Specifications include, but are not limited to: Under the direction of ARMB, the services to be provided by the consultant on a timely basis shall include, but are not limited to, strategic consulting, sourcing, and due diligence, and monitoring and performance measurement. Performance measurement services will be performed on a quarterly basis and all other services will be provided at the request of ARMB. The consultant must recognize and acknowledge that prompt and timely responsiveness to requests from ARMB is a key and material requirement. A. STRATEGIC CONSULTING a) Participate in the development of the Annual Investment Plan prepared by staff through analytical support and contributing to the development of portfolio recommendations to ARMB. The scope of analytical support and possible recommendations covers all facets of the portfolio and includes: i) asset class allocation framework; ii) changes to investment strategy; iii) new areas for investment; and, iv) changes to the real assets policies, procedures, and guidelines. b) Participate in the annual review of separate account budgets and business plans as part of the Annual Investment Plan process and make recommendations for improvement where needed. c) Prepare and present an annual review of the real assets portfolio that will include: i) An evaluation of portfolio performance compared to benchmark and peers. ii) A portfolio risk analysis including an evaluation of portfolio diversification. iii) A comprehensive analysis of real assets market conditions. iv) An evaluation of investment manager account performance and recommendations for termination or watchlist actions where appropriate. Analysis shall include all relevant factors including relative performance and changes in management, staff, or ownership of the organization. v) An assessment of whether the real assets portfolio is in compliance with ARMB’s real assets investment guidelines.