tab endowment and foundations overview 1 investment

1

Table of Contents

Tab

• Endowment and Foundations Overview 1

• Investment Management and Client Strategy 2

• Philosophy and Capabilities• Custody, Substance & Investment Management• Why BNY Mellon Wealth Management

• Appendix 3

• Biographies

2

Administration Investment Management

FIDUCIARY SERVICES• Trust review and administration• Agent for trustee

POLICY DEVELOPMENT• Investment policy• Spending policy

TAX REPORTING• Annual 990PF preparation• Foundation excise tax rate• Excise and state tax payments• Quarterly estimate payments

GRANT-MAKING SUPPORT• Guidelines for grant-seekers• Administration of grant-making process

BANKING SERVICES 2

• Checking and savings• Credit services• Electronic banking and bill paying

SUPPORT SERVICES• Gift processing• Sub-account segregation• Sub-fund spreadsheet accounting• Communication with accountants and

auditors• Annual distribution calculations

STRATEGIC ASSET ALLOCATION • Asset allocation research and testing• Expert guidance and strategy setting

STRATEGIC ARCHITECTURE• Complementary strategies from our

leading global asset managers

INVESTMENT EXCELLENCE ACROSS ASSET CLASSESEquity• Large capitalization• Mid capitalization• Small capitalization

Fixed Income • Taxable• Tax exempt• High yield

Liquidity Management • Enhanced cash management• Cash sweep

International • Developed markets• Emerging markets

Alternative1

• Hedge funds• Private equity• Real estate• Socially responsible investing

Asset Servicing and Information Management

GLOBAL CUSTODY• Domestic and global custody and

safekeeping• Multi-manager coordination

WEB-BASED REPORTING AND ANALYTICSPLATFORM• Data export capabilities• Custom reporting• Accounting statement access

PERFORMANCE MEASUREMENTAND ANALYSIS• Global Investment Performance Standards

(GIPS®)-compliant reporting• Performance attribution• Performance reporting

CASH PROCESSING• Client or BNY Mellon-initiated cash

processing• ACH transfers• Wire processing• Check processing

Endowment and Foundation ServicesCAPABILITIES OVERVIEW

1Limited to qualified investors only and where appropriate.2See footnote (c) in the appendix.

3

AdministrationINDUSTRY-LEADING RESOURCES WORKING ON BEHALF OF OUR CLIENTS

Fiduciary Services

Policy Development

Tax Reporting

Grant-Making Support

Banking Services

Support Services

Fiduciary Culture• A record of integrity • Commitment to operating in best interests of clients• Personal accountability

Quality of Advice• Insights reflecting collective experience of Endowment and Foundation

Services, BNY Mellon Wealth Management, our clients and their advisors

Consistency• Investment and spending policy development expertise:

– Compliance with regulations– Consistent governance• Staff continuity to balance potential Board or Committee turnover

4

Objective-Driven InvestingOVERVIEW

Origin• Objective-driven investing (ODI) is derived from defined benefit plans processes: Liability-Driven Investing (LDI) and

Asset/Liability Management (ALM)− Designed to create, implement, and monitor asset allocations

Benefit for Endowments and Foundations• Highly transferable methods, use to develop long-term asset allocation linked to goals and objectives

Objective-Driven Investing, an Integrated Tool• Organizational objectives

– Financial– Strategic

• Risk, return and spending requirements • Quantitative and qualitative analysis• Sophisticated modeling techniques• Ongoing monitoring and reporting

5

Objective-Driven InvestingPROCESS

Overview • Objective-Driven Investing helps endowment and foundations (E&F) develop an appropriate,

long-term asset allocation – Incorporates cash inflows and outflows – Is sensitive to an organization’s financial goals and objectives – Uses quantitative and qualitative models– Employs sophisticated modeling techniques– Is reinforced through ongoing reporting

Process Steps

Establish and

Prioritize

Objectives

Assess

Risk

Tolerance

Consider

Asset

Allocations

Run

Model/

Analyze Results

Set Asset

Allocation

Monitor

Progress

Against

Objectives

6

Asset ManagementINVESTMENT PHILOSOPHY AND STRATEGY CONVICTIONS

Equity

We believe our clients’ investment objectives can best be met through a strong foundation of strategies across asset classes that reflect:

• Global diversification across asset classes• Disciplined, repeatable adherence to processes• A focus on consistent results, seeking to outperform benchmarks across market cycles while

minimizing risk• Active management approach to uncover value• A focus on client specific objectives

Philosophy

Cash Fixed Income International

1Available to qualified investors where appropriate

Alternative 1

7

Experience and Resources• More than 225 years of managing money• Excellent and deep capabilities across asset classes and specialties

– Strategies designed and managed specifically for endowments & foundations– Opportunities typically available only to significant institutional portfolios

• Commitment to pursuing new opportunities and expanding capabilities accordingly

Focus and Commitment• Investment organization and practices dedicated to achieving clients goals & objectives

– More than 100 investment professionals focused on our clients’ interests• Processes designed to outperform benchmarks consistently across market cycles

Discipline• Disciplined adherence to strategies • Processes structured for repeatability in client portfolios• Exceptional strategic asset allocation capabilities, adding significant value to client results

Investment ManagementCAPABILITIES

No investment strategy or risk management technique can guarantee returns in any market environment.1Limited to qualified investors only and where appropriate.

Strategic ArchitectureEquity• Large capitalization• Mid capitalization• Small capitalization• Tax managed

Strategic Asset Allocation

International • Developed markets• Emerging markets

Alternative1

• Hedge funds• Private equity• Real estate• Socially

Responsible Investing

Fixed Income • Taxable• Tax exempt• High yield

Liquidity Management• Enhanced cash• Cash sweep

Investment Excellence Across Asset Classes

• Asset allocation research and testing

• Expert guidance and strategy setting

• Dedicated private client strategies

• Complementary strategies from our leading global asset managers

Strategic Architecture

8

Investment ManagementA COMMITMENT TO WHAT SERVES, NOT WHAT SELLS

Objective• To enhance returns and control risk in client portf olios across all market cycles

PhilosophyWe believe our clients’ investment goals can be met most effectively through:• Global diversification and balance across asset classes• A total return orientation of total portfolio• A disciplined, long-term investment approach• Active, not passive, management

Approach• Strategic Asset Allocation

– Asset allocation research and testing– Expert guidance and strategy setting

• Strategic Architecture – Dedicated core investment strategies – Complementary strategies from our leading global asset managers

• Investment Excellence across Asset Classes – Designed specifically for our clients– Managed by our investment professionals

9

Investment Decision MakingBEST THINKING OF A GLOBAL LEADER, CUSTOMIZED FOR YOU

Investment Strategy Committee

Fixed Income Equity International Real Estate Private Equity Hedge Funds

Portfolio Manager

Client’s Asset Allocation Strategy

Implementation

OngoingManagement

Economic and Market Data Inputs

Strategy• Economic and market analysis• Asset allocation

recommendations• Investment architecture

Specialized Management• Strategy• Research• Investment management• Investment communication

Client Portfolio Management• Customized asset allocation

recommendation• Investment structure decisions• Implementation and ongoing oversight• Adjustments in concert with client needs

Investment Policy Committee

Capital Markets Analysis and

Economic Research

Risk/Return Forecasts by Asset

Class

Ongoing Monitoring of Performance and Market Conditions

10

Investment Decision MakingSTRUCTURE

Investment Strategy Committee

Fixed Income Equity International Real Estate Private Equity Hedge Funds

Portfolio Manager

Client’s Asset Allocation Strategy

Asset Allocation • Dynamic mix of asset and sub

asset classes that seeks to achieve objective-based goals

Asset Management• Actively managed

investment strategies across a range of asset classes and styles

Client Portfolio Implementation• Customized objective-based allocation

recommendations

Investment Policy Committee

• Strategically designed platform of investment solutions tailored for private clients

Strategic Architecture

Solutions Strategy Committee

Implementation

11

Investment Strategy Committee MembershipCommittee Chair

Christopher Sheldon Director of Investment Strategy

Committee MembersLeo Grohowski Chief Investment Officer, BNY Mellon Wealth ManagementRichard Hoey Chief Economist, BNY Mellon and Dreyfus CorporationJohn Flahive Director, Fixed Income InvestmentsTed Berenblum Director, Alternative InvestmentsSteven Reiff National Director - Investment Solutions and Investment Advisory, Wealth ManagementBernard Schoenfeld Senior Investment StrategistRidge Powell Managing Director, Family Office ServicesKevin Connolly Managing Director, Family Office ServicesGeorge Faherty Vice President, International Wealth ManagementRyder Donohue* Senior Director, Portfolio ManagementMichael Foster* Senior Director, Portfolio ManagementArnold Johnsen Senior Director, Portfolio ManagementDavid Wray Senior Director, Portfolio Management

External Advisor

Allen Sinai Chief Economist, Decision Economics

Investment ManagementEXPERTISE

*Rotating member.As of 7/30/10.

12

Asset AllocationTIME HORIZONS

Strategic• Intermediate time period of 7-10 years• Seek to take advantage of multi-year mispricing in market• Example: Increase emerging markets exposure to benefit

from anticipated global recovery

Current Investment Thinking• 1-3 year time periods• Capture shorter-term opportunities or protect against short-

term risk• Example: Initiate commodities exposure as threat of

inflation increases

Opportunistic • Shorter time periods, generally less than one year• Leverage narrowly focused opportunities• Example: Introduce strategy to capitalize on short-term

municipal bond opportunities

Strategic

Current InvestmentThinking

Opportunistic

Long-Term Portfolio Allocation• Derived from client goals and objectives, combined with BNY Mellon Wealth Management’s market outlook • Based on long-term outlook, 10+ years

Periodic Changes to Long-Term Allocations

13

Strategic ArchitectureCORE ENHANCED BY SATELLITE

A Strong Core Foundation Across Asset Classes• Believe all clients need strong core foundation for portfolios

– Provides primary source of return for asset class– Captures broad market returns while mitigating risk

Thoughtful Complement of Additional Strategies• Employ satellite strategies to supplement core styles and approaches

– Designed to provide greater diversification and potentially higher asset class returns

Strategy Construction Based on Client Objectives

Satellite

Satellite

Core

Growth or Value

FocusedEquity

Active Large Cap

and/or Tax Managed

130/30

Large Cap Illustration

14

Strategic ArchitecturePHILOSOPHY

Objective • To provide the appropriate strategies and vehicles to fulfill our asset allocation and investment recommendations for each client

Philosophy• We believe the most effective investment architecture unites:

− Exceptional investment and asset allocation thinking − Access to broad and deep investment resources across asset classes, strategies and vehicles− Investment capabilities that best serve the needs of high net worth clients

• A foundation of core philosophies and practices for the management of each asset class• Complementary strategies designed to meet specific investment goals, provide appropriate diversification, and enhance

portfolio results− A disciplined framework (including qualitative and quantitative factors) for assembling and implementing strategies in client

portfolios• Active and ongoing oversight of adherence to investment strategies’ principles and performance expectations

15

Year S&P 500S&P 600

Small Cap MSCI EAFE MSCI EMFBarclays

Aggregate Best Performer Worst Performer

1989 31.7 13.9 10.5 65.0 14.5 Emerging Mkts. International

1990 -3.1 -23.7 -23.5 -10.6 9.0 Fixed Income Small Cap

1991 30.5 48.5 12.1 59.9 16.0 Emerging Mkts. International

1992 7.6 21.0 -12.2 11.4 7.4 Small Cap International

1993 10.1 18.8 32.6 74.8 9.8 Emerging Mkts. Fixed Income

1994 1.3 -4.8 7.8 -7.3 -2.9 International Emerging Mkts.

1995 37.6 30.0 11.2 -5.2 18.5 Large Cap Emerging Mkts.

1996 23.0 21.3 6.1 6.0 3.6 Large Cap Fixed Income

1997 33.4 25.6 1.8 -11.6 9.7 Large Cap Emerging Mkts.

1998 28.6 -1.3 20.0 -25.3 8.7 Large Cap Emerging Mkts.

1999 21.0 12.4 27.0 66.4 -0.8 Emerging Mkts. Fixed Income

2000 -9.1 11.8 -14.2 -30.7 11.6 Small Cap Emerging Mkts.

2001 -11.9 6.5 -21.4 -2.4 8.4 Fixed Income International

2002 -22.1 -14.6 -15.9 -6.0 10.3 Fixed Income Large Cap





2007 5.5 -0.3 11.2 39.8 7.0 Emerging Mkts. Small Cap

2008 -37.0 -31.1 -43.4 -53.2 5.2 Fixed Income Emerging Mkts.


Why Diversify?

Year-by-Year Results of Five Major Asset Classes

Worst PerformerBest Performer

Past performance is no guarantee of future results. Annual returns calculated using the S&P 500 Total Return Index, S&P 600 Small Cap Total Return Index, MSCI EAFE (with Net dividends reinvested) Index, MSCI EMF (gross of taxes on dividends) Index, and the Barclays Capital U.S. Aggregate Bond Index.

16

Importance of Asset Allocation

100.0%

97.9%

93.3%

91.5%

Strategic asset allocation

Strategic asset allocation PLUS market timing

Strategic asset allocation plus market timing PLUS security selection

All factors

*Percentage of variability of returns explained. Source: Brinson, Singer and Beebower 1991 Study of Institutional Portfolios

Which Return Components are Most Important?*

17

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Large Cap Equity Fund Composite -8.30 -12.44 -22.07 24.62 8.40 6.99 12.65 10.96 -38.93 28.25

S&P 500 -9.10 -11.89 -22.10 28.68 10.88 4.91 15.79 5.49 -37.00 26.46

Mid Cap Equity Fund Composite 8.99 -0.98 -18.46 33.47 18.34 16.30 11.96 15.63 -39.71 33.26

Benchmark 1 4.07 -0.60 -14.52 35.59 16.46 12.55 10.31 7.97 -36.23 37.38

International Fund Composite -0.90 -11.61 -9.41 40.80 21.58 12.37 25.04 5.45 -40.03 30.48

MSCI EAFE -14.17 -21.44 -15.94 38.59 20.25 13.54 26.34 11.17 -43.38 31.78

Emerging Markets Fund Composite N/A 10.12 1.04 55.37 29.21 28.18 29.49 29.36 -46.64 77.14

MSCI EMF N/A -2.37 -6.00 56.28 25.95 34.54 32.59 39.78 -53.18 79.02

Tax-Exempt Fixed Income Composite 10.41 5.53 8.77 5.54 4.29 2.42 4.62 4.09 0.07 11.71

Benchmark** 9.74 5.07 10.25 4.86 3.62 2.19 4.38 4.38 2.17 9.78

Taxable Fixed Income Composite 11.27 8.54 8.25 5.11 4.46 2.26 4.37 7.21 6.63 7.20

Barclays Capital Aggregate 11.63 8.44 10.25 4.10 4.34 2.43 4.33 6.97 5.24 5.93

National Liquidity Management Composite

4.21 3.25 1.76 1.21 1.29 2.34 3.42 3.74 2.98 1.13

iMoneyNet Tax-Free Fund Average 3.48 2.22 0.88 0.46 0.58 1.74 2.76 2.99 1.69 0.16

Investment ResultsANNUAL PERFORMANCE

BNY Mellon Wealth Management outperforms the benchmark

Performance for each composite with less than 10 years’ history is shown beginning with the first full year of such composite’s existence. BNY Mellon Wealth Management’s performance is calculated gross of fees. Past performance is no guarantee of future results. Please see composite and benchmark disclosures in the appendix for important information on the data presented.Benchmark outperformance is measured on a gross-of-fee basis. If performance were measured on a net-of-fee basis, the percentage stated would be lower.1The benchmark was changed to the S&P MidCap 400 as of October 2000; benchmark performance prior to October 2000 represents the Russell 2500.

18

Strategic ArchitecturePROCESS DESIGNED TO IDENTIFY OPTIMAL OPPORTUNITIES AND STRATEGIES

Assess and Refine Potential Investment

Opportunity

Evaluate and Select Solutions

Provide Portfolio Management

Guidance

Monitor Managers and Strategies

• Define and narrow opportunity specifics

• Determine client portfolio appropriateness

• Consider opportunity risk vs. reward

• Perform due diligence on potential strategies

• Identify and select optimal solution(s)

• Provide framework for appropriate implementation in or removal from client portfolios

• Monitor strategies to ensure adherence to hiring principles

• Initiate appropriate actions

Determine Implementation

Options and Criteria

• Research implementation options

• Establish selection criteria for investment vehicle and manager

• Assess and identify potential solutions

Combining Strategic Insights and Expertise to Determine and Implement Tailored Solutions

19

40% 30.3%

9%

9%

11%

48%

3.7%

2%1.2%

3%

10%

32.8%

1996 2010$4,583,848

$5,599,485

$5,753,265

$7,075,182

$5,328,802

$6,503,357

$8,694,675

$6,105,917

$5,173,132

2.2

5.4 5.7

4.13.5

15.1

-2.9

2.31.4

13.8

1.1

12.1

-4

0

4

8

12

16

1 3 5 10

Growth and Income (60/40) Traditional Model OPPORTUNISTIC ALLOCATION ADDS VALUE

Annualized Performance as of 12/31/10BNY Mellon Wealth ManagementStrategic Asset Allocation

BNY Mellon Wealth Management1

60/40 Blended Benchmark2

S&P 500

AFTER 10 YEARS, 1/1/01 – 12/31/10

AFTER 5 YEARS, 1/1/06 – 12/31/10

AFTER 3 YEARS, 1/1/08 – 12/31/10

PE

RC

EN

T R

ET

UR

N

YEARS

Large Cap Commodities Small/Mid Cap High YieldInternational Fixed IncomeEmerging Markets Managed Futures

Hypothetical Value of Initial $5 Million Investment

1BNY Mellon Wealth Management Growth and Income (60/40) Traditional model performance reflects a hypothetical model that reflects the asset allocation recommendations of the BNY Mellon Wealth Management Investment Strategy Committee. The performance of the model is not composed of actual client accounts, which may be materially different from that shown here. This model performance constitutes supplemental information, under the Global Investment Performance Standards (GIPS®), to the compliant presentations found in the appendix section. BNY Mellon Wealth Management’s performance is calculated monthly (gross of fees, net of transaction costs and assumes reinvestment of dividends). Periods greater than one year are annualized. Please see footnote (f) in the appendix for important information regarding SAA model performance. Full compliant presentations for each of these composites can be found in the appendix section. Past performance is no guarantee of future results. A complete list and description of all firm composites is available upon request.260/40 blended benchmark composition: 60% S&P 500 Index and 40% Barclays Capital U.S. Aggregate Bond Index, calculated monthly.

BNY Mellon Wealth Management1

60/40 Blended Benchmark2

S&P 500

20

4.3

-1.0

-2

0

2

4

6

Why BNY Mellon Wealth ManagementLOWER RISK, HIGHER RETURN

Annualized Returns

8.9

16.1

0

6

12

18

Annualized Standard Deviation

0.18

-0.22

-0.3

-0.2

-0.1

0.0

0.1

0.2

Sharpe Ratio

BNY Mellon Wealth Management 60/40

Non-Traditional ModelPortfolio*

S&P 500 S&P 500 S&P 500

1/1/2000 – 12/31/2009. Risk free rate, over time period 2.67%. *BNY Mellon Wealth Management 60/40 Non-Traditional Model Portfolio represents BNY Mellon Wealth Management’s Moderate Growth Non-Traditional Model Portfolio. Portfolio can fluctuate +/- 5% between equity and fixed income holdings. BNY Mellon Wealth Management’s performance is calculated gross of fees. Past performance is no guarantee of future results. The model returns presented constitute supplemental information under the Global Investment Performance Standards (GIPS®) to the individual composites listed in footnote (f). Full disclosure presentations for each of these composites can be found in the appendix section. Please see footnote (f) and composite disclosures in the appendix for important information regarding model performance. A complete list and description of all firm composites is available upon request.





Better returns than an all-equity portfolio 45% less volatility Better return per unit of risk

PE

RC

EN

T

PE

RC

EN

T

21

Strategic Asset AllocationEFFECTIVENESS OF OUR RECOMMENDATIONS

Data provided as of 12/31/09. In 2003, reallocated high yield bonds from equity to fixed income: reduced core fixed income and redistributed proceeds across equities. No investment strategy or risk management technique can guarantee returns in any market environment. Past performance is no guarantee of future results.*Previously known as the Lehman Brothers Aggregate Bond Index.

Enabled clients to optimize strategic allocation to private equity at lower investment levels.

5/00 - 12/09 the CSFB Long/Short Hedge Fund Index was 74% vs. -8% for the S&P 500.

9/98 - 5/03 the S&P 600 was 57% vs. 8% for the S&P 500.

12/01 - 2/05 the Merrill Lynch High Yield Bond Index was 40% vs. 12% for the S&P 500.

7/03 - 2/05 the Barclays Capital U.S. Aggregate Bond Index* was 7% vs. S&P 500’s 34%.

5/03 - 2/05 the MSCI EMF Index was 110% vs. the S&P 500’s 36% and the S&P 600’s 68%.

4/06 - 3/09 the MSCI EMF was-22% vs. -37% for

the MSCI EAFE.

Enabled clients to optimize strategic allocation to absolute return strategy at lower investment levels.

6/08 - 12/09 the Merrill Lynch High Yield Bond Index was 14%.

Increased small cap allocation; decreased large cap.

Introduced private equity fund-of-funds for qualified investors.

Added hedge funds; reduced small, mid, and

large cap proportionately.

Added high yieldbonds; reduced

large cap.

Reduced fixed income by 5%; increased equity by 5%; removed small cap overweight; increased

emerging markets by 5%.

Reduced high yieldallocation by 50% and redistributed proportionately between core

equity and fixed income.

Eliminated high yieldallocation, redistributed into core fixed income; reduced

small and mid cap and emerging market allocations;

increased large cap and developed international.

Reduced emergingmarkets allocation and redistributed

proceeds to developed

international.

Introduced absolute return strategy for qualified clients.

Reintroducedhigh yield as part of fixed income

allocation.

1998 1999 2000 2001 2003 2004 2005 2006 2007 2008

RESULTS

ACTIONS

4/04 - 5/08 the Merrill Lynch High Yield Bond Index was 28% vs. 34% for the S&P 500 and 18% for the Barclays Capital U.S. Aggregate Bond Index*.

3/05 - 5/08 the Merrill Lynch High Yield Bond Index was 17% vs. 16% for the Barclays Capital U.S. Aggregate Bond Index*, the S&P 600 was 24%, the S&P 400 38%, and MSCI EMF 124% vs. the S&P 500’s 24% and the MSCI EAFE’s 51%.

2009

Reduced large cap; increased emergingmarkets; introduced

allocation to commodities.

4/09 - 12/09 the S&P 500 was 42% vs. 77% for the MSCI EMF and 27% S&P GSCI.

2010

Introduced managed

futures product to provide increased

diversification, reduced

portfolio risk and inflation protection.

Opportunity to benefit from long/short positions within commodities and financials.

Introduced opportunities in

distressed securities and mezzanine

financing.

Disruptions in traditional sources of financing creating attractive investment return opportunities for non-traditional lenders.

22

Larg

e C

ap E

quity

Mid

Cap

Equ

ity

Sm

all C

ap E

quity

Inte

rnat

iona

l Dev

elop

ed

Em

ergi

ng M

arke

ts

Tax

able

Fix

ed I

ncom

e

Tax

-Exe

mpt

Fix

ed I

ncom

e

Cas

h E

quiv

alen

ts

Hed

ge F

unds

1

Large Cap Equity 1.00

Mid Cap Equity 0.89 1.00

Small Cap Equity 0.78 0.92 1.00

International Developed 0.81 0.78 0.74 1.00

Emerging Markets 0.72 0.75 0.70 0.80 1.00

Taxable Fixed Income 0.11 0.06 0.02 0.06 0.00 1.00

Tax-Exempt Fixed Income 0.13 0.13 0.09 0.10 0.03 0.71 1.00

Cash Equivalents 0.11 0.07 0.04 0.01 (0.09) 0.07 0.04 1.00

Hedge Funds 1 0.63 0.71 0.71 0.65 0.66 0.12 0.17 0.13 1.00

Asset Class Correlation

Past performance is no guarantee of future results. See footnote (e) in the appendix section.1Limited to qualified investors only and where appropriate.

Average Correlation, 1/1/94 – 12/31/09

23

1 Year 3 Year 5 Year 10 Year

Income (30/70) Traditional 1 10.3% 4.6% 6.0% 6.1% $9,072,820

Blended Benchmark 2 9.5% 3.7% 5.1% 4.8% $8,003,836

Growth and Income (60/40) Traditional 3 13.8% 2.2% 5.4% 5.7% $8,694,675

Blended Benchmark 4 12.1% 1.1% 4.1% 3.5% $7,075,182

Maximum Growth (All Equity) Traditional 5 17.0% -2.3% 3.8% 4.3% $7,647,076

S&P 500 15.1% -2.9% 2.3% 1.4% $5,753,265

Growth per $5 Million1/1/01 – 12/31/10

Annualized Performance as of 12/31/10*

BNY Mellon Wealth Management outperforms the benchmark

Strong Performance Across Broad Asset AllocationsOUTPERFORMANCE VS. BENCHMARKS

1Currently comprised of: 16.6% Large Cap Equity Fund Composite, 4% Mid Cap Select Composite, 2.5% Small Cap Equity Fund Composite, 4.4% Emerging Markets Fund Composite, 4.5% International Fund Composite, 62.7% Taxable Fixed Income Composite, 2.1% High Yield Fixed Income Strategy and 3.2% Managed Futures Strategy. 2Blended benchmark is 30% S&P 500 Index and 70% Barclays Capital U.S. Aggregate Bond Index.3 Currently comprised of: 32.8% Large Cap Equity Fund Composite, 7% Mid Cap Select Composite, 4% Small Cap Equity Fund Composite, 10% Emerging Markets Fund Composite, 9% International Fund Composite, 30.3% Taxable Fixed Income Composite, 2% High Yield Fixed Income Strategy, 1.2% Commodities Strategy, and 3.7% Managed Futures Strategy. 4Blended benchmark is 60% S&P 500 Index and 40% Barclays Capital U.S. Aggregate Bond Index.5Currently comprised of: 48.9% Large Cap Equity Fund Composite, 11% Mid Cap Select Composite, 6% Small Cap Equity Fund Composite, 14% Emerging Markets Fund Composite, 15% International Fund Composite, 2% Commodities Strategy, and 3.1% Managed Futures Strategy. *Performance shown for BNY Mellon Wealth Management represents a hypothetical model that is fully invested in the strategy presented, also known as Strategic Asset Allocation (SAA). SAA assumes a continuous investment for the entire period and that the model has followed the recommendations of the strategy over time. SAA strategy performance does not represent the performance of actual client accounts, which may in some cases have been materially different from that shown here and constitute supplemental information, under the Global Investment Performance Standards (GIPS®), to the compliant presentation found in the appendix section. BNY Mellon Wealth Management’s performance is calculated monthly (gross of fees, net of transaction costs and assumes reinvestment of dividends). Periods greater than one year are annualized. Please see footnote (f) in the appendix for more important information regarding SAA model performance. A full compliant presentation can be found in the appendix section. Past performance is no guarantee of future results. A complete list and description of all firm composites is available upon request.

24

CFA InstituteOVERVIEW AND OBJECTIVES

CFA Institute• International, not-for-profit organization of more than 70,000 investment practitioners and educators in over 100

countries• Mission:

– To lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence

Global Investment Performance Standards (GIPS®)• Introduced in 1999• Goal:

– To obtain worldwide acceptance of a standard for the calculation and presentation of investment performance in a fair, comparable format that provides full disclosure

• Established voluntary guidelines to:– Standardize the calculation and presentation of investment performance– Improve service offered to both prospective and existing investment management clients– Enhance professionalism in investment industry– Foster notion of self-regulation on a global basis

25

SPENDING RATE

PROBABILITY OF ASSETS IN 30 YEARS

>$0 >1/2 original value





ASSET ALLOCATIONS

30% Equity/70% Fixed Income 100% 100% 100% 93% 98% 65% 69% 35% 33% 13%



6%2% 3% 4% 5%

Spending: Opportunity vs. Risk

Impact of Spending Rate on Portfolio Value

Spending rate equals stated percentage of inception market value and increases at an assumed inflation rate of 2.5% per annum.Asset allocations are constructed based on current BNY Mellon Wealth Management strategy recommendations:1Comprised of: 38.2% large cap equity, 2.9% mid cap equity, 1.4% small cap equity, 12.0% developed international equity, 10.3% emerging markets equity, 13.4% taxable fixed income, 0.8% high yield fixed income, 5.0% absolute return strategies, 9.6% long/short strategies, 4.8% private equity and 1.6% commodities.2Comprised of: 30.0% large cap equity, 2.4% mid cap equity, 1.2% small cap equity, 9.0% developed international equity, 8.0% emerging markets equity, 30.8% taxable fixed income, 1.6% high yield fixed income, 7.9% absolute return strategies, 4.3% long/short strategies, 3.6% private equity and 1.2% commodities.3Comprised of: 16.9% large cap equity, 2.4% mid cap equity, 1.2% small cap equity, 4.5% developed international equity, 2.4% emerging markets equity, 62.1% taxable fixed income, 1.9% high yield fixed income and 8.6% absolute return strategies.Return assumptions: 9.5% large cap equity; 10.0% mid cap equity; 10.5% small cap equity; 9.0% developed international equity; 12.0% emerging markets equity; 5.0% taxable bonds; 4.0% tax-exempt bonds; 7.0% high yield bonds; 8.5% long/short strategies; 7.5% absolute return strategies; 13.0% private equity; and 9.5% commodities.

26

PortfolioAnnualized

ReturnTimes

Positive*Volatility

(Annualized)

100% Large Company Stocks 9.8% 60 20.5%

80% Stocks/20% Bonds 9.2% 62 16.4%

60% Stocks/40% Bonds 8.5% 65 12.5%

50% Stocks/50% Bonds 8.0% 66 10.6%

40% Stocks/60% Bonds 7.6% 69 8.8%

20% Stocks/80% Bonds 6.5% 76 6.1%

100% Intermediate Government Bonds 5.3% 75 5.7%

Benefits of a Diversified PortfolioRETURNS VS. VOLATILITY 1926-2009

Past performance is no guarantee of future results.*Out of 83 possible yearsSource: Stocks, Bonds, Bills, and Inflation® 2010 Yearbook, ©2010 Ibbotson Associates, Inc. Based on copyrighted works by Ibbotson and Sinquefield. All rights reserved.Large Company Stocks = S&P 90 (1926-1956) and S&P 500 (1957-present) with dividends reinvestedIntermediate Government Bonds = Approximate maturity is 5 years

The American Research Institute in Turkey Relationship Team

28

The American Research Institute in TurkeyPORTFOLIO MANAGEMENT TEAM

DEDICATED PORTFOLIO MANAGERSDEDICATED PORTFOLIO MANAGERSDEDICATED PORTFOLIO MANAGERSDEDICATED PORTFOLIO MANAGERS

• Highly skilled investment professionals

• Understands each of your situations and goals

• Coordinates and customizes plan for each of you

• Fully accountable for your satisfaction

• Proactively manages relationships

• Communicates regularly with the entire family and your advisors

EXPERT, RESPONSIVE PORTFOLIO TEAMEXPERT, RESPONSIVE PORTFOLIO TEAMEXPERT, RESPONSIVE PORTFOLIO TEAMEXPERT, RESPONSIVE PORTFOLIO TEAM

• Provides investment, wealth planning, and financial management expertise

• Ensures consistent, informed attention to your needs

• Supports your portfolio manager

WEALTH MANAGEMENT EXPERTSWEALTH MANAGEMENT EXPERTSWEALTH MANAGEMENT EXPERTSWEALTH MANAGEMENT EXPERTS

• Provide specialized insights and resources to craft and manage your strategy

• Consult with portfolio manager and team on client-specific situations and needs

éêçÑÉëëáçå~äI

~ÅÅçìåí~ÄäÉI=

éÉêëçå~äáòÉÇ=

ëÉêîáÅÉ

29

êÉëçìêÅÉë=

~äáÖåÉÇ=

íç=

~ÅÜáÉîÉ=

óçìê=

Öç~äë

The American Research Institute in TurkeyREGIONAL MANAGEMENT TEAM

RYAN SHIPPY

DAVID KUTCH

MID-ATLANTIC REGIONAL

CHAIRMAN

MANAGING DIRECTOR OF

PORTFOLIO MANAGEMENT

SENIOR DIRECTOR

TEAM LEADER

Tony Sanchez

VICE PRESIDENT

RELATIONSHIP

DEVELOPMENT

ASSISTANT PORTFOLIO

OFFICER

ALTHEA MORRISON

BUSINESS DEVELOPMENT

ASSOCIATE

MICHAEL L. MCGRATH

VICE PRESIDENT

PORTFOLIO

MANAGEMENT

MICHAEL A. DIMEDIO

SHERRY VARRELMAN

David S. Rowe

SENIOR DIRECTOR &

FIDUCIARY OFFICER

PORTFOLIO MANAGMENT

JANET MAGRI

SENIOR PORTFOLIO

ADMINISTRATOR

30




ëÉêîáÅÉ

Michael L. McGrathMichael L. McGrathMichael L. McGrathMichael L. McGrath

[email protected]@[email protected]@bnymellon.com(215) 553(215) 553(215) 553(215) 553----1825 office1825 office1825 office1825 office(267) 738(267) 738(267) 738(267) 738----9577 cell9577 cell9577 cell9577 cell

Biography:Biography:Biography:Biography: Mike is a Vice President and Senior Portfolio Manager for the Bank of New York Mellon Wealth Management working directly with clients to meet their investment needs. He has managed investments for ultra high net worth families, foundations, endowments & non-profit organizations for over 25 years. Prior to joining Mellon he was a vice president and senior portfolio manager for First Union in Washington, D.C. and Bank of America. He is a member of the CFA Institute and the CFA Society of Philadelphia. Mike is a graduate from Southern Illinois University.

Role:Role:Role:Role: Mike will be the portfolio manager focused on the investment and administration of the relationship. He will be responsible for portfolio implementation and administration as well as assist in investment policy development if needed.

PORTFOLIO MANAGEMENT TEAMDavid S. RoweDavid S. RoweDavid S. RoweDavid S. Rowe

[email protected]@[email protected]@bnymellon.com(215) 553(215) 553(215) 553(215) 553----2266226622662266

Biography: Biography: Biography: Biography: David is a Senior Director and the Senior Fiduciary Officer for BNY Mellon Wealth Management in the Mid-Atlantic region. In this role, he works directly with BNY Mellon officers and their clients & advisors in Pennsylvania, Delaware and around the country to help achieve customized investment and wealth management objectives. David has over 25 years of experience. His previous experience includes serving as manager of Trust Administration with PNC Delaware. David received his bachelor’s degree from the University of Pennsylvania and his juris doctor degree from the Temple University School of Law. He is agraduate of the National Graduate Trust School sponsored by the American Bankers Association. David is also an active member of his community. He was instrumental in the founding of a parent-run, non-profit daycare center and served as president of the Board for several years. He has also served as senior warden of his parish, managing it for over two years.

31

PORTFOLIO MANAGEMENT SUPPORT




ëÉêîáÅÉ

Ryan S. ShippyRyan S. ShippyRyan S. ShippyRyan S. Shippy

[email protected]@[email protected]@bnymellon.com(215) 553(215) 553(215) 553(215) 553----1831183118311831

Biography:Biography:Biography:Biography: Ryan is an Assistant Portfolio Officer who supports the team's portfolio managers in all aspects of meeting clients' investment and wealth management objectives. Ryan has over 6 years of experience in supporting high net worth, endowments & foundations. Prior to joining BNY Mellon Ryan served as an assistant portfolio officer with Harris Private Bank in Florida. Ryan received his bachelors’ degree in Business from Palm Beach Atlantic University

Role:Role:Role:Role: Ryan will directly support Mike McGrath on the portfolio management and administration of the the relationship. He is your secondary contact when Mike is unavailable.

Tony SanchezTony SanchezTony SanchezTony Sanchez

[email protected]@[email protected]@bnymellon.com

Vice President Vice President Vice President Vice President ---- Sales DirectorSales DirectorSales DirectorSales Director(215) 553(215) 553(215) 553(215) 553---- 1759175917591759

Tony is a Vice President and Sales Director for BNY Mellon Wealth Management. In this role he is responsible for new business development in the Mid-Atlantic region, and works with individuals and families to identify how BNY Mellon Wealth Management’s investment and wealth management capabilities can help them navigate the complexities of wealth and reach their overall financial goals.

Tony joined the firm in 2010 and has 5 years of investment experience. He has held several management positions for wealth management firms, most recently having acted as Senior Vice President, Strategic Execution of Broadlands Financial Group, LLC. Tony also served as Lieutenant Commander, United States Navy, Navy SEAL Officer.

Tony received his bachelor’s degree from United States Naval Academy and his master of business administration from Harvard Business School. He is an active board member of the non-profit RHA/PA Nursing Homes. Tony is also actively involved in the Harvard Business School Club of Philadelphia, PA, the United States Naval Academy Alumni Association, and in several charities that benefit veterans and their families.

tab endowment and foundations overview 1 investment

Documents