Fire Fighters Pension Board

MSCI EAFE MSCI ACWI ex USA (Net) (Net) Sub-Style Index Index GIMA Status Forecasted P/E (1 Year) 14.8 14.5 vs. MSCI EAFE (Net) vs. MSCI ACWI ex USA (Net) Market Cap ($M) $82.5 Billion $90.2 Billion vs. MSCI EAFE (Net) vs. MSCI ACWI ex USA (Net) Decision Making # of Securities 732 2,094 Emerging Markets Permitted Typical Cash FEES RISK (5 year) Standard Deviation 17.68 17.19 PERFORMANCE Equity Gross Net Gross Net Gross Net Gross Net Gross Net 1 year 19.75 19.03 26.94 26.31 28.54 27.65 23.79 22.87 21.93 21.20 24.75 25.35 3 year 8.59 7.94 5.71 5.19 9.94 9.17 4.16 3.38 6.12 5.49 5.48 4.14 5 year 10.11 9.45 9.03 8.48 10.04 9.27 6.60 5.80 9.90 9.24 8.19 7.59 10 year 5.66 5.02 6.95 6.42 5.15 4.42 4.83 4.05 5.76 5.12 5.70 5.22 Since Inception 8.02 7.37 7.10 6.57 4.81 4.08 5.56 4.77 6.38 5.74 Since Inception Date OTHER IMPORTANT CONSIDERATIONS Year Firm Established Who Est. Performance Commitment Total Assets Total PM's & Analysts Pooled vs. Separate Sources: Morgan Stanley Global Investment Manager Analysis team, Informa PSN, and Zephyr StyleADVISOR City of Tamarac Firefighters' Pension Trust Fund International Value Manager Search Summary Information as of September 30, 2024 Aristotle Franklin Templeton Lazard Todd (with EM) Value-Oriented Value-Oriented Value-Oriented Value-Oriented Lower Higher Lower Focus Approved Focus Approved 15.4 13.0 17.1 10.6 Higher Lower Higher Lower $86.0 Billion $122.6 Billion $120.6 Billion $89.8 Billion Higher Higher Higher Higher Bottom-up Bottom-up Bottom-up Bottom-up Higher Higher 37 44 67 68 Yes (20% Max) Yes (30% Max) Yes (+/- 15% Index Wgt) Yes (+/- 10% Index Wgt) < 5% 0-5% 3-5% 1-4% 0.50% 0.70% 0.75% 0.60% 18.91 18.15 17.21 19.36 June 2013 December 1999 January 2005 October 2005 2010 1947 1970 1998 Team Team Team Team Well Paid Well Paid Owners/Well Paid $56.6B Firm/$3.2B Strategy $1.6T Firm/$150M Strategy $205.5B Firm/$9.3B Strategy $5.3B Firm/$2.0B Strategy 13 3 81 6 Separate Separate Separate Separate Owners/Well Paid Yes (15% Max) * Note: The net performance shown is net of the manager fee shown above. This summary contains select data for each investment manager and index listed and should not be considered inclusive of all material information available for each investment. Please refer to additional information provided in the complete manager search analysis for each manager. Clearbridge Value-Oriented Approved 14.0 Lower $89.5 Billion 0.60% 21.53 January 2003 1995 Team Higher Bottom-up 61 Lower Well Paid $193.3B Firm/$943M Strategy 20 Separate Lower Higher Lower Lower < 5% The prices, quotes or statistics contained herein have been obtained from sources believed to be reliable, however, the accuracy cannot be guaranteed.

City of Tamarac Firefighters' Pension Trust Fund Investment Manager Search Analysis As of September 30, 2024 ____________________________________ Scott Owens, CFA , CIMA® ® Managing Director - Wealth Management Institutional Consulting Director Corporate Retirement Director Alternative Investment Director Scott.Owens@msgraystone.com (813) 227-2027 ____________________________________ Theodore J. (TJ) Loew, CFA® Institutional Consultant Theodore.Loew@msgraystone.com (813) 227-2088

Important Disclosures This report must be accompanied by a separate profile document or other report for each mutual fund and exchange- traded fund (ETF), referred to herein as "fund" or "funds", shown in this report, and for each investment manager shown in this report and approved by Morgan Stanley to be offered to investors in any investment advisory program in which you may invest. These separate documents show, for each manager and fund, various information which may include both gross and net performance (which may be more up-to-date than the performance shown in this report). Morgan Stanley has prepared this report for your personal use, at your request, to help you evaluate the investment disciplines and investment managers/funds shown in this report. It is for informational purposes only. It is not a recommendation of a particular portfolio, investment manager or fund. It is not tax or legal advice. The report is based on information you gave Morgan Stanley about your financial situation, investment objectives, risk tolerance and investment time horizon. IT IS TO BE PRESENTED TO YOU IN A ONE-ON-ONE PRESENTATION WITH YOUR MORGAN STANLEY FINANCIAL ADVISOR OR PRIVATE WEALTH ADVISOR SO THAT YOU HAVE AN OPPORTUNITY TO ASK QUESTIONS. If you asked us to do so, we have included one or more investment managers/funds that have not been approved by Morgan Stanley to be offered to investors in any investment advisory program in which you may invest. Morgan Stanley does not and will not recommend any such manager/fund for investment in these programs, and has included the manager/fund in the report solely at your request and for your information. The performance shown in this report for any such managers or funds could differ materially from their performance in investment advisory programs offered by firms other than Morgan Stanley. If you have invested with any such manager/fund through another firm, we recommend that you seek information from that firm on the manager’s or fund's gross and net performance in its programs. This report is not complete unless it contains all pages (as indicated in the page numbering below). Please see "Important Notes About Performance" and "Important Notes About this Report" for other important information (including the effect of fees and a summary of the risks associated with particular investment disciplines). © 2022 Morningstar, Inc. All Rights Reserved. The data contained in this report relating to funds: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this data. Past performance is no guarantee of future results.CRC 5081991 | 11/4/20221

Important Notes About Performance The performance data in this report is historical. Past performance does not guarantee future results. NET PERFORMANCE See the accompanying Select UMA Manager Profiles for each investment manager in this report for net performance information on the manager. See the accompanying Morningstar profiles for each fund in the report for standardized fund performance (i.e. returns net of any maximum sales charges that apply if you purchase the Mutual Fund or ETF outside of our investment advisory programs) and also returns net of the maximum annual investment advisory fees that apply if you purchase the fund in one of our investment advisory programs. You should carefully read the manager/fund profiles, which may contain more up-to-date performance information than in this report. NOTE ABOUT ETF PERFORMANCE For ETFs, performance shown may be based on net asset value (NAV), market price (MKT) or both. The Morningstar profile that must accompany this report shows performance based on both NAV and market price.CRC 5081991 | 11/4/20222

Important Notes About Performance (Cont’d) GENERAL DISCLOSURE The investment return and principal value of an investment will fluctuate so that an investor’s shares in a fund, when redeemed, may be worth more or less than their original cost, and investments in separately managed accounts may be worth more or less than the original amount. Current performance may be lower or higher than the performance quoted. For performance data for a fund current to the most recent month end, please either contact the fund (at the toll-free number or website address specified in that fund’s profile given to you with this report) or call your Financial Advisor or Private Wealth Advisor at the toll-free number on the cover page of this report. You would not necessarily have obtained the performance results shown in this report if you had invested with these managers or funds for the periods indicated. Actual performance results of accounts vary due to factors such as the timing of contributions and withdrawals, client restrictions, rebalancing schedules, and fees and costs. THE SELECTION OF MANAGERS/FUNDS IN THIS REPORT MAY REFLECT THE BENEFIT OF HINDSIGHT BASED ON HISTORICAL RATES OF RETURN. See the applicable Morgan Stanley ADV brochure for an explanation of the fees and charges that would apply if you invest with an investment manager or in a fund through a Morgan Stanley investment advisory program. See “Important Notes About This Report” for information on the sources of performance information in this report.CRC 5081991 | 11/4/20223

Manager and Fund Designations Managers shown in this report may be approved managers offered in some or all of Morgan Stanley's Consulting and Evaluation Services program or Select UMA program. Please ask your Financial Advisor or Private Wealth Advisor about availability in particular programs. See "Important Notes About This Report" for more information on how Morgan Stanley approves managers for these programs. E*Trade Capital Management LLC is an affiliate of Morgan Stanley Smith Barney LLC ("MSSB"). Certain SMA strategies, ETFs and Mutual Funds that are sponsored, managed or sub advised by, or receive other services from, MSSB or our affiliates, including but not limited to Morgan Stanley Investment Management ("MSIM") and Eaton Vance Management ("EVM"), Boston Management and Research, Calvert Research and Management, Atlanta Capital Management Company and Parametric Portfolio Associates, may be included in a client's account. Morgan Stanley Global Investment Manager Analysis ("GIMA") evaluates certain investment products for the purposes of some - but not all - of Morgan Stanley Smith Barney LLC's investment advisory programs. Please see the applicable Form ADV, which can be accessed at www.morganstanley.com/adv, for information about affiliated investment products that are not reviewed or evaluated by GIMA, as well as additional disclosures and conflicts of interest applicable to affiliated products, that could be included in a strategy. In this report, all performance returns for periods of more than one year are annualized returns and for periods of less than one year are not annualized. Terms have the following meanings: (S) Manager participates in the Select UMA program, performance is Gross of advisory fees (n) Manager participates in the Select UMA program, performance is Net of advisory fees (C) Manager participates in the Consulting and Evaluation Services program, performance is Gross of advisory fees (Cn) Manager participates in the Consulting and Evaluation Services program, performance is Net of advisory fees The "Inception Date" is, for separately managed accounts, the date when the investment manager began managing the applicable investment discipline and, for funds, the date the fund was established. In either case, this date may be before the investment discipline or fund became available in any applicable Morgan Stanley investment advisory program.CRC 5081991 | 11/4/20224

________________________________________________________________________________________________________________________________________________ QUANTITATIVE ANALYSIS (Gross-of-Fees Performance)5

Manager vs Benchmark: Return As of Sep 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) Latest Quarter 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years 0 5 10 15 20 25 Return Manager vs Benchmark: Return As of Sep 2024 LATEST QUARTER 1 YEAR 3 YEARS 5 YEARS 7 YEARS 10 YEARS 15 YEARS SINCE INCEPTION ClearBridge International Value ADR - Gross 8.81 19.75 8.59 10.11 4.84 5.66 6.39 8.02 Aristotle International Equity ADR - Gross 12.12 26.94 5.71 9.03 7.79 6.95 N/A 7.10 Franklin Templeton Intl ADR - Gross 6.81 28.54 9.94 10.04 5.65 5.15 5.59 4.81 Lazard Asset IESelect wEM ADR - Gross 6.84 23.79 4.16 6.60 4.98 4.83 5.83 5.56 Todd Asset Mgmt Int'l Intrinsic Value - Gross 7.61 21.93 6.12 9.90 6.63 5.76 7.12 6.38 MSCI EAFE VALUE (Net) 8.89 23.14 8.94 8.27 5.02 4.56 4.88 10.30 MSCI EAFE Net 7.25 24.75 5.48 8.19 5.99 5.70 5.99 8.52 MSCI ACWI ex USA (Net) 8.06 25.35 4.14 7.59 5.44 5.22 5.49 5.13 City of Tamarac Firefighters' Pension Trust Fund Trailing Period Returns Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.6

Calendar Year Return As of Sep 2024 YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 ClearBridge International Value ADR - Gross 12.32 14.40 (3.01) 16.72 0.96 16.30 (20.97) 25.20 5.56 1.59 (8.19) 29.82 21.36 (12.84) 7.40 Aristotle International Equity ADR - Gross 15.91 18.17 (17.60) 16.17 9.91 23.21 (8.44) 23.57 0.56 1.41 (4.31) N/A N/A N/A N/A Franklin Templeton Intl ADR - Gross 18.27 22.13 (9.15) 8.20 3.48 16.58 (17.25) 22.57 2.22 (2.74) (6.75) 21.74 20.76 (11.30) 6.04 Lazard Asset IESelect wEM ADR - Gross 13.45 14.10 (14.13) 4.84 10.62 20.54 (14.16) 28.93 (0.23) (2.85) (4.08) 16.97 23.72 (7.37) 7.64 Todd Asset Mgmt Int'l Intrinsic Value - Gross 14.04 14.88 (11.11) 12.42 10.27 28.34 (17.72) 26.53 (2.77) (1.92) (3.92) 23.05 19.00 (11.03) 13.51 MSCI EAFE VALUE (Net) 13.79 18.95 (5.58) 10.89 (2.63) 16.09 (14.78) 21.44 5.02 (5.68) (5.39) 22.95 17.69 (12.17) 3.25 MSCI EAFE Net 12.98 18.24 (14.45) 11.27 7.80 22.02 (13.78) 25.02 1.01 (0.82) (4.90) 22.79 17.31 (12.13) 7.74 MSCI ACWI ex USA (Net) 14.21 15.62 (16.00) 7.82 10.65 21.51 (14.20) 27.19 4.50 (5.66) (3.87) 15.29 16.83 (13.71) 11.15 City of Tamarac Firefighters' Pension Trust Fund Calendar Year Returns Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.7

Rolling Manager vs Benchmark: Return 60-Month Moving Windows, Computed Quarterly, October 2009 - September 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) 9/2014 9/2017 9/2020 9/2024 -4 -2 0 2 4 6 8 10 12 Return Manager vs Benchmark: Return As of Sep 2024 10/2019 - 09/2024 10/2018 - 09/2023 10/2017 - 09/2022 10/2016 - 09/2021 10/2015 - 09/2020 10/2014 - 09/2019 ClearBridge International Value ADR - Gross 10.11 4.00 (2.32) 6.13 0.75 1.38 Aristotle International Equity ADR - Gross 9.03 4.00 1.56 10.28 6.10 4.91 Franklin Templeton Intl ADR - Gross 10.04 2.73 (3.38) 5.85 2.27 0.48 Lazard Asset IESelect wEM ADR - Gross 6.60 2.05 (0.94) 7.67 5.75 3.09 Todd Asset Mgmt Int'l Intrinsic Value - Gross 9.90 4.91 0.26 9.82 4.45 1.77 MSCI EAFE VALUE (Net) 8.27 2.81 (2.74) 5.96 1.14 0.99 MSCI EAFE Net 8.19 3.23 (0.84) 8.81 5.26 3.27 MSCI ACWI ex USA (Net) 7.59 2.58 (0.81) 8.94 6.23 2.90 City of Tamarac Firefighters' Pension Trust Fund 5-Year Rolling Period Returns as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.8

Rolling Manager vs Benchmark: Alpha 60-Month Moving Windows, Computed Quarterly, October 2009 - September 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) 9/2014 9/2017 9/2020 9/2024 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 Alpha Manager vs Benchmark: Alpha As of Sep 2024 10/2019 - 09/2024 10/2018 - 09/2023 10/2017 - 09/2022 10/2016 - 09/2021 10/2015 - 09/2020 10/2014 - 09/2019 ClearBridge International Value ADR - Gross 1.74 1.56 (0.74) (4.38) (5.78) (1.48) Aristotle International Equity ADR - Gross 1.13 1.47 2.62 1.14 0.09 2.20 Franklin Templeton Intl ADR - Gross 2.36 0.25 (2.40) (3.15) (3.85) (2.32) Lazard Asset IESelect wEM ADR - Gross (0.72) (0.44) (0.14) (1.02) (0.13) 0.47 Todd Asset Mgmt Int'l Intrinsic Value - Gross 1.90 2.34 1.55 (0.20) (2.21) (1.19) MSCI EAFE VALUE (Net) 0.62 0.39 (1.65) (3.30) (4.88) (1.81) MSCI EAFE Net 0.57 0.69 0.01 0.05 (0.65) 0.47 MSCI ACWI ex USA (Net) 0.00 0.00 0.00 0.00 0.00 0.00 City of Tamarac Firefighters' Pension Trust Fund 5-Year Rolling Period Alphas as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.9

Risk / Return October 2021 - September 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Standard Deviation (%) 2 3 4 5 6 7 8 9 10 11 Return Risk & Return Analysis October 2021 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Gross 8.59 4.45 18.24 1.03 (21.29) 123.57 101.33 4.46 0.27 84.97 Aristotle International Equity ADR - Gross 5.71 1.58 17.60 1.03 (27.89) 121.70 109.81 1.55 0.12 91.80 Franklin Templeton Intl ADR - Gross 9.94 5.80 17.47 1.01 (25.88) 115.76 90.97 5.72 0.36 89.46 Lazard Asset IESelect wEM ADR - Gross 4.16 0.02 16.18 0.96 (25.40) 102.33 101.67 0.21 0.03 93.75 Todd Asset Mgmt Int'l Intrinsic Value - Gross 6.12 1.99 18.01 1.04 (25.30) 116.21 104.72 1.99 0.14 88.42 MSCI EAFE VALUE (Net) 8.94 4.80 16.42 0.94 (21.90) 106.58 87.54 4.98 0.32 87.41 MSCI EAFE Net 5.48 1.34 16.94 1.02 (27.10) 109.03 101.88 1.29 0.11 96.46 MSCI ACWI ex USA (Net) 4.14 0.00 16.34 1.00 (26.91) 100.00 100.00 0.00 0.03 100.00 City of Tamarac Firefighters' Pension Trust Fund 3-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.10

Risk / Return October 2019 - September 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Standard Deviation (%) 1 2 3 4 5 6 7 8 9 10 11 12 Return Risk & Return Analysis October 2019 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Gross 10.11 2.53 21.53 1.16 (32.27) 125.12 110.98 1.74 0.36 86.42 Aristotle International Equity ADR - Gross 9.03 1.44 18.91 1.06 (27.89) 114.03 106.32 1.13 0.35 92.77 Franklin Templeton Intl ADR - Gross 10.04 2.45 18.15 1.01 (27.90) 108.03 97.95 2.36 0.42 91.99 Lazard Asset IESelect wEM ADR - Gross 6.60 (0.98) 17.21 0.98 (26.21) 97.82 101.70 (0.72) 0.24 95.50 Todd Asset Mgmt Int'l Intrinsic Value - Gross 9.90 2.31 19.36 1.08 (26.76) 117.71 106.18 1.90 0.39 91.20 MSCI EAFE VALUE (Net) 8.27 0.68 19.00 1.04 (28.20) 102.84 99.95 0.62 0.31 88.39 MSCI EAFE Net 8.19 0.61 17.68 1.01 (27.30) 103.47 100.74 0.57 0.33 96.04 MSCI ACWI ex USA (Net) 7.59 0.00 17.19 1.00 (27.87) 100.00 100.00 0.00 0.30 100.00 City of Tamarac Firefighters' Pension Trust Fund 5-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.11

Risk / Return October 2017 - September 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Standard Deviation (%) 1 2 3 4 5 6 7 8 9 Return Risk & Return Analysis October 2017 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Gross 4.84 (0.60) 20.17 1.18 (41.71) 118.15 115.80 (0.99) 0.13 87.80 Aristotle International Equity ADR - Gross 7.79 2.35 17.24 1.03 (27.89) 112.32 100.92 2.23 0.32 92.40 Franklin Templeton Intl ADR - Gross 5.65 0.21 17.32 1.04 (30.73) 104.98 103.20 0.17 0.20 92.51 Lazard Asset IESelect wEM ADR - Gross 4.98 (0.46) 15.90 0.97 (26.21) 96.26 98.71 (0.25) 0.17 95.49 Todd Asset Mgmt Int'l Intrinsic Value - Gross 6.63 1.19 18.62 1.11 (27.91) 116.46 108.27 0.86 0.23 91.55 MSCI EAFE VALUE (Net) 5.02 (0.42) 17.57 1.03 (32.60) 101.60 102.87 (0.35) 0.16 88.97 MSCI EAFE Net 5.99 0.55 16.31 1.00 (27.30) 101.88 99.41 0.58 0.23 96.40 MSCI ACWI ex USA (Net) 5.44 0.00 16.07 1.00 (27.87) 100.00 100.00 0.00 0.20 100.00 City of Tamarac Firefighters' Pension Trust Fund 7-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.12

Risk / Return October 2014 - September 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Standard Deviation (%) 0 1 2 3 4 5 6 7 8 Return Risk & Return Analysis October 2014 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Gross 5.66 0.44 18.02 1.12 (41.71) 114.23 109.72 0.15 0.22 87.24 Aristotle International Equity ADR - Gross 6.95 1.73 15.75 1.01 (27.89) 107.25 98.74 1.71 0.34 92.20 Franklin Templeton Intl ADR - Gross 5.15 (0.07) 15.85 1.02 (30.73) 101.72 101.74 (0.02) 0.22 92.01 Lazard Asset IESelect wEM ADR - Gross 4.83 (0.39) 14.60 0.95 (26.21) 93.60 96.10 (0.10) 0.22 94.54 Todd Asset Mgmt Int'l Intrinsic Value - Gross 5.76 0.54 17.01 1.08 (27.91) 109.21 105.36 0.33 0.24 90.83 MSCI EAFE VALUE (Net) 4.56 (0.65) 16.31 1.03 (32.60) 101.14 103.75 (0.60) 0.18 89.39 MSCI EAFE Net 5.70 0.49 15.16 0.99 (27.30) 100.77 98.57 0.53 0.27 96.16 MSCI ACWI ex USA (Net) 5.22 0.00 14.97 1.00 (27.87) 100.00 100.00 0.00 0.24 100.00 City of Tamarac Firefighters' Pension Trust Fund 10-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.13

Manager Style 60-Month Moving Windows, Computed Quarterly, October 2009 - September 2024ClearBridge International Value ADR - Gross Aristotle International Equity ADR - Gross Franklin Templeton Intl ADR - Gross Lazard Asset IESelect wEM ADR - Gross Todd Asset Mgmt Int'l Intrinsic Value - Gross MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) MSCI EAFE LARGE VALUE MSCI EAFE LARGE GROWTH MSCI EAFE MID VALUE MSCI EAFE MID GROWTH MSCI EAFE SMALL VALUE MSCI EAFE SMALL GROWTH Value -1 0 1 Growth 60-Month Moving Windows, Computed Quarterly Small -1 0 1 Large MSCI EAFE SMALL GROWTHMSCI EAFE SMALL VALUE MSCI EAFE MID GROWTHMSCI EAFE MID VALUE MSCI EAFE LARGE GROWTHMSCI EAFE LARGE VALUE City of Tamarac Firefighters' Pension Trust Fund Manager Style Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.14

________________________________________________________________________________________________________________________________________________ QUANTITATIVE ANALYSIS (Net-of-Fees Performance)15

Manager vs Benchmark: Return As of Sep 2024ClearBridge International Value ADR - Net 0.60% Mgr Fee Aristotle International Equity ADR - Net 0.50% Mgr Fee Franklin Templeton Intl ADR - Net 0.70% Mgr Fee Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) Latest Quarter 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years 0 5 10 15 20 25 Return Manager vs Benchmark: Return As of Sep 2024 LATEST QUARTER 1 YEAR 3 YEARS 5 YEARS 7 YEARS 10 YEARS 15 YEARS SINCE INCEPTION ClearBridge International Value ADR - Net 0.60% Mgr Fee 8.65 19.03 7.94 9.45 4.21 5.02 5.75 7.37 Aristotle International Equity ADR - Net 0.50% Mgr Fee 11.98 26.31 5.19 8.48 7.25 6.42 N/A 6.57 Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 6.62 27.65 9.17 9.27 4.91 4.42 4.85 4.08 Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee 6.64 22.87 3.38 5.80 4.19 4.05 5.03 4.77 Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 7.45 21.20 5.49 9.24 5.99 5.12 6.48 5.74 MSCI EAFE VALUE (Net) 8.89 23.14 8.94 8.27 5.02 4.56 4.88 10.30 MSCI EAFE Net 7.25 24.75 5.48 8.19 5.99 5.70 5.99 8.52 MSCI ACWI ex USA (Net) 8.06 25.35 4.14 7.59 5.44 5.22 5.49 5.13 City of Tamarac Firefighters' Pension Trust Fund Trailing Period Returns Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.16

Calendar Year Return As of Sep 2024 YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 ClearBridge International Value ADR - Net 0.60% Mgr Fee 11.82 13.72 (3.59) 16.03 0.35 15.61 (21.45) 24.45 4.93 0.98 (8.74) 29.05 20.63 (13.36) 6.76 Aristotle International Equity ADR - Net 0.50% Mgr Fee 15.48 17.58 (18.01) 15.59 9.36 22.60 (8.90) 22.96 0.05 0.90 (4.79) N/A N/A N/A N/A Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 17.65 21.27 (9.79) 7.45 2.76 15.77 (17.83) 21.71 1.51 (3.42) (7.40) 20.89 19.91 (11.92) 5.30 Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee 12.81 13.25 (14.78) 4.06 9.79 19.64 (14.81) 27.97 (0.98) (3.58) (4.80) 16.10 22.79 (8.06) 6.84 Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 13.53 14.19 (11.64) 11.75 9.61 27.57 (18.21) 25.77 (3.35) (2.51) (4.50) 22.32 18.28 (11.57) 12.83 MSCI EAFE VALUE (Net) 13.79 18.95 (5.58) 10.89 (2.63) 16.09 (14.78) 21.44 5.02 (5.68) (5.39) 22.95 17.69 (12.17) 3.25 MSCI EAFE Net 12.98 18.24 (14.45) 11.27 7.80 22.02 (13.78) 25.02 1.01 (0.82) (4.90) 22.79 17.31 (12.13) 7.74 MSCI ACWI ex USA (Net) 14.21 15.62 (16.00) 7.82 10.65 21.51 (14.20) 27.19 4.50 (5.66) (3.87) 15.29 16.83 (13.71) 11.15 City of Tamarac Firefighters' Pension Trust Fund Calendar Year Returns Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.17

Rolling Manager vs Benchmark: Return 60-Month Moving Windows, Computed Quarterly, October 2009 - September 2024ClearBridge International Value ADR - Net 0.60% Mgr Fee Aristotle International Equity ADR - Net 0.50% Mgr Fee Franklin Templeton Intl ADR - Net 0.70% Mgr Fee Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) 9/2014 9/2017 9/2020 9/2024 -4 -2 0 2 4 6 8 10 12 Return Manager vs Benchmark: Return As of Sep 2024 10/2019 - 09/2024 10/2018 - 09/2023 10/2017 - 09/2022 10/2016 - 09/2021 10/2015 - 09/2020 10/2014 - 09/2019 ClearBridge International Value ADR - Net 0.60% Mgr Fee 9.45 3.37 (2.90) 5.49 0.15 0.77 Aristotle International Equity ADR - Net 0.50% Mgr Fee 8.48 3.48 1.05 9.73 5.57 4.39 Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 9.27 2.01 (4.06) 5.11 1.55 (0.22) Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee 5.80 1.28 (1.68) 6.87 4.96 2.32 Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 9.24 4.29 (0.34) 9.17 3.83 1.16 MSCI EAFE VALUE (Net) 8.27 2.81 (2.74) 5.96 1.14 0.99 MSCI EAFE Net 8.19 3.23 (0.84) 8.81 5.26 3.27 MSCI ACWI ex USA (Net) 7.59 2.58 (0.81) 8.94 6.23 2.90 City of Tamarac Firefighters' Pension Trust Fund 5-Year Rolling Period Returns as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.18

Rolling Manager vs Benchmark: Alpha 60-Month Moving Windows, Computed Quarterly, October 2009 - September 2024ClearBridge International Value ADR - Net 0.60% Mgr Fee Aristotle International Equity ADR - Net 0.50% Mgr Fee Franklin Templeton Intl ADR - Net 0.70% Mgr Fee Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) 9/2014 9/2017 9/2020 9/2024 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 Alpha Manager vs Benchmark: Alpha As of Sep 2024 10/2019 - 09/2024 10/2018 - 09/2023 10/2017 - 09/2022 10/2016 - 09/2021 10/2015 - 09/2020 10/2014 - 09/2019 ClearBridge International Value ADR - Net 0.60% Mgr Fee 1.13 0.95 (1.33) (4.95) (6.35) (2.07) Aristotle International Equity ADR - Net 0.50% Mgr Fee 0.62 0.96 2.11 0.63 (0.41) 1.69 Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 1.63 (0.45) (3.07) (3.84) (4.52) (3.00) Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee (1.47) (1.19) (0.89) (1.76) (0.87) (0.28) Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 1.29 1.73 0.94 (0.80) (2.79) (1.78) MSCI EAFE VALUE (Net) 0.62 0.39 (1.65) (3.30) (4.88) (1.81) MSCI EAFE Net 0.57 0.69 0.01 0.05 (0.65) 0.47 MSCI ACWI ex USA (Net) 0.00 0.00 0.00 0.00 0.00 0.00 City of Tamarac Firefighters' Pension Trust Fund 5-Year Rolling Period Alphas as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.19

Risk / Return October 2021 - September 2024ClearBridge International Value ADR - Net 0.60% Mgr Fee Aristotle International Equity ADR - Net 0.50% Mgr Fee Franklin Templeton Intl ADR - Net 0.70% Mgr Fee Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Standard Deviation (%) 2 3 4 5 6 7 8 9 10 11 Return Risk & Return Analysis October 2021 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Net 0.60% Mgr Fee 7.94 3.80 18.23 1.03 (21.60) 121.77 102.32 3.83 0.24 84.97 Aristotle International Equity ADR - Net 0.50% Mgr Fee 5.19 1.05 17.62 1.03 (28.16) 120.14 110.54 1.05 0.09 91.69 Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 9.17 5.03 17.51 1.01 (26.27) 113.61 92.12 4.99 0.32 89.10 Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee 3.38 (0.76) 16.17 0.96 (25.91) 100.24 102.90 (0.54) (0.02) 93.75 Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 5.49 1.35 18.00 1.04 (25.71) 114.45 105.69 1.38 0.10 88.42 MSCI EAFE VALUE (Net) 8.94 4.80 16.42 0.94 (21.90) 106.58 87.54 4.98 0.32 87.41 MSCI EAFE Net 5.48 1.34 16.94 1.02 (27.10) 109.03 101.88 1.29 0.11 96.46 MSCI ACWI ex USA (Net) 4.14 0.00 16.34 1.00 (26.91) 100.00 100.00 0.00 0.03 100.00 City of Tamarac Firefighters' Pension Trust Fund 3-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.20

Risk / Return October 2019 - September 2024ClearBridge International Value ADR - Net 0.60% Mgr Fee Aristotle International Equity ADR - Net 0.50% Mgr Fee Franklin Templeton Intl ADR - Net 0.70% Mgr Fee Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Standard Deviation (%) 1 2 3 4 5 6 7 8 9 10 11 Return Risk & Return Analysis October 2019 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Net 0.60% Mgr Fee 9.45 1.87 21.51 1.16 (32.37) 123.32 111.84 1.13 0.33 86.42 Aristotle International Equity ADR - Net 0.50% Mgr Fee 8.48 0.90 18.94 1.06 (28.16) 112.71 107.16 0.62 0.32 92.69 Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 9.27 1.69 18.21 1.01 (28.65) 106.22 99.19 1.63 0.38 91.77 Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee 5.80 (1.78) 17.20 0.98 (26.94) 95.79 102.85 (1.47) 0.20 95.50 Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 9.24 1.66 19.35 1.08 (26.87) 115.96 107.07 1.29 0.35 91.20 MSCI EAFE VALUE (Net) 8.27 0.68 19.00 1.04 (28.20) 102.84 99.95 0.62 0.31 88.39 MSCI EAFE Net 8.19 0.61 17.68 1.01 (27.30) 103.47 100.74 0.57 0.33 96.04 MSCI ACWI ex USA (Net) 7.59 0.00 17.19 1.00 (27.87) 100.00 100.00 0.00 0.30 100.00 City of Tamarac Firefighters' Pension Trust Fund 5-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.21

Risk / Return October 2017 - September 2024ClearBridge International Value ADR - Net 0.60% Mgr Fee Aristotle International Equity ADR - Net 0.50% Mgr Fee Franklin Templeton Intl ADR - Net 0.70% Mgr Fee Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Standard Deviation (%) 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 Return Risk & Return Analysis October 2017 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Net 0.60% Mgr Fee 4.21 (1.22) 20.16 1.18 (42.47) 116.27 116.68 (1.58) 0.10 87.80 Aristotle International Equity ADR - Net 0.50% Mgr Fee 7.25 1.82 17.26 1.03 (28.16) 110.85 101.77 1.72 0.29 92.33 Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 4.91 (0.53) 17.35 1.04 (31.82) 102.97 104.38 (0.53) 0.15 92.36 Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee 4.19 (1.25) 15.89 0.97 (26.94) 94.08 99.94 (0.99) 0.12 95.49 Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 5.99 0.56 18.61 1.11 (28.84) 114.59 109.20 0.26 0.20 91.55 MSCI EAFE VALUE (Net) 5.02 (0.42) 17.57 1.03 (32.60) 101.60 102.87 (0.35) 0.16 88.97 MSCI EAFE Net 5.99 0.55 16.31 1.00 (27.30) 101.88 99.41 0.58 0.23 96.40 MSCI ACWI ex USA (Net) 5.44 0.00 16.07 1.00 (27.87) 100.00 100.00 0.00 0.20 100.00 City of Tamarac Firefighters' Pension Trust Fund 7-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.22

Risk / Return October 2014 - September 2024ClearBridge International Value ADR - Net 0.60% Mgr Fee Aristotle International Equity ADR - Net 0.50% Mgr Fee Franklin Templeton Intl ADR - Net 0.70% Mgr Fee Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee MSCI EAFE VALUE (Net) MSCI EAFE Net MSCI ACWI ex USA (Net) FTSE 3-Month Treasury Bill 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Standard Deviation (%) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 Return Risk & Return Analysis October 2014 - September 2024 RETURN EXCESS RETURN STANDARD DEVIATION BETA MAXIMUM DRAWDOWN UP CAPTURE DOWN CAPTURE ALPHA SHARPE RATIO R- SQUARED ClearBridge International Value ADR - Net 0.60% Mgr Fee 5.02 (0.19) 18.01 1.12 (42.47) 112.32 110.81 (0.45) 0.19 87.24 Aristotle International Equity ADR - Net 0.50% Mgr Fee 6.42 1.20 15.77 1.01 (28.16) 105.77 99.76 1.20 0.30 92.13 Franklin Templeton Intl ADR - Net 0.70% Mgr Fee 4.42 (0.80) 15.88 1.02 (31.82) 99.67 103.14 (0.72) 0.17 91.87 Lazard Asset IESelect wEM ADR - Net 0.75% Mgr Fee 4.05 (1.17) 14.59 0.95 (26.94) 91.37 97.56 (0.84) 0.16 94.54 Todd Asset Mgmt. Int'l Intrinsic Val - Net 0.60% Mgr Fee 5.12 (0.10) 17.00 1.08 (28.84) 107.33 106.48 (0.27) 0.20 90.83 MSCI EAFE VALUE (Net) 4.56 (0.65) 16.31 1.03 (32.60) 101.14 103.75 (0.60) 0.18 89.39 MSCI EAFE Net 5.70 0.49 15.16 0.99 (27.30) 100.77 98.57 0.53 0.27 96.16 MSCI ACWI ex USA (Net) 5.22 0.00 14.97 1.00 (27.87) 100.00 100.00 0.00 0.24 100.00 City of Tamarac Firefighters' Pension Trust Fund 10-Year Risk/Return Analysis as of September 30, 2024 The prices, quotes, or statistics contained herein have been obtained from sources believed to be reliable, however, its accuracy cannot be guaranteed. Past performance is not a guarantee of future results.23

Important Notes About This Report PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. ACTUAL INDIVIDUAL ACCOUNT RESULTS WILL DIFFER FROM THE PERFORMANCE SHOWN IN THIS REPORT. INVESTMENT DECISIONS: Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment disciplines or investment managers/funds based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager or fund, as well as matters such as your investment objectives, risk tolerance and investment time horizon. SOURCE OF PERFORMANCE INFORMATION FOR INVESTMENT MANAGERS AVAILABLE IN CONSULTING AND EVALUATION SERVICES OR SELECT UMA: Each investment manager included in this report that participates in one or more of the Consulting and Evaluation Services or Select UMA programs ("Programs") has a track record of investing assets in the relevant investment discipline. The investment manager's gross performance track record shown in this report consists of its gross performance in either the Morgan Stanley or the Smith Barney form of the Select UMA program (if that investment manager was in the Select UMA program) for periods for which sufficient data is available. If the strategy or similar strategies are available in both the Morgan Stanley and Smith Barney forms of the program, this profile presents the composite for the strategy that is closest to the strategy currently offered in the Select UMA program. If both strategies are equally close, the profile shows the longer of the two composites. For other periods, the gross performance track record is provided by the investment manager and consists of accounts managed by the investment manager in the same or a similar investment discipline, whether at Morgan Stanley or elsewhere (and may include institutional accounts, retail accounts and/or pooled investment vehicles such as mutual funds). Morgan Stanley Smith Barney LLC offers investment program services through a variety of investment programs, which are opened pursuant to written client agreements. Each program offers investment managers, funds and features that are not available in other programs; conversely, some investment managers, funds or investment strategies may be available in more than one program. Morgan Stanley’s investment advisory programs may require a minimum asset level and, depending on a client’s specific investment objectives and financial position, may not be appropriate for the client. Please see the applicable program disclosure document for more information, available at www.morganstanley.com/ADV or from your Financial Advisor. The investment management services of Morgan Stanley Smith Barney LLC and investment vehicles managed by Morgan Stanley Smith Barney LLC or its affiliates are not guaranteed and could result in the loss of value to your account. You should note that investing in financial instruments carries with it the possibility of losses and that a focus on above-market returns exposes the portfolio to above-average risk. Performance aspirations are not guaranteed and are subject to market conditions. CRC 5082012 11/4/202224

Important Notes About This Report (Cont’d) Generally, investment advisory accounts are subject to an annual asset-based fee (the “Fee”) which is payable monthly in advance (some account types may be billed differently). In general, the Fee covers Morgan Stanley investment advisory services, custody of securities with Morgan Stanley, trade execution with or through Morgan Stanley or its affiliates, as well as compensation to any Morgan Stanley Financial Advisor. In addition, each account that is invested in a program that is eligible to purchase certain investment products, such as mutual funds, will also pay a Platform Fee (which is subject to a Platform Fee offset) as described in the applicable ADV brochure. Accounts invested in the Select UMA program may also pay a separate Sub-Manager fee, if applicable. If your account is invested in mutual funds or exchange traded funds (collectively “funds”), you will pay the fees and expenses of any funds in which your account is invested. Fees and expenses are charged directly to the pool of assets the fund invests in and are reflected in each fund’s share price. These fees and expenses are an additional cost to you and would not be included in the Fee amount in your account statements. The advisory program you choose is described in the applicable Morgan Stanley Smith Barney LLC ADV Brochure, available at www.morganstanley.com/ADV. Morgan Stanley or Executing Sub-Managers, as applicable, in some of Morgan Stanley’s Separately Managed Account (“SMA”) programs may effect transactions through broker-dealers other than Morgan Stanley or our affiliates. In such instance, you may be assessed additional costs by the other firm in addition to the Morgan Stanley and Sub-Manager fees. Those costs will be included in the net price of the security, not separately reported on trade confirmations or account statements. Certain Sub-Managers have historically directed most, if not all, of their trades to outside firms. Information provided by Sub-Managers concerning trade execution away from Morgan Stanley is summarized at: http://www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information on trading and costs, please refer to the ADV Brochure for your program(s), available at www.morganstanley.com/ADV, or contact your Financial Advisor / Private Wealth Advisor. CRC 5082012 11/4/202225

Important Notes About This Report (Cont’d) There may be differences between the performance in the different forms of the Select UMA program, in different Programs, and between the performance in Programs and performance outside the Programs, due to, among other things, investment and operational differences. For example: • Institutional accounts included in related performance may hold more securities than the Program accounts, participate in initial public offerings (IPOs) and invest directly in foreign securities (rather than in ADRs). • Mutual funds included in related performance may hold more securities than the Program accounts, may participate in IPOs, may engage in options and futures transactions, and are subject to certain regulatory limitations. • Performance results in Select UMA accounts could differ from that in Consulting and Evaluation Services accounts because Select UMA accounts may hold fewer securities, and have automatic rebalancing, wash sale loss and tax harvesting features. You should read the investment manager profile accompanying this report for each investment manager. The investment manager profile gives further details on the sources of performance information for a particular investment manager, as well as other calculations of the manager's performance returns (such as performance net of fees and expenses). SOURCE OF PERFORMANCE INFORMATION FOR OTHER INVESTMENT MANAGERS: For any investment managers shown in this report that are not available in the Consulting and Evaluation Services or Select UMA programs, the performance data is obtained from databases maintained by parties outside Morgan Stanley. This data has been included for your information, and has not been verified by Morgan Stanley in any way. See “Sources of Information” below. The gross performance shown in this report for these managers could differ materially from their gross performance in investment advisory programs offered by firms other than Morgan Stanley. If you have invested with any such manager through another firm, we recommend that you seek information from that firm on the manager’s gross and net performance in its programs. CRC 5082012 11/4/202226

Important Notes About This Report (Cont’d) SOURCE OF PERFORMANCE INFORMATION FOR FUNDS: For any fund shown in this report, the performance data is obtained from databases maintained by parties outside Morgan Stanley. This data has been included for your information, and has not been verified by Morgan Stanley in any way. See “Sources of Information” below. BENCHMARK INDICES: Depending on the composition of your account and your investment objectives, the indices shown in this report may not be appropriate measures for comparison purposes and are therefore presented for illustration only. The indices used in this report may not be the same indices used for comparative purposes in the profile for each investment manager, mutual fund and/or ETF that accompanies this report. Indices are unmanaged. They do not reflect any management, custody, transaction or other expenses, and generally assume reinvestment of dividends, accrued income and capital gains. Performance of selected indices may be more or less volatile than that of any investment manager/fund shown in this report. Past performance of indices does not guarantee future results. You cannot invest directly in an index. MANAGERS AND FUNDS APPROVED IN MORGAN STANLEY WEALTH MANAGEMENT PROGRAMS: Morgan Stanley Wealth Management approves certain managers and funds offered in its investment advisory programs: • Morgan Stanley Wealth Management's Global Investment Manager Analysis (“GIMA") team approves managers and funds offered in Consulting and Evaluation Services and Select UMA. • Managers and funds offered in Institutional Consulting Group and Graystone Consulting programs may be approved by GIMA, approved by Morgan Stanley Wealth Management using another process, or not approved by Morgan Stanley Wealth Management. • Morgan Stanley Wealth Management does not approve managers in the Investment Management Services consulting program. CRC 5082012 11/4/202227

Important Notes About This Report (Cont’d) If you invest in a manager or fund that is not approved by Morgan Stanley Wealth Management, you are responsible for selecting and/or retaining that manager or fund, and Morgan Stanley Wealth Management does not recommend or monitor that manager or fund. For more information on the approval process in any program, see the applicable ADV brochure, available at www.MorganStanley.com/ADV or from your Financial Advisor or Private Wealth Advisor. If you have any questions about whether or how Morgan Stanley Wealth Management has approved a manager or fund shown in this report, please ask our Financial Advisor or Private Wealth Advisor. SHARE CLASSES OF FUNDS SHOWN IN THIS REPORT: The share class of a fund shown in this report may differ from the share class available in any Morgan Stanley Wealth Management investment advisory program in which you invest. The performance of the share class in which you invest may differ from that of the share class shown in this report. REINVESTMENT: The performance results shown in this report assume that all dividends, accrued income and capital gains were reinvested. SOURCES OF INFORMATION: Although the statements of fact in this report have been obtained from, and are based on, sources that Morgan Stanley believes to be reliable, Morgan Stanley makes no representation as to the accuracy or completeness of the information from sources outside Morgan Stanley. Any such information may be incomplete and you should not use it as the sole basis for investment decisions. It is important to consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the fund. A copy of the prospectus may be obtained from your Financial Advisor or Private Wealth Advisor. Please read the prospectus carefully before investing in the fund. CRC 5082012 11/4/202228

Important Notes About This Report (Cont’d) KEY ASSET CLASS RISK CONSIDERATIONS: Investing in securities entails risk including the risk of losing principal. There is no assurance that the investment disciplines and investment managers/funds selected will meet their intended objectives. Commodities – Diversified: The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and the price volatility of a commodity. In addition to commodity risk, commodity-linked notes may be subject to special risks, such as risk of loss of interest and principal, lack of a secondary market and risk of greater volatility that do not affect traditional equity and debt securities. Commodities - Precious Metals: The prices of Commodities - Precious Metals tend to fluctuate widely and in an unpredictable manner, and have historically experienced extended periods of flat or declining prices. The prices of Commodities - Precious Metals are affected by several factors, including global supply and demand, investors' expectations with respect to the rate of inflation, currency exchange rates, interest rates, investment and trading activities of hedge funds and commodity funds, and global or regional political, economic or financial events and situations. Fixed Income: Fixed income securities are subject to certain inherent risks such as credit risk, reinvestment risk, call risk, and interest rate risk. Fixed income securities are sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed income securities generally declines. Accordingly, managers or funds that invest in fixed income securities are subject to interest rate risk and portfolio values can decline in value as interest rates rise and an investor can lose principal. High Yield Fixed Income: As well as being subject to risks relating to fixed income generally (see “Fixed Income”), high yield or "junk" bonds are considered speculative, have significantly higher credit and default risks (including loss of principal), and may be less liquid and more volatile than investment grade bonds. Clients should only invest in high yield strategies if this is consistent with their risk tolerance, and high yield investments should comprise only a limited part of a balanced portfolio. CRC 5082012 11/4/202229

International/Emerging Market: International investing (including investing in particular countries or groups of countries) should be considered only one component of a complete and diversified investment program. Investing in foreign markets may entail greater risks than those normally associated with domestic markets, such as foreign political, currency, economic and market risks. In addition, the securities markets of many emerging markets are substantially smaller, less developed, less liquid and more volatile than the securities markets of the U.S. and other more developed countries. Further, a portfolio that focuses on a single country may be subject to higher volatility than one that is more diversified. Preferred Securities: Preferred securities are generally subject to the same risks as apply to fixed income securities. (See “Fixed Income.”) However, preferred securities (especially equity preferred securities) may rank below traditional forms of debt for the purposes of repayment in the event of bankruptcy. Many preferred securities are “callable” meaning that the issuer may retire the securities at specific prices and dates prior to maturity. If a preferred security is called, the investor bears the risk of reinvesting proceeds at a potentially lower return. Investors may not receive regular distributions on preferred securities. For example, dividends on equity preferred securities may only be declarable in the discretion of the issuer's board and may not be cumulative. Similarly, interest payments on certain debt preferred securities may be deferred by the issuer for periods of up to 10 years or more, in which case the investor would still have income tax liability even though payments would not have been received. Real Estate: Real estate investments are subject to special risks, including interest rate and property value fluctuations as well as risks related to general and local conditions. Small and Mid Cap: Investments in small-to medium-sized corporations are generally more vulnerable to financial risks and other risks than larger corporations and may involve a higher degree of price volatility than investments in the broad equity market. Hedged and Alternatives Strategies: In most Consulting Group investment advisory program, alternative investments are limited to US registered open-end mutual funds, separate account strategies, and ETFs that seek to pursue alternative investment strategies or returns utilizing publicly traded securities. Investment products in this category may employ various investment strategies and techniques for both hedging and more speculative purposes such as short selling, leverage, derivatives, and options, which can increase volatility and the risk of investment loss. Alternative Investments are not suitable for all investors. Important Notes About This Report (Cont’d) CRC 5082012 11/4/202230

Managed Futures: Involve a high degree of risk, often involve leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds, often charge high fees which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. Master Limited Partnerships (MLPs) are limited partnerships or limited liability companies whose interests (limited partnership or limited liability company units) are generally traded on securities exchanges like shares of common stock. Investment in MLPs entails different risks, including tax risks, than is the case for other types of investments. Currently, most MLPs operate in the energy, natural resources or real estate sectors and are subject to the risks generally applicable to companies in those sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk. Depending on the ownership vehicle, MLP interests are subject to varying tax treatment. Important Notes About This Report (Cont’d) CRC 5082012 11/4/202231

Glossary ALPHA: Synonym of 'value added', linearly similar to the way beta is computed, alpha is the incremental return on a portfolio when the market is stationary. In other words, it is the extra expected return due to non-market factors. This risk-adjusted measurement takes into account both the performance of the market as a whole and the volatility of the portfolio. A positive alpha indicates that a portfolio has produced returns above the expected level at that level of risk, and vice versa for a negative alpha. ANNUALIZED RETURN: The constant rate of return that, compounded annually, would yield the same overall return for a period of more than one year as the actual return observed for that period. ANNUALIZED EXCESS RETURN: Excess return represents the difference between the manager’s return and the return of a benchmark for that manager. Annualized excess return is calculated by taking the annualized return of the original series and forming the difference between the two. A positive annualized excess return implies that the manager outperformed the benchmark over the time period shown. BEST AND WORST PERIOD RETURNS: The best period return for a time window is simply the maximum of the returns for that period inside this window. Similarly, the worst period return for a time window is the minimum of the returns for that period inside this window. To calculate the best one-year return for a return series, the program moves a one-year time window along the series and calculates the compound return for each of these windows. The best one-year return is the maximum of the returns thus found. Similarly, the worst one-year return is the minimum of the returns thus found. Therefore, best and worst one-year returns do not refer to calendar years. BETA: The measure of a portfolio's risk in relation to the market (for example, the S&P 500) or to an alternative benchmark or factors. Roughly speaking, a portfolio with a beta of 1.5 will have moved, on average, 1.5 times the market return. According to asset pricing theory, beta represents the type of risk, systematic risk, which cannot be diversified away. When using beta, there are a number of issues that you need to be aware of: (1) betas may change through time; (2) betas may be different depending on the direction of the market (i.e. betas may be greater for down moves in the market rather than up moves); (3) the estimated beta will be biased if the portfolio does not frequently trade; and (4) the beta is not necessarily a complete measure of risk (you may need multiple betas). Also, note that the beta is a measure of co movement, not volatility. It is possible for a security to have a zero beta and higher volatility than the market. CRC 5082012 11/4/202232

CORRELATION: Statistical method to measure how closely related the variances of two series are. Assets that are highly correlated would be expected to react in similar ways to changing market conditions. CUMULATIVE RETURN: The total return on an investment over a specified time period. CUMULATIVE EXCESS