Mwra Employees' Retirement Board Meeting

MWRA EMPLOYEES’ RETIREMENT BOARD MEETING ...... AGENDA ...... Thursday, January 28, 2021 10:00 a.m. MWRA, 2 Griffin Way Via Remote Participation …………………………………………………………………………………………………………... Item 1 10:00 a.m. Meeting called to order ...... OLD BUSINESS ...... Item 2 Standing Committee Reports i. By-Laws Committee: Member Kevin McKenna ii. Human Resources Committee: Member Thomas J. Durkin, Member Frank Zecha iii. Special Committee, Stipend: Chair James M. Fleming, Member Kevin McKenna iv. Job Review Committee: Member James M. Fleming; Member Thomas J. Durkin

...... NEW BUSINESS ...... 1-13 Item 3 Approval of December 17, 2020 Minutes – VOTE

Item 4 Request for Refund of Accumulated Deductions Kevin Fowlkes, 28 years 5 months creditable service

Item 5 Approval of Warrants – VOTE 14-15 a) Warrant 1-2021 b) Warrant 1-2021A – Payroll

16 Item 6 Approval of Monthly Transfers 1-2021 – VOTE

Item 7 Acknowledgement of retirement applications under G.L. c 32 §5 – VOTE 17-18 a) Janet DiGregorio DOR 12/10/2020 19 b) Kathleen Chaloux DOR 1/2/2021 20 a) Elizabeth Toby DOR 1/9/2021

Item 8 Manager Presentations 21-77 10:30 a.m. a) PA Capital 78-129 10:40 a.m. b) SEG

Item 9 11:00 a.m. Cyber Liability Policy Presentation

Item 10 Manager Presentations 130-174 11:15 a.m. a) PineBridge 175-229 11:30 a.m. b) Terra Cap 230-253 11:40 a.m. c) Garcia Hamilton

Item 11 NEPC 254-265 a) Flash Report as of 12/31/2020 266 b) Rebalance Recommendation

Item 12 12:30 p.m. Legal 267-288 12:45 p.m. a) James Barry Section 7 Hearing 289-298 b) Vernava Superior Court Decision

...... FOR YOUR INFORMATION and REVIEW ...... 299-300 Item 99-1 PERAC Memo # 35-2020 – Post Retirement Work Waiver During the State of Emergency Extended to 2021 301-303 Item 99-2 PERAC Memo # 36-2020 – 2020 Disability Data 304-307 Item 99-3 PERAC Memo # 37-2020 – Mandatory Retirement Board Member Training – 1st Quarter 2021 308-310 Item 99-4 PERAC Memo # 38-2020 – Questions Arising in Wake of the Gomes Decision 311-315 Item 99-5 PERAC Memo # 39-2020 – Tobacco Company List 316 Item 99-6 PERAC Memo # 1-2021 – 840 CMR 10:10(3) & 10:15(1)(c) – Annual Review of Medical Testing Fee 317 Item 99-7 PERAC Memo # 2-2021 – 2021 Limits Under Chapter 46 of the Acts of 2002 318 Item 99-8 PERAC Memo # 3-2021 – 2021 Limits Under Section 23 of Chapter 131 of the Acts of 2010 319 Item 99-9 PERAC Memo # 4-2021 – COLA Notice 320-321 Item 99-10 PERAC Memo # 5-2021 – PROSPER SFI Online Submission 322 Item 99-11 PERAC Memo # 6-2021 – 2021 Interest Rate Set at 0.1% 323-334 Item 99-12 PERAC Memo # 7-2021 – Buyback and Make-up Repayment Worksheets 335-336 Item 99-13 Draft Job Description for Executive Secretary for Review by Board and/or Subcommittee at Subsequent Board Meeting 337-342 Item 99-14 EnTrust Global Peru Land Bonds Update Letter 343-344 Item 99-15 Baillie Gifford 2021 Partnership Announcement 345-348 Item 99-16 Alcentra CEO Update

The Board reserves the right to consider items on the agenda out of order. The listing of items is those reasonably anticipated by the Chair to be discussed received at least forty-eight (48) hours prior to the meeting. Not all items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by law. Items identified for discussion in Executive Session may be conducted in open session, in addition to, or in lieu of discussion in Executive Session.

Date of next scheduled Retirement Board meeting is Thursday, February 25, 2021, 10:00 a.m., Chelsea 1667

MASSACHUSETTS WATER RESOURCES AUTHORITY EMPLOYEES’ RETIREMENT BOARD MEETING DECEMBER 17, 2020

A meeting of the MWRA Employees’ Retirement Board was held via conference call on Thursday, December 17, 2020, due to safety concerns regarding the Coronavirus. The number for the call was included on the public meeting notice posted on the MWRA Employees’ Retirement System’s and Secretary of State’s websites. Participating in the meeting by conference call were James M. Fleming, Thomas J. Durkin, Kevin McKenna, Andrew Pappastergion, Frank Zecha, Carolyn Russo, Julie McManus, and Sebastian Grzejka. Members of the public including Gar Chung from Financial Investment News attended. Chairman Fleming called the meeting to order at 10:04 a.m. 1) Call the meeting to order

3) Approval of the Minutes of November 19, 2020 – VOTE

On a motion made by Mr. Durkin and seconded by Mr. Pappastergion: VOTED to approve the minutes of the November 19, 2020 meeting as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes and Mr. Fleming voting yes

Approval of the Executive Session Minutes of November 19, 2020 – VOTE

On a motion made by Mr. Pappastergion and seconded by Mr. Zecha: VOTED to approve the Executive Session minutes of the November 19, 2020 meeting as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes and Mr. Fleming voting yes

4) Approval of Warrants – VOTE a) 12-2020 Warrant b) 12-2020A Warrant – Retiree Payroll

On an omnibus motion made by Mr. McKenna and seconded by Mr. Pappastergion: VOTED to approve Warrant 12-2020 and Warrant 12-2020A – Retiree Payroll as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes. 1668

5) Approval of Monthly Transfers 12/2020 – VOTE

On a motion made by Mr. Pappastergion and seconded by Mr. Durkin: VOTED to approve Monthly Transfers 12/2020 as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes.

6) Acknowledgement of retirement applications under G.L. c 32 §5 – VOTE

a) John Wright DOR 11/14/2020 b) Michael Maguire DOR 11/16/2020 c) Raymond Beaudoin DOR 11/21/2020 d) Darryl Harrison DOR 11/23/2020 e) Francis Letizia DOR 12/5/2020

On an omnibus motion made by Mr. McKenna and seconded by Mr. Pappastergion: VOTED to acknowledge the above-listed November and December 2020 retirements. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes

7) Approval of Bank of America Bank Reconciliations – VOTE

a) February 2020 b) March 2020 c) April 2020 d) May 2020 e) June 2020 f) July 2020 g) August 2020 h) September 2020 i) October 2020 j) November 2020

On a motion made by Mr. Pappastergion and seconded by Mr. McKenna: VOTED to approve the Bank of America Bank reconciliations for February through November 2020. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes 1669

8) Approval of the MWRA Employees’ Retirement System proposed calendar year 2021 Budget – VOTE On a motion made by Mr. Durkin and seconded by Mr. Pappastergion: VOTED to approve the proposed 2021 Budget as submitted by the Executive Director. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes

9) Emerging Markets finalists’ presentations

a) ABS Investment Management b) Axiom c) Columbia Threadneedle d) William Blair

Nick Dutter, Tom Kelly and Guilherme Valle presented on behalf of ABS. Chairman Fleming requested that the group take fifteen minutes to discuss the product, method, history and performance of the ABS EMS Portfolio. Mr. Grzejka alerted the participants to the fact that there are members of the public on the call, and warned about possible disclosure of proprietary information. Mr. Kelley disclosed having previously worked for NEPC. Mr. Valle described ABS’ unique process of employing local specialists in each market as a consistent, cost-effective approach to EM investing with low-risk and long-term outperformance. Fees are 75 bps. ABS consists of a true partnership in which 21 of its 31 investment professionals are owners. The firm has over 500 clients and roughly half are pension funds. He announced that the City of Boston Retirement System had just decided yesterday to invest $100m with ABS. Mr. Valle stated that the MSCI consists of 20 countries and is growing, but has demonstrated inefficiencies, and is fertile ground for alpha generation. ABS’ generates alpha on the ground with a global network of local specialists working in their respective home markets. ABS employs small, nimble, performance- driven managers with organizational simplicity. Mr. Fleming inquired as to the firm’s risk/return profile, and Mr. Valle responded that ABS has consistently outperformed the market with lower risk, outperforming regardless of which style is in favor, without country or sector bets, and without a large relative position in growth/technology.

The meeting was interrupted by background noise and Mr. Zecha requested that the representative from Financial Investment News attending the call mute his microphone to avoid further interruption. 1670

Mr. Zecha asked whether the current-year returns shown are through October, and Mr. Valle responded affirmatively. Mr. Zecha asked whether Boston would be paying the 75bps fee, and Mr. Valle responded that they would, and that the fee is standard and had been negotiated by NEPC on behalf of its clients. Mr. McKenna asked whether any of the pension fund clients are MA public funds, and Mr. Kelley stated that Plymouth County Retirement System has been a client for about 2 years, and that the City of Boston Retirement System signed on yesterday. Mr. Fleming asked whether the firm currently has any pending litigation and whether the firm has lost any clients in the past year, and Mr. Valley responded in the negative to both. ABS thanked the Board for the opportunity and signed off the call.

Lindsay Chamberlin and José Gerardo Morales presented on behalf of Axiom. Mr. Zecha again asked that the individuals on the call other than Board and staff please mute their microphones, or that NEPC mute them. Mr. Fleming asked that Axiom take fifteen minutes to explain their approach, team, performance, and risk/return profile. Ms. Chamberlain stated that Axiom is a performance- driven boutique, with a dynamic growth process and a stable team of employee- owners. Axiom has over 100 employees with 21 partners, and $18bn AUM. Clients include two MA pension funds, and the EM fund has had a 13.22% return since inception. Ms. Chamberlain acknowledged that one of the partners is out on medical leave, but stressed that the fund employs a team approach. Mr. Morales described security selection as a bottom-up process which evaluates stocks based on positive change (earnings), sustainable growth, and valuation. Mr. Morales reported that this repeatable, transparent process results in performance for the fund. The process focuses on identifying positive acceleration by examining data points in a proprietary database, quantifying differences among firms, weights, ratings, etc. Acceleration is re-evaluated on a daily basis to ensure it remains intact or to assess whether the acceleration is responding to operational changes. Ms. Chamberlain stated that the process has resulted in consistent top quartile performance, outperforming the markets in 93% of growth-led quarters since inception. Mr. Zecha inquired about fees. Ms. Chamberlain stated there is a 73bps all-in fee, but that there is a 90bps fee if the assets in the vehicle drop below $200m. Mr. McKenna asked if the fund’s investment in Dominion refers to the software, and Ms. Chamberlain responded that it refers to Dominion Energy and not the software. Mr. McKenna questioned how long the NFL has been investing in Axiom’s EM fund, and who the two MA pension fund clients are. Ms. Chamberlain responded that the NFL has been in the fund for 4-5 years, and the MA clients are Quincy and North Attleboro. Mr. Fleming inquired about the use of side letters, and Ms. Chamberlain responded 1671

that they have used side letters in reference to the PERAC restrictions. Ms. Chamberlain thanked the Board for the opportunity to present, and Mr. Fleming noted they would be informed of the Board’s decision.

Dara White and Bill Manthorne presented on behalf of Columbia Threadneedle. Mr. Grzejka noted that there are two people other than the Board and staff on the call and cautioned the manager against discussing any information which may be considered proprietary. Mr. Zecha once again asked Mr. Chung from Financial Investment News to mute his microphone to stop the disruptions to the Board’s discussions and Mr. Chung apologized. Mr. Fleming asked Columbia Threadneedle to spend fifteen minutes discussing team, method, performance and risk/return profile. Mr. Manthorne stated that the firm has $500bn under management, with headquarters in Boston, and seven MA pension fund clients. The EM fund is a CIT vehicle offered at a fee of 50bps. The strategy started in 2008 with $200m under management and now stands at $6.5 bn. They employ an independent team of sector specialists that study the same industry in different countries. Decisions are not dependent on one person but rather result from a robust discussion. They do however, cover China somewhat differently employing both country and sector specialists. 90% of any manager’s bonus is tied to three and five-year performance. The management team is stable with only one departure due to a medical leave. Columbia Threadneedle uses a bottom-up stock selection process, seeking quality growth, and combining quantitative and fundamental methods. They have a quality growth bias, and seek to take advantage of inefficiencies, such as with Tencent, which combines gaming, video, messaging, and streaming content. Mr. Manthorne stated that they make no unintended bets, conduct quarterly risk meetings, and have exceeded their benchmark in the YTD, three-year, and five-year terms. Mr. Fleming asked if the team has experience with side letters. and Mr. Manthorne responded that they do use side letters and comply with PERAC regulations. Mr. Manthorne thanked the Board for the opportunity.

Cliff Kalish, Todd McLone and Kevin Fetzer presented on behalf of William Blair. Mr. Fleming asked that the team take fifteen minutes to discuss the firm, method, return/risk and performance. Mr. Fetzer described the fund as a high-quality, global, all-cap strategy with $5bn under management. The management team is stable with consistent, long-term results. Partnership is dependent on client outcomes. Mr. McLone stated that the fund is overweight in consumer staples, IT, ecommerce, and clothing. Mr. Grzejka noted that there are members of the public on the call, and cautioned against the disclosure of proprietary information. William Blair EM focuses on firm quality, quality of management, high earnings, 1672

and low debt to capital in their selection process, resulting in higher return on capital, sustainable performance and value with reduced volatility. Mr. Fetzer stated the fund achieves the highest alpha with lower risk in both up and down markets. The team screens a “pond” of 10,000 stocks down to 2,500 for assessment using quantitative performance analytics. The fund consists of large cap, small cap, plus China, and has outperformed the index by 700bps per year since 1996, with net returns of 32%, 9.55% and 14.1% over the one, three, and five-year periods. Mr. Kalish stated that he appreciates the opportunity to have worked with MWRA and other MA PERAC clients in the past on the Global strategy, and hopes to rebuild the relationship. Mr. Fleming stated to Mr. Kalish that his involvement in the EM fund was a contributing factor to the Board’s selection of William Blair as a finalist. Mr. Zecha asked about fees and Mr. Fetzer responded that the fees are 1%. Mr. Zecha noted that William Blair’s fees are the highest among the four presenters. Mr. Zecha asked about year-to-date performance and Mr. Fetzer reported outperformance for the month of October, and stated they are at the benchmark for the quarter. Mr. Fleming asked about MA public fund client experience, and Mr. Fetzer responded that they have roughly fifteen corporate and public fund clients in MA, have PERAC experience, and have executed side letters relative to PERAC restrictions. Mr. Kalish thanked the Board for the opportunity to present.

10) NEPC

a) Flash Report as of 11/30/2020 b) Asset Allocation Rebalance Summary – VOTE c) Emerging Market Equity Search Finalists Presentation d) Loomis Sayles Dan Fuss Transition

Mr. Grzejka reviewed the Emerging Markets presentations. He noted that ABS is a Core fund-of-funds approach, while Blair has a “new economy” focus. Axiom uses a quantitative top-down approach to their fund similar to former manager LMCG’s, but it is a concentrated portfolio with a growth focus and lower fees. Columbia offers the lowest fees, while Blair has had the best relative performance but also has the highest fees. He noted that all four have prior PERAC client experience. Mr. Grzejka noted that the allocation depends upon what the Board wants and expects from the EM portfolio. He stated that if the focus is on value-add, he would recommend a combination of ABS and Axiom, or ABS and Blair. Mr. Zecha asked about the dollar amount of the allocation, and Mr. Grzejka responded $40m because of the recent growth in the System’s portfolio overall. Mr. Durkin questioned whether the Board should select one 1673

manager or split, and Mr. Grzejka responded that his response would depend upon whether the one selection made was a lower-risk, core-type manager within the already more volatile EM markets. Mr. Durkin stated that ABS seems to be the lowest-risk product of the four, and Mr. Fleming concurred. Mr. McKenna stated that he likes ABS’ approach, and that Axiom seems to offer greater downside protection. Mr. Grzejka agreed and noted that that Axiom has upside capture with lower fees than William Blair. Mr. Zecha stated that Emerging Markets has been a nightmare asset class in Brookline. Mr. Grzejka described 2020 as having been lightning in a bottle for the asset class, that downside protection must be a consideration, and that the selected teams need to be able to “manage through the cycle.” He recommended that if the Board’s preference is to split that ABS and Axiom, as core and concentrated managers would complement each other, and combined offer upside capture and downside protection.

A motion was made by Mr. McKenna and seconded by Mr. Pappastergion that the forty million dollar Emerging Markets mandate be split evenly between ABS and Axiom. Mr. Zecha asked which among the managers has fallen behind the index the least. Mr. Grzejka stated that more names in the portfolio will result in lower volatility, and fewer names will result in higher volatility so it depends upon the style of the fund. He stated ABS will offer greater downside protection because there are more names in the portfolio, and that as a core manager they will not be as affected by whether growth or value is in favor. They have neither a growth nor a value tilt, and offer an “all weather” strategy intended to offer better downside protection relative to the benchmark. Mr. Fleming commented that he agrees that a split is the best and safest approach. Mr. Zecha questioned whether the new president will affect EM. Mr. Grzejka expects that early on it will not matter, that there may be less overt antagonism and more acceptance of the global economy perspective, and that the new administration may attempt to recruit allies rather than engage in a complete shift in approach. ABS does currently have one investment flagged under the current administration’s China restrictions. Mr. Pappastergion asked Mr. Grzejka to clarify NEPC’s recommendations, and he responded ABS as a core recommendation plus a complementary growth strategy. Mr. McKenna returned to his original motion of an equal split between ABS and Axiom. Mr. Pappastergion asked Mr. Fleming his preference, and he responded ABS plus William Blair, but that he would defer to voting on Mr. McKenna’s motion. Mr. Grzejka noted that William Blair has enjoyed extraordinarily high performance and that it may not be sustainable. Mr. McKenna stated that this discussion seems eerily familiar and reminiscent of the discussion when Blair was hired as a global/all asset manager after similar extraordinary performance, and that we bought in at the high and rode it all the way down. Mr. Fleming noted that 1674

other global asset managers had similar performance over the same period.

On a motion made by Mr. Zecha and seconded by Mr. Pappastergion: VOTED to take a five-minute recess at 12:20 p.m. with the Board to reconvene at 12:25 p.m. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes

The Board reconvened at 12:29 p.m. Mr. Fleming was experiencing feedback and signed off and called back in.

On the motion by Mr. McKenna and seconded by Mr. Pappastergion: VOTED to select ABS and Axiom as the Emerging markets managers to split equally a $40m mandate. 4-1, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes and Mr. Fleming voting no

Mr. Fleming again experienced feedback and had to terminate the call and call back. Mr. Fleming returned to offer congratulations to NEPC for the System’s attaining the $600m mark. Mr. Fleming asked the Executive Director to put a notice on the website informing membership of the milestone.

Mr. Grzejka reported that the portfolio has had excellent results for the month and year-to-date periods. The large cap portfolio was a big contributor at 16.4% YTD, with Polen coming in at just under 30% for the year through November. Robeco (Boston partners) clawed back from prior losses returning 19.6% for the month with the small cap portfolio returning 9.3 YTD. Non-US equity and Fixed returned 8.9 and 9.6 respectively YTD through November. UBS and Corbin continued to outperform the PRIT Portfolio Completion Strategies (Hedge Fund) portfolio by a wide margin on a YTD basis, although PRIT’s November 30 numbers have not yet been released. Mr. Zecha asked if, after release of PRIT’s November numbers we may close the PRIT Hedge Fund account, and Mr. Grzejka responded that we may not, due to the PERAC regulations. Mr. Grzejka noted that for a fund the size of the MWRA Retirement System’s, a 5-6% allocation to hedge funds is appropriate. Mr. Grzejka expects to have an asset allocation review and recommendations prepared for the February meeting. Mr. Zecha asked from which accounts the funding for the new EM accounts would be taken. Mr. Grzejka stated that pursuant to the proposed rebalance sheet submitted by NEPC, he recommends the following:

Rhumbline S&P Index ($18,000,000) Schroders ($8,000,000) 1675

Robeco ($1,000,000) Loomis Sayles Small Cap ($1,000,000) Baillie Gifford ($10,000,000) Garcia Hamilton ($3,000,000) Cash $3,000,000 Emerging Markets $38,000,000

Mr. Grzejka noted that the placeholder funds selected upon the closure of the LMCG funds were informed that the additional allocations were temporary. He expects the final dollar amounts to be refined based on values in January after we receive acknowledgment of the new investments from PERAC. Mr. Durkin asked where Mr. Grzejka expects the fund to be at 12/31, and he responded that if all things stay as-is for the last two weeks of the year and there are no major events, we should close the year around 8.5%. Mr. Grzejka noted that Board Staff has processed several large calls recently, over $2.25m, so we need to allocate additional funds to replenish the cash.

On a motion made by Mr. Durkin and seconded by Mr. Zecha: VOTED to accept the recommendation of NEPC to make the above rebalance transfers. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes

In regard to the retirement of Dan Fuss from Loomis Sayles, Mr. Grzejka noted that Mr. Fuss is 85 years old, but would still serve in an advisory capacity until the shift to the next-generation leadership is complete. The FDT in which the System is invested is managed by a four-person team. However, whereas Mr. Fuss carries name cachet and is largely credited with the long-term success of Loomis Sayles, there is concern that investors will withdraw funds, so NEPC has put Loomis Sayles on a watch list. Mr. Fleming noted that Loomis has provided excellent long-term results for the System, and Mr. Durkin concurred.

11) Legal Update

a) Unpaid Leaves and Creditable Service – Request from Michael McKenna for one month creditable service for the month of December 2019 and one month of creditable for the month of January 2020 pursuant to G.L. c. 32, § 4(1)(c), which allows the Board to grant up to one month creditable service without contribution – VOTE

b) PERAC legislative filings for 2021-2022 1676

Attorney Gibson began the legal presentation asserting that there has been a resurgence of the effort to force all retirement systems into PRIT, to which Mr. Fleming voiced vehement opposition. Mr. Gibson continued that cash-strapped cities are looking at the pension funds as a pot of gold and that the “Analysis Group” found PRIT achieved better returns with lower costs. The Town of Andover created a “Retirement Investment Advisory Council” to review the investments and expenditures of the Andover Retirement Board, and that the Board should be prepared to respond to this type of questioning. Mr. Fleming responded that he is prepared to do so, and that as one of the best-funded Systems in the Commonwealth, the MWRA Retirement System’s needs are far different from those of poorly funded Systems. Because of the nearly full-funded status of the MWRA System, we do not need to be, and should not be, as aggressively invested as Systems that are 70% funded. It is in the best interest of our membership to maintain a separate portfolio which is more conservatively positioned than PRIT’s, and which is outperforming PRIT on a YTD basis. Mr. McKenna agreed. Mr. Gibson noted that the State Retirement System is only 56% funded, and Mr. Fleming noted that is more evidence that the Board is better able to meet the specific needs of the MWRA Employees’ Retirement System’s members than PRIT would be.

In regard to Mr. Michael McKenna’s request for two months of service credit for his continuous medical leave of absence, Attorney Gibson opined that the Board may grant only one month of creditable service per continuous leave, citing 4(1)(c) as well as the Pray, Santos, Privitera and Hackenson cases. Mr. Fleming noted that he believes the Board has done so in other cases, and Mr. Durkin noted that he believes he has voted to grant the service as well. Attorney Gibson mentioned a 2011 Policy on the subject, which states one month per leave may be granted.

*Board Member Kevin McKenna has requested to include at this point in the record a statement clarifying that he is not in any way connected or related to Mr. Michael McKenna, other than in a co-worker and elected board representative capacity.

On a motion made by Mr. Zecha to grant Mr. Michael McKenna two months of service credit, and seconded by Mr. Durkin in the hopes it does not prevail: VOTED to grant two months of service credit to Mr. Michael McKenna for his continuous leave of absence. 2-3 roll call with Mr. Durkin voting no, Mr. McKenna voting yes, Mr. Pappastergion voting no, Mr. Zecha voting no, and Mr. Fleming voting yes. The motion to grant Mr. McKenna two months of service credit fails. 1677

Chairman Fleming requested that the Executive Director in cooperation with Mr. Kevin McKenna send Mr. Michael McKenna a notice of the decision including the statutory and case citations, and formal notice of his right to appeal.

On a motion made by Mr. McKenna and seconded by Mr. Pappastergion: VOTED to grant one month of service credit to Mr. Michael McKenna for his continuous leave of absence. 5-0 roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes.

Attorney Gibson reported that the MWRA Employees’ Retirement Board was cited in PERAC’s recent newsletter for bringing the issue of a conflict between the intent of the MA Equal Pay Act (MEPA) and anti-spiking rules. He stated that it was astute of the Executive Director to recognize the issue and to bring it to PERAC’s attention. Mr. Fleming stated that this is a testament to the astuteness and experience of the Executive Director, and that he is thankful to have her on Staff. Board Counsel requested that the Executive Director explain how the issue arose.

The Executive Director relayed that the MWRA had engaged a consultant to perform a formal MEPA-compliant study, to determine of the Authority has any pay-equity issues. In accordance with MEPA, if the engaging agency adopts and implements any pay adjustments recommended by the consultant intended to correct pay inequities, there is a period of immunity from legal action based on alleged pay disparities. After the Executive Director was provided information regarding the adjustments made by the Authority as the result of the study, one of the subjects requested an estimate, and in doing the estimate, the Executive Director discovered that the adjustment made to establish pay equity triggered the retirement anti-spiking provisions, and therefore the subject’s three-year average was reduced, i.e. the subject was penalized in retirement income for the adjustment intended to correct the disparity. The Executive Director explained that for an employee pre-2012, anti-spiking restricts pay increases to 10% over the average over the prior two years, resulting in a five-year look-back. To avoid the anti-spiking, the subject could work additional years at the higher rate of pay, but again that may be considered punitive. For new employees 2012 or later, because the computation uses a five-year average, there is a look-back of seven years. Mr. McKenna asked how many employees have been affected, and the Executive Director stated that none of the affected employees have retired yet, but that she has encountered the problem on estimates. In September of 2019 she raised this issue with PERAC, and since then has sent several follow-up emails, so she is pleased that they have intervened, filing corrective legislation. The Executive Director speculated that because the MEPA-compliant studies offer a degree of legal protection, that the Authority is likely to continue doing the formal studies, and that therefore additional employees may be affected in the 1678

future. Mr. Durkin noted that is correct, that the study was a “first round”, and that while this affects only the Authority’s non-union managers, it may affect more employees in the future.

Board Counsel stated that the other legislation likely to pass includes a bill to increase flexibility in PERAC’s administration of Board Members’ Statements of Financial Interests, to permit PTSD-based disability applications to be filed after the existing two-year window, and to extend Veterans’ rights to purchase military service credit. He stated that the various pension forfeiture bills have been filed, with a bill to pay a small benefit upon application of forfeiture statutes stalled in committee. Significantly, there is a bill which would explicitly deem as regular compensation sick and vacation pay used in conjunction with Worker’s Compensation, essentially reversing the Vernava decision. Mr. McKenna asked the Executive Director whether this would require a re-calculation of benefits calculated based upon Vernava, and the Executive Director responded that it would depend upon what the legislation says, and that she has not seen it. Counsel responded that the statutory changes are generally prospective application only.

Mr. Gibson commented on the communication from the Executive Director questioning liability coverage of other systems which require the MWRA Retirement System to disclose bank information, in response to the Brockton Board’s imposing a mandate and stating unless we disclose our account information we will not receive our statutorily-required 3(8)(c) payments or transfers of members’ funds. Attorney Gibson stated that he doesn’t see an issue with the disclosure and that it is the “way of the future.” He has conducted a review of the MACRS policy, and it does not include coverage for cyberattack- related losses. He stated that Middlesex carries a stand-alone policy for this purpose, which costs roughly $100,000 per year, and recommends that the Board consider doing the same. Mr. Fleming requested that the Executive Director obtain three quotes and add the item to the January agenda for discussion, and that the Executive Director invite Paul Shanley to the meeting.

The Board returned to the committee reports which were unintentionally omitted at the beginning of the meeting.

2) Committee Reports By-Laws Committee: No Report Human Resources Committee: No Report Special Committee, Stipend: No Report Job Review Committee: No Report

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The Retirement Board was presented with the following informational documents in the meeting package:

Attorney General response regarding the Open Meeting Law inquiry Landmark follow-up on LIBOR

The Chairman offered the Board members and Staff best wishes for a Merry Christmas and that their families remain well, and hopes for a better year in 2021. The Chair thanked the Board, Staff, NEPC and Counsel for their year- round efforts toward the MWRA Employees’ Retirement System’s success. On a motion made by Mr. Zecha and seconded by Mr. Pappastergion: VOTED to adjourn and the meeting by conference call. Call was terminated at 1:52 p.m. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes.

The next regularly scheduled meeting of the MWRA Employees’ Retirement Board will be held Thursday, January 28, 2020 at Massachusetts Water Resources Authority, 2 Griffin Way, Chelsea, at 10:00 a.m., if permissible, otherwise, will be held by publicly advertised conference call.

James M. Fleming, Elected Member

Kevin McKenna, Elected Member

Andrew Pappastergion, Ex Officio

Thomas J. Durkin, Appointed Member

Frank Zecha, Fifth Member

Firm: PA Capital, LLC Strategy/Product: Co-investment / Private Advisors Small Company Coinvestment Fund Client: MWRA Employees’ Retirement System

NEPC Manager Due Diligence Questionnaire - Update

Instructions

In support of our upcoming meeting we ask that you please complete this due diligence questionnaire. Please provide your responses in the form of brief descriptions, lists or tables added directly to this Word document.

Thank you for taking the time to complete this questionnaire. Please note that your response will be part of the NEPC Research Database.

Firm/Organization 1. Have there been any changes in ownership or management in the past year?

Yes. In June 2020, New York Life Investments Alternatives LLC (“NYLIA”), a wholly owned subsidiary of New York Life Investment Management Holdings LLC (“NYLIM”), assumed majority interest of PA Capital LLC (“PA”) and two other affiliated registered investment advisors. This interest was previously held by NYLIM itself.

PA came to recognize the value in working closely with GoldPoint Partners and Madison Capital Funding, New York Life Investments’ independent, middle-market alternative investment boutiques, so, in June 2020, PA, along with GoldPoint Partners and Madison Capital Funding, began operating under one newly organized investment adviser, New York Life Investments Alternatives LLC (“NYLIA”). While PA’s beneficial ownership did not change as a result of the reorganization, PA believes the new structure will enable the Firm to effectively leverage the NYLIA boutiques’ collective strengths and more than 25 years of experience in alternative investments through improved and permitted information sharing and collaboration. Under this structure, PA Capital is an SEC registered investment adviser in reliance on NYLIA’s registration.

As of October, 2020, New York Life Investments Alternatives LLC (“NYLIA”), a wholly owned subsidiary of NYLIM, owned an approximately 68% interest in PA. The remaining approximately 32% is owned by PA employees.

2. List firm AUM, net flows and accounts gained/lost for the past 5 years.

AUM as of December 31, 2020. 5-Year flows are for the period 2015 – 2019. Net cash flows and accounts gained refer to private markets assets.

Firm

AUM 5 Year Net Cash Flows 5 Year Net Accounts Gained

$5.9B $2.6B 327

3. Have there been any new or discontinued products in the past year?

In March of 2020, the Firm launched PA Small Company Coinvestment Fund II (“PASCCIF II”), the successor to PASCCIF, as well as its first GP stakes vehicle, RidgeLake Partners (“RLP”).In November 2020, PA held its first external close for PA Secondary Fund VI (“PASF VI”).

There have been no discontinued products in the last year.

4. Are any products capacity constrained?

PASCPEF IX has closed on $273 million to date with a target fund size of $350 million and a hard cap of $500 million. PASCPEF IX is expected to have its final close at or before Q2 2021.

PASCCIF II has closed on $25 million to date (with another $40.5 million expected in January of 2021) and a target fund size of $150 million.

PASF VI has closed on $124 million to date with a target fund size of $500 million. PASF VI is expected to have its final close at or before Q4 2021.

RLP has closed on $500 million to date with a target fund size of $1 billion. RLP is currently warehousing investments and is expected to launch formal fundraising in 2021.

5. Describe any current or pending regulatory, compliance or litigation issues and the expected business impact.

The SEC began a standard examination of New York Life Investment Alternatives (“NYLIA”) and its Relying Advisers during Q2 2020.

New York Life Investments Alternatives, LLC (“NYLIA”) was created as an umbrella company over PA and two other registered investments advisors (the “Relying Advisors”). NYLIA was formed in April 2020 and became a registered investment advisor (“RIA”) in June 2020. The SEC’s exam was focused on NYLIA but its Relying Advisors were also in scope. The exam was very limited and most likely fell under the SEC’s “never before examined” program, given the scope of the exam and the fact that NYLIA had just become an RIA. In December 2020, NYLIA received an exit letter with one finding which PA believes will not generate any further regulatory action. The finding was focused on a NYLIA matter and PA was never the focus of this exam.

Portfolio Management Team 1. Have there been any changes in the portfolio management team in the past year?

Yes. PA hired Sarah Bowron as an associate on the co-investment team in July of 2020. Sarah focuses on direct investments and co-investments in Low Mid Market companies. She is also involved in all aspects of private equity investment sourcing, due diligence, and monitoring. Prior to joining PA Capital, Sarah worked for Wells Fargo Securities. Sarah received a B.S. from the University of Virginia. PA’s private equity platform manages approximately $3.9 billion and is led by a cohesive team of experienced private equity investment professionals (the “Private Equity Team”). PA’s private equity funds, including its multi-manager, co-investment, GP stakes, and secondary funds, are managed broadly by the Firm’s Private Equity Team which is led by a

centralized private equity investment committee (the “Private Equity Investment Committee” or “PEIC”). Please see below for the Co-investment Team members and additional senior investment professionals on the Coinvestment Sub-Committee of the PEIC (the “PASCCIF II Investment Committee”) which is responsible for managing PASCCIF II: Dedicated Co-investment Team

Richard Wiltshire Bryan Pendleton Sarah Bowron Managing Director Director Associate

► Virginia Ret. Sys. ► Keefe, Bruyette & ► Wells Fargo Woods Securities ► Quad-C Mgmt

► Harris Williams

Joined PA ► BofA Securities Joined PA Joined PA 2014 2012 2020

Investment Committee

Richard Wiltshire Todd Milligan Chip Moelchert Managing Director Managing Director CEO

Bart Shirley Louise Woltz Smith Chris Stringer Managing Director Managing Director President

► Cuyahoga Capital ► Harris Williams ► Jefferson Capital Partners ► KCC Mgmt. ► Arthur Andersen ► Nationwide Insurance Joined PA Joined PA Joined PA 2012 2008 2004

2. Are there any expected changes to the team in the future (planned additions or departures)?

No.

Process 1. Have there been significant changes in any of the areas below in the past year? • Identification of investment ideas • Process for exploring and vetting ideas • Portfolio trading practices including buy/sell rules • Approach to portfolio monitoring and risk management

No, there have not been any significant changes in any of the areas listed above in the past year.

Philosophy

1. Describe recent changes in investment philosophy, if any.

N/A. There have not been any recent changes in investment philosophy.

Portfolio 1. If not included in your meeting presentation, provide portfolio holdings, sector exposure, geographic exposure and common characteristics (yield, duration, market cap, P/E, etc.).

Please see the MWRA presentation deck.

2. List strategy AUM, net flows and accounts gained/lost for the past 5 years.

AUM as of December 31, 2020. 5-Year flows are for the period 2015 – 2019.

Co-investment Capability

AUM 5 Year Net Cash Flows 5 Year Net Accounts Gained

$428M $280M 55

3. Describe investor concentration for the strategy and note the percent of AUM attributable to the top five investors.

Please see the below breakdown of PA’s co-investment investor concentration and top five investors.

9% HNW

27% Corporate 14% Family Office

13% 10% Public, Taft E&F, Non- Hartley Profit

27% Pension

Top five investors:

Client % of Strategy AUM

Pension 14.0%

Public 6.0%

Taft-Hartley 3.0%

Retirement 3.0%

Pension 3.0%

As of September 30, 2020.

Performance / Market Outlook

1. If not included in your meeting presentation, provide trailing returns as of the most recent quarter-end and calendar year returns for the past 10 years, both relative to benchmark.

Please see the MWRA presentation deck.

2. Briefly discuss recent performance trends and identify environments in which the strategy is likely to be in or out of favor.

For an in-depth review of recent performance trends of the PASCCIF underlying companies please see our Q3 2020 letter. As discussed below, PASCCIF is dedicated to the Low Mid Market co-investment segment, focused on co-investments based in North America. We have long held the belief that the Low Mid Market can offer investors a means of generating consistently attractive private equity return opportunities over macroeconomic and capital market cycles due to a focus on growing and improving underlying businesses as opposed to financial engineering.

3. Describe your market outlook and how strategy positioning is impacted by your views.

PA has focused its private equity investment program on the Low Mid Market (“LMM”) since inception of the Firm in 1997 due to a long-held belief that with proper investment judgement and selection, the LMM can offer investors a means of generating consistently attractive private equity return opportunities over macroeconomic and capital market cycles due to a focus on growing and improving underlying businesses as opposed to financial engineering.

Advantages of the Low Mid Market

PA believes that the Low Mid Market offers investors consistently attractive long term return opportunities for many reasons, including:

► Attractive Supply/Demand Characteristics: The LMM is characterized by a small but stable capital base focused on a large supply of potential investments. Further, on a relative basis as compared to other segments of the private equity markets, PA believes the LMM presents (i) a less efficient, more fragmented supply of potential investments and (ii) a more consistent supply of potential investments over macroeconomic and capital market cycles due to the influence of the human condition (e.g., death, divorce, succession issues, etc.) in the closely-held entrepreneur/founder/family ownership structures that are prevalent in this segment of the market.

► Value Creation Predicated on Business Building: Targeted fund managers in the LMM seek to generate returns for investors primarily through earnings growth of underlying portfolio companies. More specifically, PASCCIF and PASCCIF II seek investments with underlying fund managers that are focused on business building. PA defines business building focused fund managers as those that are adept at investing in entrepreneur/founder/family-owned companies or orphan divisions of larger companies and leading those businesses through transitions to that of larger, institutionally owned, professionally managed companies that can be profitably sold upstream to a wider universe of strategic and financial buyers.

► Lower Purchase Prices and Conservative Capital Structures: On a relative basis, transactions in the LMM are characterized by historically lower purchase prices and more conservative capital structures (i.e., less financial leverage) as compared to other segments of the private equity markets that are more dependent on capital market conditions and/or financial engineering for success.

► Robust Exit Options: Exit activity from fund managers focused on the LMM tends to be less cyclical than that of many other segments of the private equity markets due to a lack of dependence on the public equity markets (i.e., the IPO window) and robust buy- side demand for professionalized small companies from larger private equity funds and corporate buyers. In the current market environment, exit options in the LMM are augmented by significant levels of capital overhang with financial buyers managing large funds and near record levels of cash on corporate balance sheets.

► Alignment of Interest: LMM fund managers are generally, in our experience, focused on creating wealth for their investors and for themselves simultaneously through the generation of significant capital gains on underlying portfolio company investments. Excess management fees which accrue to the benefit of underlying fund managers regardless of investment outcome are typically not sufficient to generate meaningful wealth for underlying fund managers in the LMM.

4. Could you please include a slide in your presentation that sows the MWRA’s account history, initial contribution, cumulative subsequent contributions, cumulative subsequent distributions, gain/loss and current value.

Please see the presentation deck for MWRA’s PASCCIF account performance and information.

This presentation has been prepared and delivered at the specific request of MWRA.

In General. We have prepared this document solely for informational purposes. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever. We make no warranties or representations of any kind with respect to the attached information. In no event shall PA Capital, LLC be liable for any use of or reliance on such information or for any inaccuracies or errors in such information. A decision to purchase any securities should be made by you based solely upon the information contained in the final offering document relating to such securities. PA Capital, LLC is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with your actual or potential investment. These materials are not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors should consult their own advisors regarding such matters. All figures are estimated and unaudited unless otherwise noted and are shown net of all expenses, management fees and estimated incentive allocations. All figures reflect the reinvestment of dividends and other earnings, where applicable. Certain investment returns may be subject to clawbacks. Actual returns may differ from the reported results due to differences in contribution dates, fee structures and new issue eligibility.

No offer to purchase or sell securities. Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. If at any time there should commence an offering of securities, any decision to invest in any such offer to subscribe for or acquire such securities must be based wholly on the information contained in a final offering document issued or to be issued in connection with any such offer and not on the contents hereof. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates.

No registration. Any securities offered in connection with any transaction described herein will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and the issuer of the securities will not be registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”). Any offered securities will not be recommended or approved by any United States federal or state securities commission or any other regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this material. Any securities offered will be subject to certain restrictions on transfers as described in the final offering documents.

Forward looking statements. Certain statements provided in this presentation are not historical facts and may contain forward-looking statements. These forward-looking statements are based on the current beliefs and expectations of the investment manager and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate, or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Please see the offering documents for various risks inherent with these investments which could cause actual results to differ materially from those in any forward-looking statements. Any target or estimated returns in this presentation are included for illustrative purposes only and are inherently forward-looking statements. While we believe that our assumptions are reasonable as of the date of this presentation, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. PA Capital, LLC undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Risk Factors. Notwithstanding the foregoing, please note the following with respect to investment funds managed by PA Capital, LLC: Investments in the funds are meant for sophisticated investors and involve a high degree of risk. Investors can lose all or a substantial portion of their investment. Investment returns may be volatile. Investments in underlying funds may not be diversified. Funds of funds have substantial fees and expenses that will offset profits, if any. Investments in the funds are subject to significant restrictions on transfers. There is no secondary market for interests in the funds and none is expected to develop. The underlying funds’ use of leverage in the course of their trading could exacerbate losses.

Target Returns. The targeted returns included are for illustrative purposes only. Accordingly, no assumptions or comparisons should be made based upon these returns. Projected returns are subject to inherent limitations. One limitation is that the returns do not take into account the impact that market and economic risks, such as defaults, prepayments, and reinvestment rates. In addition, target returns are subject to risks and uncertainties that may change at any time, and, therefore, actual results may differ materially from those expected. In no circumstances should the targeted returns be regarded as a representation, warranty or prediction that the Fund will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that investors will be able to

avoid losses, including total loss of their investment. Inherent in any investment is the potential for loss. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results.

Past Performance. Past performance is not indicative of future returns. Rate of return information is provided solely as an indicator as to how the fund will be managed and is not intended to be viewed as an indicator of likely performance returns to investors in the fund. Where past performance has been aggregated across a strategy, these results should not be interpreted as a single fund in which an investment could have been made. MWRA Employees’ Retirement System PA Capital Co-investment Capability Overview , MWRA Client Update & PASCCIF Portfolio Review

January 2021

The information contained herein has been prepared by PA Capital, LLC and speaks only as of the date hereof. This information is a summary and is subject to change. Distribution of these materials to any persons other than the persons receiving these materials directly from PA Capital, LLC is unauthorized. Any photocopying, disclosure or alteration ofthecontentsofthesematerialsisprohibited.Byaccepting delivery of these materials, the recipient agrees to the foregoing.

CONFIDENTIAL: These materials are for Pre-Qualified professional and institutional investors only and should not be relied upon by any other persons. These materials do not constitute an offer to sell, or a solicitation of an offer to buy, securities. All terms mentioned herein are subject to change. Securities managed by PA Capital, LLC and distributed through NYLIFE Distributors LLC. 901 East Byrd Street, Suite 1400, Richmond, VA 23219. NYLIFE Distributors LLC is a Member of FINRA & SIPC. “New York Life Investments” is both a service mark, and common trade name, of certain investment advisors affiliated with New York Life Insurance Company. Important Information

In General. We have prepared this document solely for informational purposes. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever. We make no warranties or representations of any kind with respect to the attached information. In no event shall PA Capital, LLC be liable for any use of or reliance on such information or for any inaccuracies or errors in such information. A decision to purchase any securities should be made by you based solely upon the information contained in the final offering document relating to such securities. PA Capital, LLC is not undertaking to provide impartial investment advice, or to give advice in a fiduciarycapacity,inconnectionwithyouractual or potential investment. These materials are not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors should consult their own advisors regarding such matters. All figures are estimated and unaudited unless otherwise noted and are shown net of all expenses, management fees and estimated incentive allocations. All figures reflect the reinvestment of dividends and other earnings, where applicable. Certain investment returns may be subject to clawbacks. Actual returns may differ from the reported results due to differences in contribution dates, fee structures and new issue eligibility.

Nooffertopurchaseorsellsecurities.Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. If at any time there should commence an offering of securities, any decision to invest in any such offer to subscribe for or acquire such securities must be based wholly on the information contained in a final offering document issued or to be issued in connection with any such offer and not on the contents hereof. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates.

Forward looking statements. Certain statements provided in this presentation are not historical facts and may contain forward-looking statements. These forward-looking statements are basedonthecurrentbeliefsandexpectationsoftheinvestmentmanagerandare subject to significant risks and uncertainties. If underlying assumptions prove inaccurate, or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Please see the offering documents for various risks inherent with these investments which could cause actual results to differ materially from those in any forward-looking statements. Any target or estimated returns in this presentation are included for illustrative purposes only and are inherently forward-looking statements. While we believe that our assumptions are reasonable as of the date of this presentation, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. PA Capital, LLC undertakes no obligation to update any forward- looking statement, whether as a result of new information, future events, or otherwise.

Past Performance. Past performance is not indicative of future returns. Rate of return information is provided solely as an indicator as to how the fund will be managed andisnotintendedto be viewed as an indicator of likely performance returns to investors in the fund. Where past performance has been aggregated across a strategy, these results should not be interpreted as a single fund in which an investment could have been made.

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 2 Table of Contents

I. Client Profile

II. Firm Overview

III. PA Small Company Small Company Coinvestment Fund, LP

IV. PA Small Company Small Company Coinvestment Fund II, LP

V. Appendix

a. PA Co-investment Capability

b. Team Biographies

c. Disclosures

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 3 I. Client Profile MWRA Employees’ Retirement System Client Profile

PA Small Company Coinvestment Fund, LP

As of Date September 30, 2020 As of 1/21/2021

Commitment $4,000,000 Called / Distributed

Total Capital Called(1) $3,380,077 $3,641,924

As a % of Committed 84.5% Capital 91.0%

Total Capital Distributed(1) $890,227 $1,318,640

As a % of Called 26.3% Capital 36.2%

Capital Account Balance $4,426,917

Net MOIC(2) 1.5x

Net IRR(2) 22.5%

Portfolio Statistics(3)

. PASCCIF size: $97 million . Vintage Year: 2016 . Number of co-investment partners: 25 . Number of underlying companies: 30 o Realized: 2 o Unrealized: 28

(1) Estimated and unaudited as of September 30, 2020. Capital Called and Distributed figures are presented net of distributions subject to recall. (2) Net Multiple of Invested Capital and Net IRR provided at the Fund level. Please see Co-investment Disclosures at the end of this presentation for information related to performance. (3) As of January 21, 2021. Figures include both Private Advisors Small Company Coinvestment Fund, LP, and Private Advisors Small Company Coinvestment Fund-ERISA, LP. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 5 II. Firm Overview PA Capital (“PA”): Specialized Low Mid Market Platform with Strong Institutional Backing

$5.6B >$1B 94% 30+ in AUM(1) Affiliated Capital AAA-rated(3) Institutional Investment Founded in 1997 Invested(2) Affiliate since 2010(4) Clients(5) Professionals

Private Equity Private Real Assets Long / Short Equity

1997 $3.9B 2014 $566M 2001 $1.0B Inception AUM(1) Inception AUM(1) Inception AUM(1)

Historical Investments(6) Historical Investments(6) Historical Investments(6) 165+ Funds 15+ Funds / Secondaries 95+ Funds

100+ Direct Co-investments 30+ Direct Co-investments 40+ Direct Co-investments

70+ Secondaries

Launched 2020 GP Stakes

(1) Assets under management figure is an estimate as of September 30, 2020 and includes non-discretionary separate account and co-advised assets. (2) Internal and affiliated capital is composed of PA Capital employee and New York Life capital. (3) New York Life has the highest financial strength ratings currently awarded to any US life insurer from all four of the major credit ratings agencies: A.M Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), and Standard & Poor’s (AA+). Individual independent rating agency commentary as of October 15, 2020. The financial strength ratings do not apply to any investment products as they are subject to market risk and will fluctuate in value. (4) On December 30, 2010, PA Capital entered into a strategic partnership with New York Life Investment Management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company (“New York Life”). In May 2020, New York Life Investment Management Holdings LLC transferred its PA ownership to its wholly owned direct subsidiary, NewYorkLifeInvestmentsAlternativesLLC.(5)PACapital’sassetsby client type figures are estimates as of June 30, 2020 and are subject to change. (6) As of December 31, 2019. Includes investments made through commingled funds and separate accounts investing in the Low Mid Market. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 7 Private Markets Platform Dedicated to the Low Mid Market for Over 20 Years

20+ years $4.5 billion+ 350+ Of History & Relationships Capital Deployed Low Mid Market in the Low Mid Market in the Low Mid Market(1) Investments(1)

PA Founded First dedicated Secondaries strategy Richard Wiltshire joins Co-investment fund launched(3) Co-investment IC launched

1997 2006 2012 2015

2001 2010 2014 2020

First dedicated Strategic partnership with Private Real Assets GP Stakes strategy Small Company New York Life Investment strategy launched launched Multi-Manager fund Management(2) launched

(1) Figures include investments completed across PA’s commingled and custom private equity and private real assetsfunds.See“AggregateCommitment Figures Disclosure” in the Disclosures section of the Appendix for more information. (2) On December 30, 2010, PA entered into a strategic partnership with New York Life Investment Management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company (“New York Life”). In May 2020, New York Life Investment Management Holdings LLC transferred its PA ownership to its wholly owned direct subsidiary, New York Life Investments Alternatives LLC. (3) PA Capital acquired the investment advisory business of Cuyahoga Capital Partners in October of 2012. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 8 The PA Team

Senior Leadership

Chip Chris Greg Lou Moelchert Stringer Ciaverelli Moelchert CEO President COO Chairman

Private Equity Real Assets Long / Short Equity

Curt Mike Todd Kee Zac Charles Futch Griech Milligan Rabb McCarroll Honey Mng. Director Mng. Director Mng. Director Mng. Director Mng. Director Mng. Director Bart Louise Richard Mike Todd Laura Shirley Woltz Smith Wiltshire Zeleniuch Leedy Baird Mng. Director Mng. Director Mng. Director Mng. Director Director Mng. Director Bryan Seung Hyun Mary Sujan Barrett T.J. Pendleton Ko (“Ko”) LaRocco Dhoju Miles Theodorsen Director Vice President Vice President Snr. Associate Director Mng. Director Sarah Alec John Olivia Marina Ben Bowron Cover Lawrance Schilsky Varshavskaya Fass Associate Analyst Analyst Analyst Snr. Associate Director Catherine Bridget Sam Zysk Walston Wilson Analyst Associate Analyst

Designates Voting Members of 20+ Years PASCCIF II Investment Committee Average Experience of IC

Shared Resources

ODD Data & Analytics Business Development & Investor Relations Operations & Compliance Ryan Eddie Devan Sarah Julia Plante Fuller Marshall St. Jean Seelye Mng. Director Vice President Mng. Director Director Vice President Ben John Brendan Ian Charlie Donahue Smalley Bostock Flatt Connellan Vice President Snr. Associate Snr. Associate Snr. Associate Associate Monty Chancy Coral Erich Fortenbaugh Gou Enriquez Marcks Associate Analyst Associate Associate 20+ Robert Professionals(1) Hicks Analyst

(1) Figure excludes ODD professionals. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 9 III. PA Small Company Small Company Coinvestment Fund, LP (“PASCCIF”) Experienced Team with Broad Platform Support

Dedicated Co-investment Team

Richard Wiltshire Bryan Pendleton Sarah Bowron Managing Director Director Associate ► Virginia Ret. Sys. ► Keefe, Bruyette & ► Wells Fargo 15 Years Woods Securities ► Quad-C Mgmt Avg. Experience of ► Harris Williams Senior Team(1) Joined PA ► BofA Securities Joined PA Joined PA 2014 2012 2020

Investment Committee

Richard Wiltshire Todd Milligan Chip Moelchert Managing Director Managing Director CEO

► Virginia Ret. Sys. ► Ewing Bemiss & ► Jefferson Capital Co. Partners ► Quad-C Mgmt ► Wheat First ► Harris Williams Butcher Singer Joined PA ► BofA Securities Joined PA Joined PA 2014 2006 2003 20+ Years Avg. Experience of Bart Shirley Louise Woltz Smith Chris Stringer IC Members Managing Director Managing Director President

► Cuyahoga Capital ► Harris Williams ► Jefferson Capital Partners ► KCC Mgmt. ► Arthur Andersen ► Nationwide Insurance Joined PA Joined PA Joined PA 2012 2008 2004

(1) Defined as Co-investment team members with the title of Director or Managing Director. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 11 Active Co-investment Vehicle PASCCIF

Diversified Portfolio of North American Low Mid Market Companies

Target Net Returns(1) Investment Strategy

► Target founder-owned companies with enterprise value <$250M

2.0x+ 20%+ ► Partner with Low Mid Market fund managers and independent Net MOIC Net IRR sponsors

Program Size Investment Diversification

► Strategies: Buyout, growth equity, turnaround / distressed

$164M $97M ► Vintage Years: 2016 - 2020 Total Program Size PASCCIF Size(2) ► Industries: Diversified

High-Quality Portfolio of Diversified Investments(3)

PASCCIF Exposure by Industry

Consumer Discretionary Materials Diversified: 30 portfolio companies; average position size of 3.3% 10% 16% Consumer Staples 8%

Information Energy Highly Selective: 3% investment rate Technology 7% 18% Financials 4% Attractive Fees: no management fee charged by sponsors historically Industrials Healthcare 18% 20%

(1) See Target Returns disclosure in the Disclosures section of the Appendix for more information. (2) Includes both Private Advisors Small Company Coinvestment Fund, LP, and Private Advisors Small Company Coinvestment Fund-ERISA, LP. (3) All data as of September 30, 2020. Includes investments made in PASCCIF and PASCCIF-E. Exposure by industry and investment year basedoninvestedcapital.Note: The Fund is closed and no longer accepting new investments. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 12 PASCCIF Performance Development PASCCIF

September 30, 2017(1) September 30, 2018(1) September 30, 2019(1) September 30, 2020(1)

1.1x 11% 1.2x 17% 1.3x 18% 1.5x 23% Net MOIC Net IRR Net MOIC Net IRR Net MOIC Net IRR Net MOIC Net IRR

24% 20% 32% One-Year Net IRR One-Year Net IRR One-Year Net IRR

(2) Invested Realized Value Unrealized Value $135.5M

$22.4M $103.1M $2.6M $24.2M $24.M

$62.3M $8.7M $2.5M $88.9M $26.9M $76.5M $2.2M $51.1M $26,370,534 $24.7MCalled

September 30, 2017 September 30, 2018 September 30, 2019 September 30, 2020

(1) Estimated and unaudited as of the date shown. Please see Co-investment Disclosures at the end of this presentation for information related to performance. Figures include both Private Advisors Small Company Coinvestment Fund, LP, and Private Advisors Small Company Coinvestment Fund-ERISA, LP. (2) "Invested" includes balance on fund LOC. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 13 Case Study: Constellation Advisers PASCCIF The Opportunity Transaction Summary

Transaction Sponsor TZP Group Enterprise Value $63.0 million

New York-based leading outsourced provider of finance & accounting, Date Closed October 2019 PASCCIF Ownership 7.8% operations, and compliance services to buy-side institutions such as hedge funds, private equity firms, and other clients PASCCIF Investment $3.0 million Date Exited December 2020

PA Capital Edge

. Investor in TZP Growth I The Results(1)(2) . Successfully co-invested in prior TZP deal (Kingsbridge) Expected to generate an estimated 2.5x gross MOIC and . Leveraged PA’s ODD team (who had direct knowledge on Constellation 117% gross IRR during the 14-month hold period(1) and its competitors) during due diligence to gain a better understanding of Constellation’s reputation in the market, competitive advantages/ Entry Exit differentiators, and growth opportunities Oct ‘19 Dec ’20

Value Creation +13% . Hired new CFO Revenue $25.3M $28.7M . Key Hires & Expanded and professionalized employee recruiting and retention programs to position Employee business for accelerated growth Development . Implemented new ERP and employee +17% management systems EBITDA $6.5M $7.6M

New Client . Leveraged TZP and PA relationships to make Engagement introductions to potential clients EBITDA +76% . Developed future growth opportunities through Growth 9.7x 17.1x the opening of a new office in Chicago, IL and Multiple Opportunities the development of an M&A pipeline

Note: This example is presented for discussion purposes only and has been selected in PA Capital’s sole discretion and is intended to serve as a non‐exhaustive example of the types of co-investment selections made in the portfolio. Individual case studies are not a reliable indicator of the likely performance of the Fund. There can be no assurance that the Fund will be able to make investments with the same or even similar characteristics as this case study describes. Please refer to the Disclosures section of the Appendix for footnotes related to this case study and the Co-Investment Case Study disclosure. (1) Gross IRR and Gross MOIC figures are estimated and unaudited. Figures are gross of underlying manager fees and PA Capital, LLC fees. (2) All figures provided by company and sponsor. PA Capital cannot provide assurance as to the accuracy of the data reported by the company and sponsor. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 14 Case Study: Offen Petroleum PASCCIF The Opportunity Transaction Summary

Transaction Sponsor Lariat Partners Enterprise Value $76.5 million

Date Closed December 2017 PASCCIF Ownership 9.7% Largest distributor of gasoline, diesel, alternative fuels, and lubricants in the Rocky Mountain region PASCCIF Investment $3.5 million Date Exited June 2019

PA Capital Edge

. Developed strong relationship with Lorient Capital team dating back to The Results(1)(2) their 2013 fundraise . PA Co-investment Team has prior and current experience investing in the Generated 4.3x gross MOIC and 163% gross IRR during an (1) fuel retail and distribution value chain 18 month hold period . Leveraged PA’s Real Assets Team to diligence key industry and secular Entry Exit risks Dec ‘17 Jun ’19

Value Creation Gross +147% Profit $24.8 $61.3 . Hired Chief Operating Officer, Director of IT, Key Hires SVP of Sales, among others

+178% . Extended long-term contracts with key Contracts EBITDA $11.2 $31.1 suppliers and customers

. Completed two highly strategic and accretive acquisitions which materially increased the size Acquisitions of the business, expanded the Company EBITDA +35% geographically, and positioned Offen as the Multiple 6.8x 9.2x acquirer of choice in the Rocky Mountain region

Portfolio Valuation Summary(1)(2) As of September 30, 2020

Entry Invested Realized Estimated Multiple of Estimated Exit Company Sponsor Date Capital Proceeds Residual Value Cost Gross IRR Date

PACIF IV Program Co-investments Realized Company 1 Sponsor 1 12/17 $3.5 $15.2 $0.0 4.3x 163.6% 6/19 Total Realized PACIF IV Program Co-investments $3.5 $15.2 $0.0 4.3x 163.6% Unrealized Company 2 Sponsor 2 12/15 $2.2 $0.6 $0.7 0.6x (13.8%) Company 3 Sponsor 3 12/15 4.3 3.1 9.5 2.9x 28.5% Company 4 Sponsor 4 8/16 2.2 0.5 5.9 3.0x 32.2% Company 5 Sponsor 5 11/16 2.2 0.0 2.7 1.3x 6.0% Company 6 Sponsor 6 1/17 2.7 0.1 4.7 1.7x 19.6% Company 7 Sponsor 7 2/17 3.0 0.0 0.6 0.2x (36.5%) Company 8 Sponsor 8 4/17 3.2 0.0 8.7 2.7x 35.7% Company 9 Sponsor 9 9/17 2.7 0.1 2.4 1.0x (1.7%) Company 10 Sponsor 10 12/17 6.1 0.0 15.7 2.6x 49.8% Company 11 Sppnsor 11 6/18 2.4 0.1 2.5 1.1x 2.9% Company 12 Sponsor 12 7/18 2.2 2.7 2.7 2.5x 94.8% Company 13 Sponsor 13 8/18 3.1 0.0 6.2 2.0x 38.2% Company 14 Sponsor 10 8/18 3.5 0.0 5.9 1.7x 27.6% Company 15 Sponsor 4 1/19 1.6 0.0 1.9 1.2x 10.6% Company 16 Sponsor 14 2/19 2.7 0.0 2.7 1.0x 0.0% Company 17 Sponsor 15 5/19 2.3 0.0 2.4 1.0x 3.0% Company 18 Sponsor 16 6/19 3.5 0.0 0.0 0.0x (100.0%) Company 19 Sponsor 17 7/19 3.4 0.0 14.3 4.3x 238.0% Company 20 Sponsor 18 7/19 3.2 0.0 2.1 0.6x (33.9%) Company 21 Sponsor 19 10/19 4.0 0.0 4.0 1.0x 0.0% Company 22 Sponsor 3 12/19 2.2 0.0 2.0 0.9x (6.1%) Company 23 Sponsor 20 9/20 2.7 0.1 2.7 1.0x n/m Total Unrealized PACIF IV Program Co-investments $65.3 $7.2 $100.3 1.6x 23.4% Total PACIF IV Program Co-investments $68.8 $22.4 $100.3 1.8x 29.2%

Middle Market Co-investments Company 24 Sponsor 21 6/16 $2.6 $0.0 $0.7 0.3x (27.6%) Company 25 Sponsor 14 11/16 2.9 1.9 0.7 0.9x (6.9%) Company 26 Sponsor 22 11/17 2.7 0.0 2.9 1.1x 2.4% Company 27 Sponsor 22 1/18 2.0 0.0 0.2 0.1x (59.5%) Company 28 Sponsor 23 10/18 3.0 0.0 3.0 1.0x 0.0% Company 29 Sponsor 24 10/19 1.4 0.0 1.4 1.0x 0.0% Company 30 Sponsor 25 10/19 3.0 0.1 7.3 2.5x 164.7% Total Middle Market Co-investments $17.6 $2.1 $16.1 1.0x 1.6%

Total PASCCIF / PASCCIF-E $86.4 $24.5 $116.5 1.6x 24.3%

Total Estimated PASCCIF / PASCCIF-E Net IRR(3) 22.5% Total Estimated PASCCIF / PASCCIF-E Net ROIC(3) 1.5x All underlying co-investment company data contained herein is based upon information provided by the underlying co-investment company and is provided solely for illustrative purposes. The multiple on invested capital and IRR for each underlying company are estimated and derived from information provided by the lead equity sponsor. While we believe the data to be reliable, we cannot guarantee the accuracy of such information. (1) All data is estimated and unaudited. Neither past performance, estimated values, nor estimated IRRs are necessarily indicative of the future results. Please see Appendix for important disclosures regarding valuation methodology. Co-investments are generally valued at cost for the first year after investment unless a material event occurs. After the first year, values may be estimated higher or lower which could significantly impact performance. (2) Private Advisors Small Company Coinvestment Fund, LP is in the process of making commitments, and as such, this list is subject to change. (3) Net of management fees, expenses, and estimated carried interest. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 16 IV. PA Small Company Small Company Coinvestment Fund II, LP (“PASCCIF II”) PASCCIF II: Summary of Key Terms PASCCIF II

Fund Summary

► Target Fund Size: $150 million

► Target Affiliated Commitment: 10% of aggregate committed capital

► Commitment Period: 3 years from final closing date

► Term: 10 years plus 2 GP-optional 1-year extensions

Fee Structure Management Fee Potential Management Fee Discounts ► 1.0% on committed capital through year 3 from final closing date For early closers and large commitments ► 1.0% on net invested capital through end of fund term Carried Interest

► 10% after 8% priority return(1)

Service Providers

► Auditor: PricewaterhouseCoopers LLP

► Compliance Support: ACA Compliance

► Legal Counsel: Proskauer Rose LLP

Note: This information is intended as a summary and does not supersede the fund’s offering materials which should be reviewed in their entirety. (1) The priority return of 8% is a target rate and there can be no assurances that the priority rate of return will be achieved. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 18 PASCCIF II: Existing Portfolio PASCCIF II

As of January 2021, PASCCIF II has invested in six portfolio companies, totaling approximately $23 million in exposure:

► In July 2020, PASCCIF II invested $5.25 million (including $1.25 million of warehouse) alongside GHK Capital Partners into Hasa.Hasais a manufacturer and distributor of water treatment chemicals and ancillary products to the residential, commercial, and industrial/municipal markets in the western and southwestern US. The company’s core products include shock, sanitizers and pH balancers for swimming pools, water containers, and industrial applications.

► In August 2020, PASCCIF II invested $4.0 million alongside Bow River Capital into NextEdge Networks (“NextEdge”). NextEdge is a provider of deployment and technical services for advanced telecommunications networks. The company is a leading deployer of 5G mobile networks with service offerings spanning site acquisition, design and engineering, construction, maintenance, and repair.

► In September 2020, PASCCIF II invested $5.6 million alongside Kian Capital into SPATCO Energy Solutions (“SPATCO”). SPATCO distributes, installs, and services handling equipment used to store, pump, mix and meter petroleum and industrial liquids. The company manages 17 locations primarily in the southeastern US and is the largest distributor for Wayne, which is one of the two dominant US based OEMs of petroleum dispensing equipment.

► In November 2020, PASCCIF II invested $2.5 million alongside Vance Street Capital into Wytech Industries (“Wytech”). Wytech manufactures specialty core wires and related components for the interventional medical markets. Its customers include the leading medical device OEMs and contract manufacturers focused on high-growth therapies in the neurovascular, peripheral vascular, and structural heart-end markets.

► In December 2020, PASCCIF II invested $4.0 million alongside Skylark Private Equity Partners into Project Clarity (“Clarity”). Clarity is manufacturer of visual display products primarily for the education and commercial markets.

► In January 2021, PASCCIF II invested $2.5 million alongside NovaQuest Capital Management in Project Capsule (“Capsule”). Capsule is a contract development and manufacturing organization with end-to-end capabilities serving small/mid-sized pharmaceutical and biotech companies.

(1) All data is estimated and unaudited. Neither past performance, estimated values, nor estimated IRRs are necessarily indicative of the future results. Please see the Disclosures for important disclosures regarding valuation methodology. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 19 IV. Appendix A. PA Co-investment Capability PA Co-investment Capability: A Leader in North American Small Company Private Equity(1)

Access to an Attractive Market Segment Deep Domain Expertise, Leveraging PA Platform

Attractive Entry 6.3x vs. 9.7x Robust Data Enhance 1,200+ | 10,000+ Valuations PA Purchase Multiples vs. Sourcing & Due Diligence GPs | Companies Tracked Large Buyouts(2) in PA’s Database(4)

Small & Medium Buyouts 18% vs. 13% Significant Relationships in 100+ | 165+ Outperform Historically Cumulative IRR for Small & Low Mid Market LMM Co-investments & Medium vs. Large Buyouts(3) Fund Investments(5)

Strong Track Record(4) Proven & Repeatable Process

Significant Return on 3.4x | 1.9x Robust Pipeline of 200+ Invested Capital Gross Realized | Agg. MOIC Co-investment Deals Deals Sourced Annually Since 2015(6) Over Last 3 Years(7)

Compelling Absolute 27.2% Highly Selective Investment 5% Performance Aggregate Gross IRR Process Historical Investment Since 2015(6) Rate(7)

(1) Generally defined as private equity fund managers primarily focused on growth equity, buyout, and distressed/turnaround strategies, with fund sizes typically below $750 million and an emphasis on fund sizes below $500 million and companies with enterprise values less than $250 million. (2) Source for Large Buyouts (defined as deals greater than $500M): Standard & Poor's “LCD’s Leveraged Buyout Review – 4Q19.” Source for PA data: Capital weighted EBITDA purchase price multiples for underlying portfolio companies in PACIF, PACIF II, PACIF III, and the PACIF IV Program (excluding the 20% Mandate – please see “PACIF IV Program Disclosure” for an explanation of the Mandate) between January 1, 2010 to December 31, 2019, includes 60 of 67 transactions valued on an EBITDA basis at acquisition. The analysis excludes 7 transactions where the underlying data was not available. (3) Cambridge Associates pooled average returns since 1986 for North America based buyout and growth funds as of June 30, 2020. Small and Medium Buyouts: $0 to $750 million; Large Buyouts: $750 million and above (4) Source: PA’s proprietary database. As of June 30, 2020. (5) Refers to investments made across PA’s commingled and customized accounts as of June 30, 2020. (6) Refers to the gross aggregate performance made in the following PA Capital funds since 2015: PACIF III, and the PACIF IV Program (excluding the 20% Mandate – please see “PACIF IV Program Disclosure” for an explanation of the Mandate). Aggregate performance is provided for informational purposes only. The aggregate performance should not be considered as representative of a fund managed by PA Capital or available to investors. All figures are estimated and unaudited based on June 30, 2020 capital account balances as reported by the underlying sponsors. Please see the Disclosures section for information related to performance and valuation methodology. Full track record can be found on the “PA Private Markets Track Record” page in the Appendix. (7) As of September 30, 2020. Investment rate based on deals closed in PA’s commingled co-investment funds. (Note: Disclosures can be found in the Disclosures section of the Appendix.) Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 22 PA Co-investment Capability: Strategy Overview

Target Net Returns(1) 2.0x+ 20%+ Net MOIC Net IRR

Target Portfolio Construction(2)

Differentiated Sourcing(3) Attractive Economics

► Deals sourced from 750+ sponsors historically ► Lower fund-level fees than typical PE fund

► Highly selective: 5% investment rate ► Typically no management fees charged by sponsor

20 – 30 Companies Diversified across industries, vintage years & GPs

Target Investment Attributes

Geographies Strategies Company Size US, Canada Buyout, Growth Enterprise Value < $250M

► Family / founder-owned ► Conservative capital structure

► Consistent revenue growth ► Multiple ways to create value

► Strong free cash flow ► Strong alignment of interests

(1) See Target Returns disclosure in the Disclosures section of the Appendix for more information. (2) All allocations represent targets. There can be no assurances the target allocation will be achieved. Represents target characteristics of PA’s co-investment platform. (3) Based on deals sourced since the launch of the dedicated PA co-investment strategy in 2006. Note:Theinformationisintendedasasummaryanddoesnotsupersedeany offering materials that would be associated and which should be reviewed in their entirety. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 23 Historically Less Capital Chasing Deals Attractive Market Consistently Less Capital Raised by Small Company Investors(1)

$250 Funds > $1B 10-Year CAGR $200 Rapid Growth; 6% 28% Increasing < $500M Competition for Deals $150 > $1B

$100 Funds < $500M

$50 Stable Fundraising; Capital Raised (in $ Billions) Limited Competition for Deals $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Funds Below $500 million Funds Between $500 and $1 billion Funds Above $1 billion

Less Capital Raised by Greater Number of Small Company Small Company Buyers(1) Opportunities(2) 14% 22x $ Raised by Funds Funds less than 296,000 companies with More Small < $500M $500M $5M - $250M in revenue Company Targets

Funds greater than 13,700 companies with $500M $250M+ in revenue

(1) Source: Pitchbook database. Accessed July 2, 2020. January 2010 to December 2019. (2) Source: Capital IQ as of June 30, 2020. Analysis includes estimated number of North American (US and Canada) companies with $5 million and greater of revenue. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 24 Historically Attractive Entry Multiples and Conservative Use of Debt Attractive Market

Historically Lower Purchase Prices

Purchase Price Multiples by Enterprise Value(1)(2) January 2010 – December 2019

► Limited competition for deals 9.7x can result in lower purchase 8.3x prices 6.3x ► Attractive growth inflection point: less developed businesses with room for potential growth

$500M+ $250 - $499M Co-Invest Program Investments Historically More Conservative Use of Debt

US LBO Debt / EBITDA Multiples(3)(4) January 2010 – December 2019

► Less access to capital 5.5x markets limits ability to add 5.0x debt to deals

► Greater flexibility: less debt 3.3x enhances company’s ability to navigate downturns

Large Corporate LBO Loans Middle Market LBO Loans Co-Invest Program Investments (1) Sources: Data for purchase price multiples for deals above $250 Million as per Standard & Poor's “LCD’s Leveraged Buyout Review – 4Q19.” (2) Capital weighted EBITDA purchase price multiples for underlying portfolio companies in PACIF, PACIF II, PACIF III, and the PACIF IV Program (excluding the 20% Mandate – please see “PACIF IV Program Disclosure” for an explanation of the Mandate) between January 1, 2010 to December 31, 2019, includes 60 of 67 transactions valued on an EBITDA basis at acquisition. The analysis excludes 7 transactions where the underlying data was not available. (3) Sources: Data for Large LBO Loans (>$50 million EBITDA) and Middle Market LBO Loans (<$50 million EBITDA) as per Standard & Poor’s “LCD’s Leveraged Lending Review – 4Q19.” (4) Capital weighted EBITDA leverage multiples for underlying portfolio companies in PACIF, PACIF II, PACIF III, and the PACIF IV Program (excluding the 20% Mandate – please see “PACIF IV Program Disclosure” for an explanation of the Mandate) between January 1, 2010 and December 31, 2019, includes 57 of 67 transactions valued on an EBITDA basis at acquisition. The analysis excludes 10 transactions where the underlying data was not available. (Note: Disclosures can be found in the Disclosures section of the Appendix.) Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 25 Independent Sponsor Deal Sourcing Attractive Market

Rapidly Expanding Pipeline of Historically Lower Multiples Independent Sponsor Deals(1) vs. Traditional Sponsors

CAGR % of Total Deal Flow Independent Sponsors(2) +62% ~40% ~2x lower multiple

500 8.2x 450 8.9x 400 6.6x 350 6.9x 300

250

200

150

100

- 2014 2015 2016 2017 2018 2019 Independent PE Sponsor Sponsors with Fund

(1) Figures are as of December 31, 2019. (2) Data as of December 31, 2019. Figures are based on data from PA’s internal database. EBITDA and Enterprise Value statistics are provided by the underlying sponsor and have not been independently verified. Average represents the period from 2016 to 2019. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 26 Significant Capital Available to Potential Acquirers Attractive Market

Consistent & Robust Exit Opportunities Available for Small Company Private Equity

U.S. PE Exits by Type of Buyer(1) Small Company PE typically less Corporate / Strategic 94% reliant on IPO market Private Equity Corporate / 2% of exits in PA funds(4) IPOs PE Buyers 6% of exits in US PE market(1)

S&P 500 Corporations(2) Large & Mega PE Funds(3)

$1.9 Trillion $544 Billion of Corporate Cash(2) of Dry Powder(3)

+70% +74% Change since 2008(2) Change since 2008(3)

(1) Source: Pitchbook, “3Q 2019 Middle Market Report.” January 2009 to December 2019. (2) Source: Bloomberg. As of December 31, 2019. Represents cash and cash equivalents available to S&P 500 constituents. (3) Source: Pitchbook database. As of December 31, 2019. Accessed February 13, 2019. Defined as US and Canada buyout and growth funds greater than $750 Million. (4) Data for PA’s Small Company Private Equity Funds of September 30, 2019. As reported by underlying managers. Exit information was not available in all cases. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 27 Platform-Wide Sourcing, Due Diligence & Investment Process Robust & Repeatable Process

Sourcing Due Diligence Execution

200+ Deals Sourced Annually 36% Undergo Formal Due Diligence 5% Historical Investment Rate

Leverage PA Proactive, Platform-Wide Focus on Low Mid Market Relationships(7) Sourcing Transactions

20 $150M Med. EV of Closed 75%+ PE IPs Engaged in Sourcing(1) Investments(6) Closed with PA-Backed Proprietary Database $15M Med. EBITDA of Closed GPs Enhances Sourcing Efforts Investments(6)

Differentiated Deal Fundamental Underwriting Post-Close Investment Sources of Company & Sponsor Monitoring

750+ ► Quality of sponsor and company ► Board meeting and regular Sponsors Providing Deal Flow(2) managers sponsor updates ► Analysis of company financials, cash ► Programmatic re-underwriting of 1,200+ flow, and growth prospects existing portfolio PE GPs Tracked in Database(3) ► Industry, company, and sponsor ► Opportunistic consideration of 100+ reference calls secondary market liquidity to Active Fund Investments(4) maximize value and manage risk ► Proprietary, PA Platform-enabled research 80%+ Monitoring process informs future Fund Advisory Board Seats(5) investment decisions and drives new opportunities

Note: Please refer to “Platform-Wide Sourcing, Due Diligence & Investment Process” footnotes in the Disclosures section of the Appendix for additional footnotes. Note: the process outlined represents the typical process for a PA co-investment. This process may not be utilized in all cases. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 28 Diversified Deal Sources Robust & Repeatable Process

Differentiated Deal Sources PA-Backed GPs Sponsors with which PA has made at least Independent one fund investment Prospective GPs Sponsors (40% of Sourced) (44% of Sourced) ► Fund investment(s) enable enhanced due diligence ability

► Strong relationships with PA 10% 12% Prospective GPs

Sponsors with at least one fund but PA Majority of has not made a fund investment Investments ► Expands pipeline of potential deals Closed with PA- ► Additional deal flow not available from PA Backed GPs fund relationships

Independent Sponsors

78% Sponsors that have not raised a formal private equity fund PA-Backed GPs ► Differentiated deal sourcing (16% of Sourced) ► Less competition for deals can lead to lower purchase multiples

Note: Historical statistics represent sourcing since the inception the Firm’s co-investment program. There can be no assurances the actual volume of deals will match the figures presented herein. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 29 Initial Due Diligence: Key Evaluation Criteria Robust & Repeatable Process

Target Sponsor Characteristics

► Successful industry investing experience Fund Manager Fit and ► Brings unique resources and insights to the deals (pre- and post-closing) Value-Add ► Values relationship with PA

Target Company Characteristics

► Attractive returns on tangible capital employed Quality of ► Consistent revenue growth and strong free cash flow characteristics Business ► Achievable growth opportunities independent of the macro-economic environment ► Sustainable competitive position in a stable and growing market

Management ► Proven, experienced and has prior success in the company and / or industry Team ► Strong alignment of interests and is committed to the transaction

► Return profile: 20%+ net IRR and 2-3x multiple of invested capital(1) Return Profile; Value Orientation ► Conservative capital structure, can withstand various interest rate environments and / or a macro-economic downturn

Note: The above criteria represent target attributes that the Firm seeks when evaluating transactions, but there can be no assurances that any individual investment will meet all or any of these criteria. (1) See Target Returns disclosure in the Disclosures section of the Appendix for more information. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 30 Returns Predicated on Sustainable & Executable Business Improvements Robust & Repeatable Process We seek sponsors who generate returns from improving operations and growth, not financial engineering

Increase Revenue(1)(2) Increase Earnings(1)(2) Median Revenue | Realized Investments | $ in millions Median EBITDA | Realized Investments | $ in millions

$16.7 $87.8 +45% +61%

$54.6 $11.6

At Entry At Exit At Entry At Exit

(1)(2)(3) Reduce Debt(1)(2)(3) Multiple Expansion Median Debt / EBITDA Multip Median EBITDA Multiple | Realized Investments

le | Realized Investments +41% 8.8x 3.6x -18%

3.0x 6.3x

At Entry At Exit At Entry At Exit Note: Portfolio company information has been provided by the underlying sponsors, which is subject to change and has not been independently verified or audited. (1) Includes realized PACIF, PACIF II, PACIF III, and PACIF IV Program portfolio companies (excluding the 20% Mandate – please see “PACIF IV Program Disclosure” in the Appendix for an explanation of the Mandate). Excludes companies for which data is unavailable, including 5 companies which entered bankruptcy. In some cases, limited information was available. (2) Statistics estimated and unaudited as of March 31, 2020. (3) Figures are only calculated for companies acquired based on an EBITDA multiple. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 31 Expanding Pipeline of Potential Deals Allows PA to be More Selective Robust & Repeatable Process

2,000 36% 5% Historical Deals Formal Due Investment Reviewed Diligence Rate(1)

300 Initial Review Due Diligence 250 Closed 21% 200 CAGR in Deals Reviewed(2)

150

100

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Note: Figures are as of May 11, 2020 unless otherwise noted. (1) Calculated as an average over the last ten years (2010-2019). (2) Calculated for the period 2006-2019. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 32 Strong Track Record Driven by Robust Sourcing and Due Diligence Strong Track Record

Deeper Platform Integration Robust Internal Deal 2015 Enhances Sourcing Underwriting Process Richard Wiltshire Joins Co-investment Investment 50%+ 90%+ Increase in Avg. Ann. Deals of Net Capital Marked / Committee Sourced vs. Pre-2015(1) Realized Above Cost(2)(3)

Realized (Gross) Unrealized (Gross) Agg. Gross Agg. Net

MOIC IRR MOIC IRR MOIC IRR DPI MOIC IRR Track Record (Since 2015)(3) 3.4x 52.1% 1.7x 20.9% 1.9x 27.2% 57.5% 1.7x 23.0%

Strong Performance Relative to Public and Private Benchmarks

Top Quartile IRR(3)(4)(5) Top Quartile MOIC(3)(4)

23.0% 1.7x 1.4x 1.2x 15.3% 11.3% 9.8%

4.6%

Russell 2000 PME S&P 500 PME Median Top Quartile PA Median Top Quartile PA Public Markets PE Benchmarks PE Benchmarks

(1) Compares average annual deals sourced from 2015 to 2019 vs. 2010 to 2014 average. (2) Calculated as invested capital less realized capital and remaining value of investments marked below cost divided by total invested capital. (3) Refers to the performance of investments made since 2015 in PACIF III, and the PACIF IV Program (excluding the 20% Mandate – see “PACIF IV Program Disclosure” for more information). Provided for informational purposes only. Should not be considered as representative of a fund managed by PA Capital or available to investors. Estimated and unaudited as of June 30, 2020. Please see the Disclosures section for information related to performance and valuation methodology. Full track record can be found on the “PA Private Markets Track Record” page. (4) Source for PE benchmark: Cambridge Associates, 42 US buyout funds, vintage year 2015 . As of June 30, 2020. (5) Please see the “Public Market Equivalent Disclosure.” (Note: Disclosures can be found in the Disclosures section of the Appendix.) Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 33 Consistent Outperformance Driven by Distribution Activity and Business Growth Strong Track Record

PA Net IRR Development vs. 2015 Vintage Year Benchmark As of June 30, 2020(1)(2)

15% PA

Top Quartile 0%

Median -15% 2016 2017 2018 2019 Q2 2020

PA Net MOIC / DPI Development vs. 2015 Vintage Year Benchmark As of June 30, 2020(1)(2) 2.0x Median DPI Median RVPI PA DPI PA RVPI 1st Quartile MOIC

1.5x

Top Quartile PA 1.0x

0.5x Median

0.0x 2016 2017 2018 2019 Q2 2020 (1) Refers to the performance of investments made since 2015 in PACIF III, and the PACIF IV Program (excluding the 20% Mandate –see “PACIF IV Program Disclosure” for more information). Provided for informational purposes only. Should not be considered as representative of a fund managed by PA Capital or available to investors. Estimated and unaudited as of June 30, 2020. Please see the Disclosures section for information related to performance and valuation methodology. Full track record can be found on the “PA Private Markets Track Record” page in the Appendix. (2) Source for PE benchmark: Cambridge Associates, 42 US buyout funds, vintage year 2015 . As of June 30, 2020. (Note: Disclosures can be found in the Disclosures section of the Appendix.) Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 34 PA Deals Have Historically Outperformed Passed Deals Strong Track Record

PA Executed Deals vs. Passed-On Deals Gross MOIC | As of June 30, 2020(1)(2)

Typical Attributes of Passed Investments 1.9x

► Industry-related concerns 1.6x ► Profile of business (e.g., not cash flow positive, distressed, capital intensive) ► Transaction dynamics (e.g., non- control investment, add-ons) ► Potential for misalignment with sponsor or management team ► Valuation ► Sponsor value creation plan ► PA portfolio construction

PA Co-Invest Passed Deal Avg. MOIC

(1) Refers to the performance of investments made since 2015 in PACIF III, and the PACIF IV Program (excluding the 20% Mandate – see “PACIF IV Program Disclosure” for more information). Provided for informational purposes only. Should not be considered as representative of a fund managed by PA Capital or available to investors. Estimated and unaudited as of June 30, 2020. Please see the Disclosures section for information related to performance and valuation methodology. (2) “Passed Deals” MOIC is computed as an average MOIC of 50 deals on which PA conducted due diligence since 2015 but did not invest in one of the funds outlined in footnote 1. In total, PA passed on 350 to 400 co-investment deals after conducting due diligence over the same period. Analysis is limited to those deals for which information is available as of June 30, 2020. Company information has been provided by the underlying sponsors, is subject to change, and has not been independently verified or audited. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 35 Investment Schedule: Investments Since 2015 Strong Track Record

As of June 30, 2020. USD in Millions. Aggregate performance should not be considered as representative of a fund available to investors.

Valuation Summary - Investments Since 2015(1)(2) Estimated Entry Invested Realized Residual Multiple of Estimated Company Sponsor Date Fund Capital Proceeds Value Cost Gross IRR Exit Date Realized Company 1 Sponsor 1 Jul-15 PACIF III $5.2 $12.5 $0.0 2.4x 33.3% Aug-18 Company 2 Sponsor 2 May-15 PACIF III 3.6 10.5 0.4 3.0x 39.6% Nov-18 Company 3 Sponsor 3 Jun-15 PACIF III 4.3 14.3 0.0 3.4x 46.4% Dec-18 Company 4 Sponsor 4 Dec-17 PACIF IV / PASCCIF 6.5 28.1 0.0 4.3x 163.6% Jun-19 Total Realized $19.6 $65.4 $0.5 3.4x 52.1% Unrealized Company 5 Sponsor 5 Feb-15 PACIF III $5.6 $0.0 $5.9 1.1x 1.3% Company 6 Sponsor 6 Mar-15 PACIF III 10.0 14.4 11.3 2.6x 22.3% Company 7 Sponsor 7 Sep-15 PACIF III 6.5 1.7 12.0 2.1x 17.8% Company 8 Sponsor 5 Dec-15 PACIF IV / PASCCIF 4.0 1.0 1.4 0.6x (14.0%) Company 9 Sponsor 8 Dec-15 PACIF IV / PASCCIF 8.0 5.8 13.6 2.4x 24.4% Company 10 Sponsor 9 Aug-16 PACIF IV / PASCCIF 4.0 1.0 8.4 2.3x 26.2% Company 11 Sponsor 10 Nov-16 PACIF IV / PASCCIF 4.0 0.0 6.1 1.5x 12.3% Company 12 Sponsor 11 Jan-17 PACIF IV / PASCCIF 4.0 0.2 5.6 1.4x 11.4% Company 13 Sponsor 3 Feb-17 PACIF IV / PASCCIF 5.6 0.0 1.1 0.2x (37.9%) Company 14 Sponsor 12 Apr-17 PACIF IV / PASCCIF 6.0 0.0 15.2 2.5x 36.8% Company 15 Sponsor 13 Sep-17 PACIF IV / PASCCIF 5.0 0.3 5.0 1.1x 1.9% Company 16 Sponsor 14 Dec-17 PACIF IV / PASCCIF 11.4 0.0 28.3 2.5x 55.0% Company 17 Sponsor 15 Jun-18 PACIF IV / PASCCIF 4.5 0.0 4.7 1.0x 2.3% Company 18 Sponsor 16 Jul-18 PACIF IV / PASCCIF 4.0 5.0 5.7 2.7x 111.2% Company 19 Sponsor 17 Aug-18 PACIF IV / PASCCIF 5.8 0.0 12.1 2.1x 47.9% Company 20 Sponsor 14 Aug-18 PACIF IV / PASCCIF 6.5 0.0 10.3 1.6x 27.8% Company 21 Sponsor 9 Jan-19 PACIF IV / PASCCIF 3.0 0.0 3.6 1.2x 12.6% Company 22 Sponsor 18 Feb-19 PACIF IV / PASCCIF 5.0 0.0 5.0 1.0x 0.0% Company 23 Sponsor 19 May-19 PACIF IV / PASCCIF 4.3 0.0 4.4 1.0x 3.0% Company 24 Sponsor 20 Jun-19 PACIF IV / PASCCIF 6.0 0.0 0.0 0.0x n/m Company 25 Sponsor 21 Jul-19 PACIF IV / PASCCIF 6.3 0.0 24.2 3.9x 324.7% Company 26 Sponsor 22 Jul-19 PACIF IV / PASCCIF 5.7 0.0 3.8 0.7x (38.8%) Company 27 Sponsor 23 Oct-19 PACIF IV / PASCCIF 7.5 0.0 7.5 1.0x 0.0% Company 28 Sppnsor 8 Dec-19 PACIF IV / PASCCIF 4.0 0.0 3.6 0.9x (18.3%) Total Unrealized $136.5 $29.3 $198.6 1.7x 20.9%

Total Post-2015 (Gross) $156.1 $94.7 $199.1 1.9x 27.2% Total Post-2015 (Net) 1.7x 23.0%

Note: Performance information is provided for informational purposes only and should not be considered representative of a fund managed by PA Capital. Performance for each underlying company are estimated and derived from information provided by the lead equity sponsor. While we believe the data to be reliable, we cannot guarantee the accuracy of such information. (1) All data is estimated and unaudited. Neither past performance, estimated values, nor estimated IRRs are necessarily indicative of the future results. Please see the Disclosures for important disclosures regarding valuation methodology. (2) Schedule includes investments made in the following PA Capital funds since 2015: PACIF III, and PACIF IV Program (excluding the 20% Mandate – see “PACIF IV Program Disclosure” for an explanation of the Mandate). Full track record can be found on the “PA Private Markets Track Record” page in the Appendix. (Note: Disclosures can be found in the Disclosures section of the Appendix.) Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 36 Investments Since 2015: Portfolio Detail Strong Track Record

Investment Summary

29 24 3.4% Portfolio Companies Deal Sponsors Avg. Position Size

Portfolio Diversification

2020 Software 3% 13% Business Services 21% 2015 2019 29% Materials 26% 6%

Consumer Exposure by Products Information & Industry 6% Investment IT Services Exposure 17% Year 2016 Distribution 5% 13% 2018 13% Industrials Energy 2017 10% Healthcare 3% 24% 11%

Note: All data as of June 30, 2020. Includes investments closed post-June 30, 2020. Includes investments made in the following PA Capital funds since 2015: PACIF III, and the PACIF IV Program (excluding the 20% Mandate – see “PACIF IV Program Disclosure” in the Disclosures section of the Appendix for an explanation of the Mandate). Exposure by industry and investment year based on invested capital. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 37 Case Study: America’s Auto Auction Secondary Sale

Leveraging the PA Platform to monetize a portion of a top performing co-investment

The Opportunity The Results

Generated 3.3x gross MOIC on realized portion of America’s Auto Auction, Inc. (“AAA”) investment during a 4-year hold period(1) is the third largest automobile auction operator in the U.S. Financial Results ($ in millions)(2)

Secondary Sale $45 Change in LTM EBITDA Active discussions regarding exit $21 considerations and timing internally and +112% with sponsor At Entry At Sale

Leveraged PA’s Secondaries Team to 9.5x Change in better understand opportunity to sell a 6.7x EV / EBITDA portion of AAA on the secondary market +42% At Entry At Sale

Approached a small group of buyers and ultimately sold 50% of stake in AAA for Monetized portion of strong AAA performance 3.3x cost basis Significantly de-risked PACIF III portfolio

Note: This example is presented for discussion purposes only and has been selected in PA Capital’s sole discretion and is intended to serve as a non‐exhaustive example of the types of co-investment selections made in the portfolio. Individual case studies are not a reliable indicator of the likely performance of the Fund. There can be no assurance that the Fund will be able to make investments with the same or even similar characteristics as this case study describes. Please refer to the Disclosures section of the Appendix for footnotes related to this case study and the Co-Investment Case Study disclosure. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 38 B. Team Biographies PASCCIF II Investment Committee Biographies

Chip Moelchert, CFA CEO Chip Moelchert is responsible for setting the firm’s strategic direction and overseeing its day-to-day activities. Prior to joining PA Capital, ChipwasaPartner at Jefferson Capital Partners, a boutique merchant bank focused on the healthcare, consumer, and business services industries. Prior to Jefferson Capital, Chip was a Portfolio Manager at Wheat First Butcher Singer Inc. Chip received a B.S. in Finance from the University of Richmond.

Chris Stringer President Chris Stringer is responsible for overseeing the day-to-day activities of the firm, including investment management, client relationships, and marketing. He is also involved in all aspects of private equity investment sourcing, due diligence, and monitoring broadly. Prior to joining PA Capital, Chris was a Vice President at Jefferson Capital Partners, a boutique merchant bank with a focus on the healthcare, consumer, and business services industries. Prior to Jefferson Capital, Chris worked at Arthur Andersen L.L.P. Chris received a B.S. in Accounting from Florida State University and an M.B.A. from the Darden Graduate School of Business Administration at University of Virginia.

Todd Milligan Managing Director Todd Milligan focuses on buyout, growth equity, and turnaround manager relationships in North America. He is involved in all aspects of private equity investment sourcing, due diligence, and monitoring broadly. Prior to joining PA Capital, Todd worked in investment banking at Ewing Bemiss & Co. where he focused on mergers and acquisitions, private placements, and providing strategic advisory services to middle market companies. Todd received a B.S. in Business Administration from the University of Richmond.

Bart Shirley, CFA Managing Director Bart focuses on opportunistic secondary market investments with an emphasis on Low Mid Market market transactions. He is involved in private equity investment sourcing, due diligence, and monitoring more broadly. Bart was previously a founder of Cuyahoga Capital Partners, which was acquired by PA Capital in 2012. Prior to Cuyahoga, he was a Managing Director at KCC Management LLC, a subsidiary of KeyCorp, where he led the firm’s private equity investment activities in both the secondary and primary markets. Prior to joining KCC, Bart helped start and co-managed the private equity fund investing program at Nationwide Insurance Company. Before Nationwide, he worked in municipal finance as an advisor to issuers and as a buy-side analyst. Bart received a B.A. from Rhodes College. Bart is a member of the PASF VI Investment Committee.

Louise Woltz Smith Managing Director Louise Woltz Smith focuses on buyout, growth equity, and turnaround manager relationships in North America. She is involved in all aspects of private equity investment sourcing, due diligence, and monitoring with an emphasis on fund investments. Before joining PA Capital, Louise worked in investment banking at Harris Williams & Co. where she executed sell-side mergers and acquisitions across a variety of industries. Louise received both a B.S.B.A.and an M.B.A. from the Kenan-Flagler Business School at University of North Carolina at Chapel Hill.

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 40 Co-investment Team Biographies

Richard Wiltshire Managing Director Richard Wiltshire focuses on direct investments and co-investments in Low Mid Market companies. He is also involved in all aspects of private equity investment sourcing, due diligence, and monitoring more broadly. Prior to joining PA Capital, Richard was a Senior Investment Officer with the Virginia Retirement System (“VRS”), where he launched and directed the private equity co-investment program. Before VRS, Richard was a Vice President at Quad-C Management, where he assisted in making control equity investments in private middle market companies across industries. Prior to Quad-C, Richard worked in investment banking at Harris Williams & Co. and Banc of America Securities. Richard received a B.S. in Commerce from the University of Virginia.

Bryan Pendleton Director Bryan Pendleton is responsible for research, sourcing, due diligence, portfolio construction and monitoring of direct private equity investments.Priorto joining PA Capital, Bryan was an Associate in the Depositories Investment Banking Group at Keefe, Bruyette & Woods (KBW), a full-service investment bank that specializes in the financial services sector. While at KBW, Mr. Pendleton executed mergers and acquisitions, FDIC-assisted transactions, public and private capital raising, and other investment banking services for the depositories industry. Mr. Pendleton holds a B.S. in Business Administration, Magna Cum Laude, with concentrations in Finance and Accounting from the University of Richmond.

Sarah Bowron Associate Sarah Bowron focuses on direct investments and co-investments in Low Mid Market companies. She is also involved in all aspects of private equity investment sourcing, due diligence, and monitoring. Prior to joining PA Capital, Sarah worked for Wells Fargo Securities. Sarah received a B.S. from the University of Virginia.

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 41 C. Disclosures PA Capital Private Markets Track Record

As of June 30, 2020

Vintage Fund Size Drawn in % of Distributed to Est. Net IRR Since Fund Strategy Net Multiple(5) Year (in M) Commitment Paid In (%) Inception(6) PA Private Equity Fund(1)(2) Multi-Manager 1999 $65 (3) 112.3% (4) 238.0% 2.4x 19.8% (Buyout & Opportunistic Portfolio Only) (3) PA Small Company Buyout Fund(1)(2) Multi-Manager 2001 175 96.8% 224.0% 2.2x 23.2% PA Small Company Buyout Fund II(1)(2) Multi-Manager 2003 296 101.2% 167.9% 1.7x 10.4% PA Co-investment Fund(1) Co-Invest 2006 50 108.5% 162.9% 1.8x 11.1% PA Small Company Buyout Fund III(1) Multi-Manager 2007 203 95.3% 152.1% 1.7x 11.4% CC Emerging Buyout Partners(1)(7) Multi-Manager 2009 70 95.0% 172.6% 2.0x 16.8% PA Co-investment Fund II(1) Co-Invest 2010 70 110.6% 88.7% 1.2x 4.2% PA Small Company Buyout Fund IV(1) Multi-Manager 2010 212 99.4% 115.5% 1.6x 11.3% CC Partners IV(1)(7) Secondaries 2011 135 95.1% 121.1% 1.6x 14.4% PA Small Company Buyout Fund V Program(1)(8) Multi-Manager 2012 340 90.5% 89.3% 1.7x 13.9% PA Co-investment Fund III(1) Co-Invest 2013 121 104.1% 101.9% 1.6x 11.2% PA Small Company Private Equity Fund VI(1) Multi-Manager 2014 350 79.4% 34.6% 1.3x 11.3% PA Co-investment Fund IV(1) Co-Invest 2015 56 90.4% 31.7% 1.6x 22.4% PA Small Company Co-investment Fund Program(1)(9) Co-Invest 2016 97 87.2% 28.6% 1.4x 20.9% PA Small Company Private Equity Fund VII(1) Multi-Manager 2016 350 76.9% 13.9% 1.1x 7.9% PA Real Assets Fund(1) Real Assets 2016 205 92.5% 23.2% 1.0x 2.0% PA Secondary Fund V(1)(7) Secondaries 2016 275 66.3% 8.6% 1.4x 19.5% PA Small Company Private Equity Fund VIII(1) Multi-Manager 2018 420 41.5% 5.3% 1.1x n/m PA Real Assets Fund II(1) Real Assets 2018 242 65.3% 7.7% 1.0x n/m PA Small Company Private Equity Fund IX*(1)(10) Multi-Manager 2020 350 n/a n/a n/m n/m

Note: Funds marked with a * are actively investing. (1) Figures are estimated, and unaudited as of June 30, 2020. These funds are managed by PA Capital, LLC (“PA”). (2) These funds are fully realized. (3) PA Private Equity Fund, LP is a $101.3 MM diversified fund of funds. Two-thirds of the committed capital was committed to 10 small company buyout and growth equity managers and 1 co-investment. The remainder was committed to 8 venture capital managers. The data displayed above is representative of the buyout and growth equity portfolio only. Including the venture capital positions, PAPEF had a net IRR of 10.1% and a net multiple of 1.8x. (4) Includes capital recycled by underlying managers. (5) Computed as follows: (Distributed Capital + Capital Account Value)/Contributed Capital. Please see each respective capabilities’ disclosures section for information related to the computation of estimated Capital Account Value. (6) Please see respective capabilities’ disclosures section for information related to computation of estimated IRR. (7) PA Capital acquired the investment advisory business of Cuyahoga Capital Partners in October of 2012. Secondaries funds I-III were invested under a different strategy than the Firm now employs prior to the Secondaries Team joining PA and are fully realized. As such they are not included in this track record. Please see the Secondary Disclosures in the Appendix for the full secondaries track record. (8) PA Small Company Fund V Program includes a Fund V onshore vehicle ($279.0 million fund size) and an offshore Fund V ERISA vehicle ($61.0 million fund size). The ERISA vehicle was established to accept benefit plan asset investors and is a parallel fund to the onshore vehicle. (9) The PA Small Company Co-investment Program (“PASCCIF”) includes PASCCIF and PASCCIF-ERISA. (10) PASCPEF IX is in the process of fundraising. The fund size of $350M represents a target. $263M has been raised to date as of September 30, 2020. (Note: Disclosures can be found in the Disclosures section of the Appendix.) Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 43 Footnotes Disclosures

Platform-Wide Sourcing, Due Diligence & Investment Process (1) Refers to members of the Private Equity Team, including some members of senior leadership team who are on the PASCCIF II investment committee. (2) Based on deals sourced since the launch of the dedicated PA co-investment strategy in 2006. (3) Source: PA’s proprietary database. As of June 30, 2020. (4) Refers to funds in PA commingled funds or LMM separate accounts which have not been liquidated (including Multi-Manager program and Real Assets program). (5) Refers to advisory board seats held in PA’s commingled multi-manager funds historically since PA’s inception. (6) Refers to investments made since 2015 in PACIF III, and the PACIF IV Program (excluding the 20% Mandate – see “PACIF IV Program Disclosure” for more information). Underlying data provided by sponsors and has not been independently verified. (7) Refers to investments made since the inception the Firm’s co-investment program. There can be no assurances the actual volume of deals will match the figures presented herein.

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 44 Disclosures Disclosures

Valuation Methodology for PA Capital Co-investment Funds Important disclosures regarding valuation methodology for PA Capital Co-investment Fund, LP (“PACIF”), PA Capital Co-investment Fund II, LP (“PACIF II”), PA Capital Co-investment Fund III, LP (“PACIF III”), PA Capital Co-investment Fund IV, LP (“PACIF IV”), PA Capital Small Company Co-investment Fund, LP (“PASCCIF”), and PA Capital Small Company Co-investment Fund-ERISA (“PASCCIF-E”): There can be no assurances that the actual IRR will not be materially different from the estimates presented here. The estimated IRR is calculated by PA Capital based on information provided in part by the underlying co-investment companies and upon PA Capital’s own valuations of the underlying co-investment companies. To the extent the actual Residual Value is materially lower than the estimate provided herein, the actual IRR will also be materially lower. The estimated residual value may never be realized. There can be no assurances that unrealized value included in the estimated Residual Value calculations will be realized at the time the underlying funds liquidate their investments. Investments which are currently reflecting unrealized gain may realize a loss when actually liquidated. Neither past performance, estimated values, nor estimated IRRs are necessarily indicative of future results. Co-investments are generally valued at cost for the first year after investment unless a material event occurs. After the first year, values may be estimated higher or lower which could significantly impact performance. All figures are estimated, unaudited and subject to change unless otherwise noted and are shown net of all expenses, management fees, and estimated carried interest. The PACIF IV Program has a credit line available for short-term financing to decrease the overall frequency of capital calls, which may have an impact on the IRR of the fund. Please see Effects of Leverage on Gross and Net IRR disclosure for additional information. All underlying co-investment company data contained herein is based upon information provided by the underlying co-investment company and is provided solely for illustrative purposes. Effects of Leverage on Gross and Net IRRs Calculations of net and gross IRRs in respect of investment and performance data included and/or referred to herein are based on the payment date of capital contributions received from limited partners, even in instances where a fund or account utilizes borrowings under a subscription-based credit facility. The use of a subscription-based credit facility (or other fund-level leverage) with respect to investments may result in a higher or lower reported gross IRR and net IRR at the fund-level than if such subscription facility (or other fund-level leverage) had not been used and instead the investors’ capital had been contributed at the inception of each such investment. This is due to the fact that calculations of gross IRR and netIRRarebasedontheperiodoftime between (a) the date of limited partner contributions for a relevant investment (and not the date the investment was made) and (b) the date of distribution from the applicable fund or account to investors. Therefore, if a subscription facility is used to fund an investment, capital may be called more slowly from the limited partners to repay such borrowings, which would shorten the time between such contribution and distribution and consequently increase or decrease gross IRR and net IRR. Additionally, early in a fund or account’s life, the use of a subscription-based credit facility could cause the amount of invested capital to exceed drawn capital. Prior Performance In considering the prior performance information contained herein, prospective investors should bear in mind that past performance is not indicative of future results and there can be no assurance that the Partnership will achieve its objective or will not incur substantial losses. The Partnership is not required by law to follow any standard methodology when calculating and presenting performance data. The performance of the Partnership may not be directly comparable to the performance of other private investment funds. In addition, there can be no assurance that unrealized investments will be realized at the valuations shown as actual realized returns. Most of such unrealized investments are in privately-held companies for which there is no trading market. Prospective investors are cautioned not to rely on the prior returns set forth herein in making a decision whether or not to purchase the interests offered hereby. The return information contained herein has not been audited or verified by any independent party and should not be considered representative of the returns that may be received by an investor in the Partnership. Actual returns will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs, and the timing and manner of sale, all of which may differ from the assumptions on which the valuations contained herein are based. Nothing contained herein should be deemed to be a prediction or projection of future performance of the Partnership. Public Market Equivalent Calculation Disclosure In order to avoid comparing dollar-weighted private equity IRRs to time-weighted returns of public markets, the public market equivalent IRR’s have been calculated using the Direct Alpha method, a methodology that attempts to create a comparable performance metric by assuming that the capital invested in a private equity portfolio was invested into a public stock market index instead. This is accomplished by calculating an IRR for the contributions, distributions, and capital accounts of the PA Capital underlying fund managers. The cash flows are discounted at the respective public stock market index’s rate of return and the sum of the underlying fund manager capital accounts is the terminal value. Please see: Gredil, Griffiths, and Stucke, “Benchmarking Private Equity: The Direct Alpha Method” (February 28, 2014).

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 45 Disclosures Disclosures

Target Returns The targeted returns included are for illustrative purposes only. Accordingly, no assumptions or comparisons should be made based upon these returns. Projected returns are subject to inherent limitations. One limitation is that the returns do not take into account the impact that market and economic risks, such as defaults, prepayments, and reinvestment rates. In addition, target returns are subject to risks and uncertainties that may change at any time, and, therefore, actual results may differ materially from those expected. In no circumstances should the targeted returns be regarded as a representation, warranty or prediction that the Fund will reflect any particular performance or that it will achieve or is likely to achieve any particular result or that investors will be able to avoid losses, including total loss of their investment. Inherent in any investment is the potential for loss. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results.

Case Study Disclosure The case studies presented herein are for discussion purposes only. Case studies are not reliable indicators of the likely performance of the fund. There can be no assurances the fund will be able to make similar investments in the future or that any of the investments in the fund will be profitable. A complete loss of capital is possible. Certain statements made in the case studies are not historical facts and may contain forward-looking statements which are based on the current beliefs and expectations of PA Capital LLC, the company, or the sponsor. These forward-looking statements are subject to significant risks and uncertainties, are subject to change, are relevant as of the date of this communication, and will not be updated by PA Capital LLC. Past performance is not indicative of future returns. Please see the fund offering materials for further information.

PACIF IV Program Disclosure The PA Co-investment Fund IV Program (the “PACIF IV Program”) consisted of four components: the PA Co-investment Fund IV, LP (“PACIF IV”), PA Small Company Co-investment Fund, LP (“PASCCIF”), PA Small Company Co-investment Fund - ERISA, LP (“PASCCIF-E”), and a separately managed account which was managed pari-passu with PACIF IV. PASCCIF and PASCCIF-E were managed 80% pari passu to PACIF IV and 20% to a client specific mandate (the “20% Mandate”). For the purposes of discussing the track record of the PACIF IV Program, we have excluded the results of the 20% Mandate as this specific mandate will not carry over to the next fund.

Benchmarking Disclosure Data included in the Cambridge Associates benchmark statistics does not represent the returns of all U.S. buyout and growth funds but only those to which Cambridge Associates has access. The number of funds included in the Cambridge Associates benchmark data for a specific vintage year will likely vary. Moreover, performance information for all U.S. buyout and growth funds may differ from those reported by Cambridge Associates. Comparisons to alternative investment indices are subject to material inherent limitations. In particular, the universe from which the components of an alternative investment index are selected includes a significant element of “survivor bias” into the reported levels of an index, as generally only successful funds will continue to report for the required period. Accordingly, indexation of alternative investment strategies tends to overstate the beneficial aspects of these strategies while obscuring certain risks, including the “risk of ruin.” Performance of the S&P 500 is for information purposes only and does not provide a basis of comparison for private equity fund investments as the market volatility, liquidity and other characteristics of private equity fund investments are materially different from those of the S&P 500.

Enterprise Value Disclosure The enterprise value is the sum of total equity value plus a company’s net funded debt at a given point in time.

Aggregate Commitment Figures Disclosure Aggregate investment / commitment figures include investments made through PA’s commingled and customized primaries, secondaries, co-investment, and real assets funds investing in the Low Mid Market. For primary funds (including private equity and real assets investments), commitment / investment figures represent commitment to an underlying fund. For secondary investments, commitment / investment figures represent exposure at purchase, which is defined as capital funded at close as well as any unfunded commitment. For co-investment funds (including private equity and real assets investments), commitment / investment figures include invested capital and capital reserved for follow-on investments. The full amount of a commitment to an underlying investment may not be called in all cases.

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 46 Disclosures Disclosures

Valuation Methodology for PA Capital Secondaries Funds Important disclosures regarding valuation methodology for Cuyahoga Capital Partners IV, LP (“CCP IV” or “Fund IV”), Private Advisors Secondary FundV,LP(“PASFV”or“FundV”),andPrivate Advisors Secondary Fund VI, LP (“PASF VI” or “Fund VI”): All figures are estimated, unaudited and subject to change unless otherwise noted and are shown net of all expenses, management fees, and estimated carried interest except where noted as gross. Gross results are net of underlying manager fees, but gross of PA Capital’s fees (which include fund level fees, including PA Capital’s management fee and carry and CCP fund expenses). All figures reflect the reinvestment of dividends and other earnings, where applicable. Performance estimates are shown on a capital account basis and are based on the individual capital account values as reported to us by the underlying managers, which are subject to change and have not been independently verified or audited. Net IRR is calculated using Fund-level cash flows and the capital account value of the Fund. The Net IRR and the gross IRR are computed using the actual day of each cash flow. Individual performance may differ based upon new issue eligibility. There can be no assurances that the capital account value is a true representation of actual market value, nor can there be any assurances that the estimated net IRR will not be materially different from the estimate presented here. The capital account value may never be realized. There can be no assurances that unrealized value included in the capital account value will be realized at the time the underlying funds liquidate their investments. Investments which are currently reflecting unrealized gain may realize a loss when actually liquidated.

Underlying portfolio exposures are subject to change by underlying managers and are not directly controlled by PA. Future portfolio investments are subject to the discretion of PA and may change without notice. Neither past performance, estimated values, nor pro forma IRRs are necessarily indicative of future results. Certain impacts to public health conditions particular to the COVID-19 outbreak may also have a significant negative impact on the operations and profitability of investments. The extent of the impact to the financial performance of investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the effects of governmental and medical organizations’ restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on various industries and on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of investments is impacted by these developments for an extended period, investment results may be materially adversely affected.

Multiple on Invested Capital (“MOIC”) is computed as follows: (Distributed Capital + Capital Account Value) / Contributed Capital. Calls and distributions are net of distributions subject to recall.

Fund V and Fund VI have credit lines available for short-term financing to decrease the overall frequency of capital calls, which may have an impact on the IRR of the Fund. Please see Effects of Leverage on Gross and Net IRR disclosure for additional information.

Valuation Methodology for PA Capital Real Assets Funds Important disclosures regarding valuation methodology for Private Advisors Real Assets Fund, LP (“PARAF”) and Private Advisors Real Assets Fund II, LP (“PARAF II”): All figures are estimated, unaudited and subject to change unless otherwise noted and are shown net of all expenses, management fees, and estimated carried interest. All figures reflect the reinvestment of dividends and other earnings, where applicable. Performance estimates are shown on a capital account basis and are based on the individual capital account values as reported to us by the underlying managers, which are subject to change and have not been independently verified or audited. Net IRR is calculated using Fund-level cash flows and the capital account value of the Fund. Individual performance may differ based upon new issue eligibility. The Fund has a credit line available for short-term financing to decrease the overall frequency of capital calls, which may have an impact on the IRR of the Fund. There can be no assurances that the capital account value is a true representation of actual market value, nor can there be any assurances that the estimated net IRR will not be materially different from the estimate presented here. The capital account value may never be realized. There can be no assurances that unrealized value included in the capital account value will be realized at the time the underlying funds liquidate their investments. Investments which are currently reflecting unrealized gain may realize a loss when actually liquidated. Co-investments are generally valued at cost for the first year after investment unless a material event occurs. After the first year, values may be estimated higher or lower which could significantly impact performance. Underlying portfolio exposures are subject to change by underlying managers and are not directly controlled by PA Capital. Future portfolio investmentsaresubjecttothediscretionofPA Capital and may change without notice. Neither past performance, estimated values, nor pro forma IRRs are necessarily indicative of future results.

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 47 Disclosures Disclosures

Valuation Methodology for PA Capital Multi-Manager Funds Important disclosures regarding valuation methodology for Private Advisors Private Equity Fund, LP (“PAPEF”), Private Advisors Small Company Buyout Fund, LP (“PASCBF”), Private Advisors Small Company Buyout Fund II, LP ("PASCBF II"), Private Advisors Small Company Buyout Fund III, LP (“PASCBF III”), Cuyahoga Capital Emerging Buyout Partners, LP (“CC EBP”), Private Advisors Small Company Buyout Fund IV, LP, (“PASCBF IV’), Private Advisors Small Company Buyout Fund V, LP (“PASCBF V”), Private Advisors Small Company Buyout-V ERISA Fund, LP (“PASCBF V-ERISA”), Private Advisors Small Company Private Equity Fund VI,LP(“PASCPEFVI”),PrivateAdvisorsSmallCompanyPrivateEquityFundVII ,LP (“PASCPEF VII”), and Private Advisors Small Company Private Equity Fund VIII, LP (“PASCPEF VIII”): All figures are estimated, unaudited and subject to change unless otherwise noted and are shown net of all expenses, management fees, and estimated carried interest. All figures reflect the reinvestment of dividends and other earnings, where applicable. Performance estimates are shown on a capital account basis and are based on the individual capital account values as reported to us by the underlying managers, which are subject to change and have not been independently verified or audited. Net IRR is calculated using Fund-level cash flows and the capital account value of the Fund. Individual performance may differ based upon new issue eligibility. PASCPEF VI, PASCPEF VII, and PASCPEF VIII have credit lines available for short-term financing to decrease the overall frequency of capital calls, which may have an impact on the IRR of the fund. Please see Effects of Leverage on Gross and Net IRR disclosure for additional information. For PAPEF: The estimated PAPEF buyout and growth equity portfolio IRR is calculated using the cash flows of the underlying buyout and growth equity managers and the portion of the fees charged by PA Capital attributable to buyout and growth equity investments. This portion equals the sum of buyout and growth equity commitments divided by the total commitments made by PAPEF. There can be no assurances that the capital account value is a true representation of actual market value, nor can there be any assurances that the estimated net IRR will not be materially different from the estimate presented here. The capital account value may never be realized. There can be no assurances that unrealized value included in the capital account value will be realized at the time the underlying funds liquidate their investments. Investments which are currently reflecting unrealized gain may realize a loss when actually liquidated. Underlying portfolio exposures are subject to change by underlying managers and are not directly controlled by PA Capital. Future portfolio investments are subject to the discretion of PA Capital and may change without notice. Neither past performance, estimated values, nor pro forma IRRs are necessarily indicative of future results.

Index Definitions Cambridge Associates Private Equity Benchmarks – Cambridge Associates US Private Equity Benchmark Statistics represent a robust collection of institutional quality private fund performance and are based on data compiled from institutional-quality global buyout and growth equity funds formed since 1986. The benchmark aggregates portfolio-level performance information. Fund and investment-level performance information is drawn from the quarterly and audited annual financial statements of the fund managers and each manager’s reported performance numbers are independently recreated from the financial statements and verified by Cambridge Associates. Benchmarks can be aggregated across relevant strategies, vintage years, fund sizes, etc. Russell 2000 Index – The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. S&P 500 Total Return Index (or “S&P 500 TR”) – The index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted towards stocks with large market capitalizations. The index assumes reinvestment of dividends and capital gains at net asset values. You cannot invest directly in the Index.

Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 48 Disclosures Disclosures

Full Secondaries Track Record Please find below the full track record of secondary funds raised by Cuyahoga Capital Partners prior to the team joining PA (Prior Strategy Funds) and since the team joined PA (Current Strategy Funds). Please note: Funds I-III were raised and invested prior to the team joining PA in 2012. Each of the funds had non- traditional investment periods (12-19 months) and a different investment focus than the current strategy, including significant allocations to venture capital and fund-of-funds. Funds I-III are fully realized.

Vintage Fund Size Drawn in % of Distributed to Paid Net Net IRR Since Fund (2) (4) Year (in M) Commitment In(2) (%) Multiple(3) Inception

Prior Strategy

2005 Fund I(5) $18 92.9% 159.0% 1.6x 10.5%

2007 Fund II(5) $26 103.8% 112.5% 1.1x 2.1%

2008 Fund III(5) $59 93.4% 147.9% 1.5x 12.5%

Current Strategy

2011 Fund IV(1) $135 95.1% 121.1% 1.6x 14.4%

2016 Fund V(1) $275 66.3% 8.6% 1.4x 19.5%

Note: PA Capital acquired the investment advisory business of Cuyahoga Capital Partners in October of 2012. (1) Data is estimated and unaudited as of June 30, 2020. These funds are managed by PA Capital (“PA”). Fund IV did not utilize an LOC. Fund V utilized an LOC. (2) Capital called and distributed are presented net of distributions subject to recall. (3) Computed as follows: (Distributed Capital + Capital Account Value)/Contributed Capital. Please see Disclosure 1 for disclosures related to the computation of estimated Capital Account Value. (4) See Disclosure 1 for information related to computation of IRR. (5) These funds were invested prior to the Secondaries Team joining PA and are fully realized. Please see the “Prior Performance” Disclosure for more information about the Secondaries Team. Confidential – Past performance does not guarantee or indicate future results. There is no guarantee investment objectives will be achieved. PA Capital 49

Firm: Select Equity Group, LP Strategy/Product: Baxter Street Client: MWRA Retirement System

NEPC Manager Due Diligence Questionnaire - Update

Instructions

Thank you for taking the time to complete this questionnaire. Please note that your response will be part of the NEPC Research Database.

Firm/Organization 1. Have there been any changes in ownership or management in the past year?

Select Equity Group is 100% employee owned and there are 13 Principals with equity interests as of 12/31/20. During the past several years, the Firm has broadened ownership among its employees and plans to add additional Principals in future years. There were no additional Principals added during 2020. After more than five years at Select Equity helping to establish Astor Place Holdings (“APH”), the private investment arm of Select Equity Group, Praveen Jeyarajah retired at the end of 2020 and joined APH’s team of Senior Advisors. Praveen plans to devote more of his time to serving the needs of low-income communities going forward but has committed to remaining a resource to the APH Team as needed.

2. List firm AUM, net flows and accounts gained/lost for the past 5 years.

See below for Firm AUM and Net Flows, based on internal estimates as of 12/31/20:

Calendar 2016 2017 2018 2019 2020 Year

AUM $19,019 $23,150 $29,296 $28,532 $38,876 (millions)

Net +$1,873 +$134 -$986 +$503 +$3,789 Flows (millions)

Please note that 12/31/20 AUM and 2020 flows are approximate and based on internal estimates.

As a Firm we have over 2,000 accounts and we have not historically kept a record of the number of accounts gained and lost.

3. Have there been any new or discontinued products in the past year?

Select Equity launched Hudson Street, a long-only, US Small Cap strategy, on April 1, 2020 with internal capital. Hudson Street focuses on identifying and investing in SEG-quality businesses earlier in their lifecycles, primarily with market capitalizations less than $2.5 billion at the time of initial investment. Nancy Walker serves as the Portfolio Manager. Nancy is a Principal of the Firm and has been an Analyst at Select Equity since 2002. She previously served as the Associate Portfolio Manager of our flagship long/short strategy and Director of Research.

In order to develop deep domain expertise in 5G and mobility, on July 1, 2020 Select Equity took over management of a mobility-focused long/short equity strategy, which was previously managed by an affiliate of Delafield Hambrecht, Inc., a boutique Seattle-based asset management firm. Launched in 2003, the strategy is concentrated and invests globally across the market cap spectrum. Under the SEG-umbrella, the strategy re-branded as Shinbone Alley.

4. Are any products capacity constrained?

Capacity for any strategy is not static and is informed by a number of dynamic inputs including market volatility, liquidity, cash levels and the volume of actionable investment ideas. Capacity constraints are moving targets subject to periodic adjustments.

The Baxter Street strategy is hard-closed and not currently accepting new capital except to replace outflows.

The Firm’s US Core Long-Only strategy is soft-closed, only accepting capital from existing client relationships.

The Firm’s US long/short strategy, SEG Partners, is nearing capacity and we expect to soft-close the strategy in the near future.

5. Describe any current or pending regulatory, compliance or litigation issues and the expected business impact.

The Firm has not been party to any past litigation and is not aware of any pending litigation arising from the advisory business. As a policy matter, we do not discuss communications or requests for information from regulators. Should we become subject to a formal investigation or proceeding by a regulatory authority that we reasonably believe could materially affect our ability to provide investment management services, we will notify clients of such event to the extent permitted by law and such authority.

Portfolio Management Team 1. Have there been any changes in the portfolio management team in the past year? No.

2. Are there any expected changes to the team in the future (planned additions or departures)?

We do not generally target specific staff levels for any particular area.

Rather, we opportunistically hire talent as needed to meet our operational needs, and historically have added to our team during uncertain economic periods when quality professionals become available.

There have been no material changes to the philosophy or process.

Philosophy 1. Describe recent changes in investment philosophy, if any.

N/A.

Portfolio 1. If not included in your meeting presentation, provide portfolio holdings, sector exposure, geographic exposure and common characteristics (yield, duration, market cap, P/E, etc.).

Please refer to the Baxter Street presentation, attached separately.

2. List strategy AUM, net flows and accounts gained/lost for the past 5 years.

Historical Baxter Street strategy assets and net flows as of 12/31/20 are listed below. Please note that 12/31/20 AUM and YTD 2020 flows are approximate and based on internal estimates.

Calendar 2016 2017 2018 2019 2020 Year

AUM $4,706 $7,214 $6,654 $8,624 $11,030 (millions)

Net Flows $1,475 +$1,214 +$12 +$19 $691 (millions)

As a Firm we have over 2,000 accounts and we have not historically kept a record of the number of accounts gained and lost.

3. Describe investor concentration for the strategy and note the percent of AUM attributable to the top five investors.

The Baxter Street strategy investor information below is based on internal estimates, as of September 30, 2020.

Summary by Client Type:

Baxter Street Type % Pension 25% Other Institutional 25% Private Bank 23% Foundation/Endowment 17% HNW - Intermediary 10% Fund of Funds 1% HNW - Direct 0%

Employee < 1%

As of September 30, 2020, the five largest client relationships account for roughly 53% of the Baxter Street strategy assets.

Performance / Market Outlook

1. If not included in your meeting presentation, provide trailing returns as of the most recent quarter-end and calendar year returns for the past 10 years, both relative to benchmark.

Please refer to the Baxter Street presentation, attached separately.

2. Briefly discuss recent performance trends and identify environments in which the strategy is likely to be in or out of favor.

In 2020, the Baxter Street strategy outperformed the MSCI ACWI ex US Index by approximately +6.5% gross and +4.8% net. Cash in the Baxter Street portfolio decreased from 17% (as of 12/31/2019) to roughly 8% (as of 12/31/2020), with an average cash weighting of approximately 9% during the year. • Outperformance in 2020 was driven primarily by the capital deployed during the first quarter market drawdown, as we took advantage of the market panic to acquire some of what we believe are the best businesses we follow at highly attractive valuations. Baxter Street’s cash peaked at 21% in January 2020 (against a backdrop of liquidity-driven market strength despite deteriorating fundamentals) and troughed at 2% on the very day the Index bottomed (March 23rd). • After the COVID-19-induced plunge in economic and market performance earlier in the year, unprecedented levels of monetary and fiscal stimulus were critical in supporting the subsequent market rebound. Portfolio reductions from holdings nearing fair value were offset by capital deployments into holdings offering greater valuation upside. • In the second half of the year, we considered the market increasingly bifurcated between unloved, long-suffering value/cyclical stocks, a handful of fantastically priced “COVID-19 beneficiaries” and everything else. • Throughout the year, we followed our process, raising cash into market strength with narrowing discounts to intrinsic value (as we did coming into 2020) and decreasing it into market declines with discounts becoming plentiful and wide, which allowed us to rotate and upgrade the portfolio throughout 2020.

Generally, our portfolios tend to outperform broader benchmark indices in periods of recession or pronounced equity market weakness as we saw during the first quarter of 2020. Conversely, during an economic upturn led by lower- quality sectors of the market (commodity-related, highly leveraged, interest-rate sensitive or generally more cyclical businesses), our stocks tend to do well (they grow as the economy grows and their valuations benefit from rising enthusiasm for equities generally), but they may underperform the Index as we experienced during Q4 2020. Markets rebounded quickly in November 2020 and the MSCI ACWI ex-US Index ended the fourth quarter up +17.0%. The Baxter Street underperformed the Index, returning 13.4% net and 13.8% gross for the quarter.

3. Describe your market outlook and how strategy positioning is impacted by your views.

We believe that the ingredients for a strengthening economy are solidly in place. We have aimed for a balance in our portfolio between companies with steady, predictable growth and companies that we believe will either survive and gain market share in a post-COVID-19 recovery, or are well-positioned to be the beneficiaries of sustained changes in human behavior. We continue to expect and welcome market volatility as it creates opportunities for us to buy our favorite businesses at discounts to intrinsic values.

The Baxter Street strategy has limited direct exposure to the most volatile and cyclical market segments (Energy) and low exposure to the bank credit cycle (Financials and Real Estate). We are most overweight Information Technology. Within the categories in which we do invest, we are generally diversified among niche companies that often have differentiating secular dynamics. The standard designations of these sector exposures do not always clearly reflect the nature of our businesses. • Sector Exposures (as of 12/31/20): o Baxter Street maintains an overweight exposure to Information Technology, the best performing sector in 2020. • Geographic exposures (as of 12/31/20): o Baxter Street has an overweight exposure to continental Europe and North America and an underweight exposure to Asia and Japan. o The portfolio continues to have an underweight exposure to Emerging Markets.

4. Could you please include a slide in your presentation that shows the MWRA’s account history, initial contribution, cumulative subsequent contributions, cumulative subsequent distributions, gain/loss and current value.

Please refer to the Baxter Street presentation, attached separately.

Important Disclosures With Respect to The Attached Due Diligence Questionnaire

The responses to the attached questionnaire by Select Equity Group, L.P. (“SEG”, sometimes referred to in this disclosure as the “Investment Managers”), with respect to the private funds it manages (the “Funds”), the investment strategies discussed and any other information provided to you with respect to the Investment Manager its affiliates, business or operations, are intended only for information and discussion purposes and are not intended as an offer or solicitation of an offer with respect to the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities. SEG is an investment advisor registered with the U.S. Securities and Exchange Commission. The information contained in these materials is expected to change over time, and the Investment Manager and its affiliates, are under no obligation to update these materials after such date.

Neither the domestic private funds (the “Domestic Funds”) nor the offshore private fund (the “Offshore Funds”) are registered as investment companies under the U.S. Investment Company Act of 1940, as amended (the "Company Act") in reliance upon the exemptions under either Section 3(c)(1) or Section 3(c)(7) thereunder and, accordingly, the provisions of the Company Act are not applicable to the Funds.

If you express an interest in investing in a private fund, you will be provided with an offering memorandum, limited partnership agreement (if a domestic fund) and subscription agreement for the applicable Fund (the "Fund Documents"). You must review the Fund Documents and risk factors disclosed in the Fund Documents prior to making a decision to invest. You should rely only on the information contained in the Fund Documents in making your decision to invest. If you are an existing investor in a Fund managed by an Investment Manager or a client in a separately managed account, the responses herein do not amend, supplement or override the terms of any Fund Document or separately managed account advisory agreement entered into between you and the Investment Manager or any of its affiliates, as applicable, and in the event of any conflict between the information in the responses and Fund Document or separately managed account advisory agreement, the Fund Document or separately managed account advisory agreement, as applicable, shall prevail. The Investment Manager also urges you to compare the responses contained herein to the applicable Fund Documents, separately managed account advisory agreement, and Parts 1 and 2 of the Form ADV for the Investment Manager.

Performance data and other information contained in these responses are also subject to the attached “Important Performance Disclosures.”

An investment in a Domestic Fund or an Offshore Fund is suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment. Such an investment provides limited liquidity because interests in the Funds are not freely transferable and may be withdrawn only under the limited circumstances set forth in the Fund Documents. There is no public or secondary market for interests in the Domestic Fund or the Offshore Fund, and it is not expected that a public or secondary market will develop.

Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investment objectives described herein will be achieved. Investment losses may occur, and investors could lose some or all of their investment. Nothing herein is intended to imply that an investment in the Funds or the Funds’ investment strategies may be considered "conservative," "safe," "risk free" or "risk averse." No regulatory authority has passed upon or endorsed the merits of an investment in the Funds.

Any discussions regarding potential future events and their impact on any Fund are based solely on historic information and Investment Manager’s estimates and/or opinions are provided for illustrative purposes only, and are subject to further limitations as specified elsewhere in this material. No guarantee can be made of the occurrence of such events or the actual impact such events would have on any Fund’s future performance.

Distribution of this information to any person other than the person to whom this information was originally delivered and to such person's advisors is unauthorized and any reproduction of these materials, in whole or in part, or the disclosure of any of the contents without the prior consent of the Investment Manager is prohibited. Notwithstanding anything to the contrary herein, each recipient of this questionnaire (and each employee, representative or agent of such recipient) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Funds and any of their transactions, and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.

Rigorous Research, Disciplined Investing

BAXTER STREET International Long-Only

Massachusetts Water Resources Authority (“MWRA”) Employees’ Retirement System

January 28, 2021 Select Equity Group, L.P. 380 Lafayette Street New York, New York 10003 212.601.9675 Executive Summary

Select Equity Group (“SEG” or the “Firm”) was founded in 1990 on the premise that RIGOROUS RESEARCH and DISCIPLINED INVESTING will generate superior returns for our clients.

The Firm is EMPLOYEE OWNED and manages over $38 billion across long/short and long-only equity strategies that invest in companies across geographies and market capitalizations.

Our Research Team of 65 professionals identifies what we believe to be the HIGHEST-QUALITY BUSINESSES that exhibit sustainable competitive advantages. We have no interest in owning the vast majority of public companies at any price.

We consider our research process to be FIERCELY INDEPENDENT, which we believe results in highly differentiated portfolios. We make almost no use of Wall Street research in our analysis on the long side, and we do not actively share our ideas with other managers. Our location at 380 Lafayette Street in NoHo is far from most peers.

FIELD RESEARCH is a critical component of what we do. SEG employs a team of 16 former financial journalists and sourcing specialists that conducts deep-dive studies on companies, value chains and management teams.

Our dedicated Data & Analytics Team applies alternative DATA ANALYTICS to complement and add valuable context to our fundamental research and qualitative field research.

We are LONG-TERM INVESTORS. We seek to understand competitive dynamics that will play out over three to five years, rather than predict quarterly earnings.

We share a common cultural imperative for excellence embodied in the CORE PRINCIPLES (see Appendix) that shape our identity as a Firm and inform our actions.

1 As of December 31, 2020. Our History

Great Jones Crosby Street Select Equity (concentrated 100th (global large cap Firm Foundation opportunistic long-only employee long-only strategy) founded established strategy) launched hired launched

Baxter Street Firm takes over Firm dedicates (international management of Moved to current coverage to long-only Firm Shinbone Alley offices at 380 international strategy) manages (Mobility-focused Lafayette Street companies launched $20 billion long/short strategy)

1990 1991 1993 1998 2000 2003 2005 2006 2007 2011 2012 2015 2017 2018 2019 2020

Mulberry Street Firm dedicates Cooper Square Sheridan Square Hudson Street (US long-only coverage to large (international long/short (international large cap (US small cap strategy) launched cap companies strategy) launched long-only strategy) strategy) launched launched

Firm commences SEG Partners First Qualitative Astor Place Holdings Established Data research on small (US long/short Field Analyst hired (private investing & Analytics Team and mid cap strategy) launched arm) established companies

2 Baxter Street Overview

Launched in 2012, Baxter Street is the Firm’s international equity long-only strategy with $11.0 billion in Strategy assets.

Chad Clark has been Portfolio Manager since inception, and Matthew Pickering additionally assumed the Portfolio role of Portfolio Manager in 2017. Chad and Matthew have worked together since inception. Brian Vollmer Management has served as the strategy’s Associate Portfolio Manager since 2017.

Process We employ a disciplined fundamental research process to identify high-quality businesses.

Typical exposure is 70%-100%. Baxter Street is a high-conviction strategy with the top 15 positions often Exposures comprising nearly half of the Fund’s assets.

We are geographically agnostic, which we believe is a competitive advantage vs. peers. We take advantage Differentiation of the inherent volatility of international markets and deploy capital wherever discounts to intrinsic values have widened and the opportunity is greatest.

3 As of December 31, 2020. The most current month-end AUM numbers are estimated. Baxter Street Performance Summary

Since the strategy’s inception, Baxter Street has outperformed the MSCI ACWI ex US by +4.0% annually on a net basis with less volatility.

Since Inception Net Performance Statistics

Baxter Street Net MSCI ACWI ex US Net Return (Annualized) 11.0% 7.0% Volatility 13.0% 14.0% Active Share 87% Upside Capture 0.97 Downside Capture 0.72

Growth of $1,000

Baxter Street Fund Cumulative Net Return MSCI ACWI ex US Cumulative Return $2,400 $2,389

$2,200

$2,000

$1,800 $1,760

$1,600

$1,400

$1,200

$1,000

$800 8/31/129/1/12 3/31/13 10/31/13 5/31/14 12/31/14 7/31/15 2/29/16 9/30/16 4/30/17 11/30/17 6/30/18 1/31/19 8/31/19 3/31/20 10/31/20

As of December 31, 2020. The most current month-end performance numbers are estimated. Past performance is not indicative of future results, which may vary. Index performance is shown for illustrative purposes—it is not possible to invest in an Index. See important performance and other disclosures included at the back of this presentation. Volatility is calculated using the standard deviation, or variance between monthly return streams. Active Share measures the percentage of the most current 4 quarter-end portfolio (based on position weights) that differs from the MSCI ACWI ex US. Upside/Downside Capture is calculated versus the MSCI ACWI ex US. Baxter Street Drawdown Analysis

During periods in which the MSCI AWCI ex US Index has experienced large drawdowns, Baxter Street consistently outperformed the market. MSCI ACWI ex US Index Five Largest Drawdowns Since Baxter Street’s Inception

MSCI ACWI ex US Baxter Street Fund Net

May 2013 – June 2013 July 2014 – January 2015 May 2015 – February 2016 February 2018 – December 2018 January 2020 - March 2020 0%

-5% -2.7% -4.8% -6.5% -10% -9.1% -11.5% -15% -13.1%

-20% -18.7% -20.1% -21.4% -25% -23.4% • Global equity “taper tantrum” • Stalling global economic • Collapse in oil and commodity • Mounting concerns over • COVID-19 spreads from regional triggered by discussion of recovery outside of the US and prices. monetary tightening, post-QE epidemic to the worst global scaling back quantitative the UK. • Capitulation in emerging markets normalization and potential pandemic since Spanish flu in 1918, easing equities. global trade war, combined with causing governments throughout the • Correction in Chinese equity softening developed-world world to voluntarily bring economic markets and yuan devaluation. economic growth (outside the activity to a halt by ordering citizens US) and rising political risk in to shelter at home. Europe.

Time Period MSCI ACWI ex US Baxter Street Fund Net

May 2013 – June 2013 -6.5% -2.7% July 2014 – January 2015 -9.1% -4.8% May 2015 – February 2016 -20.1% -11.5% February 2018 – December 2018 -18.7% -13.1% January 2020 - March 2020 -23.4% -21.4%

As of December 31, 2020. The most current month-end performance numbers are estimated. Past performance is not indicative of future results, which may vary. Index performance is shown for illustrative purposes—it is not possible to invest in an Index. Drawdown analysis calculations based on month-end data. Source: MSCI. The time periods represent the five largest peak-to-trough drawdowns in the MSCI ACWI ex US Index since inception of the Baxter Street Fund. See important performance and other disclosures included at 5 the back of this presentation. Baxter Street Portfolio Construction

Typical Exposure 70%-100%

Typical Position Count 30-60

Typical Position Size 1%-10%

Median Market Capitalization $34.1 billion

Typical Top 10 Concentration ~40%

Average Holding Period >2 years

Typical Regional Maximum 70%

Typical Country Maximum 30%

Typical Industry Maximum 25%

6 As of December 31, 2020. The above figures represent ranges the Manager intends generally not to exceed. The Fund’s offering documents, which control any investment, may not mandate that the Fund’s portfolio be within these ranges. Investment Philosophy

Our investment philosophy is grounded in three elemental tenets.

Great We are focused on owning only what we believe are the world’s best businesses. Businesses

We are committed to understanding our businesses better than our peers through Rigorous independent, granular and continuous research. We generate investment ideas internally Research and vet them with the assistance of our dedicated Qualitative Field Research and Data & Analytics Teams.

Disciplined We wait patiently for the market to present opportunities to deploy capital at attractive Investing discounts to intrinsic values.

7 How We Define Great Businesses

We are focused on owning businesses that We seek companies exhibiting share the following characteristics: the 5Ps:

PREDICTABLE GROWTH Predictable and growing streams of cash earnings with annual earnings The industry PIE is growing growth typically in excess of 10%.

HIGH ROICs High or rapidly improving returns on invested capital. Company’s PIECE OF THE PIE (market share) is growing EXPANDING BARRIERS TO COMPETITION Consistent share gainers that increase their franchise values and distance themselves meaningfully from competitors. Company has PRICING POWER CLEAN BALANCE SHEETS Businesses with little debt or the clear ability to reduce debt rapidly.

OUTSTANDING CULTURES Business has a high level of Companies with excellent cultures that wow their customers. PREDICTABILITY

STRONG LEADERSHIP Company is managed by PEOPLE Management teams that we believe to be ethical, outstanding operators and who have created a culture of good stewards of capital. excellence

8 Businesses We Generally Avoid

We are not interested in owning roughly two-thirds of public companies regardless of price.

We typically have less exposure to the following types of businesses given a lack of predictability or an inability to defend their competitive moats:

COMMODITY-LINKED BUSINESSES HIGHLY REGULATED BUSINESSES

CAPITAL-INTENSIVE BUSINESSES WITH BUSINESSES WITH UNPREDICTABLE PRODUCT UNDIFFERENTIATED PRODUCTS LIFECYCLES

9 Our Universe: The “SEG International 300”

In more than 20 years of investment research, we have identified roughly 300 businesses and multiple value chains—narrow slivers/subsets of the economy—that meet our criteria out of approximately 10,000 international public companies.

Our team covers these businesses whether we own them or not and maintains intrinsic value estimates for each. The Approved List changes by 5%-10% annually as companies are added (IPOs, spin-offs, business transformations) and removed (M&A, shifts in competitive landscape). SEG International 300 Breakdown Geography Industry Developed Market/Emerging Market Energy Africa & Australia & 1% Middle East Real Estate New Zealand Financials 2% 1% 5% 4% North America Communication Services 6% 5% Materials Emerging Japan 6% Industrials 22% 24% 7% Europe Consumer Latin 34% Discretionary America 10% 8% Consumer Switzerland Information Staples 10% Technology Developed 20% Asia ex United 12% 78% Japan Kingdom Healthcare 13% 15% 16%

Examples of SEG Value Chains

DENTAL APPLICATION SOFTWARE LIFE SCIENCES FREIGHT FORWARDING

AEROSPACE B2B SERVICES TESTING & INSPECTION NICHE INDUSTRIALS

As of August 2020. SEG International 300 is our focus list of stocks that meet all SEG criteria. Numbers may not foot due to rounding. Geographic exposure is determined by using the MSCI Global Investable Market Indices (GIMI) Methodology. Source: 10 Bloomberg using GICS sector classification. Our Coverage Universe

Chad Clark International Team CIO

Matthew Brian Loren Alex Michael Joseph Pawel Pickering Vollmer Lewallen Apanovitch Archer Buser Kaczmarek

Flavors & Fragrances Factory Automation Business & Info Svcs. Aerospace Freight Forwarders Asia Life Insurance Testing & Inspection InternationalChief Strategist Industries Food Services & QSR Life Sciences Payments Processing Diagnostic Equipment Online Services Optical Retail & Mfg. Spirits & Beer Hearing Aids Value-Added Distributors Semiconductors FMCG Jonathan Allen

Spain France Benelux EMEA Emerging EU Italy Switzerland Scandinavia United Kingdom South Africa Germany

Malaysia India Taiwan Australia/ Indonesia Asia Hong Kong/China Japan Singapore South Korea Thailand New Zealand Philippines Geographies

Canada Americas Brazil Mexico

11 As of December 31, 2020. Qualitative Field Research

What is Performing in-depth due diligence and delivery of proprietary investment insights to the Analyst team, Qualitative Field resulting in a better understanding of the long-term dynamics of industries and value chains. We are not Research? seeking to predict short-term outcomes, such as next quarter’s earnings.

Qualitative field research is in our DNA: Select Equity was founded as a research firm, and we made our Why is it first hire of a former Wall Street Journal reporter in 2006. We believe field research provides insights that important? help us make better investment decisions.

• Nine Qualitative Field Analysts: former investigative and business journalists with over 50 years of Who is on combined experience in investment management and over 110 years in journalism. The team covers the team? the globe with individuals based in five US cities, London and Hong Kong. • Seven sourcing specialists.

In the first nine months of 2020, our Research Team conducted interviews with over 1,600 industry Results contacts and authored approximately 270 field research reports.

12 As of December 31, 2020. Data & Analytics

In June 2019, we established a dedicated Data & Analytics Team (the “Data Team”) to apply alternative data analytics to our research process.

The Data Team sources and analyzes data to develop independent views on the long-term drivers for individual companies and value chains as well as macroeconomic trends. Our analysis is not focused on predicting short-term trading opportunities.

We aim to minimize confirmation bias by answering targeted questions, rather than corroborating specific investment theses.

We use data analytics to complement and add valuable context to our fundamental research and qualitative field research.

Our Data Team is led by Alvin Mok, who has both an engineering degree and an M.B.A., as well as over a decade of valuable prior experience including at Microsoft and McKinsey & Company. Most recently, Alvin built and led a data team of over 10 individuals at an asset management firm.

Alvin is uniquely qualified to build and lead our growing team, which together brings relevant experience in data science, consulting and fundamental research, in addition to educational backgrounds in engineering, mathematics and information sciences.

IN THE FIRST NINE MONTHS OF 2020, THE DATA TEAM HAS COMPLETED APPROXIMATELY 300 PROJECTS ON COMPANIES AND VARIOUS TOPICS SPANNING MULTIPLE VALUE CHAINS AND GEOGRAPHIES.

13 As of September 30, 2020. Data & Analytics Process Our vertically integrated approach to acquiring, processing and analyzing data enables our Team to reach independent, unique conclusions.

Acquisition Processing • Our differentiated approach begins with • We have developed machine learning data acquisition—we focus on gathering tools, which include Natural Language Data data to understand the long-term Processing models, to help us enrich and competitive advantages of companies and Acquisition process data. These models will enable value chains. deeper analyses, ranging from the ability • We initiated robust due diligence on over to assess the sentiment and authenticity 130 potential data vendors to select, so far, of employee reviews to matching products across websites at scale. more than 25 diverse datasets, including Data those generated by consumer credit card Processing • We have built a scalable cloud transactions, app and web usage and infrastructure to ingest and quickly airline schedules. analyze our considerable—and growing— Data In addition, we generate proprietary data amount of data (over 25 terabytes). • Analytics internally through custom surveys. For example, we have conducted an ongoing dental survey to assess trends in practice consolidation and its impact on industry pricing. Analytics • We collaborate with investment Analysts and the Qualitative Field Research Team to triangulate information from multiple sources and inform investment decisions. Examples include analyzing customer churn in online streaming services using US consumer transaction data, as well as surveying over 100 US veterinarians to understand various aspects of the value chain including shifting market share dynamics and the impact of COVID-19. • In addition to Analyst-directed data projects, we have created over 30 custom dashboards to date that enable Analysts to directly access data. For example, the Team built models to study COVID-19 infection curves, which helped us to navigate the global spread, control and economic implications of the virus. • In the first nine months of 2020, we have completed projects on approximately 40% of the top 10 positions across the Firm’s strategies.

14 As of September 30, 2020. Investment Process

Idea Generation Fundamental Research Portfolio Management • Our process is driven by • In addition to detailed analysis of a company’s SEC filings and call • The “SEG International 300”: We internally generated and transcripts, we generally visit key facilities and meet with the top actively monitor approximately 300 researched ideas. executives. international companies that have • The Firm makes almost no use • We often approach the final vetting of potential new investments been fully vetted through our of Wall Street research for our as a team that includes one or more Portfolio Managers, research process and formally long process, and we do not dedicated Qualitative Field Analysts and our Data & Analytics approved by our Investment actively share our insights with Team. Committee. other managers. • Once we approve a business that meets our investment criteria, we • While all Analysts are generalists, they often focus on wait for an opportunity to buy it at specific value chains—studying a compelling discount to its suppliers, manufacturers, intrinsic value. distributors and customers • We consistently update and within a specialized area of the maintain intrinsic value estimates economy across market for all Approved List businesses, capitalizations. whether we own the company or • The team additionally not. generates new ideas through • Individual position weightings vary its on-the-ground worldwide Qualitative Field Research & Data Analytics based on several factors including travel. quality of business, discount to • Our due diligence process often includes fieldwork conducted by intrinsic value and liquidity. • Analysts share timely ideas research Analysts in conjunction with our internal Qualitative Field with the entire investment Analysts, our sourcing specialists and, for select projects in limited • We will often establish a new team on our daily 8:30am circumstances, outside sourcing consultants. Such research can position at a small weighting and conference call. These ideas include interviews with a company’s former employees, competitors, build the position opportunistically. are later reviewed in detail suppliers, distributors and customers. • Portfolio Managers hold sole during weekly group meetings. discretion over all investment • In addition, our dedicated Data & Analytics Team sources and analyzes data to develop views on the long-term drivers for individual decisions. companies and value chains as well as macroeconomic trends. • Associate Portfolio Managers’ primary responsibilities include • Based on fundamental analysis, in-house fieldwork and data analytics, we formulate proprietary, actionable investment theses. playing devil’s advocate on the portfolio. • Every step of the process adheres to rigid compliance guidelines in order to prevent exposure to material nonpublic information. 15 Risk Management

Portfolio Managers have primary responsibility to oversee and manage risk, including liquidity, within clear portfolio- specific guidelines. We typically will not own more than 10% of an underlying company. We monitor regional, country and industry exposures and ensure we do not breach maximum allocations. Approximately 96% of the portfolio can be liquidated in 30 days.1

TOP DOWN TOP Positions are reviewed for the value impact of macroeconomic circumstances. Baxter Street employs FX hedging when the strategy has a large exposure to a given currency that is overvalued relative to long-term purchasing power parity, and it is cost effective to hedge.

The Firm’s Investment Committee, consisting of all Portfolio Managers, meets quarterly to conduct portfolio reviews including analysis of business quality, investment theses, exposures, counterparties and liquidity. Members of our team present opposing arguments and play devil’s advocate for each investment. Our most valuable risk management tool is the deep understanding we have of our businesses. We typically study a business for over two years before establishing a core position. We believe our investment strategy is relatively defensive due to our investments in the highest-quality, predictable businesses with sustainable barriers to competition.

BOTTOM UP BOTTOM We weigh downside risk more heavily than upside reward, and our focus is on protecting against a permanent loss of capital. Position sizing is determined by our estimates of upside to intrinsic value and downside risk, which are derived from cash flow analysis.

1 As of December 31, 2020. The above liquidity analysis is based on gross exposure and derived using information from Bloomberg, assuming a six-month look back for average daily volume (ADV) and limiting our participation rate to 20% of ADV. The liquidity analysis excludes listed indices, custom basket swaps and options. The manager reserves the right to exclude any other securities, which either do not show volume on Bloomberg or, in the manager’s opinion, show inaccurate volume. See additional disclosures at the end of this document. Nothing herein is intended to imply that an investment in the Funds or the Funds’ investment strategies may be considered conservative. Investment losses may occur, and there can be no assurance that any investment objectives will be 16 achieved. Environmental, Social and Governance (ESG) Policy

The consideration of ESG factors is a central component of our investment process. We are unlikely to invest in a business if significant ESG issues are not adequately recognized and addressed. ESG Issues of Focus:

ESG PHILOSOPHY ENVIRONMENTAL Select Equity adopts an “ESG Integration” approach to responsible investing. We analyze ESG Contribution to climate change, costly factors solely as they relate to the financial risk and return of a company, focusing on dynamics negative externalities, collateral that could impact a company’s future earnings power and investor perceptions. We believe ESG environmental damage, natural resources Integration is aligned with our fiduciary duty to maximize returns for our clients. usage, pollution or waste and use of clean technology or renewable energy. OVERSIGHT We established an ESG Committee responsible for overseeing the integration of ESG into our SOCIAL research process. Human capital development, equal employment opportunity, fair RESEARCH compensation, risks to the health and Our detailed analysis on companies includes, among other issues, assessing a company’s ethics safety of employees and the public, and culture, consumer perceptions and performance relative to ESG issues. Our Qualitative sourcing of raw materials and labor from Field Research Team is an integral part of this process. We also subscribe to MSCI’s ESG developing nations, human rights and research, which is analyzed and documented in Tamale, our research management system. product liability.

RISK MANAGEMENT GOVERNANCE We try to highlight potential ESG red flags early in our diligence process so that we can carefully Management, the Board of Directors, evaluate risk before we purchase a stock. Once we initiate a position, ESG risks are monitored conflicts of interest, executive through ongoing qualitative and quantitative analysis. We also subscribe to ISS proxy compensation, transparency, bribery and governance reports and review and vote proxies annually. corruption, reporting and disclosure, shareholder rights, accounting/tax ENGAGEMENT avoidance and risk management. We communicate regularly with management teams and convey our concerns and questions regarding any issues, including ESG risks, that we identify during our research.

IN NOVEMBER 2020, SELECT EQUITY BECAME A SIGNATORY TO THE UN-SUPPORTED PRINCIPLES FOR RESPONSIBLE INVESTMENT (UN PRI), A GLOBAL ORGANIZATION THAT ENCOURAGES RESPONSIBLE INVESTMENT PRACTICES. 17 Baxter Street Investment Team

Chad M. Clark, Portfolio Manager, Analyst, Principal Mr. Clark joined Select Equity in August 2010. He has been responsible for the portfolio management of the Cooper Square strategy (the Firm’s international long/short strategy) since its inception in January 2011 and of the Baxter Street strategy (the Firm’s international long- only strategy) since its inception in September 2012. Mr. Clark is a member of the Firm’s Management Committee. Prior to joining Select Equity, Mr. Clark spent 14 years at Harris Associates, where he was a Partner and co-managed the Oakmark International Small Cap Fund and Harris International Value L.P. Prior to Harris Associates, he was an Analyst in Corporate Finance at William Blair & Company. Mr. Clark is a CFA® charterholder. Mr. Clark received a B.S. from Carnegie Mellon University (summa cum laude). Matthew C. Pickering, Portfolio Manager, Analyst, Principal Mr. Pickering joined Select Equity in December 2010. He is the Portfolio Manager of the Cooper Square strategy and the Baxter Street strategy. Prior to joining Select Equity, Mr. Pickering was an Analyst with Harris Associates for four years. Prior to Harris Associates, he worked for six years as an Analyst and Associate Portfolio Manager with Institutional Capital. Mr. Pickering is a CFA® charterholder. Mr. Pickering received a B.S. from Miami University (magna cum laude). Brian M. Vollmer, Crosby Street Portfolio Manager, Analyst, Principal Mr. Vollmer began at Select Equity as an intern in 2005 and joined the Firm full time in August 2006. He has been responsible for the portfolio management of the Crosby Street strategy (the Firm’s global large cap long-only strategy) since its inception and is responsible for the day-to-day management of the Sheridan Square strategy (the Firm’s international large cap long-only strategy). He is also an Associate Portfolio Manager of the Baxter Street strategy and is a member of the Firm’s Management Committee. Prior to joining Select Equity, Mr. Vollmer worked as a private equity Investment Analyst for Hicks, Muse, Tate & Furst. Prior to Hicks, Muse, Tate & Furst, he worked in the Investment Banking Division at Goldman Sachs. Mr. Vollmer received a B.S. from the University of Virginia (with distinction) and an M.B.A. from the Stanford Graduate School of Business, where he graduated as an Arjay Miller Scholar. Loren S. Lewallen, Cooper Square Associate Portfolio Manager, Analyst, Principal Mr. Lewallen began at Select Equity as an intern in 2006 and joined the Firm full time in September 2007. He is an Associate Portfolio Manager of the Cooper Square strategy. Mr. Lewallen is a CFA® charterholder. Mr. Lewallen received a B.A. from Columbia University (magna cum laude). Jonathan D. Allen, Chief International Strategist, Senior Analyst Mr. Allen joined Select Equity in April 2010. He is the Firm’s Chief International Strategist. Prior to joining Select Equity, Mr. Allen was a Principal, Portfolio Manager and Analyst with Clay Finlay for 16 years. Mr. Allen is a CFA® charterholder. Mr. Allen received a B.A. from the University of Pennsylvania. Alex Apanovitch, Analyst Mr. Apanovitch joined Select Equity in March 2018. Prior to joining Select Equity, Mr. Apanovitch was a Research Analyst at King Street Capital Management. Prior to King Street, he worked in the Investment Banking Division at Goldman Sachs. Mr. Apanovitch received a B.A. and B.Sc. from Western University in London, Ontario (with distinction). 18 As of December 31, 2020. Baxter Street Investment Team

Michael T. Archer, Analyst Mr. Archer joined Select Equity in August 2015. Prior to joining Select Equity, Mr. Archer was an Analyst in the Restructuring Group at Lazard. Mr. Archer received a B.S. from the University of Virginia (with distinction). Joseph E. Buser, Analyst Mr. Buser joined Select Equity in August 2016. Prior to joining Select Equity, Mr. Buser was an Associate in the Americas Private Equity Group at KKR. Prior to KKR, he worked in the Investment Banking Division at UBS. Mr. Buser received a B.S. and a B.A. from Indiana University (with highest distinction). Kyle W. Gibson, Analyst Mr. Gibson joined Select Equity in May 2018. Prior to joining Select Equity, Mr. Gibson worked at Tiger Global Management. Prior to Tiger Global, Mr. Gibson was an Investment Analyst at Tiger Veda Management. Mr. Gibson received B.B.A. from the University of Texas at Arlington (magna cum laude). Pawel Kaczmarek, Analyst Mr. Kaczmarek joined Select Equity in September 2016. Prior to joining Select Equity, Mr. Kaczmarek was a multi-industry Research Associate on the Domestic team at Harris Associates. Prior to Harris Associates, he worked as an Associate Analyst at Advisory Research, an institutional investment manager in Chicago. Mr. Kaczmarek also worked as a sell-side Research Associate covering Industrial Distribution at William Blair & Co. Mr. Kaczmarek is a CFA® charterholder. Mr. Kaczmarek received a B.S. from Indiana University (with distinction and with honors in business). Vrajesh Shah, Analyst Mr. Shah joined Select Equity in February 2020. Prior to joining Select Equity, Mr. Shah was an Analyst at Partner Fund Management. Prior to Partner Fund Management, Mr. Shah was an Analyst at Conatus Capital. Prior to Conatus, he was an Associate at Apollo Global Management. Mr. Shah received an H.B.A. from Western University in London, Ontario. Pranay Gosalia, Associate Analyst Mr. Gosalia joined Select Equity in October 2020. Prior to joining Select Equity, Mr. Gosalia was an Investment Analyst at Kensico Capital Management. Prior to Kensico Capital Management, he was a Private Equity Analyst at Brookfield Asset Management. Prior to Brookfield Asset Management, he worked in the Financial Restructuring Group at Houlihan Lokey. Mr. Gosalia received a B.S. from Indiana University (with distinction) and an M.B.A. from the Kelley School of Business at Indiana University.

INTEGRATED WITH THE ENTIRE SELECT EQUITY GROUP RESEARCH TEAM OF 65.

19 As of December 31, 2020. Terms and Service Providers

Minimum Subscription $1,000,000 Fiscal Year Calendar Reporting Monthly performance and attribution, quarterly commentaries and annual audited financials

Management Fee Net Asset Value Management Fee Rate $0-$24,999,999 1.50% per annum (0.125% per month) $25,000,000-$99,999,999 1.25% (0.1041% per month) $100,000,000 or greater 1.00% (0.0833% per month)

Lockup None Liquidity Monthly Notice Period 30 days written notice Administrator SEI Global Services, Inc. Prime Broker Morgan Stanley & Co. Auditor PricewaterhouseCoopers LLP Legal Counsel Willkie Farr & Gallagher LLP

20 Terms above are for the strategy’s 3(c)(1) domestic limited partnership. APPENDIX

21 APPENDIX Select Equity Investment Strategies

LONG-ONLY STRATEGIES LONG/SHORT STRATEGIES

Mulberry Street Great Jones Baxter Street Sheridan Square1 Crosby Street Hudson Street2 SEG Partners Shinbone Alley Cooper Square

Concentrated International International Global Large Cap Mobility-Focused International Strategy Focus US Long-Only Opportunistic Large Cap US Small Cap US Long/Short Long-Only Long-Only Long/Short Long/Short Long-Only Long-Only Status Open Open Hard Closed Open Open Open Nearing Capacity Open Open

George Loening Chad Clark Chad Clark Portfolio Managers Abigail Schumer Brian Vollmer Brian Vollmer Nancy Walker George Loening J.D. Delafield Laura McKenna Matthew Pickering Matthew Pickering

Inception 1991 2007 2012 2017 2018 2020 1998 2003 2011

Assets (in millions)3 $6,886 $1,298 $11,030 $3,755 $1,871 $20 $6,685 $170 $1,755

Positions & Portfolio Weightings

Long Positions 25 - 40 10 - 20 30 - 60 30 - 50 40 - 55 30 - 60 50 - 80 10 - 20 40 - 60 Long Weightings 0.5% - 10% 1% - 25% 1% - 10% 0.75% - 6% 0.5% - 6% 1% - 8% 0.25% - 7.5% 2% - 15% 1% - 10% Short Positions ------55 - 85 1 - 5 30 - 60 Short Weightings ------0.25% - 4% 1% - 3% 0% - 5% Gross Exposure 80% - 100% 70% - 100% 70% - 100% 80% - 100% 80% - 100% 80% - 100% 160% - 200% 90% - 100% 140% - 180%

Geographic Exposure US Flexible Non-US Non-US Global US Flexible Flexible Non-US

Typical International Exposure4 5% <30% 100% 100% 50% 10% <20% <20% 100%

Portfolio Performance & Statistics

Annualized Net Performance 15.3% 10.6% 11.0% 14.1% 18.5% 98.1% 12.1% 16.6% 9.8% Volatility5 16.2% 17.6% 13.0% 15.2% 17.5% N/A 11.1% 16.9% 11.1% Active Share (LO) & Beta (L/S)6 95% 98% 87% 86% 89% 97% 0.41 0.77 0.66

Figures as of December 31, 2020. The most current month-end performance and AUM numbers are estimated. Past performance is not indicative of future results, which may vary. Portfolio characteristics are subject to change. The above assets include separately managed accounts. See important performance and other disclosures included at the back of this presentation. 1 The historical performance shown above is that of a composite that includes the performance of the Sheridan Square Funds and two portfolios managed substantially similarly. Composite performance and Volatility are provided only as a reference and are estimated. The net composite performance is calculated using gross composite performance and modeled with a 1% management fee since inception of the composite on February 24, 2017. Brian Vollmer has primary responsibility for the day-to-day portfolio management and trading of Sheridan Square. 2 Please note the returns presented for the Fund include both the restricted and non-restricted interests/share classes. Performance between the restricted and non-restricted classes may differ due to allocations of new issues. The Since Inception net returns for the restricted and non-restricted share classes are +86.9% and +155.9%, respectively. Additional information regarding the allocation and impact of specific new issues on the restricted and non-restricted interest/share class performance is available upon request. 3 In addition to the above listed strategies, SEG manages the Blackwall strategy representing approximately $1,229 million and a variety of customized strategies representing approximately $4,176 million as of December 31, 2020. 4 The above figures represent ranges the Manager intends generally not to exceed. The Fund’s offering documents, which control any investment, may not mandate that the Fund’s portfolio be within these ranges. 5 Volatility is calculated using the standard deviation, or variance between monthly net return streams. 6 Active Share measures the percentage of the most current quarter-end portfolio (based on position weights) that differs from the strategy’s relevant benchmark. Active Share and Net Beta are calculated versus the S&P 500 for Great Jones, SEG Partners and Shinbone Alley. Mulberry Street is calculated versus the Russell Midcap. Baxter 22 Street, Sheridan Square and Cooper Square are calculated versus the MSCI ACWI ex US. Crosby Street is calculated versus the MSCI ACWI. Hudson Street is calculated versus the Russell 2000. APPENDIX Baxter Street Performance Summary

Baxter Street Fund Baxter Street Fund MSCI ACWI Gross Return Net Return ex US

2020 17.1% 15.4% 10.7%

Last 3 Years 12.3% 10.7% 4.9% Last 5 Years 13.1% 11.4% 8.9%

Since Inception 12.6% 11.0% 7.0%

Years 2012 1 10.3% 9.8% 9.8% 2013 26.2% 24.6% 15.3% 2014 0.2% -1.2% -3.9% 2015 4.7% 3.2% -5.7% 2016 3.5% 1.9% 4.5% 2017 26.0% 24.2% 27.2% 2018 -7.2% -8.6% -14.2% 2019 30.3% 28.4% 21.5%

1 2012 performance represents performance for the year beginning September 1, 2012, the inception of the Fund. As of December 31, 2020. The most current month-end and 2020 performance numbers are estimated. Past performance is not indicative of future results, which may vary. Index performance is shown for illustrative purposes—it is not possible to invest in an Index. See 23 important performance and other disclosures included at the back of this presentation. APPENDIX MWRA Performance Summary

Account Inception Date Fund Name Reporting Date

MWRA Employees' Baxter Street May 2016 12/31/2020 Retirement System Offshore Fund, Ltd.

Year-End Assets & Performance

Year Ending Value Net Capital Flows Account Gross Account Net MSCI ACWI ex US Net Excess

2016 $28,103,461 $27,500,000 3.9% 3.2% 2.2% 1.0%

2017 $28,789,288 ($6,000,000) 25.8% 24.6% 27.2% -2.6%

2018 $26,476,414 - -7.1% -8.0% -14.2% 6.2%

2019 $34,180,021 - 30.4% 29.1% 21.5% 7.6%

2020 $40,962,049 $1,000,000 17.4% 16.2% 10.7% 5.6%

Returns Account Gross Account Net MSCI ACWI ex US Net Excess

QTD 13.8% 13.5% 17.0% -3.5%

2020 17.4% 16.2% 10.7% 5.6%

Last 3 Years (Annualized) 12.5% 11.3% 4.9% 6.5%

Since Inception (Annualized) 14.2% 13.1% 9.1% 4.0%

As of December 31, 2020. Please refer to performance and other disclosures included at the end of the NEPC Manager Due Diligence Questionnaire -Update, provided separately. For internal use only –unaudited figures. Client should contact their administrator for official performance figures. Most recent MTD & 2020 performance and AUM figures are estimates. 24 APPENDIX Baxter Street Exposure Summary

Geographic Exposure1 Baxter Street MSCI ACWI ex US Sector Exposure2 Baxter Street MSCI ACWI ex US Australia & New Zealand 3% 5% Energy 0% 4% Asia ex Japan 10% 28% Materials 6% 8% Japan 6% 16% Industrials 18% 12% Europe 36% 26% Consumer Discretionary 3% 14% Switzerland 9% 6% Consumer Staples 11% 9% United Kingdom 11% 9% Healthcare 14% 10% Latin America 0% 2% Financials 8% 18% North America 16% 6% Information Technology 26% 13% Africa & Middle East 0% 3% Communication Services 6% 7% Multi-Country 0% 0% Utilities 0% 3% Total 92% 100% Real Estate 0% 3% Multi-Sector 0% 0% Total 92% 100%

Market Cap Exposure3 Baxter Street MSCI ACWI ex US Developed/Emerging Markets Exposure1 Baxter Street MSCI ACWI ex US $15B+ 72% 77% Developed Markets 82% 69% $5-$15B 20% 19% Emerging Markets 10% 31% $1-$5B 0% 3% Total 92% 100% $0-$1B 0% 0% Total 92% 100%

1 Geographic exposure is determined by using the MSCI Global Investable Market Indices (GIMI) Methodology for country classification. 2 Source: FactSet using GICS sector classification. 3 Market Cap Exposures do not include any non-equity-based positions and portfolio insurance investments. December 31, 2020 exposure is internal and subject to change. Numbers may not foot due to rounding. See important performance and other disclosures included at the back of this 25 presentation. Baxter Street Fund, L.P. exposure figures do not include forward hedge positions. APPENDIX Different Ways to View the World

Market Capitalization Population GDP

Africa/Middle East North America Africa/Middle East Latin America 5% 6% Australia/New Zealand 3% Australia/New Zealand Africa/Middle East 9% 2% 2% 20% North America Developed Asia Developed Asia 27% Emerging Europe 7% 14% Australia/New Zealand 5% North America 1% 42% Developed Asia 2% Developed Europe Developed Europe Developed Europe 21% 17% 6% Latin America 7%

Emerging Europe 5% Latin America Emerging Asia Emerging Asia 2% Emerging Europe 18% 53% Emerging Asia 1% 25%

26 Source: The World Bank as of 2018, Bloomberg. APPENDIX Baxter Street: Top 15 Equity Holdings

Top 15 Baxter Street Portfolio Equity Holdings 9/30/2020

Mkt Cap Tr Tr 3-5-Yr Avg 2021 Est 3-Yr Equity Holdings ($ in bn) Op Mgn ROE EPS ∆ Est P/E FCF/NI Company Descriptions SAP $191 25% 16% 13% 21.4 91% #1 Global developer of business enterprise resource planning software Tencent Holdings $632 25% 28% 20% 36.2 119% Chinese leader in online video games (#1), social networking (#1), financial technology (#2) and cloud computing (#2) Edenred $11 36% NMF 17% 28.9 137% Global B2B provider of employee benefits, fuel & fleet cards and payment services AIA Group $118 14% 16% 11% 22.5 69% Emerging Asia's oldest life insurer, with leading positions in 17 growth markets Alibaba Group1 $795 21% 22% 25% 24.1 109% #1 E-commerce company in China ASML Holding $157 26% 23% 19% 31.2 85% #1 Global producer of lithography equipment used to manufacture semiconductors FIS $91 36% 11% 12% 24.5 70% Leading provider of outsourced processing services and software to US banks and payment-processing services to global merchants Merck KGaA $64 22% 13% 8% 18.4 62% Global provider of life science consumables, pharmaceuticals and specialty chemicals Alcon $28 13% NMF 15% 31.8 NMF #1 Global maker of surgical equipment and consumables for the eyecare industry Melrose Industries $7 7% NMF 8% 14.0 65% Hybrid private equity/industrial turnaround specialist Shiseido $23 5% 8% 20% 54.6 90% Global maker and marketer of beauty and personal care products with a focus on prestige skincare, cosmetics and fragrances Adyen $56 48% 33% 35% 100.1 NMF Global online and omnichannel payment processor Pernod Ricard $42 27% 10% 11% 25.2 75% Producer of wines and spirits PerkinElmer $14 23% 19% 14% 22.9 65% Provider of consumables, services and equipment in the areas of human diagnostics, food/environmental safety and life sciences research Taiwan Semiconductor $388 40% 28% 16% 22.4 63% #1 Semiconductor foundry

Mkt Cap Op Mgn ROE EPS ∆ P/E FCF/NI Median $64 25% 17% 15% 24.5 75%

1 Please note, 2021 Est P/E reflects (stock price less net cash and value of Ant Financial)/estimated annual earnings. Op Mgn is operating margin or earnings before interest and tax as a percent of sales. Trailing operating margin has been adjusted to exclude non-cash amortization when we view it as material and not reflective of ongoing capital requirements. The operating margin and return on equity ratios are trailing based on company financials. Average EPS ∆ is our estimate of normalized three- to five-year EPS growth. Average EPS growth and 2021 Est P/E are based on our internal estimates. 2021 Est P/E multiples are based on 9/30/20 equity prices. FCF/NI is all operating cash flow from the last three years, minus all cap ex, compared to adjusted net income over that time.

As of September 30, 2020. All information provided in this report is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The above information represents the 15 largest equity positions, by market value (equity swap positions are reflected as fully paid), in Baxter Street Fund, L.P. as of quarter end. Each quarter, Select Equity Group, L.P., the investment adviser to the Fund, uses the same objective, non-performance-based criteria to select the 15 largest holdings. 27 The securities listed above do not represent all of the securities purchased or sold for SEG's clients, and the reader should not assume that investments in the securities identified were or would be profitable. APPENDIX Representative Investment

ASML Holding (ASML NA) World’s dominant producer of semiconductor lithography machines

ASML is the world’s dominant producer of semiconductor lithography machines, Gartner’s Long-Term Growth Projections by End Market which “project” ever-more complex and miniature circuit patterns onto silicon wafers, thus effectively sustaining Moore’s Law (which states that the number of components and transistors on a chip should double every two years). Free float is 95%.

Semiconductors sit at the core of the digital revolution, which will make possible the Internet of Things and advanced AI. As the ubiquity of electronic devices increases (with automotive, industrial, consumer and communications infrastructure gaining share from the traditional end markets of PCs and smartphones), Gartner estimates the semiconductor market will sustain high- single-digit revenue growth with reduced cyclicality for at least the next decade.

Growth: Over the last decade, ASML has delivered respective revenue, EBITA and EPS CAGRs of 14%, 26% and 23%. Five-year respective CAGRs have been 16%, 23% and 21%.

Returns: Gross margin is 46%, EBITA margin is 28%, operating ROCE is 95% and overall ROCE is 32%. FCF is 90% of net income, and the Company has a net cash position. Lithography Capex/ Relative Cost Per Function Competitive Moat: Semiconductor Revenue (indexed at 2004 levels) Oligopolist becoming a monopolist in the latest technology process (extreme ultraviolet or 2.3% 2.3% “EUV”), where rivals Nikon and Canon have chosen not to compete. Barriers to entry are as high as any business we’ve ever come across with substitution risk close to zero. ASML is crucial to its customers who even helped finance ASML’s R&D costs for EUV. 2.1% Extraordinary pricing power – ASML has achieved annual average ASP growth of 8% for the last decade, yet customers have fully participated in the fruits of its innovation, having 1997-2010 2010-2017 2017-2025E achieved an average annual decline in cost per function of 21%. This means that ASML is steadily gaining share of customer capex, funded by the value it creates for them. Revenue Splits Despite ongoing concerns over the semiconductor cycle (which we believe are mistaking an End-Use Region (ship to location) inventory correction for a cyclical downturn), ASML significantly raised medium-term and long- ArF Dry 3% term guidance at its November 2018 investor day. We expect 6%-7% annual revenue growth for the I-line KrF 1% Metrology & Taiwan China 11% next decade, gross and operating margin expansion from superior EUV economics and greater Inspection 19% 19% service revenue attachment rates and likely buybacks leading to double-digit annual cash EPS 2018 total 4% Japan 4% growth. value Logic 45% Rest of Asia €8,259 EMEA 1% EUV Memory 6% ArF Immersion 23% million 55% 58% Korea USA 35% 16%

Source: ASML Holding November 2018 and January 2019 Corporate Presentations.

Source: SEG research as of February 2019. All information provided in this slide is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The presentation is intended to effectively convey SEG’s investment methodologies and representative investments held in 28 the Fund. The specific securities identified and discussed do not represent all of the securities purchased, sold or recommendedfor the Fund or its related accounts, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. APPENDIX Representative Investment

Edenred (EDEN FP) Global Provider of prepaid corporate services

EDEN is the world’s largest provider of prepaid benefits (~2/3 of revenues, mostly How Edenred Adds Value food and child care vouchers) and expense management solutions (~1/3, mostly fuel and fleet), which improve efficiency for its 680,000 corporate clients, increase the purchasing power of their 42 million employees and drive business to 1.4 million merchant affiliates. EDEN demerged from global hotel chain Accor and listed in 2011. Free float is 100%.

The employee benefits addressable market is worth €180 billion annually and growing 5%-7% annually, but still only 22% penetrated. EDEN has 36% share of this (see middle chart). Annual corporate spend on fuel & fleet in EDEN’s two key regions, Europe and Latin America, is €400 billion, with penetration below 20%. EDEN is #1 in Brazil and Mexico and #2 in Europe.

Growth: Over the last five years, EDEN has delivered revenue, EBITA and EPS CAGRs of 2%, 1% and -2%, respectively, due to erosion from Latin American FX depreciation and falling interest rates. However, on a constant currency basis revenue growth has consistently been 8%-9% annually, and Benefits Market Size operating EBITA (excluding financial income) 11%-17% annually. Financial income will rebound with interest rates and drop almost 100% to EBITA.

Returns: 33% EBITA margin, infinite ROCE and ROE because the entire business is funded by corporate prepayments. FCF>150% of NI. Net debt is 1.3x EBITDA.

Competitive Moat: Scale and Network Economics – Fees per beneficiary are very small, requiring large volumes to recover commercial fixed costs. Corporate clients want access to the most affiliates, and affiliates want access to the most beneficiaries. Scale across all stakeholders maximizes negotiating with each. Trust and Reputation – EDEN invented the meal voucher 50 years ago, and its solutions are central to employee retention. HR departments want a partner that’s trustworthy and Benefits Business Model dependable; affiliates want to know they’ll be paid. Net Promoter Scores are far ahead of rivals’. Digitization makes possible new products (including a possible new segment in corporate payments) and also leads to greater stickiness through integration with corporate customer IT platforms. EDEN began investing earlier and has spent more than all rivals.

We expect annual revenue growth of 6%-8% in benefits and >10% in expense management, with EBITA margin rising towards 39% over the next five years on operating leverage, resulting in double- digit EBITA and EPS growth with high visibility for the foreseeable future.

Source: Edenred Corporate Presentation, November 2016. Source: SEG research as of August 2017. All information provided in this slide is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The presentation is intended to effectively convey SEG’s investment methodologies and representative investments held in 29 the Fund. The specific securities identified and discussed do not represent all of the securities purchased, sold or recommendedfor the Fund or its related accounts, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. APPENDIX Qualitative Field Research Case Study

To understand how political tensions between Seoul and Beijing were impacting the market for Korean Objective cosmetics in China.

In retaliation for South Korea’s deployment of the THAAD missile defense system, the Chinese government has been tightening its customs enforcement, making it more difficult for Korean companies Background to reach Chinese customers. For Korean cosmetics companies, this has affected sales in Chinese department stores, and also, potentially, through the movement of goods through the grey market (“parallel traders” or “daigou” in Chinese). Our goal was to determine the impact on cosmetic sales.

Agents operating in the grey market in China are not enthusiastic about sharing the details of their businesses, so we turned to the wholesale markets that sell to parallel traders in Seoul, one rung higher on Process the supply chain. In an outer suburb, we interviewed eight store managers. As an indication of how much these wholesalers depend on the “daigou” business, they nearly all spoke Chinese and none spoke English.

A clear picture emerged—the grey market was suffering heavily from heightened customs enforcement at China’s borders. The Chinese “daigou” were buying far less than previously, as they could no longer get Result the products into China. While additional fieldwork indicated that political tensions were unlikely to dampen long-term demand for Korean cosmetics in China, the trip to Seoul helped us understand the impact of Beijing’s actions.

30 APPENDIX Data & Analytics Case Study We sought to better understand the competitive positioning of e-commerce and brick-and-mortar pet food retailers during the COVID-19 pandemic. Monthly New Customer Additions Key Questions Company A Company B Company C Company D Company E We reviewed consumer credit card panel data and leveraged a custom survey on US 16,000 consumers that we initiated during the COVID-19 pandemic to answer the following 14,000 questions: 12,000 • What is the potential impact of e-commerce retailers on brick-and-mortar players? 10,000 • Were there any material changes in the competitive landscape due to COVID-19- 8,000 related lockdowns and store closures? 6,000 Number of Additions 4,000 • Have pet food retailers experienced customer turnover? 2,000 Key Findings 0 1/2017 5/2017 9/2017 1/2018 5/2018 9/2018 1/2019 5/2019 9/2019 1/2020 • “Company A,” a brick-and-mortar retailer (which carries essential goods and remained open throughout the pandemic), added more new customers than other retailers that Monthly New E-Commerce Customer Additions struggled with industry-wide shutdowns. Company A Company B Company C Company D • “Company B,” an e-commerce pet-food retailer, benefitted from the shift to online 16,000 shopping, more than doubling its customer additions during this period. 14,000 • Company A has a large share of pet-food spend in rural areas, particularly in the South, 12,000 and Company B continues to gain share across geographies with more than 20% share 10,000 in most states. 8,000 • Company B has experienced less customer turnover than its brick-and-mortar 6,000

competitors (including Company A), and our survey suggested that its customer Number of Additions 4,000 profile skews wealthier, potentially making it more economically resilient. 2,000 0 Investment Implications 1/2017 5/2017 9/2017 1/2018 5/2018 9/2018 1/2019 5/2019 9/2019 1/2020 • We invested in Company A because we expected it to take market share and emerge from the COVID-19 pandemic in a stronger position. Share of Spend by Geographic Region

• Data showed the shift in the consumer spending pie away from travel and Company A Company B Company C Company D Company E 1% 3% entertainment, which created strong tailwinds for product categories that represent a 100% 1% large portion of Company A’s sales. 30% 22% 80% 34% 37% • We were encouraged that Company A experienced accelerated customer growth 14% 12% during the pandemic, which we expect to translate into permanent market share gains. 60% 11% 21% • Negative findings for our thesis were that Company A and Company B’s customer 40% 30% 39% 23%

overlap has been increasing over time. In addition, Company A’s customers acquired Share Spend of 26% 20% during the pandemic had an even greater propensity to also shop at Company B, 27% 31% 22% 16% indicating a growing threat from e-commerce for one of Company A’s key product 0% categories. Midwest Northeast South West As of May 31, 2020. 31 Source: SEG research. APPENDIX Our Culture

We strive to be recognized as a Firm of excellence, not individuals of excellence.

We serve our clients first, the Firm second, our teams third and our individual selves last. Client Focus Our culture is defined by our Core Principles (outlined on the following page) that reflect who we are and inform our actions and goals.

We attract, develop and empower extraordinary talent. We seek to hire smart, motivated People individuals of differing backgrounds, experiences and perspectives. We believe that fostering a diverse and inclusive work environment benefits our clients and the Firm.

Select Equity Established in 2000, the mission of the Select Equity Group Foundation is to make a positive impact by actively engaging all employees in identifying, supporting and Group participating in charitable organizations of excellence. To date, over $40 million in grants Foundation have been awarded to local, national and international not-for-profit organizations.

32 APPENDIX Select Equity Group Core Principles

ORIGINALITY CONTINUOUS IMPROVEMENT We generate our own ideas and never deploy common We always strive to improve our performance and measure practice without skepticism. We strive to avoid the herd. ourselves absolutely, not relatively.

INNATE CURIOSITY HUMILITY There are no dumb questions. We challenge universally We seek no acclaim individually or as a Firm other than accepted beliefs and seek new angles of understanding. earning the gratitude of our clients.

CHARITY TEAMWORK We recognize our good fortune and give back to society in We trust our colleagues and communicate with meaningful and thoughtful ways. transparency and respect. Ours is a culture of giving credit, not seeking credit.

33 APPENDIX Select Equity Principals

INVESTMENT MANAGEMENT & RESEARCH

PORTFOLIO MANAGEMENT

George S. Loening, Chairman, Portfolio Manager, Analyst, Principal Mr. Loening founded Select Equity in January 1990. He has been responsible for the portfolio management of the Mulberry Street strategy (the Firm’s US long-only strategy) since its inception in January 1991, of SEG Partners (the Firm’s US long/short strategy) since its inception in April 1998 and of the SEG Blackwall strategy (the Firm’s US core long-only strategy) since its inception in January 2008. Mr. Loening is a member of the Firm’s Management Committee. Mr. Loening received a B.A. from Columbia University.

Laura S. McKenna, Portfolio Manager, Analyst, Principal Ms. McKenna began at Select Equity as an intern in 1993 and later joined the Firm full time in September 2001. She is the Portfolio Manager of the Mulberry Street strategy and is a member of the Firm’s Management Committee. Ms. McKenna served as Director of Research from 2010 to 2013. Prior to joining Select Equity, Ms. McKenna was a Senior Analyst and Managing Director at Wanger Asset Management. Ms. McKenna is a CFA® charterholder. Ms. McKenna received a B.A. from the University of Virginia and an M.B.A. from the University of Michigan (with high distinction).

Matthew C. Pickering, Portfolio Manager, Analyst, Principal Mr. Pickering joined Select Equity in December 2010. He is the Portfolio Manager of the Cooper Square strategy and the Baxter Street strategy. Prior to joining Select Equity, Mr. Pickering was an Analyst with Harris Associates for four years. Prior to Harris Associates, he worked for six years as an Analyst and Associate Portfolio Manager with Institutional Capital. Mr. Pickering is a CFA® charterholder. Mr. Pickering received a B.S. from Miami University (magna cum laude).

Abigail E. Schumer, Portfolio Manager, Co-Director of Research, Analyst, Principal Ms. Schumer joined Select Equity in September 2005. She is the Portfolio Manager of the Great Jones strategy (the Firm’s concentrated opportunistic long-only strategy) and is a member of the Firm’s Management and Executive Committees. Ms. Schumer received a B.A. from Yale College (cum laude).

Brian M. Vollmer, Portfolio Manager, Analyst, Principal Mr. Vollmer began at Select Equity as an intern in 2005 and joined the Firm full time in August 2006. He has been responsible for the portfolio management of the Crosby Street strategy (the Firm’s global large cap long-only strategy) since its inception and is responsible for the day-to-day management of the Sheridan Square strategy (the Firm’s international large cap long-only strategy). He is also an Associate Portfolio Manager of the Baxter Street strategy and is a member of the Firm’s Management Committee. Prior to joining Select Equity, Mr. Vollmer worked as a private equity Investment Analyst for Hicks, Muse, Tate & Furst. Prior to Hicks, Muse, Tate & Furst, he worked in the Investment Banking Division at Goldman Sachs. Mr. Vollmer received a B.S. from the University of Virginia (with distinction) and an M.B.A. from the Stanford Graduate School of Business, where he graduated as an Arjay Miller Scholar.

34 As of December 31, 2020. APPENDIX Select Equity Principals

Nancy D. Walker, Portfolio Manager, Analyst, Principal Ms. Walker joined Select Equity in July 2002. She has been responsible for the portfolio management of the Hudson Street strategy (the Firm’s US small cap strategy) since its inception. Ms. Walker served as Director of Research from 2014 to 2016. Prior to joining Select Equity, Ms. Walker was an Associate at Goldman Sachs Asset Management and worked in the Investment Banking Division at Goldman Sachs. Ms. Walker received a B.A. from the University of Chicago (with honors).

RESEARCH

Evan C. Guillemin, Co-Director of Research, Associate Portfolio Manager, Analyst, Principal Mr. Guillemin joined Select Equity in April 2004 as the Firm’s Chief Financial Officer. He is an Associate Portfolio Manager of the Crosby Street strategy and is a member of the Firm’s Management and Executive Committees. Prior to joining Select Equity, Mr. Guillemin was Chief Financial Officer and then Chief Operating Officer of Delia’s Inc., a publicly traded retailing company. He also served as Director of Acquisitions at Primedia. Mr. Guillemin received a B.A. from Yale College and an M.B.A. from Harvard Business School (with distinction).

Loren S. Lewallen, Associate Portfolio Manager, Analyst, Principal Mr. Lewallen began at Select Equity as an intern in 2006 and joined the Firm full time in September 2007. He is an Associate Portfolio Manager of the Cooper Square strategy. Mr. Lewallen is a CFA® charterholder. Mr. Lewallen received a B.A. from Columbia University (magna cum laude).

QUALITATIVE FIELD RESEARCH

James R. Hagy, Director of Qualitative Field Research, Qualitative Field Analyst, Principal Mr. Hagy joined Select Equity in September 2007. Prior to joining Select Equity, Mr. Hagy worked at CBM Capital as a Research Analyst for nine years. Prior to CBM Capital, he worked as a journalist for 11 years, including two years at SmartMoney magazine. Mr. Hagy received a B.A. from the University of Florida.

OPERATIONS

James R. Berman, Executive Vice President, Principal Mr. Berman joined Select Equity in May 1999 as General Counsel and served as Chief Operating Officer from 2013 to 2017. Mr. Berman is a member of the Firm’s Management Committee. Prior to joining Select Equity, Mr. Berman was an attorney with White & Case in New York. Mr. Berman received a B.A. from the University of Pennsylvania, an M.I.A. from Columbia University and a J.D. from New York University.

FINANCE

David D. Conover, Chief Financial Officer, Principal Mr. Conover joined Select Equity in July 2007. Mr. Conover is a member of the Firm’s Executive Committee. Prior to joining Select Equity, Mr. Conover spent seven years working in the PricewaterhouseCoopers Hedge Fund Group. Mr. Conover received a B.S. from Penn State University.

TRADING

Jonathan M. Bearman, Head of Global Trading, Principal Mr. Bearman joined Select Equity in August 2003. Mr. Bearman is a member of the Firm’s Executive Committee. Prior to joining Select Equity, Mr. Bearman was a Trader at Merrill Lynch. Mr. Bearman received a B.A. from the University of Vermont. 35 As of December 31, 2020. APPENDIX Disclosures

IMPORTANT DISCLOSURES

The attached presentation of Select Equity Group, L.P. (”SEG” or “Manager”), the private funds it manages (the “Funds”), the investment strategies discussed and any other materials provided to you are intended only for pre-qualification and discussion purposes and are not intended as an offer or solicitation of an offer with respect to the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities. SEG is an investment adviser registered with the US Securities and Exchange Commission. The information contained in these materials is expected to change over time and is represented as accurate only as of the date of this presentation, and the Manager is under no obligation to update these materials after such date. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation.

Neither the domestic private funds (“Domestic Funds”) nor the offshore private funds (“Offshore Funds”) are registered as investment companies under the US Investment Company Act of 1940, as amended (the "Investment Company Act"), in reliance upon the exemptions under either Section 3(c)(1) or Section 3(c)(7) thereunder and, accordingly, the provisions of the Investment Company Act are not applicable to the Funds.

An investment in a Domestic Fund or an Offshore Fund is suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment. Such an investment provides limited liquidity because interests in the Funds are not freely transferable and may be withdrawn only under the limited circumstances set forth in the Fund Documents. There is no public or secondary market for interests in the Domestic Funds or the Offshore Funds, and it is not expected that a public or secondary market will develop.

Any discussions regarding potential future events and their impact on any Fund are based solely on historic information and SEG’s estimates and/or opinions, are provided for illustrative purposes only, and are subject to further limitations as specified elsewhere in this material. No guarantee can be made of the occurrence of such events or the actual impact such events would have on any Fund’s future performance.

PERFORMANCE AND OTHER DISCLOSURES APPLICABLE TO ALL FUNDS:

SEG is a US-based investment management firm registered as an investment adviser with the Securities and Exchange Commission. The performance data if referred to in this letter/report refers to returns for Funds over which SEG maintains discretionary authority. Separate performance schedules are available for each of the Funds.

The performance data herein represent past performance, which is not indicative of future results. Performance is expressed in US dollars. Unless otherwise stated, for long-only Funds, performance results for an individual Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. For long/short Funds, as of January 31, 2017 we have changed the methodology for calculating fund’s performance. Performance results for an individual Fund reflect the performance earned by a Fund investor using loss carry forward under a model fee structure of the highest fee structure in place for each year. Should you have any questions with regards to this calculation please contact [email protected]. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein.

The Funds’ cumulative rates of return are calculated by linking the Funds’ annual rates of return. Fund average annualized rates of return are equivalent to the annual rate of return which, if earned in each year of the indicated multi-year period, would produce the actual cumulative rate of return over the time period.

36 APPENDIX Disclosures

All computations assume the reinvestment of dividends, interest and capital gains. Much of the data and other information contained in this letter/report is unaudited and is collected, in whole or in part, from a source believed by SEG to be reliable. SEG cannot guarantee the accuracy of the data/information and therefore shall not be held liable for inaccurate data/information. Assets are as of month end. Unless otherwise indicated, certain marketing analytics (e.g., tracking error, beta) use data drawn from only one of the Fund vehicles (Data referring to market cap exposure, positions and weightings are derived from the Firm’s internal systems or prime brokerage/admin statements generally referring to only one of the Fund vehicles. The Fund vehicles in each strategy, however, are managed substantially similarly on a portfolio weightings basis. The average long/short exposure is calculated using daily exposures and such average exposures and the resulting internal return calculations are approximations. Geographic exposure is determined by using the MSCI Global Investable Market Indices (“GIMI”) Methodology for country classification. Sector exposure is derived from FactSet which uses GICS industry classification. Manager reserves the right to use a different or internal methodology for classification if a security is not classified by MSCI/GICS or if it does not agree with the assigned classification. Securities may currently be held in the portfolio where the manager used internal classification.”

For each Fund, performance is calculated monthly using the net asset value appreciation (net of fees and expenses) as a percentage of beginning-of-month net asset value (appropriately adjusted for any capital activity). Beginning 12/1/2015, third party expenses are no longer included in calculating net performance. Purchases and sales of securities are recorded on a trade date basis. Unrealized gains and losses from investment transactions are recognized as income. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. The Funds’ annual returns are calculated by linking the monthly performance through compounded multiplication. Realized gains and losses from security transactions are generally determined using the specific identification method.

At various points in this letter/report, the returns of the Funds may be compared to the S&P 500 Index, the S&P 400 MidCap Index, the Russell Midcap Index and/or the Russell 2000. The S&P 500, which is a market capitalization–weighted index, contains the 500 most widely held companies chosen with respect to market size, liquidity and industry. The S&P 400 MidCap Index contains the 400 domestic companies immediately below the top 500 companies as listed in the S&P 500 Index. The Russell Midcap Index is intended to measure the performance of the mid cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The MSCI All Country World Index (ACWI) is market capitalization weighted index designed to provide a broad measure of performance throughout the world. The MSCI ACWI ex USA captures large, mid and small cap representation across various Developed Markets (DM) countries (excluding the United States) and Emerging Markets (EM) countries (lists available upon request). The volatility of these indices may be materially different from that of the Funds’. In addition, the holdings in the Funds will generally differ significantly from the securities that make up the indices. These indices have not been selected to represent an appropriate benchmark to compare the Funds’ performance, but rather are used to allow for comparison to well-known and widely recognized indices. Neither S&P nor its third-party information providers shall be liable with respect to the data and information contained in this report or the context from which it is drawn. “S&P,” “S&P 500” and “S&P 400” are registered trademarks of Standard & Poor’s. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits), even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. The HFRI Equity Hedge (EH) Total Index is an equally weighted performance index. It uses the HFR database and consists only of Equity Hedge funds with a minimum of US $50 million AUM or a 12-month track record and that report assets in USD. It is calculated and rebalanced monthly and shown net of all fees and expenses. Equity Hedge strategies invest in a core holding of long equities at all times with short sales of stocks and/or stock index options. HFR compiles the performance numbers from sources it believes to be reliable but makes no representations and assumes no responsibility or liability, express or implied, as to the accuracy or completeness of these numbers. Source: Hedge Fund Research, Inc., www.hedgefundresearch.com, © 2020 Hedge Fund Research, Inc. All rights reserved.

Any investor who subscribes, or proposes to subscribe, for an investment in an unregistered pooled investment fund must be able to bear the risks involved and must meet an unregistered pooled investment fund’s suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that an unregistered pooled investment fund’s investment objectives will be achieved. Such investments are typically speculative and involve a substantial degree of risk. An unregistered pooled investment fund may use leverage and/or engage in other speculative investment practices that may increase the risk of investment loss. Past results of the unregistered pooled investment fund’s investment manager are not indicative of future performance of the fund, and the fund’s performance may be volatile. An investor must realize that he or she could lose all or a substantial amount of his or her investment in an unregistered pooled investment fund. The investment manager has total trading authority over the unregistered pooled investment fund, and the fund is dependent upon the services of the investment manager. The use of a single adviser could mean lack of diversification and, consequently, higher risk. Unregistered pooled investment funds are generally highly illiquid. There is no secondary market for an

37 APPENDIX Disclosures investor’s interest in an unregistered pooled investment fund and none should be expected to develop. There are restrictions on transferring interests in an unregistered pooled investment fund. The instruments in which an unregistered pooled investment fund invests may involve complex tax structures and there may be delays in distributing important tax information. Certain of the trades executed for an unregistered pooled investment fund may take place on foreign markets, which inherently involves a greater degree of risk. An unregistered pooled investment fund is subject to various other risk factors and conflicts of interest. For further information regarding the risk factors and conflicts of interest with respect to an unregistered pooled investment fund in which you propose to invest or currently invest, please refer to the unregistered pooled investment fund’s offering memorandum.

This document may be issued in the United Kingdom by Select Equity Group, L.P. to, and/or directed at, only persons to or at whom it may lawfully be issued or directed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, including persons who are authorized under the Financial Services and Markets Act 2000 (“FSMA”), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts or persons who qualify as certified sophisticated investors. Interests in the Fund are only available to such persons in the United Kingdom and this document must not be relied or acted upon by any other persons in the United Kingdom. In order to qualify as a certified sophisticated investor a person must: (a) have a certificate in writing or other legible form signed by an authorized person to the effect that he is sufficiently knowledgeable to understand the risks associated with a particular type of investment; and (b) have signed, within the last 12 months, a statement in a prescribed form declaring, amongst other things, that he qualifies as a sophisticated investor in relation to such investments. This document is exempt from the general restriction in Section 21 of FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. The content of this document has not been approved by an authorized person and such approval is, save where this document is directed at or issued to the types of person referred to above, required by Section 21 of FSMA. An investment in the Fund may expose an investor to a significant risk of losing all of the amount invested. The Fund is a Limited Partnership (while offshore funds are Limited Companies) and any person who acquires interests in the Fund will not thereby be exposed to any significant risk of incurring additional liability. Any person who is in any doubt about investing in the Fund should consult an authorized person specializing in advising on such investments.

Please note the returns presented are inclusive of both the restricted and non-restricted interest/share classes. Performance between the restricted and non-restricted classes may differ due to allocations of new issues. Additional information regarding the allocation of specific IPOs, and their effect on the restricted and non-restricted interest/share class performance, is available upon request.

The Funds may invest in debt securities, options, privately negotiated derivative instruments and other private transactions and, as of the date of this report, may currently be invested in these instruments. Exposure to these instruments may not be reflected in the data presented in this report (e.g., certain named securities may be owned via swap).

APPLICABLE TO SEG PARTNERS ONLY:

Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor inclusive of loss carry forward, if applicable, under a model fee structure of the highest fee structure in place for the respective fiscal years. The Fund’s performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and a performance allocation/fee of 15% (from 1998 through 2001) and 20% (from 2002–thereafter) of profits. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. Actual management fees for the Funds were charged quarterly in advance through 2009 and monthly in arrears from 2010 onwards.

APPLICABLE TO THE GREAT JONES FUNDS ONLY:

Modeled since inception to date the net performance numbers, unless otherwise stated, are presented net of an annualized base management fee of 0.5% of asset value charged monthly in arrears and a performance allocation/fee of 15% over the S&P 500 (“the Hurdle”). The performance allocation/fee is applied on a year-by-year basis. The Hurdle is calculated on a cumulative basis and the underperformance relative to the Hurdle (if any) from prior year(s) is included in the performance allocation/fee calculation. Prior to September 2017 performance was modeled under a different methodology that used the highest fee on offer during the applicable measurement periods. We believe the inclusion of multiple fee structures (only one of which is currently on offer), while conservative, is of limited utility to current and prospective investors as no single investor could have experienced such a performance history since inception. We believe the consistent application of a singular fee structure (that is currently on offer and which the great majority of our existing investors have selected) would be more relevant and useful to both current and prospective investors. The prior performance calculation methodology is discussed in the following paragraph.

38 APPENDIX Disclosures

Under the performance calculation model used prior to September 2017, net performance numbers were net of the highest performance fee and (where applicable) management fee offered for the period reported and assumed investment at the beginning of each year. Unless otherwise indicated in those reports, for 2007, the performance of the Fund was presented net of a 10% performance allocation/fee and all other expenses such as commissions, custodial fees and legal and accounting fees. For 2008 and 2009, the performance of the Fund was presented net of an annualized base management fee of 0.5% of asset value charged monthly in arrears and a performance allocation/fee of 15%. From 2010 to November 2013, the performance of the Fund was presented net of an annualized base management fee of 1% of asset value charged monthly in arrears and a performance allocation/fee of 10% over the S&P 500. The actual returns reflecting the preceding fee structures that were on offer from inception to December 2013, while not reflected in this report, are available upon request. From December 2013 until August 2017, the performance of the Fund was presented net of an annualized base management fee of 0.5% of asset value charged monthly in arrears and performance allocation/fee of 15% over the S&P 500. The performance allocation/fee was applied on a year-by-year basis and the underperformance relative to the Hurdle (if any) from prior year was not considered in the performance allocation/fee calculation. Actual management fees for the funds were charged quarterly in advance through 2009 and monthly in arrears from 2010 onward.

APPLICABLE TO THE COOPER SQUARE FUNDS ONLY:

Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor inclusive of loss carry forward, if applicable, under a model fee structure of the highest fee structure in place for the respective fiscal years. The Fund’s performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and a performance allocation of 20% of profits. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. Actual management fees for the funds are charged monthly in arrears.

APPLICABLE TO THE BAXTER STREET FUNDS ONLY:

Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. From inception through September 2013, the Fund’s performance is presented net of an annualized base management fee of 1.25% of net asset value charged monthly in arrears. From October 2013 onwards, the performance is presented net of an annualized management fee of 1.50%. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein.

APPLICABLE TO THE SHERIDAN SQUARE FUNDS ONLY:

APPLICABLE TO THE CROSBY STREET FUND ONLY:

Unless otherwise stated, performance results for the Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. Fund’s performance is presented net of an annualized base management fee of 0.80% of net asset value charged monthly in arrears.

APPLICABLE TO THE HUDSON STREET FUND ONLY:

Unless otherwise stated, performance results for the Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. Fund’s performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and performance allocation/fee of 20% of profits over the Russell 2000 Index.

39 APPENDIX Disclosures

APPLICABLE TO SHINBONE ALLEY ONLY:

Performance results for the Fund from inception through June 30, 2020 are hypothetical showing returns for an investor who invested at Fund inception with no subsequent capital contributions or withdrawals. Net Hypothetical performance shown includes the deduction of a management fee of 1% of net asset value charged monthly in arrears and a performance allocation/fee of 20% of profits accrued monthly and crystalized annually. Hypothetical performance also includes brokerage or other commissions, and any other expenses that a client would have paid. Monthly gross returns were calculated by grossing up the actual net monthly returns using 1% annual management fee and 20% annual incentive fee applied to the Year-to-Date net return. Loss carry forward from previous year, if applicable, was taken into consideration. No representation is being made that any investor will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between day 1 investor performance results and the actual results achieved by investors, depending upon, among other things, the timing of capital contributions and withdrawals. Aggregate performance of the fund may also differ materially from the hypothetical day 1 investor performance reflected herein. Hypothetical day 1 investor performance shown prior to July 1, 2020 is calculated by assuming a day 1 penny investor. Allocations of gains/losses and expenses and fees are applied to the penny investor monthly and a new hypothetical NAV is calculated monthly.

Starting July 1, 2020 Performance results for the Fund reflect the performance earned by a Fund investor using loss carry forward under a model fee structure of the highest fee structure in place for each year. The Funds’ performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and a performance allocation/fee of 20% of profits. Returns post July 1, 2020 are inclusive of both the restricted and non-restricted interest/share classes.

APPLICABLE TO MULBERRY STREET (AND, IF APPLICABLE, SELECT EQUITY FUNDS) ONLY:

Unless otherwise stated, the performance data referred to in this letter/report reflects the returns of SEG’s Mulberry Street composite which includes all individually-managed accounts in this Strategy (other than those managed for less than a calendar month or where certain portfolio or account customizations effected at the request of the client would, in SEG’s reasonable determination, warrant exclusion). The performance of the composite may differ from the performance achieved by the individual client accounts due to moderate differences in weightings of individual securities, the timing of individual transactions, different fee arrangements, the influence of additions and withdrawals and restrictions that clients may have placed on individual accounts. Most annual advisory fees collected from client accounts included in the composite ranged from 0% to 2.0% during the period depicted. Certain accounts included in the composite have other fee arrangements including performance-based fee arrangements. Additionally, Mulberry Street composite performance may vary from the performance of Select Equity Fund, L.P. and Select Equity Offshore, Ltd. (Mulberry Street private funds).

Beginning 12/1/2015, the following additional changes have been implemented: Dividends are accrued daily, management fees are accrued on the last business day of each quarter, performance fees, if applicable, are accrued on the last business day of the fiscal year, cash flow weighting for subscriptions and redemptions is at beginning of day and 2015 YTD returns for the composite are calculated by geometrically linking the eleven monthly returns under the cash basis of accounting and the final month under the accrual basis of accounting.

Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of 1.5% annual management fee (2% before November 2012), accrued monthly. The Funds’ performance is presented net of an annualized base management fee of 1.5% (2% before November 2012) of net asset value charged monthly in arrears. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. Beginning January 2010, the Funds also started offering the option of a 1% management fee and 20% performance allocation over the Russell Midcap (the “Hurdle”). Actual returns reflecting the deduction of 1% management fee and 20% performance allocation over the Hurdle are available upon request. The performance allocation is applied on an annual basis. The Hurdle is calculated on a cumulative basis and any underperformance relative to the Hurdle from prior year(s) is included in the performance allocation calculation. Prior to September 2017, performance returns for this fee structure were calculated using beginning of year investment and any underperformance relative to the Hurdle from prior year(s) was not included in the performance allocation calculation.

Distribution of this information to any person (unless required by law or legal/regulatory process) other than the person to whom this information was originally delivered and to such person's advisers is unauthorized and any reproduction of these materials, in whole or in part, or the disclosure of any of the contents without the prior consent of the Investment Manager is prohibited.

A COPY OF PART 2 OF SEG’S FORM ADV IS AVAILABLE UPON REQUEST 40 Baxter Street International Long-Only STRATEGY INCEPTION | SEPTEMBER 2012

DECEMBER 2020

Strategy Assets (in millions)¹ $11,030

Monthly Performance (Net) JAN–20 FEB–20 MAR–20 APR–20 MAY–20 JUN–20 JUL–20 AUG–20 SEP–20 OCT–20 NOV–20 DEC–20 YTD

Baxter Street, LP -1.8% -6.6% -14.3% 7.0% 6.2% 5.1% 6.2% 3.9% -1.6% -2.5% 11.8% 3.9% 15.4% Baxter Street II -1.8% -6.6% -14.2% 7.1% 6.2% 5.1% 6.3% 3.9% -1.6% -2.5% 11.9% 4.0% 15.9% Baxter Street Offshore -1.9% -6.6% -14.1% 7.2% 6.0% 5.1% 6.2% 3.9% -1.6% -2.5% 11.8% 4.0% 15.7%

MSCI ACWI ex US -2.7% -7.9% -14.5% 7.6% 3.3% 4.5% 4.5% 4.3% -2.5% -2.1% 13.5% 5.4% 10.7%

¹ Includes assets held in separately managed accounts. The performance data herein represents past performance, which is not indicative of future results. Comparisons to a financial index are provided for illustrative purposes only. It is not possible to invest directly in an index.

HISTORICAL PERFORMANCE (Net, Annualized) EXPOSURES

Baxter MSCI ACWI GEOGRAPHIC EXPOSURE MARKET CAP EXPOSURE Street, LP ex US Baxter MSCI ACWI $15B+ 72% 2019 28.4% 21.5% Street ex US $5–$15B 20% Last 3 Years 10.7% 4.9% Australia & New Zealand 3% 5% $1–$5B 0% Last 5 Years 11.4% 8.9% Asia ex Japan 10% 28% <$1B 0% Since Inception 11.0% 7.0% Japan 6% 16% Europe 36% 26% DEVELOPED/EMERGING MARKETS EXPOSURE Volatility 13.0% 14.0% Switzerland 9% 6% United Kingdom 11% 9% Baxter MSCI ACWI Full history since inception (9/2012) on reverse. Latin America 0% 2% Street ex US Volatility is calculated using the standard deviation, or variance between monthly return streams North America 16% 6% since inception. Africa & Middle East 0% 3% Developed Markets 82% 69% Multi-Country 0% 0% Emerging Markets 10% 31%

Geographic Exposure is determined by using the MSCI Global Investable Market Indices (GIMI) Methodology. Market Cap Exposures do not include any non-equity-based positions and portfolio insurance investments. See additional disclosures at the end.

SECTOR EXPOSURE & ATTRIBUTION

EXPOSURE MONTHLY ATTRIBUTION

Baxter Street MSCI ACWI ex US EXPOSURE VS. MSCI ACWI ex US Baxter Street MSCI ACWI ex US

Energy 0% 4% -4% Energy 0.0% 0.2% Materials 6% 8% -2% Materials 0.3% 0.7% Industrials 18% 12% 7% Industrials 0.8% 0.5% Consumer Discretionary 3% 14% -10% Consumer Discretionary -0.5% 0.6% Consumer Staples 11% 9% 2% Consumer Staples 0.3% 0.4% Healthcare 14% 10% 4% Healthcare 0.7% 0.3% Financials 8% 18% -10% Financials 0.7% 0.8% Information Technology 26% 13% 13% Information Technology 1.5% 1.4% Communication Services 6% 7% -2% Communication Services 0.3% 0.3% Utilities 0% 3% -3% Utilities 0.0% 0.1% Real Estate 0% 3% -3% Real Estate 0.0% 0.0% Multi-Sector 0% 0% Multi-Sector 0.0% 0.0%

Total 92% 100% Total 4.1% 5.4%

Source: FactSet using GICS sector classification. Multi-Sector includes portfolio insurance investments. Portfolio insurance may include exchange traded notes (ETNs) and/or put spread options intended to protect capital in the event of a market sell-off. For attribution purposes, performance is stated gross of fees. Attribution figures do not include approximately 0.0% of contribution from the hedge positions. See additional disclosures at the end.

PORTFOLIO SNAPSHOT

TOP 10 EQUITY HOLDINGS POSITIONS & PORTFOLIO WEIGHTINGS

Edenred Equity Holdings 46 SAP Top Holding 5.0% AIA Group Top 5 Holdings 21.4% Alcon Top 10 Holdings 36.9% PerkinElmer Portfolio Insurance² 0.0% Melrose Industries Cash 8.2% FIS Merck KGaA CRH ASML Holding

2Portfolio insurance may include ETNs and/or put spread options intended to protect capital in the event of a market sell-off. The information above represents the 10 largest equity holdings by market value (equity swap positions are reflected as fully paid) in the Baxter Street Fund, L.P. as of the most current month end. Each month, Select Equity Group, L.P. uses the same objective, non-performance-based criteria to select the 10 largest long equity holdings. The securities listed above do not represent all of the securities purchased or sold for SEG’s clients, and the reader should not assume that investments in the securities identified were or would be profitable.

Numbers may not foot due to rounding. The most current month-end and YTD performance, weightings and AUM numbers are estimated. Exposure figures do not include forward hedge positions. With respect to net performance calculations, see disclosures at the end. Select Equity Group, L.P. manages over $38 billion across long-only and long/short equity strategies. The Firm was SELECT EQUITY GROUP, L.P. founded on the premise that rigorous, independent research and disciplined investing will generate superior long-term 380 Lafayette Street returns for our clients. Baxter Street is an international long-only equity strategy that invests primarily in non- US-domiciled companies across the market cap spectrum. The portfolio generally has 30-60 positions with New York, New York 10003 weightings that range from 1%-10%. 212.601.9675 The above figures represent ranges the Manager intends generally not to exceed. The Fund’s offering documents, which control any investment, may not mandate that the Fund’s [email protected] portfolio be within these ranges.

HISTORICAL PERFORMANCE PORTFOLIO MANAGEMENT Baxter Street Baxter Street MSCI ACWI Chad M. Clark, Portfolio Manager Gross Return Net Return ex US Matthew C. Pickering, Portfolio Manager Since Inception 12.6% 11.0% 7.0% Brian M. Vollmer, Associate Portfolio Manager

Year TERMS³ 12/31/2020 YTD 17.1% 15.4% 10.7% 2019 30.3% 28.4% 21.5% Management Fee: 1.50% 2018 -7.2% -8.6% -14.2% Incentive Fee: N/A 2017 26.0% 24.2% 27.2% Lockup: None 2016 3.5% 1.9% 4.5% Liquidity: Monthly 2015 4.7% 3.2% -5.7% Notice Period: 30 days written notice 2014 0.2% -1.2% -3.9% 2013 26.2% 24.6% 15.3% Administrator: SEI Global Services, Inc. 2012 10.3% 9.8% 9.8% Prime Broker: Morgan Stanley & Co. Auditor: PricewaterhouseCoopers LLP Legal Counsel: Willkie Farr & Gallagher LLP

³The highest fee on offer is shown above. A fee schedule is available upon request.

IMPORTANT PERFORMANCE DISCLOSURES investors. Interests in the Fund are only available to such persons in the United Kingdom and this document must not be relied or acted upon by any other persons in the United Kingdom. In order to qualify as a certified sophisticated investor a You are urged to compare the information contained in this report to the account statements of your Administrator, person must: (a) have a certificate in writing or other legible form signed by an authorized person to the effect that he is which are the official books and records. sufficiently knowledgeable to understand the risks associated with a particular type of investment; and (b) have signed, The information contained in this report is provided for informational purposes only and is not intended as an offer or solici- within the last 12 months, a statement in a prescribed form declaring, amongst other things, that he qualifies as a tation of an offer for the purchase or sale of any security and should not be relied upon by you in evaluating the merits of sophisticated investor in relation to such investments. This document is exempt from the general restriction in Section 21 investing in any securities. of FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. The content of this document has not been Select Equity Group, L.P. (“SEG” or “Manager”) is a US-based investment management firm registered as an investment approved by an authorized person and such approval is, save where this document is directed at or issued to the types of adviser with the Securities and Exchange Commission. Unless otherwise indicated, the performance and other data referred person referred to above, required by Section 21 of FSMA. An investment in the Fund may expose an investor to a to in this letter/report represents the returns of Baxter Street Fund, L.P., which closely tracks Baxter Street Offshore Fund, significant risk of losing all of the amount invested. The Fund is a Limited Partnership (while offshore funds are Limited Ltd. and Baxter Street Fund II, L.P., since their inceptions (collectively, the “Fund” or “Funds”). While the three Funds are Companies) and any person who acquires interests in the Fund will not thereby be exposed to any significant risk of managed in parallel, performance may differ among the entities due to the timing of fund flows and other factors. Each of incurring additional liability. Any person who is in any doubt about investing in the Fund should consult an authorized the Funds is an unregistered pooled investment vehicle over which SEG maintains discretionary authority. Separate person specializing in advising on such investments. performance schedules are available for Baxter Street Offshore Fund, Ltd. and Baxter Street Fund II, L.P. At various points in this letter/report, the returns of the Fund may be compared to the MSCI ACWI (All Country World The performance data herein represents past performance, which is not indicative of future results. Performance is Index) ex USA or the S&P 500. The MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap expressed in US dollars. Unless otherwise stated, performance results for the Fund reflect the performance earned by a representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 21 Emerging Markets Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in (EM) countries (lists available upon request). The S&P 500, which is a market capitalization–weighted index, contains the place for the respective fiscal years. From inception through September 2013, the Fund’s performance is presented net of an 500 most widely held companies chosen with respect to market size, liquidity and industry. The volatility of this index may annualized base management fee of 1.25% of net asset value charged monthly in arrears. From October 2013 onward, the be materially different from that of the Fund. Neither S&P nor its third party information providers shall be liable with performance is presented net of an annualized management fee of 1.50%. Separately managed accounts may be subject to respect to the data and information contained in this report or the context from which it is drawn. “S&P,” “S&P 500” and different fee structures set forth in their investment management agreements. “S&P 400” are registered trademarks of Standard & Poor’s. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to Please note the returns presented in the attached for the Fund are inclusive of both the restricted and non-restricted such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of interest/share classes. Performance between the restricted and non-restricted classes may differ due to allocations of new originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. issues. Additional information regarding the allocation of specific IPOs, and their effect on the restricted and non-restricted Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to interest/share class performance, is available upon request. compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or Fund performance is calculated monthly using the net asset value appreciation (net of all fees and expenses including a dissemination of the MSCI/S&P data is permitted without MSCI’s/S&P’s express written consent. model fee structure described above) as a percentage of beginning-of-month net asset value (appropriately adjusted for any capital activity). Purchases and sales of securities are recorded on a trade date basis. Realized gains and losses from Any investor who subscribes, or proposes to subscribe, for an investment in an unregistered pooled investment fund must security transactions are generally determined using the specific identification method. Unrealized gains and losses from be able to bear the risks involved and must meet an unregistered pooled investment fund’s suitability requirements. Some investment transactions are recognized as income. Dividend income is recorded on the ex-dividend date and interest income or all alternative investment programs may not be suitable for certain investors. No assurance can be given that an is recorded on an accrual basis. The Fund’s annual returns are calculated by linking the monthly performance through unregistered pooled investment fund’s investment objectives will be achieved. Such investments are typically speculative compounded multiplication. Exposure to certain derivative instruments may not always be reflected in the data presented in and involve a substantial degree of risk. An investor must realize that he or she could lose all or a substantial amount of this report (e.g., certain named securities may be owned via swap). The Fund’s cumulative rate of return is calculated by his or her investment in an unregistered pooled investment fund. The investment manager has total trading authority over linking the Fund’s annual rates of return. Fund average annualized rates of return are equivalent to the annual rate of return the unregistered pooled investment fund, and the fund is dependent upon the services of the investment manager. The use which, if earned in each year of the indicated multi-year period, would produce the actual cumulative rate of return over the of a single adviser could mean lack of diversification and, consequently, higher risk. Unregistered pooled investment funds time period. Computations assume reinvestment of all dividends, interest and capital gains. Geographic exposure is are generally highly illiquid. There is no secondary market for an investor’s interest in an unregistered pooled investment determined by using the MSCI Global Investable Market Indices (“GIMI”) Methodology for country classification. Sector fund and none should be expected to develop. There are restrictions on transferring interests in an unregistered pooled exposure is derived from FactSet which uses GICS industry classification. Manager reserves the right to use a different or investment fund. The instruments in which an unregistered pooled investment fund invests may involve complex tax internal methodology for classification if a security is not classified by MSCI/GICS or if it does not agree with the assigned structures and there may be delays in distributing important tax information. Certain of the trades executed for an classification. Securities may currently be held in the portfolio where the manager used internal classification. Much of the unregistered pooled investment fund may take place on foreign markets, which inherently involves a greater degree of risk. data and other information contained in this letter/report is unaudited and is collected, in whole or in part, from a source For a complete list of the risk factors and conflicts of interest with respect to an unregistered pooled investment fund in believed by SEG to be reliable. SEG cannot guarantee the accuracy of the data/information and therefore shall not be held which you propose to invest or currently invest, please refer to the unregistered pooled investment fund’s offering liable for inaccuracies. Assets are as of month end. The average exposure is calculated using daily exposures and such memorandum. average exposures and the resulting internal return calculations are approximations. The cash position, if shown, is from our accounting system which assumes full payment of equity swaps. The actual cash held in the portfolio may differ THE INFORMATION CONTAINED IN THIS REPORT IS CONFIDENTIAL AND IS INTENDED ONLY FOR THE PERSON TO WHOM significantly from this report. IT HAS BEEN SENT. UNDER NO CIRCUMSTANCES MAY A COPY OF THIS REPORT BE SHOWN, COPIED OR TRANSMITTED OR OTHERWISE GIVEN TO ANY PERSON OTHER THAN THE ORIGINALLY INTENDED RECIPIENT. Any discussions regarding potential future events and their impact on any Fund are based solely on historic information and SEG’s estimates and/or opinions, are provided for illustrative purposes only, and are subject to further limitations as A COPY OF PART 2 OF SEG’S FORM ADV IS AVAILABLE UPON REQUEST specified elsewhere in this material. No guarantee can be made of the occurrence of such events or the actual impact such events would have on any Fund’s future performance. This document may be issued in the United Kingdom by Select Equity Group, L.P. to, and/or directed at, only persons to or at whom it may lawfully be issued or directed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, including persons who are authorized under the Financial Services and Markets Act 2000 (“FSMA”), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts or persons who qualify as certified sophisticated Baxter Street International Long-Only STRATEGY INCEPTION | SEPTEMBER 2012

FOURTH QUARTER 2020

3-Yr 5-Yr Since Performance (Baxter Street, LP) Q4 2020 FY 2020 CAGR CAGR Inception Baxter Street Gross 13.8% 17.1% 12.3% 13.1% 12.6% Baxter Street Net 13.4% 15.4% 10.7% 11.4% 11.0% MSCI ACWI ex US 17.0% 10.7% 4.9% 8.9% 7.0% Average Exposure Long Exposure 92% 91% Portfolio Insurance1 0% 0%

¹Portfolio insurance may include exchange traded notes (ETNs) and/or put spread options intended to protect capital in the event of a market sell-off. See additional disclosures at the end. For comparative purposes, performance for the most current quarter for Baxter Street Fund II, L.P. was +13.9% gross of fees and +13.5% net of fees and for Baxter Street Fund Offshore was +13.8% gross of fees and +13.4% net of fees. The performance data herein represents past performance, which is not indicative of future results. Comparisons to a financial index are provided for illustrative purposes only. It is not possible to invest directly in an index.

TOP CONTRIBUTORS BOTTOM CONTRIBUTORS

Q4 2020 Average Weight Contribution Q4 2020 Average Weight Contribution Melrose Industries 3.3% 1.8% SAP 5.1% -1.1% Edenred 5.1% 1.3% Alibaba Group 3.4% -0.7% AIA Group 4.5% 1.1% Scout24 2.0% -0.1% ASML Holding 3.1% 1.0% FIS 3.6% -0.1% CTS Eventim 2.1% 0.8% Chr. Hansen Holding 1.0% -0.1%

FY 2020 Average Weight Contribution FY 2020 Average Weight Contribution Adyen 2.4% 3.1% Eicher Motors 1.0% -1.6% Tencent Holdings 4.6% 2.1% Accor 0.8% -1.3% ASML Holding 3.9% 2.1% Gildan Activewear 0.5% -1.2% Merck KGaA 3.2% 1.6% Capgemini 1.4% -1.0% PerkinElmer 1.9% 1.4% Credit Suisse Group 0.5% -1.0%

For more information with respect to the methodology used in the attribution analysis above and/or how to obtain a list showing each holding’s contribution to the overall Fund’s performance for the most current quarter and FY, please contact us. The securities listed above do not represent all of the securities purchased or sold for Select Equity Group’s clients. Past performance does not guarantee future results.

SECTOR EXPOSURE & ATTRIBUTION

QUARTER-END EXPOSURE Q4 ATTRIBUTION FY ATTRIBUTION

Baxter Street MSCI ACWI ex US Baxter Street MSCI ACWI ex US Baxter Street MSCI ACWI ex US Energy 0% 4% 0.0% 0.9% -0.1% -1.6% Materials 6% 8% 0.5% 1.6% 2.0% 1.6% Industrials 18% 12% 4.7% 1.9% 2.7% 1.2% Consumer Discretionary 3% 14% -0.2% 2.2% -4.7% 2.9% Consumer Staples 11% 9% 1.6% 0.8% 1.6% 0.6% Healthcare 14% 10% 2.0% 0.7% 3.0% 1.4% Financials 8% 18% 1.5% 4.2% 0.7% -1.1% Information Technology 26% 13% 2.5% 2.9% 8.0% 4.3% Communication Services 6% 7% 1.2% 1.0% 3.8% 1.2% Utilities 0% 3% 0.0% 0.5% 0.0% 0.3% Real Estate 0% 3% 0.0% 0.3% 0.0% -0.3% Multi-Sector 0% 0% 0.1% 0.0% 0.1% 0.0%

Total 92% 100% 13.8% 17.0% 17.1% 10.7%

Source: FactSet using GICS sector classification. Multi-Sector includes portfolio insurance investments. For attribution purposes, performance is stated gross of fees. Attribution figures do not include approximately 0.0% of contribution from the hedge positions. See additional disclosures on reverse.

CHARACTERISTICS CURRENCY HEDGES ASSETS (in millions) 12/31/20 12/31/19 12/31/18 12/31/17 12/31/20 12/31/19 12/31/18 12/31/17 Gross Exposure EUR 0% Baxter Street, LP $1,211 $906 $737 $746 Equities 92% 83% 95% 82% GBP 0% Baxter Street II $1,591 $1,206 $864 $908 Options/Other 0% 0% 0% 0% JPY 0% Baxter Street Offshore $2,219 $1,728 $1,398 $1,760 Other 0% Separate Accounts $6,008 $4,784 $3,655 $3,801 Median Market Cap $34.1B $27.8B $14.8B $12.6B Baxter Street Total $11,030 $8,624 $6,654 $7,214

Active Share 87% Firm Total $38,876 $28,532 $21,295 $23,150

Source: FactSet. Equities include custom equity basket swaps, and Options/Other include options The Other category represents all other and any non-equity based positions. Active Share measures the percentage of the most current currencies invested in the portfolio. quarter-end portfolio (based on position weights) that differs from the MSCI ACWI ex US.

Numbers may not foot due to rounding. The most current quarter-end and FY performance, weightings and AUM numbers are estimated. Exposure figures do not include forward hedge positions. With respect to net performance calculations, see disclosures on reverse. SELECT EQUITY GROUP, L.P. 380 Lafayette Street New York, New York 10003 212.601.9675 [email protected]

IMPORTANT PERFORMANCE DISCLOSURES and Markets Act 2000 (“FSMA”), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or partnerships, trustees You are urged to compare the information contained in this report to the account statements of your of high value trusts or persons who qualify as certified sophisticated investors. Interests in the Fund are only Administrator, which are the official books and records. available to such persons in the United Kingdom and this document must not be relied or acted upon by any The information contained in this report is provided for informational purposes only and is not intended as an other persons in the United Kingdom. In order to qualify as a certified sophisticated investor a person must: offer or solicitation of an offer for the purchase or sale of any security and should not be relied upon by you in (a) have a certificate in writing or other legible form signed by an authorized person to the effect that he is evaluating the merits of investing in any securities. sufficiently knowledgeable to understand the risks associated with a particular type of investment; and (b) have signed, within the last 12 months, a statement in a prescribed form declaring, amongst other things, Select Equity Group, L.P. (“SEG” or “Manager”) is a US-based investment management firm registered as an that he qualifies as a sophisticated investor in relation to such investments. This document is exempt from investment adviser with the Securities and Exchange Commission. Unless otherwise indicated, the the general restriction in Section 21 of FSMA on the communication of invitations or inducements to engage performance and other data referred to in this letter/report represents the returns of Baxter Street Fund, L.P., in investment activity on the grounds that it is being issued to and/or directed at only the types of person which closely tracks Baxter Street Offshore Fund, Ltd. and Baxter Street Fund II, L.P., since their inceptions referred to above. The content of this document has not been approved by an authorized person and such (collectively, the “Fund” or “Funds”). While the three Funds are managed in parallel, performance may differ approval is, save where this document is directed at or issued to the types of person referred to above, among the entities due to the timing of fund flows and other factors. Each of the Funds is an unregistered required by Section 21 of FSMA. An investment in the Fund may expose an investor to a significant risk of pooled investment vehicle over which SEG maintains discretionary authority. Separate performance schedules losing all of the amount invested. The Fund is a Limited Partnership (while offshore funds are Limited are available for Baxter Street Offshore Fund, Ltd. and Baxter Street Fund II, L.P. Companies) and any person who acquires interests in the Fund will not thereby be exposed to any significant The performance data herein represents past performance, which is not indicative of future results. risk of incurring additional liability. Any person who is in any doubt about investing in the Fund should consult Performance is expressed in US dollars. Unless otherwise stated, performance results for the Fund reflect the an authorized person specializing in advising on such investments. performance earned by a Fund investor who had invested at the beginning of each year under a model fee At various points in this letter/report, the returns of the Fund may be compared to the MSCI ACWI (All structure of the highest fee structure in place for the respective fiscal years. From inception through Country World Index) ex USA or the S&P 500. The MSCI ACWI ex USA Investable Market Index (IMI) captures September 2013, the Fund’s performance is presented net of an annualized base management fee of 1.25% of large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the net asset value charged monthly in arrears. From October 2013 onward, the performance is presented net of United States) and 21 Emerging Markets (EM) countries (lists available upon request). The S&P 500, which is an annualized management fee of 1.50%. Separately managed accounts may be subject to different fee a market capitalization–weighted index, contains the 500 most widely held companies chosen with respect to structures set forth in their investment management agreements. market size, liquidity and industry. The volatility of this index may be materially different from that of the Please note the returns presented in the attached for the Fund are inclusive of both the restricted and Fund. Neither S&P nor its third party information providers shall be liable with respect to the data and non-restricted interest/share classes. Performance between the restricted and non-restricted classes may information contained in this report or the context from which it is drawn. “S&P,” “S&P 500” and “S&P 400” differ due to allocations of new issues. Additional information regarding the allocation of specific IPOs, and are registered trademarks of Standard & Poor’s. Neither MSCI nor any other party involved in or related to their effect on the restricted and non-restricted interest/share class performance, is available upon request. compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby Fund performance is calculated monthly using the net asset value appreciation (net of all fees and expenses expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a including a model fee structure described above) as a percentage of beginning-of-month net asset value particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall (appropriately adjusted for any capital activity). Purchases and sales of securities are recorded on a trade MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the date basis. Realized gains and losses from security transactions are generally determined using the specific data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including identification method. Unrealized gains and losses from investment transactions are recognized as income. lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. The the MSCI/S&P data is permitted without MSCI’s/S&P’s express written consent. Fund’s annual returns are calculated by linking the monthly performance through compounded multiplication. Exposure to certain derivative instruments may not always be reflected in the data presented in this report Any investor who subscribes, or proposes to subscribe, for an investment in an unregistered pooled (e.g., certain named securities may be owned via swap). The Fund’s cumulative rate of return is calculated by investment fund must be able to bear the risks involved and must meet an unregistered pooled investment linking the Fund’s annual rates of return. Fund average annualized rates of return are equivalent to the annual fund’s suitability requirements. Some or all alternative investment programs may not be suitable for certain rate of return which, if earned in each year of the indicated multi-year period, would produce the actual investors. No assurance can be given that an unregistered pooled investment fund’s investment objectives cumulative rate of return over the time period. Computations assume reinvestment of all dividends, interest will be achieved. Such investments are typically speculative and involve a substantial degree of risk. An and capital gains. Geographic exposure is determined by using the MSCI Global Investable Market Indices investor must realize that he or she could lose all or a substantial amount of his or her investment in an (“GIMI”) Methodology for country classification. Sector exposure is derived from FactSet which uses GICS unregistered pooled investment fund. The investment manager has total trading authority over the industry classification. Manager reserves the right to use a different or internal methodology for unregistered pooled investment fund, and the fund is dependent upon the services of the investment classification if a security is not classified by MSCI/GICS or if it does not agree with the assigned manager. The use of a single adviser could mean lack of diversification and, consequently, higher risk. classification. Securities may currently be held in the portfolio where the manager used internal Unregistered pooled investment funds are generally highly illiquid. There is no secondary market for an classification. Much of the data and other information contained in this letter/report is unaudited and is investor’s interest in an unregistered pooled investment fund and none should be expected to develop. There collected, in whole or in part, from a source believed by SEG to be reliable. SEG cannot guarantee the accuracy are restrictions on transferring interests in an unregistered pooled investment fund. The instruments in of the data/information and therefore shall not be held liable for inaccuracies. Assets are as of month end. which an unregistered pooled investment fund invests may involve complex tax structures and there may be The average exposure is calculated using daily exposures and such average exposures and the resulting delays in distributing important tax information. Certain of the trades executed for an unregistered pooled internal return calculations are approximations. The cash position, if shown, is from our accounting system investment fund may take place on foreign markets, which inherently involves a greater degree of risk. For a which assumes full payment of equity swaps. The actual cash held in the portfolio may differ significantly complete list of the risk factors and conflicts of interest with respect to an unregistered pooled investment from this report. fund in which you propose to invest or currently invest, please refer to the unregistered pooled investment fund’s offering memorandum. Any discussions regarding potential future events and their impact on any Fund are based solely on historic information and SEG’s estimates and/or opinions, are provided for illustrative purposes only, and are subject THE INFORMATION CONTAINED IN THIS REPORT IS CONFIDENTIAL AND IS INTENDED ONLY FOR THE to further limitations as specified elsewhere in this material. No guarantee can be made of the occurrence of PERSON TO WHOM IT HAS BEEN SENT. UNDER NO CIRCUMSTANCES MAY A COPY OF THIS REPORT BE such events or the actual impact such events would have on any Fund’s future performance. SHOWN, COPIED OR TRANSMITTED OR OTHERWISE GIVEN TO ANY PERSON OTHER THAN THE ORIGINALLY INTENDED RECIPIENT. This document may be issued in the United Kingdom by Select Equity Group, L.P. to, and/or directed at, only persons to or at whom it may lawfully be issued or directed under the Financial Services and Markets Act A COPY OF PART 2 OF SEG’S FORM ADV IS AVAILABLE UPON REQUEST 2000 (Financial Promotion) Order 2005, including persons who are authorized under the Financial Services

Firm: PineBridge Investments LLC (“PineBridge” or the “Firm”) Strategy/Product: PineBridge Private Equity Portfolio V, LP (“PEP V”) Client: Massachusetts Water Resources Authority Employees’ Retirement System

NEPC Manager Due Diligence Questionnaire - Update

Instructions

Thank you for taking the time to complete this questionnaire. Please note that your response will be part of the NEPC Research Database.

Firm/Organization

1. Have there been any changes in ownership or management in the past year?

Although there have been no material changes in the firm’s ownership structure or management. PineBridge completed the acquisition of Benson Elliot on 31 December 2020. The new entity is named PineBridge Benson Elliot Capital Management. Benson Elliot is a leading UK-based private equity real estate fund manager.

As a result of the acquisition, Joseph De Leo, Managing Partner and Investment Committee Member, PineBridge Benson Elliot has become a part of our senior management and provided below is his short biography:

Joseph De Leo Managing Partner and Investment Committee Member, PineBridge Benson Elliot With over 23 years of real estate experience, Mr. De Leo holds a wealth of knowledge in European and North American real estate investing. Mr. De Leo joined Benson Elliot in 2008, and is responsible for the Firm’s management and oversees the regional and sector specialist teams. Before joining Benson Elliot, he was a Managing Director at Fortress Investment Group in Frankfurt, Germany where he built and managed a $5.5 bn investment portfolio and a team of 40 real estate professionals. Prior to joining Fortress, Mr. De Leo was Vice President at Oxford Properties Group in Toronto, Canada, where he directed acquisitions in Europe and the US. Prior to that he worked at Borealis Capital Corp, where he was responsible for leading and directing a C$3.8 bn retail business. Mr. De Leo began his career in private equity real estate at CIBC.

Mr. De Leo is a member of the GRI Club, the Urban Land Institute and Real Estate Balance. He holds a Bachelor of Arts degree from the University of Toronto and a Master of Planning degree from Queen's University in Canada.

2. List firm AUM, net flows and accounts gained/lost for the past 5 years.

AUM (in YEAR NET FLOWS ACCOUNTS GAINED ACCOUNTS LOST millions) 3Q20 111,668 6,132.8 38 37 2019 101,284 2,756.1 66 77 2018 89,601 15,907.3 68 92 2017 85,316 456.1 66 215 2016 82,671 3,880.3 93 32 Please note that 4Q20 data is not currently available.

3. Have there been any new or discontinued products in the past year?

While there have been no closures in the past year, following is the list of products added/launched in the last year ending 31 December 2020:

• PineBridge Global Funds – USD High Yield Bond Fund • PineBridge ESG Quant Income & Growth Fund • PineBridge Risk Parity Fund • PineBridge TALF Opportunities Fund • PineBridge Global Dynamic Preservation Plus Fund

4. Are any products capacity constrained?

We have an internal practice to identify and review potential capacity limits. The consideration is guided by analysis of the underlying strategy and evolving market conditions (liquidity, issuance, etc); there may be internal soft limit for guidance rather than a hard limit

5. Describe any current or pending regulatory, compliance or litigation issues and the expected business impact.

From time to time, in the normal course of its business activities, PineBridge, its affiliates, its portfolio companies, and/or their personnel have been involved in litigation, had claims made against them, or participated in regulatory inquiries with respect to such business activities. Such claims against PineBridge personnel may include claims against those individuals in their capacity as employees or as fiduciaries of other entities. To date, none of PineBridge’s litigations or claims have been criminal in nature, none are considered material to the firm, and none impact PineBridge’s ability to act in the best interests of its clients. It is PineBridge’s policy to not comment on pending litigation, claims or inquiries.

Portfolio Management Team

1. Have there been any changes in the portfolio management team in the past year?

There have not been any changes to the key investment professionals that manage the portfolio. Please refer to the below table for changes in the portfolio management team of this product in the past year ending 31 December 2020.

ADDITIONS Name Role/Position Date Joined Justin Chang Research Analyst 01/03/2020 Katalina Veal Research Analyst 08/01/2020

DEPARTURES Name Role/Position Date of Departure Valerie Wong, CFA Portfolio Manager 12/31/2020 YC Shao Research Analyst 3/6/2020

2. Are there any expected changes to the team in the future (planned additions or departures)?

We are currently not aware of any anticipated changes to the team, but we constantly strive to invest in our resources and allocate resources to our professional staff in anticipation of specific needs and growth of business.

There have been no significant changes in any of the areas above in the past year.

Philosophy 1. Describe recent changes in investment philosophy, if any.

Not applicable as there have been no recent changes in the investment policy.

Portfolio 1. If not included in your meeting presentation, provide portfolio holdings, sector exposure, geographic exposure and common characteristics (yield, duration, market cap, P/E, etc.). Kindly find further details in the attached presentation, but in summary (all data as of June 30, 2020):

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund TVPI PB Rating Fund Name Year Size Commitment Amount Value Value Value Multiple Ranking (30 Jun 20)

PineBridge PEP V U.S. Large Market LBO, L.P. Apollo Investment Fund VII, L.P. 2008 $ 15,000 $ 10.0 $ 9.2 $ 16.4 $ 0.9 $ 17.3 1.89x 2nd Above Blackstone Capital Partners V, L.P (Top-Up Fund) 2007 21,200 10.0 9.7 17.4 0.4 17.7 1.82x 2nd Meeting Carlyle Partners V, L.P. 2007 17,000 10.0 8.9 15.5 1.0 16.5 1.85x 2nd Meeting CCMP Capital Investors II, L.P. 2007 3,400 10.0 10.5 18.4 - 18.4 1.74x 3rd Meeting Green Equity Investors V, L.P. 2007 5,300 20.0 19.6 38.5 7.1 45.6 2.33x 1st Above JC Flowers Fund II, L.P. 2006 7,050 20.0 20.1 5.1 - 5.1 0.25x 4th Below Madison Dearborn Capital Partners V, L.P. 2005 6,500 20.0 18.4 29.3 0.3 29.6 1.61x 2nd Meeting MatlinPatterson Global Opportunities Partners III, L.P. 2007 5,000 10.0 10.1 11.1 1.6 12.7 1.26x 4th Below Silver Lake Partners III, L.P. 2007 10,000 25.0 17.4 35.9 10.9 46.9 2.69x 1st Above Welsh, Carson, Anderson & Stowe X, L.P. 2005 3,440 20.0 20.3 33.2 - 33.2 1.63x 2nd Meeting Total $ 155.0 $ 144.3 $ 220.7 $ 22.3 $ 243.0 1.68x Meeting

PineBridge PEP V U.S. Small-Mid Market LBO, L.P. Avista Capital Partners, L.P. 2006 $ 2,000 $ 10.0 $ 11.1 $ 13.8 $ 0.1 $ 13.9 1.26x 4th Below Berkshire Fund VII, L.P. 2006 3,000 25.0 25.7 53.3 1.1 54.4 2.12x 2nd Above Catterton Partners VI, L.P. 2006 1,000 7.8 8.1 13.0 2.5 15.5 1.92x 2nd Meeting Diamond Castle Partners IV, L.P. 2006 1,820 10.0 13.6 16.3 0.1 16.3 1.20x 4th Below EdgeStone Capital Equity Fund III, L.P. 2006 689 10.0 9.2 8.9 - 8.9 0.97x 4th Below Fenway Partners Capital Fund III, L.P. 2006 703 10.0 10.7 17.3 - 17.3 1.61x 3rd Below InterMedia Partners VII, L.P. 2005 670 12.0 14.2 14.0 - 14.0 0.98x 4th Below Kohlberg Investors VI, L.P. 2007 1,553 8.0 7.0 12.3 0.1 12.4 1.78x 2nd Meeting KRG Capital Fund IV, L.P. 2007 1,960 8.0 7.4 12.9 0.3 13.2 1.78x 2nd Meeting MidOcean Partners III, L.P. 2006 1,330 8.0 8.1 16.9 1.3 18.2 2.24x 1st Meeting Nautic Partners VI, L.P. 2006 781 13.0 13.9 31.4 2.7 34.2 2.46x 1st Above OCM Principal Opportunities Fund IV, L.P. 2006 3,250 10.0 10.0 16.6 0.1 16.7 1.67x 3rd Below Olympus Growth Fund V, L.P. 2007 1,500 10.0 10.3 20.8 0.6 21.4 2.07x 1st Meeting Saw Mill Capital, L.P. 2006 270 8.0 7.1 21.5 0.5 22.0 3.11x 1st Above SFW Capital Partners Fund, L.P. 2007 305 8.0 5.9 12.0 0.6 12.6 2.13x 1st Above ShoreView Capital Partners II, L.P. 2008 300 4.0 3.9 7.0 1.6 8.6 2.21x 1st Above Snow Phipps Group, L.P. 2007 619 7.0 6.6 5.4 2.5 7.8 1.18x 4th Below Sun Capital Partners V, L.P. 2007 6,000 5.8 5.7 4.9 1.1 6.1 1.06x 4th Below Thompson Street Capital Partners II, L.P. 2007 300 8.0 7.9 14.5 1.7 16.2 2.06x 2nd Above Vista Equity Fund III, L.P. 2007 1,300 10.0 5.0 19.9 0.9 20.7 4.13x 1st Above Total $ 192.6 $ 191.5 $ 332.7 $ 17.7 $ 350.4 1.83x Meeting

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund TVPI PB Rating Fund Name Year Size Commitment Amount Value Value Value Multiple Ranking (30 Jun 20)

PineBridge PEP V U.S. VC, L.P. Clarus Lifesciences II, L.P. 2008 $ 660 $ 10.0 $ 9.5 $ 16.8 $ 0.7 $ 17.5 1.84x 2nd Above CMEA Ventures VII, L.P. 2007 400 8.0 8.3 10.0 2.3 12.3 1.48x 3rd Below Foundry Venture Capital 2007, L.P. 2007 225 8.0 8.1 38.6 0.5 39.1 4.85x 1st Above General Atlantic Partners, LLC 2006 NA 25.0 29.3 46.8 4.0 50.8 1.73x 2nd Meeting New Leaf Ventures II, L.P. 2007 400 8.0 8.0 13.1 1.4 14.5 1.81x 2nd Above Total $ 59.0 $ 63.2 $ 125.2 $ 9.0 $ 134.2 2.12x Above

PineBridge PEP V Europe Buyout, L.P. Carlyle Europe Partners III, L.P. 2007 $ 6,805 $ 16.9 $ 16.0 $ 31.3 $ - $ 31.3 1.96x 1st Above Cinven Capital Management IV, L.P. 2006 8,258 13.5 12.4 21.0 0.0 21.0 1.70x 2nd Meeting Doughty Hanson & Co. V, L.P. 2006 3,811 15.7 14.5 19.5 0.4 19.9 1.38x 3rd Below EQT V, L.P. 2006 5,399 9.4 9.6 15.4 0.3 15.7 1.63x 3rd Meeting PAI Europe V, LP. 2007 7,623 5.6 5.3 10.9 0.1 11.0 2.07x 1st Above Terra Firma Capital Partners III, L.P. 2006 6,606 11.2 11.4 5.2 0.9 6.1 0.54x 4th Below 3i Eurofund V 2006 6,352 26.7 26.4 64.8 0.5 65.3 2.47x 1st Above Astorg IV, FCPR 2007 1,016 11.2 9.2 18.6 0.1 18.6 2.03x 1st Above Lion Capital Fund II, L.P. 2006 2,451 12.9 12.6 8.5 0.7 9.2 0.73x 4th Below Mid Europa Partners III, L.P. 2007 1,906 9.5 8.8 10.7 0.2 10.9 1.23x 3rd Below Odewald Private Equity Partners III, L.P. 2006 776 10.1 10.1 7.7 0.5 8.2 0.81x 4th Below The Industri Kapital 2007 Fund 2007 2,033 11.2 11.4 16.7 0.1 16.8 1.47x 3rd Meeting Total $ 154.1 $ 147.7 $ 230.4 $ 3.7 $ 234.2 1.58x Below

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund TVPI PB Rating Fund Name Year Size Commitment Amount Value Value Value Multiple Ranking (30 Jun 20)

PineBridge PEP V Preferred Participation, L.P. Mill Road Capital, L.P. 2006 $ 247 $ 10.0 $ 9.6 $ 12.9 $ 2.5 $ 15.3 1.60x 2nd Meeting BlackEagle Partners Fund, L.P. 2007 173 15.0 15.2 31.3 7.7 39.1 2.57x 1st Above Total $ 25.0 $ 24.8 $ 44.2 $ 10.2 $ 54.4 2.19x Above

(US $ in millions) Vintage PEP V Paid-In Realized Unrealized Total Fund Gross Company Year Commitment Amount Value Value Value Multiple IRR

PEP V Co-Investment, L.P. Freescale Semiconductor, Inc. 2006 $ 9.0 $ 9.4 $ 9.0 $ - $ 9.0 0.96x (0.5%) Knowledge Universe Education, L.P. 2007 7.0 7.2 7.8 - 7.8 1.09x 1.0% Valentine Holdings, LLC 2007 1.1 0.6 0.0 - 0.0 0.07x 0.0% Flash Global Logistics, Inc. 2007 1.2 1.9 - 2.4 2.4 1.22x 1.8% Advanstar Communications, Inc. 2007 1.9 1.9 0.1 - 0.1 0.05x (32.4%) AB Acquisitions Holdings Limited 2007 5.3 5.3 15.2 - 15.2 2.87x 15.7% CDW Corporation 2007 4.0 5.2 9.1 - 9.1 1.74x 9.6% Firth Rixson, Ltd. 2007 8.3 8.4 9.4 0.1 9.5 1.13x 1.6% Q1W Newco, LLC 2008 8.9 8.9 6.0 - 6.0 0.67x (8.9%) Total $ 46.7 $ 48.9 $ 56.7 $ 2.5 $ 59.1 1.21x 2.6%

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund Fund Name Year Size Commitment Amount Value Value Value Multiple

PEP V Secondary PineBridge Secondary Partners II, L.P. 2008 $ 700.0 $ 28.9 $ 23.5 $ 33.5 $ 1.0 $ 34.5 1.47x Total $ 28.9 $ 23.5 $ 33.5 $ 1.0 $ 34.5 1.47x

The PEP V fund of fund sleeves are well diversified, with consumer discretionary, healthcare, information technology, and financial services as most significant exposures:

Most of the remaining exposure across the PEP V partnerships resides in North America:

2. List strategy AUM, net flows and accounts gained/lost for the past 5 years.

PEP V is a closed ended Fund and therefore does not win or lose assets. NAV declines naturally as distributions come back.

PEP V Small- PEP V Large PEP V Preferred PEP V Co- PEP V mid Market PEP V U.S. PEP V Europe, PEP V Asia, L.P. Market Buyout, Participation, Investment, L.P. Secondary, L.P. U.S. Buyout, Venture, L.P. L.P. L.P. L.P. L.P. June 30, 2020 $7,479,260 $3,203,889 $24,321,623 $11,248,881 $1,656,837 $19,578,282 $11,809,748 €5,016,970 2019 $10,300,058 $5,388,855 $29,721,234 $11,873,843 $1,844,513 $29,618,108 $12,339,614 €27,296,558 2018 $17,575,479 $5,319,474 $39,143,318 $12,565,026 $2,853,946 $45,861,520 $20,829,678 €29,513,571 2017 $26,656,844 $9,255,699 $42,765,904 $16,592,261 $5,782,910 $82,861,340 $27,235,792 €50,825,110 2016 $30,063,594 $10,585,552 $49,464,340 $16,990,392 $6,226,772 $110,453,473 $30,900,855 €56,873,891 2015 $38,373,760 $28,106,453 $64,019,937 $33,819,876 $10,532,770 $121,421,716 $56,407,714 €86,114,351

3. Describe investor concentration for the strategy and note the percent of AUM attributable to the top five investors.

PEP V is a closed ended Fund and therefore does not win or lose assets. NAV declines naturally as distributions come back. That being said, the top five investors comprise approximately 70% of PEP V.

Performance / Market Outlook

1. If not included in your meeting presentation, provide trailing returns as of the most recent quarter-end and calendar year returns for the past 10 years, both relative to benchmark.

This is not relevant for private equity, intended for perhaps a more liquid entity/fixed income strategy. We have provided our benchmarking on pages 19-21 of the accompanying presentation for reference.

2. Briefly discuss recent performance trends and identify environments in which the strategy is likely to be in or out of favor.

PEP V’s unrealized portfolio generally showed resilience during the difficult first half of 2020, with limited downside during the first quarter and a subsequent partial rebound in Q2. The rebound was particularly strong in sleeves with more meaningful public exposure, with the US Large Market sleeve and the Venture Capital portfolio benefitting the most. Adverse foreign exchange rate movements continued to present a challenge for the Asia LBO sleeve.

As a consequence of the difficult market environment, distribution levels began to decrease in Q2 2020, with proceeds from deals signed ahead of March accounting for the vast majority of liquidity. Despite some realization activity in the second and third quarter, PFG expects distributions from the portfolio to be more limited through the end of 2020.

3. Describe your market outlook and how strategy positioning is impacted by your views.

PEP V is deeply into its harvesting period with a DPI of 1.6x as of June 30, 2020. The impact of a continued Covid-19 scenario on the program’s overall performance is therefore expected to be limited. The remaining exposure in several sleeves is highly concentrated, making future portfolio developments strongly dependent on individual company characteristics.

Name of Partner: MWRA Employees' Retirement System As of 06/30/2020 (in US $ except where indicated) PEP V Partnership Original Commitment Contributions Distributions NAV Total Value Gain/(Loss) Unfunded PineBridge PEP V Large Market U.S. Buyout, L.P. 720,000 585,671 (937,201) 113,012 1,050,213 464,542 109,013 PineBridge PEP V Small-Mid Market U.S. Buyout, L.P. 900,000 630,094 (1,140,184) 90,939 1,231,123 601,029 145,533 PineBridge PEP V U.S. Venture, L.P. 480,000 359,292 (737,467) 95,992 833,459 474,167 59,874 PineBridge PEP V Asia, L.P. 549,557 402,609 (383,196) 58,955 442,151 39,542 92,967 PineBridge PEP V Co-Investment, L.P. 900,000 877,355 (844,221) 61,317 905,538 28,183 25,301 PineBridge PEP V Preferred Participation Fund, L.P. 503,561 509,756 (750,835) 228,331 979,166 469,410 669 PineBridge PEP V Secondary, L.P. 600,000 425,024 (560,008) 34,466 594,474 169,450 117,405 PineBridge PEP V Europe, L.P. (EUR) 890,280 861,045 (1,216,210) 24,360 1,240,570 379,525 109,289

GLOBAL DISCLOSURE STATEMENT

PineBridge Investments is a group of international companies that provides investment advice and markets asset management products and services to clients around the world. PineBridge Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company Limited. Readership: This document is intended solely for the addressee(s) and may not be redistributed without the prior permission of PineBridge Investments. Its content may be confidential, proprietary, and/or trade secret information. PineBridge Investments and its subsidiaries are not responsible for any unlawful distribution of this document to any third parties, in whole or in part. Opinions: Any opinions expressed in this document represent the views of the manager, are valid only as of the date indicated, and are subject to change without notice. There can be no guarantee that any of the opinions expressed in this document or any underlying position will be maintained at the time of this presentation or thereafter. We are not soliciting or recommending any action based on this material. Risk Warning: All investments involve risk, including possible loss of principal. If applicable, the offering document should be read for further details including the risk factors. Our investment management services relate to a variety of investments, each of which can fluctuate in value. The investment risks vary between different types of instruments. For example, for investments involving exposure to a currency other than that in which the portfolio is denominated, changes in the rate of exchange may cause the value of investments, and consequently the value of the portfolio, to go up or down. In the case of a higher volatility portfolio, the loss on realization or cancellation may be very high (including total loss of investment), as the value of such an investment may fall suddenly and substantially. In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved. Performance Notes: Past performance is not indicative of future results. There can be no assurance that any investment objective will be met. PineBridge Investments often uses benchmarks for the purpose of comparison of results. Benchmarks are used for illustrative purposes only, and any such references should not be understood to mean there would necessarily be a correlation between investment returns of any investment and any benchmark. Any referenced benchmark does not reflect fees and expenses associated with the active management of an investment. PineBridge Investments may, from time to time, show the efficacy of its strategies or communicate general industry views via modeling. Such methods are intended to show only an expected range of possible investment outcomes and should not be viewed as a guide to future performance. There is no assurance that any returns can be achieved, that the strategy will be successful or profitable for any investor, or that any industry views will come to pass. Actual investors may experience different results. Information is unaudited unless otherwise indicated, and any information from third-party sources is believed to be reliable, but PineBridge Investments cannot guarantee its accuracy or completeness. This document and the information contained herein does not constitute and is not intended to constitute an offer of securities or provision of financial advice and accordingly should not be construed as such. The securities and any other products or services referenced in this document may not be licensed in all jurisdictions, and unless otherwise indicated, no regulator or government authority has reviewed this document, or the merits of the products and services referenced herein. This document and the information contained herein has been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations. This document is directed at and intended for institutional and qualified investors (as such term is defined in each jurisdiction in which the security is marketed). This document is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this document, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This document is for the use of the named addressee only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the addressee’s consideration thereof). Country Disclosures: Australia: PineBridge Investments LLC is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 (Cth) in respect of the financial services it provides to wholesale clients and is not licensed to provide financial services to individual investors or retail clients. Nothing herein constitutes an offer or solicitation to anyone in or outside Australia where such offer or solicitation is not authorized or to whom it is unlawful. This information is not directed to any person to whom its publication or availability is restricted. Brazil: PineBridge Investments is not accredited with the Brazilian Securities Commission - CVM to perform investment management services. The investment management services may not be publicly offered or sold to the public in Brazil. Documents relating to the investment management services as well as the information contained therein may not be supplied to the public in Brazil. Chile: PineBridge Investments is not registered or licensed in Chile to provide managed account services and is not subject to the supervision of the Comisión para el Mercado Financiero of Chile (“CMF”). The managed account services may not be publicly offered or sold in Chile. Colombia: This document does not have the purpose or the effect of initiating, directly or indirectly, the purchase of a product or the rendering of a service by PineBridge Investments ("investment adviser") to Colombian residents. The investment adviser’s products and/or services may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance with decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related products or services in Colombia. The investment adviser has

not received authorization of licensing from The Financial Superintendency of Colombia or any other governmental authority in Colombia to market or sell its financial products or services in Colombia. By receiving this document, each recipient resident in Colombia acknowledges and agrees that such recipient has contacted the investment adviser at its own initiative and not as a result of any promotion or publicity by the investment adviser or any of its representatives. Colombian residents acknowledge and represent that (1) the receipt of this presentation does not constitute a solicitation from the investment adviser for its financial products and/or services, and (2) they are not receiving from the investment adviser any direct or indirect promotion or marketing of financial products and/or services. Marketing and offering of products and/or services of a foreign financial [or securities related] entity represented in Colombia. Promoción y oferta de los negocios y servicios de la entidad del mercado de valores del exterior [o financiera, según sea el caso] representada en Colombia. Dubai: PineBridge Investments Europe Limited is regulated by the Dubai Financial Services Authority as a Representative Office. Germany: PineBridge Investments Deutschland GmbH is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Hong Kong: The issuer of this document is PineBridge Investments Asia Limited, a company incorporated in Bermuda with limited liability, licensed and regulated by the Securities and Futures Commission (SFC). This document has not been reviewed by the SFC. Ireland: Approved by PineBridge Investments Ireland Limited. This entity is authorized and regulated by the Central Bank of Ireland. Israel: PineBridge Investments is neither licensed nor insured under the Israeli Investment Advice Law. Japan: This document is not, and under no circumstances is to be considered as, a public offering of securities in Japan. No registration pursuant to Article 4 paragraph 1 of Japan’s Financial Instruments and Exchange Act (“FIEA”) has been or will be made with respect to any solicitation of applications for acquisition of interests of any vehicle or any account that may be undertaken, on the grounds that any such solicitation would constitute a “solicitation for qualified institutional investors” as set forth in Article 23-13, paragraph 1 of the FIEA. In Japan, this document is directed at and intended for qualified institutional investors (as such term is defined in Article 2, paragraph 3, item 1 of the FIEA; “QIIs”). 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Last updated 31 March 2020

A Presentation to: PEP V Limited Partners

November 2020 PineBridge Private Equity Portfolio V

Presented By:

Olivier Keller Director Private Funds Group PineBridge Investments, Zurich

CONFIDENTIAL. THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE INVESTMENT ADVICE OR THE OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY, INTEREST IN A FUND OR INVESTMENT PRODUCT. NOT FOR DISTRIBUTION TO ANY OTHER PERSON OR ENTITY. SUBJECT TO CONFIDENTIALITY OBLIGATIONS IN THE APPLICABLE FUND LPA, IMA OR OTHER APPLICABLE PRODUCT DOCUMENT. WE ARE NOT SOLICITING OR RECOMMENDING ANY ACTION BASED ON THIS MATERIAL. Table of Contents IV. III. II. I. Appendix Conclusionand Outlook Sleeve Summaries Overview and Introduction Section I Introduction and Overview Summary

• Final closing in December 2008 on $784 million; $18 PEP V at 30 June 2020 million thereof were released as of January 1, 2014, and approximately $42 million were released as of January 1, 2017 1000 • Committed $728 million1 to: 900 – 60 primary funds (32 US LBO, 5 US VC, 23 Non-US) 800 – 1 secondary fund investment totaling a commitment of $29 million 700 – 9 direct investments totaling $48.9 million 600 – 79% called (net) as of June 30, 20202 500 • In H1 2020, PEP V distributed approximately $28 million to 400 its investors 300 • The portfolio is currently valued at 1.64x invested capital 200 and has generated a net IRR of 7.4% 100

0 2007 2009 2011 2013 2015 2017 2019

1 .Based on 30 June 2020 spot rate. 2. This assumes that the cash flows and NAV of PineBridge PEP V Europe, L.P. were converted to USD using the spot rate as of 30 June 2020. This sleeve is actually denominated in EUR. Past performance is not indicative of future results. For illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes.

PAGE 3 Performance Snapshot

Period Ending 30 June 2020 (US $ in millions) Portfolio Cumulative Contributions Cumulative Distributions Unrealized Value1 Total Value Multiple Net IRR4 U.S. Large Market LBO 124.9 181.1 24.3 205.4 1.64x 7.5% U.S. Small-Mid Market LBO 133.9 244.7 19.6 264.2 1.97x 9.9% U.S. Venture 43.7 90.3 11.8 102.1 2.34x 13.6% Europe2 133.5 193.8 5.6 199.5 1.49x 5.8% Asia 50.4 48.1 7.5 55.6 1.10x 1.5% Preferred Participation 24.7 36.6 11.2 47.8 1.94x 10.7% Co-Investment 52.2 50.7 3.2 53.9 1.03x 0.5% Secondary3 20.5 27.0 1.7 28.6 1.40x 6.8% Total 583.6 872.4 84.9 957.3 1.64x 7.4% Total FoF Sleeves5 511.1 794.7 80.1 874.7 1.71x 8.0%

1 The carrying value as of 30 June 2020 are based on General Partners’ (“GP”) unaudited valuations as of 30 June 2020. 2 This assumes that the cash flows and NAV of PEP V Europe, L.P. were converted to USD using the spot rate as of 30 June 2020. This sleeve is actually denominated in EUR. 3 The PEP V Secondary sleeve is a Limited Partner (“LP”) in PineBridge Secondary Partners II, L.P. (“PSP II”). 4 Since inception Net IRRs have been calculated to reflect all fees and expenses including management and incentive fees. 5 Includes all primary fund of funds sleeves, excludes Co-Investment and Secondaries Past performance is not indicative of future results. For illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes.

PAGE 4 Performance – Q2 2020 vs Q1 2020

(US $ in millions)

As of Q2 2020 Net Results As of Q1 2020 Net Results Q2 0ver Q1 Change

Q2 2020 Q1 2020 Change in Q2 2020 Q1 2020 Change in Portfolio Cumulative Cumulative Cumulative Net IRR3 Net IRR3 Net IRR Gain/(Loss) Gain/(Loss) Gain/(Loss)

U.S. Large Market LBO $80.5 7.5% 77.7 7.3% $2.8 0.2%

U.S. Small-Mid Market LBO 130.3 9.9% 129.8 9.9% 0.5 0.0%

U.S. Venture 58.5 13.6% 57.7 13.5% 0.8 0.1%

Europe1 66.0 5.8% 65.0 5.8% 1.0 0.0%

Asia 5.2 1.5% 5.2 1.5% 0.0 0.0%

Preferred Participation 23.1 10.7% 21.6 10.3% 1.5 0.4%

Co-Investment 1.7 0.5% 1.9 0.5% (0.2) (0.0%)

Secondary Fund2 8.2 6.8% 8.2 6.9% 0.0 (0.1%)

Total $373.5 7.4% $367.2 7.4% $6.3 0.0%

1 This assumes that the cash flows and NAV of PEP V Europe, L.P. were converted to USD using the spot rate as of 30 June 2020. This sleeve is actually denominated in EUR. 2 The PEP V Secondary sleeve is a Limited Partner (“LP”) in PineBridge Secondary Partners II, L.P. (“PSP II”). 3 Since inception Net IRRs have been calculated to reflect all fees and expenses including management and incentive fees. Past performance is not indicative of future results. For illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes.

PAGE 5 Section II Sleeve Summaries PEP V – Large Market U.S. Buyout, L.P.

Vintages: 2005-2008 Gross Percentage Drawn: 92.8% Total Commitments: $155 million Gross Percentage Distributed (DPI): 153.0% (US $ in millions)

Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $144.3 $22.3 $220.7 $243.0 $98.7 1.68x

Mar-20 $143.8 $21.0 $218.8 $239.5 $95.7 1.67x

Dec-19 $143.7 $29.3 $215.0 $244.3 $100.5 1.70x

General Commentary — Meeting Expectations: The US Large Market LBO sleeve saw its gross multiple drop by 0.03x in Q1, followed by a partial recovery to 1.68x in Q2. These movements were substantially driven by the sleeve’s remaining public exposure, especially Dell (Silver Lake III) and Flagstar Bankcorp (MatlinPatterson III), which rebounded strongly following a sharp correction in Q1. Silver Lake III and Green Equity Investors V continue to account for more than 80% of the sleeve’s remaining value as of Q2 2020.

The carrying value for all PEP V partnerships as of 30 June 2020 is based on General Partners’ (“GP”) estimated and unaudited valuations as of 30 June 2020. Past performance is not indicative of future results. For illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes.

PAGE 7 PEP V — Large Market U.S. Buyout, L.P. – Value Drivers

Silver Lake Partners III Carlyle Partners V • SLP III recorded a slight increase in net IRR to 18.3% as of June 30, • Carlyle Partners V remains a solid performer in the Large Market US 2020, up approximately 30 basis points from March 31, 2020 levels. Buyout sleeve, with a 1.85x TVPI and a 13% net IRR as of June 30, As in previous quarters, the key driver of the fund’s performance was 2020, broadly in line with the prior quarter. The sleeve’s remaining the stock price of public technology company Dell (NYSE:DELL), which value remains the fourth largest in the portfolio. During the quarter, accounts for a significant proportion of the fund’s unrealized value. Despite the mostly industrial nature of the fund’s remaining portfolio, the unrealized companies largely showed resilience despite the impact of the Covid-19 environment.

Green Equity Investors V MatlinPatterson Global Opportunities Partners III • GEI V continued to perform resiliently during the second quarter of • Despite the fund’s sale of a portion of its holding, publicly listed Flagstar 2020, maintaining its strong net IRR of 17.7%. After the substantial Bancorp (NYSE: FBC) continued to drive the fund’s performance during partial realization of ABG, healthcare services provider CHG is clearly the second quarter 2020. On the back of an increase in Flagstar’s stock the largest position in the portfolio. As healthcare staffing remains a price by approximately 50% during the quarter, the fund’s net IRR crucial topic in the Covid-19 environment, the company has shown increase by 50 basis points to 4.0% as of June 30, 2020, translating continued strong performance through the first half of 2020. into a 1.26x TVPI.

Past performance is not indicative of future results. For illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes.

PAGE 8 PEP V — Small-Mid Market U.S. Buyout, L.P.

Vintages: 2006-2008 Gross Percentage Drawn: 99.4% Total Commitments: $193 million Gross Percentage Distributed (DPI): 173.8% (US $ in millions)

Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $191.5 $17.7 $332.7 $350.4 $159.0 1.83x

Mar-20 $191.2 $16.8 $332.7 $349.5 $158.3 1.83x

Dec-19 $191.0 $35.3 $315.7 $351.1 $160.1 1.84x

General Commentary — Meeting Expectations: PEP V Small-mid Market’s performance remained resilient during the Covid-19 situation, with gross portfolio gains decreasing by just US $1.1 million over year-end 2019, while the gross multiple held firm at 1..83x. The sleeve’s unrealized portfolio remains fairly diversified, with the three largest remaining exposures, Nautic VI, SPG I, and Catterton VI accounting for just over 40% of total value. Overall, the sleeve is substantially harvested with a gross RVPI of less than 10% as of June 30, 2020.

PAGE 9 PEP V — Small-Mid Market U.S. Buyout, L.P. – Value Drivers

Nautic Partners VI Saw Mill I • As of June 30, 2020, Nautic Partners VI was the largest remaining • After the successful realization of Pine Environmental Services (“Pine”), a position in the U.S. Small-Mid Market LBO sleeve by fair market value. provider of rental equipment for environmental monitoring, to rival The fund remains a strong performer with a 2.5x TVPI and a 17% net financial sponsor ACON Equity Management for a consideration IRR. The three remaining portfolio companies showed resilience in the translating into a 2.4x MOIC, heating systems company Victory Energy face of the Covid crisis, recording an increase in fair market value after remains the fund’s sole unrealized investment. Despite its industrial lower public market comparables had weighed on valuations during the focus, the company’s valuation remained unchanged versus the prior first quarter. quarter. Saw Mill’s debut fund remains a key performance driver the U.S. Small-Mid Market sleeve, with a 3.1x net MOIC, and a 20% net IRR.

Snow Phipps Group I Catterton VI • SPG’s unrealized portfolio of three remaining assets struggled with the • After the successful divestment of Danish video game development impact of Covid-19 during the first half of 2020, with the fund’s net IRR platform SteelSeries to a local private equity sponsor, generating a 1.8x dropping to 3.0%, translating into a 1.19x TVPI. This marks a MOIC, Catterton VI’s remaining portfolio is concentrated in the North continuation of the fund’s somewhat disappointing trajectory across the American consumer vertical. Despite the general vulnerability of that past years, as performance deteriorated steadily after a quick and sector to the Covid-19 crisis, the fund’s still well diversified portfolio held successful exit that generated more than a 5x MOIC. up well in Q2 2020, with the fund’s performance remaining unchanged at at 1.9x TVPI / 11% net IRR.

PAGE 10 PEP V — U.S. Venture, L.P.

Vintages: 2004, 2005, 2006 Gross Percentage Drawn: 107.1% Total Commitments: $167.8 million Gross Percentage Distributed (DPI): 198.2% (US $ in millions) Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $63.1 $9.0 $125.2 $134.2 $71.0 2.12x

Mar-20 $63.2 $9.2 $124.2 $133.3 $70.1 2.11x

Dec-19 $63.1 $13.3 $121.9 $135.2 $72.0 2.14x

General Commentary — Above Expectations: Similar to the US Large Market Sleeve, PEP V’s VC portfolio value decreased slightly in Q1 2020 following by a partial recovery in Q2. This was mostly driven by public exposure in CMEA VII and New Leaf Ventures II. The sleeve recorded reduced distribution activity during the second quarter, which may pick up again if underlying managers choose to reduce their public markets exposure on the back of the substantial market recovery in recent months.

PAGE 11 PEP V — U.S. Venture, L.P. – Value Drivers

Presidio Partners 2007 Clarus Lifesciences II • Presidio’s portfolio recorded a substantial increase in its TVPI during • Clarus II’s remaining value declined somewhat in Q2 2020, with a 0.01x the quarter, reaching 1.48x as of June 30, 2020, up from 1.43x as of impact on TVPI. Given the fund’s low RVPI, its current performance of a the prior quarter. This translated into an 8.0% net IRR. A substantial 1.83x TVPI and a 15% net IRR will likely be close to the fund’s full cycle portion of the upside came from the fund’s publicly held positions, outcome. While the fund’s performance declined somewhat across the which benefitted from strong markets in Q2 2020 despite the impact of past years, Clarus’ second fund remains an important performance Covid-19 on the global economy. The fund has the highest RVPI in the driver in the PEP V VC portfolio. remaining PEP V VC portfolio. While management is focused on maximizing value from the remaining positions, no substantial exits were completed during Q1 2020.

New Leaf Ventures II General Atlantic • New Leaf Ventures II’s TVPI declined slightly to 1.81x as of June 30, • GA remains focused on monetizing the remainder of its portfolio, and 2020, down from 1.85x as of the previous quarter. The fund’s RVPI was the PEP V VC sleeve’s largest remaining position by NAV as of June stood at 0.18x as of the reporting date, which remains among the 30, 2020. GA has been a steady generator of liquidity, and PFG expects highest values in the PEP V US Venture Portfolio. No significant the fund to return further substantial proceeds over the coming periods. distributions to investors were completed during the second quarter of The fund’s RVPI stood at 0.14x as of June 30, 2020. GA’s current 2020. performance of a 1.7x TVPI and an 11% net IRR did not move materially in the Covid-19 environment.

PAGE 12 PEP V — Europe Buyout, L.P.

Vintages: 2006-2007 Gross Percentage Drawn: 95.9% Total Commitments: $157 million Gross Percentage Distributed (DPI): 156.0% (US $ in millions)

Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $147.7 $3.7 $230.4 $232.2 $86.4 1.58x

Mar-20 $145.1 $3.8 $230.0 $230.8 $84.9 1.59x

Dec-19 $148.9 $29.5 $205.6 $235.1 $86.3 1.58x

General Commentary — Below Expectations: Following the realization of non-food discount supermarket chain Action (3i Eurofund V) in Q1 2020, PEP V’s European LBO sleeve is largely realized, with an RVPI of 2.6% as of June 30, 2020. During an after the quarter, realization events announced by Terra Firma III and Odewald III, among others, generated upcoming distributions of close to 40% of the sleeve’s remaining values.

PAGE 13 PEP V — Europe Buyout, L.P. – Value Drivers

Terra Firma Capital Partners III MidEuropa Partners III • After the end of the quarter, Terra Firma announced the sale of CPC, a • After the end of the quarter, MidEuropa announced the sale of the last large aggregation of Australian cattle stations, to a family office. In remaining asset in the fund. The sale of its stake in listed Hungarian aggregate, the investment in CPC generated a 1.1x MOIC. As CPC was logistics company Waberer’s to strategic acquirer Indotek generated a the fund’s last remaining asset, Terra Firm will now proceeds with the 0.2x MOIC. As the largest fund ever raised for the Central and Eastern fund’s liquidation. The fund’s overall performance remained European region with a total volume of €1.5 billion, Mid Europa III was disappointing with a 0.54x full cycle TVPI. significantly affected by the global financial crisis, which is reflected in the fund’s rather disappointing 3% net IRR as of June 30, 2020.

3i Eurofund V Odewald Private Equity Partners III • Following the sale of its interest in Dutch non-food discount retail chain • In Q2 2020, Odewald III completed the sale of its last active portfolio Action to a continuation fund in Q1 2020, generating a MOIC of 31.3x / company, German industrial logistics business Scholpp, to 75% gross IRR for the fund’s investors, DACH focused jewellery retailer management. The sale resulted in a 0.8x MOIC after a challenging Amor/Christ remains the fund’s only unrealised asset. During Q2 2020, second half of the holding period. Overall, the fund’s performance Amor’s trading was impacted by lockdown measures in relation to the remained underwhelming with a negative net IRR of (2.9%). The fund Covid-19 crisis. This did not substantially impact the fund’s overall will be liquidated once the last remaining escrow positions are realized, performance, which remained strong at a 2.5x TVPI and a 12% net IRR. which is anticipated for year-end 2020.

PAGE 14 PEP V — Asia Buyout, L.P.

Vintages: 2005-2008 Gross Percentage Drawn: 94.6% Total Commitments: $66.7 million Gross Percentage Distributed (DPI): 112.9% (US $ in millions) Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $63.1 $5.5 $71.3 $76.8 $13.6 1.22x

Mar-20 $63.1 $6.0 $70.7 $76.7 $13.6 1.22x

Dec-19 $62.9 $10.1 $69.4 $79.4 $16.6 1.26x

General Commentary — Below Expectations: The PEP V Asia Buyout sleeve contracted remained largely unchanged at a 1.22x gross multiple during the second quarter 2020 as rising stock market valuations and the earlier end of Covid measures relative to the developed economies were balanced by currency decreases. Liquidity levels remained muted during the quarter, in line with diminishing divestment activity globally.

PAGE 15 PEP V — Asia Buyout, L.P. – Value Drivers

FountainVest I Olympus Asia III • Through strong distribution activity in 2018 and 2019, the fund’s DPI • Despite a share price increase in its largest remaining holding, publicly increased to 1.42x, very much solidifying its satisfactory performance. listed Aster DM Healthcare, Olympus recorded a flat quarter in Q2 The fund’s unrealized exposure held up well during the second quarter 2020, with the fund’s TVPI remaining at a disappointing level of 0.64x. of 2020, delivering flat performance despite the substantial impact the Olympus III is the largest exposure in the Asia Buyout sleeve by FMV, Covid situation and displaying resilience in the first half of the year with an RVPI of 0.14x as of June 30, 2020. despite the impact of the Covid crisis.

Hony Capital Fund I Affinity Asia Partners III • During the second quarter 2020, Hony’s TVPI decreased by • After the end of the quarter, the fund completed the sale of UTAC, a approximately 9% on the back of a difficult trading environment. TVPI Southeast Asia based semiconductor test. and assembly company, to a decreased to 0.77x, down from 0.79x as of the previous quarter. Chinese private equity fund. In conjunction with the share sale, Affinity’s Despite a series of smaller realizations during the first half of 2020, the bonds were redeemed in full as well. This marks the end of a fund’s overall performance remains disappointing. challenging holding period for the fund. Overall, this investment generated a 0.2x MOIC (equity) and a 2.6x MOIC (debt), for a combined 0.6x MOIC. The fund’s net IRR decreased by approximately 60 basis points to 8.4% during the quarter.

PAGE 16 PEP V — Preferred Participation Fund, L.P.

Vintages: 2006- 2007 Gross Percentage Drawn: 99.1% Total Commitments: $25 million Gross Percentage Distributed (DPI): 178.3% (US $ in millions) Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $24.8 $10.2 $44.2 $54.4 $29.6 2.19x

Mar-20 $24.8 $8.5 $44.2 $52.7 $27.9 2.13x

Dec-19 $24.8 $11.2 $44.8 $55.3 $30.5 2.23x

General Commentary — Above Expectations: The Preferred Participation sleeve’s gain position widened during the second quarter of 2020. The sleeve remains comprised of two large portfolio companies held by BlackEagle I and Mill Road I. Performance was driven by US LBM (BlackEagle), whereas casual dining chain Rubio’s (Mill Road) continued to meet a challenging trading environment due to the Covid crisis.

PAGE 17 PEP V — Preferred Participation Fund, L.P. – Value Drivers

BlackEagle Partners Fund Mill Road I • In Q2 2020, BlackEagle’s NAV increased substantially on the back of • Casual dining restaurants chain Rubio’s Restaurants struggled with stronger trading at construction materials supplier US LBM. The Covid 19 measures including lockdowns during the second quarter of company completed the second quarter with EBITDA 13% of the same 2020. However, on the back of rising multiples and resilience at period last year despite the Covid 19 environment. The company was company level, the fund’s TVPI remained unchanged at 1.60x as of June able to refinance its debt and reduce its overall leverage on the back 30, with an 8.0% net IRR. Due to pro-active measures taken by of strong H1 2020 cash flow. The fund’s TVPI stood at 2.57x (up from management and Mill Road, the GP believes Rubio’s is reasonably well 2.39x as of March 31, 2020), while net IRR stood at 16% as of June positioned in the current environment. 30, 2019.

PAGE 18 PEP V — Secondary, L.P. via PineBridge Secondary Partners II, L.P.

Vintages: 2007 Gross Percentage Drawn: 81.3% Total Commitments: $29 million Gross Percentage Distributed (DPI): 142.7% (US $ in millions)

Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $23.5 $1.0 $33.5 $34.5 $11.0 1.47x

Mar-20 $23.5 $1.2 $33.3 $34.5 $11.0 1.47x

Dec-19 $23.3 $1.8 $32.8 $34.5 $11.2 1.48x

General Commentary — Meeting Expectations: PEP V Secondary is an investment in PineBridge Secondary Partners II (PSP II). The fund continues to meet expectations, seeing incremental liquidity from the 31 closed transactions made until the end of its investment period on 30 July 2012. As would be expected from a secondary strategy, the fund’s remaining value to paid in capital was the lowest among PEP V’s fund of fund sleeves as of June 30, 2020. At the end of the quarter, the sleeve’s multiple stood at 1.47x.

Strategy Diversification Geographic Diversification Currency Diversification 30/06/2020 30/06/2020 30/06/2020

Other ROW GBP 2.2% 6.4% 5.8% Venture 20.9% W Europe EUR 18.3% 22.3%

Buyout N America USD 76.9% 75.3% 72.0%

PAGE 19 PEP V — Co-Investment, L.P.

Vintages: 2006- 2007 Gross Percentage Drawn: 104.7% Total Commitments: $46.7 million Gross Percentage Distributed (DPI): 115.8% (US $ in millions) Date Capital Drawn Current Unrealized Value Distributions Total Value Gain / (Loss) Multiple of Investment

Jun-20 $48.9 $2.5 $56.7 $59.1 $10.2 1.21x

Mar-20 $48.9 $2.6 $56.7 $59.2 $10.3 1.21x

Dec-19 $48.9 $2.2 $56.6 $58.7 $9.8 1.20x

General Commentary — Below Expectations: During the quarter, the PEP V Co-Investment sleeve’s multiple remained steady at 1.21x. The sleeve’s DPI remained flat, while unrealized value decreased slightly. Flash Logistics remains the sleeve’s only private holding at this point.

PAGE 20 PEP V — Co-Investment, L.P. – Value Drivers

Flash Logistics

For YTD 30 June 2020, revenue of $57.1 million was 1.0% below prior year ("PY") and 2.0% ahead of budget. The underperformance to PY was driven by Services and Technical Services, while the overperformance to budget was due to performance across all business: Importer of Record Services (“IOR”, 6.5% above PY and 2.5% ahead of budget), Rent (12.1% above PY and 0.9% ahead of budget), Services (0.6% below PY and 1.6% ahead budget) and Technical Services (29.6% below PY and 4.2% ahead of budget). Overall gross margin of 29.2% was 0.7% below budget as margin weakness was concentrated in Technical Services and to a much lesser degree Services while other business lines exceeded plan. YTD EBITDA was $2.8 million, 10.7% below PY and 11.5% ahead of budget. The underperformance to PY was due to the decline in revenue and gross margin. The overperformance to budget was due to lower compensation costs, net of addbacks and FX impact, which more than offset the gross margin pressure. The Company initiated a sale process in late 2019 and, through an advisor, reached out to prospective financial and strategic buyers, completing management presentations with those that provided indications of interest. The Company attracted a verbal agreement with one financial buyer; however, given Flash Global’s international operations and potential impact from COVID-19, the financial buyer and its financing sources have asked to pause further discussions and reassess in 45 to 60 days. The Company has experienced volume declines since early March as a result of COVID-19 with management projecting FY2020 revenue and EBITDA to miss original budget by 11% and 27%, respectively. Management implemented cost cutting initiatives to mitigate the impact and the Company has begun to see slight increases in volume in the latter half of April.

PAGE 21 Section III Conclusion and Outlook Conclusion and Outlook

• PEP V’s unrealized portfolio generally showed resilience during the difficult first half of 2020, with limited downside during the first quarter and a subsequent partial rebound in Q2. The rebound was particularly strong in sleeves with more meaningful public exposure, with the US Large Market sleeve and the Venture Capital portfolio benefitting the most. Adverse foreign exchange rate movements continued to present a challenge for the Asia LBO sleeve. • As a consequence of the difficult market environment, distribution levels began to decrease in Q2 2020, with proceeds from deals signed ahead of March accounting for the vast majority of liquidity. Despite some realization activity in the second and third quarter, PFG expects distributions from the portfolio to be more limited through the end of 2020. • PEP V is deeply into its harvesting period with a DPI of 1.6x as of June 30, 2020. The impact of a continued Covid-19 scenario on the program’s overall performance is therefore expected to be limited. The remaining exposure in several sleeves is highly concentrated, making future portfolio developments strongly dependent on individual company characteristics.

PAGE 23 Section IV MWRA Summary MWRA Account History

Initial contribution, cumulative subsequent contributions, cumulative subsequent distributions, gain/loss and current value.

All data as of June 30, 2020. Past performance is not indicative of future results. Provided at your specific request and for illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes. All opinions, projections, forecasts and forward-looking statements presented herein are speculative in nature, valid only as of the date of this document and are subject to change

PAGE 25 Section IV Appendix Fund Update as of 30 June 2020

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund TVPI PB Rating Fund Name Year Size Commitment Amount Value Value Value Multiple Ranking (30 Jun 20)

PineBridge PEP V U.S. Small-Mid Market LBO, L.P. Avista Capital Partners, L.P. 2006 $ 2,000 $ 10.0 $ 11.1 $ 13.8 $ 0.1 $ 13.9 1.26x 4th Below Berkshire Fund VII, L.P. 2006 3,000 25.0 25.7 53.3 1.1 54.4 2.12x 2nd Above Catterton Partners VI, L.P. 2006 1,000 7.8 8.1 13.0 2.5 15.5 1.92x 2nd Meeting Diamond Castle Partners IV, L.P. 2006 1,820 10.0 13.6 16.3 0.1 16.3 1.20x 4th Below EdgeStone Capital Equity Fund III, L.P. 2006 689 10.0 9.2 8.9 - 8.9 0.97x 4th Below Fenway Partners Capital Fund III, L.P. 2006 703 10.0 10.7 17.3 - 17.3 1.61x 3rd Below InterMedia Partners VII, L.P. 2005 670 12.0 14.2 14.0 - 14.0 0.98x 4th Below Kohlberg Investors VI, L.P. 2007 1,553 8.0 7.0 12.3 0.1 12.4 1.78x 2nd Meeting KRG Capital Fund IV, L.P. 2007 1,960 8.0 7.4 12.9 0.3 13.2 1.78x 2nd Meeting MidOcean Partners III, L.P. 2006 1,330 8.0 8.1 16.9 1.3 18.2 2.24x 1st Meeting Nautic Partners VI, L.P. 2006 781 13.0 13.9 31.4 2.7 34.2 2.46x 1st Above OCM Principal Opportunities Fund IV, L.P. 2006 3,250 10.0 10.0 16.6 0.1 16.7 1.67x 3rd Below Olympus Growth Fund V, L.P. 2007 1,500 10.0 10.3 20.8 0.6 21.4 2.07x 2nd Meeting Saw Mill Capital, L.P. 2006 270 8.0 7.1 21.5 0.5 22.0 3.11x 1st Above SFW Capital Partners Fund, L.P. 2007 305 8.0 5.9 12.0 0.6 12.6 2.13x 1st Above ShoreView Capital Partners II, L.P. 2008 300 4.0 3.9 7.0 1.6 8.6 2.21x 1st Above Snow Phipps Group, L.P. 2007 619 7.0 6.6 5.4 2.5 7.8 1.18x 4th Below Sun Capital Partners V, L.P. 2007 6,000 5.8 5.7 4.9 1.1 6.1 1.06x 4th Below Thompson Street Capital Partners II, L.P. 2007 300 8.0 7.9 14.5 1.7 16.2 2.06x 2nd Above Vista Equity Fund III, L.P. 2007 1,300 10.0 5.0 19.9 0.9 20.7 4.13x 1st Above Total $ 192.6 $ 191.5 $ 332.7 $ 17.7 $ 350.4 1.83x Meeting

The carrying value for all PEP V partnerships as of 30 June 2020 is based on General Partners’ (“GP”) estimated and unaudited valuations as of 30 June 2020 . Past performance is not indicative of future results. For illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes. PAGE 27 Fund Update as of 30 June 2020 (cont’d)

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund TVPI PB Rating Fund Name Year Size Commitment Amount Value Value Value Multiple Ranking (30 Jun 20)

PineBridge PEP V Asia Buyout, L.P. Affinity Asia Pacific Fund III, L.P. 2007 $ 2,800 $ 10.0 $ 9.6 $ 12.9 $ 0.7 $ 13.7 1.43x 2nd Meeting Advantage Partners IV, LLP 2006 2,315 3.8 3.6 5.0 0.0 5.0 1.40x 3rd Meeting Bain Capital Asia Fund, L.P. 2007 1,000 5.0 4.9 7.0 - 7.0 1.42x 3rd Meeting Carlyle Japan Partners II, L.P. 2006 1,778 3.6 2.7 2.8 0.0 2.9 1.05x 4th Below CVC Capital Partners Asia Pacific III, L.P. 2008 4,120 10.0 9.8 14.7 0.8 15.5 1.59x 2nd Above Pacific Equity Partners Fund IV, L.P. 2007 3,646 6.4 7.1 8.4 0.0 8.4 1.18x 3rd Below UC Stand-By Facility 3, L.P. 2007 419 4.5 0.6 0.9 - 0.9 1.35x 3rd Meeting FountainVest China Growth Capital Fund, L.P. 2008 953 7.5 7.1 10.1 0.8 10.9 1.53x 2nd Meeting Olympus Capital Asia III, L.P. 2007 750 7.5 8.6 4.4 1.2 5.5 0.64x 4th Below Hony Capital Fund 2008, L.P. 2008 1,398 4.0 4.1 2.4 0.7 3.1 0.77x 4th Below Longreach Capital Partners, L.P. 2005 730 4.5 5.1 2.8 1.2 4.0 0.78x 4th Below Total $ 66.7 $ 63.1 $ 71.3 $ 5.5 $ 76.8 1.22x Below The carrying value for all PEP V partnerships as of 30 June 2020 is based on General Partners’ (“GP”) estimated and unaudited valuations as of 30 June 2020. Past performance is not indicative of future results. For illustrative purposes only. We are not recommending or soliciting any action based upon this material. There is no assurance that any security shown is held in a portfolio. Data includes information provided by underlying fund managers that may be unaudited and may not have not been independently verified by PineBridge Investments. The performance information presented herein reflects unrealized values as well as realized proceeds, and actual results ultimately realized may vary significantly from the information presented. See Endnotes. PAGE 28 Fund Update as of 30 June 2020 (cont’d)

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund TVPI PB Rating Fund Name Year Size Commitment Amount Value Value Value Multiple Ranking (30 Jun 20)

PineBridge PEP V Preferred Participation, L.P. Mill Road Capital, L.P. 2006 $ 247 $ 10.0 $ 9.6 $ 12.9 $ 2.5 $ 15.3 1.60x 3rd Meeting BlackEagle Partners Fund, L.P. 2007 173 15.0 15.2 31.3 7.7 39.1 2.57x 1st Above Total $ 25.0 $ 24.8 $ 44.2 $ 10.2 $ 54.4 2.19x Above

(US $ in millions) Vintage PEP V Paid-In Realized Unrealized Total Fund Gross Company Year Commitment Amount Value Value Value Multiple IRR

(US $ in millions) Vintage Fund PEP V Paid-In Realized Unrealized Total Fund Fund Name Year Size Commitment Amount Value Value Value Multiple

PEP V Secondary PineBridge Secondary Partners II, L.P. 2008 $ 700.0 $ 28.9 $ 23.5 $ 33.5 $ 1.0 $ 34.5 1.47x Total $ 28.9 $ 23.5 $ 33.5 $ 1.0 $ 34.5 1.47x

Confidentiality. This report has been prepared by the Private Funds Group (“PFG”) of PineBridge Investments LLC (“PineBridge”) solely for the use of the intended recipient and may not be reproduced, distributed, disclosed or used for any other purpose. Each recipient is deemed to agree to treat this report and the information contained herein in accordance with the foregoing sentence. This report and such information is also subject to the confidentiality provisions of the limited partnership agreement in which the recipient or its organization or affiliate is an investor, and constitutes confidential information thereunder. Past Performance; Possibility of Losses. Past performance is not indicative of future results. All investments carry some level of risk. Diversification and other asset allocation techniques are not guaranteed to ensure profit or protect against losses. All investments described herein may result in losses. Gross vs. Net. Except as otherwise indicated herein, data is presented on a gross basis. Actual performance and returns to investors will be lower due to the deduction of management fees, taxes, carried interest and expenses. Forward looking statements. Opinions, projections, forecasts and other forward looking statements are the opinion of the manager, valid only as of the date made, speculative in nature, based on assumptions that may not come to pass and cannot be relied on. Indexes, Allocations, Benchmarks, Etc. Some index returns displayed in this report or used in calculation of a policy, allocation or benchmark may not be available from the source or may be preliminary and subject to change. There can be no assurance that any ranking, quartile, comparison to an index or other benchmarking will correlate to actual or comparable performance or be indicative of the future performance of any investment. Information Not Updated; Reliance on Managers. Except as otherwise indicated herein, the information contained in this report was prepared based on information available on the date hereof and does not reflect changes that may have occurred since such date or dates. Unless otherwise indicated herein, data is unaudited. Information concerning the investments held in any underlying fund or the investments made under the management of an underlying manager including performance information is based in whole or in part on unaudited information provided to PFG by the relevant general partner/manager and may contain figures estimates by them which, if subsequently revised by them, may change the returns or other information contained herein for the applicable period. Not a Recommendation. This report is provided as a management aid for the limited partner’s internal use only and is not financial, legal, tax or investment advice and may not be relied upon as such. Limited partners are responsible for consulting their own professional advisers regarding any possible economic, tax, legal or other consequence concerning their investments. No Offer to Purchase or Sell Securities. This report is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any securities or any other investment product. Interests in any fund or investment vehicle sponsored by PineBridge cannot be purchased except by way of a confidential offering memorandum or similar materials which contain numerous disclosures concerning the risks of investing. Circular 230 Notice. To the extent that anything in this report is deemed to be US federal tax advice, any such advice was not intended to be used and cannot be used to avoid penalties under the US Internal Revenue Code or to promote, market or recommend to another party any tax related matters addressed herein. IRR’s and Other Performance. The use of methodologies other than those used by PFG herein may result in different and possibly lower returns or performance. The current unrealized or projected values which form the basis of any internal rates of return or other performance metrics may not be realized in the future which would materially and adversely affect actual rates of return/metrics. Rates of Return are annualized when the time period is longer than a year. Actual inception dates and cash flows are taken into account in all composite calculations. Opinions. Any opinions expressed in this document represent the views of the manager, are valid only as of the date indicated, and are subject to change without notice. There can be no guarantee that any of the opinions expressed in this document or any underlying position will be maintained at the time of this presentation or thereafter. We are not soliciting or recommending any action based on this material.

PAGE 30 Endnotes (continued)

Methods. PFG may, from time to time, show the efficacy of its strategies or communicate general industry views via modeling, projections or other methods. Such methods are intended to show only an expected range of possible investment outcomes, and should not be viewed only as a guide to and not a guarantee of future performance. There is no assurance that any returns can be achieved, that the strategy will be successful or profitable for any investor, or that any industry or other assumptions or views will come to pass. Actual investors may experience different results. Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak that occurred subsequent to year end have had and may continue to have a significant negative impact on the operations and profitability of portfolio investments. The extent of the impact to the financial performance of portfolio investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the effects of governmental and medical organizations’ restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on various industries and on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of portfolio investments are impacted by these developments for an extended period, investment results may be materially adversely affected. These events and their impact cannot be predicted or quantified and this uncertainty must be considered in reviewing projections of the future performance of any investment. There can be no assurance that any assumptions about these events and their current and future impact are reliable or accurate.

Index Descriptions The Standard and Poor’s 500 Index is The S&P 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the market value of stocks representing all major industries. The Barclays US Credit Index tracks the performance of publicly issued (SEC-registered) U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. Private placements, floating rate securities, and Eurobonds and structured notes with embedded swaps or other special features are excluded. The Barclays U.S. High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included. The Citi World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment-grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. The WGBI is a broad benchmark providing exposure to the global sovereign fixed income market. The index provides exposure to a broad array of countries. Sub-indices are available in any combination of currency, maturity, and rating. The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

PAGE 31 Confidentiality Statement

As a condition to you being furnished this presentation and by accepting this presentation from us, you agree to treat confidentially the Confidential Information and will not disclose to any person, reproduce or redistribute the Confidential Information without the prior written consent of us and you will use the same standard of safeguarding the Confidential Information as you employ in protecting your own proprietary information which you desire not to disseminate or publish. You also agree that the Confidential Information will be used solely for the purposes of evaluating a potential or updated investment strategy. You agree not to use, appropriate, assert any proprietary rights to or otherwise exploit, directly or indirectly for your own commercial benefit or for the benefit of another, any Confidential Information. “Confidential Information” includes (i) any written or oral non-public proprietary information provided by or through PineBridge Investments to you or any of your representatives, relating to the structure, plans, business, finances, operations or affairs of PineBridge Investments, the funds discussed herein and/or other funds managed by PineBridge Investments; (ii) information contained in this presentation, information relating to investments made by the funds managed by PineBridge Investments, information relating to portfolios / investee companies, valuation and performance of portfolios; (iii) the fact that investigations, discussions or evaluations with respect thereto are taking place or any of the terms, conditions or other facts with respect thereto, including the status thereof; (iv) the fact that the Confidential Information has been made available to you or that you have inspected any portion of the Confidential Information; and (v) any analyses, compilations, studies or other documents, records or data prepared by you or your representatives that contain, summarize or otherwise reflect or are generated from any of the information or material referenced in clause (i) of this sentence. PineBridge Investments may at any time elect to terminate further access to the Confidential Information and upon the request of PineBridge Investments, you will promptly deliver to PineBridge Investments all documents furnished by PineBridge Investments to you constituting the Confidential Information, without retaining any copy thereof unless retention of such copy is necessary for the compliance of any applicable laws and regulations, provided always that you shall not keep the number of copies of the Confidential Information in excess of what is necessary to comply with such laws and regulations and provided further that you shall be entitled to retain copies of any computer records and files containing any Confidential Information which have been created pursuant to its automatic electronic archiving and back-up procedures. In such event, any other documents not returned but constituting the Confidential Information will be forthwith destroyed by you and so certified in writing by your duly authorised officer, and your obligations with respect to the Confidential Information to be retained by it pursuant to this paragraph shall continue to apply for as long as you retain the Confidential Information.

PAGE 32 Global Disclosure Statement (page 1 of 2)

PineBridge Investments is a group of international companies that provides investment advice and may not be licensed in all jurisdictions, and unless markets asset management products and services to clients around the world. PineBridge otherwise indicated, no regulator or government authority has reviewed this document or the merits Investments is a registered trademark proprietary to PineBridge Investments IP Holding Company of the products and services referenced herein. This document and the information contained Limited. herein has been made available in accordance with the restrictions and/or limitations implemented Readership: This document is intended solely for the addressee(s) and may not be redistributed by any applicable laws and regulations. This document is directed at and intended for institutional without the prior permission of PineBridge Investments. 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The securities and any other products or services referenced in this document Last updated 31 March 2020

PAGE 33 Global Disclosure Statement (page 2 of 2) the investment adviser for its financial products and/or services, and (2) they are not receiving from Malaysia: PineBridge Investments Malaysia Sdn Bhd is licensed and regulated by Securities the investment adviser any direct or indirect promotion or marketing of financial products and/or Commission of Malaysia (SC). This material is not reviewed or endorsed by the SC. services. Marketing and offering of products and/or services of a foreign financial [or securities Peru: Specifically, the Interests will not be subject to a public offering in Peru. 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Last updated 31 March 2020 PAGE 34

Firm: TerraCap Management, LLC Strategy/Product: TerraCap Partners IV (Institutional) LP; TerraCap Partners III (Institutional) LP Client: MWRA Employees’ Retirement System

NEPC Manager Due Diligence Questionnaire - Update

Instructions

Thank you for taking the time to complete this questionnaire. Please note that your response will be part of the NEPC Research Database.

Firm/Organization 1. Have there been any changes in ownership or management in the past year? There have not been any changes in ownership or management in the past year.

2. List firm AUM, net flows and accounts gained/lost for the past 5 years.

3. Have there been any new or discontinued products in the past year?

Yes. TerraCap had its initial closing on TerraCap Partners V (Institutional) LP on October 1, 2020.

4. Are any products capacity constrained?

TerraCap Partners V (Institutional) LP has a target of $400 million and to date, has raised $300 million. However, the General Partner has the flexibility to over subscribe.

5. Describe any current or pending regulatory, compliance or litigation issues and the expected business impact.

There are no current or pending regulatory, compliance or litigation issues.

Portfolio Management Team 1. Have there been any changes in the portfolio management team in the past year? No.

2. Are there any expected changes to the team in the future (planned additions or departures)?

TerraCap added an additional asset manager for the central/south Florida region as well as a Senior Property Accountant in January 2021.

Process 1. Have there been significant changes in any of the areas below in the past year?  Identification of investment ideas TerraCap continues to use its strategy of identifying specific economic drivers in markets where there is employment and population growth, business formation, corporate relocations, GDP growth, and in migration. This process has been consistent and indeed, even in these times, the Covid-19 pandemic and national protest/social issues have advanced our conviction to avoid overpriced softening core markets as we have done since inception.  Process for exploring and vetting ideas There have been no changes to our rigorous existing due diligence process.  Portfolio trading practices including buy/sell rules TerraCap has maintained its existing practices by only acquiring assets that fit our strategy and avoiding core primary gateway markets as well as retail, student housing, and senior housing.  Approach to portfolio monitoring and risk management TerraCap continues to use responsible leverage in making acquisitions and limiting that leverage to a maximum of 70% of the Fund’s equity and 75% of the asset level LTV. Additionally, all loans are non-recourse and we do not cross collateralize assets. The Fund does not use subscription lines.

Philosophy 1. Describe recent changes in investment philosophy, if any. The only adjustments that have been made is in our acquisition weighting in direct response to the performance of the market. We are underweighting commercial office and hospitality while the economy continues to stabilize due to the Covid-19 pandemic. While there is still a need for this product in the marketplace, we have strategically decided to weight our portfolio with multi-family and industrial flex where markets are trending. We continue to target commercial low rise class A/B office and hospitality but more strategically so; identifying that product which is most likely to see both a return to the workforce, reoccupying downsized space, and growth in the workforce, occupying additional space. We believe this type of product will continue to be attractive as the corporate relocations continue to these TerraCap high demand markets and new construction continues to be scarce and overpriced.

Portfolio 1. If not included in your meeting presentation, provide portfolio holdings, sector exposure, geographic exposure and common characteristics (yield, duration, market cap, P/E, etc.).

Included in presentation.

2. List strategy AUM, net flows and accounts gained/lost for the past 5 years.

3. Describe investor concentration for the strategy and note the percent of AUM attributable to the top five investors.

Performance / Market Outlook

1. If not included in your meeting presentation, provide trailing returns as of the most recent quarter-end and calendar year returns for the past 10 years, both relative to benchmark.

See Attachment TerraCap Returns Inception to Date 09.30.2020

2. Briefly discuss recent performance trends and identify environments in which the strategy is likely to be in or out of favor.

Performance trends have stayed constant for TerraCap. In our opinion, there has been downward pressure overall on national returns as the markets have seen more stabilization and less volume in opportunistic or value buying. TerraCap assets that have had pressure to meet investor guidance have been offset with various assets that are outperforming. Value add opportunities do exist below replacement cost giving a defensive starting position with capital appreciation upside. However, the opportunities with these characteristics are not as plentiful as 2-6 years ago. We continue to locate opportunities that have the potential to meet investor guidance. However, the total return profile has a more balanced split between yield and capital appreciation in the TerraCap model than in the past. The split is closer to 50/50 today when in the past it was more weighted toward capital appreciation. This creates a more yield oriented/stabilized asset from day one reducing and, in some cases, almost eliminating the “J” cure in the TerraCap model which has been viewed favorably by investor as they are seeing more distributions sooner and more frequently.

3. Describe your market outlook and how strategy positioning is impacted by your views.

We have found multi-family and industrial flex trending up and growing in demand while commercial office is still being sought, albeit not as aggressively as pre-pandemic. Retail, which we do not invest in, has continued to trend downwards. These trends are likely the continued fall out of the uncertainty resulting from the Covid-19 pandemic. Many companies are still debating to determine whether they will need more office space in the near term as employees return to a traditional work environment or less space as

employees continue to work from home. We are confident that companies will continue seeking to increase and maintain commercial office occupancy as the various vaccines roll out and the traditional workplace returns. What has not changed is the out migration from primary core gateway markets into the high demand, lower cost, secondary markets where we invest. Especially in times of economic uncertainty, the workforce will seek to either downsize, read by us as occupying more multi-family, and will otherwise seek a lower cost of living which the markets we focus on offer. As a result, in our most recent offering, we are weighting heavier in multi-family and industrial flex with an aim at further diversifying our geographic footprint. We always strive to stay consistent with our thesis and adapt to the evolving market.

Fund III MWRA Employees Retirement Board

Initial Investment ‐ Contributions Since Inception 2,610,264 Distributions Since Inception (1,955,824) Gain/Loss Since Inception 688,664 Syndication Cost Since Inception (2,435) Operating Income Since Inception 604,689 Management Fees Since Inception (215,496) Market Value as of 9/30/2020 1,729,862 Net IRR 9.22%

Fund IV MWRA Employees Retirement Board

Initial Investment ‐ Contributions Since Inception 4,000,000 Distributions Since Inception (658,587) Gain/Loss Since Inception 1,304,401 Syndication Cost Since Inception (10,864) Operating Expenses Since Inception (325,815) Management Fees Since Inception (101,327) Market Value as of 9/30/2020 4,207,808

Net IRR 9.33%

1 Operating income/expenses include property level income, which includes non-cash items such as depreciation and profit from property sales.

TERRACAP PARTNERS V U.S. VALUE-ADD COMMERCIAL REAL ESTATE FUND JANUARY 2021

Private & Confidential

100% Employee-Owned TerraCap Management is a 25 privately held real estate Total Employees 11 investment manager. Co-Investor Employee Partners

20 Years Sr. Team Avg. Real Estate Experience

8 Investment Committee Members

4 Offices Atlanta | Denver | Tampa | Naples, FL

86 506,000 Institutional Investors Pensioners

$1.4B AUM

10MM SF 8MM SF Total Managed Currently Managed

Assets under management represent approximate gross market value of all assets and accounts managed by TerraCap Management based on values at stabilization, excluding partners’ share of equity and partners’ share of debt on partnership investments.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. READ IN CONJUNCTION WITH IMPORTANT DISCLOSURES ON PAGES 43-45. TERRACAP MANAGEMENT, LLC | WWW.TERRACAPMGMT.COM | 2 888.343.4480

MASSACHUSETTS WATER RESOURCE AUTHORITY EMPLOYEES RETIREMENT BOARD1

TerraCap Partners III TerraCap Partners IV

Initial Investment - Initial Investment -

Contributions Since Inception 2,610,264 Contributions Since Inception 4,000,000

Distributions Since Inception (1,955,824) Distributions Since Inception (658,587)

Gain/Loss Since Inception 688,664 Gain/Loss Since Inception 1,304,401

Syndication Cost Since Inception (2,435) Syndication Cost Since Inception (10,864)

Operating Income Since Inception 604,689 Operating Expenses Since Inception (325,815)

Management Fees Since Inception (215,496) Management Fees Since Inception (101,327)

Market Value as of 9/30/2020 1,729,862 Market Value as of 9/30/2020 4,207,808

Net IRR Since Inception as of 9/30/2020 9.22% Net IRR Since Inception as of 9/30/2020 9.33%

1 Operating income/expenses include property level income which include non-cash items such as depreciation and profit from property sales.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. READ IN CONJUNCTION WITH IMPORTANT DISCLOSURES ON PAGES 43-45. TERRACAP MANAGEMENT, LLC | WWW.TERRACAPMGMT.COM | 3 888.343.4480

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TERRACAP PARTNERS V LP - EXECUTIVE SUMMARY

TerraCap Management, LLC considers thematic factors such as business Target Equity Raise: $400 Million formation, employment growth and population growth on a market-by-

Target Returns: market basis, as most metros and submarkets have different economic- 16% Net IRR based industries and therefore move through their economic cycles TAR GET MARKETS differently. The Investment Manager makes moderate strategic ▪ Geographically diversified throughout the U.S. – Growth Only Markets overweighting or underweighting to markets, depending on the specific ▪ Secondary Cities benefitting from corporate relocations, in-migration, and now economic drivers influencing supply and demand. The Investment Manager COVID intends to invest the Fund’s assets so that no economic industry base will be ▪ Affordability creates strong employment and population growth allowed to dominate any property or the portfolio’s performance.* ▪ Limited future supply

TARGET ACQUISITION PRICES Fund Opened: 10/1/2020 ▪ Between $30 and $100 million

DIVERSIFIED PROPERTY TYPES Total Capital Raised as of 12/11/2020 = $242 Million ▪ Office ▪ Multifamily ▪ Flex/Industrial

▪ Hospitality

*The specific terms of an investment in Fund V are subject to the Offering Documents. Such terms may change from the time you receive these materials and the time you receive the Offering Documents. Return targets or objectives, if any, are used for measurement or comparison purposes and only as a guideline for prospective investors to evaluate a particular investment program’s investment strategies and accompanying information. Targeted returns reflect subjective determinations by TerraCap based on a variety of factors, including, among others, internal modeling, investment strategy, prior performance of similar products (if any), volatility measures, risk tolerance and market conditions. Performance may fluctuate, especially over short periods. Targeted returns should be evaluated over the time period indicated and not over shorter periods. Targeted returns are not intended to be actual performance and should not be relied upon as an indication of actual or future performance.

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ACHIEVING YIELD & CAPITAL APPRECIATION TODAY

▪ TerraCap seeks the best built and best located remaining vacancy in high demand markets.

▪ Create value during ownership as an Operator not an Allocator.

o Improve properties physically, operationally, and financially

▪ Invests defensively in high-demand Secondary growth markets only.

▪ Resulting in the ability to increase lease rates and rental rates and ultimately NOI for value creation.

▪ Avoids investing in overpriced Primary Gateway Core markets.

▪ Independent 3rd Party evaluations of performance

o Public Market Equivalent (PME) Alpha, CapEx Efficiency – Return on Investment (ROI), Ex-Ante Risk Adjusted Performance

▪ Hold weekly asset management and quarterly business plan meetings.

▪ Avoids new construction risk in a rising cost environment.

▪ Avoids industry, tenant, and single asset strategy concentration risk.

▪ Focuses on minimizing the J-curve and producing investor cashflow.

o 7-year average – 1 distribution every 2.5 months.

▪ Current portfolio resilient through recent times of crisis – COVID-19 pandemic.

o 93-99% of normal revenues across Funds.

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FUND INVESTMENT FOCUS REGION OF FOCUS

INVESTMENT SIZE ▪ Target Equity investments of $10 - $35M; taking advantage of what TerraCap believes to be market inefficiencies in middle-market transactions; expect 30-35

investments Raleigh/Cary Nashville LEVERAGE Charlotte Greenville ▪ TerraCap’s historic leverage is less than 60% Charleston Phoenix TerraCap Atlanta ▪ Fund level leverage limit of 70% Real Estate Office TerraCap Denver ▪ Non-recourse loans only Real Estate Office Orlando Dallas Austin ▪ No cross collateralization TerraCap Tampa TerraCap Real Estate Office Headquarters & Real Estate Office VALUATIONS ▪ Annual/Quarterly Flex/Industrial 25% Flex/Industrial Hospitality 21% 10-15% Retail TCP V 19% Target NCREIF Allocations Weight Office 35% Office Multifamily 20-25% Multifamily 35-45% 25%

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DEMAND MARKETS CREATING VALUE

Atlanta Dallas Orlando Denver ▪ #1 World’s Busiest Airport ▪ #1 MSA in Pop. Gains ▪ #1 Global Tourism ▪ 19% Pop. Growth - 2010 ▪ 5.8 Million Residents ▪ #3 in Corp. Relocations ▪ 2.5 Million Residents ▪ #5 Moving Destination ▪ #1 Moving Destination ▪ #3 Moving Destination ▪ #4 Moving Destination ▪ 2.2% Unemployment ▪ 1.8% Job Growth in 2020 ▪ 2.0% Job Growth in 2020 ▪ 2.6% Job Growth in 2020 ▪ 1.7% Job Growth in 2020 ▪ +545k Jobs Since 2010 ▪ +845k Jobs Since 2010 ▪ +344k Jobs Since 2010 ▪ +320k Jobs Since 2010

Tampa Charlotte Phoenix ▪ 3 Million Residents ▪ #3 Fastest Growing U.S. ▪ 4th most populous U.S. ▪ #4 in Corp. Relocations City City by 2020 ▪ #3 Moving Destination ▪ #8 Moving Destination ▪ #2 Moving Destination ▪ 1.9% Job Growth in 2020 ▪ 2.0% Job Growth in 2020 ▪ 2.3% Job Growth in 2020 ▪ +266k Jobs Since 2010 ▪ +272k Jobs Since 2010 ▪ +464k Jobs Since 2010

Sources: U.S. Census Bureau. Penske Truck Rental’s list of Top Moving Destinations 2018. U.S. Department of Labor. Site Selector/Conway Projects Database. VisitOrlando.com. Atlanta Airport Source: Airports Council International. https://realestate.usnews.com/places/rankings/best-places-to-live, IHS Global Insight (USA) Inc., U.S. Metro Economies: GMP and Unemployment Report: 2018-2020 (2019), available at https://www.usmayors.org/wp-content/uploads/2019/09/mer-2019-09.pdf.

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CONTINUED EMPLOYMENT GROWTH IN SECONDARY MARKETS % ch % ch EMPL % ch EMPL % ch EMPL Total Employment Job Gains 2010-2019 2010- Metropolitan Statistical Area 2018 2019 2020 (000's) (000's) 2019

Orlando-Kissimmee-Sanford, FL 3.7 3.3 2.6 1,341.3 343.9 25.6%

Phoenix-Mesa-Scottsdale, AZ 3.4 2.9 2.3 2,168.8 464.1 21.4%

Charlotte-Concord-Gastonia, NC-SC 2.4 2.4 2.0 1,241.6 272.6 22.0%

Dallas-Fort Worth-Arlington, TX 2.4 2.6 2.0 3,813.2 845.2 22.2%

Tampa-St. Petersburg-Clearwater, FL 2.4 1.7 1.9 1,380.9 266.1 19.3%

Atlanta-Sandy Springs-Roswell, GA 2.2 1.9 1.8 2,845.7 545.3 19.2%

Nashville-Davidson--Murfreesboro--Franklin, TN 3.1 2.0 1.7 1,034.3 260.3 25.2%

Denver-Aurora-Lakewood, CO 2.5 1.3 1.7 1,525.2 320.3 21.0%

San Francisco-Oakland-Hayward, CA 2.3 2.5 1.5 2,507.8 563.5 22.5%

Washington-Arlington-Alexandria, DC-VA-MD-WV 1.1 1.1 1.4 3,338.8 327.3 9.8%

Boston-Cambridge-Newton, MA-NH 1.1 1.0 1.0 2,802.2 368.5 13.2%

National Average 1.3 1.2 0.9

Los Angeles-Long Beach-Anaheim, CA 1.6 1.0 0.8 6,246.2 917.5 14.7%

Chicago-Naperville-Elgin, IL-IN-WI 1.0 1.1 0.7 4,809.2 530.8 11.0%

New York-Newark-Jersey City, NY-NJ-PA 1.3 1.3 0.7 9,945.6 1280.7 12.9%

Sources: IHS Global Insight (USA) Inc., U.S. Metro Economies: GMP and Unemployment Report: 2018-2020 (2019), available at https://www.usmayors.org/wp-content/uploads/2019/09/mer- 2019-09.pdf.

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COST OF LIVING Cost of Living Index

Dallas 65.94

Phoenix 66.87

Nashville 71.88

Atlanta 74.97

Charlotte 75.35

Tampa 76.53

Orlando 76.63

Denver 77.31

Chicago 80.16

Los Angeles 82.30

Boston 87.05

Washington D.C. 91.97

San Francisco 97.84

New York 100.00

50 55 60 65 70 75 80 85 90 95 100

Sources: 2009-2019 Numbeo, https://www.numbeo.com/cost-of-living/region_rankings.jsp?title=2018®ion=021

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POPULATION GROWTH RATES

COMPOUND ANNUAL GROWTH DOMESTIC MIGRATION BY STATE: RATE:1970 - 2018 2010 - 2018 3.50% GA 205,405

2.95% 3.00% FL 1,160,387

TX 1,019,434 2.50% 2.41%

AZ 362,015 1.98% 1.99% 2.00% CO 321,782 1.74% 1.43% 1.50% SC 314,775 1.50% 1.27% 1.14% NC 402,389 1.01% 1.00% -710,393 CA

0.50% -761,837 ILIL 0.29% 0.14% -1,197,600 NY 0.00% NY IL US TN VA CA NC GA TX CO FL AZ -1,500,000 -1,000,000 -500,000 0 500,000 1,000,000 1,500,000

Source: U.S. Census Bureau, 2018 Source: U.S. Census Bureau, Population Division, 2018

TerraCap Areas of Focus shown in green TerraCap Areas of Focus shown in green

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DEMAND DRIVERS - POPULATION MIGRATION

U.S. Population Change by Region

2010-2018

CA NY 12,000,000 -2.4M -3.5M 10,000,000 8,000,000

6,000,000 NC AZ 4,000,000 +1.3M +1.3M 2,000,000 0 TX FL Northeast Midwest West South +1.7M +2.4M -2,000,000

Net Migration Total Population Change

Domestic Migration by State: 1995-2018 Source: U.S. Census Bureau, Population Division, Estimates of the Source: U.S. Census Bureau, Dec. 2018 American Community Survey Components of Resident Population Change: April 1, 2010 to July 1, 2018

Texas California Arizona Colorado Georgia North Carolina Florida

Supply Vs. Demand

2018 Population Est. 28,701,845 39,557,045 7,171,646 5,695,564 10,519,475 10,383,620 21,299,325 Area in Square Miles 261,231 155,779 113,594 104,485 57,513 48,617 53,624

People per Square Mile 110 254 63 55 183 214 397

*Source U.S. Census Bureau: State and County, 2018 QuickFacts PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. READ IN CONJUNCTION WITH IMPORTANT DISCLOSURES ON PAGES 43-45. TERRACAP MANAGEMENT, LLC | WWW.TERRACAPMGMT.COM | 12 888.343.4480

MILLENNIALS ARE NOW THE LARGEST WORKING AGED GENERATION IN THE US

23M 71M 65M 72M 86M

Silent Generation Baby Boomers Generation X Millennials Generation Z

Born 1928-1945 Born 1946-1964 Born 1965-1980 Born 1981-1996 Born 1997-Present 75-92 years old 56-74 years old 40-55 years old 24-39 years old 0-21 years old Largest Current Workforce

Source: The Pew Research Group, https://pewrsr.ch/2szqtJz

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AGING MILLENNIALS LEAVING URBAN CENTERS

CITIES MILLENNIALS ARE LEAVING

2018 Millennial Net Rank City Migration

1 New York, NY -50,445

2 Chicago, IL -7,939

3 Washington, DC -5,346

4 St. Louis, MO -4,866

5 Miami, FL -3,632

6 Boulder, CO -3,282

7 Ann Arbor, MI -3,135

8 San Diego, CA -3,005

9 Provo, UT -2,802

10 New Orleans, LA -2,415

Source: https://smartasset.com/mortgage/where-millennials-are-moving-2020QuickFacts

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STATES RECEIVING DOMESTIC MIGRATION ENJOY BENEFITS

Ten States with Best Net Gain of Domestic Adjusted Gross Progressive tax states lose people & Income 2018, (in billions) income to flat and zero income tax ID $1.1 states. TN $1.5 WA $1.7 CO $2.1 “The nation’s seventeen flat and no NV $2.3 income tax states won a net 1.9 SC $2.5 NC $3.0 million residents and $120 billion in TX $3.4 Adjusted Gross Income (AGI) from AZ $3.5 FL $16.0 progressive tax states during the $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 2000-2018 period.” Source: Internal Revenue Service – SOI migration data, https://wirepoints.org/new-irs-data-reveals-winners- and-losers-of-wealth-migration-across-50-states-wirepoints-original/

Ten States with Worst Net Gain of Domestic Adjusted Gross Zero Tax States Flat Tax States Income 2018, (in billions) Florida Colorado Nevada North Carolina ($1.1) CT ($1.2) OH Washington Utah ($1.3) VA Tennessee New Hampshire ($1.4) PA Wyoming Indiana ($1.5) MA Texas Michigan ($1.7) MD South Dakota Pennsylvania ($3.2) NJ Alaska Massachusetts ($5.6) IL Source: https://wirepoints.org/progressive-tax-states-lose- ($8.0) CA people-income-to-flat-and-no-income-tax-states-wirepoints/ ($9.6) NY ($12.0) ($10.0) ($8.0) ($6.0) ($4.0) ($2.0) $0.0 Source: Internal Revenue Service – SOI migration data, https://wirepoints.org/new-irs-data-reveals-winners- and-losers-of-wealth-migration-across-50-states-wirepoints-original/

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RECENT MULTIFAMILY ABSORPTION BY CITY

Top 12-Month Net Absorption Multifamily Units 2020 Q4 Top 12-Month Net Absorption Multifamily Units 2020 Q4

Dallas-Fort Worth 21,915 635 Syracuse Atlanta 14,465 498 Harrisburg Houston 12,937 481 Trenton Phoenix 8,890 475 Fort Collins Charlotte 8,038 471 Honolulu San Antonio 7,709 400 Vallejo-Fairfield Denver 7,579 386 Manchester Philadelphia 6,784 321 Santa Barbara Tampa 5,912 283 Worcester Portland 5,755 242 Santa Rosa Las Vegas 5,492 236 Dayton Minneapolis 5,201 224 Pittsburgh Columbus 5,189 161 East Bay Austin 5,151 81 Salinas Miami 5,104 24 Ann Arbor Baltimore 5,045 -94 San Rafael Detroit 4,647 -764 San Jose Inland Empire 4,606 -3,239 Los Angeles Orlando 4,560 -4,773 New York Raleigh 4,474 -6,561 San Francisco

0 5,000 10,000 15,000 20,000 25,000 -8,000 -6,000 -4,000 -2,000 0 2,000

Source: CoStar Property®

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TERRACAP PERFORMANCE VS. PUBLIC MARKET EQUIVALENTS1

TerraCap II TerraCap III TerraCap IV 12.31.2011 6.30.2014 4.21.2017

Fund Level Gross IRR (Since Inception as of 12/31/19) 15.40% 10.13% 12.57% Fund Level Net IRR (Since Inception as of 12/31/19) 12.77% 9.62% 10.45% Equity-Weighted Holding Period for Realized Investments (years) 3.2 3.5 N/M*

Russell 3000 PME Gross IRR (as of 12/31/19) 13.20% 9.94% 11.81% TerraCap Gross IRR Direct Alpha 2.20% 0.19% 0.76%

NCREIF Property Index PME Net IRR (as of 12/31/19) 9.21% 7.54% 12.11% TerraCap Net IRR Direct Alpha 3.56% 2.08% 0.00%

TerraCap NOI Compound Annual Growth Rate 27.9% 3.0% 6.2%

TerraCap CapEx Efficiency 66% 115% 58%

TerraCap Levered Net Ex-Ante Return Expectation = 8% +4.77 +1.62 +2.45

Russell 3000 PME NCREIF Property Index PME

TerraCap Aggregate Direct Alpha Weighted by Capital Call 0.91% 1.15% TerraCap Aggregate Direct Alpha Weighted by NAV Quarters 0.87% 1.14%

1Information about indices is provided to allow for comparison of the performance of the Adviser to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in indices and they are not actively managed. Therefore, they do not have transaction costs, management or performance fees or other operational expenses. The volatility of indices may be materially different from the performance of the Adviser. In addition, the Adviser's recommendations may differ significantly from the securities that comprise the indices. See Pages 42-44 for important disclosures. Past performance is not indicative of future results and there can be no assurance that Fund V or investments by Fund V, as the context requires, will achieve comparable results. References to past performance are not a guarantee, projection or prediction for Fund V, nor are they necessarily indicative of future results for Fund V.

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TERRACAP PARTNERS II PORTFOLIO PERFORMANCE1

Property Building Acquisition TerraCap's Equity TerraCap Sales TerraCap Sales Realized Net Realized Net Realized Properties Type Size Date Basis at Purchase Purchase Price Date Price IRR EM Villa Sol Village Land n/a 8/1/13 $1,481,261 $1,368,422 8/7/2014 $2,050,000 29.9% 1.29 Hampton Inn & Suites Hospitality 80,000 10/29/12 $4,610,728 $4,350,000 10/2/2014 $9,425,000 27.9% 1.53 Coconut Office Center Office 11,000 8/8/12 $799,514 $800,000 1/13/2015 $1,442,000 15.2% 1.37 Westlinks Gateway (1) Flex 228,280 8/6/12 $7,443,129 $7,200,000 5/5/2015 $17,689,000 31.7% 1.49 Gateway RSW International (1) Flex 112,398 3/29/13 $3,522,791 $3,300,000 5/5/2015 $8,730,000 31.7% 1.49 Eastlinks RSW International (1) Flex 174,950 7/8/13 $6,400,000 $9,373,365 5/5/2015 $13,581,000 31.7% 1.49 North Gateway Office Center Flex 36,240 11/22/13 $1,518,587 $1,500,000 11/12/2015 $3,500,000 21.7% 1.37 La Quinta Inn & Suites Hospitality 60,000 3/30/12 $2,873,527 $2,852,000 12/3/2015 $8,100,000 20.0% 1.65 Coral Cov e Condos (2) Residential 210,000 12/27/12 $1,646,667 $8,133,333 2/4/2016 $14,550,000 22.2% 2.00 Sarasota Sun Center Lot Land n/a 5/20/14 $1,468,702 $1,442,000 3/30/2016 $2,750,000 19.3% 1.38 Gulf Coast Office Center Office 11,500 10/30/13 $910,461 $900,000 11/17/2016 $1,326,045 -0.7% 0.98 Hancock Office Center Office 10,000 12/6/12 $164,108 $435,000 11/18/2016 $615,000 5.0% 1.21 Bradenton Office Center Office 32,040 6/13/13 $1,885,370 $1,925,000 6/9/2017 $1,601,250 -8.8% 0.69 Palms of Estero Land n/a 2/24/12 $182,722 $1,459,190 Multiple $2,533,431 11.8% 1.39 Tampa Int'l Business Center Office 331,148 8/26/13 $5,072,589 $12,116,000 11/14/2017 $45,050,000 16.8% 1.53 Capital Commerce Center Office 274,440 12/2/13 $3,417,339 $3,200,000 1/19/2018 $44,656,500 40.2% 2.32 Celebration IV Office 125,974 2/20/14 $7,152,564 $17,877,000 3/16/2018 $21,770,000 11.2% 1.33 Sarasota Sun Center Office 95,000 2/14/14 $4,335,199 $11,500,000 5/1/2018 $16,350,000 14.1% 1.79 Lakev iew Office 186,309 3/14/14 $8,407,485 $15,912,918 5/11/2018 $21,750,000 11.9% 1.51 Colonial Corporate Center Office 61,239 12/20/13 $4,054,969 $4,000,000 12/17/2018 $5,900,000 -2.7% 0.90 Total Realized: 2,040,518 $67,347,712 $109,644,228 $243,369,226 19.2% 1.62

Property Building Acquisition TerraCap Equity Projected Sales Projected Sales Unrealized Net Unrealized Net Unrealized Projected Properties Type Size Date Basis at Purchase Purchase Price Date Price IRR EM Jones Loop Road Assemblage (2) Land n/a 03/21/12 $2,408,643 $11,750,000 Eastpointe Office 81,717 03/14/14 $3,653,215 $6,987,082 Punta Gorda Reserv e Land n/a 02/24/12 $505,613 $1,182,916 Total Projected Unrealized: 81,717 $6,567,471 $19,919,998

Total Portfolio: 2,122,235 $73,915,183 $129,564,226

(1) Westlinks Gateway, Gateway RSW International, and Eastlinks RSW International were owned with a JV Partner. TerraCap's share was 57%. (2) Coral Cov e Condos was owned with a JV Partner. Jones Loop Road is owned with a JV Partner. TerraCap's share is 20%. Properties highlighted in green are under contract or partial contract to sell or being marketed for sale. • Fund II closed in December 2013 and has made 20 distributions in 6 years from both yield and capital appreciation.

• A total of $159.2MM or 156% of invested capital has been distributed in 6 years.

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TERRACAP PARTNERS III PORTFOLIO PERFORMANCE1

TerraCap's TerraCap's Property Building Acquisition Equity Basis at Equity Basis at TerraCap TerraCap Sales Realized Net Realized Net Realized Properties Type Size Date Purchase Purchase Price Disposition Sales Date Price IRR EM Harbour Pointe Apartments Multifamily 206,388 01/20/15 $7,280,365 $21,115,000 $7,497,359 1/10/2017 $27,600,000 31.4% 1.69 Lake Destiny Center II Office 23,106 12/18/15 $1,521,657 $1,524,000 $1,257,579 2/3/2017 $3,300,000 74.3% 1.76 Keller Center Office 159,860 10/07/14 $9,131,543 $9,304,400 $10,231,599 6/1/2018 $27,950,000 12.7% 1.50 Royal Office Center Office 137,602 9/19/16 $5,448,644 $14,010,000 $5,533,547 6/5/2019 $16,850,000 12.8% 1.33 Sarasota Commerce Center Office 247,530 5/7/15 $12,337,515 $37,129,000 $10,419,995 9/3/2019 $45,200,000 14.3% 1.64 Kennesaw Commerce Center Office 303,498 1/27/16 $11,925,404 $30,179,000 $11,410,063 12/3/2019 $46,100,000 13.4% 1.58 Lake Destiny Center I Office 57,320 12/18/15 $3,546,103 $3,556,000 $3,508,014 12/20/2019 $7,000,000 5.7% 1.17 Total Realized: 1,135,304 $51,191,231 $116,817,400 $49,858,155 $174,000,000 15.4% 1.53 TerraCap TerraCap's Property Building Acquisition Equity Basis at Current Equity Projected Projected Sales Unrealized Unrealized Unrealized Properties Type Size Date Purchase Purchase Price Basis Sales Date Price Net IRR Net EM Barrett Commerce Center Office 196,418 1/13/16 $6,587,608 $18,750,000 $7,614,297 Tampa Oaks Office Center Office 104,080 3/23/16 $4,555,530 $12,944,000 $3,680,651 Cary Hospitality Hotel 66,606 5/25/16 $8,692,918 $8,550,000 $6,817,159 Huntcrest Commerce Center Office 394,247 6/1/16 $22,129,437 $61,421,320 $20,769,947 Sugarloaf Commerce Center Office 161,183 8/9/16 $8,447,136 $25,370,000 $8,498,001 Forest Park II & III Office 87,898 12/16/16 $3,501,867 $8,150,000 $3,998,717

Total Projected Unrealized: 1,010,432 $53,914,496 $135,185,320 $51,378,771

Total Portfolio: 2,145,736 $105,105,727 $252,002,720 $101,236,926

• Fund III closed in July 2016 and has made 12 distributions in 4 years from both yield and capital appreciation. • A total of $89.5MM or 75% of invested capital has been distributed in 4 years.

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TERRACAP FUND IV PORTFOLIO SUMMARY1 TerraCap's TerraCap's Property Building Acquisition Equity Basis at Equity Basis at TerraCap TerraCap Sales Realized Net Realized Net Realized Properties Type Size Date Purchase Purchase Price Disposition Sales Date Price IRR EM NAVA Arbors Multifamily 127,400 9/29/17 $4,925,480 $12,250,000 $4,948,994 12/18/2019 $16,050,000 16.3% 1.40 Resource Square Office Center Office 244,549 5/24/18 $13,187,922 $39,188,000 $13,221,338 1/10/2020 $50,400,000 30.2% 1.54 NAVA Holcomb Multifamily 248,168 9/29/17 $10,576,737 $27,336,000 $10,926,542 9/3/2020 $39,000,000 17.6% 1.60 Madison Woods (1) Multifamily 181,547 6/15/17 $2,641,218 $13,350,000 $3,316,401 11/3/2020 $18,275,000 17.2% 1.70 Olde Battleground (1) Multifamily 183,160 6/15/17 $2,885,292 $13,608,000 $3,571,167 11/3/2020 $18,275,000 17.2% 1.70 Terrace Oaks (1) Multifamily 114,208 6/15/17 $2,582,587 $9,240,000 $3,193,988 11/3/2020 $12,700,000 17.2% 1.70 Total Realized: 1,099,032 $36,799,236 $114,972,000 $39,178,430 $154,700,000 19.8% 1.58 TerraCap's TerraCap's Projected Projected Property Building Acquisition Equity Basis at Current Equity Projected Projected Sales Unrealized Unrealized Unrealized Projected Properties Type Size (Net) Date Purchase Purchase Price Basis Sales Date Price Net IRR Net EM Breckinridge Office Center Office 253,307 5/25/17 $7,461,505 $19,020,000 $9,144,167 Deerfield Office Center Office 204,690 6/2/17 $10,470,538 $28,686,964 $10,645,395 Windward Office Center Office 132,096 6/2/17 $6,767,525 $18,513,036 $6,592,252 NAVA Knolls Multifamily 311,064 9/29/17 $14,453,615 $36,894,000 $14,490,162 $48,400,000 19.9% 1.80 NAVA Crossings Multifamily 377,720 9/29/17 $15,993,626 $39,520,000 $16,045,002 $39,520,000 22.1% 1.94 Park Central (2) Office 215,194 3/1/18 $9,777,135 $29,000,000 $10,331,287 23 Thirty Residences Multifamily 216,600 8/17/18 $10,655,010 $27,715,000 $10,873,072 Addison Office Center Office 213,583 8/30/18 $13,193,948 $38,409,000 $13,203,491 Peachtree Tech Office Center Office/Flex 253,445 11/6/18 $9,543,809 $27,919,000 $9,633,997 Ashford Office Center Office 159,154 1/8/19 $8,249,998 $24,620,000 $8,600,385 Trafalgar Office Center Office 149,074 2/27/19 $6,440,260 $13,800,000 $6,893,105 Preston Park Office Center Office 367,543 3/18/19 $20,304,996 $61,000,000 $20,508,122 Clairemont Office Center Office 122,713 4/12/19 $7,964,489 $24,360,000 $7,964,788 Lake Point Commerce Center Office/Flex 134,389 7/1/19 $5,589,641 $17,625,000 $5,592,231 CRS Office Center I, II, & V Office 337,611 8/21/19 $19,368,057 $59,338,675 $19,368,057 Denv er Corporate Center Office 381,466 8/30/19 $23,643,492 $71,710,000 $23,643,536 Centerpoint Office Center Office 373,724 10/30/19 $25,495,540 $77,517,500 $25,527,100 CRS Office Center IV Office 152,308 11/1/19 $13,199,367 $24,766,000 $13,199,367 Cherry Creek Office Center Office 335,059 3/10/20 $17,451,500 $54,590,500 $17,451,500 Cobb Commerce Center Office/Flex 196,532 7/24/20 $8,105,145 $20,706,000 $8,105,145 Northwoods Office Center Office/Flex 100,720 7/24/20 $2,740,059 $6,987,000 $2,740,059 Total Projected Unrealized: 4,987,992 $256,869,256 $722,697,675 $260,552,220

Total Portfolio: 6,087,024 $293,668,492 $837,669,675 $299,730,651 (1) Madison Woods, Olde Battleground and Terrace Oaks are owned with a JV Partner. TerraCap's share is 83.5%.

(2) Park Central is owned with a JV Partner. TerraCap's share is 95%. Properties highlighted in green are under contract for sale or being marketed for sale.

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TERRACAP PARTNERS V – ACQUISITIONS

Plano Office Center – Plano, TX Orlando International Business Center – Orlando, FL

Rentable Square Feet 198,788 Rentable Square Feet 195,619

Purchase Price $37,859,000 ($190 psf) Purchase Price $24,080,875 ($123 psf)

Estimated Replacement Cost $69,575,800 ($350 psf) Estimated Replacement Cost $43,160,000 ($221 psf)

Acquisition Date October 20, 2020 Anticipated Acquisition Date October 8, 2020

Acquisition Occupancy 88% (Market occ. 80%) Acquisition Occupancy 88% (Market occ. 95%)

Acquisition NOI $2,266,385 Acquisition NOI $1,616,496

In-Place Rents at Acquisition $22.73 psf In-Place Rents at Acquisition $11.47 psf

Newest Lease as of 5/19/20 $25.00 psf Newest Lease as of 5/19/20 $13.00 psf

• Fund IV closed in July 2019 and has made 7 distributions since inception from both yield and capital appreciation. • A total of $73.3MM or 24% of invested capital has been distributed.

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TERRACAP PARTNERS V – ACQUISITIONS CONTINUED

DTC Collection Bridgewater Residences – Orlando, FL Syracuse Office Center – Denver, CO Terrace Office Center – Greenwood Village, CO Number of Units 344 Rentable Square Feet 181,763 Purchase Price $52,520,000 ($153k per unit) Purchase Price $28,687,500 ($158 psf) Estimated Replacement Cost $94,600,000 ($275k per unit) Estimated Replacement Cost $72,705,200 ($400 psf) Anticipated Acquisition Date January 15, 2021 Acquisition Date October 30, 2020 Acquisition Occupancy 94% (Market occ. 95%) Acquisition Occupancy 93% (Market occ. 84%) Acquisition NOI $2,679,590 Acquisition NOI $2,386,308 Current In-Place Rents $1,116 In-Place Rents at Acquisition $24.17 psf Current In-Place Premiums $144 Newest Lease as of 10/30/20 $27.00 psf

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TERRACAP PARTNERS V – ACQUISITIONS CONTINUED

Anchor Centre – Phoenix, AZ Forest Cove Residences – Doraville, GA

Rentable Square Feet 333,014 Number of Units 638

Purchase Price $103,515,000 ($311 psf) Purchase Price $82,615,000 ($129k per unit)

Estimated Replacement Cost $152,850,000 ($459 psf) Estimated Replacement Cost $143,550,000 ($225k per unit)

Acquisition Date January 19, 2021 Anticipated Acquisition Date February 24, 2021

Acquisition Occupancy 93% (Market occ. 82%) Acquisition Occupancy 92% (Market occ. 95%) Acquisition NOI $6,706,208 Acquisition NOI $4,309,895 Current In-Place Rents $30.41 psf Current In-Place Rents $996

Newest Lease as of 12/31/20 $37.50 psf Current In-Place Premiums $222

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TERRACAP PARTNERS V LP – SUMMARY OF KEY TERMS

Targeted Fund Size $400 million

Targeted Returns 16% Net IRR

Targeted # of Investments 30-35 assets with invested equity ranging from $10 million to $30 million each

Investment Period 2 years from the Final Close Date

Term 8 years from the Final Closing Date, subject to two 1-year extensions

1.5% on Committed Capital until termination of the Investment Period; thereafter 1.5% on Invested Management Fee Capital. LP > $37.5 million 1.25%

GP Commitment 1.5% of aggregate Capital Commitments

100% return of invested capital, 8% compounded preferred return, Distributions 50/50 catch up thereafter, 80/20 split, (LP > $30.1mm: 85/15 split - with side letter)

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RESOURCE SQUARE I & III – FUND IV

Ideal Location Basis Well Below Below Market In the Central Reproduction Upside Potential Rents Florida Cost Research Park Transaction Overview: ❖ Acquisition of two Class A office buildings totaling 244,772 SF in Orlando, Florida.

❖ Went under contract at 85% occupancy, closed at 94% occupancy, and sold asset at 100%.

❖ At acquisition rates were at $25.00 PSF and were pushed to over $29 PSF during hold period Summary

Strategy Value Add Strategy-Value-Add: ❖ The existing tenants had a large gap between their current rents and market rents. Acquisition Date May 2018 As their leases expired, their rents were rolled to market rates. Over an 18-month Status Realized period 9 leases were executed and there were virtually no vacates at expiration of TerraCap Price $39,188,000 leases. Total Equity at Exit $13,220,922 ❖ Anchor tenant General Dynamics occupied 44k SF at acquisition. While this tenant Sale Price (2019) $50,400,000 had term, there was some question as to their renewal certainty. With limited supply Net XIRR 30.2% we felt this tenant would need to renew in place and were able to negotiate and early extension by 5 years and expand General Dynamics by 22k SF. Net Equity Multiple 1.54

Status: ❖ Closed on 1/10/2020 with a Levered Net IRR of 30.2% and an EM of 1.54.

See Pages 42-44 for important disclosures. Past performance is not indicative of future results and there can be no assurance that Fund V or investments by Fund V, as the context requires, will achieve comparable results. References to past performance are not a guarantee, projection or prediction for Fund V, nor are they necessarily indicative of future results for Fund V. The transaction described above has been selected for illustrative purposes only to show a type of investment that has been pursued. It should not be assumed that all investments made by the Funds will be comparable in nature or performance to the investment described above. In addition, see Page 20 for a performance summary and complete list of each

investment in Fund IV, including Net Fund-Level Performance.

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GREENSBORO RESIDENCES PORTFOLIO – FUND IV

Intensive Ideal Location Deferred Management in Solid Maintenance and Upside Potential Changes Secondary Select Upgrades Market Transaction Overview: ❖ Off market acquisition of three apartment communities totaling 456 units in Greensboro, NC.

❖ Two communities needed value add renovations to push rates while one community had been renovated and we have been pushing rates organically.

Summary ❖ Hold for 4 years; value appreciation through property repositioning, tightening market cap rates as investors chase yield in secondary markets, and organic rate Strategy Value Add growth. Acquisition Date June 2017

Status Realized Strategy-Value-Add: Realization Date November 2020 ❖ At acquisition the assets were not managed well. We changed property management groups, implemented Lease Optimizing Software, implemented a TerraCap Price $36,198,000 plan for premium unit renovations, performed cap ex and deferred maintenance Total Equity at Exit $12,085,859 projects, and pushed existing tenant rates at renewal. Sale Price $49,250,000 Net XIRR 17.21% Status: Net Equity Multiple 1.70x ❖ Successful disposition in November 2020, generating a Net IRR of 17.21% and a Net Equity Multiple of 1.70x.

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SARASOTA COMMERCE CENTER – FUND III

Ideal Location Below Market Basis Well Below Adjacent to Upside Potential Rents Previous Price Interstate 75

Transaction Overview: • Acquisition of a 246,942 square foot Class A office park in Sarasota, Florida. • Acquired off-market at 86% occupied from a reputable seller. • $12.33 PSF NNN rents at purchase vs. sub-market rents of $15.00 PSF NNN.

Strategy-Value-Add: • The existing tenants had a large gap between their current rents and market rents. As their leases have expired, we have rolled their rents to market rates. Summary • $12.33 PSF NNN rents at purchase vs. today’s in-place average rent of $14.61 PSF NNN and the newest lease rate at $16.50 PSF NNN. Strategy Value Add • Average cash yields of 8.6% ($2,611,686) from 2015-2017. Acquisition Date May 2015 • As we near the end of our hold period, the following capital projects have begun: Status Realized roof replacements, parking lot reseal/restripe, and RTU replacements.

Realization Date August 2019 TerraCap Price $37,129,000

Total Equity at Exit $13,488,716 Status: Sale Price $45,200,000 • In August 2019, Fund III closed on the sale of the property for $45,200,000. Net XIRR 15.9%

Net Equity Multiple 1.69

See Pages 42-44 for important disclosures. Past performance is not indicative of future results and there can be no assurance that Fund V or investments by Fund V, as the context requires, will achieve comparable results. References to past performance are not a guarantee, projection or prediction for Fund V, nor are they necessarily indicative of future results for Fund V. The transaction described above has been selected for illustrative purposes only to show a type of investment that has been pursued. It should not be assumed that all investments made by the Funds will be comparable in nature or performance to the investment described above. In addition, see Page 19 for a performance summary and complete list of each investment in Fund III, including Net Fund-Level Performance.

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HARBOUR POINTE APARTMENTS – FUND III

Basis Well Below Previously Below Market Occupancy and Replacement Upside Potential Mismanaged Lease Rates Cost

Transaction Overview:

• Acquisition of a 234-unit garden style apartment community in Bradenton, Florida. • Acquired off-market from a seller under financial pressure. • Secured financing that represented 65.5% leverage of purchase price. • 91% occupancy at closing vs then market occupancy of 96%.

Strategy-Opportunistic: Summary • Implemented a unit renovation program to create high-quality spaces to increase Strategy Value-Add rental rates. Acquisition Date January 2015 • Hired a new property manager, who was instrumental in raising rents organically, Status Realized supervising the unit renovation projects, and increasing operational efficiencies. • Increased rental rates by 17% in years 1 – 2. Realization Date January 2017 • Leased up to market occupancy averages of 96%. TerraCap Price $21,115,000

Total Equity at Exit $8,845,960 Status: Sale Price $27,600,000

Net XIRR 31.43% • Successful disposition in January 2017, generating a Net IRR of 31.43% and a Net Equity Multiple of 1.69x. Net Equity Multiple 1.69x • From the time of ownership to the exit, average rent per unit grew from $829 to $967.

• In January 2017, Fund III closed on the sale of the property for $27,600,000 ($117,949/unit). The price represented a 5.88% cap rate on then-current NOI.

See Pages 42-44 for important disclosures. Past performance is not indicative of future results and there can be no assurance that Fund V or investments by Fund V, as the context requires, will achieve comparable results. References to past performance are not a guarantee, projection or prediction for Fund V, nor are they necessarily indicative of future results for Fund V. The transaction described above has been selected for illustrative purposes only to show a type of investment that has been pursued. It should not be assumed that all investments made by the Funds will be comparable in nature or performance to the investment described above. In addition, see Page 19 for a performance summary and complete list of each investment in Fund III, including Net Fund-Level Performance.

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Previously Virtually Vacant Basis Well Below Mismanaged Physically Replacement Upside Potential by Lender Distressed Cost

Transaction Overview:

• Acquisition of a 331,138sf six-building business park in Tampa, Florida. • Acquired via a distressed sale from Special Servicer. • The Property is 98% leased to 12 tenants, with approximately 9.4 years of average term remaining. at closing vs 7% occupancy at acquisition.

Strategy-Opportunistic: Summary • The property required extensive capital improvements to make it leasable including Strategy Value-Add new roofs, upgraded entrances, significant tenant improvements, mechanical Acquisition Date August 2013 system replacement, landscape upgrades, and site reconfiguration to increase parking from 4:1,000 to a 6:1,000 ratio. Status Realized • Financing was acquired after acquisition to pay for the renovation projects, tenant Realization Date November 2017 improvements, and leasing commissions. Purchase Price $12,116,000 • 75% of the occupancy came from back office support services for a Tampa based Total Equity at Exit $13,022,863 credit rated healthcare company due to continued growth.

Sale Price $45,050,000

Net XIRR 16.76% Status:

Net Equity Multiple 1.53x • Successful disposition in November 2017, generating a Net IRR of 16.76% and a Net Equity Multiple of 1.53x. • In November 2017, Fund II closed on the sale of the property for $45,050,000 ($136/sf). The price represented a 7.8% cap rate on year-1 NOI. • See Pages 42-44 for important disclosures. Past performance is not indicative of future results and there can be no assurance that Fund V or investments by Fund V, as the context requires, will achieve comparable results. References to past performance are not a guarantee, projection or prediction for Fund V, nor are they necessarily indicative of future results for Fund V. The transaction described above has been selected for illustrative purposes only to show a type of investment that has been pursued. It should not be assumed that all investments made by the Funds will be comparable in nature or performance to the investment described above. In addition, see Page 18 for a performance summary and complete list of each investment in Fund II, including Net Fund-Level Performance.

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WESTLINKS GATEWAY – FUND II

Basis Well Below Well Below Off-Market Replacement Upside Potential Market Rates Cost

Transaction Overview: • Assemblage of three office-flex parks totaling 515,628 square feet and 15 buildings. • Acquired first park (7 buildings) through a deed-in-lieu of foreclosure with previous owner and lender. • Acquired second park (4 buildings) through a distressed sale from a Special Servicer. • Acquired third park (4 buildings) through the creation of a joint venture with the original developer. • Created a property assemblage with the ownership of 15 of the 22 buildings of the Summary Gateway Office Park, next to JetBlue Park and International Airport in Ft. Myers. o Of the remaining 7 buildings in the park that we did not have an ownership Strategy Value-Add Strategy-Opportunistic: Acquisition Dates August 2012-July 2013 (3 Separate Acq.) • Hired new management and leasing team to increase operational efficiencies and push rental rates. Status Realized • Through the assemblage strategy, we increased average gross rents from $9.83 psf Realization Date April 2015 at acquisition to $11.18 psf at exit, an increase of 6.9% per year. TerraCap Price $20,919,998 o Occupancy increased from 56% at acquisition to 75% at exit. Total Equity at Exit $8,428,486 • Refinancing event in January 2014 allowed early distribution in the amount of $13.5 million, which reduced basis to $8.4 million – while reducing risk. Sale Price $40,000,000 • In April 2015, Fund II closed on the sale of our interest in the property for $40,000,000 Net XIRR 31.70% ($77.67/sf). This represented a 5.6% cap rate on trailing 12 NOI. Net Equity Multiple 1.49x Status: • Successful disposition in April 2015, generating a Net IRR of 31.70% and a Net Equity Multiple of 1.49x.

See Pages 42-44 for important disclosures. Past performance is not indicative of future results and there can be no assurance that Fund V or investments by Fund V, as the context requires, will achieve comparable results. References to past performance are not a guarantee, projection or prediction for Fund V, nor are they necessarily indicative of future results for Fund V. The transaction described above has been selected for illustrative purposes only to show a type of investment that has been pursued. It should not be assumed that all investments made by the Funds will be comparable in nature or performance to the investment described above. In addition, see Page 18 for a performance summary and complete list of each investment in Fund II, including Net Fund-Level Performance.

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CURRENT MARKET CONDITIONS

LIMITED SUPPLY IN HIGH DEMAND MARKETS DRIVES VALUE CREATION

Tampa, FL - Class A Office Square Feet of New Office Space Delivered to Rental Rates and Occupancy Market (2005 - 2019) 8,000,000 Class A Quoted Rate Class A Occupancy $35 94% 7,000,000

92% $30 6,000,000 90% 9 years of limited new supply. $25 5,000,000 88%

$20 86% 4,000,000

$15 84% 3,000,000

82% 2,000,000 $10 Limited new supply pushes Lease Rates and Occupancy up. 80% 1,000,000 $5 78% - $0 76% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Orlando Miami Tampa Atlanta Charlotte Raleigh/Durham

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: CoStar Property®, Year-End Report, 2019 Source: CoStar Property®, Year-End Report, 2019

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CURRENT MARKET CONDITIONS

RISING COST OF CONSTRUCTION Poured Concrete Index Price Indexes of New Single-Family 130 Houses Under Construction 135

125 130

125 120

120

115 115

110 110

105

105 100

95 100

90 Jul-15

95 Jul-08

Jun-11 Jun-18

Apr-10 Apr-17

Jan-05 Jan-12

Feb-09 Feb-16

Sep-09 Sep-16

Oct-06 Oct-13

Mar-06 Mar-13

Nov-10 Nov-17

Aug-05 Aug-12

Dec-07 Dec-14

May-07 May-14

Laspeyres (Fixed) Fisher (Deflator)

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18

Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19

Source: U.S. Bureau of Labor Statistics, PPI - New nonresidential building construction, Source: Census Bureau, January 2005 – June 2018, Poured concrete foundation and structure contractors, https://www.census.gov/construction/cpi/ https://data.bls.gov/timeseries/PCU236400236400224

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CURRENT MARKET CONDITIONS

POPULATION MIGRATION SHIFTS TO SUBURBS; CORPORATIONS FOLLOW

Source: Marcus & Millichap, Special Report, Suburbanization - Summer 2020

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APPENDICES

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INVESTMENT STYLE

Diversification

Cash Flow Enhancement Tactical investors efficiently able to Downside Protection Diversified investment strategy move in and out of select geographies Seek to create a margin of targeting assets that provide and property types to seek to capture safety through conservative an opportunity to improve the attractive risk adjusted investment underwriting, buying below physical quality of the property opportunities. replacement cost, moderate and the Net Operating leverage, and deal structuring. Income.

Asset Management Exit Strategy

Seek to create Alpha at the Seek to stabilize and reposition property level through active asset assets over an average of 2-4 years management and savings realized and sell to institutional and local through improved efficiencies and real estate investors focused on

stronger leasing initiatives. steady cash yield.

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INVESTMENT PROCESS

ORIGINATION MONITORING EXITS •Active outreach •Quarterly business plan updates •Work to optimal disposition •Existing relationships & market •Compare to annual budgets opportunity reputation •Monitor tenant expirations and INVESTMENT •Primary objective to maximize COMMITTEE renewal opportunities APPROVAL investor returns •Monitor capital improvements •Evaluate exit opportunities versus underwriting PRE- INVESTMENT •Evaluate submarket demand & lease rate opportunities

REVIEW ASSET MANAGEMENT •Property description •Active Asset Management approach •Pricing •Active property specific business plan •Return profile •Correct identified operational issues •Participate in lease reviews •Sales/Rent Comparables •Market trends reviewed regularly •Market Conditions •Business plan P OST- INVESTMENT

DUE DILIGENCE CLOSING •Market study •Purchase & Sale Agreement •Operational review •Operating contracts •Legal due diligence INVESTMENT •Leasing COMMITTEE •Environmental and Property APPROVAL •Property Management Condition Reports •Loan documentation •Financing

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SENIOR MANAGEMENT – INVESTMENT COMMITTEE W. Stephen Hagenbuckle – Founder and Managing Partner

Mr. Hagenbuckle is the founder and managing partner of TerraCap Management. He has been a successful developer, builder, and investor in commercial real estate since July 1996. Since that time, he has participated in over $2 Billion of transactions across major commercial real estate property types. His transaction experience ranges from being a private principal investor to private equity multi-fund sponsor and investment manager covering major property types.

He was a founding shareholder of commercial bank Landmark Bank N.A. and Giantbank.com of Fort Lauderdale and was a Board Member and Secretary of the bank for 10 years (beginning in the summer of 2000 until 2010).

In the 1990s, he co-founded and sold multiple technology companies to both public and private entities. These companies include Techware Consulting, a technical consulting firm, from December 1995 to November 1997 (sold to CBR NYSE); Orus Information Services, a technical consulting firm, from January 1999 to February 2003; Collegiate Images, a sports media digitization, protection, policing and resale company, from August 2000 to October 2008 (sold to XOS); and LandmarkBank, N.A./GiantBank.com, a commercial banking – internet banking business, from 2000 to 2017 (sold to HOMB NASDQ).

Mr. Hagenbuckle has been a guest on CNBC, Bloomberg TV and Fox where he has discussed real estate market trends and opportunities, along with US banking. He has lectured at multiple universities at the graduate and undergraduate levels. Mr. Hagenbuckle is a Florida native who grew up in the Naples, Florida area and is a graduate of the College of Business from the University of Florida.

Mr. Hagenbuckle has been a licensed Florida Real Estate Broker since July 2007, a member of the National Association of Realtors since January 2004, has been an active member of ICSC since 2012, and a member of ULI since 2006. He and TerraCap Management, LLC are two-time recipients (2015 and 2016) of the Gator 100 Award, for the fastest growing active companies founded by University of Florida Alumni. Mr. Hagenbuckle is on the University of Florida National Foundation Board as well as the Executive Board and Chairman’s Circle at the Bergstrom Center for Real Estate Studies at the University of Florida.

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Albert S. Livingston – National Director of Asset Management, Partner

Albert Livingston, Director of Asset Management, joined the Investment Manager in 2013 and is responsible for maximizing the value, through oversight of asset management, of TerraCap’s portfolio. Mr. Livingston is responsible for establishing management operations in expansion markets and provides support to the acquisition team’s efforts. Mr. Livingston has over 20 years’ experience in acquisitions, financing, development, redevelopment, land entitlement, design, permitting, asset management, and dispositions of commercial real estate throughout the Southeast and Midwest. In this capacity, Mr. Livingston has managed in excess of $1 billion in acquisitions and dispositions, and over 3 million square feet of ground up development and redevelopment. Mr. Livingston developed a foundation in real estate as a civil/environmental engineer and has worked for a variety of domestic and international private equity and institutional investment groups, including Daniel Corporation, Taurus Investment Holdings, and HDG Mansur. Mr. Livingston holds a Bachelor of Engineering in Civil Engineering from Vanderbilt University (May 1995) and a Master’s in Real Estate Finance from the University of Florida (August 2000). Additionally, he is a Certified Commercial Investment Member (CCIM) designee (October 2002), a licensed professional engineer (May 2001), a Leadership in Energy and Environmental Design Accredited Professional (LEED AP) (August 2006), a licensed realtor in the State of Florida has taught several courses at the University of Central Florida and the University of Alabama as an adjunct professor, and is on the Editorial Review Board for the Commercial Investment Real Estate magazine. Matt Stewart – Director of Asset Management, Partner

Matt Stewart, Director of Asset Management for Georgia, is currently responsible for a portfolio of 2.5 million square feet of office and 1.2 million square feet of multi-family assets for the Investment Manager. Mr. Stewart has 25 years of experience in accounting, asset management, underwriting, valuation, mortgage finance, acquisitions, and dispositions of all types of commercial real estate assets nationwide for institutional investors. Prior to joining the Investment Manager in 2017, Mr. Stewart spent 11 years at Trimont Real Estate Advisors managing large complex assets and leading teams of asset managers responsible for the management and resolution of over $3 billion of commercial real estate assets. Mr. Stewart began his career with BDO Siedman, Ernst and Young, Cornerstone Properties REIT, Ginn Development Company, and Prudential learning the fundamentals of commercial real estate accounting, finance, valuation, land development, brokerage, acquisitions, asset management, and dispositions. Mr. Stewart earned a Master of Accounting and Bachelor of Science in Business Administration from The University of North Carolina at Chapel Hill and earned his CPA license in 1996.

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Stephen E. Good – National Director of Acquisitions, Partner

In his role as Director of Acquisitions, Stephen Good is responsible for the sourcing, underwriting, financing, structuring, and closing of commercial acquisitions in accordance with the Investment Manager’s overall investment criteria. Mr. Good is an experienced real estate professional with expertise in development, asset management, construction management, acquisition/disposition, debt financing, leasing strategies, financial reporting and operations and has overseen over six million square feet of assets during his career. Mr. Good has managed portfolios of retail, office, multi-family, hotel, land and self- storage asset types. He has also been involved in successful turn-around roles of distressed assets in foreclosure or receivership. Since joining TerraCap in 2012, Mr. Good has over $1 billion dollars in transaction volume and has overseen management of 10 million square feet of assets. In addition, he has helped secure over $700 million dollars in debt origination for acquisitions or refinancing.

Prior to joining the Investment Manager, Mr. Good was a Senior Vice President with NAI Hallmark Partners in Jacksonville, Florida, a commercial real estate management and development firm. His previous roles with publicly-traded real estate investment trusts have included serving the executive team as a Financial Analyst for U Store It (NYSE: CUBE) and Developers Diversified Realty (NYSE: DDR) as a Property Accountant from July 2004 to July 2007. Mr. Good graduated from Kent State University with a Bachelor of Science in Business Administration in June 2004 with a focus on Corporate Finance and is a licensed realtor in the State of Florida. Mr. Good is also a veteran of the United States Army (1995-1998), serving as an Infantry Rifleman for the historic 7th Cavalry Regiment, while attached to the 1st Cavalry Division. Susana Alvarez Davis, CPA – Director of Finance, Partner

Susana Davis, CPA, Director of Finance/Investor Relations has been with the firm since 2011 and oversees the financial, accounting and regulatory reporting and operations for investors, lenders and regulatory agencies for all Funds as well as various proprietary entities. Ms. Davis has been responsible for coordinating the launch of three funds, investor relations, the acquisition, financing and disposition of over 80 commercial real estate assets, all treasury functions as well as implementation of new software. She has been responsible for the selection and transition of fund accounting to a fund administrator as well as the management of the firm’s third-party accountants. Prior to joining TerraCap, Ms. Davis’s career was in real estate accounting and sales, where she was the Controller for Maks Realty, Inc., a real estate brokerage and investment organization, from 2004 to 2011. As Controller, Ms. Davis was responsible for the accounting and finance. As a licensed real estate professional, she was awarded top sales honors on multiple occasions. She also managed multi-million-dollar accounts in her role as a Senior Accountant at 21st Century Oncology, a large progressive national oncology organization, where she was responsible for accounts payable, accounts receivable and bank reconciliations from February 2010 to June 2010. Ms. Davis earned a Master of Science in Accounting and Taxation in and Bachelor of Science in Accounting (cum laude) from Florida Gulf Coast University. Ms. Davis has been a registered CPA in Florida since

2012 as well as a member of the FICPA.

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Michael R. Davis – Managing Director, Partner

Michael R. Davis, Managing Director joined the Investment Manager at inception in July 2008 and has been a partner with Mr. Hagenbuckle for 13 years. He is head of research for the Investment Manager. His responsibilities include: identifying future growth trends, overseeing the commercial property due diligence process, qualifying specific property characteristics, research and financial modeling. Mr. Davis works closely with county and city staff with regards to land use, zoning, entitlement and also participates in county planning activities regarding economic development and growth. He is also responsible for managing hospitality assets including property improvement plans, product selection, general contractor oversight, third party management oversight, as well as general operation oversight.

Mr. Davis started his career in real estate finance in June 2005 as a mortgage broker at Platinum Coast Mortgage, a Naples, Florida based mortgage brokerage company. After becoming a licensed real estate professional in the State of Florida in and a member of the National Association of Realtors in March, 2007, Mr. Davis has been a principal and facilitator in sourcing, evaluating, acquiring and disposing over $2 billion in private real estate transactions. Originally from Leesburg, Georgia, Mr. Davis graduated from Southeastern University with a Bachelor of Science in June, 2004 and has attended ongoing education at the Wharton School of Business in March, 2013. Mr. Davis is a former member of the Teamsters Union, Local 728. Matthew Hart, CFA® – Director of Investment Analytics, Partner

Matthew Hart, CFA®, Director of Investment Analytics, joined TerraCap in July 2014 as Financial Analyst after working as an Asset Management/Accounting Intern with TerraCap in the previous summer. He is responsible for the research and underwriting of potential assets, and coordinates with lenders to provide financing for purchases, assists with the closing of acquisitions and dispositions, tracks and maintains the data of owned properties, and supervises the creation of the quarterly business plans for each asset. Mr. Hart has supervised over $900 million in acquisitions and dispositions of office, flex/industrial, hotel, and multifamily properties since joining the Investment Manager in 2014. He has also coordinated the closings of over $500 million in debt financing for those acquisitions. Mr. Hart received his Bachelor of Science in Business Administration from the University of Florida with a concentration in Finance and a Minor in Accounting. The CFA designation is globally recognized and attests to a charterholder’s success in a rigorous and comprehensive study program in the field of investment management and research analysis.

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ORGANIZATION CHART

Steve Hagenbuckle Managing Partner

Susana Alvarez Davis, Steven Harper, J.D. Michael Davis, Partner Partner Chief Compliance Managing Director Director of Finance Officer

Albert Livingston, Steve Good, Partner Partner Daniele Goncalves Susan Ferrer National Director of National Director of Accounting Manager Office Manager Acquisitions Asset Management

Chris Thompson, Patricia Jans Matt Stewart, Partner Matt Hart, Partner Partner Senior Property Director of Investment Director of Asset Director of Asset Accountant Analytics Manager Management

Kathy Robinson Senior Property Joe Hart Robert Witt Accountant Financial Analyst Asset Manager Joseph A. Connolly, Jamie Lane, Partner Partner Senior Managing Director Senior Managing Director, of Institutional Sales Jessica Taylor Strategic Development Senior Property Mark Hardee Accountant Asset Manager

Patrick Melton, Partner Andrew Goldsmith, Director of Institutional Senior Managing Director Sandy Tribble Sales of Consultant Relations Senior Property Accountant

Shelby Tucker Senior Property Accountant

Hannah Soutar Fixed Asset Management Officer

Marcie Navarro Investment Committee Member Accounts Payable Professional

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CONTACT INFORMATION [email protected] www.TerraCapMgmt.com

Corporate Headquarters 999 Vanderbilt Beach Road, Suite 701 Naples, FL 34108 239.540.2002

Tampa Office 5550 W. Idlewild Ave., Suite 105 Tampa, FL 33634

Atlanta Office 2970 Clairmont Road, Suite 350 Brookhaven, GA 30329

Denver Office 3900 E. Mexico Ave., Suite 612 Denver, CO 80210

TerraCap is a member and supporter of the following state organizations:

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IMPORTANT DISCLOSURES This information is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as investment, tax, or financial advice, any recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security, including an interest in TerraCap Partners V (HNW) LP and TerraCap Partners V (Institutional) LP collectively, (“Fund V”) or in any other fund managed or advised by TerraCap Management, LLC or its affiliates (“TerraCap”). Any offer or solicitation of an investment may be made only by delivery of Fund V’s confidential offering documents (collectively, the “Offering Documents”) to qualified investors. The Offering Documents contain additional information, including information regarding certain risks of investing which are material to any decision to invest in Fund V. Prospective investors should review carefully and rely solely on the Offering Documents and should consult with their tax, legal, ERISA, and financial advisors before making any investment decision. An investment in Fund V is not suitable for all prospective investors.

Past performance of other funds managed by TerraCap or its affiliates is not indicative of future results. The performance reflected herein and the performance for any given investor may differ due to various factors including, without limitation, the timing of subscriptions and applicable management fees and performance-based compensation. No representation is made that Fund V will or is likely to achieve its objectives, that TerraCap’s investment process or risk management will be successful, or that an investor in Fund V will or is likely to achieve results comparable to those shown or will make any profit or will not suffer losses or loss of principal. An investment in Fund V involves risks, as disclosed in the Offering Documents including the risk of complete loss. Fund V is an unregistered private investment fund that plans to invest in value-add real estate acquisitions in the South Atlantic, West Central South, and West Mountain regions of the United States, and is not subject to the same regulatory requirements as mutual funds, including requirements to provide certain periodic and standardized pricing and valuation information to investors.

Other Considerations:

As of the date of this Presentation, we continue to track the outbreak of the coronavirus (“COVID-19”), which the world health organization has declared to constitute a “public health emergency of international concern.” The outbreak of COVID-19 has resulted in numerous deaths, adversely impacted global commercial activity and contributed to significant volatility in certain equity, debt, derivatives and commodities markets. For this reason, among others, as COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, are increasingly uncertain and difficult to assess. In particular, recipients should note that the performance information presented herein should not be relied upon.

This document contains a preliminary summary of the purpose and principal business terms of Fund V; this summary does not purport to be complete and is qualified in its entirety by reference to the more detailed discussions to be contained in the Offering Documents. TerraCap has the ability in its sole discretion to change the strategies described herein.

The specific terms of an investment in Fund V are subject to the Offering Documents. Such terms may change from the time you receive these materials and the time you receive the Offering Documents.

No information is warranted by TerraCap or its affiliates or subsidiaries as to completeness or accuracy, express or implied, and is subject to change without notice. This document contains forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of this document. Forward-looking statements may be identified by, among other things, the use of words such as “expects,” “anticipates,” “believes,” or “estimates,” or the negatives of these terms, and similar expressions. Forward-looking statements reflect TerraCap’s views as of such date with respect to possible future events. Actual results could differ materially from those in the forward-looking statements as a result of factors beyond Fund V’s control. Investors are cautioned not to place undue reliance on such statements. No party has an obligation to update any of the forward-looking statements in this document.

Charts, tables and graphs contained in this document are not intended to be used to assist the reader in determining which securities to buy or sell or when to buy or sell securities.

Investments are selected by, and will vary in the discretion of, TerraCap and are subject to availability and market conditions, among other factors. Portfolio information and characteristics of potential investments discussed may not be fully indicative of any future portfolios.

Return targets or objectives, if any, are used for measurement or comparison purposes and only as a guideline for prospective investors to evaluate a particular investment program’s investment strategy and accompanying information. Targeted returns reflect subjective determinations by TerraCap based on a variety of factors, including, among others, internal modeling, investment strategy, prior performance of similar products (if any), volatility measures, risk tolerance and market conditions. Performance may fluctuate, especially over short periods. Targeted returns should be evaluated over the time period indicated and not over shorter periods. Inflationary trends, competition, and the supply of and demand for property investments in the target markets, interest rate levels, the availability of financing, potential environmental liability and other risks associated with the ownership, development and acquisition of property, including risks that tenants will not take or remain in occupancy or pay rent, changes in the legal or regulatory environment,

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or that construction or management costs may be greater than anticipated. Targeted returns are not intended to be actual performance and should not be relied upon as an indication of actual or future performance.

Any statements regarding future events constitute only subjective views, are based upon expectations or beliefs, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond TerraCap’s or Fund V’s control. Future evidence and actual results could differ materially from those set forth in, contemplated by, or underlying these statements. In light of these risks and uncertainties, there can be no assurance that these statements are now or will prove to be accurate or complete in any way.

All performance results contained in this packet presentation are Net IRRs. See Part 2 of TerraCap's Form ADV for a complete description of the fees and expenses customarily charged by TerraCap. Please note that fees paid by Fund V to affiliates of TerraCap are not deducted from TerraCap’s management fees.

This material is as of the date indicated, is not complete, is subject to change and does not contain material information regarding an investment in Fund V, including related risk disclosures. No representation is made with respect to the accuracy, completeness or timeliness of information and TerraCap assumes no obligation to update or revise such information. Certain information has been provided by and/or is based on third party sources and, although believed to be reliable, has not been independently verified and TerraCap is not responsible for third-party errors.

This information is confidential, is intended only for intended recipients and their authorized representatives and may not be reproduced or distributed in whole or in part to any other person without TerraCap’s prior written consent.

Notes to Funds II, III and IV Related Portfolio Information. The portfolio detail and other information shown on pages [14-16] relates to TerraCap Partners II (TerraCap Partners II (Institutional) LP and TerraCap Partners II (HNW) LP, which invest pari passu) (“Fund II”) as well as TerraCap Partners III (TerraCap Partners III (Institutional) LP and TerraCap Partners III (HNW) LP, which invest pari passu) (“Fund III”) and TerraCap Partners IV (TerraCap Partners IV (Institutional) LP and TerraCap Partners IV (HNW) LP, which invest pari passu) (“Fund IV”), private funds advised by TerraCap that make value add investments in real estate and real estate- backed assets, primarily in the South Atlantic, West Central South, and West Mountain regions of the United States. The information shown about Funds II, III and IV are being provided for illustrative and information purposes only and should not be relied upon and do not represent and are not indicative of, Fund V’s actual or future performance or the results that may be achieved by an investor in Fund V. There are material differences between Funds II, III and IV and Fund V, including with respect to their respective investment strategies and the material terms of the offering of their interests. A decision to invest in Fund V should not be based on the information presented regarding Funds II, III and IV. Past performance is not indicative of future results.

Information regarding related funds such as the information regarding Funds II, III and IV have inherent limitations, some of which are described below. One limitation is that the information shown does not reflect Fund V’s actual portfolio and therefore does not reflect the impact that economic and market factors, including lack of liquidity or market disruptions, may have on investment decisions made for Fund V. There may be differences between Funds II, III and IV and the actual results that Fund V may achieve. There also may be a material difference between the amount of Fund V’s assets at any time and the amount of assets managed in Funds II, III and IV, which difference may have an impact on the management of Fund V. No representation is made that Fund V would have built a similar portfolio as Funds II, III and IV had Fund V been in existence during such time, or that Fund V will maintain such investment strategy in the future; TerraCap will implement a strategy for Fund V that is materially different from Funds II, III and IV, and make different investments, or have Fund V invest in investments that it did not choose to have Funds II, III and IV invest in, or vice versa. To the extent of the material differences between TerraCap’s management of Fund V and its management of Funds II, III and IV, the information shown herein is no longer as representative and its illustration value will decrease substantially.

Robert Gray, Non-Participating Owner. Robert Gray owns an interest in TerraCap and devotes a portion of his business time and attention to oversight of TerraCap’s activities in respect of Fund II and Fund III. Mr. Gray will not devote any time or attention to Fund V, or to the oversight of TerraCap activities in respect of Fund V, and he otherwise will not be involved with Fund V. TerraCap believes that Mr. Gray’s non-involvement with Fund V will not have a material negative impact on Fund V.

NCREIF PROPERTY INDEX - The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors - the great majority being pension funds. As such, all properties are held in a fiduciary environment.

RUSSELL 3000 INDEX - The Russell US Indexes, from mega cap to microcap, serve as leading benchmarks for institutional investors. The modular index construction allows investors to track current and historical market performance by specific market segment (large/mid/small/micro-cap) or investment style (growth/value/defensive/dynamic). All sub-indexes roll up to the Russell 3000® Index. The Russell US Indexes can be used as performance benchmarks, or as the basis for index-linked products including index tracking funds, derivatives, and Exchange Traded Funds (ETFs).

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THE RETURN INFORMATION IN THIS INVESTMENT SUMMARY IS BASED IN PART ON CERTAIN ASSUMPTIONS, INCLUDING CASH FLOW PROJECTIONS THAT ARE SPECULATIVE IN NATURE, ARE UNAUDITED, MAY NOT REFLECT THE AMOUNTS THAT WILL ULTIMATELY BE RECEIVED BY INVESTORS, AND MAY DIFFER FROM CASH FLOW PROJECTIONS THAT WOULD HAVE RESULTED FROM AN INDEPENDENT EVALUATION OF THESE INVESTMENTS. PAST OR PROJECTED PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS AND AN INVESTMENT IN FUND IV MAY RESULT IN A PARTIAL OR TOTAL LOSS OF CAPITAL. CERTAIN INVESTMENTS ARE UNDERGOING OR HAVE PLANNED RENOVATIONS THE COSTS OF WHICH ARE NOT FINAL AND WHICH COSTS MAY CHANGE FROM THE AMOUNTS SUMMARIZED IN THIS SUPPLEMENT AND COULD ALTER PROJECTED INVESTMENT RETURNS AS SHOWN HERE OR OTHERWISE PRESENTED TO PROSPECTIVE INVESTORS. DETAILED PERFORMANCE INFORMATION IS ALSO AVAILABLE UPON REQUEST.

Certain Performance-Related Notes:

Fund I is excluded from this presentation as this fund was comprised solely of land investments, which differs from the Fund II, III, IV, and V strategy and as such is not reflective of the TerraCap platform going forward.

Net returns (IRRs and EMs) for Funds II, III and IV include a 100% return of capital. This includes the return of Capital Contributions with respect to asset-level Operating Expenses, Organizational Expenses, and Management Fees. Net returns project the impact of TerraCap’s promote on an asset-by-asset basis and excludes fund-level expenses. IRRs are presented NET of carried interest fees.

Gross IRRs - With regards to gross returns presented under TerraCap Performance vs. Public Market Equivalents, gross Limited Partner returns are calculated by taking the aggregate of the Limited Partners’ cash flows (including all contributions and distributions) and their current value, and then calculating an IRR based on those cash flows. The performance figures do not reflect the deduction of investment advisory fees; the client's return will be reduced by the advisory fees and any other expenses it may incur in the management of its investment advisory account, however, the management fee is returned before carried interest is distributed; the investment advisory fees are described in Part 2 of TerraCap's Form ADV.

Fund V target net returns reflect the waterfall schedule in the TerraCap Partners V LP – Summary of Key Terms in the Appendix.

Fund level IRR – takes into consideration the dates of all capital calls, all distributions, and the NAV of the fund as of the most recently audited financials. This provides returns as of a particular date for the entire fund.

Property level IRR table – this shows realized IRRs plus projected IRRs for properties that have not sold and takes the weighted average of the two. This provides projected property level returns.

Investor IRR – uses a specific investor’s actual cash flows, and the NAV as of the most recently available audited financials. Each investor’s cash flows may vary based on the date of their capital contributions to the fund. As an example, an investor that came into the fund earlier might have a lower IRR than one that came in later in the fund life. This shows returns as of a particular date for a particular investor.

Russell 3000 PME (Public Market Equivalent): utilizing the Russell 3,000 Index, an equity index that tracks the 3,000 largest U.S.-traded stocks, the PME represents if an investor made the same contributions and withdrawals into the Russell 3,000 during the same time period as they did into the respective TerraCap fund and what the resulting IRR is over that time period.

NCREIF Property Index PME (Public Market Equivalent): utilizing the NCREIF Property Index, a real estate market index that tracks the unlevered, U.S. property level returns of operating apartment, hotel, industrial, office, and retail properties, the PME represents if an investor made the same contributions and withdrawals into an portfolio that tracks the returns of the NCREIF Property Index during the same time period as they did into the respective TerraCap fund while utilizing the same leverage as that respective TerraCap fund and what the resulting levered IRR is over that time period.

CapEx Efficiency: represents for every $1 spent on capital improvements, what percentage of that capital was added to the NOI of the fund. So, for every $1,000,000 spent on capital improvements in TerraCap II, $640,000 in NOI was created.

Direct Alpha Weighted by Capital Call: weighted average calculation of the IRR Direct Alpha weighted by the total capital called in each fund.

Direct Alpha Weighted by NAV: weighted average calculation of the IRR Direct Alpha weighted by the total quarterly Net Asset Value of each fund over the course of their respective fund life.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. READ IN CONJUNCTION WITH IMPORTANT DISCLOSURES ON PAGES 43-45. TERRACAP MANAGEMENT, LLC | WWW.TERRACAPMGMT.COM | 45 888.343.4480 Closed-End Fund Cash Flow (US $) Current RVPI Multiple, Net 0.16x Firm Name TerraCap Management LLC Current TVPI Multiple, Net 1.57x Fund Name TerraCap Partners II LP Current DPI Multiple, Net 1.44x Fund Vintage Year 2012 Current Investor IRR, Net 12.77%

Capital Called from Fund Distributions, Net to Fund Reported Fund Net Asset Embedded Carry Based on Total Cash Flow to Fund Date Limited Partners (Including Limited Partners Value (1) Current Reported Value (2) Limited Partners Mgmt and Other Fees)

12/31/2011 (5,000,000) 0 4,958,245 NA (5,000,000) 3/31/2012 (2,800,000) 0 7,092,311 NA (2,800,000) 6/30/2012 (8,194,096) 0 14,904,113 NA (8,194,096) 9/30/2012 (7,137,800) 0 29,580,359 NA (7,137,800) 12/31/2012 (6,041,700) 0 52,364,121 NA (6,041,700) 3/31/2013 (5,254,240) 0 62,040,573 NA (5,254,240) 6/30/2013 (16,936,500) 0 77,965,172 NA (16,936,500) 9/30/2013 (19,473,836) 0 117,357,959 NA (19,473,836) 12/31/2013 (6,905,914) 0 123,258,420 NA (6,905,914) 3/31/2014 (24,255,914) 14,545,715 106,407,089 NA (9,710,199) 6/30/2014 0 682,796 100,024,759 NA 682,796 9/30/2014 0 0 103,913,914 NA 0 12/31/2014 0 10,054,382 125,802,474 NA 10,054,382 3/31/2015 0 1,375,819 123,226,526 NA 1,375,819 6/30/2015 0 16,807,396 97,329,047 NA 16,807,396 9/30/2015 0 0 95,830,607 NA 0 12/31/2015 0 6,055,695 105,661,831 NA 6,055,695 3/31/2016 0 3,096,046 102,512,323 NA 3,096,046 6/30/2016 0 2,581,837 98,882,841 NA 2,581,837 9/30/2016 0 0 97,638,249 NA 0 12/31/2016 0 3,253,994 114,901,715 NA 3,253,994 3/31/2017 0 0 114,620,415 NA 0 6/30/2017 0 0 114,990,617 NA 0 9/30/2017 0 4,526,592 131,031,152 NA 4,526,592 12/31/2017 0 25,485,097 88,519,002 NA 25,485,097 3/31/2018 0 22,261,919 64,479,229 NA 22,261,919 6/30/2018 0 28,186,336 20,255,230 NA 28,186,336 9/30/2018 0 0 NA 0 12/31/2018 0 4,762,094 16,442,898 NA 4,762,094 3/31/2019 0 2,600,000 16,122,604 NA 2,600,000 6/30/2019 0 560,000 15,283,571 NA 560,000 9/30/2019 0 459,000 14,867,639 NA 459,000 12/31/2019 0 0 16,069,582 NA 0 3/31/2020 0 0 16,124,226 NA 0 6/30/2020 0 0 16,129,898 NA 0 9/30/2020 0 0 15,935,832 (2,729,784) 13,206,048

Total ($102,000,000) $147,294,718 $15,935,832 ($2,729,784) $58,500,766

(1) Appraised value (when available, or cost if appraised value not available) of remaining assets, less liabilities. GP reserves the right to evaluate the appraised values versus other market data and give an estimated value. (2) Please enter any embedded carry based on the current reported value for fund investments. Closed-End Fund Cash Flow (US $) Current RVPI Multiple, Gross 0.16x Firm Name TerraCap Management LLC Current TVPI Multiple, Gross 1.72x Fund Name TerraCap Partners II LP Current DPI Multiple, Gross 1.56x Fund Vintage Year 2012 Current Investor IRR, Gross 15.40%

Capital Called from Fund Reported Fund Net Asset Embedded Carry Based on Total Cash Flow to Fund Date Limited Partners (Including Distributions, Gross Value (1) Current Reported Value (2) Limited Partners Mgmt and Other Fees)

12/31/2011 (5,000,000) 0 4,958,245 NA (5,000,000) 3/31/2012 (2,800,000) 0 7,092,311 NA (2,800,000) 6/30/2012 (8,194,096) 0 14,904,113 NA (8,194,096) 9/30/2012 (7,137,800) 0 29,580,359 NA (7,137,800) 12/31/2012 (6,041,700) 0 52,364,121 NA (6,041,700) 3/31/2013 (5,254,240) 0 62,040,573 NA (5,254,240) 6/30/2013 (16,936,500) 0 77,965,172 NA (16,936,500) 9/30/2013 (19,473,836) 0 117,357,959 NA (19,473,836) 12/31/2013 (6,905,914) 0 123,258,420 NA (6,905,914) 3/31/2014 (24,255,914) 14,545,715 106,407,089 NA (9,710,199) 6/30/2014 0 682,796 100,024,759 NA 682,796 9/30/2014 0 0 103,913,914 NA 0 12/31/2014 0 11,474,614 125,802,474 NA 11,474,614 3/31/2015 0 1,500,000 123,226,526 NA 1,500,000 6/30/2015 0 18,865,000 97,329,047 NA 18,865,000 9/30/2015 0 0 95,830,607 NA 0 12/31/2015 0 6,940,000 105,661,831 NA 6,940,000 3/31/2016 0 3,500,000 102,512,323 NA 3,500,000 6/30/2016 0 2,700,000 98,882,841 NA 2,700,000 9/30/2016 0 0 97,638,249 NA 0 12/31/2016 0 3,300,000 114,901,715 NA 3,300,000 3/31/2017 0 0 114,620,415 NA 0 6/30/2017 0 0 114,990,617 NA 0 9/30/2017 0 4,537,000 131,031,152 NA 4,537,000 12/31/2017 0 28,055,000 88,519,002 NA 28,055,000 3/31/2018 0 23,840,000 64,479,229 NA 23,840,000 6/30/2018 0 29,300,000 20,255,230 NA 29,300,000 9/30/2018 0 0 NA 0 12/31/2018 0 5,500,000 16,442,898 NA 5,500,000 3/31/2019 0 3,250,000 16,122,604 NA 3,250,000 6/30/2019 0 700,000 15,283,571 NA 700,000 9/30/2019 0 500,000 14,867,639 NA 500,000 12/31/2019 0 0 16,069,582 NA 0 3/31/2020 0 0 16,124,226 NA 0 6/30/2020 0 0 16,129,898 NA 0 9/30/2020 0 0 15,935,832 NA 15,935,832

Total ($102,000,000) $159,190,125 $15,935,832 $0 $73,125,957

(1) Appraised value (when available, or cost if appraised value not available) of remaining assets, less liabilities. GP reserves the right to evaluate the appraised values versus other market data and give an estimated value. (2) Please enter any embedded carry based on the current reported value for fund investments. Closed-End Fund Cash Flow (US $) Current RVPI Multiple, Net 0.66x Firm Name TerraCap Management LLC Current TVPI Multiple, Net 1.41x Fund Name TerraCap Partners III LP Current DPI Multiple, Net 0.75x Fund Vintage Year 2014 Current Investor IRR, Net 9.62%

6/30/2014 (3,506,438) 0 14,074,384 NA (3,506,438) 9/30/2014 (10,519,312) 0 13,919,496 NA (10,519,312) 12/31/2014 (210,500) 0 15,136,430 NA (210,500) 3/31/2015 (5,096,499) 0 20,018,446 NA (5,096,499) 6/30/2015 (16,776,840) 0 37,045,412 NA (16,776,840) 9/30/2015 0 0 46,286,892 NA 0 12/31/2015 (10,120,420) 0 56,178,875 NA (10,120,420) 3/31/2016 (45,188,069) 0 106,326,894 NA (45,188,069) 6/30/2016 (15,542,118) 0 110,508,596 NA (15,542,118) 9/30/2016 (3,557,291) 0 114,749,851 NA (3,557,291) 12/31/2016 (9,482,513) 1,700,000 148,710,671 NA (7,782,513) 3/31/2017 0 18,470,306 130,362,785 NA 18,470,306 6/30/2017 0 0 131,735,776 NA 0 9/30/2017 0 4,100,000 142,322,456 NA 4,100,000 12/31/2017 0 700,000 141,115,520 NA 700,000 3/31/2018 0 0 141,105,343 NA 0 6/30/2018 0 13,860,000 129,839,981 NA 13,860,000 9/30/2018 0 0 NA 0 12/31/2018 0 0 137,572,624 NA 0 3/31/2019 0 0 137,192,113 NA 0 6/30/2019 0 5,755,000 129,002,477 NA 5,755,000 9/30/2019 0 16,691,165 116,542,404 NA 16,691,165 12/31/2019 0 24,200,636 86,027,250 NA 24,200,636 3/31/2020 0 1,500,000 83,496,403 NA 1,500,000 6/30/2020 0 0 83,025,079 NA 0 9/30/2020 0 3,000,000 79,604,052 (120,976) 82,483,076

Total ($120,000,000) $89,977,107 $79,604,052 ($120,976) $49,460,184

(1) Appraised value (when available, or cost if appraised value not available) of remaining assets, less liabilities. GP reserves the right to evaluate the appraised values versus other market data and give an estimated value. (2) Please enter any embedded carry based on the current reported value for fund investments. Closed-End Fund Cash Flow (US $) Current RVPI Multiple, Gross 0.66x Firm Name TerraCap Management LLC Current TVPI Multiple, Gross 1.43x Fund Name TerraCap Partners III LP Current DPI Multiple, Gross 0.77x Fund Vintage Year 2014 Current Investor IRR, Gross 10.13%

6/30/2014 (3,506,438) 0 14,074,384 NA (3,506,438) 9/30/2014 (10,519,312) 0 13,919,496 NA (10,519,312) 12/31/2014 (210,500) 0 15,136,430 NA (210,500) 3/31/2015 (5,096,499) 0 20,018,446 NA (5,096,499) 6/30/2015 (16,776,840) 0 37,045,412 NA (16,776,840) 9/30/2015 0 0 46,286,892 NA 0 12/31/2015 (10,120,420) 0 56,178,875 NA (10,120,420) 3/31/2016 (45,188,069) 0 106,326,894 NA (45,188,069) 6/30/2016 (15,542,118) 0 110,508,596 NA (15,542,118) 9/30/2016 (3,557,291) 0 114,749,851 NA (3,557,291) 12/31/2016 (9,482,513) 1,700,000 148,710,671 NA (7,782,513) 3/31/2017 0 19,687,900 130,362,785 NA 19,687,900 6/30/2017 0 0 131,735,776 NA 0 9/30/2017 0 4,100,000 142,322,456 NA 4,100,000 12/31/2017 0 700,000 141,115,520 NA 700,000 3/31/2018 0 0 141,105,343 NA 0 6/30/2018 0 13,860,000 129,839,981 NA 13,860,000 9/30/2018 0 0 NA 0 12/31/2018 0 0 137,572,624 NA 0 3/31/2019 0 0 137,192,113 NA 0 6/30/2019 0 5,755,000 129,002,477 NA 5,755,000 9/30/2019 0 17,060,000 116,542,404 NA 17,060,000 12/31/2019 0 25,175,000 86,027,250 NA 25,175,000 3/31/2020 0 1,500,000 83,496,403 NA 1,500,000 6/30/2020 0 0 83,025,079 NA 0 9/30/2020 0 3,000,000 79,604,052 NA 82,604,052

Total ($120,000,000) $92,537,900 $79,604,052 $0 $52,141,952

(1) Appraised value (when available, or cost if appraised value not available) of remaining assets, less liabilities. GP reserves the right to evaluate the appraised values versus other market data and give an estimated value. (2) Please enter any embedded carry based on the current reported value for fund investments. Closed-End Fund Cash Flow (US $) Current RVPI Multiple, Net 1.10x Firm Name TerraCap Management LLC Current TVPI Multiple, Net 1.22x Fund Name TerraCap Partners IV LP Current DPI Multiple, Net 0.17x Fund Vintage Year 2017 Current Investor IRR, Net 10.45%

4/21/2017 (27,413,431) 0 NA (27,413,431) 6/7/2017 (13,251,569) 0 NA (13,251,569) 9/11/2017 (39,802,450) 0 NA (39,802,450) 10/17/2017 (4,030,000) 0 NA (4,030,000) 2/21/2018 (34,410,000) 0 NA (34,410,000) 3/31/2018 0 0 NA 0 6/30/2018 0 0 122,962,510 NA 0 9/30/2018 (20,855,625) 0 156,033,299 NA (20,855,625) 12/31/2018 (21,237,500) 0 188,853,970 NA (21,237,500) 3/31/2019 (36,005,850) 0 224,105,082 NA (36,005,850) 6/30/2019 (100,662,625) 0 334,235,251 NA (100,662,625) 9/30/2019 (13,330,950) 0 353,080,230 NA (13,330,950) 12/31/2019 0 11,717,508 379,205,462 NA 11,717,508 3/31/2020 0 22,141,777 345,460,577 NA 22,141,777 6/30/2020 0 3,915,163 348,218,722 NA 3,915,163 9/30/2020 0 13,679,830 340,896,896 (12,196,352) 342,380,375

Total ($311,000,000) $51,454,278 $340,896,896 ($12,196,352) $69,154,822

(1) Appraised value (when available, or cost if appraised value not available) of remaining assets, less liabilities. GP reserves the right to evaluate the appraised values versus other market data and give an estimated value. (2) Please enter any embedded carry based on the current reported value for fund investments. Closed-End Fund Cash Flow (US $) Current RVPI Multiple, Gross 1.10x Firm Name TerraCap Management LLC Current TVPI Multiple, Gross 1.27x Fund Name TerraCap Partners IV LP Current DPI Multiple, Gross 0.17x Fund Vintage Year 2017 Current Investor IRR, Gross 12.57%

4/21/2017 (27,413,431) 0 NA (27,413,431) 6/7/2017 (13,251,569) 0 NA (13,251,569) 9/11/2017 (39,802,450) 0 NA (39,802,450) 10/17/2017 (4,030,000) 0 NA (4,030,000) 2/21/2018 (34,410,000) 0 NA (34,410,000) 3/31/2018 0 0 122,318,393 NA 0 6/30/2018 0 0 122,962,510 NA 0 9/30/2018 (20,855,625) 0 156,033,299 NA (20,855,625) 12/31/2018 (21,237,500) 0 188,853,970 NA (21,237,500) 3/31/2019 (36,005,850) 0 224,105,082 NA (36,005,850) 6/30/2019 (100,662,625) 0 334,235,251 NA (100,662,625) 9/30/2019 (13,330,950) 0 353,080,230 NA (13,330,950) 12/31/2019 0 12,000,000 379,205,462 NA 12,000,000 3/31/2020 0 23,470,000 345,460,577 NA 23,470,000 6/30/2020 0 4,245,000 348,218,722 NA 4,245,000 9/30/2020 14,700,000 340,896,896 NA 355,596,896

Total ($311,000,000) $54,415,000 $340,896,896 $0 $84,311,896

Firm: Strategy/Product: Client:

NEPC Manager Due Diligence Questionnaire - Update

Instructions

Thank you for taking the time to complete this questionnaire. Please note that your response will be part of the NEPC Research Database.

Firm/Organization 1. Have there been any changes in ownership or management in the past year?

There were no changes in the ownership structure of the firm during the past year. However, Yvette Dueñas was promoted from Investment Analyst to Portfolio Manager and was also named a new Firm Partner. The partnership and promotion take effect January 1, 2021.

Name Title Percentage Gilbert Garcia, CFA Managing Partner 34.50% Janna Hamilton Partner, Marketing and Client Services 17.50% Beth McWilliams Partner, Chief Compliance Officer 4.70% Kevin Lunday Partner, Chief Operating Officer 6.50% Ruby Muñoz Dang Partner, Director of Marketing & Client Services 11.60% Nancy Rodriguez Partner, Portfolio Manager 5.00% Stephanie Roberts Partner, Marketing and Client Services 6.80% Karen Tass, CFA Partner, Portfolio Manager 5.90% Jeffrey Detwiler, CFA Partner, Portfolio Manager 2.00% Benjamin Monkiewicz Partner, Portfolio Manager 1.50% Gary Montgomery Partner, Systems Manager 1.50% Don Elsenbrock Partner, Portfolio Manager / Strategist 1.50% Morgan Doyle Partner, Client Relations Manager 1.00%

2. List firm AUM, net flows and accounts gained/lost for the past 5 years.

GH&A FIRM FIXED INCOME AUM GAINED AND LOST (2015 –2020) ACCOUNTS ASSETS ACCOUNTS ASSETS YEAR FIRM AUM NET FLOWS GAINED GAINED LOST LOST 2015 $6,340 MM 39 $826 MM 5 $97 MM $729 MM 2016 $8,016 MM 37 $647 MM 5 $260 MM $387 MM 2017 $10,071 MM 31 $981 MM 9 $403 MM $578 MM 2018 $12,590 MM 39 $2,027 MM 7 $482 MM $1,545 MM 2019 $14,740 MM 50 $775 MM 6 $64 MM $711 MM 2020 $16,726MM 19 $937 MM 12 $151 MM $786 MM

3. Have there been any new or discontinued products in the past year?

GH&A launched the Municipal bond fund in April 2020.

4. Are any products capacity constrained?

None of our products are capacity constrained. GH&A is comfortable with the size of the asset base in each of our Fixed Income products. We feel we are positioned to continue to grow at a steady pace over the next several years and are committed to adding the resources required to provide the quality of investment and client services to exceed our clients’ expectations. The firm does not have a policy limiting assets under management. We presently have ample capacity from an investment management standpoint and we will continually review from an organizational, management, and client service standpoint.

5. Describe any current or pending regulatory, compliance or litigation issues and the expected business impact.

We do not have any pending litigations or other legal proceedings.

Portfolio Management Team 1. Have there been any changes in the portfolio management team in the past year?

Although there were no promotions during the past year, Yvette Dueñas was promoted from Investment Analyst to Portfolio Manager. The promotion takes effect January 1, 2021.

2. Are there any expected changes to the team in the future (planned additions or departures)?

We do not anticipate any changes in the portfolio management team in the near future.

There have not been any significant changes in our processes in the past year.

Philosophy 1. Describe recent changes in investment philosophy, if any.

There have been no recent changes to the investment philosophy. Since GH&A’s inception, the firm has followed a consistent fixed income investment philosophy that focuses on the preservation of principal while maintaining high current income. GH&A’s goal is to outperform our benchmark indices net of fees with higher credit quality and lower risk.

Portfolio 1. If not included in your meeting presentation, provide portfolio holdings, sector exposure, geographic exposure and common characteristics (yield, duration, market cap, P/E, etc.).

We invest 100% in U.S. domiciled companies. Portfolio characteristics (sector exposure, YTM, coupon and duration) are included in the MWRA meeting presentation.

Please see Attachment: 4Q20 MWRA Holdings

2. List strategy AUM, net flows and accounts gained/lost for the past 5 years.

GH&A FIXED INCOME – AGGREGATE AUM GAINED AND LOST (2015 –2020) ACCOUNTS ASSETS ACCOUNTS ASSETS YEAR FIRM AUM NET FLOWS GAINED GAINED LOST LOST 2015 $4,178 MM 27 $675 MM 2 $40 MM $635 MM 2016 $5,314 MM 26 $480 MM 5 $260 MM $220 MM 2017 $7,407 MM 19 $705 MM 4 $183 MM $522 MM 2018 $9,522 MM 29 $1,831 MM 4 $350 MM $1,481 MM 2019 $11,216 MM 28 $572 MM 4 $26 MM $546 MM 2020 $11,385 MM 11 $308 MM 8 $129 MM $179 MM

3. Describe investor concentration for the strategy and note the percent of AUM attributable to the top five investors.

The percent of AUM attributable to the top five investors is 25 percent. Please see the below table representing investor concentration.

Client Type Assets for Strategy Client Type (% of assets) 4Q-20 Corporation/Pensions 14.37% Public Pensions 60.02% Endowments/Foundations 8.67% Insurance 2.63% High Net Worth Individuals 0.14% Other 14.17% Total 100.00%

Performance / Market Outlook

1. If not included in your meeting presentation, provide trailing returns as of the most recent quarter-end and calendar year returns for the past 10 years, both relative to benchmark.

GARCIA HAMILTON & ASSOCIATES PERFORMANCE HISTORY Fixed Income--Aggregate Composite From 12-31-2010 to 12-31-2020 Aggregate Aggregate Bloomberg Composite Composite Barclays Time Period Gross of Fees Net of Fees Aggregate Index 12/31/2010 to 12/31/2011 5.33 5.13 7.84 12/31/2011 to 12/31/2012 10.48 10.25 4.22 12/31/2012 to 12/31/2013 0.09 -0.12 -2.03 12/31/2013 to 12/31/2014 8.02 7.81 5.97 12/31/2014 to 12/31/2015 0.85 0.65 0.55 12/31/2015 to 12/31/2016 3.18 2.98 2.65 12/31/2016 to 12/31/2017 3.82 3.64 3.54 12/31/2017 to 12/31/2018 0.98 0.81 0.01 12/31/2018 to 12/31/2019 7.27 7.09 8.72 12/31/2019 to 12/31/2020* 8.10 7.92 7.51 *Preliminary

2. Briefly discuss recent performance trends and identify environments in which the strategy is likely to be in or out of favor.

We firmly believe we can outperform in any economic and market condition, with the greater potential for outperformance in high-quality driven rallies. As an active manager, we have the operational flexibility to allocate between sectors and across the interest rate curve as financial and economic incentives present opportunities to outperform. Further, we have the experience and expertise to act quickly to adjust interest rate exposure to take advantage tactical and strategic trends across the market cycle. That being said, our high-quality style of investing could face challenges during an environment where low-quality is being rewarded.

3. Describe your market outlook and how strategy positioning is impacted by your views.

Our outlook remains the same. The US economy seems to be holding up with the additional stimulus package under way and the Fed’s reassurance that quantitative easing will remain until substantial further progress is made toward full recovery. Therefore, we are maintaining our defensive duration position as we expect a gradual increase in interest rates and a steeper yield curve.

Please see Attachment: 4Q20 MWRA Review (page 13).

Presented By:

Gilbert A. Garcia, CFA Managing Partner

Ruby Muñoz Dang Partner MWRA Employees’ Retirement System January 28, 2020

5 Houston Center 1401 McKinney, Suite 1600 Houston, TX 77010 Tel: (713) 853-2359 Fax: (713) 853-2300 [email protected] www.GarciaHamiltonAssociates.com Awards/rankings may not represent client experiences and are not indicative of future performance. Go to www.garciahamiltonassociates.com/awards/ for additional information on each award. MWRA Employees’ Retirement System Preliminary December 31, 2020

PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO

Market Pct. Value Assets Yield

FIXED INCOME 49,330,161.89 98.9 0.9 Portfolio Value on 09-30-20 49,322,734.36 CASH 524,144.37 1.1 0.0 Accrued Interest 183,111.16 Net Additions/Withdrawals 0.00 Realized Gains/Losses 22,866.11 Unrealized Gains/Losses 110,645.90 Income Received 148,068.59 Change in Accrued Interest 66,880.13 Portfolio Value on 12-31-20 49,604,314.97 Accrued Interest 249,991.29 Total 49,854,306.26 100.0 0.9 49,854,306.26

TIME WEIGHTED RETURN

Annualized Inception One 04-30-18 Quarter Year To Date

Gross of Fees 0.70 8.03 6.49

Net of Fees 0.65 7.79 6.27

Bloomberg Barclays US Aggregate 0.67 7.51 6.91

Our Form ADV disclosure document is available upon request. We urge you to compare account statements that you receive from us with the account statements that you receive from your custodian. Past performance is no guarantee of future results. See disclosures for other relevant information. Client Use Only. 1 MWRA Employees’ Retirement System Preliminary December 31, 2020

PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO

Market Pct. Value Assets Yield

FIXED INCOME 49,330,161.89 98.9 0.9 Portfolio Value on 12-31-18 30,348,412.55 CASH 524,144.37 1.1 0.0 Accrued Interest 128,000.33 Net Additions/Withdrawals 13,499,886.23 Realized Gains/Losses 2,782,756.35 Unrealized Gains/Losses 1,031,472.17 Income Received 1,941,787.67 Change in Accrued Interest 121,990.96 Portfolio Value on 12-31-20 49,604,314.97 Accrued Interest 249,991.29 Total 49,854,306.26 100.0 0.9 49,854,306.26

TIME WEIGHTED RETURN

Annualized 03-31-20 12-31-18 To To 12-31-20 03-31-20

Gross of Fees 6.46 7.10

Net of Fees 6.29 6.87

Bloomberg Barclays US Aggregate 4.23 9.61

100,000 Deaths Active Cases Recovered 90,000

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

Source: National Health Commission of the People’s Republic of China, Bloomberg As of 12/31/2020 3 Programs Used During a Financial Crisis

FHA SSA FDIC Child Labor Laws Unemployment Insurance

Treasury and MBS Purchases Term Asset-Backed Securities Loan Facility Commercial Paper Funding Facility Primary Dealer Credit Facility Money Market Liquidity Facility | Quantitative Easing Troubled Asset Relief Program | Discount Window Temporary Liquidity Guarantee Program Economic Stimulus Act of ‘08 - $152 B | FX Swap Lines Recovery Act of ‘09 - $831B | MMMF Guarantee Foreign and International Monetary Authorities Repo Facility Repo Operations | Paycheck Protection Program Lending Facility Primary Market Corporate Credit Facility Secondary Market Corporate Credit Facility Stimulus CARE Package - $2.2 T | Economic Injury Disaster Loans and Loan Advance SBA Loans and Hospital Funding - $484B| Municipal Liquidity Facility Main Street Lending Programs - $600B | Additional Coronavirus Relief Aid - $850B Second Stimulus/Relief Package - $908 B

Source: Federal Reserve, TD Securities 4 Federal Reserve Balance Sheet

Millions 7,550,000 7,333,968

6,550,000

5,550,000 Balance Sheet QE3 Runoff Starts Ends 4,550,000 QE COVID-19

3,550,000 Fed T-bill Buying and Repo Ops QE2 2,550,000 QE3

1,550,000 QE1

550,000 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Federal Reserve Balance Sheet (Weekly)

Source: Federal Reserve As of 1/13/2021 5 Money Supply Long Term Growth M V = P Q 26.00%

24.00% COVID-19 25.1%

22.00%

20.00%

18.00% 3.5%|4.9% 16.00% 4.1%|3.2% Credit 6.1%|6.4% Bank Crunch Stagflation Deregulation 14.00% 9/1/71 3/1/75 3/1/83 2.6%|1.5% 3.8%|1.9% 12.4% 12.3% 12.5% 9/11 -0.1%|2.6% Greece 12.00% 9/17/01 Lehman 8/29/11 10.5% 1/5/09 9.9% 10.5% 10.00%

8.00%

6.00%

4.00%

2.00%

0.00% '48 '51 '54 '57 '60 '63 '66 '69 '72 '75 '78 '81 '84 '87 '90 '93 '96 '99 '02 '05 '08 '11 '14 '17 '20

Year Over Year % Growth Rate (Monthly) 6% Line CPI CPI 1 Year Forward Source: Federal Reserve As of 1/4/2021 The data used to create the long-term year over year growth rate was compiled from data published by the Federal Reserve Historical Monetary Aggregate Data. The monthly series from Jan 1948 until November 1980 was compiled from the M2SA and M2SL series and is used to calculate the year over year annualized growth rate. After November 1980, the weekly data series for M2 is used to calculate the year over year annualized growth rate. 6 Inflation During and After Crises

10.0% Great Depression Financial Crisis COVID-19

5.6% 5.0%

1.1% 1.4% ? 0.0%

-1.4%

-5.0% -3.9%

-10.0% -9.0% -10.0% GDP YoY During Recession CPI YoY During Recession -12.9% CPI YoY One Year After Recession -15.0% Source: Bloomberg, National Bureau of Economic Research Great Depression: August 1929 to March 1933 Financial Crisis: December 2007 to June 2009 COVID-19: February 2020 to Current CPI YoY as of 12/31/2020 GDP YoY as of 6/30/2020 7 Average Option Adjusted Spreads (OAS)

8 Investment Grade Intermediate Financial Corporate Index 7

0.68 0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20

Source: Bloomberg Barclays As of 1/19/2021 8 Intermediate Financial Bonds Spreads Ratio (OAS Spread/ 5 yr Treasury yield)

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.51 1.0

0.0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21

Source: Bloomberg Barclays As of 1/19/2021 9 Monthly BBB Corporate OAS

5.0 BBB Corp OAS -1-STDEV +1-STDEV Average 4.5

4.0

3.5

3.0

2.5

2.0

1.5

st 1 percentile 1.0 Current: 1.16 (spreads have been wider 99% of the time over the past 10 years) 10-Year Mean: 1.78 0.5 10-Year Median: 1.73 0.0 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20

Source: Bloomberg Barclays As of 1/19/2021 10 Risk Tools MWRA Employees’ Retirement System

Corp Duration Contribution Treasury Agency Corp MBS ABS Sum Spread D Portfolio 3.10 0.03 1.26 2.20 0.00 0.00 4.39 ‘19 Dec Bloomberg Barclays US Aggregate 2.54 0.33 1.95 1.95 0.86 0.12 5.80 Portfolio 0.00 0.08 4.46 4.59 0.00 0.00 4.54 ‘20 Jun Bloomberg Barclays US Aggregate 2.62 0.36 2.30 2.30 0.55 0.12 5.95 Portfolio 0.87 0.07 3.65 3.76 0.00 0.00 4.59 ‘20 Sep Bloomberg Barclays US Aggregate 2.65 0.37 2.33 2.33 0.56 0.12 6.03 Portfolio 1.73 0.06 2.91 3.08 0.00 0.00 4.70 ‘20 Dec Bloomberg Barclays US Aggregate 2.62 0.38 2.39 2.39 0.62 0.13 6.14

Yield Curve Positioning 0-2 2-4 4-6 6-8 8-10 10-16 16+

Portfolio 56.52 0.00 0.00 26.11 8.61 0.00 8.76 ‘19 Dec Bloomberg Barclays US Aggregate 15.58 36.34 19.30 9.26 2.80 7.29 9.43 Portfolio 43.50 0.00 0.00 27.03 29.47 0.00 0.00 ‘20 Jun Bloomberg Barclays US Aggregate 22.79 31.64 14.45 8.82 3.96 6.70 11.64 Portfolio 42.05 0.00 0.00 27.56 30.39 0.00 0.00 ‘20 Sep Bloomberg Barclays US Aggregate 22.65 30.93 14.76 8.94 4.02 6.77 11.93 Portfolio 37.32 0.00 11.54 25.93 25.21 0.00 0.00 ‘20 Dec Bloomberg Barclays US Aggregate 18.52 34.88 13.78 9.36 4.43 6.60 12.43

Source: Bloomberg Barclays 11 Fixed Income Portfolio Characteristics MWRA Employees’ Retirement System December 31, 2020 Portfolio Bloomberg Barclays US Aggregate

Asset- Cash Backed 1% Treasuries Mortgages 3% Agencies Treasuries 23% 27% 27% 37%

Agencies 6%

Corporates Corporates 49% 27%

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0 Average YTM Average Coupon Average Duration Portfolio 0.9 2.0 4.7 Bloomberg Barclays US Aggregate 1.1 2.8 6.1

Source: Bloomberg Barclays 12 MWRA Employees’ Retirement System Account History

 Initial contribution: $28 million on 4/2/2018  Cumulative subsequent contributions: $20.5 million  Cumulative subsequent distributions: $5 million  Realized gains/losses: $2.7 million  Unrealized gains/losses: $1.0 million  Current value: $49.9 million

13 Organization

 Founded in 1988  Firm is 100% employee-owned and certified as an MBE firm  ESG/RI Manager and a Principles for Responsible Investment (PRI) signatory  Firm has 35 employees located in Houston,Tex as  The 11 members of the investment team have over 200 years of investment experience and over 100 years with the firm combined  Firm manages over $16 billion in assets under management  High-quality fixed income strategies designed to prevent “negative surprises”  No debt Asset Breakdown By Type By Client

Other Fixed Income <1% Short Duration Mutual Fund 4% 4% Corp Retirement Fixed Income Public 4% Intermediate 60% Govt/Credit Insurance 3% Fixed Income 12% Aggregate Corp Non-Erisa 68% Fixed Income 10% Enhanced Cash 3% Fixed Income Intermediate Endowment/ Aggregate Foundation 4% 9% Other Fixed Income Products 9% Jointly Trusteed 10% Data as of December 31, 2020 14 Diversity Diversity is a central theme throughout the entire firm •Certified as a MBE in several states •90% of the firm owned by minority and female partners •65% owned by minority partners and 56% owned by Hispanic partners •89% of employees are ethnic minorities and women •Executed over 60% of brokerage volume with MBE/MWBE/veteran firms over the past several years •We also work with many minority and women-owned vendors in the areas of: •Office Supplies, Temporary Staffing Services, Travel, Accounting, Auditors •The firm has a summer internship program for minority undergraduate and high school students •We support and promote the LGBT community Our firm directly supports numerous minority organizations in the community Community Service •Our Managing Partner, Gilbert Garcia, serves as a member of the SEC Asset Management Advisory Committee •Our Managing Partner, Gilbert Garcia, serves as a member of the SEC Fixed Income Market Structure Advisory Committee •Our Managing Partner, Gilbert Garcia, serves as trustee on the Dallas Police and Fire Pension System Board of Trustees •Our Managing Partner, Gilbert Garcia, served as Chairman of the Metropolitan Transit Authority of Harris County Board for six years •Our Managing Partner, Gilbert Garcia, was the 2012 Houston Area Urban League Gala Honorary Chair •Our Managing Partner, Gilbert Garcia, was a co-chair of the 103rd NAACP National Convention •Our Managing Partner, Gilbert Garcia, served as a trustee on the Houston Municipal Employees Pension System Board of Trustees •Our Partner and Director of Marketing and Client Services, Ruby Muñoz Dang, served as Trustee for the METRO Texas Non-Union Pension Plan •Our Managing Partner, Gilbert Garcia, was awarded Houston Hispanic Chamber Male Entrepreneur of the Year NASP •National Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management, public finance, investment banking, and other finance professions •Our Partner, Stephanie Roberts, is highly involved with the organization and is currently a NASP Board Member and the Texas chapter Treasurer SEO •SEO - A non-profit organization that mentors young women and minority individuals in the development of careers in investment banking, corporate law, and other leading global companies; Mr. Garcia went through the program in 1983 and is the longest serving board member (since 1988) •Mr. Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City; Other honorees included Michael R. Bloomberg, three-term Mayor of New York City and Founder of Bloomberg LP & Bloomberg Philanthropies, and David M. Rubenstein, Co-Founder & Co-CEO of The Carlyle Group LULAC •The League of United Latin American Citizens is a non-profit organization created to advance the economic condition, educational attainment, political influence, housing, health and civil rights of the Hispanic population of the United States

15 GH&A Giving Back

Over $2.1 Million Donated Since 2014

COVID-19 25,000 masks

16 Client Report Disclosures

PERFORMANCE DATA

Performance data represents historically achieved results for a client’s portfolio(s), and is no guarantee of future performance. The market or economic conditions during this period may or may not be repeated. There may be differences between the performance shown and the performance results achieved by any other client retaining Garcia Hamilton for the same investment strategy. Benchmark results are shown for comparison purposes only. The benchmark represents an unmanaged portfolio with characteristics which are similar to the portfolio(s). The returns of the benchmark do not include any transaction costs, management fees or other costs. The holdings in the client’s portfolio(s) may differ significantly from the securities that comprise the benchmark shown. The benchmark has been selected by the client as an appropriate benchmark with which to compare the performance of the portfolio(s). MWRA Employees’ Retirement System Preliminary December 31, 2020

PORTFOLIO COMPOSITION CHANGE IN PORTFOLIO

Market Pct. Value Assets Yield

FIXED INCOME 49,330,161.89 98.9 0.9 Portfolio Value on 04-30-18 27,746,115.63 CASH 524,144.37 1.1 0.0 Accrued Interest 151,103.66 Net Additions/Withdrawals 15,499,886.36 Realized Gains/Losses 2,823,000.79 Unrealized Gains/Losses 1,031,472.17 Income Received 2,503,840.01 Change in Accrued Interest 98,887.63 Portfolio Value on 12-31-20 49,604,314.97 Accrued Interest 249,991.29 Total 49,854,306.26 100.0 0.9 49,854,306.26

TIME WEIGHTED RETURN

Annualized Inception One 04-30-18 Quarter Year To Date

Gross of Fees 0.70 8.03 6.49

Net of Fees 0.65 7.79 6.27

Bloomberg Barclays US Aggregate 0.67 7.51 6.91

MWRA EMPLOYEES’ RETIREMENT SYSTEM

January 2021 Sebastian Grzejka, CAIA, Senior Consultant Kiley Fischer, Analyst

Investment Return Objective

“Its primary goal is to provide promised benefits to participants and beneficiaries of the MWRA Employees’ Retirement system. Plan assets should be equal to or greater than the present value of the projected benefit obligations (“fully funded”). When Plan assets are less than the present value of projected benefit obligations, a schedule will be established and a plan will be in place to meet a fully funded status. When achieving return objectives required to fully fund the system, the Board is intent on controlling risk. Consistency of returns and risk of loss are primary considerations. The Board has also determined that the annual performance of plan assets should not vary substantially from returns achieved by other public pension funds with similar goals and objectives.”

Return Expectations

The investment growth should be maintained in such a manner that the minimum nominal rate of return does not cause a negative real rate of return over a full market cycle:

• Time Horizon: Return assumptions will be based on a ten year time horizon with a detailed review and analysis to be made at least annually to monitor allocations and assumptions. Should a manager deviate from proscribed mandate or expected risk and return profile by a consequential degree, that manager may be reevaluated at any time.

• Liquidity Needs: Presently contributions exceed plan withdrawals to provide benefits, payouts, and/or plan expenses. Portfolio liquidity will be managed based on the cash flow needs of the System.

• Regulatory Considerations: Assets of this Fund shall be invested in a manner consistent with the fiduciary standards established under Code of Massachusetts Regulations 840 (“840 CMR”). The Board shall also use as precedent the Employee Retirement Income Security Act (ERISA).

2 MWRA Employees’ Retirement System EXECUTIVE SUMMARY - GROSS

Performance

• The Composite returned 3.0% (net) for the month underperforming the Allocation Index (3.7%) and outperforming the Policy Index (2.8%).

• Global equities ended 2020 with a bang, adding to already sizable gains from earlier months, as positive news around COVID-19 vaccines and a fiscal stimulus plan bolstered sentiment. The S&P 500 Index returned 3.8% for the month while the MSCI ACWI ex USA was up 5.8% for the month. The portfolio’s Domestic Equity composite returned 4.5% (net) while international equity returned 5.2% (net) for the month. The portfolio has no direct emerging markets equity exposure at the moment, pending the outcome of a formal EME search process. • Within fixed income, Treasury rates moved modestly higher with 10- and 30-year yields increasing eight and seven basis points, respectively. The Statistics Summary Fixed Income Composite returned 0.7% (net) for the month while the BC Anlzd Ret Anlzd Std Dev Rank Agg and BC US HY returned 0.1 and 1.9% respectively. _ Composite 6.5% 8.4% 13 • This brings the total plan return for the trailing one year period to 12.2% Allocation Index 5.2% 8.0% 80 (net), while the allocation and policy index returned 12.6% (net) and Policy Index 5.7% 8.5% 52 12.4%(net) respectively. InvMetrics Public DB Gross Median 5.8% 9.1% --

20 years Risk/Return is as of 9/30/2020. Chart reflects universe data on quarter end months only. Returns for 20 years Risk/Return and Statistics Summary are gross of fees. Since inception return is 8.6% gross of fees. Prior to 1999, performance history does not capture separate net and gross returns.

December 31, 2020 3 MWRA Employees' Retirement System TOTAL FUND PERFORMANCE DETAIL (NET) Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date _ Composite 647,372,471 100.0 100.0 3.0 8.8 12.2 7.9 8.8 7.8 7.0 Jan-86 Allocation Index 3.7 9.8 12.6 8.2 9.3 7.9 -- Jan-86 Policy Index 2.8 8.6 12.4 8.4 9.6 8.1 -- Jan-86 Total Balanced 4,576,506 0.7 0.0 4.3 9.7 10.6 4.8 7.0 4.4 4.7 Dec-10 PRIT Core Fund 4,576,506 0.7 4.3 9.7 12.1 8.4 9.9 8.5 7.1 Apr-99 60% S&P 500 / 40% BBgBarc Aggregate 2.4 7.5 14.7 11.0 11.1 10.0 6.5 Apr-99 Total Domestic Equity 201,916,379 31.2 26.0 4.5 14.7 19.7 15.1 14.7 13.3 7.9 May-99 Russell 3000 4.5 14.7 20.9 14.5 15.4 13.8 7.4 May-99 Large Cap 155,564,836 24.0 20.0 3.4 11.2 20.4 16.4 15.1 13.8 14.3 Dec-10 Rhumbline Advisors S&P 500 Index Fund 78,061,292 12.1 8.0 3.8 12.1 18.4 14.1 15.1 13.8 9.1 Apr-97 S&P 500 3.8 12.1 18.4 14.2 15.2 13.9 9.0 Apr-97 Coho Relative Value Equity 38,601,479 6.0 6.0 2.8 10.5 10.6 10.6 -- -- 12.3 Mar-16 Russell 1000 Value 3.8 16.3 2.8 6.1 9.7 10.5 11.3 Mar-16 Polen Focused Growth 38,902,065 6.0 6.0 3.2 10.0 33.8 26.0 -- -- 22.0 Feb-16 Russell 1000 Growth 4.6 11.4 38.5 23.0 21.0 17.2 22.8 Feb-16 Small Cap 46,351,542 7.2 6.0 8.2 27.8 17.9 11.9 13.9 12.3 13.0 Dec-10 Boston Partners Small Cap Value 23,238,077 3.6 3.0 7.5 30.6 2.3 3.5 8.8 9.0 10.3 Feb-97 Russell 2000 Value 7.9 33.4 4.6 3.7 9.7 8.7 8.8 Feb-97 Loomis Sayles Small Cap Growth 23,113,466 3.6 3.0 8.9 25.1 34.8 20.1 18.6 15.4 7.7 Jan-97 Russell 2000 Growth 9.3 29.6 34.6 16.2 16.4 13.5 8.1 Jan-97 Total Non-US Equity 122,550,842 18.9 21.0 5.2 17.4 14.6 6.3 9.9 5.1 5.0 Mar-99 International Equity 122,550,842 18.9 15.0 5.2 17.4 16.7 8.1 10.3 5.9 4.8 Sep-05 SEG Baxter Street 40,962,049 6.3 5.0 4.0 13.5 16.2 11.2 -- -- 13.0 May-16 MSCI ACWI ex USA 5.4 17.0 10.7 4.9 8.9 4.9 9.1 May-16 Schroder International Alpha Trust Class 1 50,557,268 7.8 5.0 6.1 18.6 24.4 10.1 11.4 -- 8.4 Mar-12 MSCI ACWI ex USA 5.4 17.0 10.7 4.9 8.9 4.9 5.9 Mar-12 Baillie Gifford International Growth Fund Class K 31,031,525 4.8 5.5 20.8 ------20.8 Oct-20 MSCI ACWI ex USA 5.4 17.0 10.7 4.9 8.9 4.9 17.0 Oct-20 Emerging Markets Equity -- -- 6.0 ------Nov-13 MSCI Emerging Markets 7.4 19.7 18.3 6.2 12.8 3.6 5.6 Nov-13

Since inception return is 8.6% gross of fees. Prior to 1999, performance history does not capture separate net and gross returns. In November 2019, Loomis Sayles and Schroders transitioned from a mutual fund to a CIT structure. Performance prior to transitioning to the CIT investment vehicle is linked to mutual fund performance history.

December 31, 2020 4 MWRA Employees' Retirement System TOTAL FUND PERFORMANCE DETAIL (NET) Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date _ Total Fixed Income 169,764,935 26.2 27.0 0.7 2.1 10.4 5.8 6.1 5.3 6.7 Mar-99 Garcia Hamilton Fixed Income Aggregate 49,855,358 7.7 8.0 0.2 0.6 7.8 ------5.9 Apr-18 BBgBarc US Aggregate TR 0.1 0.7 7.5 5.3 4.4 3.8 6.4 Apr-18 Lord Abbett Core Fixed Income 26,610,824 4.1 4.0 0.3 1.2 8.4 ------6.5 Apr-18 BBgBarc US Aggregate TR 0.1 0.7 7.5 5.3 4.4 3.8 6.4 Apr-18 Rhumbline TIPS 31,798,274 4.9 5.0 1.1 1.6 10.8 5.9 -- -- 4.5 Jun-16 BBgBarc US TIPS TR 1.1 1.6 11.0 5.9 5.1 3.8 4.6 Jun-16 Loomis Sayles Multisector Full Discretion Trust 49,758,220 7.7 8.0 1.1 4.0 14.4 7.3 8.0 6.4 8.1 Mar-99 BBgBarc US Aggregate TR 0.1 0.7 7.5 5.3 4.4 3.8 5.0 Mar-99 BBgBarc US High Yield TR 1.9 6.5 7.1 6.2 8.6 6.8 6.9 Mar-99 Octagon Senior Secured Credit Cayman Fund Ltd. - Class L Acc, Series 1 11,686,977 1.8 2.0 1.4 3.5 3.9 ------4.2 Aug-19 Credit Suisse Leveraged Loan 1.3 3.6 2.8 4.0 5.2 4.5 3.3 Aug-19 Invesco Mortgage Recovery Loans Feeder Fund 55,282 0.0 0.0 0.0 -0.4 4.8 0.6 6.7 12.0 Apr-10 BBgBarc US Aggregate TR 0.1 0.7 7.5 5.3 4.4 3.8 4.0 Apr-10 Total Hedge Fund 38,100,139 5.9 6.0 3.1 6.1 7.4 4.1 4.1 3.7 3.4 Oct-06 PRIM Portfolio Completion Strategies 14,018,182 2.2 3.3 6.0 1.3 2.4 3.9 4.1 3.7 Oct-06 Corbin Pinehurst Partners 11,816,613 1.8 3.2 7.7 12.8 ------8.9 Nov-18 HFRI Fund of Funds Composite Index 3.1 7.6 10.3 4.7 4.5 3.3 7.6 Nov-18 UBS Neutral Alpha Strategies 11,512,463 1.8 2.6 4.8 11.0 ------7.2 Nov-18 HFRI Fund of Funds Composite Index 3.1 7.6 10.3 4.7 4.5 3.3 7.6 Nov-18 Entrust Peru Wind Down 752,880 0.1 3.9 2.1 -0.5 -4.1 -- -- -4.1 Dec-17 HFRI Fund of Funds Composite Index 3.1 7.6 10.3 4.7 4.5 3.3 4.9 Dec-17 Other 3,338,862 0.5 0.0 0.0 0.0 0.6 1.7 1.3 0.7 0.7 Dec-10 Cash Account 3,338,862 0.5 0.0 0.0 0.6 1.7 1.3 0.7 1.8 Feb-00 91 Day T-Bills 0.0 0.0 0.5 1.5 1.1 0.6 1.6 Feb-00

Importantly, all returns in this report, including those of the private real estate managers, are based on a time weighted return calculation and not based on IRRs, which can result in return differences. Corbin Pinehurst Partners and UBS Neutral Alpha Strategies are preliminary as of 12/31/2020 and are subject to change when finalized.

December 31, 2020 5 MWRA Employees' Retirement System TOTAL FUND PERFORMANCE DETAIL (NET) Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date _ Total Real Estate 50,354,550 7.8 10.0 2.0 2.0 2.3 6.0 7.1 10.3 7.7 Apr-99 NCREIF Property Index 0.0 0.0 0.5 4.5 5.7 8.9 8.4 Apr-99 Morgan Stanley Prime Property ($2.8m commitment in '95) 20,148,886 3.1 1.5 1.5 1.3 5.0 6.6 10.6 8.4 Sep-95 TA Realty Core Property Fund, LP ($15m commitment in '19) 20,577,472 3.2 3.5 3.5 5.5 ------6.4 Jun-19 Invesco Mortgage Recovery II ($3M commitment in '15) 944,687 0.1 0.0 0.0 -6.8 7.7 9.4 -- 9.1 Oct-15 Landmark VI ($2m commitment in '11) 93,759 0.0 0.0 0.0 -9.0 -11.1 -6.7 -- 3.8 Jul-11 Landmark VIII ($4m commitment in '17) 1,427,168 0.2 0.0 0.0 -4.7 1.1 -- -- 13.1 Nov-17 Courtland/Mesirow MFire ($2m commitment in '11) 628,063 0.1 0.0 0.0 -6.9 -2.9 2.2 -- 2.4 May-12 Cerberus ($1.5m commitment in '12) 498,005 0.1 0.0 0.0 -3.2 5.6 5.0 -- 10.6 May-13 TA Realty Fund X LP ($3.5m commitment in '12) 367,725 0.1 0.0 0.0 -8.6 6.9 7.2 -- 8.8 May-13 TerraCap Partners III, LP ($2.6m commitment in '15) 1,686,358 0.3 0.0 0.0 1.8 3.6 7.7 -- 10.4 Jul-15 TerraCap Partners IV, LP ($4m commitment in '17) 3,982,427 0.6 0.0 0.0 0.9 8.6 -- -- 8.9 Nov-17 Total Private Equity 56,770,258 8.8 10.0 1.2 1.1 5.5 7.7 6.6 12.0 9.1 Apr-99 C|A US All PE 0.0 0.0 9.3 11.2 12.8 12.7 12.3 Apr-99 NASDAQ W/O Income 5.7 15.4 43.6 23.1 20.8 17.1 7.9 Apr-99 PRIM Vintage Year 2008 ($3m commitment in '08) 1,027,707 0.2 13.8 14.0 8.2 11.5 16.2 18.4 8.7 Jun-08 PRIM Vintage Year 2009 ($1m commitment in '09) 178,521 0.0 12.4 12.2 57.5 36.2 26.6 21.4 12.3 Nov-09 PRIM Vintage Year 2010 ($1m commitment in '10) 558,256 0.1 9.5 9.3 39.6 17.9 18.3 13.1 10.1 Jun-10 PRIM Vintage Year 2011 ($1.5m commitment in '11) 978,697 0.2 10.4 10.4 14.3 15.3 17.8 -- 4.4 May-11 PRIM Vintage Year 2012 ($1m commitment in '12) 771,337 0.1 7.6 8.3 40.1 20.0 20.3 -- -12.0 Jun-12 PRIM Vintage Year 2014 ($2m commitment in '14) 2,025,551 0.3 6.9 6.7 22.6 24.2 20.4 -- 4.0 Jun-14 PRIM Vintage Year 2017 ($2m commitment in '17) 1,446,603 0.2 11.9 10.3 17.4 11.3 -- -- 10.2 May-17 PRIM Vintage Year 2020 ($5m commitment in '20) 245,268 0.0 8.7 8.4 ------9.2 Mar-20 PRIM Vintage Year 2021 ($5m commitment in '21) 27,505 0.0 0.0 ------0.0 Dec-20 Alcentra European DLF ($5m commitment in '14) 924,753 0.1 0.0 0.0 -4.8 -0.9 2.1 -- 3.9 Jan-15 Ascent Fund IV ($2m commitment in '04) 31,080 0.0 0.0 0.0 -1.1 -52.5 -44.8 -32.9 -21.3 Jul-04 Ascent Fund IV-B ($1m commitment in '16) 149,795 0.0 0.0 0.0 -28.9 -21.6 -- -- -13.6 Jul-16 Ascent Fund V ($2m commitment in '08) 1,624,903 0.3 0.0 0.0 -10.5 -5.4 0.4 5.5 4.1 Oct-08 Ascent VI ($3m commitment in '15) 2,846,317 0.4 0.0 0.0 -7.3 0.1 2.0 -- 0.3 Dec-15

Importantly, all returns in this report, including those of the private markets managers, are based on a time weighted return calculation and not based on IRRs, which can result in return differences. TA Realty Core Property Fund is preliminary as of 12/31/2020.

December 31, 2020 6 MWRA Employees' Retirement System TOTAL FUND PERFORMANCE DETAIL (NET) Market Value % of 1 Mo 3 Mo 1 Yr 3 Yrs 5 Yrs 10 Yrs Inception Inception Policy % ($) Portfolio (%) (%) (%) (%) (%) (%) (%) Date _ CVI Credit Value Fund IV A LP ($6m commitment in '17) 5,983,869 0.9 0.0 0.0 -5.4 2.3 -- -- 2.3 Dec-17 Invesco Fund IV ($3m commitment in '03) 1,381 0.0 0.0 0.0 -14.9 -19.9 -10.1 1.1 -- Feb-04 Invesco Fund VI ($5m commitment in '13) 6,977,997 1.1 0.0 0.0 22.2 13.8 13.2 -- 14.4 Jul-13 Kayne Energy Fund VII ($5m commitment in '15) 1,500,446 0.2 0.0 0.0 -66.8 -38.8 -17.2 -- -17.2 Jan-16 Foundry 2007 ($3m commitment in '07) 206,805 0.0 0.0 0.0 -11.4 -21.0 -23.4 5.0 14.9 Dec-07 Foundry 2010 ($3m commitment in '10) 4,088,571 0.6 0.0 0.0 25.9 12.2 8.5 9.9 10.0 Jan-11 Foundry 2010 Annex ($0.4m commitment in '15) 390,580 0.1 0.0 0.0 100.9 49.4 32.0 -- 28.2 Sep-15 Pinebridge PEP V ($6m commitment in '07) 710,372 0.1 0.0 0.0 7.7 -1.1 0.9 8.2 -- Mar-08 Landmark XV ($3m commitment in '13) 1,172,517 0.2 0.0 0.0 -10.4 3.7 7.2 -- 10.2 Nov-13 JFL Equity Investors IV, L.P. ($6m commitment in '16) 6,939,534 1.1 0.0 0.0 9.7 37.5 -- -- 32.2 Jan-17 Private Advisors Small Co. Coinvestment Fund, LP ($4m commitment in 4,328,701 0.7 0.0 0.0 27.7 22.2 -- -- 18.6 Feb-17 '17) Park Square Credit Opportunities III ($3m commitment in ’17) 2,634,590 0.4 0.0 0.0 5.7 ------6.1 Feb-18 Ironsides Constitution Opportunities ($3m commitment in '18) 2,356,903 0.4 0.0 0.0 5.0 ------7.8 Sep-18 HarbourVest Dover Street X ($9m commitment in '20) 2,316,154 0.4 0.0 0.0 ------83.4 Jun-20 Hamilton Lane Secondary Fund V LP ($9m commitment in '20) 1,815,777 0.3 0.0 0.0 ------10.8 Jul-20 JFL Equity Investors V, L.P. ($8m commitment in '20) 2,509,768 0.4 0.0 0.0 ------7.9 Sep-20 Private Equity Benchmark (1 Qtr. Lag) 11.0 11.0 13.4 13.1 13.0 13.1 21.5 Sep-20 XXXXX

December 31, 2020 7 MWRA Employees' Retirement System ESTIMATED FEE SCHEDULE Market Value Estimated Annual Estimated Annual Account Fee Schedule % of Portfolio As of 12/31/2020 Fee ($) Fee (%) _ PRIT Core Fund 0.49% of Assets $4,576,506 0.7% $22,425 0.49% Rhumbline Advisors S&P 500 Index Fund 0.05% of Assets $78,061,292 12.1% $39,031 0.05% Coho Relative Value Equity 0.50% of First 75.0 Mil, $38,601,479 6.0% $193,007 0.50% 0.40% of Next 75.0 Mil, 0.35% Thereafter Polen Focused Growth 0.65% of Assets $38,902,065 6.0% $252,863 0.65% Boston Partners Small Cap Value 1.00% of Assets $23,238,077 3.6% $232,381 1.00% Loomis Sayles Small Cap Growth 0.45% of Assets $23,113,466 3.6% $104,011 0.45% SEG Baxter Street 1.00% of Assets $40,962,049 6.3% $409,620 1.00% Schroder International Alpha Trust Class 1 0.55% of Assets $50,557,268 7.8% $278,065 0.55% Baillie Gifford International Growth Fund Class K 0.60% of Assets $31,031,525 4.8% $186,189 0.60% Garcia Hamilton Fixed Income Aggregate 0.25% of First 25.0 Mil, $49,855,358 7.7% $112,211 0.23% 0.20% Thereafter Lord Abbett Core Fixed Income 0.19% of Assets $26,610,824 4.1% $50,561 0.19% Rhumbline TIPS 0.05% of First 50.0 Mil, $31,798,274 4.9% $15,899 0.05% 0.04% Thereafter Loomis Sayles Multisector Full Discretion Trust 0.50% of First 20.0 Mil, $49,758,220 7.7% $209,275 0.42% 0.40% of Next 20.0 Mil, 0.30% Thereafter Octagon Senior Secured Credit Cayman Fund Ltd. - Class L Acc, Series 0.40% of Assets $11,686,977 1.8% $46,748 0.40% 1 Invesco Mortgage Recovery Loans Feeder Fund No Fee $55,282 0.0% -- -- PRIM Portfolio Completion Strategies No Fee $14,018,182 2.2% -- -- Corbin Pinehurst Partners 0.85% of Assets $11,816,613 1.8% $100,441 0.85% UBS Neutral Alpha Strategies 0.90% of Assets $11,512,463 1.8% $103,612 0.90% Entrust Peru Wind Down 0.50% of Assets $752,880 0.1% $3,764 0.50% Cash Account No Fee $3,338,862 0.5% -- -- Morgan Stanley Prime Property ($2.8m commitment in '95) No Fee $20,148,886 3.1% -- -- TA Realty Core Property Fund, LP ($15m commitment in '19) No Fee $20,577,472 3.2% -- -- Invesco Mortgage Recovery II ($3M commitment in '15) No Fee $944,687 0.1% -- -- Landmark VI ($2m commitment in '11) No Fee $93,759 0.0% -- --

December 31, 2020 8 MWRA Employees' Retirement System ESTIMATED FEE SCHEDULE Market Value Estimated Annual Estimated Annual Account Fee Schedule % of Portfolio As of 12/31/2020 Fee ($) Fee (%) _ Landmark VIII ($4m commitment in '17) No Fee $1,427,168 0.2% -- -- Courtland/Mesirow MFire ($2m commitment in '11) No Fee $628,063 0.1% -- -- Cerberus ($1.5m commitment in '12) No Fee $498,005 0.1% -- -- TA Realty Fund X LP ($3.5m commitment in '12) No Fee $367,725 0.1% -- -- TerraCap Partners III, LP ($2.6m commitment in '15) No Fee $1,686,358 0.3% -- -- TerraCap Partners IV, LP ($4m commitment in '17) No Fee $3,982,427 0.6% -- -- PRIM Vintage Year 2008 ($3m commitment in '08) No Fee $1,027,707 0.2% -- -- PRIM Vintage Year 2009 ($1m commitment in '09) No Fee $178,521 0.0% -- -- PRIM Vintage Year 2010 ($1m commitment in '10) No Fee $558,256 0.1% -- -- PRIM Vintage Year 2011 ($1.5m commitment in '11) No Fee $978,697 0.2% -- -- PRIM Vintage Year 2012 ($1m commitment in '12) No Fee $771,337 0.1% -- -- PRIM Vintage Year 2014 ($2m commitment in '14) No Fee $2,025,551 0.3% -- -- PRIM Vintage Year 2017 ($2m commitment in '17) No Fee $1,446,603 0.2% -- -- PRIM Vintage Year 2020 ($5m commitment in '20) No Fee $245,268 0.0% -- -- PRIM Vintage Year 2021 ($5m commitment in '21) No Fee $27,505 0.0% -- -- Alcentra European DLF ($5m commitment in '14) No Fee $924,753 0.1% -- -- Ascent Fund IV ($2m commitment in '04) No Fee $31,080 0.0% -- -- Ascent Fund IV-B ($1m commitment in '16) No Fee $149,795 0.0% -- -- Ascent Fund V ($2m commitment in '08) No Fee $1,624,903 0.3% -- -- Ascent VI ($3m commitment in '15) No Fee $2,846,317 0.4% -- -- CVI Credit Value Fund IV A LP ($6m commitment in '17) No Fee $5,983,869 0.9% -- -- Invesco Partnership Fund IV ($3m commitment in '03) No Fee $1,381 0.0% -- -- Invesco Fund VI ($5m commitment in '13) No Fee $6,977,997 1.1% -- -- Kayne Energy Fund VII ($5m commitment in '15) No Fee $1,500,446 0.2% -- -- Foundry 2007 ($3m commitment in '07) No Fee $206,805 0.0% -- -- Foundry 2010 ($3m commitment in '10) No Fee $4,088,571 0.6% -- -- Foundry 2010 Annex ($0.4m commitment in '15) No Fee $390,580 0.1% -- -- Pinebridge (AIG) PEP V Asia ($6m commitment in '07) No Fee $58,955 0.0% -- -- Pinebridge (AIG) PEP V Co-Investment ($6m commitment in '07) No Fee $61,317 0.0% -- --

December 31, 2020 9 MWRA Employees' Retirement System ESTIMATED FEE SCHEDULE Market Value Estimated Annual Estimated Annual Account Fee Schedule % of Portfolio As of 12/31/2020 Fee ($) Fee (%) _ Pinebridge (AIG) PEP V Europe ($6m commitment in '07) No Fee $27,360 0.0% -- -- Pinebridge (AIG) PEP V Large Market US Buyout ($6m commitment in No Fee $113,012 0.0% -- -- '07) Pinebridge (AIG) PEP V Preferred Participation Fund ($6m commitment No Fee $228,331 0.0% -- -- in '07) Pinebridge (AIG) PEP V Secondary ($6m commitment in '07) No Fee $34,466 0.0% -- -- Pinebridge (AIG) PEP V Small-Mid Market US Buyout ($6m commitment No Fee $90,939 0.0% -- -- in '07) Pinebridge (AIG) PEP V US Venture ($6m commitment in '07) No Fee $95,992 0.0% -- -- Landmark XV ($3m commitment in '13) No Fee $1,172,517 0.2% -- -- JFL Equity Investors IV, L.P. ($6m commitment in '16) No Fee $6,939,534 1.1% -- -- Private Advisors Small Co. Coinvestment Fund, LP ($4m commitment in No Fee $4,328,701 0.7% -- -- '17) Park Square Credit Opportunities III ($3m commitment in ’17) No Fee $2,634,590 0.4% -- -- Ironsides Constitution Opportunities ($3m commitment in '18) No Fee $2,356,903 0.4% -- -- HarbourVest Dover Street X ($9m commitment in '20) No Fee $2,316,154 0.4% -- -- Hamilton Lane Secondary Fund V LP ($9m commitment in '20) No Fee $1,815,777 0.3% -- -- JFL Equity Investors V, L.P. ($8m commitment in '20) No Fee $2,509,768 0.4% -- -- Investment Management Fee $647,372,471 100.0% $2,360,103 0.36% XXXXX

Note: Estimate fee for privates are ~$1,301,900 annually, which brings the total expense ratio for privates to ~20 bps. This brings the total estimated expense ratio for MWRA to ~57 bps.

December 31, 2020 10 MWRA Employees’ Retirement System NOTES

1 - Results for periods longer than one year are annualized.

2 - Total Balances, Large Cap, Small Cap, and Other Composite performance starts 12/1/2010.

3 - Preliminary Total Composite net of fee since inception return is 7.0% for the current month.

4 - Preliminary Total Composite gross of fee since inception return is 8.6% for the current month.

5 - Targets, Allocation Index, and Policy Index have been updated to reflect new allocation of 06/01/2020.

6 - Policy Index changed from Nasdaq to Cambridge All PE to reflect as of 5/1/2012.

7 - Policy Index Consists of: 20% S&P 500, 6% Russell 2000, 10% MSCI EAFE, 5% MSCI ACWI IMI , 6% MSCI Emerging Markets, 12% BBgBarc US Aggregate TR, 5% BBgBarc US TIPS TR, 8% BBgBarc US Universal TR, 10% NCREIF Property Index, 10% C|A US All PE , 6% HFRI Fund of Funds Composite Index, 2% Credit Suisse Leveraged Loan.

8 - Allocation index consists of: Weighted index of underlying managers to their respective benchmark.

December 31, 2020 11 Information Disclaimer

• Past performance is no guarantee of future results.

• All investments carry some level of risk. Diversification and other asset allocation techniques are not guaranteed to ensure profit or protect against losses.

• NEPC’s source for portfolio pricing, calculation of accruals, and transaction information is the plan’s custodian bank. Information on market indices and security characteristics is received from other sources external to NEPC. While NEPC has exercised reasonable professional care in preparing this report, we cannot guarantee the accuracy of all source information contained within.

• Some index returns displayed in this report or used in calculation of a policy, allocation or custom benchmark may be preliminary and subject to change.

• This report is provided as a management aid for the client’s internal use only. Information contained in this report does not constitute a recommendation by NEPC.

• This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it.

Reporting Methodology

• The client’s custodian bank is NEPC’s preferred data source unless otherwise directed. NEPC generally reconciles custodian data to manager data. If the custodian cannot provide accurate data, manager data may be used.

• Trailing time period returns are determined by geometrically linking the holding period returns, from the first full month after inception to the report date. Rates of return are annualized when the time period is longer than a year. Performance is presented gross and/or net of manager fees as indicated on each page.

• For managers funded in the middle of a month, the “since inception” return will start with the first full month, although actual inception dates and cash flows are taken into account in all Composite calculations.

• This report may contain forward-looking statements that are based on NEPC’s estimates, opinions and beliefs, but NEPC cannot guarantee that any plan will achieve its targeted return or meet other goals.

12 MWRA Employees' Retirement System Asset Allocation Rebalance Summary January 22, 2021

Weight Market Value in Fund Target Weight Recommendation New Market Value New Weight

Composite $658,892,344 100.0% 100.0% $0 $658,892,344 100.0%

Total Balanced $4,576,506 0.7% 0.0% $0 $4,576,506 0.7% PRIT Core Fund $4,576,506 0.7% 0.0% $0 $4,576,506 0.7%

Total Domestic Equity $207,209,046 31.4% 26.0% -$20,000,000 $187,209,046 28.4% Rhumbline Advisors S&P 500 Index Fund $79,934,763 12.1% 8.0% -$18,000,000 $61,934,763 9.4% Coho Relative Value $38,503,554 5.8% 6.0% $0 $38,503,554 5.8% Polen Focused Growth $38,897,485 5.9% 6.0% $0 $38,897,485 5.9% Robeco Boston Partners Small Cap Value $24,876,615 3.8% 3.0% -$1,000,000 $23,876,615 3.6% Loomis Sayles Small Cap Growth $24,996,629 3.8% 3.0% -$1,000,000 $23,996,629 3.6%

Total International Equity $127,680,751 19.4% 21.0% $20,000,000 $147,680,751 22.4% SEG - Baxter Street Fund $40,962,049 6.2% 5.0% $0 $40,962,049 6.2% Schroders International Alpha $53,105,354 8.1% 5.0% -$10,000,000 $43,105,354 6.5% Baillie Gifford $33,613,348 5.1% 5.0% -$10,000,000 $23,613,348 3.6% Axiom Emerging Markets $0 0.0% 3.0% $20,000,000 $20,000,000 3.0% ABS Emerging Markets $0 0.0% 3.0% $20,000,000 $20,000,000 3.0%

Total Equity $334,889,797 50.8% 47.0% $0 $334,889,797 50.8%

Total Fixed Income $166,461,356 25.3% 27.0% $0 $166,461,356 25.3%

Garcia Hamilton $46,452,616 7.1% 8.0% $0 $46,452,616 7.1% Lord Abbett $26,610,824 4.0% 4.0% $0 $26,610,824 4.0% Loomis Sayles Multi Sector Bonds $49,758,220 7.6% 8.0% $0 $49,758,220 7.6% Rhumbline TIPS $31,897,437 4.8% 5.0% $0 $31,897,437 4.8% Octagon Senior Secured Loans $11,686,977 1.8% 2.0% $0 $11,686,977 1.8% Invesco Mortgage Recovery $55,282 0.0% 0.0% $0 $55,282 0.0%

Total Hedge Fund $38,100,138 5.8% 6.0% $0 $38,100,138 5.8% PRIM Absolute Return Fund $14,018,182 2.1% $0 $14,018,182 2.1% Corbin Pinehurst Partners $11,816,613 1.8% $0 $11,816,613 1.8% UBS Neutral Alpha Strategies $11,512,463 1.7% $0 $11,512,463 1.7% Entrust Peru Winddown $752,880 0.1% $0 $752,880 0.1%

Total Real Estate $50,354,550 7.6% 10.0% $0 $50,354,550 7.6% TA Realty Core $20,577,472 3.1% $0 $20,577,472 3.1% Morgan Stanley PPF $20,148,886 3.1% $0 $20,148,886 3.1% Total Private Equity $56,770,258 8.6% 10.0% $0 $56,770,258 8.6% Cash $7,739,739 1.2% 0.0% $0 $7,739,739 1.2% Peoples United Cash $7,739,739 1.2% 0.0% $0 $7,739,739 1.2%