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HOLDINGS tfighN1zr,1, Plus (Ac- iw-i--) Columbia Contrarian Core 13 Vanguard Growth & Income Adm Dodge & Cox Stock Fund iShares S&P 500 Value ETF Harbor Capital Appreciation - Retirement T. Rowe Price Growth Stock - I iShares Russell Mid -Cap ETF Vanguard Real Estate ETF Undiscovered Managers Behavioral Value -R6 Victory RS Small Cap Growth - R6 DFA Large Cap International Portfolio Dodge & Cox International Stock MFS International Growth - R6 Hartford Schroders Emerging Markets Eq Vanguard Short -Term Invest -Grade Adm PIMCO Total Return Fund - Inst PGIM Total Return Bond - R6 DoubleLine Core Fixed Income - I First American Government Obligations Z STYLE Intl St 10.: Mid C 3.3° Large Cap Growth 5.9% Large Cap 18.1% Index Plus iShares Core S&P 500 ETF iShares S&P 500 Value ETF iShares S&P 500 Growth ETF iShares Russell Mid -Cap ETF Vanguard Real Estate ETF iShares Russell 2000 Value ETF iShares Russell 2000 Growth ETF iShares Core MSCI EAFE ETF Vanguard FTSE Emerging Markets ETF Vanguard Short -Term Invest -Grade Adm iShares Core U.S. Aggregate First American Government Obligations Z Holdings are subject to change at the discretion of the investment manager. Real Estate I arnP Can Value i not Short -Term Bond 9.8% Interm-Term Bond 39.2% The performance records shown represent size -weighted composites of tax exempt accounts that meet the following criteria: Accounts are managed by HighMark Capital Advisors (HCA) with full investment authority according to the PARS Moderate active and passive objectives. The adviser to the PARS portfolios is US Bank, and HighMark serves as sub -adviser to US Bank to manage these portfolios. US Bank may charge clients as much as 0.60% annual management fee based on a sliding scale. US Bank pays HighMark 60% of the annual management fee for assets sub -advised by HighMark under its sub -advisory agreement with US Bank. The 0.36% paid to HighMark, as well as other expenses that may be incurred in the management of the portfolio, will reduce the portfolio's returns. Assuming an investment forfive years, a 5% annual total return, and an annual sub -advisory fee rate of 0.36% deducted from the assets at market at the end of each year, a $10 million initial value would grow to $12.53 million afterfees (Net -of -Fees) and $12.76 million before fees (Gross -of -Fees). Gross returns are presented before management and custodial fees but after all trading expenses and reflect the reinvestment of dividends and other income. A client's return will be reduced by the advisory fees and other expenses it may incur as a client. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request. Performance results are calculated and presented in U.S. dollars and do not reflect the deduction of investment advisory fees, custody fees, or taxes but do reflect the deduction of trading expenses. Returns are calculated based on trade -date accounting. Blended benchmarks represent HighMark's strategic allocations between equity, fixed income, and cash and are rebalanced monthly. Benchmark returns do not reflect the deduction of advisory fees or other expenses of investing but assumes the reinvestment of dividends and other earnings. An investor cannot invest directly in an index. The unmanaged S&P 500 Index is representative of the performance of large companies in the U.S. stock market. The MSCI EAFE Index is a free float - adjusted market capitalization index designed to measure developed market equity performance, excluding the U.S, and Canada. The MSCI Emerging Markets Index is a free float -adjusted market capitalization index that Is designed to measure equity market performance in the global emerging markets. The Russell Midcap Index measures the performance of the mid - cap segment of the U.S. equity universe. The Russell 2000 Index measures the performance of the small -cap segment of the U.S. equity universe. The ICE BofA US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Wilshire REIT index measures U.S. publicly traded Real Estate Investment Trusts. The unmanaged Bloomberg Barclays U.S. Aggregate Bond Index is generally representative of the U.S. taxable bond market as a whole. The ICE BofA 1-3 Year U.S. Corporate & Government Index tracks the bond performance of the ICE BofA U.S. Corporate & Government Index, with a remaining term to final maturity les than 3 years. The unmanaged FTSE 1 -Month U.S. Treasury Bill Index tracks the yield of the 1 -month U.S. Treasury Bill. HighMark Capital Management, Inc. (HighMark), an SEC -registered investment adviser, is a wholly owned subsidiary of MUFG Union Bank, N.A. (MUB). HighMark manages institutional separate account portfolios for a wide variety of for-profit and nonprofit organizations, public agencies, and public and private retirement plans. MUB, a subsidiary of MUFG Americas Holdings Corporation, provides certain services to HighMark and is compensated for these services. Past performance does not guarantee future results. Individual account management and construction will vary depending on each client's investment needs and objectives. Investments employing HighMark strategies are NOT insured by the FDIC or by any other Federal Government Agency, are NOT Bank deposits, are NOT guaranteed by the Bank or any Bank affiliate, and MAY lose value, including possible loss of principal.