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04/20/2026
Monday, April 20, 2026 1:00 PM City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Main Library - Council Chambers Pension Trustees Meeting Agenda - Final April 20, 2026Pension Trustees Meeting Agenda - Final 1. Call To Order 2. Approval of Minutes 2.1 Approve the minutes of the February 2, 2026 Pension Trustees meeting as submitted in written summation by the City Clerk. 3. Citizens to be Heard Regarding Items Not on the Agenda 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. 4.2 Approve the following requests of employees Cheri Drigan, Gas Department, and Michael Mouroukis, Information Technology Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. 4.3 Approve following requests of Edward Bryant, Solid Waste and Recycling Department, Timothy Chaplinsky, Parks and Recreation Department, Kris Familiari, Fire Department, Kimberly Handville, Gas Department, Milisa Harris, Finance Department, Philip Kirkpatrick, Economic Development and Housing Department, Eric Kleinman, Parks & Recreation Department, Nichole Loux, Police Department, Melody Phelps, Police Department, George Phillips, Police Department, Terri Rowland, Solid Waste and Recycling Department, Emery Rumsey, General Services Department, John Stone, General Services Department, David Storck, General Services Department, Joseph Taylor, Parks and Recreation Department, Carolyn Sue Tellier, Public Works Department, and Bernadette Weiers, Library Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 4.4 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2025. 4.5 Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). 5. Adjourn Page 2 City of Clearwater Printed on 9/16/2026 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0223 Agenda Date: 4/20/2026 Status: PassedVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the February 2, 2026 Pension Trustees meeting as submitted in written summation by the City Clerk. Page 1 City of Clearwater Printed on 9/16/2026 Pension Trustees Meeting Minutes February 2, 2026 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, February 2, 2026 1:00 PM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes February 2, 2026 Page 2 City of Clearwater Roll Call Present 5 - Chair Bruce Rector, Trustee Ryan Cotton, Trustee Michael Mannino, Trustee David Allbritton, and Trustee Lina Teixeira Also Present: Jennifer Poirrier – City Manager, Daniel Slaughter – Assistant City Manager, Al Battle – Assistant City Manager, David Margolis – City Attorney, Nicole Sprague – Deputy City Clerk, and Tiffany Makras – Human Resources Director To provide continuity for research, items are listed in agenda order although not necessarily discussed in that order. Unapproved 1. Call to Order – Chair Rector The meeting was called to order at 1:01p.m. 2. Approval of Minutes 2.1 Approve the minutes of the December 1, 2025 Pension Trustees meeting as submitted in written summation by the City Clerk. Trustee Teixeira moved to approve the minutes of the December 1, 2025 Pension Trustees meeting as submitted in written summation by the City Clerk. The motion was duly seconded and carried unanimously. 3. Citizens to be Heard Regarding Items Not on the Agenda – None. 4. New Business Items 4.1 Approve the new hires for acceptance into the Pension Plan as listed. Name/ Job Classification/ Department Pension Eligibility Date Keaton Anderson, Water Distribution Operator Trainee, Public Utilities 11/03/2025 Dennis Burnham, Solid Waste Equip. Oper., Solid Waste & Recycling 11/03/2025 Drew Corazza, Building Inspector I, Planning & Development 11/03/2025 Brandon Witt, Solid Waste Equip. Operator, Solid Waste & Recycling 11/03/2025 Gary Bisner, Skilled Tradesworker I, General Services 11/17/2025 Marilyn Browne, CRA Specialist, Community Redevelopment Agency 11/17/2025 Draft Pension Trustees Meeting Minutes February 2, 2026 Page 3 City of Clearwater Leah Cowan, Police Property Clerk, Police Department 11/17/2025 Michael Defelice, Water Distribution Operator Trainee, Public Utilities 11/17/2025 Jasmin Fernandez, Library Assistant I, Library 11/17/2025 Ti’son McGee, Solid Waste Worker I, Solid Waste & Recycling 11/17/2025 Kyree Sellman, Neighborhoods Coordinator, Public Communications 11/17/2025 Gage Wilson, Parks Service Technician I, Public Utilities 11/17/2025 Joyelan Hmielewski, Public Info Coordinator I, Public Communications 12/01/2025 Andrew Hobbs, Code Inspector I, Planning & Development 12/01/2025 Miyah McClaney, Emergency Management Specialist, Fire Department 12/01/2025 Nikolai Lotov, Licensed Electrician, General Services 12/15/2025 Jacob Marra, Customer Service Rep I, Planning & Development 12/15/2025 LaDavion Martinez, Stormwater Technician I, Public Works 12/15/2025 Leila Reardon, Recreation Leader I, Parks & Recreation 12/15/2025 Raul Rivera, Solid Waste Serv. Supervisor II, Solid Waste & Recycling 12/15/2025 Christian Sutton, Solid Waste Worker I, Solid Waste & Recycling 12/15/2025 Trustee Allbritton moved to approve the new hires for acceptance into the Pension Plan as listed. The motion was duly seconded and carried unanimously. 4.2 Approve the following request of employees Reynold Choo-Chew, Parks and Recreation Department, Brian Dort, General Services Department, Keith McReynolds, Parks and Recreation Department, and Sean Witherspoon, Police Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. Reynold Choo-Chew, Division Controller, Parks & Recreation Department, was employed by the City on March 10, 2014, and his pension service credit is effective on that date. Mr. Choo-Chew terminated from city employment on November 21, 2025. Brian Dort, Licensed Electrician, General Services Department, was employed by the City on November 13, 2007, and his pension service credit is effective on that date. Mr. Dort terminated from city employment on July 30, 2025. Keith McReynolds, Rec Facilities Supp. Custodian, Parks & Recreation Department, was employed by the City on May 15, 2017, and his pension service credit is effective on that date. Mr. McReynolds terminated from city employment on November 12, 2025. Sean Witherspoon, Police Service Technician, Police Department, was employed by the City on July 19, 2010, and his pension service credit is Draft Pension Trustees Meeting Minutes February 2, 2026 Page 4 City of Clearwater effective on that date. Mr. Witherspoon terminated from city employment on November 19, 2025. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing five or more years (non-hazardous duty) and ten or more years (hazardous duty) of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits. Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed five years of credited service; or the date on which a member has completed 30 years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed five years of credited service. Mr. Choo-Chew will meet the non-hazardous duty criteria and begin collecting a pension in May of 2029. Mr. Dort will meet the non-hazardous duty criteria and begin collecting a pension in March of 2033. Mr. McReynolds will meet the non-hazardous duty criteria and begin collecting a pension in May of 2027. Mr. Witherspoon will meet the non-hazardous duty criteria and begin collecting a pension in August of 2030. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Trustee Mannino moved to approve the following request of employees Reynold Choo-Chew, Parks and Recreation Department, Brian Dort, General Services Department, Keith McReynolds, Parks and Recreation Department, and Sean Witherspoon, Police Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. Draft Pension Trustees Meeting Minutes February 2, 2026 Page 5 City of Clearwater 4.3 Approve the following request of Nathan Ballouz, Fire Department, Thelma Catio, Parks and Recreation Department, David Derrick, Police Department, Darrell Ford, Public Works Department, Shawn Lawrentz, Fire Department, John Llauget, Parks and Recreation Department, Frank McCormick, Solid Waste and Recycling Department, Jennifer Pauley, Fire Department, Mark Plyler, Gas Department, John Savage, Fire Department, Brian Schonborn, Fire Department, and Chris VanOpdorp, Fire Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. Nathan Ballouz, Firefighter, Fire Department, was employed by the City on May 16, 1994, and his pension service credit is effective on that date. His pension will be effective January 1, 2026. Based on an average salary of approximately $111,318.42 over the past five years, the formula for computing regular pensions and Mr. Ballouz’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $95,304.36 annually. Thelma Catio, Recreation Leader II, Parks & Recreation Department, was employed by the City on April 3,1995, and her pension service credit is effective on December 17, 2001. Her pension will be effective March 1, 2026. Based on an average salary of approximately $54,129.24 over the past five years, the formula for computing regular pensions and Ms. Catio’s selection of the Single Life Annuity, this pension benefit will be approximately $36,018.84 annually. David Derrick, Police Officer, Police Department, was employed by the City on July 21, 1997, and his pension service credit is effective on that date. His pension will be effective February 1, 2026. Based on an average salary of approximately $111,356.69 over the past five years, the formula for computing regular pensions and Mr. Derricks’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $83,690.88 annually. Darrell Ford, Streets & Sidewalks Supervisor, Public Works Department, was employed by the City on September 16, 1996, and his pension service credit is effective on that date. His pension will be effective February 1, 2026. Based on an average salary of approximately $70,195.68 over the past five years, the formula for computing regular pensions and Mr. Ford’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $48,768.00 annually. Shawn Lawrentz, Fire Lieutenant, Fire Department, was employed by the City on October 31, 2005, and his pension service credit is effective on that date. His pension will be effective January 1, 2026. Based on an average salary of approximately $143,357.53 over the past five years, the formula for computing regular pensions and Mr. Lawrentz’s selection of the 100% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $54,232.92 annually. Draft Pension Trustees Meeting Minutes February 2, 2026 Page 6 City of Clearwater John Llauget, Recreation Supervisor, Parks & Recreation Department, was employed by the City on December 23, 1985, and his pension service credit is effective on September 14, 1987. His pension will be effective January 1, 2026. Based on an average salary of approximately $71,273.59 over the past five years, the formula for computing regular pensions and Mr. Llauget’s selection of the Single Life Annuity, this pension benefit will be approximately $71,273.64 annually. Frank McCormick, Solid Waste Equipment Operator, Solid Waste & Recycling Department, was employed by the City on December 15, 2003, and his pension service credit is effective on that date. His pension will be effective October 1, 2025. Based on an average salary of approximately $56,025.00 over the past five years, the formula for computing regular pensions and Mr. McCormick’s selection of the Single Life Annuity with the 30% partial lump sum, this pension benefit will be approximately $23,471.88 annually. Jennifer Pauley, Fire Medic Lieutenant, Fire Department, was employed by the City on May 7, 2001, and her pension service credit is effective on that date. Her pension will be effective February 1, 2026. Based on an average salary of approximately $141,770.18 over the past five years, the formula for computing regular pensions and Ms. Pauley’s selection of the 50% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $68,431.68 annually. Mark Plyler, Gas Systems Specialist, Gas Department, was employed by the City on May 28, 1996, and his pension service credit is effective on that date. His pension will be effective June 1, 2026. Based on an average salary of approximately $78,540.89 over the past five years, the formula for computing regular pensions and Mr. Plyer’s selection of the Single Life Annuity, this pension benefit will be approximately $64,808.28 annually. John Savage, Firefighter, Fire Department, was employed by the City on March 10, 2003, and his pension service credit is effective on that date. His pension will be effective February 1, 2026. Based on an average salary of approximately $98,913.57 over the past five years, the formula for computing regular pensions and Mr. Savage’s selection of the 100% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $41,054.76 annually. Brian Schonborn, Fire District Commander, Fire Department, was employed by the City on December 12, 1994, and his pension service credit is effective on that date. His pension will be effective February 1, 2026. Based on an average salary of approximately $138,637.86 over the past five years, the formula for computing regular pensions and Mr. Schonborn’s selection of the 100% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $81,687.12 annually. Chris VanOpdorp, Driver-Operator, Fire Department, was employed by the City on October 31, 2005, and his pension service credit is effective on that date. His pension will be effective January 1, 2026. Based on an average salary of approximately $99,304.46 over the past five years, the formula for computing regular pensions and Mr. VanOpdorp’s selection of the Joint & Survivor Annuity Draft Pension Trustees Meeting Minutes February 2, 2026 Page 7 City of Clearwater with the 10% partial lump sum, this pension benefit will be approximately $49,456.20 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed five years of credited service; or the date on which a member has completed 30 years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed five years of credited service. Ms. Catio, Mr. Ford, Mr. Llauget, Mr. McCormick, and Mr. Plyler have met the non-hazardous duty criteria. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Mr. Ballouz, Mr. Derrick, Mr. Lawrentz, Ms. Pauley, Mr. Savage, Mr. Schonborn, and Mr. VanOpdorp have met the hazardous duty criteria. Trustee Cotton moved to approve the following request of Nathan Ballouz, Fire Department, Thelma Catio, Parks and Recreation Department, David Derrick, Police Department, Darrell Ford, Public Works Department, Shawn Lawrentz, Fire Department, John Llauget, Parks and Recreation Department, Frank McCormick, Solid Waste and Recycling Department, Jennifer Pauley, Fire Department, Mark Plyler, Gas Department, John Savage, Fire Department, Brian Schonborn, Fire Department, and Chris VanOpdorp, Fire Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. The motion was duly seconded and carried unanimously. 5. Director's Report – None. 6. Adjourn The meeting adjourned at 2:07p.m. Draft Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0396 Agenda Date: 4/20/2026 Status: PassedVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/Job Classification/Department Pension Eligibility Date Taylor Johnson, Recreation Supervisor, Parks & Recreation 12/29/2025 Joi Lee, Solid Waste Equipment Operator, Solid Waste & Recycling 12/29/2025 Andrew Nash, Solid Waste Equipment Operator, Solid Waste & Recycling 12/29/2025 Terry Daniels, Recreation Coordinator I, Parks & Recreation 01/10/2026 Nicholas Castellana, Police Cadet, Police Department 01/12/2026 Ozzie Galvan, Police Cadet, Police Department 01/12/2026 James Griffin, Police Cadet, Police Department 01/12/2026 Wyatt Hartke-Gale, Police Cadet, Police Department 01/12/2026 Roneisha Magloire, Police Cadet, Police Department 01/12/2026 Michael Pisciotta, Wastewater Coll Tech I, Public Utilities 01/12/2026 Deondre Randall, Recreation Leader I, Parks & Recreation 01/12/2026 Domingo Sarante, Solid Waste Equipment Oper., Solid Waste & Recycling 01/12/2026 Kreesade Taylor, Payroll Tech II, Financial & Budget 01/12/2026 Austin Wagner, Police Officer, Police Department 01/12/2026 Austin Whitehall, Recreation Leader I, Parks & Recreation 01/12/2026 Scott Bavery, Fire Deputy Chief, Fire Department 01/26/2026 Sowmiya Dinakaran, Business Systems Analyst III, Information Tech.01/26/2026 Mackenzie Espinoza, Police Telecommunicator I, Police Department 01/26/2026 Henry Folce, Customer Service Rep I, Utility Customer Service 01/26/2026 Steven Jaeck, Marine Facility Operator, Parks & Recreation 01/26/2026 William Fisher, Assistant Fire Marshal, Fire Department 02/09/2026 Eddie Medina, Solid Waste Equipment Operator, Solid Waste & Recycling 02/09/2026 Angela Reardon, Staff Assistant I, Parks & Recreation 02/09/2026 Lindsey Van Deusen, Police Office Specialist, Police Department 02/09/2026 Crystal Carlevaro, Police Telecommunicator I, Police Department 02/23/2026 Joshua Dallmann, Marine Facility Operator, Parks & Recreation 02/23/2026 LaMarr Dixon, Fleet Parts Specialist, General Services 02/23/2026 Trey Dixon, Solid Waste Worker I, Solid Waste & Recycling 02/23/2026 Page 1 City of Clearwater Printed on 9/16/2026 File Number: ID#26-0396 Rashaad Fennell, Water Plant Operator A, Public Utilities 02/23/2026 Jasia Martinez, Solid Waste Worker I, Solid Waste & Recycling 02/23/2026 Jairjodai Olguin Gonzalez, Water Distribution Oper.Trainee, Public Utilities 02/23/2026 Richard Oliver, Police Telecommunicator I, Police Department 02/23/2026 Ali Shallal, Engineer II, Public Works 02/23/2026 Robert Thurman, Parks Service Tech I, Parks & Recreation 02/23/2026 Lauren Wolf, Planner II, Planning & Development 02/23/2026 Samual Aldrich, Marine Facility Operator, Marine & Aviation 03/09/2026 Fatmire Fejoski, Payroll Tech I, Fire Department 03/09/2026 Edward Galan, Police Officer, Police Department 03/09/2026 James Seabo, Police Officer, Police Department 03/09/2026 James Smaldone, Police Officer, Police Department 03/09/2026 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 9/16/2026 Interoffice Correspondence Sheet TO: Pension Trustees FROM: Tiffany Makras, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: April 20, 2026 Subject/Recommendation: Approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Taylor Johnson Recreation Supervisor Parks & Recreation 12/29/2025 Joi Lee Solid Waste Equipment Operator Solid Waste & Recycling 12/29/2025 Andrew Nash Solid Waste Equipment Operator Solid Waste & Recycling 12/29/2025 Terry Daniels Recreation Coordinator I Parks & Recreation 01/10/2026 Nicholas Castellana Police Cadet Police Department 01/12/2026 Ozzie Galvan Police Cadet Police Department 01/12/2026 James Griffin Police Cadet Police Department 01/12/2026 Wyatt Hartke-Gale Police Cadet Police Department 01/12/2026 Roneisha Magloire Police Cadet Police Department 01/12/2026 Michael Pisciotta Wastewater Coll Tech I Public Utilities 01/12/2026 Deondre Randall Recreation Leader I Parks & Recreation 01/12/2026 Domingo Sarante Solid Waste Equipment Operator Solid Waste & Recycling 01/12/2026 Kreesade Taylor Payroll Tech II Financial & Budget 01/12/2026 Austin Wagner Police Officer Police Department 01/12/2026 Austin Whitehall Recreation Leader I Parks & Recreation 01/12/2026 Scott Bavery Fire Deputy Chief Fire Department 01/26/2026 Sowmiya Dinakaran Business Systems Analyst III Information Technology 01/26/2026 Mackenzie Espinoza Police Telecommunicator I Police Department 01/26/2026 Henry Folce Customer Service Rep I Utility Customer Service 01/26/2026 Steven Jaeck Marine Facility Operator Parks & Recreation 01/26/2026 William Fisher Assistant Fire Marshal Fire Department 02/09/2026 Eddie Medina Solid Waste Equipment Operator Solid Waste & Recycling 02/09/2026 Angela Reardon Staff Assistant I Parks & Recreation 02/09/2026 Lindsey Van Deusen Police Office Specialist Police Department 02/09/2026 Crystal Carlevaro Police Telecommunicator I Police Department 02/23/2026 Joshua Dallmann Marine Facility Operator Parks & Recreation 02/23/2026 LaMarr Dixon Fleet Parts Specialist General Services 02/23/2026 Trey Dixon Solid Waste Worker I Solid Waste & Recycling 02/23/2026 Rashaad Fennell Water Plant Operator A Public Utilities 02/23/2026 Jasia Martinez Solid Waste Worker I Solid Waste & Recycling 02/23/2026 Jairjodai Olguin Gonzalez Water Distribution Operator Trainee Public Utilities 02/23/2026 Richard Oliver Police Telecommunicator I Police Department 02/23/2026 Ali Shallal Engineer II Public Works 02/23/2026 Robert Thurman Parks Service Tech I Parks & Recreation 02/23/2026 Lauren Wolf Planner II Planning & Development 02/23/2026 Samual Aldrich Marine Facility Operator Marine & Aviation 03/09/2026 Fatmire Fejoski Payroll Tech I Fire Department 03/09/2026 Edward Galan Police Officer Police Department 03/09/2026 James Seabo Police Officer Police Department 03/09/2026 James Smaldone Police Officer Police Department 03/09/2026 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0397 Agenda Date: 4/20/2026 Status: PassedVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve the following requests of employees Cheri Drigan, Gas Department, and Michael Mouroukis, Information Technology Department to vest their pension as provided by Section 2.419 of the Employees’ Pension Plan. SUMMARY: Cheri Drigan, Customer Service Rep, Gas Department, was employed by the City on October 11, 2010, and her pension service credit is effective on that date. Ms. Drigan terminated from City employment on March 9, 2026. Michael Mouroukis, Network Engineer III, Information Technology Department, was employed by the City on September 17, 2007, and his pension service credit is effective on that date. Mr. Mouroukis terminated from City employment on November 6, 2025. The Employees’ Pension Plan provides that should an employee cease to be an employee of the City of Clearwater or change status from full-time to part-time after completing five or more years (non-hazardous duty) and ten or more years (hazardous duty) of creditable service (pension participation), such employee shall acquire a vested interest in the retirement benefits . Vested pension payments commence on the first of the month following the month in which the employee normally would have been eligible for retirement. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed five years of credited service; or the date on which a member has completed 30 years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed five years of credited service. Ms. Drigan will meet the non-hazardous duty criteria and begin collecting a pension in October of 2026. Mr. Mouroukis will meet the non-hazardous duty criteria and begin collecting a pension in October of 2029. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. APPROPRIATION CODE AND AMOUNT: N/A Page 1 City of Clearwater Printed on 9/16/2026 File Number: ID#26-0397 USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 9/16/2026 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0398 Agenda Date: 4/20/2026 Status: PassedVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve following requests of Edward Bryant, Solid Waste and Recycling Department, Timothy Chaplinsky, Parks and Recreation Department, Kris Familiari, Fire Department, Kimberly Handville, Gas Department, Milisa Harris, Finance Department, Philip Kirkpatrick, Economic Development and Housing Department, Eric Kleinman, Parks & Recreation Department, Nichole Loux, Police Department, Melody Phelps, Police Department, George Phillips, Police Department, Terri Rowland, Solid Waste and Recycling Department, Emery Rumsey, General Services Department, John Stone, General Services Department, David Storck, General Services Department, Joseph Taylor, Parks and Recreation Department, Carolyn Sue Tellier, Public Works Department, and Bernadette Weiers, Library Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Edward Bryant, Solid Waste Equipment Operator, Solid Waste & Recycling Department, was employed by the City on December 20, 2010, and his pension service credit is effective on March 18, 2011. His pension will be effective February 1, 2026. Based on an average salary of approximately $55,788.36 over the past five years, the formula for computing regular pensions, and Mr. Bryant’s selection of the Single Life Annuity, this pension benefit will be approximately $22,812.36 annually. Timothy Chaplinsky, Parks Service Technician III, Parks & Recreation Department, was employed by the City on February 20, 1996, and his pension service credit is effective on that date. His pension will be effective March 1, 2026. Based on an average salary of approximately $58,427.04 over the past five years, the formula for computing regular pensions, and Mr . Chaplinsky’s selection of the 75% Joint & Survivor Annuity, this pension benefit will be approximately $45,297.00 annually. Kris Familiari, Fire Lieutenant, Fire Department, was employed by the City on December 3, 2001, and his pension service credit is effective on that date. His pension will be effective March 1, 2026. Based on an average salary of approximately $134,106.73 over the past five years, the formula for computing regular pensions, and Mr. Familiari’s selection of the 100% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $61,102.20 annually. Kimberly Handville, Payroll Technician I, Gas Department, was employed by the City on December 2, 2013, and her pension service credit is effective on that date. Her pension will be effective June 1, 2026. Based on an average salary of approximately $45,398.69 over the past five years, the formula for computing regular pensions, and Ms. Handville’s selection of the Page 1 City of Clearwater Printed on 9/16/2026 File Number: ID#26-0398 Single Life Annuity, this pension benefit will be approximately $12,132.12 annually. Milisa Harris, Procurement Analyst I, Finance Department, was employed by the City on August 9, 2004, and her pension service credit is effective on that date. Her pension will be effective February 1, 2026. Based on an average salary of approximately $56,419.51 over the past five years, the formula for computing regular pensions, and Ms. Harris’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $29,766.84 annually. Philip Kirkpatrick, Economic Development Coordinator II, Economic Development & Housing Department, was employed by the City on February 18, 2020, and his pension service credit is effective on that date. His pension will be effective May 1, 2026. Based on an average salary of approximately $85,691.32 over the past five years, the formula for computing regular pensions, and Mr. Kirkpatrick’s selection of the 66 2/3% Joint & Survivor Annuity with the 30% partial lump sum, this pension benefit will be approximately $7,711.08 annually. Eric Kleinman, Athletic Field Manager, Parks & Recreation Department, was employed by the City on September 13, 1999, and his pension service credit is effective on that date. His pension will be effective February 1, 2026. Based on an average salary of approximately $85,544.32 over the past five years, the formula for computing regular pensions, and Mr . Kleinman’s selection of the Single Life Annuity, this pension benefit will be approximately $62,065.92 annually. Nichole Loux, Police Telecommunicator Supervisor, Police Department, was employed by the City on February 21, 1995, and her pension service credit is effective on that date. Her pension will be effective March 1, 2026. Based on an average salary of approximately $84,400.57 over the past five years, the formula for computing regular pensions, and Ms. Loux’s selection of the 75% Joint & Survivor Annuity, this pension benefit will be approximately $64,924.92 annually. Melody Phelps, Police Officer, Police Department, was employed by the City on January 9, 2006, and her pension service credit is effective on that date. Her pension will be effective February 1, 2026. Based on an average salary of approximately $100,357.48 over the past five years, the formula for computing regular pensions, and Ms. Phelps’s selection of the 100% Joint & Survivor Annuity with the 20% partial lump sum, this pension benefit will be approximately $43,735.20 annually. George Phillips, Police Officer, Police Department, was employed by the City on October 4, 2004, and his pension service credit is effective on that date. His pension will be effective March 1, 2026. Based on an average salary of approximately $104,362.67 over the past five years, the formula for computing regular pensions, and Mr. Phillips’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $60,442.08 annually. Terri Rowland, Staff Assistant I, Solid Waste & Recycling Department, was employed by the City on October 31, 2005, and her pension service credit is effective on that date. Her pension will be effective April 1, 2026. Based on an average salary of approximately $49,949.58 over the past five years, the formula for computing regular pensions, and Ms. Rowland’s selection of the Single Life Annuity, this pension benefit will be approximately $28,044.60 annually. Emery Rumsey, Fleet Mechanic, General Services Department, was employed by the City on November 5, 2012, and his pension service credit is effective on that date. His pension will be effective May 1, 2026. Based on an average salary of approximately $65,002.10 over the past five years, the formula for computing regular pensions, and Mr. Rumsey’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $18,719.40 annually. Page 2 City of Clearwater Printed on 9/16/2026 File Number: ID#26-0398 John Stone, Fleet Buying Coordinator, General Services Department, was employed by the City on September 8, 2003, and his pension service credit is effective on that date. His pension will be effective February 1, 2026. Based on an average salary of approximately $70,157.36 over the past five years, the formula for computing regular pensions, and Mr. Stone’s selection of the Single Life Annuity, this pension benefit will be approximately $43,211.52 annually. David Storck, Air Conditioning Technician, General Services Department, was employed by the City on February 6, 2006, and his pension service credit is effective on that date. His pension will be effective March 1, 2026. Based on an average salary of approximately $62,192.46 over the past five years, the formula for computing regular pensions, and Mr. Storck’s selection of the 50% Joint & Survivor Annuity, this pension benefit will be approximately $32,781.36 annually. Joseph Taylor, Parks Service Supervisor II, Parks & Recreation Department, was employed by the City on March 11, 2002, and his pension service credit is effective on that date. His pension will be effective March 1, 2026. Based on an average salary of approximately $68,715.17 over the past five years, the formula for computing regular pensions, and Mr. Taylor’s selection of the 66 2/3% Joint & Survivor Annuity, this pension benefit will be approximately $41,607.24 annually. Carolyn Sue Tellier, Parking System Assistant Manager, Public Works Department, was employed by the City on April 3, 2006, and her pension service credit is effective on that date. Her pension will be effective March 1, 2026. Based on an average salary of approximately $75,144.64 over the past five years, the formula for computing regular pensions, and Ms . Tellier’s selection of the Single Life Annuity, this pension benefit will be approximately $41,128.68 annually. Bernadette Weiers, Library Assistant I, Library Department, was employed by the City on September 14, 1998, and her pension service credit is effective on November 8, 1998. Her pension will be effective April 1, 2026. Based on an average salary of approximately $43,923.60 over the past five years, the formula for computing regular pensions, and Ms. Weiers’ selection of the Single Life Annuity, this pension benefit will be approximately $33,012.48 annually. Section 2.416 provides for normal retirement eligibility for non-hazardous duty employees hired prior to the effective date of this reinstatement (1/1/13), a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 55 years and completed 20 years of credited service; the date on which a participant has reached age 65 years and completed five years of credited service; or the date on which a member has completed 30 years of service regardless of age. For non-hazardous duty employees hired on or after the effective date of this restatement, a member shall be eligible for retirement following the earlier of the date on which a participant has reached the age of 60 years and completed 25 years of credited service; or the date on which a participant has reached the age of 65 years and completed five years of credited service. Mr. Bryant, Mr. Chaplinsky, Ms. Handville, Ms. Harris, Mr. Kirkpatrick, Mr. Kleinman, Ms. Loux, Ms. Rowland, Mr. Rumsey, Mr. Stone, Mr. Storck, Mr. Taylor, Ms. Tellier, and Ms. Weiers have met the non-hazardous duty criteria. Section 2.416 provides for normal retirement eligibility for hazardous duty employees, a member shall be eligible for retirement following the earlier of the date on which the participant has completed 20 years of credited service regardless of age, or the date on which the participant has reached 55 years and completed ten years of credited service. Mr. Familiari, Page 3 City of Clearwater Printed on 9/16/2026 File Number: ID#26-0398 Ms. Phelps, and Mr. Phillips have met the hazardous duty criteria. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 4 City of Clearwater Printed on 9/16/2026 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0405 Agenda Date: 4/20/2026 Status: FiledVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2025. SUMMARY: Annually a presentation of the Plan’s calendar year investment performance is made to the Trustees. For calendar 2025, the Plan realized an investment return of 11.45%, versus the plan’s benchmark of 13.36% and actuarial assumption of 6.5% It was a very good year of investment performance on an absolute basis, but the plan underperformed relative to the index. For the last three calendar years, the plan had an average annualized return of 11.75%, versus a benchmark of 11.20%; and for the last five calendar years, the plan had an annualized return of 6.19% versus a benchmark of 6.96%. During calendar 2025, the Pension Trustees approved the termination and replacement of three of the plan’s investment money managers due to underperformance versus their benchmarks and peers. The investment committee, with the assistance of the Plan’s investment consultant, CapTrust Advisors, meets on at least a quarterly basis to monitor asset allocation and money manager performance, and will continue to recommend money manager terminations, replacements, and/or additions when appropriate. STRATEGIC PRIORITY: Professional administration of the pension plan assists in attracting and retaining top-quality personnel via this attractive and competitive compensation benefit. Page 1 City of Clearwater Printed on 9/16/2026 Calendar 2025 Index Last 3 Years Index Last 5 Years Index Total Fund 11.45%13.36%11.75%11.20%6.19%6.96% Large Cap Equity 17.24%17.37%24.16%22.74%13.71%13.59% Large Cap Growth: Northern Trust Index Fund 18.52%18.56%30.96%31.15%15.63%15.32% Large Cap Value: Eagle Capital Management 17.75%15.91%26.94%13.90%14.36%11.33% Northern Trust Index Fund 15.85%15.91%13.93%13.90%11.33%11.33% BNYM Newton Investment Management New manager as of 8/01/2025 Mid Cap Equity 13.77%10.60%15.10%14.36%7.44%8.67% Mid Cap Growth Russell Midcap Growth Index New manager as of 12/01/2025 Mid Cap Value Boston Partners 11.32%11.05%12.80%12.27%11.20%9.83% Small Cap Equity -9.21%12.81%4.20%13.73%0.07%6.09% Small Cap Growth Riverbridge Partners -14.97%13.01%1.90%15.59%-5.78%3.18% Small Cap Value Atlanta Capital Management -10.27%12.81%5.40%13.73%4.25%6.09% Victory Sycamore 1.71%12.59%6.20%11.73%7.00%8.88% International Equity 24.46%32.39%15.38%17..33%6.67%7.91% International - EAFE WCM Investment Management - Growth 20.89%32.39%14.57%17.33%5.09%7.91% Thompson, Siegel & Walmsley-Value 32.91%31.22%17.68%17.22%9.66%8.92% International - Emerging Markets DFA Emerging Markets Portfolio 28.78%33.57%16.85%16.40%7.14%4.20% Clearwater Employees Pension Fund Money Manager Performance thru 12/31/2025 Page 1 of 2 Calendar 2025 Index Last 3 Years Index Last 5 Years Index Clearwater Employees Pension Fund Money Manager Performance thru 12/31/2025 Fixed Income 8.08%7.30%5.21%4.66%0.16%-0.36% Dodge & Cox 8.15%7.30%5.79%4.66%0.92%-0.36% Longfellow Investment Management New manager as of 3/31/2025 Real Estate 5.36%2.84%1.74%-1.47%6.00%4.48% Real Estate - Core Multi-Employer Property Trust 2.31%2.92%-5.94%-4.25%1.45%2.51% Real Estate - Core Plus Intercontinental U.S. Real Estate Investment 2.27%2.92%-6.54%-4.25%1.02%2.51% Affinius USAA US Government Building Fund -2.66%2.92%-3.67%-4.25%3.79%2.51% Real Estate - REITs Security Capital 1.22%2.27%9.28%9.05%6.50%6.79% Real Estate - Timber Hancock Timber XI 0.22%4.57%2.21%6.98%4.67%8.58% Molpus Woodlands Fund III 2.21%4.57%3.26%6.98%8.72%8.58% Molpus Woodlands Fund IV -0.16%4.57%2.09%6.98%7.28%8.58% Infrastructure IFM Global Infrastructure 10.96%22.58%8.30%14.64%10.10%10.97% Page 2 of 2 Q4 25Period Ending 12.31.25 |Tampa, FL 33602400 N. Tampa Street, Suite 1800Our mission is to enrich the lives of our clients, colleagues and communities through sound financial advice, integrity, and a commitment to service beyond expectation.CAPTRUSTQUARTERLY REVIEWCity of Clearwater4th Quarter, 2025 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |in this reviewCity of Clearwater Employees' Pension Plan4th Quarter, 2025 Quarterly Reviewprepared by:Section 1INDUSTRY UPDATESSection 2MARKET COMMENTARY AND REVIEWSection 3EXECUTIVE SUMMARYAppendixEric BaileyPrincipal | Southeast Region | Financial AdvisorFinancial AdvisorMike Valone2 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |section 1: industry updates3 Q4 25Period Ending 12.31.25 |defined benefit marketplace — topical spotlightYour CAPTRUST advisor can help craft a suitable investment plan, taking into account other factors and your organization’s needs.Inflation remains steady. Policy shifts should ease as technology-driven disinflation takes hold. Growth also remains unchanged, supported in the near term by stimulus and in the long term by productivity gains.EconomyU.S. large-cap return expectations rose due to solid fundamentals and strong AI-driven productivity potential. International return expectations also increased as pro-growth policies are likely to help unlock significant valuation gaps.EquityWhile lower interest rates may temporarily boost prices, we expect the yield curve to continue steepening. This suggests short-term rates will continue to fall while longer-term rates remain the same or rise slightly. Fixed IncomeAlternatives assumptions have largely remained stable, apart from notable increases in direct private equity and core private credit returns, as well as a decrease in core private real-asset risk expectations.AlternativesRiskReturnChange20252024Change20252024U.S. Economy0.10%2.70%2.60%-2.00%2.00%Economic Growth (Real GDP)-1.00%1.00%-2.30%2.30%Inflation (CPI)Equity Markets1.60%16.80%15.20%0.50%7.75%7.25%Large-Cap Equity0.20%17.20%17.00%-7.50%7.50%Mid-Cap Equity0.30%20.20%19.90%-7.00%7.00%Small-Cap Equity-16.20%16.20%1.00%7.25%6.25%Developed International Stocks-0.30% 21.50%21.80%0.25%7.00%6.75%Emerging International StocksFixed Income-0.60%0.60%-0.10% 3.10%3.20%Cash-4.10%4.10%0.20%4.40%4.20%Core Fixed Income-0.10% 13.80%13.90%0.50%4.90%4.40%Long-Term Treasury Bonds-0.10% 5.80%5.90%0.10%4.60%4.50%Invest. Grade Corporate Bonds-9.90%9.90%0.20%5.00%4.80%Long-Term Corporate Bonds-8.50%8.50%0.20%5.90%5.70%High-Yield Corporate BondsAlternative Investments-20.20%20.20%-7.00%7.00%Public Real Estate (R/E)-24.20%24.20%-9.00%9.00%Private R/E: Opportunistic0.10%15.30%15.20%-2.60%2.60%Commodities-3.80%7.90%11.70%-6.50%6.50%Core Private Real Assets0.10%18.30%18.20%0.50%10.75%10.25%Private Equity: Direct-5.10%5.10%-4.70%4.70%Low Volatility Alternatives0.10%11.50%11.40%0.20%6.10%5.90%Hedged Equity-0.60% 9.40%10.00%0.40%7.90%7.50%Core Private CreditHIGHLIGHTS FROM OUR LATEST CAPITAL MARKET ASSUMPTIONSCAPTRUST periodically updates its capital market assumptions (CMAs) to align with the evolving investment landscape. This involves a mix of quantitative and qualitative analyses of economic conditions, policies, and more. CMAs are not intended to represent exact market predictions. Instead, they are best estimates for potential annualized growth over a seven- to 10-year period, likely covering a full market cycle. Increases in return expectations are marked in green, with decreases marked in red. Risks are color-coded conversely, with green indicating a decrease in risk and red indicating an increase.4 Q4 25Period Ending 12.31.25 |defined benefit marketplace — topical spotlightCAPITAL MARKET ASSUMPTIONS: CHANGE IMPLICATIONSCapital market assumption (CMA) changes tend to be incremental. Institutional investors benefit from a long-term perspective. In 2025, a slight increase in fixed income and some global equity return expectations has led to an increase in expected returns for most traditional portfolios. However, investors should consider the many roles that bonds play in their portfolio beyond their contribution to total return. Plan sponsors should consider whether these updates suggest reevaluating the expected return on assets used for accounting and actuarial purposes.CMAs provide an input for strategic asset allocation decisions, but modest annual changes should not upend long-term investment policies. Investors should balance slightly higher expected fixed income returns against the roles this asset class can serve in a portfolio. Returns are hypothetical and based on CAPTRUST created CMAs which reflect macro-level expectations for the risk and return of asset classes across full market cycles, incorporating factors including current and future interest rates, potential earnings growth, and valuations. Your CAPTRUST financial advisor can help you contextualize your investment strategy, goals, and objectives within the current market outlook. No representation is being made that any performance will or is likely to achieve the returns shown. There are frequently sharp differences between hypothetical performance results and the actual results achieved by any particular investment strategy.Portfolio CPortfolio BPortfolio A30.00%50.00%70.00%LDI Fixed IncomeALLOCATIONWEIGHTINGS60.00%40.00%20.00%Global Equities10.00%10.00%10.00%Strategic Opportunities6.34%5.92%5.41%2024RETURNFORECAST6.78%6.28%5.68%2025+0.44%+0.36%+0.27%ChangeADDITIONAL ROLESDiversificationLiability Hedging•Historically, fixed income returns demonstrate a low correlation to equity returns.•Both our previous and new CMAs expect this low correlation to persist.•Bonds tend to exhibit a lower standard deviation (a measure of risk) than equities.•LDI strategies hedge funded status volatility created by interest rate movement.•When interest rates fall, bonds appreciate as liabilities increase, helping preserve funding status.•When rates rise, funding generally improves; most plans’ assets maintain less interest rate exposure than their liabilities.5 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |section 2: market commentary and review6 Q4 25Period Ending 12.31.25 |market commentaryGlobal markets ended 2025 on a strong note, buoyed by AI infrastructure spending and continued economic resilience. U.S. equity leadership began to diversify, expanding beyond the tech concentration that dominated most of the year. International stocks were the standout performers, aided by a weaker dollar, strong earnings, and pro-growth structural reforms.Asset class returns are represented by the following indexes: Bloomberg U.S. Aggregate Bond Index (U.S. bonds), S&P 500 Index (U.S. large-cap stocks), Russell 2000® (U.S. small-cap stocks), MSCI EAFE Index (international developed market stocks), MSCI Emerging Market Index (emerging market stocks), Dow Jones U.S. Real Estate Index (real estate), and Bloomberg Commodity Index (commodities). Past performance is no guarantee of future results. Indexes are unmanaged; do not incur management fees, costs, and expenses; and cannot be invested in directly. Please refer to the index definitions and other important disclosures provided at the end of this presentation.•U.S. stocks rose modestly as investors rotated out of the crowded technology trade to a broader range of cyclical and defensive sectors.•International equities meaningfully outpaced U.S. stocks, driven by multiple expansion, currency effects, and fiscal support. •Short-term bond yields moved lower in tandem with a third Federal Reserve rate cut. Returns were muted as investors contemplated the forward path of monetary policy. •Commodities added to year-to-date gains as precious metals, a safe-haven asset class, climbed.•Real estate moved lower despite falling interest rates, pressured by uncertainty over future economic conditions.Q4 20252025-2.3%1.1%2.2%5.8%2.7%4.9%4.8%3.8%7.3%12.8%15.8%17.9%31.9%34.4%Real EstateU.S. BondsDevelopedInternationalStocksEmergingInternationalStocksU.S. Small-Cap StocksCommoditiesU.S. Large-Cap StocksA STRONG FINISH SETS THE STAGE7 Q4 25Period Ending 12.31.25 |market commentaryDIGGING DEEPER: STOCKS AND BONDSSources: Morningstar, U.S. Treasury. Asset class returns are represented by the following indexes: S&P 500 Index (U.S. stocks), MSCI EAFE Index (international developed market stocks), and MSCI Emerging Markets Index (emerging market stocks). Relative performance by market capitalization and style is based on the Russell US Style Indexes except for large-cap blend, which is based on the S&P 500 Index. Past performance is no guarantee of future results. Indexes are unmanaged; do not incur management fees, costs, and expenses; and cannot be invested in directly. Please refer to the index definitions and other important disclosures provided at the end of this presentation.8 Q4 25Period Ending 12.31.25 |Sources: Morningstar, S&P Global. All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. Indexes cannot be invested in directly. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. Investing involves risk; principal loss is possible. *Last 12 months: 12.30.2024 through 12.31.2025.The S&P 500® Index is a market-capitalization-weighted index of U.S. large-cap stocks across a diverse set of industry sectors. The stocks represented in these 11 sectors generated a range of returns for the last 12 months* and the most recent quarter.Returns by S&P 500® Sector 1.8%1.8%2.2%2.8%4.7%8.2%9.6%10.4%10.6%13.4%34.4%SectorWeight17.9%24.0%15.0%33.6%6.0%14.6%19.4%3.9%8.7%16.0%10.5%3.2%2.7%1.4%2.0%7.3%0.7%11.7%0.9%0.0%1.5%-1.4%1.1%-2.9%Last 12 MonthsQ4 2025FinancialsTechnologyConsumer DiscretionaryIndustrialsEnergyHealth CareConsumer StaplesCommunicationServicesUtilitiesMaterialsS&P 500® IndexReal Estatemarket commentaryDIGGING DEEPER: U.S. EQUITY MARKETS9 Q4 25Period Ending 12.31.25 |market commentaryMortgage Rate30 Years10 Years5 Years2 Years3 MonthsInterest Rates6.30%4.73%4.16%3.74%3.60%4.02%September 20256.15%4.84%4.18%3.73%3.47%3.67%December 2025-0.15%0.11%0.02%-0.01%-0.13%-0.35%ChangeDIGGING DEEPER: FIXED INCOME MARKETShort-term yields contracted in December as the Federal Reserve delivered a third rate cut. Mortgage rates fell in tandem.BBB SpreadAA SpreadTreasury RateSpreadTotal Return Q4 2025DurationYield to WorstCore Fixed Income0.89%0.29%4.09%0.28%1.10%5.884.37%September 20250.92%0.33%4.06%0.27%5.864.33%December 20250.03%0.04%-0.03%-0.01%-0.02-0.04%ChangeCore bond performance was positive as the December rate cut influenced short-term yields. Index spread effects were mixed, with corporate spreads widening while non-corporate sectors tightened. BBB SpreadAA SpreadTreasury RateSpreadTotal Return Q4 2025DurationYield to WorstLong Credit1.17%0.59%4.60%0.96%0.00%12.785.55%September 20251.22%0.65%4.63%1.01%12.755.64%December 20250.05%0.06%0.03%0.05%-0.030.09%ChangeLonger-maturity bond performance was muted amid concerns about rising fiscal debt and the forward path of monetary policy. Sources: Morningstar, FactSet, U.S. Treasury, Federal Reserve Bank of St. Louis, CAPTRUST research. All information is point-in-time as of the last day of the month noted, except total return, which was calculated from 09.30.2025 through 12.31.2025. Please refer to definitions and other important disclosures at the end of this presentation. 10 Q4 25Period Ending 12.31.25 |HEADWINDSReal-World Limits•Investors are anxious to see a return on investment from trillions of dollars of AI commitments, but aging power grids and long lead times may limit deployment speed.Policy Squeeze•Tighter immigration policy and higher input costs from tariffs are colliding with a significant cash injection from tax reform. The resulting pressure could complicate the Fed’s path to lower interest rates and further escalate federal debt and deficit concerns.Priced to Perfection•Elevated valuations may limit further gains in investor optimism. Historic levels of concentration in a small group of technology stocks leave markets more susceptible to pullbacks if AI investments disappoint.market commentaryTAILWINDSECONOMIC OUTLOOK2025 defied expectations, as markets shrugged off tariff and inflation fears to deliver a third consecutive year of strong returns. Technology stocks again propelled global markets amid unprecedented investment in AI infrastructure. Investors enter 2026 with high hopes for tax relief, investment incentives, and lower interest rates. However, lingering unknowns about AI payoffs, energy and labor constraints, mounting federal debt, and sticky inflation risk could rain on the parade. The economy is balanced between the optimism of AI promises and policy support and pessimism from supply and financial constraints. Can AI-led productivity gains outpace the drag of sticky inflation?A Global Investment Supercycle•Tax provisions in the One Big Beautiful Bill Act (OBBBA) could supercharge U.S. business investment. Meanwhile, a synchronized global push to rebuild defense capabilities, plus continued investment in power and computing infrastructure may create a price floor for real assets. Tax Refund Windfalls•Under the OBBBA, tax refunds are poised to rise by 44% year-over-year. Sustained highs in stock and housing markets continue to boost the high-end consumer.Broadening Base•Lower global interest rates offer support for smaller and more cyclical companies, just as AI productivity projects may start to pay off. This could deliver a long-awaited broadening of corporate profits and power the next phase of global growth.11 Q4 25Period Ending 12.31.25 |market commentaryTHE GREAT RACE: PRODUCTIVITY VS. PRICESThe U.S. economy faces a unique tug-of-war. On one side, Fed rate cuts, pro-growth fiscal policies, ongoing trade friction, and immigration controls risk overheating demand amid constrained supply. On the other side, the AI revolution promises disinflationary growth. Will AI-driven efficiency win out over policy-fueled inflation?Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, CAPTRUST research. Please refer to definitions and other important disclosures at the end of this presentation. PRODUCTIVITY AS AN INFLATION CAP•Productivity gains can help limit inflation by helping companies produce more with fewer resources.•Over the past 65 years, we’ve seen several periods when the rate of productivity growth (blue) exceeded inflation (yellow).oThe 1960s and 1990s were periods of high growth supported by tech innovation.oThe others were periods of crisis recovery and a shrinking labor force.•AI-driven efficiencies could launch a new era where productivity growth outpaces inflation. While this may raise fears of job losses, echoing concerns from the 1960s’ factory automation wave and 1990s’ retail disruption, history tells a different story.•Technology advances rarely trigger mass unemployment. Instead, they reduce costs and unlock new demand, supporting disinflationary growth.12 Q4 25Period Ending 12.31.25 |market commentaryAI: MOVING FROM PROMISE TO PAYOFFAI capital spending has been a major driver, fueling more than 50% of U.S. economic growth in 2025—a historic investment in an unproven technology. In 2026, the focus pivots from promise to payoff. Whether the next phase represents a productivity supercycle or a supply glut depends on the resolution of the biggest question facing investors today: Can AI deliver on its lofty promises?Sources: JPMorgan, FactSet, CAPTRUST research. Other cloud companies include Apple, CoreWeave, and Oracle. Data as of 12.31.25. In the right-hand columns of the chart, 2025e and 2026e refer to capital-spending estimates (e), as compiled by JPMorgan.•If AI productivity promises are realized, the infrastructure spending cycle can continue, creating a significant economic tailwind. But ifpilot project returns underwhelm, investor appetite for more speculative investment may wane.•Mega-cap tech players are in a strong position to pivot if capacity demand slows. But private players such as OpenAI, Anthropic,andother debt-funded tech companies face pressure to monetize more quickly. The speed and scale at which these investments pay off willdetermine the winners and losers.13 Q4 25Period Ending 12.31.25 |market commentaryPRICES BACKED BY PROFITSIn 2025, investors took note when the Buffett Indicator (the ratio of S&P 500 market capitalization to U.S. GDP) surpassed levels that were last seen in the dot-com bubble. However, stock prices are just one part of the story. Underneath the market’s relentless rise is a profitability engine that has seen corporate margins double over the past 25 years. The question for anxious investors is whether the conditions that propelled margins higher can persist in a more capital-intensive AI future.Sources: S&P Dow Jones Indices, U.S. Bureau of Economic Analysis, Federal Reserve Bank of St. Louis, CAPTRUST Research. Corporate profit series shown is corporate profits after-tax (without inventory valuation and capital consumption adjustments).PRICES FOLLOW PROFITSHistory shows a strong relationship between the path of profits and prices. Even though traditional valuation signals are flashing red, today’s high prices are underpinned by record profitability, not simply “hope.” However, today’s high valuations do suggest more fragility, with a thinner margin of safety. If huge capital investments fail to deliver returns, prices could follow profits on a downward trajectory.Future Risk FactorsWhat Changed?DriverAre profit margins sustainable as labor, production input and depreciation costs mount?The shift from lower-margin industries to high-margin technology and servicesProfitabilityThe AI buildout represents an unprecedented capex cycle with rapid obsolescenceCapital-light business models allowed revenues to scale with less capital investmentCapital IntensityFiscal deficits and sticky inflation may raise the cost of capital and compress valuationsDecades of falling interest and tax ratesPolicy Support14 Q4 25Period Ending 12.31.25 |market commentaryTHE GREAT ROTATION: BROADENING EARNINGS LEADERSHIPSources: FactSet, CAPTRUST research. Market capitalization change may differ from index returns due to index reconstitution or other shifts. In the right-hand columns of the chart, 2025e, 2026e, 2027e refer to capital-spending estimates (e), as compiled by CAPTRUST.For the past few years, investors have anticipated broader market leadership that never arrived. S&P 500 Index earnings growth was dominated by mega-cap technology stocks, which almost-single-handedly powered the index through the 2023 earnings recession and subsequentrecovery. 2026 may mark a turning point as growth catalysts favor the remaining 493 companies. Late 2025 market reactions suggest the rotation may be underway.•Consensus estimates project that S&P 500 earnings growth will accelerate through 2027, albeit with a decisive change in leadership.•As Magnificent 7 growth normalizes, the remaining 493 companies are expected to pick up the growth baton, aided by interest-raterelief, OBBBA tax incentives, and early payoffs from AI productivity investments.•This rotation is no longer theoretical. Late 2025 market movements show a reallocation of capital from the crowded technology sector to a broader range of cyclical and defensive sectors, with lower valuations. Investors are already positioning for a more diversified expansion.15 Q4 25Period Ending 12.31.25 |market commentaryPENALIZED FOR PRUDENCEMarkets posted impressive gains in 2025, but the mechanics of the rally created unique challenges for diversified investors. Time-tested risk management practices, including asset class diversification, an emphasis on quality and fundamentals, and valuation discipline, held back performance in a market driven by historic levels of concentration and a speculative surge in lower-quality stocks.Sources: Morningstar, FactSet, CAPTRUST research. Data as of 12.17.2025.THE DIVERSIFICATION PENALTY•2025’s S&P 500 returns were driven by theMagnificent 7, which grew earnings twice as fast asthe average company.•This created a challenging backdrop for active stockselection, with the median diversified fund managertrailing the benchmark by historic margins.•In some cases, standard risk controls, such as portfolioconcentration limits, made keeping up nearlyimpossible.THE QUALITY PENALTY•In the small-cap universe, the market rewarded morespeculative, unprofitable companies.•Of Russell 2000 Index constituents, 41% areunprofitable, yet elevated investor risk appetitespropelled it well above the S&P 600 Index, whichrequires profitability for inclusion.While disciplined investors may have trailed the indexes in 2025, absolute returns were strong. Risk management seeks to dampen risk over full market cycles, even if it may limit returns during more speculative periods.16 Q4 25Period Ending 12.31.25 |asset class returnsSource: Markov Processes, Inc., Bloomberg, MobiusThe information contained in this report is from sources believed to be reliable but is not warranted by CAPTRUST to be accurate or complete. Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. International Equities (MSCI EAFE)Large-Cap Value Stocks (Russell 1000 Value)Small-Cap Value Stocks (Russell 2000 Value)Fixed Income (Bloomberg U.S. Aggregate Bond)Mid-Cap Growth Stocks (Russell Mid-Cap Growth)Small-Cap Growth Stocks (Russell 2000 Growth)Cash (Merrill Lynch 3-Month Treasury Bill)Mid-Cap Value Stocks (Russell Mid-Cap Value)Large-Cap Growth Stocks (Russell 1000 Growth)20252024202320222021202020192018201720162015201420132012International Equities31.22%Large-Cap Growth33.36%Large-Cap Growth42.68%Cash1.46%Mid-Cap Value28.34%Large-Cap Growth38.49%Large-Cap Growth36.39%Cash1.87%Large-Cap Growth30.21%Small-Cap Value31.74%Large-Cap Growth5.67%Mid-Cap Value14.75%Small-Cap Growth43.30%Mid-Cap Value18.51%Large-Cap Growth18.56%Mid-Cap Growth22.10%Mid-Cap Growth25.87%Large-Cap Value-7.54%Small-Cap Value28.27%Mid-Cap Growth35.59%Mid-Cap Growth35.47%Fixed Income0.01%Mid-Cap Growth25.27%Mid-Cap Value20.00%Fixed Income0.55%Large-Cap Value13.45%Mid-Cap Growth35.74%Small-Cap Value18.05%Large-Cap Value15.91%Small-Cap Growth15.15%International Equities18.24%Mid-Cap Value-12.03%Large-Cap Growth27.60%Small-Cap Growth34.63%Small-Cap Growth28.48%Large-Cap Growth-1.51%International Equities25.03%Large-Cap Value17.34%Cash0.05%Large-Cap Growth13.05%Small-Cap Value34.52%International Equities17.32%Small-Cap Growth13.01%Large-Cap Value14.37%Small-Cap Growth18.66%FixedIncome-13.01%Large-Cap Value25.16%International Equities7.82%Mid-Cap Value27.06%Mid-Cap Growth-4.75%Small-Cap Growth22.17%Small-Cap Growth11.32%Mid-Cap Growth-0.20%Mid-Cap Growth11.90%Large-Cap Growth33.48%Large-Cap Value17.51%Small-Cap Value12.59%Mid-Cap Value13.07%Small-Cap Value14.65%International Equities-14.45%Mid-Cap Growth12.73%Fixed Income7.51%Large-Cap Value26.54%Large-Cap Value-8.27%Large-Cap Value13.66%Mid-Cap Growth7.33%International Equities-0.81%Fixed Income5.97%Mid-Cap Value33.46%Mid-Cap Growth15.81%Mid-Cap Value11.05%Small-Cap Value8.05%Mid-Cap Value12.71%Small-Cap Value-14.48%International Equities11.26%Mid-Cap Value4.96%International Equities22.01%Small-Cap Growth-9.31%Mid-Cap Value13.34%Large-Cap Growth7.08%Small-Cap Growth-1.38%Small-Cap Growth5.60%Large-Cap Value32.53%Large-Cap Growth15.26%Mid-Cap Growth8.66%Cash5.25%Large-Cap Value11.46%Small-Cap Growth-26.36%Small-Cap Growth2.83%Small-Cap Value4.63%Small-Cap Value22.39%Mid-Cap Value-12.29%Small-Cap Value7.84%Fixed Income2.65%Large-Cap Value-3.83%Small-Cap Value4.22%International Equities22.78%Small-Cap Growth14.59%Fixed Income7.30%International Equities3.82%Fixed Income5.53%Mid-Cap Growth-26.72%Cash0.05%Large-Cap Value2.80%Fixed Income8.72%Small-Cap Value-12.86%Fixed Income3.54%International Equities1.00%Mid-Cap Value-4.78%Cash0.03%Cash0.07%Fixed Income4.22%Cash4.18%Fixed Income1.25%Cash5.01%Large-Cap Growth-29.14%Fixed Income-1.54%Cash0.67%Cash2.28%International Equities-13.79%Cash0.86%Cash0.33%Small-Cap Value-7.47%International Equities-4.90%Fixed Income-2.02%Cash0.11%17 Q4 25Period Ending 12.31.25 |index performanceSources:Morningstar Direct, MPI. The opinions expressed in this report are subject to change without notice. This material has been prepared or is distributed solely for informational purposes and is not a solicitation or an offer to buy any security or to participate in any investment strategy. The performance data quoted represents past performance and does not guarantee future results. Index averages are provided for comparison purposes only. The information and statistics in this report are from sources believed to be reliable but are not guaranteed to be accurate or complete. CAPTRUST is an investment adviser registered under the Investment Advisers Act of 1940. Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. 10 YEARS5 YEARS3 YEARS1 YEAR20202021202220232024YTDQ4 2025INDEXES2.18%3.17%4.81%4.18%0.67%0.05%1.46%5.01%5.25%4.18%0.97%90-Day U.S. Treasury1.84%1.76%4.50%5.17%3.14%-0.60%-3.81%4.32%4.04%5.17%1.14%Bloomberg Government 1-3 Year1.75%0.64%4.40%6.50%5.73%-1.69%-7.73%4.30%2.44%6.50%1.15%Bloomberg Intermediate Govt2.34%0.80%3.88%4.25%5.21%1.52%-8.53%6.40%1.05%4.25%1.56%Bloomberg Muni Bond2.29%0.96%5.06%6.97%6.43%-1.44%-8.23%5.24%3.00%6.97%1.20%Bloomberg Intermediate Govt/Credit3.13%1.54%6.26%7.88%7.08%-1.03%-9.10%6.94%4.01%7.88%1.27%Bloomberg Intermediate Credit2.01%-0.36%4.66%7.30%7.51%-1.54%-13.01%5.53%1.25%7.30%1.10%Bloomberg Aggregate Bond3.27%-0.09%6.10%7.77%9.89%-1.04%-15.76%8.52%2.13%7.77%0.84%Bloomberg Corporate IG Bond6.52%4.50%10.06%8.62%7.11%5.28%-11.19%13.44%8.19%8.62%1.31%Bloomberg High Yield1.26%-2.14%3.98%8.17%9.20%-4.71%-16.25%5.72%-1.69%8.17%0.24%Bloomberg Global Aggregate3.42%-2.98%5.33%7.44%13.94%-1.13%-25.62%10.93%-1.95%7.44%-0.11%Bloomberg U.S. Long Corporate14.81%14.42%23.00%17.88%18.40%28.71%-18.11%26.29%25.02%17.88%2.66%S&P 50013.09%11.57%15.36%14.92%9.72%20.95%-6.86%16.18%14.99%14.92%4.03%Dow Jones Industrial Average16.58%12.51%30.46%20.36%43.64%21.39%-33.10%43.42%28.64%20.36%2.57%NASDAQ Composite10.52%11.32%13.89%15.91%2.80%25.16%-7.54%11.46%14.37%15.91%3.81%Russell 1000 Value14.58%13.58%22.73%17.37%20.96%26.45%-19.13%26.53%24.51%17.37%2.41%Russell 100018.11%15.31%31.14%18.56%38.49%27.60%-29.14%42.68%33.36%18.56%1.12%Russell 1000 Growth9.77%9.82%12.27%11.05%4.96%28.34%-12.03%12.71%13.07%11.05%1.42%Russell Mid-Cap Value Index11.00%8.67%14.35%10.60%17.10%22.58%-17.32%17.23%15.34%10.60%0.16%Russell Mid-Cap Index12.48%6.64%18.64%8.66%35.59%12.73%-26.72%25.87%22.10%8.66%-3.70%Russell Mid-Cap Growth Index8.18%8.92%17.22%31.22%7.82%11.26%-14.45%18.24%3.82%31.22%4.86%MSCI EAFE8.41%7.90%17.33%32.39%10.65%7.82%-16.00%15.62%5.53%32.39%5.05%MSCI ACWI ex U.S.9.26%8.87%11.73%12.59%4.63%28.27%-14.48%14.65%8.05%12.59%3.26%Russell 2000 Value9.61%6.09%13.73%12.81%19.96%14.82%-20.44%16.93%11.54%12.81%2.19%Russell 20009.57%3.18%15.58%13.01%34.63%2.83%-26.36%18.66%15.15%13.01%1.22%Russell 2000 Growth8.41%4.19%16.39%33.57%18.31%-2.54%-20.09%9.83%7.50%33.57%4.73%MSCI Emerging Markets5.76%4.85%6.11%2.27%-5.12%41.30%-24.95%11.36%4.92%2.27%-2.15%FTSE Nareit All Equity REITs Index2.64%3.25%4.45%5.57%2.72%2.10%0.85%2.95%4.86%5.57%1.43%HFRX Absolute Return Index3.20%4.46%2.95%2.65%1.32%7.16%6.41%3.32%2.87%2.65%0.51%Consumer Price Index (Inflation)10 YEARS5 YEARS3 YEARS1 YEAR20202021202220232024YTDQ4 2025BLENDED BENCHMARKS5.61%3.78%9.72%11.11%10.85%6.10%-14.11%11.12%6.97%11.11%1.68%25% S&P 500/5% MSCI EAFE/70% BB Agg6.58%4.99%11.26%12.79%11.51%8.22%-14.40%12.79%8.26%12.79%1.94%30% S&P 500/10% MSCI EAFE/60% BB Agg7.55%6.21%12.81%14.49%12.11%10.36%-14.71%14.46%9.56%14.49%2.21%35% S&P 500/15% MSCI EAFE/50% BB Agg8.50%7.43%14.38%16.20%12.65%12.54%-15.04%16.16%10.87%16.20%2.48%40% S&P 500/20% MSCI EAFE/40% BB Agg9.45%8.65%15.96%17.93%13.13%14.74%-15.39%17.86%12.19%17.93%2.74%45% S&P 500/25% MSCI EAFE/30% BB Agg9.78%8.47%15.46%13.70%14.73%15.86%-15.79%17.67%15.04%13.70%2.03%60% S&P 500/40% Bloomberg Barclays Agg18 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |section 3: executive summary19 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $532,000,000 $1,064,000,000 $1,596,000,000 $2,128,000,000 -$532,000,000 -$1,064,000,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $1,431,871,494 $1,334,706,029 $1,250,411,601 $1,134,988,924 $1,377,994,846 $91,459,988 Net Contributions -$12,536,378 -$48,688,987 -$42,339,970 -$38,311,101 -$41,966,611 -$441,094,013 Net Investment Return $17,062,655 $150,380,730 $126,634,398 $153,733,777 -$201,039,311 $1,786,031,796 Ending Market Value $1,436,397,771 $1,436,397,771 $1,334,706,029 $1,250,411,601 $1,134,988,924 $1,436,397,771 City of Clearwater Employees' Pension Plan - Total Portfolio MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 20 TARGET ALLOCATION ACTUAL ALLOCATION HISTORIC ALLOCATION TREND 0 20 40 60 80 100 QUARTERLY HISTORIC ALLOCATION TREND 03 23 (%) 06 23 (%) 09 23 (%) 12 23 (%) 03 24 (%) 06 24 (%) 09 24 (%) 12 24 (%) 03 25 (%) 06 25 (%) 09 25 (%) 12 25 (%) 26.18 24.57 27.39 26.68 24.94 26.29 25.60 26.22 28.40 26.83 26.30 26.84 ¢ 37.21 39.35 40.11 41.64 43.93 43.97 44.60 46.85 43.62 44.84 45.69 45.26¢ 16.99 17.17 13.06 13.49 13.94 12.45 12.78 9.75 10.49 11.57 11.54 11.35 ¢ 19.62 18.92 19.44 18.20 17.18 17.29 17.02 17.18 17.49 16.76 16.48 16.56¢ ASSET REBALANCING ANALYSIS Asset Class Asset Allocation (%) Target Allocation (%) (+/-) Variance (%) Total Fixed Income 26.84 28.00 -1.16¢ Total U.S. Equities 45.26 39.00 6.26¢ Total International Equities 11.35 18.00 -6.65¢ Total Real Estate 16.56 15.00 1.56¢ City of Clearwater Employees' Pension Plan - Total Portfolio ASSET ALLOCATION SUMMARY Period Ending 12.31.25 |Q4 25 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. For Institutional Use Only. 21 MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%) VARIANCE (%) Dodge & Cox $2,540,639 $206,954,973 1.21 $209,495,613 -14.58 - In House Account $5,088,492 - 100.00 $5,088,492 -0.35 - Longfellow Investment Management Co.$1,293,750 $169,266,355 0.76 $170,560,104 -11.87 - Security Lending Income Account $356,619 $545 99.85 $357,165 -0.02 - Western Asset Management Co.-$1,606 -$1,606 -0.00 - Total Fixed Income $9,279,501 $376,223,479 2.41 $385,502,980 28.00 26.84 -1.16 BNYM Newton US Dynamic Large Cap Value - $53,833,614 - $53,833,614 -3.75 - Eagle Capital Management $2,860,928 $88,472,388 3.13 $91,333,315 -6.36 - Manning & Napier $824,344 - 100.00 $824,344 -0.06 - NTGI-QM R1000G - $219,410,479 - $219,410,479 -15.28 - NTGI-QM R1000V - $74,627,258 - $74,627,258 -5.20 - Artisan Partners $350 - 100.00 $350 -0.00 - Boston Partners $2,064,808 $78,061,878 2.58 $80,126,686 -5.58 - Northern Trust Mid Cap Growth Index $55,198 $63,134,552 0.09 $63,189,750 -4.40 - Atlanta Capital Management $667,944 $21,593,491 3.00 $22,261,435 -1.55 - Riverbridge Partners $608,418 $25,141,023 2.36 $25,749,441 -1.79 - Sycamore Capital $787,662 $17,900,915 4.21 $18,688,577 -1.30 - Total U.S. Equities $7,869,652 $642,175,598 1.21 $650,045,250 39.00 45.26 6.26 DFA Emerging Markets - $17,405,823 - $17,405,823 -1.21 - Thompson, Siegel & Walmsley $1,242,014 $38,682,369 3.11 $39,924,383 -2.78 - WCM Investment Management $7,999,290 $97,663,089 7.57 $105,662,379 -7.36 - Total International Equities $9,241,304 $153,751,281 5.67 $162,992,584 18.00 11.35 -6.65 Hancock Timberland XI - $7,748,648 - $7,748,648 -0.54 - IFM Global Infrastructure (US) L.P.- $110,113,776 - $110,113,776 -7.67 - Molpus Woodlands Fund III - $7,819,844 - $7,819,844 -0.54 - Molpus Woodlands Fund IV - $4,259,582 - $4,259,582 -0.30 - Multi-Employer Property Trust - $51,212,985 - $51,212,985 -3.57 - Security Capital $256,824 $18,691,668 1.36 $18,948,492 -1.32 - U.S. Real Estate Investment Fund - $14,920,657 - $14,920,657 -1.04 - USAA - $22,832,973 - $22,832,973 -1.59 - Total Real Estate $256,824 $237,600,133 0.11 $237,856,957 15.00 16.56 1.56 ASSET ALLOCATION DETAIL City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 22 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.20 11.45 11.75 6.19 9.42 8.51 8.97 Total Portfolio Benchmark 2.18 13.36 11.20 6.96 9.06 8.04 8.81 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 11.45 10.26 13.57 -14.74 13.48 15.71 20.17 8.97 Total Portfolio Benchmark 13.36 9.07 11.20 -10.60 13.88 11.48 17.60 8.81 City of Clearwater Employees' Pension Plan - Total Portfolio INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 23 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 1.34 1.64 6.02 -12.21 -1.40 8.08 5.21 0.16 2.70 5.41 01/31/1988 Blmbg. U.S. Aggregate Index 1.10 1.25 5.53 -13.01 -1.55 7.30 4.66 -0.36 2.01 5.28 All Public Plans > $1B-Fixed Income Percentile Rank 42 92 91 71 92 45 91 89 90 - Population 31 57 54 53 50 31 31 28 19 - Dodge & Cox 1.41 2.11 7.23 -10.57 -1.15 8.15 5.79 0.92 3.14 4.09 03/01/2004 Blmbg. U.S. Aggregate Index 1.10 1.25 5.53 -13.01 -1.55 7.30 4.66 -0.36 2.01 3.20 Intermediate Core Bond Percentile Rank 2 21 2 9 30 4 6 4 1 1 Population 407 428 445 443 441 401 395 375 324 255 In House Account 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.48 01/31/1988 90 Day U.S. Treasury Bill 0.97 5.25 5.02 1.46 0.05 4.18 4.81 3.17 2.17 3.09 Longfellow Investment Management Co.1.15 - - - - - - -- 4.60 04/01/2025 Blmbg. Intermed. U.S. Government/Credit 1.20 - - - - - - -- 4.44 Intermediate Core Bond Percentile Rank 15 - - - - - - --22 Population 407 - - - - - - -- 403 Security Lending Income Account 36.81 47.17 8.06 1.92 0.54 263.40 79.45 42.72 20.88 12.48 07/01/2003 90 Day U.S. Treasury Bill 0.97 5.25 5.02 1.46 0.05 4.18 4.81 3.17 2.17 1.70 Total U.S. Equities 1.74 20.42 26.79 -20.77 21.97 13.28 20.04 10.82 13.27 11.69 01/01/1988 S&P 500 Index 2.66 25.02 26.29 -18.11 28.71 17.88 23.01 14.42 14.82 11.45 Russell 3000 Index 2.40 23.81 25.96 -19.21 25.66 17.15 22.25 13.15 14.29 11.38 All Public Plans > $1B-US Equity Percentile Rank 86 66 8 96 94 79 49 82 45 - Population 46 82 77 74 72 46 46 43 26 - INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 24 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Large Cap Equities 2.65 25.63 29.94 -20.72 25.27 17.24 24.16 13.71 14.49 11.45 04/01/1988 Russell 1000 Index 2.41 24.51 26.53 -19.13 26.45 17.37 22.74 13.59 14.59 11.39 All Public Plans > $1B-US Equity Percentile Rank 18 2 4 95 57 11 2 3 1 - Population 46 82 77 74 72 46 46 43 26 - BNYM Newton US Dynamic Large Cap Value 5.01 - - - - - - -- 9.78 08/01/2025 Russell 1000 Value Index 3.81 - - - - - - -- 8.72 Large Value Percentile Rank 15 - - - - - - --26 Population 1,003 - - - - - - -- 1,003 Eagle Capital Management 4.54 25.56 38.37 -25.08 27.60 17.75 26.94 14.36 14.40 14.44 01/31/2013 Russell 1000 Value Index 3.81 14.37 11.46 -7.54 25.16 15.91 13.90 11.33 10.53 10.62 Large Value Percentile Rank 25 1 1 100 33 20 1 8 1 1 Population 1,003 1,076 1,162 1,166 1,176 1,003 996 965 927 879 NTGI-QM R1000G 1.13 33.28 42.20 -29.09 29.75 18.52 30.96 15.63 - 16.36 11/30/2020 Russell 1000 Growth Index 1.12 33.36 42.68 -29.14 27.60 18.56 31.15 15.32 - 16.09 Large Growth Percentile Rank 44 30 33 34 8 24 27 5 - 20 Population 959 1,009 1,090 1,108 1,138 958 948 928 - 928 NTGI-QM R1000V 3.79 14.37 11.61 -7.62 25.17 15.85 13.93 11.33 10.50 7.52 07/01/2007 Russell 1000 Value Index 3.81 14.37 11.46 -7.54 25.16 15.91 13.90 11.33 10.53 7.50 Large Value Percentile Rank 40 51 46 69 61 45 44 57 54 53 Population 1,003 1,076 1,162 1,166 1,176 1,003 996 965 927 778 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 25 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Mid Cap Equities 0.24 11.47 20.24 -20.92 18.74 13.77 15.10 7.44 11.37 12.19 04/01/1988 Russell Midcap Index 0.16 15.34 17.23 -17.32 22.58 10.60 14.36 8.67 11.01 11.40 All Public Plans > $1B-US Equity Percentile Rank 100 100 90 96 100 77 99 100 90 - Population 46 82 77 74 72 46 46 43 26 - Boston Partners -0.57 10.45 16.74 -6.98 27.34 11.32 12.80 11.20 - 11.64 03/01/2020 Russell Midcap Value Index 1.42 13.07 12.71 -12.03 28.34 11.05 12.27 9.83 - 11.62 Mid-Cap Value Percentile Rank 92 57 23 39 61 34 26 25 - 49 Population 343 363 371 382 394 343 336 333 - 332 Northern Trust Mid Cap Growth Index - - - - - - - ---01/01/2026 Russell Midcap Growth Index - - - - - - - --- Mid-Cap Growth Percentile Rank - - - - - - - --- Population - - - - - - - --- Total U.S. Small Cap Equities -1.07 5.41 18.22 -20.83 12.05 -9.21 4.20 0.07 8.88 9.01 09/01/2003 Russell 2000 Index 2.19 11.54 16.93 -20.44 14.82 12.81 13.73 6.09 9.62 8.91 All Public Plans > $1B-US Equity Percentile Rank 100 100 99 96 100 100 100 100 100 - Population 46 82 77 74 72 46 46 43 26 - Atlanta Capital Management -1.32 8.09 20.71 -12.28 19.89 -10.27 5.40 4.25 8.75 10.66 09/01/2003 Russell 2000 Index 2.19 11.54 16.93 -20.44 14.82 12.81 13.73 6.09 9.62 8.91 Small Blend Percentile Rank 93 79 13 15 67 100 99 92 66 2 Population 543 562 595 601 624 542 531 520 485 321 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 26 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Riverbridge Partners -2.18 3.67 20.04 -32.15 3.44 -14.97 1.90 -5.78 8.10 10.10 10/01/2010 Russell 2000 Growth Index 1.22 15.15 18.66 -26.36 2.83 13.01 15.59 3.18 9.57 10.91 Small Growth Percentile Rank 91 100 22 75 77 100 100 98 89 74 Population 511 544 588 594 607 511 509 497 462 424 Sycamore Capital 0.81 5.57 11.55 -6.40 25.08 1.71 6.20 7.00 - 6.73 11/30/2017 Russell 2000 Value Index 3.26 8.05 14.65 -14.48 28.27 12.59 11.73 8.88 - 6.67 Small Value Percentile Rank 74 82 79 18 82 81 92 83 -59 Population 432 455 488 491 494 432 430 417 - 398 Total International Equities -1.50 5.82 16.64 -21.08 13.92 24.46 15.38 6.67 9.21 6.09 06/01/2001 MSCI AC World ex USA (Net)5.05 5.53 15.62 -16.00 7.82 32.39 17.33 7.91 8.41 6.31 All Public Plans > $1B-Intl. Equity Percentile Rank 100 48 54 91 9 89 77 75 24 - Population 31 67 63 56 61 31 31 28 19 - DFA Emerging Markets 3.79 7.32 15.44 -16.40 5.84 28.78 16.85 7.14 - 6.33 11/01/2017 MSCI Emerging Markets Index 4.78 8.05 10.26 -19.74 -2.22 34.36 16.98 4.67 - 5.75 Diversified Emerging Mkts Percentile Rank 70 35 24 13 15 71 40 14 -26 Population 653 701 743 756 758 649 633 574 - 515 Thompson, Siegel & Walmsley 6.85 4.64 17.16 -14.12 13.34 32.91 17.68 9.66 7.75 6.71 07/31/2015 MSCI EAFE (Net)4.86 3.82 18.24 -14.45 11.26 31.22 17.22 8.92 8.18 7.10 Foreign Large Value Percentile Rank 43 50 58 83 31 77 73 77 65 60 Population 308 319 356 351 355 308 304 289 263 262 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 27 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date WCM Investment Management -5.09 7.03 16.23 -27.85 18.16 20.89 14.57 5.09 11.06 10.35 07/31/2015 MSCI AC World ex USA (Net)5.05 5.53 15.62 -16.00 7.82 32.39 17.33 7.91 8.41 7.18 Foreign Large Growth Percentile Rank 99 32 47 71 5 40 40 33 1 1 Population 366 376 405 421 427 366 360 340 287 287 Total Real Estate 1.34 1.82 -1.84 5.43 20.55 5.36 1.74 6.00 6.13 9.08 05/01/2008 Total Real Estate Benchmark 0.14 0.17 -7.14 -5.54 37.76 2.84 -1.47 4.48 4.77 5.59 All Public Plans > $1B-Real Estate Percentile Rank 7 14 14 66 49 9 13 8 5 - Population 37 79 75 72 64 37 37 34 18 - Hancock Timberland XI 0.00 1.69 4.78 7.00 9.96 0.22 2.21 4.67 3.36 4.35 05/31/2012 NCREIF Timberland Index 1.59 6.97 9.45 12.90 9.17 4.57 6.98 8.58 5.39 6.32 Real Estate Percentile Rank 3 98 100 1 98 68 100 57 94 97 Population 175 180 206 215 223 175 173 173 163 151 IFM Global Infrastructure (US) L.P.3.10 5.61 8.40 8.16 17.75 10.96 8.30 10.10 - 11.19 09/30/2017 S&P Global Infrastructure TR USD 2.37 15.10 6.79 -0.17 11.87 22.58 14.64 10.97 - 7.78 Real Estate Percentile Rank 1 56 100 1 97 1 13 1 -1 Population 175 180 206 215 223 175 173 173 - 164 Molpus Woodlands Fund III 0.00 -1.87 9.77 21.72 13.33 2.21 3.26 8.72 5.40 5.39 06/30/2011 NCREIF Timberland Index 1.59 6.97 9.45 12.90 9.17 4.57 6.98 8.58 5.39 5.97 Real Estate Percentile Rank 3 100 91 1 98 36 97 1 43 86 Population 175 180 206 215 223 175 173 173 163 150 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 28 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund IV 0.00 -1.85 8.57 10.76 20.57 -0.16 2.09 7.28 3.44 3.22 10/01/2015 NCREIF Timberland Index 1.59 6.97 9.45 12.90 9.17 4.57 6.98 8.58 5.39 5.45 Real Estate Percentile Rank 3 100 99 1 97 75 100 2 93 98 Population 175 180 206 215 223 175 173 173 163 163 Multi-Employer Property Trust 0.31 -3.72 -15.51 7.81 19.74 2.31 -5.94 1.45 3.18 5.86 10/01/2010 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.70 -2.27 -12.73 6.55 21.02 2.92 -4.25 2.51 3.88 6.92 Real Estate Percentile Rank 1 100 100 1 97 35 100 99 96 94 Population 175 180 206 215 223 175 173 173 163 146 Security Capital -1.34 11.45 15.67 -27.59 45.03 1.22 9.28 6.50 5.51 5.98 05/01/2008 FTSE NAREIT All Equity REITs (Split)-2.15 9.15 16.19 -26.70 46.11 2.27 9.05 6.79 5.62 6.16 Real Estate Percentile Rank 27 8 10 72 17 51 8 5 39 42 Population 175 180 206 215 223 175 173 173 163 143 U.S. Real Estate Investment Fund -0.08 -5.04 -15.95 7.39 20.02 2.27 -6.54 1.02 4.16 4.16 12/31/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.70 -2.27 -12.73 6.55 21.02 2.92 -4.25 2.51 3.88 3.88 Real Estate Percentile Rank 4 100 100 1 97 35 100 99 78 81 Population 175 180 206 215 223 175 173 173 163 163 USAA -0.22 -0.34 -7.85 13.80 18.42 -2.66 -3.67 3.79 6.37 6.47 06/30/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.70 -2.27 -12.73 6.55 21.02 2.92 -4.25 2.51 3.88 4.33 Real Estate Percentile Rank 4 100 100 1 97 95 100 77 8 10 Population 175 180 206 215 223 175 173 173 163 159 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 29 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Portfolio 1.20 10.26 13.57 -14.74 13.48 11.45 11.75 6.19 8.51 8.97 01/01/1988 Total Portfolio Benchmark 2.18 9.07 11.20 -10.60 13.88 13.36 11.20 6.96 8.04 8.81 Total Portfolio Secondary Benchmark 1.85 9.73 13.64 -14.11 13.80 14.22 12.51 6.84 8.28 - All Public Plans-Total Fund Percentile Rank 95 59 45 62 56 86 68 79 41 26 Population 621 1,161 1,208 1,222 1,269 618 589 573 514 12 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 30 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Total Portfolio Benchmark 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Total Portfolio Benchmark Positive Months Ratio 72.22 72.22 Negative Months Ratio 27.78 27.78 Best Quarter 10.80 9.53 Worst Quarter -7.02 -6.53 Standard Deviation 8.02 7.12 Maximum Drawdown -7.02 -6.53 Max Drawdown Recovery Period 5.00 5.00 Up Capture 107.48 100.00 Down Capture 111.62 100.00 Alpha -0.67 0.00 Beta 1.11 1.00 R-Squared 0.98 1.00 Consistency 52.78 100.00 Tracking Error 1.45 0.00 Treynor Ratio 0.06 0.06 Information Ratio 0.39 - Sharpe Ratio 0.85 0.87 Total Portfolio Total Portfolio Benchmark Positive Months Ratio 70.18 66.89 Negative Months Ratio 29.82 33.11 Best Quarter 22.31 23.20 Worst Quarter -25.09 -25.68 Standard Deviation 9.09 9.90 Maximum Drawdown -37.50 -41.18 Max Drawdown Recovery Period 35.00 39.00 Up Capture 86.82 100.00 Down Capture 73.29 100.00 Alpha 1.84 0.00 Beta 0.81 1.00 R-Squared 0.77 1.00 Consistency 50.22 100.00 Tracking Error 4.79 0.00 Treynor Ratio 0.07 0.06 Information Ratio 0.02 - Sharpe Ratio 0.66 0.60 City of Clearwater Employees' Pension Plan - Total Portfolio PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 31 -4 -1 2 5 8 11 14 17 20 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.20 (95)11.45 (86)10.85 (77)11.75 (68)4.44 (81)6.19 (79)7.72 (62)9.42 (57)7.83 (43) Total Portfolio Benchmark 2.18 (35)13.36 (57)11.20 (70)11.20 (76)5.29 (51)6.96 (50)7.70 (63)9.06 (69)7.24 (71) 5th Percentile 2.75 16.60 14.94 15.87 6.88 8.60 9.61 11.29 9.12 1st Quartile 2.29 14.89 13.28 13.64 6.03 7.74 8.57 10.18 8.24 Median 2.00 13.64 12.20 12.61 5.31 6.95 7.97 9.57 7.71 3rd Quartile 1.67 12.30 10.92 11.21 4.67 6.31 7.33 8.85 7.08 95th Percentile 1.14 9.54 8.67 8.91 3.42 4.73 5.75 7.39 5.85 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 32 -28 -20 -12 -4 4 12 20 28 36 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 10.26 (59)13.57 (45)-14.74 (62)13.48 (56)15.71 (20)20.17 (34)-2.64 (14)15.98 (28)6.71 (64)1.43 (8) Total Portfolio Benchmark 9.07 (77)11.20 (79)-10.60 (18)13.88 (50)11.48 (68)17.60 (71)-4.68 (58)15.34 (44)7.42 (44)0.23 (38) 5th Percentile 14.03 17.47 -6.87 18.56 17.86 22.50 -0.99 18.03 9.58 2.02 1st Quartile 11.66 14.70 -11.73 15.58 15.27 20.55 -3.29 16.10 8.12 0.63 Median 10.65 13.29 -13.81 13.82 12.90 19.18 -4.40 15.02 7.15 -0.22 3rd Quartile 9.17 11.45 -15.93 12.17 11.02 17.19 -5.32 13.75 6.25 -1.24 95th Percentile 6.60 8.36 -17.49 8.31 7.18 13.22 -6.68 10.49 4.42 -2.94 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 33 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-1988 $37,115,659 -$3,304,490 $40,420,149 2.07 Jun-1988 $40,420,149 -$15,255,464 $55,675,613 4.75 Sep-1988 $55,675,613 --$5,742,484 $49,933,130 0.57 Dec-1988 $49,933,130 -$2,150,038 $52,083,168 2.05 Mar-1989 $52,083,168 -$5,062,468 $57,145,637 4.88 Jun-1989 $57,145,637 -$4,452,993 $61,598,630 5.90 Sep-1989 $61,598,630 -$7,477,281 $69,075,911 7.63 Dec-1989 $69,075,911 -$1,984,196 $71,060,107 1.39 Mar-1990 $71,060,107 -$378,332 $71,438,439 0.06 Jun-1990 $71,438,439 -$7,140,375 $78,578,814 7.03 Sep-1990 $78,578,814 --$9,847,666 $68,731,148 -6.23 Dec-1990 $68,731,148 --$12,927,114 $55,804,034 5.72 Mar-1991 $55,804,034 -$12,979,788 $68,783,821 11.94 Jun-1991 $68,783,821 --$532,887 $68,250,934 0.60 Sep-1991 $68,250,934 -$7,087,410 $75,338,344 6.25 Dec-1991 $75,338,344 -$6,276,425 $81,614,769 8.32 Mar-1992 $81,614,769 --$1,538,976 $80,075,794 -1.73 Jun-1992 $80,075,794 --$5,126,324 $74,949,469 -1.52 Sep-1992 $74,949,469 --$249,609 $74,699,861 3.89 Dec-1992 $74,699,861 -$9,473,620 $84,173,480 6.09 Mar-1993 $84,173,480 -$2,154,103 $86,327,583 2.30 Jun-1993 $86,327,583 -$1,014,565 $87,342,148 0.78 Sep-1993 $87,342,148 -$5,778,255 $93,120,403 4.60 Dec-1993 $93,120,403 -$2,204,043 $95,324,446 1.39 Mar-1994 $95,324,446 --$1,734,063 $93,590,383 -1.67 Jun-1994 $93,590,383 --$13,630,985 $79,959,398 -1.37 Sep-1994 $79,959,398 -$5,504,124 $85,463,522 3.74 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 34 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Dec-1994 $85,463,522 -$441,019 $85,904,541 0.39 Mar-1995 $85,904,541 -$6,435,503 $92,340,044 5.44 Jun-1995 $92,340,044 -$7,602,216 $99,942,260 6.93 Sep-1995 $99,942,260 -$8,917,927 $108,860,187 6.00 Dec-1995 $108,860,187 -$2,257,663 $111,117,850 2.97 Mar-1996 $111,117,850 -$9,193,597 $120,311,447 3.64 Jun-1996 $120,311,447 -$5,523,534 $125,834,982 3.55 Sep-1996 $125,834,982 -$2,395,613 $128,230,595 3.28 Dec-1996 $128,230,595 --$20,044,329 $108,186,266 3.55 Mar-1997 $108,186,266 --$4,620,949 $103,565,317 -1.17 Jun-1997 $103,565,317 -$16,186,768 $119,752,085 11.19 Sep-1997 $119,752,085 -$8,363,384 $128,115,469 7.94 Dec-1997 $128,115,469 --$4,853,658 $123,261,811 -0.24 Mar-1998 $123,261,811 -$16,171,368 $139,433,179 8.16 Jun-1998 $139,433,179 -$2,916,725 $142,349,904 1.63 Sep-1998 $142,349,904 --$20,270,513 $122,079,392 -6.11 Dec-1998 $122,079,392 -$29,799,463 $151,878,854 12.88 Mar-1999 $151,878,854 -$8,156,573 $160,035,427 3.43 Jun-1999 $160,035,427 -$9,634,952 $169,670,379 5.00 Sep-1999 $169,670,379 --$9,304,384 $160,365,995 -4.43 Dec-1999 $160,365,995 -$53,446,249 $213,812,243 14.22 Mar-2000 $213,812,243 -$24,543,944 $238,356,187 4.61 Jun-2000 $238,356,187 --$17,842,470 $220,513,717 -3.11 Sep-2000 $220,513,717 -$2,942,383 $223,456,100 1.69 Dec-2000 $223,456,100 --$32,832,231 $190,623,869 -6.36 Mar-2001 $190,623,869 --$29,540,148 $161,083,721 -6.94 Jun-2001 $161,083,721 -$31,403,540 $192,487,262 4.33 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 35 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Sep-2001 $192,487,262 --$70,015,520 $122,471,742 -8.99 Dec-2001 $122,471,742 --$3,023,928 $119,447,813 7.12 Mar-2002 $119,447,813 -$1,049,133 $120,496,946 0.42 Jun-2002 $120,496,946 --$12,368,198 $108,128,749 -5.24 Sep-2002 $108,128,749 --$18,650,925 $89,477,824 -8.46 Dec-2002 $89,477,824 -$4,658,922 $94,136,746 4.77 Mar-2003 $94,136,746 --$2,879,098 $91,257,648 -0.53 Jun-2003 $91,257,648 -$10,445,990 $101,703,639 9.75 Sep-2003 $101,703,639 -$37,744,310 $139,447,949 1.91 Dec-2003 $139,447,949 -$16,625,092 $156,073,041 7.53 Mar-2004 $156,073,041 -$73,396,226 $229,469,267 3.25 Jun-2004 $229,469,267 --$4,397,072 $225,072,195 -0.76 Sep-2004 $225,072,195 --$5,333,659 $219,738,536 -0.81 Dec-2004 $219,738,536 -$94,657,834 $314,396,370 8.13 Mar-2005 $314,396,370 --$4,790,716 $309,605,655 -1.67 Jun-2005 $309,605,655 -$2,951,722 $312,557,377 2.14 Sep-2005 $312,557,377 -$15,924,645 $328,482,022 3.56 Dec-2005 $328,482,022 -$7,404,726 $335,886,748 2.59 Mar-2006 $335,886,748 -$30,546,388 $366,433,136 4.84 Jun-2006 $366,433,136 --$7,552,528 $358,880,608 -1.68 Sep-2006 $358,880,608 -$6,901,238 $365,781,846 3.37 Dec-2006 $365,781,846 -$50,509,167 $416,291,013 4.89 Mar-2007 $416,291,013 -$25,224,122 $441,515,135 1.91 Jun-2007 $441,515,135 -$10,755,795 $452,270,931 4.13 Sep-2007 $452,270,931 -$130,856,770 $583,127,700 2.15 Dec-2007 $583,127,700 --$4,862,636 $578,265,065 -1.11 Mar-2008 $578,265,065 --$42,263,748 $536,001,317 -6.13 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 36 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Jun-2008 $536,001,317 -$10,314,649 $546,315,966 -0.30 Sep-2008 $546,315,966 --$26,855,825 $519,460,141 -8.96 Dec-2008 $519,460,141 --$73,816,134 $445,644,008 -14.44 Mar-2009 $445,644,008 --$30,189,157 $415,454,851 -6.73 Jun-2009 $415,454,851 -$63,030,616 $478,485,467 16.39 Sep-2009 $478,485,467 -$63,331,635 $541,817,101 14.53 Dec-2009 $541,817,101 -$29,622,444 $571,439,545 4.79 Mar-2010 $571,439,545 $1,420,521 $28,514,836 $601,374,902 4.98 Jun-2010 $601,374,902 -$5,934,251 -$31,993,847 $563,446,804 -5.35 Sep-2010 $563,446,804 -$6,281,494 $57,321,288 $614,486,598 10.30 Dec-2010 $614,486,598 $2,877,067 $45,649,700 $663,013,366 7.42 Mar-2011 $663,013,366 $1,408,292 $29,471,716 $693,893,374 4.45 Jun-2011 $693,893,374 -$7,230,374 $5,411,491 $692,074,491 0.78 Sep-2011 $692,074,491 -$7,171,688 -$79,447,530 $605,455,273 -11.49 Dec-2011 $605,455,273 $906,702 $41,909,007 $648,270,982 6.95 Mar-2012 $648,270,982 $10,313,159 $52,508,718 $711,092,859 9.30 Jun-2012 $711,092,859 -$7,838,428 -$15,138,887 $688,115,543 -2.11 Sep-2012 $688,115,543 -$7,650,190 $31,651,213 $712,116,567 4.63 Dec-2012 $712,116,567 $1,405,904 $12,465,265 $725,987,735 1.77 Mar-2013 $725,987,735 $2,639,158 $43,316,811 $771,943,704 5.98 Jun-2013 $771,943,704 -$8,529,923 $600 $763,414,381 0.00 Sep-2013 $763,414,381 -$8,426,038 $40,688,177 $795,676,520 5.37 Dec-2013 $795,676,520 -$62,747 $43,826,891 $839,440,664 5.52 Mar-2014 $839,440,664 $997,843 $17,572,308 $858,010,815 2.08 Jun-2014 $858,010,815 -$8,947,389 $30,697,898 $879,761,325 3.61 Sep-2014 $879,761,325 -$8,071,076 -$6,077,661 $865,612,589 -0.70 Dec-2014 $865,612,589 -$2,181,929 $27,093,392 $890,524,051 3.14 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 37 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-2015 $890,524,051 -$1,048,160 $20,488,068 $909,963,960 2.31 Jun-2015 $909,963,960 -$9,762,293 -$6,659,939 $893,541,728 -0.73 Sep-2015 $893,541,728 -$9,608,772 -$41,440,488 $842,492,468 -4.66 Dec-2015 $842,492,468 -$3,150,132 $29,733,169 $869,075,506 4.76 Mar-2016 $869,075,506 -$3,639,090 $8,327,326 $873,763,742 0.99 Jun-2016 $873,763,742 -$8,199,903 $19,479,145 $885,042,983 2.25 Sep-2016 $885,042,983 -$9,437,418 $30,450,249 $906,055,814 3.50 Dec-2016 $906,055,814 -$2,437,038 -$1,495,939 $902,122,837 -0.15 Mar-2017 $902,122,837 -$4,042,535 $42,589,028 $940,669,331 4.74 Jun-2017 $940,669,331 -$9,803,863 $32,033,125 $962,898,593 3.43 Sep-2017 $962,898,593 -$10,157,026 $27,748,235 $980,489,801 2.94 Dec-2017 $980,489,801 -$4,041,264 $39,010,026 $1,015,458,563 4.00 Mar-2018 $1,015,458,563 -$5,389,283 $3,399,779 $1,013,469,060 0.34 Jun-2018 $1,013,469,060 -$10,243,223 $12,284,581 $1,015,510,418 1.23 Sep-2018 $1,015,510,418 -$9,312,738 $38,632,345 $1,044,830,025 3.82 Dec-2018 $1,044,830,025 -$4,369,002 -$80,050,645 $960,410,378 -7.66 Mar-2019 $960,410,378 -$5,332,974 $83,125,870 $1,038,203,273 8.69 Jun-2019 $1,038,203,273 -$11,174,999 $39,715,923 $1,066,744,197 3.86 Sep-2019 $1,066,744,197 -$11,418,597 $9,725,692 $1,065,051,291 0.92 Dec-2019 $1,065,051,291 -$4,864,418 $58,192,676 $1,118,379,549 5.48 Mar-2020 $1,118,379,549 -$6,446,114 -$142,023,448 $969,909,987 -12.52 Jun-2020 $969,909,987 -$10,568,540 $133,450,669 $1,092,792,116 13.82 Sep-2020 $1,092,792,116 -$11,572,493 $52,542,792 $1,133,762,416 4.80 Dec-2020 $1,133,762,416 -$5,630,570 $122,432,868 $1,250,564,714 10.89 Mar-2021 $1,250,564,714 -$6,545,816 $28,592,139 $1,272,611,036 2.30 Jun-2021 $1,272,611,036 -$11,680,302 $73,213,434 $1,334,144,168 5.81 Sep-2021 $1,334,144,168 -$13,139,023 $6,094,455 $1,327,099,600 0.45 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 38 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Dec-2021 $1,327,099,600 -$6,652,583 $57,547,829 $1,377,994,846 4.36 Mar-2022 $1,377,994,846 -$7,485,157 -$80,146,280 $1,290,363,409 -5.82 Jun-2022 $1,290,363,409 -$11,472,029 -$132,305,968 $1,146,585,412 -10.28 Sep-2022 $1,146,585,412 -$12,940,986 -$49,892,253 $1,083,752,173 -4.48 Dec-2022 $1,083,752,173 -$10,020,713 $61,257,465 $1,134,988,924 5.65 Mar-2023 $1,134,988,924 -$7,179,894 $58,949,336 $1,186,758,365 5.08 Jun-2023 $1,186,758,365 -$10,887,124 $37,276,027 $1,213,147,268 3.16 Sep-2023 $1,213,147,268 -$13,372,317 -$34,978,309 $1,164,796,642 -2.97 Dec-2023 $1,164,796,642 -$6,871,765 $92,486,724 $1,250,411,601 7.98 Mar-2024 $1,250,411,601 -$6,829,868 $58,344,482 $1,301,926,214 4.68 Jun-2024 $1,301,926,214 -$14,031,517 $8,025,397 $1,295,920,094 0.64 Sep-2024 $1,295,920,094 -$13,809,439 $64,100,031 $1,346,210,685 4.96 Dec-2024 $1,346,210,685 -$7,669,145 -$3,835,511 $1,334,706,029 -0.29 Mar-2025 $1,334,706,029 -$7,038,276 -$12,621,693 $1,315,046,060 -0.97 Jun-2025 $1,315,046,060 -$14,210,325 $89,511,668 $1,390,347,403 6.85 Sep-2025 $1,390,347,403 -$14,904,009 $56,428,100 $1,431,871,494 4.08 Dec-2025 $1,431,871,494 -$12,536,378 $17,062,655 $1,436,397,771 1.20 Total $37,115,659 -$437,283,993 $1,836,566,105 $1,436,397,771 8.96 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 39 FROM DATE TO DATE BENCHMARK Total Portfolio 01/01/2019 Present 31.25% Blmbg. Intermed. U.S. Government/Credit, 26.25% S&P 500 Index, 15.00% MSCI EAFE (Net), 15.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 12.50% Russell 2500 Index 07/01/2016 12/31/2018 39.00% S&P 500 Index, 28.00% Blmbg. U.S. Aggregate Index, 15.00% Custom US Real Estate Securities Benchmark, 10.00% MSCI EAFE (Net), 8.00% MSCI Emerging Markets Index 12/01/1987 06/30/2016 42.00% S&P 500 Index, 30.00% Blmbg. U.S. Aggregate Index, 10.00% MSCI EAFE (Net), 10.00% Custom US Real Estate Securities Benchmark, 8.00% MSCI Emerging Markets Index Total Portfolio Secondary Benchmark 01/01/2025 Present 28.00% Blmbg. U.S. Aggregate Index, 14.00% MSCI EAFE (Net), 13.00% Russell 1000 Value Index, 13.00% Russell 1000 Growth Index, 7.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 4.50% FTSE NAREIT All Equity REITs, 4.00% MSCI Emerging Markets (Net), 4.00% Russell Midcap Growth Index, 4.00% Russell Midcap Value Index, 3.50% NCREIF Timberland Index, 2.50% Russell 2000 Growth Index, 2.50% Russell 2000 Value Index 12/01/2014 12/31/2024 28.00% Blmbg. U.S. Aggregate Index, 14.00% MSCI EAFE (Net), 13.00% Russell 1000 Value Index, 13.00% Russell 1000 Growth Index, 7.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 4.50% Custom US Real Estate Securities Benchmark, 4.00% MSCI Emerging Markets (Net), 4.00% Russell Midcap Growth Index, 4.00% Russell Midcap Value Index, 3.50% NCREIF Timberland Index, 2.50% Russell 2000 Growth Index, 2.50% Russell 2000 Value Index Total Fixed Income 01/31/1988 Present Blmbg. U.S. Aggregate Index Total U.S. Equities 01/31/1988 Present S&P 500 Index Total U.S. Large Cap Equities 04/30/1988 Present Russell 1000 Index Total U.S. Mid Cap Equities 04/30/1988 Present Russell Midcap Index Total U.S. Small Cap Equities 09/30/2003 Present Russell 2000 Index Total International Equities 06/30/2001 Present MSCI AC World ex USA (Net) Total Real Estate BENCHMARK SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. 40 BENCHMARK SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 FROM DATE TO DATE BENCHMARK 01/01/2025 Present 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 20.00% FTSE NAREIT All Equity REITs 04/01/2022 12/31/2024 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 20.00% Custom US Real Estate Securities Benchmark 07/01/2010 03/31/2022 67.00% Custom US Real Estate Securities Benchmark, 33.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 01/01/1978 06/30/2010 100.00% Custom US Real Estate Securities Benchmark FTSE NAREIT All Equity REITs (Split) 01/01/2025 Present 100.00% FTSE NAREIT All Equity REITs 05/01/2008 12/31/2024 100.00% Custom US Real Estate Securities Benchmark The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. 41 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $114,900,000 $229,800,000 $344,700,000 $459,600,000 $574,500,000 -$114,900,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $376,621,906 $350,025,096 $333,588,958 $338,944,586 $396,061,507 $59,224,151 Net Contributions $3,850,423 $6,940,102 $10,808,220 -$25,438,629 -$11,580,423 $78,068,388 Net Investment Return $5,030,651 $28,537,782 $5,627,917 $20,083,001 -$45,536,498 $248,210,440 Ending Market Value $385,502,980 $385,502,980 $350,025,096 $333,588,958 $338,944,586 $385,502,980 City of Clearwater Employees' Pension Plan - Total Fixed Income MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 42 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.34 8.08 5.21 0.16 2.64 2.70 5.41 Blmbg. U.S. Aggregate Index 1.10 7.30 4.66 -0.36 1.99 2.01 5.28 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 8.08 1.64 6.02 -12.21 -1.40 8.97 9.28 5.41 Blmbg. U.S. Aggregate Index 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 5.28 City of Clearwater Employees' Pension Plan - Total Fixed Income INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 43 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Blmbg. U.S. Aggregate Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 61.11 58.33 Negative Months Ratio 38.89 41.67 Best Quarter 8.58 8.23 Worst Quarter -4.92 -4.69 Standard Deviation 6.08 5.98 Maximum Drawdown -5.79 -6.13 Max Drawdown Recovery Period 8.00 8.00 Up Capture 103.41 100.00 Down Capture 97.35 100.00 Alpha 0.47 0.00 Beta 1.01 1.00 R-Squared 1.00 1.00 Consistency 75.00 100.00 Tracking Error 0.42 0.00 Treynor Ratio 0.01 0.00 Information Ratio 1.26 - Sharpe Ratio 0.09 0.01 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 73.68 66.01 Negative Months Ratio 26.32 33.99 Best Quarter 8.58 8.23 Worst Quarter -8.54 -8.23 Standard Deviation 3.59 4.18 Maximum Drawdown -16.58 -17.18 Max Drawdown Recovery Period 58.00 - Up Capture 83.97 100.00 Down Capture 58.22 100.00 Alpha 1.51 0.00 Beta 0.72 1.00 R-Squared 0.70 1.00 Consistency 52.85 100.00 Tracking Error 2.29 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.00 - Sharpe Ratio 0.64 0.56 City of Clearwater Employees' Pension Plan - Total Fixed Income PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 44 -4 -2 0 2 4 6 8 10 12 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.34 (42)8.08 (45)4.81 (85)5.21 (91)0.56 (88)0.16 (89)1.58 (84)2.64 (90)2.26 (92) Blmbg. U.S. Aggregate Index 1.10 (71)7.30 (74)4.23 (98)4.66 (97)-0.07 (100)-0.36 (100)0.91 (96)1.99 (97)1.74 (97) 5th Percentile 1.70 9.52 7.48 8.55 4.62 4.57 5.29 5.98 5.31 1st Quartile 1.46 8.49 6.17 6.77 2.15 1.96 2.85 3.86 3.26 Median 1.24 7.69 5.58 6.10 1.17 1.05 2.31 3.46 2.90 3rd Quartile 1.07 7.27 4.98 5.63 0.94 0.54 1.83 2.94 2.45 95th Percentile 0.73 6.93 4.29 4.73 0.20 -0.13 0.93 2.14 1.87 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 45 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.64 (92)6.02 (91)-12.21 (71)-1.40 (92)8.97 (31)9.28 (58)-0.38 (45)3.91 (89)5.01 (73)0.30 (24) Blmbg. U.S. Aggregate Index 1.25 (97)5.53 (98)-13.01 (82)-1.55 (94)7.51 (60)8.72 (73)0.01 (34)3.54 (98)2.65 (99)0.55 (22) 5th Percentile 6.70 10.09 -5.30 7.95 10.57 10.77 1.91 8.86 9.25 2.54 1st Quartile 4.65 8.20 -10.03 1.38 9.29 9.95 0.18 7.08 7.16 -0.05 Median 2.94 7.30 -11.30 0.03 8.08 9.44 -0.55 6.28 5.81 -1.08 3rd Quartile 2.43 6.94 -12.68 -0.83 6.38 8.54 -1.24 5.16 4.90 -2.51 95th Percentile 1.37 5.90 -13.73 -1.72 3.06 7.22 -1.78 3.82 3.20 -3.18 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 46 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $58,900,000 $117,800,000 $176,700,000 $235,600,000 $294,500,000 -$58,900,000Market ValueFeb-04 Aug-05 Feb-07 Aug-08 Feb-10 Aug-11 Feb-13 Aug-14 Feb-16 Aug-17 Feb-19 Aug-20 Feb-22 Aug-23 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 03/01/2004 Beginning Market Value $206,499,135 $183,650,201 $164,887,965 $153,484,073 $185,443,564 $75,655,868 Net Contributions $86,163 $10,334,248 $15,310,352 $298,557 -$12,209,811 $35,882,949 Net Investment Return $2,910,315 $15,511,164 $3,451,884 $11,105,335 -$19,749,680 $97,956,796 Ending Market Value $209,495,613 $209,495,613 $183,650,201 $164,887,965 $153,484,073 $209,495,613 City of Clearwater Employees' Pension Plan - Dodge & Cox MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 47 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.41 8.15 5.79 0.92 3.12 3.14 4.09 Blmbg. U.S. Aggregate Index 1.10 7.30 4.66 -0.36 1.99 2.01 3.20 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 8.15 2.11 7.23 -10.57 -1.15 8.72 8.98 4.09 Blmbg. U.S. Aggregate Index 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 3.20 City of Clearwater Employees' Pension Plan - Dodge & Cox INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 48 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: March 1, 2004) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Blmbg. U.S. Aggregate Index -5 0 5 10 15 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 61.11 58.33 Negative Months Ratio 38.89 41.67 Best Quarter 9.07 8.23 Worst Quarter -4.81 -4.69 Standard Deviation 6.21 5.98 Maximum Drawdown -5.32 -6.13 Max Drawdown Recovery Period 8.00 8.00 Up Capture 106.55 100.00 Down Capture 93.72 100.00 Alpha 0.95 0.00 Beta 1.03 1.00 R-Squared 0.99 1.00 Consistency 75.00 100.00 Tracking Error 0.77 0.00 Treynor Ratio 0.01 0.00 Information Ratio 1.42 - Sharpe Ratio 0.18 0.01 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 65.27 61.45 Negative Months Ratio 34.73 38.55 Best Quarter 9.07 8.23 Worst Quarter -7.68 -8.23 Standard Deviation 4.16 4.18 Maximum Drawdown -15.06 -17.18 Max Drawdown Recovery Period 47.00 - Up Capture 100.59 100.00 Down Capture 79.16 100.00 Alpha 1.16 0.00 Beta 0.91 1.00 R-Squared 0.83 1.00 Consistency 61.45 100.00 Tracking Error 1.74 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.49 - Sharpe Ratio 0.57 0.37 City of Clearwater Employees' Pension Plan - Dodge & Cox PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 49 -4 -2 0 2 4 6 8 10 12 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.41 (2)8.15 (4)5.08 (8)5.79 (6)1.44 (4)0.92 (4)2.18 (1)3.12 (1)2.73 (2) Blmbg. U.S. Aggregate Index 1.10 (23)7.30 (35)4.23 (52)4.66 (56)-0.07 (42)-0.36 (45)0.91 (56)1.99 (52)1.74 (46) 5th Percentile 1.28 8.01 5.36 5.80 1.11 0.70 1.82 2.75 2.40 1st Quartile 1.09 7.42 4.58 5.06 0.14 -0.12 1.32 2.33 2.00 Median 0.98 7.13 4.25 4.70 -0.13 -0.41 0.96 2.01 1.71 3rd Quartile 0.89 6.78 3.95 4.39 -0.42 -0.67 0.69 1.71 1.41 95th Percentile 0.76 6.03 3.32 3.72 -1.10 -1.33 0.13 1.17 0.90 Population 407 401 400 395 384 375 364 360 348 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Dodge & Cox Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 50 -25 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 2.11 (21)7.23 (2)-10.57 (9)-1.15 (30)8.72 (29)8.98 (28)0.02 (25)3.99 (25)5.55 (2)-0.12 (64) Blmbg. U.S. Aggregate Index 1.25 (68)5.53 (56)-13.01 (28)-1.55 (51)7.51 (62)8.72 (37)0.01 (26)3.54 (45)2.65 (50)0.55 (22) 5th Percentile 3.02 6.93 -9.19 -0.13 10.91 9.85 0.83 4.90 4.86 1.24 1st Quartile 1.91 6.04 -12.92 -1.07 8.91 9.06 0.01 3.97 3.23 0.51 Median 1.49 5.58 -13.45 -1.54 7.93 8.49 -0.44 3.43 2.64 0.15 3rd Quartile 1.12 5.12 -14.11 -1.98 7.16 7.75 -0.86 2.92 2.16 -0.51 95th Percentile 0.41 4.28 -15.55 -2.60 4.88 5.44 -1.87 2.03 1.27 -1.67 Population 428 445 443 441 442 460 460 512 509 506 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Dodge & Cox Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 51 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Blmbg. Intermed. U.S. Government/Credit Net Cash Flow $158,600,000 $161,200,000 $163,800,000 $166,400,000 $169,000,000 $171,600,000 $174,200,000 Market ValueFeb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 03/01/2025 Beginning Market Value $168,530,366 ----$162,851,893 Net Contributions $83,350 ----$245,842 Net Investment Return $1,946,389 ----$7,462,370 Ending Market Value $170,560,104 ----$170,560,104 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 52 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 3 6 9 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.15 -----4.60 Blmbg. Intermed. U.S. Government/Credit 1.20 6.97 5.06 0.96 2.54 2.29 4.44 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 6 12 -6 -12 -18Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -------4.60 Blmbg. Intermed. U.S. Government/Credit 6.97 3.00 5.24 -8.24 -1.44 6.43 6.80 4.44 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 53 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: April 1, 2025) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Blmbg. Intermed. U.S. Government/Credit -10 0 10 20 30 40 Annualized Return (%)-0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. Intermed. U.S. Government/Credit Positive Months Ratio -66.67 Negative Months Ratio -33.33 Best Quarter -5.26 Worst Quarter --1.70 Standard Deviation -3.77 Maximum Drawdown --2.69 Max Drawdown Recovery Period -8.00 Up Capture -100.00 Down Capture -100.00 Alpha -0.00 Beta -1.00 R-Squared -1.00 Consistency -100.00 Tracking Error -0.00 Treynor Ratio -0.00 Information Ratio -- Sharpe Ratio -0.08 Total Portfolio Blmbg. Intermed. U.S. Government/Credit Positive Months Ratio 66.67 77.78 Negative Months Ratio 33.33 22.22 Best Quarter 3.03 2.16 Worst Quarter 0.79 0.60 Standard Deviation 0.71 0.51 Maximum Drawdown -0.64 -0.33 Max Drawdown Recovery Period 2.00 2.00 Up Capture 111.14 100.00 Down Capture 178.63 100.00 Alpha -0.06 0.00 Beta 1.16 1.00 R-Squared 0.67 1.00 Consistency 55.56 100.00 Tracking Error 0.42 0.00 Treynor Ratio 0.00 0.00 Information Ratio 0.05 - Sharpe Ratio 0.22 0.28 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 54 -4 -2 0 2 4 6 8 10 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Longfellow Investment Management Co. 1.15 (15)-------- Blmbg. Intermed. U.S. Government/Credit 1.20 (10)6.97 (63)4.96 (12)5.06 (25)1.56 (3)0.96 (4)1.85 (5)2.54 (13)2.33 (8) 5th Percentile 1.28 8.01 5.36 5.80 1.11 0.70 1.82 2.75 2.40 1st Quartile 1.09 7.42 4.58 5.06 0.14 -0.12 1.32 2.33 2.00 Median 0.98 7.13 4.25 4.70 -0.13 -0.41 0.96 2.01 1.71 3rd Quartile 0.89 6.78 3.95 4.39 -0.42 -0.67 0.69 1.71 1.41 95th Percentile 0.76 6.03 3.32 3.72 -1.10 -1.33 0.13 1.17 0.90 Population 407 401 400 395 384 375 364 360 348 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 55 -25 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio ---------- Blmbg. Intermed. U.S. Government/Credit 3.00 (6)5.24 (71)-8.24 (2)-1.44 (45)6.43 (87)6.80 (90)0.88 (5)2.14 (94)2.08 (78)1.07 (9) 5th Percentile 3.02 6.93 -9.19 -0.13 10.91 9.85 0.83 4.90 4.86 1.24 1st Quartile 1.91 6.04 -12.92 -1.07 8.91 9.06 0.01 3.97 3.23 0.51 Median 1.49 5.58 -13.45 -1.54 7.93 8.49 -0.44 3.43 2.64 0.15 3rd Quartile 1.12 5.12 -14.11 -1.98 7.16 7.75 -0.86 2.92 2.16 -0.51 95th Percentile 0.41 4.28 -15.55 -2.60 4.88 5.44 -1.87 2.03 1.27 -1.67 Population 428 445 443 441 442 460 460 512 509 506 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 56 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $308,000,000 $616,000,000 $924,000,000 -$308,000,000 -$616,000,000 -$924,000,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/01/1988 Beginning Market Value $654,161,007 $625,318,067 $520,689,267 $407,659,206 $550,878,596 $32,235,837 Net Contributions -$15,471,822 -$53,080,517 -$1,880,441 $1,715,440 -$29,182,409 -$454,756,426 Net Investement Return $11,356,065 $77,807,700 $106,509,241 $111,314,621 -$114,036,981 $1,072,565,840 Ending Market Value $650,045,250 $650,045,250 $625,318,067 $520,689,267 $407,659,206 $650,045,250 City of Clearwater Employees' Pension Plan - Total U.S. Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 57 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P 500 Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.74 13.28 20.04 10.82 15.24 13.27 11.69 S&P 500 Index 2.66 17.88 23.01 14.42 17.29 14.82 11.45 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P 500 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 13.28 20.42 26.79 -20.77 21.97 24.69 29.50 11.69 S&P 500 Index 17.88 25.02 26.29 -18.11 28.71 18.40 31.49 11.45 City of Clearwater Employees' Pension Plan - Total U.S. Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 58 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio S&P 500 Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio S&P 500 Index Positive Months Ratio 72.22 72.22 Negative Months Ratio 27.78 27.78 Best Quarter 15.88 16.01 Worst Quarter -9.39 -8.25 Standard Deviation 12.56 11.79 Maximum Drawdown -9.39 -8.25 Max Drawdown Recovery Period 5.00 4.00 Up Capture 95.99 100.00 Down Capture 113.71 100.00 Alpha -3.24 0.00 Beta 1.04 1.00 R-Squared 0.96 1.00 Consistency 33.33 100.00 Tracking Error 2.69 0.00 Treynor Ratio 0.14 0.17 Information Ratio -0.89 - Sharpe Ratio 1.15 1.43 Total Portfolio S&P 500 Index Positive Months Ratio 65.35 66.23 Negative Months Ratio 34.65 33.77 Best Quarter 28.42 25.83 Worst Quarter -33.84 -29.65 Standard Deviation 14.32 14.56 Maximum Drawdown -51.36 -50.95 Max Drawdown Recovery Period 40.00 53.00 Up Capture 89.64 100.00 Down Capture 79.86 100.00 Alpha 1.90 0.00 Beta 0.86 1.00 R-Squared 0.76 1.00 Consistency 48.90 100.00 Tracking Error 7.31 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.02 - Sharpe Ratio 0.63 0.61 City of Clearwater Employees' Pension Plan - Total U.S. Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 59 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.74 (86)13.28 (79)16.79 (73)20.04 (49)8.19 (72)10.82 (82)13.02 (56)15.24 (58)12.63 (41) S&P 500 Index 2.66 (18)17.88 (5)21.40 (2)23.01 (3)11.11 (2)14.42 (2)15.08 (1)17.29 (1)14.33 (1) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 60 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 20.42 (66)26.79 (8)-20.77 (96)21.97 (94)24.69 (6)29.50 (69)-4.06 (4)22.53 (15)9.61 (98)1.48 (8) S&P 500 Index 25.02 (2)26.29 (12)-18.11 (35)28.71 (8)18.40 (62)31.49 (16)-4.38 (5)21.83 (30)11.96 (62)1.38 (9) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 61 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $198,900,000 $397,800,000 $596,700,000 $795,600,000 -$198,900,000 -$397,800,000Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $444,095,097 $427,353,149 $354,699,311 $288,194,255 $376,051,591 $18,032,213 Net Contributions -$15,804,328 -$54,549,688 -$18,264,585 -$19,394,501 -$10,293,061 -$262,113,848 Net Investment Return $11,738,243 $67,225,550 $90,918,424 $85,899,557 -$77,564,275 $684,110,647 Ending Market Value $440,029,011 $440,029,011 $427,353,149 $354,699,311 $288,194,255 $440,029,011 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 62 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 2.65 17.24 24.16 13.71 16.74 14.49 11.45 Russell 1000 Index 2.41 17.37 22.74 13.59 17.03 14.59 11.39 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 17.24 25.63 29.94 -20.72 25.27 19.54 30.02 11.45 Russell 1000 Index 17.37 24.51 26.53 -19.13 26.45 20.96 31.43 11.39 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 63 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: April 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Russell 1000 Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Index Positive Months Ratio 69.44 72.22 Negative Months Ratio 30.56 27.78 Best Quarter 15.98 16.34 Worst Quarter -8.38 -8.63 Standard Deviation 11.92 12.14 Maximum Drawdown -8.38 -8.63 Max Drawdown Recovery Period 5.00 5.00 Up Capture 101.47 100.00 Down Capture 92.29 100.00 Alpha 1.66 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 66.67 100.00 Tracking Error 1.26 0.00 Treynor Ratio 0.18 0.17 Information Ratio 0.91 - Sharpe Ratio 1.50 1.38 Total Portfolio Russell 1000 Index Positive Months Ratio 65.34 66.23 Negative Months Ratio 34.66 33.77 Best Quarter 24.41 26.38 Worst Quarter -29.55 -30.97 Standard Deviation 13.55 14.76 Maximum Drawdown -49.18 -51.13 Max Drawdown Recovery Period 53.00 53.00 Up Capture 86.10 100.00 Down Capture 75.62 100.00 Alpha 1.92 0.00 Beta 0.83 1.00 R-Squared 0.82 1.00 Consistency 50.33 100.00 Tracking Error 6.31 0.00 Treynor Ratio 0.11 0.09 Information Ratio -0.02 - Sharpe Ratio 0.65 0.60 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 64 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 2.65 (18)17.24 (11)21.36 (2)24.16 (2)10.99 (2)13.71 (3)14.66 (1)16.74 (4)13.99 (1) Russell 1000 Index 2.41 (46)17.37 (11)20.89 (3)22.74 (3)10.58 (2)13.59 (4)14.79 (1)17.03 (1)14.05 (1) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 65 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 25.63 (2)29.94 (4)-20.72 (95)25.27 (57)19.54 (41)30.02 (51)-3.49 (3)24.63 (3)8.88 (98)3.35 (1) Russell 1000 Index 24.51 (3)26.53 (9)-19.13 (68)26.45 (32)20.96 (25)31.43 (16)-4.78 (7)21.69 (34)12.05 (60)0.92 (20) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 66 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Russell 1000 Value Index Net Cash Flow $47,600,000 $49,000,000 $50,400,000 $51,800,000 $53,200,000 $54,600,000 $56,000,000 Market ValueJul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2025 Beginning Market Value $51,264,755 ----$49,038,786 Net Contributions ------ Net Investment Return $2,568,859 ----$4,794,829 Ending Market Value $53,833,614 ----$53,833,614 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 67 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 5.01 -----9.78 Russell 1000 Value Index 3.81 15.91 13.90 11.33 12.10 10.53 8.72 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -------9.78 Russell 1000 Value Index 15.91 14.37 11.46 -7.54 25.16 2.80 26.54 8.72 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 68 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: August 1, 2025) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -5 0 5 10 15 20 Annualized Return (%)-0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio -66.67 Negative Months Ratio -33.33 Best Quarter -13.62 Worst Quarter --9.75 Standard Deviation -12.41 Maximum Drawdown --9.75 Max Drawdown Recovery Period -5.00 Up Capture -100.00 Down Capture -100.00 Alpha -0.00 Beta -1.00 R-Squared -1.00 Consistency -100.00 Tracking Error -0.00 Treynor Ratio -0.09 Information Ratio -- Sharpe Ratio -0.74 Total Portfolio Russell 1000 Value Index Positive Months Ratio 100.00 100.00 Negative Months Ratio 0.00 0.00 Best Quarter 5.25 5.19 Worst Quarter 4.10 3.81 Standard Deviation 1.16 1.08 Maximum Drawdown 0.00 0.00 Max Drawdown Recovery Period -- Up Capture 111.73 100.00 Down Capture -- Alpha 0.31 0.00 Beta 0.94 1.00 R-Squared 0.76 1.00 Consistency 60.00 100.00 Tracking Error 0.57 0.00 Treynor Ratio 0.02 0.01 Information Ratio 0.35 - Sharpe Ratio 1.35 1.26 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 69 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 5.01 (15)-------- Russell 1000 Value Index 3.81 (40)15.91 (44)15.13 (43)13.90 (45)8.11 (57)11.33 (57)9.86 (57)12.10 (53)9.32 (54) 5th Percentile 6.70 22.35 20.14 19.07 11.47 14.93 13.27 15.07 12.01 1st Quartile 4.50 17.24 16.46 15.25 9.75 12.89 11.48 13.44 10.40 Median 3.33 15.40 14.65 13.57 8.45 11.64 10.18 12.23 9.40 3rd Quartile 2.23 12.86 12.80 11.48 6.97 10.37 9.02 11.20 8.54 95th Percentile -0.16 7.45 8.38 8.60 4.64 8.04 6.82 9.11 6.72 Population 1,003 1,003 1,001 996 971 965 960 947 946 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 70 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio ---------- Russell 1000 Value Index 14.37 (51)11.46 (48)-7.54 (68)25.16 (61)2.80 (52)26.54 (35)-8.27 (42)13.66 (79)17.34 (19)-3.83 (59) 5th Percentile 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1.55 1st Quartile 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 -1.57 Median 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 -3.35 3rd Quartile 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 -4.97 95th Percentile 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 -8.80 Population 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 1,370 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 71 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $27,900,000 $55,800,000 $83,700,000 $111,600,000 -$27,900,000Market ValueDec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $87,202,770 $76,979,771 $60,846,645 $43,639,686 $57,800,059 $33,239,288 Net Contributions $173,116 $645,268 $558,058 $419,308 $347,224 -$35,938,981 Net Investment Return $3,957,429 $13,708,277 $15,575,068 $16,787,652 -$14,507,598 $94,033,008 Ending Market Value $91,333,315 $91,333,315 $76,979,771 $60,846,645 $43,639,686 $91,333,315 City of Clearwater Employees' Pension Plan - Eagle Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 72 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 4.54 17.75 26.94 14.36 16.80 14.40 14.44 Russell 1000 Value Index 3.81 15.91 13.90 11.33 12.10 10.53 10.62 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 25 50 75 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 17.75 25.56 38.37 -25.08 27.60 15.49 31.28 14.44 Russell 1000 Value Index 15.91 14.37 11.46 -7.54 25.16 2.80 26.54 10.62 City of Clearwater Employees' Pension Plan - Eagle Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 73 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: January 1, 2013) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 69.44 66.67 Negative Months Ratio 30.56 33.33 Best Quarter 13.38 13.62 Worst Quarter -6.66 -9.75 Standard Deviation 11.75 12.41 Maximum Drawdown -6.66 -9.75 Max Drawdown Recovery Period 5.00 5.00 Up Capture 108.67 100.00 Down Capture 29.70 100.00 Alpha 15.52 0.00 Beta 0.74 1.00 R-Squared 0.61 1.00 Consistency 66.67 100.00 Tracking Error 8.00 0.00 Treynor Ratio 0.27 0.09 Information Ratio 1.36 - Sharpe Ratio 1.71 0.74 Total Portfolio Russell 1000 Value Index Positive Months Ratio 67.31 65.38 Negative Months Ratio 32.69 34.62 Best Quarter 21.99 16.77 Worst Quarter -23.61 -26.73 Standard Deviation 16.04 14.42 Maximum Drawdown -32.38 -26.73 Max Drawdown Recovery Period 26.00 12.00 Up Capture 108.86 100.00 Down Capture 93.91 100.00 Alpha 3.07 0.00 Beta 1.01 1.00 R-Squared 0.82 1.00 Consistency 55.77 100.00 Tracking Error 6.74 0.00 Treynor Ratio 0.13 0.10 Information Ratio 0.47 - Sharpe Ratio 0.82 0.69 City of Clearwater Employees' Pension Plan - Eagle Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 74 -10 -5 0 5 10 15 20 25 30 35 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 4.54 (25)17.75 (20)21.59 (3)26.94 (1)11.26 (7)14.36 (8)14.54 (2)16.80 (1)13.84 (1) Russell 1000 Value Index 3.81 (40)15.91 (44)15.13 (43)13.90 (45)8.11 (57)11.33 (57)9.86 (57)12.10 (53)9.32 (54) 5th Percentile 6.70 22.35 20.14 19.07 11.47 14.93 13.27 15.07 12.01 1st Quartile 4.50 17.24 16.46 15.25 9.75 12.89 11.48 13.44 10.40 Median 3.33 15.40 14.65 13.57 8.45 11.64 10.18 12.23 9.40 3rd Quartile 2.23 12.86 12.80 11.48 6.97 10.37 9.02 11.20 8.54 95th Percentile -0.16 7.45 8.38 8.60 4.64 8.04 6.82 9.11 6.72 Population 1,003 1,003 1,001 996 971 965 960 947 946 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 75 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 25.56 (1)38.37 (1)-25.08 (100)27.60 (33)15.49 (1)31.28 (5)-4.86 (14)23.52 (2)10.16 (88)2.35 (4) Russell 1000 Value Index 14.37 (51)11.46 (48)-7.54 (68)25.16 (61)2.80 (52)26.54 (35)-8.27 (42)13.66 (79)17.34 (19)-3.83 (59) 5th Percentile 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1.55 1st Quartile 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 -1.57 Median 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 -3.35 3rd Quartile 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 -4.97 95th Percentile 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 -8.80 Population 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 1,370 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 76 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $70,900,000 $141,800,000 $212,700,000 $283,600,000 $354,500,000 -$70,900,000Market ValueOct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 11/30/2020 Beginning Market Value $232,914,985 $238,897,395 $179,193,994 $135,593,144 $191,150,851 $30,545,838 Net Contributions -$15,982,531 -$55,242,055 $61,362 -$12,953,416 $47,645 $61,474,917 Net Investment Return $2,478,025 $35,755,140 $59,642,039 $56,554,265 -$55,605,352 $127,389,724 Ending Market Value $219,410,479 $219,410,479 $238,897,395 $179,193,994 $135,593,144 $219,410,479 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 77 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.13 18.52 30.96 15.63 --16.36 Russell 1000 Growth Index 1.12 18.56 31.15 15.32 21.25 18.13 16.09 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 50 100 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 18.52 33.28 42.20 -29.09 29.75 --16.36 Russell 1000 Growth Index 18.56 33.36 42.68 -29.14 27.60 38.49 36.39 16.09 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 78 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2020) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Growth Index -8 0 8 16 24 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Growth Index Positive Months Ratio 69.44 69.44 Negative Months Ratio 30.56 30.56 Best Quarter 20.11 20.16 Worst Quarter -10.15 -10.15 Standard Deviation 14.73 14.71 Maximum Drawdown -11.71 -11.71 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.89 100.00 Down Capture 101.03 100.00 Alpha -0.17 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 30.56 100.00 Tracking Error 0.21 0.00 Treynor Ratio 0.24 0.24 Information Ratio -0.68 - Sharpe Ratio 1.61 1.62 Total Portfolio Russell 1000 Growth Index Positive Months Ratio 64.52 62.90 Negative Months Ratio 35.48 37.10 Best Quarter 20.11 20.16 Worst Quarter -20.89 -20.92 Standard Deviation 18.13 18.43 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 24.00 24.00 Up Capture 95.44 100.00 Down Capture 100.20 100.00 Alpha -0.85 0.00 Beta 0.95 1.00 R-Squared 0.94 1.00 Consistency 41.94 100.00 Tracking Error 4.55 0.00 Treynor Ratio 0.14 0.15 Information Ratio -0.38 - Sharpe Ratio 0.76 0.84 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 79 -20 -12 -4 4 12 20 28 36 44 52 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.13 (44)18.52 (24)25.69 (23)30.96 (27)12.34 (11)15.63 (5)--- Russell 1000 Growth Index 1.12 (44)18.56 (23)25.74 (23)31.15 (25)12.44 (10)15.32 (7)18.90 (11)21.25 (9)18.14 (9) 5th Percentile 3.51 23.33 31.44 36.92 13.38 15.52 19.97 22.05 18.95 1st Quartile 1.88 18.38 25.45 31.12 10.81 13.14 17.22 19.23 16.48 Median 0.88 15.61 22.54 28.24 9.22 11.48 15.67 17.81 15.31 3rd Quartile -0.83 12.47 19.24 23.68 7.38 9.62 13.70 16.31 14.00 95th Percentile -4.06 6.53 11.18 15.58 1.79 3.91 10.41 13.23 11.50 Population 959 958 951 948 930 928 919 900 898 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 80 -75 -50 -25 0 25 50 75 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 33.28 (30)42.20 (33)-29.09 (34)29.75 (8)------ Russell 1000 Growth Index 33.36 (29)42.68 (31)-29.14 (34)27.60 (15)38.49 (40)36.39 (21)-1.51 (52)30.21 (40)7.08 (17)5.67 (44) 5th Percentile 44.48 53.12 -20.48 30.31 74.69 39.22 5.80 37.17 9.29 10.95 1st Quartile 34.28 43.57 -27.37 25.61 44.91 36.00 1.15 32.22 5.89 7.28 Median 29.76 39.35 -31.16 21.96 35.95 33.02 -1.38 29.13 2.48 4.97 3rd Quartile 24.39 33.00 -35.23 16.64 30.43 30.17 -4.02 25.47 0.13 1.51 95th Percentile 14.17 20.89 -47.32 3.52 20.36 25.40 -7.45 19.72 -4.98 -3.31 Population 1,009 1,090 1,108 1,138 1,154 1,190 1,269 1,294 1,328 1,297 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 81 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $44,900,000 $89,800,000 $134,700,000 $179,600,000 -$44,900,000 -$89,800,000Market ValueJun-07 Sep-08 Dec-09 Mar-11 Jun-12 Sep-13 Dec-14 Mar-16 Jun-17 Sep-18 Dec-19 Mar-21 Jun-22 Sep-23 Dec-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 07/31/2007 Beginning Market Value $71,896,509 $101,410,244 $84,800,204 $67,546,777 $73,095,509 $26,197,069 Net Contributions $5,392 -$40,470,457 $5,025,924 $8,021,321 $20,204 -$65,107,047 Net Investment Return $2,725,357 $13,687,471 $11,584,117 $9,232,105 -$5,568,935 $113,537,236 Ending Market Value $74,627,258 $74,627,258 $101,410,244 $84,800,204 $67,546,777 $74,627,258 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 82 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.79 15.85 13.93 11.33 12.10 10.50 7.52 Russell 1000 Value Index 3.81 15.91 13.90 11.33 12.10 10.53 7.50 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 15.85 14.37 11.61 -7.62 25.17 2.77 26.55 7.52 Russell 1000 Value Index 15.91 14.37 11.46 -7.54 25.16 2.80 26.54 7.50 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 83 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2007) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -5 0 5 10 15 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 66.67 66.67 Negative Months Ratio 33.33 33.33 Best Quarter 13.63 13.62 Worst Quarter -9.67 -9.75 Standard Deviation 12.40 12.41 Maximum Drawdown -9.67 -9.75 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.96 100.00 Down Capture 99.69 100.00 Alpha 0.05 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 47.22 100.00 Tracking Error 0.13 0.00 Treynor Ratio 0.09 0.09 Information Ratio 0.22 - Sharpe Ratio 0.74 0.74 Total Portfolio Russell 1000 Value Index Positive Months Ratio 61.71 61.71 Negative Months Ratio 38.29 38.29 Best Quarter 27.69 27.62 Worst Quarter -28.95 -28.88 Standard Deviation 16.06 16.11 Maximum Drawdown -54.40 -54.50 Max Drawdown Recovery Period 66.00 66.00 Up Capture 99.96 100.00 Down Capture 99.83 100.00 Alpha 0.05 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 65.32 100.00 Tracking Error 0.37 0.00 Treynor Ratio 0.07 0.07 Information Ratio 0.05 - Sharpe Ratio 0.44 0.44 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 84 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 3.79 (40)15.85 (45)15.11 (43)13.93 (44)8.11 (57)11.33 (57)9.85 (57)12.10 (53)9.31 (54) Russell 1000 Value Index 3.81 (40)15.91 (44)15.13 (43)13.90 (45)8.11 (57)11.33 (57)9.86 (57)12.10 (53)9.32 (54) 5th Percentile 6.70 22.35 20.14 19.07 11.47 14.93 13.27 15.07 12.01 1st Quartile 4.50 17.24 16.46 15.25 9.75 12.89 11.48 13.44 10.40 Median 3.33 15.40 14.65 13.57 8.45 11.64 10.18 12.23 9.40 3rd Quartile 2.23 12.86 12.80 11.48 6.97 10.37 9.02 11.20 8.54 95th Percentile -0.16 7.45 8.38 8.60 4.64 8.04 6.82 9.11 6.72 Population 1,003 1,003 1,001 996 971 965 960 947 946 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 85 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 14.37 (51)11.61 (46)-7.62 (69)25.17 (61)2.77 (52)26.55 (35)-8.32 (43)13.77 (78)17.03 (22)-3.66 (56) Russell 1000 Value Index 14.37 (51)11.46 (48)-7.54 (68)25.16 (61)2.80 (52)26.54 (35)-8.27 (42)13.66 (79)17.34 (19)-3.83 (59) 5th Percentile 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1.55 1st Quartile 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 -1.57 Median 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 -3.35 3rd Quartile 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 -4.97 95th Percentile 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 -8.80 Population 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 1,370 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 86 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $72,900,000 $145,800,000 $218,700,000 -$72,900,000 -$145,800,000 -$218,700,000Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $142,793,201 $125,134,749 $106,878,366 $74,563,616 $106,096,870 $15,584,862 Net Contributions $187,854 $886,722 $5,845,178 $15,652,365 -$9,365,956 -$100,759,499 Net Investment Return $335,732 $17,295,316 $12,411,204 $16,662,386 -$22,167,299 $228,491,423 Ending Market Value $143,316,786 $143,316,786 $125,134,749 $106,878,366 $74,563,616 $143,316,786 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 87 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.24 13.77 15.10 7.44 14.29 11.37 12.19 Russell Midcap Index 0.16 10.60 14.36 8.67 12.75 11.01 11.40 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Index 0 25 50 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 13.77 11.47 20.24 -20.92 18.74 37.35 29.52 12.19 Russell Midcap Index 10.60 15.34 17.23 -17.32 22.58 17.10 30.54 11.40 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 88 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: April 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Russell Midcap Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell Midcap Index Positive Months Ratio 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 16.20 17.06 Worst Quarter -10.91 -12.90 Standard Deviation 14.72 15.28 Maximum Drawdown -10.91 -12.90 Max Drawdown Recovery Period 5.00 5.00 Up Capture 96.62 100.00 Down Capture 89.55 100.00 Alpha 1.47 0.00 Beta 0.94 1.00 R-Squared 0.95 1.00 Consistency 52.78 100.00 Tracking Error 3.36 0.00 Treynor Ratio 0.11 0.10 Information Ratio 0.17 - Sharpe Ratio 0.71 0.65 Total Portfolio Russell Midcap Index Positive Months Ratio 62.47 63.36 Negative Months Ratio 37.53 36.64 Best Quarter 50.66 31.40 Worst Quarter -39.61 -38.81 Standard Deviation 17.60 16.38 Maximum Drawdown -53.49 -54.15 Max Drawdown Recovery Period 38.00 45.00 Up Capture 92.50 100.00 Down Capture 81.33 100.00 Alpha 2.11 0.00 Beta 0.90 1.00 R-Squared 0.71 1.00 Consistency 50.33 100.00 Tracking Error 9.67 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.09 - Sharpe Ratio 0.57 0.56 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 89 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.24 (100)13.77 (77)12.62 (99)15.10 (99)4.79 (100)7.44 (100)11.93 (82)14.29 (84)10.95 (85) Russell Midcap Index 0.16 (100)10.60 (99)12.95 (99)14.36 (99)5.45 (99)8.67 (99)10.04 (100)12.75 (100)9.76 (100) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 90 -40 -25 -10 5 20 35 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 11.47 (100)20.24 (90)-20.92 (96)18.74 (100)37.35 (1)29.52 (69)-9.88 (97)19.76 (78)6.73 (99)-1.30 (84) Russell Midcap Index 15.34 (99)17.23 (100)-17.32 (27)22.58 (88)17.10 (73)30.54 (34)-9.06 (93)18.52 (84)13.80 (20)-2.44 (90) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 91 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $22,900,000 $45,800,000 $68,700,000 $91,600,000 $114,500,000 -$22,900,000Market ValueMar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/01/2020 Beginning Market Value $80,455,847 $71,506,988 $55,236,074 $42,250,605 $55,743,089 $27,058,203 Net Contributions $131,712 $503,701 $10,410,825 $5,327,415 -$9,643,023 $5,212,887 Net Investment Return -$460,873 $8,115,998 $5,860,089 $7,658,053 -$3,849,460 $47,855,596 Ending Market Value $80,126,686 $80,126,686 $71,506,988 $55,236,074 $42,250,605 $80,126,686 City of Clearwater Employees' Pension Plan - Boston Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 92 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Value Index 0 5 10 15 20 -5Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.57 11.32 12.80 11.20 --11.64 Russell Midcap Value Index 1.42 11.05 12.27 9.83 11.41 9.78 11.62 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 11.32 10.45 16.74 -6.98 27.34 --11.64 Russell Midcap Value Index 11.05 13.07 12.71 -12.03 28.34 4.96 27.06 11.62 City of Clearwater Employees' Pension Plan - Boston Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 93 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: March 1, 2020) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Boston Partners Russell Midcap Value Index -8 0 8 16 24 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Boston Partners Russell Midcap Value Index Positive Months Ratio 55.56 58.33 Negative Months Ratio 44.44 41.67 Best Quarter 14.56 15.84 Worst Quarter -9.54 -12.98 Standard Deviation 14.93 15.35 Maximum Drawdown -10.87 -12.98 Max Drawdown Recovery Period 8.00 5.00 Up Capture 97.36 100.00 Down Capture 92.93 100.00 Alpha 0.95 0.00 Beta 0.96 1.00 R-Squared 0.97 1.00 Consistency 47.22 100.00 Tracking Error 2.70 0.00 Treynor Ratio 0.09 0.08 Information Ratio 0.15 - Sharpe Ratio 0.57 0.53 Boston Partners Russell Midcap Value Index Positive Months Ratio 57.14 60.00 Negative Months Ratio 42.86 40.00 Best Quarter 24.61 20.43 Worst Quarter -17.99 -14.68 Standard Deviation 22.97 20.17 Maximum Drawdown -29.72 -22.70 Max Drawdown Recovery Period 25.00 5.00 Up Capture 90.16 100.00 Down Capture 80.97 100.00 Alpha 0.79 0.00 Beta 0.99 1.00 R-Squared 0.76 1.00 Consistency 48.57 100.00 Tracking Error 11.37 0.00 Treynor Ratio 0.11 0.10 Information Ratio 0.06 - Sharpe Ratio 0.48 0.51 City of Clearwater Employees' Pension Plan - Boston Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 94 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -0.57 (92)11.32 (34)10.88 (43)12.80 (26)7.49 (23)11.20 (25)--- Russell Midcap Value Index 1.42 (61)11.05 (37)12.05 (30)12.27 (34)5.63 (55)9.83 (52)9.00 (46)11.41 (44)8.13 (43) 5th Percentile 5.25 20.12 18.25 18.57 9.74 13.82 12.30 14.74 10.97 1st Quartile 3.19 12.67 12.51 12.81 7.26 11.18 10.16 12.26 8.74 Median 1.90 9.42 10.11 11.16 5.72 9.89 8.58 11.00 7.76 3rd Quartile 0.67 6.03 8.56 9.40 4.64 8.61 7.61 10.06 6.91 95th Percentile -1.12 1.98 4.20 6.63 2.80 6.57 6.12 8.44 5.38 Population 343 343 342 336 334 333 331 330 326 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 95 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 10.45 (57)16.74 (23)-6.98 (39)27.34 (61)------ Russell Midcap Value Index 13.07 (30)12.71 (43)-12.03 (83)28.34 (52)4.96 (36)27.06 (50)-12.29 (36)13.34 (53)20.00 (33)-4.78 (56) 5th Percentile 18.90 24.91 0.37 35.29 13.23 33.93 -5.49 19.78 25.50 1.04 1st Quartile 13.61 16.25 -5.50 31.41 6.30 29.84 -11.21 15.69 20.76 -2.59 Median 10.85 12.00 -8.17 28.48 3.01 27.01 -13.48 13.45 17.16 -4.27 3rd Quartile 8.89 10.27 -10.66 25.74 0.18 23.71 -15.79 11.53 14.60 -6.84 95th Percentile 4.78 6.41 -16.39 13.66 -4.35 16.76 -19.94 7.04 9.51 -10.82 Population 363 371 382 394 404 424 455 454 452 443 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 96 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Russell Midcap Growth Index Net Cash Flow $61,880,000 $62,140,000 $62,400,000 $62,660,000 $62,920,000 $63,180,000 $63,440,000 Market ValueNov-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 12/01/2025 Beginning Market Value -----$63,189,750 Net Contributions ------ Net Investment Return ------ Ending Market Value -----$63,189,750 City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 97 -16 -10 -4 2 8 14 20 26 32 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio --------- Russell Midcap Growth Index -3.70 (67)8.66 (32)15.18 (24)18.64 (16)5.18 (12)6.65 (16)11.00 (16)14.20 (16)11.64 (16) 5th Percentile 3.54 19.55 22.96 22.77 6.58 9.07 13.64 15.83 14.22 1st Quartile -0.01 10.62 14.99 17.13 3.19 5.23 10.30 13.55 11.14 Median -2.98 5.77 11.10 14.25 1.36 3.55 8.52 11.90 9.68 3rd Quartile -4.44 1.94 6.42 10.89 -0.97 1.11 6.95 10.36 8.31 95th Percentile -7.61 -5.64 1.51 6.52 -4.36 -2.12 4.45 8.13 6.19 Population 460 459 456 455 453 448 440 434 428 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 98 -80 -60 -40 -20 0 20 40 60 80 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio ---------- Russell Midcap Growth Index 22.10 (25)25.87 (17)-26.72 (36)12.73 (44)35.59 (53)35.47 (36)-4.75 (41)25.27 (44)7.33 (26)-0.20 (53) 5th Percentile 31.51 30.99 -19.99 24.93 68.45 42.02 3.57 33.65 13.21 6.10 1st Quartile 21.44 24.35 -25.14 16.26 47.77 37.16 -2.56 27.63 7.50 2.43 Median 14.83 20.78 -28.63 11.70 36.39 33.51 -5.45 24.83 4.96 0.05 3rd Quartile 10.55 17.97 -33.19 7.14 29.71 30.47 -7.73 22.21 2.13 -2.42 95th Percentile 4.11 11.81 -41.49 -4.99 19.19 25.60 -14.38 16.25 -0.98 -6.50 Population 476 511 523 537 545 561 573 595 607 598 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 99 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Russell 2000 Index Net Cash Flow $0 $56,900,000 $113,800,000 $170,700,000 -$56,900,000 -$113,800,000 -$170,700,000Market ValueAug-03 Feb-05 Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14 Aug-15 Feb-17 Aug-18 Feb-20 Aug-21 Feb-23 Aug-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $67,272,710 $72,830,169 $59,111,590 $44,901,336 $68,730,135 $29,988,472 Net Contributions $144,652 $582,449 $10,538,966 $5,457,576 -$9,523,392 -$91,883,079 Gain/Loss -$717,909 -$6,713,165 $3,179,613 $8,752,678 -$14,305,407 $128,594,060 Ending Market Value $66,699,453 $66,699,453 $72,830,169 $59,111,590 $44,901,336 $66,699,453 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 100 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 10 20 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.07 -9.21 4.20 0.07 7.59 8.88 9.01 Russell 2000 Index 2.19 12.81 13.73 6.09 10.60 9.62 8.91 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -9.21 5.41 18.22 -20.83 12.05 31.17 26.79 9.01 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 8.91 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 101 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2003) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -4 0 4 8 12 16 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 47.22 52.78 Negative Months Ratio 52.78 47.22 Best Quarter 14.71 17.62 Worst Quarter -14.79 -16.69 Standard Deviation 17.02 19.63 Maximum Drawdown -17.67 -18.87 Max Drawdown Recovery Period -10.00 Up Capture 65.31 100.00 Down Capture 84.43 100.00 Alpha -6.28 0.00 Beta 0.81 1.00 R-Squared 0.87 1.00 Consistency 38.89 100.00 Tracking Error 7.11 0.00 Treynor Ratio 0.01 0.10 Information Ratio -1.31 - Sharpe Ratio 0.05 0.52 Total Portfolio Russell 2000 Index Positive Months Ratio 62.69 62.31 Negative Months Ratio 37.31 37.69 Best Quarter 30.14 35.15 Worst Quarter -36.45 -35.73 Standard Deviation 17.78 19.63 Maximum Drawdown -53.06 -52.89 Max Drawdown Recovery Period 40.00 45.00 Up Capture 89.34 100.00 Down Capture 85.32 100.00 Alpha 1.08 0.00 Beta 0.87 1.00 R-Squared 0.93 1.00 Consistency 50.37 100.00 Tracking Error 5.36 0.00 Treynor Ratio 0.10 0.09 Information Ratio -0.05 - Sharpe Ratio 0.48 0.45 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 102 -16 -10 -4 2 8 14 20 26 32 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.07 (100)-9.21 (100)-2.17 (100)4.20 (100)-2.72 (100)0.07 (100)4.69 (100)7.59 (100)6.84 (100) Russell 2000 Index 2.19 (65)12.81 (84)12.17 (99)13.73 (99)4.02 (100)6.09 (100)8.29 (100)10.60 (100)7.63 (100) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 103 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.41 (100)18.22 (99)-20.83 (96)12.05 (100)31.17 (1)26.79 (99)1.67 (1)16.66 (97)18.26 (3)-1.70 (85) Russell 2000 Index 11.54 (100)16.93 (100)-20.44 (95)14.82 (100)19.96 (40)25.53 (100)-11.01 (98)14.65 (98)21.31 (2)-4.41 (100) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 104 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $14,900,000 $29,800,000 $44,700,000 -$14,900,000 -$29,800,000Market ValueAug-03 Feb-05 Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14 Aug-15 Feb-17 Aug-18 Feb-20 Aug-21 Feb-23 Aug-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $22,514,145 $24,611,564 $18,033,709 $10,217,052 $17,200,666 $14,989,707 Net Contributions $44,356 $182,184 $5,152,287 $5,103,012 -$4,891,140 -$20,738,809 Net Investment Return -$297,066 -$2,532,313 $1,425,568 $2,713,645 -$2,092,474 $28,010,537 Ending Market Value $22,261,435 $22,261,435 $24,611,564 $18,033,709 $10,217,052 $22,261,435 City of Clearwater Employees' Pension Plan - Atlanta Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 105 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 10 20 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.32 -10.27 5.40 4.25 8.07 8.75 10.66 Russell 2000 Index 2.19 12.81 13.73 6.09 10.60 9.62 8.91 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -10.27 8.09 20.71 -12.28 19.89 10.77 26.20 10.66 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 8.91 City of Clearwater Employees' Pension Plan - Atlanta Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 106 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2003) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -4 0 4 8 12 16 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 52.78 52.78 Negative Months Ratio 47.22 47.22 Best Quarter 14.40 17.62 Worst Quarter -12.06 -16.69 Standard Deviation 16.43 19.63 Maximum Drawdown -19.46 -18.87 Max Drawdown Recovery Period -10.00 Up Capture 58.68 100.00 Down Capture 68.43 100.00 Alpha -4.23 0.00 Beta 0.74 1.00 R-Squared 0.77 1.00 Consistency 44.44 100.00 Tracking Error 9.41 0.00 Treynor Ratio 0.03 0.10 Information Ratio -0.88 - Sharpe Ratio 0.11 0.52 Total Portfolio Russell 2000 Index Positive Months Ratio 63.81 62.31 Negative Months Ratio 36.19 37.69 Best Quarter 28.59 35.15 Worst Quarter -26.34 -35.73 Standard Deviation 16.13 19.63 Maximum Drawdown -38.47 -52.89 Max Drawdown Recovery Period 29.00 45.00 Up Capture 83.11 100.00 Down Capture 70.39 100.00 Alpha 3.40 0.00 Beta 0.77 1.00 R-Squared 0.88 1.00 Consistency 49.63 100.00 Tracking Error 7.10 0.00 Treynor Ratio 0.13 0.09 Information Ratio 0.13 - Sharpe Ratio 0.60 0.45 City of Clearwater Employees' Pension Plan - Atlanta Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 107 -20 -15 -10 -5 0 5 10 15 20 25 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.32 (93)-10.27 (100)-1.51 (100)5.40 (99)0.67 (93)4.25 (92)5.31 (93)8.07 (92)7.09 (60) Russell 2000 Index 2.19 (41)12.81 (18)12.17 (26)13.73 (24)4.02 (45)6.09 (71)8.29 (51)10.60 (50)7.63 (46) 5th Percentile 5.03 16.50 16.22 17.16 8.23 12.00 11.98 14.39 11.10 1st Quartile 2.60 11.87 12.18 13.67 5.06 8.92 9.85 11.88 8.59 Median 1.94 8.29 9.44 11.94 3.73 7.11 8.29 10.58 7.41 3rd Quartile 1.12 4.72 6.93 9.58 2.09 5.78 7.13 9.44 6.52 95th Percentile -2.55 -3.12 2.96 6.79 -0.08 3.54 4.91 7.62 4.90 Population 543 542 537 531 525 520 517 510 500 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 108 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 8.09 (79)20.71 (13)-12.28 (15)19.89 (67)10.77 (62)26.20 (32)0.48 (1)13.34 (48)18.02 (71)4.97 (1) Russell 2000 Index 11.54 (41)16.93 (42)-20.44 (83)14.82 (87)19.96 (17)25.53 (40)-11.01 (38)14.65 (31)21.31 (42)-4.41 (53) 5th Percentile 18.94 23.35 -8.54 32.62 25.65 31.22 -6.30 20.79 28.97 0.14 1st Quartile 13.15 18.24 -14.75 26.50 18.85 26.91 -9.75 15.18 23.73 -2.02 Median 10.85 16.28 -16.75 22.54 12.84 24.63 -12.10 13.13 20.47 -4.28 3rd Quartile 8.52 13.68 -19.92 18.70 7.32 22.02 -15.37 10.28 17.26 -6.14 95th Percentile 4.00 8.59 -23.02 13.76 -0.51 17.09 -19.67 5.95 11.16 -11.46 Population 562 595 601 624 656 693 740 802 796 751 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 109 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $17,900,000 $35,800,000 $53,700,000 $71,600,000 -$17,900,000 -$35,800,000Market ValueSep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 10/01/2010 Beginning Market Value $26,263,374 $30,013,830 $28,693,880 $23,689,315 $34,601,965 $16,876,305 Net Contributions $57,631 $235,410 $259,681 $243,018 $223,461 -$32,459,116 Net Investment Return -$571,564 -$4,499,798 $1,060,269 $4,761,547 -$11,136,111 $41,332,252 Ending Market Value $25,749,441 $25,749,441 $30,013,830 $28,693,880 $23,689,315 $25,749,441 City of Clearwater Employees' Pension Plan - Riverbridge Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 110 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 15 30 -15 -30Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -2.18 -14.97 1.90 -5.78 5.53 8.10 10.10 Russell 2000 Growth Index 1.22 13.01 15.59 3.18 10.59 9.57 10.91 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -14.97 3.67 20.04 -32.15 3.44 54.14 27.35 10.10 Russell 2000 Growth Index 13.01 15.15 18.66 -26.36 2.83 34.63 28.48 10.91 City of Clearwater Employees' Pension Plan - Riverbridge Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 111 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2010) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Growth Index -6 0 6 12 18 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Growth Index Positive Months Ratio 47.22 52.78 Negative Months Ratio 52.78 47.22 Best Quarter 15.37 18.25 Worst Quarter -17.04 -18.29 Standard Deviation 18.32 20.04 Maximum Drawdown -19.17 -18.91 Max Drawdown Recovery Period -10.00 Up Capture 60.18 100.00 Down Capture 90.83 100.00 Alpha -9.82 0.00 Beta 0.84 1.00 R-Squared 0.84 1.00 Consistency 41.67 100.00 Tracking Error 8.13 0.00 Treynor Ratio -0.01 0.12 Information Ratio -1.60 - Sharpe Ratio -0.06 0.59 Total Portfolio Russell 2000 Growth Index Positive Months Ratio 61.20 60.66 Negative Months Ratio 38.80 39.34 Best Quarter 36.06 34.83 Worst Quarter -21.65 -25.76 Standard Deviation 17.92 19.67 Maximum Drawdown -38.99 -33.43 Max Drawdown Recovery Period -41.00 Up Capture 85.55 100.00 Down Capture 82.11 100.00 Alpha 0.89 0.00 Beta 0.84 1.00 R-Squared 0.85 1.00 Consistency 49.73 100.00 Tracking Error 7.55 0.00 Treynor Ratio 0.12 0.11 Information Ratio -0.14 - Sharpe Ratio 0.55 0.55 City of Clearwater Employees' Pension Plan - Riverbridge Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 112 -28 -20 -12 -4 4 12 20 28 36 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -2.18 (91)-14.97 (100)-6.12 (100)1.90 (100)-7.95 (100)-5.78 (98)2.28 (97)5.53 (98)5.75 (91) Russell 2000 Growth Index 1.22 (64)13.01 (21)14.08 (30)15.59 (25)3.27 (25)3.18 (45)7.86 (50)10.59 (51)7.88 (62) 5th Percentile 6.04 21.18 23.70 24.04 6.94 8.76 13.98 15.98 13.63 1st Quartile 3.59 12.38 15.14 15.56 3.19 4.95 9.96 12.50 10.38 Median 1.89 8.86 11.23 12.62 0.98 2.64 7.82 10.68 8.69 3rd Quartile 0.25 4.12 7.93 10.19 -1.59 -0.09 5.87 9.09 7.10 95th Percentile -2.84 -6.72 1.46 5.93 -5.17 -4.43 3.89 6.20 5.13 Population 511 511 511 509 500 497 497 482 480 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 113 -80 -60 -40 -20 0 20 40 60 80 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 3.67 (100)20.04 (22)-32.15 (75)3.44 (77)54.14 (23)27.35 (57)7.33 (3)22.97 (48)13.29 (27)-3.15 (61) Russell 2000 Growth Index 15.15 (41)18.66 (32)-26.36 (39)2.83 (80)34.63 (60)28.48 (50)-9.31 (78)22.17 (50)11.32 (41)-1.38 (39) 5th Percentile 28.02 26.17 -17.83 28.52 70.41 40.25 5.09 36.43 21.88 5.03 1st Quartile 18.83 19.34 -24.42 15.31 52.50 34.51 -1.65 26.53 13.50 0.10 Median 13.84 16.35 -28.30 9.33 38.07 28.44 -5.12 22.12 10.00 -2.20 3rd Quartile 10.49 12.89 -32.18 3.74 27.75 24.59 -8.93 17.98 6.78 -4.44 95th Percentile 5.81 7.41 -38.65 -5.79 13.38 18.09 -15.19 11.13 0.21 -9.49 Population 544 588 594 607 621 633 661 695 688 686 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 114 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $5,600,000 $11,200,000 $16,800,000 $22,400,000 $28,000,000 -$5,600,000Market ValueNov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 12/01/2017 Beginning Market Value $18,495,191 $18,204,775 $12,384,001 $10,994,968 $16,927,504 $13,915,449 Net Contributions $42,664 $164,855 $5,126,998 $111,546 -$4,855,712 -$2,906,751 Net Investment Return $150,721 $318,946 $693,776 $1,277,487 -$1,076,823 $7,679,879 Ending Market Value $18,688,577 $18,688,577 $18,204,775 $12,384,001 $10,994,968 $18,688,577 City of Clearwater Employees' Pension Plan - Sycamore Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 115 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Value Index 0 4 8 12 16 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.81 1.71 6.20 7.00 9.25 -6.73 Russell 2000 Value Index 3.26 12.59 11.73 8.88 10.09 9.27 6.67 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Value Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 1.71 5.57 11.55 -6.40 25.08 4.91 26.24 6.73 Russell 2000 Value Index 12.59 8.05 14.65 -14.48 28.27 4.63 22.39 6.67 City of Clearwater Employees' Pension Plan - Sycamore Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 116 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Value Index -5 0 5 10 15 20 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Value Index Positive Months Ratio 47.22 55.56 Negative Months Ratio 52.78 44.44 Best Quarter 13.66 17.00 Worst Quarter -14.76 -15.15 Standard Deviation 17.07 19.91 Maximum Drawdown -19.21 -18.83 Max Drawdown Recovery Period -11.00 Up Capture 78.31 100.00 Down Capture 90.55 100.00 Alpha -3.42 0.00 Beta 0.84 1.00 R-Squared 0.95 1.00 Consistency 38.89 100.00 Tracking Error 4.99 0.00 Treynor Ratio 0.03 0.08 Information Ratio -1.13 - Sharpe Ratio 0.16 0.42 Total Portfolio Russell 2000 Value Index Positive Months Ratio 57.14 61.22 Negative Months Ratio 42.86 38.78 Best Quarter 27.85 35.53 Worst Quarter -28.98 -35.66 Standard Deviation 19.23 22.37 Maximum Drawdown -28.98 -37.54 Max Drawdown Recovery Period 12.00 28.00 Up Capture 86.40 100.00 Down Capture 85.44 100.00 Alpha 0.54 0.00 Beta 0.83 1.00 R-Squared 0.94 1.00 Consistency 47.96 100.00 Tracking Error 6.10 0.00 Treynor Ratio 0.07 0.07 Information Ratio -0.17 - Sharpe Ratio 0.30 0.30 City of Clearwater Employees' Pension Plan - Sycamore Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 117 -8 -4 0 4 8 12 16 20 24 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.81 (74)1.71 (81)3.62 (88)6.20 (92)2.90 (78)7.00 (83)6.65 (77)9.25 (71)6.89 (46) Russell 2000 Value Index 3.26 (24)12.59 (14)10.30 (24)11.73 (28)4.51 (54)8.88 (59)8.16 (53)10.09 (57)6.92 (46) 5th Percentile 4.95 14.54 14.43 16.38 9.34 14.01 13.61 14.45 9.81 1st Quartile 3.09 9.80 10.10 11.89 6.12 10.93 9.65 11.45 7.72 Median 1.84 6.62 8.05 10.42 4.64 9.33 8.31 10.34 6.76 3rd Quartile 0.77 2.23 5.24 8.27 3.08 7.60 6.77 8.96 5.70 95th Percentile -1.02 -2.92 1.72 5.35 0.82 5.75 4.94 7.40 4.38 Population 432 432 432 430 421 417 416 410 400 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 118 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.57 (82)11.55 (79)-6.40 (18)25.08 (82)4.91 (35)26.24 (20)-8.23 (5)--- Russell 2000 Value Index 8.05 (64)14.65 (56)-14.48 (80)28.27 (60)4.63 (37)22.39 (48)-12.86 (27)7.84 (67)31.74 (7)-7.47 (70) 5th Percentile 16.28 23.47 -1.23 40.07 15.48 31.78 -8.57 17.92 32.17 0.79 1st Quartile 11.58 18.85 -8.27 34.47 7.83 25.44 -12.73 12.35 28.26 -3.17 Median 9.30 15.34 -11.36 30.62 3.39 22.24 -15.10 9.59 24.88 -5.89 3rd Quartile 6.49 12.28 -13.87 26.13 -0.47 20.07 -17.52 6.99 20.82 -8.17 95th Percentile 3.24 8.65 -17.28 21.30 -6.24 14.98 -20.81 3.29 15.68 -13.95 Population 455 488 491 494 504 536 544 547 545 526 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 119 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $95,900,000 $191,800,000 $287,700,000 $383,600,000 -$95,900,000 -$191,800,000Market ValueMay-01 Nov-02 May-04 Nov-05 May-07 Nov-08 May-10 Nov-11 May-13 Nov-14 May-16 Nov-17 May-19 Nov-20 May-22 Nov-23 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2001 Beginning Market Value $165,174,466 $130,093,921 $168,620,186 $185,852,802 $246,605,252 $20,000,000 Net Contributions $287,630 $1,040,661 -$48,923,615 -$43,879,659 -$8,803,702 -$97,503,412 Net Investment Return -$2,469,512 $31,858,002 $10,397,349 $26,647,043 -$51,948,748 $240,495,997 Ending Market Value $162,992,584 $162,992,584 $130,093,921 $168,620,186 $185,852,802 $162,992,584 City of Clearwater Employees' Pension Plan - Total International Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 120 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 15 30 45 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.50 24.46 15.38 6.67 11.04 9.21 6.09 MSCI AC World ex USA (Net)5.05 32.39 17.33 7.91 10.15 8.41 6.31 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 24.46 5.82 16.64 -21.08 13.92 18.16 27.53 6.09 MSCI AC World ex USA (Net)32.39 5.53 15.62 -16.00 7.82 10.65 21.51 6.31 City of Clearwater Employees' Pension Plan - Total International Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 121 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2001) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI AC World ex USA (Net) 0 3 6 9 12 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 63.89 61.11 Negative Months Ratio 36.11 38.89 Best Quarter 16.42 13.34 Worst Quarter -11.61 -11.35 Standard Deviation 13.07 11.56 Maximum Drawdown -11.61 -11.35 Max Drawdown Recovery Period 5.00 5.00 Up Capture 101.94 100.00 Down Capture 120.24 100.00 Alpha -2.16 0.00 Beta 1.04 1.00 R-Squared 0.85 1.00 Consistency 55.56 100.00 Tracking Error 5.16 0.00 Treynor Ratio 0.10 0.12 Information Ratio -0.29 - Sharpe Ratio 0.81 1.04 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 58.64 59.66 Negative Months Ratio 41.36 40.34 Best Quarter 45.62 39.37 Worst Quarter -40.04 -37.57 Standard Deviation 16.83 16.54 Maximum Drawdown -57.23 -57.63 Max Drawdown Recovery Period 72.00 115.00 Up Capture 98.30 100.00 Down Capture 98.50 100.00 Alpha -0.10 0.00 Beta 0.99 1.00 R-Squared 0.95 1.00 Consistency 49.49 100.00 Tracking Error 3.82 0.00 Treynor Ratio 0.06 0.06 Information Ratio -0.04 - Sharpe Ratio 0.33 0.35 City of Clearwater Employees' Pension Plan - Total International Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 122 -12 -4 4 12 20 28 36 44 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.50 (100)24.46 (88)14.76 (77)15.38 (72)4.93 (91)6.67 (60)8.51 (47)11.04 (29)7.88 (20) MSCI AC World ex USA (Net) 5.05 (21)32.39 (18)18.20 (21)17.33 (26)7.93 (29)7.91 (40)8.36 (51)10.15 (47)6.76 (38) 5th Percentile 5.96 35.75 20.75 19.54 10.12 10.66 10.34 12.29 8.94 1st Quartile 4.97 31.76 18.06 17.33 8.01 8.50 9.36 11.07 7.67 Median 4.57 29.98 16.89 16.41 6.78 7.27 8.38 9.84 6.27 3rd Quartile 3.38 26.56 15.18 15.30 5.54 5.89 7.06 9.24 5.75 95th Percentile 1.13 21.15 13.18 14.06 4.57 2.91 5.09 6.21 3.61 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 123 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.82 (40)16.64 (48)-21.08 (88)13.92 (8)18.16 (12)27.53 (4)-11.88 (7)27.97 (42)2.78 (77)-9.91 (98) MSCI AC World ex USA (Net) 5.53 (52)15.62 (66)-16.00 (31)7.82 (59)10.65 (73)21.51 (69)-14.20 (40)27.19 (65)4.50 (41)-5.66 (87) 5th Percentile 11.24 19.60 -13.09 14.48 20.84 27.21 -11.73 32.38 8.80 1.34 1st Quartile 6.75 17.76 -15.65 10.47 15.32 23.40 -13.41 29.57 5.75 -1.35 Median 5.57 16.61 -17.52 8.67 13.49 22.83 -14.54 27.71 4.11 -2.17 3rd Quartile 4.74 15.34 -18.70 6.86 9.98 20.86 -15.21 25.76 3.12 -4.45 95th Percentile 2.44 13.60 -22.20 1.32 6.54 19.06 -16.80 23.99 0.30 -7.28 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 124 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $14,900,000 $29,800,000 $44,700,000 $59,600,000 $74,500,000 -$14,900,000Market ValueOct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 11/01/2017 Beginning Market Value $16,770,952 $13,516,724 $17,204,829 $40,928,685 $48,958,040 $39,577,385 Net Contributions -$210 -$748 -$5,000,791 -$28,001,765 -$1,980 -$33,012,303 Net Investment Return $635,081 $3,889,847 $1,312,686 $4,277,909 -$8,027,375 $10,840,740 Ending Market Value $17,405,823 $17,405,823 $13,516,724 $17,204,829 $40,928,685 $17,405,823 City of Clearwater Employees' Pension Plan - DFA Emerging Markets MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 125 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 15 30 45 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.79 28.78 16.85 7.14 9.32 -6.33 MSCI Emerging Markets (Net)4.73 33.57 16.40 4.20 8.06 8.42 5.31 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI Emerging Markets (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 28.78 7.32 15.44 -16.40 5.84 13.87 16.04 6.33 MSCI Emerging Markets (Net)33.57 7.50 9.83 -20.09 -2.54 18.31 18.42 5.31 City of Clearwater Employees' Pension Plan - DFA Emerging Markets INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 126 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI Emerging Markets (Net) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 69.44 69.44 Negative Months Ratio 30.56 30.56 Best Quarter 13.40 13.06 Worst Quarter -10.07 -12.16 Standard Deviation 11.75 13.41 Maximum Drawdown -10.07 -12.16 Max Drawdown Recovery Period 5.00 8.00 Up Capture 90.77 100.00 Down Capture 77.24 100.00 Alpha 2.66 0.00 Beta 0.85 1.00 R-Squared 0.94 1.00 Consistency 55.56 100.00 Tracking Error 3.54 0.00 Treynor Ratio 0.14 0.11 Information Ratio 0.05 - Sharpe Ratio 0.99 0.85 Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 58.16 58.16 Negative Months Ratio 41.84 41.84 Best Quarter 21.28 22.16 Worst Quarter -28.31 -23.60 Standard Deviation 16.84 16.90 Maximum Drawdown -34.14 -35.98 Max Drawdown Recovery Period 35.00 49.00 Up Capture 97.51 100.00 Down Capture 91.68 100.00 Alpha 1.17 0.00 Beta 0.97 1.00 R-Squared 0.95 1.00 Consistency 55.10 100.00 Tracking Error 3.80 0.00 Treynor Ratio 0.05 0.04 Information Ratio 0.26 - Sharpe Ratio 0.30 0.24 City of Clearwater Employees' Pension Plan - DFA Emerging Markets PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 127 -12 -4 4 12 20 28 36 44 52 60 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 3.79 (70)28.78 (71)17.56 (59)16.85 (40)7.47 (17)7.14 (14)8.23 (18)9.32 (30)5.89 (26) MSCI Emerging Markets (Net) 4.73 (45)33.57 (41)19.83 (36)16.40 (45)5.95 (34)4.20 (43)6.42 (49)8.06 (54)4.93 (48) 5th Percentile 10.08 43.45 23.76 21.84 10.19 10.19 10.02 11.35 7.79 1st Quartile 5.77 35.38 20.66 17.83 6.62 5.47 7.72 9.54 5.92 Median 4.50 32.24 18.49 16.04 4.78 3.70 6.32 8.25 4.75 3rd Quartile 3.50 28.06 15.78 14.32 2.53 0.92 4.78 7.07 3.70 95th Percentile -0.14 12.93 8.84 10.00 -1.81 -1.84 2.90 5.46 2.38 Population 653 649 646 633 600 574 555 544 520 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 128 -55 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 7.32 (35)15.44 (24)-16.40 (13)5.84 (15)13.87 (74)16.04 (82)-15.25 (37)--- MSCI Emerging Markets (Net) 7.50 (34)9.83 (60)-20.09 (27)-2.54 (57)18.31 (50)18.42 (67)-14.57 (28)37.28 (44)11.19 (29)-14.92 (64) 5th Percentile 14.08 22.62 -12.98 14.58 41.02 30.38 -10.65 46.86 18.33 -5.97 1st Quartile 8.41 15.14 -19.78 3.36 25.51 24.61 -14.28 40.64 11.56 -9.91 Median 6.20 10.91 -22.75 -1.73 18.23 21.07 -16.58 35.79 8.34 -13.55 3rd Quartile 3.34 7.99 -26.31 -5.54 13.46 17.38 -19.07 29.81 3.96 -16.11 95th Percentile -2.46 4.40 -33.02 -12.09 4.56 9.37 -22.35 21.76 -2.51 -20.59 Population 701 743 756 758 779 829 850 869 862 795 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 129 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $23,900,000 $47,800,000 $71,700,000 $95,600,000 $119,500,000 -$23,900,000Market ValueJul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 Oct-23 Jul-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $37,300,855 $29,829,196 $70,991,687 $64,842,013 $80,786,203 $16,165,278 Net Contributions $69,081 $253,775 -$44,621,435 -$4,532,684 -$4,551,771 -$19,524,542 Net Investment Return $2,554,448 $9,841,412 $3,458,944 $10,682,359 -$11,392,420 $43,283,648 Ending Market Value $39,924,383 $39,924,383 $29,829,196 $70,991,687 $64,842,013 $39,924,383 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 130 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI EAFE (Net) 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 6.85 32.91 17.68 9.66 10.70 7.75 6.71 MSCI EAFE (Net)4.86 31.22 17.22 8.92 10.54 8.18 7.10 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI EAFE (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 32.91 4.64 17.16 -14.12 13.34 5.58 21.67 6.71 MSCI EAFE (Net)31.22 3.82 18.24 -14.45 11.26 7.82 22.01 7.10 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 131 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI EAFE (Net) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI EAFE (Net) Positive Months Ratio 72.22 66.67 Negative Months Ratio 27.78 33.33 Best Quarter 14.83 15.75 Worst Quarter -10.84 -10.88 Standard Deviation 11.73 11.93 Maximum Drawdown -10.84 -10.88 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.42 100.00 Down Capture 95.07 100.00 Alpha 0.94 0.00 Beta 0.97 1.00 R-Squared 0.97 1.00 Consistency 61.11 100.00 Tracking Error 2.19 0.00 Treynor Ratio 0.13 0.12 Information Ratio 0.17 - Sharpe Ratio 1.05 1.00 Total Portfolio MSCI EAFE (Net) Positive Months Ratio 60.32 60.32 Negative Months Ratio 39.68 39.68 Best Quarter 21.21 20.37 Worst Quarter -25.99 -22.83 Standard Deviation 15.43 14.89 Maximum Drawdown -27.71 -27.30 Max Drawdown Recovery Period 35.00 28.00 Up Capture 100.01 100.00 Down Capture 102.21 100.00 Alpha -0.52 0.00 Beta 1.02 1.00 R-Squared 0.97 1.00 Consistency 50.79 100.00 Tracking Error 2.77 0.00 Treynor Ratio 0.06 0.06 Information Ratio -0.13 - Sharpe Ratio 0.36 0.40 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 132 -12 -4 4 12 20 28 36 44 52 60 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 6.85 (43)32.91 (77)17.93 (72)17.68 (73)8.77 (81)9.66 (77)8.97 (68)10.70 (58)7.07 (57) MSCI EAFE (Net) 4.86 (81)31.22 (85)16.72 (82)17.22 (74)8.35 (83)8.92 (84)8.74 (72)10.54 (61)7.16 (55) 5th Percentile 9.49 47.53 26.41 24.29 15.22 15.81 12.97 13.78 9.67 1st Quartile 7.47 43.58 22.87 21.21 12.96 12.83 11.23 12.39 8.30 Median 6.59 38.99 20.90 19.71 11.51 11.33 9.97 11.14 7.31 3rd Quartile 5.08 33.56 17.60 16.94 9.63 9.90 8.53 9.98 6.39 95th Percentile 3.61 26.91 12.39 14.02 6.37 6.98 6.40 7.93 4.25 Population 308 308 306 304 297 289 278 278 267 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 133 -40 -30 -20 -10 0 10 20 30 40 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 4.64 (50)17.16 (58)-14.12 (83)13.34 (31)5.58 (25)21.67 (22)-15.20 (29)22.27 (60)-0.19 (79)- MSCI EAFE (Net) 3.82 (56)18.24 (45)-14.45 (84)11.26 (54)7.82 (10)22.01 (20)-13.79 (21)25.03 (33)1.00 (61)-0.81 (39) 5th Percentile 9.99 23.11 -2.21 17.87 9.19 24.52 -10.51 29.39 12.67 4.54 1st Quartile 6.97 19.56 -6.80 13.81 5.54 21.26 -14.88 25.78 5.40 0.87 Median 4.58 17.88 -10.37 11.87 2.62 18.53 -16.53 23.03 1.76 -3.05 3rd Quartile 2.09 15.28 -12.63 9.44 -0.34 16.42 -18.10 20.37 0.11 -6.05 95th Percentile -3.06 10.60 -18.16 5.03 -6.42 12.97 -22.30 14.35 -3.40 -11.62 Population 319 356 351 355 370 384 378 399 395 374 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 134 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $36,900,000 $73,800,000 $110,700,000 $147,600,000 $184,500,000 -$36,900,000Market ValueJul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 Oct-23 Jul-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $111,102,660 $86,748,000 $80,423,670 $80,082,105 $116,861,009 $16,315,776 Net Contributions $218,759 $787,635 $698,611 -$11,345,210 -$4,249,952 -$587,791 Net Investment Return -$5,659,040 $18,126,743 $5,625,719 $11,686,776 -$32,528,953 $89,934,393 Ending Market Value $105,662,379 $105,662,379 $86,748,000 $80,423,670 $80,082,105 $105,662,379 City of Clearwater Employees' Pension Plan - WCM Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 135 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 15 30 45 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -5.09 20.89 14.57 5.09 12.76 11.06 10.35 MSCI AC World ex USA (Net)5.05 32.39 17.33 7.91 10.15 8.41 7.18 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 25 50 75 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 20.89 7.03 16.23 -27.85 18.16 30.12 38.94 10.35 MSCI AC World ex USA (Net)32.39 5.53 15.62 -16.00 7.82 10.65 21.51 7.18 City of Clearwater Employees' Pension Plan - WCM Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 136 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI AC World ex USA (Net) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 63.89 61.11 Negative Months Ratio 36.11 38.89 Best Quarter 19.07 13.34 Worst Quarter -12.76 -11.35 Standard Deviation 15.38 11.56 Maximum Drawdown -12.76 -11.35 Max Drawdown Recovery Period 5.00 5.00 Up Capture 105.50 100.00 Down Capture 133.70 100.00 Alpha -3.35 0.00 Beta 1.09 1.00 R-Squared 0.67 1.00 Consistency 58.33 100.00 Tracking Error 8.90 0.00 Treynor Ratio 0.09 0.12 Information Ratio -0.21 - Sharpe Ratio 0.66 1.04 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 65.87 59.52 Negative Months Ratio 34.13 40.48 Best Quarter 25.38 19.97 Worst Quarter -17.75 -23.36 Standard Deviation 16.59 14.64 Maximum Drawdown -36.45 -27.87 Max Drawdown Recovery Period 41.00 36.00 Up Capture 108.73 100.00 Down Capture 92.42 100.00 Alpha 3.56 0.00 Beta 0.98 1.00 R-Squared 0.75 1.00 Consistency 58.73 100.00 Tracking Error 8.35 0.00 Treynor Ratio 0.09 0.06 Information Ratio 0.40 - Sharpe Ratio 0.55 0.40 City of Clearwater Employees' Pension Plan - WCM Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 137 -20 -12 -4 4 12 20 28 36 44 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -5.09 (99)20.89 (40)13.75 (36)14.57 (40)2.06 (56)5.09 (33)8.90 (10)12.76 (2)10.14 (1) MSCI AC World ex USA (Net) 5.05 (1)32.39 (3)18.20 (9)17.33 (12)7.93 (4)7.91 (6)8.36 (20)10.15 (41)6.76 (41) 5th Percentile 4.49 29.32 20.00 18.00 6.57 8.23 10.09 12.18 8.90 1st Quartile 3.12 25.54 15.22 15.89 4.62 5.62 8.07 10.76 7.53 Median 1.35 19.57 12.15 13.78 2.79 3.56 6.92 9.74 6.28 3rd Quartile -0.70 15.12 8.68 11.20 -0.34 1.11 5.07 8.21 5.05 95th Percentile -4.49 9.05 4.59 7.71 -2.95 -2.64 2.86 6.54 3.33 Population 366 366 360 360 353 340 334 323 318 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 138 -60 -40 -20 0 20 40 60 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 7.03 (32)16.23 (47)-27.85 (71)18.16 (5)30.12 (23)38.94 (1)-6.56 (5)33.22 (33)-1.00 (41)- MSCI AC World ex USA (Net) 5.53 (43)15.62 (58)-16.00 (6)7.82 (56)10.65 (97)21.51 (97)-14.20 (49)27.19 (79)4.50 (7)-5.66 (99) 5th Percentile 12.72 21.68 -15.97 17.44 54.69 35.59 -7.57 44.09 5.06 7.45 1st Quartile 8.02 18.71 -21.17 11.48 28.70 31.18 -11.37 34.46 0.64 3.35 Median 4.84 15.97 -25.18 8.55 22.33 28.14 -14.33 31.02 -2.54 0.42 3rd Quartile 1.04 14.29 -28.64 3.27 16.75 26.87 -16.78 27.71 -5.25 -0.94 95th Percentile -1.89 8.95 -37.06 -5.24 13.03 22.29 -19.74 22.43 -7.96 -3.71 Population 376 405 421 427 420 425 437 443 415 399 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 139 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $67,900,000 $135,800,000 $203,700,000 $271,600,000 $339,500,000 -$67,900,000Market ValueApr-08 Jul-09 Oct-10 Jan-12 Apr-13 Jul-14 Oct-15 Jan-17 Apr-18 Jul-19 Oct-20 Jan-22 Apr-23 Jul-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $235,914,115 $229,268,945 $227,513,189 $202,532,330 $184,449,491 $19,346,573 Net Contributions -$1,202,609 -$3,589,233 -$2,344,135 $29,291,748 $7,599,922 $33,097,437 Net Investment Change $3,145,451 $12,177,245 $4,099,892 -$4,310,888 $10,482,916 $185,412,947 Ending Market Value $237,856,957 $237,856,957 $229,268,945 $227,513,189 $202,532,330 $237,856,957 City of Clearwater Employees' Pension Plan - Total Real Estate MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 140 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Real Estate Benchmark 0 4 8 12 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.34 5.36 1.74 6.00 5.97 6.13 9.08 Total Real Estate Benchmark 0.14 2.84 -1.47 4.48 5.03 4.77 5.59 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Real Estate Benchmark 0 20 40 60 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 5.36 1.82 -1.84 5.43 20.55 1.78 10.16 9.08 Total Real Estate Benchmark 2.84 0.17 -7.14 -5.54 37.76 -4.41 18.47 5.59 City of Clearwater Employees' Pension Plan - Total Real Estate INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 141 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: May 1, 2008) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Total Real Estate Benchmark -12 -6 0 6 12 18 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Total Real Estate Benchmark Positive Months Ratio 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 2.64 2.93 Worst Quarter -1.74 -4.43 Standard Deviation 2.26 4.13 Maximum Drawdown -4.31 -12.42 Max Drawdown Recovery Period 29.00 - Up Capture 76.18 100.00 Down Capture 31.09 100.00 Alpha 2.29 0.00 Beta 0.38 1.00 R-Squared 0.47 1.00 Consistency 58.33 100.00 Tracking Error 3.06 0.00 Treynor Ratio -0.08 -0.06 Information Ratio 1.03 - Sharpe Ratio -1.27 -1.46 Total Portfolio Total Real Estate Benchmark Positive Months Ratio -60.85 Negative Months Ratio -39.15 Best Quarter -40.91 Worst Quarter --49.72 Standard Deviation -19.10 Maximum Drawdown --64.51 Max Drawdown Recovery Period -44.00 Up Capture -100.00 Down Capture -100.00 Alpha -0.00 Beta -1.00 R-Squared -1.00 Consistency -100.00 Tracking Error -0.00 Treynor Ratio -0.06 Information Ratio -- Sharpe Ratio -0.32 City of Clearwater Employees' Pension Plan - Total Real Estate PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 142 -10 -7 -4 -1 2 5 8 11 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.34 (7)5.36 (9)3.58 (12)1.74 (13)2.65 (7)6.00 (8)5.29 (5)5.97 (7)6.00 (1) Total Real Estate Benchmark 0.14 (73)2.84 (66)1.50 (35)-1.47 (23)-2.50 (96)4.48 (32)2.94 (64)5.03 (12)4.30 (39) 5th Percentile 1.44 6.91 5.24 7.81 3.21 6.87 4.95 6.21 5.24 1st Quartile 1.03 3.85 2.13 -1.63 1.00 4.81 3.89 4.39 4.63 Median 0.65 3.23 0.81 -2.63 -0.63 3.80 3.37 3.83 4.09 3rd Quartile 0.08 1.90 -1.20 -3.36 -1.10 3.02 2.49 3.01 3.37 95th Percentile -0.90 0.19 -2.41 -4.85 -2.49 1.70 1.26 1.73 2.13 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 143 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.82 (14)-1.84 (14)5.43 (66)20.55 (49)1.78 (23)10.16 (15)6.23 (70)6.30 (79)6.94 (80)6.96 (95) Total Real Estate Benchmark 0.17 (23)-7.14 (35)-5.54 (93)37.76 (2)-4.41 (95)18.47 (1)-0.65 (99)5.49 (86)7.91 (61)8.05 (88) 5th Percentile 4.13 5.18 18.45 28.14 3.99 13.80 9.92 11.10 12.39 15.80 1st Quartile -0.09 -5.59 12.18 22.59 1.69 8.14 8.51 9.36 9.67 14.23 Median -2.33 -9.21 6.67 20.46 0.32 6.48 7.48 7.92 8.30 12.92 3rd Quartile -4.61 -10.81 4.39 16.36 -0.94 4.10 6.10 6.77 7.25 10.14 95th Percentile -7.55 -15.70 -6.62 11.33 -4.81 -0.61 1.94 4.37 4.79 6.02 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 144 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $2,600,000 $5,200,000 $7,800,000 $10,400,000 $13,000,000 -$2,600,000Market ValueApr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Oct-22 Jul-23 Apr-24 Jan-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2012 Beginning Market Value $7,892,442 $7,902,134 $8,319,678 $8,239,063 $7,846,325 $1,263,055 Net Contributions -$143,794 -$170,998 -$623,162 -$374,238 -$222,789 $2,534,656 Net Investment Return -$17,512 $205,618 $454,853 $615,527 $3,950,937 Ending Market Value $7,748,648 $7,748,648 $7,902,134 $8,319,678 $8,239,063 $7,748,648 City of Clearwater Employees' Pension Plan - Hancock Timberland XI MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 145 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 3 6 9 12 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 0.22 2.21 4.67 3.84 3.36 4.35 NCREIF Timberland Index 1.59 4.57 6.98 8.58 6.37 5.39 6.32 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 20 -5Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 0.22 1.69 4.78 7.00 9.96 -0.34 3.95 4.35 NCREIF Timberland Index 4.57 6.97 9.45 12.90 9.17 0.81 1.30 6.32 City of Clearwater Employees' Pension Plan - Hancock Timberland XI INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 146 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: May 1, 2012) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 83.33 - Negative Months Ratio 16.67 - Best Quarter 5.24 - Worst Quarter -0.34 - Standard Deviation 3.19 - Maximum Drawdown -0.43 - Max Drawdown Recovery Period 10.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.78 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 81.71 - Negative Months Ratio 18.29 - Best Quarter 11.90 - Worst Quarter -2.05 - Standard Deviation 5.78 - Maximum Drawdown -2.67 - Max Drawdown Recovery Period 10.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.48 - City of Clearwater Employees' Pension Plan - Hancock Timberland XI PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 147 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (3)0.22 (68)0.95 (90)2.21 (100)3.39 (1)4.67 (57)3.82 (26)3.84 (97)3.72 (81) NCREIF Timberland Index 1.59 (1)4.57 (8)5.76 (15)6.98 (35)8.43 (1)8.58 (1)7.24 (4)6.37 (52)5.97 (13) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 148 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.69 (98)4.78 (100)7.00 (1)9.96 (98)-0.34 (10)3.95 (100)2.93 (1)1.24 (96)2.64 (99)4.51 (15) NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (80)2.59 (99)4.97 (7) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 149 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $33,900,000 $67,800,000 $101,700,000 $135,600,000 $169,500,000 -$33,900,000Market ValueAug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2017 Beginning Market Value $106,803,311 $99,234,724 $93,965,209 $56,703,546 $52,426,102 $30,000,000 Net Contributions --- $30,000,000 -$30,000,000 Net Investment Return $3,310,466 $10,879,052 $5,269,515 $7,261,663 $4,277,444 $50,113,776 Ending Market Value $110,113,776 $110,113,776 $99,234,724 $93,965,209 $56,703,546 $110,113,776 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 150 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P Global Infrastructure 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.10 10.96 8.30 10.10 9.66 -11.19 S&P Global Infrastructure 2.37 22.58 14.64 10.97 10.52 9.42 7.78 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P Global Infrastructure 0 15 30 45 -15Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 10.96 5.61 8.40 8.16 17.75 2.83 14.61 11.19 S&P Global Infrastructure 22.58 15.10 6.79 -0.17 11.87 -5.76 26.99 7.78 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 151 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio S&P Global Infrastructure -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio S&P Global Infrastructure Positive Months Ratio 63.89 66.67 Negative Months Ratio 36.11 33.33 Best Quarter 3.56 13.43 Worst Quarter -1.10 -11.86 Standard Deviation 4.00 12.11 Maximum Drawdown -2.25 -12.46 Max Drawdown Recovery Period 5.00 8.00 Up Capture 25.50 100.00 Down Capture -12.64 100.00 Alpha 7.26 0.00 Beta 0.07 1.00 R-Squared 0.05 1.00 Consistency 41.67 100.00 Tracking Error 11.89 0.00 Treynor Ratio 0.46 0.10 Information Ratio -0.54 - Sharpe Ratio 0.84 0.81 Total Portfolio S&P Global Infrastructure Positive Months Ratio 65.00 62.00 Negative Months Ratio 35.00 38.00 Best Quarter 7.11 15.03 Worst Quarter -3.94 -29.18 Standard Deviation 5.75 16.05 Maximum Drawdown -3.94 -30.31 Max Drawdown Recovery Period 12.00 19.00 Up Capture 32.12 100.00 Down Capture -16.71 100.00 Alpha 10.44 0.00 Beta 0.09 1.00 R-Squared 0.06 1.00 Consistency 49.00 100.00 Tracking Error 15.69 0.00 Treynor Ratio 0.95 0.06 Information Ratio 0.14 - Sharpe Ratio 1.41 0.38 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 152 -15 -10 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 3.10 (1)10.96 (1)8.25 (5)8.30 (13)8.27 (1)10.10 (1)8.85 (2)9.66 (4)10.69 (1) S&P Global Infrastructure 2.37 (1)22.58 (1)18.78 (1)14.64 (1)10.74 (1)10.97 (1)7.98 (3)10.52 (4)7.79 (4) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 153 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.61 (56)8.40 (100)8.16 (1)17.75 (97)2.83 (6)14.61 (100)18.17 (1)--- S&P Global Infrastructure 15.10 (2)6.79 (100)-0.17 (1)11.87 (98)-5.76 (63)26.99 (62)-9.50 (92)20.13 (4)12.43 (4)-11.46 (100) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 154 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $2,300,000 $4,600,000 $6,900,000 $9,200,000 $11,500,000 -$2,300,000Market ValueMay-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2011 Beginning Market Value $7,819,844 $7,753,623 $8,133,583 $7,560,650 $6,407,104 $111,299 Net Contributions --$104,935 -$234,034 -$154,718 -$206,622 $2,286,542 Net Investment Return -$171,156 -$145,926 $727,651 $1,360,168 $5,422,003 Ending Market Value $7,819,844 $7,819,844 $7,753,623 $8,133,583 $7,560,650 $7,819,844 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 155 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 3 6 9 12 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 2.21 3.26 8.72 7.13 5.40 5.39 NCREIF Timberland Index 1.59 4.57 6.98 8.58 6.37 5.39 5.97 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 2.21 -1.87 9.77 21.72 13.33 8.22 -1.48 5.39 NCREIF Timberland Index 4.57 6.97 9.45 12.90 9.17 0.81 1.30 5.97 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 156 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2011) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -12 -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 97.22 - Negative Months Ratio 2.78 - Best Quarter 7.19 - Worst Quarter -3.37 - Standard Deviation 4.77 - Maximum Drawdown -3.37 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.29 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 94.29 - Negative Months Ratio 5.71 - Best Quarter 19.37 - Worst Quarter -3.37 - Standard Deviation 6.81 - Maximum Drawdown -3.37 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.58 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 157 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (3)2.21 (36)0.15 (96)3.26 (97)7.59 (1)8.72 (1)8.64 (2)7.13 (26)6.46 (6) NCREIF Timberland Index 1.59 (1)4.57 (8)5.76 (15)6.98 (35)8.43 (1)8.58 (1)7.24 (4)6.37 (52)5.97 (13) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 158 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -1.87 (100)9.77 (91)21.72 (1)13.33 (98)8.22 (6)-1.48 (100)1.93 (1)-0.75 (97)3.30 (98)4.03 (27) NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (80)2.59 (99)4.97 (7) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 159 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $1,400,000 $2,800,000 $4,200,000 $5,600,000 $7,000,000 -$1,400,000Market ValueSep-15 Jun-16 Mar-17 Dec-17 Sep-18 Jun-19 Mar-20 Dec-20 Sep-21 Jun-22 Mar-23 Dec-23 Sep-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 10/01/2015 Beginning Market Value $4,448,261 $4,534,552 $4,970,859 $4,921,918 $4,587,944 $118,305 Net Contributions -$188,679 -$267,924 -$347,170 -$350,943 -$149,543 $2,661,118 Net Investment Return --$7,046 -$89,137 $399,884 $483,517 $1,480,159 Ending Market Value $4,259,582 $4,259,582 $4,534,552 $4,970,859 $4,921,918 $4,259,582 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 160 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 -0.16 2.09 7.28 4.48 3.44 3.22 NCREIF Timberland Index 1.59 4.57 6.98 8.58 6.37 5.39 5.45 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -0.16 -1.85 8.57 10.76 20.57 -5.78 1.53 3.22 NCREIF Timberland Index 4.57 6.97 9.45 12.90 9.17 0.81 1.30 5.45 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 161 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 88.89 - Negative Months Ratio 11.11 - Best Quarter 4.85 - Worst Quarter -1.26 - Standard Deviation 3.20 - Maximum Drawdown -2.25 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.82 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 87.80 - Negative Months Ratio 12.20 - Best Quarter 19.91 - Worst Quarter -5.96 - Standard Deviation 7.60 - Maximum Drawdown -7.27 - Max Drawdown Recovery Period 40.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.18 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 162 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (3)-0.16 (75)-1.01 (100)2.09 (100)4.19 (1)7.28 (2)4.98 (8)4.48 (92)3.53 (83) NCREIF Timberland Index 1.59 (1)4.57 (8)5.76 (15)6.98 (35)8.43 (1)8.58 (1)7.24 (4)6.37 (52)5.97 (13) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 163 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -1.85 (100)8.57 (99)10.76 (1)20.57 (97)-5.78 (63)1.53 (100)-2.88 (1)2.83 (90)3.34 (97)- NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (80)2.59 (99)4.97 (7) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 164 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $20,900,000 $41,800,000 $62,700,000 $83,600,000 $104,500,000 -$20,900,000Market ValueSep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2010 Beginning Market Value $51,958,008 $53,197,689 $56,658,944 $67,057,944 $62,200,202 - Net Contributions -$900,929 -$3,166,522 -$1,347,822 --- Net Investment Return $155,906 $1,181,818 -$2,113,433 -$10,399,000 $4,857,742 - Ending Market Value $51,212,985 $51,212,985 $53,197,689 $56,658,944 $67,057,944 - City of Clearwater Employees' Pension Plan - Multi Employer Property Trust MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 165 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 5 10 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.31 2.31 -5.94 1.45 1.62 3.18 5.86 NCRIEF ODCE (VW)0.70 2.92 -4.25 2.51 2.46 3.88 6.92 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 2.31 -3.72 -15.51 7.81 19.74 0.49 3.66 5.86 NCRIEF ODCE (VW)2.92 -2.27 -12.73 6.55 21.02 0.34 4.39 6.92 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 166 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2010) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 80.56 83.33 Negative Months Ratio 19.44 16.67 Best Quarter 1.66 0.96 Worst Quarter -5.84 -5.00 Standard Deviation 5.18 4.27 Maximum Drawdown -19.08 -15.54 Max Drawdown Recovery Period -- Up Capture 73.04 100.00 Down Capture 124.85 100.00 Alpha -1.08 0.00 Beta 1.15 1.00 R-Squared 0.90 1.00 Consistency 77.78 100.00 Tracking Error 1.76 0.00 Treynor Ratio -0.09 -0.09 Information Ratio -0.98 - Sharpe Ratio -2.02 -2.05 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 94.54 95.63 Negative Months Ratio 5.46 4.37 Best Quarter 6.74 7.66 Worst Quarter -6.07 -5.17 Standard Deviation 5.66 5.57 Maximum Drawdown -23.99 -19.91 Max Drawdown Recovery Period -- Up Capture 92.90 100.00 Down Capture 125.83 100.00 Alpha -0.71 0.00 Beta 0.96 1.00 R-Squared 0.89 1.00 Consistency 77.05 100.00 Tracking Error 1.89 0.00 Treynor Ratio 0.05 0.05 Information Ratio -0.53 - Sharpe Ratio 0.75 0.94 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 167 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.31 (1)2.31 (35)-0.75 (100)-5.94 (100)-2.67 (41)1.45 (99)1.29 (92)1.62 (100)2.31 (97) NCRIEF ODCE (VW) 0.70 (1)2.92 (25)0.29 (96)-4.25 (100)-1.66 (16)2.51 (97)2.14 (81)2.46 (99)3.06 (90) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 168 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -3.72 (100)-15.51 (100)7.81 (1)19.74 (97)0.49 (10)3.66 (100)7.23 (1)5.53 (45)8.02 (20)12.00 (1) NCRIEF ODCE (VW) -1.43 (100)-12.02 (100)7.47 (1)22.17 (96)1.19 (9)5.34 (100)8.35 (1)7.62 (25)8.77 (14)15.02 (1) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 169 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $34,900,000 $69,800,000 $104,700,000 -$34,900,000 -$69,800,000 -$104,700,000Market ValueApr-08 Jul-09 Oct-10 Jan-12 Apr-13 Jul-14 Oct-15 Jan-17 Apr-18 Jul-19 Oct-20 Jan-22 Apr-23 Jul-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $19,175,442 $18,599,189 $16,563,070 $14,228,305 $19,515,706 $19,346,573 Net Contributions $30,793 $121,145 $134,806 $96,656 $105,711 -$80,980,750 Net Investment Return -$257,743 $228,157 $1,901,313 $2,238,110 -$5,393,112 $80,582,669 Ending Market Value $18,948,492 $18,948,492 $18,599,189 $16,563,070 $14,228,305 $18,948,492 City of Clearwater Employees' Pension Plan - Security Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 170 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split)0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.34 1.22 9.28 6.50 7.51 5.51 5.98 FTSE NAREIT All Equity REITs (Split)-2.15 2.27 9.05 6.79 7.02 5.62 6.16 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split) 0 50 100 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 1.22 11.45 15.67 -27.59 45.03 -4.59 26.97 5.98 FTSE NAREIT All Equity REITs (Split)2.27 9.15 16.19 -26.70 46.11 -7.95 25.79 6.16 City of Clearwater Employees' Pension Plan - Security Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 171 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: May 1, 2008) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio FTSE NAREIT All Equity REITs (Split) -12 -6 0 6 12 18 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 16.69 17.22 Worst Quarter -13.45 -13.37 Standard Deviation 16.03 16.36 Maximum Drawdown -13.67 -14.33 Max Drawdown Recovery Period 11.00 11.00 Up Capture 100.56 100.00 Down Capture 100.04 100.00 Alpha 0.46 0.00 Beta 0.97 1.00 R-Squared 0.98 1.00 Consistency 47.22 100.00 Tracking Error 2.34 0.00 Treynor Ratio 0.06 0.05 Information Ratio 0.07 - Sharpe Ratio 0.34 0.32 Total Portfolio FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 58.96 58.49 Negative Months Ratio 41.04 41.51 Best Quarter 42.00 40.91 Worst Quarter -48.10 -49.72 Standard Deviation 22.56 22.96 Maximum Drawdown -65.06 -64.51 Max Drawdown Recovery Period 33.00 35.00 Up Capture 98.26 100.00 Down Capture 98.83 100.00 Alpha -0.09 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 45.75 100.00 Tracking Error 2.25 0.00 Treynor Ratio 0.07 0.07 Information Ratio -0.13 - Sharpe Ratio 0.32 0.32 City of Clearwater Employees' Pension Plan - Security Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 172 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.34 (27)1.22 (51)6.21 (14)9.28 (8)-1.41 (13)6.50 (5)4.57 (11)7.51 (17)5.56 (23) FTSE NAREIT All Equity REITs (Split) -2.15 (65)2.27 (35)5.65 (16)9.05 (9)-1.26 (12)6.79 (3)4.18 (22)7.02 (29)5.47 (26) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Security Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 173 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 11.45 (8)15.67 (10)-27.59 (72)45.03 (17)-4.59 (50)26.97 (62)-7.16 (70)4.91 (59)5.71 (58)4.70 (10) FTSE NAREIT All Equity REITs (Split) 9.15 (16)16.19 (6)-26.70 (55)46.11 (16)-7.95 (81)25.79 (73)-4.80 (29)4.84 (60)7.62 (26)4.81 (8) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Security Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 174 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $5,600,000 $11,200,000 $16,800,000 $22,400,000 $28,000,000 -$5,600,000Market ValueDec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/01/2016 Beginning Market Value $14,932,839 $14,589,277 $15,362,866 $18,277,582 $17,020,352 $5,708,283 Net Contributions -----$4,204,455 Net Investment Return -$12,182 $331,380 -$773,589 -$2,914,716 $1,257,230 $5,007,919 Ending Market Value $14,920,657 $14,920,657 $14,589,277 $15,362,866 $18,277,582 $14,920,657 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 175 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 4 8 -4 -8 -12Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.08 2.27 -6.54 1.02 1.99 4.16 4.16 NCRIEF ODCE (VW)0.70 2.92 -4.25 2.51 2.46 3.88 3.88 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 2.27 -5.04 -15.95 7.39 20.02 0.94 8.11 4.16 NCRIEF ODCE (VW)2.92 -2.27 -12.73 6.55 21.02 0.34 4.39 3.88 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 176 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: December 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 77.78 83.33 Negative Months Ratio 22.22 16.67 Best Quarter 1.05 0.96 Worst Quarter -6.29 -5.00 Standard Deviation 5.70 4.27 Maximum Drawdown -20.52 -15.54 Max Drawdown Recovery Period -- Up Capture 37.74 100.00 Down Capture 127.66 100.00 Alpha -1.34 0.00 Beta 1.23 1.00 R-Squared 0.86 1.00 Consistency 77.78 100.00 Tracking Error 2.38 0.00 Treynor Ratio -0.09 -0.09 Information Ratio -0.98 - Sharpe Ratio -1.95 -2.05 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 91.74 93.39 Negative Months Ratio 8.26 6.61 Best Quarter 7.07 7.66 Worst Quarter -6.32 -5.17 Standard Deviation 6.35 5.60 Maximum Drawdown -25.55 -19.91 Max Drawdown Recovery Period -- Up Capture 106.55 100.00 Down Capture 118.00 100.00 Alpha -0.16 0.00 Beta 1.04 1.00 R-Squared 0.85 1.00 Consistency 84.30 100.00 Tracking Error 2.51 0.00 Treynor Ratio 0.02 0.02 Information Ratio 0.00 - Sharpe Ratio 0.32 0.36 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 177 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -0.08 (4)2.27 (35)-1.45 (100)-6.54 (100)-3.24 (59)1.02 (99)1.01 (94)1.99 (100)2.86 (95) NCRIEF ODCE (VW) 0.70 (1)2.92 (25)0.29 (96)-4.25 (100)-1.66 (16)2.51 (97)2.14 (81)2.46 (99)3.06 (90) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 178 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -5.04 (100)-15.95 (100)7.39 (1)20.02 (97)0.94 (9)8.11 (100)9.16 (1)8.36 (18)10.72 (6)- NCRIEF ODCE (VW) -2.27 (100)-12.73 (100)6.55 (1)21.02 (96)0.34 (10)4.39 (100)7.36 (1)6.66 (32)7.79 (23)13.95 (1) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 179 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $7,300,000 $14,600,000 $21,900,000 $29,200,000 $36,500,000 -$7,300,000Market ValueMay-15 Feb-16 Nov-16 Aug-17 May-18 Feb-19 Nov-19 Aug-20 May-21 Feb-22 Nov-22 Aug-23 May-24 Feb-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2015 Beginning Market Value $22,883,968 $23,457,757 $23,538,979 $25,543,322 $14,445,757 $5,000,000 Net Contributions ---- $8,000,000 $9,461,438 Net Investment Return -$50,995 -$624,784 -$81,222 -$1,937,384 $3,097,565 $8,438,493 Ending Market Value $22,832,973 $22,832,973 $23,457,757 $23,538,979 $25,543,322 $22,832,973 City of Clearwater Employees' Pension Plan - USAA MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 180 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW)0 4 8 12 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.22 -2.66 -3.67 3.79 5.09 6.37 6.47 NCRIEF ODCE (VW)0.70 2.92 -4.25 2.51 2.46 3.88 4.33 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -2.66 -0.34 -7.85 13.80 18.42 11.12 5.78 6.47 NCRIEF ODCE (VW)2.92 -2.27 -12.73 6.55 21.02 0.34 4.39 4.33 City of Clearwater Employees' Pension Plan - USAA INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 181 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 80.56 83.33 Negative Months Ratio 19.44 16.67 Best Quarter 1.35 0.96 Worst Quarter -7.92 -5.00 Standard Deviation 5.50 4.27 Maximum Drawdown -13.40 -15.54 Max Drawdown Recovery Period -- Up Capture -72.27 100.00 Down Capture 47.75 100.00 Alpha -2.40 0.00 Beta 0.27 1.00 R-Squared 0.04 1.00 Consistency 88.89 100.00 Tracking Error 6.22 0.00 Treynor Ratio -0.31 -0.09 Information Ratio 0.11 - Sharpe Ratio -1.50 -2.05 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 92.13 93.70 Negative Months Ratio 7.87 6.30 Best Quarter 11.30 7.66 Worst Quarter -7.92 -5.17 Standard Deviation 6.30 5.64 Maximum Drawdown -13.40 -19.91 Max Drawdown Recovery Period -- Up Capture 96.91 100.00 Down Capture 12.46 100.00 Alpha 3.63 0.00 Beta 0.61 1.00 R-Squared 0.30 1.00 Consistency 83.46 100.00 Tracking Error 5.73 0.00 Treynor Ratio 0.07 0.03 Information Ratio 0.30 - Sharpe Ratio 0.68 0.45 City of Clearwater Employees' Pension Plan - USAA PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 182 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -0.22 (4)-2.66 (95)-1.51 (100)-3.67 (100)0.43 (5)3.79 (77)4.98 (8)5.09 (83)5.29 (34) NCRIEF ODCE (VW) 0.70 (1)2.92 (25)0.29 (96)-4.25 (100)-1.66 (16)2.51 (97)2.14 (81)2.46 (99)3.06 (90) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - USAA Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 183 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -0.34 (100)-7.85 (100)13.80 (1)18.42 (97)11.12 (6)5.78 (100)6.65 (1)9.30 (11)12.34 (4)- NCRIEF ODCE (VW) -2.27 (100)-12.73 (100)6.55 (1)21.02 (96)0.34 (10)4.39 (100)7.36 (1)6.66 (32)7.79 (23)13.95 (1) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - USAA Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 184 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Portfolio 1,436,397,771 1.20 11.45 11.84 6.05 9.50 8.49 8.75 1987 Total Fixed Income 385,502,980 1.35 8.04 5.44 0.22 2.44 2.50 4.21 1987 Dodge & Cox 209,495,613 1.41 8.10 5.86 0.92 2.94 3.02 - In House Account 5,088,492 0.00 0.00 0.00 0.00 0.00 0.00 -5.29 1987 Longfellow Investment Management Co.170,560,104 1.15 - - --- 4.58 2025 Security Lending Income Account 357,165 33.19 84.26 39.92 8.38 3.70 -0.39 -0.27 2003 Western Asset Management Co. CLOSED 1,606 0.00 12.74 4.51 -1.77 1.41 1.67 1.96 2004 Total U.S. Equities 650,045,250 1.74 12.96 20.29 10.77 15.70 13.28 10.93 1987 Total U.S. Large Cap Equities 440,029,011 2.66 16.72 24.65 13.47 16.95 14.25 10.67 1988 Aletheia Research CLOSEDº--- - --- -3.29 2007 BNYM Newton US Dynamic Large Cap Value 53,833,614 5.01 - - --- 7.67 2025 Eagle Capital Management 91,333,315 4.54 17.76 26.84 15.10 17.92 14.72 14.88 2013 Manning & Napier 824,344 1.05 4.62 10.66 9.59 10.91 10.77 10.77 2013 NTGI-QM R1000G 219,410,479 1.08 16.70 31.30 13.97 -- 14.15 2020 NTGI-QM R1000V 74,627,258 3.79 16.09 14.67 11.78 12.57 10.96 13.25 2007 Voya Investment Mgmt¹--- - --- 8.76 1987 Total U.S. Mid Cap Equities 143,316,786 0.24 13.78 15.19 8.00 15.05 11.34 8.82 1988 Artisan Partners 350 1.28 17.07 18.03 4.40 18.96 12.83 7.79 2001 Boston Partners 80,126,686 -0.57 11.32 12.87 11.73 -- 14.13 2020 Wedge Capital Mgmt CLOSED²--- - --- 9.77 2007 Total U.S. Small Cap Equities 66,699,453 -1.07 -9.19 3.20 -0.27 8.94 10.82 13.59 2003 Atlanta Capital Management 22,261,435 -1.32 -10.26 3.29 3.47 7.87 9.62 7.79 2003 Riverbridge Partners 25,749,441 -2.18 -14.95 1.80 -5.51 9.13 12.20 13.75 2010 Sycamore Capital 18,688,577 0.81 1.75 5.64 7.18 9.76 - 7.29 2017 Systematic Financial Mgt CLOSED³--- - --- 4.88 2003 Total International Equities 162,992,584 -1.50 24.42 14.56 4.74 10.74 8.91 - Earnest Partners CLOSEDºº--- - --- 1.84 2008 DFA Emerging Markets 17,405,823 3.79 28.78 14.80 2.44 6.79 - 3.70 2017 Thompson, Siegel & Walmsley 39,924,383 6.85 32.90 14.99 6.70 8.95 6.73 6.47 2015 WCM Investment Management 105,662,379 -5.09 20.83 14.20 4.25 14.01 11.70 11.53 2015 Wellington Mgmt CLOSED¹¹--- - --- 33.42 2008 WHV Closed²²--- - ---1.32 2008 Total Real Estate 237,856,957 1.34 5.35 1.70 5.53 5.66 5.90 - Hancock Timberland XI 7,748,648 0.00 0.22 2.24 4.80 3.85 3.32 4.08 2012 IFM Global Infrastructure (US) L.P.110,113,776 3.10 10.96 8.29 9.65 9.39 - 10.70 2017 Molpus Woodlands Fund III 7,819,844 0.00 2.22 3.31 8.84 6.82 4.86 5.42 2011 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 12.31.25 |Q4 25 185 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 12.31.25 |Q4 25 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund IV 4,259,582 0.00 -0.16 2.21 7.72 4.53 3.49 3.34 2015 Multi-Employer Property Trust 51,212,985 0.30 2.30 -6.10 1.43 1.61 3.19 5.68 2010 Security Capital 18,948,492 -1.34 1.22 9.24 6.47 10.55 5.12 31.81 2008 U.S. Real Estate Investment Fund 14,920,657 -0.08 2.27 -6.53 1.02 1.99 4.17 4.18 2015 USAA 22,832,973 -0.22 -2.66 -3.67 2.72 4.27 5.93 5.99 2015 º As of periods ending 07/31/2012 ¹ As of periods ending 08/31/2022 ² As of periods ending 04/30/2020 ³ As of periods ending 08/31/2018 ºº As of periods ending 03/31/2017 ¹¹ As of periods ending 01/31/2012 ²² As of periods ending 05/31/2016 186 Market Value $CYTD 2024 2023 2022 2021 2020 Total Portfolio 1,436,397,771 11.45 10.27 13.75 -14.82 13.45 15.04 Total Fixed Income 385,502,980 8.04 1.70 6.54 -12.39 -1.29 8.84 Dodge & Cox 209,495,613 8.10 2.08 7.23 -10.86 -0.98 8.71 In House Account 5,088,492 0.00 0.00 0.00 0.00 0.00 -88.27 Longfellow Investment Management Co.170,560,104 ------ Security Lending Income Account 357,165 84.26 39.59 5.87 0.35 -20.50 -4.61 Western Asset Management Co. CLOSED 1,606 12.74 1.08 6.05 -14.20 -1.51 9.04 Total U.S. Equities 650,045,250 12.96 20.56 27.54 -20.72 22.05 22.11 Total U.S. Large Cap Equities 440,029,011 16.72 25.92 30.70 -20.67 25.36 17.98 BNYM Newton US Dynamic Large Cap Value 53,833,614 ------ Eagle Capital Management 91,333,315 17.76 25.44 38.35 -25.04 29.62 16.22 Manning & Napier 824,344 4.62 14.08 8.94 -3.57 21.23 3.76 NTGI-QM R1000G 219,410,479 16.70 33.18 43.24 -29.09 30.85 - NTGI-QM R1000V 74,627,258 16.09 14.42 13.57 -7.62 25.17 4.48 Total U.S. Mid Cap Equities 143,316,786 13.78 11.53 21.27 -20.86 18.78 30.05 Artisan Partners 350 17.07 12.65 25.93 -36.30 10.53 55.00 Boston Partners 80,126,686 11.32 10.49 17.56 -6.90 27.91 - Total U.S. Small Cap Equities 66,699,453 -9.19 5.32 18.93 -20.76 11.89 30.90 Atlanta Capital Management 22,261,435 -10.26 7.79 23.78 -12.16 19.51 10.85 Riverbridge Partners 25,749,441 -14.95 3.67 20.03 -32.10 3.42 53.48 Sycamore Capital 18,688,577 1.75 5.50 11.58 -6.34 24.77 5.09 Total International Equities 162,992,584 24.42 6.58 15.26 -21.03 13.84 18.03 DFA Emerging Markets 17,405,823 28.78 8.98 12.76 -16.40 5.84 13.83 Thompson, Siegel & Walmsley 39,924,383 32.90 5.53 16.75 -14.08 13.32 5.42 WCM Investment Management 105,662,379 20.83 6.95 15.11 -27.77 17.70 29.98 Total Real Estate 237,856,957 5.35 1.80 -1.86 5.46 20.52 1.76 Hancock Timberland XI 7,748,648 0.22 1.67 4.64 6.96 9.80 -0.37 IFM Global Infrastructure (US) L.P.110,113,776 10.96 5.59 8.40 8.16 17.75 2.82 Molpus Woodlands Fund III 7,819,844 2.22 -1.81 9.67 21.35 12.76 8.04 Molpus Woodlands Fund IV 4,259,582 -0.16 -1.82 8.41 10.63 20.16 -5.70 Multi-Employer Property Trust 51,212,985 2.30 -3.75 -15.51 7.81 19.74 0.49 Security Capital 18,948,492 1.22 11.42 15.69 -27.57 45.04 -4.51 U.S. Real Estate Investment Fund 14,920,657 2.27 -5.02 -15.95 7.39 20.02 0.93 USAA 22,832,973 -2.66 -0.34 -7.85 14.02 18.16 12.42 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 12.31.25 |Q4 25 187 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |appendix188 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |investment review | evaluation methodologyQUALITATIVE EVALUATION ITEMSQUANTITATIVE EVALUATION ITEMSFund Management3/5 Year Risk- adjusted PerformanceA significant disruption to the investment option’s management team has been discovered.The investment option’s 3 or 5 Year Annualized Risk Adjusted Performance falls below the 50th percentile of the peer group.MARKED FOR REVIEWFund FamilyThe following categories of the Investment Policy Monitor appear “Marked For Review” when:3/5 Year Performance vs. PeersA significant disruption to the investment option’s parent company has been discovered.The investment option’s 3 or 5 Year Annualized Peer Relative Performance falls below the 50th percentile of the peer group.3/5 Year StyleThe investment option’s 3 or 5 Year R-Squared measure falls below the absolute threshold set per asset class.3/5 Year ConfidenceThe investment option’s 3 or 5 Year Confidence Rating falls below the 50thpercentile of the peer group.CAPTRUST’s Investment Policy Monitoring MethodologyThe Investment Policy Monitoring Methodology document describes the systems and procedures CAPTRUST uses to monitor and evaluate the investment vehicles in your plan/account on a quarterly basis.Our current Investment Policy Monitoring Methodology document can be accessed through the following link:captrust.com/investmentmonitoring189 Q4 25Period Ending 12.31.25 |definitionsAlpha: Alpha measures a manager’s rate of return in excess of that which can be explained by its systematic risk, or Beta. It is a result of regressing a manager’s returns against those of a benchmark index. A positive alpha implies that a manager has added value relative to its benchmark on a risk-adjusted basis.Beta: Beta measures a manager’s sensitivity to systematic, or market risk. Beta is a result of the analysis regressing a manager’s returns against those of a benchmark Index. A manager with a Beta of 1 should move perfectly with a benchmark. A Beta of less than 1 implies that a manager’s returns are less volatile than the market’s (i.e., selected benchmarks). A Beta of greater than 1 implies that a manager exhibits greater volatility than the market (i.e., selected benchmark).Best (Worst) Quarter: Best (Worst) Quarter is the best (worst) three-month return in the measurement period. The three-month period is not necessarily a calendar quarter. Bloomberg U.S. Aggregate Index: Measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States.Capture Ratio: Up Market Capture is the average return of a manager relative to a benchmark index using only periods where the benchmark return was positive. Down Market Capture is the average return of a manager relative to a benchmark index using only periods where the benchmark return was negative. An Up Market Capture of greater than 100% and a Down Market Capture of less than 100% is considered desirable.Consistency (Batting Average): Formerly known as Batting Average, Consistency measures the percentage of time an active manager outperforms the benchmark. Duration: A measure of interest rate risk or the price sensitivity of a bond to interest rate changes.FTSE NAREIT All Equity REITs TR USD Index: Measures the performance of all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. A REIT is a company that owns, and in most cases, operates income-producing real estate.Information Ratio: The Information Ratio measures a manager’s excess return over the passive index divided by the volatility of that excess return, or Tracking Error. To obtain a higher Information Ratio, which is preferable, a manager must demonstrate the ability to generate returns above its benchmark while avoiding large performance swings relative to that same benchmark.Maximum Drawdown: The Maximum Drawdown measures the maximum observed percentage loss from a peak to a trough in the measurement period. Maximum Drawdown Recovery Period: The Maximum Drawdown Recovery period counts the number of months needed to meet or exceed the prior peak starting from the beginning of the Maximum Drawdown period. If the prior peak has not been met or exceeded, this statistic will not populate.190 Q4 25Period Ending 12.31.25 |definitionsMSCI EAFE Index: Measures the performance of the large- and mid-cap equity market across 21 developed markets around the world, excluding the U.S. and Canada. It is a free float-adjusted market-capitalization weighted index and includes the reinvestment of dividends into the index.Merrill Lynch 3-Month Treasury Bill: Measures the performance of a single issue of outstanding treasury bill that matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue.PCE Inflation: Refers to the Personal Consumption Expenditures index which tracks the changes in prices of goods and services consumed by households on a year-over-year basis.Percentile Rank: Percentile Rankings are based on a manager’s performance relative to all other available funds in its universe. Percentiles range from 1, being the best, to 100 being the worst. A ranking in the 50th percentile or above demonstrates that the manager has performed better on a relative basis than at least 50% of its peers.Positive (Negative) Months Ratio: Positive (Negative) Months Ratio is the ratio of months in the measurement period where the returns are positive (negative).Risk-Adjusted Performance: Risk-adjusted Performance, or RAP, measures the level of return that an investment option would generate given a level of risk equivalent to the benchmark index.R-Squared: R-squared measures the portion of a manager’s movements that are explained by movements in a benchmark index. R-squared values range from 0 to 100. An R-squared of 100 means that all movements of a manager are completely explained by movements in the index. This measurement is identified as the coefficient of determination from a regression equation. A high R-squared value supports the validity of the Alpha and Beta measures, and it can be used as a measure of style consistency.Russell 1000® Index: Measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000® Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable U.S. equity market. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.Russell 1000® Growth Index: Measures the performance of the large cap growth segment of U.S. equities. It includes the Russell 1000 companies with relatively higher price-to-book ratios, higher forecast medium term (2 year) growth and higher sales per share historical growth (5 years).Russell 1000® Value Index: Measures the performance of the large cap value segment of the U.S. equity universe. It includes the Russell 1000 companies with relatively lower price-to-book ratios, lower forecast medium term (2 year) growth and lower sales per share historical growth (5 years).Russell 2000® Index: Measures the performance of the 2,000 smallest companies in the Russell 3000® Index. It is a market-capitalization weighted index.Russell 2000® Growth Index: Measures the performance of the small cap growth segment of U.S. equities. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher forecast medium term (2 year) growth and higher sales per share historical growth (5 years).191 Q4 25Period Ending 12.31.25 |definitionsRussell 2000® Value Index: Measures the performance of the small cap value segment of U.S. equities. It includes the Russell 2000 companies with relatively lower price-to-book ratios, lower forecast medium term (2 year) growth and lower sales per share historical growth (5 years).Russell 3000® Index: Measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market.Russell Mid-Cap® Growth Index: Measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Mid-cap Index companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years).Russell Mid-Cap® Value Index: Measures the performance of the mid- cap value segment of the U.S. equity universe. It includes those Russell Mid-cap Index companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years).S&P 500® Index: Measures the performance of 500 leading publicly traded U.S. companies from a broad range of industries. It is a float-adjusted market-capitalization weighted index.Sharpe Ratio: Sharpe ratio measures a manager’s return per unit of risk, or standard deviation. It is the ratio of a manager’s excess return above the risk-free rate divided by a manager’s standard deviation. A higher Sharpe ratio implies greater manager efficiency.Standard Deviation: Standard Deviation is a measure of the extent to which observations in a series vary from the arithmetic mean of the series. This measure of volatility or risk allows the estimation of a range of values for a manager’s returns. The wider the range, the more uncertainty, and, therefore, the riskier a manager is assumed to be.Tracking Error: Tracking Error is the standard deviation of the portfolio’s residual (i.e. excess) returns. The lower the tracking error, the closer the portfolio returns have been to its risk index. Aggressively managed portfolios would be expected to have higher tracking errors than portfolios with a more conservative investment style. Treynor Ratio: The Treynor Ratio is a measure of reward per unit of risk. With Treynor, the numerator (i.e. reward) is defined as the excess return of the portfolio versus the risk-free rate. The denominator (i.e. risk) is defined as the portfolio beta. The result is a measure of excess return per unit of portfolio systematic risk. As with Sharpe and Sortino ratios, the Treynor Ratio only has value when it is used as the basis of comparison between portfolios. The higher the Treynor Ratio, the better.Yield to Worst: Indicates the lowest potential return an investor can achieve on a bond, assuming the issuer does not default, and accounting for any prepayment or call provisions.192 Q4 25Period Ending 12.31.25 |disclosuresBloomberg: - BLOOMBERG® and the indices referenced herein (the “Indices”, and each such index an “Index”) are service marks of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”) and/or one or more third-party providers (each such provider a “Third-Party Provider”),” and have been licensed for use for certain purposes to CAPFINANCIAL PARTNERS LLC (the "Licensee"). To the extent a Third-Party Provider contributes intellectual property in connection with an Index, such third-party products, company names, and logos are trademarks or service marks and remain the property of such Third-Party Provider. Bloomberg or Bloomberg’s licensors own all proprietary rights in Bloomberg Indices. 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Any reference to or use of the Index or Index Data is subject to the further notices and disclaimers set forth from time to time on Cliffwater’s website at https://www.cliffwaterdirectlendingindex.com/disclosures.193 Q4 25Period Ending 12.31.25 |The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation, orrecommendation to sell or an offer to buy securities, investment products, or investment advisory services. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Nothing contained herein constitutes financial, legal, tax, or other advice. Consult your tax and legal professional for details on yoursituation.Past performance is no guarantee of future results. The opinions presented cannot be viewed as an indicator of future performance. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results.Investing involves risk, including possible loss of principal. Asset allocation and diversification do not ensure a profit or protect against loss.Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly.In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities). Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Lower-quality fixed income securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Foreign investments involve greater risks than U.S. investments, and can decline significantly in response to adverse issuer, political, regulatory, market, and economic risks. Any fixed-income security sold or redeemed prior to maturity may be subject to loss. Any reference to credit ratings refers to the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings (S&P and Fitch ratings). Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C (Moody’s ratings).Investment advisory services offered by CapFinancial Partners, LLC (“CAPTRUST” or "CAPTRUST Financial Advisors”), an investment advisor registered with the SEC under The Investment Advisers Act of 1940.disclosures194 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0406 Agenda Date: 4/20/2026 Status: PassedVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Determine Trustees’ expected rate of return for pension plan investments for current year, each of the next several years, and for the long term thereafter, in accordance with Florida Statutes 112.661(9). SUMMARY: Florida Statutes 112.661(9) requires an annual determination of expected rates of return by filed with the Florida Department of Management Services, with the plan’s sponsor, and with the consulting actuary. Staff is recommending the current plan investment rate of return assumptions of 6.5%, net of investment-related fees, as the expected annual rate of return for the current year; 6.5% for the next year; and 6.5% for all years thereafter. Page 1 City of Clearwater Printed on 9/16/2026 Q4 25Period Ending 12.31.25 |Tampa, FL 33602400 N. Tampa Street, Suite 1800Our mission is to enrich the lives of our clients, colleagues and communities through sound financial advice, integrity, and a commitment to service beyond expectation.CAPTRUSTQUARTERLY REVIEWCity of Clearwater4th Quarter, 2025 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |in this reviewCity of Clearwater Employees' Pension Plan4th Quarter, 2025 Quarterly Reviewprepared by:Section 1INDUSTRY UPDATESSection 2MARKET COMMENTARY AND REVIEWSection 3EXECUTIVE SUMMARYAppendixEric BaileyPrincipal | Southeast Region | Financial AdvisorFinancial AdvisorMike Valone2 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |section 1: industry updates3 Q4 25Period Ending 12.31.25 |defined benefit marketplace — topical spotlightYour CAPTRUST advisor can help craft a suitable investment plan, taking into account other factors and your organization’s needs.Inflation remains steady. Policy shifts should ease as technology-driven disinflation takes hold. Growth also remains unchanged, supported in the near term by stimulus and in the long term by productivity gains.EconomyU.S. large-cap return expectations rose due to solid fundamentals and strong AI-driven productivity potential. International return expectations also increased as pro-growth policies are likely to help unlock significant valuation gaps.EquityWhile lower interest rates may temporarily boost prices, we expect the yield curve to continue steepening. This suggests short-term rates will continue to fall while longer-term rates remain the same or rise slightly. Fixed IncomeAlternatives assumptions have largely remained stable, apart from notable increases in direct private equity and core private credit returns, as well as a decrease in core private real-asset risk expectations.AlternativesRiskReturnChange20252024Change20252024U.S. Economy0.10%2.70%2.60%-2.00%2.00%Economic Growth (Real GDP)-1.00%1.00%-2.30%2.30%Inflation (CPI)Equity Markets1.60%16.80%15.20%0.50%7.75%7.25%Large-Cap Equity0.20%17.20%17.00%-7.50%7.50%Mid-Cap Equity0.30%20.20%19.90%-7.00%7.00%Small-Cap Equity-16.20%16.20%1.00%7.25%6.25%Developed International Stocks-0.30% 21.50%21.80%0.25%7.00%6.75%Emerging International StocksFixed Income-0.60%0.60%-0.10% 3.10%3.20%Cash-4.10%4.10%0.20%4.40%4.20%Core Fixed Income-0.10% 13.80%13.90%0.50%4.90%4.40%Long-Term Treasury Bonds-0.10% 5.80%5.90%0.10%4.60%4.50%Invest. Grade Corporate Bonds-9.90%9.90%0.20%5.00%4.80%Long-Term Corporate Bonds-8.50%8.50%0.20%5.90%5.70%High-Yield Corporate BondsAlternative Investments-20.20%20.20%-7.00%7.00%Public Real Estate (R/E)-24.20%24.20%-9.00%9.00%Private R/E: Opportunistic0.10%15.30%15.20%-2.60%2.60%Commodities-3.80%7.90%11.70%-6.50%6.50%Core Private Real Assets0.10%18.30%18.20%0.50%10.75%10.25%Private Equity: Direct-5.10%5.10%-4.70%4.70%Low Volatility Alternatives0.10%11.50%11.40%0.20%6.10%5.90%Hedged Equity-0.60% 9.40%10.00%0.40%7.90%7.50%Core Private CreditHIGHLIGHTS FROM OUR LATEST CAPITAL MARKET ASSUMPTIONSCAPTRUST periodically updates its capital market assumptions (CMAs) to align with the evolving investment landscape. This involves a mix of quantitative and qualitative analyses of economic conditions, policies, and more. CMAs are not intended to represent exact market predictions. Instead, they are best estimates for potential annualized growth over a seven- to 10-year period, likely covering a full market cycle. Increases in return expectations are marked in green, with decreases marked in red. Risks are color-coded conversely, with green indicating a decrease in risk and red indicating an increase.4 Q4 25Period Ending 12.31.25 |defined benefit marketplace — topical spotlightCAPITAL MARKET ASSUMPTIONS: CHANGE IMPLICATIONSCapital market assumption (CMA) changes tend to be incremental. Institutional investors benefit from a long-term perspective. In 2025, a slight increase in fixed income and some global equity return expectations has led to an increase in expected returns for most traditional portfolios. However, investors should consider the many roles that bonds play in their portfolio beyond their contribution to total return. Plan sponsors should consider whether these updates suggest reevaluating the expected return on assets used for accounting and actuarial purposes.CMAs provide an input for strategic asset allocation decisions, but modest annual changes should not upend long-term investment policies. Investors should balance slightly higher expected fixed income returns against the roles this asset class can serve in a portfolio. Returns are hypothetical and based on CAPTRUST created CMAs which reflect macro-level expectations for the risk and return of asset classes across full market cycles, incorporating factors including current and future interest rates, potential earnings growth, and valuations. Your CAPTRUST financial advisor can help you contextualize your investment strategy, goals, and objectives within the current market outlook. No representation is being made that any performance will or is likely to achieve the returns shown. There are frequently sharp differences between hypothetical performance results and the actual results achieved by any particular investment strategy.Portfolio CPortfolio BPortfolio A30.00%50.00%70.00%LDI Fixed IncomeALLOCATIONWEIGHTINGS60.00%40.00%20.00%Global Equities10.00%10.00%10.00%Strategic Opportunities6.34%5.92%5.41%2024RETURNFORECAST6.78%6.28%5.68%2025+0.44%+0.36%+0.27%ChangeADDITIONAL ROLESDiversificationLiability Hedging•Historically, fixed income returns demonstrate a low correlation to equity returns.•Both our previous and new CMAs expect this low correlation to persist.•Bonds tend to exhibit a lower standard deviation (a measure of risk) than equities.•LDI strategies hedge funded status volatility created by interest rate movement.•When interest rates fall, bonds appreciate as liabilities increase, helping preserve funding status.•When rates rise, funding generally improves; most plans’ assets maintain less interest rate exposure than their liabilities.5 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |section 2: market commentary and review6 Q4 25Period Ending 12.31.25 |market commentaryGlobal markets ended 2025 on a strong note, buoyed by AI infrastructure spending and continued economic resilience. U.S. equity leadership began to diversify, expanding beyond the tech concentration that dominated most of the year. International stocks were the standout performers, aided by a weaker dollar, strong earnings, and pro-growth structural reforms.Asset class returns are represented by the following indexes: Bloomberg U.S. Aggregate Bond Index (U.S. bonds), S&P 500 Index (U.S. large-cap stocks), Russell 2000® (U.S. small-cap stocks), MSCI EAFE Index (international developed market stocks), MSCI Emerging Market Index (emerging market stocks), Dow Jones U.S. Real Estate Index (real estate), and Bloomberg Commodity Index (commodities). Past performance is no guarantee of future results. Indexes are unmanaged; do not incur management fees, costs, and expenses; and cannot be invested in directly. Please refer to the index definitions and other important disclosures provided at the end of this presentation.•U.S. stocks rose modestly as investors rotated out of the crowded technology trade to a broader range of cyclical and defensive sectors.•International equities meaningfully outpaced U.S. stocks, driven by multiple expansion, currency effects, and fiscal support. •Short-term bond yields moved lower in tandem with a third Federal Reserve rate cut. Returns were muted as investors contemplated the forward path of monetary policy. •Commodities added to year-to-date gains as precious metals, a safe-haven asset class, climbed.•Real estate moved lower despite falling interest rates, pressured by uncertainty over future economic conditions.Q4 20252025-2.3%1.1%2.2%5.8%2.7%4.9%4.8%3.8%7.3%12.8%15.8%17.9%31.9%34.4%Real EstateU.S. BondsDevelopedInternationalStocksEmergingInternationalStocksU.S. Small-Cap StocksCommoditiesU.S. Large-Cap StocksA STRONG FINISH SETS THE STAGE7 Q4 25Period Ending 12.31.25 |market commentaryDIGGING DEEPER: STOCKS AND BONDSSources: Morningstar, U.S. Treasury. Asset class returns are represented by the following indexes: S&P 500 Index (U.S. stocks), MSCI EAFE Index (international developed market stocks), and MSCI Emerging Markets Index (emerging market stocks). Relative performance by market capitalization and style is based on the Russell US Style Indexes except for large-cap blend, which is based on the S&P 500 Index. Past performance is no guarantee of future results. Indexes are unmanaged; do not incur management fees, costs, and expenses; and cannot be invested in directly. Please refer to the index definitions and other important disclosures provided at the end of this presentation.8 Q4 25Period Ending 12.31.25 |Sources: Morningstar, S&P Global. All calculations are cumulative total return, not annualized, including dividends for the stated period. Past performance is no guarantee of future results, and the opinions presented cannot be viewed as an indicator of future performance. Indexes cannot be invested in directly. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. Investing involves risk; principal loss is possible. *Last 12 months: 12.30.2024 through 12.31.2025.The S&P 500® Index is a market-capitalization-weighted index of U.S. large-cap stocks across a diverse set of industry sectors. The stocks represented in these 11 sectors generated a range of returns for the last 12 months* and the most recent quarter.Returns by S&P 500® Sector 1.8%1.8%2.2%2.8%4.7%8.2%9.6%10.4%10.6%13.4%34.4%SectorWeight17.9%24.0%15.0%33.6%6.0%14.6%19.4%3.9%8.7%16.0%10.5%3.2%2.7%1.4%2.0%7.3%0.7%11.7%0.9%0.0%1.5%-1.4%1.1%-2.9%Last 12 MonthsQ4 2025FinancialsTechnologyConsumer DiscretionaryIndustrialsEnergyHealth CareConsumer StaplesCommunicationServicesUtilitiesMaterialsS&P 500® IndexReal Estatemarket commentaryDIGGING DEEPER: U.S. EQUITY MARKETS9 Q4 25Period Ending 12.31.25 |market commentaryMortgage Rate30 Years10 Years5 Years2 Years3 MonthsInterest Rates6.30%4.73%4.16%3.74%3.60%4.02%September 20256.15%4.84%4.18%3.73%3.47%3.67%December 2025-0.15%0.11%0.02%-0.01%-0.13%-0.35%ChangeDIGGING DEEPER: FIXED INCOME MARKETShort-term yields contracted in December as the Federal Reserve delivered a third rate cut. Mortgage rates fell in tandem.BBB SpreadAA SpreadTreasury RateSpreadTotal Return Q4 2025DurationYield to WorstCore Fixed Income0.89%0.29%4.09%0.28%1.10%5.884.37%September 20250.92%0.33%4.06%0.27%5.864.33%December 20250.03%0.04%-0.03%-0.01%-0.02-0.04%ChangeCore bond performance was positive as the December rate cut influenced short-term yields. Index spread effects were mixed, with corporate spreads widening while non-corporate sectors tightened. BBB SpreadAA SpreadTreasury RateSpreadTotal Return Q4 2025DurationYield to WorstLong Credit1.17%0.59%4.60%0.96%0.00%12.785.55%September 20251.22%0.65%4.63%1.01%12.755.64%December 20250.05%0.06%0.03%0.05%-0.030.09%ChangeLonger-maturity bond performance was muted amid concerns about rising fiscal debt and the forward path of monetary policy. Sources: Morningstar, FactSet, U.S. Treasury, Federal Reserve Bank of St. Louis, CAPTRUST research. All information is point-in-time as of the last day of the month noted, except total return, which was calculated from 09.30.2025 through 12.31.2025. Please refer to definitions and other important disclosures at the end of this presentation. 10 Q4 25Period Ending 12.31.25 |HEADWINDSReal-World Limits•Investors are anxious to see a return on investment from trillions of dollars of AI commitments, but aging power grids and long lead times may limit deployment speed.Policy Squeeze•Tighter immigration policy and higher input costs from tariffs are colliding with a significant cash injection from tax reform. The resulting pressure could complicate the Fed’s path to lower interest rates and further escalate federal debt and deficit concerns.Priced to Perfection•Elevated valuations may limit further gains in investor optimism. Historic levels of concentration in a small group of technology stocks leave markets more susceptible to pullbacks if AI investments disappoint.market commentaryTAILWINDSECONOMIC OUTLOOK2025 defied expectations, as markets shrugged off tariff and inflation fears to deliver a third consecutive year of strong returns. Technology stocks again propelled global markets amid unprecedented investment in AI infrastructure. Investors enter 2026 with high hopes for tax relief, investment incentives, and lower interest rates. However, lingering unknowns about AI payoffs, energy and labor constraints, mounting federal debt, and sticky inflation risk could rain on the parade. The economy is balanced between the optimism of AI promises and policy support and pessimism from supply and financial constraints. Can AI-led productivity gains outpace the drag of sticky inflation?A Global Investment Supercycle•Tax provisions in the One Big Beautiful Bill Act (OBBBA) could supercharge U.S. business investment. Meanwhile, a synchronized global push to rebuild defense capabilities, plus continued investment in power and computing infrastructure may create a price floor for real assets. Tax Refund Windfalls•Under the OBBBA, tax refunds are poised to rise by 44% year-over-year. Sustained highs in stock and housing markets continue to boost the high-end consumer.Broadening Base•Lower global interest rates offer support for smaller and more cyclical companies, just as AI productivity projects may start to pay off. This could deliver a long-awaited broadening of corporate profits and power the next phase of global growth.11 Q4 25Period Ending 12.31.25 |market commentaryTHE GREAT RACE: PRODUCTIVITY VS. PRICESThe U.S. economy faces a unique tug-of-war. On one side, Fed rate cuts, pro-growth fiscal policies, ongoing trade friction, and immigration controls risk overheating demand amid constrained supply. On the other side, the AI revolution promises disinflationary growth. Will AI-driven efficiency win out over policy-fueled inflation?Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federal Reserve Bank of St. Louis, CAPTRUST research. Please refer to definitions and other important disclosures at the end of this presentation. PRODUCTIVITY AS AN INFLATION CAP•Productivity gains can help limit inflation by helping companies produce more with fewer resources.•Over the past 65 years, we’ve seen several periods when the rate of productivity growth (blue) exceeded inflation (yellow).oThe 1960s and 1990s were periods of high growth supported by tech innovation.oThe others were periods of crisis recovery and a shrinking labor force.•AI-driven efficiencies could launch a new era where productivity growth outpaces inflation. While this may raise fears of job losses, echoing concerns from the 1960s’ factory automation wave and 1990s’ retail disruption, history tells a different story.•Technology advances rarely trigger mass unemployment. Instead, they reduce costs and unlock new demand, supporting disinflationary growth.12 Q4 25Period Ending 12.31.25 |market commentaryAI: MOVING FROM PROMISE TO PAYOFFAI capital spending has been a major driver, fueling more than 50% of U.S. economic growth in 2025—a historic investment in an unproven technology. In 2026, the focus pivots from promise to payoff. Whether the next phase represents a productivity supercycle or a supply glut depends on the resolution of the biggest question facing investors today: Can AI deliver on its lofty promises?Sources: JPMorgan, FactSet, CAPTRUST research. Other cloud companies include Apple, CoreWeave, and Oracle. Data as of 12.31.25. In the right-hand columns of the chart, 2025e and 2026e refer to capital-spending estimates (e), as compiled by JPMorgan.•If AI productivity promises are realized, the infrastructure spending cycle can continue, creating a significant economic tailwind. But ifpilot project returns underwhelm, investor appetite for more speculative investment may wane.•Mega-cap tech players are in a strong position to pivot if capacity demand slows. But private players such as OpenAI, Anthropic,andother debt-funded tech companies face pressure to monetize more quickly. The speed and scale at which these investments pay off willdetermine the winners and losers.13 Q4 25Period Ending 12.31.25 |market commentaryPRICES BACKED BY PROFITSIn 2025, investors took note when the Buffett Indicator (the ratio of S&P 500 market capitalization to U.S. GDP) surpassed levels that were last seen in the dot-com bubble. However, stock prices are just one part of the story. Underneath the market’s relentless rise is a profitability engine that has seen corporate margins double over the past 25 years. The question for anxious investors is whether the conditions that propelled margins higher can persist in a more capital-intensive AI future.Sources: S&P Dow Jones Indices, U.S. Bureau of Economic Analysis, Federal Reserve Bank of St. Louis, CAPTRUST Research. Corporate profit series shown is corporate profits after-tax (without inventory valuation and capital consumption adjustments).PRICES FOLLOW PROFITSHistory shows a strong relationship between the path of profits and prices. Even though traditional valuation signals are flashing red, today’s high prices are underpinned by record profitability, not simply “hope.” However, today’s high valuations do suggest more fragility, with a thinner margin of safety. If huge capital investments fail to deliver returns, prices could follow profits on a downward trajectory.Future Risk FactorsWhat Changed?DriverAre profit margins sustainable as labor, production input and depreciation costs mount?The shift from lower-margin industries to high-margin technology and servicesProfitabilityThe AI buildout represents an unprecedented capex cycle with rapid obsolescenceCapital-light business models allowed revenues to scale with less capital investmentCapital IntensityFiscal deficits and sticky inflation may raise the cost of capital and compress valuationsDecades of falling interest and tax ratesPolicy Support14 Q4 25Period Ending 12.31.25 |market commentaryTHE GREAT ROTATION: BROADENING EARNINGS LEADERSHIPSources: FactSet, CAPTRUST research. Market capitalization change may differ from index returns due to index reconstitution or other shifts. In the right-hand columns of the chart, 2025e, 2026e, 2027e refer to capital-spending estimates (e), as compiled by CAPTRUST.For the past few years, investors have anticipated broader market leadership that never arrived. S&P 500 Index earnings growth was dominated by mega-cap technology stocks, which almost-single-handedly powered the index through the 2023 earnings recession and subsequentrecovery. 2026 may mark a turning point as growth catalysts favor the remaining 493 companies. Late 2025 market reactions suggest the rotation may be underway.•Consensus estimates project that S&P 500 earnings growth will accelerate through 2027, albeit with a decisive change in leadership.•As Magnificent 7 growth normalizes, the remaining 493 companies are expected to pick up the growth baton, aided by interest-raterelief, OBBBA tax incentives, and early payoffs from AI productivity investments.•This rotation is no longer theoretical. Late 2025 market movements show a reallocation of capital from the crowded technology sector to a broader range of cyclical and defensive sectors, with lower valuations. Investors are already positioning for a more diversified expansion.15 Q4 25Period Ending 12.31.25 |market commentaryPENALIZED FOR PRUDENCEMarkets posted impressive gains in 2025, but the mechanics of the rally created unique challenges for diversified investors. Time-tested risk management practices, including asset class diversification, an emphasis on quality and fundamentals, and valuation discipline, held back performance in a market driven by historic levels of concentration and a speculative surge in lower-quality stocks.Sources: Morningstar, FactSet, CAPTRUST research. Data as of 12.17.2025.THE DIVERSIFICATION PENALTY•2025’s S&P 500 returns were driven by theMagnificent 7, which grew earnings twice as fast asthe average company.•This created a challenging backdrop for active stockselection, with the median diversified fund managertrailing the benchmark by historic margins.•In some cases, standard risk controls, such as portfolioconcentration limits, made keeping up nearlyimpossible.THE QUALITY PENALTY•In the small-cap universe, the market rewarded morespeculative, unprofitable companies.•Of Russell 2000 Index constituents, 41% areunprofitable, yet elevated investor risk appetitespropelled it well above the S&P 600 Index, whichrequires profitability for inclusion.While disciplined investors may have trailed the indexes in 2025, absolute returns were strong. Risk management seeks to dampen risk over full market cycles, even if it may limit returns during more speculative periods.16 Q4 25Period Ending 12.31.25 |asset class returnsSource: Markov Processes, Inc., Bloomberg, MobiusThe information contained in this report is from sources believed to be reliable but is not warranted by CAPTRUST to be accurate or complete. Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. International Equities (MSCI EAFE)Large-Cap Value Stocks (Russell 1000 Value)Small-Cap Value Stocks (Russell 2000 Value)Fixed Income (Bloomberg U.S. Aggregate Bond)Mid-Cap Growth Stocks (Russell Mid-Cap Growth)Small-Cap Growth Stocks (Russell 2000 Growth)Cash (Merrill Lynch 3-Month Treasury Bill)Mid-Cap Value Stocks (Russell Mid-Cap Value)Large-Cap Growth Stocks (Russell 1000 Growth)20252024202320222021202020192018201720162015201420132012International Equities31.22%Large-Cap Growth33.36%Large-Cap Growth42.68%Cash1.46%Mid-Cap Value28.34%Large-Cap Growth38.49%Large-Cap Growth36.39%Cash1.87%Large-Cap Growth30.21%Small-Cap Value31.74%Large-Cap Growth5.67%Mid-Cap Value14.75%Small-Cap Growth43.30%Mid-Cap Value18.51%Large-Cap Growth18.56%Mid-Cap Growth22.10%Mid-Cap Growth25.87%Large-Cap Value-7.54%Small-Cap Value28.27%Mid-Cap Growth35.59%Mid-Cap Growth35.47%Fixed Income0.01%Mid-Cap Growth25.27%Mid-Cap Value20.00%Fixed Income0.55%Large-Cap Value13.45%Mid-Cap Growth35.74%Small-Cap Value18.05%Large-Cap Value15.91%Small-Cap Growth15.15%International Equities18.24%Mid-Cap Value-12.03%Large-Cap Growth27.60%Small-Cap Growth34.63%Small-Cap Growth28.48%Large-Cap Growth-1.51%International Equities25.03%Large-Cap Value17.34%Cash0.05%Large-Cap Growth13.05%Small-Cap Value34.52%International Equities17.32%Small-Cap Growth13.01%Large-Cap Value14.37%Small-Cap Growth18.66%FixedIncome-13.01%Large-Cap Value25.16%International Equities7.82%Mid-Cap Value27.06%Mid-Cap Growth-4.75%Small-Cap Growth22.17%Small-Cap Growth11.32%Mid-Cap Growth-0.20%Mid-Cap Growth11.90%Large-Cap Growth33.48%Large-Cap Value17.51%Small-Cap Value12.59%Mid-Cap Value13.07%Small-Cap Value14.65%International Equities-14.45%Mid-Cap Growth12.73%Fixed Income7.51%Large-Cap Value26.54%Large-Cap Value-8.27%Large-Cap Value13.66%Mid-Cap Growth7.33%International Equities-0.81%Fixed Income5.97%Mid-Cap Value33.46%Mid-Cap Growth15.81%Mid-Cap Value11.05%Small-Cap Value8.05%Mid-Cap Value12.71%Small-Cap Value-14.48%International Equities11.26%Mid-Cap Value4.96%International Equities22.01%Small-Cap Growth-9.31%Mid-Cap Value13.34%Large-Cap Growth7.08%Small-Cap Growth-1.38%Small-Cap Growth5.60%Large-Cap Value32.53%Large-Cap Growth15.26%Mid-Cap Growth8.66%Cash5.25%Large-Cap Value11.46%Small-Cap Growth-26.36%Small-Cap Growth2.83%Small-Cap Value4.63%Small-Cap Value22.39%Mid-Cap Value-12.29%Small-Cap Value7.84%Fixed Income2.65%Large-Cap Value-3.83%Small-Cap Value4.22%International Equities22.78%Small-Cap Growth14.59%Fixed Income7.30%International Equities3.82%Fixed Income5.53%Mid-Cap Growth-26.72%Cash0.05%Large-Cap Value2.80%Fixed Income8.72%Small-Cap Value-12.86%Fixed Income3.54%International Equities1.00%Mid-Cap Value-4.78%Cash0.03%Cash0.07%Fixed Income4.22%Cash4.18%Fixed Income1.25%Cash5.01%Large-Cap Growth-29.14%Fixed Income-1.54%Cash0.67%Cash2.28%International Equities-13.79%Cash0.86%Cash0.33%Small-Cap Value-7.47%International Equities-4.90%Fixed Income-2.02%Cash0.11%17 Q4 25Period Ending 12.31.25 |index performanceSources:Morningstar Direct, MPI. The opinions expressed in this report are subject to change without notice. This material has been prepared or is distributed solely for informational purposes and is not a solicitation or an offer to buy any security or to participate in any investment strategy. The performance data quoted represents past performance and does not guarantee future results. Index averages are provided for comparison purposes only. The information and statistics in this report are from sources believed to be reliable but are not guaranteed to be accurate or complete. CAPTRUST is an investment adviser registered under the Investment Advisers Act of 1940. Past performance is no guarantee of future results. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly. Please refer to index definitions and other important disclosures provided at the end of this presentation. 10 YEARS5 YEARS3 YEARS1 YEAR20202021202220232024YTDQ4 2025INDEXES2.18%3.17%4.81%4.18%0.67%0.05%1.46%5.01%5.25%4.18%0.97%90-Day U.S. Treasury1.84%1.76%4.50%5.17%3.14%-0.60%-3.81%4.32%4.04%5.17%1.14%Bloomberg Government 1-3 Year1.75%0.64%4.40%6.50%5.73%-1.69%-7.73%4.30%2.44%6.50%1.15%Bloomberg Intermediate Govt2.34%0.80%3.88%4.25%5.21%1.52%-8.53%6.40%1.05%4.25%1.56%Bloomberg Muni Bond2.29%0.96%5.06%6.97%6.43%-1.44%-8.23%5.24%3.00%6.97%1.20%Bloomberg Intermediate Govt/Credit3.13%1.54%6.26%7.88%7.08%-1.03%-9.10%6.94%4.01%7.88%1.27%Bloomberg Intermediate Credit2.01%-0.36%4.66%7.30%7.51%-1.54%-13.01%5.53%1.25%7.30%1.10%Bloomberg Aggregate Bond3.27%-0.09%6.10%7.77%9.89%-1.04%-15.76%8.52%2.13%7.77%0.84%Bloomberg Corporate IG Bond6.52%4.50%10.06%8.62%7.11%5.28%-11.19%13.44%8.19%8.62%1.31%Bloomberg High Yield1.26%-2.14%3.98%8.17%9.20%-4.71%-16.25%5.72%-1.69%8.17%0.24%Bloomberg Global Aggregate3.42%-2.98%5.33%7.44%13.94%-1.13%-25.62%10.93%-1.95%7.44%-0.11%Bloomberg U.S. Long Corporate14.81%14.42%23.00%17.88%18.40%28.71%-18.11%26.29%25.02%17.88%2.66%S&P 50013.09%11.57%15.36%14.92%9.72%20.95%-6.86%16.18%14.99%14.92%4.03%Dow Jones Industrial Average16.58%12.51%30.46%20.36%43.64%21.39%-33.10%43.42%28.64%20.36%2.57%NASDAQ Composite10.52%11.32%13.89%15.91%2.80%25.16%-7.54%11.46%14.37%15.91%3.81%Russell 1000 Value14.58%13.58%22.73%17.37%20.96%26.45%-19.13%26.53%24.51%17.37%2.41%Russell 100018.11%15.31%31.14%18.56%38.49%27.60%-29.14%42.68%33.36%18.56%1.12%Russell 1000 Growth9.77%9.82%12.27%11.05%4.96%28.34%-12.03%12.71%13.07%11.05%1.42%Russell Mid-Cap Value Index11.00%8.67%14.35%10.60%17.10%22.58%-17.32%17.23%15.34%10.60%0.16%Russell Mid-Cap Index12.48%6.64%18.64%8.66%35.59%12.73%-26.72%25.87%22.10%8.66%-3.70%Russell Mid-Cap Growth Index8.18%8.92%17.22%31.22%7.82%11.26%-14.45%18.24%3.82%31.22%4.86%MSCI EAFE8.41%7.90%17.33%32.39%10.65%7.82%-16.00%15.62%5.53%32.39%5.05%MSCI ACWI ex U.S.9.26%8.87%11.73%12.59%4.63%28.27%-14.48%14.65%8.05%12.59%3.26%Russell 2000 Value9.61%6.09%13.73%12.81%19.96%14.82%-20.44%16.93%11.54%12.81%2.19%Russell 20009.57%3.18%15.58%13.01%34.63%2.83%-26.36%18.66%15.15%13.01%1.22%Russell 2000 Growth8.41%4.19%16.39%33.57%18.31%-2.54%-20.09%9.83%7.50%33.57%4.73%MSCI Emerging Markets5.76%4.85%6.11%2.27%-5.12%41.30%-24.95%11.36%4.92%2.27%-2.15%FTSE Nareit All Equity REITs Index2.64%3.25%4.45%5.57%2.72%2.10%0.85%2.95%4.86%5.57%1.43%HFRX Absolute Return Index3.20%4.46%2.95%2.65%1.32%7.16%6.41%3.32%2.87%2.65%0.51%Consumer Price Index (Inflation)10 YEARS5 YEARS3 YEARS1 YEAR20202021202220232024YTDQ4 2025BLENDED BENCHMARKS5.61%3.78%9.72%11.11%10.85%6.10%-14.11%11.12%6.97%11.11%1.68%25% S&P 500/5% MSCI EAFE/70% BB Agg6.58%4.99%11.26%12.79%11.51%8.22%-14.40%12.79%8.26%12.79%1.94%30% S&P 500/10% MSCI EAFE/60% BB Agg7.55%6.21%12.81%14.49%12.11%10.36%-14.71%14.46%9.56%14.49%2.21%35% S&P 500/15% MSCI EAFE/50% BB Agg8.50%7.43%14.38%16.20%12.65%12.54%-15.04%16.16%10.87%16.20%2.48%40% S&P 500/20% MSCI EAFE/40% BB Agg9.45%8.65%15.96%17.93%13.13%14.74%-15.39%17.86%12.19%17.93%2.74%45% S&P 500/25% MSCI EAFE/30% BB Agg9.78%8.47%15.46%13.70%14.73%15.86%-15.79%17.67%15.04%13.70%2.03%60% S&P 500/40% Bloomberg Barclays Agg18 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |section 3: executive summary19 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $532,000,000 $1,064,000,000 $1,596,000,000 $2,128,000,000 -$532,000,000 -$1,064,000,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $1,431,871,494 $1,334,706,029 $1,250,411,601 $1,134,988,924 $1,377,994,846 $91,459,988 Net Contributions -$12,536,378 -$48,688,987 -$42,339,970 -$38,311,101 -$41,966,611 -$441,094,013 Net Investment Return $17,062,655 $150,380,730 $126,634,398 $153,733,777 -$201,039,311 $1,786,031,796 Ending Market Value $1,436,397,771 $1,436,397,771 $1,334,706,029 $1,250,411,601 $1,134,988,924 $1,436,397,771 City of Clearwater Employees' Pension Plan - Total Portfolio MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 20 TARGET ALLOCATION ACTUAL ALLOCATION HISTORIC ALLOCATION TREND 0 20 40 60 80 100 QUARTERLY HISTORIC ALLOCATION TREND 03 23 (%) 06 23 (%) 09 23 (%) 12 23 (%) 03 24 (%) 06 24 (%) 09 24 (%) 12 24 (%) 03 25 (%) 06 25 (%) 09 25 (%) 12 25 (%) 26.18 24.57 27.39 26.68 24.94 26.29 25.60 26.22 28.40 26.83 26.30 26.84 ¢ 37.21 39.35 40.11 41.64 43.93 43.97 44.60 46.85 43.62 44.84 45.69 45.26¢ 16.99 17.17 13.06 13.49 13.94 12.45 12.78 9.75 10.49 11.57 11.54 11.35 ¢ 19.62 18.92 19.44 18.20 17.18 17.29 17.02 17.18 17.49 16.76 16.48 16.56¢ ASSET REBALANCING ANALYSIS Asset Class Asset Allocation (%) Target Allocation (%) (+/-) Variance (%) Total Fixed Income 26.84 28.00 -1.16¢ Total U.S. Equities 45.26 39.00 6.26¢ Total International Equities 11.35 18.00 -6.65¢ Total Real Estate 16.56 15.00 1.56¢ City of Clearwater Employees' Pension Plan - Total Portfolio ASSET ALLOCATION SUMMARY Period Ending 12.31.25 |Q4 25 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. For Institutional Use Only. 21 MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%) VARIANCE (%) Dodge & Cox $2,540,639 $206,954,973 1.21 $209,495,613 -14.58 - In House Account $5,088,492 - 100.00 $5,088,492 -0.35 - Longfellow Investment Management Co.$1,293,750 $169,266,355 0.76 $170,560,104 -11.87 - Security Lending Income Account $356,619 $545 99.85 $357,165 -0.02 - Western Asset Management Co.-$1,606 -$1,606 -0.00 - Total Fixed Income $9,279,501 $376,223,479 2.41 $385,502,980 28.00 26.84 -1.16 BNYM Newton US Dynamic Large Cap Value - $53,833,614 - $53,833,614 -3.75 - Eagle Capital Management $2,860,928 $88,472,388 3.13 $91,333,315 -6.36 - Manning & Napier $824,344 - 100.00 $824,344 -0.06 - NTGI-QM R1000G - $219,410,479 - $219,410,479 -15.28 - NTGI-QM R1000V - $74,627,258 - $74,627,258 -5.20 - Artisan Partners $350 - 100.00 $350 -0.00 - Boston Partners $2,064,808 $78,061,878 2.58 $80,126,686 -5.58 - Northern Trust Mid Cap Growth Index $55,198 $63,134,552 0.09 $63,189,750 -4.40 - Atlanta Capital Management $667,944 $21,593,491 3.00 $22,261,435 -1.55 - Riverbridge Partners $608,418 $25,141,023 2.36 $25,749,441 -1.79 - Sycamore Capital $787,662 $17,900,915 4.21 $18,688,577 -1.30 - Total U.S. Equities $7,869,652 $642,175,598 1.21 $650,045,250 39.00 45.26 6.26 DFA Emerging Markets - $17,405,823 - $17,405,823 -1.21 - Thompson, Siegel & Walmsley $1,242,014 $38,682,369 3.11 $39,924,383 -2.78 - WCM Investment Management $7,999,290 $97,663,089 7.57 $105,662,379 -7.36 - Total International Equities $9,241,304 $153,751,281 5.67 $162,992,584 18.00 11.35 -6.65 Hancock Timberland XI - $7,748,648 - $7,748,648 -0.54 - IFM Global Infrastructure (US) L.P.- $110,113,776 - $110,113,776 -7.67 - Molpus Woodlands Fund III - $7,819,844 - $7,819,844 -0.54 - Molpus Woodlands Fund IV - $4,259,582 - $4,259,582 -0.30 - Multi-Employer Property Trust - $51,212,985 - $51,212,985 -3.57 - Security Capital $256,824 $18,691,668 1.36 $18,948,492 -1.32 - U.S. Real Estate Investment Fund - $14,920,657 - $14,920,657 -1.04 - USAA - $22,832,973 - $22,832,973 -1.59 - Total Real Estate $256,824 $237,600,133 0.11 $237,856,957 15.00 16.56 1.56 ASSET ALLOCATION DETAIL City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 22 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.20 11.45 11.75 6.19 9.42 8.51 8.97 Total Portfolio Benchmark 2.18 13.36 11.20 6.96 9.06 8.04 8.81 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 11.45 10.26 13.57 -14.74 13.48 15.71 20.17 8.97 Total Portfolio Benchmark 13.36 9.07 11.20 -10.60 13.88 11.48 17.60 8.81 City of Clearwater Employees' Pension Plan - Total Portfolio INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 23 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 1.34 1.64 6.02 -12.21 -1.40 8.08 5.21 0.16 2.70 5.41 01/31/1988 Blmbg. U.S. Aggregate Index 1.10 1.25 5.53 -13.01 -1.55 7.30 4.66 -0.36 2.01 5.28 All Public Plans > $1B-Fixed Income Percentile Rank 42 92 91 71 92 45 91 89 90 - Population 31 57 54 53 50 31 31 28 19 - Dodge & Cox 1.41 2.11 7.23 -10.57 -1.15 8.15 5.79 0.92 3.14 4.09 03/01/2004 Blmbg. U.S. Aggregate Index 1.10 1.25 5.53 -13.01 -1.55 7.30 4.66 -0.36 2.01 3.20 Intermediate Core Bond Percentile Rank 2 21 2 9 30 4 6 4 1 1 Population 407 428 445 443 441 401 395 375 324 255 In House Account 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.48 01/31/1988 90 Day U.S. Treasury Bill 0.97 5.25 5.02 1.46 0.05 4.18 4.81 3.17 2.17 3.09 Longfellow Investment Management Co.1.15 - - - - - - -- 4.60 04/01/2025 Blmbg. Intermed. U.S. Government/Credit 1.20 - - - - - - -- 4.44 Intermediate Core Bond Percentile Rank 15 - - - - - - --22 Population 407 - - - - - - -- 403 Security Lending Income Account 36.81 47.17 8.06 1.92 0.54 263.40 79.45 42.72 20.88 12.48 07/01/2003 90 Day U.S. Treasury Bill 0.97 5.25 5.02 1.46 0.05 4.18 4.81 3.17 2.17 1.70 Total U.S. Equities 1.74 20.42 26.79 -20.77 21.97 13.28 20.04 10.82 13.27 11.69 01/01/1988 S&P 500 Index 2.66 25.02 26.29 -18.11 28.71 17.88 23.01 14.42 14.82 11.45 Russell 3000 Index 2.40 23.81 25.96 -19.21 25.66 17.15 22.25 13.15 14.29 11.38 All Public Plans > $1B-US Equity Percentile Rank 86 66 8 96 94 79 49 82 45 - Population 46 82 77 74 72 46 46 43 26 - INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 24 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Large Cap Equities 2.65 25.63 29.94 -20.72 25.27 17.24 24.16 13.71 14.49 11.45 04/01/1988 Russell 1000 Index 2.41 24.51 26.53 -19.13 26.45 17.37 22.74 13.59 14.59 11.39 All Public Plans > $1B-US Equity Percentile Rank 18 2 4 95 57 11 2 3 1 - Population 46 82 77 74 72 46 46 43 26 - BNYM Newton US Dynamic Large Cap Value 5.01 - - - - - - -- 9.78 08/01/2025 Russell 1000 Value Index 3.81 - - - - - - -- 8.72 Large Value Percentile Rank 15 - - - - - - --26 Population 1,003 - - - - - - -- 1,003 Eagle Capital Management 4.54 25.56 38.37 -25.08 27.60 17.75 26.94 14.36 14.40 14.44 01/31/2013 Russell 1000 Value Index 3.81 14.37 11.46 -7.54 25.16 15.91 13.90 11.33 10.53 10.62 Large Value Percentile Rank 25 1 1 100 33 20 1 8 1 1 Population 1,003 1,076 1,162 1,166 1,176 1,003 996 965 927 879 NTGI-QM R1000G 1.13 33.28 42.20 -29.09 29.75 18.52 30.96 15.63 - 16.36 11/30/2020 Russell 1000 Growth Index 1.12 33.36 42.68 -29.14 27.60 18.56 31.15 15.32 - 16.09 Large Growth Percentile Rank 44 30 33 34 8 24 27 5 - 20 Population 959 1,009 1,090 1,108 1,138 958 948 928 - 928 NTGI-QM R1000V 3.79 14.37 11.61 -7.62 25.17 15.85 13.93 11.33 10.50 7.52 07/01/2007 Russell 1000 Value Index 3.81 14.37 11.46 -7.54 25.16 15.91 13.90 11.33 10.53 7.50 Large Value Percentile Rank 40 51 46 69 61 45 44 57 54 53 Population 1,003 1,076 1,162 1,166 1,176 1,003 996 965 927 778 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 25 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Mid Cap Equities 0.24 11.47 20.24 -20.92 18.74 13.77 15.10 7.44 11.37 12.19 04/01/1988 Russell Midcap Index 0.16 15.34 17.23 -17.32 22.58 10.60 14.36 8.67 11.01 11.40 All Public Plans > $1B-US Equity Percentile Rank 100 100 90 96 100 77 99 100 90 - Population 46 82 77 74 72 46 46 43 26 - Boston Partners -0.57 10.45 16.74 -6.98 27.34 11.32 12.80 11.20 - 11.64 03/01/2020 Russell Midcap Value Index 1.42 13.07 12.71 -12.03 28.34 11.05 12.27 9.83 - 11.62 Mid-Cap Value Percentile Rank 92 57 23 39 61 34 26 25 - 49 Population 343 363 371 382 394 343 336 333 - 332 Northern Trust Mid Cap Growth Index - - - - - - - ---01/01/2026 Russell Midcap Growth Index - - - - - - - --- Mid-Cap Growth Percentile Rank - - - - - - - --- Population - - - - - - - --- Total U.S. Small Cap Equities -1.07 5.41 18.22 -20.83 12.05 -9.21 4.20 0.07 8.88 9.01 09/01/2003 Russell 2000 Index 2.19 11.54 16.93 -20.44 14.82 12.81 13.73 6.09 9.62 8.91 All Public Plans > $1B-US Equity Percentile Rank 100 100 99 96 100 100 100 100 100 - Population 46 82 77 74 72 46 46 43 26 - Atlanta Capital Management -1.32 8.09 20.71 -12.28 19.89 -10.27 5.40 4.25 8.75 10.66 09/01/2003 Russell 2000 Index 2.19 11.54 16.93 -20.44 14.82 12.81 13.73 6.09 9.62 8.91 Small Blend Percentile Rank 93 79 13 15 67 100 99 92 66 2 Population 543 562 595 601 624 542 531 520 485 321 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 26 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Riverbridge Partners -2.18 3.67 20.04 -32.15 3.44 -14.97 1.90 -5.78 8.10 10.10 10/01/2010 Russell 2000 Growth Index 1.22 15.15 18.66 -26.36 2.83 13.01 15.59 3.18 9.57 10.91 Small Growth Percentile Rank 91 100 22 75 77 100 100 98 89 74 Population 511 544 588 594 607 511 509 497 462 424 Sycamore Capital 0.81 5.57 11.55 -6.40 25.08 1.71 6.20 7.00 - 6.73 11/30/2017 Russell 2000 Value Index 3.26 8.05 14.65 -14.48 28.27 12.59 11.73 8.88 - 6.67 Small Value Percentile Rank 74 82 79 18 82 81 92 83 -59 Population 432 455 488 491 494 432 430 417 - 398 Total International Equities -1.50 5.82 16.64 -21.08 13.92 24.46 15.38 6.67 9.21 6.09 06/01/2001 MSCI AC World ex USA (Net)5.05 5.53 15.62 -16.00 7.82 32.39 17.33 7.91 8.41 6.31 All Public Plans > $1B-Intl. Equity Percentile Rank 100 48 54 91 9 89 77 75 24 - Population 31 67 63 56 61 31 31 28 19 - DFA Emerging Markets 3.79 7.32 15.44 -16.40 5.84 28.78 16.85 7.14 - 6.33 11/01/2017 MSCI Emerging Markets Index 4.78 8.05 10.26 -19.74 -2.22 34.36 16.98 4.67 - 5.75 Diversified Emerging Mkts Percentile Rank 70 35 24 13 15 71 40 14 -26 Population 653 701 743 756 758 649 633 574 - 515 Thompson, Siegel & Walmsley 6.85 4.64 17.16 -14.12 13.34 32.91 17.68 9.66 7.75 6.71 07/31/2015 MSCI EAFE (Net)4.86 3.82 18.24 -14.45 11.26 31.22 17.22 8.92 8.18 7.10 Foreign Large Value Percentile Rank 43 50 58 83 31 77 73 77 65 60 Population 308 319 356 351 355 308 304 289 263 262 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 27 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date WCM Investment Management -5.09 7.03 16.23 -27.85 18.16 20.89 14.57 5.09 11.06 10.35 07/31/2015 MSCI AC World ex USA (Net)5.05 5.53 15.62 -16.00 7.82 32.39 17.33 7.91 8.41 7.18 Foreign Large Growth Percentile Rank 99 32 47 71 5 40 40 33 1 1 Population 366 376 405 421 427 366 360 340 287 287 Total Real Estate 1.34 1.82 -1.84 5.43 20.55 5.36 1.74 6.00 6.13 9.08 05/01/2008 Total Real Estate Benchmark 0.14 0.17 -7.14 -5.54 37.76 2.84 -1.47 4.48 4.77 5.59 All Public Plans > $1B-Real Estate Percentile Rank 7 14 14 66 49 9 13 8 5 - Population 37 79 75 72 64 37 37 34 18 - Hancock Timberland XI 0.00 1.69 4.78 7.00 9.96 0.22 2.21 4.67 3.36 4.35 05/31/2012 NCREIF Timberland Index 1.59 6.97 9.45 12.90 9.17 4.57 6.98 8.58 5.39 6.32 Real Estate Percentile Rank 3 98 100 1 98 68 100 57 94 97 Population 175 180 206 215 223 175 173 173 163 151 IFM Global Infrastructure (US) L.P.3.10 5.61 8.40 8.16 17.75 10.96 8.30 10.10 - 11.19 09/30/2017 S&P Global Infrastructure TR USD 2.37 15.10 6.79 -0.17 11.87 22.58 14.64 10.97 - 7.78 Real Estate Percentile Rank 1 56 100 1 97 1 13 1 -1 Population 175 180 206 215 223 175 173 173 - 164 Molpus Woodlands Fund III 0.00 -1.87 9.77 21.72 13.33 2.21 3.26 8.72 5.40 5.39 06/30/2011 NCREIF Timberland Index 1.59 6.97 9.45 12.90 9.17 4.57 6.98 8.58 5.39 5.97 Real Estate Percentile Rank 3 100 91 1 98 36 97 1 43 86 Population 175 180 206 215 223 175 173 173 163 150 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 28 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund IV 0.00 -1.85 8.57 10.76 20.57 -0.16 2.09 7.28 3.44 3.22 10/01/2015 NCREIF Timberland Index 1.59 6.97 9.45 12.90 9.17 4.57 6.98 8.58 5.39 5.45 Real Estate Percentile Rank 3 100 99 1 97 75 100 2 93 98 Population 175 180 206 215 223 175 173 173 163 163 Multi-Employer Property Trust 0.31 -3.72 -15.51 7.81 19.74 2.31 -5.94 1.45 3.18 5.86 10/01/2010 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.70 -2.27 -12.73 6.55 21.02 2.92 -4.25 2.51 3.88 6.92 Real Estate Percentile Rank 1 100 100 1 97 35 100 99 96 94 Population 175 180 206 215 223 175 173 173 163 146 Security Capital -1.34 11.45 15.67 -27.59 45.03 1.22 9.28 6.50 5.51 5.98 05/01/2008 FTSE NAREIT All Equity REITs (Split)-2.15 9.15 16.19 -26.70 46.11 2.27 9.05 6.79 5.62 6.16 Real Estate Percentile Rank 27 8 10 72 17 51 8 5 39 42 Population 175 180 206 215 223 175 173 173 163 143 U.S. Real Estate Investment Fund -0.08 -5.04 -15.95 7.39 20.02 2.27 -6.54 1.02 4.16 4.16 12/31/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.70 -2.27 -12.73 6.55 21.02 2.92 -4.25 2.51 3.88 3.88 Real Estate Percentile Rank 4 100 100 1 97 35 100 99 78 81 Population 175 180 206 215 223 175 173 173 163 163 USAA -0.22 -0.34 -7.85 13.80 18.42 -2.66 -3.67 3.79 6.37 6.47 06/30/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 0.70 -2.27 -12.73 6.55 21.02 2.92 -4.25 2.51 3.88 4.33 Real Estate Percentile Rank 4 100 100 1 97 95 100 77 8 10 Population 175 180 206 215 223 175 173 173 163 159 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 29 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Last Quarter 2024 2023 2022 2021 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Portfolio 1.20 10.26 13.57 -14.74 13.48 11.45 11.75 6.19 8.51 8.97 01/01/1988 Total Portfolio Benchmark 2.18 9.07 11.20 -10.60 13.88 13.36 11.20 6.96 8.04 8.81 Total Portfolio Secondary Benchmark 1.85 9.73 13.64 -14.11 13.80 14.22 12.51 6.84 8.28 - All Public Plans-Total Fund Percentile Rank 95 59 45 62 56 86 68 79 41 26 Population 621 1,161 1,208 1,222 1,269 618 589 573 514 12 Performance returns over one-year are annualized. Information and statistics have been provided by the custodian and are not guaranteed to be accurate or complete. This is not a substitute for the official custodial account statement; please refer to the custodial statement for verification. 30 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Total Portfolio Benchmark 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Total Portfolio Benchmark Positive Months Ratio 72.22 72.22 Negative Months Ratio 27.78 27.78 Best Quarter 10.80 9.53 Worst Quarter -7.02 -6.53 Standard Deviation 8.02 7.12 Maximum Drawdown -7.02 -6.53 Max Drawdown Recovery Period 5.00 5.00 Up Capture 107.48 100.00 Down Capture 111.62 100.00 Alpha -0.67 0.00 Beta 1.11 1.00 R-Squared 0.98 1.00 Consistency 52.78 100.00 Tracking Error 1.45 0.00 Treynor Ratio 0.06 0.06 Information Ratio 0.39 - Sharpe Ratio 0.85 0.87 Total Portfolio Total Portfolio Benchmark Positive Months Ratio 70.18 66.89 Negative Months Ratio 29.82 33.11 Best Quarter 22.31 23.20 Worst Quarter -25.09 -25.68 Standard Deviation 9.09 9.90 Maximum Drawdown -37.50 -41.18 Max Drawdown Recovery Period 35.00 39.00 Up Capture 86.82 100.00 Down Capture 73.29 100.00 Alpha 1.84 0.00 Beta 0.81 1.00 R-Squared 0.77 1.00 Consistency 50.22 100.00 Tracking Error 4.79 0.00 Treynor Ratio 0.07 0.06 Information Ratio 0.02 - Sharpe Ratio 0.66 0.60 City of Clearwater Employees' Pension Plan - Total Portfolio PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 31 -4 -1 2 5 8 11 14 17 20 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.20 (95)11.45 (86)10.85 (77)11.75 (68)4.44 (81)6.19 (79)7.72 (62)9.42 (57)7.83 (43) Total Portfolio Benchmark 2.18 (35)13.36 (57)11.20 (70)11.20 (76)5.29 (51)6.96 (50)7.70 (63)9.06 (69)7.24 (71) 5th Percentile 2.75 16.60 14.94 15.87 6.88 8.60 9.61 11.29 9.12 1st Quartile 2.29 14.89 13.28 13.64 6.03 7.74 8.57 10.18 8.24 Median 2.00 13.64 12.20 12.61 5.31 6.95 7.97 9.57 7.71 3rd Quartile 1.67 12.30 10.92 11.21 4.67 6.31 7.33 8.85 7.08 95th Percentile 1.14 9.54 8.67 8.91 3.42 4.73 5.75 7.39 5.85 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 32 -28 -20 -12 -4 4 12 20 28 36 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 10.26 (59)13.57 (45)-14.74 (62)13.48 (56)15.71 (20)20.17 (34)-2.64 (14)15.98 (28)6.71 (64)1.43 (8) Total Portfolio Benchmark 9.07 (77)11.20 (79)-10.60 (18)13.88 (50)11.48 (68)17.60 (71)-4.68 (58)15.34 (44)7.42 (44)0.23 (38) 5th Percentile 14.03 17.47 -6.87 18.56 17.86 22.50 -0.99 18.03 9.58 2.02 1st Quartile 11.66 14.70 -11.73 15.58 15.27 20.55 -3.29 16.10 8.12 0.63 Median 10.65 13.29 -13.81 13.82 12.90 19.18 -4.40 15.02 7.15 -0.22 3rd Quartile 9.17 11.45 -15.93 12.17 11.02 17.19 -5.32 13.75 6.25 -1.24 95th Percentile 6.60 8.36 -17.49 8.31 7.18 13.22 -6.68 10.49 4.42 -2.94 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 33 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-1988 $37,115,659 -$3,304,490 $40,420,149 2.07 Jun-1988 $40,420,149 -$15,255,464 $55,675,613 4.75 Sep-1988 $55,675,613 --$5,742,484 $49,933,130 0.57 Dec-1988 $49,933,130 -$2,150,038 $52,083,168 2.05 Mar-1989 $52,083,168 -$5,062,468 $57,145,637 4.88 Jun-1989 $57,145,637 -$4,452,993 $61,598,630 5.90 Sep-1989 $61,598,630 -$7,477,281 $69,075,911 7.63 Dec-1989 $69,075,911 -$1,984,196 $71,060,107 1.39 Mar-1990 $71,060,107 -$378,332 $71,438,439 0.06 Jun-1990 $71,438,439 -$7,140,375 $78,578,814 7.03 Sep-1990 $78,578,814 --$9,847,666 $68,731,148 -6.23 Dec-1990 $68,731,148 --$12,927,114 $55,804,034 5.72 Mar-1991 $55,804,034 -$12,979,788 $68,783,821 11.94 Jun-1991 $68,783,821 --$532,887 $68,250,934 0.60 Sep-1991 $68,250,934 -$7,087,410 $75,338,344 6.25 Dec-1991 $75,338,344 -$6,276,425 $81,614,769 8.32 Mar-1992 $81,614,769 --$1,538,976 $80,075,794 -1.73 Jun-1992 $80,075,794 --$5,126,324 $74,949,469 -1.52 Sep-1992 $74,949,469 --$249,609 $74,699,861 3.89 Dec-1992 $74,699,861 -$9,473,620 $84,173,480 6.09 Mar-1993 $84,173,480 -$2,154,103 $86,327,583 2.30 Jun-1993 $86,327,583 -$1,014,565 $87,342,148 0.78 Sep-1993 $87,342,148 -$5,778,255 $93,120,403 4.60 Dec-1993 $93,120,403 -$2,204,043 $95,324,446 1.39 Mar-1994 $95,324,446 --$1,734,063 $93,590,383 -1.67 Jun-1994 $93,590,383 --$13,630,985 $79,959,398 -1.37 Sep-1994 $79,959,398 -$5,504,124 $85,463,522 3.74 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 34 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Dec-1994 $85,463,522 -$441,019 $85,904,541 0.39 Mar-1995 $85,904,541 -$6,435,503 $92,340,044 5.44 Jun-1995 $92,340,044 -$7,602,216 $99,942,260 6.93 Sep-1995 $99,942,260 -$8,917,927 $108,860,187 6.00 Dec-1995 $108,860,187 -$2,257,663 $111,117,850 2.97 Mar-1996 $111,117,850 -$9,193,597 $120,311,447 3.64 Jun-1996 $120,311,447 -$5,523,534 $125,834,982 3.55 Sep-1996 $125,834,982 -$2,395,613 $128,230,595 3.28 Dec-1996 $128,230,595 --$20,044,329 $108,186,266 3.55 Mar-1997 $108,186,266 --$4,620,949 $103,565,317 -1.17 Jun-1997 $103,565,317 -$16,186,768 $119,752,085 11.19 Sep-1997 $119,752,085 -$8,363,384 $128,115,469 7.94 Dec-1997 $128,115,469 --$4,853,658 $123,261,811 -0.24 Mar-1998 $123,261,811 -$16,171,368 $139,433,179 8.16 Jun-1998 $139,433,179 -$2,916,725 $142,349,904 1.63 Sep-1998 $142,349,904 --$20,270,513 $122,079,392 -6.11 Dec-1998 $122,079,392 -$29,799,463 $151,878,854 12.88 Mar-1999 $151,878,854 -$8,156,573 $160,035,427 3.43 Jun-1999 $160,035,427 -$9,634,952 $169,670,379 5.00 Sep-1999 $169,670,379 --$9,304,384 $160,365,995 -4.43 Dec-1999 $160,365,995 -$53,446,249 $213,812,243 14.22 Mar-2000 $213,812,243 -$24,543,944 $238,356,187 4.61 Jun-2000 $238,356,187 --$17,842,470 $220,513,717 -3.11 Sep-2000 $220,513,717 -$2,942,383 $223,456,100 1.69 Dec-2000 $223,456,100 --$32,832,231 $190,623,869 -6.36 Mar-2001 $190,623,869 --$29,540,148 $161,083,721 -6.94 Jun-2001 $161,083,721 -$31,403,540 $192,487,262 4.33 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 35 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Sep-2001 $192,487,262 --$70,015,520 $122,471,742 -8.99 Dec-2001 $122,471,742 --$3,023,928 $119,447,813 7.12 Mar-2002 $119,447,813 -$1,049,133 $120,496,946 0.42 Jun-2002 $120,496,946 --$12,368,198 $108,128,749 -5.24 Sep-2002 $108,128,749 --$18,650,925 $89,477,824 -8.46 Dec-2002 $89,477,824 -$4,658,922 $94,136,746 4.77 Mar-2003 $94,136,746 --$2,879,098 $91,257,648 -0.53 Jun-2003 $91,257,648 -$10,445,990 $101,703,639 9.75 Sep-2003 $101,703,639 -$37,744,310 $139,447,949 1.91 Dec-2003 $139,447,949 -$16,625,092 $156,073,041 7.53 Mar-2004 $156,073,041 -$73,396,226 $229,469,267 3.25 Jun-2004 $229,469,267 --$4,397,072 $225,072,195 -0.76 Sep-2004 $225,072,195 --$5,333,659 $219,738,536 -0.81 Dec-2004 $219,738,536 -$94,657,834 $314,396,370 8.13 Mar-2005 $314,396,370 --$4,790,716 $309,605,655 -1.67 Jun-2005 $309,605,655 -$2,951,722 $312,557,377 2.14 Sep-2005 $312,557,377 -$15,924,645 $328,482,022 3.56 Dec-2005 $328,482,022 -$7,404,726 $335,886,748 2.59 Mar-2006 $335,886,748 -$30,546,388 $366,433,136 4.84 Jun-2006 $366,433,136 --$7,552,528 $358,880,608 -1.68 Sep-2006 $358,880,608 -$6,901,238 $365,781,846 3.37 Dec-2006 $365,781,846 -$50,509,167 $416,291,013 4.89 Mar-2007 $416,291,013 -$25,224,122 $441,515,135 1.91 Jun-2007 $441,515,135 -$10,755,795 $452,270,931 4.13 Sep-2007 $452,270,931 -$130,856,770 $583,127,700 2.15 Dec-2007 $583,127,700 --$4,862,636 $578,265,065 -1.11 Mar-2008 $578,265,065 --$42,263,748 $536,001,317 -6.13 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 36 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Jun-2008 $536,001,317 -$10,314,649 $546,315,966 -0.30 Sep-2008 $546,315,966 --$26,855,825 $519,460,141 -8.96 Dec-2008 $519,460,141 --$73,816,134 $445,644,008 -14.44 Mar-2009 $445,644,008 --$30,189,157 $415,454,851 -6.73 Jun-2009 $415,454,851 -$63,030,616 $478,485,467 16.39 Sep-2009 $478,485,467 -$63,331,635 $541,817,101 14.53 Dec-2009 $541,817,101 -$29,622,444 $571,439,545 4.79 Mar-2010 $571,439,545 $1,420,521 $28,514,836 $601,374,902 4.98 Jun-2010 $601,374,902 -$5,934,251 -$31,993,847 $563,446,804 -5.35 Sep-2010 $563,446,804 -$6,281,494 $57,321,288 $614,486,598 10.30 Dec-2010 $614,486,598 $2,877,067 $45,649,700 $663,013,366 7.42 Mar-2011 $663,013,366 $1,408,292 $29,471,716 $693,893,374 4.45 Jun-2011 $693,893,374 -$7,230,374 $5,411,491 $692,074,491 0.78 Sep-2011 $692,074,491 -$7,171,688 -$79,447,530 $605,455,273 -11.49 Dec-2011 $605,455,273 $906,702 $41,909,007 $648,270,982 6.95 Mar-2012 $648,270,982 $10,313,159 $52,508,718 $711,092,859 9.30 Jun-2012 $711,092,859 -$7,838,428 -$15,138,887 $688,115,543 -2.11 Sep-2012 $688,115,543 -$7,650,190 $31,651,213 $712,116,567 4.63 Dec-2012 $712,116,567 $1,405,904 $12,465,265 $725,987,735 1.77 Mar-2013 $725,987,735 $2,639,158 $43,316,811 $771,943,704 5.98 Jun-2013 $771,943,704 -$8,529,923 $600 $763,414,381 0.00 Sep-2013 $763,414,381 -$8,426,038 $40,688,177 $795,676,520 5.37 Dec-2013 $795,676,520 -$62,747 $43,826,891 $839,440,664 5.52 Mar-2014 $839,440,664 $997,843 $17,572,308 $858,010,815 2.08 Jun-2014 $858,010,815 -$8,947,389 $30,697,898 $879,761,325 3.61 Sep-2014 $879,761,325 -$8,071,076 -$6,077,661 $865,612,589 -0.70 Dec-2014 $865,612,589 -$2,181,929 $27,093,392 $890,524,051 3.14 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 37 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Mar-2015 $890,524,051 -$1,048,160 $20,488,068 $909,963,960 2.31 Jun-2015 $909,963,960 -$9,762,293 -$6,659,939 $893,541,728 -0.73 Sep-2015 $893,541,728 -$9,608,772 -$41,440,488 $842,492,468 -4.66 Dec-2015 $842,492,468 -$3,150,132 $29,733,169 $869,075,506 4.76 Mar-2016 $869,075,506 -$3,639,090 $8,327,326 $873,763,742 0.99 Jun-2016 $873,763,742 -$8,199,903 $19,479,145 $885,042,983 2.25 Sep-2016 $885,042,983 -$9,437,418 $30,450,249 $906,055,814 3.50 Dec-2016 $906,055,814 -$2,437,038 -$1,495,939 $902,122,837 -0.15 Mar-2017 $902,122,837 -$4,042,535 $42,589,028 $940,669,331 4.74 Jun-2017 $940,669,331 -$9,803,863 $32,033,125 $962,898,593 3.43 Sep-2017 $962,898,593 -$10,157,026 $27,748,235 $980,489,801 2.94 Dec-2017 $980,489,801 -$4,041,264 $39,010,026 $1,015,458,563 4.00 Mar-2018 $1,015,458,563 -$5,389,283 $3,399,779 $1,013,469,060 0.34 Jun-2018 $1,013,469,060 -$10,243,223 $12,284,581 $1,015,510,418 1.23 Sep-2018 $1,015,510,418 -$9,312,738 $38,632,345 $1,044,830,025 3.82 Dec-2018 $1,044,830,025 -$4,369,002 -$80,050,645 $960,410,378 -7.66 Mar-2019 $960,410,378 -$5,332,974 $83,125,870 $1,038,203,273 8.69 Jun-2019 $1,038,203,273 -$11,174,999 $39,715,923 $1,066,744,197 3.86 Sep-2019 $1,066,744,197 -$11,418,597 $9,725,692 $1,065,051,291 0.92 Dec-2019 $1,065,051,291 -$4,864,418 $58,192,676 $1,118,379,549 5.48 Mar-2020 $1,118,379,549 -$6,446,114 -$142,023,448 $969,909,987 -12.52 Jun-2020 $969,909,987 -$10,568,540 $133,450,669 $1,092,792,116 13.82 Sep-2020 $1,092,792,116 -$11,572,493 $52,542,792 $1,133,762,416 4.80 Dec-2020 $1,133,762,416 -$5,630,570 $122,432,868 $1,250,564,714 10.89 Mar-2021 $1,250,564,714 -$6,545,816 $28,592,139 $1,272,611,036 2.30 Jun-2021 $1,272,611,036 -$11,680,302 $73,213,434 $1,334,144,168 5.81 Sep-2021 $1,334,144,168 -$13,139,023 $6,094,455 $1,327,099,600 0.45 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 38 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 Period Ending Beginning Value Net Flows Investment Gain/Loss Ending Value Rate of Return Dec-2021 $1,327,099,600 -$6,652,583 $57,547,829 $1,377,994,846 4.36 Mar-2022 $1,377,994,846 -$7,485,157 -$80,146,280 $1,290,363,409 -5.82 Jun-2022 $1,290,363,409 -$11,472,029 -$132,305,968 $1,146,585,412 -10.28 Sep-2022 $1,146,585,412 -$12,940,986 -$49,892,253 $1,083,752,173 -4.48 Dec-2022 $1,083,752,173 -$10,020,713 $61,257,465 $1,134,988,924 5.65 Mar-2023 $1,134,988,924 -$7,179,894 $58,949,336 $1,186,758,365 5.08 Jun-2023 $1,186,758,365 -$10,887,124 $37,276,027 $1,213,147,268 3.16 Sep-2023 $1,213,147,268 -$13,372,317 -$34,978,309 $1,164,796,642 -2.97 Dec-2023 $1,164,796,642 -$6,871,765 $92,486,724 $1,250,411,601 7.98 Mar-2024 $1,250,411,601 -$6,829,868 $58,344,482 $1,301,926,214 4.68 Jun-2024 $1,301,926,214 -$14,031,517 $8,025,397 $1,295,920,094 0.64 Sep-2024 $1,295,920,094 -$13,809,439 $64,100,031 $1,346,210,685 4.96 Dec-2024 $1,346,210,685 -$7,669,145 -$3,835,511 $1,334,706,029 -0.29 Mar-2025 $1,334,706,029 -$7,038,276 -$12,621,693 $1,315,046,060 -0.97 Jun-2025 $1,315,046,060 -$14,210,325 $89,511,668 $1,390,347,403 6.85 Sep-2025 $1,390,347,403 -$14,904,009 $56,428,100 $1,431,871,494 4.08 Dec-2025 $1,431,871,494 -$12,536,378 $17,062,655 $1,436,397,771 1.20 Total $37,115,659 -$437,283,993 $1,836,566,105 $1,436,397,771 8.96 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. Inception Date is 02/01/1988. 39 FROM DATE TO DATE BENCHMARK Total Portfolio 01/01/2019 Present 31.25% Blmbg. Intermed. U.S. Government/Credit, 26.25% S&P 500 Index, 15.00% MSCI EAFE (Net), 15.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 12.50% Russell 2500 Index 07/01/2016 12/31/2018 39.00% S&P 500 Index, 28.00% Blmbg. U.S. Aggregate Index, 15.00% Custom US Real Estate Securities Benchmark, 10.00% MSCI EAFE (Net), 8.00% MSCI Emerging Markets Index 12/01/1987 06/30/2016 42.00% S&P 500 Index, 30.00% Blmbg. U.S. Aggregate Index, 10.00% MSCI EAFE (Net), 10.00% Custom US Real Estate Securities Benchmark, 8.00% MSCI Emerging Markets Index Total Portfolio Secondary Benchmark 01/01/2025 Present 28.00% Blmbg. U.S. Aggregate Index, 14.00% MSCI EAFE (Net), 13.00% Russell 1000 Value Index, 13.00% Russell 1000 Growth Index, 7.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 4.50% FTSE NAREIT All Equity REITs, 4.00% MSCI Emerging Markets (Net), 4.00% Russell Midcap Growth Index, 4.00% Russell Midcap Value Index, 3.50% NCREIF Timberland Index, 2.50% Russell 2000 Growth Index, 2.50% Russell 2000 Value Index 12/01/2014 12/31/2024 28.00% Blmbg. U.S. Aggregate Index, 14.00% MSCI EAFE (Net), 13.00% Russell 1000 Value Index, 13.00% Russell 1000 Growth Index, 7.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 4.50% Custom US Real Estate Securities Benchmark, 4.00% MSCI Emerging Markets (Net), 4.00% Russell Midcap Growth Index, 4.00% Russell Midcap Value Index, 3.50% NCREIF Timberland Index, 2.50% Russell 2000 Growth Index, 2.50% Russell 2000 Value Index Total Fixed Income 01/31/1988 Present Blmbg. U.S. Aggregate Index Total U.S. Equities 01/31/1988 Present S&P 500 Index Total U.S. Large Cap Equities 04/30/1988 Present Russell 1000 Index Total U.S. Mid Cap Equities 04/30/1988 Present Russell Midcap Index Total U.S. Small Cap Equities 09/30/2003 Present Russell 2000 Index Total International Equities 06/30/2001 Present MSCI AC World ex USA (Net) Total Real Estate BENCHMARK SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. 40 BENCHMARK SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 12.31.25 |Q4 25 FROM DATE TO DATE BENCHMARK 01/01/2025 Present 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 20.00% FTSE NAREIT All Equity REITs 04/01/2022 12/31/2024 80.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net), 20.00% Custom US Real Estate Securities Benchmark 07/01/2010 03/31/2022 67.00% Custom US Real Estate Securities Benchmark, 33.00% NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 01/01/1978 06/30/2010 100.00% Custom US Real Estate Securities Benchmark FTSE NAREIT All Equity REITs (Split) 01/01/2025 Present 100.00% FTSE NAREIT All Equity REITs 05/01/2008 12/31/2024 100.00% Custom US Real Estate Securities Benchmark The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. 41 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $114,900,000 $229,800,000 $344,700,000 $459,600,000 $574,500,000 -$114,900,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $376,621,906 $350,025,096 $333,588,958 $338,944,586 $396,061,507 $59,224,151 Net Contributions $3,850,423 $6,940,102 $10,808,220 -$25,438,629 -$11,580,423 $78,068,388 Net Investment Return $5,030,651 $28,537,782 $5,627,917 $20,083,001 -$45,536,498 $248,210,440 Ending Market Value $385,502,980 $385,502,980 $350,025,096 $333,588,958 $338,944,586 $385,502,980 City of Clearwater Employees' Pension Plan - Total Fixed Income MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 42 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.34 8.08 5.21 0.16 2.64 2.70 5.41 Blmbg. U.S. Aggregate Index 1.10 7.30 4.66 -0.36 1.99 2.01 5.28 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 8.08 1.64 6.02 -12.21 -1.40 8.97 9.28 5.41 Blmbg. U.S. Aggregate Index 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 5.28 City of Clearwater Employees' Pension Plan - Total Fixed Income INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 43 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Blmbg. U.S. Aggregate Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 61.11 58.33 Negative Months Ratio 38.89 41.67 Best Quarter 8.58 8.23 Worst Quarter -4.92 -4.69 Standard Deviation 6.08 5.98 Maximum Drawdown -5.79 -6.13 Max Drawdown Recovery Period 8.00 8.00 Up Capture 103.41 100.00 Down Capture 97.35 100.00 Alpha 0.47 0.00 Beta 1.01 1.00 R-Squared 1.00 1.00 Consistency 75.00 100.00 Tracking Error 0.42 0.00 Treynor Ratio 0.01 0.00 Information Ratio 1.26 - Sharpe Ratio 0.09 0.01 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 73.68 66.01 Negative Months Ratio 26.32 33.99 Best Quarter 8.58 8.23 Worst Quarter -8.54 -8.23 Standard Deviation 3.59 4.18 Maximum Drawdown -16.58 -17.18 Max Drawdown Recovery Period 58.00 - Up Capture 83.97 100.00 Down Capture 58.22 100.00 Alpha 1.51 0.00 Beta 0.72 1.00 R-Squared 0.70 1.00 Consistency 52.85 100.00 Tracking Error 2.29 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.00 - Sharpe Ratio 0.64 0.56 City of Clearwater Employees' Pension Plan - Total Fixed Income PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 44 -4 -2 0 2 4 6 8 10 12 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.34 (42)8.08 (45)4.81 (85)5.21 (91)0.56 (88)0.16 (89)1.58 (84)2.64 (90)2.26 (92) Blmbg. U.S. Aggregate Index 1.10 (71)7.30 (74)4.23 (98)4.66 (97)-0.07 (100)-0.36 (100)0.91 (96)1.99 (97)1.74 (97) 5th Percentile 1.70 9.52 7.48 8.55 4.62 4.57 5.29 5.98 5.31 1st Quartile 1.46 8.49 6.17 6.77 2.15 1.96 2.85 3.86 3.26 Median 1.24 7.69 5.58 6.10 1.17 1.05 2.31 3.46 2.90 3rd Quartile 1.07 7.27 4.98 5.63 0.94 0.54 1.83 2.94 2.45 95th Percentile 0.73 6.93 4.29 4.73 0.20 -0.13 0.93 2.14 1.87 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 45 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.64 (92)6.02 (91)-12.21 (71)-1.40 (92)8.97 (31)9.28 (58)-0.38 (45)3.91 (89)5.01 (73)0.30 (24) Blmbg. U.S. Aggregate Index 1.25 (97)5.53 (98)-13.01 (82)-1.55 (94)7.51 (60)8.72 (73)0.01 (34)3.54 (98)2.65 (99)0.55 (22) 5th Percentile 6.70 10.09 -5.30 7.95 10.57 10.77 1.91 8.86 9.25 2.54 1st Quartile 4.65 8.20 -10.03 1.38 9.29 9.95 0.18 7.08 7.16 -0.05 Median 2.94 7.30 -11.30 0.03 8.08 9.44 -0.55 6.28 5.81 -1.08 3rd Quartile 2.43 6.94 -12.68 -0.83 6.38 8.54 -1.24 5.16 4.90 -2.51 95th Percentile 1.37 5.90 -13.73 -1.72 3.06 7.22 -1.78 3.82 3.20 -3.18 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 46 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $58,900,000 $117,800,000 $176,700,000 $235,600,000 $294,500,000 -$58,900,000Market ValueFeb-04 Aug-05 Feb-07 Aug-08 Feb-10 Aug-11 Feb-13 Aug-14 Feb-16 Aug-17 Feb-19 Aug-20 Feb-22 Aug-23 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 03/01/2004 Beginning Market Value $206,499,135 $183,650,201 $164,887,965 $153,484,073 $185,443,564 $75,655,868 Net Contributions $86,163 $10,334,248 $15,310,352 $298,557 -$12,209,811 $35,882,949 Net Investment Return $2,910,315 $15,511,164 $3,451,884 $11,105,335 -$19,749,680 $97,956,796 Ending Market Value $209,495,613 $209,495,613 $183,650,201 $164,887,965 $153,484,073 $209,495,613 City of Clearwater Employees' Pension Plan - Dodge & Cox MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 47 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.41 8.15 5.79 0.92 3.12 3.14 4.09 Blmbg. U.S. Aggregate Index 1.10 7.30 4.66 -0.36 1.99 2.01 3.20 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 8.15 2.11 7.23 -10.57 -1.15 8.72 8.98 4.09 Blmbg. U.S. Aggregate Index 7.30 1.25 5.53 -13.01 -1.55 7.51 8.72 3.20 City of Clearwater Employees' Pension Plan - Dodge & Cox INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 48 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: March 1, 2004) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Blmbg. U.S. Aggregate Index -5 0 5 10 15 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 61.11 58.33 Negative Months Ratio 38.89 41.67 Best Quarter 9.07 8.23 Worst Quarter -4.81 -4.69 Standard Deviation 6.21 5.98 Maximum Drawdown -5.32 -6.13 Max Drawdown Recovery Period 8.00 8.00 Up Capture 106.55 100.00 Down Capture 93.72 100.00 Alpha 0.95 0.00 Beta 1.03 1.00 R-Squared 0.99 1.00 Consistency 75.00 100.00 Tracking Error 0.77 0.00 Treynor Ratio 0.01 0.00 Information Ratio 1.42 - Sharpe Ratio 0.18 0.01 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 65.27 61.45 Negative Months Ratio 34.73 38.55 Best Quarter 9.07 8.23 Worst Quarter -7.68 -8.23 Standard Deviation 4.16 4.18 Maximum Drawdown -15.06 -17.18 Max Drawdown Recovery Period 47.00 - Up Capture 100.59 100.00 Down Capture 79.16 100.00 Alpha 1.16 0.00 Beta 0.91 1.00 R-Squared 0.83 1.00 Consistency 61.45 100.00 Tracking Error 1.74 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.49 - Sharpe Ratio 0.57 0.37 City of Clearwater Employees' Pension Plan - Dodge & Cox PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 49 -4 -2 0 2 4 6 8 10 12 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.41 (2)8.15 (4)5.08 (8)5.79 (6)1.44 (4)0.92 (4)2.18 (1)3.12 (1)2.73 (2) Blmbg. U.S. Aggregate Index 1.10 (23)7.30 (35)4.23 (52)4.66 (56)-0.07 (42)-0.36 (45)0.91 (56)1.99 (52)1.74 (46) 5th Percentile 1.28 8.01 5.36 5.80 1.11 0.70 1.82 2.75 2.40 1st Quartile 1.09 7.42 4.58 5.06 0.14 -0.12 1.32 2.33 2.00 Median 0.98 7.13 4.25 4.70 -0.13 -0.41 0.96 2.01 1.71 3rd Quartile 0.89 6.78 3.95 4.39 -0.42 -0.67 0.69 1.71 1.41 95th Percentile 0.76 6.03 3.32 3.72 -1.10 -1.33 0.13 1.17 0.90 Population 407 401 400 395 384 375 364 360 348 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Dodge & Cox Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 50 -25 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 2.11 (21)7.23 (2)-10.57 (9)-1.15 (30)8.72 (29)8.98 (28)0.02 (25)3.99 (25)5.55 (2)-0.12 (64) Blmbg. U.S. Aggregate Index 1.25 (68)5.53 (56)-13.01 (28)-1.55 (51)7.51 (62)8.72 (37)0.01 (26)3.54 (45)2.65 (50)0.55 (22) 5th Percentile 3.02 6.93 -9.19 -0.13 10.91 9.85 0.83 4.90 4.86 1.24 1st Quartile 1.91 6.04 -12.92 -1.07 8.91 9.06 0.01 3.97 3.23 0.51 Median 1.49 5.58 -13.45 -1.54 7.93 8.49 -0.44 3.43 2.64 0.15 3rd Quartile 1.12 5.12 -14.11 -1.98 7.16 7.75 -0.86 2.92 2.16 -0.51 95th Percentile 0.41 4.28 -15.55 -2.60 4.88 5.44 -1.87 2.03 1.27 -1.67 Population 428 445 443 441 442 460 460 512 509 506 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Dodge & Cox Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 51 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Blmbg. Intermed. U.S. Government/Credit Net Cash Flow $158,600,000 $161,200,000 $163,800,000 $166,400,000 $169,000,000 $171,600,000 $174,200,000 Market ValueFeb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 03/01/2025 Beginning Market Value $168,530,366 ----$162,851,893 Net Contributions $83,350 ----$245,842 Net Investment Return $1,946,389 ----$7,462,370 Ending Market Value $170,560,104 ----$170,560,104 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 52 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 3 6 9 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.15 -----4.60 Blmbg. Intermed. U.S. Government/Credit 1.20 6.97 5.06 0.96 2.54 2.29 4.44 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 6 12 -6 -12 -18Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -------4.60 Blmbg. Intermed. U.S. Government/Credit 6.97 3.00 5.24 -8.24 -1.44 6.43 6.80 4.44 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 53 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: April 1, 2025) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Blmbg. Intermed. U.S. Government/Credit -10 0 10 20 30 40 Annualized Return (%)-0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 Risk (Annualized Standard Deviation) Total Portfolio Blmbg. Intermed. U.S. Government/Credit Positive Months Ratio -66.67 Negative Months Ratio -33.33 Best Quarter -5.26 Worst Quarter --1.70 Standard Deviation -3.77 Maximum Drawdown --2.69 Max Drawdown Recovery Period -8.00 Up Capture -100.00 Down Capture -100.00 Alpha -0.00 Beta -1.00 R-Squared -1.00 Consistency -100.00 Tracking Error -0.00 Treynor Ratio -0.00 Information Ratio -- Sharpe Ratio -0.08 Total Portfolio Blmbg. Intermed. U.S. Government/Credit Positive Months Ratio 66.67 77.78 Negative Months Ratio 33.33 22.22 Best Quarter 3.03 2.16 Worst Quarter 0.79 0.60 Standard Deviation 0.71 0.51 Maximum Drawdown -0.64 -0.33 Max Drawdown Recovery Period 2.00 2.00 Up Capture 111.14 100.00 Down Capture 178.63 100.00 Alpha -0.06 0.00 Beta 1.16 1.00 R-Squared 0.67 1.00 Consistency 55.56 100.00 Tracking Error 0.42 0.00 Treynor Ratio 0.00 0.00 Information Ratio 0.05 - Sharpe Ratio 0.22 0.28 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 54 -4 -2 0 2 4 6 8 10 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Longfellow Investment Management Co. 1.15 (15)-------- Blmbg. Intermed. U.S. Government/Credit 1.20 (10)6.97 (63)4.96 (12)5.06 (25)1.56 (3)0.96 (4)1.85 (5)2.54 (13)2.33 (8) 5th Percentile 1.28 8.01 5.36 5.80 1.11 0.70 1.82 2.75 2.40 1st Quartile 1.09 7.42 4.58 5.06 0.14 -0.12 1.32 2.33 2.00 Median 0.98 7.13 4.25 4.70 -0.13 -0.41 0.96 2.01 1.71 3rd Quartile 0.89 6.78 3.95 4.39 -0.42 -0.67 0.69 1.71 1.41 95th Percentile 0.76 6.03 3.32 3.72 -1.10 -1.33 0.13 1.17 0.90 Population 407 401 400 395 384 375 364 360 348 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 55 -25 -20 -15 -10 -5 0 5 10 15 20 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio ---------- Blmbg. Intermed. U.S. Government/Credit 3.00 (6)5.24 (71)-8.24 (2)-1.44 (45)6.43 (87)6.80 (90)0.88 (5)2.14 (94)2.08 (78)1.07 (9) 5th Percentile 3.02 6.93 -9.19 -0.13 10.91 9.85 0.83 4.90 4.86 1.24 1st Quartile 1.91 6.04 -12.92 -1.07 8.91 9.06 0.01 3.97 3.23 0.51 Median 1.49 5.58 -13.45 -1.54 7.93 8.49 -0.44 3.43 2.64 0.15 3rd Quartile 1.12 5.12 -14.11 -1.98 7.16 7.75 -0.86 2.92 2.16 -0.51 95th Percentile 0.41 4.28 -15.55 -2.60 4.88 5.44 -1.87 2.03 1.27 -1.67 Population 428 445 443 441 442 460 460 512 509 506 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 56 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $308,000,000 $616,000,000 $924,000,000 -$308,000,000 -$616,000,000 -$924,000,000Market ValueDec-87 Mar-90 Jun-92 Sep-94 Dec-96 Mar-99 Jun-01 Sep-03 Dec-05 Mar-08 Jun-10 Sep-12 Dec-14 Mar-17 Jun-19 Sep-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/01/1988 Beginning Market Value $654,161,007 $625,318,067 $520,689,267 $407,659,206 $550,878,596 $32,235,837 Net Contributions -$15,471,822 -$53,080,517 -$1,880,441 $1,715,440 -$29,182,409 -$454,756,426 Net Investement Return $11,356,065 $77,807,700 $106,509,241 $111,314,621 -$114,036,981 $1,072,565,840 Ending Market Value $650,045,250 $650,045,250 $625,318,067 $520,689,267 $407,659,206 $650,045,250 City of Clearwater Employees' Pension Plan - Total U.S. Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 57 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P 500 Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.74 13.28 20.04 10.82 15.24 13.27 11.69 S&P 500 Index 2.66 17.88 23.01 14.42 17.29 14.82 11.45 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P 500 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 13.28 20.42 26.79 -20.77 21.97 24.69 29.50 11.69 S&P 500 Index 17.88 25.02 26.29 -18.11 28.71 18.40 31.49 11.45 City of Clearwater Employees' Pension Plan - Total U.S. Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 58 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: January 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio S&P 500 Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio S&P 500 Index Positive Months Ratio 72.22 72.22 Negative Months Ratio 27.78 27.78 Best Quarter 15.88 16.01 Worst Quarter -9.39 -8.25 Standard Deviation 12.56 11.79 Maximum Drawdown -9.39 -8.25 Max Drawdown Recovery Period 5.00 4.00 Up Capture 95.99 100.00 Down Capture 113.71 100.00 Alpha -3.24 0.00 Beta 1.04 1.00 R-Squared 0.96 1.00 Consistency 33.33 100.00 Tracking Error 2.69 0.00 Treynor Ratio 0.14 0.17 Information Ratio -0.89 - Sharpe Ratio 1.15 1.43 Total Portfolio S&P 500 Index Positive Months Ratio 65.35 66.23 Negative Months Ratio 34.65 33.77 Best Quarter 28.42 25.83 Worst Quarter -33.84 -29.65 Standard Deviation 14.32 14.56 Maximum Drawdown -51.36 -50.95 Max Drawdown Recovery Period 40.00 53.00 Up Capture 89.64 100.00 Down Capture 79.86 100.00 Alpha 1.90 0.00 Beta 0.86 1.00 R-Squared 0.76 1.00 Consistency 48.90 100.00 Tracking Error 7.31 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.02 - Sharpe Ratio 0.63 0.61 City of Clearwater Employees' Pension Plan - Total U.S. Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 59 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.74 (86)13.28 (79)16.79 (73)20.04 (49)8.19 (72)10.82 (82)13.02 (56)15.24 (58)12.63 (41) S&P 500 Index 2.66 (18)17.88 (5)21.40 (2)23.01 (3)11.11 (2)14.42 (2)15.08 (1)17.29 (1)14.33 (1) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 60 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 20.42 (66)26.79 (8)-20.77 (96)21.97 (94)24.69 (6)29.50 (69)-4.06 (4)22.53 (15)9.61 (98)1.48 (8) S&P 500 Index 25.02 (2)26.29 (12)-18.11 (35)28.71 (8)18.40 (62)31.49 (16)-4.38 (5)21.83 (30)11.96 (62)1.38 (9) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 61 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $198,900,000 $397,800,000 $596,700,000 $795,600,000 -$198,900,000 -$397,800,000Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $444,095,097 $427,353,149 $354,699,311 $288,194,255 $376,051,591 $18,032,213 Net Contributions -$15,804,328 -$54,549,688 -$18,264,585 -$19,394,501 -$10,293,061 -$262,113,848 Net Investment Return $11,738,243 $67,225,550 $90,918,424 $85,899,557 -$77,564,275 $684,110,647 Ending Market Value $440,029,011 $440,029,011 $427,353,149 $354,699,311 $288,194,255 $440,029,011 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 62 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Index 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 2.65 17.24 24.16 13.71 16.74 14.49 11.45 Russell 1000 Index 2.41 17.37 22.74 13.59 17.03 14.59 11.39 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 17.24 25.63 29.94 -20.72 25.27 19.54 30.02 11.45 Russell 1000 Index 17.37 24.51 26.53 -19.13 26.45 20.96 31.43 11.39 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 63 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: April 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Russell 1000 Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Index Positive Months Ratio 69.44 72.22 Negative Months Ratio 30.56 27.78 Best Quarter 15.98 16.34 Worst Quarter -8.38 -8.63 Standard Deviation 11.92 12.14 Maximum Drawdown -8.38 -8.63 Max Drawdown Recovery Period 5.00 5.00 Up Capture 101.47 100.00 Down Capture 92.29 100.00 Alpha 1.66 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 66.67 100.00 Tracking Error 1.26 0.00 Treynor Ratio 0.18 0.17 Information Ratio 0.91 - Sharpe Ratio 1.50 1.38 Total Portfolio Russell 1000 Index Positive Months Ratio 65.34 66.23 Negative Months Ratio 34.66 33.77 Best Quarter 24.41 26.38 Worst Quarter -29.55 -30.97 Standard Deviation 13.55 14.76 Maximum Drawdown -49.18 -51.13 Max Drawdown Recovery Period 53.00 53.00 Up Capture 86.10 100.00 Down Capture 75.62 100.00 Alpha 1.92 0.00 Beta 0.83 1.00 R-Squared 0.82 1.00 Consistency 50.33 100.00 Tracking Error 6.31 0.00 Treynor Ratio 0.11 0.09 Information Ratio -0.02 - Sharpe Ratio 0.65 0.60 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 64 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 2.65 (18)17.24 (11)21.36 (2)24.16 (2)10.99 (2)13.71 (3)14.66 (1)16.74 (4)13.99 (1) Russell 1000 Index 2.41 (46)17.37 (11)20.89 (3)22.74 (3)10.58 (2)13.59 (4)14.79 (1)17.03 (1)14.05 (1) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 65 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 25.63 (2)29.94 (4)-20.72 (95)25.27 (57)19.54 (41)30.02 (51)-3.49 (3)24.63 (3)8.88 (98)3.35 (1) Russell 1000 Index 24.51 (3)26.53 (9)-19.13 (68)26.45 (32)20.96 (25)31.43 (16)-4.78 (7)21.69 (34)12.05 (60)0.92 (20) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 66 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Russell 1000 Value Index Net Cash Flow $47,600,000 $49,000,000 $50,400,000 $51,800,000 $53,200,000 $54,600,000 $56,000,000 Market ValueJul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2025 Beginning Market Value $51,264,755 ----$49,038,786 Net Contributions ------ Net Investment Return $2,568,859 ----$4,794,829 Ending Market Value $53,833,614 ----$53,833,614 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 67 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 5.01 -----9.78 Russell 1000 Value Index 3.81 15.91 13.90 11.33 12.10 10.53 8.72 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -------9.78 Russell 1000 Value Index 15.91 14.37 11.46 -7.54 25.16 2.80 26.54 8.72 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 68 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: August 1, 2025) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -5 0 5 10 15 20 Annualized Return (%)-0.4 -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio -66.67 Negative Months Ratio -33.33 Best Quarter -13.62 Worst Quarter --9.75 Standard Deviation -12.41 Maximum Drawdown --9.75 Max Drawdown Recovery Period -5.00 Up Capture -100.00 Down Capture -100.00 Alpha -0.00 Beta -1.00 R-Squared -1.00 Consistency -100.00 Tracking Error -0.00 Treynor Ratio -0.09 Information Ratio -- Sharpe Ratio -0.74 Total Portfolio Russell 1000 Value Index Positive Months Ratio 100.00 100.00 Negative Months Ratio 0.00 0.00 Best Quarter 5.25 5.19 Worst Quarter 4.10 3.81 Standard Deviation 1.16 1.08 Maximum Drawdown 0.00 0.00 Max Drawdown Recovery Period -- Up Capture 111.73 100.00 Down Capture -- Alpha 0.31 0.00 Beta 0.94 1.00 R-Squared 0.76 1.00 Consistency 60.00 100.00 Tracking Error 0.57 0.00 Treynor Ratio 0.02 0.01 Information Ratio 0.35 - Sharpe Ratio 1.35 1.26 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 69 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 5.01 (15)-------- Russell 1000 Value Index 3.81 (40)15.91 (44)15.13 (43)13.90 (45)8.11 (57)11.33 (57)9.86 (57)12.10 (53)9.32 (54) 5th Percentile 6.70 22.35 20.14 19.07 11.47 14.93 13.27 15.07 12.01 1st Quartile 4.50 17.24 16.46 15.25 9.75 12.89 11.48 13.44 10.40 Median 3.33 15.40 14.65 13.57 8.45 11.64 10.18 12.23 9.40 3rd Quartile 2.23 12.86 12.80 11.48 6.97 10.37 9.02 11.20 8.54 95th Percentile -0.16 7.45 8.38 8.60 4.64 8.04 6.82 9.11 6.72 Population 1,003 1,003 1,001 996 971 965 960 947 946 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 70 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio ---------- Russell 1000 Value Index 14.37 (51)11.46 (48)-7.54 (68)25.16 (61)2.80 (52)26.54 (35)-8.27 (42)13.66 (79)17.34 (19)-3.83 (59) 5th Percentile 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1.55 1st Quartile 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 -1.57 Median 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 -3.35 3rd Quartile 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 -4.97 95th Percentile 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 -8.80 Population 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 1,370 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 71 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $27,900,000 $55,800,000 $83,700,000 $111,600,000 -$27,900,000Market ValueDec-12 Sep-13 Jun-14 Mar-15 Dec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $87,202,770 $76,979,771 $60,846,645 $43,639,686 $57,800,059 $33,239,288 Net Contributions $173,116 $645,268 $558,058 $419,308 $347,224 -$35,938,981 Net Investment Return $3,957,429 $13,708,277 $15,575,068 $16,787,652 -$14,507,598 $94,033,008 Ending Market Value $91,333,315 $91,333,315 $76,979,771 $60,846,645 $43,639,686 $91,333,315 City of Clearwater Employees' Pension Plan - Eagle Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 72 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 4.54 17.75 26.94 14.36 16.80 14.40 14.44 Russell 1000 Value Index 3.81 15.91 13.90 11.33 12.10 10.53 10.62 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 25 50 75 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 17.75 25.56 38.37 -25.08 27.60 15.49 31.28 14.44 Russell 1000 Value Index 15.91 14.37 11.46 -7.54 25.16 2.80 26.54 10.62 City of Clearwater Employees' Pension Plan - Eagle Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 73 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: January 1, 2013) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 69.44 66.67 Negative Months Ratio 30.56 33.33 Best Quarter 13.38 13.62 Worst Quarter -6.66 -9.75 Standard Deviation 11.75 12.41 Maximum Drawdown -6.66 -9.75 Max Drawdown Recovery Period 5.00 5.00 Up Capture 108.67 100.00 Down Capture 29.70 100.00 Alpha 15.52 0.00 Beta 0.74 1.00 R-Squared 0.61 1.00 Consistency 66.67 100.00 Tracking Error 8.00 0.00 Treynor Ratio 0.27 0.09 Information Ratio 1.36 - Sharpe Ratio 1.71 0.74 Total Portfolio Russell 1000 Value Index Positive Months Ratio 67.31 65.38 Negative Months Ratio 32.69 34.62 Best Quarter 21.99 16.77 Worst Quarter -23.61 -26.73 Standard Deviation 16.04 14.42 Maximum Drawdown -32.38 -26.73 Max Drawdown Recovery Period 26.00 12.00 Up Capture 108.86 100.00 Down Capture 93.91 100.00 Alpha 3.07 0.00 Beta 1.01 1.00 R-Squared 0.82 1.00 Consistency 55.77 100.00 Tracking Error 6.74 0.00 Treynor Ratio 0.13 0.10 Information Ratio 0.47 - Sharpe Ratio 0.82 0.69 City of Clearwater Employees' Pension Plan - Eagle Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 74 -10 -5 0 5 10 15 20 25 30 35 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 4.54 (25)17.75 (20)21.59 (3)26.94 (1)11.26 (7)14.36 (8)14.54 (2)16.80 (1)13.84 (1) Russell 1000 Value Index 3.81 (40)15.91 (44)15.13 (43)13.90 (45)8.11 (57)11.33 (57)9.86 (57)12.10 (53)9.32 (54) 5th Percentile 6.70 22.35 20.14 19.07 11.47 14.93 13.27 15.07 12.01 1st Quartile 4.50 17.24 16.46 15.25 9.75 12.89 11.48 13.44 10.40 Median 3.33 15.40 14.65 13.57 8.45 11.64 10.18 12.23 9.40 3rd Quartile 2.23 12.86 12.80 11.48 6.97 10.37 9.02 11.20 8.54 95th Percentile -0.16 7.45 8.38 8.60 4.64 8.04 6.82 9.11 6.72 Population 1,003 1,003 1,001 996 971 965 960 947 946 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 75 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 25.56 (1)38.37 (1)-25.08 (100)27.60 (33)15.49 (1)31.28 (5)-4.86 (14)23.52 (2)10.16 (88)2.35 (4) Russell 1000 Value Index 14.37 (51)11.46 (48)-7.54 (68)25.16 (61)2.80 (52)26.54 (35)-8.27 (42)13.66 (79)17.34 (19)-3.83 (59) 5th Percentile 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1.55 1st Quartile 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 -1.57 Median 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 -3.35 3rd Quartile 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 -4.97 95th Percentile 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 -8.80 Population 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 1,370 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 76 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $70,900,000 $141,800,000 $212,700,000 $283,600,000 $354,500,000 -$70,900,000Market ValueOct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 11/30/2020 Beginning Market Value $232,914,985 $238,897,395 $179,193,994 $135,593,144 $191,150,851 $30,545,838 Net Contributions -$15,982,531 -$55,242,055 $61,362 -$12,953,416 $47,645 $61,474,917 Net Investment Return $2,478,025 $35,755,140 $59,642,039 $56,554,265 -$55,605,352 $127,389,724 Ending Market Value $219,410,479 $219,410,479 $238,897,395 $179,193,994 $135,593,144 $219,410,479 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 77 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.13 18.52 30.96 15.63 --16.36 Russell 1000 Growth Index 1.12 18.56 31.15 15.32 21.25 18.13 16.09 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 50 100 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 18.52 33.28 42.20 -29.09 29.75 --16.36 Russell 1000 Growth Index 18.56 33.36 42.68 -29.14 27.60 38.49 36.39 16.09 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 78 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2020) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Growth Index -8 0 8 16 24 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Growth Index Positive Months Ratio 69.44 69.44 Negative Months Ratio 30.56 30.56 Best Quarter 20.11 20.16 Worst Quarter -10.15 -10.15 Standard Deviation 14.73 14.71 Maximum Drawdown -11.71 -11.71 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.89 100.00 Down Capture 101.03 100.00 Alpha -0.17 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 30.56 100.00 Tracking Error 0.21 0.00 Treynor Ratio 0.24 0.24 Information Ratio -0.68 - Sharpe Ratio 1.61 1.62 Total Portfolio Russell 1000 Growth Index Positive Months Ratio 64.52 62.90 Negative Months Ratio 35.48 37.10 Best Quarter 20.11 20.16 Worst Quarter -20.89 -20.92 Standard Deviation 18.13 18.43 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 24.00 24.00 Up Capture 95.44 100.00 Down Capture 100.20 100.00 Alpha -0.85 0.00 Beta 0.95 1.00 R-Squared 0.94 1.00 Consistency 41.94 100.00 Tracking Error 4.55 0.00 Treynor Ratio 0.14 0.15 Information Ratio -0.38 - Sharpe Ratio 0.76 0.84 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 79 -20 -12 -4 4 12 20 28 36 44 52 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.13 (44)18.52 (24)25.69 (23)30.96 (27)12.34 (11)15.63 (5)--- Russell 1000 Growth Index 1.12 (44)18.56 (23)25.74 (23)31.15 (25)12.44 (10)15.32 (7)18.90 (11)21.25 (9)18.14 (9) 5th Percentile 3.51 23.33 31.44 36.92 13.38 15.52 19.97 22.05 18.95 1st Quartile 1.88 18.38 25.45 31.12 10.81 13.14 17.22 19.23 16.48 Median 0.88 15.61 22.54 28.24 9.22 11.48 15.67 17.81 15.31 3rd Quartile -0.83 12.47 19.24 23.68 7.38 9.62 13.70 16.31 14.00 95th Percentile -4.06 6.53 11.18 15.58 1.79 3.91 10.41 13.23 11.50 Population 959 958 951 948 930 928 919 900 898 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 80 -75 -50 -25 0 25 50 75 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 33.28 (30)42.20 (33)-29.09 (34)29.75 (8)------ Russell 1000 Growth Index 33.36 (29)42.68 (31)-29.14 (34)27.60 (15)38.49 (40)36.39 (21)-1.51 (52)30.21 (40)7.08 (17)5.67 (44) 5th Percentile 44.48 53.12 -20.48 30.31 74.69 39.22 5.80 37.17 9.29 10.95 1st Quartile 34.28 43.57 -27.37 25.61 44.91 36.00 1.15 32.22 5.89 7.28 Median 29.76 39.35 -31.16 21.96 35.95 33.02 -1.38 29.13 2.48 4.97 3rd Quartile 24.39 33.00 -35.23 16.64 30.43 30.17 -4.02 25.47 0.13 1.51 95th Percentile 14.17 20.89 -47.32 3.52 20.36 25.40 -7.45 19.72 -4.98 -3.31 Population 1,009 1,090 1,108 1,138 1,154 1,190 1,269 1,294 1,328 1,297 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 81 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $44,900,000 $89,800,000 $134,700,000 $179,600,000 -$44,900,000 -$89,800,000Market ValueJun-07 Sep-08 Dec-09 Mar-11 Jun-12 Sep-13 Dec-14 Mar-16 Jun-17 Sep-18 Dec-19 Mar-21 Jun-22 Sep-23 Dec-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 07/31/2007 Beginning Market Value $71,896,509 $101,410,244 $84,800,204 $67,546,777 $73,095,509 $26,197,069 Net Contributions $5,392 -$40,470,457 $5,025,924 $8,021,321 $20,204 -$65,107,047 Net Investment Return $2,725,357 $13,687,471 $11,584,117 $9,232,105 -$5,568,935 $113,537,236 Ending Market Value $74,627,258 $74,627,258 $101,410,244 $84,800,204 $67,546,777 $74,627,258 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 82 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.79 15.85 13.93 11.33 12.10 10.50 7.52 Russell 1000 Value Index 3.81 15.91 13.90 11.33 12.10 10.53 7.50 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 15.85 14.37 11.61 -7.62 25.17 2.77 26.55 7.52 Russell 1000 Value Index 15.91 14.37 11.46 -7.54 25.16 2.80 26.54 7.50 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 83 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2007) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 1000 Value Index -5 0 5 10 15 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio 66.67 66.67 Negative Months Ratio 33.33 33.33 Best Quarter 13.63 13.62 Worst Quarter -9.67 -9.75 Standard Deviation 12.40 12.41 Maximum Drawdown -9.67 -9.75 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.96 100.00 Down Capture 99.69 100.00 Alpha 0.05 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 47.22 100.00 Tracking Error 0.13 0.00 Treynor Ratio 0.09 0.09 Information Ratio 0.22 - Sharpe Ratio 0.74 0.74 Total Portfolio Russell 1000 Value Index Positive Months Ratio 61.71 61.71 Negative Months Ratio 38.29 38.29 Best Quarter 27.69 27.62 Worst Quarter -28.95 -28.88 Standard Deviation 16.06 16.11 Maximum Drawdown -54.40 -54.50 Max Drawdown Recovery Period 66.00 66.00 Up Capture 99.96 100.00 Down Capture 99.83 100.00 Alpha 0.05 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 65.32 100.00 Tracking Error 0.37 0.00 Treynor Ratio 0.07 0.07 Information Ratio 0.05 - Sharpe Ratio 0.44 0.44 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 84 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 3.79 (40)15.85 (45)15.11 (43)13.93 (44)8.11 (57)11.33 (57)9.85 (57)12.10 (53)9.31 (54) Russell 1000 Value Index 3.81 (40)15.91 (44)15.13 (43)13.90 (45)8.11 (57)11.33 (57)9.86 (57)12.10 (53)9.32 (54) 5th Percentile 6.70 22.35 20.14 19.07 11.47 14.93 13.27 15.07 12.01 1st Quartile 4.50 17.24 16.46 15.25 9.75 12.89 11.48 13.44 10.40 Median 3.33 15.40 14.65 13.57 8.45 11.64 10.18 12.23 9.40 3rd Quartile 2.23 12.86 12.80 11.48 6.97 10.37 9.02 11.20 8.54 95th Percentile -0.16 7.45 8.38 8.60 4.64 8.04 6.82 9.11 6.72 Population 1,003 1,003 1,001 996 971 965 960 947 946 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 85 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 14.37 (51)11.61 (46)-7.62 (69)25.17 (61)2.77 (52)26.55 (35)-8.32 (43)13.77 (78)17.03 (22)-3.66 (56) Russell 1000 Value Index 14.37 (51)11.46 (48)-7.54 (68)25.16 (61)2.80 (52)26.54 (35)-8.27 (42)13.66 (79)17.34 (19)-3.83 (59) 5th Percentile 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1.55 1st Quartile 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 -1.57 Median 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 -3.35 3rd Quartile 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 -4.97 95th Percentile 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 -8.80 Population 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 1,370 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 86 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $72,900,000 $145,800,000 $218,700,000 -$72,900,000 -$145,800,000 -$218,700,000Market ValueMar-88 Jun-90 Sep-92 Dec-94 Mar-97 Jun-99 Sep-01 Dec-03 Mar-06 Jun-08 Sep-10 Dec-12 Mar-15 Jun-17 Sep-19 Dec-21 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $142,793,201 $125,134,749 $106,878,366 $74,563,616 $106,096,870 $15,584,862 Net Contributions $187,854 $886,722 $5,845,178 $15,652,365 -$9,365,956 -$100,759,499 Net Investment Return $335,732 $17,295,316 $12,411,204 $16,662,386 -$22,167,299 $228,491,423 Ending Market Value $143,316,786 $143,316,786 $125,134,749 $106,878,366 $74,563,616 $143,316,786 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 87 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Index 0 5 10 15 20 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.24 13.77 15.10 7.44 14.29 11.37 12.19 Russell Midcap Index 0.16 10.60 14.36 8.67 12.75 11.01 11.40 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Index 0 25 50 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 13.77 11.47 20.24 -20.92 18.74 37.35 29.52 12.19 Russell Midcap Index 10.60 15.34 17.23 -17.32 22.58 17.10 30.54 11.40 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 88 3 YEAR INCEPTION Composite Risk VS. Total Return (since inception: April 1, 1988) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Total Portfolio Russell Midcap Index 90 Day U.S. Treasury Bill 0 4 8 12 16 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio Russell Midcap Index Positive Months Ratio 55.56 52.78 Negative Months Ratio 44.44 47.22 Best Quarter 16.20 17.06 Worst Quarter -10.91 -12.90 Standard Deviation 14.72 15.28 Maximum Drawdown -10.91 -12.90 Max Drawdown Recovery Period 5.00 5.00 Up Capture 96.62 100.00 Down Capture 89.55 100.00 Alpha 1.47 0.00 Beta 0.94 1.00 R-Squared 0.95 1.00 Consistency 52.78 100.00 Tracking Error 3.36 0.00 Treynor Ratio 0.11 0.10 Information Ratio 0.17 - Sharpe Ratio 0.71 0.65 Total Portfolio Russell Midcap Index Positive Months Ratio 62.47 63.36 Negative Months Ratio 37.53 36.64 Best Quarter 50.66 31.40 Worst Quarter -39.61 -38.81 Standard Deviation 17.60 16.38 Maximum Drawdown -53.49 -54.15 Max Drawdown Recovery Period 38.00 45.00 Up Capture 92.50 100.00 Down Capture 81.33 100.00 Alpha 2.11 0.00 Beta 0.90 1.00 R-Squared 0.71 1.00 Consistency 50.33 100.00 Tracking Error 9.67 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.09 - Sharpe Ratio 0.57 0.56 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 89 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.24 (100)13.77 (77)12.62 (99)15.10 (99)4.79 (100)7.44 (100)11.93 (82)14.29 (84)10.95 (85) Russell Midcap Index 0.16 (100)10.60 (99)12.95 (99)14.36 (99)5.45 (99)8.67 (99)10.04 (100)12.75 (100)9.76 (100) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 90 -40 -25 -10 5 20 35 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 11.47 (100)20.24 (90)-20.92 (96)18.74 (100)37.35 (1)29.52 (69)-9.88 (97)19.76 (78)6.73 (99)-1.30 (84) Russell Midcap Index 15.34 (99)17.23 (100)-17.32 (27)22.58 (88)17.10 (73)30.54 (34)-9.06 (93)18.52 (84)13.80 (20)-2.44 (90) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 91 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $22,900,000 $45,800,000 $68,700,000 $91,600,000 $114,500,000 -$22,900,000Market ValueMar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 04/01/2020 Beginning Market Value $80,455,847 $71,506,988 $55,236,074 $42,250,605 $55,743,089 $27,058,203 Net Contributions $131,712 $503,701 $10,410,825 $5,327,415 -$9,643,023 $5,212,887 Net Investment Return -$460,873 $8,115,998 $5,860,089 $7,658,053 -$3,849,460 $47,855,596 Ending Market Value $80,126,686 $80,126,686 $71,506,988 $55,236,074 $42,250,605 $80,126,686 City of Clearwater Employees' Pension Plan - Boston Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 92 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Value Index 0 5 10 15 20 -5Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.57 11.32 12.80 11.20 --11.64 Russell Midcap Value Index 1.42 11.05 12.27 9.83 11.41 9.78 11.62 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 11.32 10.45 16.74 -6.98 27.34 --11.64 Russell Midcap Value Index 11.05 13.07 12.71 -12.03 28.34 4.96 27.06 11.62 City of Clearwater Employees' Pension Plan - Boston Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 93 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: March 1, 2020) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Boston Partners Russell Midcap Value Index -8 0 8 16 24 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Boston Partners Russell Midcap Value Index Positive Months Ratio 55.56 58.33 Negative Months Ratio 44.44 41.67 Best Quarter 14.56 15.84 Worst Quarter -9.54 -12.98 Standard Deviation 14.93 15.35 Maximum Drawdown -10.87 -12.98 Max Drawdown Recovery Period 8.00 5.00 Up Capture 97.36 100.00 Down Capture 92.93 100.00 Alpha 0.95 0.00 Beta 0.96 1.00 R-Squared 0.97 1.00 Consistency 47.22 100.00 Tracking Error 2.70 0.00 Treynor Ratio 0.09 0.08 Information Ratio 0.15 - Sharpe Ratio 0.57 0.53 Boston Partners Russell Midcap Value Index Positive Months Ratio 57.14 60.00 Negative Months Ratio 42.86 40.00 Best Quarter 24.61 20.43 Worst Quarter -17.99 -14.68 Standard Deviation 22.97 20.17 Maximum Drawdown -29.72 -22.70 Max Drawdown Recovery Period 25.00 5.00 Up Capture 90.16 100.00 Down Capture 80.97 100.00 Alpha 0.79 0.00 Beta 0.99 1.00 R-Squared 0.76 1.00 Consistency 48.57 100.00 Tracking Error 11.37 0.00 Treynor Ratio 0.11 0.10 Information Ratio 0.06 - Sharpe Ratio 0.48 0.51 City of Clearwater Employees' Pension Plan - Boston Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 94 -8 -4 0 4 8 12 16 20 24 28 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -0.57 (92)11.32 (34)10.88 (43)12.80 (26)7.49 (23)11.20 (25)--- Russell Midcap Value Index 1.42 (61)11.05 (37)12.05 (30)12.27 (34)5.63 (55)9.83 (52)9.00 (46)11.41 (44)8.13 (43) 5th Percentile 5.25 20.12 18.25 18.57 9.74 13.82 12.30 14.74 10.97 1st Quartile 3.19 12.67 12.51 12.81 7.26 11.18 10.16 12.26 8.74 Median 1.90 9.42 10.11 11.16 5.72 9.89 8.58 11.00 7.76 3rd Quartile 0.67 6.03 8.56 9.40 4.64 8.61 7.61 10.06 6.91 95th Percentile -1.12 1.98 4.20 6.63 2.80 6.57 6.12 8.44 5.38 Population 343 343 342 336 334 333 331 330 326 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 95 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 10.45 (57)16.74 (23)-6.98 (39)27.34 (61)------ Russell Midcap Value Index 13.07 (30)12.71 (43)-12.03 (83)28.34 (52)4.96 (36)27.06 (50)-12.29 (36)13.34 (53)20.00 (33)-4.78 (56) 5th Percentile 18.90 24.91 0.37 35.29 13.23 33.93 -5.49 19.78 25.50 1.04 1st Quartile 13.61 16.25 -5.50 31.41 6.30 29.84 -11.21 15.69 20.76 -2.59 Median 10.85 12.00 -8.17 28.48 3.01 27.01 -13.48 13.45 17.16 -4.27 3rd Quartile 8.89 10.27 -10.66 25.74 0.18 23.71 -15.79 11.53 14.60 -6.84 95th Percentile 4.78 6.41 -16.39 13.66 -4.35 16.76 -19.94 7.04 9.51 -10.82 Population 363 371 382 394 404 424 455 454 452 443 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 96 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Russell Midcap Growth Index Net Cash Flow $61,880,000 $62,140,000 $62,400,000 $62,660,000 $62,920,000 $63,180,000 $63,440,000 Market ValueNov-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 12/01/2025 Beginning Market Value -----$63,189,750 Net Contributions ------ Net Investment Return ------ Ending Market Value -----$63,189,750 City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 97 -16 -10 -4 2 8 14 20 26 32 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio --------- Russell Midcap Growth Index -3.70 (67)8.66 (32)15.18 (24)18.64 (16)5.18 (12)6.65 (16)11.00 (16)14.20 (16)11.64 (16) 5th Percentile 3.54 19.55 22.96 22.77 6.58 9.07 13.64 15.83 14.22 1st Quartile -0.01 10.62 14.99 17.13 3.19 5.23 10.30 13.55 11.14 Median -2.98 5.77 11.10 14.25 1.36 3.55 8.52 11.90 9.68 3rd Quartile -4.44 1.94 6.42 10.89 -0.97 1.11 6.95 10.36 8.31 95th Percentile -7.61 -5.64 1.51 6.52 -4.36 -2.12 4.45 8.13 6.19 Population 460 459 456 455 453 448 440 434 428 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 98 -80 -60 -40 -20 0 20 40 60 80 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio ---------- Russell Midcap Growth Index 22.10 (25)25.87 (17)-26.72 (36)12.73 (44)35.59 (53)35.47 (36)-4.75 (41)25.27 (44)7.33 (26)-0.20 (53) 5th Percentile 31.51 30.99 -19.99 24.93 68.45 42.02 3.57 33.65 13.21 6.10 1st Quartile 21.44 24.35 -25.14 16.26 47.77 37.16 -2.56 27.63 7.50 2.43 Median 14.83 20.78 -28.63 11.70 36.39 33.51 -5.45 24.83 4.96 0.05 3rd Quartile 10.55 17.97 -33.19 7.14 29.71 30.47 -7.73 22.21 2.13 -2.42 95th Percentile 4.11 11.81 -41.49 -4.99 19.19 25.60 -14.38 16.25 -0.98 -6.50 Population 476 511 523 537 545 561 573 595 607 598 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 99 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Russell 2000 Index Net Cash Flow $0 $56,900,000 $113,800,000 $170,700,000 -$56,900,000 -$113,800,000 -$170,700,000Market ValueAug-03 Feb-05 Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14 Aug-15 Feb-17 Aug-18 Feb-20 Aug-21 Feb-23 Aug-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $67,272,710 $72,830,169 $59,111,590 $44,901,336 $68,730,135 $29,988,472 Net Contributions $144,652 $582,449 $10,538,966 $5,457,576 -$9,523,392 -$91,883,079 Gain/Loss -$717,909 -$6,713,165 $3,179,613 $8,752,678 -$14,305,407 $128,594,060 Ending Market Value $66,699,453 $66,699,453 $72,830,169 $59,111,590 $44,901,336 $66,699,453 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 100 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 10 20 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.07 -9.21 4.20 0.07 7.59 8.88 9.01 Russell 2000 Index 2.19 12.81 13.73 6.09 10.60 9.62 8.91 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -9.21 5.41 18.22 -20.83 12.05 31.17 26.79 9.01 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 8.91 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 101 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2003) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -4 0 4 8 12 16 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 47.22 52.78 Negative Months Ratio 52.78 47.22 Best Quarter 14.71 17.62 Worst Quarter -14.79 -16.69 Standard Deviation 17.02 19.63 Maximum Drawdown -17.67 -18.87 Max Drawdown Recovery Period -10.00 Up Capture 65.31 100.00 Down Capture 84.43 100.00 Alpha -6.28 0.00 Beta 0.81 1.00 R-Squared 0.87 1.00 Consistency 38.89 100.00 Tracking Error 7.11 0.00 Treynor Ratio 0.01 0.10 Information Ratio -1.31 - Sharpe Ratio 0.05 0.52 Total Portfolio Russell 2000 Index Positive Months Ratio 62.69 62.31 Negative Months Ratio 37.31 37.69 Best Quarter 30.14 35.15 Worst Quarter -36.45 -35.73 Standard Deviation 17.78 19.63 Maximum Drawdown -53.06 -52.89 Max Drawdown Recovery Period 40.00 45.00 Up Capture 89.34 100.00 Down Capture 85.32 100.00 Alpha 1.08 0.00 Beta 0.87 1.00 R-Squared 0.93 1.00 Consistency 50.37 100.00 Tracking Error 5.36 0.00 Treynor Ratio 0.10 0.09 Information Ratio -0.05 - Sharpe Ratio 0.48 0.45 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 102 -16 -10 -4 2 8 14 20 26 32 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.07 (100)-9.21 (100)-2.17 (100)4.20 (100)-2.72 (100)0.07 (100)4.69 (100)7.59 (100)6.84 (100) Russell 2000 Index 2.19 (65)12.81 (84)12.17 (99)13.73 (99)4.02 (100)6.09 (100)8.29 (100)10.60 (100)7.63 (100) 5th Percentile 3.33 17.86 20.53 22.25 10.30 13.38 14.38 16.61 13.63 1st Quartile 2.57 17.04 19.57 21.23 9.78 12.91 14.02 16.21 13.06 Median 2.40 15.43 18.24 19.96 8.96 12.13 13.12 15.43 12.09 3rd Quartile 2.01 13.95 16.57 18.77 8.03 11.29 12.25 14.58 11.72 95th Percentile 1.45 11.64 13.90 16.02 6.46 9.35 10.93 13.16 10.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 103 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.41 (100)18.22 (99)-20.83 (96)12.05 (100)31.17 (1)26.79 (99)1.67 (1)16.66 (97)18.26 (3)-1.70 (85) Russell 2000 Index 11.54 (100)16.93 (100)-20.44 (95)14.82 (100)19.96 (40)25.53 (100)-11.01 (98)14.65 (98)21.31 (2)-4.41 (100) 5th Percentile 23.86 27.07 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1.83 1st Quartile 23.29 25.56 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 0.70 Median 21.45 24.33 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 -0.02 3rd Quartile 19.71 22.14 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 -0.81 95th Percentile 16.44 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 -3.26 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 104 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $14,900,000 $29,800,000 $44,700,000 -$14,900,000 -$29,800,000Market ValueAug-03 Feb-05 Aug-06 Feb-08 Aug-09 Feb-11 Aug-12 Feb-14 Aug-15 Feb-17 Aug-18 Feb-20 Aug-21 Feb-23 Aug-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $22,514,145 $24,611,564 $18,033,709 $10,217,052 $17,200,666 $14,989,707 Net Contributions $44,356 $182,184 $5,152,287 $5,103,012 -$4,891,140 -$20,738,809 Net Investment Return -$297,066 -$2,532,313 $1,425,568 $2,713,645 -$2,092,474 $28,010,537 Ending Market Value $22,261,435 $22,261,435 $24,611,564 $18,033,709 $10,217,052 $22,261,435 City of Clearwater Employees' Pension Plan - Atlanta Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 105 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 10 20 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.32 -10.27 5.40 4.25 8.07 8.75 10.66 Russell 2000 Index 2.19 12.81 13.73 6.09 10.60 9.62 8.91 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -10.27 8.09 20.71 -12.28 19.89 10.77 26.20 10.66 Russell 2000 Index 12.81 11.54 16.93 -20.44 14.82 19.96 25.53 8.91 City of Clearwater Employees' Pension Plan - Atlanta Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 106 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2003) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Index -4 0 4 8 12 16 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Index Positive Months Ratio 52.78 52.78 Negative Months Ratio 47.22 47.22 Best Quarter 14.40 17.62 Worst Quarter -12.06 -16.69 Standard Deviation 16.43 19.63 Maximum Drawdown -19.46 -18.87 Max Drawdown Recovery Period -10.00 Up Capture 58.68 100.00 Down Capture 68.43 100.00 Alpha -4.23 0.00 Beta 0.74 1.00 R-Squared 0.77 1.00 Consistency 44.44 100.00 Tracking Error 9.41 0.00 Treynor Ratio 0.03 0.10 Information Ratio -0.88 - Sharpe Ratio 0.11 0.52 Total Portfolio Russell 2000 Index Positive Months Ratio 63.81 62.31 Negative Months Ratio 36.19 37.69 Best Quarter 28.59 35.15 Worst Quarter -26.34 -35.73 Standard Deviation 16.13 19.63 Maximum Drawdown -38.47 -52.89 Max Drawdown Recovery Period 29.00 45.00 Up Capture 83.11 100.00 Down Capture 70.39 100.00 Alpha 3.40 0.00 Beta 0.77 1.00 R-Squared 0.88 1.00 Consistency 49.63 100.00 Tracking Error 7.10 0.00 Treynor Ratio 0.13 0.09 Information Ratio 0.13 - Sharpe Ratio 0.60 0.45 City of Clearwater Employees' Pension Plan - Atlanta Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 107 -20 -15 -10 -5 0 5 10 15 20 25 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.32 (93)-10.27 (100)-1.51 (100)5.40 (99)0.67 (93)4.25 (92)5.31 (93)8.07 (92)7.09 (60) Russell 2000 Index 2.19 (41)12.81 (18)12.17 (26)13.73 (24)4.02 (45)6.09 (71)8.29 (51)10.60 (50)7.63 (46) 5th Percentile 5.03 16.50 16.22 17.16 8.23 12.00 11.98 14.39 11.10 1st Quartile 2.60 11.87 12.18 13.67 5.06 8.92 9.85 11.88 8.59 Median 1.94 8.29 9.44 11.94 3.73 7.11 8.29 10.58 7.41 3rd Quartile 1.12 4.72 6.93 9.58 2.09 5.78 7.13 9.44 6.52 95th Percentile -2.55 -3.12 2.96 6.79 -0.08 3.54 4.91 7.62 4.90 Population 543 542 537 531 525 520 517 510 500 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 108 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 8.09 (79)20.71 (13)-12.28 (15)19.89 (67)10.77 (62)26.20 (32)0.48 (1)13.34 (48)18.02 (71)4.97 (1) Russell 2000 Index 11.54 (41)16.93 (42)-20.44 (83)14.82 (87)19.96 (17)25.53 (40)-11.01 (38)14.65 (31)21.31 (42)-4.41 (53) 5th Percentile 18.94 23.35 -8.54 32.62 25.65 31.22 -6.30 20.79 28.97 0.14 1st Quartile 13.15 18.24 -14.75 26.50 18.85 26.91 -9.75 15.18 23.73 -2.02 Median 10.85 16.28 -16.75 22.54 12.84 24.63 -12.10 13.13 20.47 -4.28 3rd Quartile 8.52 13.68 -19.92 18.70 7.32 22.02 -15.37 10.28 17.26 -6.14 95th Percentile 4.00 8.59 -23.02 13.76 -0.51 17.09 -19.67 5.95 11.16 -11.46 Population 562 595 601 624 656 693 740 802 796 751 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 109 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $17,900,000 $35,800,000 $53,700,000 $71,600,000 -$17,900,000 -$35,800,000Market ValueSep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 10/01/2010 Beginning Market Value $26,263,374 $30,013,830 $28,693,880 $23,689,315 $34,601,965 $16,876,305 Net Contributions $57,631 $235,410 $259,681 $243,018 $223,461 -$32,459,116 Net Investment Return -$571,564 -$4,499,798 $1,060,269 $4,761,547 -$11,136,111 $41,332,252 Ending Market Value $25,749,441 $25,749,441 $30,013,830 $28,693,880 $23,689,315 $25,749,441 City of Clearwater Employees' Pension Plan - Riverbridge Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 110 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 15 30 -15 -30Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -2.18 -14.97 1.90 -5.78 5.53 8.10 10.10 Russell 2000 Growth Index 1.22 13.01 15.59 3.18 10.59 9.57 10.91 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -14.97 3.67 20.04 -32.15 3.44 54.14 27.35 10.10 Russell 2000 Growth Index 13.01 15.15 18.66 -26.36 2.83 34.63 28.48 10.91 City of Clearwater Employees' Pension Plan - Riverbridge Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 111 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2010) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Growth Index -6 0 6 12 18 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Growth Index Positive Months Ratio 47.22 52.78 Negative Months Ratio 52.78 47.22 Best Quarter 15.37 18.25 Worst Quarter -17.04 -18.29 Standard Deviation 18.32 20.04 Maximum Drawdown -19.17 -18.91 Max Drawdown Recovery Period -10.00 Up Capture 60.18 100.00 Down Capture 90.83 100.00 Alpha -9.82 0.00 Beta 0.84 1.00 R-Squared 0.84 1.00 Consistency 41.67 100.00 Tracking Error 8.13 0.00 Treynor Ratio -0.01 0.12 Information Ratio -1.60 - Sharpe Ratio -0.06 0.59 Total Portfolio Russell 2000 Growth Index Positive Months Ratio 61.20 60.66 Negative Months Ratio 38.80 39.34 Best Quarter 36.06 34.83 Worst Quarter -21.65 -25.76 Standard Deviation 17.92 19.67 Maximum Drawdown -38.99 -33.43 Max Drawdown Recovery Period -41.00 Up Capture 85.55 100.00 Down Capture 82.11 100.00 Alpha 0.89 0.00 Beta 0.84 1.00 R-Squared 0.85 1.00 Consistency 49.73 100.00 Tracking Error 7.55 0.00 Treynor Ratio 0.12 0.11 Information Ratio -0.14 - Sharpe Ratio 0.55 0.55 City of Clearwater Employees' Pension Plan - Riverbridge Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 112 -28 -20 -12 -4 4 12 20 28 36 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -2.18 (91)-14.97 (100)-6.12 (100)1.90 (100)-7.95 (100)-5.78 (98)2.28 (97)5.53 (98)5.75 (91) Russell 2000 Growth Index 1.22 (64)13.01 (21)14.08 (30)15.59 (25)3.27 (25)3.18 (45)7.86 (50)10.59 (51)7.88 (62) 5th Percentile 6.04 21.18 23.70 24.04 6.94 8.76 13.98 15.98 13.63 1st Quartile 3.59 12.38 15.14 15.56 3.19 4.95 9.96 12.50 10.38 Median 1.89 8.86 11.23 12.62 0.98 2.64 7.82 10.68 8.69 3rd Quartile 0.25 4.12 7.93 10.19 -1.59 -0.09 5.87 9.09 7.10 95th Percentile -2.84 -6.72 1.46 5.93 -5.17 -4.43 3.89 6.20 5.13 Population 511 511 511 509 500 497 497 482 480 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 113 -80 -60 -40 -20 0 20 40 60 80 100 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 3.67 (100)20.04 (22)-32.15 (75)3.44 (77)54.14 (23)27.35 (57)7.33 (3)22.97 (48)13.29 (27)-3.15 (61) Russell 2000 Growth Index 15.15 (41)18.66 (32)-26.36 (39)2.83 (80)34.63 (60)28.48 (50)-9.31 (78)22.17 (50)11.32 (41)-1.38 (39) 5th Percentile 28.02 26.17 -17.83 28.52 70.41 40.25 5.09 36.43 21.88 5.03 1st Quartile 18.83 19.34 -24.42 15.31 52.50 34.51 -1.65 26.53 13.50 0.10 Median 13.84 16.35 -28.30 9.33 38.07 28.44 -5.12 22.12 10.00 -2.20 3rd Quartile 10.49 12.89 -32.18 3.74 27.75 24.59 -8.93 17.98 6.78 -4.44 95th Percentile 5.81 7.41 -38.65 -5.79 13.38 18.09 -15.19 11.13 0.21 -9.49 Population 544 588 594 607 621 633 661 695 688 686 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 114 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $5,600,000 $11,200,000 $16,800,000 $22,400,000 $28,000,000 -$5,600,000Market ValueNov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 12/01/2017 Beginning Market Value $18,495,191 $18,204,775 $12,384,001 $10,994,968 $16,927,504 $13,915,449 Net Contributions $42,664 $164,855 $5,126,998 $111,546 -$4,855,712 -$2,906,751 Net Investment Return $150,721 $318,946 $693,776 $1,277,487 -$1,076,823 $7,679,879 Ending Market Value $18,688,577 $18,688,577 $18,204,775 $12,384,001 $10,994,968 $18,688,577 City of Clearwater Employees' Pension Plan - Sycamore Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 115 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Value Index 0 4 8 12 16 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.81 1.71 6.20 7.00 9.25 -6.73 Russell 2000 Value Index 3.26 12.59 11.73 8.88 10.09 9.27 6.67 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Value Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 1.71 5.57 11.55 -6.40 25.08 4.91 26.24 6.73 Russell 2000 Value Index 12.59 8.05 14.65 -14.48 28.27 4.63 22.39 6.67 City of Clearwater Employees' Pension Plan - Sycamore Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 116 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Russell 2000 Value Index -5 0 5 10 15 20 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Value Index Positive Months Ratio 47.22 55.56 Negative Months Ratio 52.78 44.44 Best Quarter 13.66 17.00 Worst Quarter -14.76 -15.15 Standard Deviation 17.07 19.91 Maximum Drawdown -19.21 -18.83 Max Drawdown Recovery Period -11.00 Up Capture 78.31 100.00 Down Capture 90.55 100.00 Alpha -3.42 0.00 Beta 0.84 1.00 R-Squared 0.95 1.00 Consistency 38.89 100.00 Tracking Error 4.99 0.00 Treynor Ratio 0.03 0.08 Information Ratio -1.13 - Sharpe Ratio 0.16 0.42 Total Portfolio Russell 2000 Value Index Positive Months Ratio 57.14 61.22 Negative Months Ratio 42.86 38.78 Best Quarter 27.85 35.53 Worst Quarter -28.98 -35.66 Standard Deviation 19.23 22.37 Maximum Drawdown -28.98 -37.54 Max Drawdown Recovery Period 12.00 28.00 Up Capture 86.40 100.00 Down Capture 85.44 100.00 Alpha 0.54 0.00 Beta 0.83 1.00 R-Squared 0.94 1.00 Consistency 47.96 100.00 Tracking Error 6.10 0.00 Treynor Ratio 0.07 0.07 Information Ratio -0.17 - Sharpe Ratio 0.30 0.30 City of Clearwater Employees' Pension Plan - Sycamore Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 117 -8 -4 0 4 8 12 16 20 24 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.81 (74)1.71 (81)3.62 (88)6.20 (92)2.90 (78)7.00 (83)6.65 (77)9.25 (71)6.89 (46) Russell 2000 Value Index 3.26 (24)12.59 (14)10.30 (24)11.73 (28)4.51 (54)8.88 (59)8.16 (53)10.09 (57)6.92 (46) 5th Percentile 4.95 14.54 14.43 16.38 9.34 14.01 13.61 14.45 9.81 1st Quartile 3.09 9.80 10.10 11.89 6.12 10.93 9.65 11.45 7.72 Median 1.84 6.62 8.05 10.42 4.64 9.33 8.31 10.34 6.76 3rd Quartile 0.77 2.23 5.24 8.27 3.08 7.60 6.77 8.96 5.70 95th Percentile -1.02 -2.92 1.72 5.35 0.82 5.75 4.94 7.40 4.38 Population 432 432 432 430 421 417 416 410 400 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 118 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.57 (82)11.55 (79)-6.40 (18)25.08 (82)4.91 (35)26.24 (20)-8.23 (5)--- Russell 2000 Value Index 8.05 (64)14.65 (56)-14.48 (80)28.27 (60)4.63 (37)22.39 (48)-12.86 (27)7.84 (67)31.74 (7)-7.47 (70) 5th Percentile 16.28 23.47 -1.23 40.07 15.48 31.78 -8.57 17.92 32.17 0.79 1st Quartile 11.58 18.85 -8.27 34.47 7.83 25.44 -12.73 12.35 28.26 -3.17 Median 9.30 15.34 -11.36 30.62 3.39 22.24 -15.10 9.59 24.88 -5.89 3rd Quartile 6.49 12.28 -13.87 26.13 -0.47 20.07 -17.52 6.99 20.82 -8.17 95th Percentile 3.24 8.65 -17.28 21.30 -6.24 14.98 -20.81 3.29 15.68 -13.95 Population 455 488 491 494 504 536 544 547 545 526 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 119 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $95,900,000 $191,800,000 $287,700,000 $383,600,000 -$95,900,000 -$191,800,000Market ValueMay-01 Nov-02 May-04 Nov-05 May-07 Nov-08 May-10 Nov-11 May-13 Nov-14 May-16 Nov-17 May-19 Nov-20 May-22 Nov-23 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2001 Beginning Market Value $165,174,466 $130,093,921 $168,620,186 $185,852,802 $246,605,252 $20,000,000 Net Contributions $287,630 $1,040,661 -$48,923,615 -$43,879,659 -$8,803,702 -$97,503,412 Net Investment Return -$2,469,512 $31,858,002 $10,397,349 $26,647,043 -$51,948,748 $240,495,997 Ending Market Value $162,992,584 $162,992,584 $130,093,921 $168,620,186 $185,852,802 $162,992,584 City of Clearwater Employees' Pension Plan - Total International Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 120 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 15 30 45 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.50 24.46 15.38 6.67 11.04 9.21 6.09 MSCI AC World ex USA (Net)5.05 32.39 17.33 7.91 10.15 8.41 6.31 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 24.46 5.82 16.64 -21.08 13.92 18.16 27.53 6.09 MSCI AC World ex USA (Net)32.39 5.53 15.62 -16.00 7.82 10.65 21.51 6.31 City of Clearwater Employees' Pension Plan - Total International Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 121 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2001) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI AC World ex USA (Net) 0 3 6 9 12 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 63.89 61.11 Negative Months Ratio 36.11 38.89 Best Quarter 16.42 13.34 Worst Quarter -11.61 -11.35 Standard Deviation 13.07 11.56 Maximum Drawdown -11.61 -11.35 Max Drawdown Recovery Period 5.00 5.00 Up Capture 101.94 100.00 Down Capture 120.24 100.00 Alpha -2.16 0.00 Beta 1.04 1.00 R-Squared 0.85 1.00 Consistency 55.56 100.00 Tracking Error 5.16 0.00 Treynor Ratio 0.10 0.12 Information Ratio -0.29 - Sharpe Ratio 0.81 1.04 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 58.64 59.66 Negative Months Ratio 41.36 40.34 Best Quarter 45.62 39.37 Worst Quarter -40.04 -37.57 Standard Deviation 16.83 16.54 Maximum Drawdown -57.23 -57.63 Max Drawdown Recovery Period 72.00 115.00 Up Capture 98.30 100.00 Down Capture 98.50 100.00 Alpha -0.10 0.00 Beta 0.99 1.00 R-Squared 0.95 1.00 Consistency 49.49 100.00 Tracking Error 3.82 0.00 Treynor Ratio 0.06 0.06 Information Ratio -0.04 - Sharpe Ratio 0.33 0.35 City of Clearwater Employees' Pension Plan - Total International Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 122 -12 -4 4 12 20 28 36 44 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.50 (100)24.46 (88)14.76 (77)15.38 (72)4.93 (91)6.67 (60)8.51 (47)11.04 (29)7.88 (20) MSCI AC World ex USA (Net) 5.05 (21)32.39 (18)18.20 (21)17.33 (26)7.93 (29)7.91 (40)8.36 (51)10.15 (47)6.76 (38) 5th Percentile 5.96 35.75 20.75 19.54 10.12 10.66 10.34 12.29 8.94 1st Quartile 4.97 31.76 18.06 17.33 8.01 8.50 9.36 11.07 7.67 Median 4.57 29.98 16.89 16.41 6.78 7.27 8.38 9.84 6.27 3rd Quartile 3.38 26.56 15.18 15.30 5.54 5.89 7.06 9.24 5.75 95th Percentile 1.13 21.15 13.18 14.06 4.57 2.91 5.09 6.21 3.61 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 123 -40 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.82 (40)16.64 (48)-21.08 (88)13.92 (8)18.16 (12)27.53 (4)-11.88 (7)27.97 (42)2.78 (77)-9.91 (98) MSCI AC World ex USA (Net) 5.53 (52)15.62 (66)-16.00 (31)7.82 (59)10.65 (73)21.51 (69)-14.20 (40)27.19 (65)4.50 (41)-5.66 (87) 5th Percentile 11.24 19.60 -13.09 14.48 20.84 27.21 -11.73 32.38 8.80 1.34 1st Quartile 6.75 17.76 -15.65 10.47 15.32 23.40 -13.41 29.57 5.75 -1.35 Median 5.57 16.61 -17.52 8.67 13.49 22.83 -14.54 27.71 4.11 -2.17 3rd Quartile 4.74 15.34 -18.70 6.86 9.98 20.86 -15.21 25.76 3.12 -4.45 95th Percentile 2.44 13.60 -22.20 1.32 6.54 19.06 -16.80 23.99 0.30 -7.28 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 124 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $14,900,000 $29,800,000 $44,700,000 $59,600,000 $74,500,000 -$14,900,000Market ValueOct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 11/01/2017 Beginning Market Value $16,770,952 $13,516,724 $17,204,829 $40,928,685 $48,958,040 $39,577,385 Net Contributions -$210 -$748 -$5,000,791 -$28,001,765 -$1,980 -$33,012,303 Net Investment Return $635,081 $3,889,847 $1,312,686 $4,277,909 -$8,027,375 $10,840,740 Ending Market Value $17,405,823 $17,405,823 $13,516,724 $17,204,829 $40,928,685 $17,405,823 City of Clearwater Employees' Pension Plan - DFA Emerging Markets MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 125 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 15 30 45 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.79 28.78 16.85 7.14 9.32 -6.33 MSCI Emerging Markets (Net)4.73 33.57 16.40 4.20 8.06 8.42 5.31 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI Emerging Markets (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 28.78 7.32 15.44 -16.40 5.84 13.87 16.04 6.33 MSCI Emerging Markets (Net)33.57 7.50 9.83 -20.09 -2.54 18.31 18.42 5.31 City of Clearwater Employees' Pension Plan - DFA Emerging Markets INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 126 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: November 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI Emerging Markets (Net) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 69.44 69.44 Negative Months Ratio 30.56 30.56 Best Quarter 13.40 13.06 Worst Quarter -10.07 -12.16 Standard Deviation 11.75 13.41 Maximum Drawdown -10.07 -12.16 Max Drawdown Recovery Period 5.00 8.00 Up Capture 90.77 100.00 Down Capture 77.24 100.00 Alpha 2.66 0.00 Beta 0.85 1.00 R-Squared 0.94 1.00 Consistency 55.56 100.00 Tracking Error 3.54 0.00 Treynor Ratio 0.14 0.11 Information Ratio 0.05 - Sharpe Ratio 0.99 0.85 Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 58.16 58.16 Negative Months Ratio 41.84 41.84 Best Quarter 21.28 22.16 Worst Quarter -28.31 -23.60 Standard Deviation 16.84 16.90 Maximum Drawdown -34.14 -35.98 Max Drawdown Recovery Period 35.00 49.00 Up Capture 97.51 100.00 Down Capture 91.68 100.00 Alpha 1.17 0.00 Beta 0.97 1.00 R-Squared 0.95 1.00 Consistency 55.10 100.00 Tracking Error 3.80 0.00 Treynor Ratio 0.05 0.04 Information Ratio 0.26 - Sharpe Ratio 0.30 0.24 City of Clearwater Employees' Pension Plan - DFA Emerging Markets PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 127 -12 -4 4 12 20 28 36 44 52 60 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 3.79 (70)28.78 (71)17.56 (59)16.85 (40)7.47 (17)7.14 (14)8.23 (18)9.32 (30)5.89 (26) MSCI Emerging Markets (Net) 4.73 (45)33.57 (41)19.83 (36)16.40 (45)5.95 (34)4.20 (43)6.42 (49)8.06 (54)4.93 (48) 5th Percentile 10.08 43.45 23.76 21.84 10.19 10.19 10.02 11.35 7.79 1st Quartile 5.77 35.38 20.66 17.83 6.62 5.47 7.72 9.54 5.92 Median 4.50 32.24 18.49 16.04 4.78 3.70 6.32 8.25 4.75 3rd Quartile 3.50 28.06 15.78 14.32 2.53 0.92 4.78 7.07 3.70 95th Percentile -0.14 12.93 8.84 10.00 -1.81 -1.84 2.90 5.46 2.38 Population 653 649 646 633 600 574 555 544 520 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 128 -55 -40 -25 -10 5 20 35 50 65 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 7.32 (35)15.44 (24)-16.40 (13)5.84 (15)13.87 (74)16.04 (82)-15.25 (37)--- MSCI Emerging Markets (Net) 7.50 (34)9.83 (60)-20.09 (27)-2.54 (57)18.31 (50)18.42 (67)-14.57 (28)37.28 (44)11.19 (29)-14.92 (64) 5th Percentile 14.08 22.62 -12.98 14.58 41.02 30.38 -10.65 46.86 18.33 -5.97 1st Quartile 8.41 15.14 -19.78 3.36 25.51 24.61 -14.28 40.64 11.56 -9.91 Median 6.20 10.91 -22.75 -1.73 18.23 21.07 -16.58 35.79 8.34 -13.55 3rd Quartile 3.34 7.99 -26.31 -5.54 13.46 17.38 -19.07 29.81 3.96 -16.11 95th Percentile -2.46 4.40 -33.02 -12.09 4.56 9.37 -22.35 21.76 -2.51 -20.59 Population 701 743 756 758 779 829 850 869 862 795 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 129 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $23,900,000 $47,800,000 $71,700,000 $95,600,000 $119,500,000 -$23,900,000Market ValueJul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 Oct-23 Jul-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $37,300,855 $29,829,196 $70,991,687 $64,842,013 $80,786,203 $16,165,278 Net Contributions $69,081 $253,775 -$44,621,435 -$4,532,684 -$4,551,771 -$19,524,542 Net Investment Return $2,554,448 $9,841,412 $3,458,944 $10,682,359 -$11,392,420 $43,283,648 Ending Market Value $39,924,383 $39,924,383 $29,829,196 $70,991,687 $64,842,013 $39,924,383 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 130 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI EAFE (Net) 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 6.85 32.91 17.68 9.66 10.70 7.75 6.71 MSCI EAFE (Net)4.86 31.22 17.22 8.92 10.54 8.18 7.10 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI EAFE (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 32.91 4.64 17.16 -14.12 13.34 5.58 21.67 6.71 MSCI EAFE (Net)31.22 3.82 18.24 -14.45 11.26 7.82 22.01 7.10 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 131 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI EAFE (Net) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI EAFE (Net) Positive Months Ratio 72.22 66.67 Negative Months Ratio 27.78 33.33 Best Quarter 14.83 15.75 Worst Quarter -10.84 -10.88 Standard Deviation 11.73 11.93 Maximum Drawdown -10.84 -10.88 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.42 100.00 Down Capture 95.07 100.00 Alpha 0.94 0.00 Beta 0.97 1.00 R-Squared 0.97 1.00 Consistency 61.11 100.00 Tracking Error 2.19 0.00 Treynor Ratio 0.13 0.12 Information Ratio 0.17 - Sharpe Ratio 1.05 1.00 Total Portfolio MSCI EAFE (Net) Positive Months Ratio 60.32 60.32 Negative Months Ratio 39.68 39.68 Best Quarter 21.21 20.37 Worst Quarter -25.99 -22.83 Standard Deviation 15.43 14.89 Maximum Drawdown -27.71 -27.30 Max Drawdown Recovery Period 35.00 28.00 Up Capture 100.01 100.00 Down Capture 102.21 100.00 Alpha -0.52 0.00 Beta 1.02 1.00 R-Squared 0.97 1.00 Consistency 50.79 100.00 Tracking Error 2.77 0.00 Treynor Ratio 0.06 0.06 Information Ratio -0.13 - Sharpe Ratio 0.36 0.40 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 132 -12 -4 4 12 20 28 36 44 52 60 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 6.85 (43)32.91 (77)17.93 (72)17.68 (73)8.77 (81)9.66 (77)8.97 (68)10.70 (58)7.07 (57) MSCI EAFE (Net) 4.86 (81)31.22 (85)16.72 (82)17.22 (74)8.35 (83)8.92 (84)8.74 (72)10.54 (61)7.16 (55) 5th Percentile 9.49 47.53 26.41 24.29 15.22 15.81 12.97 13.78 9.67 1st Quartile 7.47 43.58 22.87 21.21 12.96 12.83 11.23 12.39 8.30 Median 6.59 38.99 20.90 19.71 11.51 11.33 9.97 11.14 7.31 3rd Quartile 5.08 33.56 17.60 16.94 9.63 9.90 8.53 9.98 6.39 95th Percentile 3.61 26.91 12.39 14.02 6.37 6.98 6.40 7.93 4.25 Population 308 308 306 304 297 289 278 278 267 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 133 -40 -30 -20 -10 0 10 20 30 40 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 4.64 (50)17.16 (58)-14.12 (83)13.34 (31)5.58 (25)21.67 (22)-15.20 (29)22.27 (60)-0.19 (79)- MSCI EAFE (Net) 3.82 (56)18.24 (45)-14.45 (84)11.26 (54)7.82 (10)22.01 (20)-13.79 (21)25.03 (33)1.00 (61)-0.81 (39) 5th Percentile 9.99 23.11 -2.21 17.87 9.19 24.52 -10.51 29.39 12.67 4.54 1st Quartile 6.97 19.56 -6.80 13.81 5.54 21.26 -14.88 25.78 5.40 0.87 Median 4.58 17.88 -10.37 11.87 2.62 18.53 -16.53 23.03 1.76 -3.05 3rd Quartile 2.09 15.28 -12.63 9.44 -0.34 16.42 -18.10 20.37 0.11 -6.05 95th Percentile -3.06 10.60 -18.16 5.03 -6.42 12.97 -22.30 14.35 -3.40 -11.62 Population 319 356 351 355 370 384 378 399 395 374 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 134 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $36,900,000 $73,800,000 $110,700,000 $147,600,000 $184,500,000 -$36,900,000Market ValueJul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 Oct-23 Jul-24 Apr-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $111,102,660 $86,748,000 $80,423,670 $80,082,105 $116,861,009 $16,315,776 Net Contributions $218,759 $787,635 $698,611 -$11,345,210 -$4,249,952 -$587,791 Net Investment Return -$5,659,040 $18,126,743 $5,625,719 $11,686,776 -$32,528,953 $89,934,393 Ending Market Value $105,662,379 $105,662,379 $86,748,000 $80,423,670 $80,082,105 $105,662,379 City of Clearwater Employees' Pension Plan - WCM Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 135 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 15 30 45 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -5.09 20.89 14.57 5.09 12.76 11.06 10.35 MSCI AC World ex USA (Net)5.05 32.39 17.33 7.91 10.15 8.41 7.18 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 25 50 75 -25 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 20.89 7.03 16.23 -27.85 18.16 30.12 38.94 10.35 MSCI AC World ex USA (Net)32.39 5.53 15.62 -16.00 7.82 10.65 21.51 7.18 City of Clearwater Employees' Pension Plan - WCM Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 136 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: July 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio MSCI AC World ex USA (Net) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 63.89 61.11 Negative Months Ratio 36.11 38.89 Best Quarter 19.07 13.34 Worst Quarter -12.76 -11.35 Standard Deviation 15.38 11.56 Maximum Drawdown -12.76 -11.35 Max Drawdown Recovery Period 5.00 5.00 Up Capture 105.50 100.00 Down Capture 133.70 100.00 Alpha -3.35 0.00 Beta 1.09 1.00 R-Squared 0.67 1.00 Consistency 58.33 100.00 Tracking Error 8.90 0.00 Treynor Ratio 0.09 0.12 Information Ratio -0.21 - Sharpe Ratio 0.66 1.04 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 65.87 59.52 Negative Months Ratio 34.13 40.48 Best Quarter 25.38 19.97 Worst Quarter -17.75 -23.36 Standard Deviation 16.59 14.64 Maximum Drawdown -36.45 -27.87 Max Drawdown Recovery Period 41.00 36.00 Up Capture 108.73 100.00 Down Capture 92.42 100.00 Alpha 3.56 0.00 Beta 0.98 1.00 R-Squared 0.75 1.00 Consistency 58.73 100.00 Tracking Error 8.35 0.00 Treynor Ratio 0.09 0.06 Information Ratio 0.40 - Sharpe Ratio 0.55 0.40 City of Clearwater Employees' Pension Plan - WCM Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 137 -20 -12 -4 4 12 20 28 36 44 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -5.09 (99)20.89 (40)13.75 (36)14.57 (40)2.06 (56)5.09 (33)8.90 (10)12.76 (2)10.14 (1) MSCI AC World ex USA (Net) 5.05 (1)32.39 (3)18.20 (9)17.33 (12)7.93 (4)7.91 (6)8.36 (20)10.15 (41)6.76 (41) 5th Percentile 4.49 29.32 20.00 18.00 6.57 8.23 10.09 12.18 8.90 1st Quartile 3.12 25.54 15.22 15.89 4.62 5.62 8.07 10.76 7.53 Median 1.35 19.57 12.15 13.78 2.79 3.56 6.92 9.74 6.28 3rd Quartile -0.70 15.12 8.68 11.20 -0.34 1.11 5.07 8.21 5.05 95th Percentile -4.49 9.05 4.59 7.71 -2.95 -2.64 2.86 6.54 3.33 Population 366 366 360 360 353 340 334 323 318 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 138 -60 -40 -20 0 20 40 60 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 7.03 (32)16.23 (47)-27.85 (71)18.16 (5)30.12 (23)38.94 (1)-6.56 (5)33.22 (33)-1.00 (41)- MSCI AC World ex USA (Net) 5.53 (43)15.62 (58)-16.00 (6)7.82 (56)10.65 (97)21.51 (97)-14.20 (49)27.19 (79)4.50 (7)-5.66 (99) 5th Percentile 12.72 21.68 -15.97 17.44 54.69 35.59 -7.57 44.09 5.06 7.45 1st Quartile 8.02 18.71 -21.17 11.48 28.70 31.18 -11.37 34.46 0.64 3.35 Median 4.84 15.97 -25.18 8.55 22.33 28.14 -14.33 31.02 -2.54 0.42 3rd Quartile 1.04 14.29 -28.64 3.27 16.75 26.87 -16.78 27.71 -5.25 -0.94 95th Percentile -1.89 8.95 -37.06 -5.24 13.03 22.29 -19.74 22.43 -7.96 -3.71 Population 376 405 421 427 420 425 437 443 415 399 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 139 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $67,900,000 $135,800,000 $203,700,000 $271,600,000 $339,500,000 -$67,900,000Market ValueApr-08 Jul-09 Oct-10 Jan-12 Apr-13 Jul-14 Oct-15 Jan-17 Apr-18 Jul-19 Oct-20 Jan-22 Apr-23 Jul-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $235,914,115 $229,268,945 $227,513,189 $202,532,330 $184,449,491 $19,346,573 Net Contributions -$1,202,609 -$3,589,233 -$2,344,135 $29,291,748 $7,599,922 $33,097,437 Net Investment Change $3,145,451 $12,177,245 $4,099,892 -$4,310,888 $10,482,916 $185,412,947 Ending Market Value $237,856,957 $237,856,957 $229,268,945 $227,513,189 $202,532,330 $237,856,957 City of Clearwater Employees' Pension Plan - Total Real Estate MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 140 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Real Estate Benchmark 0 4 8 12 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.34 5.36 1.74 6.00 5.97 6.13 9.08 Total Real Estate Benchmark 0.14 2.84 -1.47 4.48 5.03 4.77 5.59 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Real Estate Benchmark 0 20 40 60 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 5.36 1.82 -1.84 5.43 20.55 1.78 10.16 9.08 Total Real Estate Benchmark 2.84 0.17 -7.14 -5.54 37.76 -4.41 18.47 5.59 City of Clearwater Employees' Pension Plan - Total Real Estate INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 141 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: May 1, 2008) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio Total Real Estate Benchmark -12 -6 0 6 12 18 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio Total Real Estate Benchmark Positive Months Ratio 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 2.64 2.93 Worst Quarter -1.74 -4.43 Standard Deviation 2.26 4.13 Maximum Drawdown -4.31 -12.42 Max Drawdown Recovery Period 29.00 - Up Capture 76.18 100.00 Down Capture 31.09 100.00 Alpha 2.29 0.00 Beta 0.38 1.00 R-Squared 0.47 1.00 Consistency 58.33 100.00 Tracking Error 3.06 0.00 Treynor Ratio -0.08 -0.06 Information Ratio 1.03 - Sharpe Ratio -1.27 -1.46 Total Portfolio Total Real Estate Benchmark Positive Months Ratio -60.85 Negative Months Ratio -39.15 Best Quarter -40.91 Worst Quarter --49.72 Standard Deviation -19.10 Maximum Drawdown --64.51 Max Drawdown Recovery Period -44.00 Up Capture -100.00 Down Capture -100.00 Alpha -0.00 Beta -1.00 R-Squared -1.00 Consistency -100.00 Tracking Error -0.00 Treynor Ratio -0.06 Information Ratio -- Sharpe Ratio -0.32 City of Clearwater Employees' Pension Plan - Total Real Estate PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 142 -10 -7 -4 -1 2 5 8 11 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 1.34 (7)5.36 (9)3.58 (12)1.74 (13)2.65 (7)6.00 (8)5.29 (5)5.97 (7)6.00 (1) Total Real Estate Benchmark 0.14 (73)2.84 (66)1.50 (35)-1.47 (23)-2.50 (96)4.48 (32)2.94 (64)5.03 (12)4.30 (39) 5th Percentile 1.44 6.91 5.24 7.81 3.21 6.87 4.95 6.21 5.24 1st Quartile 1.03 3.85 2.13 -1.63 1.00 4.81 3.89 4.39 4.63 Median 0.65 3.23 0.81 -2.63 -0.63 3.80 3.37 3.83 4.09 3rd Quartile 0.08 1.90 -1.20 -3.36 -1.10 3.02 2.49 3.01 3.37 95th Percentile -0.90 0.19 -2.41 -4.85 -2.49 1.70 1.26 1.73 2.13 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 143 -30 -20 -10 0 10 20 30 40 50 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.82 (14)-1.84 (14)5.43 (66)20.55 (49)1.78 (23)10.16 (15)6.23 (70)6.30 (79)6.94 (80)6.96 (95) Total Real Estate Benchmark 0.17 (23)-7.14 (35)-5.54 (93)37.76 (2)-4.41 (95)18.47 (1)-0.65 (99)5.49 (86)7.91 (61)8.05 (88) 5th Percentile 4.13 5.18 18.45 28.14 3.99 13.80 9.92 11.10 12.39 15.80 1st Quartile -0.09 -5.59 12.18 22.59 1.69 8.14 8.51 9.36 9.67 14.23 Median -2.33 -9.21 6.67 20.46 0.32 6.48 7.48 7.92 8.30 12.92 3rd Quartile -4.61 -10.81 4.39 16.36 -0.94 4.10 6.10 6.77 7.25 10.14 95th Percentile -7.55 -15.70 -6.62 11.33 -4.81 -0.61 1.94 4.37 4.79 6.02 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 144 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $2,600,000 $5,200,000 $7,800,000 $10,400,000 $13,000,000 -$2,600,000Market ValueApr-12 Jan-13 Oct-13 Jul-14 Apr-15 Jan-16 Oct-16 Jul-17 Apr-18 Jan-19 Oct-19 Jul-20 Apr-21 Jan-22 Oct-22 Jul-23 Apr-24 Jan-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2012 Beginning Market Value $7,892,442 $7,902,134 $8,319,678 $8,239,063 $7,846,325 $1,263,055 Net Contributions -$143,794 -$170,998 -$623,162 -$374,238 -$222,789 $2,534,656 Net Investment Return -$17,512 $205,618 $454,853 $615,527 $3,950,937 Ending Market Value $7,748,648 $7,748,648 $7,902,134 $8,319,678 $8,239,063 $7,748,648 City of Clearwater Employees' Pension Plan - Hancock Timberland XI MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 145 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 3 6 9 12 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 0.22 2.21 4.67 3.84 3.36 4.35 NCREIF Timberland Index 1.59 4.57 6.98 8.58 6.37 5.39 6.32 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 20 -5Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 0.22 1.69 4.78 7.00 9.96 -0.34 3.95 4.35 NCREIF Timberland Index 4.57 6.97 9.45 12.90 9.17 0.81 1.30 6.32 City of Clearwater Employees' Pension Plan - Hancock Timberland XI INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 146 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: May 1, 2012) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 83.33 - Negative Months Ratio 16.67 - Best Quarter 5.24 - Worst Quarter -0.34 - Standard Deviation 3.19 - Maximum Drawdown -0.43 - Max Drawdown Recovery Period 10.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.78 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 81.71 - Negative Months Ratio 18.29 - Best Quarter 11.90 - Worst Quarter -2.05 - Standard Deviation 5.78 - Maximum Drawdown -2.67 - Max Drawdown Recovery Period 10.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.48 - City of Clearwater Employees' Pension Plan - Hancock Timberland XI PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 147 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (3)0.22 (68)0.95 (90)2.21 (100)3.39 (1)4.67 (57)3.82 (26)3.84 (97)3.72 (81) NCREIF Timberland Index 1.59 (1)4.57 (8)5.76 (15)6.98 (35)8.43 (1)8.58 (1)7.24 (4)6.37 (52)5.97 (13) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 148 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 1.69 (98)4.78 (100)7.00 (1)9.96 (98)-0.34 (10)3.95 (100)2.93 (1)1.24 (96)2.64 (99)4.51 (15) NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (80)2.59 (99)4.97 (7) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 149 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $33,900,000 $67,800,000 $101,700,000 $135,600,000 $169,500,000 -$33,900,000Market ValueAug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2017 Beginning Market Value $106,803,311 $99,234,724 $93,965,209 $56,703,546 $52,426,102 $30,000,000 Net Contributions --- $30,000,000 -$30,000,000 Net Investment Return $3,310,466 $10,879,052 $5,269,515 $7,261,663 $4,277,444 $50,113,776 Ending Market Value $110,113,776 $110,113,776 $99,234,724 $93,965,209 $56,703,546 $110,113,776 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 150 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P Global Infrastructure 0 8 16 24 32 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.10 10.96 8.30 10.10 9.66 -11.19 S&P Global Infrastructure 2.37 22.58 14.64 10.97 10.52 9.42 7.78 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P Global Infrastructure 0 15 30 45 -15Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 10.96 5.61 8.40 8.16 17.75 2.83 14.61 11.19 S&P Global Infrastructure 22.58 15.10 6.79 -0.17 11.87 -5.76 26.99 7.78 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 151 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: September 1, 2017) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio S&P Global Infrastructure -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio S&P Global Infrastructure Positive Months Ratio 63.89 66.67 Negative Months Ratio 36.11 33.33 Best Quarter 3.56 13.43 Worst Quarter -1.10 -11.86 Standard Deviation 4.00 12.11 Maximum Drawdown -2.25 -12.46 Max Drawdown Recovery Period 5.00 8.00 Up Capture 25.50 100.00 Down Capture -12.64 100.00 Alpha 7.26 0.00 Beta 0.07 1.00 R-Squared 0.05 1.00 Consistency 41.67 100.00 Tracking Error 11.89 0.00 Treynor Ratio 0.46 0.10 Information Ratio -0.54 - Sharpe Ratio 0.84 0.81 Total Portfolio S&P Global Infrastructure Positive Months Ratio 65.00 62.00 Negative Months Ratio 35.00 38.00 Best Quarter 7.11 15.03 Worst Quarter -3.94 -29.18 Standard Deviation 5.75 16.05 Maximum Drawdown -3.94 -30.31 Max Drawdown Recovery Period 12.00 19.00 Up Capture 32.12 100.00 Down Capture -16.71 100.00 Alpha 10.44 0.00 Beta 0.09 1.00 R-Squared 0.06 1.00 Consistency 49.00 100.00 Tracking Error 15.69 0.00 Treynor Ratio 0.95 0.06 Information Ratio 0.14 - Sharpe Ratio 1.41 0.38 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 152 -15 -10 -5 0 5 10 15 20 25 30 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 3.10 (1)10.96 (1)8.25 (5)8.30 (13)8.27 (1)10.10 (1)8.85 (2)9.66 (4)10.69 (1) S&P Global Infrastructure 2.37 (1)22.58 (1)18.78 (1)14.64 (1)10.74 (1)10.97 (1)7.98 (3)10.52 (4)7.79 (4) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 153 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 5.61 (56)8.40 (100)8.16 (1)17.75 (97)2.83 (6)14.61 (100)18.17 (1)--- S&P Global Infrastructure 15.10 (2)6.79 (100)-0.17 (1)11.87 (98)-5.76 (63)26.99 (62)-9.50 (92)20.13 (4)12.43 (4)-11.46 (100) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 154 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $2,300,000 $4,600,000 $6,900,000 $9,200,000 $11,500,000 -$2,300,000Market ValueMay-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2011 Beginning Market Value $7,819,844 $7,753,623 $8,133,583 $7,560,650 $6,407,104 $111,299 Net Contributions --$104,935 -$234,034 -$154,718 -$206,622 $2,286,542 Net Investment Return -$171,156 -$145,926 $727,651 $1,360,168 $5,422,003 Ending Market Value $7,819,844 $7,819,844 $7,753,623 $8,133,583 $7,560,650 $7,819,844 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 155 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 3 6 9 12 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 2.21 3.26 8.72 7.13 5.40 5.39 NCREIF Timberland Index 1.59 4.57 6.98 8.58 6.37 5.39 5.97 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 2.21 -1.87 9.77 21.72 13.33 8.22 -1.48 5.39 NCREIF Timberland Index 4.57 6.97 9.45 12.90 9.17 0.81 1.30 5.97 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 156 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2011) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -12 -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 97.22 - Negative Months Ratio 2.78 - Best Quarter 7.19 - Worst Quarter -3.37 - Standard Deviation 4.77 - Maximum Drawdown -3.37 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.29 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 94.29 - Negative Months Ratio 5.71 - Best Quarter 19.37 - Worst Quarter -3.37 - Standard Deviation 6.81 - Maximum Drawdown -3.37 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.58 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 157 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (3)2.21 (36)0.15 (96)3.26 (97)7.59 (1)8.72 (1)8.64 (2)7.13 (26)6.46 (6) NCREIF Timberland Index 1.59 (1)4.57 (8)5.76 (15)6.98 (35)8.43 (1)8.58 (1)7.24 (4)6.37 (52)5.97 (13) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 158 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -1.87 (100)9.77 (91)21.72 (1)13.33 (98)8.22 (6)-1.48 (100)1.93 (1)-0.75 (97)3.30 (98)4.03 (27) NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (80)2.59 (99)4.97 (7) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 159 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $1,400,000 $2,800,000 $4,200,000 $5,600,000 $7,000,000 -$1,400,000Market ValueSep-15 Jun-16 Mar-17 Dec-17 Sep-18 Jun-19 Mar-20 Dec-20 Sep-21 Jun-22 Mar-23 Dec-23 Sep-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 10/01/2015 Beginning Market Value $4,448,261 $4,534,552 $4,970,859 $4,921,918 $4,587,944 $118,305 Net Contributions -$188,679 -$267,924 -$347,170 -$350,943 -$149,543 $2,661,118 Net Investment Return --$7,046 -$89,137 $399,884 $483,517 $1,480,159 Ending Market Value $4,259,582 $4,259,582 $4,534,552 $4,970,859 $4,921,918 $4,259,582 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 160 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 -0.16 2.09 7.28 4.48 3.44 3.22 NCREIF Timberland Index 1.59 4.57 6.98 8.58 6.37 5.39 5.45 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10 -20Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -0.16 -1.85 8.57 10.76 20.57 -5.78 1.53 3.22 NCREIF Timberland Index 4.57 6.97 9.45 12.90 9.17 0.81 1.30 5.45 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 161 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCREIF Timberland Index -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCREIF Timberland Index Positive Months Ratio 88.89 - Negative Months Ratio 11.11 - Best Quarter 4.85 - Worst Quarter -1.26 - Standard Deviation 3.20 - Maximum Drawdown -2.25 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.82 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 87.80 - Negative Months Ratio 12.20 - Best Quarter 19.91 - Worst Quarter -5.96 - Standard Deviation 7.60 - Maximum Drawdown -7.27 - Max Drawdown Recovery Period 40.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.18 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 162 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.00 (3)-0.16 (75)-1.01 (100)2.09 (100)4.19 (1)7.28 (2)4.98 (8)4.48 (92)3.53 (83) NCREIF Timberland Index 1.59 (1)4.57 (8)5.76 (15)6.98 (35)8.43 (1)8.58 (1)7.24 (4)6.37 (52)5.97 (13) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 163 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -1.85 (100)8.57 (99)10.76 (1)20.57 (97)-5.78 (63)1.53 (100)-2.88 (1)2.83 (90)3.34 (97)- NCREIF Timberland Index 6.97 (31)9.45 (95)12.90 (1)9.17 (99)0.81 (10)1.30 (100)3.21 (1)3.63 (80)2.59 (99)4.97 (7) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 164 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $20,900,000 $41,800,000 $62,700,000 $83,600,000 $104,500,000 -$20,900,000Market ValueSep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 09/30/2010 Beginning Market Value $51,958,008 $53,197,689 $56,658,944 $67,057,944 $62,200,202 - Net Contributions -$900,929 -$3,166,522 -$1,347,822 --- Net Investment Return $155,906 $1,181,818 -$2,113,433 -$10,399,000 $4,857,742 - Ending Market Value $51,212,985 $51,212,985 $53,197,689 $56,658,944 $67,057,944 - City of Clearwater Employees' Pension Plan - Multi Employer Property Trust MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 165 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 5 10 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.31 2.31 -5.94 1.45 1.62 3.18 5.86 NCRIEF ODCE (VW)0.70 2.92 -4.25 2.51 2.46 3.88 6.92 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 2.31 -3.72 -15.51 7.81 19.74 0.49 3.66 5.86 NCRIEF ODCE (VW)2.92 -2.27 -12.73 6.55 21.02 0.34 4.39 6.92 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 166 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: October 1, 2010) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -6 0 6 12 18 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 80.56 83.33 Negative Months Ratio 19.44 16.67 Best Quarter 1.66 0.96 Worst Quarter -5.84 -5.00 Standard Deviation 5.18 4.27 Maximum Drawdown -19.08 -15.54 Max Drawdown Recovery Period -- Up Capture 73.04 100.00 Down Capture 124.85 100.00 Alpha -1.08 0.00 Beta 1.15 1.00 R-Squared 0.90 1.00 Consistency 77.78 100.00 Tracking Error 1.76 0.00 Treynor Ratio -0.09 -0.09 Information Ratio -0.98 - Sharpe Ratio -2.02 -2.05 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 94.54 95.63 Negative Months Ratio 5.46 4.37 Best Quarter 6.74 7.66 Worst Quarter -6.07 -5.17 Standard Deviation 5.66 5.57 Maximum Drawdown -23.99 -19.91 Max Drawdown Recovery Period -- Up Capture 92.90 100.00 Down Capture 125.83 100.00 Alpha -0.71 0.00 Beta 0.96 1.00 R-Squared 0.89 1.00 Consistency 77.05 100.00 Tracking Error 1.89 0.00 Treynor Ratio 0.05 0.05 Information Ratio -0.53 - Sharpe Ratio 0.75 0.94 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 167 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio 0.31 (1)2.31 (35)-0.75 (100)-5.94 (100)-2.67 (41)1.45 (99)1.29 (92)1.62 (100)2.31 (97) NCRIEF ODCE (VW) 0.70 (1)2.92 (25)0.29 (96)-4.25 (100)-1.66 (16)2.51 (97)2.14 (81)2.46 (99)3.06 (90) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 168 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -3.72 (100)-15.51 (100)7.81 (1)19.74 (97)0.49 (10)3.66 (100)7.23 (1)5.53 (45)8.02 (20)12.00 (1) NCRIEF ODCE (VW) -1.43 (100)-12.02 (100)7.47 (1)22.17 (96)1.19 (9)5.34 (100)8.35 (1)7.62 (25)8.77 (14)15.02 (1) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 169 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $34,900,000 $69,800,000 $104,700,000 -$34,900,000 -$69,800,000 -$104,700,000Market ValueApr-08 Jul-09 Oct-10 Jan-12 Apr-13 Jul-14 Oct-15 Jan-17 Apr-18 Jul-19 Oct-20 Jan-22 Apr-23 Jul-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $19,175,442 $18,599,189 $16,563,070 $14,228,305 $19,515,706 $19,346,573 Net Contributions $30,793 $121,145 $134,806 $96,656 $105,711 -$80,980,750 Net Investment Return -$257,743 $228,157 $1,901,313 $2,238,110 -$5,393,112 $80,582,669 Ending Market Value $18,948,492 $18,948,492 $18,599,189 $16,563,070 $14,228,305 $18,948,492 City of Clearwater Employees' Pension Plan - Security Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 170 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split)0 5 10 15 -5 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.34 1.22 9.28 6.50 7.51 5.51 5.98 FTSE NAREIT All Equity REITs (Split)-2.15 2.27 9.05 6.79 7.02 5.62 6.16 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split) 0 50 100 -50Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 1.22 11.45 15.67 -27.59 45.03 -4.59 26.97 5.98 FTSE NAREIT All Equity REITs (Split)2.27 9.15 16.19 -26.70 46.11 -7.95 25.79 6.16 City of Clearwater Employees' Pension Plan - Security Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 171 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: May 1, 2008) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio FTSE NAREIT All Equity REITs (Split) -12 -6 0 6 12 18 Annualized Return (%)-6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Annualized Standard Deviation) Total Portfolio FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 55.56 55.56 Negative Months Ratio 44.44 44.44 Best Quarter 16.69 17.22 Worst Quarter -13.45 -13.37 Standard Deviation 16.03 16.36 Maximum Drawdown -13.67 -14.33 Max Drawdown Recovery Period 11.00 11.00 Up Capture 100.56 100.00 Down Capture 100.04 100.00 Alpha 0.46 0.00 Beta 0.97 1.00 R-Squared 0.98 1.00 Consistency 47.22 100.00 Tracking Error 2.34 0.00 Treynor Ratio 0.06 0.05 Information Ratio 0.07 - Sharpe Ratio 0.34 0.32 Total Portfolio FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 58.96 58.49 Negative Months Ratio 41.04 41.51 Best Quarter 42.00 40.91 Worst Quarter -48.10 -49.72 Standard Deviation 22.56 22.96 Maximum Drawdown -65.06 -64.51 Max Drawdown Recovery Period 33.00 35.00 Up Capture 98.26 100.00 Down Capture 98.83 100.00 Alpha -0.09 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 45.75 100.00 Tracking Error 2.25 0.00 Treynor Ratio 0.07 0.07 Information Ratio -0.13 - Sharpe Ratio 0.32 0.32 City of Clearwater Employees' Pension Plan - Security Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 172 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -1.34 (27)1.22 (51)6.21 (14)9.28 (8)-1.41 (13)6.50 (5)4.57 (11)7.51 (17)5.56 (23) FTSE NAREIT All Equity REITs (Split) -2.15 (65)2.27 (35)5.65 (16)9.05 (9)-1.26 (12)6.79 (3)4.18 (22)7.02 (29)5.47 (26) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Security Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 173 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio 11.45 (8)15.67 (10)-27.59 (72)45.03 (17)-4.59 (50)26.97 (62)-7.16 (70)4.91 (59)5.71 (58)4.70 (10) FTSE NAREIT All Equity REITs (Split) 9.15 (16)16.19 (6)-26.70 (55)46.11 (16)-7.95 (81)25.79 (73)-4.80 (29)4.84 (60)7.62 (26)4.81 (8) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Security Capital Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 174 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $5,600,000 $11,200,000 $16,800,000 $22,400,000 $28,000,000 -$5,600,000Market ValueDec-15 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 01/01/2016 Beginning Market Value $14,932,839 $14,589,277 $15,362,866 $18,277,582 $17,020,352 $5,708,283 Net Contributions -----$4,204,455 Net Investment Return -$12,182 $331,380 -$773,589 -$2,914,716 $1,257,230 $5,007,919 Ending Market Value $14,920,657 $14,920,657 $14,589,277 $15,362,866 $18,277,582 $14,920,657 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 175 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 4 8 -4 -8 -12Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.08 2.27 -6.54 1.02 1.99 4.16 4.16 NCRIEF ODCE (VW)0.70 2.92 -4.25 2.51 2.46 3.88 3.88 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio 2.27 -5.04 -15.95 7.39 20.02 0.94 8.11 4.16 NCRIEF ODCE (VW)2.92 -2.27 -12.73 6.55 21.02 0.34 4.39 3.88 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 176 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: December 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 77.78 83.33 Negative Months Ratio 22.22 16.67 Best Quarter 1.05 0.96 Worst Quarter -6.29 -5.00 Standard Deviation 5.70 4.27 Maximum Drawdown -20.52 -15.54 Max Drawdown Recovery Period -- Up Capture 37.74 100.00 Down Capture 127.66 100.00 Alpha -1.34 0.00 Beta 1.23 1.00 R-Squared 0.86 1.00 Consistency 77.78 100.00 Tracking Error 2.38 0.00 Treynor Ratio -0.09 -0.09 Information Ratio -0.98 - Sharpe Ratio -1.95 -2.05 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 91.74 93.39 Negative Months Ratio 8.26 6.61 Best Quarter 7.07 7.66 Worst Quarter -6.32 -5.17 Standard Deviation 6.35 5.60 Maximum Drawdown -25.55 -19.91 Max Drawdown Recovery Period -- Up Capture 106.55 100.00 Down Capture 118.00 100.00 Alpha -0.16 0.00 Beta 1.04 1.00 R-Squared 0.85 1.00 Consistency 84.30 100.00 Tracking Error 2.51 0.00 Treynor Ratio 0.02 0.02 Information Ratio 0.00 - Sharpe Ratio 0.32 0.36 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 177 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -0.08 (4)2.27 (35)-1.45 (100)-6.54 (100)-3.24 (59)1.02 (99)1.01 (94)1.99 (100)2.86 (95) NCRIEF ODCE (VW) 0.70 (1)2.92 (25)0.29 (96)-4.25 (100)-1.66 (16)2.51 (97)2.14 (81)2.46 (99)3.06 (90) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 178 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -5.04 (100)-15.95 (100)7.39 (1)20.02 (97)0.94 (9)8.11 (100)9.16 (1)8.36 (18)10.72 (6)- NCRIEF ODCE (VW) -2.27 (100)-12.73 (100)6.55 (1)21.02 (96)0.34 (10)4.39 (100)7.36 (1)6.66 (32)7.79 (23)13.95 (1) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 179 The summary has been compiled using data from sources believed to be reliable but is not guaranteed to be accurate or complete. Please refer to the official custodial account statement for verification. For Institutional Use Only. MARKET VALUES & CASH FLOW SUMMARY Total Portfolio Net Cash Flow $0 $7,300,000 $14,600,000 $21,900,000 $29,200,000 $36,500,000 -$7,300,000Market ValueMay-15 Feb-16 Nov-16 Aug-17 May-18 Feb-19 Nov-19 Aug-20 May-21 Feb-22 Nov-22 Aug-23 May-24 Feb-25 Dec-25 Last Quarter 2025 YTD 2024 2023 2022 Since Inception Inception Date Total Portfolio 06/30/2015 Beginning Market Value $22,883,968 $23,457,757 $23,538,979 $25,543,322 $14,445,757 $5,000,000 Net Contributions ---- $8,000,000 $9,461,438 Net Investment Return -$50,995 -$624,784 -$81,222 -$1,937,384 $3,097,565 $8,438,493 Ending Market Value $22,832,973 $22,832,973 $23,457,757 $23,538,979 $25,543,322 $22,832,973 City of Clearwater Employees' Pension Plan - USAA MARKET VALUES & CASH FLOW SUMMARY Period Ending 12.31.25 |Q4 25 180 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW)0 4 8 12 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.22 -2.66 -3.67 3.79 5.09 6.37 6.47 NCRIEF ODCE (VW)0.70 2.92 -4.25 2.51 2.46 3.88 4.33 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2024 2023 2022 2021 2020 2019 Inception Total Portfolio -2.66 -0.34 -7.85 13.80 18.42 11.12 5.78 6.47 NCRIEF ODCE (VW)2.92 -2.27 -12.73 6.55 21.02 0.34 4.39 4.33 City of Clearwater Employees' Pension Plan - USAA INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 12.31.25 |Q4 25 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 181 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: June 1, 2015) Cash - 90 Day U.S. Treasury Bill Fixed Income - Blmbg. U.S. Aggregate Index U.S. Equities - Russell 3000 Index International Equities - MSCI AC World ex USA index Real Estate - FTSE NAREIT All Equity REITs Commodities - Bloomberg Commodity Index Total Return Strategic Opportunities - HFRX Absolute Return Index Total Portfolio NCRIEF ODCE (VW) -5 0 5 10 15 20 Annualized Return (%)-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Annualized Standard Deviation) Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 80.56 83.33 Negative Months Ratio 19.44 16.67 Best Quarter 1.35 0.96 Worst Quarter -7.92 -5.00 Standard Deviation 5.50 4.27 Maximum Drawdown -13.40 -15.54 Max Drawdown Recovery Period -- Up Capture -72.27 100.00 Down Capture 47.75 100.00 Alpha -2.40 0.00 Beta 0.27 1.00 R-Squared 0.04 1.00 Consistency 88.89 100.00 Tracking Error 6.22 0.00 Treynor Ratio -0.31 -0.09 Information Ratio 0.11 - Sharpe Ratio -1.50 -2.05 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 92.13 93.70 Negative Months Ratio 7.87 6.30 Best Quarter 11.30 7.66 Worst Quarter -7.92 -5.17 Standard Deviation 6.30 5.64 Maximum Drawdown -13.40 -19.91 Max Drawdown Recovery Period -- Up Capture 96.91 100.00 Down Capture 12.46 100.00 Alpha 3.63 0.00 Beta 0.61 1.00 R-Squared 0.30 1.00 Consistency 83.46 100.00 Tracking Error 5.73 0.00 Treynor Ratio 0.07 0.03 Information Ratio 0.30 - Sharpe Ratio 0.68 0.45 City of Clearwater Employees' Pension Plan - USAA PORTFOLIO STATISTICAL SUMMARY Period Ending 12.31.25 |Q4 25 For Institutional Use Only. 182 -10 -7 -4 -1 2 5 8 11 14 ReturnLast Qtr Last 1 Year Last 2 Years Last 3 Years Last 4 Years Last 5 Years Last 6 Years Last 7 Years Last 8 Years Total Portfolio -0.22 (4)-2.66 (95)-1.51 (100)-3.67 (100)0.43 (5)3.79 (77)4.98 (8)5.09 (83)5.29 (34) NCRIEF ODCE (VW) 0.70 (1)2.92 (25)0.29 (96)-4.25 (100)-1.66 (16)2.51 (97)2.14 (81)2.46 (99)3.06 (90) 5th Percentile -0.33 5.27 8.22 9.79 0.33 6.48 5.25 8.40 6.84 1st Quartile -1.32 2.87 4.74 7.52 -2.09 5.65 3.95 7.17 5.49 Median -1.85 1.25 3.65 6.43 -2.92 4.86 3.10 6.39 4.82 3rd Quartile -2.41 -0.16 2.45 5.59 -3.81 3.96 2.37 5.70 4.07 95th Percentile -3.08 -2.70 0.30 3.40 -5.13 2.75 0.87 4.12 2.71 Population 175 175 173 173 173 173 173 172 170 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - USAA Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 183 -55 -40 -25 -10 5 20 35 50 65 80 Return2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Total Portfolio -0.34 (100)-7.85 (100)13.80 (1)18.42 (97)11.12 (6)5.78 (100)6.65 (1)9.30 (11)12.34 (4)- NCRIEF ODCE (VW) -2.27 (100)-12.73 (100)6.55 (1)21.02 (96)0.34 (10)4.39 (100)7.36 (1)6.66 (32)7.79 (23)13.95 (1) 5th Percentile 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 5.11 1st Quartile 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 4.10 Median 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3.00 3rd Quartile 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 1.89 95th Percentile 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 -3.20 Population 180 206 215 223 227 245 243 259 264 257 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - USAA Period Ending 12.31.25 |Q4 25 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 184 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Total Portfolio 1,436,397,771 1.20 11.45 11.84 6.05 9.50 8.49 8.75 1987 Total Fixed Income 385,502,980 1.35 8.04 5.44 0.22 2.44 2.50 4.21 1987 Dodge & Cox 209,495,613 1.41 8.10 5.86 0.92 2.94 3.02 - In House Account 5,088,492 0.00 0.00 0.00 0.00 0.00 0.00 -5.29 1987 Longfellow Investment Management Co.170,560,104 1.15 - - --- 4.58 2025 Security Lending Income Account 357,165 33.19 84.26 39.92 8.38 3.70 -0.39 -0.27 2003 Western Asset Management Co. CLOSED 1,606 0.00 12.74 4.51 -1.77 1.41 1.67 1.96 2004 Total U.S. Equities 650,045,250 1.74 12.96 20.29 10.77 15.70 13.28 10.93 1987 Total U.S. Large Cap Equities 440,029,011 2.66 16.72 24.65 13.47 16.95 14.25 10.67 1988 Aletheia Research CLOSEDº--- - --- -3.29 2007 BNYM Newton US Dynamic Large Cap Value 53,833,614 5.01 - - --- 7.67 2025 Eagle Capital Management 91,333,315 4.54 17.76 26.84 15.10 17.92 14.72 14.88 2013 Manning & Napier 824,344 1.05 4.62 10.66 9.59 10.91 10.77 10.77 2013 NTGI-QM R1000G 219,410,479 1.08 16.70 31.30 13.97 -- 14.15 2020 NTGI-QM R1000V 74,627,258 3.79 16.09 14.67 11.78 12.57 10.96 13.25 2007 Voya Investment Mgmt¹--- - --- 8.76 1987 Total U.S. Mid Cap Equities 143,316,786 0.24 13.78 15.19 8.00 15.05 11.34 8.82 1988 Artisan Partners 350 1.28 17.07 18.03 4.40 18.96 12.83 7.79 2001 Boston Partners 80,126,686 -0.57 11.32 12.87 11.73 -- 14.13 2020 Wedge Capital Mgmt CLOSED²--- - --- 9.77 2007 Total U.S. Small Cap Equities 66,699,453 -1.07 -9.19 3.20 -0.27 8.94 10.82 13.59 2003 Atlanta Capital Management 22,261,435 -1.32 -10.26 3.29 3.47 7.87 9.62 7.79 2003 Riverbridge Partners 25,749,441 -2.18 -14.95 1.80 -5.51 9.13 12.20 13.75 2010 Sycamore Capital 18,688,577 0.81 1.75 5.64 7.18 9.76 - 7.29 2017 Systematic Financial Mgt CLOSED³--- - --- 4.88 2003 Total International Equities 162,992,584 -1.50 24.42 14.56 4.74 10.74 8.91 - Earnest Partners CLOSEDºº--- - --- 1.84 2008 DFA Emerging Markets 17,405,823 3.79 28.78 14.80 2.44 6.79 - 3.70 2017 Thompson, Siegel & Walmsley 39,924,383 6.85 32.90 14.99 6.70 8.95 6.73 6.47 2015 WCM Investment Management 105,662,379 -5.09 20.83 14.20 4.25 14.01 11.70 11.53 2015 Wellington Mgmt CLOSED¹¹--- - --- 33.42 2008 WHV Closed²²--- - ---1.32 2008 Total Real Estate 237,856,957 1.34 5.35 1.70 5.53 5.66 5.90 - Hancock Timberland XI 7,748,648 0.00 0.22 2.24 4.80 3.85 3.32 4.08 2012 IFM Global Infrastructure (US) L.P.110,113,776 3.10 10.96 8.29 9.65 9.39 - 10.70 2017 Molpus Woodlands Fund III 7,819,844 0.00 2.22 3.31 8.84 6.82 4.86 5.42 2011 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 12.31.25 |Q4 25 185 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 12.31.25 |Q4 25 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund IV 4,259,582 0.00 -0.16 2.21 7.72 4.53 3.49 3.34 2015 Multi-Employer Property Trust 51,212,985 0.30 2.30 -6.10 1.43 1.61 3.19 5.68 2010 Security Capital 18,948,492 -1.34 1.22 9.24 6.47 10.55 5.12 31.81 2008 U.S. Real Estate Investment Fund 14,920,657 -0.08 2.27 -6.53 1.02 1.99 4.17 4.18 2015 USAA 22,832,973 -0.22 -2.66 -3.67 2.72 4.27 5.93 5.99 2015 º As of periods ending 07/31/2012 ¹ As of periods ending 08/31/2022 ² As of periods ending 04/30/2020 ³ As of periods ending 08/31/2018 ºº As of periods ending 03/31/2017 ¹¹ As of periods ending 01/31/2012 ²² As of periods ending 05/31/2016 186 Market Value $CYTD 2024 2023 2022 2021 2020 Total Portfolio 1,436,397,771 11.45 10.27 13.75 -14.82 13.45 15.04 Total Fixed Income 385,502,980 8.04 1.70 6.54 -12.39 -1.29 8.84 Dodge & Cox 209,495,613 8.10 2.08 7.23 -10.86 -0.98 8.71 In House Account 5,088,492 0.00 0.00 0.00 0.00 0.00 -88.27 Longfellow Investment Management Co.170,560,104 ------ Security Lending Income Account 357,165 84.26 39.59 5.87 0.35 -20.50 -4.61 Western Asset Management Co. CLOSED 1,606 12.74 1.08 6.05 -14.20 -1.51 9.04 Total U.S. Equities 650,045,250 12.96 20.56 27.54 -20.72 22.05 22.11 Total U.S. Large Cap Equities 440,029,011 16.72 25.92 30.70 -20.67 25.36 17.98 BNYM Newton US Dynamic Large Cap Value 53,833,614 ------ Eagle Capital Management 91,333,315 17.76 25.44 38.35 -25.04 29.62 16.22 Manning & Napier 824,344 4.62 14.08 8.94 -3.57 21.23 3.76 NTGI-QM R1000G 219,410,479 16.70 33.18 43.24 -29.09 30.85 - NTGI-QM R1000V 74,627,258 16.09 14.42 13.57 -7.62 25.17 4.48 Total U.S. Mid Cap Equities 143,316,786 13.78 11.53 21.27 -20.86 18.78 30.05 Artisan Partners 350 17.07 12.65 25.93 -36.30 10.53 55.00 Boston Partners 80,126,686 11.32 10.49 17.56 -6.90 27.91 - Total U.S. Small Cap Equities 66,699,453 -9.19 5.32 18.93 -20.76 11.89 30.90 Atlanta Capital Management 22,261,435 -10.26 7.79 23.78 -12.16 19.51 10.85 Riverbridge Partners 25,749,441 -14.95 3.67 20.03 -32.10 3.42 53.48 Sycamore Capital 18,688,577 1.75 5.50 11.58 -6.34 24.77 5.09 Total International Equities 162,992,584 24.42 6.58 15.26 -21.03 13.84 18.03 DFA Emerging Markets 17,405,823 28.78 8.98 12.76 -16.40 5.84 13.83 Thompson, Siegel & Walmsley 39,924,383 32.90 5.53 16.75 -14.08 13.32 5.42 WCM Investment Management 105,662,379 20.83 6.95 15.11 -27.77 17.70 29.98 Total Real Estate 237,856,957 5.35 1.80 -1.86 5.46 20.52 1.76 Hancock Timberland XI 7,748,648 0.22 1.67 4.64 6.96 9.80 -0.37 IFM Global Infrastructure (US) L.P.110,113,776 10.96 5.59 8.40 8.16 17.75 2.82 Molpus Woodlands Fund III 7,819,844 2.22 -1.81 9.67 21.35 12.76 8.04 Molpus Woodlands Fund IV 4,259,582 -0.16 -1.82 8.41 10.63 20.16 -5.70 Multi-Employer Property Trust 51,212,985 2.30 -3.75 -15.51 7.81 19.74 0.49 Security Capital 18,948,492 1.22 11.42 15.69 -27.57 45.04 -4.51 U.S. Real Estate Investment Fund 14,920,657 2.27 -5.02 -15.95 7.39 20.02 0.93 USAA 22,832,973 -2.66 -0.34 -7.85 14.02 18.16 12.42 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 12.31.25 |Q4 25 187 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |appendix188 City of Clearwater Employees' Pension PlanQ4 25Period Ending 12.31.25 |investment review | evaluation methodologyQUALITATIVE EVALUATION ITEMSQUANTITATIVE EVALUATION ITEMSFund Management3/5 Year Risk- adjusted PerformanceA significant disruption to the investment option’s management team has been discovered.The investment option’s 3 or 5 Year Annualized Risk Adjusted Performance falls below the 50th percentile of the peer group.MARKED FOR REVIEWFund FamilyThe following categories of the Investment Policy Monitor appear “Marked For Review” when:3/5 Year Performance vs. PeersA significant disruption to the investment option’s parent company has been discovered.The investment option’s 3 or 5 Year Annualized Peer Relative Performance falls below the 50th percentile of the peer group.3/5 Year StyleThe investment option’s 3 or 5 Year R-Squared measure falls below the absolute threshold set per asset class.3/5 Year ConfidenceThe investment option’s 3 or 5 Year Confidence Rating falls below the 50thpercentile of the peer group.CAPTRUST’s Investment Policy Monitoring MethodologyThe Investment Policy Monitoring Methodology document describes the systems and procedures CAPTRUST uses to monitor and evaluate the investment vehicles in your plan/account on a quarterly basis.Our current Investment Policy Monitoring Methodology document can be accessed through the following link:captrust.com/investmentmonitoring189 Q4 25Period Ending 12.31.25 |definitionsAlpha: Alpha measures a manager’s rate of return in excess of that which can be explained by its systematic risk, or Beta. It is a result of regressing a manager’s returns against those of a benchmark index. A positive alpha implies that a manager has added value relative to its benchmark on a risk-adjusted basis.Beta: Beta measures a manager’s sensitivity to systematic, or market risk. Beta is a result of the analysis regressing a manager’s returns against those of a benchmark Index. A manager with a Beta of 1 should move perfectly with a benchmark. A Beta of less than 1 implies that a manager’s returns are less volatile than the market’s (i.e., selected benchmarks). A Beta of greater than 1 implies that a manager exhibits greater volatility than the market (i.e., selected benchmark).Best (Worst) Quarter: Best (Worst) Quarter is the best (worst) three-month return in the measurement period. The three-month period is not necessarily a calendar quarter. Bloomberg U.S. Aggregate Index: Measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States.Capture Ratio: Up Market Capture is the average return of a manager relative to a benchmark index using only periods where the benchmark return was positive. Down Market Capture is the average return of a manager relative to a benchmark index using only periods where the benchmark return was negative. An Up Market Capture of greater than 100% and a Down Market Capture of less than 100% is considered desirable.Consistency (Batting Average): Formerly known as Batting Average, Consistency measures the percentage of time an active manager outperforms the benchmark. Duration: A measure of interest rate risk or the price sensitivity of a bond to interest rate changes.FTSE NAREIT All Equity REITs TR USD Index: Measures the performance of all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. A REIT is a company that owns, and in most cases, operates income-producing real estate.Information Ratio: The Information Ratio measures a manager’s excess return over the passive index divided by the volatility of that excess return, or Tracking Error. To obtain a higher Information Ratio, which is preferable, a manager must demonstrate the ability to generate returns above its benchmark while avoiding large performance swings relative to that same benchmark.Maximum Drawdown: The Maximum Drawdown measures the maximum observed percentage loss from a peak to a trough in the measurement period. Maximum Drawdown Recovery Period: The Maximum Drawdown Recovery period counts the number of months needed to meet or exceed the prior peak starting from the beginning of the Maximum Drawdown period. If the prior peak has not been met or exceeded, this statistic will not populate.190 Q4 25Period Ending 12.31.25 |definitionsMSCI EAFE Index: Measures the performance of the large- and mid-cap equity market across 21 developed markets around the world, excluding the U.S. and Canada. It is a free float-adjusted market-capitalization weighted index and includes the reinvestment of dividends into the index.Merrill Lynch 3-Month Treasury Bill: Measures the performance of a single issue of outstanding treasury bill that matures closest to, but not beyond, three months from the rebalancing date. The issue is purchased at the beginning of the month and held for a full month; at the end of the month that issue is sold and rolled into a newly selected issue.PCE Inflation: Refers to the Personal Consumption Expenditures index which tracks the changes in prices of goods and services consumed by households on a year-over-year basis.Percentile Rank: Percentile Rankings are based on a manager’s performance relative to all other available funds in its universe. Percentiles range from 1, being the best, to 100 being the worst. A ranking in the 50th percentile or above demonstrates that the manager has performed better on a relative basis than at least 50% of its peers.Positive (Negative) Months Ratio: Positive (Negative) Months Ratio is the ratio of months in the measurement period where the returns are positive (negative).Risk-Adjusted Performance: Risk-adjusted Performance, or RAP, measures the level of return that an investment option would generate given a level of risk equivalent to the benchmark index.R-Squared: R-squared measures the portion of a manager’s movements that are explained by movements in a benchmark index. R-squared values range from 0 to 100. An R-squared of 100 means that all movements of a manager are completely explained by movements in the index. This measurement is identified as the coefficient of determination from a regression equation. A high R-squared value supports the validity of the Alpha and Beta measures, and it can be used as a measure of style consistency.Russell 1000® Index: Measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000® Index is a subset of the Russell 3000® Index which is designed to represent approximately 98% of the investable U.S. equity market. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.Russell 1000® Growth Index: Measures the performance of the large cap growth segment of U.S. equities. It includes the Russell 1000 companies with relatively higher price-to-book ratios, higher forecast medium term (2 year) growth and higher sales per share historical growth (5 years).Russell 1000® Value Index: Measures the performance of the large cap value segment of the U.S. equity universe. It includes the Russell 1000 companies with relatively lower price-to-book ratios, lower forecast medium term (2 year) growth and lower sales per share historical growth (5 years).Russell 2000® Index: Measures the performance of the 2,000 smallest companies in the Russell 3000® Index. It is a market-capitalization weighted index.Russell 2000® Growth Index: Measures the performance of the small cap growth segment of U.S. equities. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher forecast medium term (2 year) growth and higher sales per share historical growth (5 years).191 Q4 25Period Ending 12.31.25 |definitionsRussell 2000® Value Index: Measures the performance of the small cap value segment of U.S. equities. It includes the Russell 2000 companies with relatively lower price-to-book ratios, lower forecast medium term (2 year) growth and lower sales per share historical growth (5 years).Russell 3000® Index: Measures the performance of the largest 3,000 U.S. companies designed to represent approximately 98% of the investable U.S. equity market.Russell Mid-Cap® Growth Index: Measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Mid-cap Index companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years).Russell Mid-Cap® Value Index: Measures the performance of the mid- cap value segment of the U.S. equity universe. It includes those Russell Mid-cap Index companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years).S&P 500® Index: Measures the performance of 500 leading publicly traded U.S. companies from a broad range of industries. It is a float-adjusted market-capitalization weighted index.Sharpe Ratio: Sharpe ratio measures a manager’s return per unit of risk, or standard deviation. It is the ratio of a manager’s excess return above the risk-free rate divided by a manager’s standard deviation. A higher Sharpe ratio implies greater manager efficiency.Standard Deviation: Standard Deviation is a measure of the extent to which observations in a series vary from the arithmetic mean of the series. This measure of volatility or risk allows the estimation of a range of values for a manager’s returns. The wider the range, the more uncertainty, and, therefore, the riskier a manager is assumed to be.Tracking Error: Tracking Error is the standard deviation of the portfolio’s residual (i.e. excess) returns. The lower the tracking error, the closer the portfolio returns have been to its risk index. Aggressively managed portfolios would be expected to have higher tracking errors than portfolios with a more conservative investment style. Treynor Ratio: The Treynor Ratio is a measure of reward per unit of risk. With Treynor, the numerator (i.e. reward) is defined as the excess return of the portfolio versus the risk-free rate. The denominator (i.e. risk) is defined as the portfolio beta. The result is a measure of excess return per unit of portfolio systematic risk. As with Sharpe and Sortino ratios, the Treynor Ratio only has value when it is used as the basis of comparison between portfolios. The higher the Treynor Ratio, the better.Yield to Worst: Indicates the lowest potential return an investor can achieve on a bond, assuming the issuer does not default, and accounting for any prepayment or call provisions.192 Q4 25Period Ending 12.31.25 |disclosuresBloomberg: - BLOOMBERG® and the indices referenced herein (the “Indices”, and each such index an “Index”) are service marks of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”) and/or one or more third-party providers (each such provider a “Third-Party Provider”),” and have been licensed for use for certain purposes to CAPFINANCIAL PARTNERS LLC (the "Licensee"). To the extent a Third-Party Provider contributes intellectual property in connection with an Index, such third-party products, company names, and logos are trademarks or service marks and remain the property of such Third-Party Provider. Bloomberg or Bloomberg’s licensors own all proprietary rights in Bloomberg Indices. 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Foreign investments involve greater risks than U.S. investments, and can decline significantly in response to adverse issuer, political, regulatory, market, and economic risks. Any fixed-income security sold or redeemed prior to maturity may be subject to loss. Any reference to credit ratings refers to the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings (S&P and Fitch ratings). Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C (Moody’s ratings).Investment advisory services offered by CapFinancial Partners, LLC (“CAPTRUST” or "CAPTRUST Financial Advisors”), an investment advisor registered with the SEC under The Investment Advisers Act of 1940.disclosures194 City of Clearwater Employees’ Pension Plan Actuarial Valuation Report as of January 1, 2025 Annual Employer Contribution for the Fiscal Year Ending September 30, 2026 May 7, 2025 Board of Trustees City of Clearwater Employees’ Pension Plan Clearwater, Florida Dear Board Members: The results of the January 1, 2025 Annual Actuarial Valuation of the City of Clearwater Employees’ Pension Plan are presented in this report. This report was prepared at the request of the Board and is intended for use by the Retirement System and those designated or approved by the Board. This report may be provided to parties other than the System only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized use of this report. The purposes of the valuation are to measure the System’s funding progress and to determine the employer contribution rate for the fiscal year ending September 30, 2026. This report should not be relied on for any purpose other than the purposes described herein. Determinations of financial results, associated with the benefits described in this report, for purposes other than those identified above may be significantly different. The contribution rate in this report is determined using the actuarial assumptions and methods disclosed in Section B of this report. This report includes risk metrics in Section A, but does not include a robust assessment of future experience not meeting the actuarial assumptions. A robust assessment of risks was outside the scope of this assignment. This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary to fund this Plan. A determination regarding whether or not the plan sponsor is actually able to do so is outside our scope of expertise and was not performed. The findings in this report are based on data or other information through December 31, 2024. The valuation was based upon information furnished by the City concerning Retirement System benefits, financial transactions, plan provisions and active members, terminated members, retirees and beneficiaries. We checked for internal and year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or completeness of the information provided by the City. In addition, this report was prepared using certain assumptions approved by the Board as authorized under the Florida and prescribed by the Florida Statutes as described in the section of this report entitled Actuarial Assumptions and Methods. The prescribed assumptions are the assumed mortality rates detailed in the Actuarial Assumptions and Methods section in accordance with Florida Statutes, Chapter 112.63. All actuarial assumptions used in this report are reasonable for purposes of this Board of Trustees May 7, 2025 Page ii valuation. The combined effect of the assumptions, excluding the prescribed assumptions or methods set by law is expected to have no significant bias (i.e. not significantly optimistic or pessimistic). This report was prepared using our proprietary valuation model and related software which in our professional judgment has the capability to provide results that are consistent with the purposes of the valuation and has no material limitations or known weaknesses. We performed tests to ensure that the model reasonably represents that which is intended to be modeled. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and fairly presents the actuarial position of the Retirement System as of the valuation date. All calculations have been made in conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. Peter N. Strong and Trisha Amrose are members of the American Academy of Actuaries. These actuaries meet the Academy’s Qualification Standards to render the actuarial opinions contained herein. The signing actuaries are independent of the plan sponsor. This actuarial valuation and/or cost determination was prepared and completed by us or under our direct supervision, and we acknowledge responsibility for the results. To the best of our knowledge, the results are complete and accurate. In our opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan’s assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of Trustees and to answer any questions pertaining to the valuation. Respectfully submitted, GABRIEL, ROEDER, SMITH & COMPANY Peter N. Strong, FSA, MAAA Trisha Amrose, MAAA Enrolled Actuary No. 23-6975 Enrolled Actuary No. 23-8010 City of Clearwater Employees’ Pension Plan TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1. Discussion of Valuation Results A-1 2. Risks Associated with Measuring the Accrued Liability and Actuarially Determined Contribution A-5 3. Low-Default-Risk Obligation Measure A-8 B Valuation Results 1. Participant Data B-1 2. Actuarially Determined Contribution (ADC) B-3 3. Actuarial Value of Benefits and Assets B-7 4. Calculation of Employer Normal Cost B-10 5. Reconciliation of Credit Balance B-14 6. Liquidation of the Unfunded Actuarial Accrued Liability B-15 7. Actuarial Gains and Losses B-18 8. Recent History of Valuation Results B-24 9. Recent History of Contributions B-25 10. Actuarial Assumptions and Cost Method B-26 11. Glossary of Terms B-39 C Pension Fund Information 1. Statement of Plan Assets at Market Value C-1 2. Reconciliation of Plan Assets C-2 3. Development of Actuarial Value of Assets C-3 4. Allocation of Plan Assets C-4 5. Investment Rate of Return C-5 D Financial Accounting Information 1. FASB No. 35 D-1 E Miscellaneous Information 1. Reconciliation of Membership Data E-1 2. Active Participant Distribution E-2 3. Inactive Participant Distribution E-6 F Summary of Plan Provisions F-1 SECTION A DISCUSSION OF VALUATION RESULTS City of Clearwater Employees’ Pension Plan A-1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions The required employer contribution developed in this year's valuation is compared below to last year's results: Required Employer/State Contribution $7,334,218 $16,244,745 $(8,910,527) As % of Covered Payroll 6.16 %*14.43 %(8.27)% Estimated State Contribution 12,000 12,000 0 As % of Covered Payroll 0.01 %0.01 %0.00 % Required Employer Contribution 7,322,218 16,232,745 (8,910,527) As % of Covered Payroll 6.15 %14.42 %(8.27)% Credit Balance 40,184,518 38,136,025 2,048,493 For FYE 9/30/2026 For FYE 9/30/2025 Based onBased on Increase Valuation 1/1/20241/1/2025 Valuation (Decrease) * Since the Actuarially Determined Contribution is under the 7% of payroll minimum, the required City contribution for FYE 2026 is 7% of payroll, which is approximately $8.34 million based on the covered payroll as of January 1, 2025. Required Employer Contribution by Group The required employer contribution for each group developed in this year's valuation is shown below: Required Employer Contribution by Group Non-Hazardous $1,993,122 $6,269,945 $(4,276,823) As % of Covered Payroll 2.68 %9.16 %(6.48)% Hazardous Police 2,469,397 5,127,235 (2,657,838) As % of Covered Payroll 10.00 %21.45 %(11.45)% Hazardous Fire 2,859,699 4,835,565 (1,975,866) As % of Covered Payroll 14.27 %23.85 %(9.58)% Total 7,322,218 16,232,745 (8,910,527) As % of Covered Payroll 6.15 %14.42 %(8.27)% Valuation (Decrease) Based on 1/1/2025 Increase Based on 1/1/2024 Valuation For FYE 9/30/2026 For FYE 9/30/2025 City of Clearwater Employees’ Pension Plan A-2 The contribution has been adjusted for interest on the basis that payments are made uniformly during the first two quarters of the City’s fiscal year. The required employer contribution has been computed under the assumption that the amount to be received from the State on behalf of police officers and firefighters in 2025 and 2026 will be $12,000. If the actual payment from the State falls below this amount, then the City must increase its contribution by the difference. The actual Employer and State contributions during the year ending December 31, 2024 were $15,802,396 and $12,000, respectively, for a total of $15,814,396, compared to the required contribution of $16,244,745. The credit balance was used to cover the contribution shortfall of $430,349. The minimum required City contribution is 7% of covered payroll (by Ordinance). Revisions in Benefits There have been no revisions in benefits since the previous valuation. Revisions in Actuarial Assumptions or Methods The mortality tables and improvement scales were updated to reflect the updated mortality assumptions used in the July 1, 2024 Florida Retirement System (FRS) Actuarial Valuation. Florida Statutes Chapter 112.63 mandates that local municipal pension plans use the mortality rates in either of the last two published FRS valuation reports. Please see the Actuarial Assumptions and Cost Method subsection of this report for additional information on the revised assumptions. The new assumptions have been implemented in this January 1, 2025 Actuarial Valuation Report. This assumption change caused the required contribution to increase by $504,351, or 0.42% of covered payroll, and the funded ratio (including the credit balance in the Actuarial Value of Assets) to decrease by 1.98%. Additionally, as of January 1, 2025, the Board of Trustees has elected to change the funding method from the Entry Age Normal Cost Method to the Aggregate Cost Method. This method change caused the required contribution to decrease by $10,026,318, or 8.41% of covered payroll (before reflecting the 7% of payroll minimum required contribution). The funded ratio remained the same. Actuarial Experience There was a net actuarial experience loss of $3,983,797 during the year, which means that actual experience was less favorable than expected. The loss is predominantly due to liability-related experience losses resulting from salary increase experience (salaries increased by 7.85% on average versus an expected average increase of 5.74%) and mortality experience (an actual decrease in annual retirement benefits of $746,686 versus an expected decrease of $1,395,938). These losses were partially offset by a recognized investment return (on the smoothed actuarial value of assets) slightly above the assumed rate of 6.5%. The investment return on the market value of assets was 9.92%, and the investment return was 6.51% based on the actuarial value of assets. City of Clearwater Employees’ Pension Plan A-3 Looking at each group, there was a net experience loss for Non-Hazardous Employees of ($4,335,981), a net experience loss for Police Officers of ($2,781,117), and a net experience gain of $3,133,301 for Firefighters. The deviating experience between the groups was mostly caused by differences in salary increase experience. Average salary increases were higher than expected for Non-Hazardous Employees (8.9% versus 5.6% expected) and Police Officers (9.1% versus 5.8% expected), but were lower than expected for Firefighters (3.0% versus 5.9% expected). Under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution required to fund the Normal Cost. As a result, since the annual payment to amortize the UAL is below $0 as of January 1, 2025, the actuarial experience loss had no effect on the required employer contribution before the funding method change. The actuarial experience loss did cause the Plan’s funded ratio to decrease by approximately 0.4%. Analysis of Change in Employer Contribution The components of change in the required City contribution are as follows: Contribution Rate Last Year 14.42 % Change in Benefits 0.00 Change in Assumptions and Methods (7.99) Amortization Payment on UAAL 0.00 Normal Cost (0.29) Experience Gain/Loss 0.00 Change in Administrative Expenses 0.01 Change in State Revenue 0.00 Contribution Rate This Year 6.15 Funded Ratio One measure of the Plan’s funding progress is the ratio of the actuarial value of assets to the actuarial accrued liability. Including the credit balance in the actuarial value of assets, the funded ratio is 110.02% this year (112.00% before the assumption and method changes) compared to 112.00% last year. Not including the credit balance in the actuarial value of assets, the funded ratio is 106.76% this year (108.68% before the assumption and method changes) compared to 108.74% last year. Variability of Future Contribution Rates The Actuarial Cost Method used to determine the contribution rate is intended to produce contribution rates which are generally level as a percent of payroll. Even so, when experience differs from the assumptions, as it often does, the employer’s contribution rate can vary significantly from year-to-year. The Actuarial Value of Assets exceeds the Market Value of Assets by $12,444,403 as of the valuation date (see Section C). This difference will be gradually recognized in the absence of offsetting gains. City of Clearwater Employees’ Pension Plan A-4 Relationship to Market Value If Market Value had been the basis for the valuation, the contribution rate would have been 7.34% and the funded ratio (not including the credit balance) would have been 105.75%. The funded ratio based on the market value of assets (excluding the credit balance) last year was 104.34%. In the absence of other gains and losses, the City contribution rate should increase to that level over the next several years. Conclusion The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous information and statistics, and a summary of plan provisions. City of Clearwater Employees’ Pension Plan A-5 RISKS ASSOCIATED WITH MEASURING THE ACCRUED LIABILITY AND ACTUARIALLY DETERMINED CONTRIBUTION The determination of the accrued liability and the actuarially determined contribution requires the use of assumptions regarding future economic and demographic experience. Risk measures, as illustrated in this report, are intended to aid in the understanding of the effects of future experience differing from the assumptions used in the course of the actuarial valuation. Risk measures may also help with illustrating the potential volatility in the accrued liability and the actuarially determined contribution that result from the differences between actual experience and the actuarial assumptions. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions due to changing conditions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such as the end of an amortization period, or additional cost or contribution requirements based on the Plan’s funded status); and changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an analysis of the potential range of such future measurements. Examples of risk that may reasonably be anticipated to significantly affect the plan’s future financial condition include: 1. Investment risk – actual investment returns may differ from the expected returns; 2. Contribution risk – actual contributions may differ from expected future contributions. For example, actual contributions may not be made in accordance with the plan’s funding policy or material changes may occur in the anticipated number of covered employees, covered payroll, or other relevant contribution base; 3. Salary and Payroll risk – actual salaries and total payroll may differ from expected, resulting in actual future accrued liability and contributions differing from expected; 4. Longevity risk – members may live longer or shorter than expected and receive pensions for a period of time other than assumed; 5. Other demographic risks – members may terminate, retire or become disabled at times or with benefits other than assumed resulting in actual future accrued liability and contributions differing from expected. The effects of certain trends in experience can generally be anticipated. For example if the investment return since the most recent actuarial valuation is less (or more) than the assumed rate, the cost of the plan can be expected to increase (or decrease). Likewise if longevity is improving (or worsening), increases (or decreases) in cost can be anticipated. The computed contribution rate shown on page 1 may be considered as a minimum contribution rate that complies with the Board’s funding policy. The timely receipt of the actuarially determined contributions is critical to support the financial health of the plan. Users of this report should be aware that contributions made at the actuarially determined rate do not necessarily guarantee benefit security. City of Clearwater Employees’ Pension Plan A-6 Plan Maturity Measures Risks facing a pension plan evolve over time. A young plan with virtually no investments and paying few benefits may experience little investment risk. An older plan with a large number of members in pay status and a significant trust may be much more exposed to investment risk. Generally accepted plan maturity measures include the following: 1/1/2025 1/1/2024 Ratio of the market value of assets to total payroll 11.27 11.19 Ratio of actuarial accrued liability to payroll 10.34 10.40 Ratio of actives to retirees and beneficiaries 1.03 1.04 Ratio of net cash flow to market value of assets (3.00)%(3.23)% Ratio of Market Value of Assets to Payroll The relationship between assets and payroll is a useful indicator of the potential volatility of contributions. For example, if the market value of assets is 2.0 times the payroll, a return on assets 5% different than assumed would equal 10% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in plan sponsor contributions as a percentage of payroll. Ratio of Actuarial Accrued Liability to Payroll The relationship between actuarial accrued liability and payroll is a useful indicator of the potential volatility of contributions for a fully funded plan. A funding policy that targets a funded ratio of 100% is expected to result in the ratio of assets to payroll and the ratio of liability to payroll converging over time. The ratio of liability to payroll may also be used as a measure of sensitivity of the liability itself. For example, if the actuarial accrued liability is 2.5 times the payroll, a change in liability 2% other than assumed would equal 5% of payroll. A higher (lower) or increasing (decreasing) level of this maturity measure generally indicates a higher (lower) or increasing (decreasing) volatility in liability (and also plan sponsor contributions) as a percentage of payroll. Ratio of Actives to Retirees and Beneficiaries A young plan with many active members and few retirees will have a high ratio of active to retirees. A mature open plan may have close to the same number of actives to retirees resulting in a ratio near 1.0. A super-mature or closed plan may have significantly more retirees than actives resulting in a ratio below 1.0. Ratio of Net Cash Flow to Market Value of Assets A positive net cash flow means contributions exceed benefits and expenses. A negative cash flow means existing funds are being used to make payments. A certain amount of negative net cash flow is generally expected to occur when benefits are prefunded through a qualified trust. Large negative net cash flows as a percent of assets may indicate a super-mature plan or a need for additional contributions. City of Clearwater Employees’ Pension Plan A-7 Additional Risk Assessment Additional risk assessment is outside the scope of the annual actuarial valuation. Additional assessment may include scenario tests, sensitivity tests, stochastic modeling, stress tests, and a comparison of the present value of accrued benefits at low-risk discount rates with the actuarial accrued liability. City of Clearwater Employees’ Pension Plan A-8 LOW-DEFAULT-RISK OBLIGATION MEASURE Actuarial Standards of Practice No. 4 (ASOP No. 4) was revised and reissued in December 2021 by the Actuarial Standards Board (ASB). It includes a calculation called a low-default-risk obligation measure (LDROM) to be prepared and issued annually for defined benefit pension plans. The transmittal memorandum for ASOP No. 4 includes the following explanation: “The ASB believes that the calculation and disclosure of this measure provides appropriate, useful information for the intended user regarding the funded status of a pension plan. The calculation and disclosure of this additional measure is not intended to suggest that this is the “right” liability measure for a pension plan. However, the ASB does believe that this additional disclosure provides a more complete assessment of a plan’s funded status and provides additional information regarding the security of benefits that members have earned as of the measurement date.” The following information has been prepared in compliance with this requirement. Unless otherwise noted, the measurement date, actuarial cost methods, and assumptions used are the same as for the funding valuation covered in this actuarial valuation report. A. Low-default-risk Obligation Measure of benefits earned as of the measurement date: $1,737,781,538 B. Discount rate used to calculate the LDROM: 3.81% based on Fidelity’s “20-Year Municipal GO AA Index” as of September 26, 2024 C. Other significant assumptions that differ from those used for the funding valuation: none D. Actuarial cost method used to calculate the LDROM: Individual Entry-Age Actuarial Cost Method E. Valuation procedures to value any significant plan provisions that are difficult to measure using traditional valuation procedures, and that differ from the procedures used in the funding valuation: none F. Commentary to help the intended user understand the significance of the LDROM with respect to the funded status of the plan, plan contributions, and the security of participant benefits: The LDROM is a market-based measurement of the pension obligation. It estimates the amount the plan would need to invest in low risk securities to provide the benefits with greater certainty. This measure may not be appropriate for assessing the need for or amount of future contributions. This measure may not be appropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling the plan’s benefit obligation. The difference between the two measures (Valuation and LDROM) is one illustration of the savings the sponsor anticipates by taking on the risk in a diversified portfolio. SECTION B VALUATION RESULTS City of Clearwater Employees’ Pension Plan B-1 ACTIVE MEMBERS Number 1,572 1,145 235 192 Covered Annual Payroll $119,120,727 $74,396,606 $24,687,401 $20,036,720 Average Annual Payroll $75,777 $64,975 $105,053 $104,358 Average Age 43.1 44.4 38.2 41.1 Average Past Service 9.5 9.0 10.1 12.0 Average Age at Hire 33.6 35.4 28.1 29.1 RETIREES & BENEFICIARIES Number 1,406 893 308 205 Annual Benefits $58,897,958 $32,712,424 $16,168,334 $10,017,200 Average Annual Benefit $41,890 $36,632 $52,495 $48,864 Average Age 69.2 70.9 65.3 68.0 DISABILITY RETIREES Number 117 28 49 40 Annual Benefits $4,445,653 $638,547 $2,241,538 $1,565,568 Average Annual Benefit $37,997 $22,805 $45,746 $39,139 Average Age 65.8 73.8 60.4 66.9 TERMINATED VESTED MEMBERS Number 91 75 7 9 Annual Benefits $1,850,372 $1,376,043 $237,023 $237,306 Average Annual Benefit $20,334 $18,347 $33,860 $26,367 Average Age 49.2 49.7 48.1 45.7 PARTICIPANT DATA January 1, 2025 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-2 ACTIVE MEMBERS Number 1,556 1,114 241 201 Covered Annual Payroll $112,602,359 $68,431,837 $23,898,533 $20,271,989 Average Annual Payroll $72,367 $61,429 $99,164 $100,856 Average Age 43.1 44.6 38.4 40.0 Average Past Service 9.5 9.1 10.2 11.0 Average Age at Hire 33.6 35.5 28.2 29.0 RETIREES & BENEFICIARIES Number 1,373 881 292 200 Annual Benefits $56,374,204 $31,649,835 $15,021,983 $9,702,386 Average Annual Benefit $41,059 $35,925 $51,445 $48,512 Average Age 68.9 70.5 64.9 67.4 DISABILITY RETIREES Number 123 32 50 41 Annual Benefits $4,515,526 $727,545 $2,209,490 $1,578,491 Average Annual Benefit $36,712 $22,736 $44,190 $38,500 Average Age 65.7 72.9 60.4 66.5 TERMINATED VESTED MEMBERS Number 91 72 9 10 Annual Benefits $1,983,540 $1,363,467 $357,194 $262,879 Average Annual Benefit $21,797 $18,937 $39,688 $26,288 Average Age 48.3 49.2 44.7 44.6 PARTICIPANT DATA - PRIOR YEAR January 1, 2024 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-3 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2026 9/30/2026 9/30/2026 9/30/2026 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 $0 $0 $0 E.Employer Normal Cost 6,886,589 1,871,476 2,325,255 2,689,858 F.ADC if Paid on the Valuation Date: D+E 6,886,589 1,871,476 2,325,255 2,689,858 G.ADC Adjusted for Frequency of Payments 7,334,218 1,993,122 2,476,397 2,864,699 H.ADC as % of Covered Payroll 6.16 %2.68 %10.03 %14.30 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 119,120,727 74,396,606 24,687,401 20,036,720 K.ADC for Contribution Year: H x J 7,334,218 1,993,122 2,476,397 2,864,699 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 7,322,218 1,993,122 2,469,397 2,859,699 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 6.15 %2.68 %10.00 %14.27 % O.Credit Balance 40,184,518 19,382,181 12,489,649 8,312,688 Hazardous Police January 1, 2025 Hazardous FireNon-Hazardous ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - AFTER ASSUMPTION AND METHOD CHANGES Total January 1, 2025 January 1, 2025January 1, 2025 City of Clearwater Employees’ Pension Plan B-4 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2026 9/30/2026 9/30/2026 9/30/2026 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 16,300,973 6,592,659 5,107,850 4,600,464 F.ADC if Paid on the Valuation Date: D+E 16,300,973 6,592,659 5,107,850 4,600,464 G.ADC Adjusted for Frequency of Payments 17,360,536 7,021,182 5,439,860 4,899,494 H.ADC as % of Covered Payroll 14.57 %9.44 %22.03 %24.45 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 119,120,727 74,396,606 24,687,401 20,036,720 K.ADC for Contribution Year: H x J 17,360,536 7,021,182 5,439,860 4,899,494 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 17,348,536 7,021,182 5,432,860 4,894,494 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 14.56 %9.44 %22.01 %24.43 % O.Credit Balance 40,184,518 19,382,181 12,489,649 8,312,688 Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - AFTER ASSUMPTION CHANGES January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-5 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2026 9/30/2026 9/30/2026 9/30/2026 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 15,827,404 6,365,666 4,978,211 4,483,527 F.ADC if Paid on the Valuation Date: D+E 15,827,404 6,365,666 4,978,211 4,483,527 G.ADC Adjusted for Frequency of Payments 16,856,185 6,779,434 5,301,795 4,774,956 H.ADC as % of Covered Payroll 14.15 %9.11 %21.48 %23.83 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 119,120,727 74,396,606 24,687,401 20,036,720 K.ADC for Contribution Year: H x J 16,856,185 6,779,434 5,301,795 4,774,956 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 16,844,185 6,779,434 5,294,795 4,769,956 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 14.14 %9.11 %21.45 %23.81 % O.Credit Balance 40,184,518 19,382,181 12,489,649 8,312,688 Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - BEFORE ASSUMPTION AND METHOD CHANGES * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-6 A.Valuation Date B.ADC to Be Paid During Fiscal Year Ending 9/30/2025 9/30/2025 9/30/2025 9/30/2025 C.Assumed Date of Employer Contrib.Evenly during Evenly during Evenly during Evenly during first two quarters first two quarters first two quarters first two quarters of fiscal year of fiscal year of fiscal year of fiscal year D.Annual Payment to Amortize Unfunded Actuarial Liability $0 *$0 *$0 *$0 * E.Employer Normal Cost 15,253,281 5,887,272 4,820,878 4,545,131 F.ADC if Paid on the Valuation Date: D+E 15,253,281 5,887,272 4,820,878 4,545,131 G.ADC Adjusted for Frequency of Payments 16,244,745 6,269,945 5,134,235 4,840,565 H.ADC as % of Covered Payroll 14.43 %9.16 %21.48 %23.88 % I.Assumed Rate of Increase in Covered Payroll to Contribution Year 0.00 %0.00 %0.00 %0.00 % J.Covered Payroll for Contribution Year 112,602,359 68,431,837 23,898,533 20,271,989 K.ADC for Contribution Year: H x J 16,244,745 6,269,945 5,134,235 4,840,565 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 16,232,745 6,269,945 5,127,235 4,835,565 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 14.42 %9.16 %21.45 %23.85 % O.Credit Balance 38,136,025 18,881,255 11,186,410 8,068,360 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - PRIOR YEAR January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 Total Non-Hazardous Hazardous Police Hazardous Fire * The annual payment to amortize the UAL is less than $0; however, under Chapter 112.66 of the Florida Statutes, the annual payment to amortize the UAL may not reduce the contribution below the amount required to fund the Normal Cost. City of Clearwater Employees’ Pension Plan B-7 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 537,149,762 $ 256,169,289 $ 141,844,119 $ 139,136,354 b. Vesting Benefits 67,906,163 50,159,073 11,935,877 5,811,213 c. Disability Benefits 23,816,810 3,306,374 12,965,568 7,544,868 d. Preretirement Death Benefits 5,738,970 4,049,455 864,243 825,272 e. Return of Member Contributions 3,429,713 1,994,687 941,044 493,982 f. Total 638,041,418 315,678,878 168,550,851 153,811,689 2.Inactive Members a. Service Retirees & Beneficiaries 755,530,590 394,849,712 229,985,387 130,695,491 b. Disability Retirees 59,002,519 6,188,340 32,557,891 20,256,288 c. Terminated Vested Members 20,509,042 13,922,161 3,105,769 3,481,112 d. Total 835,042,151 414,960,213 265,649,047 154,432,891 3. Total for All Members 1,473,083,569 730,639,091 434,199,898 308,244,580 C.Actuarial Accrued (Past Service) Liability 1,231,642,076 622,604,546 360,614,288 248,423,242 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,128,934,142 552,054,698 344,329,305 232,550,139 E.Plan Assets 1.Market Value 1,342,584,640 674,536,786 396,535,201 271,512,653 2. Actuarial Value 1,355,029,043 680,789,060 400,210,682 274,029,301 3. Actuarial Value Excluding Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 F.Actuarial Present Value of Projected Covered Payroll 1,105,193,966 675,202,724 245,287,809 184,703,433 G.Actuarial Present Value of Projected Member Contributions 97,015,343 54,016,218 24,528,781 18,470,344 H.Accumulated Value of Active Member Contributions 70,149,013 36,234,195 17,525,198 16,389,620 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(83,202,449) (38,802,333) (27,106,745) (17,293,371) J.Funded Ratio = E.2. / C.110.02%109.35%110.98%110.31% K.Funded Ratio Excluding Credit Balance = E.3. / C.106.76%106.23%107.52%106.96% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - AFTER ASSUMPTION AND METHOD CHANGES January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-8 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 524,801,545 $ 250,302,224 $ 138,617,568 $ 135,881,753 b. Vesting Benefits 66,106,502 48,696,097 11,716,424 5,693,981 c. Disability Benefits 23,147,780 3,074,471 12,689,688 7,383,621 d. Preretirement Death Benefits 7,205,888 5,012,442 1,120,310 1,073,136 e. Return of Member Contributions 3,542,060 2,063,634 963,484 514,942 f. Total 624,803,775 309,148,868 165,107,474 150,547,433 2.Inactive Members a. Service Retirees & Beneficiaries 744,019,002 392,664,016 224,322,094 127,032,892 b. Disability Retirees 57,642,523 6,099,713 31,857,983 19,684,827 c. Terminated Vested Members 19,960,066 13,508,630 3,035,189 3,416,247 d. Total 821,621,591 412,272,359 259,215,266 150,133,966 3. Total for All Members 1,446,425,366 721,421,227 424,322,740 300,681,399 C.Actuarial Accrued (Past Service) Liability 1,209,800,767 615,651,586 352,119,903 242,029,278 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,110,021,418 546,962,176 336,386,917 226,672,325 E.Plan Assets 1.Market Value 1,342,584,640 674,536,786 396,535,201 271,512,653 2. Actuarial Value 1,355,029,043 680,789,060 400,210,682 274,029,301 3. Actuarial Value Excluding Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 F.Actuarial Present Value of Projected Covered Payroll 1,102,909,927 673,669,593 244,893,595 184,346,739 G.Actuarial Present Value of Projected Member Contributions 96,817,601 53,893,568 24,489,359 18,434,674 H.Accumulated Value of Active Member Contributions 70,149,013 36,234,195 17,525,198 16,389,620 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(105,043,758) (45,755,293) (35,601,130) (23,687,335) J.Funded Ratio = E.2. / C.112.00%110.58%113.66%113.22% K.Funded Ratio Excluding Credit Balance = E.3. / C.108.68%107.43%110.11%109.79% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - BEFORE ASSUMPTION AND METHOD CHANGES January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-9 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 503,299,062 $ 233,443,503 $ 136,139,269 $ 133,716,290 b. Vesting Benefits 60,697,090 43,891,548 10,923,826 5,881,716 c. Disability Benefits 22,612,358 2,818,322 12,252,474 7,541,562 d. Preretirement Death Benefits 6,836,081 4,652,482 1,102,796 1,080,803 e. Return of Member Contributions 3,255,713 1,775,168 938,048 542,497 f. Total 596,700,304 286,581,023 161,356,413 148,762,868 2.Inactive Members a. Service Retirees & Beneficiaries 720,324,807 385,218,082 210,000,146 125,106,579 b. Disability Retirees 58,690,790 7,355,451 31,340,710 19,994,629 c. Terminated Vested Members 22,663,248 13,552,980 5,491,640 3,618,628 d. Total 801,678,845 406,126,513 246,832,496 148,719,836 3. Total for All Members 1,398,379,149 692,707,536 408,188,909 297,482,704 C.Actuarial Accrued (Past Service) Liability 1,170,789,378 595,823,946 339,031,943 235,933,489 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,073,356,487 530,738,072 324,444,131 218,174,284 E.Plan Assets 1.Market Value 1,259,795,289 635,755,587 371,085,737 252,953,965 2. Actuarial Value 1,311,236,406 661,715,343 386,238,250 263,282,813 3. Actuarial Value Excluding Credit Balance 1,273,100,381 642,834,088 375,051,840 255,214,453 F.Actuarial Present Value of Projected Covered Payroll 1,042,422,377 614,824,187 234,600,418 192,997,772 G.Actuarial Present Value of Projected Member Contributions 91,934,421 49,185,936 23,448,708 19,299,777 H.Accumulated Value of Active Member Contributions 66,583,287 33,969,704 17,355,402 15,258,181 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(102,311,003) (47,010,142) (36,019,897) (19,280,964) J.Funded Ratio = E.2. / C.112.00%111.06%113.92%111.59% K.Funded Ratio Excluding Credit Balance = E.3. / C.108.74%107.89%110.62%108.17% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS - PRIOR YEAR January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-10 A.Valuation Date B.Actuarial Present Value of Projected Benefits $1,473,083,569 $730,639,091 $434,199,898 $308,244,580 C.Actuarial Value of Assets Excluding Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 D.Actuarial Present Value of Projected Member Contributions 97,015,343 54,016,218 24,528,781 18,470,344 E.Actuarial Present Value of Projected Employer Normal Costs: B-C-D 61,223,701 15,215,994 21,950,084 24,057,623 F.Actuarial Present Value of Projected Covered Payroll 1,105,193,966 675,202,724 245,287,809 184,703,433 G.Employer Normal Cost Rate: E/F 5.54 %2.25 %8.95 %13.03 % H.Covered Annual Payroll 119,120,727 74,396,606 24,687,401 20,036,720 I.Employer Normal Cost: G x H 6,494,231 1,673,924 2,209,522 2,610,785 J.Assumed Amount of Administrative Expenses 392,358 197,552 115,733 79,073 K.Total Employer Normal Cost: I+J 6,886,589 1,871,476 2,325,255 2,689,858 L.Employer Normal Cost as % of Covered Payroll 5.78 %2.52 %9.42 %13.42 % CALCULATION OF EMPLOYER NORMAL COST - AFTER ASSUMPTION AND METHOD CHANGES AGGREGATE METHOD January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 Non-Hazardous Hazardous Police Hazardous FireTotal City of Clearwater Employees’ Pension Plan B-11 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $18,726,125 $8,261,766 $5,264,814 $5,199,545 2.Vesting 4,318,904 2,971,671 870,974 476,259 3.Disability Benefits 2,075,590 244,490 1,126,672 704,428 4.Death Benefits 261,459 174,855 40,160 46,444 5.Refund of Contributions 950,677 694,053 158,237 98,387 6.Total for Future Benefits 26,332,755 12,346,835 7,460,857 6,525,063 7.Assumed Amount for Administrative Expenses 392,358 197,552 115,733 79,073 8.Total Normal Cost 26,725,113 12,544,387 7,576,590 6,604,136 C.Expected Member Contributions 10,424,140 5,951,728 2,468,740 2,003,672 D.Employer Normal Cost: B8 - C 16,300,973 6,592,659 5,107,850 4,600,464 E. Employer Normal Cost as % of Covered Payroll 13.68%8.86%20.69%22.96% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - AFTER ASSUMPTION CHANGES ENTRY AGE NORMAL METHOD January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-12 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $18,331,932 $8,082,426 $5,159,071 $5,090,435 2.Vesting 4,215,875 2,892,299 856,154 467,422 3.Disability Benefits 2,018,839 225,745 1,103,668 689,426 4.Death Benefits 332,973 219,954 52,354 60,665 5.Refund of Contributions 959,567 699,418 159,971 100,178 6.Total for Future Benefits 25,859,186 12,119,842 7,331,218 6,408,126 7.Assumed Amount for Administrative Expenses 392,358 197,552 115,733 79,073 8.Total Normal Cost 26,251,544 12,317,394 7,446,951 6,487,199 C.Expected Member Contributions 10,424,140 5,951,728 2,468,740 2,003,672 D.Employer Normal Cost: B8 - C 15,827,404 6,365,666 4,978,211 4,483,527 E. Employer Normal Cost as % of Covered Payroll 13.29%8.56%20.16%22.38% CALCULATION OF EMPLOYER NORMAL COST - BEFORE ASSUMPTION AND METHOD CHANGES ENTRY AGE NORMAL METHOD Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-13 A.Valuation Date B.Normal Cost for 1.Service Retirement Benefits $17,657,942 $7,481,716 $5,005,828 $5,170,398 2.Vesting 3,914,959 2,625,437 814,487 475,035 3.Disability Benefits 1,973,738 207,280 1,072,853 693,605 4.Death Benefits 315,174 202,741 51,739 60,694 5.Refund of Contributions 915,093 660,929 154,291 99,873 6.Total for Future Benefits 24,776,906 11,178,103 7,099,198 6,499,605 7.Assumed Amount for Administrative Expenses 363,156 183,716 106,715 72,725 8.Total Normal Cost 25,140,062 11,361,819 7,205,913 6,572,330 C.Expected Member Contributions 9,886,781 5,474,547 2,385,035 2,027,199 D.Employer Normal Cost: B8 - C 15,253,281 5,887,272 4,820,878 4,545,131 E. Employer Normal Cost as % of Covered Payroll 13.55%8.60%20.17%22.42% Total Non-Hazardous Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - PRIOR YEAR ENTRY AGE NORMAL METHOD January 1, 2024 January 1, 2024 January 1, 2024 January 1, 2024 City of Clearwater Employees’ Pension Plan B-14 Total Non-Hazardous Hazardous Police Hazardous Fire $38,136,025 $18,881,255 $11,186,410 $8,068,360 -16,232,745 -6,269,945 -5,127,235 -4,835,565 +15,802,396 +5,543,589 +5,703,357 +4,555,450 +2,478,842 +1,227,282 +727,117 +524,443 40,184,518 19,382,181 12,489,649 8,312,688 Interest on Credit Balance Credit Balance at End of Year Credit Balance at Beginning of Year Required Employer Contribution Employer Contribution Made Reconcilation of Credit Balance City of Clearwater Employees’ Pension Plan B-15 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY (UAAL) BEFORE METHOD CHANGE UAAL Amortization Period and Payments - Non-Hazardous Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (2,679,461)$ 13 (5,237,169)$ (571,823)$ (571,823)$ 1/1/2016 (Gain)/Loss 244,325 6 444,591 86,233 86,233 1/1/2016 Assumption Change (2,200,261) 16 (3,988,824) (383,442) (383,442) 1/1/2017 (Gain)/Loss (9,301,995) 7 (15,733,976) (2,693,706) (2,693,706) 1/1/2017 Assumption Change 156,236 17 263,662 24,486 24,486 1/1/2018 (Gain)/Loss (5,692,965) 8 (8,983,937) (1,385,444) (1,385,444) 1/1/2019 (Gain)/Loss 2,983,422 9 4,394,888 619,981 619,981 1/1/2019 Assumption Change 12,955,157 19 19,058,676 1,667,066 1,667,066 1/1/2020 (Gain)/Loss (611,097) 10 (841,451) (109,906) (109,906) 1/1/2020 Assumption Change 5,818,657 20 8,005,768 682,230 682,230 1/1/2021 (Gain)/Loss (26,810,531) 11 (34,548,806) (4,219,016) (4,219,016) 1/1/2021 Assumption Change (4,671,812) 21 (6,018,324) (500,755) (500,755) 1/1/2022 (Gain)/Loss (32,781,512) 12 (39,631,237) (4,561,059) (4,561,059) 1/1/2022 Assumption Change 2,972,002 22 3,592,251 292,410 292,410 1/1/2022 Plan Amendment 2,698,651 14 3,262,322 339,834 339,834 1/1/2023 (Gain)/Loss 10,255,929 13 11,639,342 1,270,847 1,270,847 1/1/2024 (Gain)/Loss 9,540,881 14 10,164,538 1,058,834 1,058,834 1/1/2024 Assumption Change 3,817,214 24 4,066,412 318,431 318,431 1/1/2025 (Gain)/Loss 4,335,981 15 4,335,981 432,999 432,999 1/1/2025 Assumption Change 6,952,960 25 6,952,960 535,224 N/A (22,018,219) (38,802,333) (7,096,576) (7,631,800) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-16 UAAL Amortization Period and Payments - Hazardous Police Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,506,064)$ 13 (2,662,768)$ (290,736)$ (290,736)$ 1/1/2016 (Gain)/Loss 137,330 6 217,693 42,224 42,224 1/1/2016 Assumption Change (1,236,717) 16 (2,043,919) (196,480) (196,480) 1/1/2017 (Gain)/Loss (5,228,439) 7 (7,768,842) (1,330,050) (1,330,050) 1/1/2017 Assumption Change 87,817 17 135,381 12,573 12,573 1/1/2018 (Gain)/Loss (3,199,886) 8 (4,466,941) (688,862) (688,862) 1/1/2019 (Gain)/Loss 1,676,914 9 2,198,095 310,082 310,082 1/1/2019 Assumption Change 7,281,798 19 9,820,367 858,989 858,989 1/1/2020 (Gain)/Loss (343,483) 10 (422,971) (55,246) (55,246) 1/1/2020 Plan Amendment 5,717,584 5 6,796,727 1,535,706 1,535,706 1/1/2020 Assumption Change 3,552,608 20 4,487,654 382,426 382,426 1/1/2021 (Gain)/Loss (10,424,892) 11 (13,464,601) (1,644,264) (1,644,264) 1/1/2021 Assumption Change (5,894,181) 21 (7,606,138) (632,869) (632,869) 1/1/2022 (Gain)/Loss (20,293,771) 12 (24,558,785) (2,826,409) (2,826,409) 1/1/2022 Assumption Change 1,909,879 22 2,310,215 188,052 188,052 1/1/2023 (Gain)/Loss 5,355,386 13 6,081,465 664,008 664,008 1/1/2024 (Gain)/Loss (3,145,314) 14 (3,351,452) (349,119) (349,119) 1/1/2024 Assumption Change (3,832,711) 24 (4,083,427) (319,764) (319,764) 1/1/2025 (Gain)/Loss 2,781,117 15 2,781,117 277,727 277,727 1/1/2025 Assumption Change 8,494,385 25 8,494,385 653,880 N/A (18,110,640) (27,106,745) (3,408,132) (4,062,012) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-17 UAAL Amortization Period and Payments - Hazardous Fire Date Established Source Amount Years Remaining Amount After Assumption Changes Before Assumption Changes 1/1/2015 Fresh Start (1,027,124)$ 13 (2,016,534)$ (220,176)$ (220,176)$ 1/1/2016 (Gain)/Loss 93,658 6 171,514 33,267 33,267 1/1/2016 Assumption Change (843,431) 16 (1,535,295) (147,587) (147,587) 1/1/2017 (Gain)/Loss (3,565,754) 7 (6,067,191) (1,038,722) (1,038,722) 1/1/2017 Assumption Change 59,890 17 101,473 9,424 9,424 1/1/2018 (Gain)/Loss (2,182,297) 8 (3,463,054) (534,049) (534,049) 1/1/2019 (Gain)/Loss 1,143,642 9 1,693,597 238,913 238,913 1/1/2019 Assumption Change 4,966,128 19 7,333,722 641,482 641,482 1/1/2020 (Gain)/Loss (234,253) 10 (324,176) (42,342) (42,342) 1/1/2020 Plan Amendment 4,071 5 5,650 1,277 1,277 1/1/2020 Assumption Change 2,356,236 20 3,254,054 277,302 277,302 1/1/2021 (Gain)/Loss (8,511,064) 11 (10,992,692) (1,342,401) (1,342,401) 1/1/2021 Assumption Change (4,361,137) 21 (5,627,597) (468,244) (468,244) 1/1/2022 (Gain)/Loss (12,467,844) 12 (15,098,913) (1,737,696) (1,737,696) 1/1/2022 Assumption Change 1,202,726 22 1,455,608 118,487 118,487 1/1/2022 Plan Amendment 5,694,243 7 6,902,241 1,181,685 1,181,685 1/1/2023 (Gain)/Loss 6,257,592 13 7,110,015 776,311 776,311 1/1/2024 (Gain)/Loss (2,448,182) 14 (2,609,433) (271,823) (271,823) 1/1/2024 Assumption Change (794,829) 24 (847,023) (66,328) (66,328) 1/1/2025 (Gain)/Loss (3,133,301) 15 (3,133,301) (312,897) (312,897) 1/1/2025 Assumption Change 6,393,964 25 6,393,964 492,194 N/A (11,397,066) (17,293,371) (2,411,923) (2,904,117) Original UAAL Current UAAL Payment City of Clearwater Employees’ Pension Plan B-18 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long-term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1.Last Year's UAAL $(102,311,003)$(47,010,142)$(36,019,897)$(19,280,964) 2.Employer Normal Cost for Contribution Year 15,253,281 5,887,272 4,820,878 4,545,131 3.Last Year's Contributions 16,244,745 6,269,945 5,134,235 4,840,565 4. Interest at the Assumed Rate on: a.1 and 2 for one year (5,658,752)(2,672,987)(2,027,936)(957,829) b.3 from dates paid 66,336 25,472 21,057 19,807 c. a - b (5,725,088)(2,698,459)(2,048,993)(977,636) 5.This Year's Expected UAAL: 1 + 2 - 3 + 4c (109,027,555)(50,091,274)(38,382,247)(20,554,034) 6.This Year's Actual UAAL (Before any changes in benefits and assumptions)(105,043,758)(45,755,293)(35,601,130)(23,687,335) 7.Net Actuarial Gain (Loss): (5) - (6)(3,983,797)(4,335,981)(2,781,117)3,133,301 8.Gain (Loss) Due to Investments 352,333 9.Gain (Loss) Due to other sources (4,336,130) Hazardous FireA. Derivation of the Current UAAL Total Non-Hazardous Hazardous Police City of Clearwater Employees’ Pension Plan B-19 Gains (losses) in previous years have been as follows: Year Ending Gain 12/31 (Loss) 2009 $32,358,262 (4.89)% 2010 2,311,412 (0.37) 2011 (13,721,771)2.28 2012 (7,015,253)1.15 2013 62,452,347 (11.02) 2014 34,213,347 (6.01) 2015 (475,313)0.07 ** 2016 18,096,188 (2.51)** 2017 11,075,148 (1.48)** 2018 (5,803,978)0.75 ** 2019 1,188,833 (0.14)** 2020 45,746,487 (5.30)** 2021 65,543,127 (7.43)** 2022 (21,868,907)2.30 ** 2023 (3,947,385)0.37 ** 2024 (3,983,797)0.36 ** Employer Cost Rate* Change in * Before 2015, Change in Normal Cost Rate. ** Before reflecting Chapter 112.66 of the Florida Statutes. Since the annual payment to amortize the UAAL is less than $0, the net effect of these gains and losses on the required employer contribution is $0 or limited after reflecting Chapter 112.66 of the Florida Statutes (the requirement to fund at least the normal cost). City of Clearwater Employees’ Pension Plan B-20 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: 12/31/1986 N/A 7.00 %7.40 %5.00 % 12/31/1987 N/A 7.00 5.90 5.00 12/31/1988 N/A 7.00 9.10 5.00 12/31/1989 N/A 7.00 8.70 5.00 12/31/1990 N/A 7.00 5.30 5.00 12/31/1991 N/A 7.00 6.10 5.00 12/31/1992 N/A 7.00 6.80 5.00 12/31/1993 7.42 %7.00 1.20 5.00 12/31/1994 6.28 7.00 4.40 5.00 12/31/1995 9.14 7.00 6.40 5.00 12/31/1996 11.54 7.00 6.70 5.00 12/31/1997 13.74 7.00 5.60 5.00 12/31/1998 15.28 7.00 7.40 5.00 12/31/1999 17.96 7.00 4.20 5.00 12/31/2000 12.42 7.00 5.80 5.00 12/31/2001 7.40 7.00 5.90 5.00 12/31/2002 (1.85)7.50 5.80 6.00 12/31/2003 7.45 7.50 6.40 6.00 12/31/2004 2.18 7.50 6.38 6.00 12/31/2005 4.58 7.50 5.49 6.00 12/31/2006 7.87 7.50 5.15 6.00 12/31/2007 10.68 7.50 6.62 6.00 12/31/2008 (10.61)7.50 4.25 6.00 12/31/2009 16.53 7.50 3.29 6.00 12/31/2010 5.98 7.50 1.27 6.00 12/31/2011 4.46 7.50 2.56 6.00 12/31/2012 5.50 7.50 4.48 6.00 12/31/2013 14.04 7.00 3.16 4.07 12/31/2014 11.04 7.00 3.38 4.04 12/31/2015 7.64 7.00 8.65 *4.09 12/31/2016 8.22 7.00 1.23 *4.13 12/31/2017 8.89 7.00 7.35 4.16 12/31/2018 5.76 7.00 4.08 4.18 12/31/2019 7.39 6.75 8.84 4.35 12/31/2020 11.10 6.65 6.05 4.30 12/31/2021 12.46 6.55 6.37 4.24 12/31/2022 6.08 6.50 9.16 4.32 12/31/2023 7.56 6.50 8.42 4.39 12/31/2024 6.51 6.50 7.85 5.74 Averages 8.01 %---5.70 %--- Investment Return Year Ending Actual Assumed Assumed Salary Increases Actual * Salary for the year ending 12/31/2015 included 27 pay periods rather than 26. The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuations both at the beginning and the end of each year. City of Clearwater Employees’ Pension Plan B-21 History of Investment Return Based on Actuarial Value of Assets -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Plan Year End Actual Assumed History of Salary Increases 0% 5% 10% 15% 0% 5% 10% 15% Plan Year End Compared to Previous Year Actual Assumed City of Clearwater Employees’ Pension Plan B-22 Active Members Year Vested Other End of Ended A E A E A E A E A A A E Year 12/31/2009 49 110 54 57 0 6 0 2 10 46 56 93 1,567 12/31/2010 78 137 68 51 2 6 3 2 15 49 64 85 1,508 12/31/2011 84 124 43 49 6 6 0 2 11 64 75 84 1,468 12/31/2012 119 113 51 52 3 6 1 2 18 40 58 81 1,474 12/31/2013 102 98 27 42 2 3 4 2 11 54 65 79 1,478 12/31/2014 135 131 45 51 5 3 2 2 21 58 79 78 1,482 12/31/2015 145 122 43 52 7 3 1 2 18 53 71 82 1,505 12/31/2016 159 144 49 60 4 3 2 3 18 71 89 89 1,520 12/31/2017 164 161 47 59 2 3 2 2 25 85 110 91 1,523 12/31/2018 207 175 45 65 1 3 0 2 27 102 129 92 1,555 12/31/2019 164 148 38 52 3 4 1 2 13 93 106 99 1,571 12/31/2020 105 135 43 52 0 4 0 2 8 84 92 100 1,541 12/31/2021 168 199 55 56 1 4 2 1 18 123 141 92 1,510 12/31/2022 195 199 59 54 4 4 0 1 20 116 136 90 1,506 12/31/2023 237 187 52 55 2 4 3 1 47 83 130 94 1,556 12/31/2024 179 163 40 46 0 3 2 1 21 100 121 118 1,572 12/31/2025 49 3 1 121 16 Yr Totals *2290 2346 759 853 42 65 23 29 301 1221 1522 1447 * Totals are through current Plan Year only. Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added Terminations Year Retirement Retirement Death Totals During Service Disability City of Clearwater Employees’ Pension Plan B-23 Year Ended Number Number 12/31/2009 12 $142,606 16 $313,189 12/31/2010 12 139,508 18 363,242 12/31/2011 13 220,877 19 416,467 12/31/2012 12 232,755 20 466,010 12/31/2013 20 401,192 20 480,787 12/31/2014 16 275,728 21 510,892 12/31/2015 19 385,405 22 558,603 12/31/2016 20 498,746 25 708,907 12/31/2017 15 288,110 26 753,482 12/31/2018 25 762,324 28 831,241 12/31/2019 20 566,781 28 885,857 12/31/2020 27 921,472 29 949,503 12/31/2021 25 781,255 32 1,073,271 12/31/2022 37 (18 with continuing beneficaries) 760,803 34 1,160,759 12/31/2023 30 (12 with continuing beneficaries) 602,465 36 1,270,428 12/31/2024 44 (18 with continuing beneficaries) 746,686 38 1,395,938 12/31/2025 35 1,330,967 Actual (A) Compared to Expected (E) Deaths Among Retirees and Beneficiaries Actual During Year Annual Pensions Annual Pensions Expected During Year City of Clearwater Employees’ Pension Plan B-24 Active Members Inactive Members 1/1/07 1,692 819 $79,385,090 $559,830,590 N/A N/A N/A $9,192,407 11.58 % 1/1/08 1,641 878 80,371,617 610,979,087 N/A N/A N/A 6,920,400 8.61 1/1/09 1,628 903 82,104,837 536,834,473 N/A N/A N/A 20,005,238 24.37 1/1/10 1,567 955 80,443,199 618,444,906 $647,167,565 $28,722,659 95.6 % 15,879,628 19.74 1/1/11 1,508 1,024 76,505,599 646,956,800 672,786,812 25,830,012 96.2 15,461,725 20.21 1/1/12 1,468 1,072 74,765,020 664,087,199 702,438,432 38,351,233 94.5 17,064,100 22.82 1/1/13 1,474 1,127 74,422,344 688,731,221 774,749,811 86,018,590 88.9 12,845,501 17.26 1/1/14 1,478 1,144 74,254,159 772,411,068 795,927,127 23,516,059 97.0 4,626,039 6.23 1/1/15 1,482 1,194 75,078,542 829,486,793 824,274,144 (5,212,649)100.6 8,194,115 10.91 1/1/16 1,505 1,237 80,250,993 866,598,975 857,177,619 (9,421,356)101.1 8,358,975 10.42 1/1/17 1,520 1,278 79,276,100 908,229,246 880,316,652 (27,912,594)103.2 8,092,922 10.21 1/1/18 1,523 1,334 82,317,307 957,314,542 916,334,666 (40,979,876)104.5 8,236,726 10.01 1/1/19 1,555 1,374 84,608,940 978,492,240 965,611,907 (12,880,333)101.3 9,106,282 10.76 1/1/20 1,571 1,401 90,594,113 1,015,277,332 1,017,746,535 2,469,203 99.8 10,463,285 11.55 1/1/21 1,541 1,422 92,726,419 1,093,182,410 1,034,718,990 (58,463,420)105.7 10,711,397 11.55 1/1/22 1,510 1,469 94,070,686 1,190,146,409 1,076,740,942 (113,405,467)110.5 12,017,928 12.78 1/1/23 1,506 1,529 101,042,598 1,222,735,789 1,123,775,534 (98,960,255)108.8 12,723,459 12.59 1/1/24 1,556 1,587 112,602,359 1,273,100,381 1,170,789,378 (102,311,003)108.7 15,253,281 13.55 1/1/25 1,572 1,614 119,120,727 1,314,844,525 1,231,642,076 (83,202,449)106.8 6,886,589 5.78 Unfunded Actuarial Liability (Entry Age)* RECENT HISTORY OF VALUATION RESULTS Number of Employer Normal Cost* Valuation Date Covered Annual Payroll Actuarial Value of Assets % of PayrollAmount Actuarial Accrued Liability (Entry Age) Funded Ratio * Starting with the January 1, 2015 valuation, the Credit Balance is excluded from the Actuarial Value of Assets. For the January 1, 2015 through the January 1, 2024 valuations, the Employer Normal Cost is calculated under the Entry Age Normal Method. Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-25 1/1/07 9/30/08 $12,532,399 15.79 %$12,000 0.02 %$12,520,399 15.77 %$12,520,399 $12,000 $12,532,399 1/1/08 9/30/09 10,086,978 12.55 12,000 0.01 10,074,978 12.54 10,074,978 12,000 10,086,978 1/1/09 9/30/10 23,960,586 29.18 12,000 0.01 23,948,586 29.17 23,948,586 12,000 23,960,586 1/1/10 9/30/11 19,373,992 24.08 12,000 0.01 19,361,992 24.07 19,361,992 12,000 19,373,992 1/1/11 9/30/12 18,898,567 24.70 12,000 0.01 18,886,567 24.69 18,886,567 12,000 18,898,567 1/1/12 9/30/13 20,925,720 27.99 12,000 0.02 20,913,720 27.97 20,913,720 12,000 20,925,720 1/1/13 9/30/14 19,608,078 26.35 12,000 0.02 19,596,078 26.33 19,596,078 12,000 19,608,078 1/1/14 9/30/15 10,803,098 14.55 12,000 0.02 10,791,098 14.53 10,791,098 12,000 10,803,098 1/1/15 9/30/16 8,767,703 11.68 12,000 0.02 8,755,703 11.66 8,755,703 12,000 8,767,703 1/1/16 9/30/17 8,944,103 11.15 12,000 0.02 8,932,103 11.13 8,932,103 12,000 8,944,103 1/1/17 9/30/18 8,659,427 10.92 12,000 0.01 8,647,427 10.91 8,647,427 12,000 8,659,427 1/1/18 9/30/19 8,813,297 10.71 12,000 0.02 8,801,297 10.69 8,801,297 12,000 8,813,297 1/1/19 9/30/20 9,720,956 11.49 12,000 0.01 9,708,956 11.48 9,708,956 12,000 9,720,956 1/1/20 9/30/21 11,534,013 12.73 12,000 0.01 11,522,013 12.72 11,522,013 12,000 11,534,013 1/1/21 9/30/22 11,412,994 12.31 12,000 0.01 11,400,994 12.30 11,400,994 12,000 11,412,994 1/1/22 9/30/23 12,799,094 13.61 12,000 0.02 12,787,094 13.59 12,787,094 12,000 12,799,094 1/1/23 9/30/24 13,550,484 13.41 12,000 0.01 13,538,484 13.40 13,538,484 12,000 13,550,484 1/1/24 9/30/25 16,244,745 14.43 12,000 0.01 16,232,745 14.42 16,232,745 12,000 16,244,745 1/1/25 9/30/26 7,334,218 6.16 12,000 0.01 7,322,218 6.15 --- --- --- % of Payroll Employer State Valuation Date End of Year To Which Valuation Applies Amount Actual Contributions % of Payroll TotalAmount % of PayrollAmount RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Estimated State Required Contributions Employer & State Net Employer Results before January 1, 2010 are from the January 1, 2009 Report prepared by PricewaterhouseCoopers. City of Clearwater Employees’ Pension Plan B-26 ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using the Aggregate Method. The excess of the Actuarial Present Value of Projected Benefits of the group included in the valuation, over the sum of the Actuarial Value of Assets and the Actuarial Present Value of Future Member Contributions (if any) is allocated as a level percentage of earnings of the group between the valuation date and the assumed retirement age. This allocation is performed for the group as a whole, not as a sum of individual allocations. The portion of this Actuarial Present Value allocated to a specific year is called the Employer Normal Cost. Under this method, actuarial gains and losses, plan amendments, and changes in actuarial assumptions and methods reduce or increase future Normal Costs. Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected and actual return on market value of assets at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Both the economic and decrement assumptions were established following the Experience Investigation for the Five Years Ended December 31, 2022, dated September 29, 2023. The mortality assumption is mandated by Chapter 112.63, Florida Statutes. Economic Assumptions The investment return rate assumed in the valuation is 6.5% per year, compounded annually (net rate after investment expenses). The Inflation Rate assumed in this valuation is 2.40% per year. The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. This assumption was changed this year (based on the results of a 5-year experience study) from 2.25%. The assumed real rate of return over inflation is defined to be the portion of total investment return that is more than the assumed inflation rate. Considering other economic assumptions, the 6.5% investment return rate translates to an assumed real rate of return over inflation of 4.10%. City of Clearwater Employees’ Pension Plan B-27 The rate of salary increase used for individual members can be seen in the tables below. Part of the assumption is for merit and/or seniority increases and productivity increases, and 2.40% recognizes inflation. This assumption is used to project a member’s current salary to the salaries upon which benefits will be based. Years of Service Under 5 2.40%7.75% 5 - 14 2.40%6.40% 15 - 19 2.40%5.25% 20 & Over 2.40%4.40%2.00% 5.35% 4.00% 2.85% % Increase in Salary - Firefighters Merit and Seniority Inflation Total Increase Years of Service Under 5 2.40%9.00% 5 - 9 2.40%6.25% 10 - 14 2.40%5.00% 15 & Over 2.40%3.75%1.35% 6.60% 3.85% 2.60% % Increase in Salary - Police Officers Merit and Seniority Inflation Total Increase Years of Service Under 2 2.40%8.00% 2 - 9 2.40%6.00% 10 - 14 2.40%5.75% 15 - 19 2.40%5.00% 20 and Higher 2.40%3.50%1.10% 3.60% 3.35% 2.60% % Increase in Salary - Non-Hazardous Duty Merit and Seniority Inflation Total Increase 5.60% City of Clearwater Employees’ Pension Plan B-28 Demographic Assumptions The mortality tables used in the valuation for Hazardous Duty members are based on the PUB-2010 Benefits Weighted Mortality Tables described below, with mortality improvements projected for all lives to all future years after 2010 using Scale MP-2021. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Benefits Weighted Safety Employee Female Table Benefits Weighted Safety Healthy Retiree Female Table Male Healthy Benefits Weighted Safety Employee Male Table, set forward 1 year Benefits Weighted Safety Healthy Retiree Male Table, set forward 1 year Female Disabled N/A Headcount Weighted General Disabled Retiree Female Table, set forward 1 year Male Disabled N/A Headcount Weighted General Disabled Retiree Male Table These are the same rates used for Special Risk Class members of the Florida Retirement System (FRS) in the July 1, 2024 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the same mortality tables used by the FRS in either of its two most recently published actuarial valuation reports. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. City of Clearwater Employees’ Pension Plan B-29 FRS Healthy Post-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.20 %0.13 %34.83 37.81 55 0.32 0.25 29.78 32.70 60 0.57 0.45 24.92 27.78 65 0.98 0.72 20.34 23.11 70 1.61 1.15 16.10 18.70 75 2.77 1.97 12.26 14.61 80 5.02 3.53 8.93 10.98 Probability of Future Life Dying Next Year Expectancy (years) The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All Police and 90% of Firefighters’ deaths before retirement are assumed to be non- service connected. FRS Healthy Pre-Retirement Mortality for Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.12 %0.08 %37.31 40.61 55 0.18 0.12 32.21 35.50 60 0.29 0.17 27.20 30.44 65 0.46 0.21 22.32 25.42 70 0.79 0.39 17.61 20.48 75 1.41 0.77 13.13 15.70 80 5.02 1.60 8.93 11.19 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 1.61 %1.38 %25.55 28.20 55 2.09 1.73 22.07 24.57 60 2.73 2.14 18.92 21.18 65 3.36 2.41 16.06 17.92 70 3.96 2.88 13.35 14.66 75 4.99 4.01 10.70 11.51 80 7.06 6.23 8.23 8.71 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-30 The mortality tables used in the valuation for Non-Hazardous Duty members are based on the PUB- 2010 Headcount Weighted Mortality Tables described below, with mortality improvements projected for all lives to all future years after 2010 using Scale MP-2021. Pre-Retirement PUB-2010 Table Post-Retirement PUB-2010 Table Female Healthy Headcount Weighted General Employee Female Table Headcount Weighted General Healthy Retiree Female Table Male Healthy Headcount Weighted General Employee Male Table, set back 1 year Headcount Weighted General Healthy Retiree Male Table, set back 1 year Female Disabled N/A Headcount Weighted General Disabled Retiree Female Table, set forward 4 years Male Disabled N/A Headcount Weighted General Disabled Retiree Male Table, set forward 4 years These are the same rates used for Regular Class members (other than K-12 School Instructional Personnel) of the Florida Retirement System (FRS) in the July 1, 2024 FRS Actuarial Valuation Report. Florida Statutes Chapter 112.63(1)(f) mandates the use of the mortality tables from either of the two most recently published actuarial valuation reports of FRS. The following table presents post-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of each benefit payment being made after retirement. FRS Healthy Post-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.15 %0.35 %35.11 37.77 55 0.57 0.39 30.36 33.00 60 0.77 0.47 25.83 28.25 65 1.03 0.64 21.46 23.58 70 1.50 1.00 17.28 19.09 75 2.43 1.72 13.40 14.88 80 4.22 3.16 9.97 11.09 Dying Next Year Expectancy (years) Probability of Future Life City of Clearwater Employees’ Pension Plan B-31 The following tables present pre-retirement mortality rates and life expectancies at illustrative ages. These assumptions are used to measure the probabilities of active members dying prior to retirement. All deaths before retirement are assumed to be non-service connected. FRS Healthy Pre-Retirement Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 0.15 %0.09 %38.57 40.50 55 0.23 0.14 33.56 35.40 60 0.35 0.21 28.66 30.38 65 0.50 0.31 23.89 25.45 70 0.68 0.45 19.23 20.61 75 1.01 0.74 14.67 15.89 80 1.62 1.25 10.22 11.30 Probability of Future Life Dying Next Year Expectancy (years) The following table presents disabled post-retirement mortality rates and life expectancies at illustrative ages. FRS Disabled Mortality for Non-Special Risk Class Members Sample Attained Ages (in 2025)Men Women Men Women 50 2.01 %1.52 %22.86 26.19 55 2.46 1.90 19.60 22.60 60 3.24 2.39 16.55 19.24 65 4.09 2.80 13.84 16.04 70 4.91 3.50 11.29 12.90 75 6.53 5.07 8.84 9.94 80 9.55 8.08 6.66 7.40 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-32 The rates of retirement used to measure the probability of eligible members retiring under normal and early retirement eligibility during the next year were as follows: Years of Probability of Service Age Retirement 10 - 19 50 - 54 5 % 55 - 59 15 60 & Over 40 20 - 24 Under 59 15 60 - 64 40 65 & Over 100 25 - 29 Under 55 15 55 - 59 35 60 - 64 40 65 & Over 100 30 & Over 100 Firefighters Retirement Years of Probability of Service Age Retirement 10 - 19 50 - 54 5 % 55 - 59 8 60 - 64 20 65 & Over 100 20 - 29 Under 50 12 50 - 59 20 60 - 64 40 65 & Over 100 30 - 34 Under 55 20 55 - 59 30 60 & Over 100 35 & Over 100 Police Officers Retirement City of Clearwater Employees’ Pension Plan B-33 Years of Probability of Service Age Retirement 5 - 9 65 - 74 20 % 75 & Over 100 10 - 19 65 - 74 30 75 & Over 100 20 - 29 55 - 59 20 60 - 64 15 65 - 69 30 70 & Over 100 30 & Over Under 55 30 55 - 64 20 65 - 69 50 70 & Over 100 Non-Hazardous Duty Retirement City of Clearwater Employees’ Pension Plan B-34 Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability). This assumption measures the probabilities of members separating from employment prior to becoming eligible for retirement. Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 2 Under 30 8.0 %All Years Under 40 5.0 % 30 & Over 4.0 40 & Over 2.0 2 - 4 Under 30 5.0 30 & Over 3.0 5 & Over Under 30 8.0 30 & Over 1.8 Firefighter Withdrawal - Males Firefighter Withdrawal - Females Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 3 Under 30 7.5 %Under 2 All Ages 14.0 % 30 & Over 4.0 2 - 3 All Ages 6.0 3 - 4 Under 30 5.5 30 & Over 3.5 4 & Over All Ages 3.9 5 & Over Under 30 3.5 30 & Over 2.6 Police Officer Withdrawal - Males Police Officer Withdrawal - Females Years of % of Active Members Years of % of Active Members Service Age Separating Within Next Year Service Age Separating Within Next Year Under 1 All Ages 20.0 %Under 1 Under 40 25.0 % 40 & Over 12.5 1 - 2 All Ages 18.0 1 - 2 All Ages 17.0 3 - 4 All Ages 12.0 3 - 4 All Ages 12.0 5 - 9 Under 35 9.0 35 - 44 6.0 5 - 9 Under 40 9.0 45 - 54 5.0 40 - 54 7.0 55 & Over 3.5 55 - 59 4.0 60 & Over 3.0 10 & Over Under 35 5.0 35 - 44 3.3 10 & Over Under 45 6.0 45 & Over 3.1 45 - 54 3.5 55 & Over 3.0 Non-Hazardous Duty Withdrawal - Males Non-Hazardous Duty Withdrawal - Females City of Clearwater Employees’ Pension Plan B-35 Rates of disability among active members (100% of disabilities are assumed to be service- connected). Sample Ages 20 0.22 %0.22 % 25 0.22 0.22 30 0.22 0.22 35 0.26 0.26 40 0.40 0.40 45 0.52 0.52 50 0.52 0.52 55 0.52 0.52 60 0.68 0.68 65 0.88 0.88 70 1.20 1.20 Disabled Within Next Year Males Females Firefighter Duty Disability % of Active Members Becoming Sample Ages 20 0.30 %0.30 % 25 0.30 0.30 30 0.30 0.30 35 0.35 0.35 40 0.52 0.52 45 0.72 0.72 50 0.72 0.72 55 0.72 0.72 60 0.87 0.87 65 1.10 1.10 70 1.50 1.50 Disabled Within Next Year Males Females Police Officer Duty Disability % of Active Members Becoming City of Clearwater Employees’ Pension Plan B-36 Sample Ages 20 0.001 %0.001 % 25 0.011 0.011 30 0.011 0.011 35 0.011 0.011 40 0.021 0.021 45 0.041 0.041 50 0.082 0.082 55 0.165 0.165 60 0.216 0.216 65 0.041 0.041 70 0.041 0.041 Males Females Non-Hazardous Duty Disability % of Active Members Becoming Disabled Within Next Year Changes Since Prior Valuation The mortality tables and improvement scales were updated to reflect the updated mortality assumptions used in the July 1, 2024 Florida Retirement System (FRS) Actuarial Valuation. Florida Statutes Chapter 112.63 mandates that local municipal pension plans use the mortality rates in either of the last two published FRS valuation reports. Additionally, as of January 1, 2025, the Board of Trustees has elected to change the funding method from the Entry Age Normal Cost Method to the Aggregate Cost Method. City of Clearwater Employees’ Pension Plan B-37 Miscellaneous and Technical Assumptions Administrative & Investment Expenses The investment return assumption is intended to be the net return after investment expenses. Annual administrative expenses are assumed to be equal to the administrative expenses of the previous year. Assumed administrative expenses are added to the Normal Cost. Benefit Service Exact fractional service is used to determine the amount of benefit payable. Cost of Living Increases The adjustment is 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. Decrement Operation Disability and mortality decrements operate during retirement eligibility. Decrement Timing Decrements of all types are assumed to occur at the beginning of the year. Eligibility Testing Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. Forfeitures For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member’s accumulated contributions. Incidence of Contributions Employer contributions are assumed to be made in equal installments during the first two quarters of the fiscal year. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. City of Clearwater Employees’ Pension Plan B-38 Marriage Assumption 75% of males and 65% of females are assumed to be married for purposes of death-in-service benefits and to determine the normal form of benefit when applicable. Male spouses are assumed to be two years older than female spouses for all active members and for members who became inactive before January 1, 2015. For members who became inactive on or after January 1, 2015, spouses ages are based on the beneficiary dates of birth provided by the Plan Administrator. Normal Form of Benefit The normal form of benefit is a life annuity for non-grandfathered non-hazardous duty members. For all other members, the normal form of benefit is a life annuity that includes a survivor benefit where after the participant’s death, 100% is payable to the spouse for five years, after which the benefit is reduced to 50%. Pay Increase Timing End of fiscal year. This is equivalent to assuming that reported pays represent the annual rate of pay on the valuation date. The pay used for the valuation is equal to the greater of the actual pay for the plan year increased by the salary scale assumption rate (which varies by years of service) and the annual rate of pay on the valuation date. Service Credit Accruals It is assumed that members accrue one year of service credit per year. City of Clearwater Employees’ Pension Plan B-39 GLOSSARY Actuarial Accrued Liability (AAL) The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. Actuarial Present Value (APV) The amount of funds required to provide a payment or series of payments in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. Actuarial Present Value of Future Benefits (APVFB) The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits, and inactive, nonretired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of the Funded Ratio and the Actuarially Determined Contribution (ADC). Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the Actuarially Determined Contribution (ADC). City of Clearwater Employees’ Pension Plan B-40 Actuarially Determined Contribution (ADC) The employer’s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The ADC consists of the Employer Normal Cost and Amortization Payment. Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. Amortization Payment That portion of the plan contribution or ADC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. Amortization Period The period used in calculating the Amortization Payment. Closed Amortization Period A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. Equivalent Single Amortization Period For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. Experience Gain/Loss A measure of the difference between the normal cost rate from last year and the normal cost rate from this year. Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current plan year. City of Clearwater Employees’ Pension Plan B-41 Open Amortization Period An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. Unfunded Actuarial Accrued Liability The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. Valuation Date The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. SECTION C PENSION FUND INFORMATION City of Clearwater Employees’ Pension Plan C-1 Statement of Plan Assets at Market Value 2024 2023 A.Cash and Cash Equivalents (Operating Cash)-$ -$ B.Receivables 1.Member Contributions -$ -$ 2.Employer Contributions 9,100,000 6,752,882 3.Investment Income and Other Receivables 6,303,880 11,544,460 4.Total Receivables 15,403,880$ 18,297,342$ C.Investments 1.Short-Term Investments 30,438,354$ 29,447,419$ 2.Domestic Equities 634,463,560 527,418,800 3.International Equities 124,824,791 163,783,759 4.Domestic Fixed Income 342,450,925 318,494,562 5.International Fixed Income - - 6.Real Estate 111,596,432 120,364,386 7.Infrastructure 99,234,724 93,965,209 8.Private Equity - - 9.Total Investments 1,343,008,786$ 1,253,474,135$ D.Liabilities 1.Benefits Payable -$ -$ 2.Accrued Expenses and Other Payables (15,828,026) (11,976,188) 3.Total Liabilities (15,828,026)$ (11,976,188)$ E.Total Market Value of Assets Available for Benefits 1,342,584,640$ 1,259,795,289$ F.Allocation of Investments 1.Short-Term Investments 2.27%2.35% 2.Domestic Equities 47.24%42.08% 3.International Equities 9.29%13.07% 4.Domestic Fixed Income 25.50%25.41% 5.International Fixed Income 0.00%0.00% 6.Real Estate 8.31%9.60% 7.Infrastructure 7.39%7.49% 8.Private Equity 0.00%0.00% 9.Total Investments 100.00%100.00% December 31 Item City of Clearwater Employees’ Pension Plan C-2 Reconciliation of Plan Assets 2024 2023 A.Market Value of Assets at Beginning of Year 1,259,795,289$ 1,146,071,970$ B.Revenues and Expenditures 1.Contributions a.Employee Contributions 10,046,786$ 8,994,031$ b.Employer Contributions 15,802,396 13,719,333 c.State Contributions 12,000 12,000 d.Total 25,861,182$ 22,725,364$ 2.Investment Income a.Interest, Dividends, and Other Income 22,268,391$ 21,082,916$ b.Net Realized Gains/(Losses)52,770,107 18,611,507 c.Net Unrealized Gains/(Losses)55,089,532 121,717,037 d.Investment Expenses (7,126,992) (6,952,122) e.Net Investment Income 123,001,038$ 154,459,338$ 3.Benefits and Refunds a.Refunds (1,461,813)$ (1,431,122)$ b.Regular Monthly Benefits (62,340,163) (59,842,370) c.Partial Lump-Sum Benefits Paid (1,878,535) (1,824,735) d.Total (65,680,511)$ (63,098,227)$ 4.Administrative and Miscellaneous Expenses (392,358)$ (363,156)$ 5.Transfers -$ -$ C.Market Value of Assets at End of Year 1,342,584,640$ 1,259,795,289$ December 31 Item City of Clearwater Employees’ Pension Plan C-3 Development of Actuarial Value of Assets Valuation Date - December 31 2023 2024 2025 2026 2027 2028 A.Actuarial Value of Assets Beginning of Year 1,258,374,452$ 1,311,236,406$ B.Market Value End of Year 1,259,795,289 1,342,584,640 C.Market Value Beginning of Year 1,146,071,970 1,259,795,289 D.Non-Investment/Administrative Net Cash Flow (40,736,019) (40,211,687) E.Investment Income E1. Actual Market Total: B-C-D 154,459,338 123,001,038 E2. Assumed Rate of Return 6.50%6.50%6.50%6.50%6.50%6.50% E3. Assumed Amount of Return 72,951,505 80,308,318 E4. Amount Subject to Phase-In: E1–E3 81,507,833 42,692,720 F.Phase-In Recognition of Investment Income F1. Current Year: 0.2 x E4 16,301,567 8,538,544 F2. First Prior Year (55,607,034) 16,301,567 8,538,544 F3. Second Prior Year 15,710,790 (55,607,034) 16,301,567 8,538,544 F4. Third Prior Year 18,752,137 15,710,790 (55,607,034) 16,301,567 8,538,544 F5. Fourth Prior Year 25,489,008 18,752,139 15,710,791 (55,607,035) 16,301,565 8,538,544 F6. Total Phase-Ins 20,646,468 3,696,006 (15,056,132) (30,766,924) 24,840,109 8,538,544 G.Actuarial Value of Assets End of Year G1. Preliminary Actuarial Value of Assets 1,311,236,406$ 1,355,029,043$ G2. Upper Corridor Limit: 120%*B 1,511,754,347$ 1,611,101,568$ G3. Lower Corridor Limit: 80%*B 1,007,836,231$ 1,074,067,712$ G4. Funding Value End of Year 1,311,236,406$ 1,355,029,043$ G5. Credit Balance 38,136,025$ 40,184,518$ G6. Final Actuarial Value of Assets 1,273,100,381$ 1,314,844,525$ H.Recognized Investment Earnings 93,597,973$ 84,004,324$ I.Difference between Market & Actuarial Value (51,441,117)$ (12,444,403)$ J.Actuarial Rate of Return 7.56%6.51% K.Market Value Rate of Return 13.72%9.92% L.Ratio of Actuarial Value of Assets to Market Value 104.08%100.93% The Actuarial Value of Assets recognizes assumed investment return (line E3) fully each year. Differences between actual and assumed investment income (Line E4) are phased-in over a closed 5-year period. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than the assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. If assumed rates are exactly realized for 5 consecutive years, Actuarial Value of Assets will become equal to Market Value. City of Clearwater Employees’ Pension Plan C-4 Allocation of Plan Assets by Group Total Non-Hazardous Hazardous Police Hazardous Fire A.Market Value of Assets as of January 1, 2024 1,259,795,289$ 635,755,587$ 371,085,737$ 252,953,965$ B.Contributions (All)25,861,182 11,257,943 8,133,293 6,469,946 C.Net Investment Return 123,001,038 61,930,743 36,281,471 24,788,824 D.Benefit Payments (All)65,680,511 34,209,935 18,849,567 12,621,009 E.Administrative Expenses 392,358 197,552 115,733 79,073 F.Market Value of Assets as of January 1, 2025 1,342,584,640 674,536,786 396,535,201 271,512,653 G.Actuarial Value of Assets as of January 1, 2025 1,355,029,043 680,789,060 400,210,682 274,029,301 H.Actuarial Value of Assets Less Credit Balance 1,314,844,525 661,406,879 387,721,033 265,716,613 Item City of Clearwater Employees’ Pension Plan C-5 Investment Rate of Return Plan Year Ending December 31 1986 13.21 % N/A 1987 10.78 N/A 1988 9.12 N/A 1989 20.84 N/A 1990 6.21 N/A 1991 28.52 N/A 1992 6.49 N/A 1993 9.29 7.42 % 1994 0.89 6.28 1995 23.36 9.14 1996 14.80 11.54 1997 17.49 13.74 1998 16.74 15.28 1999 18.61 17.96 2000 (3.43)12.42 2001 (5.16)7.40 2002 (8.83)(1.85) 2003 20.08 7.45 2004 9.73 2.18 2005 6.67 4.58 2006 11.80 7.87 2007 7.29 10.68 2008 (27.01)(10.61) 2009 30.93 16.53 2010 17.50 5.98 2011 (0.32)4.46 2012 13.92 5.50 2013 16.90 14.04 2014 7.99 11.04 2015 (0.28)7.64 2016 6.70 8.22 2017 16.01 8.89 2018 (2.48)5.76 2019 20.20 7.39 2020 15.12 11.10 2021 12.90 12.46 2022 (14.02)6.08 2023 13.72 7.56 2024 9.92 6.51 Average returns: Last five years:6.91 % 8.71 % Last ten years:7.29 % 8.14 % All years:8.92 % 8.01 % Actuarial*Market* *Before investment expenses prior to 2013. The above rates are based on the retirement system’s financial information reported to the actuary. They may differ from figures that the investment consultant reports, in part because of differences in the handling of administrative and investment expenses, and in part because of differences in the handling of cash flows. SECTION D FINANCIAL ACCOUNTING INFORMATION City of Clearwater Employees’ Pension Plan D-1 A.Valuation Date B.Actuarial Present Value of Accumulated Plan Benefits 1.Vested Benefits a.Members Currently Receiving Payments $814,533,109 $779,015,597 b.Terminated Vested Members 20,509,042 22,663,248 c.Other Members 271,840,213 250,492,308 d.Total 1,106,882,364 1,052,171,153 2.Non-Vested Benefits 22,051,778 21,185,334 3.Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 1,128,934,142 1,073,356,487 4.Accumulated Contributions of Active Members 70,149,013 66,583,287 C.Changes in the Actuarial Present Value of Accumulated Plan Benefits 1.Total Value at Beginning of Year 1,073,356,487 1,043,838,470 2.Increase (Decrease) During the Period Attributable to: a.Plan Amendment 0 0 b.Change in Actuarial Assumptions 18,912,724 (8,454,351) c.Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 102,345,442 101,070,595 d.Benefits Paid (65,680,511)(63,098,227) e.Net Increase 55,577,655 29,518,017 3.Total Value at End of Period 1,128,934,142 1,073,356,487 D.Market Value of Assets 1,342,584,640 1,259,795,289 E.Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods FASB NO. 35 INFORMATION January 1, 2025 January 1, 2024 SECTION E MISCELLANEOUS INFORMATION City of Clearwater Employees’ Pension Plan E-1 A. 1.Number Included in Last Valuation 1,556 1,506 2.New Members Included in Current Valuation 179 233 3.Non-Vested Employment Terminations (100)(83) 4.Vested Employment Terminations (21)(47) 5.Service Retirements (40)(52) 6.Disability Retirements 0 (2) 7.Deaths (2)(3) 8.Rehired Members/Data Corrections 0 4 9.Number Included in This Valuation 1,572 1,556 B. 1.Number Included in Last Valuation 91 82 2.Additions from Active Members 21 47 3.Lump Sum Payments/Refund of Contributions (10)(25) 4.Payments Commenced (12)(11) 5.Deaths 1 0 6.Conversion to Disability/Rehired Members 0 (1) 7.Data Corrections 0 (1) 8.Number Included in This Valuation 91 91 C. 1.Number Included in Last Valuation 1,496 1,447 2.Additions from Active Members 40 54 3.Additions from Terminated Vested Members 12 11 4.Deaths Resulting in No Further Payments (24)(17) 5.Deaths Resulting in New Survivor Benefits 0 3 6.End of Certain Period - No Further Payments (1)(1) 7.Data Correction/Waiver of Benefits 0 (1) 8.Number Included in This Valuation 1,523 1,496 RECONCILIATION OF MEMBERSHIP DATA Active Members Service Retirees, Disability Retirees and Beneficiaries Terminated Vested Members From 1/1/2023From 1/1/2024 To 1/1/2024To 1/1/2025 City of Clearwater Employees’ Pension Plan E-2 ACTIVE PARTICIPANT DISTRIBUTION ALL ACTIVE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.2 1 0 0 0 0 0 0 0 0 0 0 3 TOT PAY 80,671 38,036 0 0 0 0 0 0 0 0 0 0 118,707 AVG PAY 40,336 38,036 0 0 0 0 0 0 0 0 0 0 39,569 20-24 NO.26 29 13 4 0 0 0 0 0 0 0 0 72 TOT PAY 1,239,689 1,554,393 697,370 257,440 0 0 0 0 0 0 0 0 3,748,892 AVG PAY 47,680 53,600 53,644 64,360 0 0 0 0 0 0 0 0 52,068 25-29 NO.44 49 33 21 12 13 0 0 0 0 0 0 172 TOT PAY 2,298,636 2,835,003 2,128,579 1,473,327 890,714 943,805 0 0 0 0 0 0 10,570,064 AVG PAY 52,242 57,857 64,502 70,158 74,226 72,600 0 0 0 0 0 0 61,454 30-34 NO.20 32 40 20 10 85 17 0 0 0 0 0 224 TOT PAY 1,016,311 2,081,882 2,528,424 1,427,136 653,477 6,815,936 1,387,832 0 0 0 0 0 15,910,998 AVG PAY 50,816 65,059 63,211 71,357 65,348 80,187 81,637 0 0 0 0 0 71,031 35-39 NO.26 18 21 14 13 62 35 20 1 0 0 0 210 TOT PAY 1,467,467 1,094,282 1,292,044 990,633 816,427 4,861,662 2,989,407 2,088,397 110,988 0 0 0 15,711,307 AVG PAY 56,441 60,793 61,526 70,760 62,802 78,414 85,412 104,420 110,988 0 0 0 74,816 40-44 NO.9 15 13 6 6 49 26 48 17 0 0 0 189 TOT PAY 415,402 859,338 699,512 419,325 368,019 3,874,104 2,496,428 4,807,229 1,666,809 0 0 0 15,606,166 AVG PAY 46,156 57,289 53,809 69,888 61,336 79,063 96,016 100,151 98,048 0 0 0 82,572 45-49 NO.18 12 9 6 4 27 27 38 26 7 0 0 174 TOT PAY 958,825 665,070 515,566 354,482 252,567 1,958,841 2,261,231 4,172,527 2,778,618 762,335 0 0 14,680,062 AVG PAY 53,268 55,422 57,285 59,080 63,142 72,550 83,749 109,803 106,870 108,905 0 0 84,368 50-54 NO.13 14 9 7 2 34 25 32 42 26 2 0 206 TOT PAY 581,101 758,155 529,558 497,918 110,536 2,559,391 1,901,021 2,894,057 4,309,649 2,987,428 238,713 0 17,367,527 AVG PAY 44,700 54,154 58,840 71,131 55,268 75,276 76,041 90,439 102,611 114,901 119,356 0 84,308 55-59 NO.7 5 6 3 6 11 15 20 25 21 8 0 127 TOT PAY 411,173 250,295 374,266 166,765 464,027 850,551 1,229,077 1,905,601 2,362,512 2,172,247 701,624 0 10,888,138 AVG PAY 58,739 50,059 62,378 55,588 77,338 77,323 81,938 95,280 94,500 103,440 87,703 0 85,733 60-64 NO.5 10 3 10 4 23 21 20 18 12 9 1 136 TOT PAY 229,646 529,368 162,197 547,159 301,945 1,539,488 1,562,438 1,502,534 1,536,567 1,229,975 884,799 85,711 10,111,827 AVG PAY 45,929 52,937 54,066 54,716 75,486 66,934 74,402 75,127 85,365 102,498 98,311 85,711 74,352 65+ NO.3 6 1 2 2 8 8 6 12 7 4 0 59 TOT PAY 253,904 339,861 70,874 87,725 179,548 533,753 589,582 378,997 959,174 558,747 454,874 0 4,407,039 AVG PAY 84,635 56,644 70,874 43,862 89,774 66,719 73,698 63,166 79,931 79,821 113,718 0 74,696 TOT NO.173 191 148 93 59 312 174 184 141 73 23 1 1,572 TOT AMT 8,952,825 11,005,683 8,998,390 6,221,910 4,037,260 23,937,531 14,417,016 17,749,342 13,724,317 7,710,732 2,280,010 85,711 119,120,727 AVG AMT 51,750 57,621 60,800 66,902 68,428 76,723 82,856 96,464 97,336 105,626 99,131 85,711 75,777 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-3 ACTIVE PARTICIPANT DISTRIBUTION NON-HAZARDOUS DUTY MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.2 1 0 0 0 0 0 0 0 0 0 0 3 TOT PAY 80,671 38,036 0 0 0 0 0 0 0 0 0 0 118,707 AVG PAY 40,336 38,036 0 0 0 0 0 0 0 0 0 0 39,569 20-24 NO.20 20 11 3 0 0 0 0 0 0 0 0 54 TOT PAY 872,984 924,429 523,001 179,697 0 0 0 0 0 0 0 0 2,500,111 AVG PAY 43,649 46,221 47,546 59,899 0 0 0 0 0 0 0 0 46,298 25-29 NO.34 35 21 12 5 9 0 0 0 0 0 0 116 TOT PAY 1,635,429 1,776,793 1,095,440 628,154 248,990 547,358 0 0 0 0 0 0 5,932,164 AVG PAY 48,101 50,766 52,164 52,346 49,798 60,818 0 0 0 0 0 0 51,139 30-34 NO.19 21 30 11 7 42 11 0 0 0 0 0 141 TOT PAY 940,468 1,234,111 1,650,528 630,619 379,018 2,618,651 772,801 0 0 0 0 0 8,226,196 AVG PAY 49,498 58,767 55,018 57,329 54,145 62,349 70,255 0 0 0 0 0 58,342 35-39 NO.23 15 19 9 11 29 20 8 1 0 0 0 135 TOT PAY 1,257,829 864,746 1,114,533 530,788 627,858 1,787,099 1,353,779 625,380 110,988 0 0 0 8,273,000 AVG PAY 54,688 57,650 58,660 58,976 57,078 61,624 67,689 78,173 110,988 0 0 0 61,281 40-44 NO.9 12 13 4 6 32 14 28 12 0 0 0 130 TOT PAY 415,402 645,209 699,512 217,627 368,019 2,191,780 1,152,524 2,283,324 939,324 0 0 0 8,912,721 AVG PAY 46,156 53,767 53,809 54,407 61,337 68,493 82,323 81,547 78,277 0 0 0 68,559 45-49 NO.18 12 9 6 3 25 19 12 13 4 0 0 121 TOT PAY 958,825 665,070 515,566 354,482 154,978 1,764,413 1,418,811 1,128,200 1,081,487 302,835 0 0 8,344,667 AVG PAY 53,268 55,423 57,285 59,080 51,659 70,577 74,674 94,017 83,191 75,709 0 0 68,964 50-54 NO.13 14 9 6 2 28 22 24 24 15 1 0 158 TOT PAY 581,101 758,155 529,558 335,396 110,536 1,918,446 1,577,639 1,899,147 1,993,031 1,365,500 62,493 0 11,131,002 AVG PAY 44,700 54,154 58,840 55,899 55,268 68,516 71,711 79,131 83,043 91,033 62,493 0 70,449 55-59 NO.6 5 6 3 5 9 13 16 17 14 7 0 101 TOT PAY 298,615 250,295 374,266 166,765 319,623 634,746 991,615 1,428,442 1,329,199 1,180,421 536,652 0 7,510,639 AVG PAY 49,769 50,059 62,378 55,588 63,925 70,527 76,278 89,278 78,188 84,316 76,665 0 74,363 60-64 NO.5 10 3 10 4 22 20 19 17 10 7 1 128 TOT PAY 229,646 529,368 162,197 547,159 301,945 1,430,268 1,386,942 1,391,453 1,441,916 984,076 667,865 85,711 9,158,546 AVG PAY 45,929 52,937 54,066 54,716 75,486 65,012 69,347 73,234 84,819 98,408 95,409 85,711 71,551 65+ NO.2 6 1 2 2 8 8 6 12 7 4 0 58 TOT PAY 135,718 339,861 70,874 87,725 179,548 533,753 589,582 378,997 959,174 558,747 454,874 0 4,288,853 AVG PAY 67,859 56,644 70,874 43,863 89,774 66,719 73,698 63,166 79,931 79,821 113,719 0 73,946 TOT NO.151 151 122 66 45 204 127 113 96 50 19 1 1,145 TOT AMT 7,406,688 8,026,073 6,735,475 3,678,412 2,690,515 13,426,514 9,243,693 9,134,943 7,855,119 4,391,579 1,721,884 85,711 74,396,606 AVG AMT 49,051 53,153 55,209 55,734 59,789 65,816 72,785 80,840 81,824 87,832 90,625 85,711 64,975 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-4 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS POLICE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.6 3 1 0 0 0 0 0 0 0 0 0 10 TOT PAY 366,705 239,639 82,288 0 0 0 0 0 0 0 0 0 688,632 AVG PAY 61,118 79,880 82,288 0 0 0 0 0 0 0 0 0 68,863 25-29 NO.10 6 10 7 5 3 0 0 0 0 0 0 41 TOT PAY 663,207 495,663 869,555 671,010 469,937 307,043 0 0 0 0 0 0 3,476,415 AVG PAY 66,321 82,611 86,956 95,859 93,987 102,348 0 0 0 0 0 0 84,791 30-34 NO.1 6 9 4 2 27 5 0 0 0 0 0 54 TOT PAY 75,843 506,664 795,121 388,671 197,084 2,765,178 522,294 0 0 0 0 0 5,250,855 AVG PAY 75,843 84,444 88,347 97,168 98,542 102,414 104,459 0 0 0 0 0 97,238 35-39 NO.2 2 1 4 1 9 12 1 0 0 0 0 32 TOT PAY 129,638 159,496 97,339 381,375 111,791 913,779 1,324,659 128,111 0 0 0 0 3,246,188 AVG PAY 64,819 79,748 97,339 95,344 111,791 101,531 110,388 128,111 0 0 0 0 101,443 40-44 NO.0 0 0 2 0 9 7 9 4 0 0 0 31 TOT PAY 0 0 0 201,698 0 933,116 802,207 1,140,170 604,965 0 0 0 3,682,156 AVG PAY 0 0 0 100,849 0 103,680 114,601 126,686 151,241 0 0 0 118,779 45-49 NO.0 0 0 0 1 1 6 12 4 3 0 0 27 TOT PAY 0 0 0 0 97,589 101,918 631,619 1,400,113 542,424 459,500 0 0 3,233,163 AVG PAY 0 0 0 0 97,589 101,918 105,270 116,676 135,606 153,167 0 0 119,747 50-54 NO.0 0 0 0 0 4 3 4 10 6 1 0 28 TOT PAY 0 0 0 0 0 412,089 323,382 484,255 1,321,513 938,037 176,220 0 3,655,496 AVG PAY 0 0 0 0 0 103,022 107,794 121,064 132,151 156,340 176,220 0 130,553 55-59 NO.0 0 0 0 0 1 2 2 3 2 0 0 10 TOT PAY 0 0 0 0 0 124,770 237,462 228,585 377,948 270,340 0 0 1,239,105 AVG PAY 0 0 0 0 0 124,770 118,731 114,293 125,983 135,170 0 0 123,911 60-64 NO.0 0 0 0 0 0 0 1 0 0 1 0 2 TOT PAY 0 0 0 0 0 0 0 111,081 0 0 104,310 0 215,391 AVG PAY 0 0 0 0 0 0 0 111,081 0 0 104,310 0 107,696 65+ NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 TOT NO.19 17 21 17 9 54 35 29 21 11 2 0 235 TOT AMT 1,235,393 1,401,462 1,844,303 1,642,754 876,401 5,557,893 3,841,623 3,492,315 2,846,850 1,667,877 280,530 0 24,687,401 AVG AMT 65,021 82,439 87,824 96,633 97,378 102,924 109,761 120,425 135,564 151,625 140,265 0 105,053 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-5 ACTIVE PARTICIPANT DISTRIBUTION HAZARDOUS FIRE MEMBERS Age Group 0-1 1-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25-29 30-34 35+Totals 15-19 NO.0 0 0 0 0 0 0 0 0 0 0 0 0 TOT PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 AVG PAY 0 0 0 0 0 0 0 0 0 0 0 0 0 20-24 NO.0 6 1 1 0 0 0 0 0 0 0 0 8 TOT PAY 0 390,325 92,081 77,743 0 0 0 0 0 0 0 0 560,149 AVG PAY 0 65,054 92,081 77,743 0 0 0 0 0 0 0 0 70,019 25-29 NO.0 8 2 2 2 1 0 0 0 0 0 0 15 TOT PAY 0 562,547 163,584 174,163 171,787 89,404 0 0 0 0 0 0 1,161,485 AVG PAY 0 70,318 81,792 87,082 85,894 89,404 0 0 0 0 0 0 77,432 30-34 NO.0 5 1 5 1 16 1 0 0 0 0 0 29 TOT PAY 0 341,107 82,775 407,846 77,375 1,432,107 92,737 0 0 0 0 0 2,433,947 AVG PAY 0 68,221 82,775 81,569 77,375 89,507 92,737 0 0 0 0 0 83,929 35-39 NO.1 1 1 1 1 24 3 11 0 0 0 0 43 TOT PAY 80,000 70,040 80,172 78,470 76,778 2,160,784 310,969 1,334,906 0 0 0 0 4,192,119 AVG PAY 80,000 70,040 80,172 78,470 76,778 90,033 103,656 121,355 0 0 0 0 97,491 40-44 NO.0 3 0 0 0 8 5 11 1 0 0 0 28 TOT PAY 0 214,129 0 0 0 749,208 541,697 1,383,735 122,520 0 0 0 3,011,289 AVG PAY 0 71,376 0 0 0 93,651 108,339 125,794 122,520 0 0 0 107,546 45-49 NO.0 0 0 0 0 1 2 14 9 0 0 0 26 TOT PAY 0 0 0 0 0 92,510 210,801 1,644,214 1,154,707 0 0 0 3,102,232 AVG PAY 0 0 0 0 0 92,510 105,401 117,444 128,301 0 0 0 119,317 50-54 NO.0 0 0 1 0 2 0 4 8 5 0 0 20 TOT PAY 0 0 0 162,522 0 228,856 0 510,655 995,105 683,891 0 0 2,581,029 AVG PAY 0 0 0 162,522 0 114,428 0 127,664 124,388 136,778 0 0 129,051 55-59 NO.1 0 0 0 1 1 0 2 5 5 1 0 16 TOT PAY 112,558 0 0 0 144,404 91,035 0 248,574 655,365 721,486 164,972 0 2,138,394 AVG PAY 112,558 0 0 0 144,404 91,035 0 124,287 131,073 144,297 164,972 0 133,650 60-64 NO.0 0 0 0 0 1 1 0 1 2 1 0 6 TOT PAY 0 0 0 0 0 109,220 175,496 0 94,651 245,899 112,624 0 737,890 AVG PAY 0 0 0 0 0 109,220 175,496 0 94,651 122,950 112,624 0 122,982 65+ NO.1 0 0 0 0 0 0 0 0 0 0 0 1 TOT PAY 118,186 0 0 0 0 0 0 0 0 0 0 0 118,186 AVG PAY 118,186 0 0 0 0 0 0 0 0 0 0 0 118,186 TOT NO.3 23 5 10 5 54 12 42 24 12 2 0 192 TOT AMT 310,744 1,578,148 418,612 900,744 470,344 4,953,124 1,331,700 5,122,084 3,022,348 1,651,276 277,596 0 20,036,720 AVG AMT 103,581 68,615 83,722 90,074 94,069 91,725 110,975 121,954 125,931 137,606 138,798 0 104,358 Years of Service to Valuation Date City of Clearwater Employees’ Pension Plan E-6 INACTIVE PARTICIPANT DISTRIBUTION Disabled Retired Total Total Total Total Age Group Number Benefits Number Benefits Number Benefits Number Benefits Under 20 - - - - - - - - 20-24 - - - - - - - - 25-29 - - - - - - 2 54,285 30-34 1 7,236 1 38,716 - - - - 35-39 11 162,332 - - - - 5 110,703 40-44 16 271,758 5 225,299 6 232,321 4 117,058 45-49 22 538,066 6 318,625 15 697,968 2 43,213 50-54 24 540,336 13 721,216 54 2,651,767 4 85,105 55-59 6 126,593 11 461,228 135 6,635,611 7 139,541 60-64 9 126,738 13 578,587 184 8,605,703 14 517,024 65-69 1 43,106 21 636,197 255 11,158,532 32 920,340 70-74 1 34,207 20 647,000 274 11,701,569 28 880,313 75-79 - - 15 488,584 193 8,034,658 29 825,538 80-84 - - 4 97,619 63 2,594,368 31 879,042 85-89 - - 6 177,730 30 1,048,023 17 413,396 90-94 - - 2 54,852 14 443,775 5 81,592 95-99 - - - - - - 3 26,513 100 & Over - - - - - - - - Total 91 1,850,372 117 4,445,653 1,223 53,804,295 183 5,093,663 Average Age 49 66 69 72 Terminated Vested Deceased with Beneficiary SECTION F SUMMARY OF PLAN PROVISIONS City of Clearwater Employees’ Pension Plan F-1 SUMMARY OF PLAN PROVISIONS A. Ordinances The Plan was established under the Code of Ordinances for the City of Clearwater, Florida, Chapter 2, Article V, Division 3 and was most recently amended under Ordinance No. 9620-22 passed and adopted on November 17, 2022. The Plan is also governed by certain provisions of Part VII, Chapter 112, Florida Statutes (F.S.) and the Internal Revenue Code. B. Effective Date Restated Plan Effective Date: January 1, 2013 (previous restated Plan Effective Date was January 1, 1996). C. Plan Year January 1 through December 31. D. Type of Plan Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer plan. E. Eligibility Requirements All full-time permanent employees of the City are required to participate and become participants on their date of hire. F. Grandfathered Members Members who are eligible for normal retirement as of January 1, 2013 are grandfathered in the plan provisions in effect before Ordinance No. 8333-12. G. Credited Service Credited Service is measured as the total number of years and fractional parts of years from the date of employment to the date of termination or retirement. No service is credited for any periods of employment for which a participant received a refund of their contributions. City of Clearwater Employees’ Pension Plan F-2 H. Compensation The total compensation for services rendered to the City reportable on the participant’s W-2 form, plus all tax deferred, tax sheltered or tax exempt items of income derived from elective employee payroll deductions or salary reductions, but excluding any lump sum payments of unused vacation and sick leave, pay for off-duty employment, and clothing, car or meal allowances. Effective January 1, 2013: For non-grandfathered hazardous duty members, the amount of overtime included in Compensation is limited to 300 hours per year; For non-grandfathered non- hazardous duty members, Compensation excludes overtime and additional pay above the base rate of pay. I. Average Monthly Compensation (AMC) One-twelfth of the average of Compensation during the highest 5 years out of the last 10 years preceding termination or retirement. J. Normal Retirement Eligibility: For Non-Hazardous Duty A participant hired before January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 55 with 20 years of Credited Service, or (2) 30 years of Credited Service regardless of age, or (3) age 65 with 10 years of Credited Service. A participant hired on or after January 1, 2013 may retire on the first day of the month coincident with or next following the earliest of: (1) age 60 with 25 years of Credited Service, or (2) age 65 with 5 years of Credited Service For Hazardous Duty Police Officers and Firefighters A participant may retire on the first day of the month coincident with or next following the earlier of: (1) age 55 with 10 years of Credited Service, or (2) 20 years of Credited Service regardless of age. City of Clearwater Employees’ Pension Plan F-3 Benefit: 2.75% of AMC multiplied by years of Credited Service. For Non-Hazardous Duty participants hired on or after January 1, 2013, 2.00% of AMC multiplied by years of Credited Service through September 30, 2022 plus 2.50% of AMC multiplied by years of Credited Service after September 30, 2022. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. K. Early Retirement Eligibility: Police Officers and Firefighters may elect to retire earlier than the Normal Retirement Eligibility upon the attainment of age 50 with 10 years of Credited Service. Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the Early Retirement date precedes age 55. Normal Form of Benefit: A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. City of Clearwater Employees’ Pension Plan F-4 COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. L. Delayed Retirement Same as Normal Retirement taking into account Compensation earned and service credited until the date of actual retirement. M. Service Connected Disability Eligibility: Any participant who becomes totally and permanently disabled due to an illness or injury contracted in the line of duty and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. Benefit: For Non-Hazardous Duty Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 42% of the participant’s AMC (66 2/3% of the participant’s AMC if grandfathered). Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. For Hazardous Duty Police Officers and Firefighters Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. City of Clearwater Employees’ Pension Plan F-5 For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. N. Non-Service Connected Disability Eligibility: Any Hazardous Duty participant who has 10 or more years of Credited Service or Non-Hazardous Duty participant who has 5 or more years of Credited Service, becomes totally and permanently disabled, and is deemed to be unable to perform useful and efficient service to the City is immediately eligible for a disability benefit. Benefit: Participant’s accrued Normal Retirement Benefit taking into account Compensation earned and service credited until the date of disability. Disability benefits, when combined with Worker’s Compensation benefits, cannot exceed and will be limited to 100% of the participant’s AMC on the date of disability. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. City of Clearwater Employees’ Pension Plan F-6 COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. O. Death in the Line of Duty Eligibility: Any participant whose employment is terminated by reason of death in the line of duty is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. Benefit is guaranteed to be no less than 66 2/3% of the participant’s AMC. Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. In lieu of the benefits described above, the participant’s beneficiary can elect to receive a refund of participant’s accumulated contributions with interest. P. Other Pre-Retirement Death Eligibility: Any Hazardous Duty participant who dies with 10 or more years of Credited Service or Non-Hazardous Duty participant who dies with 5 or more years of Credited Service is eligible for survivor benefits. Benefit: Beneficiary will be paid the participant’s accrued benefit based upon Credited Service and AMC as of the date of death. City of Clearwater Employees’ Pension Plan F-7 Normal Form of Benefit: 100% of the participant’s accrued benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. In lieu of the benefits described above, a participant’s beneficiary can elect to receive a refund of the participant’s accumulated contributions with interest. Accumulated contributions, plus interest, will be refunded for all Hazardous Duty participants with less than 10 years of Credited Service or Non-Hazardous Duty participants with less than 5 years of Credited Service. Q. Post Retirement Death Benefit determined by the form of benefit elected upon retirement. R. Optional Forms In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are a Single Life Annuity, a 10 Year Certain and Life Annuity, or the 50%, 66 2/3% (for police officers and firefighters), 75% or 100% Joint and Survivor options. Members may also elect a partial lump sum equal to 10%, 20%, or 30% of the value of the normal retirement benefit with the remaining monthly retirement benefit reduced accordingly. S. Vested Termination Eligibility: A participant has earned a non-forfeitable right to Plan benefits after the completion of 10 years of Credited Service for Hazardous Duty or 5 years of Credited Service for Non-Hazardous Duty provided employee contributions are not refunded. Vesting is determined in accordance with the following tables. Hazardous Duty Members Years of Credited Service % of Normal Retirement Benefits Less Than 10 10 or more 0% 100% City of Clearwater Employees’ Pension Plan F-8 Non-Hazardous Duty Members Years of Credited Service % of Normal Retirement Benefits Less Than 5 5 or more 0% 100% Benefit: The participant’s accrued Normal Retirement Benefit as of the date of termination. Benefit begins on the member’s Normal Retirement date. Alternatively, police officers and firefighters may elect to receive an actuarially reduced Early Retirement Benefit any time after age 50. Normal Form of Benefit: For Non-Hazardous Duty (Non-Grandfathered) A monthly annuity is paid for the life of the participant. For Hazardous Duty Police Officers and Firefighters (and Grandfathered Non- Hazardous Duty) A monthly annuity is paid for the life of the participant. After the participant’s death, 100% of the Normal Retirement Benefit shall be paid as a survivor annuity to the spouse for 5 years. After 5 years, such survivor annuity is reduced to 50% of the original amount. The survivor annuity ceases upon death or remarriage of the spouse. 120 monthly payments are guaranteed for police officers and firefighters. Optional forms of benefits are available. COLA: 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five- year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. Hazardous Duty participants with less than 10 years of Credited Service and Nonhazardous Duty participants with less than 5 years of Credited Service will receive a refund of their own accumulated contributions with interest. T. Refunds Eligibility: All Hazardous Duty members terminating employment with less than 10 years of Credited Service and Nonhazardous Duty members terminating employment with less than 5 years of Credited Service are eligible. Optionally, vested members may elect a refund in lieu of the vested benefits otherwise due. City of Clearwater Employees’ Pension Plan F-9 Benefit: Refund of the member’s contributions with 5% simple interest paid in a single lump sum. U. Member Contributions 8% of Compensation for Non-Hazardous Duty participants. 10% of Compensation for Hazardous Duty participants (8% of Compensation if grandfathered). V. Employer Contributions Each plan year, the Employer must contribute a minimum of 7% of the Compensation of all employees participating in the plan, plus any additional amount determined by the actuary needed to fund the plan properly according to State laws. W. Cost of Living Increases 1.5% annually commencing on each April 1 for all retirees and beneficiaries who have received at least 6 monthly benefit payments. For non-grandfathered members (not eligible for normal retirement on January 1, 2013), there is a five-year delay (after the retirement date) until this COLA is applied to benefits accrued after January 1, 2013. For Police Officers and Firefighters, the COLA with a 5-year delay (applicable to post-January 1, 2013 benefit accruals) only applies to Police Officers and Firefighters employed by the City on or after January 1, 2020 and October 1, 2022, respectively. X. 13th Check Not Applicable Y. Deferred Retirement Option Plan Not Applicable Z. Other Ancillary Benefits There are no ancillary retirement type benefits not required by statutes but which might be deemed a City of Clearwater Employees’ Pension Plan liability if continued beyond the availability of funding by the current funding source. AA. Changes from Previous Valuation None.