Quarterly Investment Narrative Conference Call

Tuesday, May 10, 2016

Speakers

Horacio Valeiras, CFA Principal, HAV Capital

Investment Chair, Board of Governors The San Diego Foundation

Matt Fettig, CFA Vice President, Chief Investment Officer

The San Diego Foundation

Adrienne Vargas Vice President, Chief Giving Officer

The San Diego Foundation

Agenda

1. Macroeconomic update

2. Performance & attribution for Endowment Portfolio

3. Performance & attribution for Long-Term Portfolio

4. Performance & attribution for Medium-Term Portfolio

5. Performance & attribution for Short-Term Portfolio

6. Q&A

GDP Components

Source: FRED, as of 12/31/15

4.6 4.3

2.1

0.6

3.9

2.0 1.4

-3 -2 -1 0 1 2 3 4 5 6 7

2014 Q2

2014 Q3

2014 Q4

2015 Q1

2015 Q2

2015 Q3

2015 Q4

Per

cent

age

Gro

wth

(%)

Consumption Investment Government

Exports Imports Inventories

Consumer Comfort Index

Source: Bloomberg, as of 3/27/16

20

30

40

50

60

70

Jul-8

5

Jul-9

0

Jul-9

5

Jul-0

0

Jul-0

5

Jul-1

0

Jul-1

5

Bloomberg US Weekly Consumer Comfort Index

Drivers of Global Growth

-7%

-3%

1%

5%

9%

13%

1990 1994 1998 2002 2006 2010 2014

Glo

bal G

row

th (%

)

China US Euro Area

Japan Rest of World World GDP Growth

Negative Interest Rates

Source: Bloomberg, as of 3//16

Performance & attribution for Endowment Portfolio

Asset Allocation $403.5 million as of March 31, 2016

Includes Principal Only

Returns For period ending March 31, 2016

Performance & attribution for Long-Term Portfolio

Asset Allocation $40 million as of March 31, 2016

Returns

Performance & attribution for Medium-Term Portfolio

Asset Allocation $56.2 million as of March 31, 2016

Returns

Performance & attribution for Short-Term Portfolio

Asset Allocation $26.4 million as of March 31, 2016

Returns

Q&A

To submit questions for the Q&A, please use the “Questions” chat function

Thank You