Monte-Carlo Analysis for Expected Return

2. Monte-Carlo Analysis for Expected Return 10,000 simulations, median case. Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

3. Management Model of Foundations & Endowments The management model of a foundation endowment ranks with asset class allocation as a key determinant of long-term performance. Source: The Commonwealth Funds and Adapted from J. E. Craig, Jr., “Treasurer’s Report,“ The Commonwealth Fund 1994 Annual Report. Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

4. Complexity of Investing Over Time Complexity Inflation Risk Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

5. Complexity of Investing Over Time Complexity Liquidity Risk Inflation Risk Company Risk Inflation Risk Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

6. Harvard Allocation Over Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission. Please see important disclosures and disclaimers at the end of this presentation.

7. Complexity of Investing Over Time Complexity Liquidity Risk Inflation Risk Company Risk Inflation Risk Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

8. Complexity of Investing Over Time Complexity Liquidity Risk Inflation Risk Company Risk Inflation Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

9. Complexity of Investing Over Time Complexity Bonds U.S. Stocks Foreign Stocks Real Estate Liquidity Risk Inflation Risk Company Risk Inflation Risk Currency Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

10. Complexity of Investing Over Time Bonds U.S. Stocks Foreign Stocks Real Estate Venture Capital Complexity Political Risk Currency Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Leverage Risk Bonds U.S. Stocks Foreign Stocks Real Estate Liquidity Risk Inflation Risk Company Risk Inflation Risk Currency Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

11. Complexity of Investing Over Time Credit Risk Manager Risk Political Risk Currency Risk Geo-political Risk Liquidity Risk Inflation Risk Model Risk Company Risk Leverage Risk Bonds U.S. Stocks Foreign Stocks Real Estate Hedge Funds Private Equity Venture Capital Bonds U.S. Stocks Foreign Stocks Real Estate Venture Capital Complexity Political Risk Currency Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Leverage Risk Bonds U.S. Stocks Foreign Stocks Real Estate Liquidity Risk Inflation Risk Company Risk Inflation Risk Currency Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Geo-political Risk Liquidity Risk Inflation Risk Company Risk Time Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

12. Endowment CIO Tenure and Pay

13. Five Models of Investment Management • Solo Investment Committee Model • Investment Committee – Investment Consultant Model • Investment Committee – Internal Financial Staff – Investment Consultant Model • Internal CIO • Outsourced CIO Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

14. 5 Tests: Real vs. False Outsourced CIO • Alignment • Acumen (really smart!) • Access to Special Investments • Real Results • Happy Real Clients Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

15. Real vs. False Outsourced CIO Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission.

16. Contact Information Athena Capital Advisors Athena Capital Advisors55 Old Bedford Road, Suite 302 767 Third Avenue, 36th FloorLincoln, MA 01773 New York, NY 10017781.274.9300 917.414.1512www.athenacapital.com www.athenacapital.com Lauren Casper Zung T. Nguyenlcasper@athenacapital.com znguyen@athenacapital.com For further information, please contact: Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission. Please see important disclosures and disclaimers at the end of this presentation.

17. Disclosures and Disclaimers The summary description of Athena Capital and the information included herein, and any other materials provided to you, are intended only for discussion purposes and are not intended as an offer to sell or a solicitation of an offer to buy with respect to the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation. This summary is not intended to be complete, and material aspects of the descriptions contained herein may change at any time. The information herein is not intended to provide, and should not be relied upon for, accounting and legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the matters discussed herein. Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investment objectives described herein will be achieved. Investment losses may occur, and investors could lose some or all of their investment. Nothing herein is intended to imply that investments of this type may be considered "conservative," "safe," "risk free" or "risk averse." No regulatory authority has passed upon or endorsed this summary or the merits of this information. The examples of investments included in this summary have been provided for discussion purposes only and are no guarantee of future results or that such investment opportunities will become available. Distribution of this information to any person other than the person to whom this information was originally delivered and to such person's advisors is unauthorized, and any reproduction of these materials, in whole or in part, or the disclosure of any of the contents, without the prior consent of Athena Capital in each such instance is prohibited. Circular 230 Disclosure: To ensure compliance with Treasury Department regulations, we inform you that, unless specifically indicated otherwise, any tax advice contained herein was not intended or written to be used and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or applicable state or local tax provisions, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Athena Capital Advisors does not provide legal advice and the information contained herein should only be used in consultation with your legal, accounting, and tax advisors. Athena Capital Advisors LLC Proprietary and Confidential. Not to be copied or distributed without express written permission. Please see important disclosures and disclaimers at the end of this presentation.