IPEX provides the following services in the course of conducting a comprehensive review of the client's investment program:

At the inception of the project, IPEX would hope to have the opportunity to meet personally with the client. By doing so IPEX could obtain the input of all individuals associated with the client's investment committee with regard to all aspects of the current investment program: spending policy, asset allocation, long-term investment objectives and investment risk. This type of information would facilitate all aspects of the evaluation. 

Initially, IPEX would review the client's Investment Policy Statement to ensure that it properly reflects their objectives for the account in terms of both risk and return, that it takes into account the client's spending policy and that it is based on realistic assumptions. Specifically, IPEX would determine whether the document is internally consistent and sufficiently comprehensive, and whether it provides an appropriate level of instruction to the money managers. IPEX would pay particular attention to issues related to asset allocation and investment style, as well as to the benchmarks and standards set forth for evaluating the performance of the account's money managers and mutual funds. IPEX would offer recommendations for modifying or enhancing the document, as appropriate. 

IPEX would conduct a detailed review of the account's current structure, including asset allocation and style diversification. Based upon this review, IPEX would indicate whether the investment program appears to be consistent with the return objectives and risk profile set forth in the Investment Policy Statement. In addition, IPEX would determine whether the overall program appears to be efficient from the standpoint of targeting a broad mix of investment styles and avoiding unnecessary overlap. IPEX would offer specific recommendations, as appropriate.