TARGET ASSET ALLOCATION

Each year the Subcommittee on Investments of the Board of Directors reviews and establishes strategic asset allocation targets and minimum and maximum constraints for individual asset classes for the endowment. The endowment is monitored by the CIO on a regular basis to identify variances from strategic targets. Factors considered in determining strategic asset allocation include:

• Capital market conditions;
• Changes in the investment industry;
• New financial instruments; or
• A change in the Subcommittee's risk tolerance.

Pooled Endowment Target Asset Allocation Approved February 2009