ALTERNATIVE INVESTMENT COMMENTARY*

Like other risk assets, alternatives rebounded during the second quarter with the HFRI Fund-of-Funds Composite Index
advancing by 7.2%. Global markets rallied as economies around the world started to ease COVID lock downs and central
banks continued to provide support. Specifically, ‘Equity Hedged’ and ‘Event Driven’ strategies were among the best
performing alternative strategies following their underperformance during Q1 as the HFRI Equity Hedged (Total) Index
and HFRI Event Driven (Total) Index increased by 13.6% and 9.6%, respectively. We are happy to report that the
managers whom underperformed in Q1 rebounded nicely and were the best performers in Q2. Our best performing
alternative strategies during the second quarter were ‘Event Driven’ Equity and Fixed Income managers. We continue to
have confidence in our existing managers and their ability to navigate markets during a time of great uncertainty for
economies globally.

*Data taken from HFRI (Hedge Fund Research Indices) as of July 8th, 2020