Assets in Strategy:
		$22.6 billion
		Excess Return Objective*:
		at least 250 basis points (gross of fees)
		Tracking Error Objective*:
		approximately 6-7%
		Common Benchmarks:
		MSCI EAFE MSCI EAFE Value S&P/Citi PMI World ex-U.S. S&P/Citi PMI World ex-U.S. Value
		Market Cap Range for strategy:
		$400 million and up
		Country Neutral versus benchmark
		No currency hedging
		Approximate # Holdings:
		125-150
		Minimum initial investment:
		$100 million for seperate accounts $25 million for commingled trust
		Options and futures are not used.
		Social investment screens available.

* Excess return and tracking error objectives are relative to a value-oriented benchmark over a 3-5 year period. This time horizon is relevant given that no investment process we know of can eliminate the possibility of negative random events driving performance for short periods of time.

• Institutional focus
• Employee owned
• Capacity constrained
• No soft dollars