Complementary Investment Strategies

---

Asset allocation is a fundamental component of our investment philosophy. Diversification through asset classes and management styles beyond our internal areas of expertise is critical to delivering on this philosophy.

Accordingly, as part of our services, we advise our clients on the selection of appropriate external managers whose styles complement ours and whose performance we believe will rank them highly among their peers. When an external manager is chosen, we remain the primary client advisor and provide performance reporting and updates on each of the managers hired.

All external managers are subjected to a rigorous due diligence process in order to be selected by our firm's investment committee. Primary considerations when evaluating complementary external managers include:

• Firm Structure and People
• Effective Process
• Strategy Discipline and Historical Performance
• Ability to Manage Risk
• Tax Efficiency

By utilizing these complementary investment strategies, we are better able to construct portfolios that fully reflect the optimal investment structure for each client.