2022 Atlanta Board of Trustees Meeting

7173 S. Havana St #600-130 Centennial, CO 80112 P: 303.770.2526 | F: 303.779.4834 obesitymedicine.org

i. Investments in securities of single issuer (with the exception of the U.S. Government and its agencies) must not exceed 5% of the account’s mark et value.

ii. Only corporate issues that meet or exceed a credit rating of BBB from Standard and Poor’s and/or a BAA rating from Moody’s may be purchased.

iii. Preferred stocks must be rated A or better by Standard and Poor’s and/or Moody’s at the time of purchase.

iv. Within the above restrictions, the manager has complete discretion over timing and selection of fixed income securities.

• Cash and Equivalents: The manager may invest in commercial paper, repurchase agreements, treasury bills, certificates of deposit, and money market funds to provide income liquidity for expense payments and preservation of the account’s principal value. All such assets must represent maturities of one year or less at time of purchase. Commercial paper assets must be rated A1 or P1 by Standard and Poor’s and Moody’s respectively. The manager may not purchase short -term financial instruments considered to contain speculative characteristics (Uncertainty of principal/interest). The manager also may not invest more than 5% of the account’s market value in obligations of a single issuer with exception of the United States Government and its agencies. Uninvested cash reserves should be kept to a minimum level. Within the limitations mentioned above, the manager has complete discretion to allocate and select short-term cash and equivalent securities. H. Performance: Manager performance will be monitored and the results compared against absolute and relative return objectives. Results will be reviewed over a three to five-year time period on an annual basis. OMA expects the manager to achieve the following performance:

• Equity performance will be measured over a three to five year moving average and compared to:

i. 105% of the Standard and Poor’s 500 Index which the manager wil l be expected to outperform.

ii. The upper 1/3 of a recognized database of managers which the manager will be expected to at least equal.

• Fixed income performance will be measured over a three to five year moving average and compared to:

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