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Selection of Investment Managers Participating in PMP

CCAM selects a group of professional investment managers from a large database of investment managers to participate in the program. Managers must be duly registered investment advisers and are screened for financial and organizational stability, historical performance, quality of management, research capabilities and other factors. Investment managers participating in the PMP are reviewed at least once a year and are evaluated and categorized according to their investment philosophy and approach, asset allocation, rate of return expectation and risk. Consideration is also given to methodology, standards and CCAM's verification of investment managers' reported historical composite returns. CCAM also utilizes the services of Lockwood Advisors, a nationally recognized firm that provides due diligence reviews of investment managers, monitors manager performance, and provides training and other support services. CCAM independently reviews the PMP pool of investment managers on at least an annual basis. The information CCAM obtains regarding investment managers participating in the PMP is believed to be reliable and accurate, however, CCAM does not guarantee accuracy nor independently verify reported results. CCAM may remove an investment manager from the program if, in the judgment of CCAM, the manager does not execute its functions in a manner consistent with its stated philosophy and approach or if the manager becomes otherwise unsuitable for continued participation. Such unsuitability may be augmented by material events that may impair the manager's ability to perform its functions.