The Board of Trustees (Board) shall appoint an Investment Advisory Committee (IAC) for the purpose of providing sophisticated, objective and prudent investment advice for all investments of the Richmond Retirement System (RRS). The Committee shall consist of seven (7) members and the City's Director of Finance as an ex-officio member. At least three (3) members shall be Trustees of the RRS and the other members shall be outside investment professionals. Each Trustee shall be eligible to serve on the IAC. However, other members must demonstrate extensive experience in a number of the asset classes of the RRS fund.

The members so appointed shall serve for a term of three (3) years. The IAC members shall select from among themselves a Chairman and Vice Chairman. The Chairman and Vice Chairman must be selected from the three Board members appointed to the IAC who shall serve for a term of one year and shall also be eligible for subsequent reappointments.

W. Massie Meredith, Jr., Chairman RRS Board of Trustees Representative

Ronald L. Tillet, Vice Chairman RRS Board of Trustees Representative

Kenneth N. Daniels, PH.D. Professor of Finance Virginia Commonwealth University

Donald A. Steinbrugge, CFA Managing Member Agecroft Partners, LLC

Michael Hultzapple, CPA, CFA Director of Investment Operations SPIDER Managment Company University of Richmond

Garland W. Williams RRS Board of Trustees Representative

Gregory A. Schnitzler Managing Partner Ascential Equity LLC

Philip R. Langham Executive Director Richmond Retirement System