Asset Allocation, Investment & Liability Risk, and Analytics• Developed annual investment strategy for pension fund—approved by IBM C-level (2018)o Established strategic return goals for pension asset allocation, including contingency cases for increased longevity due to medical breakthroughs in heart disease and/or cancer o Demonstrated effectiveness of prior asset allocation performance against pension liabilityo Recommended removal of GSCI-based commodity exposure in strategic allocationo Reduced idiosyncratic risk by capping issuer concentration in corporate bondso Forecasted long-term capital market return expectations o Presented investment thesis for core real estate versus RE limited partnerships funds• Recommended and managed $5 billion pension de-risking—approved by C-level (Q1 2017)o Provided de-risking rationale based on funded status, required returns, and risk metricso Reviewed potential asset allocations based on risk factor profiles and scenario analyseso Reduced equities, commodities, REITS; added diversifiers and liability-matching assetso Analyzed de-risking with derivatives: flexibility, collateralization, liquidity, rebalancingo Evaluated simplifying equity program: small cap bias, rebalancing, active managemento Managed de-risking: coordinated actions across investment & operations teams, managed schedule of investment flows, provided benchmarks for performance measurement• Modeled long-lived private equity and private real estate funds for liquidity forecasting• Led fund-wide evaluation of new multi-asset risk system, implementation to begin mid-2018• Advise global colleagues: asset allocation, benchmarking, liability hedging, market expectations• Present monthly capital market performance to Investment Committee and IBM Treasurer

Head of Investment and Liability Risk • Monitored investment & liability risks and managed fund-wide investment & risk analytics• Participated in development of 2016 annual investment strategy• Backup Passive U.S. Equity Portfolio Manager (R1000) (June 2016 – June 2018)o Executed 10% U.S. passive equity de-risking for IBM Canada plano Use Barra analytics system for portfolio replication and analytics• Served as Investment Committee Secretary and Risk Committee Chair• Managed bi-monthly investment education program for global team

Fixed Income Fund of Funds Management• Oversaw +$27 billion in externally managed fixed income portfolios, across six U.S. benchmarks, including investments in portable alpha hedge funds• Responsibilities included manager screening, guideline & fee negotiations, ongoing risk monitoring, performance attribution reporting to Investment Committee• Generated strongly positive excess returns net of fees with extremely low tracking error• Negotiated ½ bp fee for multi-billion dollar investment accounts (TIPS & governments)• Explored bond roll-down portfolios for corporate bonds and Treasurieso Implemented custom roll-down STRIPS portfolio that mirrors liability migration• Created analytical manager evaluation tool based on key active exposures Liability Driven Investing (LDI) Strategy• Oversaw fund-wide interest rate derivatives overlay program that controls the basis risk between pension assets and liabilities, including negotiation of ISDA/CSAs, FCM agreements• Established framework for the tactical duration hedge, adopted by the Investment Committee• Successfully pitched stoppage in the team’s investment in long duration corporate bonds, given forecast liability roll-down versus evergreen fixed income benchmarks • Explored interest rate swaption strategies and recommended against usage, affirmed by IC • Created dynamic LDI tool that revealed asset-liability basis risk over multiple horizons

• Reviewed poorly performing currency alpha hedge fund program. Determined reasons for poor performance and issued recommendations that subsequently led to the turnaround of the currency alpha program (+$1.5 billion notional)• Upgraded transparency and reporting on fund-wide derivatives usage to IBM Treasurer• Managed compliance across all fund accounts• Maintained and updated standards for investment guideline shells

• Team ranked #1 by Institutional Investor for Global Debt Strategy for 4 consecutive years• Published recommendations for US and global fixed income asset allocations based on extensive fundamental research and a synthesis of views from various in-house strategy teams• Managed model portfolio of investment recommendations within Barclay’s POINT• Presented research at Lehman Global Relative Value Conferences (1,200+ attendees, three cities)

• Provided independent valuation for AAA-rated investment bank subsidiary of its interest rate derivatives portfolio. Products ranged from vanilla interest rate swaps to exotic swaps with barrier options.• Co-authored original release of FpML (V1.0b2) www.FpML.org, an XML-based protocol for electronic confirmation of interest-rate swaps and other derivatives. Wrote original DTDs and provided input at steering committee for original design.o FpML won Risk Magazine “Technological Innovation of the Year” (FpML), 2000o FpML won PriceWaterhouseCoopers “Global Innovation Award” (FpML), 2000