Item No. 6: Annual Presentation by Pyramis Global Advisors - International Developed Growth Equity Manager (October 14, 2015, Regular Retirement Board Meeting)

INVESTMENT MANAGER SUMMARY

MANAGEMENT Firm Name Pyramis Global Advisors Manager Tenure with Fund 11 Years Investment Strategy/Vehicle International Developed Growth Equity Contract Expiration 07/31/2016

ASSETS Total Firm AUM (06/30/2015) $220.2 Billion Total Firm Assets in Strategy (06/30/2015) $8.8 Billion Total Assets Managed for WPERP (08/31/2015) RP- $507.0 Million HP- $84.8 Million

PERFORMANCE As of 08/31/2015 YTD 1 Year 3 Year Inception Pyramis (gross) 0.93% -5.81% 9.46% 5.87% Pyramis (est. net) 0.76% -6.04% 9.15% 5.50% MSCI World ex US IMI Net -1.08% -8.84% 7.86% 4.82% Difference (net of fees) 1.84% 2.80% 1.29% 0.68%

Fees Schedule 28 basis points on the first $650 million 22.5 basis points on the next $350 million 20 basis points on the balance Current Blended Fee 0.28%

WATCH STATUS N/A

PREVIOUSLY DISCLOSED LITIGATION N/A

6 Pyramis Global Advisors® International Growth

October 14, 2015

PRESENTATION TO: Los Angeles Department of Water & Power Brian Hoesly, CFA Co-Lead Portfolio Manager

Sue Curran Senior Vice President, Relationship Manager 401-292-4722 [email protected]

© 2015 FMR LLC. All rights reserved. 738219.1.0 For Institutional Use Only Table of Contents

1. Pyramis Overview 2. Pyramis International Growth Investment Process 3. Investment Performance & Positioning 4. Portfolio Review and Characteristics 5. International Growth Holdings by Region 6. Appendix A. Important Information B. Biographies

See "Important Information" for a discussion of performance data, some of the principal risks related to any of the investment strategies referred to in this presentation, and other information related to this presentation.

2 For Institutional Use Only 201508-18035 Pyramis Overview Our Clients and Assets Serving a diversified client base across all major asset classes

PYRAMIS focuses on serving corporate retirement plans, public plans, E&F, Taft-Hartley, sovereign entities, and central banks worldwide.

Pyramis Assets

$220.2 $93.0B $88.4B $34.1B $4.5B International/ Fixed Income3 US Equity Other4 BILLION1,2 Global Equity

Pyramis Client Relationships

310 95 165 77 38 689 Defined Benefit Defined Contribution Sub-Advised/SWF/ Endowments and Taft-Hartley CLIENTS Plans Plans Other Clients5 Foundations

As of 06/30/2015. 1 Due to rounding, the total may not add up to 100% of total assets. 2 Pyramis assets under management include $74.3B of asset allocation assets, which may be invested in other Pyramis or affiliated products. Source for asset and client data: Pyramis Global Advisors as of 06/30/2015. All currency is in US dollars. 3 Fidelity Investments total fixed income bond assets are $382.9B as of 06/30/2015. 4 Includes real estate debt and REIT investment strategies. Fidelity Investments total REIT and real estate debt assets are over $20B as of 06/30/2015. 5 Includes FIL Limited retail accounts, insurance accounts, high-net-worth accounts, VEBAs, and Pyramis private investment funds. 4 For Institutional Use Only 201508-18035 Pyramis Global Advisors An institutionally focused asset manager and vehicle for Fidelity’s broad global capabilities

Global organization Breadth and depth Comprehensive, Delivering Comprehensive nearly 800 associates of investment globally integrated multi-asset class and rigorous around the world offerings research platform solutions customized approach to in equity, fixed to client objectives investment and our income, and asset risk management difference allocation strategies Client-Focused Alignment Global offices in Wide array of Access to more Ability to package Investment Boston, Smithfield, global investment than 400 research offerings into capabilities aligned London, Hong Kong, capabilities, driven by professionals around customized solutions by investment style, Diverse Investment Capabilities Tokyo, Montreal, fundamental analysis the globe with for our clients capitalization, and and Toronto and security selection teams dedicated to geographic regions fundamental equity Breadth and Depth of Research and credit research for institutional clients Customized Solutions Culture of Excellence

Helping our clients achieve their investment and business objectives by harnessing our deep and diverse capabilities.

Research resources described herein include the combined resources of Pyramis and Fidelity Investments. 5 For Institutional Use Only 201508-18035 Significant Institutional Commitment and Experience As of June 30, 2015

REPRESENTATIVE CLIENTS

Municipal/Public Corporate Taft-Hartley California State Teachers’ Retirement System Agilent Technologies Building Trades United Pension Fund El Paso Fireman & Policemen’s Pension Fund American Honda Ironworkers Local 549-550 Pension Plan Illinois Municipal Retirement Fund BASF Corporation PacifiCorp/IBEW Local Union 57 Kansas City Firefighter’s Pension Fund Caterpillar Pipeline Industry Benefit Fund Kern County Employees' Retirement Association Cox Enterprises Sheet Metal Workers Local No. 19

Marin County Employees’ Retirement Association GATX Corporation

Minnesota State Board of Investment General Motors New Mexico Educational Retirement Board Kinder Morgan New York City Police Pension Fund Lexmark International Endowment/Foundation Orange County Employees' Retirement System NCR Corp. Massachusetts Taxpayers Foundation Oregon Investment Council Northern Trust Retirement Board of Allegheny County PPL Corporation San Francisco Employees' Retirement System Saint-Gobain Corporation San Mateo County Employees’ Retirement Association Verizon St. Louis Public School Retirement System State of Alabama State of Michigan Retirement System Tulare County Employees' Retirement Association

Represents International Equity Clients

This list is made up of Pyramis’ clients, chosen through a combination of geographic location, size, and plan type, if applicable, who have consented to disclosing their names. It is not known whether the listed clients approve or disapprove of Pyramis or the advisory services provided.

6 For Institutional Use Only 201508-18035 682476.7.0 Pyramis International Growth Investment Process Pyramis International Growth Portfolio Management

TOTAL PORTFOLIO

Chris Steward Brian Hoesly Co-Lead Portfolio Manager Co-Lead Portfolio Manager Industry: 1987 Industry: 1989 Pyramis: 2006 Pyramis: 2006

Regional Sub-Portfolios

Europe Growth Asia Growth Canada Growth

Peter Hadden Eileen Dibb Joe Overdevest Portfolio Manager Portfolio Manager Portfolio Manager Industry: 1988 Industry: 1996 Industry: 2002 Pyramis: 2005 Pyramis/Fidelity: 2005 Pyramis: 2002

ASSOCIATE PORTFOLIO MANAGERS

Europe Growth Japan Growth Pacific Basin ex-Japan Growth

Jonathan Cummins Camille Carlstrom Bruce MacDonald Associate Portfolio Associate Portfolio Associate Portfolio Manager/Analyst Manager/Analyst Manager/Analyst Industrials Financials Industrials Industry: 1998;Pyramis: 2008 Industry: 1992; Pyramis: 2012 Industry: 1995; Pyramis: 2012

Illustration does not indicate reporting hierarchy. 8 For Institutional Use Only 201508-18035 683246.11.0 Pyramis International Growth Aligned Resources

Europe Asia Canada

Associate Portfolio Managers/Analysts

Japan Pacific Basin Ex-Japan

London Hong Kong Jonathan Cummins Camille Carlstrom Bruce MacDonald Associate Portfolio Manager/Analyst Associate Portfolio Manager/Analyst Associate Portfolio Manager/Analyst Industrials Financials Industrials

Product Analysts

London Hong Phillip Clark Fei Chen Tom Quarmby Kong Access to 11 Canadian Consumer Discretionary Industrials, Materials Financials Fundamental Analysts

Hong Robert Lee Kong Consumer Discretionary

Hong Benny Lo Kong Technology

Illustration does not indicate reporting hierarchy. As of June 30, 2015. 9 For Institutional Use Only 201508-18035 683246.11.0 Pyramis International Growth Investment Process

PYRAMIS/FIDELITY REGIONAL PORTFOLIO FUNDAMENTAL RESEARCH MANAGEMENT LEAD PORTFOLIO MANAGEMENT TEAM

Ongoing Coverage Stock Selection of > 1,300 non-US Stocks Regional Portfolio Asset Allocation Construction International Growth Opinions Maintained Total Portfolio Portfolio on All Stocks Covered Identify Best Level Risk Portfolio Candidates Management Deep Sector Expertise

• Total Portfolio Oversight • >5,000 in-house company • Experienced Regional • Client Focused Resource visits annually Portfolio Managers • Assisted by Associate PMs • >24,000 non-US research and Product Analysts aligned notes published annually with the portfolio

For illustrative purposes only. Research resources described herein include the combined resources of Pyramis and Fidelity Investments. 10 For Institutional Use Only 201508-18035 683246.11.0 International Growth Asset Allocation Process

Lead PM team determines regional asset allocation utilizing Fidelity’s broad and deep resources

Qualitative inputs are the primary focus, leveraging Fidelity’s vast global network of research analysts, supported by quantitative and technical inputs • Economic Insight from Locally-Based Research – Utilize vast fundamental research resources of the Fidelity global enterprise – Capitalize on the competitive strength of the firm–fundamental research – Generate insights across the global supply chain

• Unique Regional Perspective Combining Portfolio Management and Macroeconomic Research – Integrate views of International Growth regional PMs and other regional experts – Employ the macroeconomic modeling and expertise of FMR’s Asset Allocation Research Team (AART) – Incorporate macroeconomic views from outside experts including brokers and independent research providers

• Quantitative Inputs – Equity valuation metrics, bond market trends, interest-rate forecasts, and currency trends – Regular technical analysis meetings with International Growth Team to examine trends in markets, currencies and stocks

Research resources described herein include the combined resources of Pyramis and Fidelity Investments.

11 For Institutional Use Only 201508-18035 Our Equity Research Coverage Spans the Globe

AMERICAS EQUITY EUROPE MIDDLE EAST ASIA PACIFIC EQUITY Total Number of Equity COVERAGE AFRICA EQUITY COVERAGE COVERAGE Research Professionals from Fidelity and Pyramis Market Cap Covered (USD) $24.0 trillion $11.1 trillion $9.4 trillion 225 # of Stocks Rated 2,325 967 1,313

TORONTO/ MONTREAL LONDON TOKYO Local market coverage BOSTON/ SMITHFIELD Proprietary research

Research professionals HONG KONG manage paper/sector/ industry portfolios

Main Pyramis and Fidelity investment offices

Research professionals include research analysts and associates as of June 30, 2015 and reflect the combined resources of Pyramis and Fidelity Investments. Market Cap Covered reflects the aggregate market capitalization of securities for which Pyramis and Fidelity analysts and associates provided at least one rating during the prior three months. Represents coverage of free float-adjusted index. Calculation of Market Cap Covered is based on Total Market Cap across indices and cannot be adjusted for free-float.

12 For Institutional Use Only 201508-18035 700001.5.0 International Growth—Investment Parameters

Factors Parameters

Regional weights Benchmark weight  5.0%

Country weights Benchmark weight  5.0%

Industry group weights Benchmark weight  10.0%

Security weights Benchmark weight  3.0%

Market capitalization Benchmark weighted average  15.0%

Benchmark is MSCI World x US IMI (N).

13 For Institutional Use Only 201508-18035 Investment Performance & Positioning International Growth—Investment Results As of August 31, 2015

Cumulative Return (%) Annualized Return (%)

Since TNA Portfolio/Index QTD YTD 1-Year 3-Year 5-Year 10-Year Inception ($Mil) 11/15/2004 LA Water & Power—IG Group (Gross) (4.90) 0.99 (5.77) 9.44 8.47 5.27 6.00 506.9 MSCI EAFE (N)/ World x US IMI (5.65) (1.08) (8.84) 7.86 6.73 4.14 4.80 Active Return (Gross) 0.75 2.07 3.07 1.58 1.74 1.13 1.20

LA Water & Power—IG Group (Net) (4.94) 0.81 (6.01) 9.13 8.15 4.94 5.67 MSCI EAFE (N)/ World x US IMI (5.65) (1.08) (8.84) 7.86 6.73 4.14 4.80 Active Return (Net) 0.71 1.89 2.83 1.27 1.42 0.80 0.87

LA Water & Power—IG Group (Net) (4.94) 0.81 (6.01) 9.13 8.15 4.94 5.67 MSCI EAFE (N)/ World x US IMI Growth (5.01) 1.36 (4.81) 8.70 7.78 4.49 5.13 Active Return (Net) 0.07 (0.55) (1.20) 0.43 0.37 0.45 0.54

9.44 7.86 8.47 10.00 6.73 6.00 5.27 4.14 4.80 5.00 0.99 0.00 (5.00) (1.08) (4.90) (10.00) (5.65) (5.77) (8.84) QTD YTD 1-Year 3-Year 5-Year 10-Year Since Inception 11/15/2004 LA Water & Power—Intl Growth (Gross) MSCI EAFE (N)/ World x US IMI (N)= Net Dividend Withholding Taxes Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Net performance is less the advisory fee charged; other fees and expenses may reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used by a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices. The initial investment in the LA Water and Power - International Growth account was $266.7M. Due to transactions and market activity the total net assets of the account were $506.92M as of 8/31/2015.

15 For Institutional Use Only 201508-18035 International Growth—Regional Results (Gross) As of August 31, 2015

Cumulative Return (%) Annualized Return (%)

Since Portfolio/Index QTD YTD 1-Year 3-Year 5-Year 10-Year Inception 11/15/2004 LA Water & Power—Europe (Gross) (3.11) 2.92 (4.24) 10.21 9.20 5.69 6.44 MSCI Eur/MSCI Eur & ME(N) (4.14) (0.45) (8.27) 8.83 7.46 4.01 4.73 Active Return (Gross) 1.03 3.37 4.03 1.38 1.74 1.68 1.71

LA Water & Power—Japan (Gross) (6.40) 4.38 1.76 13.67 10.02 2.86 3.39 MSCI Japan (N) (5.37) 7.52 4.17 12.41 7.35 2.86 3.33 Active Return (Gross) (1.03) (3.14) (2.41) 1.26 2.67 0.00 0.06

LA Water & Power—Pac Basin ex Japan (Gross) (11.19) (8.52) (16.63) 0.91 2.92 6.62 7.88 MSCI Pac Basin ex Japan (N) (12.78) (12.28) (21.85) 0.48 4.13 6.11 7.03 Active Return (Gross) 1.59 3.76 5.22 0.43 (1.21) 0.51 0.85

LA Water & Power—Canada* (Gross) (5.95) (7.37) (17.24) 7.67 8.14 – 14.08 MSCI Canada (N) (9.89) (16.12) (25.31) (2.09) 0.69 – 7.82 Active Return (Gross) 3.94 8.75 8.07 9.76 7.45 – 6.26

(*) LOF is annualized since inception 1/27/09. (N)= Net Dividend Withholding Taxes Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used by a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices.

16 For Institutional Use Only 201508-18035 Pyramis International Growth—Investment Results Currency Effect One Year Ended August 31, 2015

Portfolio/Index USD Return (%) Local Currency Return (%) Currency Effect (%)

LA Water & Power—IG Group (Gross) (5.77) 8.25 (14.02) MSCI World ex US IMI (N) (8.84) 5.09 (13.93) Active Return (Gross) 3.07 3.16 (0.09)

LA Water & Power—Europe (Gross) (4.24) 7.94 (12.18) LA Water & Power—Japan (Gross) 1.76 19.03 (17.27) LA Water & Power—Pac Basin ex Japan (Gross) (16.63) (0.60) (16.03) LA Water & Power—Canada (Gross) (17.24) 0.97 (18.21)

(N)= Net Dividend Withholding Taxes Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used by a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices.

17 For Institutional Use Only 201508-18035 Pyramis International Growth RHBF—Investment Results As of August 31, 2015

Cumulative Return (%) Annualized Return (%)

Since Portfolio/Index QTD YTD 1-Year 3-Year 5-Year Inception TNA ($Mil) 9/10/2009 LAWP RHBF—Intl Growth (Gross) (4.89) 1.00 (5.74) 9.42 8.45 6.62 84.8 MSCI EAFE (N)/ World x US IMI (5.65) (1.08) (8.84) 7.86 6.73 4.99 Active Return (Gross) 0.76 2.08 3.10 1.56 1.72 1.63

LAWP RHBF—Intl Growth (Net) (4.90) 0.97 (5.79) 9.24 8.21 6.35 MSCI EAFE (N)/ World x US IMI (5.65) (1.08) (8.84) 7.86 6.73 4.99 Active Return (Net) 0.75 2.05 3.05 1.38 1.48 1.36

LAWP RHBF—Intl Growth (Net) (4.90) 0.97 (5.79) 9.24 8.21 6.35 MSCI EAFE (N)/ World x US IMI Growth (5.01) 1.36 (4.81) 8.70 7.78 6.50 Active Return (Net) 0.11 (0.39) (0.98) 0.54 0.43 (0.15)

9.42 8.45 10.00 7.86 6.73 6.62 4.99 5.00 1.00 0.00 (5.00) (1.08) (4.89) (10.00) (5.65) (5.74) (8.84) QTD YTD 1-Year 3-Year 5-Year Since Inception 9/10/2009

LAWP RHBF—Intl Growth (Gross) MSCI EAFE (N)/ World x US IMI (N)= Net Dividend Withholding Taxes Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Net performance is less the advisory fee charged; other fees and expenses may reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used by a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices. The initial investment in the LA Water and Power RHBF- International Growth account was $39.06M. Due to transactions and market activity the total net assets of the account were $84.79M as of 8/31/2015.

18 For Institutional Use Only 201508-18035 Pyramis International Growth RHBF—Regional Results As of August 31, 2015

Cumulative Return (%) Annualized Return (%)

Since Portfolio/Index QTD YTD 1-Year 3-Year 5-Year Inception 9/10/2009 LAWP RHBF—Europe (Gross) (3.11) 2.94 (4.21) 10.22 9.20 6.84 MSCI Eur/MSCI Eur & ME (N) (4.14) (0.45) (8.27) 8.83 7.46 5.00 Active Return (Gross) 1.03 3.39 4.06 1.39 1.74 1.84

LAWP RHBF—Japan (Gross) (6.39) 4.37 1.75 13.61 9.99 7.25 MSCI Japan (N) (5.37) 7.52 4.17 12.41 7.35 4.97 Active Return (Gross) (1.02) (3.15) (2.42) 1.20 2.64 2.28

LAWP RHBF—Pac Basin ex Japan (Gross) (11.20) (8.52) (16.59) 0.92 2.90 3.19 MSCI Pac Basin ex Jpn (N) (12.78) (12.28) (21.85) 0.48 4.13 4.41 Active Return (Gross) 1.58 3.76 5.26 0.44 (1.23) (1.22)

LAWP RHBF—Canada (Gross) (5.96) (7.44) (17.23) 7.64 8.12 8.41 MSCI Canada (N) (9.89) (16.12) (25.31) (2.09) 0.69 1.83 Active Return (Gross) 3.93 8.68 8.08 9.73 7.43 6.58

(N)= Net Dividend Withholding Taxes Client data shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results. The performance of the pool contains prices that may have been fair valued due to significant market events that have occurred after the close of the local market. Therefore, the pool performance does include the impact of the fair valuation process. The last local sales price may not be the fair market value of the security at 4:00 p.m. Eastern time. This is the time generally used by Pyramis to value all of its clients' portfolios based on the close of the New York Stock Exchange. Federal securities laws and related guidance generally require that these securities must be priced at fair value. This process may cause the prices of the securities, used by a portfolio to calculate its NAV, to be different from the benchmark which is calculated using latest local closing prices.

19 For Institutional Use Only 201508-18035 Outlook

Gradual growth in Developed markets while slowdown in EM continues • After disappointing growth in early 2015 and reductions in forecasts, developed market growth should steadily improve. • Consumers in Oil-importing countries get tailwind • QE in Europe to continue into 2016 while in the US the Fed could tighten in 2015 • The US dollar Index (DXY) weakened slightly in Q2, but is still up 19% over the past 12 months

Europe outlook is improving • Earnings estimates have been revised upwards • Eurozone PMIs are at their highest level since 2011 • Euro weakness boosts exporter earnings

Japan could be moving out of recession • Structural reforms are coming even though the pace has been slow • Property values seem to be stabilizing and corporate balance sheets are improving • Important drivers of deflation are receding • Structural changes gaining traction – corporate taxes, agriculture, health care, energy

20 For Institutional Use Only 201508-18035 732433.2.0 Outlook, continued

Australia and Canada likely to disappoint • Weakness in commodities and energy • Deflating housing markets

Emerging markets likely to struggle • Commodity weakness takes toll on producing economies; Russia and Brazil • Favor commodity importers over the exporters within EM

Risks Russian aggression Middle East unrest Greek exit from Euro (Grexit)

21 For Institutional Use Only 201508-18035 732433.2.0 Pyramis International Growth— LADWP Contributions and Withdrawals

LADWP Contributions and Withdrawals Comment Date Client Name Account Name Funding 1/26/2009 LA Water & Power Retirement Plan LA Water & Power $231,088,343.00 Securities in Kind Contribution 10/11/2010 LA Water & Power Retirement Plan LA Water & Power $23,318,478.00 Rebalancing 2/9/2012 LA Water & Power Retirement Plan LA Water & Power $17,617,465.00 Rebalancing Withdrawal 8/16/2013 LA Water & Power Retirement Plan LA Water & Power ($23,000,000.00) Securities in Kind Withdrawal 7/24/2015 LA Water & Power Retirement Plan LA Water & Power ($21,018,426) Change in Market Value $278,911,274.92 August 31, 2015 Market Value $506,917,135.18

LADWP RHBF Contributions and Withdrawals Comment Date Client Name Account Name Funding 9/11/2009 LA Water & Power Retirement Plan LA Water & Power RHBF $38,626,332.00 Funding 9/14/2009 LA Water & Power Retirement Plan LA Water & Power RHBF $437,500.00 Contribution 7/2/2010 LA Water & Power Retirement Plan LA Water & Power RHBF $7,000,000.00 Contribution 7/22/2010 LA Water & Power Retirement Plan LA Water & Power RHBF $13,500,000.00 Securities in Kind Withdrawal 9/28/2010 LA Water & Power Retirement Plan LA Water & Power RHBF ($4,097,001.00) Rebalancing Withdrawal 2/7/2012 LA Water & Power Retirement Plan LA Water & Power RHBF ($1,000,000.00) Rebalancing Contribution 8/23/2013 LA Water & Power Retirement Plan LA Water & Power RHBF $7,100,000.00 Securities in Kind Withdrawal 7/24/2015 LA Water & Power Retirement Plan LA Water & Power RHBF ($5,004,391) Change in Market Value $28,223,968.72 August 31, 2015 Market Value $84,786,409.14

Client data shown. 22 For Institutional Use Only 201508-18035 Pyramis International Growth—Total Return Rank (Gross) As of June 30, 2015 (Gross)

MRQ YTD 1 year 3 years 5 years 10 years

Return Rank Return Rank Return Rank Return Rank Return Rank Return Rank Pyramis: International Growth (Gross) 1.52 57 6.29 56 (1.80) 55 13.39 42 11.40 43 7.18 17 MSCI EAFE + Canada (N) Index 0.48 82 4.34 88 (5.28) 93 11.15 85 8.97 96 5.16 90 Data indicating the relative ranking of Pyramis' strategy is from eVestment Alliance as of June 30, 2015 and is based on a total of 102 investment products within this category with at least 85 percent of investment managers reporting. Composite account Information is shown. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. See the GIPS Composite Performance Data for annual performance figures that are net of the maximum advisory fee charge any client employing this strategy. All figures shown are in USD. Supplemental information is complemented by the GIPS Composite Performance Data. Data and information from third-party databases, such as those sponsored by eVestment Alliance and Callan, are self-reported by investment management firms that generally pay a subscription fee to use such databases, and the database sponsors do not guarantee or audit the accuracy, timeliness or completeness of the data including any rankings. Rankings or similar data reflect information at the time rankings were retrieved from a third-party database, and such rankings may vary significantly as additional data from managers are reported. Pyramis has not verified and cannot verify the accuracy of information from outside sources, and potential investors should be aware that such information is subject to change without notice. Past performance is no guarantee of future results. Source: Ranks: eVestment Alliance (International Growth Composite), Attribution: FMR using International Growth Pool. Performance: Total composite. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns.

23 For Institutional Use Only 201508-18035 International Growth—Attribution by Region As of August 31, 2015

International Pacific Europe Japan Canada Growth ex Japan One Year Regional Allocation 0.0 (0.0) (0.0) 0.0 0.1 One Year Stock Selection 3.4 2.4 (0.4) 0.6 0.8

Regional Allocations

INTERNATIONAL GROWTH MSCI WORLD EX-US IMI (N)

8.3 8.0

10.1 9.8

20.0 21.1 61.5 61.1

Europe Japan Pac Basin ex-Japan Canada Europe Japan Pac Basin ex-Japan Canada

Client data shown.

24 For Institutional Use Only 201508-18035 International Growth—Top Contributors and Detractors One Year Ended August 31, 2015

TOP CONTRIBUTORS Portfolio Benchmark Total Relative Average Active Relative Security Average Average Contribution Country Weight (%) Return (%) Weight (%) Weight (%) (%) FINMECCANICA SPA 0.7 0.0 0.6 1.3 28 INDUSTRIALS FRESENIUS SE & CO KGAA 0.6 0.1 0.5 (0.0) 22 HEALTH CARE SHIRE PLC 0.8 0.3 0.5 46.6 22 HEALTH CARE ST JAMES PLACE PLC 0.9 0.0 0.8 (0.3) 21 FINANCIALS INMARSAT PLC 0.6 0.0 0.6 0.9 20 TELECOMSERVICES GLENCORE PLC 0.0 0.3 (0.3) 60.5 20 MATERIALS BARRATT DEVELOPMENTS PLC0.4 0.0 0.4 0.1 20 CONSUMER DISCRETIONARY KBC GROUPE SA 0.8 0.1 0.7 (0.0) 19 FINANCIALS BANCO SANTANDER SA (SPAIN) 0.0 0.6 (0.6) 34.1 19 FINANCIALS VALEANT PHARMACEUTICALS INTL 0.7 0.4 0.3 (9.3) 18 HEALTH CARE

TOP DETRACTORS Portfolio Benchmark Total Relative Average Active Relative Security Average Average Contribution Country Weight (%) Return (%) Weight (%) Weight (%) (%) ROYAL DUTCH SHELL PLC 1.9 1.3 0.6 (1.7) (23) ENERGY DRAX GROUP PLC 0.2 0.0 0.2 8.6 (19) UTILITIES BG GROUP PLC 1.0 0.3 0.7 0.3 (18) ENERGY SCHNEIDER ELECTRIC SE 0.7 0.2 0.4 (5.8) (15) INDUSTRIALS SECURE ENERGY SVCS INC 0.1 0.0 0.1 1.3 (12) ENERGY LUNDIN PETROLEUM AB 0.2 0.0 0.1 13.1 (11) ENERGY CAIXABANK SA 0.4 0.1 0.3 7.1 (11) FINANCIALS TEVA PHARMACEUTICAL IND LTD 0.0 0.3 (0.3) (28.0) (10) HEALTH CARE PRAIRIESKY ROYALTY LTD 0.2 0.0 0.2 (6.2) (9) ENERGY RIO TINTO PLC (REGD) 0.8 0.3 0.4 0.1 (9) MATERIALS

Client data shown. Past performance is no guarantee of future results. Holdings data shown does not represent all of the securities purchased, sold or recommended to clients and may change at any time. Portfolio weights are rounded and a zero weight represents either no holding or a very small weight. Benchmark: MSCI World x US IMI (N). 25 For Institutional Use Only 201508-18035 International Growth—Sector Attribution One Year Ended August 31, 2015

Sector Relative Weight (%) Stock Selection (bps) Sector Selection (bps) Total Contribution (bps)

Materials (1.7) 58 23 80

Financials (1.4) 77 (1) 77

Industrials (1.7) 60 (4) 57

Information Technology (0.5) 27 (4) 24

Health Care 2.6 (10) 33 23

Energy (0.7) (11) 22 11

Utilities (0.1) 6 (2) 4

Telecommunication Services 1.3 (10) 11 1

Consumer Staples (0.0) (6) (1) (7)

Consumer Discretionary 0.1 (11) 0 (11)

Client data shown. Past performance is no guarantee of future results. Benchmark is MSCI World x US IMI (N).

26 For Institutional Use Only 201508-18035 Portfolio Review and Characteristics Pyramis International Growth—Top 10 Holdings As of August 31, 2015

Holdings % of Portfolio

NOVARTIS AG (REG) 2.5 ROCHE HLDGS AG (GENUSSCHEINE) 2.2 ANHEUSER BUSCH INBEV NV 1.5 TOYOTA MOTOR CORP 1.3 MITSUBISHI UFJ FINL GRP INC 1.3 VODAFONE GROUP PLC 1.3 IMPERIAL TOBACCO GROUP PLC 1.3 LLOYDS BANKING GROUP PLC 1.3 ROYAL DUTCH SHELL PLC 1.2 ING GROEP NV CVA 1.2 Total 15.1

Client data shown. Past performance is no guarantee of future results. Holdings data shown does not represent all of the securities purchased, sold, or recommended to clients and may change at anytime. 28 For Institutional Use Only 201508-18035 International Growth—Top 10 Active Weights As of August 31, 2015

Top 10 Positive Active* Top 10 Negative Active* Holdings Holdings (%) (%)

NOVARTIS AG 1.0 HSBC HOLDINGS PLC (1.0)

ROCHE HLDGS AG 1.0 NESTLE SA (0.9)

IMPERIAL TOBACCO GROUP PLC 1.0 BAYER AG (0.7)

ANHEUSER BUSCH INBEV NV 0.9 BP PLC (0.7)

AMADEUS IT HOLDING SA CL A 0.9 GLAXOSMITHKLINE PLC (0.6)

KBC GROUPE SA 0.8 BRITISH AMERICAN TOBACCO PLC (0.6)

ING GROEP NV CVA 0.8 TOTAL SA (0.6)

LLOYDS BANKING GROUP PLC 0.8 BANCO SANTANDER SA (0.6)

HEIDELBERGCEMENT AG 0.8 ASTRAZENECA PLC (0.5)

ASTELLAS PHARMA INC 0.8 DAIMLER AG (0.5)

Total 8.9 Total (6.8)

*Relative to the MSCI World x US IMI (N). Client data shown. Not representative of manager’s entire portfolio or all recommendations. Not a recommendation or offer to buyor sell securities. Past performance is no guarantee of future results.

29 For Institutional Use Only 201508-18035 International Growth—Sector Relative Weights As of August 31, 2015

ACTIVE WEIGHT VERSUS INDEX* (%)

1.9 3.0 2.0 1.8

1.9 1.8 2.0 1.0 0.4 1.0 0.1 0.4 0.0 0.1 0.0 (0.2) (0.2) (1.0) (0.6) (0.2) (0.2) (1.0) (0.6) (1.1) (1.3) (2.0) (1.1) (1.3) (2.0) PercentPercentWeightWeight Active Active

(3.0) (3.0) (3.3)(3.3) (4.0) (4.0)

*Relative to the MSCI World x US IMI (N). Client data shown.

30 For Institutional Use Only 201508-18035 International Growth—Regional and Country Allocations As of August 31, 2015

REGIONAL ALLOCATION

Portfolio Weight (%) Benchmark (N) (%)* Difference

Europe 61.5 61.1 0.4

Japan 20.0 21.1 (1.0)

Pacific ex Japan 10.1 9.8 0.3

Canada 8.3 8.0 0.3

ACTIVE WEIGHT VERSUS INDEX* (%)

1.5 1.0 0.5 0.0 -0.5 -1.0

Percent ActiveWeight -1.5

*Benchmark is MSCI World x US IMI (N). Client data shown.

31 For Institutional Use Only 201508-18035 Pyramis International Growth—Portfolio Characteristics As of August 31, 2015

Characteristics Portfolio MSCI World ex-US IMI (N)

Dividend Yield 2.5% 3.1%

Weighted Avg. Market Cap (U.S. $ billion) $51.8 $48.1

Price/Earnings (1-year historical) 18.8x 17.1x

Price/Earnings (1-year forward)* 15.5x 14.6x

Price/Book Value 2.0x 1.7x

Price/Sales 1.3x 1.2x

Price/Cash Flow 10.1x 9.4x

Return on Equity (5-year) 15.3% 14.5%

Earnings Growth (1-year forecast) 16.9% 15.8%

* IBES forecast Client data shown.

32 For Institutional Use Only 201508-18035 Pyramis International Growth—Risk Measures As of August 31, 2015

Risk Measures Portfolio RISK/RETURN CHARACTERISTICS Turnover 65% Periods Ended August 31, 2015

Standard Deviation 11.26 10 International Growth Sharpe Ratio 0.83 9 8 MSCI EAFE (N)/ World x US IMI Tracking Error 1.93 (Gross) 7

Information Ratio 0.81 6

Relative Volatility 1.00 5 4 R-Squared 0.97 3 Correlation Coefficient 0.99 2

Beta 0.98 Return 3-yr Annual Average 1

Alpha 1.59 0 11.24 11.25 11.26 11.27 11.28 11.29 11.30 Treynor Ratio 9.54 Average Annual 3-yr Standard Deviation % Value at Risk (0.05)

Jensen's Alpha 1.69

Client data shown. Although Pyramis believes it has a reasonable basis for any of these expectations, there can be no assurance that actual results will be comparable. Actual results will depend on market conditions and any developments that may effect these investments. Performance shown is gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. Past performance is no guarantee of future results.

33 For Institutional Use Only 201508-18035 International Growth Holdings by Region International Growth Holdings by Region*

Fund Benchmark Fund Name Region Country Sector Security Name End Weight End Weight LA Water and Power - IG Group Account Canada Canada Health Care VALEANT PHARMACEUTICALS INTL 0.96 0.47 LA Water and Power - IG Group Account Canada Canada Financials ROYAL BANK OF CANADA 0.72 0.51 LA Water and Power - IG Group Account Canada Canada Financials TORONTO-DOMINION BANK 0.67 0.47 LA Water and Power - IG Group Account Canada Canada Industrials CANADIAN PAC RAILWAY LTD 0.52 0.15 LA Water and Power - IG Group Account Canada Canada Financials BROOKFIELD ASSET INC VTG CL A 0.50 0.17 LA Water and Power - IG Group Account Canada Canada Information Technology CONSTELLATION SOFTWARE INC 0.40 0.05 LA Water and Power - IG Group Account Canada Canada Financials INTACT FINL CORP 0.34 0.06 LA Water and Power - IG Group Account Canada Canada Consumer Staples ALIMENTATION COUCH CL B SUBVTG 0.33 0.11 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary RESTAURANT BRANDS INTRNTNL INC 0.32 0.05 LA Water and Power - IG Group Account Canada Canada Materials AGRIUM INC 0.30 0.09 LA Water and Power - IG Group Account Canada Canada Information Technology CGI GROUPE INC CL A SUB VTG 0.30 0.05 LA Water and Power - IG Group Account Canada Canada Energy ENBRIDGE INC 0.29 0.22 LA Water and Power - IG Group Account Canada Canada Consumer Staples LOBLAW COS LTD 0.27 0.08 LA Water and Power - IG Group Account Canada Canada Financials ONEX CORP SUB-VTG 0.24 0.03 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary DOLLARAMA INC 0.21 0.05 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary GILDAN ACTIVEWEAR INC 0.21 0.05 LA Water and Power - IG Group Account Canada Canada Energy CANADIAN NATL RESOURCES LTD 0.20 0.16 LA Water and Power - IG Group Account Canada Canada Materials METHANEX CORP 0.16 0.02 LA Water and Power - IG Group Account Canada Canada Energy PRAIRIESKY ROYALTY LTD 0.13 0.02 LA Water and Power - IG Group Account Canada Canada Materials CCL INDUSTRIES INC B NON VTG 0.12 0.02 LA Water and Power - IG Group Account Canada Canada Energy WHITECAP RESOURCES INC 0.10 0.01 LA Water and Power - IG Group Account Canada Canada Materials FRANCO-NEVADA CORP (CANA) 0.08 0.04 LA Water and Power - IG Group Account Canada Canada Energy PEYTO EXPL & DEV CORP NEW 0.07 0.02 LA Water and Power - IG Group Account Canada Canada Energy RAGING RIVER EXPLORATION INC 0.06 0.01 LA Water and Power - IG Group Account Canada Canada Energy TOURMALINE OIL CORP 0.05 0.03 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary CARA OPERATIONS LTD 0.05 0.00 LA Water and Power - IG Group Account Canada Canada Energy SECURE ENERGY SVCS INC 0.05 0.01 LA Water and Power - IG Group Account Canada Canada Materials STELLA JONES INC 0.04 0.00 LA Water and Power - IG Group Account Canada Canada Health Care KNIGHT THERAPEUTICS INC 0.04 0.00 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary DHX MEDIA LTD (VAR VOTING SHR) 0.04 0.00 LA Water and Power - IG Group Account Canada Canada Industrials STANTEC INC 0.04 0.01 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary UNI-SELECT INC 0.03 0.00 LA Water and Power - IG Group Account Canada Canada Energy CARDINAL ENERGY LTD 0.03 0.00 LA Water and Power - IG Group Account Canada Canada Energy CANADIAN ERGY SVCS & TECH CORP 0.03 0.01 LA Water and Power - IG Group Account Canada Canada Materials WINPAK LTD 0.03 0.00 LA Water and Power - IG Group Account Canada Canada Energy SPARTAN ENERGY CORP 0.02 0.00 LA Water and Power - IG Group Account Canada Canada Energy KELT EXPLORATION LTD 0.02 0.00 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary CINEPLEX INC 0.02 0.01 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary NEW LOOK VISION GROUP INC 0.01 0.00 LA Water and Power - IG Group Account Canada Canada Consumer Discretionary STINGRAY DIGITAL GROUP INC 0.01 0.00 LA Water and Power - IG Group Account Canada Canada Information Technology SHOPIFY INC CL A 0.01 0.00 LA Water and Power - IG Group Account Canada Canada Information Technology KINAXIS INC 0.01 0.00

*Weightings are shown against the MSCI World ex-US IMI (N). Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.

35 For Institutional Use Only 201508-18035 International Growth Holdings by Region*

Fund Benchmark Fund Name Region Country Sector Security Name End Weight End Weight LA Water and Power - IG Group Account Europe/Middle East Switzerland Health Care NOVARTIS AG (REG) 2.47 1.46 LA Water and Power - IG Group Account Europe/Middle East Switzerland Health Care ROCHE HLDGS AG (GENUSSCHEINE) 2.22 1.24 LA Water and Power - IG Group Account Europe/Middle East Belgium Consumer Staples ANHEUSER BUSCH INBEV NV 1.45 0.57 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Telecom Services VODAFONE GROUP PLC 1.30 0.60 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Staples IMPERIAL TOBACCO GROUP PLC 1.28 0.30 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Financials LLOYDS BANKING GROUP PLC 1.27 0.44 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Energy ROYAL DUTCH SHELL PLC 1.23 1.07 LA Water and Power - IG Group Account Europe/Middle East Netherlands Financials ING GROEP NV CVA 1.22 0.38 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Energy BG GROUP PLC 1.15 0.34 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Financials PRUDENTIAL PLC 1.12 0.36 LA Water and Power - IG Group Account Europe/Middle East Germany Information Technology SAP SE 1.08 0.43 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Health Care SHIRE PLC 1.05 0.29 LA Water and Power - IG Group Account Europe/Middle East France Financials SOCIETE GENERALE SA CL A 1.04 0.23 LA Water and Power - IG Group Account Europe/Middle East Spain Information Technology AMADEUS IT HOLDING SA CL A 0.97 0.12 LA Water and Power - IG Group Account Europe/Middle East Belgium Financials KBC GROUPE SA 0.95 0.11 LA Water and Power - IG Group Account Europe/Middle East Spain Consumer Discretionary INDITEX SA 0.95 0.23 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Telecom Services BT GROUP PLC 0.94 0.36 LA Water and Power - IG Group Account Europe/Middle East Switzerland Financials UBS GROUP AG 0.91 0.49 LA Water and Power - IG Group Account Europe/Middle East Germany Consumer Discretionary CONTINENTAL AG 0.91 0.15 LA Water and Power - IG Group Account Europe/Middle East Germany Materials HEIDELBERGCEMENT AG (GERW) 0.90 0.07 LA Water and Power - IG Group Account Europe/Middle East Switzerland Consumer Discretionary RICHEMONT CIE FINANCIERE SA A 0.84 0.25 LA Water and Power - IG Group Account Europe/Middle East Switzerland Financials PARTNERS GROUP HOLDING AG 0.83 0.03 LA Water and Power - IG Group Account Europe/Middle East France Financials AXA SA 0.81 0.32 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Staples DIAGEO PLC 0.80 0.43 LA Water and Power - IG Group Account Europe/Middle East France Consumer Staples L'OREAL SA ORD 0.79 0.28 LA Water and Power - IG Group Account Europe/Middle East Switzerland Industrials ADECCO SA (UNITARY REGD) 0.79 0.09 LA Water and Power - IG Group Account Europe/Middle East Germany Health Care FRESENIUS SE & CO KGAA 0.79 0.17 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Financials ST JAMES PLACE PLC 0.78 0.05 LA Water and Power - IG Group Account Europe/Middle East Denmark Financials DANSKE BK AS 0.77 0.14 LA Water and Power - IG Group Account Europe/Middle East Germany Consumer Discretionary PROSIEBENSAT.1 MEDIA SE 0.77 0.07 LA Water and Power - IG Group Account Europe/Middle East Germany Financials VONOVIA SE 0.75 0.09 LA Water and Power - IG Group Account Europe/Middle East Sweden Financials NORDEA BANK AB 0.74 0.23 LA Water and Power - IG Group Account Europe/Middle East Italy Financials INTESA SANPAOLO SPA 0.73 0.32 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Telecom Services INMARSAT PLC 0.73 0.04 LA Water and Power - IG Group Account Europe/Middle East France Utilities VEOLIA ENVIRONNEMENT 0.73 0.06 LA Water and Power - IG Group Account Europe/Middle East Germany Materials LINDE AG 0.72 0.21 LA Water and Power - IG Group Account Europe/Middle East France Industrials SCHNEIDER ELECTRIC SE 0.72 0.23 LA Water and Power - IG Group Account Europe/Middle East France Consumer Staples PERNOD-RICARD 0.71 0.14 LA Water and Power - IG Group Account Europe/Middle East Spain Financials BANCO BILBAO VIZ ARGENTARIA SA 0.70 0.38 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Staples TESCO PLC 0.70 0.15

*Weightings are shown against the MSCI World ex-US IMI (N). Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.

36 For Institutional Use Only 201508-18035 International Growth Holdings by Region*

Fund Benchmark Fund Name Region Country Sector Security Name End Weight End Weight LA Water and Power - IG Group Account Europe/Middle East Sweden Energy LUNDIN PETROLEUM AB 0.69 0.02 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Industrials TRAVIS PERKINS PLC 0.69 0.05 LA Water and Power - IG Group Account Europe/Middle East Sweden Consumer Discretionary HENNES & MAURITZ AB B 0.68 0.24 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Discretionary ITV PLC 0.68 0.10 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Financials BRITISH LAND CO PLC 0.66 0.08 LA Water and Power - IG Group Account Europe/Middle East Switzerland Financials JULIUS BAER GRUPPE AG 0.65 0.07 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Staples ASSOCIATED BRITISH FOODS PLC 0.64 0.11 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Materials RIO TINTO PLC (REGD) 0.64 0.30 LA Water and Power - IG Group Account Europe/Middle East Sweden Industrials ALFA LAVAL AB 0.64 0.03 LA Water and Power - IG Group Account Europe/Middle East Germany Materials LANXESS AG 0.62 0.03 LA Water and Power - IG Group Account Europe/Middle East Italy Utilities ENEL (ENTE NAZ ENERG ELET) SPA 0.61 0.21 LA Water and Power - IG Group Account Europe/Middle East Switzerland Consumer Staples NESTLE SA (REG) 0.60 1.54 LA Water and Power - IG Group Account Europe/Middle East France Consumer Discretionary KERING 0.59 0.08 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Materials CRODA INTERNATIONAL PLC 0.57 0.04 LA Water and Power - IG Group Account Europe/Middle East Spain Industrials INTERNATIONAL CONS AIRLS GROUP 0.57 0.04 LA Water and Power - IG Group Account Europe/Middle East France Consumer Discretionary VALEO SA 0.56 0.06 LA Water and Power - IG Group Account Europe/Middle East France Health Care SANOFI 0.56 0.76 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Staples UNILEVER PLC ORD 0.56 0.33 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Industrials CAPITA PLC 0.55 0.08 LA Water and Power - IG Group Account Europe/Middle East Spain Utilities RED ELECTRICA CORPORACION SA 0.55 0.06 LA Water and Power - IG Group Account Europe/Middle East France Industrials ST GOBAIN CIE DE 0.53 0.14 LA Water and Power - IG Group Account Europe/Middle East Italy Financials UNICREDIT SPA 0.52 0.20 LA Water and Power - IG Group Account Europe/Middle East Italy Industrials FINMECCANICA SPA 0.52 0.04 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Discretionary BARRATT DEVELOPMENTS PLC 0.52 0.06 LA Water and Power - IG Group Account Europe/Middle East Sweden Health Care SWEDISH ORPHAN BIOVITRUM AB 0.51 0.01 LA Water and Power - IG Group Account Europe/Middle East Denmark Health Care NOVO-NORDISK AS CL B 0.50 0.68 LA Water and Power - IG Group Account Europe/Middle East France Consumer Discretionary ACCOR SA 0.49 0.06 LA Water and Power - IG Group Account Europe/Middle East France Industrials REXEL SA 0.49 0.03 LA Water and Power - IG Group Account Europe/Middle East France Industrials SAFRAN (SOCIETE D APPLICAT) 0.49 0.15 LA Water and Power - IG Group Account Europe/Middle East France Telecom Services ILIAD GROUP SA 0.47 0.04 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Utilities SSE PLC 0.44 0.14 LA Water and Power - IG Group Account Europe/Middle East France Materials ARKEMA 0.41 0.03 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Energy AMEC FOSTER WHEELER PLC 0.41 0.03 LA Water and Power - IG Group Account Europe/Middle East Italy Telecom Services TELECOM ITALIA SPA NEW 0.39 0.12 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Consumer Discretionary DIXONS CARPHONE PLC 0.35 0.04 LA Water and Power - IG Group Account Europe/Middle East Belgium Health Care UCB SA 0.34 0.06 LA Water and Power - IG Group Account Europe/Middle East United Kingdom Materials RANDGOLD RESOURCES LTD 0.34 0.04 LA Water and Power - IG Group Account Europe/Middle East Austria Industrials ANDRITZ AG 0.33 0.02 LA Water and Power - IG Group Account Europe/Middle East Germany Industrials SIEMENS AG (REGD) 0.30 0.51 LA Water and Power - IG Group Account Europe/Middle East Germany Telecom Services TELEFONICA DEUTSCHLAND HLDG AG 0.17 0.02

*Weightings are shown against the MSCI World ex-US IMI (N). Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.

37 For Institutional Use Only 201508-18035 International Growth Holdings by Region*

Fund Benchmark Fund Name Region Country Sector Security Name End Weight End Weight LA Water and Power - IG Group Account Japan Japan Consumer Discretionary TOYOTA MOTOR CORP 1.33 1.05 LA Water and Power - IG Group Account Japan Japan Financials MITSUBISHI UFJ FINL GRP INC 1.32 0.54 LA Water and Power - IG Group Account Japan Japan Health Care ASTELLAS PHARMA INC 1.02 0.21 LA Water and Power - IG Group Account Japan Japan Telecom Services KDDI CORP 0.69 0.28 LA Water and Power - IG Group Account Japan Japan Financials ORIX CORP 0.65 0.12 LA Water and Power - IG Group Account Japan Japan Consumer Staples ASAHI GROUP HOLDINGS LTD 0.63 0.08 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary SONY CORP 0.58 0.21 LA Water and Power - IG Group Account Japan Japan Financials MITSUI FUDOSAN CO 0.56 0.17 LA Water and Power - IG Group Account Japan Japan Utilities KANSAI ELECTRIC POWER CO INC 0.52 0.06 LA Water and Power - IG Group Account Japan Japan Information Technology MURATA MFG CO LTD 0.51 0.19 LA Water and Power - IG Group Account Japan Japan Consumer Staples NH FOODS LTD 0.51 0.03 LA Water and Power - IG Group Account Japan Japan Industrials EAST JAPAN RAILWAY CO 0.51 0.20 LA Water and Power - IG Group Account Japan Japan Health Care SANTEN PHARMACEUTICAL CO LTD 0.49 0.04 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary FUJI HEAVY INDUSTRIES LTD 0.42 0.13 LA Water and Power - IG Group Account Japan Japan Materials NIPPON SHOKUBAI CO LTD 0.41 0.01 LA Water and Power - IG Group Account Japan Japan Health Care HOYA CORP 0.40 0.11 LA Water and Power - IG Group Account Japan Japan Industrials NIDEC CORP 0.40 0.11 LA Water and Power - IG Group Account Japan Japan Materials SUMITOMO CHEMICAL CO LTD 0.36 0.05 LA Water and Power - IG Group Account Japan Japan Telecom Services SOFTBANK GROUP CORP 0.35 0.36 LA Water and Power - IG Group Account Japan Japan Financials SOMPO JAPAN NIPPONKOA HOLD INC 0.34 0.07 LA Water and Power - IG Group Account Japan Japan Materials DAICEL CORP 0.34 0.02 LA Water and Power - IG Group Account Japan Japan Information Technology KEYENCE CORP 0.33 0.14 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary FAST RETAILING CO LTD 0.32 0.14 LA Water and Power - IG Group Account Japan Japan Financials HITACHI CAPITAL CORPORATION 0.31 0.01 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary MARUI GROUP CO LTD 0.31 0.02 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary BRIDGESTONE CORP 0.30 0.14 LA Water and Power - IG Group Account Japan Japan Information Technology KONICA MINOLTA INC 0.29 0.03 LA Water and Power - IG Group Account Japan Japan Information Technology NINTENDO CO LTD 0.28 0.14 LA Water and Power - IG Group Account Japan Japan Industrials MISUMI GROUP INC 0.28 0.02 LA Water and Power - IG Group Account Japan Japan Industrials MAKITA CORP 0.27 0.04 LA Water and Power - IG Group Account Japan Japan Information Technology FUJIFILM HOLDINGS CORP 0.26 0.12 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary DENSO CORP 0.25 0.14 LA Water and Power - IG Group Account Japan Japan Financials MITSUBISHI UFJ LEA&FIN CO LTD 0.25 0.02 LA Water and Power - IG Group Account Japan Japan Health Care ONO PHARMACEUTICAL CO LTD 0.24 0.07 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary YAMAHA MOTOR CO LTD 0.24 0.03 LA Water and Power - IG Group Account Japan Japan Telecom Services NIPPON TELEGRAPH & TELEPHONE 0.21 0.19 LA Water and Power - IG Group Account Japan Japan Financials NOMURA HOLDINGS INC 0.21 0.15 LA Water and Power - IG Group Account Japan Japan Materials JSR CORP 0.20 0.02 LA Water and Power - IG Group Account Japan Japan Information Technology SQUARE ENIX HOLDINGS CO LTD 0.20 0.01 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary DENTSU INC 0.19 0.07

*Weightings are shown against the MSCI World ex-US IMI (N). Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.

38 For Institutional Use Only 201508-18035 International Growth Holdings by Region*

Fund Benchmark Fund Name Region Country Sector Security Name End Weight End Weight LA Water and Power - IG Group Account Japan Japan Industrials NGK INSULATORS LTD 0.19 0.04 LA Water and Power - IG Group Account Japan Japan Information Technology ITOCHU TECHNO-SOLUTIONS CORP 0.19 0.01 LA Water and Power - IG Group Account Japan Japan Utilities KYUSHU ELEC POWER CO INC 0.19 0.03 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary CYBER AGENT INC 0.18 0.01 LA Water and Power - IG Group Account Japan Japan Information Technology TDK CORP 0.18 0.05 LA Water and Power - IG Group Account Japan Japan Information Technology OBIC CO LTD 0.17 0.02 LA Water and Power - IG Group Account Japan Japan Financials SURUGA BANK LTD 0.15 0.02 LA Water and Power - IG Group Account Japan Japan Information Technology GMO INTERNET INC 0.15 0.01 LA Water and Power - IG Group Account Japan Japan Industrials MABUCHI MOTOR CO LTD 0.14 0.01 LA Water and Power - IG Group Account Japan Japan Health Care EISAI CO LTD 0.14 0.11 LA Water and Power - IG Group Account Japan Japan Consumer Staples SUGI HOLDINGS CO LTD 0.13 0.01 LA Water and Power - IG Group Account Japan Japan Consumer Staples AIN PHARMACIEZ INC 0.13 0.01 LA Water and Power - IG Group Account Japan Japan Industrials DAIKIN INDUSTRIES LTD 0.11 0.09 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary CASIO COMPUTER CO LTD 0.11 0.03 LA Water and Power - IG Group Account Japan Japan Financials JAPAN EXCHANGE GROUP INC 0.06 0.06 LA Water and Power - IG Group Account Japan Japan Consumer Discretionary NGK SPARK PLUG CO LTD 0.06 0.03

*Weightings are shown against the MSCI World ex-US IMI (N). Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.

39 For Institutional Use Only 201508-18035 International Growth Holdings by Region*

Fund Benchmark Fund Name Region Country Sector Security Name End Weight End Weight LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Financials AIA GROUP LTD 0.84 0.43 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials COMMONWEALTH BK OF AUSTRALIA 0.56 0.58 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Consumer Discretionary TECHTRONIC INDUSTRIES CO LTD 0.54 0.03 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Telecom Services TELSTRA CORP LTD 0.53 0.11 LA Water and Power - IG Group Account Pacific Basin ex JP Singapore Financials DBS GROUP HOLDINGS LTD 0.53 0.14 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Industrials CK HUTCHISON HOLDINGS LTD 0.51 0.23 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials WESTPAC BANKING CORP 0.48 0.44 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Financials BANK OF CHINA HONG KONG LTD 0.44 0.08 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials MACQUARIE GROUP LTD 0.41 0.10 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Health Care CSL LIMITED 0.41 0.20 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Health Care RAMSAY HEALTH CARE LTD 0.38 0.04 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Materials AMCOR LTD 0.35 0.08 LA Water and Power - IG Group Account Pacific Basin ex JP New Zealand Health Care RYMAN HEALTHCARE GROUP LTD 0.35 0.01 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Materials JAMES HARDIE INDUSTRES PLC CDI 0.28 0.04 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Financials CHEUNG KONG PROPERTY HLDGS LTD 0.27 0.12 LA Water and Power - IG Group Account Pacific Basin ex JP Singapore Industrials COMFORTDELGRO CORP LTD 0.23 0.03 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Industrials TRANSURBAN GROUP STAPLED UNIT 0.20 0.08 LA Water and Power - IG Group Account Pacific Basin ex JP Singapore Telecom Services SINGAPORE TELECOM LTD (SING) 0.19 0.14 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Telecom Services PCCW LTD 0.16 0.01 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials GOODMAN GROUP STAPLED UNIT 0.16 0.05 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials CHALLENGER LTD 0.16 0.02 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Financials HONG KONG EXCHS & CLEARING LTD 0.15 0.17 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Information Technology TENCENT HOLDINGS LIMITED 0.13 0.00 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Materials INCITEC PIVOT LTD 0.12 0.03 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Utilities APA GROUP (STAPLED) 0.11 0.04 LA Water and Power - IG Group Account Pacific Basin ex JP New Zealand Industrials AUCKLAND INTL AIRPORT LTD 0.10 0.02 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Financials WHEELOCK & CO LTD 0.09 0.03 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials NATIONAL AUSTRALIA BANK LTD 0.09 0.37 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials LEND LEASE GROUP (STAPLED) 0.09 0.04 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Consumer Staples WESFARMERS LTD 0.09 0.21 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Materials BHP BILLITON LTD 0.08 0.37 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Consumer Discretionary REA GROUP LTD 0.08 0.01 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Materials RIO TINTO LTD 0.07 0.10 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Industrials SEEK LTD 0.07 0.02 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Energy WOODSIDE PETROLEUM LTD 0.05 0.11 LA Water and Power - IG Group Account Pacific Basin ex JP New Zealand Health Care FISHER & PAYKEL HLTHCARE CORP 0.05 0.02 LA Water and Power - IG Group Account Pacific Basin ex JP Singapore Financials UNITED OVERSEAS BANK (LOC) 0.05 0.11 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Financials AMP LTD (POST RECON) 0.05 0.08 LA Water and Power - IG Group Account Pacific Basin ex JP Australia Industrials BRAMBLES LTD 0.04 0.07 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Consumer Discretionary SAMSONITE INTERNATIONAL S.A. 0.04 0.00 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Information Technology LENOVO GROUP LTD 0.02 0.00 LA Water and Power - IG Group Account Pacific Basin ex JP Hong Kong Information Technology PAX GLOBAL TECHNOLOGY LTD 0.01 0.00

*Weightings are shown against the MSCI World ex-US IMI (N). Client data shown. Note: Differences are due to rounding. Not a recommendation or offer to buy or sell securities.

40 For Institutional Use Only 201508-18035 Appendix Pyramis International Growth—Glossary One Year Ended August 31, 2015

Term Definition Price to Earnings A valuation ratio of an investments current share price compared to its per-share earnings. Earnings Growth The growth of earnings per share over time. Return on Equity The amount of net income returned as a percentage of shareholders equity. Price to Book A ratio used to compare an investments market value to its book value. Price to Sales A ratio for valuing an investment relative to its own past performance, other investments or the market itself. Price to Cash Flow A ratio used to compare an investments market value to its cash flow. Weighted Average Market Cap A portfolio weighted by the market capitalization of each stock in the portfolio. Dividend Yield A financial ratio that shows how much an investment pays out in dividends each year relative to its share price. Tracking Error A divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark. A statistical measure of the historical volatility of a mutual fund or portfolio, usually computed using 36 monthly returns. Standard Deviation More generally, a measure of the extent to which numbers are spread around their average. Relative Volatility The standard deviation of an investment's or portfolio's return divided by the standard deviation of another portfolio. A measurement of how closely a portfolio's performance correlates with the performance of a benchmark index and thus a R-Squared measurement of what portion of its performance can be explained by the performance of the overall market or index. Values for r-squared range from 0 to 1, where 0 indicates no correlation and 1 indicates perfect correlation. Correlation Coefficient A statistical measure of how two investments move in relation to each other. A quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market. Specifically, Beta the performance the stock, fund or portfolio has experienced in the last 5 years as the index moved 1% up or down. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile. Annualized Alpha The annualized excess return of a portfolio relative to the annualized return of the benchmark. Sharpe Ratio A measure of the excess return per unit of deviation in an investment asset or trading strategy, typically referred to as risk. Information Ratio A measure of the risk adjusted return of a portfolio A coefficient which measures risk-adjusted performance, factoring in the risk due to the specific security, rather than the Jensen's Alpha overall market. A measurement of the returns earned in excess of that which could have been earned on an investment that has no Treynor Ratio diversifiable risk per each unit of risk assumed. Measures the risk of loss on a specific portfolio of financial assets. VaR is defined as a threshold value such that the Value at Risk probability that the mark-to-market loss on a portfolio over the given time horizon exceeds this value is the given probability level.

Benchmark: MSCI EAFE (N). Past performance is no guarantee of future results. Client data shown. 42 For Institutional Use Only 201508-18035 Important Information

Read this important information carefully before making any investment. Speak with your relationship manager if you have any questions.

Risks

Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives and risk tolerance. Investors should be aware that an investment's value may be volatile and any investment involves the risk that you may lose money. Performance results for individual accounts will differ from performance results for composites and representative accounts due to factors such as portfolio size, account objectives and restrictions, and factors specific to a particular investment structure. The value of a strategy's investments will vary day to day in response to many factors, including in response to adverse issuer, political, regulatory, market or economic developments. The value of an individual security or a particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. Nearly all accounts are subject to volatility in non-US markets, either through direct exposure or indirect effects on US markets from events abroad, including fluctuations in foreign currency exchange rates and, in the case of less developed markets, currency illiquidity. Derivatives may be volatile and involve significant risk, such as credit risk, currency risk, leverage risk, counterparty risk and liquidity risk. Using derivatives can disproportionately increase losses and reduce opportunities for gains in certain circumstances. Investments in derivatives may have limited liquidity and may be harder to value, especially in declining markets. Derivatives involve leverage because they can provide investment exposure in an amount exceeding the initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. A small change in the underlying asset, instrument, or index can lead to a significant loss. Assets segregated to cover these transactions may decline in value and are not available to meet redemptions. Government legislation or regulation could affect the use of these transactions and could limit the ability to pursue such investment strategies. The performance of international strategies depends upon currency values, political and regulatory environments, and overall economic factors in the countries in which they invest. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Foreign exchange rates also can be extremely volatile. The risks are particularly significant for strategies that focus on a single country or region. The securities, derivatives and currency markets of emerging market countries are generally smaller, less developed, less liquid, and more volatile than the securities, derivatives and currency markets of the United States and other developed markets and disclosure and regulatory standards in many respects are less stringent. There also may be a lower level of monitoring and regulation of markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Government enforcement of existing market regulations is limited, and any enforcement may be arbitrary and the results may be difficult to predict. Emerging market countries are more likely than developed market countries to experience political uncertainty and instability, including the risk of war, terrorism, nationalization, limitations on the removal of funds or other assets, or diplomatic developments that affect investments in these countries. In many cases, governments of emerging market countries continue to exercise significant control over their economies. In addition, there is a heightened possibility of expropriation or confiscatory taxation, imposition of withholding taxes on interest payments, or other similar developments that could affect investments in those countries. These materials contain statements that are “forward-looking statements,” which are based on certain assumptions of future events. Forward-looking statements are based on information available on the date hereof, and Pyramis does not assume any duty to update any forward-looking statement. Actual events may differ from those assumed. There can be no assurance that forward-looking statements, including any projected returns, will materialize or that actual market conditions and/or performance results will not be materially different or worse than those presented.

43 For Institutional Use Only 201508-18035 699591.3.0 Important Information, continued

Performance Data

Performance data is generally presented gross of any fees and expenses, including advisory fees, which when deducted will reduce returns. See the GIPS® Composite Performance Data for performance figures that are net of the maximum investment advisory fee charged any client employing this strategy. Some clients may request a performance fee arrangement, which if imposed will also reduce returns when deducted. See Pyramis' Form ADV for more information about advisory fees if Pyramis Global Advisors, LLC is the investment manager to the account. For additional information about advisory fees related to other Pyramis advisory entities, speak with your relationship manager. All results reflect realized and unrealized appreciation and the reinvestment of dividends and investment income, if applicable. Taxes have not been deducted. In conducting its investment advisory activities, Pyramis utilizes certain assets, resources and investment personnel of FMR Co. and its affiliates, which do not claim compliance with the Global Investment Performance Standards (GIPS®). Representative account information is based on an account in the subject strategy’s composite that generally reflects that strategy’s management and is not based on performance of that account. An individual account’s performance will vary due to many factors, including inception dates, portfolio size, account guidelines and type of investment vehicle. Index or benchmark performance shown does not reflect the deduction of advisory fees, transaction charges and other expenses, which if charged would reduce performance. Investing directly in an index is not possible. Unless otherwise indicated, references made to product assets under management (“AUM”) are to the GIPS firm AUM for the strategy which include all discretionary and, if applicable, non-discretionary portfolios. **** The business unit of Pyramis Global Advisors (Pyramis) includes the following entities, or divisions of entities: Pyramis Global Advisors Holdings Corp., a Delaware corporation; Pyramis Global Advisors Trust Company, a non-depository trust company (PGATC); Pyramis Global Advisors, LLC, a U.S. registered investment adviser (PGA LLC); Pyramis Global Advisors (Canada) ULC, an Ontario registered investment adviser; the Pyramis division of FMR Investment Management (UK) Limited, a U.K. registered investment manager and U.S. registered investment adviser (FMRIM-UK); the Pyramis division of Fidelity Management & Research (Hong Kong) Limited, a Hong Kong registered investment adviser and U.S. registered investment adviser (FMRHK); Pyramis Distributors Corporation LLC, a U.S. registered broker-dealer; and Fidelity Investments Canada ULC, an Alberta corporation (FIC). Investment services are provided by PGATC, PGA LLC, Pyramis Global Advisors (Canada) ULC, and/or FMRIM-UK. "Fidelity Investments" and/or “Fidelity” refers collectively to FMR LLC, a US company, and its subsidiaries, including but not limited to Fidelity Management & Research Company (FMR Co.) and Pyramis. Products and services presented here are managed by the Fidelity Investments companies of Pyramis Global Advisors, LLC, a registered investment adviser, or Pyramis Global Advisors Trust Company, a non-depository trust company. Pyramis products and services may be presented by Fidelity Investments Institutional Services Company, Inc., Fidelity Investments Canada ULC, FIL Limited, or Fidelity Brokerage Services, LLC, Member NYSE, SIPC, all non-exclusive financial intermediaries that are affiliated with Pyramis and compensated for such services. Certain data and other information in this presentation have been supplied by outside sources and are believed to be reliable as of the date of this document. Data and information from third-party databases, such as those sponsored by eVestment Alliance and Callan, are self-reported by investment management firms that generally pay a subscription fee to use such databases, and the database sponsors do not guarantee or audit the accuracy, timeliness or completeness of the data and information provided including any rankings. Rankings or similar data reflect information at the time rankings were retrieved from a third-party database, and such rankings may vary significantly as additional data from managers are reported. Pyramis has not verified and cannot verify the accuracy of information from outside sources, and potential investors should be aware that such information is subject to change without notice. Information is current as of the date noted. Pyramis has prepared this presentation for, and only intends to provide it to, institutional, sophisticated and/or qualified investors in one-on-one or comparable presentations. Do not distribute or reproduce this report. Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or its affiliated companies. Pyramis does not provide legal or tax advice and we encourage you to consult your own lawyer, accountant or other advisor before making an investment. Not FDIC Insured · No Bank Guarantee · May Lose Value

44 For Institutional Use Only 201508-18035 699591.3.0 GIPS Composite Performance Data International Growth Plus Canada Composite (USD) Versus MSCI EAFE + Canada Index (Net) As of June 30, 2015 Period Composite Return Composite Return Benchmark Return Value Added (%)* Number of Portfolios Total Composite Composite 3 Year Benchmark 3 Year Asset Weighted Percent of Firm's (Gross%) (Net%) (%) Assets End of Period Standard Deviation Standard Deviation Standard Deviation Assets ($M) (%) (%) (%) 2015 YTD 6.29 5.87 4.34 1.95 6 4,603 10.09 10.41 N/A less than 1% 2014 Annual (5.38) (6.14) (4.32) (1.06) 6 4,332 12.71 12.92 0.35 less than 1% 2013 Annual 26.24 25.26 21.02 5.22 6 4,761 16.27 16.20 0.41 less than 1% 2012 Annual 20.34 19.39 16.41 3.93 6 3,788 19.09 19.31 0.92 less than 1% 2011 Annual (11.07) (11.78) (12.21) 1.14 6 2,543 21.89 22.66 0.23 less than 1% 2010 Annual 12.16 11.27 8.95 3.21 7 3,544 26.14 26.67 0.39 2% 2009 Annual 35.18 34.12 33.67 1.51 8 4,109 23.98 24.22 N/A 3% 2008 Annual (42.84) (43.32) (43.56) 0.72 5 2,213 20.24 19.73 0.26 1% 2007 Annual 17.12 16.20 12.44 4.68 6 5,021 10.31 9.85 0.77 2% 2006 Annual 23.44 22.47 25.71 (2.27) 8 4,515 9.99 9.60 0.57 2% 2005 Annual 17.69 16.77 14.47 3.22 8 3,942 N/A N/A 0.38 2% * Value Added is calculated by taking the gross composite return less the benchmark return. Notes Definition of the "Firm" Composite Description For GIPS purposes, the "Firm" includes: (1) all of the portfolios managed by the investment management units of the The investment objective of this composite is to add consistent value to the MSCI EAFE + Canada Index (Net) by Pyramis Global Advisors group of companies ("Pyramis"); and (2) portfolios managed by Pyramis' affiliates, Fidelity combining the Firm's most attractive international and Canadian stock picks with a bottom-up asset allocation process. Management & Research Company and its subsidiaries ("FMR Co.") and/or Fidelity Investments Money Management, The composite is composed of all fee-paying discretionary accounts that are managed by the Firm in this style. Inc. ("FIMM"), that are also substantially similar to institutional mandates advised by Pyramis and managed by the same portfolio management team. Composite Creation Date This composite was created in 2003 Changes to Definition of the "Firm" Effective January 1, 2009, the definition of the Firm was revised to exclude Pyramis' management of funds that invest in Fee Schedule real estate and exclude other affiliated advisers or divisions no longer held out to the public as a part of Pyramis. The maximum scheduled investment advisory fee for this strategy is 80 basis points, which may be subject to certain Effective January 1, 2011, the definition of the Firm was revised to include substantially similar investment strategies decreases as assets under management increase. The investment advisory fee applicable to a portfolio depends on a managed by FMR Co. and/or FIMM and the same portfolio management team. Effective January 1, 2013, the definition variety of factors, including but not limited to portfolio size, the level of committed assets, service levels, the use of a of the Firm was revised to include subsidiaries of FMR Co. performance fee or minimum fee arrangement, and other factors.

Basis of Presentation Effect of Investment Advisory Fee The Firm claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and Returns will be reduced by the investment advisory fee and any other expenses incurred in the management of the presented this report in compliance with the GIPS standards. The Firm has been independently verified for the periods portfolio. For example, an account with a compound annual return of 10% would have increased by 61% over five January 1, 1990 through December 31, 2013. The verification reports are available upon request. Verification assesses years. Assuming an annual advisory fee of 80 basis points, the net return would have been 55% over five years. whether (1) the firm has complied with all of the composite requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the Derivative Exposure GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The Firm's list of Typically, portfolios may make limited use of derivative instruments to manage and invest cash inflows of underlying composite descriptions is available upon request. Policies for valuing portfolios, calculating performance, and preparing accounts within the composite. They are not used for hedging purposes. Derivative instruments are only used when and compliant presentations are available upon request. as client guidelines permit. Returns Gross composite returns do not reflect the deduction of investment advisory ("IA"), administrative or custodial fees, but Use of a Sub-Advisor do include trading expenses. Net composite returns are calculated by deducting the maximum standard IA fee that In conjunction with the re-definition of the Firm effective January 1, 2009 the Firm has used a sub-advisor since that could have been charged to any client employing this strategy during the time period shown, exclusive of performance time in managing a portion of this strategy. fee or minimum fee arrangements. IA fees paid by a client vary depending upon a variety of factors, including portfolio size and the use of any performance fee or minimum fee arrangement. Actual returns will be reduced by the IA fee and any administrative, custodial, or other fees and expenses incurred. Returns could be higher or lower than those shown. A client's fees are generally calculated based on the average month-end assets at market value during the quarter as Past performance is no guarantee of future results. calculated by the Firm, and are billed quarterly in arrears. More information regarding fees is available upon request. These investment performance statistics were calculated without a provision for United States income taxes. 521784.12.0

45 For Institutional Use Only 201508-18035 Biographies

Chris Steward, CFA Co-Lead Portfolio Manager Chris Steward is an institutional portfolio manager at Pyramis Global Advisors, a Fidelity Investments company. In this role, he is co-lead portfolio manager for the Pyramis International Growth strategy and a member of the Select International Small Cap portfolio management team. Prior to joining Pyramis in 2006, Chris was a vice president and portfolio advisor at Wellington Management. In that role, he conducted investment reviews with prospects and clients on a broad range of equity, fixed income, and asset allocation products. Chris also worked with the global asset allocation and global fixed income groups at Putnam Investments; he served as an analyst and portfolio manager in his five years with the global bond group at Scudder, Stevens & Clark. Additionally, Chris worked for five years as an analyst in various capacities with the Federal Reserve Bank of New York. He has been in the investments industry since 1987. Chris earned his bachelor of arts degree from Vassar College and his master of arts degree in economics from Cambridge University in England. In addition to being a Chartered Financial Analyst (CFA) charterholder, Chris also has authored and co-authored numerous texts on international investing, one of which was a required reading for Level lll of the CFA program.

Brian Hoesly, CFA Co-Lead Portfolio Manager Brian Hoesly is an institutional portfolio manager at Pyramis Global Advisors, a Fidelity Investments company. In this role, he is co-lead portfolio manager for the Pyramis International Growth strategy and a member of the International Value portfolio management team. Prior to joining Pyramis in 2006, Brian was a vice president at Wellington Management, working with clients invested in multiplestrategies, including international equities and asset allocation. He actively conducted portfolio reviews on a wide array of strategies articulating performance, process, holdings, and investment themes on behalf of portfolio management teams. Prior to that, he served in the product and investment areas of Mellon Trust, the global data research group at Interactive Data Corporation, and with Kidder, Peabody & Co., Inc. Brian has been in the investments industry since 1987. Brian earned his bachelor of science degree from the University of Wisconsin and his master’s degree in business administration from Boston University. He is a Chartered Financial Analyst (CFA) charterholder and a member of the Boston Securities Analysts Society.

46 For Institutional Use Only 201508-18035 Biographies

Peter Hadden Portfolio Manager Peter Hadden is a portfolio manager at Pyramis Global Advisors, a Fidelity Investments company. In this role, he manages several institutional portfolios and is the lead portfolio manager of the European regional portfolio of the Pyramis International Growth strategy. Peter has more than 25 years industry experience and prior to joining Pyramis in 2005, Peter was a senior portfolio manager at Putnam Investments beginning in 2000, where he managed several international growth funds for the International Growth Equities group. From 1996 to 2000, he was a senior analyst in the Specialty Growth Equities group. Peter also served as a corporate bond analyst and beganhis investment career with the Bank of New England in 1988 as an insurance and credit analyst. Prior to business school, he spent two years as a bank liquidation specialist at the Federal Deposit Insurance Corporation. Peter earned his bachelor of arts degree in political science from Clark University and his master of business administration degree from Harvard University.

Eileen Dibb, CFA Lead Portfolio Manager, Asia Growth Strategies Eileen Dibb is lead portfolio manager, Asia Growth Strategies at Pyramis Global Advisors, a Fidelity Investments company. In this role, she manages the Pyramis Asian Growth strategies including Pyramis Japan Growth and Pyramis Pac Basin Growth. Prior to assuming her current role at Pyramis, Eileen worked as a portfolio manager for Pyramis Japan Growth from 2008 to 2013. Previously, Eileen was responsible for researching and analyzing Asian stocks for a global equity portfolio managed by Fidelity Investments.Prior to joining Fidelity in 2005, she was a vice president and a regional analyst at Wellington Management Company, where she managed dedicated Japan portfolios. Prior to joining Wellington in 1999, she was an international equity analyst at DuPont Pension Fund, beginning in 1997. Eileen also served in a number of roles at The Dai-ichi Mutual Life Insurance Company from 1992 through 1996. She has been in the investments industry since 1996. Eileen earned her bachelor of arts degree in international relations and Japanese studies from Bucknell University and her master of business administration degree from the Wharton School at the University of Pennsylvania. She completed a program of study at the Center for Japanese Studies at Nanzan University in Nagoya, Japan and is fluent in Japanese. She is a Chartered Financial Analyst (CFA) charterholder and a former board member of the Boston Security Analysts Society.

47 For Institutional Use Only 201508-18035 Biographies

Joe Overdevest Portfolio Manager Joe Overdevest is a portfolio manager at Pyramis Global Advisors, a Fidelity Investments Company. In this role, Joe manages the Canadian Focused Equity strategy, the Canadian equity sub-portfolio of Pyramis International Growth strategy, and the Canadian equity sub-portfolio of Fidelity Global Fund. He is a portfolio co-manager of Fidelity Global Natural Resources Fund and manages the equity sub-portfolio of Fidelity Canadian Asset Allocation Fund. He is also portfolio co-manager of Pyramis Canadian Systematic Equity and Pyramis Canadian Core Equity. Before assuming his current role, Joe was a research analyst with Team Canada, the research and portfolio management team for investment products sold through Fidelity Investments Canada ULC. Previous areas of coverage include Canadian oil and gas, diversified financials, telecommunications, retail, consumer durables, and automotive parts. He has been in the investments industry since 2002. Joe earned his bachelor of business administration honours degree from Wilfrid Laurier University.

Jonathan Cummins, CFA Associate Portfolio Manager/Analyst Jonathan Cummins is an associate portfolio manager/analyst at Pyramis Global Advisors, a Fidelity Investments company. In this role, he supports the European regional portfolio of the Pyramis International Growth strategy. Jon maintains his responsibilities for covering European Industrials, which was his prior role as a research analyst before assuming his current position as associate portfolio manager/analyst. Prior to joining Pyramis, Jonathan was a research analyst from 2003 to 2008 at F&C Asset Management. From 1999 to 2002, he was an analyst for SG Securities in London. Jonathan earned his degree in economics from the University of Bristol in the United Kingdom. He is also a Chartered Financial Analyst (CFA) charterholder.

48 For Institutional Use Only 201508-18035 Biographies

Camille Carlstrom Associate Portfolio Manager/Analyst Camille Carlstrom is an associate portfolio manager/analyst at Pyramis Global Advisors, a Fidelity Investments company. In this role, she focuses on the Japan Growth strategy within the International Growth team. Camille joined Fidelity in 2012. Prior to her current role, she was an analyst at Putnam Investments, Investment Division from August 2000 to September 2012. Her primary responsibilities included fundamental research coverage of more than 100 financial sector stocks, banks, insurance, credit cards, brokerage, and real estate, across developed and emerging Asia. From 2004 to 2009, she co-managed the Asian Financials Fund, which was a sleeve of a diversified fund specializing in Asian financials. From 2003 to 2009, she co-managed the early career program for equity research. Previously, she was a business analyst at Putnam Investments, Corporate Development from August 2000 to October 2001. Prior roles also include serving as an investment associate at Putnam Investments, Investment Division from September 1996 to July 1998 and an assistant national bank examiner at the Office of the Comptroller of the Currency, Supervision Department from June 1992 to August 1996. She has been in the investments industry since 1996. Camille earned her bachelor of arts degree in finance and accounting from Villanova University and her master of business administration degree from the MIT Sloan School of Management.

Bruce MacDonald Associate Portfolio Manager/Analyst Bruce MacDonald is an associate portfolio manager/analyst at Pyramis Global Advisors, a Fidelity Investments company. In this role, he works as an Asian Industrials analyst and associate Portfolio Manager on the Asia Pacific portfolio in Hong Kong. Prior to joining Pyramis, Bruce focused on global industrials and utilities at Martin Currie Investment Management in Edinburgh. Prior to that, he held research positions at Teather & Greenwood, Deutsche Bank, and Smith New Court. Before entering financial services, Bruce began his career as an officer in the Royal Navy before working as aerospace engineer for Westland Helicopters. He has been in the investments industry since 1993. Bruce earned his bachelor of science degree in aeronautical engineering from Glasgow University, his master of science degree in aerospace engineering from Princeton, and his master of business administration degree from the University of Bath.

49 For Institutional Use Only 201508-18035 Biographies

Sue Curran Senior Vice President, Relationship Manager Sue Curran is senior vice president, relationship manager at Pyramis Global Advisors, a Fidelity Investments company. In this role, she is responsible for overall management of institutional client relationships, including many large public and corporate pension funds, throughout the U.S. Sue joined Fidelity in 2001. Prior to assuming her current role, she was a director at Deutsche Asset Management responsible for covering public funds in the Western region of the U.S. Before joining Deutsche Asset Management, she was a vice president of public funds at Bank of America. Prior to that, Sue held various management and sales positions at Merrill Lynch. She has been in the investments industry since 1980. Sue earned her bachelor of arts degree from Wheaton College. She also holds the Financial Industry Regulatory Authority (FINRA) Series 7 and 63 licenses.

50 For Institutional Use Only 201508-18035