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markets and report back at the October Board meeting. Meketa wrapped up the presentation at 9:15 am. Ruth Gitlin and Drew Guyette presented the Angelo Gordon update at 9:16 am. Ruth began with a brief overview of the firm. AG currently has $52b in Assets Under Management with over 600 employees globally. They focus on Credit and Real Estate strategies. AG will invest in inefficient markets to generate consistent returns. A prudent use of leverage is the goal to protect their capital, as well as extensive research. Healthcare is Angelo Gordon’s main exposure, holding 23% of their industry exposure. Business services is next at 13%. AG will avoid involvement with any volatile sectors, such as energy, oil, or even restaurants. Ruth wrapped up the presentation at 9:30 am. Paul Ahrens and Jon Bianchi presented the White Oak Summit update at 9:30 am. Paul gave a brief update on the firm. As of June 30, 2022, White Oak has a net asset value of $638m with a gross IRR of 5.3%. Most of their exposure is in the Industry sector, as well as Information Technology. He did mention Lexington had a net goal of an 8% return, but now the expectation is around 6%. The broad sell off in Q2 2022 has affected the portfolio quite a bit, and the spreads are widening, which is causing pressure on the portfolio. All theirs loa ns are floating rates, which means when rates rise, their borrowers are then passing the cost on to customers via price increases. Within the energy industry, there is volatility which will be of concern in the next few months. Certain assets will benefit in the near term, but not too positive in the long run. White Oak concluded its review at 9:50 am. Robert Cunha made a motion to adjourn the meeting at 9:55 am, which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff and Alan Fields. The next Retirement Board meeting will be held via Zoom at 8:30 am on Thursday, October 27, 2022 PRIT & KAR will attend for annual review. _____________________________ Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member ** ABSENT ** Frederick Weiss, Appointed Member