Specifications include, but are not limited to: RSIC’s core function is the investment of the assets of the Group Trust. RSIC’s Investment Team (“Investment Team”) is tasked with continuously seeking new investments to meet asset allocation plans as well as adjusting to the ever-changing nature of the global financial markets. Below is a high-level summary of the Approval Process (See Exhibit A – Initial Due Diligence Presentation for a visual representation of the Approval Process). 1. Sourcing and Pipeline: The Investment Team (i) conducts a search for a new investment opportunity; (ii) is approached by an existing or new investment manager with an investment opportunity; (iii) receives recommendations from RSIC’s investment consultant, Albourne America, LLC (“Consultant”), about an investment opportunity; or (iv) decides to exploit market dislocations as an investment opportunity. 2. Peer Review – Portfolio Fit (“Peer Review #1”): The members of the Investment Team assigned to work on the investment opportunity (“Deal Team”) review the details associated with an investment opportunity and determine if it is a baseline fit and its priority level. If the Deal Team has consensus to move forward, then a Peer Review #1 meeting is held. During the meeting, the Deal Team presents the investment opportunity to RSIC’s Chief Investment Officer (“CIO”) and the voting members of RSIC’s Internal Investment Committee (“IIC”), a voting body composed of various staff members that determines whether investment opportunities will be approved, as well as other members of the Investment Team. At the conclusion of the meeting, the voting members of the IIC will determine whether the investment opportunity moves forward, moves forward based on contingencies, or is declined. 3. Engage QSG/ODD/Legal (“Hand Offs Period”): If an investment opportunity proceeds forward from Peer Review #1, the members of the Investment Team that comprise RSIC’s Quantitative Solutions Group (“QSG”), the Operational Due Diligence Team, and the Legal Team are provided with relevant documentation by the Deal Team for review. In addition, reports about the investment opportunity and the investment manager, if available, are obtained from the Consultant. The purpose of QSG’s review is to provide an in-depth analysis of the economics of an investment opportunity. The Operational Due Diligence Team (“ODD Team”) also conducts a review, which begins with having the investment manager complete RSIC’s Due Diligence Questionnaire (See Exhibit B – Due Diligence Questionnaire). Please note the Due Diligence Questionnaire also includes RSIC’s Fund Administration Questionnaire (See Exhibit C – Fund Administration Questionnaire) if the investment manager utilizes a fund administrator. Following its completion by the investment manager, the ODD Team provides in-depth analysis about the investment manager’s operations, processes, and procedures. The Legal Team also conducts a review of the various legal documents associated with the investment opportunity and flags issues that could prove problematic during legal negotiations. During this period, the Deal Team will perform reference checks and may conduct on-site due diligence at the investment manager’s offices, if required.