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01-20-2026 Agenda
CITY OF SEBASTIAN POLICE OFFICERS’ RETIREMENT SYSTEM PENSION BOARD OF TRUSTEES QUARTERLY MEETING COUNCIL CHAMBERS, 1225 MAIN STREET SEBASTIAN, FL 32958 AGENDA Tuesday, January 20, 2026 – 5:00PM Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact the Administrative Services Department at least 48 hours prior to the meeting at (772) 388-8205. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM II. PUBLIC COMMENTS III. APPROVAL OF MINUTES 1. October 21, 2025, quarterly meeting IV. NEW BUSINESS 1. Trustee update 2. Trustee term expiration i. Paul Reeves, 5th Trustee, expires April 2026 3. Actual plan expenses as of September 30, 2025 V. OLD BUSINESS VI. REPORTS (ATTORNEY/CONSULTANTS) 1. Foster & Foster, Doug Lozen, Plan Actuary i. October 1, 2025, actuarial valuation report 2. Fiera Capital, Stephen Malone/Daniel Beaton, Investment Manager (via Zoom) i. Annual manager update 3. Lazard, Frank Sposato, Investment Manager (via Zoom) i. Annual manager update 4. Graystone Consulting, Scott Owens, Investment Consultant i. Quarterly report as of December 31, 2025 5. KKJL, Bonni Jensen, Board Attorney i. IRS 2026 mileage rate memo VII. CONSENT AGENDA 1. Payment ratification i. None 2. New invoices for payment approval i. Warrant #24 3. Fund activity report for October 15, 2025, through January 13, 2026 VIII. STAFF REPORTS, DISCUSSION, AND ACTION 1. Foster & Foster, Troy Jenne, Plan Administrator i. Educational opportunity a. FPPTA Annual Conference, June 28-July 1, 2026, Orlando IX. TRUSTEES’ REPORTS, DISCUSSION, AND ACTION X. ADJOURNMENT NEXT MEETING DATE: Tuesday, February 21, 2026 – 5:00PM 1 CITY OF SEBASTIAN POLICE OFFICERS’ RETIREMENT SYSTEM PENSION BOARD OF TRUSTEES QUARTERLY MEETING MINUTES Council Chambers, 1225 Main Street, Sebastian, FL 32958 Tuesday, October 21, 2025, at 5:00PM TRUSTEES PRESENT: Robert Allen Shawn Daley David Puscher Paul Reeves Tim Wood TRUSTEES ABSENT: None OTHERS PRESENT: Troy Jenne, Foster & Foster Bonni Jensen, Klausner, Kaufman, Jensen & Levinson Scott Owens, Graystone Consulting Tim Nash, Intercontinental Brian Elliott, Genter Capital Management (via Zoom) 1. Call to Order – Tim Wood called the meeting to order at 5:00PM and a quorum was determined. 2. Roll Call – As reflected above. 3. Public Comments – None. 4. Approval of Minutes a) July 15, 2025, quarterly meeting The Board voted to approve the July 15, 2025, quarterly meeting minutes as presented, upon motion by David Puscher and second by Tim Wood; motion carried 5-0. 5. New Business a) Trustee update i. Troy Jenne commented Shawn Daley was filling the member-elected Trustee seat. The Board welcomed Shawn to the team. b) Troy Jenne discussed Trustee term expirations with the Board. i. Tim Wood, member elected expires 11/2025, and advised he wished to serve again. i. Dave Puscher, city appointed, expires 11/2025, and advised he also wished to serve again. c) Troy Jenne gave a securities monitoring update. Troy confirmed Wolf Popper was already monitoring the plan’s investments and the Board requested a discussion about hiring Robbins, Geller as well. 2 The Board voted to approve adding Robbins, Geller to monitor the plan’s investments for legal actions, upon motion by David Puscher and second by Tim Wood: motion carried 5-0. 6. Old Business – None. 7. Reports (Attorney/Consultants) a) Intercontinental Real Estate, Tim Nash, Investment i. Quarterly report as of September 30, 2025 1. Tim Nash greeted the new Trustee and began to discuss his firm’s real estate strategy from the past and or the future. 2. Tim Nash reviewed that they finished the 4th positive quarter in a row since the huge downturn from 2020-2021. 3. Tim Nash discussed the real estate trends they expect in commercial and residential moving forward with rates moving slowly downward and people returning to the office. 4. Tim Nash reviewed the performance of the hotels, multi-family and Industrial as well for the Board. b) Genter Capital Management, Brian Elliott i. Quarterly report as of September 30, 2025 1. Brian Elliot reviewed the basic holdings and the current interest rate prospects and the expectations. 2. Brian Elliott discussed their process for getting a yield advantage and the effects of the of rate movement on the yield. 3. Scott Owens asked Brian some questions and he answered them to further educate the Board on their current strategies. c) Graystone Consulting, Scott Owens, Investment Consultant i. Quarterly report as of September 30, 2025 1. Scott Owens reviewed the process of having a consultant (Graystone) and a group of managers who buy the stocks and bonds for the new Trustee. 2. Shawn Dailey asked the process for dealing with the sharp market changes between meetings and the process for adjusting to protect the plan’s funds. Scott Owens explained the process for dealing with the sharp ups and downs between meetings for the Board. 3. Scott Owens discussed that the plan was at an all-time high in value at this time. 4. Scott Owens discussed the up capture and down capture and other performance metrics for the Board. 5. Scott Owens reviewed the manager performances for the Board. 6. The market value of assets (MVA) as of September 30, 2025, was $27,760,000. The total fund net returns for the quarter were 5.10%, underperforming the benchmark of 5.67%. The 1-, 3-, 5-, 7- and 10-year gross returns were 11.29%, 14.38%, 9.41%, 7.84% and 8.27% compared to the benchmarks of 11.47%, 15.37%, 9.71%, 8.44% and 9.04% for the same respective periods. Since inception 3 (02/01/2011), total fund net returns were 7.35%, underperforming the benchmark of 8.53%. 7. Scott Owens discussed the asset allocations and commented all were in compliance. 8. David Puscher requested to see the fund’s performance comparison versus their peers for the next meeting and Scott confirmed he would add it to his report. 9. Scott Owens discussed the updated Investment Policy Statement with the Board. The Board voted to amend the current Investment Policy Statement, to include the divestiture clause, upon motion by David Puscher and a second by Tim Wood, motion passed 3-2 with Paul Reeves and Robert Allen dissenting. b) Klausner, Kaufman, Jensen & Levinson, Bonni Jensen, Board Attorney i. Bonni Jensen reviewed the Stanley v. City of Sanford memo with the Board. ii. Bonni Jensen also reviewed the House Bill 3 memo with the Board and the fact that Foster & Foster was handling this, and there was no further action needed by the Board. 8. Consent Agenda a) Payment ratification i. Warrant #22 b) New Invoices for payment approval i. None c) Fund activity report for July 9, 2025 – October 14, 2025 The Board approved the consent agenda as presented, upon motion by Tim Wood and second by Paul Reeves; motion carried 5-0. 9. Staff Reports, Discussion, and Action a) Foster and Foster, Troy Jenne, Plan Administrator i. Troy Jenne gave an update on the State Monies for the Board, which increased $30,623 from last year. ii. Troy Jenne reviewed the FPPTA 2026 membership renewal was due. The Board approved renewing the 2026 FPPTA membership upon motion by David Puscher and a second by Paul Reeves, motion passed 5-0 iii. Educational opportunities 1. Troy Jenne reviewed upcoming training opportunities available to the Board. 10. Trustee Reports, Discussion, and Action – None. 11. Adjournment – The meeting adjourned at 7:08PM. 4 12. Next Meeting – January 20, 2026, at 5:00PM, Quarterly Meeting. Respectfully submitted by: Approved by: _____________________________ ___________________________ Troy Jenne, Plan Administrator Tim Wood, Chairman Date Approved by the Pension Board: ___________________________________ Expenditure Type 2024-2025 Budget Amount Actual Expenses as of September 30, 2025 Actuary $35,000.00 $28,200.00 Administrator $30,000.00 $29,364.31 Attorney $20,000.00 $7,710.00 IME Physician Fees $5,000.00 $0.00 Auditor $0.00 $0.00 Custodian of Funds $35,000.00 $30,420.24 Insurance $5,000.00 $3,221.52 School, Travel and Dues $5,500.00 $6,640.30 Investment Consultant $16,000.00 $12,000.00 Miscellaneous $10,000.00 $0.00 Totals $161,500.00 $117,556.37 City of Sebastian Police Officers' Retirement System Quarterly Review-For existing clients only September 30, 2025 SMID Cap Growth This presentation is for informational purposes and should not be considered a solicitation to buy, or an offer to sell, a security. Please refer to Important Disclosures at the end of this presentation. Performance Account Performance Inception date: 7/19/2017 City of Sebastian Police Officer's Retirement System as of December 31, 2025 1 MTD CURRENT QUARTER YTD 1 YR 3 YR 5 YR 7 YR INCEPTION TO DATE (ANNUALIZED) Gross Return -0.21 3.57 6.55 6.55 12.66 5.91 14.44 12.03 Net Return -0.30 3.30 5.47 5.47 11.52 4.83 13.28 10.90 Russell 2500 Growth Index -0.82 0.33 10.31 10.31 14.34 2.99 11.62 9.73 In accordance with updated SEC Rule 206(4)-2, we urge you to compare this report with your custodian statements. Reports are based on trade date and include accrued income which may differ from the custodian *Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Gross performance results are presented before management fees and expenses , but after all trading commissions. Fiera performance (net of fees and expenses) 5.65%. See important disclosures regarding performance data. The holdings identified do not represent all of the securities purchased, sold or recommended. Information on the calculation methodology and a listing of every holding's contribution to the strategy's performance during the period is available upon request. **Weights have been rescaled to add up to 100 and exclude any bond or other categories to provide attribution on the equity component of the portfolio only. Market Value % of Total Equity $2,241,537.24 98.60 Cash & Equivalents $30,813.76 1.40 Total $ 2,272,351.00 100 3rd Quarter Gross Performance Attribution Composite Performance: Fiera Capital 6.14% (gross*) and 5.93% (net) vs. Russell 2500 Growth 10.73% 2 Representative Portfolio (%)Russell 2500 Growth Variation (%)Attribution Analysis (%) Port. Average Weight Port. Total Return Port. Contrib. To Return Bench. Average Weight Bench. Total Return Bench. Contrib. To Return Average Weight Difference Total Return Difference Contrib. To Return Difference Allocation Effect Selection + Interaction Total Effect Communication Services -- -- -- 2.50 1.06 0.01 -2.50 -1.06 -0.01 0.26 -- 0.26 Consumer Discretionary 21.60 6.08 1.39 13.87 2.58 0.45 7.73 3.50 0.94 -0.66 0.78 0.12 Consumer Staples 0.66 -33.92 -0.25 3.20 -5.43 -0.14 -2.54 -28.49 -0.11 0.42 -0.24 0.18 Energy 1.81 -6.38 -0.15 1.84 16.47 0.29 -0.03 -22.85 -0.43 -0.01 -0.45 -0.45 Financials 10.55 -1.21 -0.19 11.40 -1.27 -0.10 -0.85 0.06 -0.09 0.06 -0.03 0.03 Health Care 16.44 17.01 2.61 20.04 13.11 2.61 -3.60 3.90 0.01 -0.08 0.56 0.49 Industrials 19.93 14.59 2.81 19.83 20.60 3.88 0.10 -6.00 -1.07 -0.01 -1.09 -1.10 Information Technology 26.90 -0.17 -0.16 22.57 13.83 3.01 4.33 -14.00 -3.16 0.11 -3.86 -3.74 Materials 1.02 2.44 0.04 2.36 23.29 0.53 -1.33 -20.84 -0.49 -0.16 -0.20 -0.36 Real Estate -- -- -- 2.03 6.08 0.14 -2.03 -6.08 -0.14 0.09 -- 0.09 Utilities -- -- -- 0.37 20.58 0.07 -0.37 -20.58 -0.07 -0.03 -- -0.03 Cash 1.08 1.04 0.01 -- -- -- 1.08 1.04 0.01 -0.09 -- -0.09 Total 100.00 6.12 6.12 100.00 10.74 10.74 -- -4.62 -4.62 -0.10 -4.52 -4.62 Leading Contributors Weight %Return %Contribution argenx SE Sponsored ADR 3.08 33.81 0.89 Insmed Incorporated 2.37 43.09 0.88 BWX Technologies, Inc. 2.69 28.17 0.70 Madrigal Pharmaceuticals, Inc. 1.41 51.55 0.61 Lattice Semiconductor Corporation 1.43 49.66 0.59 Comfort Systems USA, Inc. 1.01 51.07 0.50 MongoDB, Inc. Class A 1.29 47.81 0.49 Expedia Group, Inc. 1.90 26.96 0.46 EMCOR Group, Inc. 1.96 21.49 0.39 Dorman Products, Inc. 1.44 27.07 0.36 Modine Manufacturing Company 0.98 44.32 0.36 Avidity Biosciences Inc 1.08 53.42 0.35 Etsy, Inc. 1.18 32.36 0.34 Mueller Industries, Inc. 1.28 27.56 0.32 IDEAYA Biosciences, Inc. 1.20 29.45 0.31 Leading Dectractors Weight %Return %Contribution monday.com Ltd. 0.94 -38.41 -0.54 Wingstop, Inc. 1.68 -25.19 -0.45 Molina Healthcare, Inc. 1.07 -35.76 -0.45 MoonLake Immunotherapeutics Class A 0.11 -89.54 -0.45 Baldwin Insurance Group, Inc. Class A 0.83 -34.10 -0.35 GoDaddy, Inc. Class A 1.04 -24.01 -0.31 Tyler Technologies, Inc. 2.01 -11.75 -0.25 Toast, Inc. Class A 1.45 -17.57 -0.25 Sprouts Farmers Market, Inc. 0.66 -33.92 -0.25 Klaviyo, Inc. Class A 1.19 -17.54 -0.23 Power Integrations, Inc. 0.67 -27.73 -0.22 On Holding AG Class A 1.01 -18.64 -0.21 MACOM Technology Solutions Holdings, Inc. 1.16 -13.12 -0.17 Confluent, Inc. Class A 0.63 -20.58 -0.17 EPAM Systems, Inc. 0.93 -14.72 -0.15 Source: FactSet, as of September 30, 2025 *Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Gross performance results are presented before management fees and expenses, but after all trading commissions. Net performance does reflect the deduction of all fees except custody fees. The performance information reflects gross returns unless stated otherwise. Please refer to page 4 for complete gross and net portfolio performance details. Please see the composite description and index definition on page 14. The holdings identified do not represent all of the securities purchased, sold or recommended. Information on the calculation methodology and a listing of every holding's contribution to the strategy's performance during the period is available upon request. YTD Gross Performance Attribution Composite Performance: Fiera Capital 2.98% (gross*) and 2.36% (net) vs. Russell 2500 Growth 9.95% 3 Representative Portfolio (%)Russell 2500 Growth Variation (%)Attribution Analysis (%) Port. Average Weight Port. Total Return Port. Contrib. To Return Bench. Average Weight Bench. Total Return Bench. Contrib. To Return Average Weight Difference Total Return Difference Contrib. To Return Difference Allocation Effect Selection + Interaction Total Effect Communication Services 0.12 1.28 0.01 2.07 -4.63 -0.13 -1.96 5.90 0.13 0.28 0.02 0.30 Consumer Discretionary 21.21 8.81 2.15 14.30 1.23 0.22 6.91 7.58 1.94 -0.66 1.60 0.94 Consumer Staples 1.12 -14.38 0.09 3.19 0.87 0.13 -2.07 -15.25 -0.04 0.28 0.02 0.29 Energy 2.01 7.17 -0.10 3.01 6.44 -0.13 -1.00 0.73 0.02 0.02 0.04 0.06 Financials 8.31 -1.55 0.02 10.71 5.30 0.63 -2.40 -6.85 -0.61 -0.24 -0.53 -0.77 Health Care 16.47 1.82 -0.34 20.53 8.63 1.31 -4.06 -6.81 -1.65 -0.04 -1.34 -1.38 Industrials 19.69 22.40 4.63 20.59 25.02 5.14 -0.90 -2.61 -0.51 -0.11 -0.31 -0.41 Information Technology 27.95 -10.04 -3.28 20.54 8.32 2.01 7.40 -18.36 -5.29 -0.24 -5.52 -5.76 Materials 1.20 -13.19 -0.13 2.92 13.40 0.21 -1.71 -26.58 -0.34 -0.01 -0.26 -0.27 Real Estate -- -- -- 1.50 7.45 0.11 -1.50 -7.45 -0.11 0.07 -- 0.07 Utilities -- -- -- 0.64 74.55 0.43 -0.64 -74.55 -0.43 -0.36 -- -0.36 Cash 1.91 3.18 0.06 -- -- -- 1.91 3.18 0.06 0.46 -- 0.46 Total 100.00 3.11 3.11 100.00 9.95 9.95 -- -6.83 -6.83 -0.54 -6.29 -6.83 Leading Contributors Weight %Return %Contribution BWX Technologies, Inc.2.94 66.57 1.82 Insmed Incorporated 1.67 108.59 1.49 Curtiss-Wright Corporation 2.01 53.24 1.08 JFrog Ltd.2.02 60.93 0.94 EMCOR Group, Inc.1.69 43.33 0.87 argenx SE Sponsored ADR 3.03 19.93 0.54 Boot Barn Holdings, Inc.0.67 69.41 0.53 Madrigal Pharmaceuticals, Inc.1.25 48.64 0.51 Comfort Systems USA, Inc.0.34 51.07 0.50 Inari Medical, Inc.0.10 56.20 0.45 Chewy, Inc. Class A 1.85 20.78 0.43 CyberArk Software Ltd.0.68 24.74 0.39 TopBuild Corp.1.35 25.54 0.35 Lincoln Electric Holdings, Inc.1.37 27.15 0.35 Lattice Semiconductor Corporation 1.36 29.43 0.33 Leading Detractors Weight %Return %Contribution Sarepta Therapeutics, Inc. 0.55 -89.05 -1.32 EPAM Systems, Inc. 0.96 -40.26 -0.61 Manhattan Associates, Inc. 0.32 -37.44 -0.57 Braze, Inc. Class A 0.65 -38.30 -0.51 Molina Healthcare, Inc. 0.55 -38.23 -0.51 Vaxcyte, Inc. 0.31 -51.25 -0.50 Vertex, Inc. Class A 0.61 -37.07 -0.50 Gitlab, Inc. Class A 1.78 -20.00 -0.49 Deckers Outdoor Corporation 0.37 -45.52 -0.45 MoonLake Immunotherapeutics Class A 0.04 -89.54 -0.45 GoDaddy, Inc. Class A 1.30 -30.67 -0.39 BILL Holdings, Inc. 0.43 -48.00 -0.39 monday.com Ltd. 0.57 -27.10 -0.38 Baldwin Insurance Group, Inc. Class A 0.30 -32.61 -0.37 Murphy USA, Inc. 1.43 -22.34 -0.36 Source: FactSet, as of September 30, 2025 *Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Gross performance results are presented before management fees and expenses, but after all trading commissions. Net performance does reflect the deduction of all fees except custody fees. The performance information reflects gross returns unless stated otherwise. Please refer to page 4 for complete gross and net portfolio performance details. Please see the composite description and index definition on page 14. The holdings identified do not represent all of the securities purchased, sold or recommended. Information on the calculation methodology and a listing of every holding's contribution to the strategy's performance during the period is available upon request. Annualized Performance (%) 4 Source: Fiera Capital, as of September 30, 2025 Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Performance results include the reinvestment of dividends and interest. Dividends received from ADRs are included net of foreign withholding taxes. Trade date valuation is used for all portfolios within the composite. Use of time-weighted rates of return, valued monthly and geometrically linked. Gross performance results are presented before management fees, but after all trading commissions. Actual investor returns will vary and will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. Net performance does reflect the deduction of all fees except custody fees. Performance <1 year is not annualized. SMID Growth Composite Performance 3Q25 YTD 1YR 3YR 5YR 7YR 10YR 15YR SINCE 4/1/00 SMID Cap Growth (Gross) 6.14 2.98 5.35 13.22 9.56 10.39 11.87 12.88 9.96 SMID Cap Growth (Net) 5.93 2.36 4.51 12.28 8.58 9.37 10.81 11.80 8.89 Russell 2500 Growth Index 10.73 9.95 12.62 15.97 7.76 8.05 10.93 11.92 6.62 0.00 5.00 10.00 15.00 20.00 QTD YTD 1YR 3YR 5YR 7YR 10YR 15YR Since Inception SMID Cap Growth (Gross)SMID Cap Growth (Net)Russell 2500 Growth Index Calendar Performance (%) 5 SMID Growth Composite Performance Source: Fiera Capital, as of September 30, 2025 Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Performance results include the reinvestment of dividends and interest. Dividends received from ADRs are included net of foreign withholding taxes. Trade date valuation is used for all portfolios within the composite. Use of time-weighted rates of return, valued monthly and geometrically linked. Gross performance results are presented before management fees, but after all trading commissions. Actual investor returns will vary and will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. Net performance does reflect the deduction of all fees except custody fees. Gross Net Russell 2500 Growth Index 2015 -1.26 -2.25 -0.19 2016 3.65 2.62 9.70 2017 27.83 26.58 24.44 2018 -8.68 -9.60 -7.49 2019 32.55 31.26 32.62 2020 45.01 43.60 40.46 2021 18.03 16.87 5.03 2022 -21.36 -22.16 -26.22 2023 26.11 24.88 18.91 2024 6.32 5.26 13.90-30.00% -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 SMID Cap Growth (Gross)SMID Cap Growth (Net)Russell 2500 Growth Index SMID Growth Performance & Statistics Capture Ratios (3 year)* *Based on gross performance. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. See Performance Disclosures for additional information. Characteristics are subject to change. Representative portfolios are selected for being constructed most in line with the composite’s guidelines. 6 Supplemental – Rep Portfolio Characteristics Performance Statistics 3 Year 5 Year Alpha v. R2500G Index (%)-1.28 2.53 Information Ratio -0.50 0.28 R-squared 0.87 0.90 Correlation Coefficient 0.93 0.95 Sharpe Ratio 0.57 0.35 Sortino Ratio 0.96 0.55 FIERA CAPITAL RUSSELL 2500 GROWTH INDEX GROWTH STATISTICS Long Term future EPS growth (%)14.0 13.4 5 year historic EPS growth (%)19.4 20.2 PEG (PE/Growth)2.0 1.6 ROE (%)15.6 11.8 VALUATION MEASURES P/E 28.4 29.7 Price/Book 4.8 5.2 Price/Sales 2.8 2.3 Price/Cash Flow 19.1 16.5 Yield (%)0.4 0.5 MARKET CAP Weighted average market cap $14.0B $8.6B 88% -101% 100% -100% -150% -100% -50% 0% 50% 100% 150% Upside Capture Downside Capture Fiera SMID Growth Russell 2500 Growth Index SMID Cap Growth Representative Portfolio Holdings* *Stock holdings and sector weightings are subject to change. No discussion with respect to specific companies should be considered a recommendation to purchase or sell any particular investment. The companies discussed do not represent all past investments. It should not be assumed that any of the investments discussed were or will be profitable, or that recommendations or decisions made in the future will be profitable. 7 \ % Port Russell 2500 Growth Communication Services 0.0 2.5 Consumer Discretionary Expedia Group, Inc.2.0 Chewy, Inc. Class A 1.9 Dorman Products, Inc.1.5 Frontdoor, Inc.1.5 TopBuild Corp.1.5 Etsy, Inc.1.3 Wingstop, Inc.1.3 Hyatt Hotels Corporation Class A 1.2 Murphy USA, Inc.1.2 Boot Barn Holdings, Inc.1.1 Modine Manufacturing Company 1.1 Bright Horizons Family Solutions, Inc.1.0 National Vision Holdings, Inc.1.0 Planet Fitness, Inc. Class A 1.0 Stride, Inc.1.0 On Holding AG Class A 0.9 20.5 12.9 Consumer Staples Sprouts Farmers Market, Inc.0.5 0.5 2.8 Energy EQT Corporation 1.8 1.8 1.9 Financials Stifel Financial Corp 2.1 Houlihan Lokey, Inc. Class A 1.6 Wintrust Financial Corporation 1.6 East West Bancorp, Inc.1.2 Cullen/Frost Bankers, Inc.0.9 Equitable Holdings, Inc.0.9 Piper Sandler Companies 0.8 Baldwin Insurance Group, Inc. Class A 0.7 Payoneer Global Inc.0.3 10.1 10.6 % Port Russell 2500 Growth Healthcare argenx SE Sponsored ADR 3.4 Insmed Incorporated 2.8 Neurocrine Biosciences, Inc.2.0 Madrigal Pharmaceuticals, Inc.1.7 Avidity Biosciences Inc 1.5 IDEAYA Biosciences, Inc.1.5 Molina Healthcare, Inc.1.4 Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh 0.9 Xenon Pharmaceuticals Inc.0.6 Crinetics Pharmaceuticals Inc 0.5 Summit Therapeutics Inc 0.5 Vaxcyte, Inc.0.4 Biohaven Ltd.0.2 PROCEPT BioRobotics Corp.0.2 Viking Therapeutics, Inc.0.2 17.8 20.5 Industrials BWX Technologies, Inc.3.0 Curtiss-Wright Corporation 2.5 EMCOR Group, Inc.2.1 Hubbell Incorporated 1.7 Lincoln Electric Holdings, Inc.1.7 Applied Industrial Technologies, Inc.1.4 Builders FirstSource, Inc.1.4 Comfort Systems USA, Inc.1.4 Lennox International Inc.1.4 Mueller Industries, Inc.1.4 Nordson Corporation 1.4 Patrick Industries, Inc.0.9 Upwork, Inc.0.6 Knight-Swift Transportation Holdings Inc. Class A 0.5 21.4 20.7 % Port Russell 2500 Growth Information Technology JFrog Ltd.2.3 Entegris, Inc.1.8 Tyler Technologies, Inc.1.8 Lattice Semiconductor Corporation 1.7 Gitlab, Inc. Class A 1.5 Procore Technologies Inc 1.5 AppFolio Inc Class A 1.4 Dolby Laboratories, Inc. Class A 1.4 MongoDB, Inc. Class A 1.4 Pegasystems Inc.1.4 DocuSign, Inc.1.2 Toast, Inc. Class A 1.2 MACOM Technology Solutions Holdings, Inc.1.1 Klaviyo, Inc. Class A 1.0 GoDaddy, Inc. Class A 0.9 Rubrik, Inc. Class A 0.9 Elastic NV 0.8 EPAM Systems, Inc.0.8 monday.com Ltd.0.8 Confluent, Inc. Class A 0.6 Power Integrations, Inc.0.5 26.0 23.2 Materials Avient Corporation 0.6 Cabot Corporation 0.4 1.0 2.4 Real Estate 0.0 1.9 Utilities 0.0 0.4 Cash 0.9 0.0 Total 100 100 Source: Fiera Capital, as of September 30, 2025. *Company examples are for illustrative purposes only. Stock holdings are subject to change. References to specific stocks and sectors are for informational purposes and do not represent recommendations. Representative portfolios are selected for being constructed most in line with the composite’s guidelines. Investors/potential investors should not assume that investment decisions identified and discussed were or will be profitable. SMID Cap Growth Representative Portfolio Positioning Thematic Positioning Identifying Today’s Changes, Seeking Tomorrow’s Growth Stable Growth*Emerging Growth* TECHNOLOGY AND CONSUMER Ubiquitous Computing: Cloud, Mobile and Edge AppFolio, Elastic, GoDaddy, Lattice Semiconductor, MACOM Technology Solutions, Pegasystems Confluent, GitLab, Jfrog, Klaviyo, monday.com, Rubrik, Toast Artificial Intelligence and Evolution of Computing Elastic, EPAM Systems, MACOM Technology Solutions, Tyler Technologies Confluent Cyber Security GitLab, Rubrik Digital Transformation and Digital Infrastructure AppFolio, DocuSign, Dolby Laboratories, Entegris, EPAM Systems, Lattice Semiconductor, Pegasystems, Power Integrations, Procore, Tyler Technologies Jfrog, Klaviyo, monday.com, MongoDB, Toast Platform-based Business Models Etsy Upwork Direct-to-Consumer & eCommerce Etsy, Expedia, GoDaddy Chewy, Wingstop HEALTHCARE AND BIOTECH Healthcare Cost Containment Molina Healthcare Therapeutic Breakthroughs argenx, Neurocrine Biosciences Avidity Biosciences, Biohaven, Crinetics Pharmaceuticals, Ideaya Biosciences, Immunocore, Insmed, Madrigal Pharmaceuticals, Summit Therapeutics, Vaxcyte, Viking Therapeutics, Xenon Pharmaceuticals Advances in Life Science and Medical Technology Procept Biorobotics OTHER KEY THEMES Demographic and Lifestyle Changes Bright Horizons Family Solutions, Cabot, Cullen/Frost Bankers, East West Bancorp, Equitable Holdings, Frontdoor, National Vision Holdings, Patrick Industries, Planet Fitness, Stifel Financial Boot Barn, On Holding AG, Sprouts Farmers Market, Stride, Upwork Fintech (incl. Payments and Processing)Baldwin Insurance Payoneer Emerging Market Consumer The New Industrial Age (including Automation, Reshoring, Environmental Initiatives, etc.) Applied Industrial Tech, Builders FirstSource, BWX Technologies, Cabot, Comfort Systems USA, Curtiss-Wright, Emcor Group, Hubbell, Hyatt, Knight Swift, Lennox International, Lincoln Electric, Modine Manufacturing, Mueller Industries, Nordson Catalyst Driven Avient, Baldwin Insurance, Dorman, East West Bancorp, EQT, Equitable Holdings, Houlihan Lokey, Murphy USA, Piper Sandler, TopBuild, Wintrust Financial 8 3rd Quarter Portfolio Transactions Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.9 SIGNIFICANT NEW ADDITIONS SYMBOL COMPANY POSITION SIZE AFTER TRANSACTION RATIONALE EWBC East West Bancorp 1.25% EastWest Bancorp (EWBC) is a bank holding company that provides consumer and commercial banking products and services with a focus on the U.S. and Asia markets. Well positioned to deliver top line growth of mid-single-digits from the combination of loan & net interest income growth as well as fee growth. A focus on efficiency should continue to improve the margin over time, which when combined with buybacks, should deliver double digit EPS growth. A strong balance sheet with healthy capital ratios that positions the company well to invest in growth and return capital (2% divi yield and 3% annual reduction in share count). Credit trends remain favorable with delinquencies and charge-offs trending lower and maintaining a conservative reserve. Given a mid-teen return on tangible equity and excess capital, the valuation is attractive at 1.8x price/tangible book value, with upside from both earnings and multiple expansion. ESG rating BBB. A management team that has been in place with a good track record of strategy, growth, and risk management. Risks include an economic downturn, credit deterioration, NIM pressure, and a worsening relationship with China. CFR Cullen/Frost Bankers 1.00% Cullen/Frost Bankers (CFR) is a bank holding company based in Texas and provides commercial, business, and consumer banking services. Strong management and well positioned for a backdrop of improving loan growth, steep yield curve, and de-regulation. Expect mid-single-digits / high-single-digits revenue growth given a pick-up in growth and related revenues. Efficiency ratio in the low 60s with room for improvement as revenues pick up and investments moderate. Strong risk mgmt. and balance sheet, double digit ROE, and cash for growth, divi, and buybacks. Valuation is slightly below average given limited margin lift, but as that shifts, it will be attractive; ESG BB. Risks include a weaker macro/credit backdrop, competition, regulation, rates, and Texas exposure. FIX Comfort Systems 1.00% Comfort Systems (FIX) provides mechanical, electrical, and plumbing contracting services Strong revenue growth with diverse end markets, including tech, healthcare, life sciences, manufacturing, etc. Double-digit margins and returns, with consistent expansion over the past decade and expected to continue. Strong balance sheets with a net cash position, cash for growth, dividends, buybacks Valuation above average given growth outlook, but FCF ~5%; ESG rating AA Risks include competition, macro/demand, input costs 3rd Quarter Portfolio Transactions Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.10 SIGNIFICANT NEW ADDITIONS SYMBOL COMPANY POSITION SIZE AFTER TRANSACTION RATIONALE PIPR Piper Sandler 0.75% Piper Sandler (PIPR) is an investment banking and capital markets advisory firm with a balance between banking and trading. Strategic management and well positioned for an ongoing improvement in capital markets activity. Expect mid single digits - high single digits revenue growth given a pick-up in activity as well as share gains. Exposed to most sectors, but has a strong franchise in financials, which could benefit from deregulation. Margins are in the mid-teens, with healthy upside as activity picks up and revenues ramp. Strong balance sheet, double digit ROE, and cash for growth, divi, and buybacks. Valuation is above average given the expected lift in earnings, but still attractive; ESG BB. Risks include a weaker macro/capital markets backdrop, competition, and turnover. MLTX Moonlake Therapeutics 0.50% Moonlake Therapeutics (MLTX) has a lead asset is sonelokimab, a pipeline-in-a-product candidate being evaluated as a treatment across several autoimmune indications, each with multi-blockbuster potential. The next catalyst is the Phase III VELA program readout for sonelokimab in adults with hidradenitis suppurativa (HS) in Q3.25E. Approval in HS would bring sonelokimab to market in a relatively underpenetrated and growing TAM (estimated >$5B by 2030). Sonelokimab is also in Phase III development in adolescent HS and psoriatic arthritis (PsA), for which consensus sees combined peak sales of ~$4B+. 3rd Quarter Portfolio Transactions Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.11 SIGNIFICANT REMOVALS SYMBOL COMPANY POSITION SIZE AFTER TRANSACTION RATIONALE VVV Valvoline 0.00%Eliminating less attractive position while reducing significant overweight within Consumer Discretionary. SRPT Sarepta 0.00% Eliminating a small position in Sarepta Therapeutics. SRPT has become an extremely controversial stock with heightened risk of regulatory action and balance sheet stress. OPCH Option Care Health 0.00%Better opportunities elsewhere. GMED Globus Medical 0.00%Globus Medical has demonstrated deteriorating fundamentals CSW CSW Industrials 0.00%CSW has demonstrated deteriorating fundamentals MLTX Moonlake Therapeutics 0.00% MLTX announced disappointing results for its Phase III VELA program in moderate-to-severe hidradenitis suppurativa (HS): 35%-36% sonelokimab vs. ~26% placebo. The lowered response rate for sonelokimab compared to its Phase II data (~43%), combined with the much higher-than-expected placebo response versus historical norms (13%-18%) and weakened statistical significance, call into question both regulatory interpretation and commercial positioning. While a path forward potentially remains based on the totality of the data, and the company does have a number of trials reading out over the next three quarters, HS was sonelokimab's largest market opportunity. Thus, expect the stock to remain pressured in the meantime as management works through FDA discussions. Review & Outlook Market Environment In the third quarter, U.S. equity markets extended the positive momentum established in the previous quarter. The S&P 500 index posted a return of 8.1%, while the smaller capitalization Russell 2000 Growth and Russell 2500 Growth indices gained 12.2% and 10.7% respectively, demonstra ting notable strength. Technology-focused indices, such as the Russell 1000 Growth (+10.5%) and Nasdaq composite (+11.4%) also delivered robust returns. In contrast, value stocks lagged, with the Russell 1000 Value returning 5.3%. This continues the multi-year stretch of the Growth style outpacing the Value style.1 Over the past two quarters, price momentum has played a significant role in near-term performance, emerging as a dominant driver of equity returns. Much of this momentum has originated from the technology and industrial capital equipment sectors, fueled by advances in artificial intelligence and government policies supporting the reshoring of manufacturing. Performance In a risk on environment, the Fiera Apex SMID Cap Growth Strategy delivered a positive absolute return of 5.9% (net of fees) but lagged the 10.7% 1 return of the Russell 2500 Growth Index. Overall, stock selection detracted from relative performance during the quarter, while sector allocation did not have a substantive impact. From a sector standpoint, stock selection was strongest in health care and consumer discretionary. However, strength in these areas was insufficient to offset challenging return comparisons in the information technology and industrials sectors. Overall, lower quality stocks outperformed higher quality stocks within the Index during the period (as measured by Return-on-Invested Capital), a trend partially driven by embedded investor expectations for a series of rate cuts. Furthermore, non-earners (i.e., companies with negative earnings) outperformed earners within the Index during the quarter, serving as an additional headwind to relative performance. At the stock level, the top contributors were biopharma company Argenx SE and industrial technology company BWX Technologies. Argenx SE, a biotechnology firm focused on autoimmune diseases, delivered notable outperformance this quarter, fueled by sustained demand for its lead asset Vyvgart and impressive launch metrics for its new prefilled syringe formulation. Additionally, disappointing competitor data announced during the quarter further reinforced Vyvgart’s position as best-in-class. BWX Technologies, an industry leader in nuclear technology, is experiencing increasing applications and demand across its government, commercial, and medical end markets. The company reported a strong quarter, highlighting a robust backlog, margin expansion, and free cash flow growth while also raising guidance. 1. Source: FactSet, as of September 30, 2025. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Performance results include the reinvestment of dividends and interest. Dividends received from ADRs are included net of foreign withholding taxes. Trade date valuation is used for all portfolios within the composite. Use of time-weighted rates of return, valued monthly and geometrically linked. Gross performance results are presented before management fees, but after all trading commissions. Actual investor returns will vary and will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. Net performance does reflect the deduction of all fees except custody fees. 12 Review & Outlook (Contd.) Conversely, a position in work management software provider monday.com detracted from return comparisons, as did the lack of exposure to index constituent Astera Labs, a semiconductor company. Shares of monday.com declined following the release of second-quarter earnings. While results exceeded Wall Street consensus estimates, investors were disappointed by management’s guidance and slower growth in the small-to-medium business segment, also expressing some concern about the potential impact of AI on the business. Astera Labs’s stock price surged dramatically during the quarter (+116%), buoyed by its role as an enabler of data center connectivity and high expectations for continued spending and hypergrowth driven by AI demand. Outlook The prevailing theme across US equities remains the strong performance of Momentum stocks, particularly those linked to AI and the infrastructure supporting its expansion. Investors are increasingly captivated by the transformative potential of AI, drawing comparisons to the impact of the Internet. Equity market valuations are elevated, with the S&P 500 trading at a forward earnings multiple of 22x. Robust earnings in the second quarter have further fueled the optimism reflected in these valuations. Currently, core CPI is slightly elevated, but the market anticipates an easing cycle over the next 12 months of 100-125 basis points, as indicated by the Fed Funds rate and the 10-year Treasury yield. This expectation has not significantly altered the outlook for equity investors, as companies with strong growth profiles have sustained impressive returns. Intuitively, the anticipated easing should benefit curve-sensitive financials and housing-related companies, which are typically sensitive to interest rate changes. Potential turning points in monetary policy could signal shifts in investor sentiment and market leadership. The equity market has been pricing in an easing cycle intermittently over the past 18 months, during which returns have been exceptional. However, the elevated market valuations relative to historical norms and the dominance of momentum attributes gives us some pause regarding the sustainability of current trends. We are maintaining a diverse stance in our portfolio from a security, industry and sector standpoint. At the close of the third quarter, the strategy remained exposed to 8 of the 11 economic sectors and held its largest overweights to consumer discretionary and information technology and its largest underweights to communication services and health care. During these uncertain times we continue to place trust in our time-tested process. By anchoring portfolio construction around durable, hard-to-disrupt, secular growth trends and companies with sustainable growth and defensive business models, we believe the SMID Cap Growth strategy is well-positioned to navigate additional bouts of market volatility. 13Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Year ASSETS (USD-MILL)ANNUAL PERFORMANCE ANN. 3-YR STD. DEV. FIRM COMPOSITE NO. OF PORTFOLIOS COMPOSITE RUSSELL 2500 GROWTH INDEX COMPOSITE GROSS RUSSELL 2500 GROWTH INDEXGROSSNETDISPERSION (GROSS) 2012 1,999 580.7 93 22.45%21.25%0.16%16.13%21.32%19.82% 2013 3,939 947.2 93 39.88%38.53%0.31%40.65%18.07%16.48% 2014 5,604 1243.9 92 9.19%8.11%0.08%7.05%13.08%12.54% 2015 7,126 1038.5 75 -1.26%-2.25%0.16%-0.19%12.81%13.29% 2016 13,290 993.8 60 3.65%2.62%0.17%9.73%14.78%14.67% 2017 20,649 1109.7 68 27.83%26.58%0.09%24.46%13.51%13.04% 2018 19,336 971.1 82 -8.68%-9.60%0.16%-7.47%15.39%15.33% 2019 24,294 1005.8 69 32.55%31.26%0.16%32.65%15.86%15.85% 2020 28,606 1509 68 45.10%43.69%0.54%40.47%23.51%23.93% 2021 27,284 1504 52 18.05%16.89%0.23%5.04%21.15%21.97% 2022 21,649 1134.4 50 -21.36%-22.16%0.16%-26.21%24.33%25.18% 2023 21,426 1554 45 26.11%25.02%0.07%18.93%20.19%20.95% 2024 19,556 1546 40 6.32%5.47%0.12%13.90%21.30%22.80% ** Calculation not meaningful. There were fewer than five accounts in the composite for the entire year. n/a= less than three full years since inception of composite Small/Mid Cap Growth Composite As of December 31, 2024 Definition of Firm: Fiera Capital Inc. (FCI), is an investment adviser registered with the U.S. Securities Exchange Commission (the “SEC”). Registration with the SEC does not imply a certain level of skill or training. Fiera Capital Inc. is indirectly wholly‐owned by Fiera Capital Corporation (FCC), which is listed on the Toronto Stock Exchange. FCC does not provide investment advisory services in the United States or to U.S persons. Investment advisory services in the U.S. or to U.S. persons are provided though FCC's US affiliates including FCI. The foundation for the U.S. division was created in 2015, with the combination of Samson Capital Advisors LLC, Wilkinson O’Grady & Co., Inc. and Fiera Capital Corporation’s U.S. institutional business development team. Wilkinson was purchased by FCC in 2013 and its name was changed to Fiera Capital Inc. in 2015. Samson was purchased by FCC and became part of FCI in 2015. In 2016, FCI acquired Apex Capital Management and added the team and strategies of Larch Lane Advisors; both of which began operating under FCI as of 2017. On December 1st 2018, Wilkinson Global Asset Management separated as an independent and distinct subsidiary of FCI and was sold to Wilkinson Global Capital Partners LLC on December 31, 2020. Compliance Statement: The Fiera Capital Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Fiera Capital Inc. has been independently verified for the periods January 1, 1997 through December 31, 2024. A firm that claims compliance with the GIPS® standards must establish policies and procedures for complying with all the applicable requirements of the GIPS® standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS® standards and have been implemented on a firm-wide basis. The Small/Mid Cap Growth composite has been examined for the periods April 1, 2000 through December 31, 2024. The verification and performance examination reports are available upon request. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Composite Description: The Small/Mid Cap Growth composite was incepted and created on April 1, 2000, and includes all portfolios invested in U.S. equities (including ADRs) with strong earnings and growth characteristics and mid to small capitalizations. The product is benchmarked against the Russell 2500 Growth Index. The Russell 2500 Growth Index offers investors access to the small to mid-cap growth segment of the U.S. equity universe. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small to mid-cap growth manager’s opportunity set. The Russell 2500 Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Typically, the Small/Mid Cap Growth portfolio is similar in composition to the benchmark except to the extent that the firm utilizes ADRs that are not included in the domestic index. Portfolios are generally comprised of individual stocks and cash equivalents. FTSE Russell(“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of FTSE Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. Significant Flows: Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of more than 20% of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. The significant cash flow policy applies to periods shown. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Performance results include the reinvestment of dividends and interest.Dividends received from ADRs are included net of foreign withholding taxes. The Firm’s complete lists of composite descriptions, pooled fund descriptions for limited distribution pooled funds and broad distribution pooled funds are available upon request. Additional information regarding policies and procedures for calculating performance, valuing portfolios, and preparing GIPS® report is available upon request. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. Gross performance results are presented before management fees, but after all trading commissions. Net of fee performance is calculated by deducting the model management fee of 0.067%, 1/12th of the highest management fee of 0.80%, from the monthly gross composite return. Fee schedule was last adjusted June 2023. Prior fee schedules are available upon request. The minimum asset size, below which portfolios are excluded from the composite is $100,000. Dispersion is calculated using the asset-weighted standard deviation. Valuations and returns are computed and stated in U.S. Dollars. Fiera Capital Inc. has linked the composite’s historical performance to the composite’s ongoing performance based on the performance record portability guidance of the GIPS® standards Prior to 2017, percentage of firm assets was calculated using the total of Apex Capital Management’s assets. 14 15 Disclaimer Fiera Capital Corporation (“Fiera Capital”) is a global independent asset management firm that delivers customized multi-asset solutions across public and private classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the US. In the US, asset management services are provided by Fiera Capital's affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (the "SEC") or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate and/or the relevant product is registered or authorized to provide services pursuant to an exemption from registration. This document is strictly confidential and for discussion purposes only. Its contents must not be disclosed or redistributed directly or indirectly, to any party other than the person to whom it has been delivered and that person’s professional advisers. The information presented in this document, in whole or in part, is not investment, tax, legal or other advice, nor does it consider the investment objectives or financial circumstances of any investor. The source of all information is Fiera Capital unless otherwise stated. Fiera Capital and its Affiliates reasonably believe that this document contains accurate information as at the date of publication; however, no representation is made that the information is accurate or complete and it may not be relied upon. Fiera Capital and its Affiliates will accept no liability arising from the use of this document. Fiera Capital and its Affiliates do not make recommendations to buy or sell securities or investments in marketing materials. Dealing and/or advising services are only offered to qualified investors pursuant to applicable securities laws in each jurisdiction. Past performance of any fund, strategy or investment is not an indication or guarantee of future results. Performance information assumes the reinvestment of all investment income and distributions and does not account for any fees or income taxes paid by the investor. All investments have the potential for loss. Target returns are forward-looking, do not represent actual performance, there is no guarantee that such performance will be achieved, and actual results may vary substantially. This document may contain “forward-looking statements” which reflect the current expectations of Fiera Capital and/or its Affiliates. These statements reflect current beliefs, expectations and assumptions with respect to future events and are based on information currently available. Although based upon what Fiera Capital and its affiliates believe to be reasonable assumptions, there is no guarantee that actual results, performance, or achievements will be consistent with these forward-looking statements. There is no obligation for Fiera Capital and/or its Affiliates to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. Strategy data such as ratios and other measures which may be presented herein are for reference only and may be used by prospective investors to evaluate and compare the strategy. Other metrics are available and should be considered prior to investment as those provided herein are the subjective choice of the manager. The weighting of such subjective factors in a different manner would likely lead to different conclusions. Strategy details, including holdings and exposure data, as well as other characteristics, are as of the date noted and subject to change. Specific holdings identified are not representative of all holdings and it should not be assumed that the holdings identified were or will be profitable. Certain fund or strategy performance and characteristics may be compared with those of well- known and widely recognized indices. Holdings may differ significantly from the securities that comprise the representative index. It is not possible to invest directly in an index. Investors pursuing a strategy like an index may experience higher or lower returns and will bear the cost of fees and expenses that will reduce returns, whereas an index does not. Generally, an index that is used to compare performance of a fund or strategy, as applicable, is the closest aligned regarding composition, volatility, or other factors. Every investment is subject to various risks and such risks should be carefully considered by prospective investors before they make any investment decision. No investment strategy or risk management technique can guarantee returns or eliminate risk in every market environment. Each investor should read all related constating documents and/or consult their own advisors as to legal, tax, accounting, regulatory, and related matters prior to making an investment. The ESG or impact goals, commitments, incentives and initiatives outlined in this document are purely voluntary, may have limited impact on investment decisions and/or the management of investments and do not constitute a guarantee, promise or commitment regarding actual or potential positive impacts or outcomes associated with investments made by funds managed by the firm. The firm has established, and may in the future establish, certain ESG or impact goals, commitments, incentives and initiatives, including but not limited to those relating to diversity, equity and inclusion and greenhouse gas emissions reductions. Any ESG or impact goals, commitments, incentives and initiatives referenced in any information, reporting or disclosures published by the firm are not being promoted and do not bind any investment decisions made in respect of, or stewardship of, any funds managed 16 Disclaimer by the firm and any implementation can be overridden or ignored at the sole discretion of the firm. There can be no assurance that ESG policies and procedures as described herein, including policies and procedures related to responsible investment or the application of ESG- related criteria or reviews to the investment process will continue; such policies and procedures could change, even materially, or may not be applied to a particular investment. The following risks may be inherent in the funds and strategies mentioned on these pages. Equity risk: the value of stock may decline rapidly and can remain low indefinitely. Market risk: the market value of a security may move up or down based upon a change in market or economic conditions. Liquidity risk: the strategy may be unable to find a buyer for its investments when it seeks to sell them. General risk: any investment that has the possibility for profits also has the possibility of losses, including loss of principal. ESG and Sustainability risk may result in a material negative impact on the value of an investment and performance of the portfolio. Geographic concentration risk may result in performance being more strongly affected by any conditions affecting those countries or regions in which the portfolio's assets are concentrated. Investment portfolio risk: investing in portfolios involves certain risks an investor would not face if investing in markets directly. Currency risk: returns may increase or decrease as a result of currency fluctuations. Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes. Projections and Market Conditions: We may rely upon projections developed by the investment manager or a portfolio entity concerning a portfolio investment’s future performance. Projections are inherently subject to uncertainty and factors beyond the control of the manager and the portfolio entity. Regulation: The manager’s operations may be subject to extensive general and industry specific laws and regulations. Private strategies are not subject to the same regulatory requirements as registered strategies. No Market: The LP Units are being sold on a private placement basis in reliance on exemptions from prospectus and registration requirements of applicable securities laws and are subject to restrictions on transfer thereunder. Please refer to the Confidential Private Placement Memorandum for additional information on the risks inherent in the funds and strategies mentioned herein. Meteorological and Force Majeure Events Risk: Certain infrastructure assets are dependent on meteorological and atmospheric conditions or may be subject to catastrophic events and other events of force majeure. Weather: Weather represents a significant operating risk affecting the agriculture and forestry industry. Commodity prices: Cash flow and operating results of the strategy are highly dependent on agricultural commodity prices which can be expected to fluctuate significantly over time. Water: Water is of primary importance to agricultural production. Third Party Risk: The financial returns may be adversely affected by the reliance on third party partners or a counterparty’s default. For further risks we refer to the relevant fund prospectus. United Kingdom: This document is issued by Fiera Capital (UK) Limited, an affiliate of Fiera Capital Corporation. Fiera Capital (UK) Limited is authorized and regulated by the Financial Conduct Authority and is registered with the US Securities and Exchange Commission (“SEC”) as investment adviser. Registration with the SEC does not imply a certain level of skill or training. Abu Dhabi Global Markets: This document is issued by Fiera Capital (UK) Limited, an affiliate of Fiera Capital Corporation. Fiera Capital (UK) Limited is regulated by the Financial Services Regulatory Authority. United Kingdom – Fiera Real Estate UK: This document is issued by Fiera Real Estate Investors UK Limited, an affiliate of Fiera Capital Corporation. Fiera Real Estate Investors UK Limited is authorized and regulated by the Financial Conduct Authority. European Economic Area (EEA): This document is issued by Fiera Capital (Germany) GmbH (“Fiera Germany”), an affiliate of Fiera Capital Corporation. Fiera Germany is authorized and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). United States: This document is issued by Fiera Capital Inc. (“Fiera U.S.A.”), an affiliate of Fiera Capital Corporation. Fiera U.S.A. is an investment adviser based in New York City registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply a certain level of skill or training. United States - Fiera Infrastructure: This document is issued by Fiera Infrastructure Inc. (“Fiera Infrastructure”), an affiliate of Fiera Capital Corporation. Fiera Infrastructure is registered as an exempt reporting adviser with the Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply a certain level of skill or training. United States - Fiera Comox: This document is issued by Fiera Comox Partners Inc. (“Fiera Comox”), an affiliate of Fiera Capital Corporation. Fiera Comox is registered as an investment adviser with the Securities and Exchange Commission (“SEC”). Registration with the SEC does not imply a certain level of skill or training. 17 Disclaimer Canada Fiera Real Estate Investments Limited (“Fiera Real Estate”), a wholly owned subsidiary of Fiera Capital Corporation is an investment manager of real estate through a range of investments funds. Fiera Infrastructure Inc. (“Fiera Infra”), a subsidiary of Fiera Capital Corporation is a leading global mid-market direct infrastructure investor operating across all subsectors of the infrastructure asset class. Fiera Comox Partners Inc. (“Fiera Comox”), a subsidiary of Fiera Capital Corporation is a global investment manager that manages private alternative strategies in Private Credit, Agriculture, Private Equity and Timberland. Fiera Private Debt Inc. (“Fiera Private Debt”), a subsidiary of Fiera Capital Corporation provides innovative investment solutions to a wide range of investors through two distinct private debt strategies: corporate debt and infrastructure debt. Please find an overview of registrations of Fiera Capital Corporation and certain of its subsidiaries here: https://www.fieracapital.com/en/registrations-and-exemptions. Version STRENG004 City of Sebastian Police Officers' Retirement Plan Quarterly Performance Report As of December 31, 2025 David Wheeler, CIMA£, CFP£, CRPS£ Managing Director - Wealth Management Institutional Consulting Director Alternative Investment Director Corporate Retirement Director David.A.Wheeler@msgraystone.com (813) 227-2178 Theodore J. (TJ) Loew, CFA£,CRPS£ Vice President Institutional Consultant Corporate Retirement Director Theodore.Loew@msgraystone.com (813) 227-2088 Scott Owens, CFA£, CIMA£ Managing Director - Wealth Management Institutional Consulting Director Impact Investing Director Alternative Investment Director Scott.Owens@msgraystone.com (813) 227-2027 Allocation Market Value ($000) % Performance(%) Quarter To Date Fiscal YTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Fund 28,906 100.00 2.09 (N/A)2.09 (N/A)14.10 (N/A)14.10 (N/A)13.38 (N/A)8.04 (N/A)10.45 (N/A)8.74 (N/A)7.97 (N/A)02/01/2011 Total Fund (net)2.06 (N/A)2.06 (N/A)13.74 (N/A)13.74 (N/A)12.92 (N/A)7.50 (N/A)9.85 (N/A)8.12 (N/A)7.37 (N/A) Policy Index 1 2.25 (N/A)2.25 (N/A)14.93 (N/A)14.93 (N/A)13.82 (N/A)7.66 (N/A)10.38 (N/A)8.88 (N/A)8.55 (N/A) All Public Plans < $1B-Total Fund Median N/A N/A N/A N/A N/A N/A N/A N/A N/A All Public Plans-Total Fund Median N/A N/A N/A N/A N/A N/A N/A N/A N/A Domestic Equity Highland - Large Cap Value 4,922 17.03 4.10 (N/A)4.10 (N/A)19.51 (N/A)19.51 (N/A)15.15 (N/A)12.55 (N/A)12.37 (N/A)N/A 10.28 (N/A)08/01/2017 Highland - Large Cap Value (net)4.10 (N/A)4.10 (N/A)19.08 (N/A)19.08 (N/A)14.60 (N/A)12.01 (N/A)11.81 (N/A)N/A 9.73 (N/A) Russell 1000 Value 3.81 (N/A)3.81 (N/A)15.91 (N/A)15.91 (N/A)13.90 (N/A)11.32 (N/A)12.10 (N/A)N/A 9.74 (N/A) IM U.S. Large Cap Value Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A N/A N/A N/A iShares - Russell 1000 Growth ETF 4,909 16.98 1.14 (48)1.14 (48)18.36 (37)18.36 (37)30.68 (40)15.16 (18)N/A N/A 15.16 (18)01/01/2021 iShares - Russell 1000 Growth ETF (net)1.14 (48)1.14 (48)18.36 (37)18.36 (37)30.68 (40)15.16 (18)N/A N/A 15.16 (18) Russell 1000 Growth 1.12 (50)1.12 (50)18.56 (34)18.56 (34)31.15 (37)15.32 (14)N/A N/A 15.32 (14) Large Growth Median 1.11 1.11 16.63 16.63 29.43 12.54 N/A N/A 12.54 Boston Partners - SMID Value 3,302 11.42 -0.28 (N/A)-0.28 (N/A)5.81 (N/A)5.81 (N/A)12.79 (N/A)10.95 (N/A)12.85 (N/A)N/A 8.84 (N/A)08/01/2017 Boston Partners - SMID Value (net)-0.28 (N/A)-0.28 (N/A)5.10 (N/A)5.10 (N/A)11.88 (N/A)10.02 (N/A)11.86 (N/A)N/A 7.85 (N/A) Russell 2500 VL 3.15 (N/A)3.15 (N/A)12.73 (N/A)12.73 (N/A)13.21 (N/A)10.01 (N/A)11.09 (N/A)N/A 8.36 (N/A) IM U.S. SMID Cap Value Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A N/A N/A N/A Fiera Capital - SMID Growth 2,272 7.86 3.57 (N/A)3.57 (N/A)6.47 (N/A)6.47 (N/A)12.69 (N/A)5.93 (N/A)14.31 (N/A)N/A 12.10 (N/A)08/01/2017 Fiera Capital - SMID Growth (net)3.40 (N/A)3.40 (N/A)5.90 (N/A)5.90 (N/A)11.94 (N/A)5.17 (N/A)13.50 (N/A)N/A 11.32 (N/A) Russell 2500 GR 0.33 (N/A)0.33 (N/A)10.31 (N/A)10.31 (N/A)14.32 (N/A)2.98 (N/A)11.62 (N/A)N/A 9.92 (N/A) IM U.S. SMID Cap Growth Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A N/A N/A N/A International Equity Vanguard - International High Dividend Yield ETF 1,632 5.65 7.14 (N/A)7.14 (N/A)37.03 (N/A)37.03 (N/A)N/A N/A N/A N/A 31.07 (N/A)12/01/2024 Vanguard - International High Dividend Yield ETF (net)7.14 (N/A)7.14 (N/A)37.03 (N/A)37.03 (N/A)N/A N/A N/A N/A 31.07 (N/A) FTSE AWxUS H Div Yd USRIC NR USD 7.25 (N/A)7.25 (N/A)38.26 (N/A)38.26 (N/A)N/A N/A N/A N/A 32.02 (N/A) MSCI EAFE Net 4.86 (N/A)4.86 (N/A)31.22 (N/A)31.22 (N/A)N/A N/A N/A N/A 25.81 (N/A) IM International Large Cap Value Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A N/A N/A N/A ClearBridge - International Growth 2,229 7.71 0.22 (N/A)0.22 (N/A)23.00 (N/A)23.00 (N/A)N/A N/A N/A N/A 12.75 (N/A)02/01/2023 ClearBridge - International Growth (net)0.04 (N/A)0.04 (N/A)22.36 (N/A)22.36 (N/A)N/A N/A N/A N/A 12.04 (N/A) MSCI EAFE Net 4.86 (N/A)4.86 (N/A)31.22 (N/A)31.22 (N/A)N/A N/A N/A N/A 14.66 (N/A) MSCI EAFE Growth 1.89 (N/A)1.89 (N/A)21.12 (N/A)21.12 (N/A)N/A N/A N/A N/A 10.78 (N/A) IM International Large Cap Growth Equity (SA+CF) Median N/A N/A N/A N/A N/A N/A N/A N/A N/A City of Sebastian Police Officers' Retirement Plan Asset Allocation & Time Weighted Performance as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 2 City of Sebastian Police Officers' Retirement Plan Asset Allocation & Time Weighted Performance as of December 31, 2025 Allocation Market Value ($000) % Performance(%) Quarter To Date Fiscal YTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Fixed Income Genter - Short-Term Fixed Income 2,362 8.17 1.24 (N/A)1.24 (N/A)6.18 (N/A)6.18 (N/A)N/A N/A N/A N/A 4.98 (N/A)04/01/2023 Genter - Short-Term Fixed Income (net)1.24 (N/A)1.24 (N/A)6.10 (N/A)6.10 (N/A)N/A N/A N/A N/A 4.90 (N/A) BB US Gov/Credit 1-5 Y 1.18 (N/A)1.18 (N/A)6.11 (N/A)6.11 (N/A)N/A N/A N/A N/A 4.68 (N/A) IM U.S. Short Duration Fixed Income (SA+CF) Median N/A N/A N/A N/A N/A N/A N/A N/A N/A Highland - Fixed Income 3,777 13.07 1.11 (N/A)1.11 (N/A)7.00 (N/A)7.00 (N/A)5.27 (N/A)1.03 (N/A)2.99 (N/A)N/A 2.61 (N/A)08/01/2017 Highland - Fixed Income (net)1.11 (N/A)1.11 (N/A)6.78 (N/A)6.78 (N/A)4.98 (N/A)0.74 (N/A)2.69 (N/A)N/A 2.28 (N/A) Bloomberg US Aggregate 1.10 (N/A)1.10 (N/A)7.30 (N/A)7.30 (N/A)4.66 (N/A)-0.36 (N/A)1.99 (N/A)N/A 1.75 (N/A) IM U.S. Fixed Income (SA+CF) Median N/A N/A N/A N/A N/A N/A N/A N/A N/A Alternative Investments Intercontinental - Private Real Estate 687 2.38 0.00 0.00 3.18 3.18 -6.07 2.25 3.17 N/A 4.39 10/01/2017 Intercontinental - Private Real Estate (net)0.00 0.00 2.38 2.38 -6.55 0.98 1.94 N/A 3.10 NCREIF NFI ODCE Value Weighted 0.00 0.00 2.85 2.85 -3.74 3.21 3.22 N/A 3.98 NCREIF NFI ODCE (Net)0.00 0.00 2.19 2.19 -4.48 2.37 2.36 N/A 3.11 Bloomberg US Aggregate 1.10 1.10 7.30 7.30 4.66 -0.36 1.99 N/A 1.73 Lazard - Global Infrastructure 1,492 5.16 4.98 (4)4.98 (4)23.86 (28)23.86 (28)13.73 (22)11.72 (8)N/A N/A 11.72 (8)01/01/2021 Lazard - Global Infrastructure (net)4.98 (4)4.98 (4)23.86 (28)23.86 (28)13.73 (22)11.72 (8)N/A N/A 11.72 (8) DJ Brookfield Gbl Infra Comp TR 0.42 (76)0.42 (76)14.05 (92)14.05 (92)10.47 (59)9.04 (43)N/A N/A 9.04 (43) Infrastructure Median 0.96 0.96 19.18 19.18 11.22 8.77 N/A N/A 8.77 Cash Receipt & Disbursement 1,321 4.57 0.92 0.92 3.89 3.89 4.56 2.81 2.28 N/A 2.17 08/01/2017 90-Day T-Bills 1.02 1.02 4.40 4.40 5.03 3.31 2.76 N/A 2.57 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 3 %Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Fund 100.00 2.06 2.06 13.70 12.86 7.47 9.72 8.09 7.42 01/31/2011 Domestic Equity Highland - Large Cap Value 17.03 4.10 4.10 19.08 14.18 11.69 11.75 N/A 9.71 07/31/2017 iShares - Russell 1000 Growth ETF 16.98 1.14 1.14 18.13 27.48 15.68 N/A N/A 15.68 12/31/2020 Boston Partners - SMID Value 11.42 -0.29 -0.29 5.10 11.86 10.22 11.23 N/A 9.22 07/31/2017 Fiera Capital - SMID Growth 7.86 3.40 3.40 6.32 11.94 5.35 12.06 N/A 10.48 07/31/2017 International Equity Vanguard - International High Dividend Yield ETF 5.65 7.14 7.14 37.05 N/A N/A N/A N/A 31.03 11/30/2024 ClearBridge - International Growth 7.71 0.04 0.04 22.37 N/A N/A N/A N/A 12.15 01/31/2023 Fixed Income Genter - Short-Term Fixed Income 8.17 1.24 1.24 6.07 N/A N/A N/A N/A 5.06 03/31/2023 Highland - Fixed Income 13.07 1.12 1.12 6.77 5.13 -0.45 2.03 N/A 1.71 07/31/2017 Alternative Investments Intercontinental - Private Real Estate 2.38 0.00 0.00 2.38 -6.67 1.19 2.15 N/A 3.21 10/15/2017 Lazard - Global Infrastructure 5.16 4.97 4.97 23.86 13.39 11.42 N/A N/A 11.42 12/31/2020 Cash Receipt & Disbursement 4.57 0.86 0.86 2.76 3.38 1.51 0.29 N/A 0.07 07/31/2017 City of Sebastian Police Officers' Retirement Plan Asset Allocation & Net Dollar Weighted Performance (IRR) as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 4 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 6.0 12.0 18.0 24.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Total Fund Policy Index 1 90-Day T-Bills -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Re turn (%) -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 02/01/2011 Total Fund 2.09 2.09 14.10 13.38 8.04 10.45 8.74 7.97 Policy Index 1 2.25 2.25 14.93 13.82 7.66 10.38 8.88 8.55 Differences -0.16 -0.16 -0.84 -0.44 0.38 0.06 -0.14 -0.58 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 02/01/2011 Total Fund Beginning Market Value 27,760 27,760 25,233 19,420 19,694 14,064 11,928 7,730 Net Contributions 574 574 256 803 630 1,423 2,044 3,471 Fees/Expenses -8 -8 -81 -285 -560 -767 -1,026 -1,267 Income 145 145 584 1,530 2,465 3,181 4,176 5,295 Gain/Loss 435 435 2,915 7,437 6,676 11,005 11,784 13,677 Ending Market Value 28,906 28,906 28,906 28,906 28,906 28,906 28,906 28,906 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Total Fund 7.97 10.16 0.97 -19.15 97.75 101.51 -0.30 0.66 0.96 02/01/2011 Policy Index 1 8.55 10.28 1.00 -19.88 100.00 100.00 0.00 0.71 1.00 02/01/2011 90-Day T-Bills 1.50 0.55 0.00 0.00 5.60 -5.07 1.49 N/A 0.00 02/01/2011 as of December 31, 2025 Total Fund - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 5 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Total Fund Policy Index 1 Net Cash Flow -$15.0 $0.0 $15.0 $30.0 $45.0 M a rk et V alue In M ill io ns 1/11 10/11 7/12 4/13 1/14 10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 4/22 1/23 10/23 7/24 4/25 12/25 $9.9 $31.0 $28.9 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Income Return On Investment Market Value As of 12/31/2025 Total Fund 27,760.01 -4,716.43 -4,142.75 -7.60 - 145.12 579.92 28,906.01 0 15 30 45 60 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 7 4 9 9 16 14 35 33 21 13 9 9 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Total Fund - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 6 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 R e t u r n Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 04/01/2001 Total Fund 5.10 (40)11.29 (29)11.29 (29)14.38 (43)9.41 (26)7.84 (54)8.27 (61)7.35 (73) Policy Index 1 5.71 (13)11.51 (25)11.51 (25)15.38 (24)9.72 (18)8.44 (28)9.04 (23)8.54 (15) 5th Percentile 6.04 12.96 12.96 17.60 10.43 9.47 9.81 9.03 1st Quartile 5.39 11.49 11.49 15.15 9.43 8.50 8.95 8.20 Median 4.87 10.42 10.42 14.09 8.65 7.90 8.46 7.78 3rd Quartile 4.20 9.12 9.12 12.71 7.90 7.27 7.90 7.29 95th Percentile 2.90 6.55 6.55 9.87 6.04 6.08 6.76 6.36 Population 612 598 598 574 560 534 482 377 as of September 30, 2025 Sebastian Total Fund - Plan Sponsor Universe City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 7 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 8.0 16.0 24.0 32.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Since Inception Highland - Large Cap Value Russell 1000 Value 90-Day T-Bills -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Return (%) -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Highland - Large Cap Value 4.10 4.10 19.51 15.15 12.55 12.37 10.28 Russell 1000 Value 3.81 3.81 15.91 13.90 11.32 12.10 9.74 Differences 0.29 0.29 3.60 1.25 1.22 0.27 0.54 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Highland - Large Cap Value Beginning Market Value 4,729 4,729 4,136 3,962 3,723 3,050 4,342 Net Contributions -1 -1 -3 -721 -1,120 -1,234 -2,631 Fees/Expenses - - -16 -58 -99 -137 -163 Income 21 21 85 268 451 640 777 Gain/Loss 173 173 719 1,471 1,967 2,603 2,597 Ending Market Value 4,922 4,922 4,922 4,922 4,922 4,922 4,922 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Highland - Large Cap Value 10.28 16.90 1.03 -28.00 104.05 103.10 0.29 0.52 0.98 08/01/2017 Russell 1000 Value 9.74 16.27 1.00 -26.73 100.00 100.00 0.00 0.50 1.00 08/01/2017 90-Day T-Bills 2.57 0.57 0.00 0.00 5.99 -5.07 2.57 N/A 0.00 08/01/2017 as of December 31, 2025 Highland - Large Cap Value - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 8 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Highland - Large Cap Value Russell 1000 Value Net Cash Flow $0.0 $2.0 $4.0 $6.0 $8.0 M a rk et V alue In M ill io ns 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 7/22 1/23 7/23 1/24 7/24 1/25 7/25 12/25 $1.5 $4.7 $4.9 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Highland - Large Cap Value 4,728,749.10 -397,381.94 -398,029.22 -- 193,982.22 4,922,084.04 0 8 16 24 32 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 8 5 8 7 5 5 8 10 9 14 2 20 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Highland Large Cap Value - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 9 Allocation Highland - Large Cap Value Russell 1000 Value 0.0 8.0 16.0 24.0 32.0 40.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance Highland - Large Cap Value Russell 1000 Value 0.0 5.0 10.0 15.0 20.0-5.0-10.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4-0.3-0.6-0.9-1.2-1.5-1.8 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 10 Allocation - 10/01/2025 Portfolio Benchmark Performance - Quarter Ending December 31, 2025 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 5.87 8.07 -2.07 8.40 -0.10 -0.84 0.23 -0.72 Consumer Discretionary 7.63 7.70 1.14 -0.08 0.00 0.09 0.00 0.10 Consumer Staples 6.82 7.56 -2.19 0.27 0.03 -0.19 0.02 -0.14 Energy 5.79 5.94 -2.58 1.22 0.00 -0.23 0.01 -0.22 Financials 24.55 22.64 7.60 2.48 -0.03 1.16 0.10 1.23 Health Care 11.44 11.70 3.66 8.24 -0.01 -0.54 0.01 -0.53 Industrials 14.48 13.05 5.98 2.99 -0.01 0.39 0.04 0.42 Information Technology 11.15 10.47 8.43 11.02 0.05 -0.27 -0.02 -0.24 Materials 4.08 4.15 -0.98 2.84 0.00 -0.16 0.00 -0.16 Real Estate 3.53 4.18 5.42 -2.49 0.04 0.33 -0.05 0.32 Utilities 4.66 4.54 1.06 -0.74 -0.01 0.08 0.00 0.08 Total 100.00 100.00 3.96 3.81 -0.03 -0.16 0.34 0.15 City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 11 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000)334,826,705.58 389,335,040.82 Median Mkt. Cap ($000)94,470,336.67 14,192,773.21 Price/Earnings ratio 21.55 21.05 Price/Book ratio 2.96 2.92 5 Yr. EPS Growth Rate (%)15.47 15.90 Beta (5 Years, Monthly)1.06 1.00 Number of Stocks 86 870 Debt to Equity (%)70.53 61.24 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) JPMorgan Chase & Co 3.35 2.93 0.42 2.65 Berkshire Hathaway Inc 2.99 3.10 -0.11 -0.02 Alphabet Inc 2.33 2.16 0.17 28.84 Micron Technology Inc.2.28 1.07 1.21 70.75 Bank of America Corp 2.26 1.13 1.13 7.16 Cummins Inc.2.12 0.23 1.89 21.37 Amazon.com Inc 2.11 2.04 0.07 5.12 Goldman Sachs Group Inc 2.06 0.82 1.24 10.92 American Express Co 2.01 0.45 1.56 11.67 Caterpillar Inc 1.95 0.78 1.17 20.40 % of Portfolio 23.46 14.71 8.75 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Micron Technology Inc.2.28 1.07 1.21 70.75 Knight-Swift Transportation Holdings Inc 0.38 0.03 0.35 32.79 Alphabet Inc 2.33 2.16 0.17 28.84 Cummins Inc.2.12 0.23 1.89 21.37 United Parcel Service Inc 0.95 0.24 0.71 20.81 Caterpillar Inc 1.95 0.78 1.17 20.40 Thermo Fisher Scientific Inc 1.48 0.73 0.75 19.56 Cooper Cos Inc (The)0.75 0.05 0.70 19.54 Marriott International Inc 1.06 0.05 1.01 19.40 Newmont Corporation 1.49 0.37 1.12 18.76 % of Portfolio 14.79 5.71 9.08 Ten Worst Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Oracle Corp 0.84 0.00 0.84 -30.58 F5 Inc 0.65 0.05 0.60 -21.02 Kimberly-Clark Corporation 0.62 0.07 0.55 -17.87 Cheniere Energy Inc 0.91 0.08 0.83 -17.05 Builders FirstSource Inc 0.88 0.04 0.84 -15.14 Eaton Corporation plc 1.49 0.42 1.07 -14.66 Labcorp Holdings Inc 0.80 0.07 0.73 -12.37 Eagle Materials Inc 1.27 0.02 1.25 -11.21 Carrier Global Corp 0.52 0.14 0.38 -11.16 Altria Group Inc 0.91 0.33 0.58 -11.11 % of Portfolio 8.89 1.22 7.67 City of Sebastian Police Officers' Retirement Plan Highland - Large Cap Value - Portfolio Characteristics as of December 31, 2025 Page 12 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 45.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception iShares - Russell 1000 Growth ETF Russell 1000 Growth 90-Day T-Bills -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception Inception Date iShares - Russell 1000 Growth ETF 1.14 1.14 18.36 30.68 15.16 15.16 01/01/2021 Russell 1000 Growth 1.12 1.12 18.56 31.15 15.32 15.32 Differences 0.02 0.02 -0.20 -0.47 -0.17 -0.17 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception Inception Date iShares - Russell 1000 Growth ETF 01/01/2021 Beginning Market Value 4,854 4,854 4,704 1,432 1,582 1,582 Net Contributions - - -600 1,261 1,257 1,257 Fees/Expenses - - - - - - Income 5 5 20 51 74 74 Gain/Loss 50 50 785 2,165 1,996 1,996 Ending Market Value 4,909 4,909 4,909 4,909 4,909 4,909 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date iShares - Russell 1000 Growth ETF 15.16 18.23 1.00 -30.80 99.31 99.53 -0.12 0.70 1.00 01/01/2021 Russell 1000 Growth 15.32 18.26 1.00 -30.66 100.00 100.00 0.00 0.70 1.00 01/01/2021 90-Day T-Bills 3.31 0.64 0.01 0.00 6.29 -5.62 3.19 N/A 0.04 01/01/2021 as of December 31, 2025 iShares - Russell 1000 Growth ETF - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 13 Historic Change in Assets Distribution of Returns Quarterly Change in Assets iShares - Russell 1000 Growth ETF Russell 1000 Growth Net Cash Flow -$2.0 $0.0 $2.0 $4.0 $6.0 $8.0 M a rk et V alue In M ill io ns 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 3/24 6/24 9/24 12/24 3/25 6/25 9/25 12/25 $2.8 $5.0 $4.9 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 iShares - Russell 1000 Growth ETF 4,853,964.11 -5,284.14 -5,284.14 - - 55,484.88 4,909,448.99 0 6 12 18 24 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 8 3 1 1 5 5 2 6 4 6 3 16 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 iShares - Russell 1000 Growth ETF - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 14 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 6.0 12.0 18.0 24.0 -6.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Since Inception Boston Partners - SMID Value Russell 2500 VL 90-Day T-Bills 0.0 1.5 3.0 4.5 6.0 7.5 9.0 10.5 12.0 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Boston Partners - SMID Value -0.28 -0.28 5.81 12.79 10.95 12.85 8.84 Russell 2500 VL 3.15 3.15 12.73 13.21 10.01 11.09 8.36 Differences -3.43 -3.43 -6.92 -0.43 0.94 1.76 0.48 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Boston Partners - SMID Value Beginning Market Value 3,313 3,313 3,150 2,469 2,348 596 672 Net Contributions -1 -1 -8 -121 -366 1,124 1,145 Fees/Expenses - - -21 -70 -118 -132 -143 Income 12 12 51 141 229 259 276 Gain/Loss -22 -22 130 884 1,208 1,455 1,351 Ending Market Value 3,302 3,302 3,302 3,302 3,302 3,302 3,302 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Boston Partners - SMID Value 8.84 21.56 1.02 -38.80 101.57 99.49 0.45 0.39 0.96 08/01/2017 Russell 2500 VL 8.36 20.79 1.00 -34.64 100.00 100.00 0.00 0.37 1.00 08/01/2017 90-Day T-Bills 2.57 0.57 0.00 0.00 4.23 -4.96 2.58 N/A 0.00 08/01/2017 as of December 31, 2025 Boston Partners - SMID Value - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 15 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Boston Partners - SMID Value Russell 2500 VL Net Cash Flow -$1.5 $0.0 $1.5 $3.0 $4.5 M a rk et V alue In M ill io ns 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 7/22 1/23 7/23 1/24 7/24 1/25 7/25 12/25 $1.7 $3.1 $3.3 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Boston Partners - SMID Value 3,313,201.29 - 1,399,368.21 -1,400,846.81 - - -9,445.90 3,302,276.79 0 8 16 24 32 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 13 3 8 7 7 5 5 6 9 6 10 22 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Boston SMID Value - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 16 Allocation Boston Partners - SMID Value Russell 2500 VL 0.0 8.0 16.0 24.0 32.0 40.0 48.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance Boston Partners - SMID Value Russell 2500 VL 0.0 15.0 30.0-15.0-30.0-45.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution 0.0 0.3 0.6 0.9 1.2 1.5-0.3-0.6-0.9-1.2-1.5-1.8-2.1 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 17 Allocation - 10/01/2025 Portfolio Benchmark Performance - Quarter Ending December 31, 2025 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 2.27 3.35 -17.43 1.83 0.01 -0.65 0.21 -0.42 Consumer Discretionary 16.67 10.98 0.68 -1.60 -0.27 0.25 0.13 0.11 Consumer Staples 4.64 3.46 0.44 -6.24 -0.11 0.23 0.08 0.20 Energy 5.67 4.65 3.93 3.28 0.00 0.03 0.01 0.04 Financials 28.04 20.43 3.48 3.50 0.03 0.00 0.00 0.02 Health Care 7.21 7.50 4.66 16.57 -0.04 -0.89 0.03 -0.90 Industrials 16.71 20.16 0.23 1.69 0.05 -0.30 0.05 -0.19 Information Technology 11.48 9.90 -2.61 9.08 0.09 -1.16 -0.19 -1.25 Materials 3.65 6.42 -5.43 4.98 -0.05 -0.67 0.29 -0.43 Real Estate 2.65 8.77 6.42 -1.65 0.29 0.71 -0.49 0.51 Utilities 1.02 4.36 -4.99 -1.04 0.14 -0.17 0.13 0.10 Total 100.00 100.00 0.93 3.15 0.15 -2.62 0.25 -2.22 City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 18 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000)9,100,455.99 9,423,018.72 Median Mkt. Cap ($000)7,031,622.46 1,434,365.18 Price/Earnings ratio 16.69 18.01 Price/Book ratio 2.43 2.26 5 Yr. EPS Growth Rate (%)18.07 14.19 Beta (5 Years, Monthly)0.93 1.00 Number of Stocks 149 1,881 Debt to Equity (%)127.84 129.10 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Evercore Inc 1.99 0.27 1.72 1.13 FirstCash Holdings Inc 1.60 0.00 1.60 0.87 TechnipFMC plc 1.39 0.39 1.00 13.08 SharkNinja Inc 1.38 0.17 1.21 8.48 Frontdoor Inc 1.37 0.00 1.37 -14.27 Coca Cola Consolidated Inc 1.36 0.16 1.20 31.10 Voya Financial Inc 1.28 0.16 1.12 0.25 TD SYNNEX Corp 1.26 0.25 1.01 -7.99 Gen Digital Inc 1.22 0.29 0.93 -3.77 RenaissanceRe Holdings Ltd 1.18 0.28 0.90 10.89 % of Portfolio 14.03 1.97 12.06 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Twilio Inc 1.00 0.00 1.00 42.11 EPAM Systems Inc 0.74 0.24 0.50 35.87 Harmony Biosciences Holdings Inc 0.49 0.00 0.49 35.78 LCI Industries 0.62 0.06 0.56 31.58 Coca Cola Consolidated Inc 1.36 0.16 1.20 31.10 EnerSys 0.93 0.11 0.82 30.14 Matson Inc 0.59 0.08 0.51 25.74 Biogen Inc 0.53 0.00 0.53 25.64 Steven Madden Ltd 0.55 0.06 0.49 24.96 Align Technology Inc 0.45 0.00 0.45 24.70 % of Portfolio 7.26 0.71 6.55 Ten Worst Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Adtalem Global Education Inc 0.77 0.00 0.77 -33.01 AECOM 0.55 0.27 0.28 -26.79 Primo Brands Corp 0.43 0.09 0.34 -25.54 Magnite Inc 1.14 0.00 1.14 -25.48 Grand Canyon Education Inc 0.98 0.07 0.91 -24.24 Kontoor Brands Inc 0.62 0.01 0.61 -22.87 Gibraltar Industries Inc 0.40 0.03 0.37 -21.27 Visteon Corp.0.50 0.06 0.44 -20.44 Valvoline Inc 0.51 0.01 0.50 -19.08 Axcelis Technologies Inc.0.54 0.05 0.49 -17.72 % of Portfolio 6.44 0.59 5.85 City of Sebastian Police Officers' Retirement Plan Boston Partners - SMID Value - Portfolio Characteristics as of December 31, 2025 Page 19 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 6.0 12.0 18.0 24.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Since Inception Fiera Capital - SMID Growth Russell 2500 GR 90-Day T-Bills -2.5 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 Return (%) -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Fiera Capital - SMID Growth 3.57 3.57 6.47 12.69 5.93 14.31 12.10 Russell 2500 GR 0.33 0.33 10.31 14.32 2.98 11.62 9.92 Differences 3.24 3.24 -3.84 -1.63 2.95 2.70 2.18 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Fiera Capital - SMID Growth Beginning Market Value 2,198 2,198 1,994 1,442 1,584 678 669 Net Contributions -1 -1 148 219 209 517 514 Fees/Expenses -4 -4 -11 -37 -63 -75 -82 Income 3 3 10 35 72 83 89 Gain/Loss 76 76 131 613 471 1,070 1,083 Ending Market Value 2,272 2,272 2,272 2,272 2,272 2,272 2,272 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Fiera Capital - SMID Growth 12.10 19.98 0.92 -26.32 93.02 81.72 2.77 0.55 0.93 08/01/2017 Russell 2500 GR 9.92 21.04 1.00 -32.84 100.00 100.00 0.00 0.44 1.00 08/01/2017 90-Day T-Bills 2.57 0.57 0.00 0.00 3.93 -5.25 2.57 N/A 0.00 08/01/2017 as of December 31, 2025 Fiera Capital SMID Growth - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 20 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Fiera Capital - SMID Growth Russell 2500 GR Net Cash Flow $0.0 $0.8 $1.6 $2.4 $3.2 M a rk et V alue In M ill io ns 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 7/22 1/23 7/23 1/24 7/24 1/25 7/25 12/25 $1.1 $2.0 $2.3 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Fiera Capital - SMID Growth 2,198,355.90 - 314,332.52 -315,102.51 -3,613.83 - 78,378.91 2,272,350.99 0 8 16 24 32 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 16 2 0 3 8 12 7 12 8 5 5 23 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Fiera Capital SMID Growth - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 21 Allocation Fiera Capital - SMID Growth Russell 2500 GR 0.0 8.0 16.0 24.0 32.0 40.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance Fiera Capital - SMID Growth Russell 2500 GR 0.0 20.0 40.0-20.0-40.0-60.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6-0.4-0.8-1.2-1.6 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 22 Allocation - 10/01/2025 Portfolio Benchmark Performance - Quarter Ending December 31, 2025 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 0.00 2.33 0.00 5.68 -0.12 0.00 0.00 -0.12 Consumer Discretionary 21.43 13.02 -3.71 -3.84 -0.36 0.02 0.01 -0.33 Consumer Staples 0.49 2.78 -26.77 -10.16 0.24 -0.46 0.38 0.16 Energy 1.84 1.98 -1.23 -5.06 0.01 0.08 -0.01 0.08 Financials 11.47 10.70 -0.40 -3.54 -0.03 0.34 0.02 0.33 Health Care 18.02 20.57 16.34 12.46 -0.31 0.80 -0.10 0.39 Industrials 20.66 20.63 0.71 0.96 0.00 -0.05 0.00 -0.05 Information Technology 25.12 23.14 3.66 -5.87 -0.12 2.21 0.19 2.27 Materials 0.97 2.50 -7.36 -0.04 0.01 -0.18 0.11 -0.06 Real Estate 0.00 1.95 0.00 9.69 -0.18 0.00 0.00 -0.18 Utilities 0.00 0.40 0.00 -13.36 0.05 0.00 0.00 0.05 Total 100.00 100.00 2.95 0.41 -0.81 2.74 0.61 2.54 City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 23 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000)15,208,341.90 9,012,129.52 Median Mkt. Cap ($000)8,960,561.01 1,603,513.81 Price/Earnings ratio 26.85 27.88 Price/Book ratio 4.83 5.17 5 Yr. EPS Growth Rate (%)19.90 27.64 Beta (5 Years, Monthly)0.88 1.00 Number of Stocks 77 1,269 Debt to Equity (%)42.37 32.48 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) argenx SE 3.79 0.00 3.79 14.02 Insmed Inc 3.27 1.51 1.76 20.85 JFrog Ltd 3.00 0.00 3.00 31.97 BWX Technologies Inc 2.79 0.12 2.67 -6.12 Expedia Group Inc 2.59 0.00 2.59 32.76 Curtiss-Wright Corp 2.53 0.00 2.53 1.58 Stifel Financial Corp.2.32 0.00 2.32 10.77 Madrigal Pharmaceuticals Inc 2.13 0.48 1.65 26.97 Neurocrine Biosciences Inc 2.00 0.52 1.48 1.03 EMCOR Group Inc.1.91 0.41 1.50 -5.78 % of Portfolio 26.33 3.04 23.29 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Travere Therapeutics Inc 0.71 0.13 0.58 59.87 MACOM Technology Solutions Holdings Inc 1.44 0.12 1.32 37.59 EPAM Systems Inc 1.12 0.00 1.12 35.87 MongoDB Inc 1.87 0.00 1.87 35.22 Knight-Swift Transportation Holdings Inc 0.63 0.00 0.63 32.79 Expedia Group Inc 2.59 0.00 2.59 32.76 JFrog Ltd 3.00 0.00 3.00 31.97 Dollar General Corporation 1.90 0.00 1.90 29.25 IDEAYA Biosciences Inc 1.84 0.00 1.84 27.05 Madrigal Pharmaceuticals Inc 2.13 0.48 1.65 26.97 % of Portfolio 17.23 0.73 16.50 Ten Worst Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) UniQure NV 0.40 0.00 0.40 -59.00 Stride Inc 0.44 0.12 0.32 -56.40 Biohaven Ltd 0.17 0.05 0.12 -24.78 monday com Ltd 0.93 0.00 0.93 -23.82 Dorman Products Inc 1.19 0.15 1.04 -20.97 Chewy Inc 1.49 0.00 1.49 -18.29 GitLab Inc 1.22 0.23 0.99 -16.75 Etsy Inc 1.06 0.14 0.92 -16.49 AppFolio Inc 1.14 0.23 0.91 -15.60 Builders FirstSource Inc 1.18 0.00 1.18 -15.14 % of Portfolio 9.22 0.92 8.30 City of Sebastian Police Officers' Retirement Plan Fiera Capital - SMID Growth - Portfolio Characteristics as of December 31, 2025 Page 24 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 45.0 60.0 R eturn Current Quarter Fiscal YTD 1 Year Since Inception Vanguard - International High Dividend Yield ETF FTSE AWxUS H Div Yd USRIC NR USD 90-Day T-Bills -8.0 0.0 8.0 16.0 24.0 32.0 40.0 48.0 Return (%) -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Inception 12/1/2024 Vanguard - International High Dividend Yield ETF 7.14 7.14 37.03 31.07 FTSE AWxUS H Div Yd USRIC NR USD 7.25 7.25 38.26 32.02 Differences -0.10 -0.10 -1.23 -0.95 Current Quarter Fiscal YTD 1 Year Inception 12/1/2024 Vanguard - International High Dividend Yield ETF Beginning Market Value 1,523 1,523 1,191 1,218 Net Contributions - - -1 -1 Fees/Expenses - - - - Income 17 17 59 76 Gain/Loss 92 92 383 339 Ending Market Value 1,632 1,632 1,632 1,632 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Vanguard - International High Dividend Yield ETF 31.07 6.44 0.96 -2.17 96.95 92.11 0.29 3.60 0.99 12/01/2024 FTSE AWxUS H Div Yd USRIC NR USD 32.02 6.66 1.00 -2.28 100.00 100.00 0.00 3.59 1.00 12/01/2024 90-Day T-Bills 4.43 0.06 0.00 0.00 11.86 -30.33 4.52 N/A 0.11 12/01/2024 as of December 31, 2025 Vanguard - International High Dividend Yield ETF - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 25 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Vanguard - International High Dividend Yield ETF FTSE AWxUS H Div Yd USRIC NR USD Net Cash Flow $0.9 $1.2 $1.5 $1.8 $2.1 M arket V alue In M i lli o ns 11/24 12/24 1/25 2/25 3/25 4/25 5/25 6/25 7/25 8/25 9/25 10/25 11/25 12/25 $1.2 $1.6 $1.6 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Vanguard - International High Dividend Yield ETF 1,523,180.25 - 16,754.05 -16,953.98 - - 108,774.09 1,631,754.41 0 2 4 6 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 0 0 0 1 0 1 1 1 4 3 2 0 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Vanguard - International High Dividend Yield ETF - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 26 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 15.0 30.0 45.0 R eturn Current Quarter Fiscal YTD 1 Year Since Inception ClearBridge - International Growth MSCI EAFE Net 90-Day T-Bills 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Return (%) -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Inception 2/1/2023 ClearBridge - International Growth 0.22 0.22 23.00 12.75 MSCI EAFE Net 4.86 4.86 31.22 14.66 Differences -4.64 -4.64 -8.22 -1.91 Current Quarter Fiscal YTD 1 Year Inception 2/1/2023 ClearBridge - International Growth Beginning Market Value 2,229 2,229 1,826 1,548 Net Contributions -1 -1 -5 49 Fees/Expenses -4 -4 -11 -34 Income 10 10 37 92 Gain/Loss -5 -5 382 573 Ending Market Value 2,229 2,229 2,229 2,229 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date ClearBridge - International Growth 12.75 12.84 1.02 -11.40 99.86 113.59 -1.79 0.62 0.82 02/01/2023 MSCI EAFE Net 14.66 11.43 1.00 -10.88 100.00 100.00 0.00 0.83 1.00 02/01/2023 90-Day T-Bills 5.05 0.16 0.00 0.00 12.68 -15.76 5.06 N/A 0.01 02/01/2023 as of December 31, 2025 ClearBridge - International Growth - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 27 Historic Change in Assets Distribution of Returns Quarterly Change in Assets ClearBridge - International Growth MSCI EAFE Net Net Cash Flow $1.0 $1.5 $2.0 $2.5 $3.0 M a rk et V alue In M ill io ns 1/23 4/23 7/23 10/23 1/24 4/24 7/24 10/24 1/25 4/25 7/25 10/25 12/25 $1.6 $2.3 $2.2 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 ClearBridge - International Growth 2,229,142.94 - 792,699.60 -793,779.72 -3,986.29 - 4,962.59 2,229,039.12 0 3 6 9 Frequency < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 3 2 2 3 1 0 3 6 4 0 5 6 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 ClearBridge - International Growth - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 28 Allocation ClearBridge - International Growth MSCI EAFE Net 0.0 8.0 16.0 24.0 32.0 40.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Performance ClearBridge - International Growth MSCI EAFE Net 0.0 8.0 16.0 24.0-8.0-16.0-24.0 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services Total Attribution 0.0 0.3 0.6 0.9-0.3-0.6-0.9-1.2-1.5-1.8-2.1-2.4-2.7 Utilities Real Estate Materials Information Technology Industrials Health Care Financials Energy Consumer Staples Consumer Discretionary Communication Services City of Sebastian Police Officers' Retirement Plan ClearBridge - International Growth - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 29 Allocation - 10/01/2025 Portfolio Benchmark Performance - Quarter Ending December 31, 2025 Portfolio Benchmark Attribution Sector Stock Interaction Total Communication Services 4.04 4.94 -9.82 -7.21 0.11 -0.13 0.02 0.00 Consumer Discretionary 15.44 10.26 -8.56 1.34 -0.18 -1.02 -0.51 -1.71 Consumer Staples 5.40 7.55 1.46 3.69 0.03 -0.17 0.05 -0.09 Energy 0.00 3.18 0.00 5.88 -0.03 0.00 0.00 -0.03 Financials 18.55 24.75 5.06 7.55 -0.17 -0.62 0.15 -0.63 Health Care 12.00 10.71 3.78 9.64 0.06 -0.63 -0.08 -0.64 Industrials 21.25 19.39 -1.31 3.13 -0.03 -0.86 -0.08 -0.97 Information Technology 16.22 8.35 3.35 4.26 -0.05 -0.08 -0.07 -0.20 Materials 4.87 5.52 -1.74 7.24 -0.02 -0.50 0.06 -0.45 Real Estate 0.53 1.90 -7.61 1.08 0.05 -0.16 0.12 0.01 Utilities 1.70 3.45 0.64 10.16 -0.09 -0.33 0.17 -0.25 Total 100.00 100.00 -0.10 4.88 -0.32 -4.48 -0.17 -4.98 City of Sebastian Police Officers' Retirement Plan ClearBridge - International Growth - Quarterly Performance Attributes as of December 31, 2025 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 30 Portfolio Characteristics Portfolio Benchmark Wtd. Avg. Mkt. Cap ($000)179,869,612.87 106,623,578.31 Median Mkt. Cap ($000)74,137,742.61 19,910,824.60 Price/Earnings ratio 21.49 17.48 Price/Book ratio 3.19 2.64 5 Yr. EPS Growth Rate (%)21.09 18.96 Beta (3 Years, Monthly)1.00 1.00 Number of Stocks 57 693 Debt to Equity (%)77.86 122.13 Top Ten Equity Holdings Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) ASML Holding NV 4.27 2.06 2.21 10.71 SAP AG 3.36 1.25 2.11 -9.09 Siemens Energy AG 3.25 0.54 2.71 21.05 Astrazeneca PLC 3.18 1.41 1.77 19.83 Sony Group Corporation 3.09 0.77 2.32 -11.08 EADS 2.75 0.68 2.07 0.46 HSBC Holdings PLC 2.73 1.33 1.40 11.61 Safran SA 2.71 0.62 2.09 -0.95 Taiwan Semiconductor 2.70 0.00 2.70 9.09 Intesa Sanpaolo SPA 2.69 0.49 2.20 8.91 % of Portfolio 30.73 9.15 21.58 Ten Best Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Roche Holding AG 1.12 0.07 1.05 26.82 NatWest Group plc 2.55 0.35 2.20 23.68 Tokyo Electron Ltd 1.44 0.48 0.96 22.67 Siemens Energy AG 3.25 0.54 2.71 21.05 Celestica Inc 1.40 0.00 1.40 19.98 Inditex SA 2.60 0.35 2.25 19.89 Ryanair Holdings PLC 1.48 0.14 1.34 19.88 Astrazeneca PLC 3.18 1.41 1.77 19.83 Sandvik AB (publ)0.81 0.17 0.64 17.14 Heidelberg Materials AG 0.81 0.17 0.64 16.36 % of Portfolio 18.64 3.68 14.96 Ten Worst Performers Portfolio Weight (%) Benchmark Weight (%) Active Weight (%) Quarterly Return (%) Sea Limited 1.96 0.24 1.72 -28.63 Ferrari NV 1.19 0.23 0.96 -23.84 3I Group PLC 1.44 0.21 1.23 -19.36 BAE Systems PLC 1.69 0.34 1.35 -16.22 RELX PLC 1.57 0.36 1.21 -15.37 MercadoLibre Inc 0.77 0.00 0.77 -13.81 Terumo Corp 1.36 0.09 1.27 -12.45 Sony Group Corporation 3.09 0.77 2.32 -11.08 Check Point Software 1.41 0.08 1.33 -10.32 SoftBank Group Corp 1.07 0.53 0.54 -10.06 % of Portfolio 15.55 2.85 12.70 City of Sebastian Police Officers' Retirement Plan ClearBridge - International Growth - Portfolio Characteristics as of December 31, 2025 Page 31 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 3.0 6.0 9.0 R eturn Current Quarter Fiscal YTD 1 Year Since Inception Genter - Short-Term Fixed Income BB US Gov/Credit 1-5 Y 90-Day T-Bills 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 Return (%) -0.8 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year Inception 4/1/2023 Genter - Short-Term Fixed Income 1.24 1.24 6.18 4.98 BB US Gov/Credit 1-5 Y 1.18 1.18 6.11 4.68 Differences 0.06 0.06 0.07 0.30 Current Quarter Fiscal YTD 1 Year Inception 4/1/2023 Genter - Short-Term Fixed Income Beginning Market Value 2,333 2,333 2,010 2,260 Net Contributions -- 224 -230 Fees/Expenses -- -2 -5 Income 30 30 76 223 Gain/Loss -1 -1 54 113 Ending Market Value 2,362 2,362 2,362 2,362 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Genter - Short-Term Fixed Income 4.98 2.28 0.95 -1.06 99.89 81.90 0.50 -0.03 0.97 04/01/2023 BB US Gov/Credit 1-5 Y 4.68 2.34 1.00 -1.11 100.00 100.00 0.00 -0.15 1.00 04/01/2023 90-Day T-Bills 5.08 0.16 0.00 0.00 57.73 -84.35 5.07 N/A 0.00 04/01/2023 as of December 31, 2025 Genter - Short-Term Fixed Income - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 32 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Genter - Short-Term Fixed Income BB US Gov/Credit 1-5 Y Net Cash Flow $1.2 $1.8 $2.4 $3.0 $3.6 M a rk et V alue In M ill io ns 3/23 6/23 9/23 12/23 3/24 6/24 9/24 12/24 3/25 6/25 9/25 12/25 $2.0 $2.3 $2.4 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Genter - Short-Term Fixed Income 2,333,409.07 - 507,737.71 -508,148.86 - - 28,956.91 2,361,954.83 0 8 16 24 32 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 0 0 0 0 1 7 19 6 0 0 0 0 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Genter - Short-Term Fixed Income - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 33 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 4.0 8.0 12.0 -4.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Since Inception Highland - Fixed Income Bloomberg US Aggregate 90-Day T-Bills 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 Return (%) -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Highland - Fixed Income 1.11 1.11 7.00 5.27 1.03 2.99 2.61 Bloomberg US Aggregate 1.10 1.10 7.30 4.66 -0.36 1.99 1.75 Differences 0.01 0.01 -0.30 0.61 1.40 1.00 0.86 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 08/01/2017 Highland - Fixed Income Beginning Market Value 3,736 3,736 3,024 3,427 4,549 3,609 3,980 Net Contributions -1 -1 522 -66 -689 -329 -716 Fees/Expenses - - -7 -22 -49 -73 -96 Income 27 27 127 285 527 769 943 Gain/Loss 15 15 112 153 -561 -200 -334 Ending Market Value 3,777 3,777 3,777 3,777 3,777 3,777 3,777 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Highland - Fixed Income 2.61 4.75 0.75 -12.96 86.58 69.03 1.29 0.03 0.71 08/01/2017 Bloomberg US Aggregate 1.75 5.33 1.00 -17.18 100.00 100.00 0.00 -0.13 1.00 08/01/2017 90-Day T-Bills 2.57 0.57 0.02 0.00 18.26 -18.07 2.54 N/A 0.03 08/01/2017 as of December 31, 2025 Highland - Fixed Income - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 34 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Highland - Fixed Income Bloomberg US Aggregate Net Cash Flow -$16.0 -$8.0 $0.0 $8.0 $16.0 $24.0 M a rk et V alue In M ill io ns 1/11 10/11 7/12 4/13 1/14 10/14 7/15 4/16 1/17 10/17 7/18 4/19 1/20 10/20 7/21 4/22 1/23 10/23 7/24 4/25 12/25 ($1.8) $0.0 $3.8 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Highland - Fixed Income 3,735,688.11 -367,067.99 -367,628.10 --41,647.60 3,776,775.60 0 20 40 60 80 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 0 3 4 5 19 35 54 34 15 6 2 2 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Highland - Fixed Income - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 35 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 5.0 10.0 -5.0 -10.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Since Inception Intercontinental - Private Real Estate NCREIF NFI ODCE Value Weighted 90-Day T-Bills 1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 4.8 5.2 Return (%) -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 10/01/2017 Intercontinental - Private Real Estate 0.00 0.00 3.18 -6.07 2.25 3.17 4.39 NCREIF NFI ODCE Value Weighted 0.00 0.00 2.85 -3.74 3.21 3.22 3.98 Differences 0.00 0.00 0.34 -2.33 -0.95 -0.05 0.41 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years 7 Years Inception 10/01/2017 Intercontinental - Private Real Estate Beginning Market Value 687 687 684 891 724 696 112 Net Contributions - - -13 -42 -78 -111 408 Fees/Expenses - - -5 -11 -50 -65 -76 Income - - - - - -- Gain/Loss - - 21 -151 92 168 244 Ending Market Value 687 687 687 687 687 687 687 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Intercontinental - Private Real Estate 4.39 7.31 1.13 -24.96 116.08 123.05 -0.05 0.26 0.88 10/01/2017 NCREIF NFI ODCE Value Weighted 3.98 6.08 1.00 -18.74 100.00 100.00 0.00 0.24 1.00 10/01/2017 90-Day T-Bills 2.60 0.57 -0.04 0.00 32.72 -13.72 2.76 N/A 0.15 10/01/2017 as of December 31, 2025 Intercontinental - Private Real Estate - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 36 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Intercontinental - Private Real Estate NCREIF NFI ODCE Value Weighted Net Cash Flow -$0.5 $0.0 $0.5 $1.0 $1.5 M a rk et V alue In M ill io ns 10/17 4/18 10/18 4/19 10/19 4/20 10/20 4/21 10/21 4/22 10/22 4/23 10/23 4/24 10/24 4/25 12/25 $0.4 $0.7 $0.7 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Intercontinental - Private Real Estate 687,214.00 ---- --687,214.00 0 25 50 75 100 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 3 0 2 0 0 4 72 5 6 1 1 4 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Intercontinental - Private Real Estate - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 37 Manager Performance Chart Manager Risk & Return Modern Portfolio Statistics Historic Asset Growth Manager Annualized Performance 0.0 10.0 20.0 30.0 40.0 R eturn Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception Lazard - Global Infrastructure DJ Brookfield Gbl Infra Comp TR 90-Day T-Bills -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Return (%) -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception Inception Date Lazard - Global Infrastructure 4.98 4.98 23.86 13.73 11.72 11.72 01/01/2021 DJ Brookfield Gbl Infra Comp TR 0.42 0.42 14.05 10.47 9.04 9.04 Differences 4.55 4.55 9.81 3.26 2.69 2.69 Current Quarter Fiscal YTD 1 Year 3 Years 5 Years Since Inception Inception Date Lazard - Global Infrastructure 01/01/2021 Beginning Market Value 1,421 1,421 1,205 1,151 973 973 Net Contributions - - - -140 -140 -140 Fees/Expenses - - - - - - Income 14 14 89 173 396 396 Gain/Loss 56 56 199 307 263 263 Ending Market Value 1,492 1,492 1,492 1,492 1,492 1,492 Return Standard Deviation Beta Maximum Drawdown Up Capture Down Capture Alpha Sharpe Ratio R-Squared Inception Date Lazard - Global Infrastructure 11.72 11.53 0.71 -12.82 82.26 58.08 4.99 0.74 0.79 01/01/2021 DJ Brookfield Gbl Infra Comp TR 9.04 14.39 1.00 -17.19 100.00 100.00 0.00 0.45 1.00 01/01/2021 90-Day T-Bills 3.31 0.64 0.00 0.00 7.58 -8.46 3.31 N/A 0.00 01/01/2021 as of December 31, 2025 Lazard - Global Infrastructure - Executive Summary City of Sebastian Police Officers' Retirement Plan The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 38 Historic Change in Assets Distribution of Returns Quarterly Change in Assets Lazard - Global Infrastructure DJ Brookfield Gbl Infra Comp TR Net Cash Flow $0.4 $0.8 $1.2 $1.6 $2.0 M a rk et V alue In M ill io ns 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 3/24 6/24 9/24 12/24 3/25 6/25 9/25 12/25 $0.8 $1.3 $1.5 Market Value As of 10/01/2025 Net Transfers Contributions Distributions Fees Expenses Return On Investment Market Value As of 12/31/2025 Lazard - Global Infrastructure 1,421,473.19 -28,962.25 -28,962.25 -- 70,704.23 1,492,177.42 0 4 8 12 16 Freque ncy < -5 -5 To -4 -4 To -3 -3 To -2 -2 To -1 -1 To 0 0 To 1 1 To 2 2 To 3 3 To 4 4 To 5 > 5 Returns (%) 1 2 3 7 2 3 10 10 10 3 3 6 City of Sebastian Police Officers' Retirement Plan as of December 31, 2025 Lazard - Global Infrastructure - Change in Assets & Distribution of Returns The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 39 Policy Index 1 Weight (%) Feb-2011 S&P 500 Total Return 48.00 Bloomberg US Government/Credit 49.00 90-Day T-Bills 3.00 Jul-2011 S&P 500 Total Return 50.00 Bloomberg US Aggregate 40.00 MSCI EAFE Net 10.00 Jan-2016 S&P 500 Total Return 50.00 Bloomberg US Aggregate 40.00 MSCI EAFE Net 10.00 Jul-2017 Russell 1000 Value 21.25 Bloomberg US Aggregate 25.00 MSCI EAFE Net 5.00 Russell 1000 Growth 21.25 Russell 2500 VL 5.00 Russell 2500 GR 5.00 MSCI ACWI Ex USA NR USD 7.50 Alerian MLP TR 5.00 NCREIF NFI ODCE Value Weighted 5.00 Jan-2021 Russell 1000 Value 16.25 Russell 1000 Growth 16.25 Russell 2500 VL 12.00 Russell 2500 GR 8.00 MSCI EAFE Net 5.00 MSCI AC World ex US Net 7.50 Bloomberg US Aggregate 25.00 DJ Brookfield Gbl Infra Comp TR 5.00 NCREIF NFI ODCE Value Weighted 5.00 Policy Index 1 Weight (%) Feb-2023 Russell 1000 Value 16.25 Russell 1000 Growth 16.25 Russell 2500 VL 12.00 Russell 2500 GR 8.00 MSCI EAFE Net 5.00 MSCI EAFE Net 7.50 Bloomberg US Aggregate 25.00 DJ Brookfield Gbl Infra Comp TR 5.00 NCREIF NFI ODCE Value Weighted 5.00 Dec-2024 Russell 1000 Value 16.25 Russell 1000 Growth 16.25 Russell 2500 VL 12.00 Russell 2500 GR 8.00 FTSE AWxUS H Div Yd USRIC NR USD 5.00 MSCI EAFE Net 7.50 Bloomberg US Aggregate 25.00 DJ Brookfield Gbl Infra Comp TR 5.00 NCREIF NFI ODCE Value Weighted 5.00 City of Sebastian Police Officers' Retirement Plan As of December 31, 2025 Policy Index History The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results. Page 40 Account Name YTD 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Performance Appendix QTD Performance Data below is net of fees. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Boston Partners - SMID Value 5.11 5.11 11.88 10.02 -- 7.72 07/14/2017-0.28 ClearBridge - International Growth 22.36 22.36 14.30 -- -- 14.30 01/04/20230.04 Fiera Capital - SMID Growth 5.90 5.90 11.94 5.17 -- 11.09 07/20/20173.40 Genter - Short-Term Fixed Income 6.10 6.10 -- -- -- 4.75 03/27/20231.24 Highland - Fixed Income 6.78 6.78 4.98 0.74 3.41 4.16 01/31/20111.12 Highland - Large Cap Value 19.08 19.08 14.60 12.01 -- 9.66 07/17/20174.10 Intercontinental - Private Real Estate 2.38 2.38 -6.55 0.98 -- 3.10 10/01/20170.00 Lazard - Global Infrastructure 23.86 23.86 13.73 11.72 -- 11.52 12/31/20204.98 Receipt & Disbursement 2.73 2.73 3.31 -7.94 -- -6.67 08/01/20170.92 Vanguard - International High Dividend Yield ETF 37.03 37.03 -- -- -- 29.93 11/15/20247.14 iShares - Russell 1000 Growth ETF 18.36 18.36 30.68 15.16 -- 14.89 12/31/20201.14 All performance above are Time Weighted(TWR) performance Information Disclosures Performance results are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest and income. The investment results depicted herein represent historical performance. As a result of recent market activity, current performance may vary from the figures shown. Past performance is not a guarantee of future results. Please see the Morgan Stanley Smith Barney LLC Form ADV Part 2 Brochure for advisory accounts and/or any applicable brokerage account trade confirmation statements for a full disclosure of the applicable charges, fees and expenses. Your Financial Advisor will provide those documents to you upon request. Benchmark indices and blends included in this material are for informational purposes only, are provided solely as a comparison tool and may not reflect the underlying composition and/or investment objective(s) associated with the account(s). Indices are unmanaged and not available for direct investment. Index returns do not take into account fees or other charges. Such fees and charges would reduce performance. The performance data shown reflects past performance, which does not guarantee future results. Investment return and principal will fluctuate so that an investor’s shares when redeemed may be worth more or less than original cost. Please note, current performance may be higher or lower than the performance data shown. For up to date month-end performance information, please contact your Financial Advisor or visit the funds’ company website. Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. The prospectus and, if available the summary prospectus, contains this and other information that should be read carefully before investing. Investors should review the information in the prospectus carefully. To obtain a prospectus, please contact your Financial Advisor or visit the funds’ company website. 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Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Composites are the aggregate of multiple portfolios within an asset pool. Composites are the aggregate of multiple portfolios within an asset pool. Investing involves market risk, including possible loss of principal.Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations.Value investing involves the risk that the market may not recognize that securities are undervalued, and they may not appreciate as anticipated.Small and mid-capitalization companies may lack the financial resources, product diversification and competitive strengths of larger companies. The securities of small capitalization companies may not trade as readily as, and be subject to higher volatility than those of larger, more established companies.Bond funds and bond holdings have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the funds. The return of principal in bond funds, and in funds with significant bond holdings, is not guaranteed. International securities’prices may carry additional risks, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes and differences in financial and accounting standards. International investing may not be for everyone. These risks may be magnified in emerging markets.Alternative investments, including private equity funds, real estate funds, hedge funds, managed futures funds, and funds of hedge funds, private equity, and managed futures funds, are speculative and entail significant risks that can include losses due to leveraging or\other speculative investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in a fund, potential lack of diversification, absence and/or delay of information regarding valuations and pricing, complex tax structures and delays in tax reporting, less regulation and higher fees than mutual funds and risks associated with the operations, personnel and processes of the advisor.Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk; and MLP interests in the real estate sector are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. Because of their narrow focus, MLPs maintain exposure to price volatility of commodities and/or underlying assets and tend to be more volatile than investments that diversify across many sectors and companies. MLPs are also subject to additional risks including investors having limited control and rights to vote on matters affecting the MLP, limited access to capital, cash flow risk, lack of liquidity, dilution risk, conflict of interests, and limited call rights related to acquisitions. Mortgage backed securities also involve prepayment risk, in that faster or slower prepayments than expected on underlying mortgage loans can dramatically alter the yield-to-maturity of a mortgage-backed security and prepayment risk includes the possibility that a fund may invest the proceeds at generally lower interest rates. Tax managed funds may not meet their objective of being tax-efficient. Real estate investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general and economic conditions. High yield fixed income securities, also known as “junk bonds”, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. Credit quality is a measure of a bond issuer’s creditworthiness, or ability to repay interest and principal to bondholders in a timely manner. The credit ratings shown are based on security rating as provided by Standard & Poor’s, Moody’s and/or Fitch, as applicable. Credit ratings are issued by the rating agencies for the underlying securities in the fund and not the fund itself, and the credit quality of the securities in the fund does not represent the stability or safety of the fund. Credit ratings shown range from AAA, being the highest, to D, being the lowest based on S&P and Fitch’s classification (the equivalent of Aaa and C, highest, to D, being the lowest based on S&P and Fitch’s classification (the equivalent of Aaa and C, respectively, by Moody(s). Ratings of BBB or higher by S&P and Fitch (Baa or higher by Moody’s) are considered to be investment grade-quality securities. If two or more of the agencies have assigned different ratings to a security, the highest rating is applied. Securities that are not rated by all three agencies are listed as “NR”. Money Market Funds You could lose money in Money Market Funds. Although MMFs classified as government funds (i.e., MMFs that invest 99.5% of total assets in cash and/or securities backed by the U.S government) and retail funds (i.e., MMFs open to natural person investors only) seek to preserve value at $1.00 per share, they cannot guarantee they will do so. The price of other MMFs will fluctuate and when you sell shares they may be worth more or less than originally paid. MMFs may impose a fee upon sale or temporarily suspend sales if liquidity falls below required minimums. During suspensions, shares would not be available for purchases, withdrawals, check writing or ATM debits. A MMF investment is not insured or guaranteed by the Federal Deposit Insurance Corporation or other government agency. “Alpha tilt strategies comprise a core holding of stocks that mimic a benchmark type index such as the S&P 500 to which additional securities are added to help tilt the fund toward potentially outperforming the market in an effort to enhance overall investment returns. Tilt strategies are subject to significant timing risk and could potentially expose investors to extended periods of underperformance.” Custom Account Index: The Custom Account Index is an investment benchmark based on your historical target allocations and/or manager selection that you may use to evaluate the performance of your account. The Custom Account index does take into consideration certain changes that may have occurred in your portfolio since the inception of your account, i.e., asset class and/or manager changes. However, in some circumstances, it may not be an appropriate benchmark for use with your specific account composition. For detailed report of the historical composition of this blend please contact your Financial Advisor. Peer Groups Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach. Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.com/style-peer-groups Peer Group Ranking Methodology A percentile rank denotes the value of a product in which a certain percent of observations fall within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30% of the highest observations may be found, the 65th percentile is the value in which 65% of the highest observations may be found, and so on. Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics. that a ranking of 1 will always mean highest value across all statistics. For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers. In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile. Your interests in Alternative Investments, which may have been purchased through us, are generally not held here, and are generally not covered by SIPC. The information provided to you: 1) is included as a service to you, valuations for certain products may not be available; 2) is derived from you or another external source for which we are not responsible, and may have been modified to take into consideration capital calls or distributions to the extent applicable; 3) may not reflect actual shares, share prices or values; 4) may include invested or distributed amounts in addition to a fair value estimate; and 5) should not be relied upon for tax reporting purposes. Notwithstanding the foregoing, 1) to the extent this report displays Alternative Investment positions within a Morgan Stanley Individual Retirement Account (“IRA”), such positions are held by Morgan Stanley Smith Barney LLC as the custodian of your Morgan Stanley IRA; and 2) if your Alternative Investment position(s) is held by us and is registered pursuant to the Securities Act of 1933, as amended, your Alternative Investment position(s) is covered by SIPC. Alternatives may be either traditional alternative investment vehicles or non-traditional alternative strategy vehicles. Traditional alternative investment vehicles may include, but are not limited to, Hedge Funds, Fund of Funds (both registered and unregistered), Exchange Funds, Private Equity Funds, Private Credit Funds, Real Estate Funds, and Managed Futures Funds. Non-traditional alternative strategy vehicles may include, but are not limited to, Open or Closed End Mutual Funds, Exchange-Traded and Closed-End Funds, Unit Investment Trusts, exchange listed Real Estate Investment Trusts (REITs), and Master Limited Partnerships (MLPs). These non-traditional alternative strategy vehicles also seek alternative-like exposure but have significant differences from traditional alternative investment vehicles. Non-traditional alternative strategy vehicles may behave like, have characteristics of, or employ various investment strategies and techniques for both hedging and more speculative purposes such as short-selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Characteristics such as correlation to traditional markets, investment strategy, and market sector exposure can play a role in the classification of a traditional security being classified as alternative. Traditional alternative investment vehicles are illiquid and usually are not valued daily. The estimated valuation provided will be as of the most recent date available and will be included in summaries of your assets. Such valuation may not be the most recent provided by the fund in which you are invested. No representation is made that the valuation is a market value or that the interest could be liquidated at this value. We are not required to take any action with respect to your investment unless valid instructions are received from you in a timely manner. Some positions reflected herein may not represent interests in the fund, but rather redemption proceeds withheld by the issuer pending final valuations which are not subject to the investment performance of the fund and may or may not accrue interest for the length of the withholding. Morgan Stanley does not engage in an independent valuation of your alternative investment assets. Morgan Stanley provides periodic information to you including the market value of an alternative investment vehicle based on information received from the management entity of the alternative investment vehicle or another service provider. Traditional alternative investment vehicles often are speculative and include a high degree of risk. . Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to:• Loss of all or a substantial portion of the investment due to leveraging, short- selling, or other speculative practices;• Lack of liquidity in that there may be no secondary market for a fund;• Volatility of returns;• Restrictions on transferring interests in a fund;• Potential lack of diversification fund;• Volatility of returns;• Restrictions on transferring interests in a fund;• Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized;• Absence of information regarding valuations and pricing;• Complex tax structures and delays in tax reporting;• Less regulation and higher fees than mutual funds; and• Risks associated with the operations, personnel, and processes of the manager. As a diversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker- dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management’s interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund. Alternative investments involve complex tax structures, tax inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Clients should consult their own tax and legal advisors as Morgan Stanley does not provide tax or legal advice. Interests in alternative investment products are offered pursuant to the terms of the applicable offering memorandum, are distributed by Morgan Stanley Smith Barney LLC and certain of its affiliates, and (1) are not FDIC-insured, (2) are not deposits or other obligations of Morgan Stanley or any of its affiliates, (3) are not guaranteed by Morgan Stanley and its affiliates, and (4) involve investment risks, including possible loss of principal. Morgan Stanley Smith Barney LLC is a registered broker-dealer, not a bank SIPC insurance does not apply to precious metals, other commodities, or traditional alternative investments. Indices are unmanaged and investors cannot directly invest in them. Composite index results are shown for illustrative purposes and do not represent the performance of a specific investment. Diversification does not assure a profit or protect against loss in a declining market. Any performance or related information presented has not been adjusted to reflect the impact of any the additional fees paid to a placement agent by an investor (for Morgan Stanley placement clients, a one-time upfront Placement Fee of up to 3%, and for Morgan Stanley investment advisory clients, an annual advisory fee of up to 2.5%), which would result in a substantial reduction in the returns if such fees were incorporated. For most investment advisory clients, the program account will be charged an asset-based wrap fee every quarter (“the Fee”). In general, the Fee covers investment advisory services and reporting. In addition to the Fee, clients will pay the fees and expenses of any funds in which their account is invested. Fund fees and expenses are charged directly to the pool of assets the fund invests in and impact the valuations. Clients must understand that these fees and expenses are an additional cost and will not be included in the Fee amount in the account statements As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, for an account with an initial value of $100,000 and a 2.5% annual fee, if the gross performance is 5% per year over a three year period, the compounding effect of the fees will result in a net annual compound rate of return of approximately 2.40% per year over a three year period, and the total value of the client’s portfolio at the end of the three year period would be approximately $115,762.50 without the fees and $107,372.63 with the fees. Please see the applicable Morgan Stanley Smith Barney LLC Form ADV Part 2A for more information including a description of the fee schedule. It is available at <www.morganstanley.com/ADV or from your Financial Advisor/Private> Wealth Advisor. Graystone Consulting is a business of Morgan Stanley Smith Barney LLC. (“Morgan Stanley”) This material is not to be reproduced or distributed to any other persons (other than professional advisors of the investors) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public. © 2025 Morgan Stanley Smith Barney LLC. Member SIPC. M E M O R A N D U M TO:Board of Trustees FROM:Klausner, Kauf man Jensen & Levinson Fund Legal Counsel DATE:January 2026 SUBJECT:IRS Mileage Rate for 2026 This is to inform you that the Internal Revenue Service (“IRS”) released its updated Standard Mileage Rate for 2026. The new rate is 72.5 cents per mile for miles driven on or after January 1, 2026. This is up 2.5 cents from the rate effective at the end of last year. As you know from previous years, the mileage rate can fluctuate within the same year. W e will do our best to keep y ou and the adm inistrator informed. You can find the current rate at the link below . https://www.irs.gov/newsroom/irs-sets-2026-business-standard-m ileage-ra te-at-725-cents-per-mile-up-25-cents If you have any questions, please do not hesitate to contact us. BSJ/dze Enclosure E-Copy: Administrator 00250223.WPD;1 WARRANT # SENT FOR PAYMENT FOR PERIOD DESCRIPTION TOTAL DUE 24 12/30/2025 July 1 - September 30, 2025 Genter Capital Management, 3rd quarter fees, investment management $569.00 24 12/30/2025 July 1 - September 30, 2025 Highland Capital Management, invoice #42057, investment management $5,907.94 24 12/30/2025 July 1 - September 30, 2025 Highland Capital Management, invoice #42056, fixed investment management $2,789.70 24 12/30/2025 September 2025 Klausner, Kaufman, Jensen & Levinson, invoice #38788, legal services $50.00 24 12/30/2025 September 2025 Foster & Foster, invoice #38403, plan administration $2,200.00 24 12/30/2025 July 1 - September 30, 2025 Graystone Consulting, invoice #10129925289, investment management $4,000.00 24 12/30/2025 November 1, 2025 - November 1, 2026 Travelers, Account #9860K9214, Life insurance $3,321.52 24 12/30/2025 July 1 - September 30, 2025 ClearBridge Investments, invoice #SEBAS_IGADR093025, investment management $4,204.92 24 12/30/2025 July 1 - September 30, 2025 Fiera Capital, 3rd quarter fees, investment management $4,122.05 24 12/30/2025 July 1 - September 30, 2025 Salem Trust, 3rd quarter fees, custodial services (AUTO DEDUCT)$5,886.93 24 12/30/2025 July 1 - September 30, 2025 Boston Partners, invoice #20250930-690-A, investment management $7,360.48 24 12/30/2025 CY 2026 FPPTA, invoice #15349, Pension Board Membership Dues $750.00 24 12/30/2025 October 2025 Klausner, Kaufman, Jensen & Levinson, invoice #39022, legal services $2,125.00 24 12/30/2025 October 2025 Foster & Foster, invoice #39073, plan administration $2,429.02 24 12/30/2025 November 2025 Klausner, Kaufman, Jensen & Levinson, invoice #39249, legal services $0.00 24 12/30/2025 November 2025 Foster & Foster, invoice #39456, plan administration $2,259.40 Total Invoices $47,975.96 Total Checks $0.00 CHECK REQUESTS **Highlighted items are pending approval and have not yet been paid** INVOICES SUMMARY OF PAYMENTS City of Sebastian Police Officers' Retirement System October 22, 2025 - January 20, 2026 October 2, 2025 Cust: Salem Trust/TMI/Reliance Acct: 0740007885 Code: RISAL_SEB07885 ID: 68034 City of Sebastian Police Officers Retirement System Salem/TMI/Reliance Trust Graystone Consulting MANAGEMENT FEE:City of Sebastian Police Officers Retirement Sys 9/30/2025 Portfolio Value (including accrued interest):$ 2,334,003.66 Annual Fee Based On:$ 2,334.00 $ 2,334,004 @ 0.10% per annum $ 2,334.00 Quarterly Fee:$ 584.00 For the Period 7/1/2025 through 9/30/2025 Prorate Cash Flows -$ 15.00 07/25/2025 CASH ACCOUNT + $ 225,000.00 -$ 15.00 Net Fee:$ 569.00 Paid by Debit Direct Please Remit ($ 0.00) $ 569.00 Please remit directly to: Genter Capital Management 11601 Wilshire Boulevard, Penthouse Floor, Los Angeles, CA 90025 FOR RATIFICATION: Warrant #24, invoices October 7, 2025 Invoice Number: 42057 MANAGEMENT FEE:SEBASTIAN POLICE OFFICERS' RETIREMENT 9/30/2025 Portfolio Value:$ 4,729,151.49 Exclude Dividend Accrual - 2,794.62 Billable Value $ 4,726,356.87 Quarterly Fee Based On: $ 4,726,357 @ 0.50% per annum $ 5,907.94 Quarterly Fee:$ 5,907.94 For the Period 7/1/2025 through 9/30/2025 Paid by Debit Direct Please Remit ($ 0.00) $ 5,907.94 Mailing Check: Wiring Instructions: Highland Capital Management, LLC Contact: hfoster@highlandcap.com 850 Ridge Lake Blvd. Suite 205 Memphis, TN 38120 *****Note New Address******* October 7, 2025 Invoice Number: 42056 MANAGEMENT FEE:SEBASTIAN POLICE OFFICERS' RETIREMENT FIXED INCOME 9/30/2025 Portfolio Value:$ 3,719,594.29 Quarterly Fee Based On: $ 3,719,594 @ 0.30% per annum $ 2,789.70 Quarterly Fee:$ 2,789.70 For the Period 7/1/2025 through 9/30/2025 Paid by Debit Direct Please Remit ($ 0.00) $ 2,789.70 Mailing Check: Wiring Instructions: Highland Capital Management, LLC Contact: hfoster@highlandcap.com 850 Ridge Lake Blvd. Suite 205 Memphis, TN 38120 *****Note New Address******* ------------- Paid on warrant 23 Invoice Date 10/15/2025 Invoice # 38403 Bill To City of Sebastian Police Officers' Retirement System c/o Foster & Foster, Inc. 2503 Del Prado Blvd. S, Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 11/14/2025 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of September 2025.2,200.00 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $2,200.00 October 16, 2025 Graystone Tampa +1 813 228-9888 www.morganstanley.com *745-568 DCGIIC 0380320616* C/O FOSTER & FOSTER - TROY JENNE 2503 DEL PRADO BLVD S SUITE 502 CAPE CORAL FL 33904-5709 PLEASE REVIEW INVESTMENT ADVISORY FEE PAYMENT REQUIRED We value you as a client and thank you for the opportunity to serve your investment needs. Please see below for the investment advisory fee(s) due. FEE TYPE PLAN BILLABLE VALUE FEE AMOUNT Consulting CITY OF SEBASTIAN POLICE OFFICERS $27,712,228.32 $4,000.00 $4,000.00 $4,000.00 Total Fees This Period Past Due Balance Net Amount Due $8,000.00 CONSULTING FEE SCHEDULE Annual consulting fee is fixed at $16,000.00 Investments and services offered through Morgan Stanley Smith Barney LLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley. INVOICE NUMBER: 10129925289 1 of 4 --------------- paid on warrant 23 REMITTANCE INSTRUCTIONS 3 of 4 Please return payment using this page and include it with your check in the enclosed business reply envelope. Please note that cash payments cannot be accepted. Wire and check information are below. If you have any questions, please contact your Financial Advisor. Total Fees (07/01/2025 - 09/30/2025)$4,000.00 Past Due Balance $4,000.00 Net Amount Due $8,000.00 Investments and services offered through Morgan Stanley Smith Barney LLC. Member SIPC. Graystone Consulting is a business of Morgan Stanley. By ACH (Preferred) Bank name: UMB Bank, N.A. (United Missouri Bank) Transit Routing number: 044000804 Checking Account number: 4790000101299 For Benefit of Morgan Stanley & Co. Incorporated By Wire Bank Name: Citibank, New York ABA: 021000089 For Benefit Of Morgan Stanley & Co. Incorporated Beneficiary Account: 40611172 For Further Credit to: 980000163 Ref: Invoice 0101299 By Check Morgan Stanley Global Banking Operations ATTN: Advisory Fee Billing 1300 Thames Street Wharf, 4th Floor Baltimore, MD 21231-9907 Ref: Invoice 10129925289 Please note that cash payments cannot be accepted. ACH, wire, and check payment instructions are below. For tracking purposes, electronic payments are preferred. If a check is used for payment, the Remit page of the invoice must be accompanied with the check. Any payments that do not include the payment instructions provided, or Remittance page, may result in delayed processing or return of the payment. Please expect longer processing times for payments by check. INVOICE NUMBER: 10129925289 City of Sebastian Police Officers RetirementSystem 1225 Main Street Sebastian, FL 32958 Attn: Ken Killgore, Administrative services Director/C Date 10/23/2025 Billing Period 2025-Q3 Invoice Number SEBAS_IGADR093025 Custodian ID XXXX007836 CUSTOMER COPY - PLEASE RETAIN FOR YOUR RECORDS. Board of Trustees of the City of Sebastian Police Officers' Retirement System Fee Schedule Detail - Board of Trustees of the City of Sebastian Police Officers' Retirement System Annual Rate Valuation - USD Fee %0.750 2,224,342.130 to 999999999999 4,204.92 Total Fees Due 2025-Q3: 4,204.92 Wire Instructions: Paying Agent: CLEARBRIDGE INVESTMENTS LLC Bank: Bank of America ABA#: 026009593 Acct#: 004467062771 Ref: 2025-Q3-SEBAS_IGADR Mailing address: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Chicago, IL 60693-0139 Ref: 2025-Q3-SEBAS_IGADR ClearBridge calculates account asset values using independent valuation services. Securities traded on national securities exchanges are valued at their primary exchange closing prices. Accrued income is included in the calculation of account asset values. City of Sebastian Police Officers RetirementSystem 1225 Main Street Sebastian, FL 32958 Attn: Ken Killgore, Administrative services Director/C Date 10/23/2025 Billing Period 2025-Q3 Invoice Number SEBAS_IGADR093025 Custodian ID XXXX007836 PLEASE REMIT THIS STATEMENT WITH YOUR PAYMENT. Board of Trustees of the City of Sebastian Police Officers' Retirement System Fee Schedule Detail - Board of Trustees of the City of Sebastian Police Officers' Retirement System Annual Rate Valuation - USD Fee %0.750 2,224,342.130 to 999999999999 4,204.92 Total Fees Due 2025-Q3: 4,204.92 Wire Instructions: Paying Agent: CLEARBRIDGE INVESTMENTS LLC Bank: Bank of America ABA#: 026009593 Acct#: 004467062771 Ref: 2025-Q3-SEBAS_IGADR Mailing address: Legg Mason FBO: CLEARBRIDGE INVESTMENTS LLC 13985 Collections Center Drive Chicago, IL 60693-0139 Ref: 2025-Q3-SEBAS_IGADR ClearBridge calculates account asset values using independent valuation services. Securities traded on national securities exchanges are valued at their primary exchange closing prices. Accrued income is included in the calculation of account asset values. M70870 Sebastian Police Fee Advice for Period July 1, 2025 to Total Market Value for Fund: 27,024,223.73$ Detail of Calculation: Market Value Basis Point Rate Annual Fee Quarterly Fee Total Market Value 0.000525 $14,187.72 3,546.93$ Account Number Activty Amount Charge 0740001482 Highland Large Cap Buy / Sell 6 $27.00 0740001508 Boston Partners Buy / Sell 232 $1,044.00 0740001516 Fiera Capital Buy / Sell 107 $481.50 0740001524 Highland Int'l Value Buy / Sell 0 $0.00 0740001540 R&D Buy / Sell 0 $0.00 0740002985 Highland Fixed Income Buy / Sell 16 $72.00 0740007166 iShares Buy / Sell 1 $4.50 0740007174 Lazard Buy / Sell 0 $0.00 0740007216 Polen Buy / Sell 0 $0.00 0740007836 Clearbridge Buy / Sell 134 $603.00 0740007885 Genter Buy / Sell 24 $108.00 0740008768 ETF Buy / Sell 0 $0.00 Buy / Sell Total 520 $4.50 2,340.00 Total Amount Due 5,886.93 These fees will automatically be charged to your account. If you have any questions, please contact Karen Russo at (954) 815-6928. billing@foster-foster.com October 15, 2025 Siera Feketa June 30, 2025 2503 Del Prado Blvd S Suite 502 Foster & Foster Cape Coral, FL 33904 1715 N. WESTSHORE BLVD., SUITE 750 TAMPA, FL 33607 TEL (877) 382‐5268 FAX (813) 301‐1295 www.salemtrust.com Pamela Conn Foster-Foster 2503 Del Prado Blvd. S. Suite 502 Cape Coral, FL 33904 09/30/2025 20250930-690-A Invoice Date: Invoice Number: Billing Portfolio(s): Billing Period:07/01/2025 to 09/30/2025 SUMMARY FOR INVESTMENT SERVICES Please contact Ali Ayub directly at 617-832-8441 with any billing inquiries. As always, you may also direct any questions to your Relationship Manager. Current Period Amount Due:$ 7,360.48 QUARTEREND Fee Invoice Current Period Due 30-60 Days 60-90 Days Over 90 Days Total 20250930-690-A 7,360.48City of Sebastian Police Officers' Retirement System 7,360.48 7,360.487,360.48Total Amount Due 00844 - City of Sebastian Police Officers' Retirement System JP Morgan Chase; ABA #021000021; ACCT #066-654610 Accounts Receivable MAIL REMITTANCES TO: One Grand Central Place, 60 East 42nd Street, Suite 1550 Email aayub@bostonpartners.com Thank You WIRE / TRANSFER FUNDS TO: New York, NY 10165 Boston Partners We would appreciate receiving your payment along with the remittance slip within 30 days of receipt of this invoice. 00844Ref Acct #: REFERENCE: Boston Partners 0.00 90.00 BPS and above Quarterly Fee Calculation (IMFEE - USD) 3,271,322.05 90.00 BPS 90 360 7,360.48=*/* Annual Fee Schedule (IMFEE - USD) Period Rule - Custom (USD) City of Sebastian Police Officers' Retirement System - 00844 06/30/2025 Monthly Values Market Value 3,182,548.74 3,182,548.74 07/31/2025 Market Value 3,173,613.88 3,173,613.88 08/31/2025 Market Value 3,326,747.99 3,326,747.99 09/30/2025 Market Value 3,313,604.28 3,313,604.28 Adjusted Input $ 3,271,322.05 $ 7,360.48Schedule Total: Fee Details: Total IMFEE (00844)7,360.48 $ 7,360.48Fee Total: Invoice Summary Fee Totals: Fee Total For IMFEE:7,360.48 Total Amount Due:$ 7,360.48 INVOICE Sebastian Municipal Police Officers' Fund (Sebastian Municipal Police Officers' Fund) 1225 MAIN ST SEBASTIAN, FL 32958 United States For organization: Sebastian Municipal Police Officers' Fund Invoice Date: 10/31/2025 Invoice Number: INV_15349 Reference: Online Payment: Membership Dues Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States Description Quantity Unit Price Sales Tax Amount USD 2026 Membership - Pension Board 1 $750.00 %$750.00 Sub Total $750.00 TOTAL USD $750.00 Amount Paid ($0.00) AMOUNT DUE:$750.00 DUE DATE: November 10, 2025 PAYMENT ADVICE To: Florida Public Pension Trustees Association 2946 WELLINGTON CIR TALLAHASSEE, FL 32309 United States Customer:Sebastian Municipal Police Officers' Fund Invoice Number:INV_15349 Amount Due:$750.00 Due Date:November 10, 2025 -------------- paid on this warrant Invoice Date 11/21/2025 Invoice # 39073 Bill To City of Sebastian Police Officers' Retirement System c/o Foster & Foster, Inc. 2503 Del Prado Blvd. S, Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 12/21/2025 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of October 2025. 2,259.40 Attendance at October 21, 2025 Board meeting (out-of-pocket expenses only). 169.62 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $2,429.02 Invoice Date 12/15/2025 Invoice # 39456 Bill To City of Sebastian Police Officers' Retirement System c/o Foster & Foster, Inc. 2503 Del Prado Blvd. S, Suite 502 Cape Coral, FL 33904 Terms Net 30 Due Date 1/14/2026 Balance Due Thank you for your business! Plan Administration Division Phone: (239) 333-4872 Fax: (239) 481-0634 billing@foster-foster.com www.foster-foster.com Federal EIN: 59-1921114 Description Amount Plan Administration services for the month of November 2025. 2,259.40 Most preferred method of payment is a bank transfer. Please reference Plan name & Invoice # above: • Account Title: Foster & Foster, Inc. • Account Number: 6100000360 • Routing Number: 063114661 • Bank Name: Cogent Bank For payment via a mailed check, please remit to: Foster & Foster, Inc. 13420 Parker Commons Blvd, Ste 104, Fort Myers, FL 33912 $2,259.40 Retirees Term Date Monthly Benefit Option Selection Sent to Custodian Mark Hepfer 10/1/2025 $1,399.82 Life Only 10/15/2025 DROP Entries Entry Date Monthly Benefit Option Selection None this period DROP Exits Exit Date Monthly Benefit Account Balance Sent to Custodian None this period Refunded Contributions Term Date Refund Amount Status (Vested/Non-Vested)Sent to Custodian None this period Purchase of Service Credit Years Purchased Amount Due Rollover Contributions Payroll Deductions Sent to City None this period Deceased Members Date of Death Benefit Amount Option Selection Sent to Custodian None this period Beneficiary Payments Effective Date Benefit Amount Sent to Custodian None this period COLA Adjustments Effective Date Benefit Amount Sent to Custodian None this period FUND ACTIVITY REPORT CITY OF SEBASTIAN POLICE OFFICERS' RETIREMENT SYSTEM Activity for Period October 15, 2025 through January 13, 2026 Lazard Asset Management Lazard Global Listed Infrastructure (USD Hedge) City of Sebastian Police Officers' Retirement System This is a marketing material. This presentation and all research and materials enclosed are property of Lazard Asset Management Pacific Co. © Lazard Asset Management Pacific Co. 2025 Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of the date of this presentation and are subject to change. Due to rounding, certain numbers presented herein may not add up precisely to totals provided and percentages may not precisely reflect absolute figures. Please refer to the Important Information section for additional information about risks. January 20, 2026 Lazard Asset Management Agenda Firm Overview Investment Team, Philosophy and Process Strategy Review Appendix Please refer to the Appendix for the current “Global Investment Performance Standards (GIPS®) Composite Information”. 2 Lazard Asset ManagementLazard Asset Management Firm Overview Lazard Asset Management 4 Business Snapshot As of 30 September 2025. Values above include those of Lazard Asset Management LLC (New York) and its global affiliates - Lazard rères Gestion (LFG), Lazard Frères Banque SA (LFB) and the Edgewater Funds (Edgewater). $265B Assets Under Management 1,200+ Employees ~400 Investment Professionals 20+ Countries Many of the world’s leading institutions and investors rely on us to deliver world-class investment solutions and strategic advice. Lazard Asset Management Corporate 14% Insurance 5% Public/ Government 21% E&F / Healthcare 2% Wealth Management 10% Subadvised 20% Financial Intermediary 17% Other 11% By Client Type 5 Total Firm Assets Under Management: $265B We Deliver a Broad Range of Strategies to a Diverse Client Base As of 30 September 2025. AUM includes Lazard Asset Management and its global affiliates - of Lazard Frères Gestion (LFG), Lazard Frères Banque SA (LFB) and the Edgewater Funds (Edgewater). Financial Intermediary clients include Mutual Fund Sponsors, Registered Investment Advisors, Broker-Dealers, Banks, and may also include direct investors in pooled vehicles operating through an omnibus account. Public / Government includes public pension funds, labor unions and Taft-Hartley clients. Endowments and Foundations (E&F)/Healthcare also includes certain Family Office clients. Wealth Management includes clients of Lazard Family Office Partners and the wealth management business of Lazard Frères Gestion, which are principally family offices and high-net worth individuals. Fluctuations in assets under management (AUM) may occur due to a variety of factors, including but not limited to, client transitions and strategy re-categorizations over time. Lazard does not attempt to re-state AUM on a historical basis to account for these transitions and re- categorizations and instead, seeks to incorporate these changes on a forward-looking basis. Multi Asset 7%Alternatives 2% Global / International Equity 33% Emerging Markets Equity 14% European Equity 4%Asia Pacific Equity 4% US Equity 15% Convertibles 2% Fixed Income 12% Real Assets 7% By Investment Strategy Lazard Asset ManagementLazard Asset Management Investment Team, Philosophy and Process Lazard Asset Management Strategy Objective Seek long-term, defensive, low-volatility returns that exceed inflation by investing in a range of global companies that are considered to be “preferred infrastructure”. Performance Objective Inflation +5% p.a. over rolling 5-year periods (Long-term risk/reward profile between equities and fixed income) Shorter term performance reference: MSCI World Core Infrastructure Index (Local Currency) 1 Investment Universe “Preferred Infrastructure” Investment Style Value, benchmark unaware Investment Basis Long-only Number of Stocks 25-50 Currency Management Passive hedge to investor’s currency Strategy Inception October 20052 AUM1 USD $18.6 billion3 Lazard Global Listed Infrastructure (USD Hedge) 1. The Global Listed Infrastructure Index (USD Hedged) from inception to 31 March 2015, is the UBS Global 50/50 Infrastructure and Utilities Net Index (USD Hedged); from 1 April 2015 to 30 June 2018, the FTSE Developed Core Infrastructure 50/50 100% Hedged to USD Net Tax Index; and thereafter, the MSCI World Core Infrastructure 100% Hedged to USD Index. 2. Strategy inception date 3. As of 30 September 2025. AUM is indicative of total assets in the Global Listed Infrastructure – CAD Hedge, Global Listed Infrastructure – GBP Hedge, Global Listed Infrastructure – USD Hedge, Global Listed Infrastructure Unhedged, Global Listed Infrastructure – AUD Hedge, Global Listed Infrastructure – EUR Hedge and Global Listed Infrastructure – JPY Hedge Target returns are provided for illustrative purposes only. There can be no assurances that target returns will be achieved. Such target returns are not intended to serve as, and must not be relied upon by any prospective investor as, a guaranty, an assurance, a prediction of a definitive statement of fact or a probability. Actual events and circumstances are difficult or impossible to determine and may differ from assumptions. as, a guaranty, an assurance, a prediction of a definitive statement of fact or a probability. Actual events and circumstances are difficult or impossible to determine and may differ from assumptions. Lazard was one of the first managers to launch a diversified global listed infrastructure strategy. 7 Lazard Asset Management Global Listed Infrastructure Team Portfolio Management Team Office location (Year started industry experience/Year joined Lazard) Team membership is current as of 31 December 2025. Currency Hedging Global Research Resources Portfolio Management John Mulquiney, CFA Portfolio Manager/Analyst Sydney (1997/2005) Anthony Rohrlach, CFA Research Analyst Sydney (1999/2007) Matthew Landy Portfolio Manager/Analyst New York (1995/2005) Bertrand Cliquet, CFA Portfolio Manager/Analyst London (1999/2004) Warryn Robertson Portfolio Manager/Analyst Sydney (1992/2001) New York Frankfurt London Seoul Dubai Tokyo Sydney Team based In New York: Jared Daniels – PM/Analyst, Head of FX Advisory Sandeep Sadineni, CFA – Portfolio Analyst Stephanie Osterhus – Portfolio Analyst Edward Keating Client Portfolio Manager New York (2001/2001) Marketing & Client Service •Professionals based in: London, New York, Chicago, San Francisco, Singapore, Sydney, Toronto, Montreal, Tokyo, Hong Kong and Frankfurt •Angela Hung, Product Manager, Sydney Global Trading Sydney New York London Investment Team Experience Over 160 combined years of investment experience; Over 100 years of infrastructure-specific analysis and investing Legal/Compliance •Pre-trade compliance •International compliance skills •Established compliance program Requirements Global portfolio management skills; Global Equity management skills; Global stock analysis skills; Disciplined investment process 8 Lazard Asset Management A Consistent Pattern of Return Expected Risk and Return For illustrative purposes only. As of 31 December 2025. 1 Represents the Lazard Global Listed Infrastructure Portfolio 2 The Global Listed Infrastructure Index (USD Hedged) from inception to 31 March 2015, is the UBS Global 50/50 Infrastructure and Utilities Net Index (USD Hedged); from 1 April 2015 to 30 June 2018, the FTSE Developed Core Infrastructure 50/50 100% Hedged to USD Net Tax Index; and thereafter, the MSCI World Core Infrastructure 100% Hedged to USD Index. 3 Beta vs MSCI World Index (Local Currency) Performance is presented as net of fees. Please refer to “GIPS® Standards Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Source: Lazard, UBS, FTSE, MSCI, Bloomberg Infrastructure’s risk/reward profile sits between equities and fixed income Historically, Lazard’s GLIF strategy has performed well, with risk consistently lower than global equities Expected Return Expected Volatility Cash Fixed Income Listed Equities AlternativesPreferredInfra-structure Real Assets: Real Estate, Infrastructure Annualized 5 Year (%)Annualized 10 Year (%) Return Net Volatility Beta3 Return Net Volatility Beta3 Lazard Global Listed Infrastructure Portfolio1 11.64 11.56 0.61 9.92 11.60 0.61 Global Listed Infrastructure Index (USD Hedged)2 8.35 12.78 8.82 12.16 MSCI World (Local) Index 12.97 13.21 12.27 13.68 Bloomberg Global Treasury (USD Hedged) Index -0.08 4.40 2.05 3.78 9 Lazard Asset Management Lazard Global Listed Infrastructure (USD Hedge) Upside Downside Capture September 2006 to 31 December 2025 As of 31 December 2025 1 Since Inception: September 2006 All data in USD. The return-based characteristics are based on the gross-of-fees composite returns. Please refer to “GIPS® Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance does not guarantee future results. The index is unmanaged and has no fees. One cannot invest directly in an index. For definitions, please refer to appendix. Benchmark: MSCI World Source: Lazard, MSCI Volatility (%, Relative to Index, Annualised)1 Beta1 Lazard Global Listed Infrastructure 12.04 0.66 MSCI World Index (Local)14.24 – MSCI World Index Lazard Global Listed Infrastructure 76% Lazard Global Listed Infrastructure MSCI World Index 55% Downside Capture Ratio (%, since inception) Upside Capture Ratio (%, since inception) 10 Lazard Asset Management Stable Earnings Can Lead to Consistent Yield Premium Sustainable Yield Premium: Lazard GLI As of 31 December 2025 Estimates based on historical financial accounts of companies held in the fully discretionary account. Statistics are calculated using an index style construction methodology. Investment characteristics are based upon a fully discretionary account. All estimates are based on current information and are subject to change. Past performance is not a reliable indicator of future results. This information is for illustrative purposes only. The performance quoted represents past performance. Past performance does not guarantee future results. The index is unmanaged and has no fees. One cannot invest directly in an index. For definitions, please refer to appendix. 1 The Global Listed Infrastructure Index (AUD Hedged) from inception to 31 March 2015, is the UBS Global 50/50 Infrastructure and Utilities Net Index (AUD Hedged); from 1 April 2015 to 30 June 2018, the FTSE Developed Core Infrastructure 50/50 100% Hedged to AUD Net Tax Index; and thereafter, the MSCI World Core Infrastructure 100% Hedged to AUD Index. Source: Lazard, UBS, FTSE, MSCI % 11 4.0% Lazard GLI 3.4% Global Listed Infrastructure Index¹ 1.6% MSCI World Index 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Oc t 0 5 Au g 0 6 Ju n 0 7 Ap r 0 8 Fe b 0 9 De c 0 9 Oc t 1 0 Au g 1 1 Ju n 1 2 Ap r 1 3 Fe b 1 4 De c 1 4 Oc t 1 5 Au g 1 6 Ju n 1 7 Ap r 1 8 Fe b 1 9 De c 1 9 Oc t 2 0 Au g 2 1 Ju n 2 2 Ap r 2 3 Fe b 2 4 De c 2 4 Oc t 2 5 Lazard Asset Management Preferred Infrastructure “Preferred Infrastructure” is a subset of the infrastructure market that we believe has higher revenue certainty, profitability and lower volatility. Not all infrastructure assets will deliver these investment characteristics. To identify the ones which we call “Preferred Infrastructure” we focus on the following factors: Infrastructure assets can have attractive investment characteristics, including: Long-life assets Inflation-linked returns Lower risk of capital loss Low correlations (portfolio diversifier) What parameters to focus on… a) Revenue Certainty Stable demand Monopoly-like characteristics Price regulated and inflation-linked Long-term b) Profitability High operating margins Sustainable leverage Appropriate cost structure c) Longevity ESG risk and considerations Information and opinions are subject to change. 12 Lazard Asset Management We believe a strict adherence to our Preferred Infrastructure investment philosophy is critical to delivering on the attractive characteristics of infrastructure. Not All Infrastructure is Created Equal… Securities identified in this document are not necessarily held by Lazard Asset Management for all client portfolios and should not be considered as a recommendation or solicitation to purchase, sell or hold these securities. It should also not be assumed that any investment in these securities was or will be profitable. Toll Roads Airports Broadcast towers OECD countries Other examples… Preferred Regulated Utility (e.g., National Grid; Consolidated Edison) Monopoly-like assets Regulated return Explicit/implicit inflation pass through = Stable, consistent pattern of return Construction companies, road services Airlines, baggage handling Telecommunication service companies Emerging/Developing countries Non-Preferred Merchant Electricity Generator (e.g., Drax Power; Constellation Energy Group) Competitive markets Commodity price volatility High fixed cost structure = Volatile, uncertain pattern of return 13 Lazard Asset Management Lazard Global Listed Infrastructure Investment Process Overview Note: The number of stocks in each stage may vary with time and the evolution of the infrastructure sector and the investment process. Lazard's investment process is presented here in sequential steps for illustrative purposes only. In practice, the process is not sequential and will, as needed, weigh certain criteria over others. Lazard’s investment process is neither sequential nor static, but ongoing. Number of stocks ~400 150 ~90 25 - 50 Stage 1 Initial Filtering Stage 2 Qualitative Risk Ranking Stage 3 Fundamental Analysis and Value Ranking Stage 4 Portfolio Construction •Qualitative risk review •Stock appraisal •ESG stock analysis •Currency impact •Portfolio rules •Trading skills •Stock identification •Primary filtering 14 Lazard Asset Management Initial Filtering Investment Process Overview •The team begins the formation of its investable universe with approximately 400 stocks which could be broadly classified as infrastructure. These are then screened to eliminate companies that do not meet the following primary requirements: Majority of assets in OECD countries Ownership of infrastructure assets (not just a service provider) Minimum market capitalization of US$250M •These filters reduce the list to approximately 230 stocks. •A further filter which requires monopolistic characteristics / pricing power is then applied, resulting in approximately 150 stocks for further consideration. Lazard’s investment process is neither sequential nor static, but ongoing. STAGE 1 Initial Filtering STAGE 2 Qualitative Risk Ranking STAGE 3 Fundamental Analysis and Value Ranking STAGE 4 Portfolio Construction 15 Lazard Asset Management Parameter A B C Revenue Certainty Demand volatility Stable or modest growth Stagnant Growth Volatile or declining Competition Monopoly position with high barriers Substitution possible or strong concession Direct competition, weak concession Rate volatility Inelastic demand and no regulation Regulated or long- term contract Elastic demand Term Indefinite 30 years +< 30 years Profitability Operating margin 60% +20%-60%<20% Cost volatility Highly predictable Good costs confidence Volatile Gearing <25%25%-65%65% + Longevity ESG & other risks Minimal Limited risks with major exposures insured or hedged Some concerns Qualitative Risk Ranking Investment Process Overview In this phase, each stock is ranked, using the factors identified above, according to how “preferred” it is. STAGE 1 Initial Filtering STAGE 2 Qualitative Risk Ranking STAGE 3 Fundamental Analysis and Value Ranking STAGE 4 Portfolio Construction 16 Lazard Asset Management Value Rank by Sector Lazard Preferred Infrastructure Universe As of 31 December 2025 1 Over 3 years, assuming all the stocks trade at our valuation in 3 years time. The opinions and estimates contained in this graph are based on current information and are subject to change. It should not be assumed that any investment was, or will be profitable. Expected returns do not represent a promise or guarantee of future results and are subject to change. Shown for illustrative purposes only. Each bar represents an individual stock’s expected return per annum for the next three years. This is based on a comparison of Lazard’s Global Listed Infrastructure team’s intrinsic valuation of the stock three years out, the market price of the stock today and the interim forecast dividends. The “Value Rank” illustrates the expected returns of each stock within the Preferred Infrastructure universe. -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 Airports Communications Infra Diversified Utilities Electricity Utilities Gas Utilities Marine Ports Oil & Gas Pipelines Railroads Toll Roads Water Utilities Inflation + 5% Preferred Infrastructure Universe ranked by expected returns STAGE 1 Initial Filtering STAGE 2 Qualitative Risk Ranking STAGE 3 Fundamental Analysis and Value Ranking STAGE 4 Portfolio Construction Expected return1 (%) 17 Lazard Asset Management Value Rank by Country Lazard Preferred Infrastructure Universe As of 31 December 2025 1 Over 3 years, assuming all the stocks trade at our valuation in 3 years time. The opinions and estimates contained in this graph are based on current information and are subject to change. It should not be assumed that any investment was, or will be profitable. Expected returns do not represent a promise or guarantee of future results and are subject to change. Shown for illustrative purposes only. Each bar represents an individual stock’s expected return per annum for the next three years. This is based on a comparison of Lazard's Global Listed Infrastructure team’s intrinsic valuation of the stock three years out, the market price of the stock today and the interim forecast dividends. -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 Australia Austria Belgium Canada France Germany Hong Kong Italy Japan Mexico New Zealand Portugal South Korea Spain Switzerland United Kingdom United States Expected return1 (%) Inflation + 5% Preferred Infrastructure Universe ranked by expected returns The “Value Rank” illustrates the expected returns of each stock within the Preferred Infrastructure universe. 18 STAGE 1 Initial Filtering STAGE 2 Qualitative Risk Ranking STAGE 3 Fundamental Analysis and Value Ranking STAGE 4 Portfolio Construction Lazard Asset Management 19 Lazard Global Listed Infrastructure (USD Hedge) Portfolio by Country and Sector As of 31 December 2025 * Excludes 327,000 mobile phone towers (i.e. Crown Castle’s 40,000+, American Tower’s 149,000+, Cellnex’s 113,000+ and Infrastrutture Wireless’ 25,000+ mobile phone towers) The allocations mentioned are based upon a Portfolio. Allocations are subject to change. Portfolio summary is based on underlying company assets This information is for illustrative purposes only and is supplemental to the “GIPS® Standards Composite Information.” Source: Lazard, FactSet Global Asset Diversification (Toll Roads) 137 toll road concessions 10,000+ kms of toll roads 10 countries Portfolio Summary 29 Companies 11 Infrastructure Sectors 21+ Countries 370+ Assets* Broken Down by Company Domicile Portfolio by SectorPortfolio by Country STAGE 1 Initial Filtering STAGE 2 Qualitative Risk Ranking STAGE 3 Fundamental Analysis and Value Ranking STAGE 4 Portfolio Construction Australia 3.0%Canada 4.7% France 11.3% Germany 1.6% Hong Kong 6.1% Italy 21.1% New Zealand 0.5% Portugal 0.9%Spain 6.1% Switzerland 1.7% United Kingdom 18.5% United States 21.0% Cash & Net Hedging 3.6% Airports 4.3%Communications Infrastructure 13.2% Diversified Utilities 22.0% Electricity Utilities 9.0%Gas Utilities 12.0% Railroads 8.5% Toll Roads 17.3% Water Utilities 10.2% Cash & Net Hedging 3.6% Lazard Asset ManagementLazard Asset Management Strategy Review Lazard Asset Management Company Country Sector % Equity National Grid United Kingdom Diversified Utilities 8.3 VINCI France Toll Roads 8.1 Snam Italy Gas Utilities 7.2 Italgas Italy Gas Utilities 4.8 Terna Italy Electricity Utilities 4.7 Canadian National Railway Canada Railroads 4.7 Crown Castle United States Communications Infra 4.7 American Tower United States Communications Infra 4.6 Exelon United States Diversified Utilities 4.5 Ferrovial Spain Toll Roads 4.3 Lazard Global Listed Infrastructure (USD Hedge) Top 10 Holdings As of 31 December 2025. Source: Lazard, FactSet The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account excluding cash. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire por. This information is for illustrative purposes only and is supplemental to the “GIPS® Standards Composite Information. STAGE 1 Initial Filtering STAGE 2 Qualitative Risk Ranking STAGE 3 Fundamental Analysis and Value Ranking STAGE 4 Portfolio Construction 21 Lazard Asset Management City of Sebastian Police Officers' Retirement System Performance Summary As of 31 December 2025. Reporting Currency: USD Performance is presented net of fees. Please refer to the attached disclosures for performance presented on a net of fee basis and for a description of this composite. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Source: Lazard Performance (%)Annualized 2025 Q4 1 Year 3 Years Since Inception (01/01/2021) Lazard Global Listed Infrastructure Portfolio 4.97 23.86 13.59 11.64 MSCI World Core Infrastructure (USD Hedged) Index 0.59 13.41 9.17 8.35 Excess Return (bps)+439 +1,045 +443 +329 22 Portfolio Valuation $ Market Value Total Portfolio 1,492,177 Lazard Asset Management Lazard Global Listed Infrastructure Portfolio MSCI World Core Infrastructure (USD Hedged) Index MSCI World Index (Local) Bloomberg Barclay Global Treasury (USD Hedged) QTD 4.97 0.59 3.37 0.55 1 Year 23.86 13.41 18.44 3.52 3 Years p.a. 13.59 9.17 20.85 4.40 5 Years p.a. 11.64 8.35 12.97 -0.08 10 Years p.a.9.92 9.13 12.27 2.05 Since Inception returns p.a. (USD)1 10.86 9.24 8.52 3.13 Returns for Period Ending 31 December 2025 (%) Lazard Global Listed Infrastructure Portfolio Performance Summary 1 Since inception is from 31 December 2009 and represents the Lazard Global Listed Infrastructure Portfolio (USD Hedged) Composite. Performance is presented as net of fees. Please refer to “GIPS® Standards Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Source: Lazard, UBS, FTSE, MSCI, Bloomberg 23 Lazard Asset Management Lazard Global Listed Infrastructure Portfolio Performance Summary As of 31 December 2025. Since inception is from 31 December 2009. Performance is based upon a Portfolio. Performance is preliminary and presented net of fees. The performance quoted represents past performance. Past performance does not guarantee future results. Index performance is shown for illustrative purposes only. Lazard Global Listed Infrastructure is not measured versus the performance of any benchmark. Past performance is not a reliable indicator of future results. Source: Lazard, UBS, FTSE, MSCI, Bloomberg Growth of $100: Since Inception 0 100 200 300 400 500 600 Ja n - 1 0 Ju n - 1 0 No v - 1 0 Ap r - 1 1 Se p - 1 1 Fe b - 1 2 Ju l - 1 2 De c - 1 2 Ma y - 1 3 Oc t - 1 3 Ma r - 1 4 Au g - 1 4 Ja n - 1 5 Ju n - 1 5 No v - 1 5 Ap r - 1 6 Se p - 1 6 Fe b - 1 7 Ju l - 1 7 De c - 1 7 Ma y - 1 8 Oc t - 1 8 Ma r - 1 9 Au g - 1 9 Ja n - 2 0 Ju n - 2 0 No v - 2 0 Ap r - 2 1 Se p - 2 1 Fe b - 2 2 Ju l - 2 2 De c - 2 2 Ma y - 2 3 Oc t - 2 3 Ma r - 2 4 Au g - 2 4 Ja n - 2 5 Ju n - 2 5 No v - 2 5 Lazard - Net MSCI World Core Infrastructure (USD Hedged) Index MSCI World Index (Local) 24 Lazard Asset Management Composition Performance As of 31 December 2025. Reporting currency: Australian Dollar Performance is based upon a Portfolio. Performance is preliminary and presented net of fees. The performance quoted represents past performance. Past performance does not guarantee future results. All estimates are based on current information and are subject to change. The information presented is theoretical and is shown for illustrative purposes only. Index performance is shown for illustrative purposes only. Lazard Global Listed Infrastructure is not measured versus the performance of any benchmark. 1 The Global Listed Infrastructure Index (AUD Hedged) from inception to 31 March 2015, is the UBS Global 50/50 Infrastructure and Utilities Net Index (AUD Hedged); from 1 April 2015 to 30 June 2018, the FTSE Developed Core Infrastructure 50/50 100% Hedged to AUD Net Tax Index; and thereafter, the MSCI World Core Infrastructure 100% Hedged to AUD Index. Source: Lazard, UBS, FTSE, MSCI and Bloomberg Lazard Global Listed Infrastructure Since 31 October 2005 (% p.a.) Dividend 3.9 Company Earnings 5.5 Investment Management 1.6 Earnings Total 11.0 P/E -0.4 Fund Performance 10.6 Global Listed Infrastructure Index1 Since 31 October 2005 (% p.a.) Dividend 2.8 Company Earnings 5.0 Investment Management 0.0 Earnings Total 7.8 P/E 0.5 Index Performance 8.1 25 Lazard Asset Management 26 Lazard Global Listed Infrastructure (USD Hedge) Stock Contribution – Top Contributors and Detractors As of 31 December 2025. Reporting Currency: United States Dollar. Source: Lazard. FactSet Contribution is based upon a representative portfolio. Contribution analysis is provided for illustrative purposes only, as values are calculated based on returns gross of fees. Performance would be lower if fees and expenses were included. Past performance is not a reliable indicator of future results. The securities identified are not necessarily held by Lazard Asset Management and should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any of the referenced securities were or will prove to be profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the account’s portfolio or that securities sold have not been repurcha1sed. The securities discussed may not represent the account’s entire portfolio. This information is for illustrative purposes only and is supplemental to the “GIPS® Standards Composite Information. Contributors Average Weight (%) Total Performance (%) Contribution (%) Italgas 4.8 21.4 0.97 Snam 7.1 10.5 0.70 Ferrovial 4.8 14.1 0.70 National Grid 8.4 8.5 0.70 Severn Trent 4.2 9.7 0.40 Detractors Average Weight (%) Total Performance (%) Contribution (%) American Tower 4.5 -7.8 -0.38 Crown Castle 3.7 -6.6 -0.24 SES 1.3 -11.9 -0.17 Fraport 1.7 -4.9 -0.08 Exelon 4.6 -2.3 -0.07 Contributors Average Weight (%) Total Performance (%) Contribution (%) Italgas 4.0 99.8 2.98 Snam 7.0 39.3 2.52 Ferrovial 7.1 37.9 2.36 National Grid 8.2 25.4 2.11 VINCI 5.5 24.8 1.44 Detractors Average Weight (%) Total Performance (%) Contribution (%) American Tower 1.6 -14.3 -0.65 Crown Castle 2.0 -12.6 -0.37 Auckland International Airport 1.1 -3.3 -0.08 Intentionally left blank Intentionally left blank 2025 Q4 1 Year Lazard Asset Management Lazard Global Listed Infrastructure New Purchases and Complete Sells – Q4 2025 •None•Cellnex Telecom •Eiffage •Infrastrutture Wireless Italiane As of 31 December 2025. Allocations and securities mentioned are based upon a Portfolio. Allocations and security selection are subject to change. The information provided in this material should not be considered a recommendation or solicitation to purchase or sell any security. There is no assurance that any securities referenced herein will remain in the account’s portfolio or that securities sold have not been repurchased. The securities discussed may not represent the account’s entire portfolio. It should not be assumed that any of the referenced securities were or will prove to be profitable, or that the investment decisions we make in the future will be profitable. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.” New Purchases Complete sells Portfolio: 29 stocks as of 30 December 2025 vs. 26 stocks as of 30 September 2025. 27 Lazard Asset Management Data as of 31 December 2025. Investment characteristics are based upon a representative account. P/E is using a forward-looking P/E (NTM). This information is for illustrative purposes only. Please refer to “GIPS® Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance does not guarantee future results. The index is unmanaged and has no fees. One cannot invest directly in an index. For definitions, please refer to appendix. Lazard estimates based on historical financial accounts of companies held in the Portfolio. All estimates are based on current information and are subject to change. Source: FactSet, Lazard Asset Management Pacific. The current portfolio’s relative P/E is trading at an approximately 26% discount compared to the strategy’s average over the past 15 years. 28 Relative P/E Lazard Global Listed Infrastructure vs MSCI World Index 70% 80% 90% 100% 110% 120% 130% 140% Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Average Lazard Asset Management Data as of 31 December 2025. Investment characteristics are based upon a representative account. This information is for illustrative purposes only. Please refer to “GIPS® Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance does not guarantee future results. The index is unmanaged and has no fees. One cannot invest directly in an index. For definitions, please refer to appendix. Lazard estimates based on historical financial accounts of companies held in the Portfolio. All estimates are based on current information and are subject to change. Source: FactSet, Lazard Asset Management Pacific. The current portfolio’s relative dividend yield is trading at an approximately 70% premium compared to the strategy’s average over the past 15 years. 29 Lazard Global Listed Infrastructure vs MSCI World Index Relative Dividend Yield 50% 100% 150% 200% 250% 300% Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Average Lazard Asset Management 50% 60% 70% 80% 90% 100% 110% 120% 130% Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Data as of 31 December 2025. Investment characteristics are based upon a representative account. This information is for illustrative purposes only. Please refer to “GIPS® Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance does not guarantee future results. The index is unmanaged and has no fees. One cannot invest directly in an index. For definitions, please refer to appendix. Lazard estimates based on historical financial accounts of companies held in the Portfolio. All estimates are based on current information and are subject to change. Source: FactSet, Lazard Asset Management Pacific. The current portfolio’s relative EV:EBITDA is trading at an approximately 20% discount compared to the strategy’s average over the past 15 years. 30 Lazard Global Listed Infrastructure vs MSCI World Index Average Relative EV:EBITDA Lazard Asset Management Outlook •Equity markets have continued to perform strongly throughout 2025, including listed infrastructure. •The combination of volatile and strongly momentum driven equity markets and our conservative approach leads us to view current market conditions cautiously, especially given the heightened geopolitical and economic risks. We see limited pockets of attractive value opportunities, particularly in Europe. •The Lazard Global Infrastructure strategy remains underweight US utilities. However, we are beginning to see some specific stock opportunities within the US utilities sector. We may seek to take advantage of these opportunities in the months ahead. •Cautious, value-based stock-selection remains critical to generating positive returns. •Preferred Infrastructure characteristics, such as revenue certainty, profitability and longevity, derived from monopoly or monopoly-like underlying assets should, in our view, perform relatively well in a high inflation low growth/recessionary economic environment. •Given that the broader equity markets appear increasingly expensive, we believe the relative expected returns for listed infrastructure are currently favourable, particularly on a risk adjusted basis. The opinions and estimates contained in this presentation are as at 31 December 2025 and are subject to change and should not be considered a recommendation or solicitation to purchase or sell particular securities. 31 Lazard Asset ManagementLazard Asset Management Appendix Lazard Asset Management 33 Meet Our Directors Global Listed Infrastructure Management Team John Mulquiney is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He has been working in the investment field since 1997. Prior to joining Lazard in August 2005, John worked at Tyndall Australia where he covered stocks in various sectors including financials, consumer discretionary, healthcare and materials. John was also in the Asset and Infrastructure Group at Macquarie Bank, where he undertook transactions and developed valuation models for airports, electricity generators, rail projects and health infrastructure. Most recently, John spent four years at Nanyang Ventures, an early expansion venture capital fund. John holds a PhD from the Australian National University, and a BA (Hons) from Sydney University. He is a CFA® charterholder. Warryn Robertson is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He is also a Research Analyst on the Australian Equity team. He has been working in the investment field since 1992. Prior to joining Lazard in April 2001, Warryn was an Associate Director at Capital Partners and worked at PriceWaterhouseCoopers Corporate Finance. Warryn holds an MBA from the Melbourne Business School (Melbourne University) and a BCom, University of Canberra. John Mulquiney, CFA Warryn Robertson Bertrand Cliquet is a Portfolio Manager/ Analyst on the Lazard Global Listed Infrastructure and Global Equity Franchise teams. Bertrand joined Lazard in 2004 as a European utility analyst, before becoming a founding member of the Lazard Global Listed infrastructure strategy in 2005. Prior to joining Lazard, Bertrand was a utility analyst at Goldman Sachs International in London, and a merger and acquisition analyst at Deutsche Bank. He has been working in the investment field since 1999. He attained a business degree from HEC in Paris, with a major in Finance. Bertrand was awarded the Prize of the "Club Finance International", and the Prize of the HEC Foundation for his thesis on "The deregulation of the European electricity market and its consequences for electricity prices and the strategic positioning of energy companies". Bertrand is fluent in both French and German. Bertrand is a CFA® charterholder. Bertrand Cliquet, CFA Managing Director Portfolio Manager/Analyst Lazard Asset Management Pacific Co. Sydney Managing Director Portfolio Manager/Analyst Lazard Asset Management Pacific Co. Sydney Managing Director, Portfolio Manager/Analyst Lazard Asset Management Limited London Lazard Asset Management 34 Meet Our Directors Global Listed Infrastructure Management Team Matthew Landy is a Portfolio Manager/Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He began working in the investment field in 1995. Prior to joining Lazard in 2006, Matt worked in the private equity industry where he was involved in early stage venture capital in Europe and management buy-out investing in Australia. Previously he was an Equity Analyst with Tyndall Investment Management covering stocks in the consumer staples, consumer discretionary and industrial sectors. Matt has a BCom and a BA from Monash University in Melbourne, Australia. Anthony Rohrlach is a Research Analyst on the Global Listed Infrastructure and Global Equity Franchise teams. He has been working in the investment field since 1999. Prior to joining Lazard in 2007, Anthony spent over eight years as a research analyst with UBS where he covered infrastructure, transportation and utilities companies. Anthony holds an Honours degree in Finance from the Australian National University. He is a CFA® charterholder. Matthew Landy Anthony Rohrlach, CFA Edward Keating is a Client Portfolio Manager on the Discounted Assets, Global Listed Infrastructure, and Global Equity Franchise teams. He began working in the investment field in 2001, upon joining Lazard. He has a BA from Iona College. Edward P. Keating Managing Director, Portfolio Manager/Analyst Lazard Asset Management LLC New York Senior Vice President, Research Analyst Lazard Asset Management Pacific Co. Sydney Director Client Portfolio Manager Lazard Asset Management LLC New York Lazard Asset Management Portfolio Construction •A portfolio of 25–50 stocks is developed from the most attractive stocks on the value rank. •Portfolio weightings to an individual stock: generally, 1%–8%. •Maximum company holding: 10% of the company’s market capitalization. •Diversification is maintained across geographies and sectors. 1 The limit to “All other OECD countries” is not an aggregate Note: These weightings apply upon acquisition of investments – price movements may result in these limits being exceeded. Lazard’s investment process is neither sequential nor static, but ongoing. Allocations and security selection are subject to change. Country Parameters United States 0 – 50 Japan 0 – 30 Mexico 0 – 15 North America 0 – 80 Australia 0 – 30 Spain 0 – 30 New Zealand 0 – 15 Europe 0 – 80 Canada 0 – 30 United Kingdom 0 – 30 Portugal 0 – 15 Asia 0 – 30 France 0 – 30 Austria 0 – 15 South Korea 0 – 15 Australasia 0 – 30 Germany 0 – 30 Belgium 0 – 15 Switzerland 0 – 15 Italy 0 – 30 All other OECD1 0 – 15 Diversified Utilities 0 – 50 Water Utilities 0 – 40 Communications Infrastructure 0 – 30 Marine Ports 0 – 40 Gas Utilities 0 – 40 Railroads 0 – 30 Airports 0 – 40 Electricity Utilities 0 – 40 Oil & Gas Pipelines 0 – 30 Toll Roads 0 – 40 Sector Parameters STAGE 1 Initial Filtering STAGE 2 Qualitative Risk Ranking STAGE 3 Fundamental Analysis and Value Ranking STAGE 4 Portfolio Construction 35 Lazard Asset Management Lazard Global Listed Infrastructure (USD Hedge) Holdings by Infrastructure - Sector As of 31 December 2025. Source: Lazard, MSCI, FactSet The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. This information is for illustrative purposes only and is supplemental to the “GIPS® Standards Composite Information. Holdings % of Portfolio Airports 4.3 Aena Auckland International Airport Flughafen Zuerich Fraport Communications Infrastructure 13.2 American Tower Cellnex Telecom Crown Castle Infrastrutture Wireless Italiane SES Diversified Utilities 22.0 CK Infrastructure Exelon Hera National Grid Power Assets Electricity Utilities 9.0 Consolidated Edison Redes Energeticas Nacionais Terna Gas Utilities 12.0 Italgas Snam Holdings % of Portfolio Railroads 8.5 Canadian National Railway CSX Toll Roads 17.3 Atlas Arteria Eiffage Ferrovial Transurban VINCI Water Utilities 10.2 Pennon Severn Trent United Utilities Cash & Equivalents 3.6 Total Portfolio 100.0 36 Lazard Asset Management Lazard Global Listed Infrastructure (USD Hedge) Holdings by Infrastructure - Country As of 31 December 2025. Source: Lazard, MSCI, FactSet The allocations and specific securities mentioned are based upon a portfolio that represents the proposed investment for a fully discretionary account. Allocations and security selection are subject to change. The securities mentioned are not necessarily held by Lazard for all client portfolios, and their mention should not be considered a recommendation or solicitation to purchase or sell these securities. It should not be assumed that any investment in these securities was, or will prove to be, profitable, or that the investment decisions we make in the future will be profitable or equal to the investment performance of securities referenced herein. There is no assurance that any securities referenced herein are currently held in the portfolio or that securities sold have not been repurchased. The securities mentioned may not represent the entire portfolio. This information is for illustrative purposes only and is supplemental to the “GIPS® Standards Composite Information. Holdings % of Portfolio Australia 3.0 Atlas Arteria Transurban Canada 4.7 Canadian National Railway France 11.3 Eiffage SES VINCI Germany 1.6 Fraport Hong Kong 6.1 CK Infrastructure Power Assets Italy 21.1 Hera Infrastrutture Wireless Italiane Italgas Snam Terna New Zealand 0.5 Auckland International Airport Holdings % of Portfolio Portugal 0.9 Redes Energeticas Nacionais Spain 6.1 Aena Cellnex Telecom Ferrovial Switzerland 1.7 Flughafen Zurich United Kingdom 18.5 National Grid Pennon Severn Trent United Utilities United States 21.0 American Tower Consolidated Edison Crown Castle CSX Exelon Cash & Equivalents 3.6 Total Portfolio 100.0 37 Lazard Asset Management Global Listed Infrastructure Financial Statistics As of 31 December 2025. Currency: USD 1 Lesser of purchase or sales; annual turnover for the 12 months to 31 December 2025 Investment characteristics are based upon a Portfolio. This information is for illustrative purposes only. The return-based characteristics are based on the gross-of-fees composite returns. Please refer to “GIPS® Composite Information” for additional information, including net-of-fee results. The performance quoted represents past performance. Past performance does not guarantee future results The index is unmanaged and has no fees. One cannot invest directly in an index. For definitions, please refer to appendix. Lazard estimates based on historical financial accounts of companies held in the Portfolio. All estimates are based on current information and are subject to change. Source: Factset, Lazard. Ratios Lazard Global Listed Infrastructure MSCI World Core Infrastructure Index MSCI World Index Earnings Yield (%)5.41 4.90 4.13 Dividend Yield (%)4.0 3.4 1.6 EV:EBITDA Multiple (x)12.7 13.3 16.0 EBITDA Margin (%)31.2 33.5 21.1 EBITDA Interest Cover (x)5.1 4.9 10.2 Price/Book (x)2.3 2.9 3.9 FCF Yield (%)1.6 1.5 3.6 Debt to EV (%)40.6 35.9 11.2 Turnover1 (%)40.1 N/A N/A 38 Lazard Asset Management Lazard Global Listed Infrastructure Weights Since Inception - Sector As of 31 December 2025 Since inception: 5 October 2005 Weights are calculated ex-cash. The allocations mentioned are based upon a fully discretionary account. Allocations are subject to change. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.” Source: Lazard, FactSet 39 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Oct 05 Sep 06 Aug 07 Jul 08 Jun 09 May 10 Apr 11 Mar 12 Feb 13 Jan 14 Dec 14 Nov 15 Oct 16 Sep 17 Aug 18 Jul 19 Jun 20 May 21 Apr 22 Mar 23 Feb 24 Jan 25 Dec 25 Airports Communications Infra Diversified Utilities Electricity Utilities Gas Utilities Marine Ports Pipelines Railroads Tollroads Water Utilities Lazard Asset Management Lazard Global Listed Infrastructure Weights Since Inception — Country As of 31 December 2025. Since inception: 5 October 2005 Weights are calculated ex-cash. The allocations mentioned are based upon a fully discretionary account. Allocations are subject to change. This information is for illustrative purposes only and is supplemental to the “GIPS® Composite Information.” Source: Lazard, FactSet 40 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Oct 05 Sep 06 Aug 07 Jul 08 Jun 09 May 10 Apr 11 Mar 12 Feb 13 Jan 14 Dec 14 Nov 15 Oct 16 Sep 17 Aug 18 Jul 19 Jun 20 May 21 Apr 22 Mar 23 Feb 24 Jan 25 Dec 25 Australia Austria Canada Denmark France Germany Hong Kong Italy Japan Korea Mexico New Zealand Portugal Spain Switzerland United Kingdom United States Lazard Asset Management Composite Report Lazard Global Listed Infrastructure (USD Hedge) 41 Lazard Asset Management The performance quoted represents past performance. Past performance is not a reliable indicator of future results. Information and opinions presented have been obtained or derived from sources believed by Lazard to be reliable. Lazard makes no representation as to their accuracy or completeness. All opinions expressed herein are as of the date of this presentation and are subject to change. Allocations and security selection are subject to change. No risk management technique or process can guarantee return or eliminate risk in any market environment. Certain information contained herein constitutes “forward-looking statements” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “intent,” “continue,” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. The indices referenced in this document are included merely to show general trends in the market during the periods indicated and are not intended to imply that investments made pursuant to the strategy are or will be comparable to any index in either composition or element of risk. The strategy is not restricted to securities comprising any index. The strategy may use various investment techniques not reflected in an index. The indices referenced herein are unmanaged and have no fees. One cannot invest directly in an index. There is no guarantee that the strategy’s performance will meet or exceed any index. This material is for informational purposes only. It is not intended to, and does not constitute financial advice, fund management services, an offer of financial products or to enter into any contract or investment agreement in respect of any product offered by Lazard Asset Management and shall not be considered as an offer or solicitation with respect to any product, security, or service in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or unauthorized or otherwise restricted or prohibited. Lazard Asset Management (“Lazard” or the “firm”) actively manages client portfolios with the objective of delivering positive investment performance and maximizing long-term shareholder value.Portfolio managers at Lazard have discretion to incorporate ESG considerations into their investment processes, and to what degree. Information concerning a particular investment strategy’s utilization of ESG considerations (including its status as ESG Integrated or Sustainability Focused under our procedures) are set forth in Lazard’s description of that strategy, or are available upon request. Other disclosures herein may describe sustainable investment views and resources that Lazard’s ESG professionals have developed to assist our clients and portfolio management teams. However, unless expressly disclosed, readers should not assume that these views and resources are incorporated in a portfolio management team’s investment process. This document is provided by Lazard Asset Management LLC, Lazard Frères Gestion or its affiliates ("Lazard") for informational purposes only. Nothing herein constitutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service or investment product. Investments in securities, derivatives and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard’s investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard’s investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard’s local regulatory authorizations. The Lazard entities that have issued this document are listed below, along with important limitations on their authorized activities. Australia:Issued by Lazard Asset Management Pacific Co., ABN 13 064 523 619, AFS License 238432, Level 12 Gateway, 1 Macquarie Place, Sydney NSW 2000, which is licensed by the Australian Securities and Investments Commission to carry on a financial services business. This document is intended for wholesale investors only. Canada: Issued by Lazard Asset Management (Canada) Inc., 30 Rockefeller Plaza, New York, NY 10112 and 130 King Street West, Suite 1800, Toronto, Ontario M5X 1E3, a registered portfolio manager providing services to non-individual permitted clients. Dubai: Issued and approved by Lazard Gulf Limited, Index Tower, Floor 10 Office 1008 DIFC, PO Box 506644, Dubai, United Arab Emirates. Registered in Dubai International Financial Centre 0467. Authorised and regulated by the Dubai Financial Services Authority to deal with Professional Clients only. EU Member States: Issued by Lazard Asset Management (Deutschland) GmbH, Neue Mainzer Strasse 75, D-60311 Frankfurt am Main. France: Issued by Lazard Frères Gestion, 25, rue de Courcelles, F-75008 Paris. Hong Kong: Issued by Lazard Asset Management (Hong Kong) Limited (AQZ743), Suites 506-508, Level 5, One International Finance Centre, No. 1 Harbour View Street, Central, Hong Kong. Lazard Asset Management (Hong Kong) Limited is a corporation licensed by the Hong Kong Securities and Futures Commission to conduct Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activities only on behalf of “professional investors” as defined under the Hong Kong Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and its subsidiary legislation. Korea: Issued by Lazard Korea Investment Management Co., Ltd., 21F Seoul Finance Center, 136 Sejong-daero, Jung-gu, Seoul 04520. People’s Republic of China: Issued by Lazard Asset Management. Lazard Asset Management does not carry out business in the P.R.C and is not a licensed investment adviser with the China Securities Regulatory Commission or the China Banking Regulatory Commission. This document is for reference only and for intended recipients only. The information in this document does not constitute any specific investment advice on China capital markets or an offer of securities or investment, tax, legal or other advice or recommendation or, an offer to sell or an invitation to apply for any product or service of Lazard Asset Management. Saudi Arabia: Issued and approved by Lazard Saudi Arabia, 15th Floor, Nakheel Tower, King Fahad Road, Nakheel District, Riyadh 12381, Saudi Arabia. Commercial Registration No: 1010297437 with a unified number: 7001642417, License of the Ministry of Investment No: 102031098747. Regulated and authorised by the Capital Market Authority (CMA). Singapore: Issued by Lazard Asset Management (Singapore) Pte. Ltd., Unit 15-03 Republic Plaza, 9 Raffles Place, Singapore 048619. Company Registration Number 201135005W, which provides services only to “institutional investors” or “accredited investors” as defined under the Securities and Futures Act, Chapter 289 of Singapore. Switzerland: Issued by Lazard Asset Management Schweiz AG, Uraniastrasse 12, CH-8001 Zurich. United Kingdom: Issued or approved by Lazard Asset Management Ltd., 20 Manchester Square, London, W1U 3PZ. Authorised and regulated by the Financial Conduct Authority (FCA), providing services only to persons classified as eligible counterparties or professional clients under the rules of the FCA. United States: Issued by Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, NY 10112. Important Information 42 Lazard Asset Management Important Information Beta is a relative measure of the sensitivity of a portfolio's return to changes in the benchmark's return. The beta of the portfolio versus its benchmarks is the amount (and direction) the fund has historically moved when the benchmark moved by one unit. Dividend yield is calculated by dividing dividends paid by the Fund’s current holdings over the trailing 12 months by the Fund’s NAV. Free cash flow yield is calculated by dividing the free cash flows of the company by its price per share. P/E calculates the price of a stock divided by its earnings per share. Standard deviation measures the dispersion or “spread” of individual observations around their mean. Price to book value ratio is calculated by taking the current stock price and dividing it by the stock’s book value. In other words, the ratio compares the company’s market valuation to its book value of equity. Price to earnings (P/E) ratio is calculated by taking the current stock price and dividing it by the company’s earnings per share. Return on equity (ROE)is calculated by taking earnings per share of the company and dividing it by the stock's book value. Standard deviation of returns measure a fund’s historical volatility, where a higher number is evidence of greater volatility (i.e., higher risk). Tracking error is the standard deviation of the difference between the monthly returns of a fund and its associated benchmark. Note that the lower the tracking error of a fund, the closer the fund tracks its benchmark. As with other statistics, Lazard calculates the tracking error for the period of no less than 36 months. Turnover of a portfolio is calculated by dividing the lesser of the market value of buys or sells over a period by the average value of the portfolio assets during the period. Multiply the result by 100 to convert the number into percentage format. Up/down capture ratio is a benchmark-relative ratio between a composite and its benchmark that seeks to explain portfolio construction in up and down markets (particularly useful for defensive portfolio construction during down periods). 43