13 Regarding the statement: “Provide discretionary active management of the Endowment’s portfolio,” within the “Scope of Work” the current investment policy statement provided (effective June 24, 2024, pages 4-5) largely mandates passive/index strategies. Is there an opportunity to incorporate active or a broader scope of solutions or should our responses be directed by this restriction? All restrictions set in place in the Endowment Investment and Spending Policy are in force. Any recommended changes may be made to the Investment and Advancement Committee for approval following the appropriate Board action.

14 Who is the incumbent firm? Will the incumbent firm be permitted to re-bid? Cerity Partners, Yes, they are welcome to submit a proposal.

15 What, if any, are the pain points with the current Investment Advisor? NA

16 What fees is Kentucky State University currently paying? The approved fee structure is in the Endowment Investment and Spending Policy located here: https://www.kysu.edu/policies/files/4-1-16-Endowment-Investment-Policy-06282024.pdf

17 Has Kentucky State University achieved the 7.5% net return investment objective in the past 5 years? No.

18 Is Kentucky State University seeking improvements in specific areas? If yes, what are those areas or services? No.

19 Please explain what “Proprietary Information proposal” means. Can you provide details of its proposed contents? Anything that contains trade secrets or similar information that would cause harm to the proposer if revealed to competitors.