One Hundred Northfield Drive, Windsor, CT 06095 Toll Free: 866.466.9412 www.fiallc.com

Introduction to Fiduciary Investment Advisors

Our Mission

Our mission is to provide customizedconsulting services to assist our clients in achieving their investment objectives while fulfilling their fiduciary obligations.

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Who We Are

Fee-Only Fiduciary Advisor

• 100% employee owned

• Completely independent - zero conflicts of interest

• No product sales or ancillary business lines

Regional Boutique Firm• We provide an exceptional, customized

service experience

• 68 employees, all dedicated to this work

• We focus on clients in New England, with a particular focus on the Greater Hartford area

$62B Under AdvisementFocused Expertise

99% Client Retention Rate• Client satisfaction is the primary

focus of our firm

• Retention rate is the result of thoughtful, customized consulting

Company Culture

• Over 20 years of experience consulting to non-profit clients

• Significant experience in ESG investing and adherence to investment restrictions

• Provides us influence that we leverage on behalf of our clients

• We have the resources and knowledge typically found in much larger firms

• Numerous “Best Places to Work” awards, both locally and nationally

• Emphasis on community service

• Focus on collaboration, consistency of advice, and continuity of service team

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Non-Profit Focus

3.5BEndowment &

Foundation assets under advisement

23Years providing

consulting services to non-profit clients

We have been providing investment services and strategic guidance to non-profit clients since 1994 (and our first non-profit client remains a client today!).

We serve a number of religious organizations and have significant experience adhering to investment restrictions.

We have an internal Endowment & Foundation committee tasked with monitoring trends and best practices and driving implementation and process across our practice.

We have an internal ESG committee tasked with keeping abreast of trends in the marketplace and engaging with managers who provide various means of ESG investing.

150+Number of non-profit clients

we currently serve

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Our Organization

Performance / Technology

Marc Ursin,Sr. Performance Analyst

David Fontaine,Sr. Performance Analyst

William Garcia,Performance Analyst

Patrick Chase, CIPM, PMP,Director, Technology & Performance Monitoring

Business Development & Marketing

Christian Coleman,Partner & Director,

Business Development & Marketing

Carrie Gallo,Marketing Associate

Kristen Klaus,Marketing Consultant

Client Analysts / Research Analysts

Maura Goulart, CFA,Director,

Client Services

Susan Woytowicz,Sr. Research Analyst

Matt Kaminski, CFA,Partner & Director, Manager Research

Oakley Duryea,Research Analyst

Valerie Jasinski,Research Analyst

Matt Fratini,Research Analyst

Katie Marino, AIF®

Director,Client Services

Kelly Spencer,Research Analyst

Dennis Scarpa, CFA, Research Analyst &

Associate Consultant

Laura Gineo,Sr. Research Analyst

Scott Boulton,Research Analyst &

Associate Consultant

Chris Ledwith,Research Analyst

Robert Lowry, CFA,Sr. Research Analyst

Matt Smith, CFA,Research Analyst

Richard Carey,Associate

Research Analyst

Andrea McAndrew, CFA, Research

Analyst

Consultants / Wealth Advisory

Jeff Capone,Partner & Sr. Consultant

Vincent Smith, AIF®,Partner & Sr. Consultant

Kevin O’Brien, CFA,Senior Consultant

Tyler Polk, AIF®,Partner & Sr. Consultant

Mike Chase,Partner & Sr. Consultant

Devon Francis, CIMA®,Senior Consultant

Leslie Whitney, AIF®,Senior Consultant

Peter Nadeau, ARPC,Consultant

Mary Legg, CEBS, CFP®,

Financial Educator

Andrew Salak,Assoc. Director, Wealth

Advisory

Operations & Client Services

Tracey Flynn,Director,

Client Services

Janet Ramos,Senor Client

Service Associate

Cindy Vitek,Client Service Associate

Maggie Percival,Accounting Associate

Lindsay Mermell,Client Service &

Research Analyst

Chelsea Tougas,Client Service Associate

Paige Thompson,Associate

Research Analyst

Felicia Lastra,Client Service Associate

Anne Haynes,Research Analyst

Brian Dillon, AIFA®, ChFC® Consultant

Mark Wetzel,President

Mike Goss,Executive Vice

President

Chris Kachmar, CFA,

Managing Partner, Chief Investment

Officer

Tony Tranghese, CFA,

Managing Partner & Senior

Consultant

Karen Paulson, CIMA®, PRP,

Managing Partner & Senior

Consultant

Ryan Gardner,Managing

Partner & Senior Consultant

Chris Rowlins, AIF®,

Managing Partner & Senior

Consultant

Maureen Cooper,

Chief Operating Officer

Jim O’Brien,Business Development

Associate

Dan Lojko,Associate

Research AnalystWilliam Horobin,

Technology Associate

Chris DziubasikResearch Analyst

Carol Morelli,Administrative Assistant

Andre Joyner,Marketing Associate

Matthew Pranaitis,Associate

Research Analyst

Dan Duffy,Associate

Research Analyst

Anissa Berasi,Marketing Associate

Polina Crotty, CFP®

Research Analyst & Financial Educator

Andrew Hurd,Associate

Research Analyst

Mike Kopec,Associate

Research Analyst

Chris Rizos,Associate

Research Analyst

Kyle Sherman,Associate

Research Analyst

Gregory Adams, ChFC®

Consultant

Sean McCaffery,Research Analyst

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Your ConsultantDevon Francis, CIMA®

Devon is a Senior Consultant at Fiduciary Investment Advisors, LLC (FIA), where she works with a variety ofendowment, foundation, and defined benefit clients. Devon has been with FIA since 2006, and worked alongsidemany of FIA’s founding partners at a previous organization as well. She serves on a number of internalcommittees at FIA, including the Endowment and Foundation Subcommittee, the ESG Subcommittee, the DefinedBenefit Subcommittee, and the FIA Community Service Committee. Devon is a current member of IMCA(Investment Management Consultant’s Association) and holds the designation of Certified InvestmentManagement Analyst, sponsored by IMCA and taught in conjunction with The Wharton School, University ofPennsylvania.

Education:University of New Haven, Masters in Secondary EducationDuke University, Bachelor of Arts

Outside Activities:Hartford Stage – Board of Directors, Executive Committee, Investment Committee, Finance CommitteeAurora Foundation – Grants CommitteeConnecticut Women’s Council – Member

Speaking Engagements & Publications:White Paper – ESG: A Brave New World of Investing (May 2016)White Paper – Board Governance – A Structured Framework (December 2014)White Paper – Corporate Pension Update (June 2014)White Paper – Maintaining a Long Term View in Endowment and Foundation Investing (May 2014)White Paper – Building a Better Investment Committee (July 2013)White Paper – Rethinking Endowment Spending Policies (May 2013)

Personal Interests:Reading, theater, running, flying trapeze (that’s not a joke)

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FIA Consulting Services

Investment Policy/

Spending Policy

Asset Allocation

Investment ManagerSearch/

Selection

InvestmentPerformanceMonitoring

Fee Analysis &Negotiation

Peer Benchmarking

Fiduciary Governance

Operational Support

CTUCC Investment

Program

FIA believes that each client is unique and, as such, our solutions would be customized to meet the specific goals and objectives of the CT Conference of UCC.

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1st Quarter: Benchmarking Focus› Portfolio/Investment Review› Peer Benchmarking› Endowment/Foundation

Landscape Update› Fee Analysis› Ongoing Projects / Open

Discussion

2nd Quarter: Asset Allocation Focus› Portfolio/Investment Review› Asset Allocation Review› Investment Policy Review› Ongoing Projects / Open

Discussion

3rd Quarter: Investment Focus › Portfolio/Investment review› Portfolio Structure› Attribution› Manager Specific Topics /

Interviews› Ongoing Projects / Open

Discussion

4th Quarter: Institution Focus › Portfolio/Investment review› Update on the Institution /

Initiatives› Committee Best Practices› Spending Policy Review› Ongoing Projects / Open

Discussion

Fiduciary Governance Calendar

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Tenets of FIA’s Portfolio Construction Philosophy

› Long term, not tactical

› Set realistic return expectations

› Establish ranges around targets

› Make proactive adjustments

› Revisit rebalancing regularly

Strategic Asset Allocation

› Market timing is difficult, if not impossible

› Disciplined, consistent exposure to markets should align with strategic objectives

› Any allocation to cash equivalents is determined by circumstances unique to the organization

Fully Invested Portfolios

› All asset classes are considered

› Global orientation

› Generally style & market cap neutral

› Employ multiple institutionally oriented firms

Diversified Portfolios

› Unique needs & circumstances of each client serve as the basis for recommendations

› Consider both indexing and “active” strategies where appropriate

› Fees always considered

Customized Solutions

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Manager Research Overview

The Manager Research Group is responsible for

› Conducting research and due diligence on new investment managers, products and asset classes

› Monitoring currently utilized investment strategies on an ongoing basis › Supporting consultants by providing ongoing capital market intelligence› Assisting consultants and analysts with ad hoc client requests

Manager Research Team

Andrea McAndrew, CFA

Research Analyst14 years of experience

Oakley Duryea Chris DziubasikResearch Analyst

11 years of experience

Rob Lowry, CFASr. Research Analyst7 years of experience

Matt Kaminski, CFA Partner & Director,Manager Research

11 years of experience

Research Analyst16 years of experience

Matt Smith, CFAResearch Analyst

7 years of experience

The team works closely with the CIO, Chris Kachmar, CFA, and senior consultants, Tony Tranghese, CFA & Chris Rowlins.

Chris LedwithResearch Analyst

21 years of experience

Sean McCafferyResearch Analyst

1 year of experience

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Manager Research Process Overview

Data Analytics & Idea Generation› Analysts use a variety of sources for idea generation and initial

analysis› Access to full spectrum of asset classes and institutional

quality managers› eVestment Alliance, Morningstar Direct, mPi Stylus› FIA Proprietary Database

Detailed Due Diligence› Quantitative analysis› Portfolio Manager Calls/Meetings› Onsite interviews with additional team members› Detailed Questionnaire

Manager Approval› Analysts present managers to FIA Investment

Committee for a ratings determination› Funds placed on Maintain are available for use

with clients

Ongoing Monitoring› Monthly performance monitoring and quarterly commentary

addressing performance and positioning› Ongoing calls/meetings› In depth review as needed› Quarterly status review and confirmation

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Please remember that past performance may not be indicative of future results. Different types ofinvestments involve varying degrees of risk, and there can be no assurance that the future performance ofany specific investment, investment strategy, or product (including the investments and/or investmentstrategies recommended or undertaken by Fiduciary Investment Advisors, LLC), or any non-investmentrelated content, made reference to directly or indirectly in this presentation will be profitable, equal anycorresponding indicated historical performance level(s), be suitable for your portfolio or individual situation,or prove successful. Due to various factors, including changing market conditions and/or applicable laws, thecontent may no longer be reflective of current opinions or positions. Moreover, you should not assume thatany discussion or information contained in this presentation serves as the receipt of, or as a substitute for,personalized investment advice from Fiduciary Investment Advisors, LLC. Fiduciary Investment Advisors, LLCis neither a law firm nor a certified public accounting firm and no portion of the newsletter content should beconstrued as legal or accounting advice. A copy of the Fiduciary Investment Advisors, LLC’s current writtendisclosure statement discussing our advisory services and fees is available for review upon request.

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