New Board Member Orientation

2018 New Board
Member Orientation

Marriott Marquis
Houston

Chambers Ballroom

Friday, January 26, 2018

AGENDA

NASP Board Meeting Welcome/Opening Remarks Donna Sims Wilson
10:00 a.m. - 12:00 p.m. History of NASP/Activities
Alphonso Tindall
David Baker Lewis
Marquette Chester

2018 Outlook Orim Graves

Closing & Meeting Donna Sims Wilson
Adjournment

Diverse & Emerging Manager
Forum

1:30 p.m. - 5:30 p.m.
Montgomery A & B Ballroom

Kick-Off Reception
5:30 p.m. - 8:00 p.m.
Hunter’s Creek Ballroom

January 2017 Board Minutes

NASP Headquarters Present:

Orim Graves
Farzin Khan
YaShica Robinson
Aymeric Saha

Board Members Present: Donna Sims Wilson Board Members Via Phone:
Malik Murray
Leslie Bond, Jr. Deidre Guice Minor Gwendolyn Butler
Marquette Chester Rendel Solomon Kathleen Colin
James F. Haddon Sidney Dillard
Erik Hall Dyice Ellis-Beckham
Linda Jordan Mellody Hobson
Valerie King Della Hood-Laster
Shawn Lytle David Baker Lewis
Arthur McClearin Guy Logan
Theron Picketts Richard Turnley
Gwelda Swiley-Burke
Board Members Absent:
Alphonso E. Tindall, Jr.
Kila Weaver Eugene Duffy
Mona S. Williams Kristin Finney-Cooke
Norice R. Rice

January 2017 Board Minutes

Shawn Lytle officially called the board meeting to order, gave a Happy New Year and remarks on the discussion
presented at NASP New Board Member Orientation held prior to the NASP Board of Directors Meeting. He then turned
it over to Linda Jordan to conduct the official roll call

 Roll Call:

The official roll call was conducted by Linda Jordan, Secretary, NASP Board of Directors, and was confirmed that a quorum was

present for the meeting.

 Approval of the September 2016 minutes:

Shawn Lytle called for comments on the September 14, 2016 Board Meeting minutes.
Shawn Lytle asked for motion to approve the minutes; the minutes for the September 14th NASP Board of Directors were

approved.

January 2017 Board Minutes

Committee Reports

Program Committee: Farzin Khan

NASP held a joint webinar with The National Association of College and University Business Officers (NACUBO) and Dr. Michael

McMillan of the CFA Institute on Ethics and Asset Management, specifically the inclusion of MWBEs, providing an introduction into
the space with endowment CFOs, CIOs.

NASP will host a webinar with Corporate Partner Morgan Stanley on Tuesday, January 24th focusing on the Department of Labor

Fiduciary Rule

Citi Group will host NASP for the 2017 Mentors Luncheon and Career Symposium on Friday, March 10th at Citi headquarters in

Greenwich, NY. Confirmed keynote speakers for the event to date are, Ray McGuire, Global Head, Corporate and Investment Banking,
Citi and Gerard Bushell, President & CEO, DASNY Confirmed sponsors/recruiters include: Guggenheim, Prudential and Citi Group

The Emerging and Diverse Managers Forum is today.
For students, The PFM Group will host diverse college students to learn about asset management and public finance. The program will

include a financial modeling training class and tour of the firm’s Philadelphia office. NASP has students helping with outreach and ask
for more help from our partners and sponsors to help with NASP student initiatives.

NASP will host a member webinar in March.

January 2017 Board Minutes

Committee Reports

Chapter & Membership Development: Farzin Khan

We have approximately 600+ active NASP members
There is a need to increase membership in terms of numbers and types of members

Legislative & Africa Project: Donna Sims Wilson

A new administration will be inaugurated in a few day, NASP has interest before the federal government so we will continue to be

involved and advocate for issues of importance to our membership

Our legislative lobby firm, Watts Partners, staff member worked on the Republican National Committee (RNC) staff under Reince

Priebus, the new Chief of Staff, we will have some good relationships there

It has been reported that the Trump Administration will reach out to minority communities through their business leaders, at some point

there will be an opportunity to meet with senior administration officials

January 2017 Board Minutes

Committee Reports

Legislative & Africa Project (cont.): Donna Sims Wilson

Orim Graves has attended several meetings of a coalition of minority organizations on how communities of color and professional

organization going to engage with the Trump Administration going forward. A lot of the discussion has been on repealing and replacing
Obama Care and repealing Dodd Frank, Sec. 342 of Dodd Frank is important to the financial industry, specifically asset management
and investment banking firms, NASP has lobbied on Capitol Hill in the past, speaking to Republican Senators and Congressman, we
expect those relationships to stand as a good leap enabling NASP to discuss potential unintended consequences should Dodd Frank be
repealed or dramatically scaled back

In December, the Federal Housing Finance Agency (FHFA), headed by former Congressman Mel Watts, put out some regulations for

comments on the Housing and Economic Recovery Act (HERA). HERA sub section 1116 that covers specifically, Freddie Mac, Fannie
Mae and the Federal Home Bank Loan system, says that minorities and women and entities owned by minorities and women must
participate to the maximum extent possible in all of the business of the various agencies or departments at the highest levels. NASP has
written a comment letter, having to deal with how to get more business as a MWBE or as minority or women at a majority owned firm in
the mortgage related area, dealing with securities and the disposition of assets.

January 2017 Board Minutes

Committee Reports

Legislative & Africa Project (cont.): Donna Sims Wilson

USAID has engaged NASP for two year approx. 1.8 million dollar relationship, cooperative agreement, different from a grant. We have

full time person at USAID whom works with NASP daily. The funding allowed NASP to hire two full time in the NASPHQ office. We
advertised for both positions. For the Managing Directors position, 29 resumes were received six candidates were interviewed. Aymeric
Saha accepted the position. We also hired Bintou Kabore-Zerbo to support Aymeric Saha.

NASP/USAID: Aymeric Saha

It is a two year partnership with USAID. The objective is to increase the flow of institutional assets into financing the infrastructure of

Africa. US investors collaborating and partnering with African counterparts mainly African pension plans, banks and other investors
based on the continent

To emphasize this partnership is different from other initiatives funded by the US government; mobilizing investment to finance

infrastructure is at the heart of the global objective

January 2017 Board Minutes

Committee Reports

NASP/USAID (cont.): Aymeric Saha

There is a strong and direct link in investing in infrastructure and getting a stronger economic growth, a report by the World Bank states

that half of the economic growth that has sustained in the past fifteen years, is mainly due to infrastructure assets on the continent.
USAID is partnering with NASP to focus on power, transportation and water assets on the continent.

There is a prevailing notion that there is an alignment between the interest and the needs of US institutional investors in terms of their

desire to get enhanced deals and longer term assets to match their liability structures and infrastructure assets have an increasing ability
to be able to do that especially in Africa with the greater need and the ability of high yielding returns on the continent

Most of the plans would make investments through asset managers. Asset managers will play a key role in making those vehicles

available

There are opportunities in the project for NASP members. As NASP/USAID develops relationships with African pension plans and

sovereign funds, they have assets invested in Europe and some of the larger firms in the United States, relationships should carry over so
that investors can invest in NASP members’ firms. There are also opportunities for investment banking firms especially firms with
municipal finance and project finance expertise

January 2017 Board Minutes

Committee Reports

NASP/USAID (cont.): Aymeric Saha

NASP/USAID has hired two consultants that are experts on finance in Africa
NASP/USAID has an approved budget and a work plan
In the process of working to sign documents of partnership with organizations in Africa, currently has signed an MOU (memorandum of

understanding) with ABSIP

The African Institutional Advisory Council has very strategic role; to ensure that NASP/USAID gets US investors to engage in

infrastructure in Africa. Invitations have started going out, including to several NASP members that have shown an interest in this sector.
The council will be composed of both US and African instructional investors, their role being to take part in the initiatives that
NASP/USAID has planned and also to look at the transactions where they can advise and provide input as to what could appeal to
investors in the United States.

The African Institutional Advisory Council is comprised of three main groups , (1) Institutional Investors, includes Chief Investment

Officers of public pension plans and foundations, other capital pools that have an interest in investing on the continent (2) Institutional
Money Managements firms, firms that are actually investing in infrastructure on the continent of Africa, (3) Consulting firms, it is
important to educate consultants as the project moves forward so that the institutional investors will be able to actually put money
directly or through fund managers into projects on the continent

January 2017 Board Minutes

Committee Reports

Strategic Objectives Update: Guy Logan – Engaged Membership

Growing the membership and bringing focuses to the membership, this quarter or early next quarter NASP will host a membership

webinar to reconnect with members that have not been active and to share the value proposition of NASP to help grow the membership
numbers forward

Growing the young membership the goal is to have a young professional NASP member in a cabinet level or officer level position in

each NASP local chapter

In support of NASP college chapter initiatives, the Mentors Luncheon is important and the committee is also contemplating engaging

other firms to have an annual career symposium for underclass men and women geographically. Committee is asking for support of
NASP board to get their firms engaged as NASP works to cultivate young underclass students and to participate with students at these
events by sharing career information and information about the financial services industry.

The committee is also working on efforts to host NASP chapters on college campuses
Hiring a firm to help with fundraising and efforts to grow our membership this initiative crosses over other strategic objectives.

January 2017 Board Minutes

Committee Reports

Strategic Objectives Update: James Haddon – New Funding Sources

In the process of fundraising for the 2017 Pension and Financial Services Conference the committee wants to make sure that NASP is

broadening outreach to non-traditional sources and to included sectors where NASP traditionally has not tapped into including
insurance, defined contribution (DC) market and mutual fund players within the DC market. The goal is to get the information plugged
into the sponsorship conference planning committee to help direct and focus NASP fundraising efforts.

Had some discussion regarding the NASP foundation and the hiring of a consultant to help with raising money for the NASP foundation;

committee plans to stay plugged into efforts as they develop and suggest that NASP consider non-traditional funding sources particularly
the foundation funding sources space. The goal during development is to look at efforts from two lenses, raising money for the NASP
foundation and raising money from outside foundations.

In terms of long term focuses and using the NASP/USAID model as a non-traditional model perspective, to help formulate the initiative

of designing a national program that would engage Non-NASP members to engage with NASP, become members and potentially
generate funds for NASP. The committee is still developing a working plan on what this program could look like and how to execute the
program to broaden the focus of NASP.

Alternatively, the committee is aware of the funding source in corporate partnerships and proposes that NASP and discussed ways of

evaluating and doing more to seek funding from corporate partners

January 2017 Board Minutes

Committee Reports

Strategic Objectives Update: Valerie King – Annual Conference

Focusing a strategy to attract high end speakers, goal is to get a corporate sponsor to cover speaker fees we will have to narrow our focus

to be successful; the committee ask for the assistance of board members to identify high profile speakers

The goal is to start targeting potential speakers, in the financial service community or other fields and to track the correspondences for

future evaluation and conference planning

Develop a list of targets, and add that list to NASPHQ database for evaluation and tracking targeted speakers and non-traditional

conference participants

Develop a strategy to improve target market, diversifying the NASP plans sponsor demographic, goal is to engage non-traditional

sources: mutual fund, insurance, health care institutions, sovereign wealth funds, OCIOs, consultant community, private equity sub
advisors etc., outside of the traditional public fund community

Committee suggested each board member invite at least one new non-public fund plan sponsor or consultant to attend the annual

conference. For consultants this may mean determining the value proposition for attending the conference for a consultant.

January 2017 Board Minutes

Committee Reports

Strategic Objectives Update: Linda Jordan – Advocacy

Committee discussed having an appointed local chapter member, appointed by the chapter president over the legislative initiatives at the

local chapter level responsible for sharing this information with the chapter members and the national membership

Committee had some discussion with about changing the definition in the NASP mission statement of Emerging Managers, the board

will discuss in a separate platform, the historical aspect and the options of redefining within the parameters of legal definitions and the
NASP charter

In addition, the committee posed the question of how to develop a NASP policy to define minority diverse managers and how should

the policy be presented in the NASP platform

Strategic Objectives Update: Theron Picketts

Discussion with of a strategic plan to work with CFA Institute on the local and national level, is in the works to focus primarily on the

lack of participation of minorities and women.

The committee has also had some discussion with the National Association of Black Accountants (NABA) about opportunities in

institutional services.

In addition the committee has reached out to Rainbow PUSH, and looking into contacting AIMSE, NACUBO.

January 2017 Board Minutes

Committee Reports

DAMI

NASP Board had a call in December to discuss and answer questions raised about DAMI. Topics included the definition of diverse

managers and different types of firms. The purpose of DAMI was also discussed and why it is important for NASP to support.

Shawn Lytle asked: to make the statement that NASP is a supporter of DAMI overarching, in what the organization is trying to

accomplish. Shawn called for a motion for NASP to have a formal support of DAMI for a board vote.

Gwendolyn Butler gave a motion, the motion was second by the board.
Shawn called for a voice vote, the motion passed.
Orim Graves took the roll call vote: 17 yes votes, 5 abstentions 1 no vote; motion carries.

January 2017 Board Minutes

Executive Directors Report

2017 Conference: Orim Graves

Conference planning has begun and committees have submitted potential topics and speakers.
Committees: Institutional –Gwelda Swilley-Burke & Stephanie Ivy, NASP Institute- Kila Weaver, Whitney Reid, and Winston Blake

Municipal- LisaSmith & Guy Logan, Professional Development- Camille Evans & Tony Robbins, Corporate Finance-Dale Favors &
Cecil Brown, Plan Sponsor Outreach Linda Jordan and Tracy Brisco; and Plenary Chairs – Gwen Butler, Melody Hobson and Chris
Williams

Some of the names from the Plenary Committee discussion include: Bernard Tyson, Anna Navarro, Tom Freeman, Bill Ackman, Kevin

Kurt, Van Jones: actively working to move planning along, invitations will go out early February.

Sponsorship committee has had discussion and is moving forward, Norice Rice and Eric Stevenson are heading the committee.
Sponsorship: $373.00 (firm) $45,000 (soft), we are down at this point; NASP budgeted $1,125,00 and need to do some work to reach

the budgeted numbers

The AFS program will remain in the original format on the first day of the conference. NASPHQ is also working on some financing and

sponsorship for the AFS program.

PFSC is June 26-28th at the Millennium Biltmore, Los Angeles, CA.

January 2017 Board Minutes

Executive Directors Report

Budget: Orim Graves

Total salaries reflect USAID staff and benefits, all other cost are remaining constituent
USAID grant reflects $837,00 in cost reimbursement, money has to be expended; with 10 percent allocated to NASPHQ overhead

$83,702

Treasurers Report: James Haddon

Current Asset $850, 966 + Accounts Receivables $114,598 = Total Current Assets $1,004,776
Total Fixed Assets $19,408
TOTAL ASSETS = $1,044,138
Total Accounts Payable = $95,617
Total Equity $910,959 + Total Liabilities $133,180 = $1,044,139
Net Income: $41,116

January 2017 Board Minutes

New Business

By Laws Discussion

NASP discussed in a past retreat to modify the By-Laws in order to create the opportunity for younger members to become board

members and to create a balance with respect to representation of the various sectors that make up the financial services industry.

Goal is to create a way to balance the board, proposed method: the NASP Board Chair have the ability to appoint two board members

and the executive committee appoint six board members to the board through an application system and that the chapter presidents to
elect an official from the chapter membership to serve on the board as a representative of each local chapter.

Linda Jordan moved for adjournment

Meeting Adjourned

May 2017 Board Minutes
Teleconference

NASP Headquarters Present:

Orim Graves
Farzin Khan
YaShica Robinson
Aymeric Saha

Board Members Present: Valerie King Kila Weaver
David Baker Lewis Donna Sims Wilson
Leslie Bond, Jr. Guy Logan
Gwendolyn Butler Board Members Absent:
Marquette Chester Shawn Lytle
Deidre Guice Minor Kristen Finney-Cooke
Kathleen Colin Malik Murray Erik Hall
Sidney Dillard Theron Picketts Mellody Hobson
Eugene Duffy Gwelda Swiley – Burke Arthur McClearin
Dyice Ellis-Beckham Rendel Solomon Mona S. Williams
James F. Haddon Alphonso E. Tindall, Jr. Norice R. Rice
Della Hood-Laster Richard Turnley
Linda Jordan
Erik Hall

May 2017 Board Minutes

Shawn Lytle officially called the board meeting to order. He then turned it over to Linda Jordan to conduct the official
roll call.

 Roll Call:

The official roll call was conducted by Linda Jordan, Secretary, NASP Board of Directors, and was confirmed that a quorum was

present for the meeting.

 Approval of the September 2016 minutes:

Shawn Lytle asked Linda Jordan to address the NASP Board of Directors for the approval of the minutes from the January 12th,

2017 board meeting.

Linda Jordan asked for the NASP Board of Directors for any questions or corrections of the minutes, with none being heard, Linda

moved for motion to approve the minutes; motion was made to approve the minutes and seconded. The NASP Board of Directors
voted to approve and the minutes from the January 12th NASP Board of Directors were approved.

Linda Jordan thanked the NASP staff for work in communicating with the NASP Board of Directors.

May 2017 Board Minutes

Committee Reports

Program Committee: Farzin Khan

In March, NASP held a successful 2017 Mentors Luncheon and Career Symposium at Citi headquarters in Greenwich, NY. Special

thanks was given to NASP Board of Directors Member Guy Logan for his support of this year’s event. Approximately 70 (100 student
registrants) students from several colleges and universities attended including: Bowie State University, Florida A&M University,
Hampton University, Howard University, North Carolina Central University, Pennsylvania State, University Queens College, Rutgers
University, Temple University

The program included a mentor’s panel, an interactive relationship building exercise and a corporate expectations session
Keynote speakers this year’s event: Ray McGuire, Global Head, Corporate and Investment Banking, Citi and Gerard Bushell, President

& CEO, DASNY

 Sponsors/recruiters include: Citi, The PFM Group, PGIM, Guggenheim, Prudential and Lazard Asset Management, and T. Rowe Price
The Professional Development Series (PDS) will be held on the first day of the conference, Monday, June 26th , this year registered

attendees will be able to participate in a Strength Builder Analysis workshop; Pepperdine University and Camille Evans, Co-Chair of
2017 PDS committee instrumental in coordinating and helping NASP to secure workshop at a great price

May 2017 Board Minutes

Committee Reports

Program Committee: Farzin Khan

Additionally, we will have Career Coaching Sessions, confirmed are: UBS, PGIM, Morgan Stanley
NASPHQ is the process of planning upcoming webinars with webinars on Asset Management and Professional Development
NASPHQ raised $15,000 for the NASP Foundation from the event

Shawn Lytle asked: how successful is attendance at regional events, are we meeting or exceeding expectations?

 Guy Logan, reported that the NASP-Young Young Professionals-Texas, new addition to group are meeting expectations, integration of

the NASP-Young Professionals-Texas within the chapter is moving rapidly and successfully, with great attendance at events and a
growing distribution list

 Linda Jordan, reported that NASP-Atlanta co-sponsored a program with the Hedge Fund Society and the Atlanta Financial Society,

great turn out of young people, the group aims to get more diversity to participate in the event. Consultants from the event invited to
participate at the NASP-Atlanta December event and NASP-Atlanta will work with the group in programing planning for 2018

May 2017 Board Minutes

Committee Reports

Shawn Lytle asked: how successful is attendance at regional events, are we meeting or exceeding expectations? (cont.)

 Malik Murray, reported on planning for Professional Development Series 2018, currently working with an organization PHG Project

that to present at next year’s conference. The organization works with minority professors and universities nationally, the professors
identify minority candidates in the early college years of their college career, for the Financial Services Industry. Building a
relationship with the organization could brand NASP as a repository of industry talent going forward.

 Kathleen Collin, NASP-Detroit reported that the NASP local chapters bring attention to the organization through programming. Events

such as NASP-Southern California’s Day in Private Equity and the NASP-Detroit Golf Outing for scholarship program have great
attendance. Turn out and participation is heightened when NASP Board members and NASPHQ are in attendance. Chapter events bring
tremendous credibility to the organization as a whole.

May 2017 Board Minutes

Committee Reports

Chapter & Membership: YaShica Robinson

NASPHQ has requested attendee list from the NASP chapters to engage with the membership and promote retention and outreach.

Several chapters have sent in list and participation looked good according to records received.

NASP total membership = 489, total membership expected to increase once sponsor designations are completed by 2017 Corporate

Partners and Sponsors

New members include: approximately 20 new young professional members from the NASP-YP Texas membership recruitment efforts

and approximately 16 new student members from complimentary membership received by attendees the Mentors Luncheon and Career
Symposium.

Currently we have 60 non-designated members
Membership trends tend to fluctuant between March and June, we will include a table with trends in the June report.
A new tracking system has been implemented to better track membership information and to record Corporate Partners and Sponsors

membership designees. The data pulled from reports from will be broken out and detailed to explain membership type and designations
and entered into the June membership dashboard

May 2017 Board Minutes

Committee Reports

Chapter & Membership (cont.): YaShica Robinson

To better help track NASP-chapter membership, dashboard data can be broken out to included specifics in terms of type membership

and designations when that data is listed in the member profile

Orim reported on the NASP chapter rebate policy: Chapters receive ½ of membership fees received from members that select chapter

affiliation. Corporate Designees do not get rebated back to the membership. Rebates typically go out third quarter. Chapters will be
asked to send in reports soon.

May 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson

LEGISLATIVE UPDATE

On April 25th a meeting at the Federal Housing Finance Authority (FHFA), regulator for Fannie Mae, Freddie Mac and The Federal

Home Loan Banks. NASP sent a comment letter to FHFA last year to the proposed regulations effecting Fannie Mae, Freddie Mac and
The Federal Home Loan Banks. The purpose of the meeting was for NASP to present data in advance of the regulations coming out
about how minority firms have fared in doing business especially Capital Market business in different types of debt offerings. The data
showed that participation of minority firms has been only between 2% and 5% and has only increased from 3% in aggregate only when
four of the firms in attendance had meetings with Freddie Mac and Fannie Mae directly. Director Mel Watt attended the meeting along
with eight others members from FHFA. Representatives from firms including Loop Capital, Williams Capital, Castle Oak Securities and
Ramirez also attended the meeting. Director Watt responded that he had received the message from the firms and would fix the issue.
NASP provided detailed examples on what “Maximum extent possible” should mean and provided information to Director Watt and
team. NASP asked that “Maximum extent possible” should mean that minority firms should be a material part or one-fifth (20 percent)
of the business of the agency.

May 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson

LEGISLATIVE UPDATE (cont.)

NASP also asked that compensation of those working with firms be included in examination for the agency, from the top of the house all

the way down the line

Additionally, the regulator has started to include diversity in the examination of Fannie Mae, Freddie Mac and The Federal Home Loan

Bank, including securities transactions, capital market assets, and the sale of assets. Final reviews are due out at the end of the summer.
The regulations are HERA (Housing and Economic Recovery Act of 2008 Section 1116.

FHFA will require the agencies to state a goal and FHFA will measure how the agencies meet that goal
Nat Christian, Castle Oaks Securities, chaired the committee and Emmit Horne, Loop Capital and
Itai Benosh, Castle Oaks Securities, spearheaded data collection and coordination of communication amongst the firms
In April, NASP had a meeting with National Railroad Retirement Investment Trust, one of eleven of NASP’s targeted pension funds and

endowments in our federal pension fund initiative. The discussion was about NRRIT’s: portfolio, interaction with small managers, past
activity with diverse managers and current interaction with diverse mangers primarily women. Additionally, NRRIT wanted to know
about NASP and our membership.

May 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson

LEGISLATIVE UPDATE (cont.)

In April, NASP had a meeting with National Railroad Retirement Investment Trust, one of eleven of NASP’s targeted pension funds and

endowments in our federal pension fund initiative. The discussion was about NRRIT’s: portfolio, interaction with small managers, past
activity with diverse managers and current interaction with diverse mangers primarily women. Additionally, NRRIT wanted to know
about NASP and our membership.

NASP will continue to engage with the NRRIT and will invite the Chief Investment Officer to speak on a panel at the Legislative

Symposium in September

A day in the life at National Railroad Retirement Investment Trust where NRRIT will host NASP members and have portfolio managers

by class share detail about portfolio and what managers look for as a way to engage NASP membership in asset manage and brokerage

May 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson

AFRICA UPDATE

38 delegates traveled to Durban and Johannesburg, South Africa. Delegates represented several pension funds and firms including:

BlackRock Inc, Chicago Teachers' Pension Fund , NYCERS, New York State Insurance Fund, CalPERS, Virginia Retirement System,
The University of Chicago Endowment, Federal Reserve Office of Employee Benefits, The City of Atlanta, Detroit General Pension
Plan, PCA, , City of Philadelphia, General Retirement System and Police and Fire Retirement Systems of the City of Detroit, PGIM,
Progress Investment Management Company, ACERA, Baltimore Employees Retirement System, City and County of San Francisco
Retirement System, Grosvenor Capital Management L.P., Kupanda Capital, Los Angeles County Employees Retirement Association

Day One and Two delegates attended a ABSIP conference about Africa and Infrastructure
Day Three was a day of pitches by some Black African owned fund managers and some majority fund managers in infrastructure; a

series of 10 presentations with a brief Q&A session where delegates received information about what is available, portfolio make up and
returns, etc.

Also, in Durban, delegates attended a breakfast put on by the South Africa Trade Hub where majority firms put on presentations

May 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson
AFRICA UPDATE (cont.)

In Johannesburg delegates were hosted by the US Embassy and went to Ernest & Young (EY)
Finally, Delegates had a day of meetings, visited the Johannesburg Stock Exchange, participated in a CIO roundtable, and saw a

presentation on TECH

Trip was well received, the takeaway left delegates with a look at actual versus perceived risked of infrastructure investment

NASP/USAID: Aymeric Saha

MiDA has been running for six months; the project has visited Kenya, South Africa and Ivory Coast
The trip to South Africa is historical and has not been done before in a way where delegates were able to visit the country and be

exposed to the Africa Markets

May 2017 Board Minutes

Committee Reports

NASP/USAID (cont.): Aymeric Saha

The delegation was well received and NASP has been truly been put on the map and as a follow up we need to:
 Communicate how the delegation was coordinated and the planning for the trip
 Take advantage of the opportunities available with the membership and the organization as a whole
 With the given success of this mission, we should look for additional resources so that we can improve

MiDA is working on the process of analyzing transactions which will take time. A few key steps will aid in strengthening chances of

success. First, ensuring that we have the resources needed to support the process. Second, understanding challenges. Third,
understanding the transactions. This is the current focus for the project.

Planning for AFS is underway, some of this year’s attendees will include Asset Managers from Africa that the delegation interacted with

while on the Durban/Johannesburg trip

The Durban/Johannesburg delegation trip, also provided for some opportunities for sponsorship for AFS

May 2017 Board Minutes

Committee Reports

NASP/USAID (cont.): Aymeric Saha

NASP Board members requested to receive a list of members of the Africa Institutional Investors Advisory Council members
A question was raised about possible methods and course of action available to make NASP-USAID partnership a separate entity, Orim

Graves responded explaining to NASP Board members that the question will be presented to NASP legal counsel and that a report will
be given at a follow meeting

In addition, NASP Board members request to continue to have periodic calls for the investor community to discuss possible

opportunities and transactions related to the work; MiDA is putting together a transactions report and will circulate when it is available

May 2017 Board Minutes

Committee Reports

Strategic Objectives Update: Guy Logan – Engaged Membership

Action items: (1) Piloting NASP Young Professional initiative (2) New Member Webinar
NASP Young Professional initiative lead by Courtney Cavalho, Smith Graham, has formed NASP-Texas Young Professional host

committee with members primarily in Houston, Texas

NASP-Texas YP has 14 members, with officers and roles, the will remain as a host committee of the NASP-Texas chapter until a

chapter by-laws amended its by-laws to recognize the is made by the chapter

NASP-Texas YP is focused on career development, in April the group had two events (1) nationally known Holley Wilbanks presented at

the group’s Linked-In focused event and a kick-off event in conjunction with the Houston Investors Conference

NASP current membership value proposition to the young professionals is the NASP Mentorship Initiative

May 2017 Board Minutes

Committee Reports

Strategic Objectives Update: James Haddon – New Funding Sources

Committee identified action items (1) Develop 3-5 annual reoccurring sponsors that give multi-year commitments beginning with the ;

Committee requested that during sponsorship planning process for 2018 PFSC, NASP Board members provide names of companies that
NASP can approach and develop multi-year sponsorship relationships (2) Restart fundraising activates to source a consultant to assist
with funding activities for the NASP foundation; so far one proposal has come in from Anderson Consultants which will be included in
the June NASP Board Meeting packet

Strategic Objectives Update: Valerie King – Annual Conference

Primary focused object is to expand target list of hi-profile speakers for the 2018 PFSC in Houston. The goal is to get representatives

from high profile names from the big oil and gas companies in Houston as speakers for the conference

Valerie King, Kila Weaver and Farzin Khan approached The Apprentice Season 4 winner Randal Pinkett about speaking opportunities at

a NASP conference

May 2017 Board Minutes

Committee Reports

Strategic Objectives Update: Linda Jordan – Advocacy

Committee plans to have a meeting before the June NASP Board of Directors meeting
The committee has some recommendations to present to the NASP regarding chapter appointments of members to participate in

Advocacy initiatives

Linda Jordan and Theron Picketts have been instrumental in working to get Trustees to attend the 2017 PFSC

Strategic Objectives Update: Theron Picketts – Robust Partnerships

Committee plans to have a call in June
Shawn Lytle, Orim Graves had lunch with John Bowman, CFA Institute; the organization is interested in furthering relationship with

NASP and to boost sponsorship. NASP will work with CFA Institute on the organizations efforts to boost the diversity in candidates.

NASPHQ has been corresponding with MMI and working to pinpoint ways in which the two organizations can work best together for a

mutual outcome

Shawn Lytle suggested that NASP makes efforts to lock in at least two additional organizations in which the organization should target

and approach about building a relationship and possible partnership

May 2017 Board Minutes

Executive Directors Report

2017 Conference: Orim Graves

Conference is shaping well speakers and topics are filled.
Approximately, 70 Plan Sponsors have registered for the conference
Sponsorship: $907,00 at $150,00 behind 2016 conference sponsorship; may have an additional $50,000
 The AFS is still under construction; last minute details will go out this week
NASP Board of Director requested a preliminary list of registered Plan Sponsors when it becomes available
2018 29th Annual Pension and Financial Services Conference will be held at the Marriott Marquis, Houston, Texas
2019 30th Annual Pension and Financial Services Conference, tentatively scheduled to be held in Baltimore, MD
2020 31st Annual Pension and Financial Services Conference will be held in Chicago per the five year room

May 2017 Board Minutes

Executive Directors Report

NASPHQ Report:

NASPHQ is working on office space leasing analysis, current lease expires January 2018
We will also change IT providers to a more up-to date management system that includes more services for in one service package

Treasurers Report: December 2016

Cash $849, 267, Total Current Assets $990,012
Total Fixed Assets $15,794
Total Assets = $1,019,236
Total Accounts Payable = $155,730
Total Equity $824,376 + Total Liabilities $194,860 = $1,019,236
Net Income NASPHQ: $40,586

May 2017 Board Minutes

Executive Directors Report

Treasurers Report: February 2017

Cash $1,009,509, Total Current Assets $1,158,111
Total Fixed Assets $15,794
Total Assets= $1,187,335
Total Accounts Payable = $147,191
Total Equity $998,467 + Total Liabilities $188,869 = $1,187,335
Net Income NASPHQ: $174,091

May 2017 Board Minutes

New Business

By Laws Discussion

NASP Board of Directors will not vote on the proposed By-Laws change, the amended proposed changes will be distributed to the group
NASP Board of Directors will vote in person at the June Board of Directors meeting; changes will be implemented in September

according to the regular election schedule

Shawn Lytle asked that any questions be emailed to himself and or Orim Graves

Shawn Lytle, NASP Board of Directors, Chair asked for a motion to adjourn the meeting.

Theron Picketts moved for adjournment
Motion carried by NASP Board of Directors
Meeting Adjourned

June 2017 Board Minutes

NASP Headquarters Present:

Orim Graves
Farzin Khan
Aymeric Saha
Bintou Zerbo-Kabore

Board Members Present: Shawn Lytle Board Members Via Phone:
Malik Murray
Gwendolyn Butler Theron Picketts Dyice Ellis-Beckham
Marquette Chester Alphonso E. Tindall, Jr.
Kathleen Colin Gwelda Swiley-Burke
Richard Turnley Board Members Absent:
Sidney Dillard Kila Weaver
Deidre Guice Minor Mona S. Williams Leslie Bond, Jr.
James F. Haddon Norice R. Rice Eugene Duffy
Erik Hall Donna Sims Wilson Kristin Finney-Cooke
Della Hood-Laster Rendel Solomon Mellody Hobson
Linda Jordan Arthur McClearin
Valerie King
David Baker Lewis
Guy Logan

June 2017 Board Minutes

Shawn Lytle officially called the board meeting to order. He then turned it over to Linda Jordan to conduct the official
roll call.

 Roll Call:

The official roll call was conducted by Linda Jordan, Secretary, NASP Board of Directors, and was confirmed that a quorum was

present for the meeting.

 Approval of the May 2017 minutes:

Linda Jordan made a motion to the NASP Board of Directors for the approval of the minutes from the May 8th, 2017, motion was

accepted, and seconded, NASP Board of Directors voted in favor of the motion; motion carried.

June 2017 Board Minutes

Committee Reports

Program Committee: Farzin Khan

Planning with Corporate Partners and Sponsors for a webinar in August; currently brainstorming topics
PDS series is highlighted this year, the event has been held for the past 7 years with numbers growing in terms of attendees.

Sponsorship has also increased with more Corporate Partners and Sponsors pledging additional funds in order to participate in PDS
programming. NASP needs board members participation to help meet strategic objectives through outreach to respective networks to
help bring in new diverse membership to include: new talent, new (younger) demographic, and new career levels (especially young
professionals. PDS continues to bring in high registration numbers; however, it would be beneficial to increase attendee demographics to
maximize programming efforts.

Recommendations on ways the NASP Board of Directors can contribute include: those members at larger firms can assist by registering

staff members, young professionals, interns, early career associates etc., to attend the PFSC and the PDS specifically; engaging with the
financial services industry network in members respective cities to generate attention to the PFSC overall and then mentioning
programming such as PDS to elicit interest within the industry

June 2017 Board Minutes

Committee Reports

Chapter & Membership: Orim Graves

NASP total membership = 529 with 227 members from our 2017 Corporate Partners and Sponsors
Bulk of the membership demographic lies in the 11+ years senior professional category, although, we are encouraged by the 0-5 years &

6-10 years categories that represented and the growth in associate and student membership groups

NASP should implement a tracking system to assess the fluctuation by membership type of changes in membership annually; reports

should include as much verifying data as available and totals of new NASP members. In addition, the report should list local chapter
membership trends data as well.

Total numbers representative of local chapter membership may increase following the additions of 2017 Corporate Partners and

Sponsors and respective designees into the NASP membership database

It would be beneficial to monitor or track how many of the NASP membership participate on an ongoing basis in NASP activities

particularly at the local chapter level and a method to encourage and engage the membership (specifically Corporate Partners and
Sponsors) to participate throughout the sponsorship year following the annual PFSC event

NASPHQ has requested attendee lists from chapter officers from past events as a way to reach out and encourage continuing

participation

June 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson

LEGISLATIVE UPDATE

The Labor Department has announced that the Fiduciary rule will go through; the rule became applicable starting on June 9th
In May the CBC, along with CEO with major corporations and US Chamber of Commerce and other trade associations are putting forth

efforts focused on diversity in the private sector, specifically corporations, as it relates to employees, Board of Directors, C Suite
Executives etc.

Planning for the NASP Legislative Conference, Wednesday, September 20th has begun, programming is in the brainstorming process,

tentative topics include: Insights from the National Railroad Retirement Investment Trust, Status update on Section 342, Federal Home
Loan Bank, status on the rule which should be released before the event, Effects of the current political climate, and infrastructure which
is a current hot topic in the United States

June 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson

AFRICA UPDATE

NASP and NASP-USAID: MiDA had a teleconference with updates on the Africa Initiative where several updates were given, in the

NASP Board of Director’s packet there is a newsletter with updates on the project and Africa Initiative

ABSIP, founded by Greg Boyd 22 years ago with a membership today of over 5,000 and NASP-USAID Partnership are working on an

MOU to work together for mutual benefits stemming around the idea of how can our members get business in Africa and how can
ABSIP members get business in America.

The World Bank has approached NASP-USAID Partnership to begin working on efforts together where NASP-USAID Partnership

could possibly receive some funding based on the value proposition that both NASP-USAID and the World Bank are interested ways for
institutional investors to invest for a profit motive on the continent of Africa; the current focus is on Infrastructure.

June 2017 Board Minutes

Committee Reports

Legislative & Africa Project: Donna Sims Wilson

AFRICA UPDATE (cont.)

Tentatively, the NASP-USAID Partnership delegates will go to Capetown, South Africa the week of March 2, 2018 and we would like

the World Bank to bring heads of Africa Pension Funds to Capetown, we will also work with ABSIP. The goal is to have both US and
African plan sponsors be able to make presentations to plan sponsors US plan sponsors to African plan sponsors as well as African plan
sponsors to US plan sponsors across asset classes.

NASP Board of Directors suggested that a working group be formed of members and the NASP-USAID team to work on planning

efforts for the upcoming trip to Capetown.

June 2017 Board Minutes

Committee Reports

NASP-USAID Project: Aymeric Saha

MiDA UPDATE

Highlighted in the MiDA newsletter, included in the board packet are updates on activities that happened following the 2017 South

Africa Delegation trip; 15 of the pensions have been engaged with the boards to discuss infrastructure opportunities in Africa; 10 of the
pensions have went on to have discussions with some of the pensions and asset managers the group met while in South Africa; and 3 of
the pensions are currently in final discussions and will most likely complete the financial closing process by the end of the year/ early
2018

USAID will be at the PFSC to further grow the relationship between NASP and USAID
 The Advisory Council will meet on Tuesday, June 27th from 4:30 pm – 6:30 pm (PST), The discussion will include talks about all

pension plans, the South African Delegation trip, and what follow up has been since the trip in terms of engaging with the boards,
opportunities presented during the trip. Other discussions will include other asset management classes and fund to fund orgs. and
opportunities available to the groups. Mr. Ndabe, from the 2nd largest pension fund in South Africa will attend and will speak to how the
pension fund invests in South Africa and how the fund is looking to grow relationships with firms in the US and to further the
relationships with NASP members specifically

June 2017 Board Minutes

Committee Reports

NASP-USAID Project: Aymeric Saha

MiDA UPDATE (cont.)

MiDA Connect will be introduced at the Advisory Council Meeting, a platform to connect with members of the Advisory Council and

the broader NASP members that are interested in African markets. The platform will be the primary educational tool for the project.

NASP-USAID continues to pursue partnerships as apart of engagement efforts and is currently talking to representatives from the United

Nations, specifically its Economic Resources for Africa team. The goal is to work with the UN group to pursue possible financing
avenue where the group could possibly finance African pensions fund to participate in a delegation trip to the US and speak to NASP
member about investment opportunities with member firms

NASP-USAID is currently working with Kenyan pension funds and developing an MOU so that the groups can foster a relationship

similar to the relationship we have in South Africa with ABSIP specifically thereby gaining exposure for our members to Eastern Africa
markets.

NASP Board members requested an update on topics discussed in a previous sessions including: plans for members of the NASP Board

of Directors to recommend industry professionals to the Advisory Council; plans for upcoming teleconferences to discuss possible
opportunities in Africa; and an updated copy of the Advisory Council member list

June 2017 Board Minutes

Committee Reports

Audit Committee Update

The addition of the NASP-USAID project to the NASP financial statements has added a level of complexity to the organizations

financial practices and reporting. The formation of an audit committee was proposed to resolve conflicts brought to the attention of
leadership by several NASP Board of Directors’ members. The role of the committee is to analyze the financial policies of the
organization. The committee was proposed to NASP Board Chair, Shawn Lytle and NASP Chair Elect, Donna Sims Wilson; the
committee is made up of NASP Board of Directors members. Included in the NASP Board Packet is an Executive Committee resolution
approving the designation and appointment of a NASP Audit Committee; members include: Guy Logan, Norice Rice, Rendel Solomon
and Kila Weaver

The committee has met three times and has focused on financial policies and procedures to be sure that NASP is following the protocols

assigned by USAID

The committee found that a pre-audit was constructed by USAID of NASP and a letter was issued from USAID with recommendations

for improvements NASP should make prior to the project’s start date, to ensure that NASP policies and procedures align with USAD
protocol, changes per USAID recommendations have been made by NASPHQ

June 2017 Board Minutes

Committee Reports

Audit Committee Update (cont.)

NASP Audit Committee received updates and background about the USAID audit through a presentation by Lucius Ashby, NASP

Accountant/Auditor

Other findings from the Audit Committees’ review at the NASP-USAID project showed a need to address was risk of possible liability

to NASP Board of Director members if the organization were to run afoul of any USAID protocols or procedures; David Baker Lewis,
took lead on the analysis of the concept of board liability found that the risk of liability to the NASP Board of Directors is slim and that
the organization is in alignment with the NASP By-Laws; the organization will however, need to purchase Board Liability Insurance, the
Audit Committee has directed Orim Graves, Executive Director to seek bids from insurance brokers to meet this need.

NASP Board of Directors requested clarity on two aspects of the Audit Committee (1) how does the Audit Committee differ in function

to the standing Finance Committee and (2) is the position of committee chair tied to the role of the NASP Executive Committee
Treasurer Officer or is the committee chair a separate NASP Board of Directors member.