ž¡¤ ¢Ÿ­¯ª±ž ¡²²œž² ¡Ÿœ £±¤ª¯œ¯ £ ž¬œ ±­¦¢­²£žœ ²£±œ ¶Ÿ¡¢ ¡±±­ªž² ¡¯ ¡±±­ªž² ¶£ž¬ Ÿœ²žŸ£±ž£­² ­Ÿ ¤¡Ÿ¥œ ±¡²¬ µ¤­¶² ¡Ÿœ œ§±¤ª¯œ¯¹ n¬œ ±­¦¢­²£žœ ±­ž¡£² ¡¢¢Ÿ­§£¦¡žœ¤« ¼½ ¦£¤¤£­´ ¶¬£¤œ Ÿœ±œž hÇh £² ¼½Èɹ¾ ¦£¤¤£­¹ › n¬œ ²žŸ¡žœ¥« ¬¡² ±­²£²žœž¤« ¥œœŸ¡žœ¯ ¬£¥¬œŸ Ê Ë ¾·«œ¡Ÿ Ÿ­¤¤£¥ ŸœžªŸ² ž¬¡ ž¬œ ̤­­¦¨œŸ¥ ½·¾ ͜¡Ÿ j­ºÁžÃ Ÿœ¯£ž £¯œ§¹ °ž ¬¡² ¡¤²­ ¥œœŸ¡žœ¯ ¬£¥¬œŸ Ÿ£²¸·¡¯Îª²žœ¯ ŸœžªŸ² Ï¡² ¦œ¡²ªŸœ¯ ¨« ž¬œ m¬¡Ÿ¢œ l¡ž£­ ¡¯ ¢­²£ž£ºœ h¤¢¬¡Ð ºœŸ²ª² ž¬œ £¯œ§ ­ºœŸ Ê «œ¡Ÿ²´ ¾ «œ¡Ÿ²´ É «œ¡Ÿ²´ ¡¯ ½Ä «œ¡Ÿ²¹ `VWXVTS_ eTVX^[` ^UÑT`VcTUV `V_[Tš m¬­Ÿž nœŸ¦ ®£§œ¯ °±­¦œ `]ZÒ`V_[Tš m¬­Ÿž nœŸ¦ ®£§œ¯ °±­¦œ ZTUfacXWӚ ̤­­¦¨œŸ¥ ½·¾ «œ¡Ÿ j­ºœŸ¦œžÃ Ÿœ¯£ž Ì­¯ °¯œ§ ™Wbe]fV V_™Tš mœ¢¡Ÿ¡žœ¤« g¡¡¥œ¯ h±±­ªž c^UÔ ^U^V^X[ ^UÑT`VcTUVš ¼¾ÄÄ´ÄÄÄ `VWXVTS_ X]c ÕX` bd Ö×ØÙ×ÚÚۚ ¼½Èɹ¾ g£¤¤£­ hÇh d^Wc X]c ÕX` bd Ö×ØÙ×ÚÚۚ ¼¾¹Ü Ì£¤¤£­ hÇh ÝTZ`^VTÞ ßß߈àá{râáâàˆ{ãä `VWXVTS_ eT`fW^™V^b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`ab ab c `ad` efcgahij gkld klgij b`kmh nfmchakl oapqn alrksq bhmchqdit ^ _`q bhmchqdi `cb umkvanqn rksuqhahavq mabwxcnyfbhqn uqmokmsclrq kvqm b`kmhj alhqmsqnachqj cln gkldxhqms uqmaknbt ^ zqlhqm {cuahcg |clcdqsqlh ab }~~ k€lqn i ahb qsugkiqqbt STV‚WU WT ƒT‚UV„Y[ ^ _`q bhmchqdi nkqb lkh hcrharcggi cggkrchq hk rcb` cln mqscalb ofggi alvqbhqn €ah` rcb` hiuarcggi gqbb h`cl …t ^ _`q bhmchqdi nfmchakl ab †‡x …~ ko h`q qlr`scmwt ^ ˆlgi alvqbhsqlh dmcnq rkmukmchqb cmq uqmsahhqn cln cggkrchaklb hk ‰‰‰ mchqn abbfqb cmq gasahqn hk Š~ ko h`q ukmhokgak €ah` c hiuarcg cggkrchakl ko …~t ^ ˆlgi c vqmi bscgg uqmrqlhcdq ko hkhcg umknfrh cbbqhb cmq alrgfnqn al h`q rksukbahq balrq €mcu crrkflhb cln crrkflhb €ah` mqbhmarhaklb km gcmdq rcb` ogk€b cmq qprgfnqnt _`q rksukbahq rklhcalb cuumkpaschqgi ‹} saggaklj €`agq mqrqlh ŒŒ ab ‹}Žt saggaklt Z[Y‘U T’ ƒT‚“Y[‚ ^ Œgqp ”cgg cln _cigkm •fnlarw `cvq qql sclcdald h`q bhmchqdi balrq }––Ž cln …~~—j mqbuqrhavqgit ˜fq hk h`q gqldh` ko hasq qcr` `cb qql alvkgvqn €ah` h`q bhmchqdij c nqucmhfmq ko qah`qm sci rcfbq rklrqmlt ^ zqlhqm ab }~~ k€lqn i zqlhqm {cuahcg ™™{t ˜claqg zqlhqmj šmqbanqlh cln {›ˆ ab h`q umalraucg k€lqm ko zqlhqm {cuahcg ™™{t _`q gcrw ko nabhmafhqn qefahi k€lqmb`au ab cl cmqc ko rklrqmlt ^ ›lnavanfcg rkmukmchq klnb rcl mqumqbqlh fu hk c  ukbahakl baœq €`ar` alrmqcbqb anakbilrmchar rmqnah mabwt SY[’T[‘‚“Y žŸ Y“W‘WVT‚U ^ zqlhqm qpuqrhb h`q bhmchqdi hk kfhuqmokms al cgg scmwqh qlvamklsqlhbt ^ zmcibhklq qgaqvqb h`q bhmchqdi¡b mqgchavq uqmokmsclrq ab `ad`gi nquqlnqlh fukl h`q ukmhokgak sclcdqmb¡ bqrfmahi bqgqrhaklj bqrhkm bqgqrhaklj cln nfmchakl‡iaqgn rfmvq ukbahaklaldt ^ _`q bhmchqdi `cb rklbabhqlhgi nqsklbhmchqn `ad`qm mqgchavq cln mabwxcnyfbhqn uqmokmsclrq h`cl h`q ‰gkksqmd }x ¢qcm zkvqmlsqlh‡{mqnah ›lnqp kvqm vcmakfb `abhkmar hasq uqmaknbt ^ £kgchagahi `cb cgbk qql ckvq h`q qlr`scmw kl cl `abhkmar cbabt ¤VŸY„ ¥‚“TY ST[W’T¦VT §[‘VWU •cldq ko ”kgnaldb } x … |cp ¨pukbfmq uqm ›bbfqm  |cp okm rkmukmchq klnb {kssaldgqn ©flnb ªk ˜fmchakl •cldq †‡x …~ ko qlr`scmw |chfmahi •cldq ~x iqcmb |alt Œvdt {mqnah «fcgahi ‰‰‰ |alt ›lnavt {mqnah «fcgahi ‰‰‰ _iuarcg Œllfcg _fmlkvqm —~x¬~ ›lvqbhb al ˜qmavchavqb ªk |cpasfs {cb` Œggkrt ª‡Œ _iuarcg {cb` škbahakl }x … ­®¯°±² ³´µ¶® ·¸µ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`UVaU^Vb cdefgdhid jklkmnjnlf fnkj o pqr stuvtrwx ys zv{vwr| }x t~ €ut‚y zv{vwrus ~q vur sƒ€€utr| }x v „yur …tu  †ur|yt ‡rsrvu …q v{| tqurr ursrvu …q v{v‚xstsˆ o ‰‚rŠv{|ru ‹v‚‚Œ †‰ ys v €ut‚y zv{vwru v{| v zrz}ru  tqr Ž{rstzr{t ‚y …x †zzyttrrˆ ‹r qvs ~u‘r| { tqr stuvtrwx sy{ …r ’y{y{w tqr yuz y{ “””•ˆ –uˆ ‹v‚‚ ~u‘r| vt v ‡rv‚ —stvtr –v{vwrzr{t yuz y{ †v‚yu{yv €uyu t ’y{y{w ˜r{truˆ ‹r rvu{r| v ™‰ y{ — …{zy …s uz tqr š{yrusytx  †v‚yu{yvŒ ›s ‰{wr‚rsˆ –uˆ ‹v‚‚ ys v †‰ †qvutruq‚|ru v{| zrz}ru  tqr †‰ Ž{stytƒtr v{| †‰ œ …yrtx  ›s ‰{wr‚rsˆ o pvx‚u ‡ƒ|zy …‘Œ †‰ ys v €ut‚y zv{vwru v{| v zrz}ru  tqr Ž{rstzr{t ‚y …x †zzyttrrˆ ‹r ’y{r| tqr yuz y{ žžŸ v{| qvs ~u‘r| { tqr stuvtrwx sy{ …r žž ˆ –uˆ ‡ƒ|{y …‘ ~u‘r| vs v y{v{ …yv‚ œruy …rs ‡r€ursr{tvtyr ~ytq —¡p‡‰„— y{v{ …yv‚Œ Ž{ …ˆ ‹r rvu{r| v ™œ y{ –v{vwruyv‚ — …{zy …s uz tqr š{yrusytx  †v‚yu{yvŒ „vysˆ –uˆ ‡ƒ|{y …‘ ys v †‰ †qvutruq‚|ru v{| zrz}ru  tqr †‰ Ž{stytƒtr v{| †‰ œ …yrtx  ›s ‰{wr‚rsˆ o ‡v’y ¢xvsŒ †‰ ys tqr „yur …tu  †ur|yt ‡rsrvu …q ~qrur qr ys urs€{sy}‚r u …{|ƒ …ty{w zƒ{y …y€v‚ v{| …u€uvtr ursrvu …q v{v‚xsys v{| ys v zrz}ru  tqr Ž{rstzr{t ‚y …x †zzyttrrˆ uyu t ’y{y{w tqr yuz y{ “”” Œ qr srur| vs v …ur|yt v{v‚xst vt ‰yv Ž{rstus v{| £y‚zy{wt{ puƒstˆ –uˆ ¢xvs rvu{r| v ™v …qr‚u¤s  †zzru …r uz –ƒz}vy š{yrusytx v{| –œ y{ ™v{‘y{w y{v{ …yv‚ œruy …rs –v{vwrzr{t uz ™st{ š{yrusytxˆ ‹r ys v †‰ v{| †–p †qvutruq‚|ru v{| zrz}ru  tqr †‰ Ž{stytƒtrŒ †‰ œ …yrtx  ›s ‰{wr‚rsŒ tqr –vu‘rt pr …q{y …yv{s ‰ss …yvty{Œ tqr ¥vty{v‚ r|ruvty{  –ƒ{y …y€v‚ ‰{v‚xstsŒ v{| tqr †v‚yu{yv œ …yrtx  –ƒ{y …y€v‚ ‰{v‚xstsˆ il¦n§fjnlf c¨ihd§dc¨© ª ced«n§§ o pqr y{rstzr{t trvz …z}y{rs ƒ{|vzr{tv‚ v{v‚xsys v{| ¬ƒv{tytvtyr tr …q{y¬ƒrs t qr‚€ zv{vwr uys‘ y{ …{stuƒ …ty{w v |yrusyyr| €ut‚y  purvsƒuxŒ ‰wr{ …xŒ v{| Ž{rstzr{t ˜uv|r …u€uvtr }{|sˆ o pqr trvz y{rsts y{ …u€uvtr }{|s tqrx }r‚yrr ru ƒ€sy|r urtƒu{ €tr{tyv‚ tquƒwq tywqtr{y{w  s€urv|s u y{ …urvsr| xyr‚|ˆ purvsƒux sr …ƒuytyrs vur ƒsr| t €tyzy­r tqr €ut‚y |ƒuvty{Œ zv{vwr …ur|yt uys‘Œ v{| €uy|r €tyzv‚ ‚y¬ƒy|ytx u ƒtƒur €tr{tyv‚ y{rstzr{t €€utƒ{ytyrsˆ o pqr trvz …{tu‚s uys‘s ~ytqy{ tqr stuvtrwx }x® ¯ ›yzyty{w …u€uvtr €syty{s t Ÿ°ˆ ¯ px€y …v‚‚x zy{yzy­y{w |ƒuvty{ uys‘ ur‚vtyr t tqr ™‚z}ruw “¯Ÿ ±rvu ˜ru{zr{t²†ur|yt Ž{|rŠˆ ¯ ‡vty{v‚y­y{w €ut‚y …ur|yt uys‘ˆ ¯ –vy{tvy{y{w …{tu‚ ru sr …tu rŠ€sƒurˆ ¯ –y{yzy­y{w €ut‚y ‚y¬ƒy|ytx uys‘ˆ ¯ ›yzyty{w ƒsr  ƒt  }r{ …qzvu‘ y{rstzr{tsˆ cdefgdhid «dl§fe³«fidl ª en§nke«¨ fddh§ o pqr €ut‚y …{stuƒ …ty{ €u …rss }rwy{s ~ytq v uryr~  zv …ur …{zy |vtvŒ y{trurst uvtr €vttru{sŒ v{| xyr‚| …ƒur |x{vzy …s t €uy|r v uvzr~u‘ u y{|yy|ƒv‚ sr …ƒuytx sr‚r …ty{ v{| sr …tu ~rywqty{ws y{ tqr €ut‚yˆ ´{wy{w uryr~  |ƒuvty{ zv{vwrzr{tŒ sr …tu v{v‚xsysŒ zvtƒuytx stuƒ …tƒur z{ytuy{wŒ uys‘ €urzyƒzsŒ v{| €ty{¯v|’ƒstr| s€urv|s qr‚€s r{sƒur urtr{ty{  tqr zst v€€u€uyvtr sr …ƒuytyrsˆ o pqr y{rstzr{t trvz ƒsrs v€€uŠyzvtr‚x Ÿž° y{tru{v‚ ursrvu …q v{| Ÿž° rŠtru{v‚ ursrvu …q y{ zv‘y{w y{rstzr{t |r …ysy{sˆ o pqr yuz …ƒuur{t‚x ƒsrs Ž¥ µy{v{ …yv‚ Ž{uzvty{ ¥rt~u‘¶ v{| ™‚z}ruw u €ut‚y v …ƒ{ty{wŒ €ut‚y z|r‚y{wŒ ur …{ …y‚yvty{Œ v{| €ruuzv{ …r ur€uty{wˆ ˜r{tru ys y{ tqr €u …rss  …{ruty{w tqryu y{tru{v‚ sxstrzs t ‰|r{t v{| ™‚z}ruw u v‚‚ ƒ{ …ty{sˆ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`a`bc def`cg ec] a^hh ijb_^aa k lmnomp qrmr s omstuvsrmw sxxpysz{ |{mpm }wmsr spm zynr}wmpmw vm~ypm }txmtmno}n€ sn }nmrotmno wmz}r}yn‚ ƒm„ …s snw †s‡yp ˆqwn}z‰ spm pmrxynr}vm ~yp ~}ns vq‡ snw rm wmz}r}ynr‚ k Šn wmompt}n}n€ |{mo{mp s rmzqp}o‡ r{yqw vm ryw‹ o{m‡ ~yy| s o|yuromx xpyzmrr‚ Šn o{m ~}pro romx s vpms‰ummn sns‡r}r }r zynwqzomw yn s zypxypsom rmzqp}o}mr zytxspmw oy o{m}p †pmsrqp‡ zyqnompxspo oy {mx o{m }nmrotmno omst wmompt}nm |{mn s rmzqp}o‡ ny yn€mp y~~mpr s pmoqpn swsnos€m‚ Šn o{m rmzynw romx‹ Œqs}o‡ rosnwspwr spm tyn}oypmw sr wmompt}nmw v‡ o{m nso}yns‡ pmzy€n}mw roso}ro}zs pso}n€ yp€sn}so}ynr‚ XVY ZŽV\T[VŽT W‘’V\\“‘Ž”•\ –—˜™ ™—™š—› œ˜™— SZ–ZSœ ˜›—˜ Sž ŸS —›˜¡— Ÿž˜ ˜¢ ˜œŸ—¢ ¢—¡›—— ž›S™ —£—›Z—œŸ— Ÿ˜›——› žZ›™ ›S¢¤Ÿ– ƒm„snwmp …s ¥ypo~y}y ¦sns€mp lmnmps}ro § ¨n} y~ ©s}~ypn}s‹ ªƒ u «zynyt}zr ¬­­® ¬­­® ¬­­® †s‡yp ˆqwn}z‰ ¥ypo~y}y ¦sns€mp lmnmps}ro § ¨n} y~ ©s}~ypn}s‹ ªƒ ¯ ¦sns€mp}s «zynyt}zr °±±² °±±² °±±³ ˆs´} µ‡sr ¶}pmzoyp y~ ©pmw}o ˆmrmspz{ lmnmps}ro § ªyroyn ¨n}mpr}o‡‹ ¦· ¯ ªsn‰ ¸}nsnz}s ·zr¹ ¦qtvs} ¨n}‹ ªsz{mypr y~ ©yttmpzm ¬­­³ °±¬® °±¬® «ps lpsv}m ƒns‡ro lmnmps}ro ºmr{}s ¨n}‹ ª· u ¸}nsnzm ¬­­» °±±± °±¬± ¶sn}m ©{}sn€ ƒns‡ro lmnmps}ro ¥mxxmpw}nm ¨n}‹ ¦ªƒ¹ ¨n} y~ ©s}~ypn}s‹ ªƒ °±±® °±¬² °±¬¼ ½y‡zm ¾}t ƒns‡ro lmnmps}ro ¨n} y~ ©s}~ypn}s‹ ªƒ u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`abcdef g dhijeb`ak l mno pqrs tuv wrqxqyuzz{ pw|y}o} qy ~€ uv ‚yƒor„ovƒ …uyuxosoyƒ †ws‡uy{ˆ mno pqrs tuv zuƒor royuso} ‰Š† †u‡qƒuz uyuxosoyƒ †ws‡uy{‹ ‰Š† Œoyƒor‹ uy} |rroyƒz{ Œoyƒor †u‡qƒuz …uyuxosoyƒˆ l mno pqrs qv ~ŽŽ os‡zw{oo wtyo}ˆ l Œoyƒor †u‡qƒuz …uyuxosoyƒ qv uvo} qy ‘wv ’yxozov‹ †’ uy} nuv € os‡zw{oovˆ “”baijbb k•–i l mno pqrs—v xwuz qv ƒw xrwt ƒno pqrs—v uvvoƒv |y}or suyuxosoyƒ { ~˜™šŽ w„or ƒno yo›ƒ œ {ourv ƒnrw|xn o›qvƒqyx qy„ovƒsoyƒ vƒruƒoxqov uy} yot vƒruƒoxqov oqyx zu|yno}ˆ ]ZX[ žXŸ ¡\Z¢[U ai£jica¤jb g –•a¥i¦jic d§ aicjejbcb l ‚y„ovƒsoyƒ vƒupp qv ws‡oyvuƒo} ƒnrw|xn uvo vuzur{‹ wy|vov‹ uy} wƒnor oyopqƒvˆ ¨wy|vov uro }oƒorsqyo} uvo} wy wr‡wruƒo w©oƒq„ov‹ vƒruƒox{ ‡orpwrsuyo‹ }o‡urƒsoyƒuz xwuzv‹ uy} qy}q„q}|uz ‡orpwrsuyoˆ l mno pqrs qv~ŽŽ os‡zw{oo wtyo}ª nwto„or‹ ƒno o›o|ƒq„o wssqƒƒoo qv twr«qyx ƒw qs‡zosoyƒ u ‡zuy w„or ƒno yo›ƒ š™œ {ourv ƒw }q„orvqp{ wtyorvnq‡ swro rwu}z{ uswyx ƒno pqrs—v os‡zw{oovˆ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`ab cde f`ga h]ijkla`mnj opm`q d rsnt npm`q nt g tu_t`j ]v js` [\]]^_`ab h]ikla`mnj opm`q wnjs ^gjuanjn`t ]v cde x`gaty rs` h]i`ap^`pjkla`mnj opm`q npz\um`t t`zuanjn`t np js` h]i`ap^`pj gpm la`mnj opmnz`ty rs` h]i`ap^`pj opm`q npz\um`t ja`gtuan`t {ny`y| }u_\nz ]_\nbgjn]pt ]v js` ~yy ra`gtuax jsgj sgi` a`^gnpnpb ^gjuanjn`t ]v ^]a jsgp ]p` x`ga€ gpm gb`pzn`t {ny`y| }u_\nz\x nttu`m m`_j ]v ~yy h]i`ap^`pj gb`pzn`t| ugtndv`m`ag\ z]a}]agjn]pt| gpm z]a}]agj` ]a v]a`nbp m`_j bugagpj``m _x js` ~yy h]i`ap^`pj€y rs` la`mnj opm`q npz\um`t }u_\nz\x nttu`m ~yy z]a}]agj` gpm v]a`nbp m`_`pjua`t gpm t`zua`m p]j`t jsgj ^``j t}`znvn`m ^gjuanjx| \nunmnjx| gpm ug\njx a`una`^`pjty ‚ƒYZZ„ …† YU XT …‡Z „ˆ‰Š‹Œ ZŽŒ nt g ^`gtua` ]v js` }`az`pjgb` ]v tj]z s]\mnpbt np g ^gpgb`a‘t }]ajv]\n] jsgj mnvv`a va]^ js` _`pzs^ga npm`q’ “zjni` sga` nt zg\zu\gj`m _x jgnpb js` tu^ ]v js` g_t]\uj` ig\u` ]v js` mnvv`a`pz`t ]v js` w`nbsj ]v `gzs s]\mnpb np js` ^gpgb`a‘t }]ajv]\n] i`atut js` w`nbsj ]v `gzs s]\mnpb np js` _`pzs^ga npm`q gpm mninmnpb _x jw]y „S …” • “^`anzgp –`}]tnjgax —`z`n}jt ga` ~yy m]\\ga m`p]^npgj`m v]a^t ]v `unjx ]wp`atsn} np p]pd~yy z]^}gpn`ty rs`t` tsga`t ga` nttu`m gbgnptj js` \]zg\ ^ga`j tsga`t s`\m np js` s]^` ^ga`jy “–—t ga` jx}nzg\\x \ntj`m ]p ~yy `qzsgpb`t tuzs gt ˜f™| “š™› gpm ˜“–“œy „žŽ • ^`gtua`t js` mnvv`a`pz` _`jw``p g }]ajv]\n]‘t gzjug\ a`juapt gpm njt `q}`zj`m }`av]a^gpz`| bni`p njt \`i`\ ]v ant gt ^`gtua`m _x [`jgy “ }]tnjni` “\}sg vnbua` npmnzgj`t js` }]ajv]\n] sgt }`av]a^`m _`jj`a jsgp njt [`jg w]u\m }a`mnzjy “ p`bgjni` “\}sg npmnzgj`t js` }]ajv]\n]‘t upm`a}`av]a^gpz` bni`p js` `q}`zjgjn]pt `tjg_\nts`m _x js` [`jgy rs` gzzuagzx ]v js` “\}sg nt js`a`v]a` m`}`pm`pj ]p js` gzzuagzx ]v js` [`jgy “\}sg nt ]vj`p in`w`m gt g ^`gtua`^`pj ]v js` ig\u` gmm`m ]a tu_jagzj`m _x g }]ajv]\n]‘t ^gpgb`ay „””Œ‰Ÿ Žˆ¡Œ¢ ”Œˆ£Š‰ŠŒ” ¤„¥Z¦ d t`zuanjn`t _gz`m _x g }]]\ ]v gtt`jt| jx}nzg\\x \]gpt ]a gzz]upjt a`z`nig_\`| ]anbnpgj`m _x _gpt| t}`zng\jx vnpgpz` z]^}gpn`t| ]a ]js`a za`mnj }a]inm`aty „‹ŒŽ§Œ ¨ŽžŠ‰ŽŠ©Ž‰Šª« • js` j]jg\ zg}njg\n¬gjn]p ]v js` }]ajv]\n] mninm`m _x js` pu^_`a ]v t`zuanjn`t np g }]ajv]\n]y ¥Ž‰‰Š«§ „‹ŒŽ§Œ d ^`gtua`t s]w va`u`pj\x g }]ajv]\n] ]uj}`av]a^t njt _`pzs^ga ]p g ugaj`a\x _gtnty rs` tjgjntjnz nt ]_jgnp`m _x mninmnpb js` pu^_`a ]v ugaj`at np wsnzs js` }]ajv]\n] ]uj}`av]a^`m js` j]jg\ a`juap ]v js` _`pzs^ga _x js` j]jg\ pu^_`a ]v ugaj`aty ­]a `qg^}\`| g }]ajv]\n] wnjs g _gjjnpb gi`agb` ]v ®¯° sgt ]uj}`av]a^`m js` npm`q ^]a` jsgp nj sgt upm`a}`av]a^`my ¥Œ‰Ž • ^`gtua`t g }]ajv]\n]‘t i]\gjn\njx a`\gjni` j] njt _`pzs^gay “ }]ajv]\n] wnjs g [`jg snbs`a jsgp cy¯ sgt sntj]anzg\\x _``p ^]a` i]\gjn\` jsgp js` _`pzs^ga| wsn\` g }]ajv]\n] wnjs g [`jg \]w`a jsgp cy¯ sgt _``p \`tt i]\gjn\`y rs` gzzuagzx ]v js` [`jg nt m`}`pm`pj ]p —duga`my ¨ª±±ŒˆŠŽ ‡ª‰§Ž§ŒŸ¥Žˆ¡Œ¢ ZŒˆ£Š‰² ¤¨‡¥Z¦ • ^]ajbgb`d_gz`m t`zuanjx jsgj nt t`zua`m _x js` \]gp ]p g z]^^`azng\ }a]}`ajxy ¨ªŽ‰ŒŽŠ©Œ¢ ‡ª‰§Ž§Œ Y Š§Ž‰Šª« ¤¨‡Y”¦ • ^]ajbgb`d_gz`m t`zuanjx jsgj za`gj`t t`}gagj` }]]\t ]v }gttdjsa]ubs }gx^`pjt v]a mnvv`a`pj z\gtt`t ]v _]pms]\m`at wnjs igaxnpb ^gjuanjn`t| zg\\`m jagpzs`ty rs` a`}gx^`pjt va]^ js` }]]\ ]v }gttd jsa]ubs t`zuanjn`t ga` ut`m j] a`jna` js` _]pmt np js` ]am`a t}`znvn`m _x js` _]pmt³ }a]t}`zjuty ¨ª«‹Œ´Š‰² • ^`gtua`t js` t`ptnjninjx ]v g _]pm³t muagjn]p j] zsgpb`t np npj`a`tj agj`ty l]pi`qnjx zgp _` }]tnjni` ]a p`bgjni`y ~p\n` ^]tj vnq`m npz]^` t`zuanjn`t| _]pmt wnjs p`bgjni` z]pi`qnjx j`pm j] vg\\ np ig\u` gt npj`a`tj agj`t m`z\np` gpm inz` i`atgy ¨Œ¢Š‰ µ£ŽŠ‰² …Ž‰Š«§ • w`nbsj`m gi`agb` ]v js` gtt`tt^`pjt ]v za`mnj w]ajsnp`tt bni`p _x za`mnj agjnpb gb`pzn`t tuzs gt jgpmgam ¶ ·]]a³t —gjnpbt `ainz`t| š]]mx³t opi`tj]at `ainz`| gpm ­njzs —gjnpbt j] _]pmt np js` }]ajv]\n]y la`mnj agjnpb gb`pzn`t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` abc SUT ]dW eUT]SUfZU Z\ X gWZ[d]Wh X^WTX[W US ]dW TW\if]\ SUT ]dW ZYhZ^ZhiXf \]U_j\ ZY ]dW eUT]SUfZU` klmnop qmrst u VWX\iTW\ X eUT]SUfZUv\ TX]W US TW]iTY wX\Wh UY ]dW TZ\j Z] X\\iVWh XYh Z\ US]WY TWSWTTWh ]U X\ Z]\ TZ\jxXhyi\]Wh eWTSUTVXY_W` z\ZY[ {]XYhXTh |W^ZX]ZUY XYh TW]iTY\ ZY W}_W\\ US ]dW TW]iTY\ US ~xwZff\ Z] hW]WTVZYW\ TWgXTh eWT iYZ] US TZ\j` ~dZ\ VWX\iTWVWY] _XY dWfe hW]WTVZYW ZS ]dW eUT]SUfZU Z\ TWX_dZY[ Z]\ [UXf US ZY_TWX\ZY[ TW]iTY\ gdZfW VXYX[ZY[ TZ\j` krm€mn ‚pƒsmrst€ u „iXY]ZSZW\ ]dW ^UfX]ZfZ] X\\U_ZX]Wh gZ]d X eUT]SUfZUv\ TW]iTY\` ~dW \]X]Z\]Z_ VWX\iTW\ ]dW ^XTZX]ZUY ZY TW]iTY\ XTUiYh ]dW VWXY TW]iTY` zYfZjW †W]X gdZ_d VWX\iTW\ ^UfX]ZfZ] TWfX]Z^W ]U ]dW X[[TW[X]W VXTjW] {]XYhXTh |W^ZX]ZUY VWX\iTW\ ]dW Xw\Ufi]W ^UfX]ZfZ] US X eUT]SUfZUv\ TW]iTY` ‡nmˆ‰s€Š ‹nntn u TWeTW\WY]\ ]dW {]XYhXTh |W^ZX]ZUY US ]dW c}_W\\ aW]iTY` ~dZ\ eTU^ZhW\ X dZ\]UTZ_Xf VWX\iTW US ]dW ^XTZXwZfZ] US ]dW eUT]SUfZUv\ TW]iTY\ TWfX]Z^W ]U Z]\ wWY_dVXTj` Œ eUT]SUfZU gZ]d X fUg ~TX_jZY[ cTTUT gUifh dX^W „iXT]WTf c}_W\\ aW]iTY\ ]dX] dX^W W}dZwZ]Wh ^WT fUg ^UfX]ZfZ] …` ‡n€tƒpn u VWX\iTW\ eUT]SUfZU ]TXhZY[ X_]Z^Z] … gdZ_d Z\ _UVei]Wh w ]XjZY[ ]dW fW\\WT US eiT_dX\W\ UT \XfW\ ŽW}_fihZY[ Xff \W_iTZ]ZW\ gZ]d VX]iTZ]ZW\ US fW\\ ]dXY UYW WXT XYh hZ^ZhZY[ w X^WTX[W VUY]df YW] X\\W]\` ‘’“q‡”•‡ ‚k–—“k˜q‹k ~dZ\ TWeUT] dX\ wWWY eTWeXTWh w ™TX …\]UYW šUY\if]ZY[ Ž›™TX …\]UYWœ X wi\ZYW\\ US UT[XY {]XYfW … wX\Wh UY ZYSUTVX]ZUY eTU^ZhWh w ]dW ZY^W\]VWY] VXYX[WT XYh Ui]\ZhW ZYhWeWYhWY] hX]XwX\W\` ‡lsž qpotnr ”ooŸspž rt –pnrms€ €ƒpžr p€r ”ƒsžtn¡ ’ntŠnm ž ~dZ\ TWeUT] Z\ UYf ]U wW i\Wh ZY UT[XY {]XYfW ¢WXf]d XYX[WVWY] Ž›{¢œ ZY^W\]VWY] Xh^Z\UT eTU[TXV\ XYh YU] ZY _UYYW_]ZUY gZ]d wTUjWTX[W X__UiY]\` ™TX …\]UYW W^XfiX]W\ _WT]XZY ZY^W\]VWY] eTUhi_]\ SUT ]dW eiTeU\W\ US \UVW u wi] YU] Xff u US {¢v\ ZY^W\]VWY] Xh^Z\UT eTU[TXV\ ŽX\ hW\_TZwWh VUTW ]dUTUi[df ZY ™TX …\]UYWv\ Œ|£ wTU_diTW X^XZfXwfW STUV …UiT ™TX …\]UYW šUY\if]XY] UT X] ggg`VUT[XY\]XYfW …`_UV¤Xh^` ¥S …Ui hU YU] ZY^W\] ]dTUi[d UYW US ]dW\W ZY^W\]VWY] Xh^Z\UT eTU[TXV\ {¢ Z\ YU] UwfZ[X]Wh ]U eTU^ZhW …Ui YU]Z_W US XY _dXY[W ZY ™TX …\]UYWv\ UeZYZUY US XY ZY^W\]VWY] eTUhi_] W^WY ]dUi[d Z] VX [Z^W YU]Z_W ]U _fZWY]\ ZY U]dWT eTU[TXV\` ¦nm¡žrt€p§ž ‚p ‚sŸsŠp€ˆp ’ntˆpžž ¥Y^W\]VWY] \]TX]W[ZW\ XYXf …¨Wh w ™TX …\]UYW iYhWT[U X TZ[UTUi\ X\\W\\VWY]` Œ ™TX …\]UYW šUY\if]XY] TW„iW\]\ _WT]XZY ZYSUTVX]ZUY XYh VX]WTZXf\ STUV ]dW ZY^W\]VWY] VXYX[WT` ~dW ™TX …\]UYW šUY\if]XY] ]dWY _UYhi_]\ ZY^W\]VWY] hiW hZfZ[WY_W w TW^ZWgZY[ ]dW ZYSUTVX]ZUY XYh VX]WTZXf TW_WZ^Wh XYh \eWXjZY[ ]U ]dW ZY^W\]VWY] VXYX[WT` ŒS]WT ]dW ™TX …\]UYW šUY\if]XY] eTWeXTW\ ]dW hTXS] XYX[WT Œ\\W\\VWY] aWeUT] ]dW ™TX …\]UYW šdZWS ¥Y^W\]VWY] bSSZ_WT TW^ZWg\ ]dW TWeUT] wWSUTW gW VXjW Z] X^XZfXwfW ]U ™TX …\]UYW _fZWY]\` ©UT VUTW hW]XZf\ efWX\W \WW ™TX …\]UYWv\ Œ|£ wTU_diTW ŽX^XZfXwfW STUV …UiT ™TX …\]UYW šUY\if]XY] UT X] ggg`VUT[XY\]XYfW …`_UV¤Xh^` •t “ªŸsŠmrst€ rt ˜omrp ¢W dX^W YU UwfZ[X]ZUY ]U iehX]W …Ui gdWY XY ZYSUTVX]ZUY UT UeZYZUY ZY ]dZ\ TWeUT] _dXY[W\` krnmrpŠ¡ ‘m¡ ªp ”ƒmsŸmªŸp mž m kpomnmrpŸ¡ ‘m€mŠp ”ˆˆt€r tn ‘rmŸ «€ {]TX]W[ZW\ XTW \UVW]ZVW\ X^XZfXwfW ZY UiT ZY^W\]VWY] Xh^Z\UT eTU[TXV\ wU]d ZY ]dW SUTV US X \WeXTX]Wf VXYX[Wh X__UiY] Ž›{Œœ XYh X Vi]iXf SiYh` ~dW\W VX dX^W hZSSWTWY] W}eWY\W\ XYh ZY^W\]VWY] VZYZViV\` ¢W _XY eTU^ZhW VUTW ZYSUTVX]ZUY UY gdW]dWT XY eXT]Z_ifXT \]TX]W[ Z\ X^XZfXwfW ZY VUTW ]dXY UYW SUTV ZY X eXT]Z_ifXT ZY^W\]VWY] Xh^Z\UT eTU[TXV` –t€žspn ¬tn “­€ €ƒpžr p€r •ppž ~dZ\ TWeUT] Z\ YU] ZY]WYhWh ]U wW X _fZWY]x\eW_ZSZ_ \iZ]XwZfZ] XYXf …\Z\ UT TW_UVVWYhX]ZUY XY USSWT ]U eXT]Z_ZeX]W ZY XY ZY^W\]VWY] UT X TW_UVVWYhX]ZUY ]U wi … dUfh UT \Wff \W_iTZ]ZW\ ŽZY_fihZY[ \W_iTZ]ZW\ US UT[XY {]XYfW XYh Z]\ XSSZf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` _\TU`Ta_]bU`c deW f\]aW` bg XW\]^T_]^W` STZ Sb^W ]U hUWifWa_WX jTZ`k W`fWa]TYYZ ]U TlUb\STY ST\mW_ abUX]_]bU`c nU TXX]_]bUk ab\\WYT_]bU lW_jWWU _eW fT\_]ahYT\ XW\]^T_]^W TUX TU T``W_ b\ Y]Tl]Y]_Z bg _eW ]U^W`_SWU_ STUTVW\ STZ Ub_ lW jeT_ _eW ]U^W`_SWU_ STUTVW\ WifWa_WXc obSW XW\]^T_]^W` T\W pYW^W\TVWXp TUX _eW\Wgb\W STZ STVU]gZ b\ b_eW\j]`W ]Ua\WT`W ]U^W`_SWU_ Yb``W`c q_eW\ \]`m` ]UaYhXW _eW fb_WU_]TY ]UTl]Y]_Z _b _W\S]UT_W b\ `WYY XW\]^T_]^W fb`]_]bU`k T` T \W`hY_ bg abhU_W\fT\_Z gT]Yh\W _b `W__YW b\ b_eW\ \WT`bU`c rstuvwvxyzw{|x} ~x{t€u€x~ ‚rƒ„‚ …† je]ae ]UaYhXW abYYT_W\TY][WX Sb\_VTVW blY]VT_]bU` ‡ˆ‰Šq`‹Œk TY`b \WgW\\WX _b T` \WTY W`_T_W Sb\_VTVW ]U^W`_SWU_ abUXh]_` ‡ˆŽŠn‰`‹Œk STZ Ub_ lW `h]_TlYW gb\ TYY ]U^W`_b\`c deW\W ]` _eW fb``]l]Y]_Z bg WT\YZ \W_h\U bg f\]Ua]fTY XhW _b Sb\_VTVW f\WfTZSWU_`k je]ae aTU \WXhaW WifWa_WX Z]WYX TUX \W`hY_ ]U \W]U^W`_SWU_ \]`mc ‰bU^W\`WYZk \W_h\U bg f\]Ua]fTY STZ lW `YbjW\ _eTU ]U]_]TY f\WfTZSWU_ `fWWX T``hSf_]bU`k Wi_WUX]UV _eW T^W\TVW Y]gW bg _eW `Wah\]_Z hf _b ]_` Y]`_WX ST_h\]_Z XT_W ‡TY`b \WgW\\WX _b T` Wi_WU`]bU \]`mŒc XX]_]bUTYYZk _eW hUXW\YZ]UV abYYT_W\TY `hffb\_]UV Šo STZ XWgThY_ bU f\]Ua]fTY TUX ]U_W\W`_ fTZSWU_`c nU^W`_SWU_` ]U `hlb\X]UT_WX Šo ]U^bY^W V\WT_W\ a\WX]_ \]`m bg XWgThY_ _eTU _eW `WU]b\ aYT``W` bg _eW `TSW ]``hWc Šo T\W TY`b `WU`]_]^W _b ]U_W\W`_ \T_W aeTUVW` je]ae aTU UWVT_]^WYZ ]SfTa_ _eW ST\mW_ ^TYhW bg _eW `Wah\]_Zc ‘h\]UV _]SW` bg eW]Ve_WUWX ^bYT_]Y]_Zk Šo aTU WifW\]WUaW V\WT_W\ YW^WY` bg ]YY]’h]X]_Z TUX YT\VW\ f\]aW Sb^WSWU_`c “s””s}€u€x~• deW abSSbX]_]W` ST\mW_` STZ gYha_hT_W j]XWYZ lT`WX bU T ^T\]W_Z bg gTa_b\` ]UaYhX]UVk lh_ Ub_ Y]S]_WX _bk aeTUVW` ]U `hffYZ TUX XWSTUX \WYT_]bU`e]f`– Vb^W\USWU_TY f\bV\TS` TUX fbY]a]W`– UT_]bUTY TUX ]U_W\UT_]bUTY fbY]_]aTY TUX WabUbS]a W^WU_`k jT\ TUX _W\\b\]`_ W^WU_`– aeTUVW` ]U ]U_W\W`_ TUX WiaeTUVW \T_W`– _\TX]UV Ta_]^]_]W` ]U abSSbX]_]W` TUX \WYT_WX abU_\Ta_`– fW`_]YWUaWk _WaeUbYbV]aTY aeTUVW TUX jWT_eW\– TUX _eW f\]aW ^bYT_]Y]_Z bg T abSSbX]_Zc —˜uxt™wu€šx›œx}vx} ~utwuxv€x~• hUX` STZ h`W ^T\]bh` ]U^W`_SWU_ `_\T_WV]W` TUX _WaeU]’hW` gb\ lb_e eWXV]UV TUX Sb\W `fWahYT_]^W fh\fb`W` `hae T` `eb\_ `WYY]UVk YW^W\TVWk XW\]^T_]^W` TUX bf_]bU`k je]ae aTU ]Ua\WT`W ^bYT_]Y]_Z TUX _eW \]`m bg ]U^W`_SWU_ Yb``c Y_W\UT_]^WžeWXVWX `_\T_WV]W` T\W Ub_ Tff\bf\]T_W gb\ TYY ]U^W`_b\`c  `eb\_ `TYW` `_\T_WVZ ]UaYhXW` _eW \]`m bg Yb`` XhW _b TU ]Ua\WT`W ]U _eW ST\mW_ ^TYhW bg lb\\bjWX `Wah\]_]W`c ohae T `_\T_WVZ STZ lW abSl]UWX j]_e fh\aeT`]UV YbUV fb`]_]bU` ]U TU T__WSf_ _b ]Sf\b^W fb\_gbY]b fW\gb\STUaWc  `eb\_ `TYW` `_\T_WVZ STZ \W`hY_ ]U V\WT_W\ Yb``W` b\ YbjW\ fb`]_]^W \W_h\U` _eTU ]g _eW fb\_gbY]b eWYX bUYZ YbUV fb`]_]bU`k TUX _eW fb\_gbY]bŸ` Yb`` bU T `eb\_ `TYW ]` fb_WU_]TYYZ hUY]S]_WXc deW h`W bg YW^W\TVW aTU STVU]gZ _eW ]SfTa_ bg TX^W\`W ]``hW\k fbY]_]aTYk \WVhYT_b\Zk ST\mW_k b\ WabUbS]a XW^WYbfSWU_` bU T abSfTUZc  XWa\WT`W ]U _eW a\WX]_ ’hTY]_Z bg T e]VeYZ YW^W\TVWX abSfTUZ aTU YWTX _b T `]VU]g]aTU_ XWa\WT`W ]U _eW ^TYhW bg _eW abSfTUZŸ` `Wah\]_]W`c nU T Y]’h]XT_]bU b\ lTUm\hf_aZk T abSfTUZŸ` a\WX]_b\` _TmW f\WaWXWUaW b^W\ _eW abSfTUZŸ` `_bamebYXW\`c nU^W`_SWU_` ]U `Wah\]_]W` bg r ¡~ ]U^bY^W \]`m` _eT_ X]ggW\ g\bS TU ]U^W`_SWU_ ]U abSSbU `_bamc Š¢£` T\W abU_\bYYWX lZ _eW]\ VWUW\TY fT\_UW\`k je]ae VWUW\TYYZ eT^W abUgY]a_` bg ]U_W\W`_ TUX Y]S]_WX g]Xha]T\Z Xh_]W` _b _eW Š¢£k je]ae STZ fW\S]_ _eW VWUW\TY fT\_UW\ _b gT^b\ ]_` bjU ]U_W\W`_` b^W\ _eW Š¢£`c deW fb_WU_]TY \W_h\U bg Š¢£` XWfWUX` YT\VWYZ bU _eW Š¢£` lW]UV _\WT_WX T` fT\_UW\`e]f` gb\ gWXW\TY ]UabSW _Ti fh\fb`W`c ` T fT\_UW\`e]fk TU Š¢£ eT` Ub gWXW\TY ]UabSW _Ti Y]Tl]Y]_Z T_ _eW WU_]_Z YW^WYc deW\Wgb\Wk _\WT_SWU_ bg bUW b\ Sb\W Š¢£` T` T ab\fb\T_]bU gb\ gWXW\TY ]UabSW _Ti fh\fb`W` abhYX TggWa_ _eW fb\_gbY]b¤` Tl]Y]_Z _b SWW_ ]_` ]U^W`_SWU_ bl¥Wa_]^W TUX jbhYX \WXhaW _eW TSbhU_ bg aT`e T^T]YTlYW _b fTZ b\ X]`_\]lh_W _b Zbhc ¢WV]`YT_]^Wk ¥hX]a]TYk b\ TXS]U]`_\T_]^W aeTUVW` TUX X]ggW\]UV ]U_W\f\W_T_]bU`k fb``]lYZ bU T \W_\bTa_]^W lT`]`k abhYX UWVT_]^WYZ ]SfTa_ _eW ^TYhW bg TU ]U^W`_SWU_ ]U Š¢£` TUX _eW\Wgb\W _eW ^TYhW bg Zbh\ ]U^W`_SWU_c deW ah\\WU_ Z]WYX bg ¦tx§xttx} ~x{t€u€x~ ]` aTYahYT_WX lZ ShY_]fYZ]UV _eW abhfbU lZ fT\ ^TYhW X]^]XWX lZ _eW ST\mW_ f\]aWc deW ST¥b\]_Z bg ¨©ª TUX ¨«¬¬¬ fT\ f\WgW\\WX `Wah\]_]W` T\W ˆaTYYTlYW‹ SWTU]UV _eT_ _eW ]``hW\ STZ \W_]\W _eW `Wah\]_]W` T_ `fWa]g]a f\]aW` TUX XT_W` f\]b\ _b ST_h\]_Zc nU_W\W`_žX]^]XWUX fTZSWU_` bU aW\_T]U f\WgW\\WX ]``hW`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`\Ua$bcdW[U e^TS$fghSXSi$j_k 128#4(*#2($?2!-54( l-"!>F<m!'!n*&'"!24(!2-#5>3&* oG$MGM$Mpq:JJJp bcrUsY[UcY$RYt^Uu %&'($)#'*$./+#0$123&*# Rg]vRYt^Uu %&'($)#'*$./+#0$123&*# wUcdV[SXxu !"#$%&'#()**+,,#-./01#234#5)6*#7*)689*. /:); !"#$%&'&()* +,,-./01$2345 6789(:&$;<=>* ?@+ A55,BCCDDDE4FG0F1/34.-HEI.J ?FG0$?A.-5$K0-J$KFLFMN0$45-F50GH 0J,N.H4$F$/FNO0P.-30Q501$F,,-.FIAR DA3IA$MN0Q14$FI53/0$1O-F53.Q JFQFG0J0Q5R$40I5.-$-.5F53.QR$FQ1 40IO-35H$40N0I53.QE SN.MFN$TQ/045J0Q5$@FQFG0-$+QFNH434$U$V0M-OF-H$WXR$XWXX #==78Y>9$Z[)&$\>=87& ]^_`$abcdae$_`$dfgh$ed$ib$j`bk$_f$ldffble_df$m_e^$_fnb`eobfe$pkn_`dah$cadqapo`$pfk$fde$iadrbapqb$plldjfe`s tdaqpf$uepfgbh$vbpge^$tpfpqbobfe$_`$e^b$eapkb$fpob$dw$tdaqpf$uepfgbh$uo_e^$xpafbh$yyz{$p$abq_`ebabk$iadrba|kbpgba$_f$e^b$}f_ebk$uepeb`s$]^_` opeba_pg$^p`$ibbf$cabcpabk$wda$_fwdaope_dfpg$cjacd`b`$dfgh$pfk$_`$fde$pf$dwwba$ed$ijh$da$`bgg$da$p$`dg_l_epe_df$dw$pfh$dwwba$ed$ijh$da$`bgg$pfh `blja_eh$da$de^ba$~fpfl_pg$_f`eajobfe$da$ed$cpae_l_cpeb$_f$pfh$eapk_fq$`eapebqhs$$p`e$cbawdaopflb$_`$fde$fblb``pa_gh$p$qj_kb$ed$wjejab$cbawdaopflbs ]^_`$tpfpqba$€fpgh`_`$bcdae$kdb`$fde$ldf`e_ejeb$_fnb`eobfe$pkn_lb$pfk$e^b$cadn_`_df$dw$e^_`$abcdae$_e`bgw$kdb`$fde$labpeb$pf$_fnb`eobfe$pkn_`dah abgpe_df`^_c$ibembbf$hdj$pfk$tdaqpf$uepfgbh$vbpge^$tpfpqbobfes $ ‚ ƒ$„ …„„$tdaqpf$uepfgbh$uo_e^$xpafbh$yyzs$$tboiba$u‚zs !"# $" %& '(#!%&)*+,-./0+).1).2+)3+4526-*7 '(#!%&)*+,-./0+).1).2+)3+4526-*7 !%# %"& 81 81 9:;<=>?)9@A> %# "" "#%" "# " "#!% "# "B !"#$" "# " "#% "# " "# " !#% 9:;<=>?)9@A> CD@<A><)EF9)@==:;GHI)J@K)LGM>IH)LG)ENO9 P"#$" #% %# % "#Q" !#% 9:;<=>?)9@A> RSSTUVWX)YZ[\)TWSUT\ ]^>@I>)<>_><)H:)LJ`:<H@GH)LG_:<J@HL:Ga)bLI=^:I;<>I)@Gb)c;@^Ld=@HL:GI)@H)He>)>Gb):_)HeLI)J@H><L@^f g1*h-4)i.-4,+j)k+-,.2)g-4-h+6+4. )l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`ab cdef ^a]_^f ghijkl mnklopq rpkons gklkjptpln u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`abcd efgh `c_a`h ijklmn opmnqrs trmqpu imnmlrvrnp w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`abc"[^Z\[c defghi"jkhilmn"omhlkp"dhihgmqmik "r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`abca_ad^bb` ^]V]^]] effghijk lmno gjfhgo pqrstu vwtuxyz {ytxw| ptutsy}yuw ~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`WW S^aY\ \TY_ b`cTd `[ea_T fghgijk glljllfjhm kjnokm \`_a\^Z ^VpUVVYdq e`_V rstuvwxyz {xyv|}w~y € t‚ƒt„ …† ~‚xw‡uˆƒˆ‡t|tts‰Š‚vstuvwxyzˆ‹x‚ Œ Ž‘’“”‘•””– z—s|tsu •”•• Sp__VYZ ab a˜`[`a[™ š l›œžž Ÿ ¡¢£ ¤ ¥¦§žž ¨lŸ¥© lª« £ m› ¦ ¬§­›® ¯¢°«¦› §±  ª§œª²³´ž§£¡µ ±ª« £ ®´ £§«¢ ¶§­›® §¢°«¦› ±£ £›œ¡ ·§£ª  ±«ž§® ž«¢œ²£› ¦ £ °¸ ›°« ®¹ š mª› º« £¶«ž§« §± °«¦º §±›® «¶ §¢®§»§®´ž ±›°´ §£¡ §±±´›± «¢ž¡ ¨¢« ›­º«±´ › £« °«¦¦§¢œž›® ¶´¢®± « ®› §»£§»›±©¹ š mª› ±£ £›œ¡ §¢»›±£± º §¦ §ž¡ §¢ ¼›¢°ª¦ ¸² ›ž£›® ±›°£« ±µ ¢® ®´ £§«¢ §± £¡º§°žž¡ ·§£ª§¢ ½¾² ¿ÀÁ «¶ £ª› §¢®›­Â £ª› ›¶« ›µ §£ ±› »›± ·›žž ±  °«¦ºž›¦›¢£ £« ¶§­›® §¢°«¦› º« £¶«ž§«± ·ª§°ª  › ¼›¢°ª¦ ¸ œ¢«±£§° ¢® ›­ª§¼§£ ¦« › «ºº« £´¢§±£§° ºº «°ª›±¹ š mª› §¢»›±£¦›¢£ º «°›±± ›¦ºž«¡± ¼«£ª ¦° «›°«¢«¦§° ¢® ¼«££«¦²´º ¶´¢®¦›¢£ž ¢ž¡±§±¹ lŸ¥Ã± ¢ž¡±£± º› ¶« ¦ ±›°´ §£¡²±º›°§¶§° ®´› ®§ž§œ›¢°› °«¦¼§¢§¢œ ¶´¢®¦›¢£ž ¢ž¡±§± ·§£ª ›ž£§»› »ž´› ¢ž¡±§±¹ S\YV\TUZ dT\V`WS `[ÄTS\_T[\ S\ZWT™ lª« £ m› ¦ ¬§­›® ¯¢°«¦› SpXÅS\ZWT™ lª« £ m› ¦ ¬§­›® ¯¢°«¦› XT[e^_VYƙ Ÿž««¦¼› œ ¿²Ç¡ i«»› ¢¦›¢£¾È ›®§£ Ÿ«¢® ¯¢®›­ ˜Yadpe\ \Z˜T™ l›º £›ž¡ f¢œ›® g°°«´¢£ _`[É `[`\`VW `[ÄTS\_T[\™ ÊË f§žž§«¢ S\YV\TUZ Vp_ ÌVS ab ÍÎÏÐÍÏÎÍљ ÊÇÒÓ f§žž§«¢ b`Y_ Vp_ ÌVS ab ÍÎÏÐÍÏÎÍљ ÊÓÔ¹¿ Ÿ§žž§«¢ ÕTXS`\TÖ ××׈ØÙÚÛ{ˆ{ÜÝ S\YV\TUZ dTSeY`˜\`a[ l›œžž Ÿ ¡¢£ ¤ ¥¦§žž ¶«°´±›± «¢ ¦¢œ§¢œ §¢»›±£¦›¢£ œ ®› ¶§­›® §¢°«¦› º« £¶«ž§«± ´¢®› £ª› º ›¦§±› £ª£ °«¦º›£§£§»› §±¸² ®Þ´±£›® ›£´ ¢± °¢ ¼› °ª§›»›® ¼¡ ›¦ºž«¡§¢œ  ®§±°§ºž§¢›® §¢»›±£¦›¢£ º «°›±± £ª£ §¢°« º« £›± ¼«£ª £«º²®«·¢ ¢® ¼«££«¦² ´º ¢ž¡±§± ¢® ¶«°´±›± «¢ ž«¢œ²£› ¦ ›ž£§»› »ž´›¹ mª› lª« £ m› ¦ ¬§­›® ¯¢°«¦› ±£ £›œ¡ ±››¸± £« £¸› ®»¢£œ› «¶ §¢›¶¶§°§›¢°§›± ° ›£›® ¼¡ ±¦žž› §±±´› ±§ß›± ¢® £§¢œ œ›¢°¡ °ž±±§¶§°£§«¢±¹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`a bcdefcghcij `hk`lmnoghepq rognalcdhaseat obbdcou` jadraj vagg oj o ucwbgawase ec wcda fgaxhygaq cbbcdenshjehu fhxat hsucwa jedoeakhajz ^ _`a jedoeakp `oj bdcrhtat ucwbaehehra dhj{lot|njeat badfcdwosua crad j`cdeq hseadwathoeaq ost gcskleadw badhctjz ^ }njecw bcdefcghcj ucsjhtad ouucnseljbauhfhu ughase knhtaghsaj ost cy|auehrajz STV~WU WT T~UV€Y[ ^ ‚ƒ awb`ojh„aj `hk`ad udathe mnoghep hjjnajq vhe` os okkdakoea bcdefcghc udathe mnoghep oradoka cf …o†z _`a bcdefcghc epbhuoggp `oj ‡ˆ woxhwnw axbcjnda bad udathe hjjnadq vhe` o whshwnw mnoghep doehsk cf ‚‚‚lz ^ ‚ƒ tcaj sce nja fnendaj cd cbehcsj hs os oeeawbe ec as`osua daendsjq scd tc e`ap nja tadhroehra jaundhehajz ^ ‚ƒ `oj e`a oyhghep ec bcjhehcs eoxoyga wnshuhbogj hs e`hj bcdefcghc yne epbhuoggp tcaj scez Z[Y‰U TŠ T~‹Y[~ ^ _`a jedoeakpij awb`ojhj cs `hk`ad udathe mnoghep hjjnaj wop oe ehwaj ghwhe daendsjz ^ _`a fhdw voj oumnhdat yp }Œ hsosuhog }cdbq o gaothsk hstabastase fhsosuhog jadrhuaj fhdw gcuoeat hs _cdcsecq }osoto cs …bdhg Žq ††‡z _`hj oumnhjhehcs `oj sce `ot osp hwboue cs e`a hsrajewase eaow ost `cv e`a jedoeakp hj wosokatz ‚ƒ tcaj sce osehuhboea osp u`oskaj oj o dajnge cf e`a oumnhjhehcsz ^ dak ƒcjyahs ost ‘hw ’otndo `ora yaas wosokhsk e`a bcdefcghc eckae`ad fcd crad † paodj ogcsk vhe` “hu`oag ’ha`g v`c `oj vcd{at cs e`a jedoeakp fcd crad ‡ paodjz ”`hga e`a hsrajewase eaow `oj axbostat hs dauase paodjq e`a gcjj cf ahe`ad “dz ƒcjyahs cd “dz ’otndo ucngt bceasehoggp ya taedhwaseog ec e`a jedoeakpz SY[ŠT[•‰~‹Y –—˜Y‹W‰WVT~U ^ ‚ƒ axbauej e`a bcdefcghc ec ugcjagp edou{ e`a yasu`wod{ e`dcnk` o rodhaep cf wod{aejq oj tndoehcs hj epbhuoggp vhe`hs o ehk`e doska cf ™šl ‡ˆ cs e`a hstax ost cradvahk`e ec jhskga jauecdj oda ghwheatz ^ _c o uadeohs axeaseq ‚ƒij fcunj cs `hk`ad udathe mnoghep wop `agb datnua tafonge dhj{ tndhsk o thffhunge udathe asrhdcswasez ”`hga e`hj wop gcvad dhj{ hs e`a bcdefcghc hs uadeohs aucscwhu asrhdcswasejq badfcdwosua wop gok e`a yasu`wod{ v`as gcvad mnoghep hsrajewase kdota hjjnaj oda cnebadfcdwhskz ›V—Y€ œ~‹T•Y ST[WŠTVT ž[‰VWU Ÿoska cf ƒcgthskj  l ‡ “ox ¡csl_daojndp Œjjna ¢ˆ }cwwhskgat nstj ¡c ’ndoehcs Ÿoska ™šl ‡ˆ cf yasu`wod{ “oendhep Ÿoska lŽ paodj “hsz …rkz }dathe £noghep ‚‚‚l “hsz Œsthrz }dathe £noghep ‚‚‚l _pbhuog …ssnog _ndscrad Žl¤ˆ Œsrajej hs ’adhroehraj ¡c Œsrajej hs “nsh ‚cstj ¥ajq l‡¢ˆ “oxhwnw }oj` …ggcuz ‡ˆ _pbhuog }oj` ¦cjhehcs ‡lŽˆ §¨©ª«¬ ­®¯°¨ ±²¯ ±®³ ´«¬µ kasuhaj ˆ Žˆ Žl¶ˆ jjae ‚ou{at ˆ ‡ˆ Žl¢ˆ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`UVaU^Vb cdefgdhid jklkmnjnlf fnkj o pqrstu vtuwxtyst z{r{|qu }uq| ~t€qsr {r ‚suqƒwtu tx „s …q †rƒt‡q ˆs‡ ‚{‰u{ Š{‹q Œtuq tr wŠq wu{wq|Ž srƒq ‘ {r ’ uq“qƒws‹qyŽ” •ŠqŽ €twŠ ƒ{uuŽ wŠq –„— qs|r{wstr {r z˜— xut‡ ‚qv{‰y ™rs‹quswŽ” o zu” ~t€qsr’ zu” ‚{‰u{’ {r zsƒŠ{qy ‚sqŠy {uq w{q ŒswŠ qƒ‰uswŽ qyqƒwstr’ “tuwxtyst ƒtrwu‰ƒwstr {r wu{sr|’ €‰w “tuwxtyst {uq ‡{r{|q tr { wq{‡ €{s ŒswŠ {yy ‡q‡€qu ƒtrwus€‰wsr| wt qƒ‰uswŽ uqq{uƒŠ” o •Šq vz {uq ‰““tuwq €Ž { wq{‡ tx xs …q srƒt‡q vz {r {r{yŽw’ srƒy‰sr| šqrrqwŠ ~{uus’ ›sƒŠty{ „tyqŽ’ ‚{uuqr ~qŒswtr’ }uq|tuŽ pŠq{’ •utŽ ˆtŠrtr’ z{qu|uqwŠq —‡t‰t‰’ ›sƒ ‚qwƒŠq‹’ pwq‹qr šsruq’ œsyys{‡ Š’ ˆqq š{yy‡{r’ pwq‹qr ~syž’ ‚uqŒ –tru{’ {r p“qrƒqu ~t““” o •Šq sr‹qw‡qrw “utxqstr{y wŠ{w ‡{q ‰“ wŠq „s …q †rƒt‡q •q{‡ ‡qqw xtu‡{yyŽ tr { ŒqqyŽ €{s wt qwqu‡srq ‰u{wstr’ qƒwtu {yytƒ{wstr’ ‡{w‰uswŽ wu‰ƒw‰uq’ { Œqyy { s‰q qyqƒwstr” zq‡€qu tx wŠq „s …q †rƒt‡q •q{‡ ‡qqw srxtu‡{yyŽ tr { {syŽ €{s” ilŸn fjnlf c¡ihd dc¡¢ £ ced¤n o p˜~ srwqr wt q …“ytsw srqxxsƒsqrƒsq sr wŠq xs …q srƒt‡q ‡{uqw €Ž sqrwsxŽsr| Šs|Š¥¦‰{yswŽ’ ‡{yyqu s‰q wŠ{w txxqu { ‡q{‰u{€yq uqw‰ur {‹{rw{|q” o p˜~ Š{ “ut‰ƒq ƒtrswqrwyŽ wutr| uqw‰ur €Ž sr‹qwsr| sr Šs|Š¥¦‰{yswŽ qƒ‰uswsq wŠqŽ €qysq‹q Š{‹q €qqr t‹quyttq €Ž twŠqu ‡{r{|qu” o •Šq ‡{r{|q‡qrw wq{‡§ q‡“Š{s s tr q‡“ytŽsr| { sƒs“ysrq sr‹qw‡qrw “utƒq wŠ{w srƒtu“tu{wq €twŠ wt“¥tŒr {r €twwt‡¥‰“ {r{yŽs {r xtƒ‰q tr ytr|¥wqu‡ uqy{ws‹q ‹{y‰q” o •Šq vz§ srwqrw s wt €‰sy s‹qusxsq “tuwxtyst ŒswŠ Šs|Š ¦‰{yswŽ qƒ‰uswsq wŠ{w Œsyy “quxtu‡ Œqyy sr “qust tx qƒtrt‡sƒ wuq {r ‡{uqw ‰rƒquw{sryŽ” „tu q …{‡“yq’ wŠq p˜~ pŠtuw •qu‡ „s …q t‰w“quxtu‡q wŠq €qrƒŠ‡{u ‰€w{rws{yyŽ ‰usr| wŠq tŒru{xw sr ¨©©ª” cdefgdhid ¤dl fe«¤fidl £ ei ¬ fddh o vtuwxtyst {uq uq‹sqŒq ‰sr| { ‹{usqwŽ tx {r{yŽwsƒ {““ysƒ{wstr srƒy‰sr|’ ˜ytt‡€qu|’ –zp ˜tr­|q’ —‹qrw zt …Ž’ {r “ut“usqw{uŽ ‡tqy” †rs‹s‰{y qƒ‰uswsq {r “tuwxtyst {uq wuq¥wqwq wt q‹{y‰{wq q …“qƒwq uqw‰ur ‰rqu ‹{ust‰ srwquqw u{wq {r “uq{ ‡t‹q qr‹sutr‡qrw” o ›tu‡{yyŽ wŠquq s { ‡{ …s‡‰‡ tx ®¯ q …“t‰uq sr q{ƒŠ srs‹s‰{y ƒuqsw s‰q {r wŠq ‡srs‡‰‡ ¦‰{yswŽ u{wsr| “qu qƒ‰uswŽ s ˜˜˜¥” o †x {r s‰q x{yy €qytŒ sr‹qw‡qrw |u{q’ p˜~ Œsyy q‹{y‰{wq {r ‡{Ž ys¦‰s{wq tu ƒtrwsr‰q wt Šty sx wŠqŽ €qysq‹q wŠq s‰q s tx Šs|Š ¦‰{yswŽ {r wŠq sr‹qw‡qrw wŠqs s srw{ƒw”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`abc&cacdae& fbca& YghS`Sgf& beab&gi& jgkaebla& jib& bmkbfjam& maleaa&& iegc& anYaeSafja& jbeaae& iSec&Yegmoj`& p/5-.&q/6C0/& q30-14<0&<:&& r3H-6&s81<5-&& t-8-0/;3.4& u& v837-0.34>&<:& N-H/.I&q-w/C;& v837-0.34>& xyyz& xyyy& xyyy& t0-@&{<.=-38& K0A&w|& t-8-0/;3.4& u& }<.4<8&E<;;-@-I& q-w/C;& v837-0.34>& xy~& xyy€& xyy€& |312/-;&q3-2;& K0A&w|& t-8-0/;3.4& u& BC@C.4/8/& E<;;-@-& ‚‚& ‚x& ‚x& ƒ-88-42&{/003.& K0A&w|& t-8-0/;3.4& u& v837-0.34>&<:& B03„<8/I& v837-0.34>&<:& E<;<0/6<&/4& q-87-0& xy~z& ‚x~& ‚x~& G312<;/.&r<;->& K0A&w|& t-8-0/;3.4& & t<8„/@/& v837-0.34>& ‚‚€& ‚x~& ‚x~& q/00-8&{-934.<8& K0A&w|& t-8-0/;3.4& u& v837-0.34>&<:& t;/.@<9I& K1<4;/86& ‚‚~& ‚x~& ‚x~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`abcT dUWU[`aYcT e fT`g ST`TU fWYVU[cYTbh i`[TjklTg mkaaUnU oppq oprs oprs tYaaY`j ug S[\ SUvl[YTYwUZ _W`abcT dUWU[`aYcT e ma`[UjkWT xvXUWW` mkaaUnUh fWYVU[cYTb ky mgYv`nk oppr oprs oprs zUccU X`aaj`W ]^ _W`abcT dUWU[`aYcT fWYVU[cYTb ky xYWWUckT` ilalTg opr{ opr| opr| STUVUW }Yaw ]^ _W`abcT dUWU[`aYcT e fWYVU[cYTb ky m_ ~kc _WnUaUc opr opr€ opr€ i[U mkW[`Z }U`Z ]^ ‚[`ZU[h _W`abcT dUWU[`aYcT e ƒYvU fWYVU[cYTb oppr oprs oprs S„UWvU[ }k„„ ]^ _W`abcT dUWU[`aYcT e iU …`la fWYVU[cYTb opr€ opor opor †‡ˆ‰Š‹Œ Ž‘‘ ’“”•– — ˜™š‘‘ ›œžŸ œ¡ ¢œ£¤¥¦œž § ¨¤ž¥ ©ª«œ ¬œ¤ž ­®¯‹ ›‡†°±°‡­ ®‰‹® ‡© Š‡²‹‰®³‹ ±°¯‹ ´°±µ ©°‰¯ ¬‹®‰ ¢‹›®‰± ‹¢ ©°‰¯ ‰‹®†‡­ ©‡‰ ¢‹›®‰±ˆ‰‹ ¶YvkaU ]kkTU ]^ _W`abcT dUWU[`aYcT { jkWTgc oprs ƒUcYnW`TYkW\ zkYWUZ S·} ¸`cUZ kW YTc `v¹lYcYTYkW ky iUWVU[ ^WVUcTjUWTc\ i`WYUa SvgWYUZYWZ S[\ ]^ _W`abcT dUWU[`aYcT { jkWTgc oprs ƒUcYnW`TYkW\ zkYWUZ S·} ¸`cUZ kW YTc `v¹lYcYTYkW ky iUWVU[ ^WVUcTjUWTc\ ¶Yvº »l S[\ ]^ _W`abcT dUWU[`aYcT { jkWTgc oprs ƒUcYnW`TYkW\ zkYWUZ S·} ¸`cUZ kW YTc `v¹lYcYTYkW ky iUWVU[ ^WVUcTjUWTc\ zkW }`jYaa S[\ …k[TykaYk x`W`nU[ dUWU[`aYcT opr€ ƒ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`abcdef g dhijeb`ak l mnopqq rstpuv w xpyzqq {mrx| z} pu m~€snoz}vnsn zu‚n}vynuv ƒzsy„ …np†‡psvnsn zu  …zˆpo‰„ Š‹„ Œzv ‰ƒƒzˆn} zu nu‚ns„ Ž  …zqpnq‘ …zp„ ’ mv“ ‹‰‡z}„ ”Ž pu •p‘qn}„ –‹“ ~}vp—qz} …n zu ˜™™š„ v …n ƒzsy }ns‚n} p z‚ns}n pu os‰Œzuo ˆqznuvnqn„ Œ …zˆ zuˆq‡n} ‘‡—qzˆ ƒ‡u}„ ›pƒv€xpsvqnt —nunƒzv ƒ‡u}„ ˆ‰s‘‰spvz‰u}„ nu‰Œynuv}„ ƒ‰‡upvz‰u}„ p}}‰ˆzpvz‰u} pu …zo unv Œ‰sv zuz‚z‡pq}“ mrx ‘s‰‚zn} ƒnn€—p}n zu‚n}vynuv ypuponynuv ‰ƒ n†‡zvt„ ƒzœn zuˆ‰yn pu pqvnsupvz‚n zu‚n}vynuv ‘‰svƒ‰qz‰} ‰u p z}ˆsnvz‰upst pu u‰u€z}ˆsnvz‰upst —p}z}“ l mrx —nˆpyn p Œ …‰qqt€‰Œun }‡—}zzpst ‰ƒ Š –zupuˆzpq ‰s‘„ p qnpzuo zun‘nunuv ƒzupuˆzpq }ns‚zˆn} ƒzsy q‰ˆpvn zu ›‰s‰uv‰„ pupp ‰u ’‘szq ž„ ŸžŸ˜“ l mrx ny‘q‰t} p‘‘s‰œzypvnqt ˜Ÿž ny‘q‰tnn}“ l Ž‚ns v …n tnps}„ v …n ƒzsy …p} pˆ …zn‚n ‰sopuzˆ os‰Œv v …s‰‡o zv} nœz}vzuo }vspvnozn}“ › …n ƒzsy …p} }‡‘‘qnynuvn ‰sopuzˆ os‰Œv Œzv p }nszn} ‰ƒ pˆ†‡z}zvz‰u} v‰ —nvvns }ns‚n ˆqznuv} tupyzˆ unn}“ l Šu ¡‡un Ÿž˜¢„ mrx pˆ†‡zsn v …n £‡puvzvpvz‚n Šuvnsupvz‰upq vnpy„ qn —t mˆ‰vv ~“ nˆpv‡s„  …““„ ƒs‰y  …zqpnq‘ …zp Šuvnsupvz‰upq ’‚z}‰s} zu ‰sns v‰ nœ‘pu ˆqznuv ‰ƒƒnszuo} v‰ zuˆq‡n Šuvnsupvz‰upq mypqq p‘ ~†‡zvt pu ~ynsozuo ”ps¤nv} ~†‡zvt }vspvnozn}“ › …n vnpy …p} —nnu ypupozuo ‘‰svƒ‰qz‰} ƒ‰s vpœp—qn pu vpœ€nœny‘v ˆqznuv} }zuˆn v …n zuˆn‘vz‰u ‰ƒ v …n Šuvnsupvz‰upq mypqq p‘ }vspvnot zu ”pt Ÿžž¥“ › …n vnpy pq}‰ qp‡uˆ …n pu ~ynsozuo ”ps¤nv} mypqq p‘ }vspvnot zu ¡‡un Ÿž˜¦“ l Žu ’‘szq ž„ Ÿž˜¥„ mrx pˆ†‡zsn nu‚ns Šu‚n}vynuv}„ pu zun‘nunuv zu‚n}vynuv ƒzsy q‰ˆpvn zu nu‚ns„ Ž v‰ ƒ‡sv …ns nœ‘pu ˆqznuv ‰ƒƒnszuo} pu nu …puˆn zv} sn}npsˆ ˆp‘p—zqzvzn}“ § !"#$!!%&'(#% )%*++,-./01%2,%3456%278%9/-:;<%=>?0%?0.%,@A8+2/B8<%,B8-%278%08C2%27-88%D8?-<%?-8%2,%-8:?/0%<,>8>D%9,+E<8.%,0%=-,B/./01%/0B8<2:802% :?0?18:802%<8-B/+8<%?0.%1-,F/01%?<<82<%27-,E17%?%+,:=82/2/B8%=-,.E+2%,998-/01G% )%345%F/>>%+,02/0E8%2,%9,+E<%,0%278%/0<2/2E2/,0?>6%/028-:8./?-D6%?0.%=-/B?28%F8?>27%:?0?18:802%:?-H82<G% % IJKLM%NLO%PQRJSMT% "#U$#V"W$!%X%('"Y#Z$#V%[\%"#V$]$!V!% )%^0B8<2:802%=-,98<</,0?><%?-8%+,:=80<?28.%27-,E17%?%@?<8%<?>?-D6%/0+802/B8%@,0E<6%?0.%=-,9/2%<7?-/01G%_,0`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`ab [cad\cef gh ijk l`ca m]nopqa`rso tur`v j wxsf sur`v sf c d]^y]u`uo ]z ox` gh m]n`au^`uopqa`rso []ur tur`v{ |xsdx sud\}r`f wa`cf}ae cur cb`ude f`d}asos`f ~gh m]n`au^`uo []ur tur`v cur y}_\sd\e sff}`r gh d]ay]aco` cur z]a`sbu r`_`uo}a`f cur f`d}a`r u]o`f ~gh qa`rso []ur tur`v€ wx` _]urf su ox` sur`v ca` sun`fo^`uo bacr` |sox c ^co}asoe _`o|``u ]u` cur oxa`` e`caf€ ‚YZZƒ„ YU XT„†Z ƒ‡ˆ‰Š‹ ZŒŽ‹ sf c ^`cf}a` ]z ox` y`ad`uocb` ]z fo]d x]\rsubf su c ^cucb`af y]aoz]\s] oxco rszz`a za]^ ox` _`udx^ca sur`v‘ ’dosn` hxca` sf dc\d}\co`r _e ocsub ox` f}^ ]z ox` c_f]\}o` nc\}` ]z ox` rszz`a`ud`f ]z ox` |`sbxo ]z `cdx x]\rsub su ox` ^cucb`af y]aoz]\s] n`af}f ox` |`sbxo ]z `cdx x]\rsub su ox` _`udx^ca sur`v cur rsnsrsub _e o|]€ ƒS„“ ” ’^`asdcu •`y]fsocae –`d`syof ca` g€h€ r]\\ca r`u]^suco`r z]a^f ]z `—}soe ]|u`afxsy su u]ujg€h€ d]^ycus`f€ wx`f` fxca`f ca` sff}`r cbcsufo ox` \]dc\ ^ca`o fxca`f x`\r su ox` x]^` ^ca`o€ ’•–f ca` oeysdc\\e \sfo`r ]u g€h€ `vdxcub`f f}dx cf ˜lh™{ ’š™› cur ˜’h•’œ€ ƒžŒ ” ^`cf}a`f ox` rszz`a`ud` _`o|``u c y]aoz]\s]f cdo}c\ a`o}auf cur sof `vy`do`r y`az]a^cud`{ bsn`u sof \`n`\ ]z asf cf ^`cf}a`r _e [`oc€ ’ y]fsosn` ’\yxc zsb}a` sursdco`f ox` y]aoz]\s] xcf y`az]a^`r _`oo`a oxcu sof [`oc |]}\r ya`rsdo€ ’ u`bcosn` ’\yxc sursdco`f ox` y]aoz]\s]f }ur`ay`az]a^cud` bsn`u ox` `vy`docos]uf `foc_\sfx`r _e ox` [`oc€ wx` cdd}acde ]z ox` ’\yxc sf ox`a`z]a` r`y`ur`uo ]u ox` cdd}acde ]z ox` [`oc€ ’\yxc sf ]zo`u ns`|`r cf c ^`cf}a`^`uo ]z ox` nc\}` crr`r ]a f}_oacdo`r _e c y]aoz]\s]f ^cucb`a€ ƒ““‹ˆŸ ‡¡‹¢ “‹‡£Ž‰ˆ‰‹“ ¤ƒ¥Z¦ j f`d}asos`f _cd`r _e c y]]\ ]z cff`of{ oeysdc\\e \]cuf ]a cdd]}uof a`d`snc_\`{ ]asbsuco`r _e _cuf{ fy`dsc\oe zsucud` d]^ycus`f{ ]a ]ox`a da`rso ya]nsr`af€ ƒŠ‹Ž§‹ ¨ž‰ˆ‰©ˆ‰ª« ” ox` o]oc\ dcysoc\s¬cos]u ]z ox` y]aoz]\s] rsnsr`r _e ox` u}^_`a ]z f`d}asos`f su c y]aoz]\s]€ ¥ˆˆ‰«§ ƒŠ‹Ž§‹ j ^`cf}a`f x]| za`—}`uo\e c y]aoz]\s] ]}oy`az]a^f sof _`udx^ca ]u c —}cao`a\e _cfsf€ wx` focosfosd sf ]_ocsu`r _e rsnsrsub ox` u}^_`a ]z —}cao`af su |xsdx ox` y]aoz]\s] ]}oy`az]a^`r ox` o]oc\ a`o}au ]z ox` _`udx^ca _e ox` o]oc\ u}^_`a ]z —}cao`af€ ­]a `vc^y\`{ c y]aoz]\s] |sox c _coosub cn`acb` ]z ®¯° xcf ]}oy`az]a^`r ox` sur`v ^]a` oxcu so xcf }ur`ay`az]a^`r€ ¥‹ˆ ” ^`cf}a`f c y]aoz]\s]f n]\cos\soe a`\cosn` o] sof _`udx^ca€ ’ y]aoz]\s] |sox c [`oc xsbx`a oxcu i€¯ xcf xsfo]asdc\\e _``u ^]a` n]\cos\` oxcu ox` _`udx^ca{ |xs\` c y]aoz]\s] |sox c [`oc \]|`a oxcu i€¯ xcf _``u \`ff n]\cos\`€ wx` cdd}acde ]z ox` [`oc sf r`y`ur`uo ]u –jh—}ca`r€ ¨ª±±‹Ž‡‰ †ªŽˆ§§‹Ÿ¥‡¡‹¢ Z‹‡£Ž‰ˆ² ¤¨†¥Z¦ ” ^]aobcb`j_cd`r f`d}asoe oxco sf f`d}a`r _e ox` \]cu ]u c d]^^`adsc\ ya]y`aoe€ ¨ªˆ‹Ž‰©‹¢ †ªŽˆ§§‹ Y ‰§ˆ‰ª« ¤¨†Y“¦ ” ^]aobcb`j_cd`r f`d}asoe oxco da`co`f f`ycaco` y]]\f ]z ycffjoxa]}bx yce^`uof z]a rszz`a`uo d\cff`f ]z _]urx]\r`af |sox ncaesub ^co}asos`f{ dc\\`r oacudx`f€ wx` a`yce^`uof za]^ ox` y]]\ ]z ycffj oxa]}bx f`d}asos`f ca` }f`r o] a`osa` ox` _]urf su ox` ]ar`a fy`dszs`r _e ox` _]urf³ ya]fy`do}f€ ¨ª«Š‹´‰ˆ² ” ^`cf}a`f ox` f`ufsosnsoe ]z c _]ur³f r}acos]u o] dxcub`f su suo`a`fo aco`f€ q]un`vsoe dcu _` y]fsosn` ]a u`bcosn`€ gu\s` ^]fo zsv`r sud]^` f`d}asos`f{ _]urf |sox u`bcosn` d]un`vsoe o`ur o] zc\\ su nc\}` cf suo`a`fo aco`f r`d\su` cur nsd` n`afc€ ¨Ž‹¢‰ˆ µ£‰ˆ² „ˆ‰«§ ” |`sbxo`r cn`acb` ]z ox` cff`ff^`uof ]z da`rso |]aoxsu`ff bsn`u _e da`rso acosub cb`uds`f f}dx cf hocurcar ¶ ·]]a³f –cosubf h`ansd`f{ š]]re³f tun`fo]af h`ansd`{ cur ­sodx –cosubf o] _]urf su ox` y]aoz]\s]€ qa`rso acosub cb`uds`f `nc\}co` sff}`af cur cffsbu acosubf _cf`r ]z ox`sa ]ysus]uf ]z ox` sff}`a³f c_s\soe o] yce suo`a`fo cur yasudsyc\ cf fdx`r}\`r€ S‰Š‰¢‹«¢ …‰‹¢ ¸ cuu}c\ rsnsr`ur y`a fxca` rsnsr`r _e yasd` y`a fxca`€ •snsr`ur ls`\r z]a ox` y]aoz]\s] sf c |`sbxo`r cn`acb` ]z ox` a`f}\of z]a ox` sursnsr}c\ fo]df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`ab`cb$defg`_gha$i$jPORSKXKNL$SJN$kYUOSKUKSl$OLLYTKOSNW$[KSJ$O$VYQSXYUKYmL$QNSPQRL]$ IJN$LSOSKLSKT$MNOLPQNL$SJN$kOQKOSKYR$KR$QNSPQRL$OQYPRW$SJN$MNOR$QNSPQR]$nRUK\N$oNSOp$ [JKTJ$MNOLPQNL$kYUOSKUKSl$QNUOSKkN$SY$SJN$OZZQNZOSN$MOQ\NSp$qSORWOQW$rNkKOSKYR$ MNOLPQNL$SJN$OsLYUPSN$kYUOSKUKSl$YX$O$VYQSXYUKYmL$QNSPQR]$ tc`uvgaw$xcchc$i$QNVQNLNRSL$SJN$qSORWOQW$rNkKOSKYR$YX$SJN$yzTNLL${NSPQR]$IJKL$ VQYkKWNL$O$JKLSYQKTOU$MNOLPQN$YX$SJN$kOQKOsKUKSl$YX$SJN$VYQSXYUKYmL$QNSPQRL$QNUOSKkN$SY$ KSL$sNRTJMOQ\]$|$VYQSXYUKY$[KSJ$O$UY[$IQOT\KRZ$yQQYQ$[YPUW$JOkN$jPOQSNQUl$yzTNLL$ {NSPQRL$SJOS$JOkN$NzJKsKSNW$kNQl$UY[$kYUOSKUKSl]$ t}cahfec$i$MNOLPQNL$VYQSXYUKY$SQOWKRZ$OTSKkKSlp$[JKTJ$KL$TYMVPSNW$sl$SO\KRZ$SJN$ UNLLNQ$YX$VPQTJOLNL$YQ$LOUNL$~NzTUPWKRZ$OUU$LNTPQKSKNL$[KSJ$MOSPQKSKNL$YX$UNLL$SJOR$YRN$ lNOQ$ORW$WKkKWKRZ$sl$OkNQOZN$MYRSJUl$RNS$OLLNSL]$ $ €‚ƒ„t …†t$d€^‡ˆƒ^‰„x^$ IJKL$QNVYQS$JOL$sNNR$VQNVOQNW$sl$ŠQOlLSYRN$‹YRLPUSKRZ$~ŒŠQOlLSYRNp$O$sPLKRNLL$ YX$ŽYQZOR$qSORUNlp$sOLNW$YR$KRXYQMOSKYR$VQYkKWNW$sl$SJN$KRkNLSMNRS$MOROZNQ$ORW$ YPSLKWN$KRWNVNRWNRS$WOSOsOLNL]$$$$$ $ tg$„e‘hc_$ …‘‘’ge$_h$‡ec_`ga$€afe_“ea_$ …bfghc”$‚chwc`“$ IJKL$QNVYQS$KL$YRUl$SY$sN$PLNW$KR$ŽYQZOR$qSORUNl$•NOUSJ$ŽOROZNMNRS$~ŒŽq•Ž$ KRkNLSMNRS$OWkKLYQl$VQYZQOML$ORW$RYS$KR$TYRRNTSKYR$[KSJ$sQY\NQOZN$OTTYPRSL]$$ ŠQOlLSYRN$NkOUPOSNL$TNQSOKR$KRkNLSMNRS$VQYWPTSL$XYQ$SJN$VPQVYLNL$YX$LYMN$i$sPS$RYS$ OUU$i$YX$Žq•ŽmL$KRkNLSMNRS$OWkKLYQl$VQYZQOML$~OL$WNLTQKsNW$MYQN$SJYQYPZJUl$KR$ ŠQOlLSYRNmL$|r–$sQYTJPQNp$OkOKUOsUN$XQYM$lYPQ$ŠQOlLSYRN$‹YRLPUSORS$YQ$OS$ [[[]MYQZORLSORUNl]TYM—OWk]$$˜X$lYP$WY$RYS$KRkNLS$SJQYPZJ$YRN$YX$SJNLN$ KRkNLSMNRS$OWkKLYQl$VQYZQOMLp$Žq•Ž$KL$RYS$YsUKZOSNW$SY$VQYkKWN$lYP$RYSKTN$YX$ORl$ TJORZN$KR$ŠQOlLSYRNmL$YVKRKYR$YX$OR$KRkNLSMNRS$VQYWPTS$NkNR$SJYPZJ$KS$MOl$ZKkN$ RYSKTN$SY$TUKNRSL$KR$YSJNQ$VQYZQOML]$$ $ ™c`”_haeš$d}e$dg’gweaue$‚chue$ ˜RkNLSMNRS$LSQOSNZKNL$OROUl›NW$sl$ŠQOlLSYRN$PRWNQZY$O$QKZYQYPL$OLLNLLMNRS]$|$ ŠQOlLSYRN$‹YRLPUSORS$QNjPNLSL$TNQSOKR$KRXYQMOSKYR$ORW$MOSNQKOUL$XQYM$SJN$ KRkNLSMNRS$MOROZNQ]$$IJN$ŠQOlLSYRN$‹YRLPUSORS$SJNR$TYRWPTSL$KRkNLSMNRS$WPN$ WKUKZNRTN$sl$QNkKN[KRZ$SJN$KRXYQMOSKYR$ORW$MOSNQKOU$QNTNKkNW$ORW$LVNO\KRZ$SY$SJN$ KRkNLSMNRS$MOROZNQ]$|XSNQ$SJN$ŠQOlLSYRN$‹YRLPUSORS$VQNVOQNL$SJN$WQOXS$ŽOROZNQ$ |LLNLLMNRS${NVYQSp$SJN$ŠQOlLSYRN$‹JKNX$˜RkNLSMNRS$œXXKTNQ$QNkKN[L$SJN$QNVYQS$ sNXYQN$[N$MO\N$KS$OkOKUOsUN$SY$ŠQOlLSYRN$TUKNRSL]$YQ$MYQN$WNSOKULp$VUNOLN$LNN$ ŠQOlLSYRNmL$|r–$sQYTJPQN$~OkOKUOsUN$XQYM$lYPQ$ŠQOlLSYRN$‹YRLPUSORS$YQ$OS$ [[[]MYQZORLSORUNl]TYM—OWk]$$ $ †h$ƒž’gw`_gha$_h$‰‘b`_e$ •N$JOkN$RY$YsUKZOSKYR$SY$PVWOSN$lYP$[JNR$ORl$KRXYQMOSKYR$YQ$YVKRKYR$KR$SJKL$QNVYQS$ TJORZNL]$ $ ^_c`_ew”$`”$že$ …f`g’`ž’e$`$`$^e‘`c`_e’”$`a`web$ …uuh}a_$hc$}_}`’$Ÿ}ab$ qSQOSNZKNL$OQN$LYMNSKMNL$OkOKUOsUN$KR$YPQ$KRkNLSMNRS$OWkKLYQl$VQYZQOML$sYSJ$KR$SJN$ XYQM$YX$O$LNVOQOSNUl$MOROZNW$OTTYPRS$~ŒqŽ|$ORW$O$MPSPOU$XPRW]$$IJNLN$MOl$JOkN$ WKXXNQNRS$NzVNRLNL$ORW$KRkNLSMNRS$MKRKMPML]$$•N$TOR$VQYkKWN$MYQN$KRXYQMOSKYR$ YR$[JNSJNQ$ORl$VOQSKTPUOQ$LSQOSNZl$KL$OkOKUOsUN$KR$MYQN$SJOR$YRN$XYQM$KR$O$VOQSKTPUOQ$ KRkNLSMNRS$OWkKLYQl$VQYZQOM]$ $ ‡hagbec$ h}c$ƒ¡a$€afe_“ea_$†eeb$ IJKL$QNVYQS$KL$RYS$KRSNRWNW$SY$sN$O$TUKNRS¢LVNTKXKT$LPKSOsKUKSl$OROUlLKL$YQ$ QNTYMMNRWOSKYRp$OR$YXXNQ$SY$VOQSKTKVOSN$KR$ORl$KRkNLSMNRSp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`W STaZbcV X^V d[XVTXSeZ STefSZSXg X[ XV_YSTeXV [_ WVZZ cV_SUeXSUV d[WSXS[TWh eW e _VWbZX [i a[bTXV_de_Xg ieSZb_V X[ WVXXZV [_ [X^V_ _VeW[TW\ jklmnonpqrostpu vpswlxmxpv yzj{|z}~ ^Sa^ STaZbcV a[ZZeXV_eZS€Vc Y[_XeV [fZSeXS[TW ‚ƒ„ …]W†‡h eZW[ _ViV__Vc X[ eW _VeZ VWXeXV Y[_XeV STUVWXYVTX a[TcbSXW ‚ƒˆ‰ …Š„W†‡h Yeg T[X fV WbSXefZV i[_ eZZ STUVWX[_W\ ‹^V_V SW X^V d[WWSfSZSXg [i Ve_Zg _VXb_T [i d_STaSdeZ cbV X[ Y[_XeV d_VdegYVTXWh ^Sa^ aeT _VcbaV VŒdVaXVc gSVZc eTc _VWbZX ST _VSTUVWXYVTX _SW`\ „[TUV_WVZgh _VXb_T [i d_STaSdeZ Yeg fV WZ[V_ X^eT STSXSeZ d_VdegYVTX WdVVc eWWbYdXS[TWh VŒXVTcST X^V eUV_eV ZSiV [i X^V WVab_SXg bd X[ SXW ZSWXVc YeXb_SXg ceXV ‚eZW[ _ViV__Vc X[ eW VŒXVTWS[T _SW`‡\ ccSXS[TeZZgh X^V bTcV_ZgST a[ZZeXV_eZ Wbdd[_XST …Ž Yeg cViebZX [T d_STaSdeZ eTc STXV_VWX degYVTXW\ ŠTUVWXYVTXW ST Wbf[_cSTeXVc …Ž STU[ZUV _VeXV_ a_VcSX _SW` [i cViebZX X^eT X^V WVTS[_ aZeWWVW [i X^V WeYV SWWbV\ …Ž e_V eZW[ WVTWSXSUV X[ STXV_VWX _eXV a^eTVW ^Sa^ aeT TVeXSUVZg SYdeaX X^V Ye_`VX UeZbV [i X^V WVab_SXg\ b_ST XSYVW [i ^VS^XVTVc U[ZeXSZSXgh …Ž aeT VŒdV_SVTaV _VeXV_ ZVUVZW [i SZZS‘bScSXg eTc Ze_V_ d_SaV Y[UVYVTXW\ ’k““kuxmxpv” ‹^V a[YY[cSXSVW Ye_`VXW Yeg iZbaXbeXV ScVZg feWVc [T e Ue_SVXg [i ieaX[_W STaZbcSTh fbX T[X ZSYSXVc X[h a^eTVW ST WbddZg eTc cVYeTc _VZeXS[TW^SdW• [UV_TYVTXeZ d_[_eYW eTc d[ZSaSVW• TeXS[TeZ eTc STXV_TeXS[TeZ d[ZSXSaeZ eTc Va[T[YSa VUVTXWh e_ eTc XV__[_SWX VUVTXW• a^eTVW ST STXV_VWX eTc VŒa^eTV _eXVW• X_ecST eaXSUSXSVW ST a[YY[cSXSVW eTc _VZeXVc a[TX_eaXW• dVWXSZVTaVh XVa^T[Z[SaeZ a^eTV eTc VeX^V_• eTc X^V d_SaV U[ZeXSZSXg [i e a[YY[cSXg\ –—mpl˜omx™pš›punpu vmlompnxpv” œbTcW Yeg bWV Ue_S[bW STUVWXYVTX WX_eXVSVW eTc XVa^TS‘bVW i[_ f[X^ ^VcST eTc Y[_V WdVabZeXSUV db_d[WVW Wba^ eW W^[_X WVZZSTh ZVUV_eVh cV_SUeXSUVW eTc [dXS[TWh ^Sa^ aeT STa_VeWV U[ZeXSZSXg eTc X^V _SW` [i STUVWXYVTX Z[WW\ ZXV_TeXSUV^VcVc WX_eXVSVW e_V T[X edd_[d_SeXV i[_ eZZ STUVWX[_W\  W^[_X WeZVW WX_eXVg STaZbcVW X^V _SW` [i Z[WW cbV X[ eT STa_VeWV ST X^V Ye_`VX UeZbV [i f[__[Vc WVab_SXSVW\ ba^ e WX_eXVg Yeg fV a[YfSTVc SX^ db_a^eWST Z[T d[WSXS[TW ST eT eXXVYdX X[ SYd_[UV d[_Xi[ZS[ dV_i[_YeTaV\  W^[_X WeZVW WX_eXVg Yeg _VWbZX ST _VeXV_ Z[WWVW [_ Z[V_ d[WSXSUV _VXb_TW X^eT Si X^V d[_Xi[ZS[ ^VZc [TZg Z[T d[WSXS[TWh eTc X^V d[_Xi[ZS[žW Z[WW [T e W^[_X WeZV SW d[XVTXSeZZg bTZSYSXVc\ ‹^V bWV [i ZVUV_eV aeT YeTSig X^V SYdeaX [i ecUV_WV SWWbV_h d[ZSXSaeZh _VbZeX[_gh Ye_`VXh [_ Va[T[YSa cVUVZ[dYVTXW [T e a[YdeTg\  cVa_VeWV ST X^V a_VcSX ‘beZSXg [i e ^S^Zg ZVUV_eVc a[YdeTg aeT ZVec X[ e WSTSiSaeTX cVa_VeWV ST X^V UeZbV [i X^V a[YdeTgžW WVab_SXSVW\ ŠT e ZS‘bSceXS[T [_ feT`_bdXagh e a[YdeTgžW a_VcSX[_W Xe`V d_VaVcVTaV [UV_ X^V a[YdeTgžW WX[a`^[ZcV_W\ ŠTUVWXYVTXW ST WVab_SXSVW [i jŸ v STU[ZUV _SW`W X^eX cSiiV_ i_[Y eT STUVWXYVTX ST a[YY[T WX[a`\ ¡¢W e_V a[TX_[ZZVc fg X^VS_ VTV_eZ de_XTV_Wh ^Sa^ VTV_eZZg ^eUV a[TiZSaXW [i STXV_VWX eTc ZSYSXVc iScbaSe_g cbXSVW X[ X^V …¡¢h ^Sa^ Yeg dV_YSX X^V VTV_eZ de_XTV_ X[ ieU[_ SXW [T STXV_VWXW [UV_ X^V …¡¢W\ ‹^V d[XVTXSeZ _VXb_T [i …¡¢W cVdVTcW Ze_VZg [T X^V …¡¢W fVST X_VeXVc eW de_XTV_W^SdW i[_ iVcV_eZ STa[YV XeŒ db_d[WVW\ W e de_XTV_W^Sdh eT …¡¢ ^eW T[ iVcV_eZ STa[YV XeŒ ZSefSZSXg eX X^V VTXSXg ZVUVZ\ ‹^V_Vi[_Vh X_VeXYVTX [i [TV [_ Y[_V …¡¢W eW e a[_d[_eXS[T i[_ iVcV_eZ STa[YV XeŒ db_d[WVW a[bZc eiiVaX X^V d[_Xi[ZS[£W efSZSXg X[ YVVX SXW STUVWXYVTX [f¤VaXSUV eTc [bZc _VcbaV X^V eY[bTX [i aeW^ eUeSZefZV X[ deg [_ cSWX_SfbXV X[ g[b\ ¡VSWZeXSUVh ¤bcSaSeZh [_ ecYSTSWX_eXSUV a^eTVW eTc cSiiV_ST STXV_d_VXeXS[TWh d[WWSfZg [T e _VX_[eaXSUV feWSWh a[bZc TVeXSUVZg SYdeaX X^V UeZbV [i eT STUVWXYVTX ST …¡¢W eTc X^V_Vi[_V X^V UeZbV [i g[b_ STUVWXYVTX\ ‹^V ab__VTX gSVZc [i ¥lp¦pllpu vpswlxmxpv SW aeZabZeXVc fg YbZXSdZgST X^V a[bd[T fg de_ UeZbV cSUScVc fg X^V Ye_`VX d_SaV\ ‹^V Ye¤[_SXg [i §¨© eTc §ª««« de_ d_ViV__Vc WVab_SXSVW e_V ƒaeZZefZV† YVeTST X^eX X^V SWWbV_ Yeg _VXS_V X^V WVab_SXSVW eX WdVaSiSa d_SaVW eTc ceXVW d_S[_ X[ YeXb_SXg\ ŠTXV_VWXcSUScVTc degYVTXW [T aV_XeST d_ViV__Vc SWWbVW Yeg fV cViV__Vc fg X^V SWWbV_ i[_ dV_S[cW [i bd X[ © X[ ª« gVe_Wh cVdVTcST [T X^V de_XSabZe_ SWWbV\ ‹^V STUVWX[_ [bZc WXSZZ ^eUV STa[YV XeŒ ZSefSZSXg VUVT X^[b^ degYVTXW [bZc T[X ^eUV fVVT _VaVSUVc\ ¢_SaV ‘b[XVc SW dV_ §¨© [_ §ªh««« W^e_Vh bTZVWW [X^V_SWV WdVaSiSVc\ ‹^V STSXSeZ _eXV [T e iZ[eXST _eXV [_ STcVŒ¬ZST`Vc d_ViV__Vc WVab_SXg Yeg fV Z[V_ X^eT X^eX [i e iSŒVc¬_eXV WVab_SXg [i X^V WeYV Tamarac Firefighters' Pension Trust Fund Quarterly Performance Report As of September 30, 2022 Scott Owens, CFAâ, CIMAâ Managing Director - Wealth Management Institutional Consulting Director Corporate Retirement Director Impact Investing Director Alternative Investment Director Scott.Owens@msgraystone.com (813) 227-2027 Andy McIlvaine, CIMAâ Associate Vice President Institutional Consultant Financial Advisor - Wealth Management Andy.McIlvaine@msgraystone.com (813) 227-2160 Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | QUARTER IN REVIEW Quarter in Review—3Q 2022 As of September 30, 2022 Source: Morgan Stanley Wealth Management Global Investment Office • Equity returns continued to deteriorate for many indices in the third quarter. By the end of 3Q, indices showed further declines from June 2022, but growth stocks outperformed value stocks and small-cap outperformed large-cap. This included the S&P 500 (-4.9%), Russell 1000- Large Cap (-4.6%), Russell 3000 (-4.5%), Nasdaq Composite (-3.9%), Russell Mid Cap (-3.4%), and Russell 2000-Small Cap (-2.2%). The indices remain 20%+ below the price of each index on December 31, 2021. • For the S&P 500, two sectors posted positive returns for the 3Q versus the close on June 30, 2022. The Consumer Discretionary (+4.4%) and Energy (+2.3%) sectors posted positive returns in the third quarter while the remaining nine declined versus the close on June 30, 2022. Financials (-3.1%) and Industrials (-4.7%) decreased but outperformed the S&P 500 Index on a relative basis during the quarter. Meanwhile sector performance for Health Care (-5.2%), Utilities (-6.0%), IT (-6.2%), Consumer Staples (-6.6%), Materials (-7.1%), Real Estate (-11.0%) and Communication Services (-12.7%) underperformed the S&P 500’s (4.9% decline) and fell since June 30, 2022. • Across the globe, dips in the high single-digit to low double-digit range were most prevalent for equities in regions outside the US in the third quarter of 2022. Nonetheless, 3Q22 returns rose for MSCI Turkey (+16.4%), MSCI Brazil (+8.7%), MSCI Indonesia (+7.9%), MSCI EM India (+6.7%), • The Fed’s aggressive rate hikes resulted in significant fixed income losses in the third quarter, compounding the second-quarter losses. The Bloomberg US Aggregate Bond Index, a broad measure of the US bond market, fell 4.8% in 3Q22 after a 4.7% decline in the second quarter and a 5.9% decline in the first quarter. The Bloomberg Mortgage-Backed Securities Index fell 5.3% while the Bloomberg Municipal Bond Index declined 3.5%. The yield on the 10-year US Treasury note closed the third quarter at 3.83%, up from the 3.01% at the end of the second quarter. The yield on 3-month Treasury bills was 3.25%, up from 1.63% at the close of the second quarter. Page 2 Page 2 of 18 Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | QUARTER IN REVIEW Capital Markets Performance Source: FactSet, Bloomberg, Morgan Stanley Wealth Management GIO. For more information about the risks to Master Limited Partnerships (MLPs), please refer to the Risk Considerations section at the end of this material. Capital Market Returns ASSET CLASS INDEX IN USD 3-MONTH YTD 1-YR 3-YR ANN 5-YR ANN Global Equity Global Equity MSCI All Country World -6.7% -25.3% -20.3% 5.0% 4.8% US Equity S&P 500 -4.9% -23.9% -15.5% 9.3% 9.3% International Equity MSCI All Country World ex US -9.8% -26.2% -24.8% -0.4% -0.4% Emerging Markets Equity MSCI Emerging Markets -11.4% -26.9% -27.8% -1.4% -1.7% Global Fixed Income Investment Grade Fixed Income Bloomberg US Aggregate -4.8% -14.6% -14.6% -3.5% -0.3% Inflation-Linked Securities Bloomberg Universal Govt Inflation-Linked -5.6% -17.3% -14.8% -2.6% 1.2% High Yield Bloomberg Global High Yield (H) -1.4% -16.4% -16.6% -2.1% 0.1% Emerging Markets Fixed Income JP Morgan EM Bonds (UH in USD) -4.7% -18.6% -20.6% -2.7% -1.8% Alternative Investments Global REITs FTSE EPRA/NAREIT Global REITs -11.6% -28.9% -22.4% -6.2% -0.8% Commodities Bloomberg Commodities -4.1% 13.6% 11.8% 13.7% 7.3% MLPs Alerian MLP 8.1% 18.9% 19.6% 5.7% 2.2% Hedged Strategies HFRX Global Hedge Fund Index 0.6% -4.5% -4.4% 2.8% 1.6% Managed Futures HFRX Macro/CTA Index 3.0% 6.3% 5.4% 3.4% 2.7% Private Real Estate NCREIF Private Real Estate - 8.7% 21.5% 10.2% 8.9% Global Cash Cash Citigroup 3-month Treasury Bill 0.4% 0.6% 0.6% 0.6% 1.1% Other Fixed Income Municipal Fixed Income Bloomberg Municipal Bond -3.5% -12.1% -11.5% -2.0% 0.6% As of September 30, 2022; Private Real Estate as of June 30, 2022 Page 3 Page 3 of 18 Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Market Performance section. WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MARKET PERSPECTIVES - YTD THROUGH SEPTEMBER Total Returns on Major US Stock Market Indices -6.2% -4.9% -3.9% -4.6% -2.2% -19.7% -23.9% -32.0% -24.6% -25.1% -13.4% -15.5% -26.2% -17.2% -23.5% -35% -30% -25% -20% -15% -10% -5% 0% Dow Jones Industrial S&P 500 NASDAQ Composite Russell 1000 Russell 2000 3Q 2022 YTD year vs prior year (September) month end As of September 30, 2022 Source: Bloomberg, Morgan Stanley Wealth Management GIC Page 4 Page 4 of 18 Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Market Performance section. WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MARKET PERSPECTIVES - YTD THROUGH SEPTEMBER Russell Style and Market Capitalization Indices -5.6% -3.6% -4.9% -0.6% -4.6% 0.2% -17.8% -30.7% -20.4% -31.4% -21.1% -29.3% -11.4% -22.6% -13.6% -29.5% -17.7% -29.3% -35% -30% -25% -20% -15% -10% -5% 0% 5% Russell 1000 Value Russell 1000 Growth Russell Midcap Value Russell Midcap Growth Russell 2000 Value Russell 2000 Growth 3Q 2022 YTD year vs prior year (September) month end As of September 30, 2022 Source: Bloomberg, Morgan Stanley Wealth Management GIC Page 5 Page 5 of 18 Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | QUARTER IN REVIEW -12.7% -11.0% -7.1% -6.6% -6.2% -6.0% -5.2% -4.7% -3.1% 2.2% 4.4% -15% -10% -5% 0% 5% 10% Communication Services Real Estate Materials Staples Technology Utilities Health Care Industrials Financials Energy Discretionary S&P 500 Sector Total Return 3Q22 Source: Bloomberg and Morgan Stanley Wealth Management GIO. Third Quarter Total Return As of September 30, 2022 updated Page 6 Page 6 of 18 Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material. This slide sourced from Market Performance section. WEALTH MANAGEMENT GLOBAL INVESTMENT OFFICE | CHARTBOOK | MARKET PERSPECTIVES - YTD THROUGH SEPTEMBER Fixed Income Performance (Total Return %) Source: FactSet. (1) Represented by Bloomberg US Treasury Inflation Protected Notes (TIPS), Bloomberg Global Inflation-Linked, Bloomberg US Aggregate, Bloomberg Global Aggregate, Bloomberg US High Yield – Corporate, Bloomberg Global High Yield, Bloomberg Global Majors (x US), Bloomberg US Government/Corporate, Bloomberg Emerging Market Local Currency Broad, JP Morgan GBI-EM Global Diversified Composite As of September 30, 2022 Page 7 Page 7 of 18 Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States. The sole purpose of this material is to inform, and it in no way is intended to be an ofer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be appropriate for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the ofering memorandum and executed the subscription documents. Morgan Stanley Wealth Management has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable ofering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. Morgan Stanley Smith Barney LLC ofers investment program services through a variety of investment programs, which are opened pursuant to written client agreements. Each program ofers investment managers, funds and features that are not available in other programs; conversely, some investment managers, funds or investment strategies may be available in more than one program. Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on your specifc investment objectives and fnancial position, may not be appropriate for you. Please see the Morgan Stanley Smith Barney LLC program disclosure brochure (the “Morgan Stanley ADV”) for more information in the investment advisory programs available. The Morgan Stanley ADV is available at www.morganstanley.com/ADV. Sources of Data. Information in this material in this report has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness or timeliness. Third-party data providers make no warranties or representations relating to the accuracy, completeness or timeliness of the data they provide and are not liable for any damages relating to this data. All opinions included in this material constitute the Firm’s judgment as of the date of this material and are subject to change without notice. This material was not prepared by the research departments of Morgan Stanley & Co. LLC or Morgan Stanley Smith Barney LLC. Some historical fgures may be revised due to newly identifed programs, frm restatements, etc. Global Investment Manager Analysis (GIMA) Focus List, Approved List and Tactical Opportunities List; Watch Policy. GIMA uses two methods to evaluate investment products in applicable advisory programs: Focus (and investment products meeting this standard are described as being on the Focus List) and Approved (and investment products meeting this standard are described as being on the Approved List). In general, Focus entails a more thorough evaluation of an investment product than Approved. Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead of the Focus List. Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also determine that an investment product no longer meets the criteria under either process and will no longer be recommended in investment advisory programs (in which case the investment product is given a “Not Approved” status). GIMA has a ‘Watch” policy and may describe a Focus List or Approved List investment product as being on “Watch” if GIMA identifes specifc areas that (a) merit further evaluation by GIMA and (b) may, but are not certain to, result in the investment product becoming “Not Approved.” The Watch period depends on the length of time needed for GIMA to conduct its evaluation and for the investment manager or fund to address any concerns. Certain investment products on either the Focus List or Approved List may also be recommended for the Tactical Opportunities List based in part on tactical opportunities existing at a given time. The investment products on the Tactical Opportunities List change over time. For more information on the Focus List, Approved List, Tactical Opportunities List and Watch processes, please see the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management. Your Financial Advisor or Private Wealth Advisor can also provide upon request a copy of a publication entitled “Manager Selection Process.” The Global Investment Committee is a group of seasoned investment professionals who meet regularly to discuss the global economy and markets. The committee determines the investment outlook that guides our advice to clients. They continually monitor developing economic and market conditions, review tactical outlooks and recommend model portfolio weightings, as well as produce a suite of strategy, analysis, commentary, portfolio positioning suggestions and other reports and broadcasts. The GIC Asset Allocation Models are not available to be directly implemented as part of an investment advisory service and should not be regarded as a recommendation of any Morgan Stanley investment advisory service. The GIC Asset Allocation Models do not represent actual trading or any type of account or any type of investment strategies and none of the fees or other expenses (e.g. commissions, mark-ups, mark-downs, advisory fees, fund expenses) associated with actual trading or accounts are refected in the GIC Asset Allocation Models which, when compounded over a period of years, would decrease returns. Adverse Active AlphaSM 2.0 is a patented screening and scoring process designed to help identify high-quality equity and fxed income managers with characteristics that may lead to future outperformance relative to index and peers. While highly ranked managers performed well as a group in our Adverse Active Alpha model back tests, not all of the managers will outperform. Please note that this data may be derived from back-testing, which has the beneft of hindsight. In addition, highly ranked managers can have difering risk profles that might not be appropriate for all investors. Our view is that Adverse Active Alpha is a good starting point and should be used in conjunction with other information. Morgan Stanley Wealth Management’s qualitative and quantitative investment DISCLOSURES Page 8 Page 8 of 18 manager due diligence process are equally important factors for investors when considering managers for use through an investment advisory program. Factors including, but not limited to, manager turnover and changes to investment process can partially or fully negate a positive Adverse Active Alpha ranking. Additionally, highly ranked managers can have difering risk profles that might not be appropriate for all investors. The proprietary Value Score methodology considers an active investment strategies’ value proposition relative to its costs. From a historical quantitative study of several quantitative markers, Value Score measures perceived forward-looking beneft and computes (1) “fair value” expense ratios for most traditional investment managers across 40 categories and (2) managers’ perceived “excess value” by comparing the fair value expense ratios to actual expense ratios. Managers are then ranked within each category by their excess value to assign a Value Score. Our analysis suggests that greater levels of excess value have historically corresponded to attractive subsequent performance. For more information on the ranking models, please see Adverse Active AlphaSM 2.0: Scoring Active Managers According to Potential Alpha and Value Score: Scoring Fee Efciency by Comparing Managers’ “Fair Value” and Actual Expense Ratios. The whitepapers are available from your Financial Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA is a registered service mark of Morgan Stanley and/or its afliates. U.S. Pat. No. 8,756,098 applies to the Adverse Active Alpha system and/or methodology. Additionally, highly ranked managers can have difering risk profles that might not be appropriate for all investors. For more information on AAA, please see the Adverse Active Alpha Ranking Model and Selecting Managers with Adverse Active Alpha whitepapers. The whitepaper are available from your Financial Advisor or Private Wealth Advisor. ADVERSE ACTIVE ALPHA is a registered service mark of Morgan Stanley and/or its afliates. U.S. Pat. No. 8,756,098 applies to the Adverse Active Alpha system and/or methodology. The Global Investment Manager Analysis (GIMA) Services Only Apply to Certain Investment Advisory Programs GIMA evaluates certain investment products for the purposes of some – but not all – of Morgan Stanley Smith Barney LLC’s investment advisory programs (as described in more detail in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management). If you do not invest through one of these investment advisory programs, Morgan Stanley Wealth Management is not obligated to provide you notice of any GIMA Status changes even though it may give notice to clients in other programs. Strategy May Be Available as a Separately Managed Account or Mutual Fund Strategies are sometimes available in Morgan Stanley Wealth Management investment advisory programs both in the form of a separately managed account (“SMA”) and a mutual fund. These may have diferent expenses and investment minimums. Your Financial Advisor or Private Wealth Advisor can provide more information on whether any particular strategy is available in more than one form in a particular investment advisory program. Generally, investment advisory accounts are subject to an annual asset-based fee (the “Fee”) which is payable monthly in advance (some account types may be billed diferently). In general, the Fee covers Morgan Stanley investment advisory services, custody of securities with Morgan Stanley, trade execution with or through Morgan Stanley or its afliates, as well as compensation to any Morgan Stanley Financial Advisor. In addition, each account that is invested in a program that is eligible to purchase certain investment products, such as mutual funds, will also pay a Platform Fee (which is subject to a Platform Fee ofset) as described in the applicable ADV brochure. Accounts invested in the Select UMA program may also pay a separate Sub-Manager fee, if applicable. If your account is invested in mutual funds or exchange traded funds (collectively “funds”), you will pay the fees and expenses of any funds in which your account is invested. Fees and expenses are charged directly to the pool of assets the fund invests in and are refected in each fund’s share price. These fees and expenses are an additional cost to you and would not be included in the Fee amount in your account statements. The advisory program you choose is described in the applicable Morgan Stanley Smith Barney LLC ADV Brochure, available at www.morganstanley.com/ADV. Morgan Stanley or Executing Sub-Managers, as applicable, in some of Morgan Stanley’s Separately Managed Account (“SMA”) programs may efect transactions through broker-dealers other than Morgan Stanley or our afliates. In such instances, you may be assessed additional costs by the other frm in addition to the Morgan Stanley and Sub-Manager fees. Those costs will be included in the net price of the security, not separately reported on trade confrmations or account statements. Certain Sub-Managers have historically directed most, if not all, of their trades to outside frms. Information provided by Sub-Managers concerning trade execution away from Morgan Stanley is summarized at: www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information on trading and costs, please refer to the ADV Brochure for your program(s), available at www.morganstanley.com/ADV, or contact your Financial Advisor / Private Wealth Advisor. Conficts of Interest: GIMA’s goal is to provide professional, objective evaluations in support of the Morgan Stanley Wealth Management investment advisory programs. We have policies and procedures to help us meet this goal. However, our business is subject to various conficts of interest. For example, ideas and suggestions for which investment products should be evaluated by GIMA come from a variety of sources, including our Morgan Stanley Wealth Management Financial Advisors and their direct or indirect managers, and other business persons within Morgan Stanley Wealth Management or its afliates. Such persons may have an ongoing business relationship with certain investment managers or mutual fund companies whereby they, Morgan Stanley Wealth Management or its afliates receive compensation from, or otherwise related to, those investment managers or mutual funds. For example, a Financial Advisor may suggest that GIMA evaluates an investment manager or fund in which a portion of his or her clients’ assets are already invested. While such a recommendation is permissible, GIMA is responsible for the opinions expressed by GIMA. Separately, certain strategies managed or sub-advised by us or our afliates, including but not limited to MSIM and Eaton Vance Management (“EVM”) and its investment afliates, may be included in your account. See the conficts of interest section in the applicable Form ADV Disclosure Document for Morgan Stanley Wealth Management for a discussion of other types of conficts that may be relevant to GIMA’s evaluation of managers and funds. In addition, Morgan Stanley Wealth Management, MS&Co., managers and their afliates provide a variety of services (including research, brokerage, asset management, trading, lending and investment banking services) for each other and for various clients, including issuers of securities that may be recommended for purchase or sale by clients or are otherwise held in client accounts, and managers in various advisory programs. Morgan Stanley Wealth Management, managers, MS&Co., and their afliates receive compensation and fees in connection with these services. Morgan Stanley Wealth Management believes that the nature and range of clients to which such services are rendered is such that it would be inadvisable to exclude categorically all of these companies from an account. Morgan Stanley Wealth Management, managers, MS & Co., and their afliates receive compensation and fees in connection with these services. Morgan Stanley Wealth Management believes that the nature and range of clients to which such services are rendered is such that it would be inadvisable to exclude categorically all of these companies from an account . Morgan Stanley charges each fund family we ofer a mutual fund support fee, also called a “revenue-sharing payment,” on client account holdings in fund families according to a tiered rate that increases along with the management fee of the fund so that lower management fee funds pay lower rates than those with higher management fees. Consider Your Own Investment Needs: The model portfolios and strategies discussed in the material are formulated based on general client characteristics including risk tolerance . This material is not intended to be an analysis of whether particular investments or strategies are appropriate for you or a recommendation, or an ofer to participate in any investment. Therefore, clients should not use this material as the sole basis for investment decisions. They should consider all relevant information, including their existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon. Such a determination may lead to asset allocation results that are materially diferent from the asset allocation shown in this profle. Talk to your Financial Advisor about what would be an appropriate asset allocation for you, whether Morgan Stanley Pathway Funds is an appropriate program for you. No obligation to notify – Morgan Stanley Wealth Management has no obligation to notify you when the model portfolios, strategies, or any other information, in this material changes. For index, indicator and survey defnitions referenced in this report please visit the following: https://www.morganstanley.com/wealth-investmentsolutions/wmir-defnitions The Morgan Stanley Pathway Funds, Firm Discretionary UMA Model Portfolios, and other asset allocation or any other model portfolios discussed in this material are available only to investors participating in Morgan Stanley Consulting Group advisory programs. For additional information on the Morgan Stanley Consulting Group advisory programs, see the applicable ADV brochure, available at www.morganstanley.com/ADV or from your Morgan Stanley Financial Advisor or Private Wealth Advisor. To learn more about the Morgan Stanley Pathway Funds, visit the Funds’ website at https://www.morganstanley.com/wealth-investmentsolutions/cgcm. Consulting Group is a business of Morgan Stanley. Morgan Stanley Pathway Program Asset Allocation Models There are model portfolios corresponding to fve risk-tolerance levels available in the Pathway program. Model 1 is the least aggressive portfolio and consists mostly of bonds. As the model numbers increase, the models have higher allocations to equities and become more aggressive. Pathway is a mutual fund asset allocation program. In constructing the Pathway Program Model Portfolios, Morgan Stanley Wealth Management uses, among other things, model asset allocations produced by Morgan Wealth Management's Global Investment Committee (the "GIC"). The Pathway Program Model Portfolios are specifc to the Pathway program (based on program features and parameters, and any other requirements of Morgan Stanley Wealth Management's Consulting Group). The Pathway Program Model Portfolios may therefore difer in some respects from model portfolios available in other Morgan Stanley Wealth Management programs or from asset allocation models published by the Global Investment Committee. The type of mutual funds and ETFs discussed in this presentation utilizes nontraditional or complex investment strategies and/or derivatives. Examples of these types of funds include those that utilize one or more of the below noted investment strategies or categories or which seek exposure to the following markets: (1) commodities (e.g., agricultural, energy and metals), currency, precious metals; (2) managed futures; (3) leveraged, inverse or inverse leveraged; (4) bear market, hedging, long-short equity, market neutral; (5) real estate; (6) volatility (seeking exposure to the CBOE VIX Index). Investors should keep in mind that while mutual funds and ETFs may, at times, utilize nontraditional investment options and strategies, they should not be equated with unregistered privately ofered alternative investments. Because of regulatory limitations, mutual funds and ETFs that seek alternative-like investment exposure must utilize a more limited investment universe. As a result, investment returns and portfolio characteristics of alternative mutual funds and ETFs may vary from traditional hedge funds pursuing similar investment objectives. Moreover, traditional hedge funds have limited liquidity with long “lock-up” periods allowing them to pursue investment strategies without having to factor in the need to meet client redemptions and ETFs trade on an exchange . On the DISCLOSURES other hand, mutual funds typically must meet daily client redemptions. This difering liquidity profle can have a material impact on the investment returns generated by a mutual fund or ETF pursuing an alternative investing strategy compared with a traditional hedge fund pursuing the same strategy. Nontraditional investment options and strategies are often employed by a portfolio manager to further a fund’s investment objective and to help ofset market risks . However, these features may be complex, making it more difcult to understand the fund’s essential characteristics and risks, and how it will perform in diferent market environments and over various periods of time. They may also expose the fund to increased volatility and unanticipated risks particularly when used in complex combinations and/or accompanied by the use of borrowing or “leverage.” Please consider the investment objectives, risks, fees, and charges and expenses of mutual funds, ETFs, closed end funds, unit investment trusts, and variable insurance products carefully before investing. The prospectus contains this and other information about each fund. To obtain a prospectus, contact your Financial Advisor or Private Wealth Advisor or visit the Morgan Stanley website at www.morganstanley.com. Please read it carefully before investing. Money Market Funds: You could lose money in money market funds. Although money market funds classifed as government funds (i.e., money market funds that invest 99.5% of total assets in cash and/or securities backed by the U.S government) and retail funds (i.e., money market funds open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they will do so. The price of other money market funds will fuctuate and when you sell shares they may be worth more or less than originally paid. Money market funds may impose a fee upon sale or temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchases, withdrawals, check writing or ATM debits. A money market fund investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. The Fund’s sponsor has no legal obligation to provide fnancial support to the Fund, and you should not expect that the sponsor will provide fnancial support to the Fund at any time. Investors should carefully consider the investment objectives, risks, charges and expenses of a money market fund before investing. The prospectus contains this and other information about the money market fund. To obtain a prospectus, contact your Financial Advisor or visit the money market fund company’s website. Please read the prospectus carefully before investing. Exchange Funds are private placement vehicles that enable holders of concentrated single-stock positions to exchange those stocks for a diversifed portfolio. Investors may beneft from greater diversifcation by exchanging a concentrated stock position for fund shares without triggering a taxable event. These funds are available only to qualifed investors and may only be ofered by Financial Advisors who are qualifed to sell alternative investments. Before investing, investors should consider the following: - Dividends are pooled - Investors may forfeit their stock voting rights - Investment may be illiquid for several years - Investments may be leveraged or contain derivatives - Signifcant early redemption fees may apply - Changes to the U.S. tax code, which could be retroactive (potentially disallowing the favorable tax treatment of exchange funds) - Investment risk and potential loss of principal KEY ASSET CLASS CONSIDERATIONS AND OTHER RISKS Investing in the markets entails the risk of market volatility. The value of all types of investments, including stocks, mutual funds, exchange-traded funds (“ETFs”), closed-end funds, and unit investment trusts, may increase or decrease over varying time periods. To the extent the investments depicted herein represent international securities, you should be aware that there may be additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and diferences in fnancial and accounting standards. These risks may be magnifed in emerging markets and frontier markets. Some funds also invest in foreign securities, which may involve currency risk. There is no assurance that the fund will achieve its investment objective. Small- and mid-capitalization companies may lack the fnancial resources, product diversifcation and competitive strengths of larger companies. In addition, the securities of small- and mid-capitalization companies may not trade as readily as, and be subject to higher volatility than, those of larger, more established companies. The value of fxed income securities will fuctuate and, upon a sale, may be worth more or less than their original cost or maturity value. Bonds are subject to interest rate risk, call risk, reinvestment risk, liquidity risk, and credit risk of the issuer. High yield bonds are subject to additional risks such as increased risk of default and greater volatility because of the lower credit quality of the issues. In the case of municipal bonds, income is generally exempt from federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. Treasury Infation Protection Securities’ (TIPS) coupon payments and underlying principal are automatically increased to compensate for infation by tracking the consumer price index (CPI). While the real rate of return is guaranteed, TIPS tend to ofer a low return. Because the return of TIPS is linked to infation, TIPS may signifcantly underperform versus conventional U.S. Treasuries in times of low infation. There is no guarantee that investors will receive par if TIPS are sold prior to maturity. The returns on a portfolio consisting primarily of environmental, social, and governance-aware investments (“ESG”) may be lower or higher than a portfolio that is more diversifed or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. The companies identifed and investment examples are for illustrative purposes only and should not be deemed a recommendation to purchase, hold or sell any securities or investment products. They are intended to demonstrate the approaches taken by managers who focus on ESG criteria in their investment strategy. There can be no guarantee that a client's account will be managed as described herein. Options and margin trading involve substantial risk and are not appropriate for all investors. Besides the general investment risk of holding securities that may decline in value and the possible loss of principal invested, closed-end funds may have additional risks related to declining market prices relative to net asset values (NAVs), active manager underperformance and potential leverage. Closed-end funds, unlike open-end funds, are not continuously ofered. There is a one-time public ofering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount from their NAV which may increase investors’ risk of loss. The risk of loss due to this discount may be greater for investors expecting to sell their shares in a relatively short period after completion of the public ofering. This characteristic is a risk separate and distinct from the risk that a closed-end fund’s net asset value may decrease as a result of investment activities. NAV is total assets less total liabilities divided by the number of shares outstanding. At the time an investor purchases or sells shares of a closed-end fund, shares may have a market price that is above or below NAV. Portfolios that invest a large percentage of assets in only one industry sector (or in only a few sectors) are more vulnerable to price fuctuation than those that diversify among a broad range of sectors. Structured Investments are complex and not appropriate for all investors. An investment in Structures Investments involve risks. These risks can include but are not limited to: (1) Fluctuations in the price, level or yield of underlying instruments, interest rates, currency values and credit quality, (2) Substantial or total loss of principal, (3) Limits on participation in appreciation of underlying instrument, (4) Limited liquidity, (5) Issuer credit risk and (6) Conficts of Interest. There is no assurance that a strategy of using structured product for wealth preservation, yield enhancement, and/or interest rate risk hedging will meet its objectives. Alternative investments may be either traditional alternative investment vehicles, such as hedge funds, fund of hedge funds, private equity, private real estate and managed futures or, non-traditional products such as mutual funds and exchange-traded funds that also seek alternative-like exposure but have signifcant diferences from traditional alternative investments. Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are appropriate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefnite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative Investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to: Loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices; Lack of liquidity in that there may be no secondary market for a fund; Volatility of returns; Restrictions on transferring interests in a fund; Potential lack of diversifcation and resulting higher risk due to concentration of trading authority when a single advisor is utilized; Absence of information regarding valuations and pricing; Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; and Risks associated with the operations, personnel, and processes of the manager. Further, opinions regarding Alternative Investments expressed herein may difer from the opinions expressed by Morgan Stanley Wealth Management and/or other businesses/afliates of Morgan Stanley Wealth Management. Certain information contained herein may constitute forward-looking statements. Due to various risks and uncertainties, actual events, results or the performance of a fund may difer materially from those refected or contemplated in such forward-looking statements. Clients should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. Alternative investments involve complex tax structures, tax inefcient investing, and delays in distributing important tax information. Individual funds have specifc risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley Wealth Management does not provide tax or legal advice. Interests in alternative investment products are ofered pursuant to the terms of the applicable ofering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its afliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley or any of its afliates, (3) are not guaranteed by Morgan Stanley and its afliates, and (4) involve investment It should be noted that the majority of hedge fund indexes are comprised of hedge fund manager returns. This is in contrast to traditional indexes, which are comprised of individual securities in the various market segments they represent and ofer complete transparency as to membership and construction methodology. As such, some believe that hedge fund index returns have certain biases that are not present in traditional indexes. Some of these biases infate index performance, while others may skew performance negatively. However, many studies indicate that overall hedge fund index performance has been biased to the upside. Some studies suggest performance has been infated by up to 260 basis points or more annually depending on the types of biases included and the time period studied. Although there are numerous potential biases that could afect hedge fund returns, we identify some of the more common ones throughout this paper. Self-selection bias results when certain manager returns are not included in the index returns and may result in performance being skewed up or down. Because hedge funds are private placements, hedge fund managers are able to decide which fund returns they want to report and are able to opt out of reporting to the various databases. Certain hedge fund managers may choose only to report returns for funds with strong returns and opt out of reporting returns for weak performers. Other hedge funds that close may decide to stop reporting in order to retain secrecy, which may cause a downward bias in returns. Survivorship bias results when certain constituents are removed from an index. This often results from the closure of funds due to poor performance, “blow ups,” or other such events. As such, this bias typically results in performance being skewed higher. As noted, hedge fund index performance biases can result in positive or negative skew. However, it would appear that the skew is more often positive. While it is difcult to quantify the efects precisely, investors should be aware that idiosyncratic factors may be giving hedge fund index returns an artifcial “lift” or upwards bias. Hedge Funds of Funds and many funds of funds are private investment vehicles restricted to certain qualifed private and institutional investors. They are often speculative and include a high degree of risk. Investors can lose all or a substantial amount of their investment. They may be highly illiquid, can engage in leverage and other speculative practices that may increase volatility and the risk of loss, and may be subject to large investment minimums and initial lockups. They involve complex tax structures, tax-inefcient investing and delays in distributing important tax information. Categorically, hedge funds and funds of funds have higher fees and expenses than traditional investments, and such fees and expenses can lower the returns achieved by investors. Funds of funds have an additional layer of fees over and above hedge fund fees that will ofset returns. An investment in an exchange-traded fund involves risks similar to those of investing in a broadly based portfolio of equity securities traded on an exchange in the relevant securities market, such as market fuctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock and bond prices. An investment in a target date portfolio is subject to the risks attendant to the underlying funds in which it invests, in these portfolios the funds are the Consulting Group Capital Market funds. A target date portfolio is geared to investors who will retire and/or require income at an approximate year. The portfolio is managed to meet the investor’s goals by the pre-established year or “target date.” A target date portfolio will transition its invested assets from a more aggressive portfolio to a more conservative portfolio as the target date draws closer . An investment in the target date portfolio is not guaranteed at any time, including, before or after the target date is reached. Managed futures investments are speculative, involve a high degree of risk, use signifcant leverage, are generally illiquid, have substantial charges, subject investors to conficts of interest, and are appropriate only for the risk capital portion of an investor’s portfolio. Managed futures investments do not replace equities or bonds but rather may act as a complement in a well diversifed portfolio. Managed Futures are complex and not appropriate for all investors. Virtual Currency Products (Cryptocurrencies) Buying, selling, and transacting in Bitcoin, Ethereum or other digital assets (“Digital Assets”), and related funds and products, is highly speculative and may result in a loss of the entire investment. Risks and considerations include but are not limited to: - Digital Assets have only been in existence for a short period of time and historical trading prices for Digital Assets have been highly volatile . The price of Digital Assets could decline rapidly, and investors could lose their entire investment. - Certain Digital Asset funds and products, allow investors to invest on a more frequent basis than investors may withdraw from the fund or product, and interests in such funds or products are generally not freely transferrable. This means that, particularly given the volatility of Digital Assets, an investor will have to bear any losses with respect to its investment for an extended period of time and will not be able to react to changes in the price of the Digital Asset once invested (for example, by seeking to withdraw) as quickly as when making the decision to invest. Such Digital Asset funds and products, are intended only for persons who are able to bear the economic risk of investment and who do not need liquidity with respect to their investments . - Given the volatility in the price of Digital Assets, the net asset value of a fund or product that invests in such assets at the time an investor’s subscription for interests in the - Certain Digital Assets are not intended to function as currencies but are intended to have other use cases. These other Digital Assets may be subject to some or all of the risks and considerations set forth herein, as well as additional risks applicable to such Digital Assets. Buyers, sellers and users of such Digital Assets should thoroughly familiarize themselves with such risks and considerations before transacting in such Digital Assets. - The value of Digital Assets may be negatively impacted by future legal and regulatory developments, including but not limited to increased regulation of such Digital Assets. Any such developments may make such Digital Assets less valuable, impose additional burdens and expenses on a fund or product investing in such assets or impact the ability of such a fund or product to continue to operate, which may materially decrease the value of an investment therein. - Due to the new and evolving nature of digital currencies and the absence of comprehensive guidance, many signifcant aspects of the tax treatment of Digital Assets are uncertain. Prospective investors should consult their own tax advisors concerning the tax consequences to them of the purchase, ownership and disposition of Digital Assets, directly or indirectly through a fund or product, under U.S. federal income tax law, as well as the tax law of any relevant state, local or other jurisdiction. - Over the past several years, certain Digital Asset exchanges have experienced failures or interruptions in service due to fraud, security breaches, operational problems or business failure. Such events in the future could impact any fund’s or product’s ability to transact in Digital Assets if the fund or product relies on an impacted exchange and may also materially decrease the price of Digital Assets , thereby impacting the value of your investment, regardless of whether the fund or product relies on such an impacted exchange. - Although any Digital Asset product and its service providers have in place signifcant safeguards against loss, theft, destruction and inaccessibility, there is nonetheless a risk that some or all of a product’s Digital Asset could be permanently lost, stolen, destroyed or inaccessible by virtue of, among other things, the loss or theft of the “private keys” necessary to access a product’s Digital Asset. - Investors in funds or products investing or transacting in Digital Assets may not beneft to the same extent (or at all) from “airdrops” with respect to, or “forks” in, a Digital Asset’s blockchain, compared to investors who hold Digital Assets directly instead of through a fund or product. Additionally, a “fork” in the Digital Asset blockchain could materially decrease the price of such Digital Asset. - Digital Assets are not legal tender, and are not backed by any government, corporation or other identifed body, other than with respect to certain digital currencies that certain governments are or may be developing now or in the future. No law requires companies or individuals to accept digital currency as a form of payment (except, potentially, with respect to digital currencies developed by certain governments where such acceptance may be mandated). Instead, other than as described in the preceding sentences, Digital Asset products’ use is limited to businesses and individuals that are willing to accept them. If no one were to accept digital currencies, virtual currency products would very likely become worthless. - Platforms that buy and sell Digital Assets can be hacked, and some have failed. In addition, like the platforms themselves, digital wallets can be hacked, and are subject to theft and fraud. As a result, like other investors have, you can lose some or all of your holdings of Digital Assets. - Unlike US banks and credit unions that provide certain guarantees of safety to depositors, there are no such safeguards provided to Digital Assets held in digital wallets by their providers or by regulators. - Due to the anonymity Digital Assets ofer, they have known use in illegal activity, including drug dealing, money laundering, human tracking, sanction evasion and other forms of illegal commerce. Abuses could impact legitimate consumers and speculators; for instance, law enforcement agencies could shut down or restrict the use of platforms and exchanges, limiting or shutting of entirely the ability to use or trade Digital Asset products. - Digital Assets may not have an established track record of credibility and trust. Further, any performance data relating to Digital Asset products may not be verifable as pricing models are not uniform. - Investors should be aware of the potentially increased risks of transacting in Digital Assets relating to the risks and considerations, including fraud, theft, and lack of legitimacy, and other aspects and qualities of Digital Assets, before transacting in such assets. - The exchange rate of virtual currency products versus the USD historically has been very volatile and the exchange rate could drastically decline. For example, the exchange rate of certain Digital DISCLOSURES Page 14 Page 14 of 18 Assets versus the USD has in the past dropped more than 50% in a single day. Other Digital Assets may be afected by such volatility as well. - Digital Asset exchanges have limited operating and performance histories and are not regulated with the same controls or customer protections available to more traditional exchanges transacting equity, debt, and other assets and securities. There is no assurance that a person/exchange who currently accepts a Digital Asset as payment will continue to do so in the future. - The regulatory framework of Digital Assets is evolving, and in some cases is uncertain, and Digital Assets themselves may not be governed and protected by applicable securities regulators and securities laws, including, but not limited to, Securities Investor Protection Corporation coverage, or other regulatory regimes. - Morgan Stanley Smith Barney LLC or its afliates (collectively, “Morgan Stanley”) may currently, or in the future, ofer or invest in Digital Asset products, services or platforms. The proprietary interests of Morgan Stanley may confict with your interests. - The foregoing list of considerations and risks are not and do not purport to be a complete enumeration or explanation of the risks involved in an investment in any product or fund investing or trading in Digital Assets. Asset allocation and diversifcation do not assure a proft or protect against loss in declining fnancial markets. Past performance is no guarantee of future results. Actual results may vary. Rebalancing does not protect against a loss in declining fnancial markets. There may be a potential tax implication with a rebalancing strategy. Investors should consult with their tax advisor before implementing such a strategy. Indices are unmanaged and investors cannot directly invest in them. They are not subject to expenses or fees and are often comprised of securities and other investment instruments the liquidity of which is not restricted. A particular investment product may consist of securities signifcantly diferent than those in any index referred to herein. Composite index results are shown for illustrative purposes only, generally do not represent the performance of a specifc investment, may not, for a variety of reasons, be an appropriate comparison or benchmark for a particular investment and may not necessarily refect the actual investment strategy or objective of a particular investment. Consequently, comparing an investment to a particular index may be of limited use. To obtain Tax-Management Services, a client must complete the Tax-Management Form, and deliver the signed form to Morgan Stanley. For more information on Tax-Management Services, including its features and limitations, please ask your Financial Advisor for the Tax Management Form. Review the form carefully with your tax advisor. Tax-Management Services: (a) apply only to equity investments in separate account sleeves of client accounts; (b) are not available for all accounts or clients; and (c) may adversely impact account performance. Tax-management services do not constitute tax advice or a complete tax-sensitive investment management program. There is no guarantee that tax-management services will produce the desired tax results. When Morgan Stanley Smith Barney LLC, its afliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, “Morgan Stanley”) provide “investment advice” regarding a retirement or welfare beneft plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Morgan Stanley is a “fduciary” as those terms are defned under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Morgan Stanley provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Morgan Stanley will not be considered a “fduciary” under ERISA and/or the Code. For more information regarding Morgan Stanley’s role with respect to a Retirement Account, please visit www.morganstanley.com/disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters. Lifestyle Advisory Services: Products and services are provided by third party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any input concerning such products or services. There may be additional service providers for comparative purposes. Please perform a thorough due diligence and make your own independent decision. This material is not a fnancial plan and does not create an investment advisory relationship between you and your Morgan Stanley Financial Advisor. We are not your fduciary either under the DISCLOSURES Page 15 Page 15 of 18 Employee Retirement Income Security Act of 1974 (ERISA) or the Internal Revenue Code of 1986, and any information in this report is not intended to be considered investment advice or a recommendation for either ERISA or Internal Revenue Code purposes and that (unless otherwise provided in a written agreement and/or as described at www.morganstanley.com/disclosures/dol) you remain solely responsible for your assets and all investment decisions with respect to your assets. Nevertheless, if Morgan Stanley or your Financial Advisor provides “investment advice,” as that term is defned under Section 3(21) of ERISA, to you with respect to certain retirement, welfare beneft, or education savings account assets for a fee or other compensation, Morgan Stanley and/or your Financial Advisor will be providing such advice in its capacity as a fduciary under ERISA and/or the Code. Morgan Stanley will only prepare a fnancial plan at your specifc request using Morgan Stanley approved fnancial planning software. A LifeView Financial Goal Analysis (“Financial Goal Analysis”) or LifeView Financial Plan (“Financial Plan”) is based on the methodology, estimates, and assumptions, as described in your report, as well as personal data provided by you. It should be considered a working document that can assist you with your objectives. Morgan Stanley makes no guarantees as to future results or that an individual’s investment objectives will be achieved. The responsibility for implementing, monitoring and adjusting your Financial Goal Analysis or Financial Plan rests with you. After your Financial Advisor delivers your report to you, if you so desire, your Financial Advisor can help you implement any part that you choose; however, you are not obligated to work with your Financial Advisor or Morgan Stanley. Important information about your relationship with your Financial Advisor and Morgan Stanley Smith Barney LLC when using LifeView Goal Analysis or LifeView Advisor. When your Financial Advisor prepares and delivers a Financial Goal Analysis (i.e., when using LifeView Goal Analysis), they will be acting in a brokerage capacity. When your Financial Advisor prepares a Financial Plan (i.e., when using LifeView Advisor), they will be acting in an investment advisory capacity with respect to the delivery of your Financial Plan. This Investment Advisory relationship will begin with the delivery of the Financial Plan and ends thirty days later, during which time your Financial Advisor can review the Financial Plan with you. To understand the diferences between brokerage and advisory relationships, you should consult your Financial Advisor, or review our “Understanding Your Brokerage and Investment Advisory Relationships,” brochure available at https://www.morganstanley.com/wealth-relationshipwithms/pdfs/understandingyourrelationship.pdf We may act in the capacity of a broker or that of an advisor. As your broker, we are not your fduciary and our interests may not always be identical to yours. Please consult with your Financial Advisor or Private Wealth Advisor to discuss our obligations to disclose to you any conficts we may from time to time have and our duty to act in your best interest. We may be paid both by you and by others who compensate us based on what you buy. Our compensation, including that of your Financial Advisor or Private Wealth Advisor, may vary by product and over time. Investment and services ofered through Morgan Stanley Smith Barney LLC, Member SIPC. GLOBAL INVESTMENT COMMITTEE (GIC) ASSET ALLOCATION MODELS: The Asset Allocation Models are created by Morgan Stanley Wealth Management’s GIC. HYPOTHETICAL MODEL PERFORMANCE (GROSS): Hypothetical model performance results do not refect the investment or performance of an actual portfolio following a GIC Strategy, but simply refect actual historical performance of selected indices on a real-time basis over the specifed period of time representing the GIC’s strategic and tactical allocations as of the date of this report . The past performance shown here is simulated performance based on benchmark indices, not investment results from an actual portfolio or actual trading. There can be large diferences between hypothetical and actual performance results achieved by a particular asset allocation or trading strategy. Hypothetical performance results do not represent actual trading and are generally designed with the beneft of hindsight. Actual performance results of accounts vary due to, for example, market factors (such as liquidity) and client-specifc factors (such as investment vehicle selection, timing of contributions and withdrawals, restrictions and rebalancing schedules). Clients would not necessarily have obtained the performance results shown here if they had invested in accordance with any GIC Asset Allocation Model for the periods indicated. Despite the limitations of hypothetical performance, these hypothetical performance results allow clients and Financial Advisors to obtain a sense of the risk/return trade-of of diferent asset allocation constructs. The hypothetical performance results in this report are calculated using the returns of benchmark indices for the asset classes, and not the returns of securities, fund or other investment products. Models may contain allocations to Hedge Funds, Private Equity and Private Real Estate. The benchmark indices for these asset classes are not issued on a daily basis. When calculating model performance on a day for which no benchmark index data is issued, we have assumed straight line growth between the index levels issued before and after that date. FEES REDUCE THE PERFORMANCE OF ACTUAL ACCOUNTS: None of the fees or other expenses (e.g. commissions, mark-ups, mark-downs, fees) associated with actual trading or accounts are refected in the GIC Asset Allocation Models. The GIC Asset Allocation Models and any model performance included in this presentation are intended as educational materials. Were a client to use these models in connection with investing, any investment decisions made would be subject to transaction and other costs which, when compounded over a period of years, would decrease returns. Information regarding Morgan Stanley’s standard advisory fees is available in the Form ADV Part 2, which is available at www.morganstanley.com/adv. The following hypothetical illustrates the allocations, and would reduce clients’ returns. The impact of fees and/or expenses can be material. Variable annuities are long-term investments designed for retirement purposes and may be subject to market fuctuations, investment risk, and possible loss of principal. All guarantees, including optional benefts, are based on the fnancial strength and claims-paying ability of the issuing insurance company and do not apply to the underlying investment options. Optional riders may not be able to be purchased in combination and are available at an additional cost. Some optional riders must be elected at time of purchase. Optional riders may be subject to specifc limitations, restrictions, holding periods, costs, and expenses as specifed by the insurance company in the annuity contract. If you are investing in a variable annuity through a tax-advantaged retirement plan such as an IRA, you will get no additional tax advantage from the variable annuity. Under these circumstances, you should only consider buying a variable annuity because of its other features, such as lifetime income payments and death benefts protection. Taxable distributions (and certain deemed distributions) are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10% federal income tax penalty. Early withdrawals will reduce the death beneft and cash surrender value. Equity securities may fuctuate in response to news on companies, industries, market conditions and general economic environment. Ultrashort-term fxed income asset class is comprised of fxed income securities with high quality, very short maturities. They are therefore subject to the risks associated with debt securities such as credit and interest rate risk. Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. Individual MLPs are publicly traded partnerships that have unique risks related to their structure. These include, but are not limited to, their reliance on the capital markets to fund growth, adverse ruling on the current tax treatment of distributions (typically mostly tax deferred), and commodity volume risk. The potential tax benefts from investing in MLPs depend on their being treated as partnerships for federal income tax purposes and, if the MLP is deemed to be a corporation, then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund’s value. MLPs carry interest rate risk and may underperform in a rising interest rate environment. MLP funds accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments; this deferred tax liability is refected in the daily NAV, and, as a result, the MLP fund’s after-tax performance could difer signifcantly from the underlying assets even if the pre-tax performance is closely tracked. Investing in commodities entails signifcant risks. Commodity prices may be afected by a variety of factors at any time, including but not limited to, (i) changes in supply and demand relationships, (ii) governmental programs and policies, (iii) national and international political and economic events, war and terrorist events, (iv) changes in interest and exchange rates, (v) trading activities in commodities and related contracts, (vi) pestilence, technological change and weather, and (vii) the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention. Physical precious metals are non-regulated products. Precious metals are speculative investments, which may experience short-term and long term price volatility. The value of precious metals investments may fuctuate and may appreciate or decline, depending on market conditions. Unlike bonds and stocks, precious metals do not make interest or dividend payments. Therefore, precious metals may not be appropriate for investors who require current income. Precious metals are commodities that should be safely stored, which may impose additional costs on the investor. REITs investing risks are similar to those associated with direct investments in real estate: property value fuctuations, lack of liquidity, limited diversifcation and sensitivity to economic factors such as interest rate changes and market recessions. Risks of private real estate include: illiquidity; a long-term investment horizon with a limited or nonexistent secondary market; lack of transparency; volatility (risk of loss); and leverage. Principal is returned on a monthly basis over the life of a mortgage-backed security. Principal prepayment can signifcantly afect the monthly income stream and the maturity of any type of MBS, including standard MBS, CMOs and Lottery Bonds. Asset-backed securities generally decrease in value as a result of interest rate increases, but may beneft less than other fxed-income securities from declining interest rates, principally because of prepayments. Yields are subject to change with economic conditions. Yield is only one factor that should be considered when making an investment decision. Credit ratings are subject to change. Duration, the or less than original cost. If sold prior to maturity, investors may receive more or less than their original purchase price or maturity value, depending on market conditions. Callable bonds may be redeemed by the issuer prior to maturity. Additional call features may exist that could afect yield. Some $25 or $1000 par preferred securities are QDI (Qualifed Dividend Income) eligible. Information on QDI eligibility is obtained from third party sources. The dividend income on QDI eligible preferreds qualifes for a reduced tax rate. Many traditional ‘dividend paying’ perpetual preferred securities (traditional preferreds with no maturity date) are QDI eligible. In order to qualify for the preferential tax treatment all qualifying preferred securities must be held by investors for a minimum period – 91 days during a 180 day window period, beginning 90 days before the ex-dividend date. Companies paying dividends can reduce or cut payouts at any time. Nondiversifcation: For a portfolio that holds a concentrated or limited number of securities, a decline in the value of these investments would cause the portfolio’s overall value to decline to a greater degree than a less concentrated portfolio. The indices selected by Morgan Stanley Wealth Management to measure performance are representative of broad asset classes. Morgan Stanley Wealth Management retains the right to change representative indices at any time. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Growth investing does not guarantee a proft or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a proft or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected . Any type of continuous or periodic investment plan does not assure a proft and does not protect against loss in declining markets. Since such a plan involves continuous investment in securities regardless of fuctuating price levels of such securities, the investor should consider his fnancial ability to continue his purchases through periods of low price levels. This material is disseminated in the United States of America by Morgan Stanley Smith Barney LLC. Morgan Stanley Wealth Management is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the “Municipal Advisor Rule”) and the opinions or views contained herein are not intended to be , and do not constitute, advice within the meaning of the Municipal Advisor Rule. This material, or any portion thereof, may not be reprinted, sold or redistributed without the written consent of Morgan Stanley Smith Barney LLC. © 2022 Morgan Stanley Smith Barney LLC. Member SIPC. DISCLOSURES Page 18 Page 18 of 18 Allocation Market Value ($) % Performance(%) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Fund 129,084,327 100.00 -4.54 -17.07 -17.07 3.94 4.64 6.17 6.71 6.06 04/01/2002 Total Fund (net) -4.65 -17.47 -17.47 3.45 4.14 5.66 6.17 5.57 Policy Index -4.62 -14.83 -14.83 3.98 5.06 6.73 7.03 6.40 Domestic Equity Cambiar Investors Inc - Large Cap Value 27,314,414 21.16 -4.51 -12.64 -12.64 8.08 6.89 9.30 10.32 7.38 12/01/2005 Cambiar Investors Inc - Large Cap Value (net) -4.63 -13.11 -13.11 7.53 6.33 8.75 9.74 6.84 Russell 1000 Value -5.62 -11.36 -11.36 4.36 5.29 8.15 9.17 6.73 Polen - Large Cap Growth 24,203,256 18.75 -4.82 -33.61 -33.61 5.39 N/A N/A N/A 8.96 11/01/2018 Polen - Large Cap Growth (net) -4.92 -33.95 -33.95 4.87 N/A N/A N/A 8.46 Russell 1000 Gr -3.60 -22.59 -22.59 10.67 N/A N/A N/A 11.72 Kennedy - Mid Cap Value 7,505,683 5.81 -1.54 -13.48 -13.48 7.30 6.16 9.53 N/A 9.22 09/01/2013 Kennedy - Mid Cap Value (net) -1.93 -14.15 -14.15 6.51 5.37 8.63 N/A 8.32 Russell Midcap Value -4.93 -13.56 -13.56 4.50 4.75 7.66 N/A 7.98 MDT Advisers - Mid Cap Growth 6,748,452 5.23 -1.65 -25.89 -25.89 7.21 10.25 11.47 12.82 10.12 08/01/2007 MDT Advisers - Mid Cap Growth (net) -1.85 -26.58 -26.58 6.26 9.28 10.49 11.78 9.14 Russell Midcap Growth -0.65 -29.50 -29.50 4.26 7.63 9.54 10.85 8.22 International Equity ClearBridge - International Value 9,596,607 7.43 -6.93 -18.27 -18.27 1.07 -2.36 N/A N/A -0.13 04/01/2017 ClearBridge - International Value (net) -7.08 -18.90 -18.90 0.43 -2.97 N/A N/A -0.72 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 N/A N/A 1.38 MSCI AC World ex US Value Net -10.44 -20.02 -20.02 -2.15 -2.12 N/A N/A -0.16 Renaissance - International Growth 6,204,943 4.81 -10.00 -26.49 -26.49 -3.19 -3.36 1.34 3.04 5.03 01/01/2009 Renaissance - International Growth (net) -10.17 -26.99 -26.99 -3.80 -3.97 0.70 2.38 4.38 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 3.29 3.01 5.22 Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 19 Tamarac Firefighters' Pension Trust Fund Asset Allocation & Time Weighted Performance as of September 30, 2022 Allocation Market Value ($) % Performance(%) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Fixed Income Garcia Hamilton - Interm Fixed Income 27,428,713 21.25 -4.19 -9.04 -9.04 -1.65 0.44 N/A N/A 0.93 02/01/2016 Garcia Hamilton - Interm Fixed Income (net) -4.25 -9.27 -9.27 -1.89 0.19 N/A N/A 0.68 BC Gov/Cr Intm -3.06 -10.14 -10.14 -1.64 0.38 N/A N/A 0.76 Alternatives Blackrock - Global L/S Credit 2,831,508 2.19 -0.66 -8.41 -8.41 N/A N/A N/A N/A 0.65 07/01/2020 Blackrock - Global L/S Credit (net) -0.66 -8.41 -8.41 N/A N/A N/A N/A 0.65 HFRX Fixed Income - Credit Index -1.05 -13.81 -13.81 N/A N/A N/A N/A -1.91 Barclays Aggregate -4.75 -14.60 -14.60 N/A N/A N/A N/A -6.88 Blackstone - Multi-Strategy 2,847,811 2.21 -1.27 -6.96 -6.96 N/A N/A N/A N/A 2.67 07/01/2020 Blackstone - Multi-Strategy (net) -1.27 -6.96 -6.96 N/A N/A N/A N/A 2.67 HFRX Global Hedge Fund 0.51 -4.50 -4.50 N/A N/A N/A N/A 2.98 Barclays Aggregate -4.75 -14.60 -14.60 N/A N/A N/A N/A -6.88 UBS - Private Real Estate 5,874,541 4.55 0.02 17.36 17.36 7.63 5.96 6.28 7.76 7.89 08/01/2012 UBS - Private Real Estate (net) -0.16 16.56 16.56 6.83 5.08 5.30 6.68 6.83 NCREIF Property Idx 0.57 16.07 16.07 9.91 8.62 8.46 9.48 9.57 Barclays Aggregate -4.75 -14.60 -14.60 -3.26 -0.27 0.54 0.89 0.90 Mainstay - Global Infrastructure 7,093,861 5.50 -9.31 -8.61 -8.61 N/A N/A N/A N/A -7.54 05/01/2021 Mainstay - Global Infrastructure (net) -9.31 -8.61 -8.61 N/A N/A N/A N/A -7.54 DJ Brookfield Gbl Infra Comp TR -10.22 -7.24 -7.24 N/A N/A N/A N/A -4.30 Barclays Aggregate -4.75 -14.60 -14.60 N/A N/A N/A N/A -9.84 Cash & Equivalents Non-Managed Account 1,434,539 1.11 0.22 0.30 0.30 0.46 1.03 0.81 0.56 0.50 07/01/2011 90-Day T-Bills 0.45 0.63 0.63 0.57 1.13 0.92 0.66 0.59 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 20 % Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Fund 100.00 -4.67 -17.45 -17.45 3.56 4.19 5.65 6.11 5.76 03/29/2002 Domestic Equity Cambiar Investors Inc - Large Cap Value 21.16 -4.49 -12.71 -12.71 8.64 7.07 9.24 10.25 7.55 03/29/2002 Polen - Large Cap Growth 18.75 -6.08 -34.45 -34.45 7.71 N/A N/A N/A 11.26 10/31/2018 Kennedy - Mid Cap Value 5.82 -1.90 -13.78 -13.78 8.87 6.81 9.52 N/A 8.69 08/02/2013 MDT Advisers - Mid Cap Growth 5.23 -1.84 -26.58 -26.58 8.66 11.08 11.89 13.18 10.88 07/05/2007 International Equity ClearBridge - International Value 7.43 -7.08 -18.77 -18.77 0.73 -1.93 N/A N/A -0.59 03/31/2017 Renaissance - International Growth 4.81 -7.50 -25.06 -25.06 -3.96 -4.14 -0.85 0.64 2.11 12/29/2008 Fixed Income Garcia Hamilton - Interm Fixed Income 21.25 -4.35 -9.42 -9.42 -2.19 -0.06 0.41 0.71 2.75 03/29/2002 Alternatives Blackrock - Global L/S Credit 2.19 -0.32 -8.19 -8.19 N/A N/A N/A N/A -0.87 06/30/2020 Blackstone - Multi-Strategy 2.21 -1.19 -6.91 -6.91 N/A N/A N/A N/A 1.04 06/30/2020 UBS - Private Real Estate 4.55 -0.16 16.56 16.56 6.83 5.08 5.30 6.68 6.83 07/31/2012 Mainstay - Global Infrastructure 5.50 -9.31 -8.91 -8.91 N/A N/A N/A N/A -7.82 04/30/2021 Tamarac Firefighters' Pension Trust Fund Asset Allocation & Net Dollar Weighted Performance (IRR) as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 21 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 -45.0 Return Current Quarter YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Total Fund Policy Index 90-Day T-Bills -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%) -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 04/01/2002 Total Fund -4.54 -17.07 -17.07 3.94 4.64 6.17 6.71 6.06 Policy Index -4.62 -14.83 -14.83 3.98 5.06 6.73 7.03 6.40 Differences 0.08 -2.24 -2.24 -0.04 -0.42 -0.56 -0.32 -0.34 Current Quarter Fiscal YTD Historic Change in Assets Distribution of Returns Quarterly Change in Assets Total Fund Policy Index Net Cash Flow ($100.0) $0.0 $100.0 $200.0 $300.0 Market Value In Millions 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 9/22 $47.6 $136.7 $129.1 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Income Return On Investment Market Value As of 09/30/2022 Total Fund 135,429.83 - 56,239.09 -56,267.38 -175.06 - 638.99 -6,142.16 129,084.33 0 20 40 60 80 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 13 7 7 9 24 24 48 43 30 21 10 10 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Total Fund - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 23 Sharpe Ratio 0.0 0.3 0.6 0.9 1.2 1.5 9/22 9/21 9/20 9/19 0.3 0.8 0.5 0.9 0.3 0.8 0.5 0.8 Beta 0.0 0.4 0.8 1.2 1.6 -0.4 -0.8 9/22 9/21 9/20 9/19 1.0 1.0 1.0 1.0 Up Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 106.2 105.5 98.8 97.0 Down Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 107.6 104.7 101.1 100.9 Tamarac Firefighters' Pension Trust Fund Total Fund - Rolling Three Year MPT Statistics as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 24 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Cambiar Investors Inc - Large Cap Value Russell 1000 Value 90-Day T-Bills -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%) -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 12/01/2005 Cambiar - Large Cap Value -4.51 -12.64 -12.64 8.08 6.89 9.30 10.32 7.38 Russell 1000 Value -5.62 -11.36 -11.36 4.36 5.29 8.15 9.17 6.74 Differences 1.11 -1.28 -1.28 3.72 1.60 1.15 1.15 0.64 Current Quarter Historic Change in Assets Distribution of Returns Quarterly Change in Assets Cambiar Investors Inc - Large Cap Value Russell 1000 Value Net Cash Flow ($15.0) $0.0 $15.0 $30.0 $45.0 $60.0 Market Value In Millions 11/05 11/06 11/07 11/08 11/09 11/10 11/11 11/12 11/13 11/14 11/15 11/16 11/17 11/18 11/19 11/20 11/21 9/22 $5.0 $24.7 $27.3 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Cambiar Investors Inc - Large Cap Value 29,123,708.67 - 4,538,984.64 -5,053,418.60 -39,566.04 - -1,255,295.08 27,314,413.59 0 15 30 45 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 22 6 7 10 14 17 21 21 30 15 10 29 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Cambiar - Large Cap Value - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 26 Sharpe Ratio 0.0 0.3 0.6 0.9 1.2 9/22 9/21 9/20 9/19 0.3 0.5 0.1 0.7 0.5 0.7 0.4 0.6 Beta 0.0 0.5 1.0 1.5 -0.5 9/22 9/21 9/20 9/19 0.9 0.9 0.9 1.1 Up Capture 0.0 150.0 325.0 -150.0 9/22 9/21 9/20 9/19 97.5 102.4 106.0 105.3 Down Capture 0.0 150.0 325.0 -150.0 9/22 9/21 9/20 9/19 83.7 86.7 89.9 110.5 Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Rolling Three Year MPT Statistics as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 27 Allocation Cambiar Investors Inc - Large Cap Value Russell 1000 Value 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance Cambiar Investors Inc - Large Cap Value Russell 1000 Value -45.0 -30.0 -15.0 0.0 15.0 30.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 28 Allocation - 07/01/2022 Portfolio Benchmark Performance - Quarter Ending September 30, 2022 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 6.92 8.76 -18.62 -13.48 0.14 -0.45 0.09 -0.21 Consumer Discretionary 8.13 5.75 -5.40 -2.70 0.07 -0.16 -0.06 -0.15 Consumer Staples 10.07 7.29 -9.82 -6.26 -0.02 -0.26 -0.10 -0.38 Energy 2.78 7.24 -6.25 3.06 -0.39 -0.67 0.42 -0.64 Financials 19.05 19.52 -1.58 -3.35 -0.01 0.35 -0.01 0.33 Health Care 8.11 17.23 -3.79 -5.68 0.01 0.33 -0.17 0.16 Industrials 19.13 9.90 -5.20 -4.55 0.10 -0.07 -0.06 -0.03 Information Technology 15.54 9.03 -0.96 -8.18 -0.17 0.65 0.47 0.95 Materials 2.90 4.23 5.82 -8.02 0.03 0.59 -0.18 0.43 Real Estate 1.95 5.09 -21.29 -10.29 0.15 -0.56 0.35 -0.07 Utilities 5.42 5.96 -2.79 -5.71 0.00 0.17 -0.02 0.16 Total 100.00 100.00 -5.04 -5.60 -0.09 -0.08 0.72 0.56 Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 29 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 141,285,840.41 133,920,973.08 Median Mkt. Cap ($000) 52,467,827.00 10,526,064.60 Price/Earnings ratio 17.89 13.71 Price/Book ratio 2.87 2.25 5 Yr. EPS Growth Rate (%) 10.90 12.70 Beta (5 Years, Monthly) 0.94 1.00 Number of Stocks 38 855 Debt to Equity (%) 254.50 216.46 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Humana Inc. 3.53 0.11 3.42 3.82 Constellation Brands Inc 3.40 0.21 3.19 -1.13 Raytheon Technologies Corp 3.35 0.74 2.61 -14.33 Sempra 3.34 0.29 3.05 1.26 Union Pacific Corp 3.30 0.00 3.30 -8.13 Corteva Inc 3.30 0.25 3.05 5.82 United Parcel Service Inc 3.29 0.08 3.21 -10.85 IntercontinentalExchange 3.22 0.30 2.92 -3.55 Colgate-Palmolive Co 3.15 0.14 3.01 -11.80 Sysco Corporation 3.14 0.00 3.14 -16.53 % of Portfolio 33.02 2.12 30.90 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Uber Technologies Inc 2.54 0.04 2.50 29.52 Schwab (Charles) Corp 2.63 0.29 2.34 14.10 TJX Companies Inc (The) 2.17 0.00 2.17 11.75 Principal Financial Group Inc 2.09 0.11 1.98 8.94 Rockwell Automation Inc. 2.08 0.05 2.03 8.40 Motorola Solutions Inc 3.13 0.22 2.91 7.20 Amazon.com Inc 2.88 0.00 2.88 6.39 Corteva Inc 3.30 0.25 3.05 5.82 Fiserv Inc. 2.65 0.30 2.35 5.17 Humana Inc. 3.53 0.11 3.42 3.82 % of Portfolio 27.00 1.37 25.63 Ten Worst Performers Portfolio Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 20.0 40.0 -20.0 -40.0 -60.0 Return Current Quarter Fiscal YTD 1 Year 3 Years Since Inception Polen - Large Cap Growth Russell 1000 Gr 90-Day T-Bills -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years Inception 11/01/2018 Polen - Large Cap Growth -4.82 -33.61 -33.61 5.39 8.96 Russell 1000 Gr -3.60 -22.59 -22.59 10.67 11.72 Differences -1.22 -11.02 -11.02 -5.28 -2.76 Current Quarter Fiscal YTD 1 Year 3 Years Inception 11/01/2018 Polen - Large Cap Growth Beginning Market Value 22,749 33,230 33,230 23,943 21,762 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Polen - Large Cap Growth Russell 1000 Gr Net Cash Flow $0.0 $15.0 $30.0 $45.0 Market Value In Millions 10/18 1/19 4/19 7/19 10/19 1/20 4/20 7/20 10/20 1/21 4/21 7/21 10/21 1/22 4/22 9/22 $14.6 $26.1 $24.2 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Polen - Large Cap Growth 22,748,612.83 - 8,510,087.39 -5,581,730.59 -28,356.80 - -1,445,356.42 24,203,256.41 0 5 10 15 20 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 10 2 1 2 1 2 1 3 4 5 4 12 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Polen - Large Cap Growth - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 32 Sharpe Ratio 0.0 0.2 0.4 0.6 0.8 9/22 0.5 0.3 Beta 0.0 0.5 1.0 1.5 -0.5 9/22 1.0 Up Capture 0.0 100.0 200.0 -100.0 9/22 89.2 Down Capture 0.0 100.0 200.0 -100.0 9/22 102.0 Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Rolling Three Year MPT Statistics as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 33 Allocation Polen - Large Cap Growth Russell 1000 Gr 0.0 15.0 30.0 45.0 60.0 75.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance Polen - Large Cap Growth Russell 1000 Gr -24.0 -16.0 -8.0 0.0 8.0 16.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution -2.7 -2.4 -2.1 -1.8 -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 34 Allocation - 07/01/2022 Portfolio Benchmark Performance - Quarter Ending September 30, 2022 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 17.98 8.09 -7.03 -11.33 -0.77 0.35 0.43 0.01 Consumer Discretionary 15.26 15.48 5.44 6.13 -0.02 -0.11 0.00 -0.13 Consumer Staples 0.00 5.86 0.00 -6.82 0.19 0.00 0.00 0.19 Energy 0.00 1.46 0.00 4.31 -0.12 0.00 0.00 -0.12 Financials 0.00 2.95 0.00 -0.86 -0.08 0.00 0.00 -0.08 Health Care 16.04 12.33 -7.07 -4.86 -0.05 -0.27 -0.08 -0.40 Industrials 0.00 7.05 0.00 -1.56 -0.14 0.00 0.00 -0.14 Information Technology 50.71 43.57 -8.38 -5.25 -0.12 -1.36 -0.22 -1.71 Materials 0.00 1.38 0.00 -4.29 0.01 0.00 0.00 0.01 Real Estate 0.00 1.77 0.00 -11.44 0.14 0.00 0.00 0.14 Utilities 0.00 0.05 0.00 -2.73 0.00 0.00 0.00 0.00 Total 100.00 100.00 -5.82 -3.59 -0.95 -1.40 0.12 -2.23 Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 35 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 457,954,953.82 700,406,311.08 Median Mkt. Cap ($000) 116,487,658.68 13,379,319.52 Price/Earnings ratio 31.35 24.93 Price/Book ratio 6.64 9.06 5 Yr. EPS Growth Rate (%) 30.17 24.04 Beta (5 Years, Monthly) 0.93 1.00 Number of Stocks 23 518 Debt to Equity (%) 19.06 379.87 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Amazon.com Inc 10.36 5.93 4.43 6.39 Alphabet Inc 9.13 2.67 6.46 -12.09 Microsoft Corp 6.67 10.28 -3.61 -9.12 Netflix Inc 5.67 0.27 5.40 34.64 Adobe Inc 5.59 0.77 4.82 -24.82 Meta Platforms Inc 5.43 0.39 5.04 -15.86 SALESFORCE INC 5.32 0.17 5.15 -12.85 Mastercard Inc 4.72 1.44 3.28 -9.73 Unitedhealth Group Inc 4.63 2.54 2.09 -1.36 AUTODESK INC 4.60 0.24 4.36 8.63 % of Portfolio 62.12 24.70 37.42 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Netflix Inc 5.67 0.27 5.40 34.64 PayPal Holdings Inc 3.58 0.18 3.40 23.24 Airbnb Inc 4.26 0.24 4.02 17.92 Gartner Inc 2.75 0.13 2.62 14.41 AUTODESK INC 4.60 0.24 4.36 8.63 Amazon.com Inc 10.36 5.93 4.43 6.39 Illumina Inc 2.44 0.00 2.44 3.49 Unitedhealth Group Inc 4.63 2.54 2.09 -1.36 DocuSign Inc. 1.58 0.06 1.52 -6.81 Accenture PLC 4.21 0.96 3.25 -7.00 % of Portfolio 44.08 10.55 33.53 Ten Worst Performers Portfolio Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Since Inception Kennedy - Mid Cap Value Russell Midcap Value 90-Day T-Bills -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 09/01/2013 Kennedy - Mid Cap Value -1.54 -13.48 -13.48 7.30 6.16 9.53 9.22 Russell Midcap Value -4.93 -13.56 -13.56 4.50 4.75 7.66 7.99 Differences 3.39 0.08 0.08 2.80 1.41 1.87 1.23 Current Quarter Fiscal YTD Historic Change in Assets Distribution of Returns Quarterly Change in Assets Kennedy - Mid Cap Value Russell Midcap Value Net Cash Flow ($5.0) $0.0 $5.0 $10.0 $15.0 Market Value In Millions 8/13 2/14 8/14 2/15 8/15 2/16 8/16 2/17 8/17 2/18 8/18 2/19 8/19 2/20 8/20 2/21 8/21 2/22 9/22 $2.5 $6.7 $7.5 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Kennedy - Mid Cap Value 7,728,391.48 - 1,572,746.56 -1,650,215.56 -33,031.00 - -112,208.31 7,505,683.17 0 8 16 24 32 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 13 2 3 8 6 9 8 17 10 9 2 22 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Kennedy Capital Mgmt - Mid Cap Value - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 38 Sharpe Ratio 0.0 0.5 1.0 1.5 -0.5 -1.0 9/22 9/21 9/20 9/19 0.6 0.7 0.0 0.3 0.7 0.9 0.0 0.2 Beta 0.0 0.5 1.0 1.5 -0.5 9/22 9/21 9/20 9/19 1.0 0.9 0.9 1.0 Up Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 105.1 108.7 103.4 99.1 Down Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 100.4 98.9 99.3 102.1 Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Rolling Two Year MPT Statistics as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 39 Allocation Kennedy - Mid Cap Value Russell Midcap Value 0.0 8.0 16.0 24.0 32.0 40.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance Kennedy - Mid Cap Value Russell Midcap Value -24.0 -16.0 -8.0 0.0 8.0 16.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution -1.8 -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 40 Allocation - 07/01/2022 Portfolio Benchmark Performance - Quarter Ending September 30, 2022 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 0.00 3.59 0.00 -9.68 0.17 0.00 0.00 0.17 Consumer Discretionary 13.55 9.54 -6.53 -5.45 -0.02 -0.10 -0.04 -0.17 Consumer Staples 2.34 4.18 -6.59 -7.99 0.06 0.06 -0.03 0.09 Energy 7.47 4.99 1.82 -0.75 0.10 0.13 0.06 0.29 Financials 18.12 17.87 2.56 -2.01 0.01 0.82 0.01 0.83 Health Care 4.92 7.40 -7.76 -7.47 0.06 -0.02 0.01 0.05 Industrials 24.15 14.40 3.88 -0.47 0.43 0.63 0.42 1.48 Information Technology 8.56 9.38 -13.19 -5.54 0.01 -0.72 0.06 -0.65 Materials 10.13 7.52 2.20 -6.77 -0.05 0.67 0.23 0.86 Real Estate 8.39 12.14 -11.64 -9.16 0.16 -0.30 0.09 -0.05 Utilities 2.39 9.02 -8.94 -5.58 0.05 -0.30 0.22 -0.03 Total 100.00 100.00 -1.98 -4.86 0.97 0.86 1.05 2.88 Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 41 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 11,651,453.78 17,794,535.43 Median Mkt. Cap ($000) 9,330,852.08 7,984,696.87 Price/Earnings ratio 12.07 12.81 Price/Book ratio 2.34 2.12 5 Yr. EPS Growth Rate (%) 21.23 13.46 Beta (5 Years, Monthly) 0.97 1.00 Number of Stocks 52 702 Debt to Equity (%) 107.54 59.03 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) LPL Financial Holdings Inc 3.45 0.00 3.45 18.56 LKQ Corporation 3.08 0.22 2.86 -3.52 Reinsurance Group of Amer. 3.03 0.15 2.88 7.92 Steel Dynamics Inc 2.90 0.22 2.68 7.77 Regal Rexnord Corporation 2.82 0.17 2.65 23.95 PERFORMANCE FOOD GROUP COMPANY 2.72 0.08 2.64 -6.59 Carlisle Cos Inc 2.55 0.04 2.51 17.80 United Rentals Inc. 2.46 0.18 2.28 11.20 Reliance Steel & Aluminum Co 2.31 0.19 2.12 3.14 Bank OZK 2.23 0.08 2.15 6.36 % of Portfolio 27.55 1.33 26.22 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Regal Rexnord Corporation 2.82 0.17 2.65 23.95 LPL Financial Holdings Inc 3.45 0.00 3.45 18.56 Carlisle Cos Inc 2.55 0.04 2.51 17.80 Toro Co (The) 1.84 0.00 1.84 14.10 United Rentals Inc. 2.46 0.18 2.28 11.20 IDEX Corp 1.76 0.22 1.54 10.40 Ares Management Corp 2.22 0.00 2.22 9.82 Reinsurance Group of Amer. 3.03 0.15 2.88 7.92 Steel Dynamics Inc 2.90 0.22 2.68 7.77 Bank OZK 2.23 0.08 2.15 6.36 % of Portfolio 25.26 1.06 24.20 Ten Worst Performers Portfolio Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 20.0 40.0 -20.0 -40.0 -60.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception MDT Advisers - Mid Cap Growth Russell Midcap Growth 90-Day T-Bills -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2007 MDT Advisers - Mid Cap Growth -1.65 -25.89 -25.89 7.21 10.25 11.47 12.82 10.12 Russell Midcap Growth -0.65 -29.50 -29.50 4.26 7.63 9.54 10.85 8.23 Differences -1.00 3.61 3.61 2.95 2.62 1.93 1.97 1.89 Current Quarter Historic Change in Assets Distribution of Returns Quarterly Change in Assets MDT Advisers - Mid Cap Growth Russell Midcap Growth Net Cash Flow ($12.0) ($6.0) $0.0 $6.0 $12.0 $18.0 Market Value In Millions 7/07 4/08 1/09 10/09 7/10 4/11 1/12 10/12 7/13 4/14 1/15 10/15 7/16 4/17 1/18 10/18 7/19 4/20 1/21 10/21 9/22 ($1.1) $4.7 $6.7 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 MDT Advisers - Mid Cap Growth 6,909,136.96 - 7,705,410.32 -7,739,873.35 -15,536.97 - -110,685.06 6,748,451.90 0 15 30 45 60 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 25 1 6 9 18 16 10 17 10 13 20 37 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 MDT Advisers - Mid Cap Growth - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 44 Sharpe Ratio 0.0 0.4 0.8 1.2 1.6 9/22 9/21 9/20 9/19 0.3 0.9 0.8 0.9 0.4 0.8 0.7 1.0 Beta 0.0 0.5 1.0 1.5 -0.5 9/22 9/21 9/20 9/19 1.0 1.0 1.1 1.1 Up Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 108.7 103.9 104.0 109.9 Down Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 100.3 107.1 104.5 100.2 Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Rolling Three Year MPT Statistics as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 45 Allocation MDT Advisers - Mid Cap Growth Russell Midcap Growth 0.0 8.0 16.0 24.0 32.0 40.0 48.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance MDT Advisers - Mid Cap Growth Russell Midcap Growth -45.0 -30.0 -15.0 0.0 15.0 30.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution -2.1 -1.8 -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 46 Allocation - 07/01/2022 Portfolio Benchmark Performance - Quarter Ending September 30, 2022 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 2.41 4.90 -22.36 -5.99 0.13 -0.80 0.41 -0.26 Consumer Discretionary 14.40 14.21 -8.47 0.91 0.00 -1.33 -0.02 -1.35 Consumer Staples 3.85 3.02 4.20 -2.28 -0.01 0.20 0.05 0.24 Energy 4.21 4.41 12.48 5.41 -0.01 0.31 -0.01 0.29 Financials 6.32 5.52 -8.53 -0.21 0.00 -0.46 -0.07 -0.52 Health Care 16.95 17.19 -8.22 -6.10 0.01 -0.36 0.01 -0.35 Industrials 14.49 14.95 -2.60 0.88 -0.01 -0.52 0.02 -0.51 Information Technology 31.33 29.59 2.07 1.74 0.04 0.10 0.01 0.14 Materials 2.92 3.89 -0.60 -1.66 0.01 0.04 -0.01 0.04 Real Estate 3.10 2.03 -3.61 -7.35 -0.07 0.08 0.04 0.04 Utilities 0.01 0.27 -7.42 -2.73 0.01 -0.01 0.01 0.00 Total 100.00 100.00 -2.86 -0.63 0.10 -2.77 0.43 -2.23 Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 47 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 15,870,515.64 21,654,141.02 Median Mkt. Cap ($000) 10,735,653.13 9,834,373.89 Price/Earnings ratio 15.77 22.89 Price/Book ratio 4.25 6.09 5 Yr. EPS Growth Rate (%) 23.81 23.00 Beta (5 Years, Monthly) 1.03 1.00 Number of Stocks 124 407 Debt to Equity (%) 265.80 302.03 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Expedia Group Inc 3.09 0.45 2.64 -1.20 Align Technology Inc 2.85 0.39 2.46 -12.49 Arista Networks Inc 2.70 0.88 1.82 20.43 DocuSign Inc. 2.64 0.34 2.30 -6.81 Zoom Video Communications Inc 2.32 0.30 2.02 -31.84 MarketAxess Holdings Inc 2.25 0.26 1.99 -12.87 Bright Horizons Family Solutions Inc 2.24 0.03 2.21 -31.79 StoneCo Ltd 2.23 0.00 2.23 23.77 Robert Half Intl 2.14 0.23 1.91 2.71 Trex Co Inc 2.08 0.15 1.93 -19.26 % of Portfolio 24.54 3.03 21.51 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) CommScope Holding Co Inc 0.26 0.00 0.26 50.49 Sarepta Therapeutics Inc 0.91 0.30 0.61 47.47 Enphase Energy Inc 1.40 1.16 0.24 42.12 Paylocity Holding Corp 1.21 0.31 0.90 38.51 Advanced Drainage Systems Inc 0.49 0.25 0.24 38.20 Cheniere Energy Inc. 1.36 0.76 0.60 25.00 WillScot Mobile Mini Holdings Corp 1.24 0.14 1.10 24.40 StoneCo Ltd 2.23 0.00 2.23 23.77 EPAM Systems Inc 0.14 0.63 -0.49 22.87 Arista Networks Inc 2.70 0.88 1.82 20.43 % of Portfolio 11.94 4.43 7.51 Ten Worst Performers Portfolio Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 -15.0 -30.0 -45.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception ClearBridge - International Value MSCI AC World ex US Net 90-Day T-Bills -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Inception 04/01/2017 ClearBridge - Intl Value -6.93 -18.27 -18.27 1.07 -2.36 -0.13 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 1.38 Differences 2.98 6.90 6.90 2.59 -1.55 -1.51 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Historic Change in Assets Distribution of Returns Quarterly Change in Assets ClearBridge - International Value MSCI AC World ex US Net Net Cash Flow $0.0 $4.0 $8.0 $12.0 $16.0 $20.0 Market Value In Millions 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 $9.6 $9.7 $9.6 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 ClearBridge - International Value 10,310,897.45 - 1,155,287.70 -1,138,564.04 -16,723.66 - -714,290.30 9,596,607.15 0 4 8 12 16 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 10 3 3 7 1 5 6 3 10 5 2 11 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 ClearBridge - International Value - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 50 Sharpe Ratio 0.0 0.4 0.8 -0.4 -0.8 9/22 9/21 9/20 0.0 0.5 0.1 0.1 0.2 -0.4 Beta 0.0 0.6 1.2 1.8 -0.6 9/22 9/21 9/20 1.2 1.3 1.2 Up Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 127.2 113.9 95.1 Down Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 112.2 133.8 136.8 Tamarac Firefighters' Pension Trust Fund ClearBridge - International Value - Rolling Three Year MPT Statistics as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 51 Allocation ClearBridge - International Value MSCI AC World ex US Net 0.0 6.0 12.0 18.0 24.0 30.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance ClearBridge - International Value MSCI AC World ex US Net -45.0 -30.0 -15.0 0.0 15.0 30.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Tamarac Firefighters' Pension Trust Fund ClearBridge - International Value - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 52 Allocation - 07/01/2022 Portfolio Benchmark Performance - Quarter Ending September 30, 2022 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 2.48 6.50 -26.54 -16.45 0.26 -0.66 0.41 0.02 Consumer Discretionary 13.57 11.73 -3.79 -13.04 -0.06 1.08 0.17 1.20 Consumer Staples 4.79 8.93 -1.57 -6.29 -0.15 0.42 -0.20 0.08 Energy 10.90 6.03 -6.36 -6.05 0.19 -0.02 -0.02 0.15 Financials 20.18 20.28 -7.41 -7.90 0.00 0.10 0.00 0.10 Health Care 11.69 9.80 -16.46 -11.01 -0.02 -0.53 -0.10 -0.66 Industrials 17.71 11.82 -3.84 -8.23 0.10 0.52 0.26 0.87 Information Technology 6.92 11.01 -12.30 -12.12 0.09 -0.02 0.01 0.08 Materials 10.47 8.04 -1.64 -7.74 0.05 0.49 0.15 0.69 Real Estate 1.29 2.47 8.77 -14.56 0.06 0.58 -0.27 0.36 Utilities 0.00 3.39 0.00 -10.81 0.03 0.00 0.00 0.03 Total 100.00 100.00 -6.95 -9.86 0.55 1.96 0.40 2.91 Tamarac Firefighters' Pension Trust Fund ClearBridge - International Value - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 53 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 63,071,242.52 66,774,798.81 Median Mkt. Cap ($000) 29,054,130.41 7,554,347.54 Price/Earnings ratio 8.21 10.91 Price/Book ratio 1.60 2.35 5 Yr. EPS Growth Rate (%) 12.97 13.39 Beta (5 Years, Monthly) 1.20 1.00 Number of Stocks 58 2,274 Debt to Equity (%) 14.97 104.61 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Compass Group PLC 4.12 0.18 3.94 -1.24 Glencore Plc 4.09 0.27 3.82 3.39 Axa, Paris 3.09 0.21 2.88 -2.76 BNP Paribas 2.87 0.24 2.63 -9.93 BBVA 2.70 0.15 2.55 -1.55 Jardine Cycle & Carriage Ltd 2.65 0.00 2.65 17.20 Hitachi Ltd 2.59 0.21 2.38 -10.87 Bayer AG 2.48 0.23 2.25 -21.66 Shell Plc 2.43 0.95 1.48 -3.96 CNH Industrial 2.35 0.06 2.29 -3.62 % of Portfolio 29.37 2.50 26.87 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Itau Unibanco Holding SA 1.56 0.13 1.43 22.50 Jardine Cycle & Carriage Ltd 2.65 0.00 2.65 17.20 Melco Crown Entertainment 1.82 0.00 1.82 15.30 Hypera SA 1.72 0.02 1.70 13.93 Daito Trust Construction 1.50 0.03 1.47 8.77 Coca-Cola Femsa SAB De CV 1.75 0.02 1.73 5.63 Potash Corp of Saskatchewan 2.13 0.24 1.89 5.23 Treasury Wine Estates Ltd 1.17 0.03 1.14 4.81 Glencore Plc 4.09 0.27 3.82 3.39 BP PLC 1.82 0.48 1.34 1.86 % of Portfolio 20.21 1.22 18.99 Ten Worst Performers Portfolio Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 -15.0 -30.0 -45.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Renaissance - International Growth MSCI AC World ex US Net 90-Day T-Bills -2.0 0.0 2.0 4.0 6.0 8.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 01/01/2009 Renaissance - Intl Growth -10.00 -26.49 -26.49 -3.19 -3.36 1.34 3.04 5.03 MSCI AC World ex US Net -9.91 -25.17 -25.17 -1.52 -0.81 3.29 3.01 5.22 Differences -0.09 -1.32 -1.32 -1.67 -2.55 -1.95 0.03 -0.19 Current Quarter Fiscal Historic Change in Assets Distribution of Returns Quarterly Change in Assets Renaissance - International Growth MSCI AC World ex US Net Net Cash Flow ($6.0) $0.0 $6.0 $12.0 $18.0 Market Value In Millions 12/08 9/09 6/10 3/11 12/11 9/12 6/13 3/14 12/14 9/15 6/16 3/17 12/17 9/18 6/19 3/20 12/20 9/21 9/22 $4.7 $6.5 $6.2 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Renaissance - International Growth 9,707,206.25 - 3,469,013.05 -6,353,303.59 -15,709.46 - -602,263.61 6,204,942.64 0 15 30 45 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 18 4 12 4 15 20 11 20 13 8 11 29 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Renaissance - International Growth - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 56 Sharpe Ratio 0.0 0.3 0.6 0.9 -0.3 -0.6 9/22 9/21 9/20 9/19 0.0 0.5 0.1 0.5 -0.1 0.3 -0.1 0.2 Beta 0.0 0.6 1.2 1.8 -0.6 9/22 9/21 9/20 9/19 1.1 1.1 1.2 1.2 Up Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 112.2 104.2 101.1 99.5 Down Capture 0.0 100.0 200.0 -100.0 9/22 9/21 9/20 9/19 116.8 120.2 116.1 117.9 Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Rolling Three Year MPT Statistics as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 57 Allocation Renaissance - International Growth MSCI AC World ex US Net 0.0 6.0 12.0 18.0 24.0 30.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance Renaissance - International Growth MSCI AC World ex US Net -32.0 -24.0 -16.0 -8.0 0.0 8.0 16.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution -1.5 -1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 58 Allocation - 07/01/2022 Portfolio Benchmark Performance - Quarter Ending September 30, 2022 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 5.20 6.50 -14.55 -16.45 0.09 0.12 -0.02 0.18 Consumer Discretionary 15.91 11.73 -17.20 -13.04 -0.13 -0.49 -0.17 -0.79 Consumer Staples 8.35 8.93 -13.74 -6.29 -0.02 -0.67 0.04 -0.64 Energy 5.32 6.03 3.02 -6.05 -0.03 0.55 -0.06 0.46 Financials 17.11 20.28 -2.67 -7.90 -0.06 1.06 -0.17 0.83 Health Care 7.73 9.80 -11.35 -11.01 0.02 -0.03 0.01 0.00 Industrials 11.99 11.82 -7.02 -8.23 0.00 0.14 0.00 0.15 Information Technology 14.60 11.01 -11.58 -12.12 -0.08 0.06 0.02 0.00 Materials 9.69 8.04 -9.28 -7.74 0.04 -0.12 -0.03 -0.11 Real Estate 0.00 2.47 0.00 -14.56 0.12 0.00 0.00 0.12 Utilities 4.10 3.39 -17.99 -10.81 -0.01 -0.24 -0.05 -0.30 Total 100.00 100.00 -9.98 -9.86 -0.07 0.38 -0.43 -0.12 Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Quarterly Performance Attributes as of September 30, 2022 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 59 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000) 70,323,832.44 66,774,798.81 Median Mkt. Cap ($000) 29,054,130.41 7,554,347.54 Price/Earnings ratio 9.41 10.91 Price/Book ratio 2.00 2.35 5 Yr. EPS Growth Rate (%) 15.07 13.39 Beta (5 Years, Monthly) 1.14 1.00 Number of Stocks 56 2,274 Debt to Equity (%) 1,424.04 104.61 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) PT Bank Rakyat Indonesia TBK 2.17 0.10 2.07 5.84 Roche Holding AG 2.11 1.18 0.93 -1.24 Nintendo Co Ltd 2.08 0.23 1.85 -4.40 Arch Capital Group Ltd 2.06 0.00 2.06 0.11 Itau Unibanco Holding SA 2.04 0.13 1.91 22.50 Icici Bank Ltd 2.03 0.28 1.75 18.91 CGI Inc 1.96 0.08 1.88 -5.55 Capgemini SE 1.96 0.14 1.82 -5.12 Allianz SE 1.96 0.33 1.63 -16.75 Schneider Electric SA 1.95 0.32 1.63 -2.94 % of Portfolio 20.32 2.79 17.53 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Itau Unibanco Holding SA 2.04 0.13 1.91 22.50 Icici Bank Ltd 2.03 0.28 1.75 18.91 Sendas Distribuidora S.A. 1.91 0.00 1.91 18.69 Vermilion Energy Inc 1.50 0.00 1.50 12.69 PT Bank Rakyat Indonesia TBK 2.17 0.10 2.07 5.84 Glencore Plc 1.93 0.27 1.66 3.39 Neste OYJ 1.78 0.09 1.69 0.35 BRP Inc 1.81 0.01 1.80 0.27 NXP Semiconductors NV 1.85 0.00 1.85 0.18 Arch Capital Group Ltd 2.06 0.00 2.06 0.11 % of Portfolio 19.08 0.88 18.20 Ten Worst Performers Portfolio Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 6.0 -6.0 -12.0 -18.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception Garcia Hamilton - Interm Fixed Income BC Gov/Cr Intm 90-Day T-Bills 0.6 0.7 0.8 0.9 1.0 1.1 Return (%) -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Inception 02/01/2016 Garcia Hamilton - Interm Fixed Income -4.19 -9.04 -9.04 -1.65 0.44 0.93 BC Gov/Cr Intm -3.06 -10.14 -10.14 -1.64 0.38 0.76 Differences -1.13 1.10 1.10 -0.01 0.06 0.17 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Inception Historic Change in Assets Distribution of Returns Quarterly Change in Assets Garcia Hamilton - Interm Fixed Income BC Gov/Cr Intm Net Cash Flow $6.0 $12.0 $18.0 $24.0 $30.0 $36.0 Market Value In Millions 1/16 7/16 1/17 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 9/22 $26.5 $27.4 $27.3 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Garcia Hamilton - Interm Fixed Income 25,422,602.62 - 24,163,391.88 -21,027,562.38 -15,829.50 - -1,113,889.38 27,428,713.24 0 15 30 45 60 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 0 0 1 1 4 27 40 6 1 0 0 0 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Garcia Hamilton - Fixed Income - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 62 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 8.0 -8.0 -16.0 -24.0 Return Current Quarter Fiscal YTD 1 Year Since Inception Blackrock - Global L/S Credit HFRX Fixed Income - Credit Index 90-Day T-Bills -3.6 -3.0 -2.4 -1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 Return (%) -2.7 -1.8 -0.9 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackrock - Global L/S Credit -0.66 -8.41 -8.41 0.65 07/01/2020 HFRX Fixed Income - Credit Index -1.05 -13.81 -13.81 -1.91 Differences 0.39 5.40 5.40 2.56 Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackrock - Global L/S Credit 07/01/2020 Beginning Market Value 4,375 4,745 4,745 2,882 Net Contributions -1,530 -1,530 -1,530 20 Fees/Expenses - - - - Historic Change in Assets Distribution of Returns Quarterly Change in Assets Blackrock - Global L/S Credit HFRX Fixed Income - Credit Index Net Cash Flow $0.0 $2.0 $4.0 $6.0 Market Value In Millions 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 $2.9 $2.6 $2.8 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Blackrock - Global L/S Credit 4,374,732.69 - - -1,530,000.00 - - -13,224.97 2,831,507.72 0 4 8 12 16 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 0 0 1 1 3 6 11 3 2 0 0 0 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 BlackRock - Global L/S Credit - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 64 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 5.0 10.0 -5.0 -10.0 -15.0 Return Current Quarter Fiscal YTD 1 Year Since Inception Blackstone - Multi-Strategy HFRX Global Hedge Fund 90-Day T-Bills -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Return (%) -1.4 -0.7 0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 6.3 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackstone - Multi-Strategy -1.27 -6.96 -6.96 2.67 07/01/2020 HFRX Global Hedge Fund 0.51 -4.50 -4.50 2.98 Differences -1.78 -2.46 -2.46 -0.31 Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Blackstone - Multi-Strategy 07/01/2020 Beginning Market Value 4,488 4,762 4,762 2,903 Net Contributions -1,590 -1,590 -1,590 -140 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Blackstone - Multi-Strategy HFRX Global Hedge Fund Net Cash Flow $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 Market Value In Millions 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 $2.8 $2.9 $2.8 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Blackstone - Multi-Strategy 4,487,996.24 - - -1,590,000.00 - - -50,185.49 2,847,810.75 0 3 6 9 12 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 0 0 0 1 3 8 8 4 3 0 0 0 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Blackstone - Multi-Strategy - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 66 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 8.0 16.0 24.0 32.0 Return Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception UBS - Private Real Estate NCREIF Property Idx 90-Day T-Bills -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Return (%) -2.4 -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2012 UBS - Private Real Estate 0.02 17.36 17.36 7.63 5.96 6.28 7.76 7.89 NCREIF Property Idx 0.57 16.07 16.07 9.91 8.62 8.46 9.48 9.57 Differences -0.55 1.29 1.29 -2.28 -2.66 -2.18 -1.72 -1.68 Historic Change in Assets Distribution of Returns Quarterly Change in Assets UBS - Private Real Estate NCREIF Property Idx Net Cash Flow $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 Market Value In Millions 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 9/22 $2.6 $6.9 $5.9 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 UBS - Private Real Estate 5,883,833.52 - 49,677.03 -49,677.03 -10,303.61 - 1,010.88 5,874,540.79 0 50 100 150 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 0 0 1 1 1 1 86 13 10 5 1 3 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 UBS - Private Real Estate - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 68 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 -4.0 -8.0 -12.0 -16.0 Return Current Quarter Fiscal YTD 1 Year Since Inception Mainstay - Global Infrastructure DJ Brookfield Gbl Infra Comp TR 90-Day T-Bills -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Mainstay - Global Infrastructure -9.31 -8.61 -8.61 -7.54 05/01/2021 DJ Brookfield Gbl Infra Comp TR -10.22 -7.24 -7.24 -4.30 Differences 0.91 -1.37 -1.37 -3.24 Current Quarter Fiscal YTD 1 Year Since Inception Inception Date Mainstay - Global Infrastructure 05/01/2021 Beginning Market Value 7,822 7,046 7,046 7,197 Net Contributions - 737 737 737 Fees/Expenses - - - - Income 60 60 60 60 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Mainstay - Global Infrastructure DJ Brookfield Gbl Infra Comp TR Net Cash Flow $5.4 $6.3 $7.2 $8.1 $9.0 $9.9 Market Value In Millions 4/21 5/21 6/21 7/21 8/21 9/21 10/21 11/21 12/21 1/22 2/22 3/22 4/22 5/22 6/22 7/22 8/22 9/22 $7.9 $7.4 $7.1 Market Value As of 07/01/2022 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 09/30/2022 Mainstay - Global Infrastructure 7,822,284.59 - 119,522.30 -119,522.30 - - -728,423.71 7,093,860.88 0 2 4 6 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 3 1 2 2 0 0 1 2 2 0 0 4 Tamarac Firefighters' Pension Trust Fund as of September 30, 2022 Mainstay - Global Infrastructure - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 70 Policy Index Weight (%) Apr-2002 Barclays Aggregate 35.00 Russell 1000 Gr 27.50 Russell 1000 Value 17.50 MSCI EAFE Net 10.00 Russell 2000 VL 10.00 Nov-2004 Barclays Aggregate 35.00 Russell 1000 Gr 27.50 Russell 1000 Value 17.50 MSCI EAFE Net 5.00 Russell 2000 VL 10.00 MSCI AC World ex US Net 5.00 Aug-2007 Barclays Aggregate 35.00 Russell 1000 Gr 27.50 Russell 1000 Value 17.50 MSCI EAFE Net 5.00 Russell 2000 5.00 MSCI AC World ex US Net 5.00 Russell Midcap Growth 5.00 Jan-2009 Barclays Aggregate 35.00 Russell 1000 Gr 25.00 Russell 1000 Value 20.00 MSCI EAFE Net 2.50 Russell 2000 5.00 MSCI AC World ex US Net 7.50 Russell Midcap Growth 5.00 Policy Index Weight (%) Jul-2012 Barclays Aggregate 30.00 Russell 1000 Gr 25.00 Russell 1000 Value 20.00 MSCI EAFE Net 2.50 Russell Midcap Growth 5.00 MSCI AC World ex US Net 7.50 Russell 2000 5.00 NCREIF Property Idx 5.00 Sep-2013 Barclays Aggregate 30.00 Russell 1000 Gr 25.00 Russell 1000 Value 20.00 MSCI EAFE Net 2.50 Russell Midcap Value 5.00 MSCI AC World ex US Net 7.50 Russell Midcap Growth 5.00 NCREIF Property Idx 5.00 Nov-2014 Barclays Aggregate 20.00 Russell 1000 Gr 20.00 Russell 1000 Value 20.00 HFRI FOF Conservative 10.00 Russell Midcap Value 5.00 MSCI AC World ex US Net 10.00 Russell Midcap Growth 5.00 NCREIF Property Idx 5.00 Alerian MLP Index 5.00 Tamarac Firefighters' Pension Trust Fund Tamarac Firefighters' Pension Trust Fund As of September 30, 2022 Policy Index History Policy Index Weight (%) Jun-2018 BC Gov/Cr Intm 20.00 Russell 1000 Gr 20.50 Russell 1000 Value 20.50 HFRI FOF Conservative 10.00 Russell Midcap Value 6.00 MSCI AC World ex US Net 12.00 Russell Midcap Growth 6.00 NCREIF Property Idx 5.00 Alerian MLP Index 0.00 Oct-2018 BC Gov/Cr Intm 20.00 Russell 1000 Gr 20.00 Russell 1000 Value 20.00 HFRI FOF Conservative 10.00 Russell Midcap Value 5.00 MSCI AC World ex US Net 15.00 Russell Midcap Growth 5.00 NCREIF Property Idx 5.00 Alerian MLP Index 0.00 Jul-2020 BC Gov/Cr Intm 20.00 Russell 1000 Gr 20.00 Russell 1000 Value 20.00 HFRI FOF Conservative 5.00 Russell Midcap Value 5.00 MSCI AC World ex US Net 15.00 Russell Midcap Growth 5.00 NCREIF Property Idx 5.00 Alerian MLP Index 0.00 HFRX Fixed Income - Credit Index 2.50 HFRX Global Hedge Fund 2.50 Policy Index Weight (%) May-2021 BC Gov/Cr Intm 20.00 Russell 1000 Gr 20.00 Russell 1000 Value 20.00 Russell Midcap Value 5.00 MSCI AC World ex US Net 15.00 Russell Midcap Growth 5.00 NCREIF Property Idx 5.00 Alerian MLP Index 0.00 HFRX Fixed Income - Credit Index 2.50 HFRX Global Hedge Fund 2.50 DJ Brookfield Gbl Infra Comp TR 5.00 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 72 Account Name YTD 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Performance Appendix QTD Performance Data below is net of fees. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Blackrock - Global L/S Credit -0.66 -8.37 -8.41 -- -- -- 0.40 06/25/2020 Blackstone - Multi-Strategy -1.27 -6.44 -6.96 -- -- -- 2.61 06/25/2020 Cambiar Investors Inc - Large Cap Value -4.63 -16.68 -13.11 7.53 6.33 9.74 6.25 03/29/2002 ClearBridge - International Value -7.08 -20.77 -18.90 0.43 -2.97 1.87 2.87 03/18/2004 Garcia Hamilton - Interm Fixed Income -4.25 -9.04 -9.27 -1.89 0.19 0.89 2.90 03/29/2002 Kennedy - Mid Cap Value -1.93 -21.01 -14.15 6.51 5.37 -- 7.66 08/02/2013 MDT Advisers - Mid Cap Growth -1.85 -30.44 -26.58 6.26 9.28 11.78 8.99 07/05/2007 Mainstay - Global Infrastructure -9.31 -15.47 -8.61 -- -- -- -5.31 04/13/2021 Non-Managed Account 0.22 0.29 0.30 0.46 0.95 -2.27 -2.68 07/01/2011 Polen - Large Cap Growth -4.92 -37.10 -33.95 4.87 8.41 10.36 8.15 03/31/2004 Renaissance - International Growth -10.17 -28.81 -26.99 -3.80 -3.97 2.38 4.44 12/29/2008 UBS - Private Real Estate -0.16 11.15 16.56 6.83 5.08 6.68 6.78 07/02/2012 All performance above are Time Weighted(TWR) performance Glossary of Terms Active Contribution Return: The gain or loss percentage of an investment relative to the performance of the investment benchmark. Active Exposure: The percentage difference in weight of the portfolio compared to its policy benchmark. Active Return: Arithmetic difference between the manager’s return and the benchmark’s return over a specified time period. Actual Correlation: A measure of the correlation (linear dependence) between two variables X and Y, with a value between +1 and -1 inclusive. This is also referred to as coefficient of correlation. Alpha: A measure of a portfolio's time weighted return in excess of the market’s return, both adjusted for risk. A positive alpha indicates that the portfolio outperformed the market on a risk-adjusted basis, and a negative alpha indicates the portfolio did worse than the market. Best Quarter: The highest quarterly return for a certain time period. Beta: A measure of the sensitivity of a portfolio’s time weighted return (net of fees) against that of the market. A beta greater than 1.00 indicates volatility greater than the market. Consistency: The percentage of quarters that a product achieved a rate of return higher than that of its benchmark. The higher the consistency figure, the more value a manager has contributed to the product’s performance. performance. Core: Refers to an investment strategy mandate that is blend of growth and value styles without a pronounced tilt toward either style. Cumulative Selection Return (Cumulative Return): Cumulative investment performance over a specified period of time. Distribution Rate: The most recent distribution paid, annualized, and then divided by the current market price. Distribution rate may consist of investment income, short-term capital gains, long-term capital gains, and/or return of capital. Down Market Capture: The ratio of average portfolio returns over the benchmark during periods of negative benchmark return. Lower values indicate better product performance. Downside Risk: A measure similar to standard deviation, but focuses only on the negative movements of the return series. It is calculated by taking the standard deviation of the negative quarterly set of returns. The commodity. Excess over Benchmark: The percentage gain or loss of an investment relative to the investment's benchmark. Excess Return: Arithmetic difference between the manager’s return and the risk-free return over a specified time period. Growth: A diversified investment strategy which includes investment selections that have capital appreciation as the primary goal, with little or no dividend payouts. These strategies can include reinvestment in expansion, acquisitions, and/or research and development opportunities. Growth of Dollar: The aggregate amount an investment has gained or lost over a certain time period, also referred to as Cumulative Return, stated in terms of the amount to which an initial dollar investment would have grown over the given time period. Investment Decision Process (IDP): A model for structuring the investment process and implementing the correct attribution methodologies. The IDP includes every decision made concerning the division of the assets under management over the various asset categories. To analyze each decision‘s contribution to the total return, a modeling approach must measure the marginal value of every individual decision. In this respect, the hierarchy of the decisions becomes very important. We therefore use the IDP model, which serves as a proper foundation for registering the decisions and relating them to each other. Information Ratio: Measured by dividing the active rate of return by the tracking error. The higher the Information Ratio, the more value-added contribution by the manager. Jensen’s Alpha: The Jensen's alpha measure is a risk-adjusted performance measure that represents the average return on a portfolio or investment above or below that predicted by the capital asset pricing model (CAPM) given the portfolio's or investment's beta and the average market return. This metric is also commonly referred to as alpha.. Kurtosis: A statistical measure that is used to describe the distribution, or skewness, of observed data around the mean, sometimes referred to as the volatility of volatility. Maximum Drawdown: The drawdown is defined as the percent retrenchment from a fund's peak to the fund's trough value. It is in effect from the time the fund's retrenchment begins until a new fund high is reached. The maximum drawdown encompasses both the period from the fund's peak to the fund's valley (length), and the time from the fund's valley to a new fund high (recovery). It measures the largest percentage drawdown that has occurred in any fund's data record. Modern Portfolio Theory (MPT): An investment analysis theory on how risk-averse investors can construct portfolios to optimize or maximize expected return based on a given level of market risk, emphasizing that risk is an inherent part of higher reward. Mutual Fund (MF): An investment program funded by shareholders that trade in diversified holdings and is professionally managed. Peer Group: A combination of funds that share the same investment style combined as a group for comparison purposes. Peer/ Plan Sponsor Universe: A combination of asset pools of total plan investments by specific sponsor and plan types for comparison purposes. Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate valuations and transaction data for these assets are not processed or maintained by us. Common examples of these include life insurance, some annuities and some assets held externally. Performance Statistics: A generic term for various measures of investment performance measurement terms. Portfolio Characteristics: A generic term for various measures of investment portfolio characteristics. Preferred Return: A term used in the private equity (PE) world, and also referred to as a “Hurdle Rate.” It refers to the threshold return that the limited partners of a private equity fund must receive, prior to the PE firm receiving its carried interest or "carry." Ratio of Cumulative Wealth: A defined ratio of the Cumulative Return of the portfolio divided by the Cumulative Return of the benchmark for a certain time period. Regression Based Analysis: A statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a dependent variable and one or more independent variables Residual Correlation: Within returns-based style analysis, residual correlation refers to the portion of a strategy’s return pattern that cannot be explained by its correlation to the asset-class benchmarks to which it is being compared. Return: A rate of investment performance for the specified period. Rolling Percentile Ranking: A measure of an investment portfolio’s ranking versus a peer group for a specific rolling time period (i.e. Last 3 Years, Last 5 years, etc.). Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positive benchmark return. Higher values indicate better product performance. Upside Semi Deviation: A statistical calculation that measures the volatility of returns above an acceptable return. This return measure isolates the positive portion of volatility: the larger the number, the greater the volatility. Value: A diversified investment strategy that includes investment selections which tend to trade at a lower price relative to its dividends, earnings, and sales. Common attributes are stocks that include high dividend, low price-to-book ratio, and/or low price-to-earnings ratio. Worst Quarter: The lowest rolling quarterly return for a certain time period. Information Disclosures Performance results are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest and income. The investment results depicted herein represent historical performance. As a result of recent market activity, current performance may vary from the figures shown. Past performance is not a guarantee of future results. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Benchmark indices and blends included in this material are for informational purposes only, are provided solely as a comparison tool and may not reflect the underlying composition and/or investment objective(s) associated with the account(s). Indices are unmanaged and not available for direct investment. Index returns do not take into account fees or other charges. Such fees and charges would reduce performance. The performance data shown reflects past performance, which does not guarantee future results. Investment return and principal will fluctuate so that an investor’s shares when redeemed may be worth more or less than original cost. Please note, current performance may be higher or lower than the performance data shown. For up to date month-end performance information, please contact your Financial Advisor or visit the funds’ company website. Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. The prospectus and, if available the summary prospectus, contains this and other information that should be read carefully before investing. Investors should review the information in the prospectus carefully. To obtain a prospectus, please contact your Financial Advisor or visit the funds’ company website. Past performance is no guarantee of future results. Investing involves market risk, including possible loss of principal. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not appreciate as anticipated. Small and mid-capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than those of larger, more established companies. Bond funds and bond holdings have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the funds. The return of principal in bond funds, and in funds with significant bond holdings, is not guaranteed. International securities’ prices may carry additional risks, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets. Alternative investments, including private equity funds, real estate funds, hedge funds, managed futures funds, and funds of hedge funds, private equity, and managed futures funds, are speculative and entail significant risks that can include losses due to leveraging or\other speculative investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in a fund, potential lack of diversification, absence and/or delay of information regarding valuations and pricing, complex tax structures and delays in tax reporting, less regulation and higher fees than mutual funds and risks associated with the operations, personnel and processes of the advisor. Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the “Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the S&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the market in an effort to enhance overall investment returns. Tilt strategies are subject to significant timing risk and could potentially expose investors to extended periods of underperformance.” Custom Account Index: The Custom Account Index is an investment benchmark based on your historical target allocations and/or manager selection that you may use to evaluate the performance of your account. The Custom Account index does take into consideration certain changes that may have occurred in your portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some circumstances, it may not be an appropriate benchmark for use with your specific account composition. For detailed report of the historical composition of this blend please contact your Financial Advisor. Peer Groups Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach. Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.com/style-peer-groups Peer Group Ranking Methodology A percentile rank denotes the value of a product in which a certain percent of observations fall within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30% of the highest observations may be found, the 65th percentile is the value in which 65% of the highest observations may be found, and so on. Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics. For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers. In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile. Alternatives Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. (“Morgan Stanley”) This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public. not for distribution to the general public. The sole purpose of this material is to inform, and it in no way is intended to be an offer or solicitation to purchase or sell any security, other investment or service, or to attract any funds or deposits. Investments mentioned may not be suitable for all clients. Any product discussed herein may be purchased only after a client has carefully reviewed the offering memorandum and executed the subscription documents. Morgan Stanley has not considered the actual or desired investment objectives, goals, strategies, guidelines, or factual circumstances of any investor in any fund(s). Before making any investment, each investor should carefully consider the risks associated with the investment, as discussed in the applicable offering memorandum, and make a determination based upon their own particular circumstances, that the investment is consistent with their investment objectives and risk tolerance. This information is being provided as a service of your Graystone Institutional Consultant and does not supersede or replace your Morgan Stanley customer statement. The information is as of the date(s) noted and subject to daily market fluctuation. Your interests in Alternative Investments, which may have been purchased through us, are generally not held here, and are generally not covered by SIPC. The information provided to you: 1) is included as a service to you, valuations for certain products may not be available; 2) is derived from you or another external source for which we are not responsible, and may have been modified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflect actual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fair value estimate; and 5) should not be relied upon for tax reporting purposes. Notwithstanding the foregoing, 1) to the extent this report displays Alternative Investment positions within a Morgan Stanley Individual Retirement Account (“IRA”), such positions are held by Morgan Stanley Smith Barney LLC as the fund;• Volatility of returns;• Restrictions on transferring interests in a fund;• Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized;• Absence of information regarding valuations and pricing;• Complex tax structures and delays in tax reporting;• Less regulation and higher fees than mutual funds; and• Risks associated with the operations, personnel, and processes of the manager. As a diversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker- dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management’s interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Past performance is no guarantee of future results. Actual results may vary. Diversification does not assure a profit or protect against loss in a declining market. Any performance or related information presented has not been adjusted to reflect the impact of the additional fees paid to a placement agent by an investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee of up to 3%, and for Morgan Stanley investment advisory clients, an annual advisory fee of up to 2.5%), which would result in a substantial reduction in the returns if such fees were incorporated. For most investment advisory clients, the program account will be charged an asset-based wrap fee every quarter (“the Fee”). In general, the Fee covers investment advisory services and reporting. In addition to the Fee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees and expenses are charged directly to the pool of assets the fund invests in and impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not be included in the Fee amount in the account statements. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2.5% annual fee, if the gross performance is 5% per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 2.40% per year over a three year period, and the total value of the client’s portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see the applicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including a description of the fee schedule. It is available at www.morganstanley.com/ADV <http://www.morganstanley.com/ADV> <http://www.morganstanley.com/ADV> or from your Financial Advisor/Private Wealth Advisor. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank. SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments. © 2018 Morgan Stanley Smith Barney LLC. Member SIPC. Money Market Funds You could lose money in Money Market Funds. Although MMFs classified as government funds (i.e., MMFs that invest 99.5% of total assets in cash and/or securities backed by the U.S government) and retail funds (i.e., MMFs open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they may be worth more or less than originally paid. MMFs may impose a fee upon sale or temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchases, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. custodian of your Morgan Stanley IRA; and 2) if your Alternative Investment positon(s) is held by us and is registered pursuant to the Securities Act of 1933, as amended, your Alternative Investment position(s) is covered by SIPC. Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles may include, but are not limited to, Open or Closed End Mutual Funds, Exchange-Traded and Closed-End Funds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master Limited Partnerships (MLPs). These non-traditional alternative strategy vehicles also seek alternative-like exposure but have significant differences from traditional alternative investment vehicles. Non-traditional alternative strategy vehicles may behave like, have characteristics of, or employ various investment strategies and techniques for both hedging and more speculative purposes such as short-selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Characteristics such as correlation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a traditional security being classified as alternative. Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimated valuation provided will be as of the most recent date available and will be included in summaries of your assets. Such valuation may not be the most recent provided by the fund in which you are invested. No representation is made that the valuation is a market value or that the interest could be liquidated at this value. We are not required to take any action with respect to your investment unless valid instructions are received from you in a timely manner. Some positions reflected herein may not represent interests in the fund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subject to the investment performance of the fund and may or may not accrue interest for the length of the withholding. Morgan Stanley does not engage in an independent valuation of your alternative investment assets. Morgan Stanley provides periodic information to you including the market value of an alternative investment vehicle based on information received from the management entity of the alternative investment vehicle or another service provider. Traditional alternative investment vehicles often are speculative and include a high degree of risk. . Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to:• Loss of all or a substantial portion of the investment due to leveraging, short- selling, or other speculative practices;• Lack of liquidity in that there may be no secondary market for a fund;• Volatility of returns;• Restrictions on transferring interests in a fund;• Potential lack of diversification energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk; and MLP interests in the real estate sector are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or underlying assets and tend to be more volatile than investments that diversify across many sectors and companies. MLPs are also subject to additional risks including: investors having limited control and rights to vote on matters affecting the MLP, limited access to capital, cash flow risk, lack of liquidity, dilution risk, conflict of interests, and limited call rights related to acquisitions. Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yield-to-maturity of a mortgage-backed security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower interest rates. Tax managed funds may not meet their objective of being tax-efficient. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. High yield fixed income securities, also known as “junk bonds”, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. Credit quality is a measure of a bond issuer’s creditworthiness, or ability to repay interest and principal to bondholders in a timely manner. The credit ratings shown are based on security rating as provided by Standard & Poor’s, Moody’s and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities in the fund and not the fund itself, and the credit quality of the securities in the fund does not represent the stability or safety of the fund. Credit ratings shown range from AAA, being the highest, to D, being the lowest based on S&P and Fitch’s classification (the equivalent of Aaa and C, respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moody’s) are considered to be investment grade-quality securities. If two or more of the agencies have assigned different ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are listed as “NR”. “Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the R-Squared: The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. SA/CF (Separate Account/Comingled Fund): Represents an acronym for Separate Account and Commingled Fund investment vehicles. Sector Benchmark: A market index that serves as a proxy for a sector within an asset class. Sharpe Ratio: Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product’s historical risk-adjusted performance results in. Standard Deviation: A statistical measure of the range of a portfolio's performance; the variability of a return around its average return over a specified time period. Total Fund Benchmark: The policy benchmark for a complete asset pool that could consist of multiple investment mandates. Total Fund Composite: The aggregate of multiple portfolios within an asset pool or household. Tracking Error: A measure of standard deviation for a portfolio's investment performance, relative to the performance of an appropriate market benchmark. Treynor Ratio: A ratio that divides the excess return (above the risk free rate) by the portfolio’s beta to arrive at a unified measure of risk adjusted return. It is generally used to rank portfolios, funds and benchmarks. A higher ratio is indicative of higher returns per unit of market risk. This measurement can help determine if the portfolio is reaching its goal of increasing returns while managing market risk. Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positive higher the value, the more risk the product has. Downside Semi Deviation: A statistical calculation that measures the volatility of returns below a minimum acceptable return. This return measure isolates the negative portion of volatility: the larger the number, the greater the volatility. Drawdown: A drawdown is the peak-to-trough decline during a specific period of an investment, fund or commodity. As of September 30, 2022 Policy Index History The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 71 Gain/Loss -788 -749 -749 -900 Ending Market Value 7,094 7,094 7,094 7,094 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Mainstay - Global Infrastructure -7.54 17.94 1.01 -17.68 97.23 110.76 -3.21 -0.37 0.94 05/01/2021 DJ Brookfield Gbl Infra Comp TR -4.31 17.21 1.00 -17.19 100.00 100.00 0.00 -0.19 1.00 05/01/2021 90-Day T-Bills 0.46 0.20 -0.01 0.00 0.62 -1.29 0.44 N/A 0.26 05/01/2021 as of September 30, 2022 Mainstay - Global Infrastructure - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 69 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2012 UBS - Private Real Estate Beginning Market Value 5,884 5,040 5,040 4,818 4,585 4,091 3,076 3,000 Net Contributions - - - - - - - - Fees/Expenses -10 -38 -38 -111 -205 -306 -430 -430 Income 50 201 201 586 1,022 1,321 1,321 1,321 Gain/Loss -49 672 672 582 472 768 1,907 1,983 Ending Market Value 5,875 5,875 5,875 5,875 5,875 5,875 5,875 5,875 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date UBS - Private Real Estate 7.89 5.06 0.99 -6.69 85.18 245.05 -1.43 1.39 0.80 08/01/2012 NCREIF Property Idx 9.57 4.55 1.00 -0.99 100.00 100.00 0.00 1.88 1.00 08/01/2012 90-Day T-Bills 0.65 0.24 -0.01 0.00 6.89 -1.01 0.71 N/A 0.02 08/01/2012 as of September 30, 2022 UBS - Private Real Estate - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 67 Fees/Expenses - - - - Income - - - - Gain/Loss -50 -324 -324 85 Ending Market Value 2,848 2,848 2,848 2,848 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Blackstone - Multi-Strategy 2.67 4.50 1.04 -7.09 94.57 97.31 -0.39 0.53 0.83 07/01/2020 HFRX Global Hedge Fund 2.98 3.95 1.00 -5.83 100.00 100.00 0.00 0.67 1.00 07/01/2020 90-Day T-Bills 0.32 0.16 -0.01 0.00 2.06 -4.21 0.35 N/A 0.04 07/01/2020 as of September 30, 2022 Blackstone - Multi-Strategy - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 65 Income - 164 164 164 Gain/Loss -13 -547 -547 -234 Ending Market Value 2,832 2,832 2,832 2,832 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Blackrock - Global L/S Credit 0.65 4.25 0.67 -8.55 80.14 55.93 1.93 0.10 0.88 07/01/2020 HFRX Fixed Income - Credit Index -1.91 5.97 1.00 -14.26 100.00 100.00 0.00 -0.34 1.00 07/01/2020 90-Day T-Bills 0.32 0.16 -0.01 0.00 2.07 -1.97 0.31 N/A 0.09 07/01/2020 as of September 30, 2022 BlackRock - Global L/S Credit - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 63 02/01/2016 Garcia Hamilton - Interm Fixed Income Beginning Market Value 25,423 25,611 25,611 23,348 18,241 16,933 Net Contributions 3,136 4,351 4,351 5,669 9,258 9,962 Fees/Expenses -16 -64 -64 -187 -293 -358 Income 185 514 514 1,549 2,601 3,485 Gain/Loss -1,299 -2,983 -2,983 -2,950 -2,378 -2,593 Ending Market Value 27,429 27,429 27,429 27,429 27,429 27,429 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Garcia Hamilton - Interm Fixed Income 0.93 2.85 0.89 -10.49 91.33 84.73 0.25 0.00 0.88 02/01/2016 BC Gov/Cr Intm 0.76 3.00 1.00 -10.93 100.00 100.00 0.00 -0.05 1.00 02/01/2016 90-Day T-Bills 0.97 0.25 0.02 0.00 13.96 -10.76 0.95 N/A 0.04 02/01/2016 as of September 30, 2022 Garcia Hamilton - Fixed Income - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 61 Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Geely Automobile Holdings Ltd 1.37 0.04 1.33 -39.37 Alibaba Group Holding Ltd 1.72 0.77 0.95 -29.64 Nomad Foods Ltd 1.68 0.00 1.68 -28.96 Tencent Holdings LTD 1.72 1.08 0.64 -24.86 Tokyo Electron Ltd 1.61 0.19 1.42 -24.36 Sanofi 1.95 0.45 1.50 -24.01 Constellium SE 1.53 0.00 1.53 -23.24 Lenovo Group Ltd 1.74 0.03 1.71 -22.62 Sony Group Corporation 1.64 0.41 1.23 -21.67 Carrefour SA 1.70 0.04 1.66 -21.13 % of Portfolio 16.66 3.01 13.65 Tamarac Firefighters' Pension Trust Fund Renaissance - International Growth - Portfolio Characteristics as of September 30, 2022 Page 60 YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 01/01/2009 Renaissance - Intl Growth Beginning Market Value 9,707 10,575 10,575 6,314 5,376 3,868 2,688 1,612 Net Contributions -2,884 -1,491 -1,491 865 2,360 2,687 3,209 3,546 Fees/Expenses -16 -71 -71 -178 -254 -312 -389 -440 Income 56 381 381 716 1,007 1,182 1,479 1,678 Gain/Loss -658 -3,189 -3,189 -1,513 -2,283 -1,221 -782 -191 Ending Market Value 6,205 6,205 6,205 6,205 6,205 6,205 6,205 6,205 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Renaissance - International Growth 5.03 17.52 1.01 -33.45 100.25 100.45 -0.07 0.34 0.92 01/01/2009 MSCI AC World ex US Net 5.22 16.65 1.00 -27.79 100.00 100.00 0.00 0.36 1.00 01/01/2009 90-Day T-Bills 0.51 0.21 0.00 0.00 1.16 -1.11 0.52 N/A 0.01 01/01/2009 as of September 30, 2022 Renaissance - International Growth - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 55 Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Vodafone Group Public Limited Company 1.33 0.15 1.18 -27.28 Tencent Holdings LTD 0.81 1.08 -0.27 -24.86 Sanofi 1.96 0.45 1.51 -24.01 Newcrest Mining Ltd 0.79 0.05 0.74 -23.07 Bayer AG 2.48 0.23 2.25 -21.66 TravelSky Technology Ltd 1.79 0.01 1.78 -21.16 Shinhan Financial Group 0.65 0.06 0.59 -19.47 MTU Aero Engines AG 1.12 0.04 1.08 -16.79 Anheuser-Busch InBev SA/NV 1.81 0.20 1.61 -16.29 Standard Chartered PLC 2.15 0.08 2.07 -15.32 % of Portfolio 14.89 2.35 12.54 Tamarac Firefighters' Pension Trust Fund ClearBridge - International Value - Portfolio Characteristics as of September 30, 2022 Page 54 Inception 04/01/2017 ClearBridge - Intl Value Beginning Market Value 10,311 11,960 11,960 6,461 5,347 4,776 Net Contributions 17 -108 -108 2,932 5,061 5,071 Fees/Expenses -17 -89 -89 -195 -266 -273 Income 58 410 410 839 1,252 1,342 Gain/Loss -773 -2,576 -2,576 -440 -1,798 -1,319 Ending Market Value 9,597 9,597 9,597 9,597 9,597 9,597 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date ClearBridge - International Value -0.13 19.91 1.19 -41.06 114.04 119.69 -1.24 0.04 0.88 04/01/2017 MSCI AC World ex US Net 1.38 15.68 1.00 -27.79 100.00 100.00 0.00 0.10 1.00 04/01/2017 90-Day T-Bills 1.10 0.26 0.00 0.00 2.83 -2.35 1.11 N/A 0.03 04/01/2017 as of September 30, 2022 ClearBridge - International Value - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 49 Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Sotera Health Co 0.36 0.02 0.34 -65.19 GoHealth Inc 0.00 0.00 0.00 -40.63 10x Genomics Inc 0.68 0.07 0.61 -37.06 Altice usa inc 1.03 0.00 1.03 -36.97 Syneos Health Inc 0.40 0.03 0.37 -34.22 YETI Holdings Inc 1.01 0.08 0.93 -34.09 Pegasystems Inc 1.78 0.04 1.74 -32.75 Zoom Video Communications Inc 2.32 0.30 2.02 -31.84 Bright Horizons Family Solutions Inc 2.24 0.03 2.21 -31.79 V.F. Corp 0.51 0.00 0.51 -31.50 % of Portfolio 10.33 0.57 9.76 Tamarac Firefighters' Pension Trust Fund MDT Advisers - Mid Cap Growth - Portfolio Characteristics as of September 30, 2022 Page 48 Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2007 MDT Advisers - Mid Cap Growth Beginning Market Value 6,909 9,215 9,215 6,766 5,625 4,251 3,001 1,777 Net Contributions -34 -22 -22 -1,722 -2,172 -2,058 -2,420 -2,269 Fees/Expenses -16 -78 -78 -218 -328 -411 -541 -640 Income 16 62 62 150 268 390 555 674 Gain/Loss -126 -2,429 -2,429 1,772 3,356 4,577 6,154 7,206 Ending Market Value 6,748 6,748 6,748 6,748 6,748 6,748 6,748 6,748 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date MDT Advisers - Mid Cap Growth 10.12 19.19 0.97 -50.88 102.98 95.68 2.11 0.56 0.92 08/01/2007 Russell Midcap Growth 8.23 19.06 1.00 -52.91 100.00 100.00 0.00 0.48 1.00 08/01/2007 90-Day T-Bills 0.70 0.29 0.00 0.00 1.39 -1.38 0.72 N/A 0.02 08/01/2007 as of September 30, 2022 MDT Advisers - Mid Cap Growth - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 43 Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Stanley Black & Decker Inc 1.33 0.20 1.13 -27.61 MKS Instruments Inc 1.10 0.08 1.02 -19.33 Arrow Electronics Inc 1.40 0.10 1.30 -17.75 National Storage Affiliates Trust 1.94 0.06 1.88 -16.01 Assurant Inc. 1.77 0.13 1.64 -15.60 Generac Holdings Inc 1.97 0.00 1.97 -15.40 Sun Communities Inc. 1.79 0.29 1.50 -14.52 PacWest Bancorp 1.45 0.05 1.40 -14.52 Lumentum Holdings Inc 1.40 0.08 1.32 -13.66 Teledyne Technologies Inc. 1.98 0.28 1.70 -10.03 % of Portfolio 16.13 1.27 14.86 Tamarac Firefighters' Pension Trust Fund Kennedy - Mid Cap Value - Portfolio Characteristics as of September 30, 2022 Page 42 1 Year 3 Years 5 Years 7 Years Inception 09/01/2013 Kennedy - Mid Cap Value Beginning Market Value 7,728 9,287 9,287 6,716 5,569 3,780 3,903 Net Contributions -77 -541 -541 -1,128 -407 -137 -943 Fees/Expenses -33 -70 -70 -183 -278 -371 -446 Income 43 182 182 459 698 878 1,026 Gain/Loss -155 -1,352 -1,352 1,641 1,924 3,356 3,966 Ending Market Value 7,506 7,506 7,506 7,506 7,506 7,506 7,506 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Kennedy - Mid Cap Value 9.22 17.77 0.97 -30.03 99.45 91.21 1.61 0.55 0.83 09/01/2013 Russell Midcap Value 7.99 16.78 1.00 -31.71 100.00 100.00 0.00 0.50 1.00 09/01/2013 90-Day T-Bills 0.72 0.24 0.00 0.00 1.85 -1.48 0.74 N/A 0.03 09/01/2013 as of September 30, 2022 Kennedy - Mid Cap Value - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 37 Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Adobe Inc 5.59 0.77 4.82 -24.82 ServiceNow Inc 4.48 0.45 4.03 -20.59 Nike Inc 1.89 0.60 1.29 -18.43 Meta Platforms Inc 5.43 0.39 5.04 -15.86 Zoetis Inc 2.82 0.41 2.41 -13.57 SALESFORCE INC 5.32 0.17 5.15 -12.85 Align Technology Inc 0.99 0.07 0.92 -12.49 Alphabet Inc 9.13 2.67 6.46 -12.09 Abbott Laboratories 4.30 0.13 4.17 -10.55 Mastercard Inc 4.72 1.44 3.28 -9.73 % of Portfolio 44.67 7.10 37.57 Tamarac Firefighters' Pension Trust Fund Polen - Large Cap Growth - Portfolio Characteristics as of September 30, 2022 Page 36 Net Contributions 2,928 2,408 2,408 -4,763 -6,621 Fees/Expenses -28 -150 -150 -438 -516 Income 26 120 120 417 584 Gain/Loss -1,472 -11,405 -11,405 5,044 8,994 Ending Market Value 24,203 24,203 24,203 24,203 24,203 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Polen - Large Cap Growth 8.96 21.35 0.96 -37.48 91.55 97.26 -2.05 0.46 0.95 11/01/2018 Russell 1000 Gr 11.72 21.63 1.00 -30.66 100.00 100.00 0.00 0.58 1.00 11/01/2018 90-Day T-Bills 0.99 0.28 0.00 0.00 1.64 -1.42 1.01 N/A 0.01 11/01/2018 as of September 30, 2022 Polen - Large Cap Growth - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 31 Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Adidas AG 1.91 0.00 1.91 -33.99 Welltower Inc 1.93 0.18 1.75 -21.29 Sysco Corporation 3.14 0.00 3.14 -16.53 Raytheon Technologies Corp 3.35 0.74 2.61 -14.33 L3Harris Technologies Inc 3.00 0.24 2.76 -13.59 Alphabet Inc 3.06 0.45 2.61 -12.22 Colgate-Palmolive Co 3.15 0.14 3.01 -11.80 United Parcel Service Inc 3.29 0.08 3.21 -10.85 EADS 3.13 0.00 3.13 -9.90 Mastercard Inc 3.00 0.00 3.00 -9.73 % of Portfolio 28.96 1.83 27.13 Tamarac Firefighters' Pension Trust Fund Cambiar Investors Inc - Large Cap Value - Portfolio Characteristics as of September 30, 2022 Page 30 Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 12/01/2005 Cambiar - Large Cap Value Beginning Market Value 29,124 33,295 33,295 24,076 20,148 15,409 11,656 5,065 Net Contributions -514 -1,864 -1,864 -3,346 -1,470 -1,801 -2,916 1,346 Fees/Expenses -40 -170 -170 -456 -705 -866 -1,120 -1,383 Income 142 523 523 1,532 2,517 3,276 4,120 5,130 Gain/Loss -1,398 -4,469 -4,469 5,509 6,825 11,296 15,575 17,157 Ending Market Value 27,314 27,314 27,314 27,314 27,314 27,314 27,314 27,314 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Cambiar Investors Inc - Large Cap Value 7.38 16.61 0.99 -48.04 100.63 96.71 0.82 0.45 0.90 12/01/2005 Russell 1000 Value 6.74 15.91 1.00 -55.56 100.00 100.00 0.00 0.42 1.00 12/01/2005 90-Day T-Bills 1.10 0.44 0.00 0.00 2.93 -2.11 1.11 N/A 0.01 12/01/2005 as of September 30, 2022 Cambiar - Large Cap Value - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 25 1 Year 3 Years 5 Years 7 Years 10 Years Inception 04/01/2002 Total Fund Beginning Market Value 135,430 155,776 155,776 112,100 98,889 79,654 60,319 18,363 Net Contributions -28 773 773 4,138 6,573 9,308 13,543 36,018 Fees/Expenses -175 -731 -731 -1,966 -3,000 -3,884 -5,207 -6,792 Income 639 2,619 2,619 6,487 10,679 14,207 18,410 27,241 Gain/Loss -6,781 -29,352 -29,352 8,326 15,943 29,799 42,018 54,254 Ending Market Value 129,084 129,084 129,084 129,084 129,084 129,084 129,084 129,084 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Total Fund 6.06 10.36 0.99 -30.98 97.21 98.41 -0.23 0.50 0.98 04/01/2002 Policy Index 6.40 10.36 1.00 -35.95 100.00 100.00 0.00 0.53 1.00 04/01/2002 90-Day T-Bills 1.21 0.42 0.00 0.00 4.71 -3.67 1.23 N/A 0.00 04/01/2002 as of September 30, 2022 Total Fund - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 22 most commonly used measure of bond risk, quantifes the efect of changes in interest rates on the price of a bond or bond portfolio. The longer the duration, the more sensitive the bond or portfolio would be to changes in interest rates. The majority of $25 and $1000 par preferred securities are “callable” meaning that the issuer may retire the securities at specifc prices and dates prior to maturity. Interest/dividend payments on certain preferred issues may be deferred by the issuer for periods of up to 5 to 10 years, depending on the particular issue. The investor would still have income tax liability even though payments would not have been received. Price quoted is per $25 or $1,000 share, unless otherwise specifed. Current yield is calculated by multiplying the coupon by par value divided by the market price. The initial interest rate on a foating-rate security may be lower than that of a fxed-rate security of the same maturity because investors expect to receive additional income due to future increases in the foating security’s underlying reference rate. The reference rate could be an index or an interest rate. However, there can be no assurance that the reference rate will increase. Some foating-rate securities may be subject to call risk. The market value of convertible bonds and the underlying common stock(s) will fuctuate and after purchase may be worth more DISCLOSURES Page 17 Page 17 of 18 compound efect fees have on investment returns: For example, if a portfolio’s annual rate of return is 15% for 5 years and the account pays 50 basis points in fees per annum, the gross cumulative fve-year return would be 101.1% and the fve-year return net of fees would be 96.8%. Fees and/or expenses would apply to clients who invest in investments in an account based on these asset DISCLOSURES Page 16 Page 16 of 18 fund or product is accepted may be signifcantly below or above the net asset value of the product or fund at the time the investor submitted subscription materials. DISCLOSURES Page 13 Page 13 of 18 risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank. A majority of Alternative Investment managers reviewed and selected by GIMA pay or cause to be paid an ongoing fee for distribution from their management fees to Morgan Stanley Wealth Management in connection with Morgan Stanley Wealth Management clients that purchase an interest in an Alternative Investment and in some instances pay these fees on the investments held by advisory clients. Morgan Stanley Wealth Management rebates such fees that are received and attributable to an Investment held by an advisory client and retains the fees paid in connection with investments held by brokerage clients. Morgan Stanley Wealth Management has a confict of interest in ofering alternative investments because Morgan Stanley Wealth Management or our afliates, in most instances, earn more money in your account from your investments in alternative investments than from other investment options. DISCLOSURES Page 12 Page 12 of 18 DISCLOSURES Page 11 Page 11 of 18 Page 10 Page 10 of 18 DISCLOSURES Page 9 Page 9 of 18 YeXb_SXg fVaebWV STUVWX[_W VŒdVaX X[ _VaVSUV eccSXS[TeZ STa[YV cbV X[ ibXb_V STa_VeWVW ST X^V iZ[eXSTZST`Vc STcVŒ\ ­[VUV_h X^V_V aeT fV T[ eWWb_eTaV X^eX X^VWV STa_VeWVW SZZ [aab_\ ’k˜™plmxr—p vpswlxmxpv e_V a[TUV_XSfZV X[ V‘bSXg eX X^V [dXS[T [i X^V ^[ZcV_\ ‹^V Ye_`VX UeZbV [i X^V WVab_SXSVWh eTc X^V bTcV_ZgST a[YY[T WX[a` STX[ ^Sa^ X^Vg e_V a[TUV_XSfZVh SZZ iZbaXbeXV\ ŠT de_XSabZe_h WVab_SXSVW ^[WV UeZbV cVdVTcW [T X^V dV_i[_YeTaV [i eT bTcV_ZgST WVab_SXg VTXeSZ d[XVTXSeZZg ^S^V_ U[ZeXSZSXg eTc _SW` [i Z[WW a[Yde_Vc X[ X_ecSXS[TeZ f[Tc STUVWXYVTXW\ ®[b W^[bZc fV ee_V X^eX X^V Ye_`VX UeZbV [i a[TUV_XSfZV f[TcW Yeg T[X a[__VWd[Tc cS_VaXZg X[ STa_VeWVW [_ cVa_VeWVW ST X^V bTcV_ZgST WX[a`\ ¯° ±²³ ´µ¶·¸¹ º eTc SXW eiiSZSeXVW c[ T[X _VTcV_ ecUSaV [T XeŒ eTc XeŒ eaa[bTXST YeXXV_W X[ aZSVTXW\ ‹^SW YeXV_SeZ eW T[X STXVTcVc [_ _SXXVT X[ fV bWVch eTc SX aeTT[X fV bWVc [_ _VZSVc bd[T fg eTg _VaSdSVTXh i[_ eTg db_d[WVh STaZbcST X^V db_d[WV [i eU[ScST dVTeZXSVW X^eX Yeg fV SYd[WVc [T X^V XeŒdegV_ bTcV_ »\\ iVcV_eZ XeŒ ZeW\ ¢ZVeWV a[TWbZX g[b_ dV_W[TeZ XeŒ eTc[_ ZVeZ ecUSW[_ X[ ZVe_T ef[bX eTg d[XVTXSeZ XeŒ [_ [X^V_ SYdZSaeXS[TW X^eX Yeg _VWbZX i_[Y eaXST [T e de_XSabZe_ _Va[YYVTceXS[T\ ¼°½¾¿·¸ÀÁ °¾ ½À¹Ã¹ÁÀ Ä_egWX[TV£W [eZ SW X[ d_[UScV d_[iVWWS[TeZh [f¤VaXSUV VUeZbeXS[TW ST Wbdd[_X [i Ue_S[bW Ä_egWX[TV STUVWXYVTX ecUSW[_g d_[_eYW\ ºV ^eUV d[ZSaSVW eTc d_[aVcb_VW X[ ^VZd bW YVVX X^SW [eZ\ ­[VUV_h [b_ fbWSTVWW SW Wbf¤VaX X[ Ue_S[bW a[TiZSaXW [i STXV_VWX\ œ[_ VŒeYdZVh ScVeW eTc WbVWXS[TW i[_ ^Sa^ STUVWXYVTX d_[cbaXW W^[bZc fV VUeZbeXVc fg Ä_egWX[TV a[YV i_[Y e Ue_SVXg [i W[b_aVWh STaZbcST [b_ Ä_egWX[TV „[TWbZXeTXW eTc X^VS_ cS_VaX [_ STcS_VaX YeTeV_Wh eTc [X^V_ fbWSTVWW dV_W[TW SX^ST …º [_ SXW eiiSZSeXVW\ ba^ dV_W[TW ^eUV eT [T[ST fbWSTVWW _VZeXS[TW^Sd SX^ aV_XeST STUVWXYVTX YeTeV_W [_ YbXbeZ ibTc a[YdeTSVW ^V_Vfg X^Vgh …Ž [_ SXW eiiSZSeXVW _VaVSUV a[YdVTWeXS[T i_[Yh [_ [X^V_SWV _VZeXVc X[h X^[WV STUVWXYVTX YeTeV_W [_ YbXbeZ ibTcW\ œ[_ VŒeYdZVh e Ä_egWX[TV „[TWbZXeTX Yeg WbVWX X^eX Ä_egWX[TV VUeZbeXVW eT STUVWXYVTX YeTeV_ [_ ibTc ST ^Sa^ e d[_XS[T [i ^SW [_ ^V_ aZSVTXW£ eWWVXW e_V eZ_Vecg STUVWXVc\ º^SZV Wba^ e _Va[YYVTceXS[T SW dV_YSWWSfZVh Ä_egWX[TV YeTeVYVTX SW _VWd[TWSfZV i[_ X^V [dSTS[TW VŒd_VWWVc fg Ä_egWX[TV ST X^SW _Vd[_X\ œ[_ e cSWabWWS[T [i [X^V_ XgdVW [i a[TiZSaXW X^eX Yeg fV _VZVUeTX X[ Ä_egWX[TV£W VUeZbeXS[T [i YeTeV_W eTc ibTcWh WVV X^V a[TiZSaXW [i STXV_VWX WVaXS[T ST Ä_egWX[TV£W Å f_[a^b_V ‚eUeSZefZV i_[Y g[b_ Ä_egWX[TV „[TWbZXeTX [_ eX \Y[_eTWXeTZVg\a[YÅ‡\ ŠT eccSXS[Th …[_eT XeTZVg YSX^ Že_TVg ¡¡„h …[_eT XeTZVg Æ „[\h ¡¡„£Wh YeTeV_W eTc X^VS_ eiiSZSeXVW d_[UScV e Ue_SVXg [i WV_USaVW ‚STaZbcST _VWVe_a^h f_[`V_eVh eWWVX YeTeVYVTXh X_ecSTh ZVTcST eTc STUVWXYVTX feT`ST WV_USaVW‡ i[_ Vea^ [X^V_ eTc i[_ Ue_S[bW aZSVTXWh STaZbcST SWWbV_W [i WVab_SXSVW X^eX Yeg fV _Va[YYVTcVc i[_ db_a^eWV [_ WeZV fg aZSVTXW [_ e_V [X^V_SWV ^VZc ST aZSVTX eaa[bTXWh eTc YeTeV_W ST Ue_S[bW ecUSW[_g d_[_eYW\ …[_eT XeTZVg YSX^ Že_TVg ¡¡„h YeTeV_Wh …[_eT XeTZVg Æ „[\h ¡¡„h eTc X^VS_ eiiSZSeXVW _VaVSUV a[YdVTWeXS[T eTc iVVW ST a[TTVaXS[T SX^ X^VWV WV_USaVW\ …[_eT XeTZVg YSX^ Že_TVg ¡¡„ fVZSVUVW X^eX X^V TeXb_V eTc _eTV [i aZSVTXW X[ ^Sa^ Wba^ WV_USaVW e_V _VTcV_Vc SW Wba^ X^eX SX [bZc fV STecUSWefZV X[ VŒaZbcV aeXV[_SaeZZg eZZ [i X^VWV a[YdeTSVW i_[Y eT eaa[bTX\ Ç ¨«¨¨ …[_eT XeTZVg YSX^ Že_TVg ¡¡„\ …VYfV_ Š¢„\ Ä_egWX[TV „[TWbZXST SW e fbWSTVWW [i …[_eT XeTZVg YSX^ Že_TVg ¡¡„ sPlp$JYUW$YQ$LNUU$LNTPQKSKNL$~KRTUPWKRZ$LNTPQKSKNL$YX$ŽYQZOR$qSORUNl$ORW$KSL$OXXKUKOSNL$ KX$QNXNQQNW$SY$KR$SJKL$QNVYQS]$rY$RYS$PLN$SJKL$QNVYQS$OL$SJN$LYUN$sOLKL$XYQ$KRkNLSMNRS$ WNTKLKYRL]$rY$RYS$LNUNTS$OR$OLLNS$TUOLL$YQ$KRkNLSMNRS$VQYWPTS$sOLNW$YR$VNQXYQMORTN$ OUYRN]$‹YRLKWNQ$OUU$QNUNkORS$KRXYQMOSKYRp$KRTUPWKRZ$lYPQ$NzKLSKRZ$VYQSXYUKYp$ KRkNLSMNRS$Ys£NTSKkNLp$QKL\$SYUNQORTNp$UKjPKWKSl$RNNWL$ORW$KRkNLSMNRS$SKMN$JYQK›YR]$ $ ^h}cue$h¤$d`_`$ ŽOSNQKOU$KR$SJKL$QNVYQS$JOL$sNNR$YsSOKRNW$XQYM$LYPQTNL$SJOS$[N$sNUKNkN$SY$sN$QNUKOsUNp$ sPS$[N$WY$RYS$KRWNVNRWNRSUl$kNQKXl$KRXYQMOSKYR$XQYM$SJKQW$VOQSKNL]$$•N$ORW$YPQ$SJKQW$ VOQSl$WOSO$VQYkKWNQL$MO\N$RY$[OQQORSKNL$YQ$QNVQNLNRSOSKYRL$QNUOSKRZ$SY$SJN$OTTPQOTlp$ TYMVUNSNRNLL$YQ$SKMNUKRNLL$YX$SJKL$KRXYQMOSKYR$ORW$OQN$RYS$UKOsUN$XYQ$ORl$WOMOZNL$ QNUOSKRZ$SY$YQ$QNLPUSKRZ$XQYM$SJKL$KRXYQMOSKYR]$$$ $ ¥eau“`cv$€abe¦$ rNVNRWKRZ$YR$SJN$TYMVYLKSKYR$YX$lYPQ$OTTYPRS$ORW$lYPQ$KRkNLSMNRS$Ys£NTSKkNLp$ORl$ KRWKTNL$LJY[R$KR$SJKL$QNVYQS$MOl$RYS$sN$OR$OVVQYVQKOSN$MNOLPQN$XYQ$TYMVOQKLYR$ VPQVYLNL$ORW$OQN$SJNQNXYQN$VQNLNRSNW$XYQ$KUUPLSQOSKYR$YRUl]$˜RWKTNL$OQN$PRMOROZNW]$ IJNl$WY$RYS$QNXUNTS$ORl$MOROZNMNRSp$TPLSYWlp$SQORLOTSKYR$YQ$YSJNQ$NzVNRLNLp$ORW$ ZNRNQOUUl$OLLPMN$QNKRkNLSMNRS$YX$WKkKWNRWLp$OTTQPNW$KRTYMN$ORW$TOVKSOU$ZOKRL]$§OLS$ VNQXYQMORTN$YX$KRWKTNL$WYNL$RYS$ZPOQORSNN$XPSPQN$QNLPUSL]$¨YP$TORRYS$KRkNLS$WKQNTSUl$ KR$OR$KRWNz]$ $ e_$‡’`e$`ab$ƒ_ec$„gv$ ©ª«$¬­®®­¯°±²$°³$´$µ«³¶·°¸¹°­±$­¬$¹ª«$·°³º³$°±»­®»«µ$¯°¹ª$°±»«³¹¼«±¹³$°±$»´·°­½³$´³³«¹$ ¶®´³³«³¾$$©ª«$¸­·¹¬­®°­$­·$¼½¹½´®$¬½±µ$µ°³¶½³³«µ$°±$¹ª°³$·«¸­·¹$¼´¿$À«$«Á¸­³«µ$¹­$ ³­¼«Â$À½¹$±­¹$±«¶«³³´·°®¿$´®®Â$­¬$¹ª«³«$´³³«¹$¶®´³³«³¾$$$ ˜RkNLSKRZ$KR$MPSPOU$XPRWL$NRSOKUL$SJN$QKL\L$YX$MOQ\NS$kYUOSKUKSl]$IJN$kOUPN$YX$OUU$SlVNL$ YX$KRkNLSMNRSL$MOl$KRTQNOLN$YQ$WNTQNOLN$YkNQ$kOQlKRZ$SKMN$VNQKYWL]$$ ÃÄÅÆÇÈÉÊËÇÌÇÍÎÏÇÄÅÐ$YQ$O$VYQSXYUKY$SJOS$JYUWL$O$TYRTNRSQOSNW$YQ$UKMKSNW$RPMsNQ$YX$ LNTPQKSKNLp$O$WNTUKRN$KR$SJN$kOUPN$YX$SJNLN$KRkNLSMNRSL$[YPUW$TOPLN$SJN$VYQSXYUKYÑL$ YkNQOUU$kOUPN$SY$WNTUKRN$SY$O$ZQNOSNQ$WNZQNN$SJOR$O$UNLL$TYRTNRSQOSNW$VYQSXYUKY]$ §YQSXYUKYL$SJOS$KRkNLS$O$UOQZN$VNQTNRSOZN$YX$OLLNSL$KR$YRUl$YRN$KRWPLSQl$LNTSYQ$~YQ$KR$ YRUl$O$XN[$LNTSYQL$OQN$MYQN$kPURNQOsUN$SY$VQKTN$XUPTSPOSKYR$SJOR$SJYLN$SJOS$WKkNQLKXl$ OMYRZ$O$sQYOW$QORZN$YX$LNTSYQL]$$ ÒÓÔ$ËÉÍÕÊÇÏÇÉËÐ$˜RkNLSMNRS$KR$KRKSKOU$VPsUKT$YXXNQKRZL$~˜§œ$NzVYLNL$SJN$VYQSXYUKY$SY$ OWWKSKYROU$QKL\L$OLLYTKOSNW$[KSJ$TYMVORKNL$SJOS$JOkN$UKSSUN$YVNQOSKRZ$JKLSYQl$OL$VPsUKT$ TYMVORKNLp$OL$[NUU$OL$SY$SJN$QKL\L$KRJNQNRS$KR$SJYLN$LNTSYQL$YX$SJN$MOQ\NS$[JNQN$SJNLN$ RN[$KLLPNQL$YVNQOSN]$ ÖÎ×ÕÉ$ÎÅÆ$ØÊÄÙÏÚ$ÇÅÈÉËÏÇÅØ$OULY$TOQQl$QKL\L]$–OUPN$KRkNLSKRZ$KRkYUkNL$SJN$QKL\$SJOS$ SJN$MOQ\NS$MOl$RYS$QNTYZRK›N$SJOS$LNTPQKSKNL$OQN$PRWNQkOUPNW$ORW$SJNl$MOl$RYS$ OVVQNTKOSN$OL$ORSKTKVOSNW]$ŠQY[SJ$KRkNLSKRZ$WYNL$RYS$ZPOQORSNN$O$VQYXKS$YQ$NUKMKROSN$ QKL\]$IJN$LSYT\L$YX$SJNLN$TYMVORKNL$TOR$JOkN$QNUOSKkNUl$JKZJ$kOUPOSKYRL]$oNTOPLN$YX$ SJNLN$JKZJ$kOUPOSKYRLp$OR$KRkNLSMNRS$KR$O$ZQY[SJ$LSYT\$TOR$sN$MYQN$QKL\l$SJOR$OR$ KRkNLSMNRS$KR$O$TYMVORl$[KSJ$MYQN$MYWNLS$ZQY[SJ$NzVNTSOSKYRL]$$ ÒÅÏÉÊÅÎÏÇÄÅÎ×$ËÉÍÕÊÇÏÇÉË$MOl$TOQQl$OWWKSKYROU$QKL\Lp$KRTUPWKRZ$XYQNKZR$NTYRYMKTp$ VYUKSKTOUp$MYRNSOQl$ORW—YQ$UNZOU$XOTSYQLp$TJORZKRZ$TPQQNRTl$NzTJORZN$QOSNLp$XYQNKZR$ SOzNL$ORW$WKXXNQNRTNL$KR$XKRORTKOU$ORW$OTTYPRSKRZ$LSORWOQWL]$˜RSNQROSKYROU$KRkNLSKRZ$ MOl$RYS$sN$XYQ$NkNQlYRN]$IJNLN$QKL\L$MOl$sN$MOZRKXKNW$KR$ÉÛÉÊØÇÅØ$ÛÎÊÜÉÏ˾$$ ÝÛÎ××Þ$ÎÅÆ$ÛÇÆÞ$ÍÎßÇÏÎ×ÇàÎÏÇÄÅ$TYMVORKNL$MOl$UOT\$SJN$XKRORTKOU$QNLYPQTNLp$VQYWPTS$ WKkNQLKXKTOSKYR$ORW$TYMVNSKSKkN$LSQNRZSJL$YX$UOQZNQ$TYMVORKNL]$IJN$LNTPQKSKNL$YX$ LMOUU$TOVKSOUK›OSKYR$TYMVORKNL$MOl$RYS$SQOWN$OL$QNOWKUl$OLp$ORW$sN$LPs£NTS$SY$JKZJNQ$ kYUOSKUKSl$SJORp$SJYLN$YX$UOQZNQp$MYQN$NLSOsUKLJNW$TYMVORKNL]$$ áÄÅÆË$OQN$LPs£NTS$SY$KRSNQNLS$QOSN$QKL\]$•JNR$KRSNQNLS$QOSNL$QKLNp$sYRW$VQKTNL$XOUUâ$ ZNRNQOUUl$SJN$UYRZNQ$O$sYRWÑL$MOSPQKSlp$SJN$MYQN$LNRLKSKkN$KS$KL$SY$SJKL$QKL\]$oYRWL$ MOl$OULY$sN$LPs£NTS$SY$TOUU$QKL\p$[JKTJ$OUUY[L$SJN$KLLPNQ$SY$QNSOKR$SJN$QKZJS$SY$QNWNNM$ SJN$WNsSp$XPUUl$YQ$VOQSKOUUlp$sNXYQN$SJN$LTJNWPUNW$MOSPQKSl$WOSN]$§QYTNNWL$XQYM$LOUNL$ VQKYQ$SY$MOSPQKSl$MOl$sN$MYQN$YQ$UNLL$SJOR$YQKZKROUUl$KRkNLSNW$WPN$SY$TJORZNL$KR$ MOQ\NS$TYRWKSKYRL$YQ$TJORZNL$KR$SJN$TQNWKS$jPOUKSl$YX$SJN$KLLPNQ]$$ ã×ÏÊÎÞËÚÄÊÏ$äÄÅÆ$XPRWL$ZNRNQOUUl$KRkNLS$KR$XKzNW$KRTYMN$LNTPQKSKNL$[KSJ$kNQl$LJYQS$ MOSPQKSKNLp$SlVKTOUUl$UNLL$SJOR$YRN$lNOQ]$IJNl$OQN$RYS$MYRNl$MOQ\NS$XPRWL]$•JKUN$ MYRNl$MOQ\NS$XPRWL$OSSNMVS$SY$MOKRSOKR$O$LSOsUN$RNS$OLLNS$kOUPNp$OR$PUSQO¢LJYQS$sYRW$ XPRWÑL$RNS$OLLNS$kOUPN$[KUU$XUPTSPOSNp$[JKTJ$MOl$QNLPUS$KR$SJN$UYLL$YX$SJN$VQKRTKVOU$ OMYPRS$KRkNLSNW]$IJNl$OQN$SJNQNXYQN$LPs£NTS$SY$SJN$QKL\L$OLLYTKOSNW$[KSJ$WNsS$ LNTPQKSKNL$LPTJ$OL$TQNWKS$ORW$KRSNQNLS$QOSN$QKL\]$$ åÇØÚ$æÇÉ×Æ$äÄÅÆË$OQN$LPs£NTS$SY$OWWKSKYROU$QKL\L$LPTJ$OL$KRTQNOLNW$QKL\$YX$WNXOPUS$ORW$ ZQNOSNQ$kYUOSKUKSl$sNTOPLN$YX$SJN$UY[NQ$TQNWKS$jPOUKSl$YX$SJN$KLLPNL]$$ çÎèÞéÊÉÉ$ÒÅÈÉËÏÛÉÅÏË$˜X$ORl$KRkNLSMNRSL$KR$SJKL$QNVYQS$OQN$WNLTQKsNW$OL$êSOz$XQNNêp$ SJN$KRTYMN$XQYM$SJNLN$KRkNLSMNRSL$MOl$sN$LPs£NTS$SY$LSOSN$ORW$UYTOU$SOzNL$ORW$~KX$ OVVUKTOsUN$SJN$XNWNQOU$|USNQROSKkN$ŽKRKMPM$IOz]${NOUK›NW$TOVKSOU$ZOKRL$YR$SJNLN$ KRkNLSMNRSL$MOl$sN$LPs£NTS$SY$XNWNQOUp$LSOSN$ORW$UYTOU$TOVKSOU$ZOKRL$SOz]$$ ëÉÎ×$ÉËÏÎÏÉ$ÇÅÈÉËÏÛÉÅÏËÐ$VQYVNQSl$kOUPNL$TOR$XOUU$WPN$SY$NRkKQYRMNRSOUp$NTYRYMKT$ YQ$YSJNQ$QNOLYRLp$ORW$TJORZNL$KR$KRSNQNLS$QOSNL$TOR$RNZOSKkNUl$KMVOTS$SJN$VNQXYQMORTN$ YX$QNOU$NLSOSN$TYMVORKNL]$$ ìÉÊÇÈÎÏÇÈÉËí$KR$ZNRNQOUp$KRkYUkN$LVNTKOU$QKL\L$ORW$TYLSL$SJOS$MOl$QNLPUS$KR$UYLLNL]$IJN$ LPTTNLLXPU$PLN$YX$WNQKkOSKkNL$QNjPKQNL$LYVJKLSKTOSNW$MOROZNMNRSp$KR$YQWNQ$SY$ MOROZN$ORW$OROUl›N$WNQKkOSKkNL$SQORLOTSKYRL]$IJN$VQKTNL$YX$WNQKkOSKkNL$MOl$MYkN$ KR$PRNzVNTSNW$[OlLp$NLVNTKOUUl$KR$OsRYQMOU$MOQ\NS$TYRWKSKYRL]$˜R$OWWKSKYRp$ TYQQNUOSKYR$sNS[NNR$SJN$VOQSKTPUOQ$WNQKkOSKkN$ORW$OR$OLLNS$YQ$UKOsKUKSl$YX$SJN$ KRkNLSMNRS$MOROZNQ$MOl$RYS$sN$[JOS$SJN$KRkNLSMNRS$MOROZNQ$NzVNTSNW]$qYMN$ WNQKkOSKkNL$OQN$êUNkNQOZNWê$ORW$SJNQNXYQN$MOl$MOZRKXl$YQ$YSJNQ[KLN$KRTQNOLN$ su ox` y]aoz]\s]€ T¹¹‹‡ˆ‰Š‹ S£Žˆ‰ª« ” c r}acos]u dc\d}\cos]u z]a _]urf |sox `^_`rr`r ]yos]uf€ ™zz`dosn` r}acos]u oc`f suo] cdd]}uo oxco `vy`do`r dcfx z\]|f |s\\ z\}do}co` cf suo`a`fo aco`f dxcub`€ TºZ Žª»ˆŒ ¸ UªŽ‹‡“ˆ ” c ^`cf}a` ]z ]u` e`ca `causubf ~dcfx z\]| ]a rsnsr`urf y`a fxca` ba]|ox za]^ ox` yas]a zsfdc\ e`ca ~­l¯ o] ox` d}aa`uo zsfdc\ e`ca ~­li }fsub cuc\efo d]uf`uf}f z]a`dcfof€ ma]|ox sf `vya`ff`r cf c y`ad`uo€ wx` ­li ™·h ~`causubf y`a fxca` ba]|ox aco` z]a ox` y]aoz]\s] sf c |`sbxo`r cn`acb` ]z ox` z]a`dcfof z]a ox` sursnsr}c\ fo]df su ox` y]aoz]\s]€ TºZ Žª»ˆŒ ¸ ¼ …‹Ž ½‰“ˆªŽ‰‡ ” wx` |`sbxo`r cn`acb` cuu}c\s¬`r `causubf y`a fxca` ba]|ox z]a c y]aoz]\s] ]n`a ox` ycfo zsn` e`caf€ T´‡‹““ „‹ˆ£Ž« ” a`ya`f`uof ox` cn`acb` —}cao`a\e o]oc\ a`o}au ]z ox` y]aoz]\s] a`\cosn` o] sof _`udx^ca€ ’ y]aoz]\s] |sox c y]fsosn` ™vd`ff –`o}au xcf ]u cn`acb` ]}oy`az]a^`r sof _`udx^ca ]u c —}cao`a\e _cfsf€ wxsf focosfosd sf ]_ocsu`r _e f}_oacdosub ox` _`udx^ca a`o}au za]^ ox` y]aoz]\s]f a`o}au€ ½‰“ˆªŽ‰‡ TºZ Žª»ˆŒ j dc\d}\co`r _e a`ba`ffsub ]n`a os^` ox` —}cao`a\e `causubf y`a fxca` z]a ox` ycfo ¾¯ —}cao`af o] r`o`a^su` ox` fxca`³f xsfo]asdc\ ba]|ox aco` su `causubf€ wx` —}cao`a\e xsfo]asdc\ ba]|ox aco` z]a `cdx fxca` sf ox`u cuu}c\s¬`r cur ox` ¿sfo]asdc\ ™·h ma]|ox fx]|u su oxsf a`y]ao sf ox` |`sbxo`r cn`acb` ]z ox`f` a`f}\of€ V«¹ªŽ±ˆ‰ª« „ˆ‰ª ” a`ya`f`uof ox` ™vd`ff –`o}au rsnsr`r _e ox` wacdsub ™aa]a€ to ya]nsr`f c ^`cf}a` ]z ox` xsfo]asdc\ d]ufsfo`ude ]z ox` y]aoz]\s]f ]n`ay`az]a^cud` ]a }ur`ay`az]a^cud` a`\cosn` o] sof _`udx^ca€ ’ xsbx`a{ y]fsosn` tuz]a^cos]u –cos] f}bb`fof oxco ox` y]aoz]\s]f `vd`ff a`o}auf ^ce xcn` _``u ox` a`f}\o ]z ^csub ^`cf}a`r ]a ^]r`aco` _`of cbcsufo ox` a`\`ncuo _`udx^caf asf `vy]f}a`f€ ‚ª«§ X‹Ž± TºZ Žª»ˆŒ „ˆ‹ ” cuc\efo d]uf`uf}f ]z `vy`do`r cuu}c\ suda`cf` su ]y`acosub `causubf y`a fxca` ]n`a ox` d]^ycue³f u`vo z}\\ _}fsu`ff ded\` j }f}c\\e oxa`` o] zsn` e`caf€ wx` À]ub w`a^ ™·h ma]|ox –co` z]a ox` y]aoz]\s] sf c |`sbxo`r cn`acb` ]z ox` a`f}\of z]a ox` sursnsr}c\ fo]df su ox` y]aoz]\s]€ †Ž¡‹ˆ ¨ž ¤Á†¦ ” ox` cn`acb` y]aoz]\s] ^ca`o dcysoc\s¬cos]u ~^ca`o yasd` ^}\osy\s`r _e fxca`f ]}ofocursub{ |`sbxo`r _e ox` ya]y]aos]u ]z ox` y]aoz]\s]f cff`of sun`fo`r su `cdx fo]d€ †ˆ£Ž‰ˆ² ” ox` |`sbxo`r cn`acb` y]aoz]\s] \`ubox ]z os^` }uos\ ox` yasudsyc\ c^]}uo ]z c _]ur ^}fo _` a`ycsr€ †‹¢‰« ¨ž ² ºªŽˆ¹ª‰ª ‹‰§Œˆ ” ox` ^sry]suo ]z ^ca`o dcysoc\s¬cos]u ~^ca`o yasd` ^}\osy\s`r _e fxca`f ]}ofocursub ]z c y]aoz]\s]f fo]d x]\rsubf{ |`sbxo`r _e ox` ya]y]aos]u ]z ox` y]aoz]\s]f cff`of sun`fo`r su `cdx fo]d€ ho]df a`ya`f`uosub xc\z ]z ox` y]aoz]\s]f x]\rsubf ca` c_]n` ox` ^`rscu{ |xs\` ox` a`fo ca` _`\]| so€ †ª¢‰¹‰‹¢ ƒ¢Ã£“ˆ‹¢ S£Žˆ‰ª« ” ^`cf}a`f ox` f`ufsosnsoe ]z ox` y`ad`uocb` dxcub` su ox` yasd` ]z c _]ur y]aoz]\s] z]a c bsn`u dxcub` su es`\r{ fx]|u cf c u}^_`a ]z e`caf o] ^co}asoe€ wxsf zsb}a` sf dc\d}\co`r cf ox` |`sbxo`r cn`acb` ]z ox` r}acos]uf ]z ox` f`d}asos`f su ox` y]aoz]\s]€ †ªŽˆ§§‹Ÿ ‡¡‹¢ “‹‡£Ž‰ˆ‰‹“ ¤†¥Z¦ ¸ f`d}asos`f _cd`r _e c ^]aobcb` \]cu ]a c y]]\ ]z ^]aobcb` \]cuf f`d}a`r _e a`c\ ya]y`aoe€ tun`fo]af a`d`sn` yce^`uof ]z suo`a`fo cur yasudsyc\ oxco ca` r`asn`r za]^ yce^`uof a`d`sn`r ]u ox` }ur`a\esub ^]aobcb` \]cuf€ º““ŸXŒŽª£§Œ Z‹‡£Ž‰ˆ² ¸ f`d}asoe _cd`r _e c ycdcb` ]z cff`of€ ’ f`ansdsub suo`a^`rscae d]\\`dof ox` ^]uox\e yce^`uof za]^ sff}`af cur{ czo`a r`r}dosub c z``{ a`^sof ]a ycff`f ox`^ oxa]}bx o] ox` x]\r`af ]z ox` ycffjoxa]}bx f`d}asoe€ ºÄT Ÿ UªŽ‹‡“ˆ ÅƟ†ªÇ ¸ wx` yasd`p`causubf acos] z]a ox` fo]d _cf`r ]u ox` ^]fo a`d`uo d\]fsub yasd` rsnsr`r _e ox` cuu}c\ ^`cu `vy`do`r `causubf z]a ox` d}aa`uo zsfdc\ e`ca ~­li ™·h z]a`dcfo€ ·p™ z]a ox` y]aoz]\s] sf c |`sbxo`r cn`acb` ]z ox` a`f}\of z]a ox` sursnsr}c\ fo]df su ox` y]aoz]\s]€ ºÄT ¸ XŽ‰‰«§ ÅƟ†ªÇ ¸ ox` d}aa`uo yasd` ]z c fo]d rsnsr`r _e ox` ^]fo a`d`uo i¾ ^]uoxf oacs\sub `causubf y`a fxca`€ ·p™ z]a ox` y]aoz]\s] sf c |`sbxo`r cn`acb` ]z ox` a`f}\of z]a ox` sursnsr}c\ fo]df su ox` y]aoz]\s]€ ºŽ‰‡‹ŸˆªŸ¥ªª¡ ¸ yasd` y`a fxca` rsnsr`r _e _]] nc\}` y`a fxca`€ ·asd`jo]j[]] z]a ox` y]aoz]\s] sf c |`sbxo`r cn`acb` ]z ox` a`f}\of z]a ox` sursnsr}c\ fo]df su ox` y]aoz]\s]€ µ£‰ˆ² ” [cf`r }y]u y`ajfxca` `causubf cur rsnsr`ur a`d]arf ]z ox` ^]fo a`d`uo i¯ e`caf{ oxsf acusub fefo`^ coo`^yof o] dcyo}a` ox` ba]|ox cur foc_s\soe ]z `causubf cur rsnsr`urf z]a sursnsr}c\ fo]df€ ­]a c y]aoz]\s]{ ox` —}c\soe acusub sf c |`sbxo`r cn`acb`€ wx` —}c\soe acusubf d\cffszsdcos]u sf cf z]\\]|fÈ ’É ~xsbx`fo{ ’ ~xsbx{ ’j ~c_]n` cnb€{ [É ~cn`acb`{ [ ~_`\]| cnb€{ [j ~\]|`a{ q ~\]|`fo{ • ~su a`]abcus¬cos]u{ cur Àtœ ~\s—}srcos]u€ „ŸZÊ£Ž‹¢ ¤„Ʀ ” a`ya`f`uof ox` y`ad`uocb` ]z ox` n]\cos\soe ]z a`o}auf oxco sf cooas_}oc_\` o] ^]n`^`uof ]z ox` _`udx^ca€ to sf c ^`cf}a` ]z Ëd]j^]n`^`uoÌ _`o|``u y]aoz]\s] a`o}auf cur _`udx^ca a`o}auf€ wx` d\]f`a ox` y]aoz]\s]f –¾ sf o] i¯¯°{ ox` ^]a` d\]f`\e ox` y]aoz]\s] d]aa`\co`f o]{ ]a z]\\]|f{ ox` _`udx^ca€ m`u`ac\\e{ xsbx\e rsn`afszs`r y]aoz]\s]f xcn` xsbx`a –¾ y`ad`uocb`f€ „‹ˆ£Ž« ª« TÊ£‰ˆ² ¤„YT¦ ” sf cu]ox`a ya]zsoc_s\soe acos] |xsdx bc}b`f a`o}au ]u sun`fo^`uo _e ^`cf}asub x]| `zz`do}c\\e fo]dx]\r`a ^]u`e sf _`sub `^y\]e`r _e ox` d]^ycue€ –Í™ sf dc\d}\co`r _e rsnsrsub c d]^ycue³f u`o sud]^` _e cn`acb` o]oc\ `—}soe€ gu\s` –`o}au ]u ’ff`of ~–Í’{ –Í™ d]ufsr`af ox` r`ba`` o] |xsdx c d]^ycue }f`f \`n`acbsub{ cf suo`a`fo `vy`uf` ycsr o] da`rso]af sf b`u`ac\\e r`r}do`r za]^ `causubf o] caasn` co u`o sud]^`€ –Í™ z]a ox` y]aoz]\s] sf c |`sbxo`r cn`acb` ]z ox` a`f}\of z]a ox` sursnsr}c\ fo]df su ox` y]aoz]\s]€ ZŒŽž‹ „ˆ‰ª ” ^`cf}a`f c y]aoz]\s]f aco` ]z a`o}au _cf`r ]u ox` asf so cff}^`r cur sf ]zo`u a`z`aa`r o] cf sof asfjcrÎ}fo`r y`az]a^cud`€ gfsub hocurcar •`nscos]u cur a`o}auf su `vd`ff ]z ox` a`o}auf ]z wj_s\\f{ so r`o`a^su`f a`|car y`a }uso ]z asf€ t0-@<0>&K2-/& K0A&w|& t-8-0/;3.4& u& /.238@4<8& v837-0.34>& ‚‚x& ‚x~& ‚x~& N0<>&p<28.<8& q30-14<0&<:&& rs&,-.-/012& t-8-0/;3.4& u& |<84/8/&K4/4-& v837-0.34>I& v837-0.34>&<:& 3.1<8.38& xyy†& ‚x~& ‚x~& |/-0@0-42-& B5<C..<C& K0A&rs&B8/;>.4& t-8-0/;3.4& u& v837-0.34>&<:& |388-.<4/I& G<0429-.4-08& v837-0.34>& ‚‚~& ‚x‚& ‚x‚& G31F&q-412-7& K0A&rs&B8/;>.4& t-8-0/;3.4& u& q-w/C;& v837-0.34>I& G<0429-.4-08& v837-0.34>& ‚x‚& ‚x& ‚x& ‚agcv ‚‚‚ ˆ ˆ ˆ }oj` ˆ ‡ˆ ‡lŽˆ }“‚ ˆ ‡ˆ †l¤ˆ }“·j ˆ ‡ˆ ˆ cdahks ˆ ˆ ˆ Œsrz dota }cdbcdoea ‡ˆ ¸ˆ Ž¢l¤¢ˆ “nshuhbogj ˆ ‡¢ˆ l‡ˆ “cdekokaj ˆ †¢ˆ l‡ˆ ¡csl …kasup “cdekokaj ˆ †¢ˆ l‡ˆ _daojndhaj ¢ˆ ¤ˆ ‡l†ˆ §«¹¬©¨º §¨°®»» ¼¬½®¯ª ¾ ¿®µ²»» lW XWgW\\WX lZ _eW ]``hW\ gb\ fW\]bX` bg hf _b ª _b «¬ ZWT\`k XWfWUX]UV bU _eW fT\_]ahYT\ ]``hWc deW ]U^W`_b\ jbhYX `_]YY eT^W ]UabSW _Ti Y]Tl]Y]_Z W^WU _ebhVe fTZSWU_` jbhYX Ub_ eT^W lWWU \WaW]^WXc £\]aW ’hb_WX ]` fW\ ¨©ª b\ ¨«k¬¬¬ `eT\Wk hUYW`` b_eW\j]`W `fWa]g]WXc deW ]U]_]TY \T_W bU T gYbT_]UV \T_W b\ ]UXWi­Y]UmWX f\WgW\\WX `Wah\]_Z STZ lW YbjW\ _eTU _eT_ bg T g]iWX­\T_W `Wah\]_Z bg _eW `TSW ST_h\]_Z lWaTh`W ]U^W`_b\` WifWa_ _b \WaW]^W TXX]_]bUTY ]UabSW XhW _b gh_h\W ]Ua\WT`W` ]U _eW gYbT_]UVžY]UmWX ]UXWic ®bjW^W\k _eW\W aTU lW Ub T``h\TUaW _eT_ _eW`W ]Ua\WT`W` j]YY baah\c “s™šxtu€z˜x ~x{t€u€x~ T\W abU^W\_]lYW _b W’h]_Z T_ _eW bf_]bU bg _eW ebYXW\c deW ST\mW_ ^TYhW bg _eW `Wah\]_]W`k TUX _eW hUXW\YZ]UV abSSbU `_bam ]U_b je]ae _eWZ T\W abU^W\_]lYWk j]YY gYha_hT_Wc nU fT\_]ahYT\k `Wah\]_]W` jeb`W ^TYhW XWfWUX` bU _eW fW\gb\STUaW bg TU hUXW\YZ]UV `Wah\]_Z WU_T]Y fb_WU_]TYYZ e]VeW\ ^bYT_]Y]_Z TUX \]`m bg Yb`` abSfT\WX _b _\TX]_]bUTY lbUX ]U^W`_SWU_`c ¯bh `ebhYX lW TjT\W _eT_ _eW ST\mW_ ^TYhW bg abU^W\_]lYW lbUX` STZ Ub_ ab\\W`fbUX X]\Wa_YZ _b ]Ua\WT`W` b\ XWa\WT`W` ]U _eW hUXW\YZ]UV `_bamc °± ²³´ µ¶·¸¹º Šo»Š TUX ]_` Tgg]Y]T_W` Xb Ub_ \WUXW\ TX^]aW bU _Ti TUX _Ti TaabhU_]UV ST__W\` _b aY]WU_`c de]` ST_W\]TY jT` Ub_ ]U_WUXWX b\ j\]__WU _b lW h`WXk TUX ]_ aTUUb_ lW h`WX b\ \WY]WX hfbU lZ TUZ \Wa]f]WU_k gb\ TUZ fh\fb`Wk ]UaYhX]UV _eW fh\fb`W bg T^b]X]UV fWUTY_]W` _eT_ STZ lW ]Sfb`WX bU _eW _TifTZW\ hUXW\ ¼coc gWXW\TY _Ti YTj`c £YWT`W abU`hY_ Zbh\ fW\`bUTY _Ti TUXžb\ YWVTY TX^]`b\ _b YWT\U Tlbh_ TUZ fb_WU_]TY _Ti b\ b_eW\ ]SfY]aT_]bU` _eT_ STZ \W`hY_ g\bS Ta_]UV bU T fT\_]ahYT\ \WabSSWUXT_]bUc ½±¾¿À¸¹Á ±¿ þÁºÄºÂÁ Å\TZ`_bUW¤` VbTY ]` _b f\b^]XW f\bgW``]bUTYk bl¥Wa_]^W W^TYhT_]bU` ]U `hffb\_ bg ^T\]bh` Å\TZ`_bUW ]U^W`_SWU_ TX^]`b\Z f\bV\TS`c »W eT^W fbY]a]W` TUX f\baWXh\W` _b eWYf h` SWW_ _e]` VbTYc ®bjW^W\k bh\ lh`]UW`` ]` `hl¥Wa_ _b ^T\]bh` abUgY]a_` bg ]U_W\W`_c b\ WiTSfYWk ]XWT` TUX `hVVW`_]bU` gb\ je]ae ]U^W`_SWU_ f\bXha_` `ebhYX lW W^TYhT_WX lZ Å\TZ`_bUW abSW g\bS T ^T\]W_Z bg `bh\aW`k ]UaYhX]UV bh\ Å\TZ`_bUW ‰bU`hY_TU_` TUX _eW]\ X]\Wa_ b\ ]UX]\Wa_ STUTVW\`k TUX b_eW\ lh`]UW`` fW\`bU` j]_e]U Šo»Š b\ ]_` Tgg]Y]T_W`c ohae fW\`bU` eT^W TU bUVb]UV lh`]UW`` \WYT_]bU`e]f j]_e aW\_T]U ]U^W`_SWU_ STUTVW\` b\ Sh_hTY ghUX abSfTU]W` jeW\WlZ _eWZk Šoo b\ ]_` Tgg]Y]T_W` \WaW]^W abSfWU`T_]bU g\bSk b\ b_eW\j]`W \WYT_WX _bk _eb`W ]U^W`_SWU_ STUTVW\` b\ Sh_hTY ghUX`c b\ WiTSfYWk T Å\TZ`_bUW ‰bU`hY_TU_ STZ `hVVW`_ _eT_ Å\TZ`_bUW W^TYhT_W` TU ]U^W`_SWU_ STUTVW\ b\ ghUX ]U je]ae T fb\_]bU bg e]` b\ eW\ aY]WU_`¤ T``W_` T\W TY\WTXZ ]U^W`_WXc »e]YW `hae T \WabSSWUXT_]bU ]` fW\S]``]lYWk Å\TZ`_bUW STUTVWSWU_ ]` \W`fbU`]lYW gb\ _eW bf]U]bU` Wif\W``WX lZ Å\TZ`_bUW ]U _e]` \Wfb\_c b\ T X]`ah``]bU bg b_eW\ _ZfW` bg abUgY]a_` _eT_ STZ lW \WYW^TU_ _b Å\TZ`_bUW¤` W^TYhT_]bU bg STUTVW\` TUX ghUX`k `WW _eW abUgY]a_` bg ]U_W\W`_ `Wa_]bU ]U Å\TZ`_bUW¤` ‘Æ l\baeh\W ‡T^T]YTlYW g\bS Zbh\ Å\TZ`_bUW ‰bU`hY_TU_ b\ T_ jjjcSb\VTU`_TUYWZcabSž‘ÆŒc nU TXX]_]bUk Šb\VTU o_TUYWZ oS]_e T\UWZ ¢¢‰k Šb\VTU o_TUYWZ Ç ‰bck ¢¢‰¤`k STUTVW\` TUX _eW]\ Tgg]Y]T_W` f\b^]XW T ^T\]W_Z bg `W\^]aW` ‡]UaYhX]UV \W`WT\aek l\bmW\TVWk T``W_ STUTVWSWU_k _\TX]UVk YWUX]UV TUX ]U^W`_SWU_ lTUm]UV `W\^]aW`Œ gb\ WTae b_eW\ TUX gb\ ^T\]bh` aY]WU_`k ]UaYhX]UV ]``hW\` bg `Wah\]_]W` _eT_ STZ lW \WabSSWUXWX gb\ fh\aeT`W b\ `TYW lZ aY]WU_` b\ T\W b_eW\j]`W eWYX ]U aY]WU_ TaabhU_`k TUX STUTVW\` ]U ^T\]bh` TX^]`b\Z f\bV\TS`c Šb\VTU o_TUYWZ oS]_e T\UWZ ¢¢‰k STUTVW\`k Šb\VTU o_TUYWZ Ç ‰bck ¢¢‰k TUX _eW]\ Tgg]Y]T_W` \WaW]^W abSfWU`T_]bU TUX gWW` ]U abUUWa_]bU j]_e _eW`W `W\^]aW`c Šb\VTU o_TUYWZ oS]_e T\UWZ ¢¢‰ lWY]W^W` _eT_ _eW UT_h\W TUX \TUVW bg aY]WU_` _b je]ae `hae `W\^]aW` T\W \WUXW\WX ]` `hae _eT_ ]_ jbhYX lW ]UTX^]`TlYW _b WiaYhXW aT_WVb\]aTYYZ TYY bg _eW`W abSfTU]W` g\bS TU TaabhU_c È ©¬©© Šb\VTU o_TUYWZ oS]_e T\UWZ ¢¢‰c ŠWSlW\ on£‰c Å\TZ`_bUW ‰bU`hY_]UV ]` T lh`]UW`` bg Šb\VTU o_TUYWZ oS]_e T\UWZ ¢¢‰ ZS TWSWTTWh ]U ZY ]dZ\ TWeUT]` |U YU] i\W ]dZ\ TWeUT] X\ ]dW \UfW wX\Z\ SUT ZY^W\]VWY] hW_Z\ZUY\` |U YU] \WfW_] XY X\\W] _fX\\ UT ZY^W\]VWY] eTUhi_] wX\Wh UY eWTSUTVXY_W XfUYW` šUY\ZhWT Xff TWfW^XY] ZYSUTVX]ZUY ZY_fihZY[ …UiT W}Z\]ZY[ eUT]SUfZU ZY^W\]VWY] UwyW_]Z^W\ TZ\j ]UfWTXY_W fZ„iZhZ] YWWh\ XYh ZY^W\]VWY] ]ZVW dUTZ¨UY` ktnˆpž t® ‚mrm X]WTZXf ZY ]dZ\ TWeUT] dX\ wWWY Uw]XZYWh STUV \UiT_W\ ]dX] gW wWfZW^W ]U wW TWfZXwfW wi] gW hU YU] ZYhWeWYhWY]f ^WTZS ZYSUTVX]ZUY STUV ]dZTh eXT]ZW\` ¢W XYh UiT ]dZTh eXT] hX]X eTU^ZhWT\ VXjW YU gXTTXY]ZW\ UT TWeTW\WY]X]ZUY\ TWfX]ZY[ ]U ]dW X__iTX_ … _UVefW]WYW\\ UT ]ZVWfZYW\\ US ]dZ\ ZYSUTVX]ZUY XYh XTW YU] fZXwfW SUT XY hXVX[W\ TWfX]ZY[ ]U UT TW\if]ZY[ STUV ]dZ\ ZYSUTVX]ZUY` ¯p€ˆl mn‰ €p°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`RS`PZ'TU^O'UV`PX^aPV^X'UV'`Y\URbX'YXXP^' [SYXXPXc''NOP']R\^QRSUR'R\'ab^bYS'QbVZ'ZUX[bXXPZ'UV'^OUX'\P]R\^'aYd'eP'Pf]RXPZ'^R' XRaPg'eb^'VR^'VP[PXXY\USd'YSSg'RQ'^OPXP'YXXP^'[SYXXPXc''' :#3!-)%#&'%#',0)028'.0#$-'!#)2%8-')*!'1%-h-'(.',21h!)'3(82)%8%)/9';*!'3280!'(.'288')/"!-' (.'%#3!-),!#)-',2/'%#+1!2-!'(1'$!+1!2-!'(3!1'321/%#&')%,!'"!1%($-9'' ijklmnopqmrmstumjkv'w(1'2'"(1).(8%(')*2)'*(8$-'2'+(#+!#)12)!$'(1'8%,%)!$'#0,4!1'(.' -!+01%)%!-6'2'$!+8%#!'%#')*!'3280!'(.')*!-!'%#3!-),!#)-'7(08$'+20-!')*!'"(1).(8%(x-' (3!1288'3280!')('$!+8%#!')('2'&1!2)!1'$!&1!!')*2#'2'8!--'+(#+!#)12)!$'"(1).(8%(9' =(1).(8%(-')*2)'%#3!-)'2'821&!'"!1+!#)2&!'(.'2--!)-'%#'(#8/'(#!'%#$0-)1/'-!+)(1'y(1'%#' (#8/'2'.!7'-!+)(1-z'21!',(1!'308#!1248!')('"1%+!'.80+)02)%(#')*2#')*(-!')*2)'$%3!1-%./' 2,(#&'2'41(2$'12#&!'(.'-!+)(1-9'' {|}'qos~pmumoqv':#3!-),!#)'%#'%#%)%28'"048%+'(..!1%#&-'y:=z'!<"(-!-')*!'"(1).(8%(')(' 2$$%)%(#28'1%-h-'2--(+%2)!$'7%)*'+(,"2#%!-')*2)'*23!'8%))8!'("!12)%#&'*%-)(1/'2-'"048%+' +(,"2#%!-6'2-'7!88'2-')(')*!'1%-h-'%#*!1!#)'%#')*(-!'-!+)(1-'(.')*!',21h!)'7*!1!')*!-!' #!7'%--0!1-'("!12)!9' €t~o'tkl'‚pjƒu„'mknoqumk‚'28-('+211/'1%-h-9' …280!'%#3!-)%#&'%#3(83!-')*!'1%-h')*2)' )*!',21h!)',2/'#()'1!+(&#%†!')*2)'-!+01%)%!-'21!'0#$!13280!$'2#$')*!/',2/'#()' 2""1!+%2)!'2-'2#)%+%"2)!$9'‡1(7)*'%#3!-)%#&'$(!-'#()'&0212#)!!'2'"1(.%)'(1'!8%,%#2)!' 1%-h9';*!'-)(+h-'(.')*!-!'+(,"2#%!-'+2#'*23!'1!82)%3!8/'*%&*'32802)%(#-9'ˆ!+20-!'(.' )*!-!'*%&*'32802)%(#-6'2#'%#3!-),!#)'%#'2'&1(7)*'-)(+h'+2#'4!',(1!'1%-h/')*2#'2#' %#3!-),!#)'%#'2'+(,"2#/'7%)*',(1!',($!-)'&1(7)*'!<"!+)2)%(#-9'' {kuopktumjkt'qos~pmumoq',2/'+211/'2$$%)%(#28'1%-h-6'%#+80$%#&'.(1!%&#'!+(#(,%+6' "(8%)%+286',(#!)21/'2#$‰(1'8!&28'.2+)(1-6'+*2#&%#&'+011!#+/'!<+*2#&!'12)!-6'.(1!%&#' )2<!-'2#$'$%..!1!#+!-'%#'.%#2#+%28'2#$'2++(0#)%#&'-)2#$21$-9':#)!1#2)%(#28'%#3!-)%#&' ,2/'#()'4!'.(1'!3!1/(#!9';*!-!'1%-h-',2/'4!',2&#%.%!$'%#'oŠop‚mk‚'Štp‹ouqc'' ŒŠt'tkl'Šml'stŽmutmtumjk'+(,"2#%!-',2/'82+h')*!'.%#2#+%28'1!-(01+!-6'"1($0+)' $%3!1-%.%+2)%(#'2#$'+(,"!)%)%3!'-)1!#&)*-'(.'821&!1'+(,"2#%!-9';*!'-!+01%)%!-'(.' -,288'+2"%)28%†2)%(#'+(,"2#%!-',2/'#()')12$!'2-'1!2$%8/'2-6'2#$'4!'-045!+)')('*%&*!1' 3(82)%8%)/')*2#6')*(-!'(.'821&!16',(1!'!-)248%-*!$'+(,"2#%!-9'' jklq'21!'-045!+)')('%#)!1!-)'12)!'1%-h9'‘*!#'%#)!1!-)'12)!-'1%-!6'4(#$'"1%+!-'.288’' &!#!1288/')*!'8(#&!1'2'4(#$x-',2)01%)/6')*!',(1!'-!#-%)%3!'%)'%-')(')*%-'1%-h9'ˆ(#$-' ,2/'28-('4!'-045!+)')('+288'1%-h6'7*%+*'288(7-')*!'%--0!1')('1!)2%#')*!'1%&*)')('1!$!!,' )*!'$!4)6'.088/'(1'"21)%288/6'4!.(1!')*!'-+*!$08!$',2)01%)/'$2)!9'=1(+!!$-'.1(,'-28!-' "1%(1')(',2)01%)/',2/'4!',(1!'(1'8!--')*2#'(1%&%#288/'%#3!-)!$'$0!')('+*2#&!-'%#' ,21h!)'+(#$%)%(#-'(1'+*2#&!-'%#')*!'+1!$%)'“028%)/'(.')*!'%--0!19'' ”uptq„jpu'•jkl'.0#$-'&!#!1288/'%#3!-)'%#'.%<!$'%#+(,!'-!+01%)%!-'7%)*'3!1/'-*(1)' ,2)01%)%!-6')/"%+288/'8!--')*2#'(#!'/!219';*!/'21!'#()',(#!/',21h!)'.0#$-9'‘*%8!' ,(#!/',21h!)'.0#$-'2))!,")')(',2%#)2%#'2'-)248!'#!)'2--!)'3280!6'2#'08)12–-*(1)'4(#$' .0#$x-'#!)'2--!)'3280!'7%88'.80+)02)!6'7*%+*',2/'1!-08)'%#')*!'8(--'(.')*!'"1%#+%"28' 2,(0#)'%#3!-)!$9';*!/'21!')*!1!.(1!'-045!+)')(')*!'1%-h-'2--(+%2)!$'7%)*'$!4)' -!+01%)%!-'-0+*'2-'+1!$%)'2#$'%#)!1!-)'12)!'1%-h9'' —m‚„'˜mol'•jklq'21!'-045!+)')('2$$%)%(#28'1%-h-'-0+*'2-'%#+1!2-!$'1%-h'(.'$!.208)'2#$' &1!2)!1'3(82)%8%)/'4!+20-!'(.')*!'8(7!1'+1!$%)'“028%)/'(.')*!'%--0!-9'' ™tš›poo'{knoquŠokuq':.'2#/'%#3!-),!#)-'%#')*%-'1!"(1)'21!'$!-+1%4!$'2-'œ)2<'.1!!œ6' )*!'%#+(,!'.1(,')*!-!'%#3!-),!#)-',2/'4!'-045!+)')('-)2)!'2#$'8(+28')2<!-'2#$'y%.' 2""8%+248!z')*!'.!$!128'8)!1#2)%3!'ž%#%,0,';2<9'Ÿ!28%†!$'+2"%)28'&2%#-'(#')*!-!' %#3!-),!#)-',2/'4!'-045!+)')('.!$!1286'-)2)!'2#$'8(+28'+2"%)28'&2%#-')2<9'' ot'oqutuo'mknoquŠokuqv'"1("!1)/'3280!-'+2#'.288'$0!')('!#3%1(#,!#)286'!+(#(,%+' (1'()*!1'1!2-(#-6'2#$'+*2#&!-'%#'%#)!1!-)'12)!-'+2#'#!&2)%3!8/'%,"2+)')*!'"!1.(1,2#+!' (.'1!28'!-)2)!'+(,"2#%!-9'' ¡opmntumnoq¢'%#'&!#!1286'%#3(83!'-"!+%28'1%-h-'2#$'+(-)-')*2)',2/'1!-08)'%#'8(--!-9';*!' -0++!--.08'0-!'(.'$!1%32)%3!-'1!“0%1!-'-("*%-)%+2)!$',2#2&!,!#)6'%#'(1$!1')(' `ig\ugj` nttu`at gpm gttnbp agjnpbt _gt`m ]v js`na ]}npn]pt ]v js` nttu`a³t g_n\njx j] }gx npj`a`tj gpm }anpzn}g\ gt tzs`mu\`my SŠ‹Š¢Œ«¢ †ŠŒ¢ ¸ gppug\ mninm`pm }`a tsga` mninm`m _x }anz` }`a tsga`y –ninm`pm fn`\m v]a js` }]ajv]\n] nt g w`nbsj`m gi`agb` ]v js` a`tu\jt v]a js` npmninmug\ tj]zt np js` }]ajv]\n]y T¹¹Œˆ‰Š‹Œ S£Ž‰Šª« • g muagjn]p zg\zu\gjn]p v]a _]pmt wnjs `^_`mm`m ]}jn]pty ™vv`zjni` muagjn]p jg`t npj] gzz]upj jsgj `q}`zj`m zgts v\]wt wn\\ v\uzjugj` gt npj`a`tj agj`t zsgpb`y TºZ ‚ª»‰ ¸ UªŒˆŽ”‰ • g ^`gtua` ]v ]p` x`ga `gapnpbt {zgts v\]w ]a mninm`pmt€ }`a tsga` ba]wjs va]^ js` }an]a vntzg\ x`ga {­f¯€ j] js` zuaa`pj vntzg\ x`ga {­fc€ utnpb gpg\xtj z]pt`ptut v]a`zgtjty ha]wjs nt `q}a`tt`m gt g }`az`pjy rs` ­fc ™· {`gapnpbt }`a tsga`€ ba]wjs agj` v]a js` }]ajv]\n] nt g w`nbsj`m gi`agb` ]v js` v]a`zgtjt v]a js` npmninmug\ tj]zt np js` }]ajv]\n]y TºZ ‚ª»‰ ¸ ¼ †ŒŽ ½Š”‰ªŠˆŽ • rs` w`nbsj`m gi`agb` gppug\n¬`m `gapnpbt }`a tsga` ba]wjs v]a g }]ajv]\n] ]i`a js` }gtj vni` x`gaty T´ˆŒ”” …Œ‰£« • a`}a`t`pjt js` gi`agb` ugaj`a\x j]jg\ a`juap ]v js` }]ajv]\n] a`\gjni` j] njt _`pzs^gay “ }]ajv]\n] wnjs g }]tnjni` ™qz`tt —`juap sgt ]p gi`agb` ]uj}`av]a^`m njt _`pzs^ga ]p g ugaj`a\x _gtnty rsnt tjgjntjnz nt ]_jgnp`m _x tu_jagzjnpb js` _`pzs^ga a`juap va]^ js` }]ajv]\n]‘t a`juapy ½Š”‰ªŠˆŽ TºZ ‚ª»‰ d zg\zu\gj`m _x a`ba`ttnpb ]i`a jn^` js` ugaj`a\x `gapnpbt }`a tsga` v]a js` }gtj ¾¯ ugaj`at j] m`j`a^np` js` tsga`³t sntj]anzg\ ba]wjs agj` np `gapnpbty rs` ugaj`a\x sntj]anzg\ ba]wjs agj` v]a `gzs tsga` nt js`p gppug\n¬`m gpm js` ¿ntj]anzg\ ™· ha]wjs ts]wp np jsnt a`}]aj nt js` w`nbsj`m gi`agb` ]v js`t` a`tu\jty V«¹ª±Ž‰Šª« …Ž‰Šª • a`}a`t`pjt js` ™qz`tt —`juap mninm`m _x js` ragznpb ™aa]ay oj }a]inm`t g ^`gtua` ]v js` sntj]anzg\ z]ptntj`pzx ]v js` }]ajv]\n]‘t ]i`a}`av]a^gpz` ]a upm`a}`av]a^gpz` a`\gjni` j] njt _`pzs^gay “ snbs`a| }]tnjni` opv]a^gjn]p —gjn] tubb`tjt jsgj js` }]ajv]\n]‘t `qz`tt a`juapt ^gx sgi` _``p js` a`tu\j ]v ^gnpb ^`gtua`m ]a ^]m`agj` _`jt gbgnptj js` a`\`igpj _`pzs^ga‘t ant `q}]tua`ty ƒª«§ XŒ± TºZ ‚ª»‰ …Ž‰Œ • gpg\xtj z]pt`ptut ]v `q}`zj`m gppug\ npza`gt` np ]}`agjnpb `gapnpbt }`a tsga` ]i`a js` z]^}gpx³t p`qj vu\\ _utnp`tt zxz\` d utug\\x jsa`` j] vni` x`gaty rs` À]pb r`a^ ™· ha]wjs —gj` v]a js` }]ajv]\n] nt g w`nbsj`m gi`agb` ]v js` a`tu\jt v]a js` npmninmug\ tj]zt np js` }]ajv]\n]y ‡Ž¡Œ‰ ¨Žž ¤Á‡¦ • js` gi`agb` }]ajv]\n] ^ga`j zg}njg\n¬gjn]p {^ga`j }anz` ^u\jn}\n`m _x tsga`t ]ujtjgpmnpb€| w`nbsj`m _x js` }a]}]ajn]p ]v js` }]ajv]\n]‘t gtt`jt npi`tj`m np `gzs tj]zy ‡Ž‰£Š‰² • js` w`nbsj`m gi`agb` }]ajv]\n] \`pbjs ]v jn^` upjn\ js` }anpzn}g\ g^]upj ]v g _]pm ^utj _` a`}gnmy ‡Œ¢ŠŽ« ¨Žž ² ºª‰¹ªŠª ŒŠ§‰ • js` ^nm}]npj ]v ^ga`j zg}njg\n¬gjn]p {^ga`j }anz` ^u\jn}\n`m _x tsga`t ]ujtjgpmnpb€ ]v g }]ajv]\n]‘t tj]z s]\mnpbt| w`nbsj`m _x js` }a]}]ajn]p ]v js` }]ajv]\n]‘t gtt`jt npi`tj`m np `gzs tj]zy j]zt a`}a`t`pjnpb sg\v ]v js` }]ajv]\n]‘t s]\mnpbt ga` g_]i` js` ^`mngp| wsn\` js` a`tj ga` _`\]w njy ‡ª¢Š¹ŠŒ¢ „¢Ã£”‰Œ¢ S£Ž‰Šª« • ^`gtua`t js` t`ptnjninjx ]v js` }`az`pjgb` zsgpb` np js` }anz` ]v g _]pm }]ajv]\n] v]a g bni`p zsgpb` np xn`\m| ts]wp gt g pu^_`a ]v x`gat j] ^gjuanjxy rsnt vnbua` nt zg\zu\gj`m gt js` w`nbsj`m gi`agb` ]v js` muagjn]pt ]v js` t`zuanjn`t np js` }]ajv]\n]y ‡ª‰§Ž§ŒŸ Žˆ¡Œ¢ ”Œˆ£Š‰ŠŒ” ¤‡¥Z¦ ¸ t`zuanjn`t _gz`m _x g ^]ajbgb` \]gp ]a g }]]\ ]v ^]ajbgb` \]gpt t`zua`m _x a`g\ }a]}`ajxy opi`tj]at a`z`ni` }gx^`pjt ]v npj`a`tj gpm }anpzn}g\ jsgj ga` m`ani`m va]^ }gx^`pjt a`z`ni`m ]p js` upm`a\xnpb ^]ajbgb` \]gpty ºŽ””ŸXª£§ ZŒˆ£Š‰² ¸ t`zuanjx _gz`m _x g }gzgb` ]v gtt`jty “ t`ainznpb npj`a^`mngax z]\\`zjt js` ^]pjs\x }gx^`pjt va]^ nttu`at gpm| gvj`a m`muzjnpb g v``| a`^njt ]a }gtt`t js`^ jsa]ubs j] js` s]\m`at ]v js` }gttdjsa]ubs t`zuanjxy ºÄT Ÿ UªŒˆŽ”‰ ÅƟ‡ªÇ ¸ rs` }anz`k`gapnpbt agjn] v]a js` tj]z _gt`m ]p js` ^]tj a`z`pj z\]tnpb }anz` mninm`m _x js` gppug\ ^`gp `q}`zj`m `gapnpbt v]a js` zuaa`pj vntzg\ x`ga {­fc ™· v]a`zgtj€y ·k™ v]a js` }]ajv]\n] nt g w`nbsj`m gi`agb` ]v js` a`tu\jt v]a js` npmninmug\ tj]zt np js` }]ajv]\n]y ºÄT ¸ XŽŠŠ«§ ÅƟ‡ªÇ ¸ js` zuaa`pj }anz` ]v g tj]z mninm`m _x js` ^]tj a`z`pj c¾ ^]pjst jagn\npb `gapnpbt }`a tsga`y ·k™ v]a js` }]ajv]\n] nt g w`nbsj`m gi`agb` ]v js` a`tu\jt v]a js` npmninmug\ tj]zt np js` }]ajv]\n]y ºŠˆŒŸ‰ªŸ¥ªª¡ ¸ }anz` }`a tsga` mninm`m _x _]] ig\u` }`a tsga`y ·anz`dj]d[]] v]a js` }]ajv]\n] nt g w`nbsj`m gi`agb` ]v js` a`tu\jt v]a js` npmninmug\ tj]zt np js` }]ajv]\n]y µ£ŽŠ‰² • [gt`m u}]p }`adtsga` `gapnpbt gpm mninm`pm a`z]amt ]v js` ^]tj a`z`pj c¯ x`gat| jsnt agpnpb txtj`^ gjj`^}jt j] zg}jua` js` ba]wjs gpm tjg_n\njx ]v `gapnpbt gpm mninm`pmt v]a npmninmug\ tj]zty ­]a g }]ajv]\n]| js` ug\njx agpnpb nt g w`nbsj`m gi`agb`y rs` ug\njx agpnpbt z\gttnvnzgjn]p nt gt v]\\]wtÈ “É {snbs`tj€| “ {snbs€| “d {g_]i` giby€| [É {gi`agb`€| [ {_`\]w giby€| [d {\]w`a€| l {\]w`tj€| – {np a`]abgpn¬gjn]p€| gpm Àoœ {\nunmgjn]p€y ŸZÊ£ŽŒ¢ ¤ …Ʀ • a`}a`t`pjt js` }`az`pjgb` ]v js` i]\gjn\njx ]v a`juapt jsgj nt gjjan_ujg_\` j] ^]i`^`pjt ]v js` _`pzs^gay oj nt g ^`gtua` ]v Ëz]d^]i`^`pjÌ _`jw``p }]ajv]\n] a`juapt gpm _`pzs^ga a`juapty rs` z\]t`a js` }]ajv]\n]‘t —¾ nt j] c¯¯°| js` ^]a` z\]t`\x js` }]ajv]\n] z]aa`\gj`t j]| ]a v]\\]wt| js` _`pzs^gay h`p`ag\\x| snbs\x mni`atnvn`m }]ajv]\n]t sgi` snbs`a —¾ }`az`pjgb`ty Œ‰£« ª« TÊ£Š‰² ¤ …YT¦ • nt gp]js`a }a]vnjg_n\njx agjn] wsnzs bgub`t a`juap ]p npi`tj^`pj _x ^`gtuanpb s]w `vv`zjug\\x tj]zs]\m`a ^]p`x nt _`npb `^}\]x`m _x js` z]^}gpxy —Í™ nt zg\zu\gj`m _x mninmnpb g z]^}gpx³t p`j npz]^` _x gi`agb` j]jg\ `unjxy ~p\n` —`juap ]p “tt`jt {—Í“€| —Í™ z]ptnm`at js` m`ba`` j] wsnzs g z]^}gpx ut`t \`i`agbnpb| gt npj`a`tj `q}`pt` }gnm j] za`mnj]at nt b`p`ag\\x m`muzj`m }royp‡ °±±² °±±¼ °±¬± S¤›Ÿ—¿ ÀÁÂÃÁÄ VW\‘ŽŽV• ¢VŔWTÆWV\ Ç È”\T ž“V ÉV”W\ –—˜™ ™—™š—› œ˜™— SZ–ZSœ ˜›—˜ Sž ŸS —›˜¡— –Z™— ÊZ–Ë žZ›™ ɗ˜› ¢—˜›–—¢ ›—˜Sœ žS› ¢—˜›–¤›— Ìynm (&-./#(((# !"# !"# !"# 0)%1# !"# "# 2"# 03(4# !" !" !" #$%&" !" !" !" '()*+,-" !" !" !" .-/0"1)23*" #()4()25*" 6 !" 7 !" 8 !" $9-+:+42;&" !" !" !" $()5,2,*&" !" !" !" <(-=>,*-:?" $()5,2,*&" !" !" !" @)*2&9)+*&" A !" B !" C !" DEFGHIJ"KILMIG"NOPQMOR"SOLOTIUILM" jœžœŸ ¡¢£ž¡¤ g¡¡¥œ¦œž ²œœ¸² ž­ ±­²žŸª±ž ¡ ¯£ºœŸ²£µ£œ¯ ¢­Ÿžµ­¤£­ ­µ ǹm nŸœ¡²ªŸ«´ h¥œ±«´ ¡¯ ­Ÿ¢­Ÿ¡žœ ²œ±ªŸ£ž£œ² ¶£ž¬ ž¬œ ¥­¡¤ ­µ ¢Ÿ­º£¯£¥ ¡ ¡žžŸ¡±ž£ºœ ¤œºœ¤ ­µ £±­¦œ ±­²£²žœž ¶£ž¬ ±¡¢£ž¡¤ ¢Ÿœ²œŸº¡ž£­¹ ”•Š‡†„•Œ'ƒ• …'Ž‡‡‹'ˆ†‡ˆ•†‡'œ‰†'„‹œ‰†”•Š„‰‹•Œ'ˆ†ˆ‰ …‡ …'‰‹Œ'•‹'„ …'‹‰Š'•‹'‰œœ‡†'Š‰'Ž'‰†' …‡ŒŒ'‰†'•' …‰Œ„‘„Š•Š„‰‹'‰œ'•‹'‰œœ‡†'Š‰'Ž'‰†' …‡ŒŒ'•‹ ‡‘†„Š'‰†'‰Šƒ‡†'£‹•‹‘„•Œ'„‹ …Š†”‡‹Š'‰†'Š‰'ˆ•†Š„‘„ˆ•Š‡'„‹'•‹'Š†•„‹–' …Š†•Š‡–˜''¤• …Š'ˆ‡†œ‰†”•‹‘‡'„ …'‹‰Š'‹‡‘‡ …•†„Œ'•'–„‡'Š‰'œŠ†‡'ˆ‡†œ‰†”•‹‘‡˜ ‚ƒ„ …'™•‹•–‡†'¥‹•Œ …„ …'¦‡ˆ‰†Š'‰‡ …'‹‰Š'‘‰‹ …Š„ŠŠ‡'„‹“‡ …Š”‡‹Š'•“„‘‡'•‹'Šƒ‡'ˆ†‰“„ …„‰‹'‰œ'Šƒ„ …'†‡ˆ‰†Š'„Š …‡Œœ'‰‡ …'‹‰Š'‘†‡•Š‡'•‹'„‹“‡ …Š”‡‹Š'•“„ …‰† †‡Œ•Š„‰‹ …ƒ„ˆ'Ž‡Š’‡‡‹'‰'•‹'™‰†–•‹'šŠ•‹Œ‡'›‡•ŒŠƒ'™•‹•–‡”‡‹Š˜' §'¨©¨¨'™‰†–•‹'šŠ•‹Œ‡'š”„Šƒ'•†‹‡'žžŸ˜''™‡”Ž‡†'šª¤Ÿ˜ vs. Market -0.23% -1.03% 1.42% 0.94 -6.47% 48.22% 141.96% -0.98% -0.62 93.12% 1.16% 0.36% 2.35% 1.40 -7.67% 157.30% 169.82% 0.04% 0.21 76.29% 0.82% 0.01% 1.77% 0.83 -4.57% 98.57% 94.72% 0.15% 0.09 47.26% 0.85% 0.04% 1.29% 0.83 -3.96% 95.00% 82.95% 0.18% 0.14 87.84% 0.87% 0.07% 2.12% 1.42 -7.52% 137.96% 171.46% -0.26% 0.10 96.63% 0.80% 0.00% 1.46% 1.00 -5.07% 100.00% 100.00% 0.00% 0.10 100.00% Market -0.19% -0.98% 1.67% 0.93 -6.47% 60.08% 132.34% -0.91% -0.67 94.14% 1.15% 0.37% 2.74% 1.38 -7.67% 155.74% 159.55% 0.09% 0.08 77.37% 0.96% 0.18% 2.11% 0.83 -4.57% 106.10% 92.15% 0.32% 0.02 46.92% 0.88% 0.10% 1.53% 0.82 -3.96% 94.86% 79.68% 0.24% -0.03 88.05% 0.76% -0.03% 2.48% 1.41 -7.52% 134.16% 163.35% -0.33% -0.07 97.76% 0.78% 0.00% 1.74% 1.00 -5.07% 100.00% 100.00% 0.00% -0.08 100.00% Market -0.24% -0.93% 1.91% 0.93 -6.47% 66.20% 127.69% -0.88% -0.71 94.01% 0.56% -0.14% 3.04% 1.34 -7.67% 133.33% 163.57% -0.36% -0.19 77.32% 0.95% 0.25% 2.46% 0.82 -4.57% 108.99% 92.14% 0.39% -0.07 44.66% 0.84% 0.14% 1.74% 0.81 -3.96% 94.06% 78.41% 0.27% -0.16 87.13% 0.55% -0.15% 2.77% 1.38 -7.52% 128.45% 156.53% -0.40% -0.21 98.50% 0.70% 0.00% 2.00% 1.00 -5.07% 100.00% 100.00% 0.00% -0.21 100.00% -0.12% 0.29% 1.94% 0.79 -3.96% 93.02% 78.31% 0.21% -0.36 82.52% -0.90% -0.49% 3.11% 1.38 -7.52% 136.12% 153.31% -0.32% -0.47 98.18% -0.42% 0.00% 2.23% 1.00 -5.07% 100.00% 100.00% 0.00% -0.44 100.00% R-Squared vs. Market 1.00% 0.20% 1.43% 0.94 -4.56% 111.68% 96.09% 0.24% 0.24 93.09% 1.66% 0.86% 2.36% 1.41 -7.04% 182.96% 150.77% 0.54% 0.43 76.21% 1.13% 0.32% 1.78% 0.84 -4.40% 115.07% 84.67% 0.45% 0.26 47.83% 1.04% 0.24% 1.30% 0.83 -3.80% 105.42% 75.97% 0.37% 0.30 87.91% 0.87% 0.07% 2.12% 1.42 -7.52% 137.96% 171.46% -0.26% 0.10 96.63% 0.80% 0.00% 1.46% 1.00 -5.07% 100.00% 100.00% 0.00% 0.10 100.00% R-Squared vs. Market 1.04% 0.26% 1.68% 0.93 -4.56% 110.12% 90.14% 0.31% 0.07 94.13% 1.66% 0.87% 2.74% 1.38 -7.04% 175.85% 141.95% 0.59% 0.27 77.28% 1.25% 0.46% 2.12% 0.84 -4.40% 118.31% 83.29% 0.60% 0.15 47.44% 1.08% 0.30% 1.53% 0.82 -3.80% 102.92% 73.32% 0.43% 0.10 88.12% 0.76% -0.03% 2.48% 1.41 -7.52% 134.16% 163.35% -0.33% -0.07 97.76% 0.78% 0.00% 1.74% 1.00 -5.07% 100.00% 100.00% 0.00% -0.08 100.00% Market 1.01% 0.31% 1.92% 0.93 -4.56% 110.93% 90.42% 0.35% -0.06 93.99% 1.04% 0.34% 3.05% 1.34 -7.04% 150.89% 149.23% 0.12% -0.03 77.32% 1.22% 0.52% 2.47% 0.83 -4.40% 119.03% 85.16% 0.64% 0.04 45.17% 1.03% 0.33% 1.74% 0.82 -3.80% 101.20% 72.97% 0.46% -0.05 87.20% 0.55% -0.15% 2.77% 1.38 -7.52% 128.45% 156.53% -0.40% -0.21 98.50% 0.70% 0.00% 2.00% 1.00 -5.07% 100.00% 100.00% 0.00% -0.21 100.00% R-Squared vs. Market -0.15% 0.27% 2.11% 0.91 -4.56% 109.07% 91.78% 0.23% -0.34 92.81% -0.33% 0.09% 3.50% 1.36 -7.04% 171.23% 146.59% 0.26% -0.26 74.55% 0.14% 0.56% 2.97% 0.79 -4.40% 126.69% 88.17% 0.50% -0.14 35.56% 0.06% 0.47% 1.95% 0.79 -3.80% 101.46% 74.34% 0.39% -0.26 82.58% -0.90% -0.49% 3.11% 1.38 -7.52% 136.12% 153.31% -0.32% -0.47 98.18% -0.42% 0.00% 2.23% 1.00 -5.07% 100.00% 100.00% 0.00% -0.44 100.00% $5.8B Firm/$147.5M Strategy 1.74 Jul-02 0.20% 19% 0.25% 48% 16% 33% 26% 11% 54% 0% 9% 29% 51% 1.6 years 43% 32% Short-Term Fixed Income Credit Analysis Short-Term Fixed Income Yield Curve Analysis 1.8 years Tamarac Firefighters' Pension Fund Short-Term Fixed Income Manager Search Summary Performance as of September 30, 2022 and Other Information as of June 30, 2022 Blackrock Genter Sage Segall Bryant Hamill 42% 24% 2% 2.47 May-97 1996 Team Owners/Well Paid $16.9B Firm/$1.5B Strategy Short-Term Fixed Income Duration/Maturity Control 1.7 years 70% 28% 0% 2% 73% 14% $8.5T Firm/$6.2B Strategy 191 1.92 Jan-04 1988 Team Well Paid 14% 0.10% The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed. custodian of your Morgan Stanley IRA; and 2) if your Alternative Investment positon(s) is held by us and is registered pursuant to the Securities Act of 1933, as amended, your Alternative Investment position(s) is covered by SIPC. Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles may include, but are not limited to, Open or Closed End Mutual Funds, Exchange-Traded and Closed-End Funds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master Limited Partnerships (MLPs). These non-traditional alternative strategy vehicles also seek alternative-like exposure but have significant differences from traditional alternative investment vehicles. Non-traditional alternative strategy vehicles may behave like, have characteristics of, or employ various investment strategies and techniques for both hedging and more speculative purposes such as short-selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Characteristics such as correlation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a traditional security being classified as alternative. Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimated valuation provided will be as of the most recent date available and will be included in summaries of your assets. Such valuation may not be the most recent provided by the fund in which you are invested. No representation is made that the valuation is a market value or that the interest could be liquidated at this value. We are not required to take any action with respect to your investment unless valid instructions are received from you in a timely manner. Some positions reflected herein may not represent interests in the fund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subject to the investment performance of the fund and may or may not accrue interest for the length of the withholding. Morgan Stanley does not engage in an independent valuation of your alternative investment assets. Morgan Stanley provides periodic information to you including the market value of an alternative investment vehicle based on information received from the management entity of the alternative investment vehicle or another service provider. Traditional alternative investment vehicles often are speculative and include a high degree of risk. . Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to:• Loss of all or a substantial portion of the investment due to leveraging, short- selling, or other speculative practices;• Lack of liquidity in that there may be no secondary market for a fund;• Volatility of returns;• Restrictions on transferring interests in a fund;• Potential lack of diversification energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk; and MLP interests in the real estate sector are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or underlying assets and tend to be more volatile than investments that diversify across many sectors and companies. MLPs are also subject to additional risks including: investors having limited control and rights to vote on matters affecting the MLP, limited access to capital, cash flow risk, lack of liquidity, dilution risk, conflict of interests, and limited call rights related to acquisitions. Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yield-to-maturity of a mortgage-backed security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower interest rates. Tax managed funds may not meet their objective of being tax-efficient. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. High yield fixed income securities, also known as “junk bonds”, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. Credit quality is a measure of a bond issuer’s creditworthiness, or ability to repay interest and principal to bondholders in a timely manner. The credit ratings shown are based on security rating as provided by Standard & Poor’s, Moody’s and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities in the fund and not the fund itself, and the credit quality of the securities in the fund does not represent the stability or safety of the fund. Credit ratings shown range from AAA, being the highest, to D, being the lowest based on S&P and Fitch’s classification (the equivalent of Aaa and C, respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moody’s) are considered to be investment grade-quality securities. If two or more of the agencies have assigned different ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are listed as “NR”. “Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the R-Squared: The percentage of a portfolio's performance explained by the behavior of the appropriate benchmark. High R-Squared means a higher correlation of the portfolio's performance to the appropriate benchmark. SA/CF (Separate Account/Comingled Fund): Represents an acronym for Separate Account and Commingled Fund investment vehicles. Sector Benchmark: A market index that serves as a proxy for a sector within an asset class. Sharpe Ratio: Represents the excess rate of return over the risk free return divided by the standard deviation of the excess return. The result is the absolute rate of return per unit of risk. The higher the value, the better the product’s historical risk-adjusted performance results in. Standard Deviation: A statistical measure of the range of a portfolio's performance; the variability of a return around its average return over a specified time period. Total Fund Benchmark: The policy benchmark for a complete asset pool that could consist of multiple investment mandates. Total Fund Composite: The aggregate of multiple portfolios within an asset pool or household. Tracking Error: A measure of standard deviation for a portfolio's investment performance, relative to the performance of an appropriate market benchmark. Treynor Ratio: A ratio that divides the excess return (above the risk free rate) by the portfolio’s beta to arrive at a unified measure of risk adjusted return. It is generally used to rank portfolios, funds and benchmarks. A higher ratio is indicative of higher returns per unit of market risk. This measurement can help determine if the portfolio is reaching its goal of increasing returns while managing market risk. Up Market Capture: The ratio of average portfolio returns over the benchmark during periods of positive higher the value, the more risk the product has. Downside Semi Deviation: A statistical calculation that measures the volatility of returns below a minimum acceptable return. This return measure isolates the negative portion of volatility: the larger the number, the greater the volatility. Drawdown: A drawdown is the peak-to-trough decline during a specific period of an investment, fund or commodity. Gain/Loss -788 -749 -749 -900 Ending Market Value 7,094 7,094 7,094 7,094 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Mainstay - Global Infrastructure -7.54 17.94 1.01 -17.68 97.23 110.76 -3.21 -0.37 0.94 05/01/2021 DJ Brookfield Gbl Infra Comp TR -4.31 17.21 1.00 -17.19 100.00 100.00 0.00 -0.19 1.00 05/01/2021 90-Day T-Bills 0.46 0.20 -0.01 0.00 0.62 -1.29 0.44 N/A 0.26 05/01/2021 as of September 30, 2022 Mainstay - Global Infrastructure - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 20 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2012 UBS - Private Real Estate Beginning Market Value 5,884 5,040 5,040 4,818 4,585 4,091 3,076 3,000 Net Contributions - - - - - - - - Fees/Expenses -10 -38 -38 -111 -205 -306 -430 -430 Income 50 201 201 586 1,022 1,321 1,321 1,321 Gain/Loss -49 672 672 582 472 768 1,907 1,983 Ending Market Value 5,875 5,875 5,875 5,875 5,875 5,875 5,875 5,875 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date UBS - Private Real Estate 7.89 5.06 0.99 -6.69 85.18 245.05 -1.43 1.39 0.80 08/01/2012 NCREIF Property Idx 9.57 4.55 1.00 -0.99 100.00 100.00 0.00 1.88 1.00 08/01/2012 90-Day T-Bills 0.65 0.24 -0.01 0.00 6.89 -1.01 0.71 N/A 0.02 08/01/2012 as of September 30, 2022 UBS - Private Real Estate - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 19 Fees/Expenses - - - - Income - - - - Gain/Loss -50 -324 -324 85 Ending Market Value 2,848 2,848 2,848 2,848 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Blackstone - Multi-Strategy 2.67 4.50 1.04 -7.09 94.57 97.31 -0.39 0.53 0.83 07/01/2020 HFRX Global Hedge Fund 2.98 3.95 1.00 -5.83 100.00 100.00 0.00 0.67 1.00 07/01/2020 90-Day T-Bills 0.32 0.16 -0.01 0.00 2.06 -4.21 0.35 N/A 0.04 07/01/2020 as of September 30, 2022 Blackstone - Multi-Strategy - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 18 Income - 164 164 164 Gain/Loss -13 -547 -547 -234 Ending Market Value 2,832 2,832 2,832 2,832 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Blackrock - Global L/S Credit 0.65 4.25 0.67 -8.55 80.14 55.93 1.93 0.10 0.88 07/01/2020 HFRX Fixed Income - Credit Index -1.91 5.97 1.00 -14.26 100.00 100.00 0.00 -0.34 1.00 07/01/2020 90-Day T-Bills 0.32 0.16 -0.01 0.00 2.07 -1.97 0.31 N/A 0.09 07/01/2020 as of September 30, 2022 BlackRock - Global L/S Credit - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 17 02/01/2016 Garcia Hamilton - Interm Fixed Income Beginning Market Value 25,423 25,611 25,611 23,348 18,241 16,933 Net Contributions 3,136 4,351 4,351 5,669 9,258 9,962 Fees/Expenses -16 -64 -64 -187 -293 -358 Income 185 514 514 1,549 2,601 3,485 Gain/Loss -1,299 -2,983 -2,983 -2,950 -2,378 -2,593 Ending Market Value 27,429 27,429 27,429 27,429 27,429 27,429 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Garcia Hamilton - Interm Fixed Income 0.93 2.85 0.89 -10.49 91.33 84.73 0.25 0.00 0.88 02/01/2016 BC Gov/Cr Intm 0.76 3.00 1.00 -10.93 100.00 100.00 0.00 -0.05 1.00 02/01/2016 90-Day T-Bills 0.97 0.25 0.02 0.00 13.96 -10.76 0.95 N/A 0.04 02/01/2016 as of September 30, 2022 Garcia Hamilton - Fixed Income - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 16 YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 01/01/2009 Renaissance - Intl Growth Beginning Market Value 9,707 10,575 10,575 6,314 5,376 3,868 2,688 1,612 Net Contributions -2,884 -1,491 -1,491 865 2,360 2,687 3,209 3,546 Fees/Expenses -16 -71 -71 -178 -254 -312 -389 -440 Income 56 381 381 716 1,007 1,182 1,479 1,678 Gain/Loss -658 -3,189 -3,189 -1,513 -2,283 -1,221 -782 -191 Ending Market Value 6,205 6,205 6,205 6,205 6,205 6,205 6,205 6,205 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Renaissance - International Growth 5.03 17.52 1.01 -33.45 100.25 100.45 -0.07 0.34 0.92 01/01/2009 MSCI AC World ex US Net 5.22 16.65 1.00 -27.79 100.00 100.00 0.00 0.36 1.00 01/01/2009 90-Day T-Bills 0.51 0.21 0.00 0.00 1.16 -1.11 0.52 N/A 0.01 01/01/2009 as of September 30, 2022 Renaissance - International Growth - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 15 Inception 04/01/2017 ClearBridge - Intl Value Beginning Market Value 10,311 11,960 11,960 6,461 5,347 4,776 Net Contributions 17 -108 -108 2,932 5,061 5,071 Fees/Expenses -17 -89 -89 -195 -266 -273 Income 58 410 410 839 1,252 1,342 Gain/Loss -773 -2,576 -2,576 -440 -1,798 -1,319 Ending Market Value 9,597 9,597 9,597 9,597 9,597 9,597 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date ClearBridge - International Value -0.13 19.91 1.19 -41.06 114.04 119.69 -1.24 0.04 0.88 04/01/2017 MSCI AC World ex US Net 1.38 15.68 1.00 -27.79 100.00 100.00 0.00 0.10 1.00 04/01/2017 90-Day T-Bills 1.10 0.26 0.00 0.00 2.83 -2.35 1.11 N/A 0.03 04/01/2017 as of September 30, 2022 ClearBridge - International Value - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 14 Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 08/01/2007 MDT Advisers - Mid Cap Growth Beginning Market Value 6,909 9,215 9,215 6,766 5,625 4,251 3,001 1,777 Net Contributions -34 -22 -22 -1,722 -2,172 -2,058 -2,420 -2,269 Fees/Expenses -16 -78 -78 -218 -328 -411 -541 -640 Income 16 62 62 150 268 390 555 674 Gain/Loss -126 -2,429 -2,429 1,772 3,356 4,577 6,154 7,206 Ending Market Value 6,748 6,748 6,748 6,748 6,748 6,748 6,748 6,748 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date MDT Advisers - Mid Cap Growth 10.12 19.19 0.97 -50.88 102.98 95.68 2.11 0.56 0.92 08/01/2007 Russell Midcap Growth 8.23 19.06 1.00 -52.91 100.00 100.00 0.00 0.48 1.00 08/01/2007 90-Day T-Bills 0.70 0.29 0.00 0.00 1.39 -1.38 0.72 N/A 0.02 08/01/2007 as of September 30, 2022 MDT Advisers - Mid Cap Growth - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 13 1 Year 3 Years 5 Years 7 Years Inception 09/01/2013 Kennedy - Mid Cap Value Beginning Market Value 7,728 9,287 9,287 6,716 5,569 3,780 3,903 Net Contributions -77 -541 -541 -1,128 -407 -137 -943 Fees/Expenses -33 -70 -70 -183 -278 -371 -446 Income 43 182 182 459 698 878 1,026 Gain/Loss -155 -1,352 -1,352 1,641 1,924 3,356 3,966 Ending Market Value 7,506 7,506 7,506 7,506 7,506 7,506 7,506 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Kennedy - Mid Cap Value 9.22 17.77 0.97 -30.03 99.45 91.21 1.61 0.55 0.83 09/01/2013 Russell Midcap Value 7.99 16.78 1.00 -31.71 100.00 100.00 0.00 0.50 1.00 09/01/2013 90-Day T-Bills 0.72 0.24 0.00 0.00 1.85 -1.48 0.74 N/A 0.03 09/01/2013 as of September 30, 2022 Kennedy - Mid Cap Value - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 12 Net Contributions 2,928 2,408 2,408 -4,763 -6,621 Fees/Expenses -28 -150 -150 -438 -516 Income 26 120 120 417 584 Gain/Loss -1,472 -11,405 -11,405 5,044 8,994 Ending Market Value 24,203 24,203 24,203 24,203 24,203 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Polen - Large Cap Growth 8.96 21.35 0.96 -37.48 91.55 97.26 -2.05 0.46 0.95 11/01/2018 Russell 1000 Gr 11.72 21.63 1.00 -30.66 100.00 100.00 0.00 0.58 1.00 11/01/2018 90-Day T-Bills 0.99 0.28 0.00 0.00 1.64 -1.42 1.01 N/A 0.01 11/01/2018 as of September 30, 2022 Polen - Large Cap Growth - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 11 Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 12/01/2005 Cambiar - Large Cap Value Beginning Market Value 29,124 33,295 33,295 24,076 20,148 15,409 11,656 5,065 Net Contributions -514 -1,864 -1,864 -3,346 -1,470 -1,801 -2,916 1,346 Fees/Expenses -40 -170 -170 -456 -705 -866 -1,120 -1,383 Income 142 523 523 1,532 2,517 3,276 4,120 5,130 Gain/Loss -1,398 -4,469 -4,469 5,509 6,825 11,296 15,575 17,157 Ending Market Value 27,314 27,314 27,314 27,314 27,314 27,314 27,314 27,314 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Cambiar Investors Inc - Large Cap Value 7.38 16.61 0.99 -48.04 100.63 96.71 0.82 0.45 0.90 12/01/2005 Russell 1000 Value 6.74 15.91 1.00 -55.56 100.00 100.00 0.00 0.42 1.00 12/01/2005 90-Day T-Bills 1.10 0.44 0.00 0.00 2.93 -2.11 1.11 N/A 0.01 12/01/2005 as of September 30, 2022 Cambiar - Large Cap Value - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 10 1 Year 3 Years 5 Years 7 Years 10 Years Inception 04/01/2002 Total Fund Beginning Market Value 135,430 155,776 155,776 112,100 98,889 79,654 60,319 18,363 Net Contributions -28 773 773 4,138 6,573 9,308 13,543 36,018 Fees/Expenses -175 -731 -731 -1,966 -3,000 -3,884 -5,207 -6,792 Income 639 2,619 2,619 6,487 10,679 14,207 18,410 27,241 Gain/Loss -6,781 -29,352 -29,352 8,326 15,943 29,799 42,018 54,254 Ending Market Value 129,084 129,084 129,084 129,084 129,084 129,084 129,084 129,084 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Total Fund 6.06 10.36 0.99 -30.98 97.21 98.41 -0.23 0.50 0.98 04/01/2002 Policy Index 6.40 10.36 1.00 -35.95 100.00 100.00 0.00 0.53 1.00 04/01/2002 90-Day T-Bills 1.21 0.42 0.00 0.00 4.71 -3.67 1.23 N/A 0.00 04/01/2002 as of September 30, 2022 Total Fund - Executive Summary Tamarac Firefighters' Pension Trust Fund The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 7 Date 12 Months 3 Years 5 Years (8.02) (20.46) (21.13) 1.43 1.49 (21.61) (29.41) (33.76) (6.80) (5.16) (2.24) (8.03) (6.83) (2.85) (2.61) (8.20) (25.85) (20.13) 12.01 9.89 (2.80) (9.36) (6.61) (7.67) (2.00) Tamarac Firefighters' Pension Trust Fund Capital Markets Returns as of September 30, 2022 Past Performance is not a guarantee of future results. Indices are not available for direct investment. Source: PARis Page 5 • December 2008: Added: International Growth Mgr • December 2007: Removed: Small-Cap Value Mgr • July 2007: • Added: Mid-Cap Growth Manager • Added: Small-Cap Core Manager • November 2005: Replaced: Large-Cap Value Mgr • March 2004: • Replaced: International Value Manager • Added: Large-Cap Growth Manager • March 2002: Added the following accounts: • Large-Cap Value Manager • Small-Cap Value Manager • International Value Manager • Fixed Income Manager Tamarac Firefighters' Pension Trust Fund Goal Review as of September 30, 2022 The price, quotes, and statistics contained herein have been obtained from sources believed to be reliable, however, it’s accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 3