A. Describe your advisory firm, including how long you have been in business. Identify your principal owner(s). Dahab Associates, Inc. was founded in January 1986 by Richard E. Dahab, CFA, to provide investment consulting services to public pension plans, jointly trusteed and private corporation pension plans, endowments, foundations, and family trusts. Dahab Associates has been providing investment consulting services on an ongoing basis to all retainer clients for more than 38 years. We are an independent investment consulting firm categorized as a private corporation under the laws of New York State. DAI is not an affiliate of, nor a subsidiary of another company. The firm is completely independent and is not affiliated with any investment managers or broker dealers. In September 2005, Mr. Dahab established an equity ownership program offering in aggregate a maximum of 30% of the firm’s total equity. Professionals were invited to participate in the program. Currently, Richard Dahab, CFA, Chairman owns more than 85% of the firm with employees owning the remaining equity. B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer, and disclose that your advice is limited to those types of investments. Dahab Associates provides a full complement of investment consulting services and special research or projects on an on-going basis. Our services include but are not limited to the following: ▪ Investment policy & guideline statement development & review; ▪ Asset allocation studies & analysis; ▪ Investment manager search assignments & evaluation; ▪ Performance evaluation & reporting; ▪ Quarterly or monthly performance reviews; ▪ Trustee education; ▪ Research. Investment policy & guideline statement development & review: With new client relationships, we need to familiarize ourselves with existing policies and procedures. This requires a review of the Fund’s Investment Policies and Procedures and, if necessary, making reasoned recommendations for amendments. If a policy and guidelines statement does not exist, we will write a draft based on our modeling work and discussions with the Board. Depending on the Fund’s level of complexity, this task generally takes two weeks to complete. Upon completion, investment managers will receive a copy of the statement that includes clearly defined and specific target objectives for each manager. We strictly enforce compliance with these objectives. On a continuous basis, we will reevaluate the assumptions and conditions and will propose written alternatives to the formal plan including our rationale for such recommendations. Asset allocation studies and analysis: An asset allocation study is conducted to develop an understanding of the interaction between risk and return. Our proprietary asset allocation software can include an unlimited number of asset classes to generate hundreds of thousands of different investment scenarios. These scenarios are then ranked by probability of reaching the actuarial rate of return at the 50%, 75% and 95% confidence levels. We will identify possible pitfalls and limitations to different allocation policies. The trade-offs between different risk/return levels are then a subjective decision within the context of the governing legislation, funding options, and the burden of varying contribution rates sustainable by the Fund. Upon receiving the most recent actuarial report, an asset allocation study usually requires about six weeks to complete. Investment manager search assignments and evaluation: Dahab Associates specializes in independent manager search services. With no ties to any other business entity, we are able to maintain complete objectivity. Our focus is to provide a thorough, unbiased assessment of manager performance. We regularly interview managers and maintain ongoing discussions with the investment management community in order to remain keenly aware of changes within these organizations that can have future impact. Dahab Associates does not work from a list of preferred managers when conducting manager searches. Every search assignment begins with screening an open database for candidates that match the criteria requested by the client. We post all our clients' manager search request for proposals (RFPs) on our website. They are free for all managers to download and submit responses. This open RFP process allows us to help our clients identify promising investment managers who have not yet reached the radar screen of other consultants. Following screening, detailed analysis and

comparisons are generated to evaluate potential candidates. Performance evaluation and reporting: On a quarterly basis, Dahab Associates will provide the Board with an executive summary and comprehensive investment performance reports. Both the summary and comprehensive report will contain performance analysis and total rates of return (gross and net-of-fees) for the Fund and each manager by asset class, management style within asset class, and individually managed portfolio. The Board will be provided quarterly with an ongoing five-year and three-year history of investment performance numbers by individual manager and for the total Fund. Detailed client reports are generated on a quarterly basis. Dahab Associates receives the universe data with which to compare investment performance approximately three to four weeks after each calendar quarter. The monthly custodian statements usually arrive within four weeks after each month end. It will take approximately six weeks after the end of each calendar quarter to prepare and deliver the performance evaluation report. Quarterly or monthly performance reviews: Dahab Associates customarily attends four to six meetings per year to summarize individual money managers’ performance and compare it to Board expectations as well as address any questions or concerns of the Board. We will attend all meetings requested by the client assuming a reasonable amount of advance notice is given, allowing time to arrange or rearrange schedules and secure travel arrangements. Trustee education: We provide a variety of educational opportunities for clients. We provide on-site training and educational programs for clients. We conduct our own research, put together programs, and prepare attendee materials. Typically, these sessions have been to provide broad fundamentals of investing to new Trustees. Dahab Associates offers six education modules encompassing twenty topics that provide comprehensive Board education. We also provide contemporary educational topics in response to the changing investment environment; these address more current topics that affect our clients’ pension funds. We will prepare a presentation on any relevant topic requested by our client. Research: Dahab Associates offers in-depth research capabilities combined with a staff of experienced and seasoned professionals. We have access to an extensive array of resources including an in-house library, proprietary databases, subscription databases, web-based data, and a vast network of professional contacts from which to draw. We also subscribe to several publications, participate in conference calls, and attend conferences to keep us up to date on industry and market trends. Our research staff continuously investigates new investment products, firms, strategies as an ongoing qualitative and quantitative function. We are pro-active in identifying, evaluating, and communicating new investment opportunities and maintain an open-door policy for investment managers. C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Explain whether clients may impose restrictions on investing in certain securities or types of securities. Dahab Associates tailors our advisory services to the individual needs of our clients in every service that we provide. Some of the most basic factors that we consider when customizing our services from client to client are the client’s funding status, investment needs, sophistication, liabilities, and current structure. We use these variables to edit or create the investment policy and guidelines, to perform asset allocation studies, to conduct manager searches and all our reports are customized to address the clients’ needs and requests. We are very flexible when it comes to the ability to customize our reports because the analysis and preparation for all the services that we provide is performed in-house, allowing us to customize reports upon request at no additional fee. Changes can be requested at any time; however, we require a reasonable amount of time to implement the changes prior to generating the report. D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. Dahab Associates does not participate in wrap fee programs. E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and the amount of client assets you manage on a non- discretionary basis. Disclose the date “as of” which you calculated the amounts. Dahab Associates does not manage client assets.