Paul Cheng, CFA CAIA

-Generating investment income and capital gains in global real assets to meet the needs of our beneficiaries -Oversee global real assets (infrastructure, real estate) portfolio and team -Infrastructure returns beat benchmark in all periods -Real Estate returns beat benchmark in 3 of 4 years -Launched co-investment program in Infrastructure and Real Estate -Advise and support CIO as member of Investment Committee that reviews investments across both public and private asset classes -Present to Board of Trustees on status of Real Assets program, including performance, market conditions, new initiatives -Mentor junior team members on underwriting, portfolio management, and risk analytics

-As early team member of Infrastructure team, I helped generate returns that beat the benchmark across all periods (2012-21) -Grew NAV from $1B in 2012 to +$6B by 2021 -Underwrote first Infrastructure SMA with highly bespoke economics and governance in program history -Invested across all structures including directs, co-investments, SMAs, open-end funds, and close-end funds -Successfully underwrote investments including Brussels Airport, Enwave District Heating, Port of Melbourne, Gatwick Airport, Desert Sunlight solar plant, Rocky Caney wind portfolio, to name a few

-Helped team earn a top 3 Institutional Investor ranking, a prestigious industry recognition -Conducted in depth industry and company level qualitative and quantitative research; focus on Industrial sector (Metals & Mining; Natural Resources) -Regularly interviewed C-suite execs on capital structure, industry trends, and company performance -Advised top tier asset owners like Fidelity, Capital Research, Wellington, SAC, etc on Industrial sector and companies' financials

-Helped team earn top 3 Institutional Investor rankings in Metals & Mining sector -Received high scores in internal 360 reviews -Winner of internal stock picking contest out 100+ peer group