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130516 Ncdofst FACWI.Qxd MONDRIAN May 16, 2013 INVESTMENT PARTNERS LIMITED Representing Mondrian: ELIZABETH A. DESMOND, CFA DIRECTOR, CHIEF INVESTMENT OFFICER P RESENTATION TO: INTERNATIONAL EQUITIES MONDRIAN INVESTMENT PARTNERS LIMITED NORTH CAROLINA PATRICIA M. KAROLYI, CFA DEPARTMENT OF STATE EXECUTIVE VICE PRESIDENT MONDRIAN INVESTMENT PARTNERS (U.S.), INC. TREASURER M ONDRIAN F OCUSED A LL C OUNTRIES W ORLD E X -US EQUITY A GENDA 1ORGANIZATION 2INVESTMENT PHILOSOPHY 3YEAR PERFORMANCE 4QUARTER PERFORMANCE 5INVESTMENT STRATEGY ANY OTHER BUSINESS Mondrian Investment Partners Limited Mondrian Investment Partners (U.S.), Inc. Fifth Floor Two Commerce Square 10 Gresham Street 2001 Market Street, Suite 3810 London EC2V 7JD Philadelphia, PA 19103 Telephone 020 7477 7000 Telephone (215) 825-4500 Mondrian Investment Partners Limited is authorised and regulated by the Financial Conduct Authority www.mondrian.com BIOGRAPHIES MONDRIAN INVESTMENT PARTNERS Elizabeth A. Desmond, CFA DIRECTOR, CHIEF INVESTMENT OFFICER INTERNATIONAL EQUITIES MONDRIAN INVESTMENT PARTNERS LIMITED LONDON Ms. Desmond is a graduate of Wellesley College and the Masters Program in East Asian Studies at Stanford University. After working for the Japanese government for two years, she began her investment career as a Pacific Basin investment manager with Shearson Lehman Global Asset Management. Prior to joining Mondrian in 1991, she was a Pacific Basin Equity Analyst and Senior Portfolio Manager at Hill Samuel Investment Advisers Ltd. Ms. Desmond is a CFA Charterholder, and a member of the CFA Institute and the CFA Society of the UK. Patricia M. Karolyi, CFA EXECUTIVE VICE PRESIDENT MONDRIAN INVESTMENT PARTNERS (U.S.), INC. PHILADELPHIA Ms. Karolyi is a graduate of Villanova University, where she earned an MBA, and Temple University, where she earned a Bachelor of Science degree. She began her investment career at Mondrian’s former affiliate in 1989, where she had increasing roles in the marketing and client service areas. In her present position, she is responsible for client service, marketing and consultant relations. Ms. Karolyi is a CFA Charterholder, and a member of the CFA Institute and the CFA Society of Philadelphia. MONDRIAN INVESTMENT PARTNERS Organization 130516 NCDofST FACWI 1.1 OUR ORGANIZATION MARCH 31, 2013 MONDRIAN INVESTMENT PARTNERS A SUCCESSFUL, WELL-MANAGED COMPANY Founded in 1990 Over 20 years of stable, consistent leadership Over US$68 billion under management AN INDEPENDENT, EMPLOYEE-OWNED COMPANY Equity ownership plan designed to attract, retain and motivate highly skilled people Mondrian is 100% employee owned Approximately 85 employees are owners today, up from 60 in 2004 A PROVEN INVESTMENT PHILOSOPHY AND PROCESS All products utilize an income-oriented value discipline Successfully applied since the company’s founding in 1990 In-depth global fundamental research A WELL-RESOURCED TEAM Highly experienced team of 54 investment professionals in London Low turnover of professional staff Strong culture of client service and support 130516 NCDofST FACWI 1.2 ORGANIZATION APRIL 1, 2013 MONDRIAN INVESTMENT PARTNERS Clive Gillmore David Tilles Chief Executive Officer & CIO Global Equities Executive Chairman Michaela Rickards Liane Gilbey Executive Secretary Personal Assistant EXECUTIVE BUSINESS MANAGEMENT EQUITY MARKETS GLOBAL FIXED INCOME & CURRENCY John Emberson Elizabeth Desmond Nigel May Hamish Parker Christopher Moth John Kirk Director, Chief Operating Officer Director, Chief Investment Officer Deputy Chief Executive Officer Director Director, Chief Investment Officer Deputy Chief Executive Officer International Equities EMERGING SMALL CAP INTERNATIONAL GLOBAL GLOBAL FIXED MARKETS EQUITIES EQUITIES EQUITIES EQUITIES INCOME & CURRENCY Clive Gillmore Ormala Krishnan Elizabeth Desmond Clive Gillmore Christopher Moth Chief Executive Officer & Senior Portfolio Manager Director, CIO International Equities CEO & CIO Global Equities Director, Chief Investment Officer CIO Global Equities Frances Cuthbert Nigel May John Kirk INVESTMENT Robert Akester Senior Portfolio Manager Deputy Chief Executive Officer Deputy Chief Executive Officer Ginny Chong Graeme Coll Joanna Bates Gregory Halton Senior Portfolio Manager Brendan Baker Steven Dutaut Dinash Lakhani Senior Research Analyst David Wakefield Andrew Miller Nigel Bliss Kim Nguyen Aidan Nicholson Dan Philps Aileen Gan Melissa Platt James Francken Boris Veselinovich Senior Portfolio Manager Solomon Peters Senior Portfolio Managers Russell Mackie Alex Simcox Luigi Li Calzi Senior Portfolio Managers Bhavin Manek Andrew Porter Jonathan Spread Assistant Portfolio Managers Dan Kelly Portfolio Manager Matt Day Assistant Portfolio Manager Senior Portfolio Manager s Bilgin Soylu Alastair Cornwell Paul Thompson Kevin Fenwick Dan Bronstein Assistant Portfolio Manager Portfolio Managers Research Analyst Amice Tiernan Benjamin Hall Portfolio Managers Sarah Mitchell Research Analyst Assistant Portfolio Manager Michaela Rickards Angela Nunn Joanna Halliday/Angela Nunn/Michaela Rickards Judith Lewis Executive Secretary Executive Secretary Executive Secretaries Executive Secretary IMPLEMENTATION TEAM TRADING DESK Brian Heywood Sandy Beveridge Natalie Stone Implementation Manager + Team (4) Senior Trading Manager Ian Taylor + Team (2) Senior Traders CLIENT SERVICES CLIENT SERVICES BUSINESS MANAGEMENT LONDON PHILADELPHIA John Emberson Michael Seymour Paul Ross Chief Operating Officer Head of Global Client Services President SUPPORT OPERATIONS COMPLIANCE (ex-N America) Sophie Sheridan Patricia Karolyi Executive Secretary Warren Shirvell John Barrett Andrew Kiely Executive Vice President Deputy Chief Operating Officer Jenny Phimister HR/OFFICE ADMIN Chief Compliance Officer/MLRO Jim Brecker Managers + Team (5) CLIENT SERVICES Laura Conlon Tara McCabe Searle Alex Round James Hill Human Resources Manager Assistant Client Services Officer I.T. Infrastructure Investment Admin Performance Justin Richards + Team (4) RISK Gabriella Couper Todd Rittenhouse Paul Fournel Jason Andrews David Lourens Internal Client Services Assistant Chief Technology Officer Manager Investment Performance Manager Peter Riviello James Hadfield Jackie Stampone + Team (13) + Team (29) + Team (2) Risk Manager Stephen Starnes Carol Starr Finance Finance Graphics LEGAL + Team (14) Ian Cooke Darren Wells Elaine Baker Chief Accountant Financial Controller Graphics Supervisor Jane Goss General Counsel + Team (3) + Team (2) + Team (1) Kimberly Musgrove US Business MGT Jason Menegakis Patricia Rosato Suzanne Wolko INTERNAL AUDIT Senior Vice President (MIP US) Senior Associates Vice President, Business Manager + Team (1) Administrative Services (MIP US) Jamie Shearer Internal Audit Manager This chart is designed to indicate the staffing resources and management structure atMondrian Investment Partners Limited, andMondrian Investment Partners (U.S.), Inc. The chart does not attempt to show all functions nor reporting and delegation lines, details of which are maintained in separate records. Please note some people may appear on this chart more than once, reflecting various responsibilities. 130516 NCDofST FACWI 1.3 EQUITY STRATEGY COMMITTEE NON-US EQUITY APRIL 1, 2013 MONDRIAN INVESTMENT PARTNERS Global Fixed Income & Currency TOP DOWN Elizabeth Desmond Director CIO, International Equities Clive Gillmore CEO CIO, Global Equities Emerging North Nigel May Markets Deputy CEO American Equity Equity Nigel Bliss Research Senior Portfolio Manager Research Russell Mackie Senior Portfolio Manager Andrew Porter Senior Portfolio Manager \ Non-US Equity Research and Investment Management Elizabeth Desmond Director CIO, International Equities Nigel Bliss Hamish Parker Steven Dutaut Aileen Gan Director Kim Nguyen Russell Mackie Melissa Platt Andrew Porter Alex Simcox Senior Portfolio Manager s Bilgin Soylu Dinash Lakhani Jonathan Spread Senior Research Analyst Portfolio Manager s 130516 NCDofST FACWI 1.4 REPRESENTATIVE CLIENT LIST NORTH AMERICA MONDRIAN INVESTMENT PARTNERS GOVERNMENT AND LABOR GOVERNMENT AND LABOR GOVERNMENT AND LABOR Alameda County Employees' Retirement Association Ontario Public Service Employees Union Pension Trust Banner Health System Alaska Permanent Fund Corporation Orange County Employees Retirement System Bechtel Corporation Alaska Retirement Management Board Parochial Employees’ Retirement System of Louisiana BSA-ILA Pension Trust Fund Arapahoe County Retirement Plan Pension Plan for Employees at ORNL Burke Rehabilitation Hospital Retirement Plan Trust Baltimore County Employees' Retirement System Prince George's County, Maryland Care New England California State Teachers' Retirement System Public School Retirement System of Kansas City Catholic Health Partners Carpenters Trusts of Western Washington Public School Retirement System of the City of St. Louis Catholic Healthcare West City of Austin Employees' Retirement System Pueblo County Employees Retirement System Children's Hospital of Central California City of Baltimore Employees Retirement System Sacramento County Employees Retirement System Children's Hospital of Los Angeles City of Charlotte Employee Benefit Trust San Bernardino County Employees' Retirement Association Chrysler LLC City of Cincinnati Retirement System San Francisco City and County Retirement System ConAgra Foods, Inc. City of Phoenix Public Employees Retirement Plan San Mateo County E.R.A. Cooperative Banks Employees Retirement Association Colorado PERA South Carolina Retirement Systems Dallas County Hospital District Retirement Income Plan Cook
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