Joint Pension and OPEB Packet

CITY OF DOVER, DELAWARE JOINT GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD Thursday, May 05, 2022 at 9:00 AM City Hall Conference Room, 15 Loockerman Plaza, Dover, Delaware AGENDA VIRTUAL MEETING NOTICE This meeting will be held in- person with electronic access via WebEx. Public participation information is as follows: Dial: 1-408-418-9388 Link: https://rb.gy/lbtc4c Event number: 2335 649 0925 Event password: DOVER (if needed) If you are new to WebEx, get the app now at https://www.webex.com/ to be ready when the meeting starts. CALL TO ORDER ADOPTION OF AGENDA ADOPTION OF MINUTES 1. Joint General Employee Pension Plan Board, Police Pension Plan Retirement Committee, and OPEB Board Meeting of February 17, 2022 QUARTERLY PERFORMANCE REVIEWS (Quarter Ending March 31, 2022) (Staff recommends acceptance of the below reports) 2. Market Commentary 3. General Employee Pension Plan 4. Police Pension Plan 5. OPEB Plan 1

JOINT GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION PLAN RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD - May 05, 2022 PAGE 2 ADJOURNMENT To assure that there will be a quorum, please RSVP by contacting the City Clerk's Office by email at cityclerk@dover.de.us or by calling 736-7008 as soon as possible. THE AGENDA ITEMS AS LISTED MAY NOT BE CONSIDERED IN SEQUENCE. PURSUANT TO 29 DEL. C. §10004(e)(2), THIS AGENDA IS SUBJECT TO CHANGE TO INCLUDE THE ADDITION OR THE DELETION OF ITEMS, INCLUDING EXECUTIVE SESSIONS, WHICH ARISE AT THE TIME OF THE MEETING 2

Item 1. JOINT GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION RETIREMENT COMMITTEE, AND OTHER POST-EMPLOYMENT BENEFITS (OPEB) BOARD A Joint Meeting of the General Employee Pension Plan Board, Police Pension Retirement Committee, and Other Post-Employment Benefits (OPEB) Board was held on February 17, 2022, at 9:05 a.m. with Ms. Peddicord, Chair of the General Employee Pension Plan Board, presiding. Members present were Mr. Anderson, Mr. Taylor, Mr. Gedney, Mr. Coburn, Ms. Courtney, Ms. Peddicord, Mr. Mullaney, Chief Johnson, and Ms. Deakins. Mr. Hugg, Mr. Gray, and Mr. Rogers were absent. ADOPTION OF AGENDA Mr. Mullaney moved for adoption of the agenda, seconded by Mr. Anderson and unanimously carried. ADOPTION OF MINUTES - JOINT GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION RETIREMENT COMMITTEE, AND OPEB BOARD MEETING OF AUGUST 12, 2021 Mr. Mullaney moved for adoption of the minutes of the Joint General Employee Pension Plan Board, Police Pension Retirement Committee, and Other Post-Employment Benefits (OPEB) Board Meeting of August 12, 2021. The motion was seconded by Mr. Taylor and unanimously carried. ELECTION OF CHAIRS - OPEB BOARD Ms. Peddicord opened the floor for nominations. Ms. Peddicord nominated Kristina Deakins to serve as Chair of the Other Post- Employment Benefits (OPEB) Board. There being no further nominations, Ms. Peddicord closed the floor for nominations. Ms. Peddicord moved to elect Ms. Deakins to serve as Chair of the Other Post-Employment Benefits (OPEB) Board. The motion was seconded by Mr. Anderson and unanimously carried. QUARTERLY PERFORMANCE REVIEWS (QUARTER ENDING DECEMBER 31, 2021) (MILLIMAN, INC.) Mr. Jeff Marzinsky, Principal and Employee Benefits Consultant, Milliman, Inc., reviewed the Market Commentary related to the investments held in the General Employee Pension Plan, Police Pension Plan, and Other Post-Employment Benefits (OPEB) Plan. Ms. Courtney moved for acceptance of the Quarterly Performance Review for the General Employee Pension Plan, seconded by Mr. Anderson and unanimously carried. Mr. Mullaney moved for acceptance of the Quarterly Performance Review for the Police Pension Plan, seconded by Mr. Taylor and unanimously carried. 3

Item 1. GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION RETIREMENT COMMITTEE, AND OPEB BOARD MEETING OF FEBRUARY 17, 2022 PAGE 2 Ms. Courtney moved for acceptance of the Quarterly Performance Review for the OPEB Board Plan, seconded by Ms. Peddicord and unanimously carried. REVIEW OF INFRASTRUCTURE OPTIONS Mr. Jeff Marzinsky, Principal and Employee Benefits Consultant, Milliman, Inc., reviewed the Infrastructure options related to the investments held in the General Employee Pension Plan, Police Pension Plan, and Other Post-Employment Benefits (OPEB) Plan. Mr. Marzinsky stated that Plan B can reduce the volatility of the portfolio while keeping the return around the same. Five percent would be taken out of the asset categories and moved to within the infrastructure. This would provide more diversification and potentially reduce the volatility. Mr. Mullaney moved for acceptance of diversifying the portfolio as outlined for the Police Pension Plan, seconded by Mr. Taylor and unanimously carried. Responding to Mr. Anderson, Mr. Mullaney stated he was looking at Plan B at the five percent. Ms. Courtney moved for acceptance of diversifying the portfolio as outlined for the General Employee Pension Plan, seconded by Mr. Coburn and unanimously carried. Ms. Deakins moved for acceptance of diversifying the portfolio as outlined for the OPEB Board, seconded by Ms. Peddicord. Responding to Ms. Courtney, Mr. Marzinsky stated the funds are liquidated on a daily basis, if it was decided to make a change for any one of the funds, the change could be made very quickly. Responding to Mr. Mullaney, Ms. Peddicord stated the motion for the OPEB Board should be tabled and let Mr. Marzinksy speak on the infrastructure allocation. Mr. Marzinksy reviewed the risk and returns of the different manager options. The top four managers are John Hancock, Frontier, Cohen and Steers, and Aberdeen. Mr. Mullaney moved for acceptance of selecting Frontier as the manager for the Police Pension Plan, seconded by Mr. Anderson and unanimously carried. Mr. Taylor recommend the information Mr. Marzinsky provided be condensed into an easier to read format to include larger font. Ms. Peddicord moved for acceptance of selecting Frontier as the manager for the General Employee Pension Plan, seconded by Ms. Courtney and unanimously carried. Responding to Ms. Peddicord, Mr. Anderson agreed to let the motion made by Ms. Deakins for the OPEB board stay on the table and revisit it in six months. 4

Item 1. GENERAL EMPLOYEE PENSION PLAN BOARD, POLICE PENSION RETIREMENT COMMITTEE, AND OPEB BOARD MEETING OF FEBRUARY 17, 2022 PAGE 3 Ms. Peddicord moved to table the election of the investment scenario for the OPEB plan , seconded by Mr. Anderson and unanimously carried. Responding to Mr. Mullaney, Ms. Peddicord stated a study on the actuaries was completed a few weeks ago. They come into play during the audit and the final copies were just signed off on for all three plans. They will be circulated by the clerk’s office to the members and posted on the website. Mr. Mullaney moved for adjournment, seconded by Ms. Peddicord and unanimously carried. Meeting adjourned at 10:08 a.m. Lori Peddicord Chair, General Employee Pension Board TPM/AR S:\AGENDAS-MINUTES-PACKETS\Misc-Minutes\PENSION AND OPEB\2022\02-17-2022 JOINT PENSION AND OPEB BOARD MINUTES.wpd Attachments Attachment #1 - Attachment #2 - 5

Item 2. Market Commentary 1st Quarter 2022 6 3

Market Commentary – 1st Quarter 2022 Item 2. ▪ Markets pulled back during January as Omicron cases rose and uncertainty surrounded the FOMC’s next steps on interest rates. The invasion of Ukraine caused further uncertainty in markets, driving global equity markets to their lowest points during March. Sanctions on Russia and restrictions on oil purchases pushed oil prices higher. In addition, the FOMC made its first 25-basis point interest rate adjustment. ▪ For the quarter, the Dow was down (4.10%) and the S&P 500 fell (4.60%). Mid and Small Cap stocks declined as well, with the Russell Mid Cap down (5.68%) and the Russell 2000 down (7.53%). For the quarter, value outperformed growth across all market caps. ▪ For the quarter, the VIX averaged 25.2, a jump from 18.6 average for the prior three quarters. The VIX peaked over 36 during the first week of March, as the S&P 500 and Dow hit their lowest points for the quarter. ▪ International equity markets fell during the quarter, with the MSCI EAFE down (5.91%) and the MSCI Emerging Markets index down (6.97%). ▪ REITS were down for the quarter as well, the MSCI US REIT index was down (4.28%) and the DJ Global World Real Estate index fell (5.52%). ▪ Rates across the yield curve rose for the quarter. In particular, the 6-month through 7-year rates rose more than other durations, causing a partial inversion in the curve. The 3-year, 5-year and 7-year rose above the 10-year, while the 20-year rose above the 30-year, with the 10-year finishing the quarter at 2.32%. ▪ The U.S. FOMC adjusted rates by 25-basis points during March and indicated that it anticipates that ongoing interest rate adjustments will be appropriate. They also indicated that reducing holdings of Treasuries, agency debt and MBS will be discussed in the next coming meetings. ▪ Inflation, one of the key metrics of the FOMC, rose to 7.9% year over year during February, its highest level dating back to the early 1980’s. It is anticipated that inflation will remain high throughout 2022. ▪ For the quarter, the Bloomberg US Govt/Credit 1-3y index return was down (2.49%), while the Bloomberg Agg Bond was down (5.93%). The US Govt/Credit Long fell (10.95%) and the U.S. Corp High Yield index was down (4.84%) for the quarter. TIPS also fell, with the Bloomberg Treasury US TIPS index down (3.02%) for the quarter. ▪ Initial jobless claims remained in the 200,000 range, while continuing jobless claims remained below 1.5-million during the quarter Overall, the unemployment rate fell to 3.6% by the end of quarter. However, employers seeking workers (JOLTS – job openings) rose to over 11-million. ▪ Crude oil prices rose significantly, as sanctions and purchase restrictions were placed on oil from Russia. The price rose from $75 a barrel to around $108 at quarter end, spiking over $120 during March. The price of gasoline in the US continued to rise during the quarter and spiked corresponding with oil during March, finishing the quarter at a $4.33 price per gallon average in the US. The price of gold also rose to close to $2,000 an ounce during the quarter. Crypto currencies were mixed, with Bitcoin starting the year at $45,941 and ending the quarter at $45,696; while Ethereum started the year at $3,820 and fell to $3,294. 7 4

Market Commentary Item 2. Quarterly Market Indicator Dashboard Domestic Equity International Equity Fixed Income YTD Bond Returns Based on Duration Value Blend Growth Value Blend Growth Short Int Long ICE BofA US 3M Trsy Bill TR USD 0.04 Large -0.16 -4.60 -8.59 Large -0.57 -5.13 -9.45 High Qual -2.75 -4.58 -10.35 Bloomberg US Govt/Credit 1-3 Yr TR USD -2.49 Mid -0.60 -4.88 -9.04 Mid -2.72 -6.56 -11.34 Mid -2.72 -4.88 -10.76 Bloomberg US Aggregate 3-5 Yr TR USD -4.47 Small -1.64 -5.62 -9.51 Small -1.96 -6.24 -10.59 Low Qual -3.14 -4.56 -10.76 Bloomberg US Agg Bond TR USD -5.93 Bloomberg US Govt/Credit Long TR USD -10.95 Indexes: Indexes: Indexes: S&P 500 Value TR USD,S&P 500 TR USD,S&P 500 Growth TR USD,S&P MidCap 400 MSCI ACWI Large Cap Value NR USD,MSCI ACWI Large Cap NR USD,MSCI ACWI Large Bloomberg 1-3 Yr US Treasury TR USD,Bloomberg US Govt Interm TR USD,Bloomberg US Value TR USD,S&P MidCap 400 TR,S&P MidCap 400 Growth TR USD,S&P SmallCap 600 Cap Growth NR USD,MSCI ACWI Mid Value NR USD,MSCI ACWI Mid Cap NR USD,MSCI Government Long TR USD,Bloomberg US Govt/Credit 1-3 Yr TR USD,Bloomberg US Value TR USD,S&P SmallCap 600 TR USD,S&P SmallCap 600 Growth TR USD ACWI Mid Growth NR USD,MSCI ACWI Small Value NR USD,MSCI ACWI Small NR Govt/Credit Interm TR USD,Bloomberg US Govt/Credit Long TR USD,Bloomberg US High- USD,MSCI ACWI Small Growth NR USD Yield 1-3y TR USD,Bloomberg US HY Interm TR USD,Bloomberg US HY Long TR USD Source: Morninstar Direct Yield Curve Yield Curve 2022 Yield Curve Source: US Treasury Dept Source: US Treasury Dept 3.00 Source: US Dept of Treasury 3.00 3 2.59 2.45 2.42 2.40 2.44 2.50 2.50 2.28 2.32 2.5 2.00 2.00 2 1.63 % Yield Treasurey Yield Curve % Yield 1.50 1.50 1.06 1.5 1.00 1.00 1 0.50 0.52 0.50 0.35 0.17 0.00 0.5 1 mo 2 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr 3/31/2022 0.17 0.35 0.52 1.06 1.63 2.28 2.45 2.42 2.40 2.32 2.59 2.44 0.00 1 mo 2 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr 12/31/2021 0.06 0.05 0.06 0.19 0.39 0.73 0.97 1.26 1.44 1.52 1.94 1.90 0 3/31/2022 0.17 0.35 0.52 1.06 1.63 2.28 2.45 2.42 2.40 2.32 2.59 2.44 12/1/2021 12/6/2021 12/11/2021 12/16/2021 12/21/2021 12/26/2021 12/31/2021 1/5/2022 1/10/2022 1/15/2022 1/20/2022 1/25/2022 1/30/2022 2/4/2022 2/9/2022 2/14/2022 2/19/2022 2/24/2022 3/1/2022 3/6/2022 3/11/2022 3/16/2022 3/21/2022 3/26/2022 3/31/2022 12/31/2020 0.08 0.08 0.09 0.09 0.10 0.13 0.17 0.36 0.65 0.93 1.45 1.65 2/28/2022 0.06 0.20 0.35 0.69 1.01 1.44 1.62 1.71 1.81 1.83 2.25 2.17 2/28/2020 1.45 1.37 1.27 1.11 0.97 0.86 0.85 0.89 1.03 1.13 1.46 1.65 12/31/2019 1.48 1.51 1.55 1.60 1.59 1.58 1.62 1.69 1.83 1.92 2.25 2.39 1/31/2022 0.03 0.13 0.22 0.49 0.78 1.18 1.39 1.62 1.75 1.79 2.17 2.11 12/29/2017 1.28 1.39 1.53 1.76 1.89 1.98 2.20 2.33 2.40 2.58 2.74 1 mo 2 Mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr 12/31/2021 0.06 0.05 0.06 0.19 0.39 0.73 0.97 1.26 1.44 1.52 1.94 1.90 8 5

Quarterly - Market Update 3/31/2022 Monthly Returns Item 2. Market Index Commentary 3 Month YTD 1 Year 3 Year 5 Year 10 Year Jan '22 Feb '22 Mar '22 ICE BofA US 3M Trsy Bill TR USD 0.04 0.04 0.06 0.81 1.13 0.63 0.00 0.01 0.01 Bloomberg US Govt/Credit 1-3 Yr TR USD -2.49 -2.49 -2.91 1.02 1.26 1.09 -0.72 -0.44 -1.24 Bloomberg US Aggregate 3-5 Yr TR USD -4.47 -4.47 -5.00 1.07 1.50 1.67 -1.31 -0.76 -2.35 Bloomberg US Agg Bond TR USD -5.93 -5.93 -4.15 1.69 2.14 2.24 -2.15 -1.12 -3.20 Bloomberg US Govt/Credit Interm TR USD -4.51 -4.51 -4.10 1.50 1.81 1.85 -1.47 -0.66 -2.45 Bloomberg US Govt/Credit Long TR USD -10.95 -10.95 -3.11 4.23 4.60 4.72 -4.90 -2.54 -6.08 Bloomberg US Treasury US TIPS TR USD -3.02 -3.02 4.29 6.22 4.43 2.69 -2.02 0.85 -1.38 Bloomberg US Corporate High Yield TR USD -4.84 -4.84 -0.66 4.58 4.69 5.75 -2.73 -1.03 -1.90 Bloomberg Global Aggregate TR USD -6.16 -6.16 -6.40 0.69 1.70 1.04 -2.05 -1.19 -3.44 DJ US Moderate TR USD -4.79 -4.79 4.64 10.48 9.21 9.06 -4.32 -1.16 0.39 DJ Industrial Average TR USD -4.10 -4.10 7.11 12.57 13.40 12.77 -3.24 -3.29 2.87 S&P 500 TR USD -4.60 -4.60 15.65 18.92 15.99 14.64 -5.17 -2.99 3.25 Russell 3000 TR USD -5.28 -5.28 11.92 18.24 15.40 14.28 -5.88 -2.52 2.93 Russell 1000 Value TR USD -0.74 -0.74 11.67 13.02 10.29 11.70 -2.33 -1.16 2.90 Russell 1000 TR USD -5.13 -5.13 13.27 18.71 15.82 14.53 -5.64 -2.74 2.98 Russell 1000 Growth TR USD -9.04 -9.04 14.98 23.60 20.88 17.04 -8.58 -4.25 3.06 Russell Mid Cap Value TR USD -1.82 -1.82 11.45 13.69 9.99 12.01 -4.27 -0.47 2.68 Russell Mid Cap TR USD -5.68 -5.68 6.92 14.89 12.62 12.85 -7.37 -0.72 2.31 Russell Mid Cap Growth TR USD -12.58 -12.58 -0.89 14.81 15.10 13.52 -12.90 -1.21 1.58 Russell 2000 Value TR USD -2.40 -2.40 3.32 12.73 8.57 10.54 -5.83 1.65 2.60 Russell 2000 TR USD -7.53 -7.53 -5.79 11.74 9.74 11.04 -9.63 1.07 2.08 Russell 2000 Growth TR USD -12.63 -12.63 -14.33 9.88 10.33 11.21 -13.40 0.44 1.50 NASDAQ Composite TR USD -8.95 -8.95 8.06 23.57 20.31 17.77 -8.96 -3.35 2.66 MSCI ACWI Ex USA NR USD -5.44 -5.44 -1.48 7.51 6.76 5.55 -3.69 -1.98 -0.62 MSCI EAFE Large Value NR USD 1.26 1.26 5.19 5.57 4.14 4.58 1.91 -1.62 0.03 MSCI EAFE NR USD -5.91 -5.91 1.16 7.78 6.72 6.27 -4.83 -1.77 -0.16 MSCI EAFE Large Growth NR USD -11.43 -11.43 0.03 10.46 9.74 7.70 -9.94 -2.32 -0.21 FTSE Global All Cap ex US (USA) NR USD -5.30 -5.30 -0.72 8.21 7.08 6.00 -3.96 -1.74 -0.48 MSCI EAFE Small Cap NR USD -8.53 -8.53 -3.63 8.51 7.42 8.30 -7.32 -1.27 -0.22 MSCI EM NR USD -6.97 -6.97 -11.37 4.94 5.98 3.36 -1.89 -2.99 -3.22 MSCI US REIT NR USD -4.28 -4.28 25.02 9.92 8.36 8.42 -6.96 -3.23 3.57 DJ US Select REIT TR USD -3.71 -3.71 27.72 9.90 8.89 9.17 -6.46 -3.53 3.97 FTSE Nareit All REITs TR -5.24 -5.24 22.18 11.05 10.21 10.33 -7.71 -3.92 3.82 DJ Global World Real Estate TR USD -5.52 -5.52 8.92 5.28 7.02 7.49 -5.99 -3.33 2.14 CBOE Market Volatility (VIX) 19.40 19.40 5.98 14.46 10.70 2.87 44.19 21.43 -23.91 Source: Morningstar Direct 9 6

150 140 130 120 110 100 90 80 -4% -2% 0% 2% 4% 6% 8% 10% 70 60 50 1/1/2000 1/1/2006 1/1/2001 10/1/2006 1/1/2002 7/1/2007 1/1/2003 4/1/2008 1/1/2004 1/1/2009 1/1/2005 10/1/2009 1/1/2006 7/1/2010 1/1/2007 4/1/2011 1/1/2008 1/1/2012 1/1/2009 -2.0% 10/1/2012 1/1/2010 5.3% 7/1/2013 1/1/2011 4/1/2014 Market Commentary 1/1/2012 3.8% 1/1/2015 1/1/2013 10/1/2015 (Source FRED: CPIAUCSL) (Source FRED: INDPRO) out bond purchases. 1/1/2014 7/1/2016 1/1/2015 -0.2% 4/1/2017 1/1/2016 CPI % Change Prior 12 months US Industrial Production Index 1/1/2018 1/1/2017 10/1/2018 1/1/2018 7/1/2019 1/1/2019 2.7% 4/1/2020 1/1/2020 0.2% 1/1/2021 1/1/2021 10/1/2021 1/1/2022 7.9% 103.5811 2000 1800 1600 1400 1200 1000 800 600 400 200 0 PMI% (>50 improving) 80.00 70.00 60.00 1/1/2008 50.00 40.00 30.00 1013 20.00 10.00 0.00 10/1/2008 540 1/1/2020 7/1/2009 2/1/2020 4/1/2010 3/1/2020 4/1/2020 1/1/2011 5/1/2020 ▪ Housing Starts have remained strong into 2022. 10/1/2011 711 6/1/2020 7/1/2020 7/1/2012 8/1/2020 4/1/2013 930 9/1/2020 10/1/2020 1/1/2014 11/1/2020 12/1/2020 Manufacturing PMI 10/1/2014 1/1/2021 7/1/2015 2/1/2021 1172 3/1/2021 Housing Starts 4/1/2016 (Source FRED: HOUST) 4/1/2021 1/1/2017 5/1/2021 1207 6/1/2021 Services PMI 10/1/2017 7/1/2021 (Source: Institute For Supply Management) ISM Purchasing Managers Index 7/1/2018 8/1/2021 1244 9/1/2021 4/1/2019 10/1/2021 1/1/2020 1547 11/1/2021 938 12/1/2021 10/1/2020 1/1/2022 OECD, with PMI continue to remain in positive, yet slowing trends. 7/1/2021 2/1/2022 1769 3/1/2022 130 125 120 115 110 105 100 95 All Employees - Jobs Added 90 85 80 1/1/1996 ▪ IPI and Fixed income alongyields and returns 1/1/1997 90,000 110,000 130,000 150,000 170,000 190,000 1/1/1998 1/1/2001 1/1/1999 1/1/2002 1/1/2000 1/1/2003 1/1/2001 1/1/2004 1/1/2002 1/1/2005 ▪ Non-farm payolls continue to trend up, however JOLTs has risen to more than 11-million. 1/1/2003 1/1/2006 1/1/2004 1/1/2007 1/1/2005 1/1/2008 1/1/2006 1/1/2009 1/1/2007 1/1/2010 101.92 1/1/2008 1/1/2011 1/1/2009 95.37 1/1/2012 1/1/2010 1/1/2013 1/1/2011 1/1/2014 1/1/2015 1/1/2012 (Source FRED: PAYEMS & JTSJOL) 1/1/2016 1/1/2013 (Source FRED: USALOLITONOSTSAM) 1/1/2017 1/1/2014 1/1/2018 1/1/2015 1/1/2019 1/1/2016 All Employees, Total Non-Farm Payroll (Source FRED: PAYEMS) OECD - Composite Leading Indicators 1/1/2020 1/1/2017 All Employees, Total Non-Farm Payroll vs JOLTS 1/1/2018 JOLTS - Job Openings: Total Nonfarm (millions - Source: Fred JTSJOL) 1/1/2021 100.63 1/1/2022 1/1/2019 15 13 11 9 7 1/1/2020 93.22 ▪ CPI rose significantly in the last couple of months, the FOMC has indicated that they will adjust rates and phase 5 3 1 -1 31 1/1/2021 10 JOLTS - Job Openings (millions) 1/1/2022 Item 2. 100.01 7

Market Commentary Item 2. 31 Fixed income yields and returns PMI data shows contraction or expansion trends in manufacturing and services. Lfo data indicates business sentiment. , Provided by Bloomberg, LLC. 11 8

Market Commentary Item 2. ▪ Inflation, Fed Funds Rate and Unemployment ▪ Inflation has risen significantly over the last year as the FOMC has maintained an accommodative stance so far. However, has indicated tapering treasury bond and mortgage purchases and interest rate adjustments going forward. ▪ Unemployment has fallen dramatically since Q2 of 2020 and has fallen to 3.9% in December of 2021 Inflation, Fed Funds Rate vs Unemployment Rate 20% 15% 10% 5% 0% May-55 May-59 May-63 May-67 May-71 May-75 May-79 May-83 May-87 Jan-90 Jan-54 Sep-56 Jan-58 Sep-60 Jan-62 Sep-64 Jan-66 Sep-68 Jan-70 Sep-72 Jan-74 Sep-76 Jan-78 Sep-80 Jan-82 Sep-84 Jan-86 Sep-88 May-91 Sep-92 Jan-94 May-95 Sep-96 Jan-98 May-99 Sep-00 Jan-02 May-03 Sep-04 Jan-06 May-07 Sep-08 Jan-10 May-11 Sep-12 Jan-14 May-15 Sep-16 Jan-18 May-19 Sep-20 -5% Fed Funds Rate CPI Unemployment Rate 12 9

▪ ▪ ▪ ▪ FOMC has also Treasury yields have The yield curve has The 2y and 10y treasury adjusted the Fed Funds risen during Q1 2022 as partially inverted as 2y- yield spread has Rate during Q1 and the FOMC has indicated indicated that additional faster tapering of 7y rates have risen tightened during the adjustments will occur treasury and mortgage Market Commentary dramatically during Q1. quarter. during 2022. purchases. -2 0 2 4 6 8 10 12 0 0.5 1 1.5 2 2.5 3 1/2/2020 1/1/2020 1/23/2020 1/22/2020 2/13/2020 2/12/2020 3/5/2020 3/4/2020 3/26/2020 3/25/2020 4/16/2020 4/15/2020 5/7/2020 5/6/2020 1 mo 5/28/2020 5/27/2020 2 yr 6/18/2020 6/17/2020 7/9/2020 2 Mo 7/8/2020 7/30/2020 7/29/2020 10 yr 8/20/2020 8/19/2020 3 mo 9/10/2020 9/9/2020 10/1/2020 9/30/2020 10/22/2020 10/21/2020 30 yr 6 mo 11/12/2020 11/11/2020 12/3/2020 12/2/2020 12/24/2020 1 yr 12/23/2020 1/14/2021 Yield Spreads - 2Yr, 10Yr & High Yield 1/13/2021 2/4/2021 2/3/2021 Yield Curve 2020-2022 2 yr 2/25/2021 2/24/2021 3/18/2021 3/17/2021 4/8/2021 3 yr 4/7/2021 4/29/2021 4/28/2021 Source US Dept of Treasury 5/20/2021 5/19/2021 5 yr 6/10/2021 6/9/2021 Sources: US Dept of Treasury, St Louis Fed 7/1/2021 6/30/2021 7 yr 7/22/2021 7/21/2021 8/12/2021 8/11/2021 ICE BofA US High Yield Index Effective Yield (H0A0) 9/2/2021 9/1/2021 10 yr 9/23/2021 9/22/2021 10/14/2021 10/13/2021 11/4/2021 20 yr 11/3/2021 2-10 Yr Spread 11/25/2021 11/24/2021 12/16/2021 12/15/2021 30 yr 1/5/2022 1/6/2022 1/27/2022 1/26/2022 2/17/2022 2/16/2022 3/10/2022 3/9/2022 10 13 3/31/2022 3/30/2022 Item 2. 4/21/2022 4/20/2022

Item 2. Plan Sponsor and Fiduciary Update Comp and Benefit Limits 2022 2021 2020 2019 2018 2017 2016 ▪ Benefit Plan Limits Cost-of-living increase 5.4% 1.3% 1.6% 2.8% 2.0% 0.3% 0.0% Social Security Tax Wage Base $147,000 $142,800 $137,700 $132,900 $128,400 $127,200 $118,500 Max Annual Pension (DB) $245,000 $230,000 $230,000 $225,000 $220,000 $215,000 $210,000 ▪ 2022 Comp and Benefit Limits updated Max Annual Addition (DC) $61,000 $58,000 $57,000 $56,000 $55,000 $54,000 $53,000 ▪ Increases to: COLA, DB Pensions, Savings Plan limits 401k/403b Deferral Limit $20,500 $19,500 $19,500 $19,000 $18,500 $18,000 $18,000 Catch-up Limit $6,500 $6,500 $6,500 $6,000 $6,000 $6,000 $6,000 Compensation Limit $305,000 $290,000 $285,000 $280,000 $275,000 $270,000 $265,000 HCE Compensation $135,000 $130,000 $130,000 $125,000 $120,000 $120,000 $120,000 ▪ Crypto in 401k Plans – DOL Statement on Crypto in Defined Contribution Plans ▪ During March of 2022, the Dept of Labor issued guidance on cryptocurrencies, as well as digital assets (coins, tokens, etc). ▪ The DOL noted that fiduciary duty is “the highest known to the law” and consideration of the inclusion of an investment option falls under this prudent obligation. ▪ The DOL indicated that these types of investments present significant risks to participants, for the following reasons: SEC indicated that crypto investments are speculative and volatile, participants may not be fully knowledgeable and may be swayed by potential for outsized profits, crypto normally is not held in a traditional plan asset trust, and oversight rules are emerging. ▪ DC Plan Statement – Lifetime Income Disclosure ▪ SECURE Act – led DOL to require plan sponsors (and their recordkeepers) to revamp 401k statements to also show retirement savings as a projected lifetime income stream. ▪ Will apply to statements issued after September 18, 2021, starting Q1 2022 statements will include this disclosure. ▪ Assuming monthly payment begins on the date of the last statement period. ▪ Assume participant is age 67 at commencement (unless older than 67) ▪ Assume participant marital status is married; even if not married. ▪ Gender neutral mortality table. Using the 10-year Constant Maturity Treasury rate ▪ Assumes participants will be 100% vested, no outstanding loans 14 11

Item 2. Plan Sponsor and Fiduciary Update ▪ Secure Act 2.0 (HR 2945) – in 2022 passed by House, heading to Senate ▪ Possible auto-enrollment for all employees at a 3% rate ▪ Delays RMD – until age 75 (73 in 2022, 74 in 2029 and 75 by 2032, up from the current 72) ▪ Age 50 Catch-up contributions may be Roth ▪ Increased catch-up contribution amounts – ages 62-65 could be up to $10,000 ▪ Spousal consent for defined contribution plan withdrawals ▪ Employer match could be used to repay student loans ▪ Annuities in 401k Plans ▪ Lifetime Income for Employees Act – HR 6746 ▪ In 2022, defined contribution plans sponsors could have the ability to add an annuity option to their 401k plan. ▪ Would amend the QDIA rule to allow an annuity to be a plan default 15 12

Item 3. Employee Pension Plan Review 16 13

Item 3. Investment Review – Employee Pension Plan Quarter End – Plan Allocation Policy Target Allocation Policy for the Plan – rebalanced as necessary to targets Fund Target Allocation with Category Description Category Investment Name Additional Asset Classes Asset Allocation Range Money Market CA Wells Fargo Advtg Treas Plus MMkt 6.00% 6-16%; target 11% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 5.00% 6-16%; target 11% Cash + STB Non-traditional bond NTB Columbia Strategic Income 4.00% 0-9%; target of 4% NTB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 6.00% 0-11%; target of 6% TIPS Intermediate Term Bonds INTB Vanguard Intermediate Bond 4.00% 0-9%; target 4% INTB Long Term Bonds LTB PIMCO Long Duration 2.50% 0-10%; target 5% LTB Long Term Bonds LTB Vanguard Long Duration 2.50% 0-10%; target 5% LTB High Yield Bond HYB Prudential High Yield 5.00% 0-10%; target 5% HYB Large Cap Value LCV Vanguard Equity Income 7.00% 2-12%; target 7% LCV Large Cap Growth LCG JP Morgan Large Cap Growth Equity 4.50% 0-9%; target 4.5% LCG JPM Large Cap Growth LCG Vanguard Growth Index 4.50% 0-9%; target 4.5% LCG Index Mid Cap MCB Vanguard Mid Cap Index 4.00% 3-13%; target 8% MC Mid Cap MCV Vanguard Mid Cap Value Index 4.00% 3-13%; target 8% MC Small Cap SCV Prudential Small Cap Val 0.00% REPLACED 2019-9-25 Small Cap SCV Janus Henderson Small Cap Value 0.00% REPLACED 2021-8 Small Cap SCV American Century Smal Cap Value R6 3.00% 2-12%; target 7% SC Small Cap SCG Federated Kaufmann Small Cap 4.00% 2-12%; target 7% SC Real Estate Investment REIT Vanguard REIT Index 4.00% 0-9%; target 4% REIT Infrastructure INFRA FMG MFG Core Infrastructure 5.00% 0-10%; target 5% INFRA (added 3/22) Foreign Equity GLB American Funds New Perspective 7.00% 10-20%; target 15% FOR Foreign Equity FLG Oppenheimer International Growth Y 0.00% REPLACED 2019-9-25 Foreign Equity FLG Morgan Stanley Instl Intl Adv 8.00% 10-20%; target 15% FOR Emerging Markets EMG Vanguard Emerging Mkts 10.00% 5-15%; target 10% Emg Mkts 17 14

Item 3. Investment Review – Employee Pension Plan Asset Allocation at Quarter End ▪ Plan is a sponsor directed defined benefit plan. Board oversees asset allocation ▪ Allocation adjusted in March 2022 and plan was rebalanced. ▪ Infrastructure was added as a new asset category in 2022. 18 15

Item 3. Investment Review – Employee Pension Plan Quarter End – Performance Update ▪ As of quarter end, the Plan had approximately $50.6 million, down from $52.4 million at the prior quarter end. ▪ During the quarter, the Plan had contributions of $3.0 million, withdrawals/payments of approximately $1.1 million, and fees of approximately $4.9 thousand. ▪ Total performance for the plan portfolio was -6.96% net for the quarter, trailing the Plan’s benchmark index performance of -5.25%. For the one year period, the plan return was 1.68% net, trailing the plan’s index performance of 2.22%. City of Dover General Employees Pension Plan Quarterly Return Summary CIVILIAN- CIVILIAN-NET GROSS Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 4/30/2021 $ 51,224,021.59 $ - $ 367,280.98 $ 1,651.76 $ 1,783,614.70 $ 52,638,703.55 3.51% 3.53% 5/31/2021 $ 52,638,703.55 $ - $ 368,547.73 $ 1,674.43 $ 429,787.28 $ 52,698,268.67 0.82% 0.84% 6/30/2021 $ 52,698,268.67 $ - $ 373,245.66 $ 1,686.22 $ 732,146.91 $ 53,055,483.70 1.40% 1.42% 7/31/2021 $ 53,052,219.71 $ - $ 366,788.33 $ 1,680.01 $ 261,317.96 $ 52,945,069.33 0.50% 0.52% 8/31/2021 $ 52,945,069.33 $ - $ 386,462.89 $ 1,689.18 $ 1,031,015.81 $ 53,587,933.07 1.96% 1.98% 9/30/2021 $ 53,587,933.07 $ - $ 381,379.03 $ 1,711.05 $ (1,746,318.61) $ 51,458,524.38 -3.28% -3.26% 10/31/2021 $ 51,458,524.38 $ - $ 381,075.37 $ 1,674.92 $ 1,815,524.04 $ 52,891,298.13 3.55% 3.58% 11/30/2021 $ 52,891,298.13 $ - $ 378,754.41 $ 1,685.88 $ (744,280.27) $ 51,766,577.57 -1.42% -1.39% 12/31/2021 $ 51,766,577.57 $ - $ 378,868.48 $ 1,668.80 $ 1,068,346.92 $ 52,454,387.21 2.08% 2.10% 1/31/2022 $ 52,454,387.21 $ - $ 378,074.90 $ 1,673.77 $ (2,545,579.33) $ 49,529,059.21 -4.88% -4.86% 2/28/2022 $ 49,529,059.21 $ 3,000,000.00 $ 377,191.93 $ 1,631.37 $ (1,307,176.83) $ 50,843,059.08 -2.52% -2.50% 3/31/2022 $ 50,843,059.08 $ - $ 381,984.89 $ 1,545.77 $ 177,513.67 $ 50,637,042.09 0.35% 0.38% $ 3,000,000.00 $ 1,137,251.72 $ 4,850.91 $ (3,675,242.49) Quarterly Return -6.96% -6.89% $ 3,000,000.00 $ 4,519,654.60 $ 19,973.16 $ 955,912.25 One Year Return 1.68% 1.96% 19 16

Item 3. 20 17

Monthly Performance Update As of: 3/31/2022 City of Dover, Delaware General Employees Pension Plan Item 3. Expense Asset Category Investment Name YTD 1 Month 3 Month 1 Year 3 Year 5 Year Ratio Ticker Allspring Treasury Plus MMkt Inst 0.01 0.01 0.01 0.02 0.60 0.94 0.20 PISXX Money Market - Taxable Allspring Treasury Plus MMkt Inst 0.01 0.01 0.01 0.02 0.60 0.94 Vanguard Short-Term Bond Index Adm -3.40 -1.90 -3.40 -3.87 1.06 1.37 0.07 VBIRX Short-Term Bond Bloomberg US 1-5Y GovCredit FlAdj TR USD -3.45 -1.91 -3.45 -3.84 1.14 1.42 Vanguard Inflation-Protected Secs I -2.78 -1.68 -2.78 4.25 6.16 4.34 0.07 VIPIX Inflation-Protected Bond Bloomberg US Treasury US TIPS TR USD -3.02 -1.86 -3.02 4.29 6.22 4.43 Vanguard Interm-Term Bond Index Adm -6.26 -3.38 -6.26 -4.45 2.17 2.54 0.07 VBILX Intermediate Core Bond Bloomberg US 5-10 GovCredit FlAdj TR USD -6.40 -3.41 -6.40 -4.55 2.22 2.58 PGIM High Yield R6 -4.67 -1.40 -4.67 0.03 5.18 5.26 0.38 PHYQX High Yield Bond Bloomberg High Yield Corporate TR USD -4.84 -1.15 -4.84 -0.66 4.58 4.69 Columbia Strategic Income Inst3 -4.20 -1.32 -4.20 -3.04 3.37 3.76 0.58 CPHUX Nontraditional Bond Bloomberg Global Aggregate TR USD -6.16 -3.05 -6.16 -6.40 0.69 1.70 Vanguard Long-Term Bond Index Instl -10.66 -3.91 -10.66 -2.83 4.23 4.63 0.05 VBLLX Long-Term Bond Bloomberg US L Govt/Credit Fl Adj TR USD -10.95 -3.93 -10.95 -3.11 4.23 4.60 PIMCO Long Duration Total Return Instl -10.24 -3.99 -10.24 -1.96 5.03 5.35 0.59 PLRIX Long-Term Bond Bloomberg US Govt/Credit Long TR USD -10.95 -3.93 -10.95 -3.11 4.23 4.60 Vanguard Equity-Income Adm 1.14 2.67 1.14 15.45 13.92 11.92 0.19 VEIRX Large Value Russell 1000 Value TR USD -0.74 2.82 -0.74 11.67 13.02 10.29 JPMorgan Large Cap Growth R6 -10.21 3.14 -10.21 6.24 24.87 23.71 0.44 JLGMX Large Growth Russell 1000 Growth TR USD -9.04 3.91 -9.04 14.98 23.60 20.88 Vanguard Growth Index Admiral -10.29 3.77 -10.29 12.48 23.40 19.88 0.05 VIGAX Large Growth CRSP US Large Cap Growth TR USD -10.28 3.77 -10.28 12.52 23.45 19.92 Vanguard Mid-Cap Value Index Admiral 0.04 3.42 0.04 13.28 14.10 10.45 0.07 VMVAX Mid-Cap Value CRSP US Mid Cap Value TR USD 0.06 3.43 0.06 13.36 14.12 10.48 Vanguard Mid Cap Index Admiral -6.32 2.69 -6.32 8.82 15.67 13.00 0.05 VIMAX Mid-Cap Blend CRSP US Mid Cap TR USD -6.31 2.69 -6.31 8.85 15.69 13.02 American Century Small Cap Value R6 -4.84 -1.56 -4.84 4.86 18.33 11.23 0.84 ASVDX Small Value Russell 2000 Value TR USD -2.40 1.96 -2.40 3.32 12.73 8.57 Federated Hermes Kaufmann Small Cap IS -15.90 1.06 -15.90 -15.10 10.99 17.72 0.90 FKAIX Small Growth Russell 2000 Growth TR USD -12.63 0.46 -12.63 -14.33 9.88 10.33 Morgan Stanley Inst Intl Advtg I -19.21 -1.37 -19.21 -9.45 10.70 13.50 0.99 MFAIX Foreign Large Growth MSCI ACWI Ex USA NR USD -5.44 0.16 -5.44 -1.48 7.51 6.76 American Funds New Perspective R6 -9.96 2.84 -9.96 3.98 17.65 15.64 0.41 RNPGX World Large-Stock Growth MSCI World NR USD -5.44 0.16 -5.44 -1.48 7.51 6.76 Vanguard Emerging Mkts Stock Idx Instl -6.24 -2.43 -6.24 -8.64 5.64 5.87 0.10 VEMIX Diversified Emerging Mkts FTSE EMs AC China A Incl (US RIC) NR USD -5.46 -1.82 -5.46 -6.96 6.25 6.25 Vanguard Real Estate Index Institutional -5.94 6.32 -5.94 21.52 11.47 9.70 0.10 VGSNX Real Estate MSCI US IMI/Real Estate 25-50 NR USD -6.16 6.17 -6.16 20.52 10.45 9.35 Frontier MFG Core Infrastructure Instl 3.28 6.45 3.28 15.12 9.74 8.98 0.50 FMGIX Infrastructure S&P Global Infrastructure NR USD 7.27 5.83 7.27 15.86 7.16 6.76 21 18

City of Dover, Delaware General Employees Pension Plan Risk Metrics 3Yr Std 3Yr 3Yr 3yr 5Yr Std 5Yr 5Yr Item5yr 3. Investment Name 3 Yr Mean Dev 3Yr Beta 3Yr Alpha Sharpe Sortino Batting 5 Yr Mean Dev 5Yr Alpha Sharpe Sortino Batting Allspring Treasury Plus MMkt Inst 0.05 0.25 0.2 -N/A -2.20 -2.04 8 0.08 0.25 -N/A -3.70 -2.58 5 Allspring Treasury Plus MMkt Inst 0.05 0.25 0.08 0.25 Vanguard Short-Term Bond Index Adm 0.09 1.97 1.0 -0.06 0.21 0.29 50 0.12 1.74 -0.18 0.17 0.24 45 Bloomberg US 1-5Y GovCredit FlAdj TR USD 0.10 2.02 0.12 1.77 Vanguard Inflation-Protected Secs I 0.51 4.05 0.9 4.48 1.34 2.51 69 0.36 3.66 2.30 0.88 1.53 58 Bloomberg US Treasury US TIPS TR USD 0.51 4.33 0.37 3.85 Vanguard Interm-Term Bond Index Adm 0.19 4.86 1.2 0.31 0.33 0.50 64 0.22 4.26 0.22 0.36 0.55 60 Bloomberg US 5-10 GovCredit FlAdj TR USD 0.19 4.91 0.22 4.31 PGIM High Yield R6 0.46 9.80 1.1 4.07 0.50 0.64 69 0.46 8.01 3.70 0.55 0.72 65 Bloomberg High Yield Corporate TR USD 0.41 9.13 0.41 7.54 Columbia Strategic Income Inst3 0.30 7.56 0.8 2.18 0.39 0.49 67 0.32 6.07 2.11 0.46 0.59 62 Bloomberg Global Aggregate TR USD 0.07 4.95 0.15 4.45 Vanguard Long-Term Bond Index Instl 0.39 11.03 1.0 1.24 0.37 0.62 50 0.42 9.49 1.11 0.41 0.68 52 Bloomberg US L Govt/Credit Fl Adj TR USD 0.39 10.80 0.41 9.36 PIMCO Long Duration Total Return Instl 0.46 10.82 1.0 2.04 0.45 0.75 53 0.47 9.24 1.85 0.49 0.82 58 Bloomberg US Govt/Credit Long TR USD 0.39 10.80 0.41 9.36 Vanguard Equity-Income Adm 1.21 16.71 0.9 -2.23 0.82 1.29 39 1.03 14.64 -1.78 0.77 1.17 38 Russell 1000 Value TR USD 1.18 19.12 0.93 16.56 JPMorgan Large Cap Growth R6 2.04 20.63 1.0 4.71 1.15 2.23 56 1.94 19.02 5.84 1.16 2.12 60 Russell 1000 Growth TR USD 1.93 19.47 1.72 17.43 Vanguard Growth Index Admiral 1.92 19.72 1.0 3.10 1.14 2.02 67 1.65 17.58 2.68 1.06 1.78 65 CRSP US Large Cap Growth TR USD 1.93 19.73 1.65 17.59 Vanguard Mid-Cap Value Index Admiral 1.30 21.51 1.0 -5.38 0.69 0.98 39 0.98 18.64 -5.74 0.57 0.80 40 CRSP US Mid Cap Value TR USD 1.30 21.50 0.98 18.64 Vanguard Mid Cap Index Admiral 1.39 20.41 1.0 -4.12 0.79 1.18 42 1.16 17.96 -3.66 0.71 1.05 40 CRSP US Mid Cap TR USD 1.40 20.42 1.16 17.97 American Century Small Cap Value R6 1.68 25.49 0.9 -2.73 0.77 1.18 50 1.11 22.95 -6.36 0.53 0.80 45 Russell 2000 Value TR USD 1.27 24.94 0.89 21.93 Federated Hermes Kaufmann Small Cap IS 1.10 23.55 0.9 -7.21 0.53 0.83 44 1.55 21.12 1.17 0.83 1.31 58 Russell 2000 Growth TR USD 1.03 24.03 1.02 21.65 Morgan Stanley Inst Intl Advtg I 0.96 16.06 0.8 4.75 0.67 1.01 61 1.15 14.73 7.50 0.86 1.31 62 MSCI ACWI Ex USA NR USD 0.72 16.88 0.64 14.92 American Funds New Perspective R6 1.51 18.94 1.1 2.70 0.92 1.55 69 1.33 16.52 3.09 0.90 1.47 67 MSCI World NR USD 1.30 17.53 1.08 15.37 Vanguard Emerging Mkts Stock Idx Instl 0.59 17.90 1.0 -1.11 0.36 0.50 42 0.59 16.28 -0.42 0.37 0.52 48 FTSE EMs AC China A Incl (US RIC) NR USD 0.64 17.80 0.62 16.14 Vanguard Real Estate Index Institutional 1.06 19.08 1.0 -0.56 0.63 0.89 44 0.90 17.19 0.06 0.56 0.81 43 MSCI US IMI/Real Estate 25-50 NR USD 0.99 19.08 0.87 17.03 Frontier MFG Core Infrastructure Instl 0.87 14.57 0.9 0.78 0.67 1.00 39 0.79 13.00 1.49 0.64 0.98 43 S&P Global Infrastructure NR USD 0.75 19.86 0.67 16.70 22 19

Item 3. Investment Review – Employee Pension Plan Score Card – Quantitative Analysis ▪ A Portfolio Scorecard is used to review fund performance based on a variety of analytic measures. It focuses on specific asset category, investment style (active or passive), and socially conscious nature of the individual investments. ▪ The table on the following slide indicates whether a fund meets these various quantitative measures by displaying a “” (check) mark, or does not meet the criteria by displaying an “x” (x-mark). ▪ “Approve” means that the fund meets the criteria. ▪ “Watch” means that the fund is not meeting criteria and is trailing in performance compared to both its peer group and benchmarks. ▪ “-“mark means that the fund is trailing in some areas of review, but not currently enough to fall to “Watch”. ▪ “*” indicates that the fund has less than 5 years of data. ▪ In the following exhibit, Milliman’s analytic review indicates that most funds meet the screens for each asset class peer group, as designated with “Approve” status under “Mgr Rating”. 23 20

Item 3. Investment Review – Employee Pension Plan Quarter End – Performance Update ▪ No watch funds at this time 24 21

Item 3. Investment Review – Employee Pension Plan Quarter End – Performance Update ▪ Majority of actively managed funds are performing well versus peers/indexes ▪ Returns and risk-adjusted measures for most investments rank well to peers ▪ Most expense ratios rank in bottom half or better to asset category peers ▪ Plan level performance better than allocation benchmark over longer time periods ▪ Infrastructure was added during the quarter. 25 22

Item 4. Police Pension Plan Review 26 23

Item 4. Investment Review – Police Pension Plan Quarter End – Plan Allocation Policy Target Allocation Policy for the Plan Fund Target Allocation with Category Description Category Investment Name Additional Asset Classes Asset Allocation Range Money Market CA Wells Fargo Advtg Treas Plus MMkt 7.00% 8-18%; target 13% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 6.00% 8-18%; target 13% Cash + STB Non-traditional Bond NTB Columbia Strategic Income 4.00% 0-9%; target of 4% NTB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 5.00% 0-10%; target of 5% TIPS Intermediate Term Bonds INTB Vanguard Intermediate Bond 3.00% 0-8%; target 3% INTB Long Term Bonds LTB PIMCO Long Duration 2.50% 0-10%; target 5% LTB Long Term Bonds LTB Vanguard Long Duration 2.50% 0-10%; target 5% LTB High Yield Bond HYB Prudential High Yield 5.00% 0-10%; target 5% HYB Large Cap Value LCV Vanguard Equity Income 7.00% 2-12%; target 7% LCV Large Cap Growth LCG JP Morgan Equity Growth Fund 4.50% 0-14%; target 9% LCG Large Cap Growth LCG Vanguard Growth Index 4.50% 0-14%; target 9% LCG Mid Cap MCB Vanguard Mid Cap Index 4.00% 3-13%; target 8% MC Mid Cap MCV Vanguard Mid Cap Value Index 4.00% 3-13%; target 8% MC Small Cap SCV Janus Henderson Small Cap Value 0.00% REPLACED 8/2021 Small Cap SCV American Century Smal Cap Value R6 3.00% 2-8%; target 3% SCV Small Cap SCG Federate Kaufmann Small Cap 4.00% 2-9%; target 4% SCG Real Estate Investment REIT Vanguard REIT Index 4.00% 0-9%; target 4% REIT Infrastructure INFRA FMG MFG Core Infrastructure 5.00% 0-10%; target 5% INFRA (added 3/22) Foreign Equity GLB American Funds New Perspective 7.00% 10-20%; target 15% FOR Foreign Equity FLG Morgan Stanley Instl Intl Adv 8.00% 10-20%; target 15% FOR Emerging Markets EMG Vanguard Emerging Mkts 10.00% 5-15%; target 10% Emg Mkts 27 24

Item 4. Investment Review – Police Pension Plan Asset Allocation at Quarter End ▪ Plan is a sponsor directed defined benefit plan. Board oversees asset allocation ▪ Allocation adjusted in March 2022 and rebalanced. ▪ Infrastructure was added as a new asset category in 2022. 28 25

Item 4. Investment Review – Police Pension Plan Quarter End – Performance Update ▪ As of quarter end, the plan had approximately $15.9 million, up from $15.6 million in assets at the prior quarter end. ▪ During the quarter, the plan contributions of $1.8 million, withdrawals/payments of approximately $383 thousand, and fees of approximately $1.3 thousand. ▪ Total performance of the plan portfolio was -6.90% for the quarter, lagging the Plan’s benchmark index performance of -5.02%. For the one year period, the plan return was 1.72% net compared to the benchmark performance of 2.38%. City of Dover Police Pension Plan Quarterly Return Summary POLICE-NET POLICE GROSS- Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 4/30/2021 $ 15,343,057.13 $ - $ 126,462.97 $ 440.38 $ 536,259.66 $ 15,752,413.44 3.52% 3.54% 5/31/2021 $ 15,752,413.44 $ - $ 126,462.97 $ 449.35 $ 129,485.59 $ 15,754,986.71 0.83% 0.85% 6/30/2021 $ 15,754,986.71 $ - $ 131,237.47 $ 451.50 $ 212,794.01 $ 15,836,091.75 1.36% 1.38% 7/31/2021 $ 15,836,091.75 $ - $ 127,656.60 $ 448.91 $ 77,783.58 $ 15,785,769.82 0.50% 0.52% 8/31/2021 $ 15,785,769.82 $ - $ 127,656.60 $ 450.20 $ 308,467.30 $ 15,966,130.32 1.97% 1.99% 9/30/2021 $ 15,966,130.32 $ - $ 126,462.97 $ 455.35 $ (519,614.68) $ 15,319,597.32 -3.28% -3.26% 10/31/2021 $ 15,319,597.32 $ - $ 126,462.97 $ 444.34 $ 539,840.57 $ 15,732,530.58 3.55% 3.58% 11/30/2021 $ 15,732,530.58 $ - $ 125,195.66 $ 446.61 $ (223,839.97) $ 15,383,048.34 -1.43% -1.41% 12/31/2021 $ 15,383,048.34 $ - $ 125,195.66 $ 445.21 $ 317,129.48 $ 15,574,536.95 2.08% 2.10% 1/31/2022 $ 15,574,536.95 $ - $ 127,639.76 $ 442.22 $ (751,249.12) $ 14,695,205.85 -4.86% -4.83% 2/28/2022 $ 14,695,205.85 $ 1,800,000.00 $ 127,639.76 $ 429.68 $ (408,678.19) $ 15,958,458.22 -2.53% -2.51% 3/31/2022 $ 15,958,458.22 $ - $ 127,639.76 $ 437.29 $ 62,447.69 $ 15,892,828.86 0.39% 0.42% $ 1,800,000.00 $ 382,919.28 $ 1,309.19 $ (1,097,479.62) Quarterly Return -6.90% -6.83% $ 1,800,000.00 $ 1,525,713.15 $ 5,341.04 $ 280,825.92 One Year Return 1.71% 2.00% 29 26

Item 4. 30 27

Monthly Performance Update As of: 3/31/2022 City of Dover, Police Pension Plan Item 4. Expense Asset Category Investment Name YTD 1 Month 3 Month 1 Year 3 Year 5 Year Ratio Ticker Allspring Treasury Plus MMkt Inst 0.01 0.01 0.01 0.02 0.60 0.94 0.20 PISXX Money Market - Taxable Allspring Treasury Plus MMkt Inst 0.01 0.01 0.01 0.02 0.60 0.94 Vanguard Short-Term Bond Index Adm -3.40 -1.90 -3.40 -3.87 1.06 1.37 0.07 VBIRX Short-Term Bond Bloomberg US 1-5Y GovCredit FlAdj TR USD -3.45 -1.91 -3.45 -3.84 1.14 1.42 Vanguard Inflation-Protected Secs I -2.78 -1.68 -2.78 4.25 6.16 4.34 0.07 VIPIX Inflation-Protected Bond Bloomberg US Treasury US TIPS TR USD -3.02 -1.86 -3.02 4.29 6.22 4.43 Vanguard Interm-Term Bond Index Adm -6.26 -3.38 -6.26 -4.45 2.17 2.54 0.07 VBILX Intermediate Core Bond Bloomberg US 5-10 GovCredit FlAdj TR USD -6.40 -3.41 -6.40 -4.55 2.22 2.58 PGIM High Yield R6 -4.67 -1.40 -4.67 0.03 5.18 5.26 0.38 PHYQX High Yield Bond Bloomberg High Yield Corporate TR USD -4.84 -1.15 -4.84 -0.66 4.58 4.69 Columbia Strategic Income Inst3 -4.20 -1.32 -4.20 -3.04 3.37 3.76 0.58 CPHUX Nontraditional Bond Bloomberg Global Aggregate TR USD -6.16 -3.05 -6.16 -6.40 0.69 1.70 Vanguard Long-Term Bond Index Admiral -10.66 -3.91 -10.66 -2.85 4.23 -N/A 0.07 VBLAX Long-Term Bond Bloomberg US L Govt/Credit Fl Adj TR USD -10.95 -3.93 -10.95 -3.11 4.23 4.60 PIMCO Long Duration Total Return Instl -10.24 -3.99 -10.24 -1.96 5.03 5.35 0.59 PLRIX Long-Term Bond Bloomberg US Govt/Credit Long TR USD -10.95 -3.93 -10.95 -3.11 4.23 4.60 Vanguard Equity-Income Adm 1.14 2.67 1.14 15.45 13.92 11.92 0.19 VEIRX Large Value Russell 1000 Value TR USD -0.74 2.82 -0.74 11.67 13.02 10.29 JPMorgan Large Cap Growth R6 -10.21 3.14 -10.21 6.24 24.87 23.71 0.44 JLGMX Large Growth Russell 1000 Growth TR USD -9.04 3.91 -9.04 14.98 23.60 20.88 Vanguard Growth Index Admiral -10.29 3.77 -10.29 12.48 23.40 19.88 0.05 VIGAX Large Growth CRSP US Large Cap Growth TR USD -10.28 3.77 -10.28 12.52 23.45 19.92 Vanguard Mid-Cap Value Index Admiral 0.04 3.42 0.04 13.28 14.10 10.45 0.07 VMVAX Mid-Cap Value CRSP US Mid Cap Value TR USD 0.06 3.43 0.06 13.36 14.12 10.48 Vanguard Mid Cap Index Admiral -6.32 2.69 -6.32 8.82 15.67 13.00 0.05 VIMAX Mid-Cap Blend CRSP US Mid Cap TR USD -6.31 2.69 -6.31 8.85 15.69 13.02 American Century Small Cap Value R6 -4.84 -1.56 -4.84 4.86 18.33 11.23 0.84 ASVDX Small Value Russell 2000 Value TR USD -2.40 1.96 -2.40 3.32 12.73 8.57 Federated Hermes Kaufmann Small Cap IS -15.90 1.06 -15.90 -15.10 10.99 17.72 0.90 FKAIX Small Growth Russell 2000 Growth TR USD -12.63 0.46 -12.63 -14.33 9.88 10.33 Morgan Stanley Inst Intl Advtg I -19.21 -1.37 -19.21 -9.45 10.70 13.50 0.99 MFAIX Foreign Large Growth MSCI ACWI Ex USA NR USD -5.44 0.16 -5.44 -1.48 7.51 6.76 American Funds New Perspective R6 -9.96 2.84 -9.96 3.98 17.65 15.64 0.41 RNPGX World Large-Stock Growth MSCI World NR USD -5.15 2.74 -5.15 10.12 14.98 12.42 Vanguard Emerging Mkts Stock Idx Instl -6.24 -2.43 -6.24 -8.64 5.64 5.87 0.10 VEMIX Diversified Emerging Mkts FTSE EMs AC China A Incl (US RIC) NR USD -5.46 -1.82 -5.46 -6.96 6.25 6.25 Vanguard Real Estate Index Institutional -5.94 6.32 -5.94 21.52 11.47 9.70 0.10 VGSNX Real Estate MSCI US IMI/Real Estate 25-50 NR USD -6.16 6.17 -6.16 20.52 10.45 9.35 Frontier MFG Core Infrastructure Instl 3.28 6.45 3.28 15.12 9.74 8.98 0.50 FMGIX Infrastructure S&P Global Infrastructure NR USD 7.27 5.83 7.27 15.86 7.16 6.76 31 28

City of Dover, Police Pension Plan Risk Metrics 3Yr Std 3Yr 3Yr 3yr 5Yr Std 5Yr 5Yr Item5yr 4. Investment Name 3 Yr Mean Dev 3Yr Beta 3Yr Alpha Sharpe Sortino Batting 5 Yr Mean Dev 5Yr Alpha Sharpe Sortino Batting Allspring Treasury Plus MMkt Inst 0.05 0.25 0.2 -N/A -2.20 -2.04 8 0.08 0.25 -N/A -3.70 -2.58 5 Allspring Treasury Plus MMkt Inst 0.05 0.25 0.08 0.25 Vanguard Short-Term Bond Index Adm 0.09 1.97 1.0 -0.06 0.21 0.29 50 0.12 1.74 -0.18 0.17 0.24 45 Bloomberg US 1-5Y GovCredit FlAdj TR USD 0.10 2.02 0.12 1.77 Vanguard Inflation-Protected Secs I 0.51 4.05 0.9 4.48 1.34 2.51 69 0.36 3.66 2.30 0.88 1.53 58 Bloomberg US Treasury US TIPS TR USD 0.51 4.33 0.37 3.85 Vanguard Interm-Term Bond Index Adm 0.19 4.86 1.2 0.31 0.33 0.50 64 0.22 4.26 0.22 0.36 0.55 60 Bloomberg US 5-10 GovCredit FlAdj TR USD 0.19 4.91 0.22 4.31 PGIM High Yield R6 0.46 9.80 1.1 4.07 0.50 0.64 69 0.46 8.01 3.70 0.55 0.72 65 Bloomberg High Yield Corporate TR USD 0.41 9.13 0.41 7.54 Columbia Strategic Income Inst3 0.30 7.56 0.8 2.18 0.39 0.49 67 0.32 6.07 2.11 0.46 0.59 62 Bloomberg Global Aggregate TR USD 0.07 4.95 0.15 4.45 Vanguard Long-Term Bond Index Admiral 0.40 11.02 1.0 1.24 0.37 0.62 50 -N/A -N/A -N/A -N/A -N/A -N/A Bloomberg US L Govt/Credit Fl Adj TR USD 0.39 10.80 0.41 9.36 PIMCO Long Duration Total Return Instl 0.46 10.82 1.0 2.04 0.45 0.75 53 0.47 9.24 1.85 0.49 0.82 58 Bloomberg US Govt/Credit Long TR USD 0.39 10.80 0.41 9.36 Vanguard Equity-Income Adm 1.21 16.71 0.9 -2.23 0.82 1.29 39 1.03 14.64 -1.78 0.77 1.17 38 Russell 1000 Value TR USD 1.18 19.12 0.93 16.56 JPMorgan Large Cap Growth R6 2.04 20.63 1.0 4.71 1.15 2.23 56 1.94 19.02 5.84 1.16 2.12 60 Russell 1000 Growth TR USD 1.93 19.47 1.72 17.43 Vanguard Growth Index Admiral 1.92 19.72 1.0 3.10 1.14 2.02 67 1.65 17.58 2.68 1.06 1.78 65 CRSP US Large Cap Growth TR USD 1.93 19.73 1.65 17.59 Vanguard Mid-Cap Value Index Admiral 1.30 21.51 1.0 -5.38 0.69 0.98 39 0.98 18.64 -5.74 0.57 0.80 40 CRSP US Mid Cap Value TR USD 1.30 21.50 0.98 18.64 Vanguard Mid Cap Index Admiral 1.39 20.41 1.0 -4.12 0.79 1.18 42 1.16 17.96 -3.66 0.71 1.05 40 CRSP US Mid Cap TR USD 1.40 20.42 1.16 17.97 American Century Small Cap Value R6 1.68 25.49 0.9 -2.73 0.77 1.18 50 1.11 22.95 -6.36 0.53 0.80 45 Russell 2000 Value TR USD 1.27 24.94 0.89 21.93 Federated Hermes Kaufmann Small Cap IS 1.10 23.55 0.9 -7.21 0.53 0.83 44 1.55 21.12 1.17 0.83 1.31 58 Russell 2000 Growth TR USD 1.03 24.03 1.02 21.65 Morgan Stanley Inst Intl Advtg I 0.96 16.06 0.8 4.75 0.67 1.01 61 1.15 14.73 7.50 0.86 1.31 62 MSCI ACWI Ex USA NR USD 0.72 16.88 0.64 14.92 American Funds New Perspective R6 1.51 18.94 1.1 2.70 0.92 1.55 69 1.33 16.52 3.09 0.90 1.47 67 MSCI World NR USD 1.30 17.53 1.08 15.37 Vanguard Emerging Mkts Stock Idx Instl 0.59 17.90 1.0 -1.11 0.36 0.50 42 0.59 16.28 -0.42 0.37 0.52 48 FTSE EMs AC China A Incl (US RIC) NR USD 0.64 17.80 0.62 16.14 Vanguard Real Estate Index Institutional 1.06 19.08 1.0 -0.56 0.63 0.89 44 0.90 17.19 0.06 0.56 0.81 43 MSCI US IMI/Real Estate 25-50 NR USD 0.99 19.08 0.87 17.03 Frontier MFG Core Infrastructure Instl 0.87 14.57 0.9 0.78 0.67 1.00 39 0.79 13.00 1.49 0.64 0.98 43 S&P Global Infrastructure NR USD 0.75 19.86 0.67 16.70 32 29

Item 4. Investment Review – Police Pension Plan Quarter End – Performance Update ▪ No watch funds at this time 33 30

Item 4. Investment Review – Police Pension Plan Quarter End – Performance Update ▪ Majority of actively managed funds are performing well versus peers/indexes ▪ Returns and risk-adjusted measures for most investments rank well to peers ▪ Most expense ratios rank in bottom half or better to asset category peers ▪ Plan level performance better than allocation benchmark over longer time periods ▪ Infrastructure was added during the quarter. 34 31

Item 5. OPEB Plan Review 35 32

Item 5. Investment Review – OPEB Plan Quarter End – Plan Allocation Policy Target Allocation Policy for the Plan Fund Target Asset Category Description Category Investment Name Allocation Asset Allocation Range Money Market CA WF TREAS PLUS MM FD-INST #793 3.00% 4-14%; target 9% Cash + STB Short Term Bonds STB Vanguard Short Term Bond 6.00% 4-14%; target 9% Cash + STB Non-traditional Bond NTB Columbia Strategic Income 4.50% 0-9.5%; target of 4.5% NTB Inflation Protected Bonds TIPS Vanguard Inflation Prot Sec 4.00% 0-9%; target of 4% TIPS Intermediate Term Bonds INTB Dodge & Cox Income 2.25% 0-9.5%; target 4.5% INTB Intermediate Term Bonds INTB Vanguard Total Bond Mkt Index Adm 2.25% 0-9.5%; target 4.5% INTB Long Term Bonds LTB PIMCO Long Duration 2.00% 0-9%; target 4% LTB Long Term Bonds LTB Vanguard Long Duration 2.00% 0-9%; target 4% LTB High Yield Bond HYB Prudential High Yield 5.00% 1-10%; target 5% HYB Large Cap Value LCV American Funds Washington Mutual 7.00% 2-12%; target 7% LCV Large Cap Growth LCG Vanguard Growth Index 5.00% 6-16%; target 11% LCG Large Cap Growth LCG JPMorgan Large Cap Growth Fund Class R6 #2148 6.00% 6-16%; target 11% LCG Mid Cap MCV Vanguard Mid Cap Value Index 9.00% 2-12%; target 9% MC Small Cap SCV Prudential Small Cap Value 0.00% REPLACED 9/25/19 Small Cap SCV Janus Henderson Small Cap Value 0.00% REPLACED 8-2021 Small Cap SCV American Century Smal Cap Value R6 4.00% 0-9%; target 4% SCV Small Cap SCG Federated Kaufmann Small Cap Instl 4.00% 0-9%; target 4% SCG Real Estate Investment REIT Vanguard REIT Index 5.00% 2-12%; target 7% REIT Foreign Equity GLB American Funds New Perspective 9.00% 9-19%; target 18% FOR Foreign Equity FLG Oppenheimer Intl Growth Y 0.00% REPLACED 9/25/19 Foreign Equity FLG Morgan Stanley Instl Intl Adv 9.00% 9-19%; target 18% FOR Emerging Markets EMG Vanguard Emerging Mkts 11.00% 7-17%; target 11% Emg Mkts 36 33

Item 5. Investment Review – OPEB Plan Asset Allocation at Quarter End ▪ Plan is a sponsor directed defined benefit plan. Board oversees asset allocation ▪ Allocation adjusted in 2021 and will be rebalanced as necessary 37 34

Item 5. Investment Review – OPEB Plan Quarter End – Performance Update ▪ As of quarter end, the plan had approximately $54.1 million in assets, down from $57.5 million at the prior quarter end. ▪ During the quarter, the plan had no contributions, no withdrawals/payments, and fees of approximately $4.0 thousand. ▪ Total performance of the plan portfolio was -7.25% for the quarter, versus the Plan’s benchmark return of -5.57%. For the year, the plan return was 1.59%, exceeding the benchmark return of 2.14%. City of Dover OPEB Trust Quarterly Return Summary OPEB-NET OPEB-GROSS Month End BMV Contribution Withdrawls Fees Gain EMV RETURN RETURN 4/30/2021 $ 52,517,562.46 $ - $ - $ 3,795.87 $ 1,872,172.61 $ 54,385,939.20 3.56% 3.59% 5/31/2021 $ 54,385,939.20 $ - $ - $ - $ 464,448.15 $ 54,850,387.35 0.85% 0.88% 6/30/2021 $ 54,850,387.35 $ - $ - $ - $ 650,697.37 $ 55,501,084.72 1.19% 1.21% 7/31/2021 $ 55,531,998.00 $ - $ - $ 3,942.47 $ 178,898.36 $ 55,706,953.89 0.32% 0.35% 8/31/2021 $ 55,706,953.89 $ - $ - $ - $ 1,112,672.30 $ 56,819,626.19 2.00% 2.02% 9/30/2021 $ 56,819,626.19 $ - $ - $ - $ (1,839,391.63) $ 54,980,234.56 -3.24% -3.21% 10/31/2021 $ 54,980,234.56 $ - $ - $ 3,916.66 $ 2,084,313.37 $ 57,060,631.27 3.79% 3.82% 11/30/2021 $ 57,060,631.27 $ - $ - $ - $ (801,418.10) $ 56,259,213.17 -1.40% -1.38% 12/31/2021 $ 56,259,213.17 $ - $ - $ - $ 1,287,499.79 $ 57,546,712.96 2.29% 2.32% 1/31/2022 $ 57,546,712.96 $ - $ - $ 4,042.83 $ (2,954,689.15) $ 54,587,980.98 -5.13% -5.11% 2/28/2022 $ 54,587,980.98 $ 700,000.00 $ - $ - $ (1,479,425.15) $ 53,808,555.83 -2.68% -2.65% 3/31/2022 $ 53,808,555.83 $ - $ - $ - $ 247,361.26 $ 54,055,917.09 0.46% 0.49% $ 700,000.00 $ - $ 4,042.83 $ (4,186,753.04) Quarterly Return -7.25% -7.17% $ 700,000.00 $ - $ 15,697.83 $ 823,139.18 One Year Return 1.59% 1.91% 38 35

Item 5. 39 36

Monthly Performance Update As of: 3/31/2022 City of Dover, OPEB Plan Item 5. Expense Asset Category Investment Name YTD 1 Month 3 Month 1 Year 3 Year 5 Year Ratio Ticker Allspring Treasury Plus MMkt Inst 0.01 0.01 0.01 0.02 0.60 0.94 0.20 PISXX Money Market - Taxable Allspring Treasury Plus MMkt Inst 0.01 0.01 0.01 0.02 0.60 0.94 Vanguard Short-Term Bond Index Adm -3.40 -1.90 -3.40 -3.87 1.06 1.37 0.07 VBIRX Short-Term Bond Bloomberg US 1-5Y GovCredit FlAdj TR USD -3.45 -1.91 -3.45 -3.84 1.14 1.42 Vanguard Inflation-Protected Secs I -2.78 -1.68 -2.78 4.25 6.16 4.34 0.07 VIPIX Inflation-Protected Bond Bloomberg US Treasury US TIPS TR USD -3.02 -1.86 -3.02 4.29 6.22 4.43 Dodge & Cox Income -5.20 -2.00 -5.20 -3.64 2.85 3.01 0.42 DODIX Intermediate Core-Plus Bond Bloomberg US 5-10 GovCredit FlAdj TR USD -6.40 -3.41 -6.40 -4.55 2.22 2.58 Vanguard Total Bond Market Index Adm -5.99 -2.81 -5.99 -4.09 1.69 2.12 0.05 VBTLX Intermediate Core Bond Bloomberg US Agg Float Adj TR USD -6.01 -2.79 -6.01 -4.08 1.75 2.19 PGIM High Yield R6 -4.67 -1.40 -4.67 0.03 5.18 5.26 0.38 PHYQX High Yield Bond Bloomberg High Yield Corporate TR USD -4.84 -1.15 -4.84 -0.66 4.58 4.69 Columbia Strategic Income Inst3 -4.20 -1.32 -4.20 -3.04 3.37 3.76 0.58 CPHUX Nontraditional Bond Bloomberg Global Aggregate TR USD -6.16 -3.05 -6.16 -6.40 0.69 1.70 Vanguard Long-Term Bond Index Admiral -10.66 -3.91 -10.66 -2.85 4.23 -N/A 0.07 VBLAX Long-Term Bond Bloomberg US L Govt/Credit Fl Adj TR USD -10.95 -3.93 -10.95 -3.11 4.23 4.60 PIMCO Long Duration Total Return Instl -10.24 -3.99 -10.24 -1.96 5.03 5.35 0.59 PLRIX Long-Term Bond Bloomberg US Govt/Credit Long TR USD -10.95 -3.93 -10.95 -3.11 4.23 4.60 American Funds Washington Mutual R6 -1.89 3.46 -1.89 16.43 15.94 14.10 0.27 RWMGX Large Blend Russell 1000 Value TR USD -0.74 2.82 -0.74 11.67 13.02 10.29 Vanguard Growth Index Institutional -10.29 3.76 -10.29 12.49 23.41 19.89 0.04 VIGIX Large Growth CRSP US Large Cap Growth TR USD -10.28 3.77 -10.28 12.52 23.45 19.92 JPMorgan Large Cap Growth R6 -10.21 3.14 -10.21 6.24 24.87 23.71 0.44 JLGMX Large Growth Russell 1000 Growth TR USD -9.04 3.91 -9.04 14.98 23.60 20.88 Vanguard Mid-Cap Value Index Admiral 0.04 3.42 0.04 13.28 14.10 10.45 0.07 VMVAX Mid-Cap Value CRSP US Mid Cap Value TR USD 0.06 3.43 0.06 13.36 14.12 10.48 American Century Small Cap Value R6 -4.84 -1.56 -4.84 4.86 18.33 11.23 0.84 ASVDX Small Value Russell 2000 Value TR USD -2.40 1.96 -2.40 3.32 12.73 8.57 Federated Hermes Kaufmann Small Cap IS -15.90 1.06 -15.90 -15.10 10.99 17.72 0.90 FKAIX Small Growth Russell 2000 Growth TR USD -12.63 0.46 -12.63 -14.33 9.88 10.33 Morgan Stanley Inst Intl Advtg I -19.21 -1.37 -19.21 -9.45 10.70 13.50 0.99 MFAIX Foreign Large Growth MSCI ACWI Ex USA NR USD -5.44 0.16 -5.44 -1.48 7.51 6.76 American Funds New Perspective R6 -9.96 2.84 -9.96 3.98 17.65 15.64 0.41 RNPGX World Large-Stock Growth MSCI World NR USD -5.15 2.74 -5.15 10.12 14.98 12.42 Vanguard Emerging Mkts Stock Idx Instl -6.24 -2.43 -6.24 -8.64 5.64 5.87 0.10 VEMIX Diversified Emerging Mkts FTSE EMs AC China A Incl (US RIC) NR USD -5.46 -1.82 -5.46 -6.96 6.25 6.25 Vanguard Real Estate Index Institutional -5.94 6.32 -5.94 21.52 11.47 9.70 0.10 VGSNX Real Estate MSCI US IMI/Real Estate 25-50 NR USD -6.16 6.17 -6.16 20.52 10.45 9.35 40 37

City of Dover, OPEB Plan Risk Metrics Item 5. 3Yr Std 3Yr 3Yr 3yr 5Yr Std 5Yr 5Yr 5yr Investment Name 3 Yr Mean Dev 3Yr Beta 3Yr Alpha Sharpe Sortino Batting 5 Yr Mean Dev 5Yr Alpha Sharpe Sortino Batting Allspring Treasury Plus MMkt Inst 0.05 0.25 0.2 -N/A -2.20 -2.04 8 0.08 0.25 -N/A -3.70 -2.58 5 Allspring Treasury Plus MMkt Inst 0.05 0.25 0.08 0.25 Vanguard Short-Term Bond Index Adm 0.09 1.97 1.0 -0.06 0.21 0.29 50 0.12 1.74 -0.18 0.17 0.24 45 Bloomberg US 1-5Y GovCredit FlAdj TR USD 0.10 2.02 0.12 1.77 Vanguard Inflation-Protected Secs I 0.51 4.05 0.9 4.48 1.34 2.51 69 0.36 3.66 2.30 0.88 1.53 58 Bloomberg US Treasury US TIPS TR USD 0.51 4.33 0.37 3.85 Dodge & Cox Income 0.24 4.30 0.5 1.26 0.52 0.80 69 0.25 3.56 1.03 0.55 0.86 65 Bloomberg US 5-10 GovCredit FlAdj TR USD 0.19 4.91 0.22 4.31 Vanguard Total Bond Market Index Adm 0.15 4.21 1.0 -0.04 0.26 0.40 47 0.18 3.67 -0.05 0.30 0.45 43 Bloomberg US Agg Float Adj TR USD 0.15 4.17 0.19 3.67 PGIM High Yield R6 0.46 9.80 1.1 4.07 0.50 0.64 69 0.46 8.01 3.70 0.55 0.72 65 Bloomberg High Yield Corporate TR USD 0.41 9.13 0.41 7.54 Columbia Strategic Income Inst3 0.30 7.56 0.8 2.18 0.39 0.49 67 0.32 6.07 2.11 0.46 0.59 62 Bloomberg Global Aggregate TR USD 0.07 4.95 0.15 4.45 Vanguard Long-Term Bond Index Admiral 0.40 11.02 1.0 1.24 0.37 0.62 50 -N/A -N/A -N/A -N/A -N/A -N/A Bloomberg US L Govt/Credit Fl Adj TR USD 0.39 10.80 0.41 9.36 PIMCO Long Duration Total Return Instl 0.46 10.82 1.0 2.04 0.45 0.75 53 0.47 9.24 1.85 0.49 0.82 58 Bloomberg US Govt/Credit Long TR USD 0.39 10.80 0.41 9.36 American Funds Washington Mutual R6 1.36 16.90 0.9 -1.33 0.92 1.49 33 1.19 14.62 -0.33 0.90 1.42 38 Russell 1000 Value TR USD 1.18 19.12 0.93 16.56 Vanguard Growth Index Institutional 1.92 19.72 1.0 3.11 1.14 2.02 67 1.65 17.58 2.68 1.06 1.78 65 CRSP US Large Cap Growth TR USD 1.93 19.73 1.65 17.59 JPMorgan Large Cap Growth R6 2.04 20.63 1.0 4.71 1.15 2.23 56 1.94 19.02 5.84 1.16 2.12 60 Russell 1000 Growth TR USD 1.93 19.47 1.72 17.43 Vanguard Mid-Cap Value Index Admiral 1.30 21.51 1.0 -5.38 0.69 0.98 39 0.98 18.64 -5.74 0.57 0.80 40 CRSP US Mid Cap Value TR USD 1.30 21.50 0.98 18.64 American Century Small Cap Value R6 1.68 25.49 0.9 -2.73 0.77 1.18 50 1.11 22.95 -6.36 0.53 0.80 45 Russell 2000 Value TR USD 1.27 24.94 0.89 21.93 Federated Hermes Kaufmann Small Cap IS 1.10 23.55 0.9 -7.21 0.53 0.83 44 1.55 21.12 1.17 0.83 1.31 58 Russell 2000 Growth TR USD 1.03 24.03 1.02 21.65 Morgan Stanley Inst Intl Advtg I 0.96 16.06 0.8 4.75 0.67 1.01 61 1.15 14.73 7.50 0.86 1.31 62 MSCI ACWI Ex USA NR USD 0.72 16.88 0.64 14.92 American Funds New Perspective R6 1.51 18.94 1.1 2.70 0.92 1.55 69 1.33 16.52 3.09 0.90 1.47 67 MSCI World NR USD 1.30 17.53 1.08 15.37 Vanguard Emerging Mkts Stock Idx Instl 0.59 17.90 1.0 -1.11 0.36 0.50 42 0.59 16.28 -0.42 0.37 0.52 48 FTSE EMs AC China A Incl (US RIC) NR USD 0.64 17.80 0.62 16.14 Vanguard Real Estate Index Institutional 1.06 19.08 1.0 -0.56 0.63 0.89 44 0.90 17.19 0.06 0.56 0.81 43 MSCI US IMI/Real Estate 25-50 NR USD 0.99 19.08 0.87 17.03 41 38

Item 5. Investment Review – OPEB Plan Quarter End – Performance Update ▪ No watch funds at this time. 42 39

Item 5. Investment Review – OPEB Plan Quarter End – Performance Update ▪ Majority of actively managed funds are performing well versus peers/indexes ▪ Returns and risk-adjusted measures for most investments rank well to peers ▪ Most expense ratios rank in bottom half or better to asset category peers ▪ Plan level performance better than allocation benchmark over long term periods 43 40

Item 5. Disclaimer This Milliman work product was prepared solely for the internal business use of Milliman’s clients. Milliman's work may not be provided to third parties without Milliman's prior written consent. The analysis in this report was prepared utilizing data from third parties and other sources including but not limited to the plan trust/custodial service provider, MPI, Morningstar, Inc and internal computer software and databases, as well as information provided directly from the investment managers. Reasonable care has been taken to assure the accuracy of the data contained herein, and comments are objectively stated and are based on facts gathered in good faith. These reports do not constitute investment advice with respect to the sale or disposition of individual securities. Unless explicitly stated in your Service Agreement, there should be no reliance on Milliman services to provide analysis or reporting on a daily basis, the changes to manager rankings, ratings or opinions thereon and are not intended to monitor investment manager compliance with individual security selection criteria, limits on security selection, and/or prohibitions to the holding of certain securities or security types. The One Year, Three Year, Five Year, and Ten Year rates of return are time weighted annual rates. The One Month, Three Month, and Year to Date rates of return are rates for the period indicated. All returns include fund internal expenses, except sales charges, if any. The rates of return shown are for the mutual funds in which the retirement program participates, not for the plan specifically. Returns credited to individual accounts will vary due to the timing of contributions, transfers, and withdrawals. Past performance is no guarantee of future results. Milliman provides a copy of its SEC Form ADV Part II to clients without charge upon request. Milliman disclaims responsibility, financial or otherwise, for the accuracy or completeness of this report. These estimates are subject to the uncertainties of a regular actuarial valuation; the estimates are inexact because they are based on assumptions that are themselves necessarily inexact, even though we consider them reasonable. Thus, the emerging liabilities and market returns may vary from those presented in this report to the extent actual experience differs from that projected by the actuarial assumptions. The analysis in this report was prepared utilizing data from third parties and other sources including but not limited to internal computer software and databases. Reasonable care has been taken to assure the accuracy of the data contained herein, and comments are objectively stated and are based on facts gathered in good faith. On the basis of the foregoing, we hereby certify that, to the best of our knowledge and belief, this analysis is complete and accurate and has been prepared in accordance with generally recognized and accepted actuarial principles and practices. Advisory services provided by Milliman Advisors, LLC. 44 41