Windham Capital Management. Firm Overview ABOUT WINDHAM INVESTMENT APPROACH MISSION AND VALUES

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1 indham Capital Management Firm Overview ABOUT INDHAM indham Capital Management was founded in 1988 as an SEC-registered investment advisor in Cambridge, Massachusetts. indham is widely known for its pioneering research and its impact on the way institutional investors manage assets. indham provides investment management for private clients, investment advisors, foundations, endowments and other select institutional investors. Armed with innovative research and proprietary risk management, indham creates and manages portfolios and single-strategies to increase the probability of investment success in both calm and turbulent markets. INVESTMENT APPROACH The indham investment approach features broad diversification positioning portfolios opportunistically at all times rather than determining when to be in or out of the market. Philosophy indham believes that active risk management and disciplined portfolio construction, supported by a profound understanding of asset class behavior throughout various market environments, will yield higher returns over the long-term. This philosophy is based on the following core tenets: The markets are micro-efficient but macro-inefficient. Successful diversification must consider the prevailing environment. Risk can be managed with disciplined and proven technologies. Costs and expenses can erode returns but can be controlled. Process By integrating broad diversification and asset allocation with proprietary risk management, indham constructs portfolios designed to outperform when markets are calm and defend against downside risk when markets are turbulent. A key input to this process is the indham Investment Risk Cycle TM. This proprietary risk measure reflects financial market sensitivity to changes in levels of market turbulence and provides an early warning signal to fragile markets. MISSION AND VALUES indham manages investment risk to maximize returns during calm and turbulent markets. Committed to increasing the probability of success for clients, indham follows a set of core values: Independence and objectivity afford the freedom to find better ways of focusing on the interests of the client. Integrity and transparency translate to open communication and rigorous attention to every detail and rule of conduct for the industry. Diversity and creativity allow for the cultivation of and respect for new ideas from passionate and talented professionals. Research and innovation address investment problems with a unique blend of quantitative and fundamental research. Risk and return focus all efforts including hiring professionals, conducting research and investment decision-making on managing risk to maximize return.

2 indham Capital Management History of Innovation From the outset indham has favored unconventional thinking, objectivity and a relentless focus on the needs of the client. Building on its foundation in institutional investment management, indham has spent the past two decades solving investment problems and helping clients build and manage assets. 1988: indham was founded by Mark Kritzman to provide innovative solutions to sophisticated investors 1989: indham began managing money for institutional investors with active currency strategies. 1993: Mark Kritzman received the first of three prestigious Graham and Dodd Scroll Awards for excellence in financial writing. 1996: indham partnered with State Street in forming State Street Associates, an industry-leading investment research think-tank, which began providing portfolio risk management advisory services to the world s most sophisticated institutional investors in : Research behind the indham Turbulence Index and indham Systemic Risk Index was unveiled to better manage portfolios during calm, fragile and turbulent markets. 2002: Mark Kritzman is awarded his 2nd Graham and Dodd Scroll Award for his co-authored paper The Mismeasurement of Risk 2003: Mark Kritzman receives the prestigious Bernstein Fabozzi/Jacobs Levy Best Article Award, an award which honors innovative research and practice in portfolio management, for The Hierarchy of Investment Choice, co-authored with Sebastien Page 2006: indham began advising private clients on wealth management. 2008: indham celebrated 20 years of financial innovation. 2009: indham launched customized portfolios and single-strategies for a select group of private clients, investment advisors and small institutions. 2010: indham opened a new office in Boston s John Hancock Tower to house the firm s expanded investment management services. The indham Investment Risk Cycle was introduced to help guide indham s tactical asset allocation decisions throughout changing market conditions. In addition, indham launched The indham Portfolio and The indham Retirement Income Portfolio. 2011: indham launched six Single-Strategies to provide active exposure to equities, fixed income and alternatives to private clients, advisors and foundations and endowments.

3 indham Capital Management Investment Philosophy indham believes that active risk management, disciplined portfolio construction and a profound understanding of asset class behavior throughout various market environments are key to generating higher excess returns. THE FIRM S STRATEGY AND PHILOSOPHY FOLLO THESE CORE TENETS: The markets are micro-efficient but macro inefficient. indham does not attempt to predict the future value of individual stocks and bonds, given the potential for uncompensated risk. Instead, indham believes in a disciplined, lower risk approach to exploiting and potentially profiting from the inefficiencies between global asset classes. Successful diversification must consider the prevailing environment. To diversify appropriately, indham continually researches asset class behavior in particular, relative to one another through various market cycles. By understanding these relationships, indham seeks to invest in asset classes with the potential to outperform during calm markets and protect against downside risk during turbulent markets. Risk can be managed with disciplined and proven technologies. Given the variability of risk, managing it effectively, at times, requires more than proper diversification. Accordingly, indham employs its proprietary Investment Risk Cycle TM which measures market turbulence and systemic risk as a key input to managing portfolios effectively through all market environments. Costs and expenses can erode returns but can be controlled. To avoid having investors forfeit returns to unnecessary costs, indham actively seeks ways to preserve portfolio performance by managing turnover, trading costs and investment vehicle expenses. indham s philosophy is to stay fully invested, tactically adjusting exposure to a broadly diversified set of global asset classes, rather than trying to time the market. Through its proprietary risk measures indham evaluates current market environments, adjusts exposures to better diversify through changing market environments and ultimately exploits return opportunities.

4 indham Capital Management Investment Process indham s investment process integrates broad diversification and asset allocation with proprietary risk management to construct portfolios designed to outperform in calm markets and protect against downside risk in turbulent markets. A key input to this process is the indham Investment Risk Cycle TM, the firm s proprietary measure of market turbulence and systemic risk which provides an early warning signal to fragile markets. INDHAM S INVESTMENT PROCESS INCLUDES: Researching the ETF universe to identify those that satisfy indham s stringent criteria for investment. To be considered eligible, an ETF must provide exposure to an important risk factor; track its designated index; offer sufficient liquidity and have an acceptable expense ratio. Constructing optimal portfolios for each phase of the investment risk cycle. To do so, indham forecasts asset returns by estimating each asset s contribution to the total risk of a broadly diversified global portfolio during each phase of the investment risk cycle. Next, indham estimates risk at specific points in the cycle, by using expected asset price behavior and comovement based on measures of market turbulence and systemic risk. indham then optimizes portfolios to maximize total return for a given level of risk. Finally, indham evaluates risk levels by stress testing portfolios to assess downside risk and active risk using proprietary measures. Measuring turbulence and systemic risk daily, through the investment risk cycle, to identify transition points within the cycle. indham then shifts to the appropriate optimal portfolio based on the specific point in the cycle. indham has a unique method for turning investment process inputs (e.g. forecasts, daily measures of turbulence and systemic risk) into investment decisions. Rather than using traditional average estimates of risk and correlation over a long period, indham partitions returns into periods of turbulent or calm markets to evaluate risk given prevailing market conditions. By monitoring its proprietary risk measures daily, indham can tactically adjust exposures based on where the markets are relative to the investment risk cycle. The end goal is to limit downside risk during market downturns while also participating in market rallies.

5 indham Capital Management Investment Management Team MARK KRITZMAN is Managing Partner and Chief Investment Officer of indham Capital Management, LLC. He is also a Founding Partner of State Street Associates, and he teaches a graduate course in financial engineering at the Massachusetts Institute of Technology. Mark has served on several corporate and non-profit boards, including the Institute for Quantitative Research in Finance, The Investment Fund for Foundations, and State Street Associates. He is a member of several advisory and editorial boards, including the Center for Asset Management at Boston College, the Advisory Board of the MIT Sloan Finance Group, the Emerging Markets Review, the International Association of Financial Engineers, the Journal of Alternative Investments, the Journal of Derivatives, and the Journal of Investment Management. Mark has won multiple prestigious awards including the Graham and Dodd Award and the Bernstein-Fabozzi/Jacobs-Levy Award. In 2004, Mark was elected a Batten Fellow at the Darden Graduate School of Business Administration, University of Virginia. Mark received a Master of Business Administration degree from New York University. STAN SHELTON, CFA is a Managing Partner and Head of Investment Management of indham Capital Management, LLC. Prior to joining indham, Stan spent 24 years with State Street Bank and Trust Company. He was an Executive Vice President, a member of the Executive Management Committee with responsibility for State Street Global Markets, and the Chairman of State Street Global Markets, LLC, a US broker dealer. He was also a Founding Partner of State Street Associates, a collaborative financial services firm that incorporates the investment advisory and research capabilities of indham Capital Management, FDO Partners, and State Street Global Markets. Stan is a member of the University of Georgia Board of Trustees and the Center for Asset Management at Boston College. He received a Bachelor of Arts degree from the University of Georgia and a Master of Science degree from Boston College. Stan is a member of the CFA Institute and the Boston Security Analysts Society. LUCAS TURTON, CFA is a Managing Partner and the Chief Investment Strategist of indham Capital Management, LLC. Lucas joined indham in 2004 and is responsible for the development and management of indham s investment solutions for high-net-worth individuals, family offices, financial advisors and select institutions. Prior to business school, Lucas spent five years with United Technologies Corporation where he was an engineer focused on the development and application of customized technology solutions. Lucas received a Bachelor of Science degree from Cornell University and a Master of Business Administration degree from the Massachusetts Institute of Technology. Lucas is a member of the CFA Institute and the Boston Security Analysts Society.

6 indham Capital Management Investment Management Team TIM ADLER, CFA is a Managing Partner and Director of Research and Technology for indham Capital Management, LLC. Tim joined indham in 2004 and is responsible for managing the research for all of indham s investment solutions and proprietary technologies. Prior to joining indham, Tim was a member of the advisory team at State Street Associates, where he conducted portfolio construction and risk management Science degree from the Royal Melbourne Institute of Technology and a Master of Business Administration degree from Boston College. Tim is a member of the CFA Institute and the Boston Security Analysts Society. SCOTT CARLETON, CFA is a Managing Partner and Director of Client Service and Operations for indham Capital Management, LLC. Scott joined indham in 1998 and is responsible for managing the trading, operations and client service for indham s investment solutions. Scott received a Bachelor of Arts Degree from the University of Massachusetts at Amherst and a Master of Business Administration degree from the University of Denver. Scott is a member of the CFA Institute and the Boston Security Analysts Society. CHARLES (SKIP) CUTRELL, Esq. is a Managing Partner and Chief Legal and Compliance Officer for indham Capital Management, LLC. Prior to joining indham, Skip spent 14 years with State Street Bank and Trust Company. He was an Executive Vice President and General Counsel, with responsibility for managing State Street s global legal team. His expertise included bank regulatory matters and securities law, compliance and risk management. He was also responsible for legal oversight of State Street s collaboration with indham through State Street Associates. As Secretary to the Board of Directors, he managed corporate governance matters, industry affairs and SEC regulatory filings. Prior to State Street, Skip worked as legal counsel for The Boston Company. He began his career with the law firm of Gaston & Snow in Boston. Skip received a Bachelor of Arts degree in government and economics from Oberlin College. He received his Juris Doctor degree from the University of Virginia School of Law. CHRIS ARNOLD is Vice President, Client Relationship Management of indham Capital Management, LLC. He is responsible for managing the development and growth of our client relationships. Prior to joining indham, Chris was Regional Director of Boston-based TS Capital, an independent distributor of asset management strategies to financial advisors and institutions. Prior to TS Capital, Chris was a Vice President of BNY Mellon Asset Management where he developed and managed relationships with professional advisors, family offices and institutional investors. Prior to this, he was a financial advisor at Alliance Bernstein where he provided wealth management services to high net worth investors and small institutions. Earlier in his career, Chris worked at Thomson Reuters where he sold equity research and quantitative services to institutional investors. Chris received a Bachelor of Science degree from Fairleigh Dickinson University. He holds the Series 7 and 63 licenses.

7 indham Capital Management Investment Management Team KAREN FERNANDES is Vice President, Client Relationship Management of indham Capital Management, LLC. She is responsible for managing the development and growth of our client relationships. Prior to joining indham, Karen spent five years with State Street Bank and Trust Company. She was a Vice President in charge of global marketing and sales for the currency management products of indham Capital Management and State Street Associates. Under her leadership, assets under management grew from $4 billion to over $25 billion. Prior to business school, Karen spent five years as a Marketing Manager at EnCapital, a Boston-based boutique investment banking firm. Karen received a Bachelor of Science degree and a Master of Business Administration degree from Boston University. She holds the Series 7, 63 and 65 licenses. JENNIFER DUNN, CFP is a Senior Client Service Associate at indham Capital Management, LLC. She is responsible for providing our clients with a superior level of service through onboarding, account maintenance, and ongoing communication. Prior to joining indham, Jennifer worked as a financial planner at a prominent wealth management firm where she focused on retirement, estate, and tax planning. Jennifer received a Bachelor of Arts from College of the Holy Cross. She holds the Series 65 license and is a Certified Financial Planner. YUANZHEN LI, PHD is a Senior Research Associate at indham Capital Management, LLC. She joined indham in 2008 and is responsible for researching and developing our investment solutions as well as enhancing our proprietary technologies. Yuanzhen received a PhD from the Massachusetts Institute of Technology and a Master of Science degree from Chinese Academy of Sciences. CEL KULASEKARAN is a Senior Research Associate at indham Capital Management, LLC. He joined indham in 2004 and is responsible for researching and developing our investment solutions as well as enhancing our proprietary technologies. Cel received a Bachelor of Science from orcester Polytechnic Institute and a Master of Arts from Boston University.

8 indham Capital Management Disclosures The information contained in this presentation (the Presentation ) is highly confidential and is not to be reproduced or distributed to any other persons (other than professional advisors of the investors receiving these materials). The Presentation is intended solely for the use of the persons to whom it has been delivered. This Presentation has been prepared solely for informational purposes. The Presentation is not intended to provide professional or investment advice, and you are advised to seek independent professional advice prior to investing in any products or strategies described in the Presentation or recommended by indham Capital Management, LLC. In addition, this Presentation is neither an offer to buy or sell any securities, nor a solicitation of an offer to buy or sell interests or shares in any fund or strategy. Historical data and other information contained herein is believed to be reliable, but no representation is made as to its accuracy, completeness, or suitability for any specific purpose. indham accepts no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions. Past performance figures, including any projection or forecast, are not necessarily indicative of future or likely performance of any investment products. No assurance may be given that the strategies investment objectives will be achieved. Investments are subject to investment risks including possible loss of principal amount invested. indham does not provide tax advice to its clients and all investors are urged to consult with their tax advisors with respect to any potential investment. Opinions expressed are current opinions as of the date appearing in this material only. References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the indham portfolio will achieve returns, volatility or other results similar to the index. The composition of a benchmark index may not reflect the manner in which a indham portfolio is constructed in relation to expected or achieved returns, investment holdings, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change over time. indham Capital Management, LLC owns trademark and other intellectual property rights contained in this Presentation. You are prohibited from copying, reproducing, modifying, or distributing in any way the contents or any part of this Presentation for any purpose without our prior written consent. indham Capital Management, LLC does not intend for the information contained in this Presentation to be distributed to, or used by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or would subject indham to any registration requirement within such jurisdiction or country. Additional information is available upon request. indham Capital Management, LLC and its owners disclaim any and all liability relating to this Presentation, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, this information. indham s investment products are offered exclusively by indham and not as part of its collaboration with State Street Associates. Contact INDHAM Jennifer CAPITAL Dunn MANAGEMENT, at LLC or 200 jdunn@windhamcapital.com Clarendon Street, 26th Floor, Visit Boston, us at MA