Our Process - Select Money Managers “The integrity of money managers and their organizations, coupled with their investment performance, are the ultimate deciding factors in manager selection, review and replacement.” Quantitative Screening Investment Style: Consistent over multiple cycles? Past Investment Performance: Relative to benchmark on risk adjusted basis? Peer Group Comparison: Performance relative to peer group? Qualitative Screening Investment Philosophy: Clearly articulated? Based on sound theory and empirical evidence? Investment Strategy: Top down? Bottom up? Sector based? Thematic? Research Orientation: Fundamental price/value framework? Decision-Making Process: Committee driven? Black box? Risk Controls : What tools or strategies does the manager use to control risk? Ongoing Manager Review and Replacement Categorize approximately 7,000 managers according to investment strategy and style. Measure performance against 200 specialized benchmarks. Rehire managers each month relative to performance within their peer group.