The Episcopal Church Foundation

As of June 30, 2015 and Trailing Time Periods 70/30 and 60/40 Equities to Fixed Income

Standard and Socially Screened

Endowment Management Solutions

Following are sample custom accounts portfolios using State Street Global Advisors investment strategies. Performance is compared to a blended benchmark that reflects the portfolio’s strategic target asset allocation. The pie chart shows the tactical overlays that have been applied to the portfolios based on current market conditions.

Hypothetical Growth Strategy Allocation and Performance

Hypothetical Growth Strategy Total ReturnJune 30, 2015

Hypothetical Growth Strategy Asset Allocation

All returns greater than one year are annualized.23% S&P 500, 5% Russell 2000, 5% S&P 400 Mid Cap, 15% MSCI EAFE, 8% MSCI Emerging Markets Free, 4% S&P Devel ex US Under 2 Bil, 5% DJ Global Select REIT, 5% DJ/UBS Commodity, 15% Barclays Capital Aggregate Bond, 5% BC - US TIPS, 5% JPM Govt Bond Index-Emerging Mkts Div, and 5% Barclays Capital High Yield Index.

Small Cap International Alpha Strategy5%

SPDR Dow Jones Int'l Real Estate ETF

2.5%

SSgA/Tuckerman US REIT Index Strategy

2.5%

S&P Mid Cap 400 Index Strategy

5%

International Alpha Strategy18%

S&P 500 Index Strategy23%

US Aggregate Bond Index Strategy 13%

Active US HY Bond Strategy5%

Small Cap Index Plus Strategy

5%

Active Emerging Markets Index Strategy 7%

DJ/UBS Commodity Index Composite3%

US TIPS Strategy3%

US Intermediate Credit Index Strategy3%

TCW Emerging Mkts Income Fund3%

SSgA Long US Credit Index Strategy2%

Source: SSgAPerformance is gross of fees.Hypothetical returns are based upon estimates and reflect subjective judgments and assumptions. These results were achieved by means of a mathematical formula and do not reflect the effect of unforeseen economic and market factors on decision-making. The hypothetical returns are not necessarily indicative of future performance, which could differ substantially. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Hypothetical Balanced Strategy Allocation and Performance

Hypothetical Balanced Strategy Total ReturnJune 30, 2015

Hypothetical Balanced StrategyAsset Allocation

All returns greater than one year are annualized.21% S&P 500, 4% Russell 2000, 4% S&P 400 Mid Cap, 13% MSCI EAFE, 7% MSCI Emerging Markets Free, 3% S&P Devel ex US Under 2 Bil, 4% DJ Global Select REIT, 4% DJ/UBS Commodity, 19% Barclays Capital Aggregate Bond, 7% BC - US TIPS, 7% JPM Govt Bond Index-Emerging Mkts Div, and 7% Barclays Capital High Yield Index.

Small Cap International Alpha Strategy4%

SPDR Dow Jones Int'l Real Estate ETF

2%

SSgA/Tuckerman US REIT Index Strategy

2%

S&P Mid Cap 400 Index Strategy

4%

International Alpha Strategy16%

S&P 500 Index Strategy21%

Active US HY Bond Strategy

7%

Small Cap Index Plus Strategy

4%

Active Emerging Markets Index Strategy 6%

US TIPS Strategy5%

US Interm Credit Index Strategy3%

TCW Emerging Income Fund4%

US Aggregate Bond Index Strategy 18%

SSgA Long US Credit Index Strategy2%

DJ/UBS Commodity Index Composite2%

Source: SSgAPerformance is gross of fees.Hypothetical returns are based upon estimates and reflect subjective judgments and assumptions. These results were achieved by means of a mathematical formula and do not reflect the effect of unforeseen economic and market factors on decision-making. The hypothetical returns are not necessarily indicative of future performance, which could differ substantially. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Fund Performance — Custom Accounts

Fund Description Quarter YTD 1 Year 3 Year 5 Year 10 YearSince

InceptionInception

DateLarge Cap Equity S&P 500 Index Composite 0.27 1.22 7.43 17.32 17.36 7.93 10.58 01/01/86S&P 500 Index 0.28 1.23 7.42 17.31 17.34 7.89 10.55Mid/Small Cap Equity               S&P Mid Cap 400 Index Composite -1.05 4.20 6.39 18.62 17.87 9.77 12.72 07/01/91S&P Mid Cap 400 Index -1.06 4.20 6.40 18.60 17.82 9.74 12.71Small Cap Index Plus Composite -0.69 5.22 9.06 20.58 20.39 8.91 9.98 06/01/00Russell 2000 Index 0.42 4.75 6.49 17.81 17.08 8.40 8.05International Equity               International Alpha Composite 1.39 7.47 -2.87 14.82 10.44 5.32 6.12 01/01/98MSCI EAFE Index 0.62 5.52 -4.22 11.97 9.54 5.12 4.99Small Cap Intl Alpha SL CTF (ZV99) 4.13 11.25 0.82 18.70 15.40 9.19 10.77 10/31/97S&P EPAC Small Cap(R) 4.55 10.29 0.33 15.90 12.43 7.26 7.59Active Emerging Markets Composite 3.00 3.41 -3.77 3.29 3.74 7.70 7.89 12/01/93MSCI EM Index 0.69 2.94 -5.12 3.71 3.68 8.11 5.81REITS and Commodities               SSgA US REIT Index Composite -9.96 -5.75 5.19 8.65 14.40 6.83 10.26 11/01/96Dow Jones US Select REIT Index -9.99 -5.75 5.21 8.67 14.43 6.78 10.22Bloomberg Commodity Total Return Idx Composite 4.64 -1.61 -23.74 -8.83 -3.96 N/A -5.54 09/01/07Bloomberg Commodity Total Return Idx 4.66 -1.56 -23.71 -8.76 -3.91 N/A -5.52Fixed Income               US Aggregate Bond Index Composite -1.69 -0.08 1.89 1.86 3.35 4.45 5.65 04/01/96BCAP US Aggregate Bond Index -1.68 -0.10 1.86 1.83 3.35 4.44 5.61US TIPS Index Composite -1.07 0.34 -1.72 -0.76 3.28 4.13 6.04 08/01/00BCAP US TIPS Index -1.06 0.34 -1.73 -0.76 3.29 4.13 6.02Intermediate US Credit Idx Composite -0.94 0.84 1.57 2.91 4.17 4.85 5.76 01/01/97BCAP US Intm Credit Bond Index -0.94 0.82 1.51 2.88 4.18 4.80 5.74Active US High Yield Bond Composite 0.23 2.84 0.22 7.41 9.18 8.48 8.29 02/01/01BCAP US HY 2% Issuer Cap Custom Idx 0.01 2.53 -0.39 6.81 8.58 7.70 7.71 Source: SSgA Performance SystemThe above Composites are not mutual funds but are unregistered investment vehicles. Past performance is not a guarantee of future results. Performance returns for periods of less than one year are not annualized. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Fund Performance — Custom Accounts

Fund DescriptionExpense

Ratio Quarter YTD 1 Year 3 Year 5 Year 10 YearSince

InceptionInception

DateREITS SPDR Dow Jones Intl Real Estate (MKT) 0.59 -2.28 2.20 -2.53 9.46 12.14 N/A 0.01 12/01/06Dow Jones Global ex-U.S. Select Real Estate Securities -2.27 1.67 -2.06 10.76 12.88 N/A 1.14Fixed Income TCW Emerging Markets Income I 0.85 -0.21 -0.51 -6.50 2.50 6.01 7.90 9.87 06/01/98JPM EMBI Global -0.29 1.76 -1.57 3.43 6.52 7.34 8.99

Source: MorningstarPerformance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Average annual total return and total return are historical and include change in share value and reinvestment of dividends and capital gains, if any. Performance data for some mutual funds and ETFs may reflect an expense limitation currently in effect, without which returns would have been lower. The “SPDR®” trademark is used under license from of Standard & Poor Financial Services LLC. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by Standard & Poor Financial Services LLC. Standard & Poor's®, S&P®, S&P 500®, Select Sector SPDR®, Select Sector SPDRs® are trademarks of Standard & Poor Financial Services LLC., and have been licensed for use by State Street Bank and Trust Company. Performance returns for periods of less than one year are not annualized.

Hypothetical Screened Growth Strategy Allocation and Performance

Hypothetical Screened Growth Strategy Total ReturnJune 30, 2015

Hypothetical Screened Growth StrategyAsset Allocation

All returns greater than one year are annualized.50% Russell 3000, 20% MSCI ACWI Ex US IMI, 15% BCAP US Credit Bond Index, 15% BCAP US Intermediate Gov Bond Idx.

Intermediate US Gov Index Strategy15%

Screened MSCI ACWI Ex US IMI Index Strategy20%

Socially Responsible US Credit Index Strategy15%

Russell 3000 Screened Index Strategy

50%

Source: SSgAPerformance is gross of fees.Hypothetical returns are based upon estimates and reflect subjective judgments and assumptions. These results were achieved by means of a mathematical formula and do not reflect the effect of unforeseen economic and market factors on decision-making. The hypothetical returns are not necessarily indicative of future performance, which could differ substantially. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Hypothetical Screened Growth Strategy Allocation and Performance

Hypothetical Screened Balanced Strategy Total ReturnJune 30, 2015

Hypothetical Screened Balanced StrategyAsset Allocation

All returns greater than one year are annualized.45% Russell 3000, 15% MSCI ACWI Ex US IMI, 20% BCAP US Credit Bond Index, 20% BCAP US Intermediate Gov Bond Idx.

Intermediate US Gov Index Strategy20%

Screened MSCI ACWI Ex US IMI Index Strategy15%

Socially Responsible US Credit Index Strategy20%

Russell 3000 Screened Index Strategy

45%

Source: SSgAPerformance is gross of fees.Hypothetical returns are based upon estimates and reflect subjective judgments and assumptions. These results were achieved by means of a mathematical formula and do not reflect the effect of unforeseen economic and market factors on decision-making. The hypothetical returns are not necessarily indicative of future performance, which could differ substantially. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Fund Performance — Screened Accounts

Fund Description Quarter YTD 1 Year 3 Year 5 Year 10 YearSince

InceptionInception

DateUS Large Cap Screened Russell 3000 Idx Composite 0.03 1.77 7.91 18.04 17.65 8.16 8.82 09/01/03Russell 3000 Index 0.14 1.94 7.29 17.73 17.54 8.15 8.84International Equity MSCI ACWI ex US IMI Screened Idx Composite 1.30 4.62 -4.28 N/A N/A N/A 0.28 04/01/14MSCI ACWI ex US IMI Screened Idx Composite 1.00 4.59 -4.97 N/A N/A N/A -0.28Fixed Income Socially Responsible US Credit Idx Composite -2.92 -0.76 1.04 3.13 4.95 5.10 5.13 12/01/04BCAP US Credit Bond Idx -2.88 -0.78 0.93 3.03 4.93 5.12 5.20Intermediate US Gov Bond Idx Composite -0.44 0.81 1.77 0.88 2.04 3.64 4.71 01/01/97BCAP US Intm Gov Bond Index -0.43 0.82 1.79 0.90 2.06 3.68 4.73

Source: SSgA Performance SystemThe above Composite are not mutual funds but are unregistered investment vehicles. Past performance is not a guarantee of future results.Performance returns for periods of less than one year are not annualized.Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

*The MSCI ACWI ex US IMI was incepted on 4/1/2014. For the hypothetical blends used on slides 3 and 4 for periods greater than QTR the MSCI EAFE Idxreturns were used to calculate the hypothetical performance.

June 30, 2015