2020 Mid-Year Update

Quarterly Webinar

WELCOME

JULY 29, 2020

David BaskinPresident and Founder, Baskin Wealth Management (BWM), Chair, RPB Investment Committee

TODAY’S GUEST SPEAKERS

Ross Bremen, CFAPartner, NEPC, RPB’s outside investment advisory firm

Michael KimmelChief Executive Officer, RPB

G. Leonard TeitelbaumChair, Board of Trustees, RPB

Stephanie BergerDirector of Marketing and Communications, RPB

Opening Remarks

2Q 2020 Market Recap and Plan Update

Second Half 2020 Outlook

Managing Investment Risk

Q&A

AGENDA

OPENING REMARKS

Q2 2020 MARKETS AND PLAN PERFORMANCE

Q2 2020 Market and Economic OverviewCovid-19 is the dominant force driving market and economic outcomes. While the market is optimistic about a vaccine, some states paused reopening as cases rise.An amplified worldwide wealth divide is likely, given the economic and labormarket disruptions caused by the virus. Globally, significant monetary and fiscal stimulus is being used to lessen the virus’s overall economic impact (will vary based on geography and industry sector).

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Jan-20 Mar-20 Apr-20 May-20 Jun-20

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Weekly new cases of Covid-19United StatesEuropean Union

Global Central Banks Response to Covid-19

CENTRALBANKS

CURRENTRATE INFLATION NOTES FROM THE QUARTER

FederalReserve

0.00% -0.25%

0.2%The Fed provided more liquidity to small businesses and municipalities and expanded quantitative easing to $7 trillion.

EuropeanCentralBank

0.0% 0.1%The ECB maintained current benchmark rates and expanded QE to roughly €1.35 trillion.

Bank of Japan -0.10% 0.0%The BoJ plans to expand QE to ¥213 trillion.

*Quantitative Easing – a monetary policy in which a central bank purchases government securities or other securities from the market in order to increase the money supply and encourage lending and investment.

Global central banks expanded QE* to stabilize the economic pressurescaused by the virus.

US Response to Covid-19Significant monetary and fiscal stimulus used to support consumers, businesses, and state/local governments, including the CARES Act and lending programs.

US GOVERNMENT

• Emergency Coronavirus Response Bill

• Families First Coronavirus Act

• CARES Act

*Partially funded by CARES Act

FEDERAL RESERVE BANK

• Interest rate cuts • Secondary Market Corporate Credit facility (SMCCF)*

• Commercial Paper Funding facility (CPFF) • Term Asset-Backed Securities Loan Facility (TALF)*

• Primary Dealer Credit facility (PDCF) • Paycheck Protection Program (PPPLF)

• Money Market Mutual Fund Liquidity Facility (MMLF) • Main Street Lending Program*

• Primary Market Corporate Credit Facility (PMCCF)* • Municipal Liquidity Facility*

Q2 2020 Market and Economic OverviewEQUITY FIXED INCOME REAL ASSETS

S&P500

MSCIEAFE

MSCIEM

USAgg. High Yield Dollar

EMD Oil Gold REITS

20.5% 14.9% 18.1% 2.9% 10.2% 12.3% 91.5% 12.9% 14.1%

Global equities rebounded in Q2, with the US leading the way, as investors searched for yield amid central bank intervention and lower interest rates.

The Federal Reserve remained committed to lower interest rates and ensuring there is adequate liquidity; no signs of inflation for now.

Higher quality fixed income performance improved reflecting optimism in the equity markets.

Real assets rebounded with higher oil prices and the economy starting to reopen.

Intensified US-China tensions may impact nearer-term trade resolution.

Q2 Fixed Income DetailsInvestment grade and high yield bond performance improved; with corporate bonds rebounding from their March lows.However, investment managers remain cautious about overall corporate performance.The Fed provided additional liquidity to small businesses and municipalities and expanded bond purchases.

-2%

-1%

0%

1%

2%

3%

4%

5%

BC TIPS Global Agg Core Bonds BC Short TIPS BC LongTreasury

BC MBS BC Treasury BC ShortTreasury

BC TreasurySTRIPS 20-30

QTD Fixed Income Index Returns

BC = Barclays Capital

Q2 Equities DetailsValue stocks continue to trade lower compared to growth stocks

RUSSELL 3000 QTD SECTOR RETURNS

QTD(April – June)

YTD(January – June)

Technology 31.2% 15.7%

Health Care 16.9% 2.1%

Consumer Discretionary 30.9% 4.2%

Consumer Staples 9.3% -6.9%

Energy 33.2% -35.1%

Materials & Processing 27.0% -8.4%

Producer Durables 18.3% -14.5%

Financial Services 16.1% -16.8%

Utilities 3.8% -11.5%

June YTD 2020 Asset Quilt – Diversification Matters

update

Tier 1 Investment Returns – Net of Fees Through June 30, 2020

-7.6%

0.5%

6.1%7.5%

-7.1%

1.2%

6.1%

8.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

YTD One Year Five Year Inception to Date

Capital Appreciation MSCI ACWI IMI Net USD

Capital Appreciation Fund

Tier 1 Investment Returns – Net of Fees Through June 30, 2020

-2.5%

3.6%

5.5% 5.4%

-0.8%

5.2%

6.0%5.6%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

YTD One Year Five Year Inception to Date

Appreciation & Income 55% MSCI ACWI IMI(Net)/45% BLM BC US Agg Blend

Appreciation & Income Fund

Tier 1 Investment Returns – Net of Fees Through June 30, 2020

3.1%

6.7%

4.1%

2.8%

6.1%

8.7%

4.9%

2.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

YTD One Year Five Year Inception to Date

Income Focused Fund Bloomberg Barclays US Aggregate Fund

Income Focused Fund

Lower is less riskySince inception: January 1, 2013 through June 30, 2020

*50/50 MSCI ACWI (IMI)/Bloomberg Barclays Global Agg through March 31, 2015; 60/40 MSCI ACWI (IMI)/Bloomberg Barclays Global Agg through September 30, 2016; 60/40 MSCI ACWI (IMI)/Bloomberg Barclays U.S. Agg through September 30, 2017; 55/45 MSCI ACWI (IMI)/Bloomberg Barclays U.S. Agg thereafter.**Barclays Global Aggregate January 1, 2013 through September 30, 2016, Barclays US Aggregate thereafter.

Tier 1 Volatility – Standard Deviation

12.39%13.21%

8.13% 7.78%

3.56% 3.93%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

CapitalAppreciation

Fund

MSCI ACWIIMI Net USD

Appreciationand Income

Fund

55% MSCIACWI

IMI(Net)/45%BLM BC USAgg Blend

IncomeFocused Fund

BloombergBarclays USAggregate

Fund

Vanguard Index Funds and RPB Capital Preservation FundJanuary 1, 2020 through June 30, 2020

Tier 2 Investment Returns – Net of Fees

-3.0% -3.1%

-11.3%-11.4% -10.7%-11.3%-9.6% -9.8%

-14.0%-13.8%

6.4% 6.1%

1.9% 2.2%4.1% 4.0%

1.0% 0.5%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Vangu

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Plus (V

IIX)

S&P 500

Vangu

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all Cap

Index

Fund I

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CRSP US S

mall Cap

TR USD

Vangu

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FTSE

Develop

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Vangu

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Vangu

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(Net)

Vangu

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Fund I

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BBgBarc

US Aggre

gate TR

Vangu

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Infla

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BBgBarc

US TIPS

1-5 Yr

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Vangu

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US Gov/C

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FTSE

T-Bill 3

Mon

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Tier 3 Investment Returns – Net of Fees Through June 30, 2020

Reform Jewish Values Fund

-4.4%

4.6% 4.6%

-6.3%

2.1%3.1%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

YTD One Year Inception to Date

Reform JVI Fund MSCI ACWI

2020 SECOND HALF OUTLOOK

Key Themes Affecting Global Markets

Virus trajectory and permanent interventions are the dominant factors.

Dominant

Emerging

Neutral

Fading

Dormant

Change in Status: —

This theme’s influence will likely increase as countries digest

lasting impacts of the pandemic. The world will likely face an amplified wealth divide given economic

and labor market disruptions. Backlash may also continue as countries reassess supply chains.

Change in Status: —

US-China tensions intensified after China’s approval of the Hong

Kong national security law ending “one country,

two systems.” The question of Hong Kong and other geo-political

tensions are likely to be at the forefront of

political agendas in the US and China.

Change in Status: —

Uncertainty about the

path of the virus and the timing of a global

economic recovery remains high.

The duration of social distancing policies is a

key unknown as increased COVID-19 testing is needed to

define an exposure baseline.

Virus Trajectory

Change in Status: ↑

Globally, monetary and fiscal stimulus aimed at lessening the virus’s

economic impact. The

Fed created liquidity and lending facilities to support corporations and state and local

municipalities.

Recent interventions narrowed yield spreads across Investment Grade and High Yield bonds.

Congress also passed

relief package.

Permanent Interventions

Globalization Backlash

China Transitions

Elevated Permanent InterventionsSustains positive sentiment for risk assets and boosts market return outlook, despite economic challenges.Drives interest rates lower and creates high P/E multiples, as a result, high valuations may be exaggerated.

0.0%

5.0%

10.0%

15.0%

Fed Fiscal

US Estimated Government Interventions (% of GDP)

Quantitative Easing (Initial, now unlimited) Main St (MSNLF, MSELF)PMCCF/SMCCF MLFTALF CARES ActFamilies First Act CPRSA Act

Source: NEPC, Federal Reserve

Possible Recovery Paths

W Shape (1980’s Recession) L Shape (Late 1980’s Japan Asset Bubble)

U Shape (1973-1975 Recession)V Shape (1953 Recession)

Avg GDP Growth

1950-2000

Avg GDP Growth

1950-2000

Avg GDP Growth

1947-1997

Avg GDP Growth

1950-2000

Source: Bureau of Economic AnalysisPercent Change of Real GDP from Preceding Period

Percent Change of Real GDP from Preceding Period

US Business Cycle Dynamics

Covid-19 pushed US from extended economic expansion into recession. Where do we go from here?

UNPRECEDENTED TIMES OR RETURN TO BUSINESS AS USUAL?

2020 Outlook Summary

The path of the pandemic is the primary issue

Volatility will continue, despite encouraging performance

Low interest rates are here to stay

Wealth divide may impact voter turnout in November

Regarding the election: • Political events can fuel short-term market volatility, but market

fundamentals ultimately shape investment returns

• Control of the Senate and House of Representatives can be as—if not more—influential on the economy and markets

WHAT CAN YOU DO?

Managing Investment Risk During Uncertainty

How much volatility can I emotionally tolerate in exchange for the potential to grow my money over the long term and achieve my investing goals?

Managing Investment Risk During Uncertainty

1 MindsetDisciplined, long-term approach; emotional decisions are rarely good decisions

2 Plan Update your retirement investment plan annually

3Asset AllocationManage the proportions of asset classes like stocks and bonds in your portfolio to manage your long-term investment risk

4 Rebalance Realign your portfolio to maintain your long-term goals

5

Time Horizon• Career building: Focus on growth; avoiding risk may impact achieving your

goals• Near or in retirement: Focus on income and preserving spending power; less

time to recover from down markets

6 PrepareHave 3 – 6 months of expenses in emergency savings

Fidelity ResourcesFidelity Retirement Planners 800-642-7131NetBenefits:

• Track your asset allocation: “Summary Screen”

• Rebalance: “Make Multiple Exchanges”

• Planning and Guidance Center

• Library (calculators/tools, articles, videos)

Planning & Guidance Center

Get a customized retirement plan

Plan for other life events

Library – Calculators & Tools

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• Secure function through NetBenefits

CARES Act Relief

• Special distributions up to $100K; no tax penalty if under 59.5

• Temporary hiatus on loan payments

• Loans up to $100K or 100% of your balance

• No 2020 RMD

• Contact Fidelity Service Center800-343-0860

PROVISIONS:*

*Must meet CARES Act qualifications for loan and withdrawal provisions

RPB + Fidelity

• Robert PerryDirector of Participant and Employer Services646-884-9890

• Fidelity Retirement Planners 800-642-7131

• Fidelity Service Center 800-343-0860

WE’RE HERE TO HELP

Q & A

APPENDIX

Federal Reserve Bank Stimulus Programs

PROGRAM PURPOSE

• Interest rate cuts Reduce borrowing costs, stimulate growth

• Commercial Paper Funding facility (CPFF) Supports consumer / business credit needs

• Primary Dealer Credit facility (PDCF) Supports consumer / business credit needs

• Money Market Mutual Fund Liquidity Facility (MMLF) Provides liquidity, maintains financial stability

• Primary Market Corporate Credit Facility (PMCCF) Supports large employers credit needs

• Secondary Market Corporate Credit facility (SMCCF) Supports large employers credit needs

• Term Asset-Backed Securities Loan Facility (TALF) Supports consumer credit lending

• Paycheck Protection Program (PPPLF) Helps small business with payroll/expense needs

• Main Street Lending program Provides loans for small and mid-sized firms and nonprofits

• Municipal Liquidity Facility Supports state and local governments cash flow needs

• Secondary Market Corporate Credit facility (SMCCF) Supports large employers credit needs

Economic Recovery Paths

SHAPE RECOVERY PATH

• V shaped recovery Sharp but brief economic decline followed by a strong recovery

• W shaped recovery Economy falls into recession, recovers with short period of growth; falls back into recession before recovering

• U shaped recovery Less-clearly defined economic trough; GDP may shrink for several quarters, and slowly return to trend growth

• L shaped recovery Severe recession and no return to trend line growth for several years