Marine Corps Association and Marine Corps Association Foundation

Marine Corps Association and Marine Corps Association Foundation Accounts Summary As of 31 Jan MCAF Totals 2021 Endowment $10, 027, 145 $423, 658 $10, 450, 803 Cash Reserve $5, 438 $24, 000 $29, 438 Totals $10, 032, 583 $447, 658 $10, 480, 241 • Marine Corps Association Loan Management Account (as of 01/20/2021) • Available Balance: $5, 940, 086. 71 • Outstanding Balance: $0 • Effective Interest Rate 2. 0045%

Marine Corps Association Highlights • Excellent growth exceeding expectations despite COVID challenges • $1. 238 million increase in portfolio value • Pleased with portfolio performance +11. 48% net versus IPS benchmark +14. 34% and simple benchmark of 10. 94% • Asset Allocation Differences • Individual investment managers outperformed their indices on average • Income Tilt & Risk Framework • Cash Drag • Fees • Deposits exceeded withdrawals for the year by $130. 1 K including payoff of $500 K LOC • Portfolio exceeded IPS real goals of CPI + 3% along with $200 K of income, by $714, 841

MCA Wealth Management Dashboard – 2020. 12. 31 Portfolio Value Portfolio Performance $11 000 $10 032 582 $10 000 $9 000 $8 795 060 $8 000 Change since Inception = $1, 237, 522 Change YTD = $1, 237, 522 $7 415 711 $7 000 Inception Q 1 2020 Q 2 2020 Q 3 2020 14, 36% [VALUE] 15, 00% $9 202 140 $8 757 408 25, 00% 12/31/2020 5, 00% - -5, 00% Q 1 2020 $780 894, 00 $200 000, 00 $0, 00 -$300 000, 00 15, 29% Portfolio IPS Benchmark MCA 22, 1 9% $0, 00 Q 2 2020 Q 3 2020 [VALUE] Q 4 2020 TR Simple Benchmark IPS Benchmark 6, 00 % 7, 44 % 29, 0 0% 30, 0 0% 36, 3 7% 12, 2 3% 20, 0 0% 21, 7 7% -$500 000, 00 Q 1 2020 Q 3 2020 14, 34% 10, 94% Asset Allocation -$150 000, 00 -$800 000, 00 Q 2 2020 -12, 35% [CELLRANGE], IPS Benchmark - 2020 Net= $130, 894 2020 Projected = ($250, 000) $0, 00 [VALUE]5, 07% 4, 69% 8, 03% -15, 00% Portfolio Deposits & Withdrawals $700 000, 00 12, 33% [VALUE] 11, 90% 15, 0 0% Simple Benchmark 40% 15% Q 4 2020 Portfolio Returns (Goal: CPI + 3% including $200, 000 income ) $2 000, 00 Interest/Dividends $1 000, 00 $0, 00 -$1 000, 00 -$2 000, 00 $32 617, 00 Q 1 2020 -$1 411 967, 00 Estimated Income $1 021 602, 00 $39 132, 00 Q 2 2020 Appreciation/(Depreciation) $411 368, 00 $33 363, 00 Q 3 2020 $730 198, 00 $250 245, 00 Q 4 2020 Total Income = $355, 358 2020 Price Return = $751, 201 Dollars to Goal: $714, 841 Wealth Management Fees Q 1 2020 Q 2 2020 Q 3 2020 Q 4 2020 $13, 101 $12, 272 $14, 321 $14, 001 2020 Fees YTD = $53, 696

Marine Corps Association Foundation Highlights • Excellent growth exceeding expectations despite COVID challenges • $125 K increase in portfolio value • Pleased with portfolio performance +9. 98% net versus IPS benchmark +14. 34% and simple benchmark of 10. 94% • Asset Allocation Differences • Individual investment managers outperformed their indices on average • Income Tilt & Risk Framework • Cash Drag • Fees & Scale • Two key deposits from donors in 2020 • Portfolio exceeded IPS real goals of CPI + 3% along with 2% of income, by $20, 887

MCAF Wealth Management Dashboard – 2020. 12. 31 Portfolio Value Portfolio Performance $447 658 $500 000 $400 000 $322 614 $269 711 $300 000 $323 180 $307 877 $200 000 $0 Inception Q 1 2020 Q 2 2020 Q 3 2020 14, 36% 11, 90% [VALUE] 15, 00% Change since Inception = $125, 044 Change YTD = $125, 044 $100 000 25, 00% 12/31/2020 [VALUE]5, 07%4, 69% 5, 00% - -5, 00% Q 1 2020 -15, 00% 15, 29% Portfolio 23, 5 6% 2020 Net= $89, 492 2020 Projected = $0 $40 000, 00 $20 000, 00 $0, 00 Q 1 2020 Q 3 2020 % 29, 0 0% 31, 4 7% 20, 0 0% 20, 5 8% $0, 00 Q 2 2020 TR Simple Benchmark IPS Benchmark 6, 00 13, 0 2% 11, 3 7% $0, 00 IPS Benchmark MCAF $80 000, 00 $0, 00 Q 4 2020 Asset Allocation $89 492, 00 $60 000, 00 Q 3 2020 [VALUE] -12, 35% [CELLRANGE], IPS Benchmark - Portfolio Deposits & Withdrawals $100 000, 00 Q 2 2020 14, 34% 10, 94% 12, 33% 8, 03% [VALUE] 30, 0 0% 15, 0 0% Simple Benchmark 40% 15% Q 4 2020 Portfolio Returns (Goal: CPI + 3 including 2% income) $75 000, 00 $25 000, 00 -$75 000, 00 Interest/Dividends $1 130, 00 Q 1 2020 -$54 033, 00 Estimated Income $36 688, 00 $1 477, 00 Q 2 2020 Appreciation/(Depreciation) $13 789, 00 $1 514, 00 Q 3 2020 $28 091, 00 $6 895, 00 Q 4 2020 Total Income = $11, 017 2020 Price Return = $24, 535 Dollars to Goal: $20, 887 Wealth Management Fees Q 1 2020 Q 2 2020 Q 3 2020 Q 4 2020 $476. 46 $432. 08 $478. 08 $526. 46 2020 Fees YTD = 1, 913. 08