Endowment Trustees Report to Executive Board (Long-Term Investment Fund)

1. 2008 - 09 ET #6.5 2008 – 09 EBD #13.5 (2008 – 09 Spring Meeting) Endowment TrusteesReport to Executive Board(Long-Term Investment Fund) Dan Bradbury – Senior Trustee Saturday – April 25, 2009

2. Market Flash Points • The deleveraging for businesses and households is well underway • The household savings rates for the last two months of 4.3% is the highest two month average in last ten years • The depth of the current recession is still largely unknown • Stock valuations have never been better • Unemployment is now 8.4% and expected to keep rising into 2010 • The transition from a Bear market to a Bull market has generally resulted in strong performance – see Exhibit #5 - 7

3. Market Valued vs. Book Value@ 3-31-09 Exhibit #1

4. Endowment Fund Manager Allocation & Style @ 3-31-09 Exhibit #2 $22,367,333

5. Performance – 3/31/08 (YTD Returns) Exhibit #3

6. Asset Allocation Strategy Exhibit #4

7. How Long to Recover Lost Ground?(Last 12 Bear Markets*) Exhibit #5 *Dow Jones Industrial Index

8. Why Stay Fully Invested*? Exhibit #6 *As the table above illustrates, over the last 12 Bear markets the Dow has risen an average of 28.7% every three months as the market recovers Information Source – CNBC.com

9. Average Returns – Previous 9 Bear Markets(S&P 500 Index) Exhibit #7 Average Recovery Period Source Jennison Dryden vie Prudential Investment Management Services

10. Thanks for Your Attention