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06/15/2026
Monday, June 15, 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 June 15, 2026Pension Trustees Meeting Agenda 1. Call To Order 2. Approval of Minutes 2.1 Approve the minutes of the April 20, 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 Accept the January 1, 2026 Annual Actuarial Valuation for the City of Clearwater Employees’ Pension Plan. 4.2 Approve Investment Advisory Agreement with Driehaus Capital Management LLC, for investment in the Driehaus Small Cap Growth Strategy Account, and authorize the appropriate officials to execute same. 4.3 Approve the termination of small-cap growth equity money manager Riverbridge Partners, LLC and authorize the appropriate officials to execute same. 4.4 Approve the new hires for acceptance into the Pension Plan as listed. 4.5 Approve the following requests of Salvatore Accomando, Police Department, Jonathan Cappa, Police Department, Pawel Dembinski, Public Works Department, Keith Law, Library Department, Robert Reedy, Public Utilities Department, Philip Ruppel, Public Utilities, and Anthony Tedesco, Fire Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. 5. Director's Report 6. Adjourn Page 2 City of Clearwater Printed on 6/9/2026 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0224 Agenda Date: 6/15/2026 Status: Agenda ReadyVersion: 1 File Type: MinutesIn Control: Pension Trustees Agenda Number: 2.1 SUBJECT/RECOMMENDATION: Approve the minutes of the April 20, 2026 Pension Trustees meeting as submitted in written summation by the City Clerk. Page 1 City of Clearwater Printed on 6/9/2026 Pension Trustees Meeting Minutes April 20, 2026 Page 1 City of Clearwater City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 Meeting Minutes Monday, April 20, 2026 1:00 PM Main Library - Council Chambers Pension Trustees Draft Pension Trustees Meeting Minutes April 20, 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, Owen Kohler, Interim City Attorney, Rosemarie Call – City Clerk, 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 4:47 p.m. 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. Trustee Teixeira moved to approve the minutes of the February 2, 2026 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 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 Draft Pension Trustees Meeting Minutes April 20, 2026 Page 3 City of Clearwater 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 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 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 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. Draft Pension Trustees Meeting Minutes April 20, 2026 Page 4 City of Clearwater 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. Trustee Mannino moved to 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. The motion was duly seconded and carried unanimously. Draft Pension Trustees Meeting Minutes April 20, 2026 Page 5 City of Clearwater 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. 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 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 Draft Pension Trustees Meeting Minutes April 20, 2026 Page 6 City of Clearwater 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 Draft Pension Trustees Meeting Minutes April 20, 2026 Page 7 City of Clearwater 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. 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 Draft Pension Trustees Meeting Minutes April 20, 2026 Page 8 City of Clearwater 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, Ms. Phelps, and Mr. Phillips have met the hazardous duty criteria. Trustee Cotton moved to 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. The motion was duly seconded and carried unanimously. 4.4 Annual review of the Employees’ Pension Plan investment performance for the calendar and plan year ended December 31, 2025. 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. Draft Pension Trustees Meeting Minutes April 20, 2026 Page 9 City of Clearwater 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. Finance Director Jay Ravins provided an overview. 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). 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. Trustee Teixeira moved to 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). The motion was duly seconded and carried unanimously. Draft Pension Trustees Meeting Minutes April 20, 2026 Page 10 City of Clearwater 5. Adjourn The meeting adjourned at 4:52 p.m. Chair Employees’ Pension Plan Trustees Attest City Clerk Draft Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0683 Agenda Date: 6/15/2026 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.1 SUBJECT/RECOMMENDATION: Accept the January 1, 2026 Annual Actuarial Valuation for the City of Clearwater Employees’ Pension Plan. SUMMARY: Per the actuarial valuation report dated January 1, 2026, a minimum City employer contribution of $12.355 million, or 9.61% of covered payroll, is required for fiscal year 2027. This is an increase of approximately $4.1 million from the fiscal 2026 required contribution of $8.34 million, which represented 7.0% of covered payroll. This increase was due to unfavorable actuarial experience including salary increase experience, mortality experience, and investment return experience. The breakout of the required contribution by group is as follows: % of Covered Payroll Police $ 4,355,583 15.23% Fire $ 4,910,854 21.90% Non-public safety $ 3,088,343 3.98% Total $12,354,780 9.61% The calendar year 2025 investment return was 11.40%, versus an assumed rate of 6.50%. The five-year smoothed actuarial investment rate of return was 6.27% versus the 6.50% assumption. Calendar 2021 through 2025 investment returns were 12.90%, (14.02%), 13.72%, 9.92%, and 11.40%, respectively. The plan experienced a net actuarial experience loss of $39.05 million for the year. The loss was primarily due to salary increases of 11.56% versus an expected increase of 5.74%; as well as mortality experience loss. Salary increases were impacted by contractual salary increases, promotions, and additional FTE’s. Additionally, the recognized actuarial value investment return of 6.27% was below the 6.5% assumption and contributed to the experience loss. This net actuarial experience loss of $39.05 million had no impact on the required employer contribution but did contribute towards the current year decrease in the funded ratio of approximately 2.5%. The plan’s funded ratio at January 1, 2026 was 107.52% (including the credit balance) versus 110.02% for the prior year. The market value of assets exceeds the actuarial value of assets by $54.3 million as of January 1, 2026. This difference will be recognized as a gradual gain to the plan over subsequent years, in the absence of offsetting losses. The plan’s credit balance, which reflects actual contributions in-excess of actuarially required contributions in prior years, increased from $40.18 million to $44.16 million during calendar 2025, primarily due to interest earned on the credit balance. This credit balance is available to subsidize volatile employer contribution requirements during future investment market Page 1 City of Clearwater Printed on 6/9/2026 File Number: ID#26-0683 downturns. Staff is recommending the annual use of the interest earnings on the credit balance (approx. $2.5 million) to reduce the required employer contribution for the foreseeable future, which would effectively maintain the credit balance near the current $44 million level. Page 2 City of Clearwater Printed on 6/9/2026 City of Clearwater Employees’ Pension Plan Actuarial Valuation Report as of January 1, 2026 Annual Employer Contribution for the Fiscal Year Ending September 30, 2027 April 20, 2026 Board of Trustees City of Clearwater Employees’ Pension Plan Clearwater, Florida Dear Board Members: The results of the January 1, 2026 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, 2027. 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. We have assessed that the contribution rate calculated under the current funding policy is a reasonable Actuarially Determined Employer Contribution (ADEC) and it is consistent with the System accumulating adequate assets to make benefit payments when due. 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, 2025. 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. Board of Trustees April 20, 2026 Page ii 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 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. 26-6975 Enrolled Actuary No. 26-8010 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-4 3. Low-Default-Risk Obligation Measure A-7 B Valuation Results 1. Participant Data B-1 2. Actuarially Determined Contribution (ADC) B-3 3. Actuarial Value of Benefits and Assets B-5 4. Calculation of Employer Normal Cost B-7 5. Reconciliation of Credit Balance B-9 6. Actuarial Gains and Losses B-10 7. Recent History of Valuation Results B-16 8. Recent History of Contributions B-17 9. Actuarial Assumptions and Cost Method B-18 10. Glossary of Terms B-31 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 $12,366,780 $7,334,218 $5,032,562 As % of Covered Payroll 9.62 %6.16 %*3.46 % Estimated State Contribution 12,000 12,000 0 As % of Covered Payroll 0.01 %0.01 %0.00 % Required Employer Contribution 12,354,780 7,322,218 5,032,562 As % of Covered Payroll 9.61 %6.15 %3.46 % Credit Balance 44,160,045 40,184,518 3,975,527 For FYE 9/30/2027 For FYE 9/30/2026 Based onBased on Increase Valuation 1/1/20251/1/2026 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. 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 $3,088,343 $1,993,122 $1,095,221 As % of Covered Payroll 3.98 %2.68 %1.30 % Hazardous Police 4,355,583 2,469,397 1,886,186 As % of Covered Payroll 15.23 %10.00 %5.23 % Hazardous Fire 4,910,854 2,859,699 2,051,155 As % of Covered Payroll 21.90 %14.27 %7.63 % Total 12,354,780 7,322,218 5,032,562 As % of Covered Payroll 9.61 %6.15 %3.46 % For FYE 9/30/2027 For FYE 9/30/2026 Valuation (Decrease) Based on 1/1/2026 Increase Based on 1/1/2025 Valuation 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 2026 and 2027 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, 2025 were $8,685,751 (reflecting the City’s minimum required contribution of 7% of covered payroll) and $12,000, respectively, for a total of $8,697,751. The actuarially determined contribution was $7,334,218. The resulting excess contribution of $1,363,533 was used to increase the credit balance. 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 There have been no revisions in assumptions or methods since the previous valuation. Actuarial Experience There was a net actuarial experience loss of $39,053,352 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 11.56% on average versus an expected average increase of 5.74%) and, to a much lesser extent, mortality experience (an actual decrease in annual retirement benefits of $845,596 versus an expected decrease of $1,330,967). Additionally, the recognized investment return (on the smoothed actuarial value of assets) was slightly below the assumed rate of 6.5%. The investment return on the market value of assets was 11.40%, but the return on the actuarial value of assets was 6.27% due to smoothing in the 2022 investment loss. Overall, the net loss caused the required employer contribution to increase by 3.60% of covered payroll. Looking at each group, there was a net experience loss for Non-Hazardous Employees of $9,292,097, a net experience loss for Police Officers of $14,564,811, and a net experience loss of $15,196,444 for Firefighters. Differences in experience among the groups were primarily driven by higher than expected salary increases, which were relatively lower for Non-Hazardous Employees (6.5% versus 5.6% expected) but significantly higher for Police Officers (17.8% versus 6.0% expected) and Firefighters (22.5% versus 5.9% expected), resulting in larger losses for those groups. City of Clearwater Employees’ Pension Plan A-3 Analysis of Change in Employer Contribution The components of change in the required City contribution are as follows: Contribution Rate Last Year 6.15 % Change in Benefits 0.00 Change in Assumptions and Methods 0.00 Actuarial Experience 3.60 Change in Administrative Expenses (0.14) Change in State Revenue 0.00 Contribution Rate This Year 9.61 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 107.52% this year compared to 110.02% last year. Not including the credit balance in the actuarial value of assets, the funded ratio is 104.09% this year compared to 106.76% 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 Market Value of Assets exceeds the Actuarial Value of Assets by $54,273,650 as of the valuation date (see Section C). This difference will be gradually recognized in the absence of offsetting losses. Relationship to Market Value If Market Value had been the basis for the valuation, the calculated required contribution rate would have been 4.91% (7.00% after reflecting the statutory minimum City contribution stated in the Ordinance) and the funded ratio (not including the credit balance) would have been 108.30%. The funded ratio based on the market value of assets (excluding the credit balance) last year was 105.75%. 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-4 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-5 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: 1/1/2026 1/1/2025 Ratio of the market value of assets to total payroll 11.21 11.27 Ratio of actuarial accrued liability to payroll 10.03 10.34 Ratio of actives to retirees and beneficiaries 1.01 1.03 Ratio of net cash flow to market value of assets (3.59)%(3.00)% 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-6 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-7 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: $1,571,132,079 B. Discount rate used to calculate the LDROM: 4.90% based on Fidelity’s “20-Year Municipal GO AA Index” as of September 25, 2025 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 1,563 1,139 239 185 Covered Annual Payroll $128,548,670 $77,527,882 $28,597,883 $22,422,905 Average Annual Payroll $82,245 $68,067 $119,656 $121,205 Average Age 43.1 44.5 38.2 40.4 Average Past Service 9.6 9.1 10.0 11.8 Average Age at Hire 33.5 35.4 28.2 28.6 RETIREES & BENEFICIARIES Number 1,434 903 312 219 Annual Benefits $61,370,744 $33,673,194 $16,779,979 $10,917,571 Average Annual Benefit $42,797 $37,290 $53,782 $49,852 Average Age 69.7 71.4 65.9 67.8 DISABILITY RETIREES Number 120 28 50 42 Annual Benefits $4,741,139 $654,658 $2,387,265 $1,699,216 Average Annual Benefit $39,509 $23,381 $47,745 $40,458 Average Age 65.6 73.6 60.0 66.9 TERMINATED VESTED MEMBERS Number 92 79 6 7 Annual Benefits $1,922,296 $1,520,531 $228,072 $173,693 Average Annual Benefit $20,895 $19,247 $38,012 $24,813 Average Age 50.4 51.0 49.6 43.5 PARTICIPANT DATA January 1, 2026 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-2 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 - PRIOR YEAR January 1, 2025 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 9/30/2027 9/30/2027 9/30/2027 9/30/2027 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 11,612,000 2,899,853 4,096,322 4,615,825 F.ADC if Paid on the Valuation Date: D+E 11,612,000 2,899,853 4,096,322 4,615,825 G.ADC Adjusted for Frequency of Payments 12,366,780 3,088,343 4,362,583 4,915,854 H.ADC as % of Covered Payroll 9.62 %3.98 %15.25 %21.92 % 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 128,548,670 77,527,882 28,597,883 22,422,905 K.ADC for Contribution Year: H x J 12,366,780 3,088,343 4,362,583 4,915,854 L.Estimate of State Revenue in Contribution Year 12,000 0 7,000 5,000 M.Required Employer Contribution (REC) in Contribution Year 12,354,780 3,088,343 4,355,583 4,910,854 N.REC as % of Covered Payroll in Contribution Year: M ÷ J 9.61 %3.98 %15.23 %21.90 % O.Credit Balance 44,160,045 21,152,690 14,368,500 8,638,855 Total Non-Hazardous Hazardous Police Hazardous Fire January 1, 2026 January 1, 2026 January 1, 2026 January 1, 2026 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) 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 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 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) - PRIOR YEAR January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 Total Non-Hazardous Hazardous Police Hazardous Fire City of Clearwater Employees’ Pension Plan B-5 A.Valuation Date B.Actuarial Present Value of All Projected Benefits for 1.Active Members a. Service Retirement Benefits $ 581,686,495 $ 269,277,990 $ 159,765,555 $ 152,642,950 b. Vesting Benefits 74,628,396 54,224,993 13,869,976 6,533,427 c. Disability Benefits 26,691,391 3,557,680 14,956,920 8,176,791 d. Preretirement Death Benefits 6,139,177 4,271,687 982,169 885,321 e. Return of Member Contributions 3,604,590 2,024,875 1,062,907 516,808 f. Total 692,750,049 333,357,225 190,637,527 168,755,297 2.Inactive Members a. Service Retirees & Beneficiaries 779,434,194 401,427,123 235,804,792 142,202,279 b. Disability Retirees 63,492,398 6,376,632 35,108,264 22,007,502 c. Terminated Vested Members 21,562,256 16,022,548 3,210,094 2,329,614 d. Total 864,488,848 423,826,303 274,123,150 166,539,395 3. Total for All Members 1,557,238,897 757,183,528 464,760,677 335,294,692 C.Actuarial Accrued (Past Service) Liability 1,289,676,829 643,520,523 378,496,864 267,659,442 D.Actuarial Value of Accumulated Plan Benefits per FASB No. 35 1,171,031,792 571,097,032 356,413,560 243,521,200 E.Plan Assets 1.Market Value 1,440,897,418 722,989,645 426,185,894 291,721,879 2. Actuarial Value 1,386,623,768 695,757,112 410,132,937 280,733,719 3. Actuarial Value Excluding Credit Balance 1,342,463,723 674,604,422 395,764,437 272,094,864 F.Actuarial Present Value of Projected Covered Payroll 1,210,507,106 714,776,706 287,274,384 208,456,016 G.Actuarial Present Value of Projected Member Contributions 106,755,179 57,182,138 28,727,439 20,845,602 H.Accumulated Value of Active Member Contributions 73,363,463 38,473,379 18,534,355 16,355,729 I.Unfunded Actuarial Accrued Liability (UAAL) Based on EAN Method = C. - E.3.(52,786,894) (31,083,899) (17,267,573) (4,435,422) J.Funded Ratio = E.2. / C.107.52%108.12%108.36%104.88% K.Funded Ratio Excluding Credit Balance = E.3. / C.104.09%104.83%104.56%101.66% Total Non-Hazardous Hazardous Police Hazardous Fire ACTUARIAL VALUE OF BENEFITS AND ASSETS January 1, 2026 January 1, 2026 January 1, 2026 January 1, 2026 City of Clearwater Employees’ Pension Plan B-6 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 - PRIOR YEAR January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 City of Clearwater Employees’ Pension Plan B-7 A.Valuation Date B.Actuarial Present Value of Projected Benefits $1,557,238,897 $757,183,528 $464,760,677 $335,294,692 C.Actuarial Value of Assets Excluding Credit Balance 1,342,463,723 674,604,422 395,764,437 272,094,864 D.Actuarial Present Value of Projected Member Contributions 106,755,179 57,182,138 28,727,439 20,845,602 E.Actuarial Present Value of Projected Employer Normal Costs: B-C-D 108,019,995 25,396,968 40,268,801 42,354,226 F.Actuarial Present Value of Projected Covered Payroll 1,210,507,106 714,776,706 287,274,384 208,456,016 G.Employer Normal Cost Rate: E/F 8.92 %3.55 %14.02 %20.32 % H.Covered Annual Payroll 128,548,670 77,527,882 28,597,883 22,422,905 I.Employer Normal Cost: G x H 11,317,997 2,752,240 4,009,423 4,556,334 J.Assumed Amount of Administrative Expenses 294,003 147,613 86,899 59,491 K.Total Employer Normal Cost: I+J 11,612,000 2,899,853 4,096,322 4,615,825 L.Employer Normal Cost as % of Covered Payroll 9.03 %3.74 %14.32 %20.59 % Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST AGGREGATE METHOD January 1, 2026 January 1, 2026 January 1, 2026 January 1, 2026 Total Non-Hazardous City of Clearwater Employees’ Pension Plan B-8 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 % Hazardous Police Hazardous Fire CALCULATION OF EMPLOYER NORMAL COST - PRIOR YEAR AGGREGATE METHOD January 1, 2025 January 1, 2025 January 1, 2025 January 1, 2025 Total Non-Hazardous City of Clearwater Employees’ Pension Plan B-9 Total Non-Hazardous Hazardous Police Hazardous Fire $40,184,518 $19,382,181 $12,489,649 $8,312,688 -7,322,218 -1,993,122 -2,469,397 -2,859,699 +8,685,751 +2,503,789 +3,536,421 +2,645,541 +2,611,994 +1,259,842 +811,827 +540,325 44,160,045 21,152,690 14,368,500 8,638,855 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-10 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: A.Employer Normal Cost Percentage 1. Last Valuation 2.25 %8.95 %13.03 % 2. Current Valuation (Before Changes) 3.55 14.02 20.32 3. Difference: 1 - 2 (1.30) (5.07) (7.29) B.Present Value of Future Salary $1,210,507,106 $714,776,706 $287,274,384 $208,456,016 C.Net Actuarial Gain (Loss): A3 x B (39,053,352)(9,292,097)(14,564,811)(15,196,444) D.Gain (Loss) Due to Investments (2,949,538) E.Gain (Loss) Due to Other Causes (36,103,814) Non-Hazardous Hazardous Police Hazardous FireTotal City of Clearwater Employees’ Pension Plan B-11 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 ** 2025 (39,053,352)(3.38) Employer Cost Rate* Change in * Before 2015 and in 2025, 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-12 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 12/31/2025 6.27 6.50 11.56 5.74 Averages 7.96 %---5.84 %--- Salary Increases Actual Investment Return Year Ending Actual Assumed Assumed * 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-13 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-14 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 160 169 41 49 3 3 1 1 27 97 124 121 1,563 12/31/2026 51 3 1 116 17 Yr Totals *2,450 2,515 800 902 45 68 24 30 328 1,318 1,646 1,568 * Totals are through current Plan Year only. Terminations Year Retirement Retirement Death Totals During Service Disability Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added City of Clearwater Employees’ Pension Plan B-15 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 41 (15 with continuing beneficaries) 845,596 35 1,330,967 12/31/2026 37 1,450,514 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-16 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 1/1/26 1,563 1,646 128,548,670 1,342,463,723 1,289,676,829 (52,786,894)104.1 11,612,000 9.03 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-17 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 7,322,218 12,000 7,334,218 1/1/26 9/30/27 12,366,780 9.62 12,000 0.01 12,354,780 9.61 --- --- --- % 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-18 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-19 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-20 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 generationally 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, 2025 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-21 FRS Healthy Post-Retirement Mortality for Special Risk Class Members Sample AttainedAges (in 2026)Men Women Men Women 50 0.20 %0.13 %34.91 37.90 55 0.31 0.25 29.87 32.79 60 0.56 0.45 25.00 27.86 65 0.97 0.72 20.41 23.18 70 1.60 1.14 16.16 18.76 75 2.75 1.95 12.31 14.66 80 4.98 3.49 8.97 11.02 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 2026)Men Women Men Women 50 0.12 %0.08 %37.37 40.67 55 0.18 0.12 32.28 35.56 60 0.29 0.17 27.27 30.49 65 0.46 0.21 22.38 25.48 70 0.79 0.39 17.66 20.53 75 1.40 0.77 13.18 15.75 80 4.98 1.58 8.97 11.23 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 2026)Men Women Men Women 50 1.61 %1.37 %25.68 28.33 55 2.08 1.71 22.19 24.69 60 2.70 2.11 19.03 21.29 65 3.33 2.39 16.15 18.01 70 3.93 2.86 13.42 14.72 75 4.95 3.98 10.75 11.57 80 7.00 6.16 8.27 8.76 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-22 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 generationally 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, 2025 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 2026)Men Women Men Women 50 0.15 %0.35 %35.20 37.85 55 0.56 0.38 30.45 33.08 60 0.76 0.47 25.91 28.33 65 1.02 0.63 21.53 23.65 70 1.49 0.99 17.34 19.15 75 2.41 1.71 13.45 14.93 80 4.18 3.13 10.01 11.13 Dying Next Year Expectancy (years) Probability of Future Life City of Clearwater Employees’ Pension Plan B-23 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 2026)Men Women Men Women 50 0.15 %0.09 %38.64 40.56 55 0.23 0.14 33.63 35.46 60 0.35 0.21 28.72 30.44 65 0.49 0.30 23.95 25.50 70 0.68 0.45 19.28 20.66 75 1.01 0.73 14.71 15.93 80 1.60 1.24 10.26 11.34 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 2026)Men Women Men Women 50 2.01 %1.51 %22.98 26.32 55 2.45 1.88 19.71 22.72 60 3.21 2.36 16.65 19.35 65 4.05 2.77 13.93 16.13 70 4.88 3.47 11.35 12.96 75 6.49 5.02 8.88 9.99 80 9.47 8.00 6.69 7.45 Probability of Future Life Dying Next Year Expectancy (years) City of Clearwater Employees’ Pension Plan B-24 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-25 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-26 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 City of Clearwater Employees’ Pension Plan B-27 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 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 City of Clearwater Employees’ Pension Plan B-28 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 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 None. City of Clearwater Employees’ Pension Plan B-29 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-30 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-31 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-32 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-33 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 2025 2024 A.Cash and Cash Equivalents (Operating Cash)-$ -$ B.Receivables 1.Member Contributions -$ -$ 2.Employer Contributions 5,800,000 9,100,000 3.Investment Income and Other Receivables 5,947,970 6,303,880 4.Total Receivables 11,747,970$ 15,403,880$ C.Investments 1.Short-Term Investments 26,578,044$ 30,438,354$ 2.Domestic Equities 607,068,260 634,463,560 3.International Equities 152,703,025 124,824,791 4.Domestic Fixed Income 427,730,021 342,450,925 5.International Fixed Income - - 6.Real Estate 108,665,478 111,596,432 7.Infrastructure 110,113,776 99,234,724 8.Private Equity - - 9.Total Investments 1,432,858,604$ 1,343,008,786$ D.Liabilities 1.Benefits Payable -$ -$ 2.Accrued Expenses and Other Payables (3,709,156) (15,828,026) 3.Total Liabilities (3,709,156)$ (15,828,026)$ E.Total Market Value of Assets Available for Benefits 1,440,897,418$ 1,342,584,640$ F.Allocation of Investments 1.Short-Term Investments 1.85%2.27% 2.Domestic Equities 42.37%47.24% 3.International Equities 10.66%9.29% 4.Domestic Fixed Income 29.85%25.50% 5.International Fixed Income 0.00%0.00% 6.Real Estate 7.58%8.31% 7.Infrastructure 7.69%7.39% 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 2025 2024 A.Market Value of Assets at Beginning of Year 1,342,584,640$ 1,259,795,289$ B.Revenues and Expenditures 1.Contributions a.Employee Contributions 11,052,148$ 10,046,786$ b.Employer Contributions 8,685,751 15,802,396 c.State Contributions 12,000 12,000 d.Total 19,749,899$ 25,861,182$ 2.Investment Income a.Interest, Dividends, and Other Income 23,695,174$ 22,268,391$ b.Net Realized Gains/(Losses)87,414,962 52,770,107 c.Net Unrealized Gains/(Losses)46,914,471 55,089,532 d.Investment Expenses (7,916,579) (7,126,992) e.Net Investment Income 150,108,028$ 123,001,038$ 3.Benefits and Refunds a.Refunds (1,544,646)$ (1,461,813)$ b.Regular Monthly Benefits (64,779,931) (62,340,163) c.Partial Lump-Sum Benefits Paid (4,926,569) (1,878,535) d.Total (71,251,146)$ (65,680,511)$ 4.Administrative and Miscellaneous Expenses (294,003)$ (392,358)$ 5.Transfers -$ -$ C.Market Value of Assets at End of Year 1,440,897,418$ 1,342,584,640$ December 31 Item City of Clearwater Employees’ Pension Plan C-3 Development of Actuarial Value of Assets Valuation Date - December 31 2024 2025 2026 2027 2028 2029 A.Actuarial Value of Assets Beginning of Year 1,311,236,406$ 1,355,029,043$ B.Market Value End of Year 1,342,584,640 1,440,897,418 C.Market Value Beginning of Year 1,259,795,289 1,342,584,640 D.Non-Investment/Administrative Net Cash Flow (40,211,687) (51,795,250) E.Investment Income E1. Actual Market Total: B-C-D 123,001,038 150,108,028 E2. Assumed Rate of Return 6.50%6.50%6.50%6.50%6.50%6.50% E3. Assumed Amount of Return 80,308,318 85,530,627 E4. Amount Subject to Phase-In: E1–E3 42,692,720 64,577,401 F.Phase-In Recognition of Investment Income F1. Current Year: 0.2 x E4 8,538,544 12,915,480 F2. First Prior Year 16,301,567 8,538,544 12,915,480 F3. Second Prior Year (55,607,034) 16,301,567 8,538,544 12,915,480 F4. Third Prior Year 15,710,790 (55,607,034) 16,301,567 8,538,544 12,915,480 F5. Fourth Prior Year 18,752,139 15,710,791 (55,607,035) 16,301,565 8,538,544 12,915,481 F6. Total Phase-Ins 3,696,006 (2,140,652) (17,851,444) 37,755,589 21,454,024 12,915,481 G.Actuarial Value of Assets End of Year G1. Preliminary Actuarial Value of Assets 1,355,029,043$ 1,386,623,768$ G2. Upper Corridor Limit: 120%*B 1,611,101,568$ 1,729,076,902$ G3. Lower Corridor Limit: 80%*B 1,074,067,712$ 1,152,717,934$ G4. Funding Value End of Year 1,355,029,043$ 1,386,623,768$ G5. Credit Balance 40,184,518$ 44,160,045$ G6. Final Actuarial Value of Assets 1,314,844,525$ 1,342,463,723$ H.Recognized Investment Earnings 84,004,324$ 83,389,975$ I.Difference between Market & Actuarial Value (12,444,403)$ 54,273,650$ J.Actuarial Rate of Return 6.51%6.27% K.Market Value Rate of Return 9.92%11.40% L.Ratio of Actuarial Value of Assets to Market Value 100.93%96.23% 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, 2025 1,342,584,640$ 674,536,786$ 396,535,201$ 271,512,653$ B.Contributions (All)19,749,899 8,482,626 6,324,572 4,942,701 C.Net Investment Return 150,108,028 75,366,010 44,367,824 30,374,194 D.Benefit Payments (All)71,251,146 35,248,164 20,954,804 15,048,178 E.Administrative Expenses 294,003 147,613 86,899 59,491 F.Market Value of Assets as of January 1, 2026 1,440,897,418 722,989,645 426,185,894 291,721,879 G.Actuarial Value of Assets as of January 1, 2026 1,386,623,768 695,757,112 410,132,937 280,733,719 H.Actuarial Value of Assets Less Credit Balance 1,342,463,723 674,604,422 395,764,437 272,094,864 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 2025 11.40 6.27 Average returns: Last five years:6.21 % 7.75 % Last ten years:8.49 % 8.00 % All years:8.98 % 7.96 % 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 $842,926,592 $814,533,109 b.Terminated Vested Members 21,562,256 20,509,042 c.Other Members 283,219,205 271,840,213 d.Total 1,147,708,053 1,106,882,364 2.Non-Vested Benefits 23,323,739 22,051,778 3.Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 1,171,031,792 1,128,934,142 4.Accumulated Contributions of Active Members 73,363,463 70,149,013 C.Changes in the Actuarial Present Value of Accumulated Plan Benefits 1.Total Value at Beginning of Year 1,128,934,142 1,073,356,487 2.Increase (Decrease) During the Period Attributable to: a.Plan Amendment 0 0 b.Change in Actuarial Assumptions 0 18,912,724 c.Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 113,348,796 102,345,442 d.Benefits Paid (71,251,146)(65,680,511) e.Net Increase 42,097,650 55,577,655 3.Total Value at End of Period 1,171,031,792 1,128,934,142 D.Market Value of Assets 1,440,897,418 1,342,584,640 E.Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods FASB NO. 35 INFORMATION January 1, 2026 January 1, 2025 SECTION E MISCELLANEOUS INFORMATION City of Clearwater Employees’ Pension Plan E-1 A. 1.Number Included in Last Valuation 1,572 1,556 2.New Members Included in Current Valuation 154 179 3.Non-Vested Employment Terminations (97)(100) 4.Vested Employment Terminations (27)(21) 5.Service Retirements (41)(40) 6.Disability Retirements (3)0 7.Deaths (1)(2) 8.Rehired Members/Data Corrections 6 0 9.Number Included in This Valuation 1,563 1,572 B. 1.Number Included in Last Valuation 91 91 2.Additions from Active Members 27 21 3.Lump Sum Payments/Refund of Contributions (14)(10) 4.Payments Commenced (13)(12) 5.Deaths (1)1 6.Conversion to Disability/Rehired Members 0 0 7.Data Corrections 2 0 8.Number Included in This Valuation 92 91 C. 1.Number Included in Last Valuation 1,523 1,496 2.Additions from Active Members 44 40 3.Additions from Terminated Vested Members 13 12 4.Deaths Resulting in No Further Payments (24)(24) 5.Deaths Resulting in New Survivor Benefits 0 0 6.End of Certain Period - No Further Payments (2)(1) 7.Data Correction/Waiver of Benefits 0 0 8.Number Included in This Valuation 1,554 1,523 RECONCILIATION OF MEMBERSHIP DATA Active Members Service Retirees, Disability Retirees and Beneficiaries Terminated Vested Members From 1/1/2024From 1/1/2025 To 1/1/2025To 1/1/2026 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.1 0 0 0 0 0 0 0 0 0 0 0 1 TOT PAY 42,046 0 0 0 0 0 0 0 0 0 0 0 42,046 AVG PAY 42,046 0 0 0 0 0 0 0 0 0 0 0 42,046 20-24 NO.23 10 20 1 0 0 0 0 0 0 0 0 54 TOT PAY 1,233,376 543,576 1,214,639 50,391 0 0 0 0 0 0 0 0 3,041,982 AVG PAY 53,625 54,358 60,732 50,391 0 0 0 0 0 0 0 0 56,333 25-29 NO.42 37 45 34 16 13 0 0 0 0 0 0 187 TOT PAY 2,376,479 2,349,145 3,066,408 2,515,564 1,194,570 908,820 0 0 0 0 0 0 12,410,986 AVG PAY 56,583 63,490 68,142 73,987 74,661 69,909 0 0 0 0 0 0 66,369 30-34 NO.22 18 26 35 23 68 25 0 0 0 0 0 217 TOT PAY 1,212,764 1,112,869 1,871,870 2,550,749 1,987,246 6,065,110 2,308,629 0 0 0 0 0 17,109,237 AVG PAY 55,126 61,826 71,995 72,879 86,402 89,193 92,345 0 0 0 0 0 78,844 35-39 NO.25 22 23 19 13 70 39 15 0 0 0 0 226 TOT PAY 1,601,112 1,364,829 1,642,217 1,282,587 1,078,586 6,072,390 3,613,638 1,661,394 0 0 0 0 18,316,753 AVG PAY 64,044 62,038 71,401 67,505 82,968 86,748 92,657 110,760 0 0 0 0 81,048 40-44 NO.13 12 14 8 6 42 42 40 21 0 0 0 198 TOT PAY 690,330 698,360 847,475 460,025 477,034 3,766,587 4,319,623 4,693,052 2,187,640 0 0 0 18,140,126 AVG PAY 53,102 58,197 60,534 57,503 79,506 89,681 102,848 117,326 104,173 0 0 0 91,617 45-49 NO.11 14 11 7 4 35 25 26 32 7 0 0 172 TOT PAY 567,610 877,266 738,387 450,602 231,952 2,732,613 2,320,065 3,332,995 3,535,110 675,357 0 0 15,461,957 AVG PAY 51,601 62,662 67,126 64,372 57,988 78,075 92,803 128,192 110,472 96,480 0 0 89,895 50-54 NO.5 11 9 8 8 25 23 30 40 26 3 0 188 TOT PAY 241,612 545,725 512,272 502,300 622,446 1,841,785 1,974,820 3,068,519 4,484,444 3,317,611 308,553 0 17,420,087 AVG PAY 48,322 49,611 56,919 62,788 77,806 73,671 85,862 102,284 112,111 127,600 102,851 0 92,660 55-59 NO.4 6 6 7 1 19 15 14 21 21 8 2 124 TOT PAY 205,958 335,675 328,710 478,577 47,308 1,400,762 1,478,939 1,343,318 2,486,279 2,284,726 955,686 152,506 11,498,444 AVG PAY 51,490 55,946 54,785 68,368 47,308 73,724 98,596 95,951 118,394 108,796 119,461 76,253 92,729 60-64 NO.6 9 7 4 7 19 19 21 20 12 11 1 136 TOT PAY 316,798 452,474 387,501 228,003 451,909 1,356,048 1,317,089 1,749,212 1,786,171 1,276,171 965,640 128,736 10,415,752 AVG PAY 52,800 50,275 55,357 57,001 64,558 71,371 69,320 83,296 89,309 106,348 87,785 128,736 76,586 65+ NO.2 2 7 1 4 12 10 3 10 5 3 1 60 TOT PAY 203,082 235,081 421,331 76,008 210,173 880,474 758,956 223,797 844,978 391,512 279,120 166,788 4,691,300 AVG PAY 101,541 117,540 60,190 76,008 52,543 73,373 75,896 74,599 84,498 78,302 93,040 166,788 78,188 TOT NO.154 141 168 124 82 303 198 149 144 71 25 4 1,563 TOT AMT 8,691,167 8,515,000 11,030,810 8,594,806 6,301,224 25,024,589 18,091,759 16,072,287 15,324,622 7,945,377 2,508,999 448,030 128,548,670 AVG AMT 56,436 60,390 65,660 69,313 76,844 82,589 91,373 107,868 106,421 111,907 100,360 112,008 82,245 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.1 0 0 0 0 0 0 0 0 0 0 0 1 TOT PAY 42,046 0 0 0 0 0 0 0 0 0 0 0 42,046 AVG PAY 42,046 0 0 0 0 0 0 0 0 0 0 0 42,046 20-24 NO.15 8 13 1 0 0 0 0 0 0 0 0 37 TOT PAY 687,909 381,771 622,228 50,391 0 0 0 0 0 0 0 0 1,742,299 AVG PAY 45,861 47,721 47,864 50,391 0 0 0 0 0 0 0 0 47,089 25-29 NO.30 28 30 22 10 9 0 0 0 0 0 0 129 TOT PAY 1,524,236 1,538,096 1,651,457 1,221,674 551,496 500,973 0 0 0 0 0 0 6,987,932 AVG PAY 50,808 54,932 55,049 55,531 55,150 55,664 0 0 0 0 0 0 54,170 30-34 NO.16 17 17 25 11 35 14 0 0 0 0 0 135 TOT PAY 789,981 1,015,969 1,026,471 1,500,228 686,329 2,327,082 996,774 0 0 0 0 0 8,342,834 AVG PAY 49,374 59,763 60,381 60,009 62,394 66,488 71,198 0 0 0 0 0 61,799 35-39 NO.21 20 18 16 8 36 23 7 0 0 0 0 149 TOT PAY 1,273,848 1,170,966 1,159,800 962,546 538,076 2,191,922 1,576,231 553,403 0 0 0 0 9,426,792 AVG PAY 60,659 58,548 64,433 60,159 67,260 60,887 68,532 79,058 0 0 0 0 63,267 40-44 NO.12 11 12 8 4 26 23 23 16 0 0 0 135 TOT PAY 606,377 617,524 679,184 460,025 232,704 1,904,868 1,870,511 2,058,570 1,389,037 0 0 0 9,818,800 AVG PAY 50,531 56,139 56,599 57,503 58,176 73,264 81,327 89,503 86,815 0 0 0 72,732 45-49 NO.11 14 9 7 4 31 16 8 17 6 0 0 123 TOT PAY 567,610 877,266 562,903 450,602 231,952 2,277,367 1,174,935 809,070 1,390,486 510,173 0 0 8,852,364 AVG PAY 51,601 62,662 62,545 64,372 57,988 73,463 73,433 101,134 81,793 85,029 0 0 71,970 50-54 NO.5 11 9 8 7 23 19 23 24 15 2 0 146 TOT PAY 241,612 545,725 512,272 502,300 443,726 1,596,161 1,483,012 2,037,373 2,009,694 1,429,181 183,951 0 10,985,007 AVG PAY 48,322 49,611 56,919 62,788 63,389 69,398 78,053 88,581 83,737 95,279 91,976 0 75,240 55-59 NO.4 6 6 7 1 17 12 11 10 14 6 2 96 TOT PAY 205,958 335,675 328,710 478,577 47,308 1,158,593 1,039,628 920,145 803,745 1,222,916 593,575 152,506 7,287,336 AVG PAY 51,490 55,946 54,785 68,368 47,308 68,153 86,636 83,650 80,375 87,351 98,929 76,253 75,910 60-64 NO.6 9 7 4 7 17 19 20 19 11 9 1 129 TOT PAY 316,798 452,474 387,501 228,003 451,909 1,129,729 1,317,089 1,627,704 1,673,720 1,097,446 670,006 128,736 9,481,115 AVG PAY 52,800 50,275 55,357 57,001 64,558 66,455 69,320 81,385 88,091 99,768 74,445 128,736 73,497 65+ NO.2 1 7 1 4 12 10 3 10 5 3 1 59 TOT PAY 203,082 105,138 421,331 76,008 210,173 880,474 758,956 223,797 844,978 391,512 279,120 166,788 4,561,357 AVG PAY 101,541 105,138 60,190 76,008 52,543 73,373 75,896 74,599 84,498 78,302 93,040 166,788 77,311 TOT NO.123 125 128 99 56 206 136 95 96 51 20 4 1,139 TOT AMT 6,459,457 7,040,604 7,351,857 5,930,354 3,393,673 13,967,169 10,217,136 8,230,062 8,111,660 4,651,228 1,726,652 448,030 77,527,882 AVG AMT 52,516 56,325 57,436 59,903 60,601 67,802 75,126 86,632 84,496 91,201 86,333 112,008 68,067 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.4 2 1 0 0 0 0 0 0 0 0 0 7 TOT PAY 296,907 161,805 108,184 0 0 0 0 0 0 0 0 0 566,896 AVG PAY 74,227 80,903 108,184 0 0 0 0 0 0 0 0 0 80,985 25-29 NO.9 9 7 10 4 2 0 0 0 0 0 0 41 TOT PAY 674,403 811,049 712,803 1,073,245 454,564 212,619 0 0 0 0 0 0 3,938,683 AVG PAY 74,934 90,117 101,829 107,325 113,641 106,310 0 0 0 0 0 0 96,065 30-34 NO.4 1 5 8 7 20 8 0 0 0 0 0 53 TOT PAY 304,223 96,900 510,757 865,610 818,359 2,390,914 998,985 0 0 0 0 0 5,985,748 AVG PAY 76,056 96,900 102,151 108,201 116,908 119,546 124,873 0 0 0 0 0 112,939 35-39 NO.4 1 3 2 3 16 11 2 0 0 0 0 42 TOT PAY 327,264 93,045 322,730 226,267 359,592 1,897,066 1,413,371 255,188 0 0 0 0 4,894,523 AVG PAY 81,816 93,045 107,577 113,134 119,864 118,567 128,488 127,594 0 0 0 0 116,536 40-44 NO.1 1 1 0 2 9 8 8 2 0 0 0 32 TOT PAY 83,953 80,836 89,935 0 244,330 1,100,234 1,033,757 1,163,672 308,712 0 0 0 4,105,429 AVG PAY 83,953 80,836 89,935 0 122,165 122,248 129,220 145,459 154,356 0 0 0 128,295 45-49 NO.0 0 0 0 0 3 6 9 4 1 0 0 23 TOT PAY 0 0 0 0 0 349,151 771,140 1,210,728 598,123 165,184 0 0 3,094,326 AVG PAY 0 0 0 0 0 116,384 128,523 134,525 149,531 165,184 0 0 134,536 50-54 NO.0 0 0 0 0 2 3 4 7 7 0 0 23 TOT PAY 0 0 0 0 0 245,624 354,656 539,712 1,065,852 1,203,884 0 0 3,409,728 AVG PAY 0 0 0 0 0 122,812 118,219 134,928 152,265 171,983 0 0 148,249 55-59 NO.0 0 0 0 0 1 3 3 4 3 2 0 16 TOT PAY 0 0 0 0 0 119,374 439,311 423,173 600,047 420,471 362,111 0 2,364,487 AVG PAY 0 0 0 0 0 119,374 146,437 141,058 150,012 140,157 181,056 0 147,780 60-64 NO.0 0 0 0 0 0 0 1 0 0 1 0 2 TOT PAY 0 0 0 0 0 0 0 121,508 0 0 116,555 0 238,063 AVG PAY 0 0 0 0 0 0 0 121,508 0 0 116,555 0 119,032 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.22 14 17 20 16 53 39 27 17 11 3 0 239 TOT AMT 1,686,750 1,243,635 1,744,409 2,165,122 1,876,845 6,314,982 5,011,220 3,713,981 2,572,734 1,789,539 478,666 0 28,597,883 AVG AMT 76,670 88,831 102,612 108,256 117,303 119,151 128,493 137,555 151,337 162,685 159,555 0 119,656 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.4 0 6 0 0 0 0 0 0 0 0 0 10 TOT PAY 248,560 0 484,227 0 0 0 0 0 0 0 0 0 732,787 AVG PAY 62,140 0 80,705 0 0 0 0 0 0 0 0 0 73,279 25-29 NO.3 0 8 2 2 2 0 0 0 0 0 0 17 TOT PAY 177,840 0 702,148 220,645 188,510 195,228 0 0 0 0 0 0 1,484,371 AVG PAY 59,280 0 87,769 110,323 94,255 97,614 0 0 0 0 0 0 87,316 30-34 NO.2 0 4 2 5 13 3 0 0 0 0 0 29 TOT PAY 118,560 0 334,642 184,911 482,558 1,347,114 312,870 0 0 0 0 0 2,780,655 AVG PAY 59,280 0 83,661 92,456 96,512 103,624 104,290 0 0 0 0 0 95,885 35-39 NO.0 1 2 1 2 18 5 6 0 0 0 0 35 TOT PAY 0 100,818 159,687 93,774 180,918 1,983,402 624,036 852,803 0 0 0 0 3,995,438 AVG PAY 0 100,818 79,844 93,774 90,459 110,189 124,807 142,134 0 0 0 0 114,155 40-44 NO.0 0 1 0 0 7 11 9 3 0 0 0 31 TOT PAY 0 0 78,356 0 0 761,485 1,415,355 1,470,810 489,891 0 0 0 4,215,897 AVG PAY 0 0 78,356 0 0 108,784 128,669 163,423 163,297 0 0 0 135,997 45-49 NO.0 0 2 0 0 1 3 9 11 0 0 0 26 TOT PAY 0 0 175,484 0 0 106,095 373,990 1,313,197 1,546,501 0 0 0 3,515,267 AVG PAY 0 0 87,742 0 0 106,095 124,663 145,911 140,591 0 0 0 135,203 50-54 NO.0 0 0 0 1 0 1 3 9 4 1 0 19 TOT PAY 0 0 0 0 178,720 0 137,152 491,434 1,408,898 684,546 124,602 0 3,025,352 AVG PAY 0 0 0 0 178,720 0 137,152 163,811 156,544 171,137 124,602 0 159,229 55-59 NO.0 0 0 0 0 1 0 0 7 4 0 0 12 TOT PAY 0 0 0 0 0 122,795 0 0 1,082,487 641,339 0 0 1,846,621 AVG PAY 0 0 0 0 0 122,795 0 0 154,641 160,335 0 0 153,885 60-64 NO.0 0 0 0 0 2 0 0 1 1 1 0 5 TOT PAY 0 0 0 0 0 226,319 0 0 112,451 178,725 179,079 0 696,574 AVG PAY 0 0 0 0 0 113,160 0 0 112,451 178,725 179,079 0 139,315 65+ NO.0 1 0 0 0 0 0 0 0 0 0 0 1 TOT PAY 0 129,943 0 0 0 0 0 0 0 0 0 0 129,943 AVG PAY 0 129,943 0 0 0 0 0 0 0 0 0 0 129,943 TOT NO.9 2 23 5 10 44 23 27 31 9 2 0 185 TOT AMT 544,960 230,761 1,934,544 499,330 1,030,706 4,742,438 2,863,403 4,128,244 4,640,228 1,504,610 303,681 0 22,422,905 AVG AMT 60,551 115,381 84,111 99,866 103,071 107,783 124,496 152,898 149,685 167,179 151,841 0 121,205 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 54,927 30-34 1 20,868 1 38,716 - - 1 32,761 35-39 7 86,420 1 59,144 - - 4 93,346 40-44 14 280,246 6 281,536 3 113,271 4 118,746 45-49 24 567,030 7 382,269 16 637,189 2 43,862 50-54 26 612,579 13 707,474 47 2,637,532 2 40,781 55-59 4 103,144 14 636,382 134 6,507,349 10 273,931 60-64 15 208,903 10 494,144 187 8,855,680 16 557,733 65-69 1 43,106 18 555,129 252 11,040,411 29 850,162 70-74 - - 21 675,373 277 12,431,023 29 948,982 75-79 - - 15 505,208 213 8,986,066 28 762,983 80-84 - - 7 188,385 73 3,149,322 30 887,033 85-89 - - 5 161,705 32 1,158,147 21 570,572 90-94 - - 2 55,674 14 482,083 5 109,941 95-99 - - - - - - 3 26,911 100 & Over - - - - - - - - Total 92 1,922,296 120 4,741,139 1,248 55,998,073 186 5,372,671 Average Age 50 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. 9818-25 passed and adopted on March 6, 2025. 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. © 2026 Gabriel, Roeder, Smith & Company –All rights reserved. Presentation of the January 1, 2026 Actuarial Valuation Report City of Clearwater Employees’ Pension Plan 2 Demographics of the Plan •1,563 Active Members (down a little from 1,572 last year). –Covered Payroll: $128.5 million (vs. $119.1 million last year). –Average Annual Pay = $82,245 (vs. $75,777 last year). •1,554 Retirees and Beneficiaries (up from 1,523 last year). –Annual Pensions: $66.11 million (vs. $63.34 million last year). –Average Annual Pension = $42,543 (vs. $41,591 last year). 3 Principal Assumptions Used •Investment Return Assumption: 6.50% Net of Investment Fees. •Mortality Rates: Same as Florida Retirement System, which were last updated as of 7/1/24 (based on PUB-2010 Mortality Tables). –Life Exp. for Age 65 Retired Non-Haz: 86.5 (Males); 88.6 (Females) –Life Exp. for Age 65 Retired Hazardous: 85.4 (Males); 88.2 (Females) •Other Assumptions: Experience-based tables (updated 1/1/24 based on actual 2017-2022 experience). 4 Experience During 2025 •Net Investment Return: 11.4% (on Market Value); 6.27% (on smoothed Actuarial Value), vs. 6.50% assumed. –5-Year Average: 6.2%; 10-Year Average: 8.5% •Average salary increases: 11.56% vs. 5.74% expected. •Mortality experience was lower than expected ($845,596 actual decrease in retiree payroll vs. $1,330,967 expected). •Overall experience: Loss of $39.05 million (3.17% of last year’s actuarial liability). 5 Required City Contribution •For FY 2027: $12,354,780 (9.61% of Covered Pay) (vs. $7,322,218, or 6.15% of Covered Pay, for FY 2026); Minimumcity contribution (by Ordinance) = 7% of Covered Pay. •Contribution increase is due primarily to liability-related experience losses, particularly salary increases; average salary increases: 11.56% vs. 5.74% assumed, driven primarily by salary increases for Police Officers (17.8%) and Firefighters (22.5%). •Experience losses caused the required contribution to increase by 3.6% of Covered Pay (~ $4.6 million) and the Plan’s surplus to decrease by ~ $39 million. 6 Credit Balance •The Plan has a $44.2 million credit balance that has been built up over time by city contributions in excess of the required contributions and interest (it was $40.2 million at 1/1/2025). •Established to help offset volatility/spikes in the required city contribution during times of financial stress. •Any portion of this credit balance can be applied to reduce the city’s required contribution, but the city must still contribute a minimum of 7% of Covered Pay. 7 Clearwater Pension Plan Liabilities •Present Value of All Future Benefits as of 1/1/2026 (including benefits not yet earned, for expected future years of service): $1.56 Billion (vs. $1.47 Billion last year) •Actuarial Accrued Liability as of 1/1/2026 (based on benefits earned through 1/1/2026): $1.29 Billion (vs. $1.23 Billion last year) •LDROM (Low Default Risk Obligation Measure) as of 1/1/2026: $1.57 Billion (using a 4.90% interest rate) 8 Clearwater Pension Plan Assets •Market Value of Assets as of 1/1/2026: $1.44 Billion (vs. $1.34 Billion last year) •Actuarial Value of Assets as of 1/1/2026 (reflecting asset smoothing over a trailing 5-year period): $1.39 Billion (vs. $1.35 Billion last year) •Actuarial Value of Assets Net of the Plan’s Credit Balance (which is $44.2 million as of 1/1/2026): $1.34 Billion (vs. $1.31 Billion last year) 9 Clearwater Pension Plan Funded Ratios •Based on Market Value of Assets: 111.73% (vs. 109.01% last year) •Based on Actuarial Value of Assets (reflecting asset smoothing): 107.52% (vs. 110.02% last year) •Based on Net Actuarial Value (Net of Credit Balance): 104.09% (vs. 106.76% last year) 10 Conclusion •The City of Clearwater Employees’ Pension Plan continues to be in great shape (one of the only fully funded pension plans in Florida with $250+ million in assets). •Among municipal/governmental retirement plans in Florida with over $250 million in assets (about 60 plans), Clearwater’s Pension Plan has the highest MV-based funded ratio. •As of 7/1/2025, the Florida Retirement System had an 82.2% funded ratio (87.3% based on Market Value) using a 6.70% investment return assumption ($212.6 Billion in assets). 11 Disclaimers •This presentation is intended to be used in conjunction with the actuarial valuation report issued on April 20, 2026. This presentation should not be relied on for any purpose other than the purpose described in the valuation report. •This presentation shall not be construed to provide tax advice, legal advice or investment advice. © 2026 Gabriel, Roeder, Smith & Company – All rights reserved. Presentation of the January 1, 2026 Actuarial Valuation Report City of Clearwater Employees’ Pension Plan 2 Demographics of the Plan •1,563 Active Members (down a little from 1,572 last year). –Covered Payroll: $128.5 million (vs. $119.1 million last year). –Average Annual Pay = $82,245 (vs. $75,777 last year). •1,554 Retirees and Beneficiaries (up from 1,523 last year). –Annual Pensions: $66.11 million (vs. $63.34 million last year). –Average Annual Pension = $42,543 (vs. $41,591 last year). 3 Principal Assumptions Used •Investment Return Assumption: 6.50% Net of Investment Fees. •Mortality Rates: Same as Florida Retirement System, which were last updated as of 7/1/24 (based on PUB-2010 Mortality Tables). –Life Exp. for Age 65 Retired Non-Haz: 86.5 (Males); 88.6 (Females) –Life Exp. for Age 65 Retired Hazardous: 85.4 (Males); 88.2 (Females) •Other Assumptions: Experience-based tables (updated 1/1/24 based on actual 2017-2022 experience). 4 Experience During 2025 •Net Investment Return: 11.4% (on Market Value); 6.27% (on smoothed Actuarial Value), vs. 6.50% assumed. –5-Year Average: 6.2%; 10-Year Average: 8.5% •Average salary increases: 11.56% vs. 5.74% expected. •Mortality experience was lower than expected ($845,596 actual decrease in retiree payroll vs. $1,330,967 expected). •Overall experience: Loss of $39.05 million (3.17% of last year’s actuarial liability). 5 Required City Contribution •For FY 2027: $12,354,780 (9.61% of Covered Pay) (vs. $7,322,218, or 6.15% of Covered Pay, for FY 2026); Minimum city contribution (by Ordinance) = 7% of Covered Pay. •Contribution increase is due primarily to liability-related experience losses, particularly salary increases; average salary increases: 11.56% vs. 5.74% assumed, driven primarily by salary increases for Police Officers (17.8%) and Firefighters (22.5%). •Experience losses caused the required contribution to increase by 3.6% of Covered Pay (~ $4.6 million) and the Plan’s surplus to decrease by ~ $39 million. 6 Credit Balance •The Plan has a $44.2 million credit balance that has been built up over time by city contributions in excess of the required contributions and interest (it was $40.2 million at 1/1/2025). •Established to help offset volatility/spikes in the required city contribution during times of financial stress. •Any portion of this credit balance can be applied to reduce the city’s required contribution, but the city must still contribute a minimum of 7% of Covered Pay. 7 Clearwater Pension Plan Liabilities •Present Value of All Future Benefits as of 1/1/2026 (including benefits not yet earned, for expected future years of service): $1.56 Billion (vs. $1.47 Billion last year) •Actuarial Accrued Liability as of 1/1/2026 (based on benefits earned through 1/1/2026): $1.29 Billion (vs. $1.23 Billion last year) •LDROM (Low Default Risk Obligation Measure) as of 1/1/2026: $1.57 Billion (using a 4.90% interest rate) 8 Clearwater Pension Plan Assets •Market Value of Assets as of 1/1/2026: $1.44 Billion (vs. $1.34 Billion last year) •Actuarial Value of Assets as of 1/1/2026 (reflecting asset smoothing over a trailing 5-year period): $1.39 Billion (vs. $1.35 Billion last year) •Actuarial Value of Assets Net of the Plan’s Credit Balance (which is $44.2 million as of 1/1/2026): $1.34 Billion (vs. $1.31 Billion last year) 9 Clearwater Pension Plan Funded Ratios •Based on Market Value of Assets: 111.73% (vs. 109.01% last year) •Based on Actuarial Value of Assets (reflecting asset smoothing): 107.52% (vs. 110.02% last year) •Based on Net Actuarial Value (Net of Credit Balance): 104.09% (vs. 106.76% last year) 10 Conclusion •The City of Clearwater Employees’ Pension Plan continues to be in great shape (one of the only fully funded pension plans in Florida with $250+ million in assets). •Among municipal/governmental retirement plans in Florida with over $250 million in assets (about 60 plans), Clearwater’s Pension Plan has the highest MV-based funded ratio. •As of 7/1/2025, the Florida Retirement System had an 82.2% funded ratio (87.3% based on Market Value) using a 6.70% investment return assumption ($212.6 Billion in assets). 11 Disclaimers •This presentation is intended to be used in conjunction with the actuarial valuation report issued on April 20, 2026. This presentation should not be relied on for any purpose other than the purpose described in the valuation report. •This presentation shall not be construed to provide tax advice, legal advice or investment advice. Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0687 Agenda Date: 6/15/2026 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.2 SUBJECT/RECOMMENDATION: Approve Investment Advisory Agreement with Driehaus Capital Management LLC, for investment in the Driehaus Small Cap Growth Strategy Account, and authorize the appropriate officials to execute same. SUMMARY: The plan’s current small cap growth money manager, Riverbridge Partners, LLC, has been recommended for termination by the pension plan’s pension investment committee. The City’s investment consultant, CapTrust Advisors, conducted a manager search for a replacement small cap growth money manager. The pension investment committee reviewed the search results at the February 19, 2026, quarterly committee meeting and unanimously selected Driehaus Capital Management LLC (Driehaus) for recommendation to the Pension Trustees. The investment will be in Drieahaus’ Small Cap Growth Strategy Account, for an initial investment of up to $25 million, or approximately 1.7% of the total plan investment portfolio. As March 31, 2026, the fund’s performance over the past five years has been as follows: Benchmark Performance Index Last 1 year 39.58% 23.58% Last 3 years 19.37% 12.27% Last 5 years 5.33% 1.62% Investment manager fees will be 0.60% on all assets under management. The pension plan’s outside legal counsel, Klausner, Kaufman, Jensen and Levinson, has reviewed and approved the participation agreement and addendum for execution. STRATEGIC PRIORITY: Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program. Page 1 City of Clearwater Printed on 6/9/2026 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only 25 EAST ERIE STREET CHICAGO, IL 60611 // 312.587.3800 Driehaus Small Cap Growth Strategy The information presented is intended for the sole and exclusive use of the intended recipient and contains confidential information that should only be relied on by the recipient. The information and opin ions contained in this material are derived from proprietary and non-proprietary sources deemed by Driehaus to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. Reliance upon information in this material is at the sole discretion of the reader. The opinions expressed are those of Driehaus Capital Management (“Driehaus”) as of 3/31/26 and are subject to change without notice at any time due to changes in market or economic conditions. This information is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. You should assess your own investment needs based on your individual financial circumstances and investment objectives. This information is provided for illustrative purposes only. Any performance listed represents past performance and does not guarantee future results. Current performance may be lower or higher than the data quoted. DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PRESENTATION OVERVIEW 3 FIRM OVERVIEW 6 STRATEGY OVERVIEW 7 PHILOSOPHY, PROCESS, & PEOPLE 19 PORTFOLIO REVIEW 24 APPENDIX DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only FIRM OVERVIEW 3/31/26 STRENGTHS • Specialized expertise in active management • Focus on persistent market inefficiencies • Independent ownership • Strong alignment of interests with investors FIRM FACTS • Multi-boutique structure • $25.9 billion AUM • Founded in 1982 • 88 employees • SEC registered • Chicago-based US Growth Equities $12.1B AUM • US Micro, Small & Small/Mid Cap Strategies • Life Sciences Strategy Emerging Markets Equities $10.8B AUM Global Equities $73M AUM • All Cap Emerging Markets Strategies • Small Cap Emerging Markets Strategy • All Cap Global Equity Strategy International Growth Equities $2.8B AUM • Ex-US Small Cap Strategies • Ex-US Developed Small Cap Strategy • Ex-US Developed Large Cap Strategy 3 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only US EQUITIES OVERVIEW • The team focuses on investing in US-traded stocks of companies experiencing positive fundamental change with market capitalizations of between $100 million and $20 billion. • Investments are allocated to the strategies based on market capitalization or sector and may be held in one or more strategy. The Driehaus US Growth Equities Team is responsible for four strategies. 3/31/26 Strategy PM Inception AUM Capitalization Range Micro Cap Growth (closed to investors) January 19981 $2,891 M $100 million to $2 billion Small Cap Growth (soft closed)January 20061 $5,904 M $500 million to $8 billion Small/Mid Cap Growth February 2012 $2,804 M $1 billion to $20 billion Life Sciences February 2019 $541 M All Cap 1Represents dates Jeff James became Lead Portfolio Manager. Predecessor team(s) managed Micro Cap Growth from January 1996 to December 1997 and Small Cap Growth from January 1980 to December 2005. 4 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only COMPETITIVE EDGE Team Experience: Lead portfolio manager inception date 2006. Stability: No team departures in over 15 years. Alignment and Incentivization Skin in the game: Portfolio Management Team has majority of their liquid net worth invested in the strategies. Revenue share: Team is highly incentivized to outperform with its own P&L. . Differentiated Approach Market anomaly: A differentiated philosophy that identifies and capitalizes on persistent market inefficiencies. Biotech: Industry typically excluded by active managers. Our deep domain expertise and proven investment framework is a differentiator. Investment Process Market cycles: Robust process has been time tested and proved consistently repeatable across multiple market cycles. Growth profiles: Strategy is diversified across different stages and types of growth. 5 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only STRATEGY OVERVIEW Portfolio Management Team Investment Style Growth equity investment approach Investment Objective Seeks to outperform the Russell 2000 Growth Index over a full market cycle Investment Vehicles • Separately Managed Account • Collective Investment Trust • Mutual Fund JEFF JAMES Lead Portfolio Manager Tenure with Firm: 1997 MICHAEL BUCK Portfolio Manager Tenure with Firm: 2002 PRAKASH VIJAYAN, CFA Assistant Portfolio Manager Tenure with Firm: 2010 • Market Capitalizations <$8bn at time of initial investment • Companies undergoing positive change • Focus on rate of change of earnings • Diversification via different growth profiles • Unconstrained, benchmark aware portfolio • Active trading • ESG aware portfolio What to Expect 6 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PHILOSOPHY, PROCESS, & PEOPLE Manuel Rocha Analyst Health Care/Biotechnology Tenure with Firm: 2021 Felicity Huang Associate Analyst Consumer/Financials/Information Technology Tenure with Firm: 2024 OUR TEAM 3/31/26 Experienced portfolio managers and analysts with specific areas of expertise and coverage responsibilities. Jeff James Lead Portfolio Manager Tenure with Firm: 1997 Michael Buck Portfolio Manager / Senior Analyst Consumer Discretionary/Staples/Financials Tenure with Firm: 2002 Portfolio Management Assistant Portfolio Management / Analysts Prakash Vijayan, CFA Assistant Portfolio Manager / Senior AnalystInformation Technology/Communication ServicesTenure with Firm: 2010 Alex Munns2 Senior Analyst Health Care/Biotechnology Tenure with Firm: 2015 Michael Caldwell2 Senior Analyst Health Care/BiotechnologyTenure with Firm: 2007 Ben Olien, CFA Senior Analyst Materials/Energy/Industrials Tenure with Firm: 2005 Ryan Lowery1 Senior Analyst Materials/Energy/Industrials Tenure with Firm: 2014 Maximilian Heitner1 Chief Risk Officer / Director of Research Tenure with Firm: 2010 Michael So1 Senior Risk Analyst Tenure with Firm: 2015 Risk Coverage Traders Abby Schlehuber1 Environmental, Social and Governance Analyst Tenure with Firm: 2024 1Also serves on the firm’s ESG committee.2Also has portfolio manager or assistant portfolio manager responsibilities within the firm’s research structure. Jason Vedder Director of Trading and Operations Tenure with Firm: 2000 Jeffrey Funk Senior Trader Tenure with Firm: 2005 Troy Frederick Senior Trader Tenure with Firm: 2000 Kimberly Nagy Senior Trader Tenure with Firm: 2001 Samuel Borrelli, CMT Senior Trader Tenure with Firm: 2011 Jim Pelletier Senior Trader Tenure with Firm: 2022 Julia Ubysz Junior Trader Tenure with Firm: 2026 Damian Gaj Junior Trader Tenure with Firm: 2018 7 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only • Companies with superior business models, growth potential and quality management teams generate superior long-term shareholder returns • These inefficiencies exist and persist due to investors’ cognitive biases • These inefficiencies follow predictable and investable patterns • We capitalize on these inefficiencies by combining behavioral, macro, and fundamental analyses • We believe many parts of the global investment universe are informationally efficient, but behaviorally inefficient EQUITY INVESTMENT PHILOSOPHY Stock prices are driven by earnings growth and earnings revisions over the long-term Markets tend to misprice companies undergoing positive growth inflections We Believe 8 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only INVESTMENT PHILOSOPHY Our philosophy capitalizes on a persistent market inefficiency. Inefficiencies follow predictable and investable patterns.PRICETIME 2. Earnings expectations (anchoring) Investors underestimate magnitude, acceleration and/or duration of earnings growth as they anchor to past information. 3. Multiple re-rate (adjustment) Investors underestimate the multiple expansion that follows as they adjust to the new growth rates.4. Overconfidence (herding) Unfavorable risk/reward dynamics. Behavioral trading dynamics Predictable and investable patterns 1. Growth Inflection A positive trend change in a company’s potential or expected growth trajectory emerges. The Dynamics of Growth: How markets misprice securities following growth inflections 9 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only OUR EDGE The integration of fundamental and macro research to capitalize on the behavioral dynamics of the markets provides us a definable and repeatable edge. Fundamental M a c r o Behav i o r a l Integrated Process Identify company-specific growth inflection points Develop view of magnitude, acceleration and duration of growth Identify suitable entry, sizing and exit points Reconcile our fundamental and macro expectations with our behavioral views Identify key business growth drivers and develop a view on their evolution and sensitivity Evaluate the impact of changes in macro on company fundamentals and on portfolio country/sector positioning 10 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only INVESTMENT PROCESS OVERVIEW A structured, repeatable process, that leads to a portfolio of mispriced securities. Liquidity/Market Cap ~ 2300 Stocks ~ ~ 5750 Stocks ~ Build Watch List ~ 300 Stocks ~ Construct Portfolio ~ 100 Stocks ~ Portfolio Investment Process Eliminate Stocks • > USD $1.0mn ADV • <$500mn and >$8bn market caps Bottom-Up Analysis • Positive changes to earnings • Improving Technicals • Fundamental Analysis Buy/Hold/Sell Decisions • Highest-conviction • Most timely opportunities for earnings acceleration and value creation Holdings • Undergoing positive change • Diversified by sector and growth profile 11 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only BUY AND SELL DISCIPLINE BUY/HOLD RATIONALE • High conviction that future earnings will exceed expectations • Valuations are attractive relative to peers and stock’s history • Attractive asymmetric return potential exists (security still likely mispriced) • Technicals confirm fundamental investment thesis SELL REASONS • Changes to the fundamental investment thesis • Valuation and risk/reward less favorable • Industry or sector weakness • Make room for higher conviction and more timely investments • Relative strength deterioration Turnover is a byproduct of new idea generation and risk management. We avoid complacency through our unbiased sell discipline. 12 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only FUNDAMENTAL ANALYSIS Develop company-specific investment theses with a defined research focus for specific growth profiles. • Growth prospects linked to economic or industry cycles • Inflections tied to shifts in macro or industry conditions • Earnings profiles may be more volatile/shorter term in nature • Early stages of fundamental turnaround • Relative value opportunities deemed to be attractive in relation to growth potential • Stock typically well below historic highs • Durable organic growth rates based on strong market position and sustainable competitive advantages • Attractive, defensible margins • Superior management quality • Highly predictable business model • Disruptive business models and/or technologies • Differentiated product or service • Supportive secular trends • Underpenetrated or open-ended market Dynamic Growth Cyclical Growth Recovery Growth Consistent Growth Typical Range: 25-40%Typical Range: 15-40%Typical Range: 10-20%Typical Range: 25-40% 13 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only BIOTECH/PHARMA INVESTMENT FRAMEWORK IP Strong, long-duration intellectual property Biology Robust biologic rationale Preclinical Rigorous preclinical testing for safety Rigorous preclinical testing for efficacy Clinical Well-characterized dosing scheme Strong precedent, with well-designed clinical trials Regulatory Precedented, expedited path to market Competition Limited competition Market Identified, symptomatic patient population Accessible market Commercial rights in key markets Timeline Good catalyst flow Well-capitalized to create value Management Excellent management with a strong track record Checking many of these boxes meaningfully improves probability of success. This framework is fully aligned with core investment philosophy. 14 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only BIOTECH/PHARMA CAPABILITIES Biotech/Pharma Contribution Biotech/Pharma Average Weight Source: Driehaus Capital Management, FactSet Research Systems LLCNet of Fee. GICS Sub-Industry Group classifications. Driehaus Small Cap Growth Strategy Russell 2000® Growth Index 3/31/26 Proven ability to generate alpha in these industries. Our outperformance driven by bottom-up security selection. -6% -3% 0% 3% 6% 9% 12% 15% Mar '26 202520242023202220212020201920182017201620152014 0% 5% 10% 15% 20% 25% 30% Mar'26202520242023202220212020201920182017201620152014 15 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PORTFOLIO CONSTRUCTION • Position sizing is based on conviction • Broad portfolio guidelines (see below) provide sensible diversification parameters • Understand individual and aggregate risk factor exposure Our bottom-up, conviction driven process allows us to understand the risks we are taking. Characteristic Parameter Rationale Cash Fully invested Market timing conflicts with investment objective Position size Maximum ~ 3.0%Express conviction while minimizing concentration risks Number of holdings ~ 100 Sufficiently robust universe Sector Maximum 20% overweight Manage sector concentration risks Market capitalization < $8 billion at time of initial investment Allow winners to run Off benchmark holdings / ADRs No limit / ≤ 10%Optimizes universe Growth Profiles Maintain exposure to Dynamic/Cyclical/Recovery/ Consistent/Biotech Enhances end market and risk factor diversification without sacrificing conviction Volatility No tracking error restrictions Avoid closet indexing Key Risk Management Considerations Decompose expected tracking error Understand exposures/sensitivities Technical overlay Understand systematic risks and accentuate idiosyncratic exposures Minimize negative surprises Minimize biases 16 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only RISK MANAGEMENT RISK MANAGEMENT IS INTEGRATED INTO EVERY STEP OF THE INVESTMENT PROCESS Idea Generation Ensure liquidity Analysis Validate investment theses Portfolio Construction Optimize intended exposures Trading Best execution Investment Policy Committee Multi-departmental oversight Compliance Adherence to firm policies and obligations Understand Exposures • At the sector and security levels • Style factors such as: – Momentum – Volatility – Valuation • Analyze exposures on a relative, absolute and beta-adjusted basis • Ensure appropriate portfolio diversification • ESG factors • At the sector and security levels • Intra-portfolio correlations • Correlations, betas, volatilities Conduct / Analyze: • Scenario analysis • Stress tests Comprehensive and robust risk management. Monitor Exposures Monitor Sensitivities Understand Sensitivities 17 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only GROWTH PROFILE WEIGHTINGS 0 20 40 60 80 100 Dec '25 Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Jun '24 Mar '24 Dec '23 Sep '23 Jun '23 Mar '23 Dec '22 Sep '22 Jun '22 Mar '22 Dec '21 Sep '21 Jun '21 Mar '21 Dec '20 Sep '20 Jun '20 Mar '20 Dynamic Growth BiotechnologyCyclical Growth Consistent GrowthRecovery/Special Situation Growth 12/31/25 18 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PORTFOLIO REVIEW 1Data is calculated monthly. 2Performance statistics represent the strategy’s composite. Sources: FactSet Research Systems Inc., Morgan Stanley Capital International and Standard & Poor’s Global Industry Classification Standard methodology to identify sector classifications. Performance numbers are estimates as of the date indicated and represent the strategy’s composite of Small Cap Growth accounts managed by Driehaus Capital Management. Please see the notes at the end of this presentation for additional information. Portfolio Characteristics Strategy Benchmark Number of Holdings 126 1,107 Weighted Avg. Market Cap (M)$10,287 $5,948 Median Market Cap (M)$6,201 $1,171 Active Share 73.29 n/a Active Share (3-year avg.)1 79.05 n/a AUM Composite Assets: $5,904 Sector Weights (%) Strategy Benchmark Active Weights Comm Services 0.5 2.3 -1.7 Consumer Discretionary 7.1 7.6 -0.5 Consumer Staples 1.3 2.0 -0.7 Energy 7.8 3.7 4.0 Financials 3.2 9.5 -6.3 Health Care 29.2 24.5 4.7 Industrials 29.8 23.8 6.1 Information Technology 15.2 19.8 -4.6 Materials 2.8 4.2 -1.4 Real Estate 0.3 2.1 -1.8 Utilities 0.5 0.5 0.0 Cash 2.3 0.0 2.3 Performance Statistics2 (Annualized 5 Years) Strategy Benchmark Information Ratio 0.46 n/a Beta 0.98 1.00 Standard Deviation 22.10 20.90 Tracking Error 8.12 n/a R-squared 0.87 1.00 Upside Capture 101.76 n/a Downside Capture 90.13 n/a Top 5 Holdings3 (as of 2/28/26) Company Sector % of Strategy Praxis Precision Medicines, Inc.Health Care 2.1 Crinetics Pharmaceuticals Inc Health Care 1.8 Planet Labs PBC Class A Industrials 1.7 FTAI Aviation Ltd.Industrials 1.7 InterDigital, Inc.Information Technology 1.7 3/31/26 3Holdings subject to change. 19 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PORTFOLIO CHARACTERISTICS 3/31/26 1Active Share measures the degree of active management by a portfolio manager. 2Est 3-5 Yr EPS Growth: Displays the estimated 3-5 year EPS growth rate as of the report date. 3These are the scores of both the portfolio and benchmark (weighted average) of our internal Revision Model. 4Medium-Term Momentum (12M return – 1M return). Exposure; Axioma World Wide Linked Fundamental Medium Horizon Risk Mod-el. This is expressed for both the portfolio and benchmark in standard deviations. Exposures are a by-product of the investment approach and subject to change based on the market environment. Data from 12/31/08 - 3/31/26. Driehaus Small Cap Growth Strategy Russell 2000® Growth Index 0% 20% 40% 60% 80% 100% Mar'26Dec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08 Active Share1 Source: Factset Research Systems, Inc. 0% 5% 10% 15% 20% 25% 30% Mar'26Dec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08 3-5 Year Earnings-Per-Share Growth Rates2 Source: Factset Research Systems, Inc. Earnings Revisions3 0% 10% 20% 30% 40% 50% 60% 70% 80% Mar'26Dec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08 Source: Factset Research Systems, Inc. -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% Mar'26Dec'25Dec'24Dec'23Dec'22Dec'21Dec'20Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08Standard DeviationMedium-Term Momentum4 Source: Axioma, Inc. 20 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PERFORMANCE REVIEW -------------------------------- Annualized -------------------------------- MTH QTD YTD 1 Year 3 Years 5 Years 10 Years Since Inception (1/1/06)* Driehaus Small Cap Growth (Gross)-7.16 -0.19 -0.19 40.31 19.99 5.92 18.99 13.94 Driehaus Small Cap Growth (Net)-7.20 -0.31 -0.31 39.58 19.37 5.33 18.20 13.07 Russell 2000® Growth Index1 -6.30 -2.81 -2.81 23.58 12.27 1.62 9.79 8.49 Month-end Performance (%) as of 3/31/26 Source: Driehaus Capital Management*Date Jeff James was named Portfolio Manager for the Strategy. Predecessor team(s) managed the Small Cap Growth Strategy from January 1980 to December 2005. The complete performance history of the Composite is shown in the Appendix of this presentation. The performance data represents the strategy’s composite of small cap growth accounts managed by Driehaus Capital Management LLC (DCM) (the composite). These returns are estimated for the period as the underlying accounts’ data is yet to be reconciled to the custodian bank. Net of fee returns reflect the payment of advisory fees and in some instances, other fees and expenses such as administrative and custodian fees while the gross of fee returns do not. Both are net of brokerage commissions charged to the accounts and reflect the reinvestment of income and other earnings. The performance data shown above rep- resents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Please see the notes section for additional information. 1Russell 2000® Growth Index measures the performance of those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. Please see the notes at the end of this presentation for additional information. Jeff James as Portfolio Manager of the Driehaus Small Cap Growth Strategy 3/31/26 21 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PERFORMANCE REVIEW Source: Driehaus Capital ManagementThe performance data represents the strategy’s composite of small cap growth accounts managed by Driehaus Capital Management LLC (DCM) (the composite). These returns are estimated for the period as the underlying accounts’ data is yet to be reconciled to the custodian bank. Net of fee returns reflect the payment of advisory fees and in some instances, other fees and expenses such as administrative and custodian fees while the gross of fee returns do not. Both are net of brokerage commissions charged to the accounts and reflect the reinvestment of income and other earnings. The performance data shown above rep- resents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Please see the notes section for additional information. ¹Jeff James became Lead Portfolio Manager on January 1, 2006. Predecessor team(s) managed the Small Cap Growth Strategy from January 1980 to December 2005. The complete performance history of the Composite is shown in the Appendix of this presentation. 2Russell 2000® Growth Index measures the performance of those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. Please see the notes at the end of this presentation for additional information. 12/31/25 Calendar Year Performance (%) Year Driehaus Small Cap Growth (Gross) Driehaus Small Cap Growth (Net) Russell 2000® Growth Index2 20061 14.43 13.57 13.35 2007 42.20 41.12 7.05 2008 -46.21 -46.86 -38.54 2009 25.93 24.93 34.47 2010 27.46 26.56 29.09 2011 -0.46 -1.27 -2.91 2012 11.08 10.15 14.59 2013 59.65 58.25 43.30 2014 4.83 3.92 5.60 2015 2.44 1.53 -1.38 2016 12.65 11.58 11.32 Year Driehaus Small Cap Growth (Gross) Driehaus Small Cap Growth (Net) Russell 2000® Growth Index2 2017 32.62 31.44 22.17 2018 4.10 3.31 -9.31 2019 41.84 40.84 28.48 2020 64.18 62.82 34.63 2021 22.44 21.66 2.83 2022 -33.95 -34.32 -26.36 2023 20.01 19.37 18.66 2024 28.13 27.48 15.15 2025 17.43 16.82 13.01 22 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only KEY ALPHA GENERATION FEATURES Growth Inflection Investing • Captures a persistent market inefficiency ~100 Positions • Optimizes the investment style • Fully captures the opportunity set • Improves the strategy’s risk profile Trading • Captures the sweet spot of stocks’ outperformance • Ensures stocks benefit from a positive trend • Component of strategy’s risk management Technical Integration • Complements the team’s deep fundamental research • Enhances both the buy and sell discipline 23 APPENDIX DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only ESG INTEGRATION Seek to identify and understand ESG-related risks. Analysis • Quantitative processes to identify risks that may not be obvious through traditional fundamental analysis. • Qualitative analysis of companies’ ESG footprints and policies. • Third-party ESG resources include MSCI Inc., Sustainalytics and Truevalue Labs Engagement • Engage with company management on potential ESG concerns that we have identified. Guidelines • Negative screening not applied within our traditional strategy. • ESG or SRI guidelines available for segregated account mandates. Responsibility & Oversight • Portfolio managers, analysts and risk management are responsible for the firm’s ESG policy. • ESG Committee is responsible for reviewing/maintaining the policy. • Investment Policy Committee provides oversight of the policy. Commitment to International Standards • We are a signatory of the U.N. Principles for Responsible Investment. 25 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only ACTIVE MANAGEMENT ADDS VALUE Representative Portfolio Relative Performance: Average +3.49% pts Relative Standard Deviation: Average -1.00% pts Total Rolling Periods 6,666 Positive Periods 4,446 (67% of periods) Negative Periods 2,220 (33% of periods) Gross Performance and Volatility Analysis, Rolling 1-Year Periods Representative Portfolio vs. “Buy & Hold” Portfolio1 – 1/1/20062 – 3/31/2026 Source: Driehaus Capital Management and FactSet Research Systems, LLC (“FactSet”) The table above provides insight into the value added from the turnover within the Driehaus Small Cap Growth strategy. To quantify the benefit, the strategy’s actual performance is compared to a hypothetical portfolio where no trading takes place, which is called the “Buy & Hold Portfolio.” The table provides outcomes for 6,666 rolling one-year periods. For these calculations, the periods are rolled each day. This means that each day, the Buy & Hold Portfolio (the static, untraded portfolio) is reset and then performance for that one-year period is determined. The next day, the process is repeated. Each of these periods is then compared to the performance of the strategy for the same period. The difference between the actual strategy performance and the Buy & Hold Portfolio performance reflects the added value of trading. Construction Methodology of Buy & Hold Periods The Buy & Hold Portfolio, which is a static untraded hypothetical portfolio, represents one-year performance, rolled every day, from January 1, 2006 through the period ended March 31, 2026. (The first one-year period started January 1, 2006 and ended December 31, 2006. The next one-year period started January 2, 2006 and ended January 1, 2007, etc.) Performance is gross of fees and net of transaction costs. Performance is estimated and has not been reconciled for the referenced periods. The buy & hold portfolio is gross of fees and has no transaction costs as it has no transactions. 1The representative portfolio performance and volatility figures are generated by Driehaus Capital Management and represent the performance and volatility of the representative port- folio for the Driehaus Small Cap Growth strategy over rolling 12-month periods. The “buy & hold” portfolio performance and volatility are generated by FactSet Research Systems LLC and represent the perfor- mance of a static (untraded) Driehaus Small Cap Growth representative portfolio over 12-month periods. 2Jeff James was named sole lead portfolio manager on 1/1/06. Returns and Volatility Buy & HoldPortfolio 13.3%18.31 23.2% 16.8% 24.2% 0% 5% 10% 15% 20% 25% Returns Volatility 3/31/26 26 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only ACTIVE MANAGEMENT ADDS VALUE Representative Portfolio Relative Performance: Average +3.49% pts Relative Standard Deviation: Average -0.99% pts Total Rolling Periods 6,666 Positive Periods 4,446 (67% of periods) Negative Periods 2,220 (33% of periods) Net Performance and Volatility Analysis, Rolling 1-Year Periods Representative Portfolio vs. “Buy & Hold” Portfolio1 – 1/1/20062 – 3/31/2026 Source: Driehaus Capital Management and FactSet Research Systems, LLC (“FactSet”) The table above provides insight into the value added from the turnover within the Driehaus Small Cap Growth strategy. To quantify the benefit, the strategy’s actual performance is compared to a hypothetical portfolio where no trading takes place, which is called the “Buy & Hold Portfolio.” The table provides outcomes for 6,666 rolling one-year periods. For these calculations, the periods are rolled each day. This means that each day, the Buy & Hold Portfolio (the static, untraded portfolio) is reset and then performance for that one-year period is determined. The next day, the process is repeated. Each of these periods is then compared to the performance of the strategy for the same period. The difference between the actual strategy performance and the Buy & Hold Portfolio performance reflects the added value of trading. Construction Methodology of Buy & Hold PeriodsThe Buy & Hold Portfolio, which is a static untraded hypothetical portfolio, represents one-year performance, rolled every day, from January 1, 2006 through the period ended March 31, 2026. (The first one-year period started January 1, 2006 and ended December 31, 2006. The next one-year period started January 2, 2006 and ended January 1, 2007, etc.) Performance is net of fees and transaction costs. Performance is estimated and has not been reconciled for the referenced periods. The buy & hold portfolio is gross of fees and has no transaction costs as it has no transactions. 1The representative portfolio performance and volatility figures are generated by Driehaus Capital Management and represent the performance and volatility of the representative portfolio for the Driehaus Small Cap Growth strategy over rolling 12-month periods. The “buy & hold” portfolio performance and volatility are generated by FactSet Research Systems LLC and represent the performance of a static (untraded) Driehaus Small Cap Growth representative portfolio over 12-month periods. 2Jeff James was named sole lead portfolio manager on 1/1/06. Returns and Volatility Buy & HoldPortfolio 12.4% 18.31 23.2% 15.9% 24.2% 0% 5% 10% 15% 20% 25% Returns Volatility 3/31/26 27 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only PERFORMANCE REVIEW --------------------- Annualized --------------------- MTH QTD YTD 1 Year 3 Years 5 Years 10 Years Since Inception (1/1/80) Driehaus Small Cap Growth (Gross)-7.16 -0.19 -0.19 40.31 19.99 5.92 18.99 17.68 Driehaus Small Cap Growth (Net)-7.20 -0.31 -0.31 39.58 19.37 5.33 18.20 16.90 Russell 2000® Growth Index1 -6.30 -2.81 -2.81 23.58 12.27 1.62 9.79 8.72 Source: Driehaus Capital Management The performance data represents the strategy’s composite of small cap growth accounts managed by Driehaus Capital Management LLC (DCM) (the composite). These returns are estimated for the period as the underlying accounts’ data is yet to be reconciled to the custodian bank. Net of fee returns reflect the payment of advisory fees and in some instances, other fees and expenses such as administrative and custodian fees while the gross of fee returns do not. Both are net of brokerage commissions charged to the accounts and reflect the reinvestment of income and other earnings. The performance data shown above rep-resents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Please see the notes section for additional information. 1Russell 2000® Growth Index measures the performance of those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. Please see the notes at the end of this presentation for additional information. Month-end Performance (%) as of 3/31/26 3/31/26 28 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only INVESTMENT TEAM BIOGRAPHIES Jeffrey James is the lead portfolio manager for the Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies. In his role as portfolio manager, he has final responsibility for the strategies’ portfolio construction, risk management and buy/sell decisions. Additionally, he is responsible for implementation of the investment philosophy, idea generation as well as the evaluation of macro-level trends and the market environment. Mr. James began his career with Lehman Brothers in 1990. From 1991 to 1997, he worked at the Federal Reserve Bank of Chicago as an analyst and joined Driehaus Capital Management in 1997 as a sector analyst covering the information technology and energy sectors for the firm’s Small Cap Growth and Mid Cap Growth strategies. In 1998, he began managing the Driehaus Micro Cap Growth strategy. From 2001 to 2005, he also served as portfolio manager for the firm’s long/short hedge fund. He was named portfolio manager of the Driehaus Small Cap Growth strategy in 2006 and the portfolio manager of the Driehaus Small/Mid Cap Growth strategy in 2012. Mr. James received his B.S. in finance from Indiana University in 1990 and his M.B.A. from DePaul University in 1995. Michael Buck is a portfolio manager and a senior analyst on the US Growth Equities Team with a focus on the consumer discretionary, consumer staples and financials sectors. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across the Micro Cap Growth, Small Cap Growth and Small/ Mid Cap Growth strategies. As portfolio manager for these three strategies, he is also responsible for providing depth of leadership to the team. Mr. Buck began his career at Deloitte Consulting, LLC as a business analyst until he joined Driehaus Capital Management in 2002. He received his B.A. and B.M. in economics and cello performance from Northwestern University in 2000. Prakash Vijayan, CFA, is an assistant portfolio manager and senior analyst on the US Growth Equities Team with a focus on the information technology and communication services sectors. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across the Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies. Mr. Vijayan began his career as an equity research analyst for Beekman Capital Management in 2005 covering the technology, media and telecommunications sectors prior to joining Driehaus Capital Management in 2010. He received his Bachelors of Technology degree in mechanical engineering from Indian Institute of Technology in 2003 and a Masters of Science in mechanical engineering from Arizona State University in 2005. Mr. Vijayan is a CFA charterholder. 29 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only Michael Caldwell is a senior analyst and a portfolio manager on the US Growth Equities Team with a focus on the health care sector. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across all four of the strategies managed by the Driehaus US Growth Equities Team. Additionally, specific to the Driehaus Life Sciences and Driehaus Event Driven strategies, Mr. Caldwell acts as a portfolio manager and is also responsible for security selection, portfolio construction and risk management. Mr. Caldwell has been investing in healthcare equities for more than a decade and has analyzed, followed, and interacted with management of most small cap healthcare companies in the Russell 3000. Prior to joining Driehaus in 2007, Mr. Caldwell worked as a graduate research associate for the Department of Biomedical Engineering at Yale University. Mr. Caldwell received his B.S. in biomedical engineering from Yale University. INVESTMENT TEAM BIOGRAPHIES Ryan Lowery is a senior analyst on the US Growth Equities Team with a focus on industrials. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across the Driehaus Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies managed by the Driehaus US Growth Equities Team. Additionally, he serves on the firm’s ESG committee. Prior to joining Driehaus Capital Management as a research intern in 2013, Mr. Lowery played professional hockey in the AHL and ECHL. He received his B.A. in mathematical economics from Colorado College and an M.B.A. from the Kellogg Graduate School of Management at Northwestern University. Alex Munns is a senior analyst and an assistant portfolio manager on the US Growth Equities Team with a focus on the health care sector. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across all four of the strategies managed by the Driehaus US Growth Equities Team. Additionally, specific to the Driehaus Life Sciences strategy, Mr. Munns acts as an assistant portfolio manager and is also responsible for security selection, portfolio construction, and risk management. Mr. Munns has been working with or investing in health care companies since 2011. Before joining Driehaus Capital Management in 2015, Mr. Munns worked in oncology commercialization and business development with Baxalta where he performed due diligence on assets across oncology and hematology. Prior to that, he worked in business development for Terumo Cardiovascular Systems, managing contracts between the company, its suppliers, and due diligence. Mr. Munns has also taught for Teach for America in Chicago. Mr. Munns received a B.A. from Yale University and an M.B.A. from the University of Michigan Ross School of Business. 30 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only INVESTMENT TEAM BIOGRAPHIES Ben Olien, CFA, is a senior analyst on the US Growth Equities Team with a focus on the materials, energy, industrials and utilities sectors. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across the Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies. Mr. Olien began his career with the International Trade Group as a futures trader until he joined Driehaus Capital Management in 2005. He received his B.B.A. in accounting and finance from the University of Wisconsin-Madison in 2003. Mr. Olien is a CFA charterholder. Manuel Rocha, Ph.D., is an analyst on the US Growth Equities Team with a focus on the health care sector. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across all four of the strategies managed by the Driehaus US Growth Equities Team. Mr. Rocha has been investing in life science companies since 2019. Prior to joining Driehaus, Mr. Rocha worked as a graduate research associate in the Committee on Development, Regeneration, and Stem Cell Biology at the University of Chicago. There, he was an associate with the Innovation Fund, where he performed due diligence on technology-based ventures coming out of the University. Mr. Rocha received a B.S. in biological sciences and an M.S. in global health from the University of Notre Dame. He received his Ph.D. in development, regeneration, and stem cell biology from the University of Chicago. Felicity Huang is an associate analyst on the US Growth Equities Team with a focus on consumer, financial and information technology sectors. Ms. Huang’s in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across the Driehaus Micro Cap Growth, Small Cap Growth and Small/Mid Cap Growth strategies managed by the Driehaus US Growth Equities Team. Prior to joining Driehaus Capital Management in 2024, Ms. Huang was a venture capital intern. She received her B.S. in journalism with a minor in data science from Northwestern University in 2024. 31 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only INVESTMENT TEAM BIOGRAPHIES Maximilian Heitner is the chief risk officer / director of research. He is responsible for developing and recommending risk strategies to achieve the firm’s investment goals as well as assisting in the analysis of investment ideas which meet investment objectives and portfolio requirements. Mr. Heitner also works with portfolio managers and analysts to monitor and analyze risk exposure, discuss new investment ideas and review the fundamental developments of stocks, industries, and/or geographic segments to enhance investment decision-making across strategies. Additionally, he serves on the firm’s business management, executive and ESG committees. Mr. Heitner joined Driehaus Capital Management in 2010. Prior to that, Mr. Heitner worked at PEAK6 Asset Management L.L.C. as a senior analyst covering large cap stocks. He also worked at Magnetar Investment Management as a quantitative analyst. Before that role, Mr. Heitner held positions at William Blair & Company LLC, Tucker Anthony, and Brokerage Consultants LLC. Mr. Heitner received a B.A. from Brandeis University and an M.B.A. in finance and marketing from Loyola University. Michael J. So, CPA is a senior risk analyst for the firm. He is responsible for facilitating the firm’s overall risk infrastructure and functions, which includes new and existing risk platforms, various quantitative tools and processes, and other initiatives that achieve the firm’s investment goals. Additionally, he serves on the firm’s ESG committee. Previously, Mr. So was the credit fund accounting manager, where he was responsible for reconciliation and ensuring accuracy in profit and loss, performance, and attribution reporting. Before joining Driehaus in 2015, he was the second vice president at Northern Trust Hedge Fund Services, supporting the largest client on the platform. Prior to Northern Trust’s acquisition of Omnium, Mr. So supported a wide range of hedge fund clients at Omnium, the fund administration arm of Citadel. He has also served within the Advanced Strategies group at Mesirow Financial. Mr. So received a BS from the University of Illinois at Urbana-Champaign. He is a certified public accountant. 32 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only INVESTMENT TEAM BIOGRAPHIES Abby Schlehuber is an Environmental, Social, and Governance analyst on the Risk Management Team. As a generalist with a focus on ESG, her idea generation, interpretation of major company developments, and identifying ESG issues and data analysis are leveraged across the firm’s ESG initiative efforts. Before joining Driehaus Capital Management in 2024, Ms. Schlehuber worked as a risk and advisory services experienced associate - ESG & sustainability for BDO USA, LLP. Prior to that she worked as an ESG consultant for Conservice ESG. Ms. Schlehuber received a B.A. in economics from the University of Notre Dame. Jason Vedder is the director of trading and operations. He is responsible for directing the firm’s domestic and international trading function, which includes supervising all traders. Additionally, he serves on the firm’s business management committee. Mr. Vedder joined the firm in 2000 and has held positions of increasing responsibility prior to assuming his current role in 2010. From 1992 to 1998 Mr. Vedder was a floor specialist and position trader on the Chicago Stock Exchange, as well as a market maker on the NASDAQ. During this time, he was also a member of the Equity Capital Formation Task Force for the US Department of the Treasury. From 1998 to 2000 he worked as a founding partner of Smart Bandwidth, LLC. He remains an active participant in global equity market structure issues, including guest speaking at industry conferences and meeting with appointed SEC commissioners and elected government officials. Mr. Vedder received his B.A. in economics from Albion College in 1992 and his M.B.A. from DePaul University in 2003. Mr. Vedder has passed all 3 levels of the Chartered Market Technician program (CMT). 33 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only NOTES NOTES TO PRESENTATION FIRM DEFINITION Driehaus Capital Management LLC (DCM) is a registered investment adviser with the United States Securities and Exchange Commission (SEC). DCM pro-vides investment advisory services using growth equity and credit strategies to individuals, organizations, and institutions. The firm consists of all accounts managed by DCM (the Company). DCM claims compliance with the Global Investment Performance Standards (GIPS®). COMPOSITE DESCRIPTIONThe Small Cap Growth Composite was created in January 1993. An account is considered to be a small cap growth account if it primarily invests in U.S. equity securities of high growth companies within market capitalization rang-es of generally followed small cap indices at the time of purchase. However, there is no requirement to be exclusively invested in small cap stocks, and the accounts have invested, to a lesser extent, in stocks with a smaller or larger capitalization from time to time. PERFORMANCE RESULTSNet of fee returns reflect the payment of advisory fees and in some instances, other fees and expenses such as administrative and custodian fees while the gross of fee returns do not. Both are net of brokerage commissions charged to the accounts and reflect the reinvestment of income and other earnings. Valuations and returns are computed and stated in U.S. dollars. Returns are presented on a pretax basis. Past performance is not indicative of future results. All investments have risks and you could lose money. Additional information regarding policies for valuing investments, calculating performance and preparing GIPS Reports are available upon request. A list of composite descriptions, a list of limited distribution pooled fund descrip-tions, and a list of broad distribution pooled funds are available upon request. Please contact our sales, marketing and relationship management department at 312-932-8621. RISKSAll investments have risks. At times, a significant portion of an account’s return may be attributable to investments in initial public offerings (IPOs) or concentrations in certain strong performing sectors, such as technology. Returns from IPOs or sector concentrations may not be repeated or consistently achieved in the future. In addition, participating in IPOs and other investments during favorable market conditions may enhance the performance of a strategy with a smaller asset base, and the strategy may not experience similar performance results as its assets grow. The securities of micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase and sale of more than a limited number of shares of the securities of a smaller company may affect its market price. Growth stocks may involve special risks and their prices may be more volatile than the overall market. It is anticipated that the strategy will experience high rates of portfolio turnover. INDICESThe Russell 2000® Growth Index measures the performance of the small cap growth segment of the U.S equity universe. It includes those Russell 2000® companies with higher price- value ratio and higher forecasted growth values. The performance data includes reinvested dividends. Frank Russell Company (“Russell”) is the source and owner of the trade-marks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted with-out Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The most recent annual GIPS Report is available here. GIPS® is a registered trademark owned by CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. TERMSActive share represents the share of portfolio holdings that differ from the benchmark index holdings. Beta is a measure of a portfolio’s volatility. A beta of 1.00 implies perfect historical correlation of movement with the market. A higher beta manager will rise and fall more rapidly than the market, whereas a lower beta manager will rise and fall slower. Information Ratio (IR) measures a portfolio manager’s ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR the more consistent a manager is and consistency is an ideal trait. R-Squared is a statistical measure that represents the percentage of a fund or security’s movements that can be explained by movements in a benchmark index. For fixed-income securities, the benchmark is the T-bill. For equities, the benchmark is the S&P 500. Standard Deviation is a measure of the average deviations of a return series from its mean; often used as a measure of portfolio volatility. A large standard deviation implies that there have been large swings or volatility in the manager’s return series. Tracking Error is a divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. This is often in the context of a hedge or mutual fund that did not work as effectively as intended, creating an unexpected profit or loss instead. Upside Capture the statistical measure of an investment manager's overall performance in up-markets. Downside Capture the statistical measure of an investment manager's overall performance in down-markets. ©2026 Driehaus Capital Management LLC For more information about Driehaus Capital Management LLC, please contact us at 312.932.8621. For Professional, Institutional Investor Use Only 34 DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only DRIEHAUS CAPITAL MANAGEMENT // For Investment Professional Use Only Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0685 Agenda Date: 6/15/2026 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.3 SUBJECT/RECOMMENDATION: Approve the termination of small-cap growth equity money manager Riverbridge Partners, LLC and authorize the appropriate officials to execute same. SUMMARY: Riverbridge Partners (Riverbridge) was hired as a small-cap growth equity money manager for the plan in October 2010. As of March 31, 2026, the market value of the plan’s investment in Riverbridge’s small-cap growth product totaled $22.62 million, or 1.62% of the Plan’s total investment portfolio. Riverbridge’s performance has declined significantly in recent years, as detailed below. The Pension Investment Committee unanimously recommended termination at their February 19, 2026, quarterly committee meeting. As of March 31, 2026, the fund’s performance over the past five years has been as follows: Benchmark Performance Index Last 1 year (14.77)% 23.58% Last 3 years (5.33)% 12.27% Last 5 years (8.35)% 1.62% STRATEGIC PRIORITY: Attract and retain top-quality personnel through the maintenance of a competitive compensation and benefits program. Page 1 City of Clearwater Printed on 6/9/2026 Q1 26Period Ending 3.31.26 |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 Clearwater1st Quarter, 2026 City of Clearwater Employees' Pension PlanPeriod Ending 3.31.26 |Q1 26in this reviewCity of Clearwater Employees' Pension Plan 1st Quarter, 2026 Quarterly Reviewprepared by:Section 1INDUSTRY UPDATESSection 2MARKET COMMENTARY AND REVIEWSection 3EXECUTIVE SUMMARYAppendixEric BaileyPrincipal | Southeast Region | Financial AdvisorFinancial AdvisorMike Valone2 City of Clearwater Employees' Pension PlanQ1 26Period Ending 3.31.26 |section 1: industry updates3 Q1 26Period Ending 3.31.26 |defined benefit marketplace — topical spotlightThese developments reinforce that ERISA prioritizes a prudent process over hindsight judgments, requiring concrete participant harm for litigation to proceed. With regulatory and judicial alignment, PRTs are increasingly seen as a mainstream derisking strategy when supported by strong governance and documentation.•Filed January 9, 2026, this Department of Labor (DOL) amicus brief confirms PRTs are allowed under ERISA and stresses fiduciarydeference when decisions are prudent and loyal.•The brief also emphasizes that ERISA safeguards the decision-making process and discourages hindsight criticism.•It notes that PRTs can help plan sponsors and participants by preserving benefits and lowering sponsor risk.DOL Amicus Brief: Konya vs. Lockheed Martin•This case covered roughly $5.7 billion in transferred obligations and 56,000 retirees, disputing insurers as not the safest available option.•The standing was dismissed. The court ruled that plaintiffs lacked Article III standing, finding no current or imminent harm as retirees stillreceive the same benefits. It also found the plaintiffs did not plausibly allege breaches, citing ERISA guidance and confirming PRTs areallowed under fiduciary discretion.•The case was closed with prejudice. Dismissal bars plaintiffs from refiling in the same court.Verizon PRT Case Judgment: Dempsey vs. Verizon•These cases give greater legal clarity. Both courts upheld that fiduciaries following ERISA processes can justify insurer selection,including cost factors.•They also set a standing barrier. Plaintiffs must prove concrete, imminent harm to proceed with PRT cases.•The DOL’s role adds to the defense. Official DOL backing bolsters fiduciary protection and deters speculative claims.•The takeaway: Lower litigation risk and clearer rules may boost plan sponsors’ confidence in PRTs.The Legal Meaning for Future PRTsPENSION RISK TRANSFERS GAIN LEGAL GROUNDRecent litigation has provided significant clarity and confidence for pension risk transfers (PRTs).Sources: “US Department of Labor Files Amicus Brief Clarifying Legal Framework for Pension Risk Transfers,” U.S. Department of Labor; “Dempsey v. Verizon Communications Inc. (1:24-CV-10004)” Court Listener 4 City of Clearwater Employees' Pension PlanQ1 26Period Ending 3.31.26 |section 2: market commentary and review5 Q1 26Period Ending 3.31.26 |market commentaryGLOBAL ENERGY SHOCK ROILS MARKETS2026 began with widespread bullishness and all-time highs for the S&P 500® Index. But optimism gave way after a series of geopolitical shocks, culminating in U.S.-Israeli attacks on Iran and a resulting energy price spike. Markets turned more volatile and responded unevenly across asset classes and regions, largely reflecting differences in energy reliance.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. large-cap stocks declined as investorsreassessed concentrated tech leadership and thedurability of the AI-led market advance.•Small-cap stocks fared better, aided byimproving market breadth and investor rotationtoward cheaper, more cyclical market segments.•Developed international markets declined buteffects were uneven across regions, reflectingvulnerability to Strait of Hormuz supplydisruptions.•Commodities surged as the Iran conflict reviveddemand for supply-constrained assets.•Core U.S. bond returns were flat amid risinginflation risks and lower expectations for FederalReserve rate cuts.6 Q1 26Period Ending 3.31.26 |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.7 Q1 26Period Ending 3.31.26 |market commentarySources: 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: 3.31.2025 through 3.31.2026.DIGGING DEEPER: U.S. EQUITY MARKETSThe 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 8 Q1 26Period Ending 3.31.26 |market commentaryDIGGING DEEPER: FIXED INCOME MARKETU.S. Treasury yields ticked upward in March, driven by persistently sticky inflation and uncertainty surrounding the price impact of recent geopolitical events. Mortgage rates climbed in tandem.Core bond performance was slightly negative as rising yields weighed on bond prices. Credit spreads widened slightly due to economic uncertainty, though corporate fundamentals remain intact.Geopolitical volatility and concerns about the economic outlook dragged on longer-maturity bond performance. 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 12.31.2025 through 3.31.2026.9 Q1 26Period Ending 3.31.26 |market commentaryECONOMIC OUTLOOKAfter three straight years of double-digit gains, 2026 has handed investors one of the most complex environments in a generation. As recently as late January, the S&P 500 touched all-time highs and investor sentiment was broadly bullish. Eight weeks later, the Iran conflict, a constrained Federal Reserve, rising stress in private credit, and major unknowns about the business and economic impacts of AI have fueled market volatility. For investors, certainty is in short supply. Underlying economic fundamentals are not broken, but have been tested by a geopolitical shock whose ultimate impact will depend largely on the duration and containment of the conflict.10 Q1 26Period Ending 3.31.26 |market commentarySHOCK OR CRISIS? DURATION WILL DECIDEThe Iran conflict and resulting energy disruption naturally invite comparison to prior oil crises, some of which coincided with U.S. recessions. Historically, what separated temporary disruptions from lasting damage was not the scale of the price spike, but the economy’s structural vulnerability to it. As the world’s largest oil producer, the U.S. is far more insulated than in the past. But the longer prices stay elevated, the greater the risk of inflationary pressures, demand destruction, and economic damage.†Denotes monthly data. Price impact from 3-month pre-crisis baseline. Sources: FactSet, World Bank, U.S. Energy Information Administration (EIA), St. Louis Fed, National Bureau of Economic Research, CAPTRUST research. Duration reflects period of price dislocation. Prices reflect Europe Brent Spot (post-1987), Dubai Fateh (1985-1987), and Saudi Arabian Light (1970-1984).The Brent Crude futures curve (above, left) shows forward market expectations for oil prices. At the onset of the conflict, prices spiked but were expected to normalize by year-end. As fighting escalated, both spot prices and future price expectations moved sharply higher, implying a risk premium likely to persist even after the conflict is resolved.Much of the current supply outage stems from shipping and storage constraints, not permanent damage, suggesting faster recovery if the Strait reopens. However, infrastructure damage from further escalation could prolong the economic impact well beyond the conflict itself.11 Q1 26Period Ending 3.31.26 |market commentarySTRENGTH UNDER THE SURFACESources: FactSet, CAPTRUST research. Data as of 3.31.2026.The S&P 500 fell 4 percent in the first quarter, but the headline masks a more nuanced story. The decline reflected waning appetite for the market’s most expensive segments—not weakening earnings. Despite high uncertainty, 2026 earnings expectations continue to rise. The result is a market that appears weaker at the index level than it is beneath the surface.•First-quarter leadership shifted sharply from prior years. Energy, utilities, and materials—all three-year index laggards—surged as investorsrotated out of expensive technology stocks. The key question now is whether this reflects durable leadership or a short-lived defensive tradetied to energy and AI fears.•Despite the overall index decline, 2026 earnings expectations improved. In aggregate, the first quarter drawdown was driven by price-to-earnings (P/E) compression, not falling earnings. This is a critical distinction, as valuation-driven declines tend to reverse more quickly thanearnings-driven ones.2026 Earnings EstimatesPercent Change12-Month Forward P/EPercent Change12 Q1 26Period Ending 3.31.26 |market commentaryTAX REFUNDS DULL PAIN AT THE PUMPLarger tax refund checks are cushioning the blow of higher gas prices. Spring tax refunds, boosted by 2025’s One Big Beautiful Bill Act, were expected to lift both sentiment and spending. However, sharply higher gasoline prices are eroding that boost in real time. The net impact on households, and how much it sours consumer sentiment and behavior, depends on how long elevated prices persist.Sources: Internal Revenue Service, Federal Reserve Bank of St. Louis, U.S. Energy Information Administration, Bureau of Labor Statistics, American Automobile Association. Average tax refund data as of 3.31.2026.•From 2023 through 2025, average tax refunds consistently outpaced household gasoline expenditures. The 2026 tax refund season was on track to expand this trend before the energy shock hit.•At pre-Iran crisis gas prices, the average household saw a net cushion of roughly $1,680. If the April 1 national average price of $4.06/gallon were to remain in place for the rest of the year, this cushion would shrink to $730.•Gas price spikes are less painful today than in the past. Gasoline and other fuel expenditures account for just 2 percent of disposable personal income, down from nearly 4 percent during the energy crises of the 1970s.*Gasoline Expenditure Assumptions:700 gallons per year per household, at the national average annual price (2023-2025), pre-crisis price (2.23.2026), and intra-crisis price (4.1.2026).13 Q1 26Period Ending 3.31.26 |market commentaryPRIVATE CREDIT FACES A TESTThe private credit market has more than doubled in size over the past decade, as non-traditional lenders filled the void created by tighter bank lending standards after the global financial crisis. However, recent concerns about portfolio health and transparency have triggered elevated redemption requests from some private credit funds, prompting managers to limit withdrawals. The question is whether this reflects emerging stress, a mismatch with investor liquidity expectations, or some combination of both.Sources: SEC Filings, iCapital Insight. Redemption requests data reflects eight of the largest non-publicly traded BDCs.•One concern among private credit investors is high exposure to software and other AI-vulnerable companies. Unlike public markets, private credit valuations are set quarterly by managers and third parties, limiting transparency.•Limited liquidity is an important part of the private credit risk-return profile. Borrowers are typically mid-sized firms too small to access public markets, and therefore willing to pay a premium for direct lending. Funds impose withdrawal limits to manage the resulting liquidity mismatch. Recently, elevated redemption requests have led some funds to restrict or gatewithdrawals on a pro-rata basis.•This strain does not seem to signal a systemic crisis, but it is a reality check. A decade of strong inflows may have masked theimportance of manager quality and underwriting discipline. Redemption gates are functioning as designed to protect long-term investors. But this episode is a reminder that illiquidity is a key attribute of the asset class, and will likely slow new capital inflows and raise the bar for manager selection.14 Q1 26Period Ending 3.31.26 |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)15 Q1 26Period Ending 3.31.26 |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 advisor 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. 16 City of Clearwater Employees' Pension PlanQ1 26Period Ending 3.31.26 |section 3: executive summary17 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 Jun-90 Dec-92 Jun-95 Dec-97 Jun-00 Dec-02 Jun-05 Dec-07 Jun-10 Dec-12 Jun-15 Dec-17 Jun-20 Dec-22 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $1,436,755,647 $1,334,706,029 $1,250,411,601 $1,134,988,924 $91,459,988 Net Contributions -$13,198,170 -$48,688,987 -$42,339,970 -$38,311,101 -$454,292,183 Net Investment Return -$30,687,669 $150,738,606 $126,634,398 $153,733,777 $1,755,702,003 Ending Market Value $1,392,869,808 $1,436,755,647 $1,334,706,029 $1,250,411,601 $1,392,869,808 City of Clearwater Employees' Pension Plan - Total Portfolio MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 18 TARGET ALLOCATION ACTUAL ALLOCATION HISTORIC ALLOCATION TREND 0 20 40 60 80 100 QUARTERLY HISTORIC ALLOCATION TREND 06 23 (%) 09 23 (%) 12 23 (%) 03 24 (%) 06 24 (%) 09 24 (%) 12 24 (%) 03 25 (%) 06 25 (%) 09 25 (%) 12 25 (%) 03 26 (%) 24.57 27.39 26.68 24.94 26.29 25.60 26.22 28.40 26.83 26.30 26.83 26.76 ¢ 39.35 40.11 41.64 43.93 43.97 44.60 46.85 43.62 44.84 45.69 45.24 44.43¢ 17.17 13.06 13.49 13.94 12.45 12.78 9.75 10.49 11.57 11.54 11.34 11.55 ¢ 18.92 19.44 18.20 17.18 17.29 17.02 17.18 17.49 16.76 16.48 16.58 17.26¢ ASSET REBALANCING ANALYSIS Asset Class Asset Allocation (%) Target Allocation (%) (+/-) Variance (%) Total Fixed Income 26.76 28.00 -1.24¢ Total U.S. Equities 44.43 39.00 5.43¢ Total International Equities 11.55 18.00 -6.45¢ Total Real Estate 17.26 15.00 2.26¢ City of Clearwater Employees' Pension Plan - Total Portfolio ASSET ALLOCATION SUMMARY Period Ending 3.31.26 |Q1 26 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. 19 MANAGER NAME CASH INVESTED CASH (%) TOTAL TARGET (%) ACTUAL (%) VARIANCE (%) Dodge & Cox $1,785,808 $207,907,662 0.85 $209,693,470 -15.05 - In House Account -$7,975,849 - 100.00 -$7,975,849 --0.57 - Longfellow Investment Management Co.$411,594 $170,131,107 0.24 $170,542,701 -12.24 - Security Lending Income Account $447,011 $470 99.90 $447,481 -0.03 - Western Asset Management Co.-$1,606 -$1,606 -0.00 - Total Fixed Income -$5,331,436 $378,040,845 -1.43 $372,709,409 28.00 26.76 -1.24 BNYM Newton US Dynamic Large Cap Value - $55,109,612 -$55,109,612 -3.96 - Eagle Capital Management $1,707,418 $84,165,066 1.99 $85,872,484 -6.17 - Manning & Napier $831,952 - 100.00 $831,952 -0.06 - NTGI-QM R1000G - $197,980,847 - $197,980,847 -14.21 - NTGI-QM R1000V - $76,185,400 - $76,185,400 -5.47 - Artisan Partners $7,848 - 100.00 $7,848 -0.00 - Boston Partners $2,223,178 $79,040,117 2.74 $81,263,295 -5.83 - Northern Trust Mid Cap Growth Index $107,697 $59,084,063 0.18 $59,191,760 -4.25 - Atlanta Capital Management $472,883 $19,922,628 2.32 $20,395,511 -1.46 - Riverbridge Partners $543,501 $22,075,697 2.40 $22,619,198 -1.62 - Sycamore Capital $842,422 $18,572,156 4.34 $19,414,577 -1.39 - Total U.S. Equities $6,736,898 $612,135,586 1.09 $618,872,484 39.00 44.43 5.43 DFA Emerging Markets - $17,928,932 -$17,928,932 -1.29 - Thompson, Siegel & Walmsley $1,667,260 $37,450,338 4.26 $39,117,597 -2.81 - WCM Investment Management $5,671,359 $98,097,859 5.47 $103,769,218 -7.45 - Total International Equities $7,338,618 $153,477,128 4.56 $160,815,747 18.00 11.55 -6.45 Hancock Timberland XI - $7,800,741 -$7,800,741 -0.56 - IFM Global Infrastructure (US) L.P.- $111,775,237 - $111,775,237 -8.02 - Molpus Woodlands Fund III - $7,574,199 -$7,574,199 -0.54 - Molpus Woodlands Fund IV - $4,811,010 -$4,811,010 -0.35 - Multi-Employer Property Trust - $50,582,272 - $50,582,272 -3.63 - Security Capital $808,641 $18,850,534 4.11 $19,659,175 -1.41 - U.S. Real Estate Investment Fund - $15,043,683 - $15,043,683 -1.08 - USAA - $23,225,851 -$23,225,851 -1.67 - Total Real Estate $808,641 $239,663,527 0.34 $240,472,168 15.00 17.26 2.26 ASSET ALLOCATION DETAIL City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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. 20 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 6 12 18 -6 -12Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -2.16 10.13 9.13 5.25 7.79 8.17 8.85 Total Portfolio Benchmark -0.84 12.59 9.48 6.11 7.75 7.71 8.73 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Portfolio Benchmark 0 15 30 -15 -30Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -2.16 11.48 10.26 13.57 -14.74 13.48 15.71 8.85 Total Portfolio Benchmark -0.84 13.36 9.07 11.20 -10.60 13.88 11.48 8.73 City of Clearwater Employees' Pension Plan - Total Portfolio INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 21 Last Quarter 2025 2024 2023 2022 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Fixed Income 0.01 8.08 1.64 6.02 -12.21 4.99 4.25 0.83 2.39 5.37 01/31/1988 Blmbg. U.S. Aggregate Index -0.05 7.30 1.25 5.53 -13.01 4.35 3.63 0.31 1.70 5.25 All Public Plans > $1B-Fixed Income Percentile Rank 27 41 92 91 71 54 77 80 83 - Population 25 57 57 54 53 25 25 23 11 - Dodge & Cox 0.05 8.15 2.11 7.23 -10.57 5.13 4.77 1.48 2.89 4.04 03/01/2004 Blmbg. U.S. Aggregate Index -0.05 7.30 1.25 5.53 -13.01 4.35 3.63 0.31 1.70 3.16 Intermediate Core Bond Percentile Rank 19 4 21 2 9 3 4 3 2 1 Population 403 401 428 445 443 399 393 374 322 251 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 0.85 4.18 5.25 5.02 1.46 4.00 4.74 3.34 2.25 3.09 Longfellow Investment Management Co.-0.06 - - - - 4.54 - -- 4.54 04/01/2025 Blmbg. Intermed. U.S. Government/Credit -0.02 - - - - 4.41 - -- 4.41 Intermediate Core Bond Percentile Rank 44 - - - - 20 - -- 20 Population 403 - - - - 399 - -- 399 Security Lending Income Account 40.47 263.40 47.17 8.06 1.92 313.55 98.54 52.75 25.03 14.02 07/01/2003 90 Day U.S. Treasury Bill 0.85 4.18 5.25 5.02 1.46 4.00 4.74 3.34 2.25 1.72 Total U.S. Equities -4.87 13.28 20.42 26.79 -20.77 13.65 14.98 8.55 12.79 11.46 01/01/1988 S&P 500 Index -4.33 17.88 25.02 26.29 -18.11 17.80 18.32 12.06 14.16 11.25 Russell 3000 Index -3.96 17.15 23.81 25.96 -19.21 18.09 17.85 10.87 13.72 11.18 All Public Plans > $1B-US Equity Percentile Rank 97 84 66 8 96 93 85 89 53 - Population 38 85 83 78 74 38 38 36 20 - INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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. 22 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 Last Quarter 2025 2024 2023 2022 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Large Cap Equities -5.51 17.24 25.63 29.94 -20.72 16.40 18.43 11.24 13.88 11.20 04/01/1988 Russell 1000 Index -4.18 17.37 24.51 26.53 -19.13 17.74 18.14 11.34 13.97 11.19 All Public Plans > $1B-US Equity Percentile Rank 100 17 2 4 95 78 3 6 6 - Population 38 85 83 78 74 38 38 36 20 - BNYM Newton US Dynamic Large Cap Value 2.37 - - - - - - -- 12.38 08/01/2025 Russell 1000 Value Index 2.10 - - - - - - -- 11.00 Large Value Percentile Rank 32 - - - - - - -- 20 Population 983 - - - - - - -- 983 Eagle Capital Management -6.16 17.75 25.56 38.37 -25.08 9.44 19.73 10.57 14.05 13.60 01/31/2013 Russell 1000 Value Index 2.10 15.91 14.37 11.46 -7.54 15.87 14.31 9.43 10.58 10.59 Large Value Percentile Rank 100 20 1 1 100 90 3 27 1 1 Population 983 1,003 1,076 1,162 1,166 983 978 948 915 863 NTGI-QM R1000G -9.77 18.52 33.28 42.20 -29.09 18.77 21.03 13.05 - 13.34 11/30/2020 Russell 1000 Growth Index -9.78 18.56 33.36 42.68 -29.14 18.81 21.18 12.76 - 13.09 Large Growth Percentile Rank 58 24 30 33 34 26 26 6 - 24 Population 950 958 1,009 1,090 1,108 949 939 919 - 919 NTGI-QM R1000V 2.08 15.85 14.37 11.61 -7.62 15.86 14.32 9.43 10.55 7.54 07/01/2007 Russell 1000 Value Index 2.10 15.91 14.37 11.46 -7.54 15.87 14.31 9.43 10.58 7.51 Large Value Percentile Rank 35 45 51 46 69 40 43 53 53 52 Population 983 1,003 1,076 1,162 1,166 983 978 948 915 765 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. 23 INVESTMENT RETURNS | MANAGER RESULTS City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 Last Quarter 2025 2024 2023 2022 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total U.S. Mid Cap Equities -2.09 13.77 11.47 20.24 -20.92 16.00 12.04 5.82 11.37 12.05 04/01/1988 Russell Midcap Index 1.29 10.60 15.34 17.23 -17.32 15.98 13.33 7.26 10.91 11.36 All Public Plans > $1B-US Equity Percentile Rank 15 81 100 90 96 83 100 100 89 - Population 38 85 83 78 74 38 38 36 20 - Boston Partners 1.25 11.32 10.45 16.74 -6.98 14.48 12.74 8.63 - 11.36 03/01/2020 Russell Midcap Value Index 3.68 11.05 13.07 12.71 -12.03 17.62 13.14 7.94 - 11.78 Mid-Cap Value Percentile Rank 62 34 57 23 39 45 38 30 - 50 Population 342 343 363 371 382 342 336 333 - 332 Northern Trust Mid Cap Growth Index -6.34 - - - - - - -- -6.34 01/01/2026 Russell Midcap Growth Index -6.35 - - - - - - -- -6.35 Mid-Cap Growth Percentile Rank 64 - - - - - - -- 64 Population 457 - - - - - - -- 457 Total U.S. Small Cap Equities -6.61 -9.21 5.41 18.22 -20.83 -6.51 -0.64 -2.38 8.08 8.58 09/01/2003 Russell 2000 Index 0.89 12.81 11.54 16.93 -20.44 25.72 13.05 3.77 9.88 8.85 All Public Plans > $1B-US Equity Percentile Rank 100 100 100 99 96 100 100 100 100 - Population 38 85 83 78 74 38 38 36 20 - Atlanta Capital Management -8.56 -10.27 8.09 20.71 -12.28 -12.04 -0.74 0.73 7.37 10.10 09/01/2003 Russell 2000 Index 0.89 12.81 11.54 16.93 -20.44 25.72 13.05 3.77 9.88 8.85 Small Blend Percentile Rank 100 100 79 13 15 100 100 98 94 8 Population 533 542 562 595 601 532 522 510 477 316 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 3.31.26 |Q1 26 Last Quarter 2025 2024 2023 2022 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Riverbridge Partners -12.35 -14.97 3.67 20.04 -32.15 -14.77 -5.33 -8.35 6.99 9.00 10/01/2010 Russell 2000 Growth Index -2.81 13.01 15.15 18.66 -26.36 23.58 12.27 1.62 9.79 10.52 Small Growth Percentile Rank 98 100 100 22 75 99 100 99 96 87 Population 511 511 544 588 594 511 509 498 462 424 Sycamore Capital 3.64 1.71 5.57 11.55 -6.40 13.88 6.51 4.71 - 6.98 11/30/2017 Russell 2000 Value Index 4.96 12.59 8.05 14.65 -14.48 28.09 13.80 5.79 - 7.09 Small Value Percentile Rank 52 81 82 79 18 71 92 77 - 59 Population 430 432 455 488 491 430 428 415 - 396 Total International Equities -1.50 24.46 5.82 16.64 -21.08 15.78 11.79 5.59 8.89 5.96 06/01/2001 MSCI AC World ex USA (Net)-0.71 32.39 5.53 15.62 -16.00 24.91 14.49 7.02 8.38 6.22 All Public Plans > $1B-Intl. Equity Percentile Rank 81 92 48 54 91 93 89 84 42 - Population 31 66 67 63 56 31 31 29 18 - DFA Emerging Markets 3.01 28.78 7.32 15.44 -16.40 31.22 15.89 6.67 - 6.51 11/01/2017 MSCI Emerging Markets Index -0.10 34.36 8.05 10.26 -19.74 30.30 15.41 4.16 - 5.56 Diversified Emerging Mkts Percentile Rank 52 71 35 24 13 62 40 15 - 28 Population 631 649 701 743 756 631 617 569 - 509 Thompson, Siegel & Walmsley -2.19 32.91 4.64 17.16 -14.12 19.41 13.87 7.87 7.76 6.33 07/31/2015 MSCI EAFE (Net)-1.24 31.22 3.82 18.24 -14.45 21.27 13.62 7.91 8.38 6.80 Foreign Large Value Percentile Rank 95 77 50 58 83 92 85 84 77 74 Population 304 308 319 356 351 304 300 285 260 258 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 3.31.26 |Q1 26 Last Quarter 2025 2024 2023 2022 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date WCM Investment Management -1.99 20.89 7.03 16.23 -27.85 12.20 10.24 4.39 10.84 9.89 07/31/2015 MSCI AC World ex USA (Net)-0.71 32.39 5.53 15.62 -16.00 24.91 14.49 7.02 8.38 6.94 Foreign Large Growth Percentile Rank 23 40 32 47 71 47 32 29 1 1 Population 360 366 376 405 421 360 354 334 291 281 Total Real Estate 1.37 5.52 1.82 -1.84 5.43 6.19 2.19 5.86 6.07 9.04 05/01/2008 Total Real Estate Benchmark 1.67 2.84 0.17 -7.14 -5.54 3.27 -0.27 3.51 4.51 5.61 All Public Plans > $1B-Real Estate Percentile Rank 29 8 13 13 66 11 15 6 2 1 Population 39 79 80 76 72 39 39 34 19 3 Hancock Timberland XI 0.00 0.89 1.69 4.78 7.00 0.88 2.55 4.70 3.48 4.32 05/31/2012 NCREIF Timberland Index 1.14 4.57 6.97 9.45 12.90 4.92 6.77 8.66 5.54 6.29 Real Estate Percentile Rank 95 57 98 100 1 80 99 25 90 98 Population 170 175 180 206 215 170 168 168 159 146 IFM Global Infrastructure (US) L.P.1.51 10.96 5.61 8.40 8.16 9.42 7.92 10.06 - 11.04 09/30/2017 S&P Global Infrastructure TR USD 8.29 22.58 15.10 6.79 -0.17 26.91 16.22 12.09 - 8.56 Real Estate Percentile Rank 89 1 56 100 1 4 21 1 -1 Population 170 175 180 206 215 170 168 168 - 159 Molpus Woodlands Fund III 0.00 -1.00 -1.87 9.77 21.72 -1.21 2.15 7.85 5.12 5.07 06/30/2011 NCREIF Timberland Index 1.14 4.57 6.97 9.45 12.90 4.92 6.77 8.66 5.54 5.95 Real Estate Percentile Rank 95 89 100 91 1 99 100 1 48 94 Population 170 175 180 206 215 170 168 168 159 145 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 3.31.26 |Q1 26 Last Quarter 2025 2024 2023 2022 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund IV 0.00 12.44 -1.85 8.57 10.76 12.38 6.20 9.86 4.74 4.31 10/01/2015 NCREIF Timberland Index 1.14 4.57 6.97 9.45 12.90 4.92 6.77 8.66 5.54 5.43 Real Estate Percentile Rank 95 1 100 99 1 1 68 1 58 92 Population 170 175 180 206 215 170 168 168 159 158 Multi-Employer Property Trust 0.80 2.31 -3.72 -15.51 7.81 3.44 -4.89 1.29 2.99 5.81 10/01/2010 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 1.04 2.92 -2.27 -12.73 6.55 3.11 -2.81 2.34 3.79 6.87 Real Estate Percentile Rank 95 35 100 100 1 45 100 96 97 95 Population 170 175 180 206 215 170 168 168 159 141 Security Capital 3.58 1.22 11.45 15.67 -27.59 4.82 9.71 5.63 5.47 6.10 05/01/2008 FTSE NAREIT All Equity REITs (Split)3.76 2.27 9.15 16.19 -26.70 3.28 9.19 5.78 5.46 6.29 Real Estate Percentile Rank 42 51 8 10 72 23 7 7 34 44 Population 170 175 180 206 215 170 168 168 159 138 U.S. Real Estate Investment Fund 0.82 2.27 -5.04 -15.95 7.39 2.65 -5.07 0.73 4.18 4.14 12/31/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 1.04 2.92 -2.27 -12.73 6.55 3.11 -2.81 2.34 3.79 3.89 Real Estate Percentile Rank 94 35 100 100 1 57 100 97 77 86 Population 170 175 180 206 215 170 168 168 159 158 USAA 1.72 -2.66 -0.34 -7.85 13.80 4.19 -3.37 3.52 6.49 6.48 06/30/2015 NCRIEF Fund Index-Open End Diversified Core Equity (VW) (Net) 1.04 2.92 -2.27 -12.73 6.55 3.11 -2.81 2.34 3.79 4.32 Real Estate Percentile Rank 88 95 100 100 1 31 100 63 6 12 Population 170 175 180 206 215 170 168 168 159 154 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 3.31.26 |Q1 26 Last Quarter 2025 2024 2023 2022 1 Year 3 Years 5 Years 10 Years Since Inception Inception Date Total Portfolio -2.16 11.48 10.26 13.57 -14.74 10.13 9.13 5.25 8.17 8.85 01/01/1988 Total Portfolio Benchmark -0.84 13.36 9.07 11.20 -10.60 12.59 9.48 6.11 7.71 8.73 Total Portfolio Secondary Benchmark -0.96 14.22 9.73 13.64 -14.11 12.88 10.45 6.02 8.02 - All Public Plans-Total Fund Percentile Rank 88 85 59 46 62 86 82 77 48 31 Population 595 1,161 1,202 1,249 1,265 587 570 556 498 13 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 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 3 6 9 12 15 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 7.95 7.12 Maximum Drawdown -7.02 -6.53 Max Drawdown Recovery Period 5.00 5.00 Up Capture 103.26 100.00 Down Capture 111.64 100.00 Alpha -1.21 0.00 Beta 1.10 1.00 R-Squared 0.98 1.00 Consistency 47.22 100.00 Tracking Error 1.44 0.00 Treynor Ratio 0.04 0.05 Information Ratio -0.18 - Sharpe Ratio 0.56 0.66 Total Portfolio Total Portfolio Benchmark Positive Months Ratio 70.15 66.88 Negative Months Ratio 29.85 33.12 Best Quarter 22.31 23.20 Worst Quarter -25.09 -25.68 Standard Deviation 9.10 9.89 Maximum Drawdown -37.50 -41.18 Max Drawdown Recovery Period 35.00 39.00 Up Capture 86.74 100.00 Down Capture 73.66 100.00 Alpha 1.77 0.00 Beta 0.81 1.00 R-Squared 0.77 1.00 Consistency 49.89 100.00 Tracking Error 4.78 0.00 Treynor Ratio 0.07 0.06 Information Ratio 0.01 - Sharpe Ratio 0.64 0.59 City of Clearwater Employees' Pension Plan - Total Portfolio PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 29 -8 -4 0 4 8 12 16 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 -2.16 (88)10.13 (86)7.18 (87)9.13 (82)5.45 (79)5.25 (77)9.75 (77)7.79 (61)7.50 (53) Total Portfolio Benchmark -0.84 (40)12.59 (57)8.56 (60)9.48 (76)5.92 (66)6.11 (45)9.84 (74)7.75 (64)7.36 (59) 5th Percentile 0.57 16.09 10.85 13.11 7.97 7.58 12.44 9.60 9.01 1st Quartile -0.53 14.19 9.80 11.52 6.95 6.74 11.26 8.61 8.12 Median -1.12 12.89 8.96 10.64 6.32 6.00 10.53 8.03 7.55 3rd Quartile -1.71 11.23 7.96 9.49 5.63 5.31 9.79 7.44 6.96 95th Percentile -2.57 7.67 5.77 6.91 3.98 3.48 6.80 5.43 5.17 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 30 -28 -20 -12 -4 4 12 20 28 36 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 11.48 (85)10.26 (59)13.57 (46)-14.74 (62)13.48 (55)15.71 (19)20.17 (34)-2.64 (15)15.98 (28)6.71 (62) Total Portfolio Benchmark 13.36 (59)9.07 (77)11.20 (78)-10.60 (18)13.88 (49)11.48 (68)17.60 (70)-4.68 (59)15.34 (44)7.42 (43) 5th Percentile 16.46 14.05 17.45 -6.29 18.54 17.80 22.49 -0.62 18.03 9.55 1st Quartile 15.13 11.63 14.69 -11.69 15.51 15.25 20.52 -3.26 16.07 8.10 Median 13.75 10.66 13.30 -13.79 13.73 12.89 19.15 -4.38 15.01 7.10 3rd Quartile 12.34 9.16 11.40 -15.95 12.10 10.95 17.10 -5.29 13.68 6.24 95th Percentile 8.79 6.00 7.88 -17.48 6.97 6.91 12.10 -6.67 9.83 4.24 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 31 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 3.31.26 |Q1 26 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. 32 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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. 33 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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. 34 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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. 35 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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. 36 MARKET VALUES & CASH FLOW SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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 $17,420,531 $1,436,755,647 1.22 Mar-2026 $1,436,755,647 -$13,198,170 -$30,687,669 $1,392,869,808 -2.16 Total $37,115,659 -$450,482,163 $1,806,236,312 $1,392,869,808 8.84 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 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 3.31.26 |Q1 26 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. 38 BENCHMARK SUMMARY City of Clearwater Employees' Pension Plan - Total Portfolio Period Ending 3.31.26 |Q1 26 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. 39 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 Jun-90 Dec-92 Jun-95 Dec-97 Jun-00 Dec-02 Jun-05 Dec-07 Jun-10 Dec-12 Jun-15 Dec-17 Jun-20 Dec-22 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 01/31/1988 Beginning Market Value $385,502,980 $350,025,096 $333,588,958 $338,944,586 $59,224,151 Net Contributions -$12,939,751 $6,940,102 $10,808,220 -$25,438,629 $65,128,638 Net Investment Return $146,180 $28,537,782 $5,627,917 $20,083,001 $248,356,620 Ending Market Value $372,709,409 $385,502,980 $350,025,096 $333,588,958 $372,709,409 City of Clearwater Employees' Pension Plan - Total Fixed Income MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 40 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 3 6 9 -3Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.01 4.99 4.25 0.83 2.18 2.39 5.37 Blmbg. U.S. Aggregate Index -0.05 4.35 3.63 0.31 1.56 1.70 5.25 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 0.01 8.08 1.64 6.02 -12.21 -1.40 8.97 5.37 Blmbg. U.S. Aggregate Index -0.05 7.30 1.25 5.53 -13.01 -1.55 7.51 5.25 City of Clearwater Employees' Pension Plan - Total Fixed Income INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 41 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 3 6 9 12 15 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 5.76 5.55 Maximum Drawdown -5.79 -6.13 Max Drawdown Recovery Period 8.00 8.00 Up Capture 105.89 100.00 Down Capture 99.24 100.00 Alpha 0.48 0.00 Beta 1.04 1.00 R-Squared 1.00 1.00 Consistency 75.00 100.00 Tracking Error 0.42 0.00 Treynor Ratio 0.00 -0.01 Information Ratio 1.45 - Sharpe Ratio -0.05 -0.16 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 73.64 66.01 Negative Months Ratio 26.36 33.99 Best Quarter 8.58 8.23 Worst Quarter -8.54 -8.23 Standard Deviation 3.61 4.18 Maximum Drawdown -16.58 -17.18 Max Drawdown Recovery Period 58.00 - Up Capture 84.15 100.00 Down Capture 58.99 100.00 Alpha 1.48 0.00 Beta 0.72 1.00 R-Squared 0.70 1.00 Consistency 52.94 100.00 Tracking Error 2.28 0.00 Treynor Ratio 0.03 0.02 Information Ratio 0.00 - Sharpe Ratio 0.63 0.55 City of Clearwater Employees' Pension Plan - Total Fixed Income PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 42 -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 Total Portfolio 0.01 (27)4.99 (54)5.08 (65)4.25 (77)1.98 (77)0.83 (80)1.46 (84)2.18 (85)2.43 (76) Blmbg. U.S. Aggregate Index -0.05 (34)4.35 (95)4.61 (94)3.63 (100)1.46 (98)0.31 (100)0.38 (100)1.56 (98)1.92 (98) 5th Percentile 0.15 6.85 7.33 7.44 5.26 4.62 5.78 5.46 5.46 1st Quartile 0.03 5.53 5.85 5.58 3.25 2.14 3.26 3.28 3.30 Median -0.17 5.15 5.35 4.94 2.55 1.54 2.64 2.77 2.88 3rd Quartile -0.42 4.60 4.84 4.32 2.08 0.91 1.68 2.34 2.44 95th Percentile -1.00 4.35 4.60 3.73 1.58 0.54 1.07 1.57 2.00 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 43 -20 -15 -10 -5 0 5 10 15 20 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 8.08 (41)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) Blmbg. U.S. Aggregate Index 7.30 (76)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) 5th Percentile 9.81 6.70 10.09 -5.30 7.95 10.57 10.77 1.91 8.86 9.25 1st Quartile 8.47 4.65 8.20 -10.03 1.38 9.29 9.95 0.18 7.08 7.16 Median 7.86 2.94 7.30 -11.30 0.03 8.08 9.44 -0.55 6.28 5.81 3rd Quartile 7.30 2.43 6.94 -12.68 -0.83 6.38 8.54 -1.24 5.16 4.90 95th Percentile 6.73 1.37 5.90 -13.73 -1.72 3.06 7.22 -1.78 3.82 3.20 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Fixed Income Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 44 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 $61,900,000 $123,800,000 $185,700,000 $247,600,000 $309,500,000 -$61,900,000Market 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 03/01/2004 Beginning Market Value $209,495,613 $183,650,201 $164,887,965 $153,484,073 $75,655,868 Net Contributions $87,119 $10,334,248 $15,310,352 $298,557 $35,970,068 Net Investment Return $110,739 $15,511,164 $3,451,884 $11,105,335 $98,067,535 Ending Market Value $209,693,470 $209,495,613 $183,650,201 $164,887,965 $209,693,470 City of Clearwater Employees' Pension Plan - Dodge & Cox MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 45 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 3 6 9 -3Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.05 5.13 4.77 1.48 2.65 2.89 4.04 Blmbg. U.S. Aggregate Index -0.05 4.35 3.63 0.31 1.56 1.70 3.16 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. U.S. Aggregate Index 0 10 20 -10 -20Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 0.05 8.15 2.11 7.23 -10.57 -1.15 8.72 4.04 Blmbg. U.S. Aggregate Index -0.05 7.30 1.25 5.53 -13.01 -1.55 7.51 3.16 City of Clearwater Employees' Pension Plan - Dodge & Cox INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 46 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 -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 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 5.92 5.55 Maximum Drawdown -5.32 -6.13 Max Drawdown Recovery Period 8.00 8.00 Up Capture 109.64 100.00 Down Capture 96.62 100.00 Alpha 0.89 0.00 Beta 1.06 1.00 R-Squared 0.99 1.00 Consistency 75.00 100.00 Tracking Error 0.63 0.00 Treynor Ratio 0.00 -0.01 Information Ratio 1.78 - Sharpe Ratio 0.04 -0.16 Total Portfolio Blmbg. U.S. Aggregate Index Positive Months Ratio 65.28 61.51 Negative Months Ratio 34.72 38.49 Best Quarter 9.07 8.23 Worst Quarter -7.68 -8.23 Standard Deviation 4.18 4.19 Maximum Drawdown -15.06 -17.18 Max Drawdown Recovery Period 47.00 - Up Capture 100.81 100.00 Down Capture 79.87 100.00 Alpha 1.14 0.00 Beta 0.91 1.00 R-Squared 0.84 1.00 Consistency 61.51 100.00 Tracking Error 1.73 0.00 Treynor Ratio 0.03 0.01 Information Ratio 0.49 - Sharpe Ratio 0.55 0.35 City of Clearwater Employees' Pension Plan - Dodge & Cox PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 47 -2 0 2 4 6 8 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 0.05 (19)5.13 (3)5.29 (6)4.77 (4)2.83 (3)1.48 (3)2.17 (4)2.65 (1)2.85 (2) Blmbg. U.S. Aggregate Index -0.05 (41)4.35 (35)4.61 (44)3.63 (45)1.46 (39)0.31 (41)0.38 (70)1.56 (51)1.92 (45) 5th Percentile 0.18 4.92 5.30 4.58 2.44 1.11 1.92 2.29 2.52 1st Quartile 0.02 4.45 4.78 3.96 1.65 0.46 1.02 1.86 2.15 Median -0.10 4.22 4.56 3.61 1.38 0.25 0.74 1.56 1.90 3rd Quartile -0.22 3.94 4.26 3.29 1.08 -0.06 0.30 1.27 1.59 95th Percentile -0.43 3.19 3.58 2.59 0.40 -0.68 -0.22 0.71 1.03 Population 403 399 397 393 380 374 360 356 351 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Dodge & Cox Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 48 -25 -20 -15 -10 -5 0 5 10 15 20 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 8.15 (4)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) Blmbg. U.S. Aggregate Index 7.30 (35)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) 5th Percentile 8.01 3.02 6.93 -9.19 -0.13 10.91 9.85 0.83 4.90 4.86 1st Quartile 7.42 1.91 6.04 -12.92 -1.07 8.91 9.06 0.01 3.97 3.23 Median 7.13 1.49 5.58 -13.45 -1.54 7.93 8.49 -0.44 3.43 2.64 3rd Quartile 6.78 1.12 5.12 -14.11 -1.98 7.16 7.75 -0.86 2.92 2.16 95th Percentile 6.03 0.41 4.28 -15.55 -2.60 4.88 5.44 -1.87 2.03 1.27 Population 401 428 445 443 441 442 460 460 512 509 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Dodge & Cox Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 49 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 $156,400,000 $159,800,000 $163,200,000 $166,600,000 $170,000,000 $173,400,000 $176,800,000 Market ValueFeb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 03/01/2025 Beginning Market Value $170,560,104 ---$162,851,893 Net Contributions $83,446 ---$329,288 Net Investment Return -$100,849 ---$7,361,521 Ending Market Value $170,542,701 ---$170,542,701 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 50 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 2 4 6 -2 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -0.06 4.54 ----4.54 Blmbg. Intermed. U.S. Government/Credit -0.02 4.41 4.24 1.33 2.20 2.04 4.41 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Blmbg. Intermed. U.S. Government/Credit 0 6 12 -6 -12 -18Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -0.06 ------4.54 Blmbg. Intermed. U.S. Government/Credit -0.02 6.97 3.00 5.24 -8.24 -1.44 6.43 4.41 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 51 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 -15 0 15 30 45 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 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 -3.43 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 --0.12 Total Portfolio Blmbg. Intermed. U.S. Government/Credit Positive Months Ratio 66.67 75.00 Negative Months Ratio 33.33 25.00 Best Quarter 3.03 2.16 Worst Quarter -0.06 -0.02 Standard Deviation 3.51 2.37 Maximum Drawdown -2.01 -1.22 Max Drawdown Recovery Period -- Up Capture 121.84 100.00 Down Capture 168.89 100.00 Alpha -1.42 0.00 Beta 1.37 1.00 R-Squared 0.85 1.00 Consistency 58.33 100.00 Tracking Error 1.61 0.00 Treynor Ratio 0.00 0.00 Information Ratio 0.10 - Sharpe Ratio 0.17 0.18 City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 52 -2 0 2 4 6 8 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. -0.06 (44)4.54 (20)------- Blmbg. Intermed. U.S. Government/Credit -0.02 (35)4.41 (29)5.03 (13)4.24 (12)2.74 (3)1.33 (4)1.44 (10)2.20 (8)2.46 (8) 5th Percentile 0.18 4.92 5.30 4.58 2.44 1.11 1.92 2.29 2.52 1st Quartile 0.02 4.45 4.78 3.96 1.65 0.46 1.02 1.86 2.15 Median -0.10 4.22 4.56 3.61 1.38 0.25 0.74 1.56 1.90 3rd Quartile -0.22 3.94 4.26 3.29 1.08 -0.06 0.30 1.27 1.59 95th Percentile -0.43 3.19 3.58 2.59 0.40 -0.68 -0.22 0.71 1.03 Population 403 399 397 393 380 374 360 356 351 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 53 -25 -20 -15 -10 -5 0 5 10 15 20 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio ---------- Blmbg. Intermed. U.S. Government/Credit 6.97 (63)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) 5th Percentile 8.01 3.02 6.93 -9.19 -0.13 10.91 9.85 0.83 4.90 4.86 1st Quartile 7.42 1.91 6.04 -12.92 -1.07 8.91 9.06 0.01 3.97 3.23 Median 7.13 1.49 5.58 -13.45 -1.54 7.93 8.49 -0.44 3.43 2.64 3rd Quartile 6.78 1.12 5.12 -14.11 -1.98 7.16 7.75 -0.86 2.92 2.16 95th Percentile 6.03 0.41 4.28 -15.55 -2.60 4.88 5.44 -1.87 2.03 1.27 Population 401 428 445 443 441 442 460 460 512 509 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Longfellow Investment Management Co. Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 54 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 Jun-90 Dec-92 Jun-95 Dec-97 Jun-00 Dec-02 Jun-05 Dec-07 Jun-10 Dec-12 Jun-15 Dec-17 Jun-20 Dec-22 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 01/01/1988 Beginning Market Value $650,045,250 $625,318,067 $520,689,267 $407,659,206 $32,235,837 Net Contributions $467,112 -$53,080,517 -$1,880,441 $1,715,440 -$454,289,314 Net Investement Return -$31,639,879 $77,807,700 $106,509,241 $111,314,621 $1,040,925,961 Ending Market Value $618,872,484 $650,045,250 $625,318,067 $520,689,267 $618,872,484 City of Clearwater Employees' Pension Plan - Total U.S. Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 55 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P 500 Index 0 10 20 30 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -4.87 13.65 14.98 8.55 12.28 12.79 11.46 S&P 500 Index -4.33 17.80 18.32 12.06 14.44 14.16 11.25 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P 500 Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -4.87 13.28 20.42 26.79 -20.77 21.97 24.69 11.46 S&P 500 Index -4.33 17.88 25.02 26.29 -18.11 28.71 18.40 11.25 City of Clearwater Employees' Pension Plan - Total U.S. Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 56 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 69.44 69.44 Negative Months Ratio 30.56 30.56 Best Quarter 15.88 16.01 Worst Quarter -9.39 -8.25 Standard Deviation 12.53 11.89 Maximum Drawdown -9.39 -8.25 Max Drawdown Recovery Period 5.00 4.00 Up Capture 94.84 100.00 Down Capture 114.48 100.00 Alpha -3.40 0.00 Beta 1.04 1.00 R-Squared 0.97 1.00 Consistency 30.56 100.00 Tracking Error 2.38 0.00 Treynor Ratio 0.10 0.13 Information Ratio -1.18 - Sharpe Ratio 0.82 1.10 Total Portfolio S&P 500 Index Positive Months Ratio 65.14 66.01 Negative Months Ratio 34.86 33.99 Best Quarter 28.42 25.83 Worst Quarter -33.84 -29.65 Standard Deviation 14.31 14.55 Maximum Drawdown -51.36 -50.95 Max Drawdown Recovery Period 40.00 53.00 Up Capture 89.62 100.00 Down Capture 80.09 100.00 Alpha 1.85 0.00 Beta 0.86 1.00 R-Squared 0.76 1.00 Consistency 48.80 100.00 Tracking Error 7.28 0.00 Treynor Ratio 0.10 0.09 Information Ratio 0.02 - Sharpe Ratio 0.62 0.60 City of Clearwater Employees' Pension Plan - Total U.S. Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 57 -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 -4.87 (97)13.65 (93)8.74 (93)14.98 (85)8.84 (85)8.55 (89)16.14 (98)12.28 (79)11.83 (61) S&P 500 Index -4.33 (90)17.80 (53)12.93 (8)18.32 (4)11.19 (8)12.06 (4)18.46 (6)14.44 (1)13.81 (1) 5th Percentile -0.50 20.10 13.85 18.18 11.45 11.45 18.64 13.99 13.27 1st Quartile -2.62 18.84 12.30 17.36 10.39 10.55 18.05 13.59 12.67 Median -3.36 17.91 11.02 16.23 9.66 9.96 17.61 12.87 12.26 3rd Quartile -3.96 16.46 9.88 15.63 9.07 9.19 16.88 12.34 11.59 95th Percentile -4.57 12.34 8.30 14.19 8.34 8.13 16.26 11.33 10.48 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 58 -40 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 13.28 (84)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) S&P 500 Index 17.88 (9)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) 5th Percentile 18.48 23.86 27.04 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1st Quartile 17.07 23.34 25.58 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 Median 15.82 21.46 24.36 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 3rd Quartile 14.12 19.72 22.15 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 95th Percentile 11.76 16.45 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 59 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $440,029,011 $427,353,149 $354,699,311 $288,194,255 $18,032,213 Net Contributions $184,763 -$54,549,688 -$18,264,585 -$19,394,501 -$261,929,086 Net Investment Return -$24,233,479 $67,225,550 $90,918,424 $85,899,557 $659,877,168 Ending Market Value $415,980,295 $440,029,011 $427,353,149 $354,699,311 $415,980,295 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 60 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Index 0 10 20 30 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -5.51 16.40 18.43 11.24 13.75 13.88 11.20 Russell 1000 Index -4.18 17.74 18.14 11.34 14.16 13.97 11.19 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -5.51 17.24 25.63 29.94 -20.72 25.27 19.54 11.20 Russell 1000 Index -4.18 17.37 24.51 26.53 -19.13 26.45 20.96 11.19 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 61 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 3 6 9 12 15 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 66.67 69.44 Negative Months Ratio 33.33 30.56 Best Quarter 15.98 16.34 Worst Quarter -8.38 -8.63 Standard Deviation 11.93 12.19 Maximum Drawdown -8.38 -8.63 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.10 100.00 Down Capture 95.31 100.00 Alpha 0.70 0.00 Beta 0.97 1.00 R-Squared 0.99 1.00 Consistency 58.33 100.00 Tracking Error 1.33 0.00 Treynor Ratio 0.13 0.13 Information Ratio 0.17 - Sharpe Ratio 1.10 1.06 Total Portfolio Russell 1000 Index Positive Months Ratio 65.13 66.01 Negative Months Ratio 34.87 33.99 Best Quarter 24.41 26.38 Worst Quarter -29.55 -30.97 Standard Deviation 13.54 14.74 Maximum Drawdown -49.18 -51.13 Max Drawdown Recovery Period 53.00 53.00 Up Capture 86.03 100.00 Down Capture 75.96 100.00 Alpha 1.84 0.00 Beta 0.83 1.00 R-Squared 0.82 1.00 Consistency 50.00 100.00 Tracking Error 6.29 0.00 Treynor Ratio 0.10 0.09 Information Ratio -0.03 - Sharpe Ratio 0.63 0.59 City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 62 -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 -5.51 (100)16.40 (78)12.07 (33)18.43 (3)11.22 (8)11.24 (6)17.74 (46)13.75 (14)13.17 (8) Russell 1000 Index -4.18 (82)17.74 (56)12.67 (10)18.14 (6)10.86 (10)11.34 (6)18.34 (12)14.16 (3)13.54 (1) 5th Percentile -0.50 20.10 13.85 18.18 11.45 11.45 18.64 13.99 13.27 1st Quartile -2.62 18.84 12.30 17.36 10.39 10.55 18.05 13.59 12.67 Median -3.36 17.91 11.02 16.23 9.66 9.96 17.61 12.87 12.26 3rd Quartile -3.96 16.46 9.88 15.63 9.07 9.19 16.88 12.34 11.59 95th Percentile -4.57 12.34 8.30 14.19 8.34 8.13 16.26 11.33 10.48 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 63 -40 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 17.24 (17)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) Russell 1000 Index 17.37 (15)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) 5th Percentile 18.48 23.86 27.04 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1st Quartile 17.07 23.34 25.58 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 Median 15.82 21.46 24.36 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 3rd Quartile 14.12 19.72 22.15 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 95th Percentile 11.76 16.45 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Large Cap Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 64 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 $46,800,000 $49,400,000 $52,000,000 $54,600,000 $57,200,000 $59,800,000 Market ValueJul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 08/01/2025 Beginning Market Value $53,833,614 ---$49,038,786 Net Contributions ----- Net Investment Return $1,275,998 ---$6,070,826 Ending Market Value $55,109,612 ---$55,109,612 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 65 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 2.37 -----12.38 Russell 1000 Value Index 2.10 15.87 14.31 9.43 10.63 10.58 11.00 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 2.37 ------12.38 Russell 1000 Value Index 2.10 15.91 14.37 11.46 -7.54 25.16 2.80 11.00 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 66 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 -15 0 15 30 45 60 Annualized Return (%)-1.2 -0.9 -0.6 -0.3 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 2.7 3.0 3.3 3.6 3.9 4.2 4.5 4.8 5.1 5.4 5.7 6.0 6.3 Risk (Annualized Standard Deviation) Total Portfolio Russell 1000 Value Index Positive Months Ratio -69.44 Negative Months Ratio -30.56 Best Quarter -13.62 Worst Quarter --9.75 Standard Deviation -12.53 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 -0.10 Information Ratio -- Sharpe Ratio -0.77 Total Portfolio Russell 1000 Value Index Positive Months Ratio 87.50 87.50 Negative Months Ratio 12.50 12.50 Best Quarter 9.04 8.07 Worst Quarter 2.37 2.10 Standard Deviation 2.47 2.65 Maximum Drawdown -4.12 -4.82 Max Drawdown Recovery Period -- Up Capture 103.23 100.00 Down Capture 85.35 100.00 Alpha 0.27 0.00 Beta 0.91 1.00 R-Squared 0.96 1.00 Consistency 50.00 100.00 Tracking Error 0.54 0.00 Treynor Ratio 0.01 0.01 Information Ratio 0.28 - Sharpe Ratio 0.48 0.39 City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 67 -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 2.37 (32)-------- Russell 1000 Value Index 2.10 (34)15.87 (40)11.44 (34)14.31 (43)8.88 (48)9.43 (53)16.10 (52)10.63 (52)10.00 (50) 5th Percentile 6.08 23.66 15.23 18.04 12.02 12.35 20.14 13.28 12.25 1st Quartile 2.81 17.48 12.00 15.52 10.07 10.64 17.75 11.85 10.82 Median 0.99 14.58 10.58 13.78 8.75 9.54 16.15 10.70 9.99 3rd Quartile -0.47 11.77 8.96 12.02 7.48 8.50 14.61 9.71 9.08 95th Percentile -3.27 7.15 4.47 8.98 5.14 6.40 12.35 7.86 7.24 Population 983 983 981 978 955 948 947 931 930 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 68 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio ---------- Russell 1000 Value Index 15.91 (44)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) 5th Percentile 22.35 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1st Quartile 17.24 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 Median 15.40 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 3rd Quartile 12.86 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 95th Percentile 7.45 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 Population 1,003 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - BNYM Newton Investment Management Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 69 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 01/31/2013 Beginning Market Value $91,333,315 $76,979,771 $60,846,645 $43,639,686 $33,239,288 Net Contributions $163,015 $645,268 $558,058 $419,308 -$35,775,966 Net Investment Return -$5,623,846 $13,708,277 $15,575,068 $16,787,652 $88,409,162 Ending Market Value $85,872,484 $91,333,315 $76,979,771 $60,846,645 $85,872,484 City of Clearwater Employees' Pension Plan - Eagle Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 70 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 Value Index 0 10 20 30 -10 -20Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -6.16 9.44 19.73 10.57 13.78 14.05 13.60 Russell 1000 Value Index 2.10 15.87 14.31 9.43 10.63 10.58 10.59 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 25 50 75 -25 -50Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -6.16 17.75 25.56 38.37 -25.08 27.60 15.49 13.60 Russell 1000 Value Index 2.10 15.91 14.37 11.46 -7.54 25.16 2.80 10.59 City of Clearwater Employees' Pension Plan - Eagle Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 71 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 -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 Russell 1000 Value Index Positive Months Ratio 63.89 69.44 Negative Months Ratio 36.11 30.56 Best Quarter 13.38 13.62 Worst Quarter -6.66 -9.75 Standard Deviation 10.70 12.53 Maximum Drawdown -6.66 -9.75 Max Drawdown Recovery Period 5.00 5.00 Up Capture 89.41 100.00 Down Capture 41.83 100.00 Alpha 9.72 0.00 Beta 0.66 1.00 R-Squared 0.60 1.00 Consistency 58.33 100.00 Tracking Error 8.01 0.00 Treynor Ratio 0.21 0.10 Information Ratio 0.56 - Sharpe Ratio 1.32 0.77 Total Portfolio Russell 1000 Value Index Positive Months Ratio 66.04 65.41 Negative Months Ratio 33.96 34.59 Best Quarter 21.99 16.77 Worst Quarter -23.61 -26.73 Standard Deviation 16.00 14.41 Maximum Drawdown -32.38 -26.73 Max Drawdown Recovery Period 26.00 12.00 Up Capture 106.27 100.00 Down Capture 94.24 100.00 Alpha 2.44 0.00 Beta 1.00 1.00 R-Squared 0.81 1.00 Consistency 54.72 100.00 Tracking Error 6.90 0.00 Treynor Ratio 0.12 0.10 Information Ratio 0.35 - Sharpe Ratio 0.77 0.68 City of Clearwater Employees' Pension Plan - Eagle Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 72 -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 -6.16 (100)9.44 (90)10.91 (44)19.73 (3)12.06 (5)10.57 (27)18.54 (17)13.78 (4)12.84 (2) Russell 1000 Value Index 2.10 (34)15.87 (40)11.44 (34)14.31 (43)8.88 (48)9.43 (53)16.10 (52)10.63 (52)10.00 (50) 5th Percentile 6.08 23.66 15.23 18.04 12.02 12.35 20.14 13.28 12.25 1st Quartile 2.81 17.48 12.00 15.52 10.07 10.64 17.75 11.85 10.82 Median 0.99 14.58 10.58 13.78 8.75 9.54 16.15 10.70 9.99 3rd Quartile -0.47 11.77 8.96 12.02 7.48 8.50 14.61 9.71 9.08 95th Percentile -3.27 7.15 4.47 8.98 5.14 6.40 12.35 7.86 7.24 Population 983 983 981 978 955 948 947 931 930 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 73 -40 -25 -10 5 20 35 50 65 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 17.75 (20)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) Russell 1000 Value Index 15.91 (44)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) 5th Percentile 22.35 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1st Quartile 17.24 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 Median 15.40 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 3rd Quartile 12.86 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 95th Percentile 7.45 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 Population 1,003 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Eagle Capital Management Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 74 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 Oct-25 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 11/30/2020 Beginning Market Value $219,410,479 $238,897,395 $179,193,994 $135,593,144 $30,545,838 Net Contributions $16,456 -$55,242,055 $61,362 -$12,953,416 $61,491,372 Net Investment Return -$21,446,088 $35,755,140 $59,642,039 $56,554,265 $105,943,637 Ending Market Value $197,980,847 $219,410,479 $238,897,395 $179,193,994 $197,980,847 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 75 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 1000 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 -9.77 18.77 21.03 13.05 --13.34 Russell 1000 Growth Index -9.78 18.81 21.18 12.76 16.96 16.83 13.09 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Growth Index 0 50 100 -50Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -9.77 18.52 33.28 42.20 -29.09 29.75 -13.34 Russell 1000 Growth Index -9.78 18.56 33.36 42.68 -29.14 27.60 38.49 13.09 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 76 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 -6 0 6 12 18 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 63.89 63.89 Negative Months Ratio 36.11 36.11 Best Quarter 20.11 20.16 Worst Quarter -10.15 -10.15 Standard Deviation 14.96 14.95 Maximum Drawdown -11.95 -11.96 Max Drawdown Recovery Period -- Up Capture 99.91 100.00 Down Capture 100.78 100.00 Alpha -0.15 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 36.11 100.00 Tracking Error 0.21 0.00 Treynor Ratio 0.16 0.16 Information Ratio -0.62 - Sharpe Ratio 1.05 1.06 Total Portfolio Russell 1000 Growth Index Positive Months Ratio 61.54 60.00 Negative Months Ratio 38.46 40.00 Best Quarter 20.11 20.16 Worst Quarter -20.89 -20.92 Standard Deviation 18.08 18.38 Maximum Drawdown -30.63 -30.66 Max Drawdown Recovery Period 24.00 24.00 Up Capture 95.44 100.00 Down Capture 100.17 100.00 Alpha -0.91 0.00 Beta 0.95 1.00 R-Squared 0.94 1.00 Consistency 43.08 100.00 Tracking Error 4.44 0.00 Treynor Ratio 0.12 0.13 Information Ratio -0.37 - Sharpe Ratio 0.61 0.69 City of Clearwater Employees' Pension Plan - NTGI-QM R1000G PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 77 -28 -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 -9.77 (58)18.77 (26)13.11 (21)21.03 (26)12.11 (16)13.05 (6)--- Russell 1000 Growth Index -9.78 (58)18.81 (26)13.15 (20)21.18 (24)12.22 (15)12.76 (8)19.87 (10)16.96 (9)16.43 (9) 5th Percentile -3.66 28.83 17.98 25.18 14.18 13.17 20.69 17.82 17.26 1st Quartile -8.12 18.98 12.39 21.12 11.27 10.83 18.26 15.28 14.66 Median -9.51 16.00 9.96 19.11 9.71 9.09 16.60 13.67 13.41 3rd Quartile -10.71 11.06 7.15 16.05 8.04 7.07 14.73 12.01 12.15 95th Percentile -13.36 -0.51 0.59 9.46 3.71 1.37 10.90 8.89 9.54 Population 950 949 942 939 929 919 914 906 890 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 78 -75 -50 -25 0 25 50 75 100 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 18.52 (24)33.28 (30)42.20 (33)-29.09 (34)29.75 (8)----- Russell 1000 Growth Index 18.56 (23)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) 5th Percentile 23.20 44.48 53.12 -20.48 30.31 74.69 39.22 5.80 37.17 9.29 1st Quartile 18.37 34.28 43.57 -27.37 25.61 44.91 36.00 1.15 32.22 5.89 Median 15.60 29.76 39.35 -31.16 21.96 35.95 33.02 -1.38 29.13 2.48 3rd Quartile 12.47 24.39 33.00 -35.23 16.64 30.43 30.17 -4.02 25.47 0.13 95th Percentile 6.53 14.17 20.89 -47.32 3.52 20.36 25.40 -7.45 19.72 -4.98 Population 958 1,009 1,090 1,108 1,138 1,154 1,190 1,269 1,294 1,328 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000G Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 79 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 07/31/2007 Beginning Market Value $74,627,258 $101,410,244 $84,800,204 $67,546,777 $26,197,069 Net Contributions $5,597 -$40,470,457 $5,025,924 $8,021,321 -$65,101,450 Net Investment Return $1,552,545 $13,687,471 $11,584,117 $9,232,105 $115,089,782 Ending Market Value $76,185,400 $74,627,258 $101,410,244 $84,800,204 $76,185,400 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 80 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 2.08 15.86 14.32 9.43 10.63 10.55 7.54 Russell 1000 Value Index 2.10 15.87 14.31 9.43 10.63 10.58 7.51 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 1000 Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 2.08 15.85 14.37 11.61 -7.62 25.17 2.77 7.54 Russell 1000 Value Index 2.10 15.91 14.37 11.46 -7.54 25.16 2.80 7.51 City of Clearwater Employees' Pension Plan - NTGI-QM R1000V INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 81 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 -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 1000 Value Index Positive Months Ratio 69.44 69.44 Negative Months Ratio 30.56 30.56 Best Quarter 13.63 13.62 Worst Quarter -9.67 -9.75 Standard Deviation 12.51 12.53 Maximum Drawdown -9.67 -9.75 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.92 100.00 Down Capture 99.73 100.00 Alpha 0.03 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 38.89 100.00 Tracking Error 0.13 0.00 Treynor Ratio 0.10 0.10 Information Ratio 0.10 - Sharpe Ratio 0.77 0.77 Total Portfolio Russell 1000 Value Index Positive Months Ratio 61.78 61.78 Negative Months Ratio 38.22 38.22 Best Quarter 27.69 27.62 Worst Quarter -28.95 -28.88 Standard Deviation 16.04 16.08 Maximum Drawdown -54.40 -54.50 Max Drawdown Recovery Period 66.00 66.00 Up Capture 99.96 100.00 Down Capture 99.84 100.00 Alpha 0.04 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 64.44 100.00 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 3.31.26 |Q1 26 For Institutional Use Only. 82 -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 2.08 (35)15.86 (40)11.40 (35)14.32 (43)8.88 (47)9.43 (53)16.09 (52)10.63 (53)9.99 (50) Russell 1000 Value Index 2.10 (34)15.87 (40)11.44 (34)14.31 (43)8.88 (48)9.43 (53)16.10 (52)10.63 (52)10.00 (50) 5th Percentile 6.08 23.66 15.23 18.04 12.02 12.35 20.14 13.28 12.25 1st Quartile 2.81 17.48 12.00 15.52 10.07 10.64 17.75 11.85 10.82 Median 0.99 14.58 10.58 13.78 8.75 9.54 16.15 10.70 9.99 3rd Quartile -0.47 11.77 8.96 12.02 7.48 8.50 14.61 9.71 9.08 95th Percentile -3.27 7.15 4.47 8.98 5.14 6.40 12.35 7.86 7.24 Population 983 983 981 978 955 948 947 931 930 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 83 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 15.85 (45)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) Russell 1000 Value Index 15.91 (44)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) 5th Percentile 22.35 20.69 20.74 1.22 32.10 11.89 30.99 -2.78 21.60 20.58 1st Quartile 17.24 16.50 14.36 -3.08 28.22 6.33 27.67 -6.41 18.56 16.31 Median 15.40 14.38 11.18 -5.62 26.04 2.91 25.46 -8.85 16.25 14.08 3rd Quartile 12.86 11.61 8.30 -8.59 23.93 0.33 23.24 -10.82 14.08 11.92 95th Percentile 7.45 6.53 3.72 -13.94 19.11 -4.72 19.63 -14.73 9.86 7.85 Population 1,003 1,076 1,162 1,166 1,176 1,226 1,274 1,351 1,414 1,420 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - NTGI-QM R1000V Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 84 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 04/30/1988 Beginning Market Value $143,316,786 $125,134,749 $106,878,366 $74,563,616 $15,584,862 Net Contributions $145,736 $886,722 $5,845,178 $15,652,365 -$100,613,763 Net Investment Return -$2,999,620 $17,295,316 $12,411,204 $16,662,386 $225,491,804 Ending Market Value $140,462,903 $143,316,786 $125,134,749 $106,878,366 $140,462,903 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 85 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Index 0 8 16 24 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -2.09 16.00 12.04 5.82 11.36 11.37 12.05 Russell Midcap Index 1.29 15.98 13.33 7.26 10.52 10.91 11.36 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Index 0 25 50 -25 -50Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -2.09 13.77 11.47 20.24 -20.92 18.74 37.35 12.05 Russell Midcap Index 1.29 10.60 15.34 17.23 -17.32 22.58 17.10 11.36 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 86 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 58.33 55.56 Negative Months Ratio 41.67 44.44 Best Quarter 16.20 17.06 Worst Quarter -10.91 -12.90 Standard Deviation 14.61 15.08 Maximum Drawdown -10.91 -12.90 Max Drawdown Recovery Period 5.00 5.00 Up Capture 93.37 100.00 Down Capture 95.42 100.00 Alpha -0.45 0.00 Beta 0.94 1.00 R-Squared 0.95 1.00 Consistency 44.44 100.00 Tracking Error 3.43 0.00 Treynor Ratio 0.08 0.09 Information Ratio -0.36 - Sharpe Ratio 0.54 0.60 Total Portfolio Russell Midcap Index Positive Months Ratio 62.50 63.38 Negative Months Ratio 37.50 36.62 Best Quarter 50.66 31.40 Worst Quarter -39.61 -38.81 Standard Deviation 17.59 16.37 Maximum Drawdown -53.49 -54.15 Max Drawdown Recovery Period 38.00 45.00 Up Capture 92.34 100.00 Down Capture 81.67 100.00 Alpha 2.00 0.00 Beta 0.90 1.00 R-Squared 0.71 1.00 Consistency 50.00 100.00 Tracking Error 9.65 0.00 Treynor Ratio 0.11 0.09 Information Ratio 0.08 - Sharpe Ratio 0.56 0.56 City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 87 -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 -2.09 (15)16.00 (83)6.37 (100)12.04 (100)6.30 (100)5.82 (100)15.17 (100)11.36 (95)10.65 (92) Russell Midcap Index 1.29 (1)15.98 (83)9.08 (92)13.33 (98)7.35 (100)7.26 (100)16.23 (96)10.52 (100)10.00 (100) 5th Percentile -0.50 20.10 13.85 18.18 11.45 11.45 18.64 13.99 13.27 1st Quartile -2.62 18.84 12.30 17.36 10.39 10.55 18.05 13.59 12.67 Median -3.36 17.91 11.02 16.23 9.66 9.96 17.61 12.87 12.26 3rd Quartile -3.96 16.46 9.88 15.63 9.07 9.19 16.88 12.34 11.59 95th Percentile -4.57 12.34 8.30 14.19 8.34 8.13 16.26 11.33 10.48 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 88 -40 -25 -10 5 20 35 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 13.77 (81)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) Russell Midcap Index 10.60 (99)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) 5th Percentile 18.48 23.86 27.04 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1st Quartile 17.07 23.34 25.58 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 Median 15.82 21.46 24.36 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 3rd Quartile 14.12 19.72 22.15 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 95th Percentile 11.76 16.45 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Mid Cap Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 89 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 $25,900,000 $51,800,000 $77,700,000 $103,600,000 $129,500,000 -$25,900,000Market ValueMar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 04/01/2020 Beginning Market Value $80,126,686 $71,506,988 $55,236,074 $42,250,605 $27,058,203 Net Contributions $137,535 $503,701 $10,410,825 $5,327,415 $5,350,422 Net Investment Return $999,074 $8,115,998 $5,860,089 $7,658,053 $48,854,670 Ending Market Value $81,263,295 $80,126,686 $71,506,988 $55,236,074 $81,263,295 City of Clearwater Employees' Pension Plan - Boston Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 90 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Value Index 0 6 12 18 24 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.25 14.48 12.74 8.63 --11.36 Russell Midcap Value Index 3.68 17.62 13.14 7.94 9.86 9.75 11.78 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Value Index 0 15 30 45 -15 -30Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 1.25 11.32 10.45 16.74 -6.98 27.34 -11.36 Russell Midcap Value Index 3.68 11.05 13.07 12.71 -12.03 28.34 4.96 11.78 City of Clearwater Employees' Pension Plan - Boston Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 91 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 -6 0 6 12 18 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 58.33 61.11 Negative Months Ratio 41.67 38.89 Best Quarter 14.56 15.84 Worst Quarter -9.54 -12.98 Standard Deviation 14.79 15.08 Maximum Drawdown -10.87 -12.98 Max Drawdown Recovery Period 8.00 5.00 Up Capture 96.31 100.00 Down Capture 95.72 100.00 Alpha 0.09 0.00 Beta 0.96 1.00 R-Squared 0.97 1.00 Consistency 44.44 100.00 Tracking Error 2.77 0.00 Treynor Ratio 0.09 0.09 Information Ratio -0.15 - Sharpe Ratio 0.58 0.59 Boston Partners Russell Midcap Value Index Positive Months Ratio 57.53 60.27 Negative Months Ratio 42.47 39.73 Best Quarter 24.61 20.43 Worst Quarter -17.99 -14.68 Standard Deviation 22.77 20.01 Maximum Drawdown -29.72 -22.70 Max Drawdown Recovery Period 25.00 5.00 Up Capture 90.17 100.00 Down Capture 82.86 100.00 Alpha 0.34 0.00 Beta 0.99 1.00 R-Squared 0.76 1.00 Consistency 47.95 100.00 Tracking Error 11.15 0.00 Treynor Ratio 0.11 0.10 Information Ratio 0.02 - Sharpe Ratio 0.47 0.52 City of Clearwater Employees' Pension Plan - Boston Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 92 -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 1.25 (62)14.48 (45)6.81 (50)12.74 (38)7.95 (30)8.63 (30)17.18 (35)-- Russell Midcap Value Index 3.68 (30)17.62 (34)9.68 (22)13.14 (34)7.08 (44)7.94 (39)16.86 (42)9.86 (43)8.97 (37) 5th Percentile 7.04 30.98 15.70 17.29 10.78 10.87 21.35 12.75 11.30 1st Quartile 4.08 20.08 9.15 13.89 8.30 8.93 18.65 10.79 9.42 Median 2.61 13.29 6.77 11.47 6.73 7.59 16.44 9.33 8.27 3rd Quartile 0.18 9.75 5.36 9.64 5.28 6.29 15.00 8.39 7.54 95th Percentile -4.93 3.26 1.09 5.77 2.68 2.64 12.00 6.44 5.64 Population 342 342 341 336 335 333 332 330 329 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 93 -40 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 11.32 (34)10.45 (57)16.74 (23)-6.98 (39)27.34 (61)----- Russell Midcap Value Index 11.05 (37)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) 5th Percentile 20.12 18.90 24.91 0.37 35.29 13.23 33.93 -5.49 19.78 25.50 1st Quartile 12.67 13.61 16.25 -5.50 31.41 6.30 29.84 -11.21 15.69 20.76 Median 9.42 10.85 12.00 -8.17 28.48 3.01 27.01 -13.48 13.45 17.16 3rd Quartile 6.03 8.89 10.27 -10.66 25.74 0.18 23.71 -15.79 11.53 14.60 95th Percentile 1.98 4.78 6.41 -16.39 13.66 -4.35 16.76 -19.94 7.04 9.51 Population 343 363 371 382 394 404 424 455 454 452 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Boston Partners Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 94 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 $56,000,000 $57,400,000 $58,800,000 $60,200,000 $61,600,000 $63,000,000 $64,400,000 Market ValueNov-25 Dec-25 Jan-26 Feb-26 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 12/01/2025 Beginning Market Value $63,189,750 ---$63,189,750 Net Contributions $8,214 ---$8,214 Net Investment Return -$4,006,204 ----$4,006,204 Ending Market Value $59,191,760 ---$59,191,760 City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 95 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell Midcap Growth Index 0 8 16 24 -8 -16Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -6.34 ------6.34 Russell Midcap Growth Index -6.35 9.56 12.74 5.37 10.28 11.69 -6.35 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell Midcap Growth Index 0 25 50 -25 -50Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -6.34 -------6.34 Russell Midcap Growth Index -6.35 8.66 22.10 25.87 -26.72 12.73 35.59 -6.35 City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 Performance returns over one-year are annualized. For important details regarding benchmarks, please refer the slides entitled "Benchmark Summary" in this presentation. 96 INCEPTION3 YEAR Composite Risk VS. Total Return (since inception: January 1, 2026) 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 Midcap Growth Index -15 0 15 30 45 Annualized Return (%)-1.8 -1.2 -0.6 0.0 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 5.4 6.0 6.6 7.2 7.8 8.4 9.0 9.6 Risk (Annualized Standard Deviation) Total Portfolio Russell Midcap Growth Index Positive Months Ratio -58.33 Negative Months Ratio -41.67 Best Quarter -20.06 Worst Quarter --12.70 Standard Deviation -17.62 Maximum Drawdown --12.89 Max Drawdown Recovery Period -7.00 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 -0.51 Total Portfolio Russell Midcap Growth Index Positive Months Ratio 33.33 33.33 Negative Months Ratio 66.67 66.67 Best Quarter -6.34 -6.35 Worst Quarter -6.34 -6.35 Standard Deviation 3.01 3.01 Maximum Drawdown -6.34 -6.35 Max Drawdown Recovery Period -- Up Capture 99.71 100.00 Down Capture 99.84 100.00 Alpha 0.00 0.00 Beta 1.00 1.00 R-Squared 1.00 1.00 Consistency 66.67 100.00 Tracking Error 0.00 0.00 Treynor Ratio -0.02 -0.02 Information Ratio 0.65 - Sharpe Ratio -0.79 -0.79 City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 97 -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 -6.34 (64)-------- Russell Midcap Growth Index -6.35 (64)9.56 (56)6.52 (28)12.74 (25)7.00 (14)5.37 (14)13.96 (19)10.28 (18)10.43 (18) 5th Percentile 4.82 28.04 15.67 18.96 9.70 8.32 17.58 13.04 12.41 1st Quartile -3.27 17.78 7.17 12.68 5.68 4.28 13.55 9.91 9.98 Median -5.49 10.66 3.36 9.89 3.63 2.16 11.45 8.44 8.52 3rd Quartile -7.24 4.99 -0.39 6.92 1.83 -0.15 9.56 6.97 7.21 95th Percentile -11.89 -9.40 -5.54 1.42 -1.82 -3.25 6.50 4.10 5.02 Population 457 456 453 452 450 448 443 434 432 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 98 -80 -60 -40 -20 0 20 40 60 80 100 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio ---------- Russell Midcap Growth Index 8.66 (32)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) 5th Percentile 19.55 31.51 30.99 -19.99 24.93 68.45 42.02 3.57 33.65 13.21 1st Quartile 10.62 21.44 24.35 -25.14 16.26 47.77 37.16 -2.56 27.63 7.50 Median 5.77 14.83 20.78 -28.63 11.70 36.39 33.51 -5.45 24.83 4.96 3rd Quartile 1.94 10.55 17.97 -33.19 7.14 29.71 30.47 -7.73 22.21 2.13 95th Percentile -5.64 4.11 11.81 -41.49 -4.99 19.19 25.60 -14.38 16.25 -0.98 Population 459 476 511 523 537 545 561 573 595 607 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Northern Trust Mid Cap Growth Index Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $66,699,453 $72,830,169 $59,111,590 $44,901,336 $29,988,472 Net Contributions $136,613 $582,449 $10,538,966 $5,457,576 -$91,746,465 Gain/Loss -$4,406,781 -$6,713,165 $3,179,613 $8,752,678 $124,187,279 Ending Market Value $62,429,286 $66,699,453 $72,830,169 $59,111,590 $62,429,286 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 100 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 15 30 45 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -6.61 -6.51 -0.64 -2.38 4.65 8.08 8.58 Russell 2000 Index 0.89 25.72 13.05 3.77 8.60 9.88 8.85 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 20 40 60 -20 -40Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -6.61 -9.21 5.41 18.22 -20.83 12.05 31.17 8.58 Russell 2000 Index 0.89 12.81 11.54 16.93 -20.44 14.82 19.96 8.85 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 55.56 Negative Months Ratio 52.78 44.44 Best Quarter 14.71 17.62 Worst Quarter -14.79 -16.69 Standard Deviation 16.78 19.10 Maximum Drawdown -20.61 -18.87 Max Drawdown Recovery Period -10.00 Up Capture 59.26 100.00 Down Capture 95.28 100.00 Alpha -10.39 0.00 Beta 0.83 1.00 R-Squared 0.88 1.00 Consistency 33.33 100.00 Tracking Error 6.62 0.00 Treynor Ratio -0.05 0.09 Information Ratio -2.02 - Sharpe Ratio -0.23 0.50 Total Portfolio Russell 2000 Index Positive Months Ratio 62.36 62.36 Negative Months Ratio 37.64 37.64 Best Quarter 30.14 35.15 Worst Quarter -36.45 -35.73 Standard Deviation 17.77 19.58 Maximum Drawdown -53.06 -52.89 Max Drawdown Recovery Period 40.00 45.00 Up Capture 88.68 100.00 Down Capture 85.94 100.00 Alpha 0.73 0.00 Beta 0.87 1.00 R-Squared 0.93 1.00 Consistency 49.82 100.00 Tracking Error 5.42 0.00 Treynor Ratio 0.09 0.09 Information Ratio -0.11 - Sharpe Ratio 0.46 0.44 City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 102 -16 -10 -4 2 8 14 20 26 32 38 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 -6.61 (100)-6.51 (100)-6.99 (100)-0.64 (100)-1.60 (100)-2.38 (100)7.79 (100)4.65 (100)5.34 (100) Russell 2000 Index 0.89 (1)25.72 (1)9.86 (76)13.05 (100)6.30 (100)3.77 (100)15.26 (100)8.60 (100)7.76 (100) 5th Percentile -0.50 20.10 13.85 18.18 11.45 11.45 18.64 13.99 13.27 1st Quartile -2.62 18.84 12.30 17.36 10.39 10.55 18.05 13.59 12.67 Median -3.36 17.91 11.02 16.23 9.66 9.96 17.61 12.87 12.26 3rd Quartile -3.96 16.46 9.88 15.63 9.07 9.19 16.88 12.34 11.59 95th Percentile -4.57 12.34 8.30 14.19 8.34 8.13 16.26 11.33 10.48 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 103 -40 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio -9.21 (100)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) Russell 2000 Index 12.81 (87)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) 5th Percentile 18.48 23.86 27.04 -13.99 29.36 25.11 32.67 -4.41 23.56 16.15 1st Quartile 17.07 23.34 25.58 -17.21 26.58 20.85 30.71 -5.53 22.10 13.66 Median 15.82 21.46 24.36 -18.53 25.74 18.99 30.06 -5.92 20.87 12.39 3rd Quartile 14.12 19.72 22.15 -19.32 23.91 16.74 29.34 -7.57 19.85 11.31 95th Percentile 11.76 16.45 19.31 -20.77 21.63 12.30 27.44 -9.49 17.82 10.66 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total U.S. Small Cap Equities Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 09/30/2003 Beginning Market Value $22,261,435 $24,611,564 $18,033,709 $10,217,052 $14,989,707 Net Contributions $40,560 $182,184 $5,152,287 $5,103,012 -$20,698,248 Net Investment Return -$1,906,485 -$2,532,313 $1,425,568 $2,713,645 $26,104,052 Ending Market Value $20,395,511 $22,261,435 $24,611,564 $18,033,709 $20,395,511 City of Clearwater Employees' Pension Plan - Atlanta Capital Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 105 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Index 0 15 30 45 -15 -30Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -8.56 -12.04 -0.74 0.73 5.04 7.37 10.10 Russell 2000 Index 0.89 25.72 13.05 3.77 8.60 9.88 8.85 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Index 0 15 30 -15 -30 -45Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -8.56 -10.27 8.09 20.71 -12.28 19.89 10.77 10.10 Russell 2000 Index 0.89 12.81 11.54 16.93 -20.44 14.82 19.96 8.85 City of Clearwater Employees' Pension Plan - Atlanta Capital Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 50.00 55.56 Negative Months Ratio 50.00 44.44 Best Quarter 14.40 17.62 Worst Quarter -12.06 -16.69 Standard Deviation 16.44 19.10 Maximum Drawdown -24.29 -18.87 Max Drawdown Recovery Period -10.00 Up Capture 51.58 100.00 Down Capture 83.19 100.00 Alpha -9.68 0.00 Beta 0.76 1.00 R-Squared 0.78 1.00 Consistency 38.89 100.00 Tracking Error 8.99 0.00 Treynor Ratio -0.05 0.09 Information Ratio -1.51 - Sharpe Ratio -0.25 0.50 Total Portfolio Russell 2000 Index Positive Months Ratio 63.47 62.36 Negative Months Ratio 36.53 37.64 Best Quarter 28.59 35.15 Worst Quarter -26.34 -35.73 Standard Deviation 16.17 19.58 Maximum Drawdown -38.47 -52.89 Max Drawdown Recovery Period 29.00 45.00 Up Capture 82.36 100.00 Down Capture 71.37 100.00 Alpha 2.92 0.00 Beta 0.77 1.00 R-Squared 0.88 1.00 Consistency 49.08 100.00 Tracking Error 7.17 0.00 Treynor Ratio 0.12 0.09 Information Ratio 0.07 - Sharpe Ratio 0.57 0.44 City of Clearwater Employees' Pension Plan - Atlanta Capital Management PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 107 -28 -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 -8.56 (100)-12.04 (100)-6.73 (100)-0.74 (100)0.02 (100)0.73 (98)8.62 (100)5.04 (99)5.69 (92) Russell 2000 Index 0.89 (61)25.72 (21)9.86 (23)13.05 (25)6.30 (41)3.77 (70)15.26 (58)8.60 (54)7.76 (50) 5th Percentile 6.07 31.23 12.92 17.34 10.32 9.34 20.13 12.61 11.50 1st Quartile 3.30 24.97 9.59 13.03 7.55 6.40 17.21 10.17 8.86 Median 1.24 19.74 6.90 11.08 5.93 4.64 15.66 8.71 7.76 3rd Quartile 0.10 14.10 5.25 9.09 4.54 3.40 13.83 7.70 6.83 95th Percentile -2.58 3.76 0.11 5.57 1.69 1.21 12.05 5.89 5.35 Population 533 532 529 522 515 510 507 502 492 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 108 -40 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio -10.27 (100)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) Russell 2000 Index 12.81 (18)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) 5th Percentile 16.50 18.94 23.35 -8.54 32.62 25.65 31.22 -6.30 20.79 28.97 1st Quartile 11.87 13.15 18.24 -14.75 26.50 18.85 26.91 -9.75 15.18 23.73 Median 8.29 10.85 16.28 -16.75 22.54 12.84 24.63 -12.10 13.13 20.47 3rd Quartile 4.72 8.52 13.68 -19.92 18.70 7.32 22.02 -15.37 10.28 17.26 95th Percentile -3.12 4.00 8.59 -23.02 13.76 -0.51 17.09 -19.67 5.95 11.16 Population 542 562 595 601 624 656 693 740 802 796 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Atlanta Capital Management Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 10/01/2010 Beginning Market Value $25,749,441 $30,013,830 $28,693,880 $23,689,315 $16,876,305 Net Contributions $50,291 $235,410 $259,681 $243,018 -$32,408,825 Net Investment Return -$3,180,535 -$4,499,798 $1,060,269 $4,761,547 $38,151,718 Ending Market Value $22,619,198 $25,749,441 $30,013,830 $28,693,880 $22,619,198 City of Clearwater Employees' Pension Plan - Riverbridge Partners MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 110 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 15 30 45 -15 -30Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -12.35 -14.77 -5.33 -8.35 1.42 6.99 9.00 Russell 2000 Growth Index -2.81 23.58 12.27 1.62 7.68 9.79 10.52 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Growth Index 0 50 100 -50 -100Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -12.35 -14.97 3.67 20.04 -32.15 3.44 54.14 9.00 Russell 2000 Growth Index -2.81 13.01 15.15 18.66 -26.36 2.83 34.63 10.52 City of Clearwater Employees' Pension Plan - Riverbridge Partners INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 -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 Risk (Annualized Standard Deviation) Total Portfolio Russell 2000 Growth Index Positive Months Ratio 41.67 52.78 Negative Months Ratio 58.33 47.22 Best Quarter 15.37 18.25 Worst Quarter -17.04 -18.29 Standard Deviation 18.09 19.80 Maximum Drawdown -29.15 -18.91 Max Drawdown Recovery Period -10.00 Up Capture 53.34 100.00 Down Capture 103.81 100.00 Alpha -14.15 0.00 Beta 0.83 1.00 R-Squared 0.83 1.00 Consistency 36.11 100.00 Tracking Error 8.06 0.00 Treynor Ratio -0.10 0.09 Information Ratio -2.16 - Sharpe Ratio -0.47 0.45 Total Portfolio Russell 2000 Growth Index Positive Months Ratio 60.22 60.22 Negative Months Ratio 39.78 39.78 Best Quarter 36.06 34.83 Worst Quarter -21.65 -25.76 Standard Deviation 17.96 19.61 Maximum Drawdown -42.80 -33.43 Max Drawdown Recovery Period -41.00 Up Capture 84.75 100.00 Down Capture 84.21 100.00 Alpha 0.16 0.00 Beta 0.84 1.00 R-Squared 0.85 1.00 Consistency 48.92 100.00 Tracking Error 7.65 0.00 Treynor Ratio 0.10 0.11 Information Ratio -0.22 - Sharpe Ratio 0.49 0.54 City of Clearwater Employees' Pension Plan - Riverbridge Partners PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 112 -30 -20 -10 0 10 20 30 40 50 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 -12.35 (98)-14.77 (99)-13.79 (100)-5.33 (100)-6.99 (100)-8.35 (99)3.19 (98)1.42 (98)2.96 (98) Russell 2000 Growth Index -2.81 (64)23.58 (27)8.43 (29)12.27 (29)6.05 (29)1.62 (48)12.81 (46)7.68 (48)7.19 (61) 5th Percentile 3.71 39.71 17.16 20.42 11.30 6.95 19.32 13.80 13.27 1st Quartile 0.47 24.06 9.12 12.62 6.41 3.68 14.83 9.67 9.65 Median -1.76 18.87 5.98 9.83 3.92 1.29 12.40 7.53 7.75 3rd Quartile -4.10 14.57 2.99 7.09 1.47 -1.31 10.25 6.09 6.30 95th Percentile -10.00 -4.48 -4.22 2.01 -3.45 -6.44 6.13 2.62 4.05 Population 511 511 511 509 500 498 497 483 481 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 113 -80 -60 -40 -20 0 20 40 60 80 100 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio -14.97 (100)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) Russell 2000 Growth Index 13.01 (21)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) 5th Percentile 21.18 28.02 26.17 -17.83 28.52 70.41 40.25 5.09 36.43 21.88 1st Quartile 12.38 18.83 19.34 -24.42 15.31 52.50 34.51 -1.65 26.53 13.50 Median 8.86 13.84 16.35 -28.30 9.33 38.07 28.44 -5.12 22.12 10.00 3rd Quartile 4.12 10.49 12.89 -32.18 3.74 27.75 24.59 -8.93 17.98 6.78 95th Percentile -6.72 5.81 7.41 -38.65 -5.79 13.38 18.09 -15.19 11.13 0.21 Population 511 544 588 594 607 621 633 661 695 688 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Riverbridge Partners Period Ending 3.31.26 |Q1 26 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 $5,900,000 $11,800,000 $17,700,000 $23,600,000 $29,500,000 -$5,900,000Market 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 12/01/2017 Beginning Market Value $18,688,577 $18,204,775 $12,384,001 $10,994,968 $13,915,449 Net Contributions $45,762 $164,855 $5,126,998 $111,546 -$2,860,989 Net Investment Return $680,239 $318,946 $693,776 $1,277,487 $8,360,118 Ending Market Value $19,414,577 $18,688,577 $18,204,775 $12,384,001 $19,414,577 City of Clearwater Employees' Pension Plan - Sycamore Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 115 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Russell 2000 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 3.64 13.88 6.51 4.71 8.24 -6.98 Russell 2000 Value Index 4.96 28.09 13.80 5.79 9.08 9.61 7.09 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Russell 2000 Value Index 0 20 40 -20 -40Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 3.64 1.71 5.57 11.55 -6.40 25.08 4.91 6.98 Russell 2000 Value Index 4.96 12.59 8.05 14.65 -14.48 28.27 4.63 7.09 City of Clearwater Employees' Pension Plan - Sycamore Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 50.00 58.33 Negative Months Ratio 50.00 41.67 Best Quarter 13.66 17.00 Worst Quarter -14.76 -15.15 Standard Deviation 16.99 19.10 Maximum Drawdown -19.21 -18.83 Max Drawdown Recovery Period 15.00 11.00 Up Capture 79.89 100.00 Down Capture 99.44 100.00 Alpha -4.97 0.00 Beta 0.87 1.00 R-Squared 0.95 1.00 Consistency 36.11 100.00 Tracking Error 4.45 0.00 Treynor Ratio 0.04 0.10 Information Ratio -1.58 - Sharpe Ratio 0.18 0.53 Total Portfolio Russell 2000 Value Index Positive Months Ratio 57.43 61.39 Negative Months Ratio 42.57 38.61 Best Quarter 27.85 35.53 Worst Quarter -28.98 -35.66 Standard Deviation 19.17 22.19 Maximum Drawdown -28.98 -37.54 Max Drawdown Recovery Period 12.00 28.00 Up Capture 86.92 100.00 Down Capture 86.42 100.00 Alpha 0.45 0.00 Beta 0.84 1.00 R-Squared 0.94 1.00 Consistency 47.52 100.00 Tracking Error 6.04 0.00 Treynor Ratio 0.07 0.07 Information Ratio -0.19 - Sharpe Ratio 0.31 0.32 City of Clearwater Employees' Pension Plan - Sycamore Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 117 -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 3.64 (52)13.88 (71)3.53 (84)6.51 (92)5.13 (70)4.71 (77)13.58 (89)8.24 (65)7.51 (52) Russell 2000 Value Index 4.96 (31)28.09 (15)11.40 (11)13.80 (21)6.42 (44)5.79 (57)17.35 (55)9.08 (49)7.92 (40) 5th Percentile 8.08 32.79 12.90 17.32 10.62 9.98 23.24 12.85 10.88 1st Quartile 5.27 24.76 9.81 13.09 7.72 7.60 19.42 10.11 8.49 Median 3.75 18.26 6.59 11.05 6.06 6.08 17.62 9.03 7.57 3rd Quartile 1.43 12.62 4.29 8.96 4.85 4.80 15.21 7.59 6.47 95th Percentile -2.60 5.36 0.26 5.64 2.38 2.34 12.58 6.10 4.88 Population 430 430 430 428 420 415 414 408 401 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 118 -40 -25 -10 5 20 35 50 65 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 1.71 (81)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 12.59 (14)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) 5th Percentile 14.54 16.28 23.47 -1.23 40.07 15.48 31.78 -8.57 17.92 32.17 1st Quartile 9.80 11.58 18.85 -8.27 34.47 7.83 25.44 -12.73 12.35 28.26 Median 6.62 9.30 15.34 -11.36 30.62 3.39 22.24 -15.10 9.59 24.88 3rd Quartile 2.23 6.49 12.28 -13.87 26.13 -0.47 20.07 -17.52 6.99 20.82 95th Percentile -2.92 3.24 8.65 -17.28 21.30 -6.24 14.98 -20.81 3.29 15.68 Population 432 455 488 491 494 504 536 544 547 545 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Sycamore Capital Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 06/30/2001 Beginning Market Value $162,992,584 $130,093,921 $168,620,186 $185,852,802 $20,000,000 Net Contributions $275,547 $1,040,661 -$48,923,615 -$43,879,659 -$97,227,865 Net Investment Return -$2,452,385 $31,858,002 $10,397,349 $26,647,043 $238,043,612 Ending Market Value $160,815,747 $162,992,584 $130,093,921 $168,620,186 $160,815,747 City of Clearwater Employees' Pension Plan - Total International Equities MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 120 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 10 20 30 40 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.50 15.78 11.79 5.59 9.17 8.89 5.96 MSCI AC World ex USA (Net)-0.71 24.91 14.49 7.02 8.50 8.38 6.22 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -1.50 24.46 5.82 16.64 -21.08 13.92 18.16 5.96 MSCI AC World ex USA (Net)-0.71 32.39 5.53 15.62 -16.00 7.82 10.65 6.22 City of Clearwater Employees' Pension Plan - Total International Equities INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 14.64 Worst Quarter -11.61 -11.35 Standard Deviation 13.86 13.06 Maximum Drawdown -11.61 -11.35 Max Drawdown Recovery Period 5.00 5.00 Up Capture 98.04 100.00 Down Capture 114.38 100.00 Alpha -2.00 0.00 Beta 0.98 1.00 R-Squared 0.85 1.00 Consistency 50.00 100.00 Tracking Error 5.35 0.00 Treynor Ratio 0.08 0.10 Information Ratio -0.43 - Sharpe Ratio 0.54 0.75 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 58.72 59.73 Negative Months Ratio 41.28 40.27 Best Quarter 45.62 39.37 Worst Quarter -40.04 -37.57 Standard Deviation 16.90 16.68 Maximum Drawdown -57.23 -57.63 Max Drawdown Recovery Period 72.00 115.00 Up Capture 97.95 100.00 Down Capture 98.24 100.00 Alpha -0.11 0.00 Beta 0.99 1.00 R-Squared 0.95 1.00 Consistency 49.33 100.00 Tracking Error 3.84 0.00 Treynor Ratio 0.06 0.06 Information Ratio -0.05 - Sharpe Ratio 0.33 0.34 City of Clearwater Employees' Pension Plan - Total International Equities PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 122 -10 -4 2 8 14 20 26 32 38 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 (81)15.78 (92)9.86 (96)11.79 (88)7.46 (87)5.59 (74)12.99 (48)9.17 (48)7.55 (43) MSCI AC World ex USA (Net) -0.71 (66)24.91 (36)15.12 (33)14.49 (36)9.25 (46)7.02 (50)13.14 (46)8.50 (56)6.83 (48) 5th Percentile 1.89 30.87 19.16 18.08 12.10 9.58 16.74 11.01 9.08 1st Quartile 0.84 26.08 15.59 15.07 10.30 8.28 15.11 10.53 8.04 Median -0.34 22.62 14.05 13.73 8.75 6.94 12.91 9.06 6.53 3rd Quartile -1.11 21.21 12.53 13.07 7.93 5.52 12.31 7.85 5.80 95th Percentile -2.27 14.73 9.96 10.77 6.37 2.92 9.59 4.87 3.13 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 123 -40 -25 -10 5 20 35 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 24.46 (93)5.82 (41)16.64 (47)-21.08 (88)13.92 (8)18.16 (12)27.53 (4)-11.88 (7)27.97 (42)2.78 (77) MSCI AC World ex USA (Net) 32.39 (26)5.53 (52)15.62 (67)-16.00 (31)7.82 (59)10.65 (73)21.51 (69)-14.20 (40)27.19 (65)4.50 (41) 5th Percentile 35.80 11.23 19.60 -13.09 14.48 20.84 27.21 -11.73 32.38 8.80 1st Quartile 32.45 6.84 17.72 -15.65 10.47 15.32 23.40 -13.41 29.57 5.75 Median 30.32 5.59 16.61 -17.52 8.67 13.49 22.83 -14.54 27.71 4.11 3rd Quartile 27.36 4.74 15.34 -18.70 6.86 9.98 20.86 -15.21 25.76 3.12 95th Percentile 23.52 2.44 13.62 -22.20 1.32 6.54 19.06 -16.80 23.99 0.30 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total International Equities Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 11/01/2017 Beginning Market Value $17,405,823 $13,516,724 $17,204,829 $40,928,685 $39,577,385 Net Contributions -$224 -$748 -$5,000,791 -$28,001,765 -$33,012,527 Net Investment Return $523,333 $3,889,847 $1,312,686 $4,277,909 $11,364,074 Ending Market Value $17,928,932 $17,405,823 $13,516,724 $17,204,829 $17,928,932 City of Clearwater Employees' Pension Plan - DFA Emerging Markets MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 125 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI Emerging Markets (Net) 0 15 30 45 -15Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.01 31.22 15.89 6.67 8.49 -6.51 MSCI Emerging Markets (Net)-0.17 29.55 14.84 3.69 6.59 7.80 5.13 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI Emerging Markets (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 3.01 28.78 7.32 15.44 -16.40 5.84 13.87 6.51 MSCI Emerging Markets (Net)-0.17 33.57 7.50 9.83 -20.09 -2.54 18.31 5.13 City of Clearwater Employees' Pension Plan - DFA Emerging Markets INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 16.60 18.27 Worst Quarter -10.07 -12.16 Standard Deviation 12.91 15.42 Maximum Drawdown -10.07 -13.06 Max Drawdown Recovery Period 5.00 - Up Capture 89.86 100.00 Down Capture 75.59 100.00 Alpha 3.39 0.00 Beta 0.82 1.00 R-Squared 0.95 1.00 Consistency 55.56 100.00 Tracking Error 4.07 0.00 Treynor Ratio 0.14 0.10 Information Ratio 0.13 - Sharpe Ratio 0.85 0.68 Total Portfolio MSCI Emerging Markets (Net) Positive Months Ratio 58.42 58.42 Negative Months Ratio 41.58 41.58 Best Quarter 21.28 22.16 Worst Quarter -28.31 -23.60 Standard Deviation 17.22 17.61 Maximum Drawdown -34.14 -35.98 Max Drawdown Recovery Period 35.00 49.00 Up Capture 97.29 100.00 Down Capture 90.29 100.00 Alpha 1.57 0.00 Beta 0.95 1.00 R-Squared 0.95 1.00 Consistency 55.45 100.00 Tracking Error 3.95 0.00 Treynor Ratio 0.06 0.04 Information Ratio 0.32 - Sharpe Ratio 0.31 0.23 City of Clearwater Employees' Pension Plan - DFA Emerging Markets PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 127 -20 -10 0 10 20 30 40 50 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 3.01 (52)31.22 (62)17.92 (57)15.89 (40)9.31 (36)6.67 (15)14.97 (13)8.49 (24)6.06 (27) MSCI Emerging Markets (Net) -0.17 (87)29.55 (72)18.34 (54)14.84 (53)7.84 (61)3.69 (50)11.28 (59)6.59 (60)4.73 (54) 5th Percentile 7.36 48.36 24.16 21.36 13.41 10.12 16.84 10.44 7.83 1st Quartile 4.59 37.10 21.09 17.59 10.03 5.15 13.36 8.33 6.15 Median 3.03 33.45 18.74 15.08 8.41 3.69 11.79 7.09 4.89 3rd Quartile 1.18 28.65 15.46 13.21 6.70 1.40 10.22 5.83 3.79 95th Percentile -1.75 12.90 5.31 7.74 2.47 -2.01 7.33 3.92 2.23 Population 631 631 624 617 598 569 550 534 521 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 128 -55 -40 -25 -10 5 20 35 50 65 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 28.78 (71)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) 33.57 (41)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) 5th Percentile 43.45 14.08 22.62 -12.98 14.58 41.02 30.38 -10.65 46.86 18.33 1st Quartile 35.38 8.41 15.14 -19.78 3.36 25.51 24.61 -14.28 40.64 11.56 Median 32.24 6.20 10.91 -22.75 -1.73 18.23 21.07 -16.58 35.79 8.34 3rd Quartile 28.06 3.34 7.99 -26.31 -5.54 13.46 17.38 -19.07 29.81 3.96 95th Percentile 12.93 -2.46 4.40 -33.02 -12.09 4.56 9.37 -22.35 21.76 -2.51 Population 649 701 743 756 758 779 829 850 869 862 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - DFA Emerging Markets Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $39,924,383 $29,829,196 $70,991,687 $64,842,013 $16,165,278 Net Contributions $67,652 $253,775 -$44,621,435 -$4,532,684 -$19,456,891 Net Investment Return -$874,437 $9,841,412 $3,458,944 $10,682,359 $42,409,210 Ending Market Value $39,117,597 $39,924,383 $29,829,196 $70,991,687 $39,117,597 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 130 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI EAFE (Net) 0 10 20 30 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -2.19 19.41 13.87 7.87 9.05 7.76 6.33 MSCI EAFE (Net)-1.24 21.27 13.62 7.91 8.86 8.38 6.80 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI EAFE (Net)0 20 40 60 -20 -40Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -2.19 32.91 4.64 17.16 -14.12 13.34 5.58 6.33 MSCI EAFE (Net)-1.24 31.22 3.82 18.24 -14.45 11.26 7.82 6.80 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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) -4 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 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 13.07 13.27 Maximum Drawdown -10.84 -10.88 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.23 100.00 Down Capture 96.93 100.00 Alpha 0.60 0.00 Beta 0.97 1.00 R-Squared 0.97 1.00 Consistency 58.33 100.00 Tracking Error 2.23 0.00 Treynor Ratio 0.10 0.09 Information Ratio 0.09 - Sharpe Ratio 0.71 0.69 Total Portfolio MSCI EAFE (Net) Positive Months Ratio 60.47 60.47 Negative Months Ratio 39.53 39.53 Best Quarter 21.21 20.37 Worst Quarter -25.99 -22.83 Standard Deviation 15.70 15.20 Maximum Drawdown -27.71 -27.30 Max Drawdown Recovery Period 35.00 28.00 Up Capture 99.67 100.00 Down Capture 102.12 100.00 Alpha -0.58 0.00 Beta 1.02 1.00 R-Squared 0.97 1.00 Consistency 50.39 100.00 Tracking Error 2.76 0.00 Treynor Ratio 0.05 0.06 Information Ratio -0.16 - Sharpe Ratio 0.34 0.38 City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 132 -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 -2.19 (95)19.41 (92)14.46 (86)13.87 (85)9.77 (88)7.87 (84)14.16 (82)9.05 (75)6.84 (77) MSCI EAFE (Net) -1.24 (92)21.27 (86)12.78 (93)13.62 (87)9.67 (89)7.91 (84)13.30 (90)8.86 (77)7.20 (72) 5th Percentile 8.45 41.44 25.82 22.82 17.04 14.20 20.77 13.27 10.43 1st Quartile 4.87 33.34 22.22 20.23 14.72 12.04 18.09 11.38 8.92 Median 2.75 28.53 19.37 17.69 13.47 10.78 16.65 10.47 8.05 3rd Quartile 0.88 24.02 15.95 15.28 11.28 9.05 14.64 8.96 6.85 95th Percentile -2.77 18.34 10.41 11.17 8.56 5.40 11.61 6.57 4.50 Population 304 304 302 300 293 285 276 274 263 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 133 -40 -25 -10 5 20 35 50 65 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 32.91 (77)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) 31.22 (85)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) 5th Percentile 47.53 9.99 23.11 -2.21 17.87 9.19 24.52 -10.49 29.39 12.67 1st Quartile 43.58 6.97 19.56 -6.80 13.81 5.54 21.26 -14.88 25.78 5.40 Median 38.99 4.58 17.88 -10.37 11.87 2.62 18.53 -16.53 23.03 1.76 3rd Quartile 33.56 2.09 15.28 -12.63 9.44 -0.34 16.42 -18.10 20.37 0.11 95th Percentile 26.91 -3.06 10.60 -18.16 5.03 -6.42 12.97 -22.30 14.35 -3.40 Population 308 319 356 351 355 370 384 378 399 395 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Thompson, Siegel & Walmsley Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 08/01/2015 Beginning Market Value $105,662,379 $86,748,000 $80,423,670 $80,082,105 $16,315,776 Net Contributions $208,120 $787,635 $698,611 -$11,345,210 -$379,671 Net Investment Return -$2,101,281 $18,126,743 $5,625,719 $11,686,776 $87,833,112 Ending Market Value $103,769,218 $105,662,379 $86,748,000 $80,423,670 $103,769,218 City of Clearwater Employees' Pension Plan - WCM Investment Management MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 135 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 10 20 30 40 -10Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio -1.99 12.20 10.24 4.39 10.32 10.84 9.89 MSCI AC World ex USA (Net)-0.71 24.91 14.49 7.02 8.50 8.38 6.94 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio MSCI AC World ex USA (Net) 0 25 50 -25 -50Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio -1.99 20.89 7.03 16.23 -27.85 18.16 30.12 9.89 MSCI AC World ex USA (Net)-0.71 32.39 5.53 15.62 -16.00 7.82 10.65 6.94 City of Clearwater Employees' Pension Plan - WCM Investment Management INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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) -4 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 MSCI AC World ex USA (Net) Positive Months Ratio 63.89 61.11 Negative Months Ratio 36.11 38.89 Best Quarter 19.07 14.64 Worst Quarter -12.76 -11.35 Standard Deviation 15.87 13.06 Maximum Drawdown -12.76 -11.35 Max Drawdown Recovery Period 5.00 5.00 Up Capture 98.89 100.00 Down Capture 125.14 100.00 Alpha -3.35 0.00 Beta 1.00 1.00 R-Squared 0.67 1.00 Consistency 52.78 100.00 Tracking Error 9.04 0.00 Treynor Ratio 0.06 0.10 Information Ratio -0.38 - Sharpe Ratio 0.40 0.75 Total Portfolio MSCI AC World ex USA (Net) Positive Months Ratio 65.89 59.69 Negative Months Ratio 34.11 40.31 Best Quarter 25.38 19.97 Worst Quarter -17.75 -23.36 Standard Deviation 16.74 15.03 Maximum Drawdown -36.45 -27.87 Max Drawdown Recovery Period 41.00 36.00 Up Capture 107.09 100.00 Down Capture 91.90 100.00 Alpha 3.42 0.00 Beta 0.97 1.00 R-Squared 0.75 1.00 Consistency 58.14 100.00 Tracking Error 8.33 0.00 Treynor Ratio 0.09 0.06 Information Ratio 0.37 - Sharpe Ratio 0.52 0.37 City of Clearwater Employees' Pension Plan - WCM Investment Management PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 137 -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 -1.99 (23)12.20 (47)6.51 (52)10.24 (32)6.24 (43)4.39 (29)12.13 (14)10.32 (6)9.62 (2) MSCI AC World ex USA (Net) -0.71 (16)24.91 (4)15.12 (4)14.49 (8)9.25 (7)7.02 (7)13.14 (8)8.50 (22)6.83 (31) 5th Percentile 1.52 24.35 14.54 16.06 10.45 8.23 13.80 10.37 8.91 1st Quartile -2.11 17.92 9.78 10.77 7.35 4.88 11.46 8.36 7.05 Median -3.73 11.59 6.71 8.38 4.56 2.25 9.94 7.14 5.66 3rd Quartile -6.71 6.62 2.84 5.06 2.75 -0.07 7.90 5.43 4.28 95th Percentile -11.24 -3.15 -2.38 1.85 -0.18 -3.76 5.20 3.69 2.76 Population 360 360 356 354 350 334 328 317 314 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 138 -60 -40 -20 0 20 40 60 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 20.89 (40)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) 32.39 (3)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) 5th Percentile 29.32 12.72 21.68 -15.97 17.44 54.69 35.59 -7.57 44.09 5.06 1st Quartile 25.54 8.02 18.71 -21.17 11.48 28.70 31.18 -11.37 34.46 0.64 Median 19.57 4.84 15.97 -25.18 8.55 22.33 28.14 -14.33 31.02 -2.54 3rd Quartile 15.12 1.04 14.29 -28.64 3.27 16.75 26.87 -16.78 27.71 -5.25 95th Percentile 9.05 -1.89 8.95 -37.06 -5.24 13.03 22.29 -19.74 22.43 -7.96 Population 366 376 405 421 427 420 425 437 443 415 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - WCM Investment Management Period Ending 3.31.26 |Q1 26 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 $70,900,000 $141,800,000 $212,700,000 $283,600,000 $354,500,000 -$70,900,000Market 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $238,214,833 $229,268,945 $227,513,189 $202,532,330 $19,346,573 Net Contributions -$1,001,079 -$3,589,233 -$2,344,135 $29,291,748 $32,096,358 Net Investment Change $3,258,415 $12,535,121 $4,099,892 -$4,310,888 $189,029,238 Ending Market Value $240,472,168 $238,214,833 $229,268,945 $227,513,189 $240,472,168 City of Clearwater Employees' Pension Plan - Total Real Estate MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 140 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio Total Real Estate Benchmark 0 4 8 12 -4Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.37 6.19 2.19 5.86 5.62 6.07 9.04 Total Real Estate Benchmark 1.67 3.27 -0.27 3.51 3.71 4.51 5.61 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio Total Real Estate Benchmark 0 20 40 60 -20Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 1.37 5.52 1.82 -1.84 5.43 20.55 1.78 9.04 Total Real Estate Benchmark 1.67 2.84 0.17 -7.14 -5.54 37.76 -4.41 5.61 City of Clearwater Employees' Pension Plan - Total Real Estate INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 -10 -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 Total Real Estate Benchmark Positive Months Ratio 61.11 58.33 Negative Months Ratio 38.89 41.67 Best Quarter 2.64 2.93 Worst Quarter -1.74 -4.43 Standard Deviation 2.23 3.56 Maximum Drawdown -3.84 -8.81 Max Drawdown Recovery Period 23.00 - Up Capture 75.88 100.00 Down Capture 28.61 100.00 Alpha 2.30 0.00 Beta 0.40 1.00 R-Squared 0.42 1.00 Consistency 55.56 100.00 Tracking Error 2.72 0.00 Treynor Ratio -0.06 -0.05 Information Ratio 0.88 - Sharpe Ratio -1.06 -1.33 Total Portfolio Total Real Estate Benchmark Positive Months Ratio -60.93 Negative Months Ratio -39.07 Best Quarter -40.91 Worst Quarter --49.72 Standard Deviation -18.97 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 3.31.26 |Q1 26 For Institutional Use Only. 142 -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 1.37 (29)6.19 (11)5.13 (11)2.19 (15)2.30 (7)5.86 (6)6.02 (12)5.62 (5)6.02 (2) Total Real Estate Benchmark 1.67 (23)3.27 (62)3.39 (39)-0.27 (28)-2.03 (44)3.51 (36)6.55 (11)3.71 (37)5.10 (4) 5th Percentile 3.41 7.30 7.35 8.21 3.22 6.26 9.26 5.32 4.95 1st Quartile 1.57 4.47 4.28 -0.11 -0.21 4.31 4.19 3.98 4.31 Median 1.07 3.63 2.71 -2.04 -2.12 3.26 3.13 3.36 3.70 3rd Quartile 0.63 2.66 1.20 -3.18 -3.48 2.14 1.90 2.32 3.00 95th Percentile -0.02 0.09 -1.84 -6.59 -5.25 0.89 0.85 1.09 1.55 PLAN SPONSOR PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 143 -30 -20 -10 0 10 20 30 40 50 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 5.52 (8)1.82 (13)-1.84 (13)5.43 (66)20.55 (49)1.78 (23)10.16 (15)6.23 (70)6.30 (79)6.94 (80) Total Real Estate Benchmark 2.84 (58)0.17 (23)-7.14 (34)-5.54 (93)37.76 (2)-4.41 (95)18.47 (1)-0.65 (99)5.49 (86)7.91 (61) 5th Percentile 6.67 4.01 4.93 18.45 28.14 3.99 13.80 9.92 11.10 12.39 1st Quartile 3.93 -0.12 -5.67 12.18 22.59 1.69 8.14 8.51 9.36 9.67 Median 3.07 -2.42 -9.16 6.67 20.46 0.32 6.48 7.48 7.92 8.30 3rd Quartile 1.63 -4.79 -10.77 4.39 16.36 -0.94 4.10 6.10 6.77 7.25 95th Percentile -2.86 -7.53 -15.69 -6.62 11.33 -4.81 -0.61 1.94 4.37 4.79 PLAN SPONSOR PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Total Real Estate Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 05/31/2012 Beginning Market Value $7,800,741 $7,902,134 $8,319,678 $8,239,063 $1,263,055 Net Contributions --$244,750 -$623,162 -$374,238 $2,460,904 Net Investment Return -$143,357 $205,618 $454,853 $4,076,782 Ending Market Value $7,800,741 $7,800,741 $7,902,134 $8,319,678 $7,800,741 City of Clearwater Employees' Pension Plan - Hancock Timberland XI MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 145 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 0.88 2.55 4.70 3.91 3.48 4.32 NCREIF Timberland Index 1.14 4.92 6.77 8.66 6.53 5.54 6.29 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 5 10 15 20 -5Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 0.00 0.89 1.69 4.78 7.00 9.96 -0.34 4.32 NCREIF Timberland Index 1.14 4.57 6.97 9.45 12.90 9.17 0.81 6.29 City of Clearwater Employees' Pension Plan - Hancock Timberland XI INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 -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 86.11 - Negative Months Ratio 13.89 - Best Quarter 5.24 - Worst Quarter -0.21 - Standard Deviation 3.18 - Maximum Drawdown -0.37 - Max Drawdown Recovery Period 7.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.66 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 82.04 - Negative Months Ratio 17.96 - Best Quarter 11.90 - Worst Quarter -2.05 - Standard Deviation 5.73 - 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 3.31.26 |Q1 26 For Institutional Use Only. 147 -7 -4 -1 2 5 8 11 14 17 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 (95)0.88 (80)1.24 (97)2.55 (99)3.52 (1)4.70 (25)3.92 (99)3.91 (77)3.81 (96) NCREIF Timberland Index 1.14 (92)4.92 (23)5.26 (62)6.77 (46)7.88 (1)8.66 (1)7.43 (81)6.53 (6)6.00 (61) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 148 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 0.89 (57)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) NCREIF Timberland Index 4.57 (8)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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Hancock Timberland XI Period Ending 3.31.26 |Q1 26 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 Aug-25 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 09/30/2017 Beginning Market Value $110,113,776 $99,234,724 $93,965,209 $56,703,546 $30,000,000 Net Contributions ---$30,000,000 $30,000,000 Net Investment Return $1,661,461 $10,879,052 $5,269,515 $7,261,663 $51,775,237 Ending Market Value $111,775,237 $110,113,776 $99,234,724 $93,965,209 $111,775,237 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 150 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio S&P Global Infrastructure 0 10 20 30 40 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 1.51 9.42 7.92 10.06 9.48 -11.04 S&P Global Infrastructure 8.29 26.91 16.22 12.09 9.70 9.39 8.55 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio S&P Global Infrastructure 0 15 30 -15Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 1.51 10.96 5.61 8.40 8.16 17.75 2.83 11.04 S&P Global Infrastructure 8.29 22.58 15.10 6.79 -0.17 11.87 -5.76 8.55 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 24.0 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 3.68 13.43 Worst Quarter -1.10 -11.86 Standard Deviation 3.99 12.70 Maximum Drawdown -2.25 -12.46 Max Drawdown Recovery Period 5.00 8.00 Up Capture 20.25 100.00 Down Capture -18.04 100.00 Alpha 7.60 0.00 Beta 0.02 1.00 R-Squared 0.01 1.00 Consistency 41.67 100.00 Tracking Error 13.03 0.00 Treynor Ratio 1.30 0.11 Information Ratio -0.63 - Sharpe Ratio 0.77 0.89 Total Portfolio S&P Global Infrastructure Positive Months Ratio 65.05 62.14 Negative Months Ratio 34.95 37.86 Best Quarter 7.11 15.03 Worst Quarter -3.94 -29.18 Standard Deviation 5.70 16.13 Maximum Drawdown -3.94 -30.31 Max Drawdown Recovery Period 12.00 19.00 Up Capture 30.17 100.00 Down Capture -17.49 100.00 Alpha 10.33 0.00 Beta 0.08 1.00 R-Squared 0.05 1.00 Consistency 48.54 100.00 Tracking Error 15.91 0.00 Treynor Ratio 1.06 0.07 Information Ratio 0.08 - Sharpe Ratio 1.40 0.42 City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 152 -10 -4 2 8 14 20 26 32 38 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 1.51 (89)9.42 (4)9.67 (6)7.92 (21)8.35 (1)10.06 (1)9.86 (21)9.48 (3)9.95 (1) S&P Global Infrastructure 8.29 (1)26.91 (1)22.79 (1)16.22 (1)10.95 (1)12.09 (1)15.90 (1)9.70 (2)9.64 (3) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 153 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 10.96 (1)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 22.58 (1)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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - IFM Global Infrastructure (US) L.P. Period Ending 3.31.26 |Q1 26 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 May-25 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 06/30/2011 Beginning Market Value $7,574,199 $7,753,623 $8,133,583 $7,560,650 $111,299 Net Contributions --$104,935 -$234,034 -$154,718 $2,286,542 Net Investment Return --$74,489 -$145,926 $727,651 $5,176,358 Ending Market Value $7,574,199 $7,574,199 $7,753,623 $8,133,583 $7,574,199 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 155 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland Index 0 4 8 12 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.00 -1.21 2.15 7.85 6.58 5.12 5.07 NCREIF Timberland Index 1.14 4.92 6.77 8.66 6.53 5.54 5.95 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 0.00 -1.00 -1.87 9.77 21.72 13.33 8.22 5.07 NCREIF Timberland Index 1.14 4.57 6.97 9.45 12.90 9.17 0.81 5.95 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 -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 94.44 - Negative Months Ratio 5.56 - Best Quarter 7.19 - Worst Quarter -3.37 - Standard Deviation 5.15 - Maximum Drawdown -4.33 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio -0.47 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 93.82 - Negative Months Ratio 6.18 - Best Quarter 19.37 - Worst Quarter -3.37 - Standard Deviation 6.82 - Maximum Drawdown -4.33 - Max Drawdown Recovery Period -- Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.53 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 157 -7 -4 -1 2 5 8 11 14 17 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 (95)-1.21 (99)-1.47 (100)2.15 (100)6.70 (1)7.85 (1)7.99 (66)6.58 (6)6.02 (61) NCREIF Timberland Index 1.14 (92)4.92 (23)5.26 (62)6.77 (46)7.88 (1)8.66 (1)7.43 (81)6.53 (6)6.00 (61) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 158 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio -1.00 (89)-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) NCREIF Timberland Index 4.57 (8)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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund III Period Ending 3.31.26 |Q1 26 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 Jun-25 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 10/01/2015 Beginning Market Value $4,811,010 $4,534,552 $4,970,859 $4,921,918 $118,305 Net Contributions --$267,924 -$347,170 -$350,943 $2,661,118 Net Investment Return -$544,382 -$89,137 $399,884 $2,031,587 Ending Market Value $4,811,010 $4,811,010 $4,534,552 $4,970,859 $4,811,010 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 160 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCREIF Timberland 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 0.00 12.38 6.20 9.86 6.19 4.74 4.31 NCREIF Timberland Index 1.14 4.92 6.77 8.66 6.53 5.54 5.43 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCREIF Timberland Index 0 10 20 30 -10 -20Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 0.00 12.44 -1.85 8.57 10.76 20.57 -5.78 4.31 NCREIF Timberland Index 1.14 4.57 6.97 9.45 12.90 9.17 0.81 5.43 City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 12.62 - Worst Quarter -1.26 - Standard Deviation 7.77 - Maximum Drawdown -2.25 - Max Drawdown Recovery Period 19.00 - Up Capture -- Down Capture -- Alpha -- Beta -- R-Squared -- Consistency -- Tracking Error -- Treynor Ratio -- Information Ratio -- Sharpe Ratio 0.22 - Total Portfolio NCREIF Timberland Index Positive Months Ratio 88.10 - Negative Months Ratio 11.90 - Best Quarter 19.91 - Worst Quarter -5.96 - Standard Deviation 8.42 - 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 0.29 - City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 162 -7 -4 -1 2 5 8 11 14 17 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 (95)12.38 (1)4.95 (69)6.20 (68)7.31 (1)9.86 (1)7.15 (85)6.19 (7)5.13 (83) NCREIF Timberland Index 1.14 (92)4.92 (23)5.26 (62)6.77 (46)7.88 (1)8.66 (1)7.43 (81)6.53 (6)6.00 (61) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on quarterly periodicity. 163 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 12.44 (1)-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 4.57 (8)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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Molpus Woodlands Fund IV Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 09/30/2010 Beginning Market Value $51,212,985 $53,197,689 $56,658,944 $67,057,944 - Net Contributions -$1,032,871 -$3,166,522 -$1,347,822 -- Net Investment Return $402,158 $1,181,818 -$2,113,433 -$10,399,000 - Ending Market Value $50,582,272 $51,212,985 $53,197,689 $56,658,944 - City of Clearwater Employees' Pension Plan - Multi Employer Property Trust MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 165 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 0.80 3.44 -4.89 1.29 1.59 2.99 5.81 NCRIEF ODCE (VW)1.04 3.11 -2.81 2.34 2.44 3.79 6.87 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 0.80 2.31 -3.72 -15.51 7.81 19.74 0.49 5.81 NCRIEF ODCE (VW)1.04 2.92 -2.27 -12.73 6.55 21.02 0.34 6.87 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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) -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 83.33 86.11 Negative Months Ratio 16.67 13.89 Best Quarter 1.66 1.04 Worst Quarter -5.84 -5.00 Standard Deviation 5.10 3.96 Maximum Drawdown -17.01 -12.59 Max Drawdown Recovery Period -- Up Capture 73.89 100.00 Down Capture 137.87 100.00 Alpha -1.42 0.00 Beta 1.24 1.00 R-Squared 0.93 1.00 Consistency 75.00 100.00 Tracking Error 1.66 0.00 Treynor Ratio -0.08 -0.07 Information Ratio -1.27 - Sharpe Ratio -1.83 -1.82 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 94.62 95.70 Negative Months Ratio 5.38 4.30 Best Quarter 6.74 7.66 Worst Quarter -6.07 -5.17 Standard Deviation 5.62 5.53 Maximum Drawdown -23.99 -19.91 Max Drawdown Recovery Period -- Up Capture 92.77 100.00 Down Capture 125.83 100.00 Alpha -0.71 0.00 Beta 0.96 1.00 R-Squared 0.89 1.00 Consistency 76.88 100.00 Tracking Error 1.88 0.00 Treynor Ratio 0.05 0.05 Information Ratio -0.53 - Sharpe Ratio 0.75 0.93 City of Clearwater Employees' Pension Plan - Multi Employer Property Trust PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 167 -10 -7 -4 -1 2 5 8 11 14 17 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 0.80 (95)3.44 (45)1.34 (97)-4.89 (100)-3.87 (97)1.29 (96)1.18 (100)1.59 (98)2.20 (100) NCRIEF ODCE (VW) 1.04 (94)3.11 (49)2.14 (95)-2.81 (100)-3.09 (97)2.34 (89)2.19 (99)2.44 (93)2.94 (98) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 168 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 2.31 (35)-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) NCRIEF ODCE (VW) 3.79 (12)-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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Multi Employer Property Trust Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 05/31/2008 Beginning Market Value $18,948,492 $18,599,189 $16,563,070 $14,228,305 $19,346,573 Net Contributions $31,792 $121,145 $134,806 $96,656 -$80,948,958 Net Investment Return $678,892 $228,157 $1,901,313 $2,238,110 $81,261,561 Ending Market Value $19,659,175 $18,948,492 $18,599,189 $16,563,070 $19,659,175 City of Clearwater Employees' Pension Plan - Security Capital MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 170 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split) 0 3 6 9 12 Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 3.58 4.82 9.71 5.63 5.86 5.47 6.10 FTSE NAREIT All Equity REITs (Split)3.76 3.28 9.19 5.78 5.33 5.46 6.29 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio FTSE NAREIT All Equity REITs (Split) 0 50 100 -50Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 3.58 1.22 11.45 15.67 -27.59 45.03 -4.59 6.10 FTSE NAREIT All Equity REITs (Split)3.76 2.27 9.15 16.19 -26.70 46.11 -7.95 6.29 City of Clearwater Employees' Pension Plan - Security Capital INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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) -10 -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 FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 58.33 58.33 Negative Months Ratio 41.67 41.67 Best Quarter 16.69 17.22 Worst Quarter -13.45 -13.37 Standard Deviation 15.25 15.78 Maximum Drawdown -13.45 -13.37 Max Drawdown Recovery Period 5.00 5.00 Up Capture 99.66 100.00 Down Capture 97.30 100.00 Alpha 0.85 0.00 Beta 0.95 1.00 R-Squared 0.98 1.00 Consistency 47.22 100.00 Tracking Error 2.44 0.00 Treynor Ratio 0.06 0.05 Information Ratio 0.16 - Sharpe Ratio 0.38 0.34 Total Portfolio FTSE NAREIT All Equity REITs (Split) Positive Months Ratio 59.07 58.60 Negative Months Ratio 40.93 41.40 Best Quarter 42.00 40.91 Worst Quarter -48.10 -49.72 Standard Deviation 22.49 22.91 Maximum Drawdown -65.06 -64.51 Max Drawdown Recovery Period 33.00 35.00 Up Capture 98.06 100.00 Down Capture 98.60 100.00 Alpha -0.09 0.00 Beta 0.98 1.00 R-Squared 0.99 1.00 Consistency 45.58 100.00 Tracking Error 2.27 0.00 Treynor Ratio 0.07 0.08 Information Ratio -0.13 - Sharpe Ratio 0.32 0.33 City of Clearwater Employees' Pension Plan - Security Capital PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 172 -7 -4 -1 2 5 8 11 14 17 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 3.58 (42)4.82 (23)7.93 (15)9.71 (7)0.34 (23)5.63 (7)9.57 (25)5.86 (16)7.12 (20) FTSE NAREIT All Equity REITs (Split) 3.76 (33)3.28 (45)7.58 (19)9.19 (11)0.64 (15)5.78 (4)10.15 (15)5.33 (27)6.98 (25) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - Security Capital Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 173 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 1.22 (51)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) FTSE NAREIT All Equity REITs (Split) 2.27 (35)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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - Security Capital Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 01/01/2016 Beginning Market Value $14,920,657 $14,589,277 $15,362,866 $18,277,582 $5,708,283 Net Contributions ----$4,204,455 Net Investment Return $123,026 $331,380 -$773,589 -$2,914,716 $5,130,945 Ending Market Value $15,043,683 $14,920,657 $14,589,277 $15,362,866 $15,043,683 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 175 TOTAL PORTFOLIO TRAILING PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 4 8 -4 -8Rates Of Return (%)Last 3 Months 1 Year 3 Years 5 Years 7 Years 10 Years Inception Total Portfolio 0.82 2.65 -5.07 0.73 1.86 4.18 4.14 NCRIEF ODCE (VW)1.04 3.11 -2.81 2.34 2.44 3.79 3.89 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 0.82 2.27 -5.04 -15.95 7.39 20.02 0.94 4.14 NCRIEF ODCE (VW)1.04 2.92 -2.27 -12.73 6.55 21.02 0.34 3.89 City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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 80.56 86.11 Negative Months Ratio 19.44 13.89 Best Quarter 1.05 1.04 Worst Quarter -6.29 -5.00 Standard Deviation 5.42 3.96 Maximum Drawdown -17.39 -12.59 Max Drawdown Recovery Period -- Up Capture 46.53 100.00 Down Capture 131.60 100.00 Alpha -1.55 0.00 Beta 1.26 1.00 R-Squared 0.84 1.00 Consistency 77.78 100.00 Tracking Error 2.38 0.00 Treynor Ratio -0.08 -0.07 Information Ratio -0.95 - Sharpe Ratio -1.75 -1.82 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 91.94 93.55 Negative Months Ratio 8.06 6.45 Best Quarter 7.07 7.66 Worst Quarter -6.32 -5.17 Standard Deviation 6.27 5.54 Maximum Drawdown -25.55 -19.91 Max Drawdown Recovery Period -- Up Capture 106.13 100.00 Down Capture 118.00 100.00 Alpha -0.18 0.00 Beta 1.04 1.00 R-Squared 0.85 1.00 Consistency 83.87 100.00 Tracking Error 2.48 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 3.31.26 |Q1 26 For Institutional Use Only. 177 -10 -7 -4 -1 2 5 8 11 14 17 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 0.82 (94)2.65 (57)0.97 (98)-5.07 (100)-4.34 (97)0.73 (97)1.14 (100)1.86 (96)2.64 (99) NCRIEF ODCE (VW) 1.04 (94)3.11 (49)2.14 (95)-2.81 (100)-3.09 (97)2.34 (89)2.19 (99)2.44 (93)2.94 (98) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 178 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio 2.27 (35)-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) 2.92 (25)-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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - U.S. Real Estate Investment Fund Period Ending 3.31.26 |Q1 26 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 Mar-26 Last Quarter 2025 2024 2023 Since Inception Inception Date Total Portfolio 06/30/2015 Beginning Market Value $22,832,973 $23,457,757 $23,538,979 $25,543,322 $5,000,000 Net Contributions ----$9,461,438 Net Investment Return $392,878 -$624,784 -$81,222 -$1,937,384 $8,831,371 Ending Market Value $23,225,851 $22,832,973 $23,457,757 $23,538,979 $23,225,851 City of Clearwater Employees' Pension Plan - USAA MARKET VALUES & CASH FLOW SUMMARY Period Ending 3.31.26 |Q1 26 180 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 1.72 4.19 -3.37 3.52 5.34 6.49 6.48 NCRIEF ODCE (VW)1.04 3.11 -2.81 2.34 2.44 3.79 4.32 TOTAL PORTFOLIO CALENDAR PERFORMANCE Total Portfolio NCRIEF ODCE (VW) 0 15 30 -15 -30Rates Of Return (%)CYTD 2025 2024 2023 2022 2021 2020 Inception Total Portfolio 1.72 -2.66 -0.34 -7.85 13.80 18.42 11.12 6.48 NCRIEF ODCE (VW)1.04 2.92 -2.27 -12.73 6.55 21.02 0.34 4.32 City of Clearwater Employees' Pension Plan - USAA INVESTMENT RETURNS | TOTAL PORTFOLIO Period Ending 3.31.26 |Q1 26 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) -4 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 NCRIEF ODCE (VW) Positive Months Ratio 80.56 86.11 Negative Months Ratio 19.44 13.89 Best Quarter 1.72 1.04 Worst Quarter -7.92 -5.00 Standard Deviation 5.59 3.96 Maximum Drawdown -13.40 -12.59 Max Drawdown Recovery Period -- Up Capture -21.94 100.00 Down Capture 65.77 100.00 Alpha -2.02 0.00 Beta 0.44 1.00 R-Squared 0.10 1.00 Consistency 88.89 100.00 Tracking Error 5.75 0.00 Treynor Ratio -0.18 -0.07 Information Ratio -0.08 - Sharpe Ratio -1.40 -1.82 Total Portfolio NCRIEF ODCE (VW) Positive Months Ratio 92.31 93.85 Negative Months Ratio 7.69 6.15 Best Quarter 11.30 7.66 Worst Quarter -7.92 -5.17 Standard Deviation 6.24 5.58 Maximum Drawdown -13.40 -19.91 Max Drawdown Recovery Period -- Up Capture 97.87 100.00 Down Capture 12.46 100.00 Alpha 3.64 0.00 Beta 0.61 1.00 R-Squared 0.30 1.00 Consistency 83.85 100.00 Tracking Error 5.67 0.00 Treynor Ratio 0.07 0.03 Information Ratio 0.31 - Sharpe Ratio 0.68 0.45 City of Clearwater Employees' Pension Plan - USAA PORTFOLIO STATISTICAL SUMMARY Period Ending 3.31.26 |Q1 26 For Institutional Use Only. 182 -7 -4 -1 2 5 8 11 14 17 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 1.72 (88)4.19 (31)-0.90 (100)-3.37 (100)-0.27 (34)3.52 (63)5.30 (98)5.34 (27)5.22 (82) NCRIEF ODCE (VW) 1.04 (94)3.11 (49)2.14 (95)-2.81 (100)-3.09 (97)2.34 (89)2.19 (99)2.44 (93)2.94 (98) 5th Percentile 4.80 8.17 9.71 10.02 1.90 5.68 11.27 6.81 8.85 1st Quartile 4.05 4.60 7.05 7.66 0.12 4.70 9.56 5.43 6.96 Median 3.40 2.98 5.84 6.63 -0.82 3.79 8.45 4.68 6.27 3rd Quartile 3.03 1.24 4.60 5.87 -1.50 3.00 7.59 4.03 5.61 95th Percentile -0.64 -0.33 1.66 3.87 -2.76 1.32 6.11 2.18 3.85 Population 170 170 168 168 168 168 168 167 165 PEER GROUP ANALYSIS - ANNUALIZED City of Clearwater Employees' Pension Plan - USAA Period Ending 3.31.26 |Q1 26 Parentheses contain percentile rankings. Calculation based on monthly periodicity. 183 -55 -40 -25 -10 5 20 35 50 65 80 Return2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total Portfolio -2.66 (95)-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) 2.92 (25)-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) 5th Percentile 5.27 12.80 16.22 -24.23 51.88 20.18 34.48 -3.45 12.18 11.15 1st Quartile 2.87 7.54 13.30 -25.33 43.87 -3.04 30.32 -4.62 7.60 7.69 Median 1.25 5.86 12.06 -26.34 41.49 -4.60 28.04 -5.96 5.32 5.95 3rd Quartile -0.16 4.83 10.81 -27.81 39.43 -6.92 25.59 -7.50 3.94 5.06 95th Percentile -2.70 1.99 9.29 -30.30 24.06 -11.27 22.41 -11.06 1.45 3.86 Population 175 180 206 215 223 227 245 243 259 264 PEER GROUP ANALYSIS - CALENDAR City of Clearwater Employees' Pension Plan - USAA Period Ending 3.31.26 |Q1 26 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 1,392,869,808 -2.14 10.30 9.23 5.16 7.83 8.24 8.67 1987 Total Fixed Income 372,709,409 0.04 5.03 4.40 0.86 2.00 2.23 4.17 1987 Dodge & Cox 209,693,470 0.05 5.12 4.83 1.43 2.48 2.77 - In House Account -7,975,849 0.00 0.00 0.00 0.00 0.00 0.00 -5.27 1987 Longfellow Investment Management Co.170,542,701 -0.06 4.54 ---- 4.52 2025 Security Lending Income Account 447,481 40.55 85.97 42.81 9.80 4.74 0.28 0.24 2003 Western Asset Management Co. CLOSED 1,606 0.00 5.18 3.38 -0.91 0.97 1.38 1.96 2004 Total U.S. Equities 618,872,484 -4.87 14.11 15.42 8.54 12.61 13.30 10.83 1987 Total U.S. Large Cap Equities 415,980,295 -5.51 17.22 19.32 11.24 13.98 14.18 10.54 1988 Aletheia Research CLOSEDº--- ---- -3.29 2007 BNYM Newton US Dynamic Large Cap Value 55,109,612 2.37 - ---- 10.22 2025 Eagle Capital Management 85,872,484 -6.16 9.40 19.62 10.86 14.75 14.95 14.29 2013 Manning & Napier 831,952 0.96 -2.45 12.14 6.39 9.20 10.70 10.77 2013 NTGI-QM R1000G 197,980,847 -9.77 21.39 22.32 11.61 -- 11.70 2020 NTGI-QM R1000V 76,185,400 2.08 17.02 15.21 9.90 11.22 11.04 13.22 2007 Voya Investment Mgmt CLOSED¹--- ---- 8.76 1987 Total U.S. Mid Cap Equities 140,462,903 -2.09 15.96 12.15 6.19 11.69 11.86 8.77 1988 Artisan Partners CLOSED 7,848 - 36.08 15.34 5.19 14.78 14.84 7.79 2001 Boston Partners 81,263,295 1.25 14.46 12.64 8.59 -- 13.74 2020 Northern Trust Mid Cap Growth Index 59,191,760 -6.34 - ---- -6.34 2025 Wedge Capital Mgmt CLOSED²--- ---- 9.77 2007 Total U.S. Small Cap Equities 62,429,286 -6.61 -6.54 -1.56 -3.00 5.57 10.37 13.46 2003 Atlanta Capital Management 20,395,511 -8.56 -12.07 -2.43 -0.70 4.37 8.01 7.54 2003 Riverbridge Partners 22,619,198 -12.35 -14.82 -5.43 -8.13 4.49 12.14 13.30 2010 Sycamore Capital 19,414,577 3.64 13.88 6.19 4.28 8.55 - 7.52 2017 Systematic Financial Mgt CLOSED³--- ---- 4.88 2003 Total International Equities 160,815,747 -1.50 15.72 10.66 3.70 8.79 8.76 - DFA Emerging Markets 17,928,932 3.01 31.22 12.86 1.31 5.56 - 3.80 2017 Earnest Partners CLOSEDºº--- ---- 1.84 2008 Thompson, Siegel & Walmsley 39,117,597 -2.19 19.37 11.45 5.13 7.45 6.88 6.31 2015 WCM Investment Management 103,769,218 -1.99 12.13 9.66 3.59 11.25 11.56 11.15 2015 Wellington Mgmt CLOSED¹¹--- ---- 33.42 2008 WHV CLOSED²²--- ----1.32 2008 Total Real Estate 240,472,168 1.37 6.18 2.15 5.41 5.31 5.85 - Hancock Timberland XI 7,800,741 0.00 0.88 2.60 4.86 3.96 3.44 4.06 2012 IFM Global Infrastructure (US) L.P.111,775,237 1.51 9.42 7.91 9.55 9.21 - 10.53 2017 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 3.31.26 |Q1 26 185 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 3.31.26 |Q1 26 Market Value $Last Quarter 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Inception Date Molpus Woodlands Fund III 7,574,199 0.00 -1.17 2.25 8.12 6.42 4.72 5.18 2011 Molpus Woodlands Fund IV 4,811,010 0.00 12.23 6.07 10.09 5.99 4.55 4.28 2015 Multi-Employer Property Trust 50,582,272 0.80 3.45 -5.10 1.26 1.57 2.99 5.65 2010 Security Capital 19,659,175 3.58 4.82 9.67 5.62 5.86 4.85 31.80 2008 U.S. Real Estate Investment Fund 15,043,683 0.82 2.65 -5.06 0.73 1.86 4.19 4.16 2015 USAA 23,225,851 1.72 4.19 -3.36 2.62 4.31 6.01 6.03 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 2025 2024 2023 2022 2021 1,392,869,808 -2.14 11.48 10.27 13.75 -14.82 13.45 372,709,409 0.04 8.04 1.70 6.54 -12.39 -1.29 209,693,470 0.05 8.10 2.08 7.23 -10.86 -0.98 -7,975,849 0.00 0.00 0.00 0.00 0.00 0.00 170,542,701 -0.06 ----- 447,481 40.55 84.26 39.59 5.87 0.35 -20.50 1,606 0.00 12.74 1.08 6.05 -14.20 -1.51 618,872,484 -4.87 12.96 20.56 27.54 -20.72 22.05 415,980,295 -5.51 16.72 25.92 30.70 -20.67 25.36 55,109,612 2.37 ----- 85,872,484 -6.16 17.76 25.44 38.35 -25.04 29.62 831,952 0.96 4.62 14.08 8.94 -3.57 21.23 197,980,847 -9.77 16.70 33.18 43.24 -29.09 30.85 76,185,400 2.08 16.09 14.42 13.57 -7.62 25.17 140,462,903 -2.09 13.78 11.53 21.27 -20.86 18.78 7,848 -17.07 12.65 25.93 -36.30 10.53 81,263,295 1.25 11.32 10.49 17.56 -6.90 27.91 59,191,760 -6.34 ----- 62,429,286 -6.61 -9.19 5.32 18.93 -20.76 11.89 20,395,511 -8.56 -10.26 7.79 23.78 -12.16 19.51 22,619,198 -12.35 -14.95 3.67 20.03 -32.10 3.42 19,414,577 3.64 1.75 5.50 11.58 -6.34 24.77 160,815,747 -1.50 24.42 6.58 15.26 -21.03 13.84 17,928,932 3.01 28.78 8.98 12.76 -16.40 5.84 39,117,597 -2.19 32.90 5.53 16.75 -14.08 13.32 103,769,218 -1.99 20.83 6.95 15.11 -27.77 17.70 240,472,168 1.37 5.51 1.80 -1.86 5.46 20.52 7,800,741 0.00 0.88 1.67 4.64 6.96 9.80 111,775,237 1.51 10.96 5.59 8.40 8.16 17.75 7,574,199 0.00 -0.96 -1.81 9.67 21.35 12.76 4,811,010 0.00 12.12 -1.82 8.41 10.63 20.16 50,582,272 0.80 2.30 -3.75 -15.51 7.81 19.74 19,659,175 3.58 1.22 11.42 15.69 -27.57 45.04 15,043,683 0.82 2.27 -5.02 -15.95 7.39 20.02 Total Portfolio Total Fixed Income Dodge & Cox In House Account Longfellow Investment Management Co. Security Lending Income Account Western Asset Management Co. CLOSED Total U.S. Equities Total U.S. Large Cap Equities BNYM Newton US Dynamic Large Cap Value Eagle Capital Management Manning & Napier NTGI-QM R1000G NTGI-QM R1000V Total U.S. Mid Cap Equities Artisan Partners CLOSED Boston Partners Northern Trust Mid Cap Growth Index Total U.S. Small Cap Equities Atlanta Capital Management Riverbridge Partners Sycamore Capital Total International Equities DFA Emerging Markets Thompson, Siegel & Walmsley WCM Investment Management Total Real Estate Hancock Timberland XI IFM Global Infrastructure (US) L.P. Molpus Woodlands Fund III Molpus Woodlands Fund IV Multi-Employer Property Trust Security Capital U.S. Real Estate Investment Fund USAA 23,225,851 1.72 -2.66 -0.34 -7.85 14.02 18.16 COMPARATIVE PERFORMANCE - IRR City of Clearwater Employees' Pension Plan Period Ending 3.31.26 |Q1 26 187 City of Clearwater Employees' Pension PlanQ1 26Period Ending 3.31.26 |appendix188 City of Clearwater Employees' Pension PlanQ1 26Period Ending 3.31.26 |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 Q1 26Period Ending 3.31.26 |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 Q1 26Period Ending 3.31.26 |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 Q1 26Period Ending 3.31.26 |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 Q1 26Period Ending 3.31.26 |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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Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0665 Agenda Date: 6/15/2026 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.4 SUBJECT/RECOMMENDATION: Approve the new hires for acceptance into the Pension Plan as listed. SUMMARY: Name/Job Classification/Department Pension Eligibility Date Gerred Burney, Solid Waste Worker I, Solid Waste & Recycling 03/21/2026 Colin Shea, Recreation Leader I, Parks & Recreation 03/21/2026 Zachary Whittle, Police Cadet, Police Department 03/21/2026 Oswaldo Cruz-Huapilla, Parking, Fac & Sec Aide, Public Works 03/23/2026 Samuel Howard, Parks Service Technician I, Parks & Recreation 03/23/2026 Raegan Johnson, Police Cadet, Police Department 03/23/2026 Michael Mennella, Police Cadet, Police Department 03/23/2026 Paul Swikey, Police Cadet, Police Department 03/23/2026 Jonathon Weaver, Stormwater Technician I, Public Works 03/23/2026 Adam Alicea, Firefighter, Fire Department 04/06/2026 William Bateman, Fire Medic, Fire Department 04/06/2026 Benjamin Boussum, Fire Medic, Fire Department 04/06/2026 Connor Byrd, Parks Service Technician I, Parks & Recreation 04/06/2026 Taylor Byrd, Firefighter, Fire Department 04/06/2026 Joseph Davidson, Firefighter, Fire Department 04/06/2026 Corin Pizzo, Fire Medic, Fire Department 04/06/2026 Jae Segatto, Firefighter, Fire Department 04/06/2026 Michael Shane, Firefighter, Fire Department 04/06/2026 Rashard Stephens, Firefighter, Fire Department 04/06/2026 Jaylin Williams, Solid Waste Worker I, Solid Waste & Recycling 04/06/2026 Leslie Ambs, Accountant II, Finance Department 04/20/2026 Andrea Anderson, Recreation Supervisor, Parks & Recreation 04/20/2026 Enrico Brooks, Recreation Facilities Supp Custodian, Parks & Rec.04/20/2026 John Hurry, Police Cadet, Police Department 04/20/2026 Rodney Malpass, Fire District Commander, Fire Department 04/20/2026 Page 1 City of Clearwater Printed on 6/9/2026 File Number: ID#26-0665 Timothy O’Shea, Solid Waste Worker I, Solid Waste & Recycling 04/20/2026 Keith Sheets, Parks Service Technician I, Parks & Recreation 04/20/2026 James Sfachios, Parks Service Technician I, Parks & Recreation 04/20/2026 Kyle White, Recreation Facilities Supp Custodian, Parks & Rec.04/20/2026 Johnny Williams, Solid Waste Equip. Oper., Solid Waste & Recyc. Hallie Bushar, Police Telecommunicator I, Police Department 05/04/2026 Arlind Mucka, Plumber, General Services Department 05/04/2026 Michael Piotrski, Water Distribution Oper.Trainee , Public Utilities 05/04/2026 Matthew Sfachios, Skilled Tradesworker I, General Services 05/04/2026 Joseph Tuttle, Custodial Worker, Police Department 05/04/2026 Robert Thurman, Parks Service Tech I, Parks & Recreation 05/18/2026 Lauren Wolf, Planner II, Planning & Development 05/18/2026 Samual Aldrich, Marine Facility Operator, Marine & Aviation 05/18/2026 Fatmire Fejoski, Payroll Tech I, Fire Department 05/18/2026 Edward Galan, Police Officer, Police Department 05/18/2026 James Seabo, Police Officer, Police Department 05/18/2026 James Smaldone, Police Officer, Police Department 05/18/2026 APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 6/9/2026 Interoffice Correspondence Sheet TO: Pension Trustees FROM: Tiffany Makras, Human Resources Director SUBJECT: Recommendation for Acceptance into Pension Plan DATE: June 15, 2026 Subject/Recommendation: Recommend approval of the new hires for acceptance into the Pension Plan as listed. Name Job Classification Department Pension Eligibility Date Gerred Burney Solid Waste Worker I Solid Waste & Recycling 03/21/2026 Colin Shea Recreation Leader I Parks & Recreation 03/21/2026 Zachary Whittle Police Cadet Police Department 03/21/2026 Oswaldo Cruz-Huapilla Parking, Fac & Sec Aide Public Works 03/23/2026 Samuel Howard Parks Service Technician I Parks & Recreation 03/23/2026 Raegan Johnson Police Cadet Police Department 03/23/2026 Michael Mennella Police Cadet Police Department 03/23/2026 Paul Swikey Police Cadet Police Department 03/23/2026 Jonathon Weaver Stormwater Technician I Public Works 03/23/2026 Adam Alicea Firefighter Fire Department 04/06/2026 William Bateman Fire Medic Fire Department 04/06/2026 Benjamin Boussum Fire Medic Fire Department 04/06/2026 Connor Byrd Parks Service Technician I Parks & Recreation 04/06/2026 Taylor Byrd Firefighter Fire Department 04/06/2026 Joseph Davidson Firefighter Fire Department 04/06/2026 Corin Pizzo Fire Medic Fire Department 04/06/2026 Jae Segatto Firefighter Fire Department 04/06/2026 Michael Shane Firefighter Fire Department 04/06/2026 Rashard Stephens Firefighter Fire Department 04/06/2026 Jaylin Williams Solid Waste Worker I Solid Waste & Recycling 04/06/2026 Leslie Ambs Accountant II Finance Department 04/20/2026 Andrea Anderson Recreation Supervisor Parks & Recreation 04/20/2026 Enrico Brooks Recreation Facilities Supp Custodian Parks & Recreation 04/20/2026 John Hurry Police Cadet Police Department 04/20/2026 Rodney Malpass Fire District Commander Fire Department 04/20/2026 Timothy O’Shea Solid Waste Worker I Solid Waste & Recycling 04/20/2026 Keith Sheets Parks Service Technician I Parks & Recreation 04/20/2026 James Sfachios Parks Service Technician I Parks & Recreation 04/20/2026 Kyle White Recreation Facilities Supp Custodian Parks & Recreation 04/20/2026 Johnny Williams Solid Waste Equipment Operator Solid Waste & Recycling 04/20/2026 Hallie Bushar Police Telecommunicator I Police Department 05/04/2026 Arlind Mucka Plumber General Services Department 05/04/2026 Michael Piotrski Water Distribution Operator Trainee Public Utilities 05/04/2026 Matthew Sfachios Skilled Tradesworker I General Services Department 05/04/2026 Joseph Tuttle Custodial Worker Police Department 05/04/2026 Robert Thurman Parks Service Tech I Parks & Recreation 05/18/2026 Lauren Wolf Planner II Planning & Development 05/18/2026 Samual Aldrich Marine Facility Operator Marine & Aviation 05/18/2026 Fatmire Fejoski Payroll Tech I Fire Department 05/18/2026 Edward Galan Police Officer Police Department 05/18/2026 James Seabo Police Officer Police Department 05/18/2026 James Smaldone Police Officer Police Department 05/18/2026 Cover Memo City of Clearwater Main Library - Council Chambers 100 N. Osceola Avenue Clearwater, FL 33755 File Number: ID#26-0666 Agenda Date: 6/15/2026 Status: Agenda ReadyVersion: 1 File Type: Action ItemIn Control: Pension Trustees Agenda Number: 4.5 SUBJECT/RECOMMENDATION: Approve the following requests of Salvatore Accomando, Police Department, Jonathan Cappa, Police Department, Pawel Dembinski, Public Works Department, Keith Law, Library Department, Robert Reedy, Public Utilities Department, Philip Ruppel, Public Utilities, and Anthony Tedesco, Fire Department for a regular pension as provided by Sections 2.416 and 2.424 of the Employees’ Pension Plan. SUMMARY: Salvatore Accomando, Police Officer, Police Department, was employed by the City on March 3, 2008, 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 $102,722.00 over the past five years, the formula for computing regular pensions, and Mr. Accomando’s selection of the Single Life Annuity, this pension benefit will be approximately $60,289.80 annually. Jonathan Cappa, Police Officer, Police Department, was employed by the City on January 9, 2006, and his pension service credit is effective on that date. His pension will be effective April 1, 2026. Based on an average salary of approximately $102,945.00 over the past five years, the formula for computing regular pensions, and Mr. Cappa’s selection of the Joint & Survivor Annuity, this pension benefit will be approximately $57,486.84 annually. Pawel Dembinski, GIS Assistant Manager, Public Works Department, was employed by the City on February 22, 1994, and his pension service credit is effective on that date. His pension will be effective July 1, 2026. Based on an average salary of approximately $99,647.77 over the past five years, the formula for computing regular pensions, and Mr. Dembinski’s selection of the 66 2/3% Joint & Survivor Annuity, this pension benefit will be approximately $78,422.88 annually. Keith Law, Librarian I, Library Department, was employed by the City on February 24, 2014, and his pension service credit is effective on October 3, 2015. His pension will be effective July 1, 2026. Based on an average salary of approximately $59,782.64 over the past five years, the formula for computing regular pensions, and Mr. Law’s selection of the 100% Joint & Survivor Annuity, this pension benefit will be approximately $12,453.72 annually. Robert Reedy, Wastewater Treatment Plant Operator A, Public Utilities Department, was employed by the City on June 12, 2006, and his pension service credit is effective on that date. His pension will be effective July 1, 2026. Based on an average salary of approximately $64,682.25 over the past five years, the formula for computing regular pensions, and Mr . Reedy’s selection of the Single Life Annuity, this pension benefit will be approximately Page 1 City of Clearwater Printed on 6/9/2026 File Number: ID#26-0666 $35,649.36 annually. Philip Ruppel, Wastewater Treatment Plant Operator A, Public Utilities Department, was employed by the City on December 22, 1997, and his pension service credit is effective on that date. His pension will be effective July 1, 2026. Based on an average salary of approximately $81,363.62 over the past five years, the formula for computing regular pensions, and Mr . Ruppel’s selection of the Single Life Annuity, this pension benefit will be approximately $63,644.52 annually. Anthony Tedesco, Fire Division Chief, Fire Department, was employed by the City on May 7, 2001, 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 $132,536.52 over the past five years, the formula for computing regular pensions, and Mr. Tedesco’s selection of the Joint & Survivor Annuity with the 10% partial lump sum, this pension benefit will be approximately $82,216.56 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. Dembinski, Mr. Law, Mr. Reedy, and Mr. Ruppel 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. Accomando, Mr. Cappa, and Mr. Tedesco have met the hazardous duty criteria. APPROPRIATION CODE AND AMOUNT: N/A USE OF RESERVE FUNDS: N/A Page 2 City of Clearwater Printed on 6/9/2026