Gwinnett County, Georgia Investment Committee of the RPMC Agenda

Gwinnett County, Georgia Investment Committee of the RPMC

December 14, 2012 9:30 a.m. Second Floor, Financial Services - Dogwood Conference Room

Agenda

Call to order

1. Approval of Agenda* ML

2. Approval of Investment Committee Minutes* ML

3. Gwinnett IPS Monitoring Report Discussion

4. Large Cap Growth Manager Search ML i. Columbia ii. TCW

Adjournment*

*Action Items

Gwinnett County, Georgia Investment Committee of the RPMC Quarterly Meeting Minutes November 09, 2012 8:30 a.m. Dogwood Conference Room - GJAC

Members Present: Mike Ludwiczak, Karen Karasinski, Bill Rodenbeck, Phil Hoskins, Paul Turner,

Staff Present: Aaron Bovos, Debbi Davidson, Megan Ward, Rick Reagan

Others Present: UBS Members – Scott Olsen, Earle Dodd; Great-West Members - Donald Erwin, Fred Minot, Michael Baker; BNY Mellon – Ray Kronz (via teleconference)

Chairman Mike Ludwiczak called the meeting to order at 8:36 a.m.

1. Approval of Agenda

Action: Motion to Approve: Paul Turner; Second: Phil Hoskins. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Hoskins – Yes; Karasinski – Yes; Turner – Yes.

2. Approval of Investment Committee Minutes

Regular Meeting: 9:30 A.M. October 12, 2012

Action: Motion to Approve: Phil Hoskins; Second: Paul Turner. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Turner – Yes; Hoskins– Yes; Karasinski – Yes.

3. Securities Lending Ray Kronz of BNY Mellon gave a brief overview of the Securities Lending services currently provided to the County by BNY Mellon. The full presentation is available on the County website.

Ray Kronz terminated his teleconference connection into the meeting at the conclusion of this item.

4. Third Quarter 2012 Report Great-West Michael Baker of Great-West reviewed the 3rd Quarter performance reports for the County’s DC plans. The full presentations are available on the County’s website.

5. Alerts for 401a/ 457b Mutual Funds

Michael Baker and Donald Erwin of Great-West reviewed a sample spreadsheet of alert messages that were drafted and asked for feedback regarding what criteria should appear on the spreadsheet in the future. These alerts were provided to address concerns about more closely monitoring funds that meet certain criteria as described in the investment policy. Michael will draft a revised spreadsheet for the committee to review at the next meeting.

6. Janus Global Calculation Anomaly

Michael Baker explained this issue more thoroughly. Measures are being taken to immediately address this issue in the future.

7. Third Quarter Investment Performance Report

Earle Dodd and Scott Olsen of UBS reviewed the 3rd Quarter performance reports for the County’s DB plans. The full presentations are available on the County’s website.

8. Asset Allocation Discussion

Action: Motion to re-allocate assets to 60/40 split from Bonds to Equities: Paul Turner; Second: Karen Karasinski. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Hoskins – Yes; Karasinski – Yes; Turner – Yes.

9. Status Update on Large Cap Manager Search

Sands Capital Management has withdrawn from contract negotiations therefore the committee discussed how to proceed with the LCG Manager search. Search will be discussed further at the next meeting.

10. 2013 Work Plan Mike Ludwiczak and committee members have drafted a work plan for 2013 that includes items the group wishes to accomplish over the next calendar year. This will be presented at the next RPMC meeting.

Adjournment

Action: Motion to Adjourn: Mike Ludwiczak; Second: Karen Karasinski. Vote (5-0); Ludwiczak – Yes; Rodenbeck – Yes; Hoskins – Yes; Karasinski – Yes; Turner – Yes.

Meeting was adjourned at 11:56 a.m.

Next meeting is Friday December 14, 2012 at 9:30 a.m. in the DoFS Dogwood Conference Room on the 2nd floor of GJAC at 75 Langley Drive Lawrenceville, GA 30046.

Name Ticker Style Manager Ownership Style Drift Regulatory Change Change Change Action Oppenheimer Developing Markets Y ODVYX Artisan International Inv ARTIX Columbia Small Cap Value Fund II Z NSVAX Oppenheimer Global Y OGLYX Royce Low Priced Stock Svc RYLPX American Century Mid Cap Value A ACLAX American Funds Growth Fund of Amer A AGTHX 1 Artisan Mid Cap Inv ARTMX Baron Growth Retail BGRFX Fidelity Contrafund FCNTX Janus Twenty T JAVLX Perkins Mid Cap Value T JMCVX Neuberger Berman Genesis Tr NBGEX Invesco Growth and Income Y ACGMX American Funds Invmt Co of America A AIVSX Dreyfus Intl Stock Index DIISX Fidelity Puritan FPURX Janus Balanced T JABAX Great-West Moderate Profile I Init MXOPX Great-West Aggressive Profile I Init MXPPX Great-West Moderately Agg Profile I Init MXRPX Great-West Moderately Cnsrv Prfl I Init MXTPX Great-West Conservative Profile I Init MXVPX Nuveen Tradewinds Value Opportunities I NVORX 2 JPMorgan High Yield A Load Waived OHYAX PIMCO Total Return Admin PTRAX TIAA-CREF Equity Index Instl TIEIX Vanguard Total Bond Market Index Signal VBTSX

Notes:

1. Dylan Yolles ‐ Staying with the company but moving to a different division of Capital Management and Research. Dylan gave up his role on GFA to focus on other strategies. Martin Romo: Newly disclosed PC on the fund. Martin has been managing on the fund for 2 years. Barry Crosthwaite: Newly disclosed PC on the fund. Barry has been managing on the fund for 5 years. Gordy Crawford is still listed as a PC on the fund. However he will be retiring at the end of the year. (November, 2012)

2. The style consistency of this fund slipped from medium to low. This fund does not have a market cap constraint and can be expected to be more of a multi‐cap fund with some international exposure. (November, 2012) Third Quarter 2012

Columbia Focused Large Cap Growth

Columbia Management Investment Advisers, LLC is an SEC-registered investment adviser that offers investment products and services under the names Columbia Management Investments, Columbia Management Capital Advisers, and Seligman Investments. All values are expressed in U.S. dollars unless otherwise noted. For purposes of compliance with the Global Investment Performance Standards (GIPS®), Columbia Management Investment Advisers, LLC has defined the institutional Firm as Columbia Management Investments, an operating division of Columbia Management Investment Advisers, LLC that offers investment management and related services to institutional clients.

Investment Risks: The strategy is subject to stock market fluctuations. By maintaining a relatively concentrated portfolio, there may be greater risk than a portfolio that is more fully diversified. The portfolio may invest in foreign securities. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, and other monetary and political risks. For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Focused Large Cap Growth Team

> Dedicated team focused solely on growth equity investing > Experienced professionals with wide breadth of industry knowledge > Complementary skills with clear accountability

Year joined Year joined Professional Role and sector focus team industry

Thomas M. Galvin, CFA Lead and senior portfolio manager 2003 1983

Senior portfolio manager; health care, Todd D. Herget 2003 1998 industrials and energy Senior portfolio manager; financials, Richard A. Carter 2003 1993 consumer and quantitative analysis Research analyst; technology, Michael W. Gnadinger, CFA 2004 2001 telecommunications and media industries

As of September 30, 2012.

Columbia Management Focused Large Cap Growth Team

firm-wide resources Thomas M. Galvin, CFA Todd D. Herget Lead and Senior Portfolio Manager Senior Portfolio Manager Joined industry in 1983 Joined industry in 1998 Independent Joined team in 2003 Joined team in 2003

perspectives available Richard A. Carter Michael W. Gnadinger, CFA to all portfolio Senior Portfolio Manager Research Analyst Joined industry in 1993 Joined industry in 2001 management teams Joined team in 2003 Joined team in 2004

Trading Quantitative Fundamental  Tier One Research Research – trading platform  6 research analysts Equity  Focus on capturing  Broad universe  Deep industry alpha — impact coverage opportunities knowledge  18 sector/industry  Comprehensive  Global specific models trading coverage sector coverage  Customized  22 analysts of all international investment reports  6 research markets  14 senior traders associates  3 intermediate  Work closely with traders our fixed income  1 junior trader counterparts  2 trading assistants

As of September 30, 2012

Firm tenure for staff that joined Columbia Management as part of its acquisition of the long-term asset management business of Columbia Management Group ("CMG") from Bank of America includes time at CMG and predecessor firms. 4 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Investment Approach

Seeks to: “We serve our clients best > Outperform benchmark and peer strategies by being consistently good, > Rank solidly in top quartile over full market cycle not just occasionally great.”

Colin Moore, CIO Columbia Management

Investment Philosophy

We believe that: S&P 500 Annual EPS S&P 500 Annual Price > Price follows earnings $120 1600

> Research can identify: $100 1400 . Strong growth company 1200 $80 attributes up 2823% 1000 up 2064% . “Good neighborhood” positives $60 800 . Timely opportunities $40 600 400 > Focus and risk awareness $20 enhance results 200

$- 0

1985 1960 1965 1970 1975 1980 1990 1995 2000 2005 2010

1960 1980 2000 1965 1970 1975 1985 1990 1995 2005 2010

For illustrative purposes only. Not meant to represent any actual investment. Source: Columbia Management Investment Advisers, LLC. There is no guarantee that the investment objectives will be achieved or that return expectations will be met.

Objective: Identify companies gaining market share in industries that are gaining wallet share as a percentage of GDP.

Growth and Quality Hurdles

> Market capitalization greater than $3B > Profit growth = earnings >12% > High quality = return on equity >15%

Resulting universe from primary growth and quality screen.

Result = 150–300 stocks

Potential Benefit: A mix of established- and emerging-growth companies creates a balanced, high-growth portfolio designed to generate earnings-per-share growth in the mid to high teens – considerably higher than the overall market.

Objective: Understand and manage risk more effectively in portfolio construction. Correlation chart Banks C BAC GS JPM WFC Avg C 1.00 0.77 0.66 0.75 0.68 0.71 BAC 0.77 1.00 0.72 0.81 0.75 0.76 GS 0.66 0.72 1.00 0.80 0.68 0.71 JPM 0.75 0.81 0.80 1.00 0.81 0.79 Tri valuation WFC 0.68 0.75 0.68 0.81 1.00 0.73

Energy CVX HAL SLB WFT XOM Avg > Short-term P/E multiple CVX 1.00 0.67 0.74 0.63 0.84 0.72 opportunity HAL 0.67 1.00 0.82 0.71 0.65 0.71 SLB 0.74 0.82 1.00 0.74 0.72 0.75 > Intermediate-term PEG ratio WFT 0.63 0.71 0.74 1.00 0.59 0.67 Result = 25–35 stock portfolio > Long-term economic XOM 0.84 0.65 0.72 0.59 1.00 0.70 value expectations Internet AKAM AMZN BIDU NFLX PCLN Avg AKAM 1.00 0.33 0.46 0.28 0.34 0.35 AMZN 0.33 1.00 0.45 0.38 0.48 0.41 BIDU 0.46 0.45 1.00 0.33 0.49 0.43 NFLX 0.28 0.38 0.33 1.00 0.29 0.32 PCLN 0.34 0.48 0.49 0.29 1.00 0.40

Biotech ALXN AMGN BIIB DNDN VRTX Avg ALXN 1.00 0.44 0.41 0.31 0.28 0.36 AMGN 0.44 1.00 0.43 0.27 0.29 0.36 BIIB 0.41 0.43 1.00 0.29 0.31 0.36 DNDN 0.31 0.27 0.29 1.00 0.26 0.28 VRTX 0.28 0.29 0.31 0.26 1.00 0.29

Potential Benefit: Attention to valuation and cross correlation governs volatility.

Sources: Columbia Management Investment Advisers, LLC and Bloomberg. As of June 2012, updated annually. The presentation is intended to show the performance correlation of one security against another security within the same sector, based upon a trailing three-year daily return relationship as of the date above. The securities chosen are representative of certain industry sectors within the Russell 1000 Growth Index. These charts are for illustrative purposes only and are not intended to be representative of specific portfolio holdings. Individual client portfolio holdings for this strategy may differ from those shown above. The listing of any securities herein should not be construed as a recommendation to buy or sell any issue. It should not be assumed that any of the securities or holdings discussed were or will prove to be profitable, or that investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein. 7 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Explicit Sell Discipline

Objective: Balance capital appreciation with capital preservation.

Fundamentals change – sell No longer meets three-year projected earnings growth criteria

Harvest success – sell/trim Trades within 10% of price objective

Diversification – sell/trim No company is more than 5% of portfolio. Portfolio cross-correlation average less than benchmark

Market message – review/sell Experiences 20% relative price decline in prior three-month period

Potential Benefit: Maximize potential alpha of the portfolio by continually challenging existing holdings. Integrated sell disciplines prevent rationalization of investment ideas (i.e., behavioral bias).

8 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Columbia Focused Large Cap Growth PortfolioAs of December Characteristics 31, 2011 * As of September 30, 2012

Columbia Focused Large Russell 1000 Growth Columbia Focused Large Russell 1000 Growth Fundamental Stats Market Cap Characteristics Cap Growth Index Cap Growth Index $45,226 $121,561 Price/Book (w td av g) 4.8 3.9 Market Cap (w td av g, mil$) $30,232 $52,290 P/E (w td av g, trailing 12 months) 24.8 17.5 Market Cap (w td median, mil$) P/E (w td av g, forw ard 12 months) 18.5 14.3 Market Cap Breakdown: % % EPS Grow th 3-5 Yr forw ard (w td av g) (%) 19.9 13.7 $100b+ 11.85 34.03 Price to Sales (w td av g) 3.0 1.7 $50-$100b 13.54 18.56 Return on Equity (w td av g) 23.1 23.7 $25b-$50b 33.63 14.98 Long Term Debt/Capital (w td av g) (%) 14.7 32.2 $10b-$25b 37.69 15.74 Cash (%) 0.5 0.0 $3b-$10b 3.30 15.07 Number of Holdings 29 567 $0b-$3b 0.00 1.63

Columbia Focused Russell 1000 Growth Top Holdings (% of net assets) Sector Weightings (%) Large Cap Growth (%) Index Amazon.com 4.6 1.3 Information Technology 33.8 Baidu Inc, ADR 4.4 0.0 32.6 25.9 Las Vegas Sands Corp 4.4 0.3 Consumer Discretionary 16.4 Michael Kors Holdings Ltd 4.2 0.1 24.3 Health Care 11.9 Biogen Idec Inc 4.1 0.5 Energy 7.5 Celgene Corp 4.1 0.5 4.1 3.1 LinkedIn Corp - A 4.0 0.1 Consumer Staples 12.7 Visa, Inc, Class A 3.9 1.0 Industrials 2.7 EOG Resources 3.9 0.4 11.8 2.6 Yum! Brands 3.9 0.4 Financials 4.3 Total 41.6 4.5 0.0 Materials 3.8 0.0 Telecommunication Services 2.3 0.0 Utilities 0.2 0 10 20 30 40 Sources: Columbia Management Investment Advisers, LLC and FactSet Research Systems. Columbia Focused Large Cap Growth Russell 1000 Growth Index Portfolio holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable. Characteristics are calculated by FactSet using data from Compustat. Statistics should not be used for comparative purposes against actual statistics as published by Russell-Mellon. The portfolio characteristics and holdings shown here reflect a representative portfolio and are subject to change at any time. All characteristics are as of September 30, 2012. * This information supplements the fully compliant Columbia Focused Large Cap Growth institutional composite presentation as provided in the Appendix of this presentation. 9 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Performance Attribution and Contribution* Columbia Focused Large Cap Growth vs. Russell 1000 Growth Index One-year as of September 30, 2012

Contribution to Ending Contribution to Ending Health Care Top 10 Contributors Top 10 Detractors Energy Return (% ) Weight (% ) Return (% ) Weight (% ) F5 Netw orks 2.08 3.30 Green Mountain Coffee Roasters -3.05 0.00 Telecommunication Services EOG Resources 2.05 3.88 Acme Packet Inc -1.86 0.00 Utilities Biogen Idec Inc 2.05 4.14 Fossil -0.43 0.00 Consumer Discretionary Nov o-Nordisk A/S-Spons ADR 1.86 2.95 Juniper Netw orks -0.04 0.00 Materials Allocation Lululemon Athletica, Inc 1.75 3.06 Ex peditors Intl Wash Inc 0.10 0.00 Cash Selection Alex ion Pharmaceuticals Inc 1.63 3.35 Chipotle Mex ican Grill Inc 0.12 2.46 Financials Total Effect Priceline.com 1.62 3.25 Yum! Brands 0.13 3.88 Industrials Visa, Inc, Class A 1.53 3.97 Precision Castparts 0.24 2.73 Information Technology Google Cl A 1.33 3.48 Gilead Sciences 0.32 2.81 Consumer Staples FMC Technologies Inc 1.29 3.66 Allergan Inc 0.34 2.88 -7.00 -6.00 -5.00 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00

9/30/2011 to 9/30/2012 Portfolio Index Variation Attribution Analysis Average Total Contribution Average Total Contribution Average Total Contribution Total Sector GICS Weight Return to Return Weight Return to Return Weight Return to Return Allocation Selection Interaction Effect Health Care 19.55 44.44 8.38 10.86 33.20 3.48 8.68 11.2 4.90 0.05 0.96 0.83 1.84 Energy 7.03 39.60 3.32 8.73 31.04 2.26 -1.71 8.6 1.06 0.52 1.07 -0.16 1.43 Telecommunication Services 0.00 0.00 0.00 1.22 26.27 0.31 -1.22 -26.3 -0.31 0.03 0.00 0.00 0.03 Utilities 0.00 0.00 0.00 0.11 6.94 0.02 -0.11 -6.9 -0.02 -0.01 0.00 0.00 -0.01 Consumer Discretionary 22.57 32.68 5.13 14.91 30.16 4.37 7.66 2.5 0.76 0.03 0.25 -0.32 -0.04 M aterials 0.00 0.00 0.00 4.93 31.14 1.64 -4.93 -31.1 -1.64 -0.21 0.00 0.00 -0.21 Cash 1.42 0.06 0.00 0.00 0.00 0.00 1.42 0.1 0.00 -0.34 0.00 0.00 -0.34 Financials 6.19 25.83 1.74 4.29 31.32 1.33 1.90 -5.5 0.41 0.15 -0.18 -0.32 -0.35 Industrials 4.51 -0.46 0.35 12.45 24.54 3.34 -7.93 -25.0 -2.99 0.43 -3.15 1.70 -1.02 Information Technology 33.37 24.46 7.93 29.98 33.74 9.53 3.39 -9.3 -1.60 -0.01 -1.91 -0.71 -2.62 Consumer Staples 5.36 -29.73 -1.75 12.51 22.64 2.87 -7.15 -52.4 -4.63 0.35 -6.04 2.93 -2.76 T o tal 100.0 25.09 25.09 100.0 29.14 29.14 0.00 -4.05 -4.05 1.00 -9.00 3.95 -4.05

Past performance is no guarantee of future results. All performance results as of September 30, 2012 and are gross of fees. Returns for less than one year are not annualized. The investment results represent historical gross performance with no deduction for investment management fees and assume reinvestment of distributions. Expenses that may include management fees will reduce individual returns. As fees are deducted quarterly, the compounding effect will be to increase the impact of fees by an amount directly related to the gross account performance. Please refer to the composite disclosure in the Appendix, which is an integral part of this presentation, for additional performance information. Sources: Columbia Management Investment Advisers, LLC, FactSet Research Systems. FactSet uses time-weighted returns to measure performance by calculating security weights and returns on a daily basis for periods when holdings change, then geometrically links the daily returns across the measurement period. This method for calculating a portfolio’s return ensures that changes in the composition of the portfolio are captured and removes the impact that the timing of cash flows has on portfolio performance. The portfolio holdings shown here reflect a representative portfolio and are subject to change at any time. The portfolio holdings of your account may differ from those shown. Holdings identified do not represent all of securities purchased, sold, or recommended for advisory clients. For an explanation of calculation methodology and/or a list showing the contribution of each holding in the representative account to performance for the period, please contact your client relationship manager.

* This information supplements the fully compliant Columbia Focused Large Cap Growth composite presentation as provided in the Appendix of this presentation.

Gross Average Annual Total Returns (%) as of September 30, 2012 (USD) Inception Date: March 31, 2003 QTD YTD 1-year 3-year 5-year Since Inception

35 30 Columbia Focused Large Cap Growth (gross-of-fees) 25 Russell 1000 Growth Index 20 15 10 5 0

eA Large Cap Growth Equity Percentile Rank *,1 1-year 3-year 5-year Columbia Focused Large Cap Grow th 82 18 14 Russell 1000 Grow th Index 38 27 32 No. of observations in eA Large Cap Grow th Equity Peer Group 324 319 300

Gross Calendar Year Returns (%) 2011 2010 2009 2008 2007 Columbia Focused Large Cap Grow th -2.02 25.50 47.32 -43.52 22.68 Russell 1000 Grow th Index 2.64 16.71 37.21 -38.44 11.82 eVestment Large Cap Growth Equity Percentile Rank* Columbia Focused Large Cap Grow th 65 4 8 83 15 Russell 1000 Grow th Index 20 46 35 49 64 No. of observations in eA Large Cap Grow th Equity Peer Group 357 393 434 462 478

Sources: Columbia Management Investment Advisers, LLC and eVestment Alliance. eVestment Alliance (eA) is an innovative, Web-based provider of comprehensive investment information and analytic technology. * The above tables show where the benchmark would fall if it were ranked within the peer group. Past performance is no guarantee of future results. All performance results as of September 30, 2012 and are gross of fees. Returns for less than one year are not annualized. The investment results represent historical gross performance with no deduction for investment management fees and assume reinvestment of distributions. Expenses that may include management fees will reduce individual returns. As fees are deducted quarterly, the compounding effect will be to increase the impact of fees by an amount directly related to the gross account performance. Please refer to the composite disclosure in the Appendix, which is an integral part of this presentation, for additional performance information. 1 This information supplements the fully compliant Columbia Focused Large Cap Growth institutional composite presentation as provided in the Appendix of this presentation.

1 Year Excess Return vs. Russell 1000 Growth Index

-5

-10

-15

-20

6/1/2011 6/1/2004 9/1/2004 3/1/2005 6/1/2005 9/1/2005 3/1/2006 6/1/2006 9/1/2006 3/1/2007 6/1/2007 9/1/2007 3/1/2008 6/1/2008 9/1/2008 3/1/2009 6/1/2009 9/1/2009 3/1/2010 6/1/2010 9/1/2010 3/1/2011 9/1/2011 3/1/2012 6/1/2012 9/1/2012

12/1/2004 12/1/2005 12/1/2006 12/1/2007 12/1/2008 12/1/2009 12/1/2010 12/1/2011 Past performance does not guarantee future results. All performance results as of September 30, 2012 and are gross of fees. Information shown is based on historical gross performance with no deduction for investment management fees. Expenses that may include management fees will reduce individual returns. As fees are deducted quarterly, the compounding effect will be to increase the impact of fees by an amount directly related to the gross account performance. For example, a 0.50% annual fee deducted quarterly from an account with a 10-year annualized growth rate of 10% will produce a net result of 9.46%. Please refer to the composite disclosure in the Appendix, which is an integral part of this presentation, for additional performance information. Sources: Columbia Management Investment Advisers, Inc and Zephyr StyleADVISOR. * This information supplements the fully compliant Columbia Focused Large Cap Growth institutional composite presentation as provided in the Appendix of this presentation. 12 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Columbia Focused Large Cap Growth Institutional Composite* Historical rolling three-year periods

Rolling Returns vs. Russell 1000 Growth Index

20 15.47

14.73

-10

-20 Mar 2006 Dec 2006 Jun 2007 Dec 2007 Jun 2008 Dec 2008 Jun 2009 Dec 2009 Jun 2010 Dec 2010 Jun 2011 Dec 2011 Sep 2012

Columbia Focused Large Cap Growth Russell 1000 Growth Index

Past performance does not guarantee future results. All performance results as of September 30, 2012 and are gross of fees. Information shown is based on historical gross performance with no deduction for investment management fees. Expenses that may include management fees will reduce individual returns. As fees are deducted quarterly, the compounding effect will be to increase the impact of fees by an amount directly related to the gross account performance. For example, a 0.50% annual fee deducted quarterly from an account with a 10-year annualized growth rate of 10% will produce a net result of 9.46%. Please refer to the composite disclosure in the Appendix, which is an integral part of this presentation, for additional performance information. Sources: Columbia Management Investment Advisers, Inc and Zephyr StyleADVISOR. * This information supplements the fully compliant Columbia Focused Large Cap Growth institutional composite presentation as provided in the Appendix of this presentation. 13 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Columbia Focused Large Cap Growth Institutional Composite* Historical rolling five-year periods

Rolling Returns vs. Russell 1000 Growth Index

4.27 5 3.24

-5

-10 Mar 2008 Jun 2008 Dec 2008 Jun 2009 Dec 2009 Jun 2010 Dec 2010 Jun 2011 Dec 2011 Jun 2012 Sep 2012

Columbia Focused Large Cap Growth Russell 1000 Growth Index

Past performance does not guarantee future results. All performance results as of September 30, 2012 and are gross of fees. Information shown is based on historical gross performance with no deduction for investment management fees. Expenses that may include management fees will reduce individual returns. As fees are deducted quarterly, the compounding effect will be to increase the impact of fees by an amount directly related to the gross account performance. For example, a 0.50% annual fee deducted quarterly from an account with a 10-year annualized growth rate of 10% will produce a net result of 9.46%. Please refer to the composite disclosure in the Appendix, which is an integral part of this presentation, for additional performance information. Sources: Columbia Management Investment Advisers, Inc and Zephyr StyleADVISOR. * This information supplements the fully compliant Columbia Focused Large Cap Growth institutional composite presentation as provided in the Appendix of this presentation. 14 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Why Choose Columbia Focused Large Cap Growth?

A distinct strategy… > “Fundamental judgment with quantitative discipline” > Concentrated portfolio (25–35 holdings) diversified across growth industry sectors > Cross-correlation analysis on holdings used to help manage portfolio volatility

…within a high-expectation performance culture > Entrepreneurial teams have access to extensive resources > Composite alpha approach* provides independent perspectives and collegial challenge > Explicit, long-term performance incentives align our interests with those of our clients

* Composite alpha uses input from several non correlated sources to make an investment decision. Our sources include portfolio manager research, analyst research and systematic research. While each of these inputs has been shown to add value on their own combining them often yields better results.

For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Columbia Focused Large Cap Growth Institutional Composite Three-year period ending September 30, 2012

Risk/Return Up/Down Market Capture Information Ratio*

eA Large Cap Growth October 2009 - September 2012 (Single Computation) October 2009 - September 2012 (Single Computation) Equity Universe 5th Percentile 0.66 140 0.8 30.0 130 0.4 25.0 120 0.2 25th Percentile 0.04 20.0 0.0 110 -0.2 50th Percentile -0.41 15.0 100 -0.4

-0.6 Upside%

Return (%) Return 10.0 90 -0.8 75th Percentile -0.89 5.0 80 -1.0 -1.2 0.0 70 -1.4 -1.6 95th Percentile -1.65 60 -5.0 -1.8 12% 14% 16% 18% 20% 22% 24% 26% 28% 60 70 80 90 100 110 120 130 140 3 Years Observations 319 Standard Deviation (%) Downside%

Columbia Focused Large Cap Growth Columbia Focused Large Cap Growth Russell 1000 Growth Index Russell 1000 Growth Index

Risk/Return Universe Median

Annualized Standard Tracking Information Sharpe Return (%) Deviation (%) Error (%) Ratio Alpha Beta R2 Ratio

Columbia Focused Large Cap Growth 15.47 24.02 8.4 .09 -1.98 1.24 91.19 .64

Russell 1000 Growth Index 14.73 18.5 0.00 0.00 0.00 1.00 100 .79

Columbia Management Investment Advisers, LLC., eVestment Alliance and Zephyr StyleADVISOR. The universe the Columbia Focused Large Cap Growth institutional composite is compared against is the eVestment Large Cap Growth Equity Peer Group. Past performance is no guarantee of future results. All performance results as of September 30, 2012 and are gross of fees. Returns for less than one year are not annualized. The investment results represent historical gross performance with no deduction for investment management fees and assume reinvestment of distributions. Expenses that may include management fees will reduce individual returns. As fees are deducted quarterly, the compounding effect will be to increase the impact of fees by an amount directly related to the gross account performance. Please refer to the composite disclosure in the Appendix, which is an integral part of this presentation, for additional performance information.

* This information supplements the fully compliant Columbia Focused Large Cap Growth institutional composite presentation as provided in the Appendix of this presentation.

17 For institutional use only. © 2012 Columbia Management Investment Advisers, LLC. All Rights Reserved. Columbia Focused Large Cap Growth Institutional Composite Five-year period ending September 30, 2012

Risk/Return Up/Down Market Capture Information Ratio*

eA Large Cap Growth October 2007 - September 2012 (Single Computation) October 2007 - September 2012 (Single Computation) Equity Universe 20.0 5th Percentile 0.45 130 0.6 15.0 0.4 120 25th Percentile 0.07 10.0 0.2 110 5.0 0.0 50th Percentile -0.16 100

0.0 -0.2

Upside% Return (%) -5.0 90 -0.4 75th Percentile -0.39

-10.0 80 -0.6

-15.0 95th Percentile -0.83 70 -0.8 10.0 15.0 20.0 25.0 30.0 35.0 70 80 90 100 110 120 130 5 years Observations 300 Standard Deviation (%) Downside%

Columbia Focused Large Cap Growth Columbia Focused Large Cap Growth Russell 1000 Growth Index Russell 1000 Growth Index

Risk/Return Universe Median

Annualized Standard Tracking Information Sharpe Return (%) Deviation (%) Error (%) Ratio Alpha Beta R2 Ratio

Columbia Focused Large Cap Growth 4.27 26.53 7.67 .13 1.21 1.16 93.33 .14

Russell 1000 Growth Index 3.24 22.19 0.00 0.00 0.00 1.00 100 .12

* This information supplements the fully compliant Columbia Focused Large Cap Growth institutional composite presentation as provided in the Appendix of this presentation.

Thomas M. Galvin, CFA Lead and Senior Portfolio Manager, Focused Large Cap Growth Thomas Galvin is Lead Senior Portfolio Manager for the Focused Large Cap Growth strategy at Columbia Management Investment Advisers, LLC. Mr. Galvin has lead the strategy since 2003 and joined Columbia Management Group (“CMG”) in his current role in 2007 from U.S. Trust where he was employed from 2003 to 2007 and transitioned to Columbia Management Investment Advisers, LLC as part of its acquisition of the long-term asset management business of CMG from Bank of America. He has been a member of the investment community since 1983. Prior to joining U.S. Trust in 2003 as president and chief investment officer of the growth equity group, Mr. Galvin spent nearly five years as chief investment officer and equity strategist for Credit Suisse First Boston (CSFB) in New York and Donaldson, Lufkin & Jenrette, which was acquired by CSFB. There, he was responsible for market, sector and asset allocation analyses. Earlier, Mr. Galvin served for more than 12 years in a variety of roles ranging from transportation industry analyst to chief equity strategist at Deutsche Bank, which acquired the investment boutique C. J. Lawrence, which he joined in 1986. Mr. Galvin began his career as an investment officer and portfolio manager at The Chase Manhattan Bank. With more than 20 years of experience as a leading equity strategist and securities analyst, Mr. Galvin was named to Institutional Investor’s All-America Research Team for portfolio strategy from 1999-2002. From 1992–1995 Institutional Investor named him to its All-America Research Team for research coverage, and The Wall Street Journal named him to its All-Star Analyst Team from 1994–1996. Mr. Galvin earned an undergraduate degree in Finance from Georgetown University and an M.B.A. in Finance from New York University. He holds the Chartered Financial Analyst designation and is a member of the New York Society of Security Analysts.

Todd D. Herget Senior Portfolio Manager, Focused Large Cap Growth Todd Herget is a Senior Portfolio Manager for the Focused Large Cap Growth strategy at Columbia Management Advisers, LLC. He is responsible for research coverage in the health care, industrial and energy sectors. Mr. Herget has been a member of the Focused Large Cap Growth team since 2003 and joined Columbia Management Group (“CMG”) in his current role from U.S. Trust in 2007 and transitioned to Columbia Management Investment Advisers, LLC as part of its acquisition of the long-term asset management business of CMG from Bank of America. He has been a member of the investment community since 1998. Prior to joining the CMG, Mr. Herget was a portfolio manager and equity research analyst at U.S. Trust from 1998 to 2007. Previously, he was a research assistant at the George E. Reed Heart Center at the Westchester Medical Center in Valhalla, New York. Prior to that, Mr. Herget played professional football. Mr. Herget received a B.S. from Brigham Young University and an M.B.A. from the University of Notre Dame.

Richard A. Carter Senior Portfolio Manager, Focused Large Cap Growth Richard Carter is a Senior Portfolio Manager for the Focused Large Cap Growth strategy at Columbia Management Investment Advisers, LLC. He is responsible for primary research coverage of the financial and consumer sectors, as well as market research and quantitative portfolio analysis for the strategy. Mr. Carter has been a member of the Focused Large Cap Growth team since 2003 and joined Columbia Management Group (“CMG”) in his current role from U.S. Trust in 2007 where he had been a portfolio manager from 2003 to 2007 and transitioned to Columbia Management Investment Advisers, LLC as part of its acquisition of the long-term asset management business of CMG from Bank of America. He has been a member of the investment community since 1993. Prior to joining U.S. Trust, Mr. Carter was an equity market strategist and a member of the asset allocation committee at Credit Suisse First Boston. At its predecessor organization, Donaldson, Lufkin & Jenrette, he was a portfolio strategist. Mr. Carter began his career at C.J. Lawrence as a research analyst, tracking the automotive and transportation industries, before being promoted to portfolio strategist. He has been a member of the investment community since 1993. Mr. Carter earned a B.A. in Economics and Government from Connecticut College.

Michael W. Gnadinger, CFA Senior Research Analyst, Focused Large Cap Growth Michael Gnadinger is a Senior Research Analyst for the Focused Large Cap Growth Equity strategy at Columbia Management Investment Advisers, LLC, focusing on the technology, telecommunications and media industries. Mr. Gnadinger has been a member of the Focused Large Cap Growth team since 2004 and joined Columbia Management Group (“CMG”) in 2007 from U.S. Trust and transitioned to Columbia Management Investment Advisers, LLC as part of its acquisition of the long-term asset management business of CMG from Bank of America. He has been a member of the investment community since 2001. Previously, Mr. Gnadinger was an assistant portfolio manager in the Private Wealth Management department at U.S. Trust. Mr. Gnadinger received a B.A. in Finance from the University of Delaware. He holds the Chartered Financial Analyst designation and is a member of the New York Society of Security Analysts.

Information as of September 30, 2012 unless otherwise noted. This information does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient. Individual performance returns may differ from those of the composite due to the size and timing of cash flows as well as your individual investment objectives. Any portfolio holdings information provided by Columbia Management Investment Advisers, LLC and/or its agents or affiliates is proprietary and confidential. References to specific securities are included as an illustration of the investment management strategy and are not a recommendation to buy or sell. Holdings may represent only a small percentage of the portfolio and are subject to change based on market and other conditions. It should not be assumed that any particular security was or will prove to be profitable or that decisions in the future will be profitable or provide similar results to the securities discussed. The statistical data and related information presented in this material is designed to assist the reader in making an informed investment decision. Use of different statistical data and related information might portray different historical results. The information presented does not portray a comprehensive picture of the investment objectives, strategies and methodologies employed by the products or managers identified, and the reader is encouraged to conduct its own due diligence regarding any differences between the products and managers identified. These materials may only be used in one-on-one presentations with institutional investors. Notice to Consultants: Performance data contained in these materials may only be used with this limited audience and should be accompanied by the standard disclosures. Information provided by third parties is deemed to be reliable but may be derived using methodologies or techniques that are proprietary or unique to the third party source.

Columbia Focused Large Cap Growth Institutional Strategy Separate account 0.65% on the first $25 million 0.50% on the next $25 million 0.40% on the next $50 million Negotiable over $100 million

Columbia Focused Large Cap Growth Institutional Composite Statement of Performance Results

Composite Gross-of- Net-of-fees Index Index 3-Yr Internal Total Composite Total Firm Calendar 3-Yr Number of fees Return Return Return St Dev Dispersion Assets Assets Year St Dev Portfolios (%) (%) (%) (%) (%) ($ mil.) ($ bil.) (%)

2011 -2.02 -2.66 2.64 19.80 17.76 0.57 22 6,484 298 2010 25.50 24.70 16.71 25.65 22.11 0.12 9 4,296 266 2009 47.32 46.39 37.21 23.90 19.73 N.A. ≤ 5 2,113 N.A. 2008 -43.52 -43.90 -38.44 21.22 16.40 N.A. ≤ 5 826 N.A. 2007 22.68 21.90 11.82 11.57 8.54 0.43 10 1,028 N.A. 2006 9.19 8.49 9.09 11.61 8.31 N.A. 6 713 N.A. 2005 13.45 12.73 5.27 N.A. N.A. N.A. ≤ 5 417 N.A. 2004 15.98 15.24 6.31 N.A. N.A. 0.44 9 241 N.A. 2003* 28.40 27.79 31.16 N.A. N.A. N.A. 10 232 N.A. *For the period ending March 31, 2003 through December 31, 2003 Inception Date 3/31/2003 Columbia Management Investments claims compliance w ith the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance w ith the GIPS standards. Columbia Management Investments has been independently verified for the periods of January 1, 1993 to December 31, 2010. A copy of the verification report is available upon request. Verification assesses w hether (1) the firm has complied w ith all the composite construction requirements of the GIPS standards on a firm-w ide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance w ith the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Columbia Management Investment Advisers, LLC, an SEC-registered investment adviser (formerly know n as RiverSource Investments, LLC prior to May 1, 2010), offers investment products and services to institutional and retail markets. For purposes of compliance w ith the GIPS standards, Columbia Management Investment Advisers, LLC has defined the Firm as Columbia Management Investments (prior to May 1, 2010 the Firm w as know n as RiverSource Institutional Advisors; prior to August 1, 2005 the Firm w as know n as American Express Asset Management), an operating division of Columbia Management Investment Advisers, LLC that offers investment management and related services to institutional clients. The Firm w as redefined in January 2011 to more fully encompass its asset management capabilities and in November 2008 and May 2010 due to acquisitions. Registration w ith the SEC does not imply a certain level of skill or training.

As of May 1, 2010, certain long-term assets of Columbia Management Advisors, LLC (“CMA”) w ere merged into Columbia Management Investments and included in firm assets as of that date. Firm Assets are only meaningful since the date of acquisition. Periods prior to acquisition date are show n as N.A. in the performance table above. Performance presented prior to May 2010 occurred w hile the investment management team w as affiliated w ith a prior firm. The investment management team and process for the composite remained intact through the merger; therefore the performance results from the prior are linked to the performance record of the current firm.

Columbia Focused Large Cap Growth Institutional Composite

1. A complete list and description of Columbia Management Investments composites is available upon request. 2. Past performance is no guarantee of future results and there is the possibility of loss of value. There can be no assurance that an investment objective w ill be met or that return expectations w ill be achieved. Care should be used w hen comparing these results to those published by other investment advisers, other investment vehicles and unmanaged indices due to possible differences in calculation methods. 3. Portfolios are valued, and returns are calculated and stated in U.S. dollars. Security transactions are recognized based on trade date accounting. Accruals for dividends are recorded on the ex-dividend date. Interest income is recognized on an accrual basis. Returns are calculated net of non-reclaimable w ithholding taxes on dividends, interest, and capital gains. Reclaimable w ithholding taxes are accrued. Additional information regarding the firm’s policies and procedures for calculating and reporting performance results and preparing compliant presentations is available upon request. 4. Internal dispersion is calculated using the equal-w eighted standard deviation of the annual gross returns of all portfolios that w ere included in the Composite for the entire year. If the composite contains five or few er accounts, a measure of dispersion is not statistically representative and is therefore not show n. 5.The performance returns represent those of the Columbia Focused Large Cap Grow th Institutional Composite (“Composite”) w hich includes all discretionary, fee-paying commingled and separately managed accounts valued in excess of $5 million, managed according to the Focused Large Cap Grow th Strategy (“Strategy”). The $5 million minimums w ere implemented June 1, 2008. Prior to June 1, 2008, the minimums w ere $3 million. 6. The Strategy aims to achieve competitive, long-term capital appreciation by investing in larger companies w hose grow th prospects, in the opinion of the management team, appear to exceed that of the overall market. The benchmark is the Russell 1000® Grow th Index. 7. The name of the Composite w as changed from US Trust Focused Large Cap Grow th to Columbia Focused Large Cap Grow th, effective June 1, 2008.

8. From the period June 30, 2004 through May 31, 2008, accounts w ere removed from the Composite for any month w here the net cash flow in or out of the account w as greater than or equal to 25% of the opening market value of the account. For periods after June 1, 2008, accounts are no longer removed from the Composite due to large external cash flow s.

9. The Composite w as created in June 2004. 10. Gross-of-fees performance returns are presented after the deduction of all trading expenses and before the deduction of investment management fees. Net-of-fees performance returns are calculated by deducting the highest investment management fee each quarter from the gross performance return. The follow ing statement demonstrates, w ith a hypothetical example, the compound effect fees have on investment return: If a portfolio's annual rate of return is 10% for 5 years and the annual management fee is 65 basis points, the gross total 5-year return w ould be 61.1% and the 5-year return net of fees w ould be 55.9%. The investment management fee schedule is as follow s: 0.65% on the first $25 million; 0.50% on the next $25 million; 0.40% on the next $50 million; Negotiable over $100 million. 11. The Russell 1000® Grow th Index is an unmanaged index that measures the performance of those Russell 1000 Index companies w ith higher price-to-book ratios and higher forecasted grow th values. The index is provided for comparative purposes only and is not a projection, prediction or guarantee of performance. Index returns reflect the reinvestment of dividends and other earnings and are not covered by the report of the independent verifiers.

TCW Concentrated Core

One-on-One Portfolio Review To: Gwinnett County Employees Retirement System

December 14, 2012

Presented by: Craig C. Blum, CFA Portfolio Manager Group Managing Director U.S. Equities Jack C. Lazzaro Vice President Institutional Client Group TCW Concentrated Core Marketable Securities Division

Table of Contents

I. TCW Overview II. Portfolio Review III. Investment Philosophy IV. Equities Advantage V. Appendix: – Quarterly Review – Biographies – Footnotes

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I. TCW Overview TCW Concentrated Core Marketable Securities Division

TCW Overview As of September 30, 2012

• Established in 1971 in Los Angeles, California Asset Breakdown

International & Global ($13.5) • $135.4 billion under management or committed to management Alternative Investments ($15.8)

• Nearly 1,300 institutional and private clients

• Over 1,809,842 retail accounts U.S. Equities ($21.4)

• TCW staff of more than 500

• TCW offers strategies that invest in major world equity, U.S. Fixed Income ($84.7) fixed income and alternative markets, with offices in Los Angeles, New York, Paris and Hong Kong

3 DEcc2457 10/29/12 TCW Concentrated Core Marketable Securities Division

Investment Professionals & Tenure As of September 30, 2012

U.S. U.S. Alternative International (In $ Billions) Fixed Income Equities Investments & Global Total Assets Under Management or Committed to Management $84.7 $21.4 $15.8 $13.5 $135.4 Total Investment Professionals 55 40 21 19 1431 Portfolio Managers 14 7 11 4 36 Research Analysts 30 28 10 12 80 Traders 11 5 0 3 19

• Portfolio managers average 23 years of experience with approximately 13 years of tenure at TCW2

• Significant pool of investment professionals – 143 investment professionals; 36 portfolio managers supported by 85 analysts

1 Includes five members of the Portfolio Analytics Group, three Retail Traders and dual employees from Crescent Capital. 2 Tenure includes years from predecessor firms of MetWest and Buchanan Street Partners. 4 DEcc2457 10/29/12 TCW Concentrated Core Marketable Securities Division

Representative Client List As of September 30, 2012

Corporations Public Funds Insurance ArcelorMittal Steel USA, Inc. Alameda County Employees' Retirement Association Argo Group Limited AT&T Inc. California State Teachers' Retirement System Catalina London Limited BAE Systems North America City of Tallahassee Pension Plan McDonald’s Owner/Operator Ins. Co. Ltd Ball Corporation County of Los Angeles Savings Plan National Home Insurance Company CEMEX Employees’ Retirement System of the State of Hawaii Quanta Reinsurance Limited DexOne Corporation Colorado Fire & Police Pension Association Reinsurance Group of America, Inc. (RGA) Grupo Bimbo Illinois State Universities Retirement System Sompo Japan Nipponkoa Asset Management Hallmark Cards, Inc. Maine Public Employees’ Retirement System Trustmark Insurance Companies ITT Corporation Michigan Department of Treasury University of Maryland Medical Service Systems Jack in the Box, Inc. Oklahoma Law Enforcement Retirement System Mary Kay, Inc. Oklahoma Public Employees’ Retirement System Foundations, Universities and Navy Federal Credit Union Public School Retirement System of St. Louis Not-For-Profit Organizations Nestlé USA Sacramento County Employees’ Retirement System sanofi-aventis Sacramento Regional Transit District California State University Risk Management Authority Smart & Final San Diego City Employees’ Retirement System Catholic Relief Services Sompo Japan State of Michigan Retirement System Cornell University Union Bank Tacoma Employees’ Retirement System Father Flanagan’s Trust Fund Verizon Investment Management Corporation Westmoreland County Employees’ Retirement System Mississippi United Methodist Foundation Missouri Baptist Foundation New York University Multiple-Employer/Unions Health Care The Archdiocese of Cincinnati Boilermaker-Blacksmith National Pension Trust Allina Health System The Archdiocese of San Francisco Media Guild Retirement Plan Bishop Clarkson Memorial Foundation U.S. Conference of Catholic Bishops New Jersey Transit Blue Cross and Blue Shield of Kansas City Painting Industry of Hawaii Annuity Fund Blue Cross and Blue Shield of Minnesota Subadvisory Producer-Writers Guild of America Pension Plan Cedars-Sinai Medical Center Absolute Investment Advisers LLC San Diego County Construction Laborers Mayo Clinic CGCM Core Bond Fund Screen Actors Guild - Producers Pension Plan Medica Columbia Management Sheet Metal Workers’ National Pension Fund Methodist Le Bonheur Healthcare Russell Investment Group Teamsters Negotiated Pension Plan Trinity Health – Multiple Funds Via Christi Health System SEI Core Fixed Income Welborn Baptist Foundation SEI Long Duration Fund Pictet & Co. – U.S. High Yield Fund

The clients listed are invested in one or more investment strategies and are selected either because of their inclusion in the 2012 Money Market Directory or with express written consent by the client. Inclusion on this list should not be considered an endorsement of the investment advisor or services rendered. 5 DEcc2457 10/29/12 TCW Concentrated Core Marketable Securities Division

II. Portfolio Review TCW Concentrated Core Marketable Securities Division

Performance* As of September 30, 2012 – Supplemental Information

Annualized Q3 YTD ITD 2007 2008 2009 2010 2011 2012 2012 1 year 3 years 5 years 10/1/87 TCW Concentrated Core 14.9% -36.5% 43.8% 17.7% 5.0% 7.1% 15.7% 26.0% 15.9% 5.5% 14.4%

Russell 1000 Growth 11.8% -38.4% 37.2% 16.7% 2.6% 6.1% 16.8% 29.2% 14.7% 3.2% 8.0%

S&P 500 5.5% -37.0% 26.5% 15.1% 2.1% 6.4% 16.4% 30.2% 13.2% 1.1% 8.6%

*Based on returns gross of fees. Footnotes regarding performance appear in the appendix and are an integral and important part of this chart. Past performance is not a guarantee of future results. Results are based on the accrual method of accounting as well as trade date valuation. Results are time-weighted and geometrically linked to yield quarterly returns. The unmanaged indices shown for comparative purposes, if any, do not reflect the subtraction of any fees.

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TCW Concentrated Core Performance As of September 30, 2012 – Supplemental Information

TCW Concentrated Core Russell 1000 TCW Concentrated Core Russell 1000 TCW Concentrated Core Russell 1000 Year Gross Net Growth Year Gross Net Growth Year Gross Net Growth 1999 1Q 12.29% 12.14% 6.36% 2Q 3.49 3.35 3.85 2005 1Q -9.46% -9.62% -4.09% 2011 1Q 5.80% 5.62% 6.03% 3Q -6.70 -6.83 -3.66 2Q 3.95 3.77 2.46 2Q 1.61 1.43 0.76 4Q 31.80 31.63 25.14 3Q 5.34 5.16 4.01 3Q -10.32 -10.48 -13.14 Year 42.89 42.13 33.16 Year4Q 4.91 5.81 4.19 5.63 5.26 2.98 Year4Q 5.01 8.92 4.27 8.73 2.64 10.61 2000 1Q 17.37 17.22 7.13 2006 1Q -1.55 -1.72 3.09 2012 1Q 16.01 15.80 14.69 2Q 0.56 0.42 -2.70 2Q -5.21 -5.38 -3.90 2Q -6.88 -7.05 -4.02 3Q -0.78 -0.91 -5.38 3Q -1.65 -1.82 3.94 3Q 7.07 6.88 6.11 4Q -18.22 -18.34 -21.35 4Q 4.29 4.11 5.93 Year -4.22 -4.75 -22.42 Year -4.29 -4.95 9.07 2007 1Q -0.47 -0.64 1.19 2001 1Q -22.20 -22.32 -20.90 2Q 9.64 9.45 6.86 2Q 11.58 11.43 8.42 3Q 5.30 5.12 4.21 3Q -25.86 -25.97 -19.41 4Q 0.00 -0.17 -0.77 4Q 26.15 25.99 15.14 Year 14.91 14.12 11.81 Year -18.81 -19.26 -20.42 2008 1Q -13.69 -13.85 -10.18 Total Annualized Returns 2002 1Q -0.06 -0.20 -2.59 2Q 3.93 3.75 1.25 2Q -21.29 -21.41 -18.67 3Q -12.74 -12.90 -12.33 TCW Concentrated Core Russell 1000 3Q -19.67 -19.79 -15.05 4Q -18.81 -18.96 -22.79 Year Gross Net Growth 4Q 12.67 12.52 7.15 Year -36.45 -36.91 -38.44 1 Year 25.97% 25.09% 29.19% Year -28.81 -29.22 -27.88 2009 1Q 1.07 0.90 -4.12 3 Years 15.94 15.13 14.73 2003 1Q 4.37 4.23 -1.07 2Q 15.06 14.87 16.32 5 Years 5.50 4.76 3.24 2Q 20.73 20.58 14.31 3Q 13.46 13.27 13.97 7 Years 6.17 5.43 5.80 3Q 7.94 7.79 3.91 4Q 9.00 8.81 7.94 10 Years 11.32 10.57 8.41 Since 10/1/87 14.44 13.76 8.01 4Q 11.38 11.21 10.41 Year 43.81 42.84 37.21 Year 51.49 50.66 29.75 2010 1Q 3.61 3.43 4.65 2004 1Q 0.05 -0.12 0.79 2Q -11.63 -11.79 -11.75 2Q 7.12 6.94 1.94 3Q 15.44 15.25 13.00 3Q -5.21 -5.38 -5.23 4Q 11.40 11.20 11.83 4Q 11.75 11.56 9.17 Year 17.75 16.92 16.71 Year 13.53 12.75 6.30

The performance of the Concentrated Core composite for the period from inception to March 1998 reflects performance of accounts greater than $5,000,000 that were managed by Glen Bickerstaff while at Transamerica Investment Services. Thereafter, it represents the performance while at TCW. The original TCW Concentrated Core performance is available upon request. For the period from November 1998 to December 31, 2004, a team of portfolio managers under the guidance and oversight of Glen Bickerstaff, who retained final authority for all buy and sell decisions, were responsible for the Concentrated Core strategy. As of January 1, 2005, Mr. Bickerstaff became senior portfolio advisor to the strategy, and the remaining team members assumed full responsibility for managing the accounts in the composite. As of February 6, 2008, Craig Blum became sole portfolio manager. Footnotes regarding performance appear in the appendix and are an integral and important part of this chart. Past performance is not a guarantee of future results.

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3Q 2012: What Helped, What Hurt July 1, 2012 - September 30, 2012 – Supplemental Information

Five Best Contributors 2012 Date -1.00 -0.50 0.00 0.50 1.00 1.50 3Q12 2012 Portfolio Purchased Apple Inc Average Weight (%) Return (%) Impact (%) in Strategy Apple Inc 9.40 14.73 1.33 February 2008 Google Inc Google Inc 3.81 30.07 1.07 April 2005 Silver Wheaton Corp Silver Wheaton Corp 2.38 48.36 1.05 February 2011 Qualcomm Inc 5.64 12.68 0.69 February 2001 Qualcomm Inc Arm Holdings Plc 2.72 17.94 0.46 March 2011 Arm Holdings Plc

Mead Johnson Nutrition Co Five Worst Contributors Cerner Corp 2012 Date Intuitive Surgical Inc 3Q12 2012 Portfolio Purchased Average Weight (%) Return (%) Impact (%) in Strategy Priceline.Com Inc Mead Johnson Nutrition Co 2.93 -8.60 -0.28 September 2010 Praxair Inc Cerner Corp 3.60 -6.35 -0.26 July 2006 Intuitive Surgical Inc 1.91 -10.50 -0.22 May 2008 Priceline.Com Inc 3.08 -6.89 -0.22 June 2010 Praxair Inc 3.21 -3.96 -0.13 December 2009 Best Securities Worst Securities

Source: BNY Mellon Performance and Risk Analytics, BARRA, Zephyr, FactSet, TCW Portfolio Analytics Analysis for this report is based on an institutional representative account. All performance information is represented on a gross basis unless otherwise stated; net performance is contained in the appendix GIPS performance disclosures. Footnotes regarding performance appear in the appendix and are an integral and important part of this chart. Past performance is not a guarantee of future results. Portfolio characteristics and holdings are subject to change at any time. It should not be assumed that an investment in the securities listed was, or will be, profitable. The holdings identified do not represent all of the securities purchased, sold or recommended for advisory clients. Past performance does not guarantee future results. To obtain the calculation’s methodology and a list showing every holding’s contribution to the overall account’s performance during the period, contact your TCW client service representative or e-mail your request to [email protected].

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YTD 2012: What Helped, What Hurt January 1, 2012 - September 30, 2012 – Supplemental Information

Five Best Contributors 2012 Date -1.00 0.00 1.00 2.00 3.00 4.00 5.00 YTD 2012 Portfolio Purchased Apple Inc Average Weight (%) Return (%) Impact (%) in Strategy Apple Inc 8.59 65.83 4.58 February 2008 Salesforce.Com Inc Salesforce.Com Inc 3.34 49.97 1.35 October 2005 Amazon.Com Inc Amazon.Com Inc 2.96 46.92 1.24 December 2002 Cerner Corp 3.83 27.54 1.11 July 2006 Cerner Corp Priceline.Com Inc 3.24 32.35 1.01 June 2010 Priceline.Com Inc

Fmc Technologies Inc Five Worst Contributors C H Robinson Worldwide Inc 2012 Date Fastenal Co YTD 2012 Portfolio Purchased Average Weight (%) Return (%) Impact (%) in Strategy Occidental Petroleum Co Fmc Technologies Inc 1.81 -26.46 -0.85 March 2009 Expeditors Intl Of Wash Inc C H Robinson Worldwide Inc 2.98 -13.66 -0.64 November 2006 Fastenal Co 2.10 -4.73 -0.30 January 2012 Occidental Petroleum Co 3.77 -5.75 -0.24 March 2009 Best Securities Worst Securities Expeditors Intl Of Wash Inc 1.97 -5.38 -0.20 January 2006

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QTD 2012: Attribution Analysis July 1, 2012 - September 30, 2012 – Supplemental Information

Sector Returns Sector Attribution Quarter to Date Quarter to Date

Sector TCW Benchmark Difference Sector Asset Allocation Security Selection Total Consumer Discretionary 2.42 7.34-4.93 Consumer Discreonary -0.10 -0.28 -0.38 Consumer Staples -2.61 1.56 -4.17 Consumer Staples 0.37 -0.26 0.11 Energy 11.06 14.84 -3.79 Energy 0.72 -0.40 0.32 Financials 2.25 2.18 0.07 Financials -0.23 0.01 -0.23 Health Care -2.13 7.12 -9.25 Health Care -0.00 -1.14 -1.14 Industrials 0.28 1.88 -1.60 Industrials 0.07 -0.25 -0.18 Informaon Technology 14.15 8.36 5.79 Informaon Technology 0.10 1.91 2.01 Materials 17.55 4.90 12.65 Materials -0.02 0.67 0.65 Telecommunicaon Service 0.00 4.68 -4.68 Telecommunicaon Service 0.04 -- 0.04 Utilities 0.00 12.31 -12.31 Ulies -0.01 -- -0.01 Total Equity 0.78 0.26 1.04

-5.0 0.0 5.0 10.0 15.0 20.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 Consumer Discreonary Consumer Discreonary Consumer Staples Consumer Staples Energy Energy Financials Financials Health Care Health Care Industrials Industrials Informaon Technology Informaon Technology Materials Materials Telecommunicaon Service Telecommunicaon Service Ulies Ulies

TCW Benchmark Asset Allocaon Security Selecon

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YTD 2012: Attribution Analysis January 1, 2012 - September 30, 2012 – Supplemental Information

Sector Returns Sector Attribution Year to Date Year to Date

Sector TCW Benchmark Difference Sector Asset Allocation Security Selection Total Consumer Discretionary 41.08 19.06 22.01 Consumer Discreonary -0.12 1.05 0.93 Consumer Staples 13.36 12.55 0.81 Consumer Staples 0.38 0.00 0.38 Energy 2.14 10.40 -8.26 Energy 0.55 -0.84 -0.28 Financials 16.33 17.06 -0.73 Financials 0.01 -0.08 -0.06 Health Care 12.28 24.07 -11.79 Health Care 0.10 -1.24 -1.14 Industrials -8.42 7.41 -15.83 Industrials 0.18 -2.05 -1.87 Informaon Technology 28.28 24.97 3.30 Information Technology 0.27 1.02 1.29 M aterials 16.20 13.44 2.75 Materials 0.01 0.18 0.18 Telecommunicaon Service 0.00 15.24 -15.24 Telecommunicaon Service 0.03 -- 0.03 Utilities 0.00 2.98 -2.98 U--tilities 0.00 0.00 Total Equity 0.92 -1.95 -1.03

-20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5

Consumer Discreonary Consumer Discreonary Consumer Staples Consumer Staples Energy Energy Financials Financials Health Care Health Care Industrials Industrials Informaon Technology Informaon Technology Materials Materials Telecommunicaon Service Telecommunicaon Service Ulies Ulies

TCW Benchmark Asset Allocaon Security Selecon

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Historical Portfolio Characteristics* As of September 30, 2012 – Supplemental Information

2008 2009 2010 2011 2012 Portfolio Characteristics 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Number of Securities 27 32 30 30 33 33 32 32 32 33 33 32 32 31 31 31 32 30 32

P/E Ratio Estimates 22.2 23.9 19.0 15.9 16.0 18.2 19.4 20.6 19.7 17.0 18.8 20.4 21.2 20.9 17.6 18.8 20.3 18.4 19.6 Average Estimated Next 12 Months**

Price / Book Value 4.8 5.0 4.2 3.3 3.2 3.4 3.6 3.8 3.7 3.1 3.6 4.0 4.3 4.3 3.7 4.0 4.4 3.7 4

Historical 5-Year Average 25.1% 30.9% 33.3% 34.9% 38.4% 42.7% 35.8% 33.9% 28.3% 25.3% 24.7% 19.3% 19.5% 20.5% 20.6% 20.0% 23.8% 22.5% 22.2% Earnings Growth Rate***

Historical 5-Year Average 33.7% 34.5% 30.6% 29.4% 29.2% 28.1% 26.1% 24.7% 23.4% 21.1% 19.7% 18.9% 20.2% 19.3% 19.1% 18.7% 19.7% 19.7% 20.6% Revenue Growth Rate

Long-Term Debt to Capital 27.0% 23.0% 21.8% 23.5% 23.6% 22.6% 22.8% 23.6% 23.7% 23.4% 24.6% 25.5% 25.2% 23.4% 24.2% 25.3% 24.6% 25.9% 27.2%

Market Capitalization Average ($ Weighted) $67B $57B $55B $41B $33B $39B $46B $53B $52B $51B $56B $63B $60B $58B $59B $65B $90B $89B $104B

Source: BNY Mellon Performance & Risk Analytics * Portfolio characteristics and holdings are subject to change at any time;and holdings may be different in other accounts within the strategy, particularly in commingled investment vehicles. Data is based upon a representative institutional account. It should not be assumed that an investment in the securities listed was, or will be, profitable. ** All projections and estimates are based on current asset prices and are subject to change. ***Source: IBES

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Portfolio Characteristics* As of September 30, 2012 – Supplemental Information

TCW Russell 1000 Concentrated Core Growth S&P 500

Number of Securities 32 567 500

Price/Earnings Ratio Estimates** 19.6 15.5 13.4 Average Estimated Next 12 Months

Price/Book Value 4.0 4.4 2.2

Historical 5-Year Average Earnings Growth 22.2% 18.3% 10.6%

Historical 5-Year Average Revenue Growth 20.6% 13.1% 8.0%

Profit Margins 27.1% 13.6% 22.5%

Debt/capital 27.2% 43.8% 47.5%

Market Capitalization (Billions) Average ($ Weighted) 103.6 122.0 122.1 Average (Eql Weighted) 60.0 17.4 27.5 Median 26.7 6.1 12.6

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Buys & Sells July 1, 2012 – September 30, 2012 – Supplemental Information

Buys Sells Verisk Analytics, Inc. Expeditors International WA Equinix, Inc. Starbucks Corp.

Portfolio characteristics and holdings are subject to change at any time. It should not be assumed that an investment in the securities listed was, or will be, profitable. Data is based upon a representative institutional account. Reflects up to the three largest buys (new buys) and up to the three largest sells (complete sells) for the quarter.

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Portfolio Turnover* As of September 30, 2012 – Supplemental Information

2000: 51.9% 2001: 23.0% 2002: 11.6% 2003: 22.1% 2004: 17.5% 2005: 17.5% 2006: 43.1% 2007: 36.6% 2008: 50.6% 2009: 29.7% 2010: 24.2% 2011: 18.3% YTD 2012: 16.0%

*Data is based upon a representative institutional account.

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Number of Holdings As of September 30, 2012 – Supplemental Information

25 Number of Names Number of

15 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

Source: BNY Mellon Performance & Risk Analytics Portfolio characteristics and holdings are subject to change at any time;and holdings may be different in other accounts within the strategy, particularly in commingled investment vehicles. Data is based upon a representative institutional account.

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Sector Weightings As of September 30, 2012

TCW Concentrated Core 40% 36.8% 35% 30% 25% 20% 15% 11.0% 11.2% 8.5% 10.3% 8.8% 10% 4.9% 5.8% 2.6% 5% 0.0% 0.0% 0% Consumer Consumer Energy Financials Healthcare Industrials Information Materials Telecom Utilities Cash Discretion Staples Technology Russell 1000 Growth 40% 32.6% 30%

20% 16.4% 12.7% 11.9% 11.9% 10% 4.1% 4.3% 3.8% 2.3% 0.2% 0.0% 0% Consumer Consumer Energy Financials Healthcare Industrials Information Materials Telecom Utilities Cash Discretion Staples Technology S&P 500 25% 20.1% 20% 14.6% 15% 11.3% 12.0% 11.0% 10.9% 9.8% 10% 5% 3.5% 3.3% 3.5% 0.0% 0% Consumer Consumer Energy Financials Healthcare Industrials Information Materials Telecom Utilities Cash Discretion Staples Technology

Source: BNY Mellon Performance & Risk Analytics Portfolio characteristics and holdings are subject to change at any time. It should not be assumed that an investment in the securities listed was, or will be, profitable. Data is based upon a representative institutional account. 18 DEcc2457 10/29/12 TCW Concentrated Core Marketable Securities Division

Summary of Holdings As of September 30, 2012 – Supplemental Information

Security % of Portfolio Security % of Portfolio Apple Inc 9.26 Oceaneering International Inc 2.81 Qualcomm Inc 5.47 Life Technologies Corp 2.77 American Tower Corp 5.21 Arm Holdings Plc 2.71 Google Inc Cl A 4.16 Priceline.Com Inc 2.70 Salesforce Com Inc 3.65 Cognizant Technology Solutions 2.64 Ace Limited Shs 3.49 Vmware Inc 2.58 Allergan Inc/United States 3.44 Mead Johnson Nutrition Co 2.56 Cerner Corp 3.32 Starbucks Corp 2.52 Schlumberger Ltd 3.30 Costco Wholesale Corp 2.33 Amazon.Com Inc Com 3.25 National Oilwell Varco Inc 2.00 Visa Inc 3.03 Verisk Analytics Inc 1.97 Precision Castparts Corp 2.95 Equinix Inc 1.95 Fastenal Co 2.95 Intuitive Surgical Inc 1.70 Silver Wheaton Corp 2.92 Charles Schwab Corp/The 1.59 Occidental Petroleum Corp 2.90 Baidu Inc/China 1.39 Praxair Inc 2.87 Ch Robinson Worldwide Inc 0.97

Portfolio characteristics and holdings are subject to change at any time;and holdings may be different in other accounts within the strategy, particularly in commingled investment vehicles. Data is based upon a representative institutional account. It should not be assumed that an investment in the securities listed was, or will be, profitable.

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III. Investment Philosophy TCW Concentrated Core Marketable Securities Division

Investment Philosophy

• Strong Long-term performance can be achieved by participating in the growth and success of extraordinary businesses purchased at attractive valuations.

Strong Business Growth Model

Opportunity

Valuation

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Distinguishing Features

• A concentrated portfolio of approximately 25 to 35 stocks seeking the highest quality growth opportunities available • Strict focus on companies with large end-market opportunities and clear product and/or cost advantages • Emphasis on attractive, yet undervalued, prospects for expanding market share, widening profit margins, and accelerating earnings growth • Long-term / Low turn-over orientation • Fundamentally driven process based on exhaustive bottom-up research complemented and supported by thematic macro trends • Conviction weighted – fully invested • Macro and systemic risk managed at portfolio level • Consistency – no deviation from stated process • Track record of proven results

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Investment Team and Resources

Craig C. Blum, CFA Group Managing Director, Portfolio Manager

3rd Party Research TCW Portfolio Analytics Group Brandon D. Bond, CFA Managing Director, Senior Analyst

TCW Equity and Fixed-Income TCW Equity Policy Committee Product Teams Brian M. McNamara Managing Director

TCW Equity Research 10 Analysts Providing Coverage of All Major Economic Sectors

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Bottom-Up Investment Process

Result: Seeks to Achieve Strong Long-Term Returns

• Large and attractive end-markets • Strong business models Portfolio • Dominant industry positions • Demonstrably strong balance sheets (25-35 companies) • Favorable secular / macro themes • Strong trends in revenue, earnings, and cash flow growth • Proven management teams embracing shareholder orientation

• Investment thesis developed Wish List • Long-term growth drivers and risks identified (0-5 companies) • Intermediate-term price target established • Look for attractive entry points

• Evaluate business model and industry dynamics • Model and analyze company fundamentals • Conduct competitor analysis Watch List • Identify sustainable competitive advantage (5-15 companies) • Compare and contrast internal results vs. consensus • Meet with and evaluate management • Establish valuation under base case, bear case, and bull case scenarios Research and Investment Team Collaboration • Consider terminating idea

• Investment team • Research department • Internal screening Source Ideas • Industry analysis and management relationships • Target proven businesses and superior long-term earnings growth • Concentrate efforts on industries supported by structural change and macro economic themes

The processes described herein are illustrative only and subject to adaptation in any particular context. 24 DEcc2457 10/29/12 TCW Concentrated Core Marketable Securities Division

Ongoing Review

“On-Season” • Analyze quarterly results • Evaluate financials vs. consensus and vs. TCW estimates • Continue dialogue with analyst to establish next steps • Revisit relative attractiveness • Add / Trim / Do Nothing

“Off-Season” • Monitor all news flow and company developments • Generate new ideas • Advance existing ideas through research process • Maintain high standards of client service and communication

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Risk Management

Organizational Controls • TCW Portfolio Analytics Group • TCW Investment Control • TCW Compliance

Portfolio Controls • Business risk controlled through quality framework and depth of research enabled by concentration • Portfolio restricted to a maximum 15% of total assets (at time of investment) in any one issuer • Portfolio restricted to a maximum 35% of total assets (at time of investment) in any one industry • “Top heaviness” of portfolio monitored weekly • Portfolio construction seeks to reduce volatility by targeting uncorrelated business fundamentals

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Sell Discipline

• Every holding is re-evaluated on an ongoing basis • Tactical re-weighting is driven by: 1. Relative attractiveness 2. Position size 3. Intermediate-term price targets • Unexpected negative developments require immediate placement onto a review list. Following a thorough examination, a position may be reduced or sold entirely when: 1. Disappointing fundamentals coincide with impairment to business model 2. Disappointing fundamentals coincide with impairment to revenue opportunity • Positions may also be sold entirely when: 1. Company valuation reflects our most optimistic outlook 2. Cash is needed to take advantage of a superior opportunity

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Quality

Cost Structure Advantage Product and Differentiation Advantage Amazon.com offers superior selection, convenience, service and Schlumberger's scale, best-in-class R&D, and track record of price relative to traditional retailers. Amazon's inventory-light innovation are driving strong order growth in both its traditional oil model operates with no physical stores, resulting in a two-to- field services business and also its WesternGeco seismic business. three times inventory turnover advantage. Qualcomm is the world’s leading innovator in wireless communication technologies that are licensed by both wireless service providers and handset manufacturers. The company’s patent portfolio and engineering scale give it significant leverage to the growing market for high-speed mobile data.

It should not be assumed that an investment in the securities listed was, or will be, profitable.

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Growth

Scalability Salesforce.com is a leading provider of Software as a Service (SaaS), with over 3 million paying subscribers. The company has less than 10% market share of the first market they have targeted, customer relationship management (CRM) software. With a lower cost of ownership and a superior product offering, salesforce.com is aggressively growing its subscriber base in CRM and leveraging its technology platform to offer additional software products. Over the long run, we believe the company’s strategy is likely to significantly increase their addressable market and increase revenue per customer.

Google is the leading domestic and global provider of search technologies for consumers and paid search advertising for companies. Google enjoys both hardware and software advantages that in aggregate create a significant source of differentiation versus competitors. The percentage of ad dollars garnered by the Internet is significantly lower than the percentage of media consumption time people spend on the Internet. As the platform evolves and matures, we expect that this disparity will narrow, driving significant continued revenue growth.

It should not be assumed that an investment in the securities listed was, or will be, profitable.

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Secular Trends

• Winner take all markets • Consumer empowerment • Technology drives business model advantage • Energy capital intensity permanently higher • New media disrupts old media • Cost leadership critical • Outsource non-core competencies • High data-rate wireless • Cloud computing – thin client / intelligent network • Growing middle class in developing markets • Premium on pricing power • Boomer demographics • China

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IV. Equities Advantage TCW Concentrated Core Marketable Securities Division

TCW Assets Under Management or Committed to Management as of September 30, 2012

Total Assets: $135.4 Billion U.S. Equities: $21.4 Billion

Convertibles ($0.2) International & Global ($13.5) All Cap Equities ($0.2)

Small Cap/ Mid-Cap Equities ($4.3) Alternative Investments ($15.8)

U.S. Equities ($21.4)

U.S. Fixed Income ($84.7) Large Cap Equities ($16.7)

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U.S. Equities Under Management or Committed to Management as of September 30, 2012

Growth Strategies AUM Total Assets: $21.4 Billion Concentrated Core $5.7B Small Cap Growth $2.0B Pluris ($0.1) Concentrated Value ($1.0) Growth Equities $1.2B SMID Cap Growth $0.9B Concentrated Core ($5.7) Convertibles & Other $0.4B Relative Value Large Cap ($4.7) Total Growth $10.2B Value ($6.9) Growth ($10.2)

Value Strategies AUM Relative Value Large Cap $4.7B Relative Value Dividend Focused ($0.8) Value Opportunities ($0.3) Small Cap Growth ($2.0) Concentrated Value $1.0B Relative Value Dividend Focused $0.8B Growth Equities ($1.2) Value Opportunities $0.3B Large Cap – Other ($4.3) SMID Cap Growth ($0.9) Pluris $0.1B Convertibles & Other ($0.4) Total Value $6.9B Other ($4.3)

Large Cap – Other $4.3B

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Full Spectrum of Strategies

TCW offers a broad array of U.S. equity strategies that span the investment universe from small to large and from value to growth.

Value Growth

Concentrated Value Pluris Relative Value Concentrated Core Dividend Focused Benchmark: Russell 1000 Growth

Large Cap Relative Value Large Cap Benchmark: Russell 1000 Value

Growth Equities Value Opportunities Benchmark: Russell Midcap Growth Benchmark: Russell Midcap Value Mid-Cap Global Healthcare Global Real Estate Global Technology SMID Cap Growth Benchmark: Russell 2500 Growth Growth Funds –Growth Funds & Multicap All Cap

Small Cap Growth

Small Cap Benchmark: Russell 2000 Growth

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Equity Group Priorities & Objectives

The TCW U.S. Equities group maintains an unwavering focus on producing track records of strong investment performance for our clients.

• We are cognizant of the importance of “risk-adjusted” returns. Thus, our goal is not to minimize risk per se but rather to understand and be compensated for the risk taken • We believe that our ability to add value resides in our adherence to well-articulated investment philosophies and processes, supported by a rigorous fundamental research effort that allows us to develop differentiated investment insights relative to the market consensus • We strive at all times to act with integrity in carrying out our fiduciary responsibility to our clients, as evidenced by our strong organizational commitment to risk management • We are committed to attracting and retaining highly qualified and talented investment professionals through our competitive, merit-based compensation structure and long-term incentivization programs, including restricted stock ownership • We will complement our existing product lineup with investment strategies that meet our clients’ needs while leveraging our core competencies of fundamental research and analysis

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Depth of Experience Across Equity Disciplines As of September 30, 2012

As stewards of $135 billion in client assets, TCW believes there is no substitute for experience.

Our equity investment teams bring expertise and perspective gleaned over many years in asset management and through a range of market conditions. 40 investment professionals manage or support more than 19 U.S. equities funds and strategies.

Total Average Years Experience Average Years with TCW Portfolio Managers 7 24 18 Analysts 28 16 10 Traders 5 20 13

Advanced Education and Training • 26 hold MBA degrees • 2 hold a PhD degree • 18 are CFA charterholders

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Strongly Aligned Interests and Incentives

TCW’s strongest asset is its people, the investment teams who manage the strategies and the various parts of the organization that support them. The firm structures its compensation to attract and retain talented and dedicated professionals and foster continuity across all investment disciplines.

Compensation TCW provides above average salaries and total compensation, according to industry compensation consultant McLagan Partners.

• Portfolio managers are compensated based on fee-sharing formulas that take into account revenues or profitability of assets under management and/or investment performance • U.S. Equity Research team analysts receive a base salary and an annual merit bonus based on the performance of stock recommendations as well as portfolio manager feedback; Senior Analysts receive a fee-sharing incentive tied to the outperformance of the firm's equity strategies over a rolling three-year period • Traders receive a base salary and an annual bonus based on the ability to achieve best execution when conducting trades for TCW accounts Equity Ownership • New Employee Equity Plan announced March 2010 • Plan structured to retain key investment personnel, including equities portfolio managers and analysts • TCW has granted Restricted Stock Units (RSU) to 150 TCW Employees • RSUs vest as TCW stock over five-year period

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Individual Philosophies, Unified Support

Equity strategies are managed by four dedicated portfolio management teams that may draw on the resources of the entire TCW organization.

While the teams share a belief in fundamental research-based active management, each follows its own unique, time- tested approach to:

Defining an investment philosophy Screening and analyzing potential investments

Valuation & Idea Idea Due Buy/Sell Generation Qualification Diligence Strong Decision Business Growth Model Opportunity

Valuation Constructing and managing portfolios

Search for Value Poised for Growth

Low Earnings Growth High Earnings Growth High Valuation High Valuation Valuation

A B Buy: Buy: Anticipated Strong Earnings Fundamentals

Low Earnings Growth High Earnings Growth Low Valuation Low Valuation

Historical Earnings Growth

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Developing Differentiated Insights

For each equity strategy, TCW seeks to outperform its benchmark over market cycles not by adopting consensus Wall Street views, rather by forming our own points of view on existing and potential investments. This is best accomplished by: • Applying our own insights gleaned from bottom-up fundamental research that includes getting to know a company’s management, suppliers, and competitors. In 2011, portfolio managers and analysts attended over 2,500 meetings with company management • Developing our own financial models to follow specific metrics and discern trends and information that others may overlook • Showing conviction for our strongest ideas by forming portfolios that may diverge from benchmark weightings

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Robust Research Capabilities

The U.S. Equity Research Group, through its team of 10 industry-specific analysts and 3 research associates, strives to “own the space” in every sector it covers. This commitment ensures a regular flow of investment ideas to TCW portfolio managers and product-specific analysts.

A Day in the Life of an Analyst

Company Meetings Industry Conferences SEC Filings Company Press Releases

Financial Modeling Industry Modeling Peers/Colleagues

Financial News Sell-side Research Site Visits Channel Checks

Industry Contacts Industry Periodicals

Sell-side Analyst Meetings Primary Data Collection & Analysis

“Own The Space”

Sector Analysis & New Ideas Maintenance/ Marketing Perspective Monitoring

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Gaining 360-Degree View of Companies

The TCW equities teams can benefit from the multiple viewpoints provided by the firm’s multi-disciplinary approach to research.

Stock analysis can be further refined through information provided by teams looking at other parts of a company’s capital structure.

Effective Knowledge Sharing Fixed Income

Buchanan Emerging U.S. Street Markets Equities Partners Equities Investment Teams (Commercial Real Estate)

Amundi Strategy & Research

Ongoing Collaboration The TCW Equity Policy Committee gathers portfolio managers on a quarterly basis to discuss key events in equities markets and trading and to garner insights from the CIO for Fixed Income as well as from members of the Emerging Markets equities team.

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Cutting Edge Tools and Technologies

Customized Analysis and Reporting TCW’s Portfolio Analytics Group (PAG) analyzes the portfolio characteristics of every strategy and provides detailed attribution analysis to explain performance and risk, and provide comparisons to benchmarks and competitors. PAG leverages a broad array of analytical systems and custom applications to provide:

• Real-time data to the portfolio management teams • Custom reporting and attribution to TCW clients through: Performance and Analytics – Zephyr StyleADVISOR; FactSet; Mellon Performance Universe; BNY Performance & Risk Analytics; Baseline Analytics; Bloomberg Risk Management – BARRA Aegis Portfolio Optimization – Ibbotson Encorr Comparative Research – eVestment Alliance; Morningstar Direct

Specialized Trading Platforms TCW's U.S. Equities trading team utilizes specialized programs and algorithms to execute transactions discreetly, efficiently, and in a cost effective manner.

Order Management System – Longview by LineData routes order from portfolio managers to the investment control group for pre-trade investment guideline monitoring, then onto the trading desks for execution by the traders. In addition to the Longview application, Sasquatch, a customized version of the Portware EMS, enables traders to conduct block and program trading across 40 different venues, including dark pools with the goal of minimizing trading impact while reducing overall execution costs.

Execution Management System – Sasquatch, a customized version of the Portware EMS, enables traders to conduct block and program trading across 40 different venues, including dark pools. 42 DEcc2457 10/29/12 TCW Concentrated Core Marketable Securities Division

A Commitment to Risk Management

TCW views risk management as a crucial attribute of successful and prudent investing. Both portfolios and individual securities are monitored for undue risk and volatility. • The TCW Portfolio Analytics Group provides monthly and quarterly risk analysis to help portfolio managers understand the sources of risk in their strategies and the effects of adding to or reducing specific positions • The TCW Portfolio Analytics Committee provides a forum for senior management to review and manage the risk of individual strategies

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V. Appendix TCW Concentrated Core Marketable Securities Division

Quarterly Review As of September 30, 2012

The TCW Concentrated Core strategy generated a return of +7.07% gross of fees (+6.89% net) during the quarter, outperforming the Russell 1000 Growth Index return of +6.11%. Positive security selection effects drove the outperformance. Our positions in economically sensitive industries such as Information Technology, Industrials, and Energy outperformed. In a quarter where “risk-on” returned, we were pleased with the performance of our offensive growth names. Given the fragile nature of the economic recovery, we believe the balance between offensive and defensive growth in the portfolio remains prudent.

The U.S. equity market climbed a wall of worry (looming fiscal cliff in the U.S., an upcoming Presidential election, the ongoing sovereign and bank concerns in Europe, etc.) in the third quarter, driven primarily by a wave of central bank actions. The S&P 500 gained 5.9%, the Dow Jones Industrial Average gained 4.3%, and the NASDAQ composite gained 6.2% for the quarter. Commodities and the MSCI EAFE both outperformed the U.S. equity markets. Although large-capitalization stocks continued to outperform small-capitalization stocks (Russell 1000 +6.3% vs. Russell 2000 +5.3%), value stocks outperformed growth again in the third quarter (Russell 3000 Value +6.44% vs. Russell 3000 Growth +6.01%). We’d note that large cap growth stocks are 27.7% cheaper than their 20-year average on an earnings basis whereas small cap value stocks are only 8.8% cheaper than their 20-year historical average P/E.

The Fed’s September QE3 announcement, in the form of open-ended MBS purchases and a pledge to deliver additional stimulus in the absence of a substantial improvement in the labor market, drove risk assets materially higher. Although U.S. housing appears to be improving, unemployment has exceeded 8% for 43 straight months, the labor force participation rate is at its lowest reading since September 1981, and a recent PMI reading slipped to 49.7, its lowest level since 2009.

On a sector allocation basis, our overweight position in Energy provided the biggest sector allocation benefit to relative performance during a largely “risk-on” quarter. Our overweight position in financial services (relative to our benchmark – largely a result of AMT being reclassified into financial services from telecom after being reclassified as a REIT at the beginning of the year) hurt our results most during the period.

We expect aggressive central bank policy and an improving U.S. cyclical backdrop to offset global deleveraging and economic slack through the fourth quarter of 2012 and into calendar year 2013. While we acknowledge that broad economic conditions remain uncertain, it is wrong to believe that monetary authorities will remove reflationary policies when they enjoy the thick cover of weak job growth, slowing manufacturing activity, slowing trade, and soft headline CPI. The lesson of the past few years is that indebted G7 governments will not tolerate (because they cannot afford) sustained periods of falling prices, higher interest rates, and/or higher foreign exchange rates. Accordingly, we expect global central bank appetite for inflation and debt monetization to persist over the intermediate term and support prices for risk assets. However, we also acknowledge that the deleveraging process involves frequent bouts of deflation that can disrupt economic growth and negatively impact stock market returns. We are thus pleased with our balanced approach to portfolio construction that emphasizes both cyclical and non-cyclical businesses that we believe position us well for just such an environment.

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Quarterly Review (cont’d) As of September 30, 2012

A persistent theme among investors has been the U.S. equity market’s attractive relative valuation. Most arguments point to the historically wide gap between earnings yields and bond yields (~7.1% vs. ~1.7%, respectively) or to the historically low market multiple relative to current-period inflation (13x today vs. 16x historically when CPI is trending between 1-2%). Less discussed, however, are the reasons behind this unusual setup and how unexpected forces might provide multiples with a lift. First, the Federal Reserve’s policy of near-zero interest rates has magnified the effect that price inflation has on the business cycle (we observe this in the tight inverse correlation between CPI measures and various leading economic indicators). The more erratic behavior of inflation (when compared to Fed policy) has led to relatively shorter and more volatile business cycles. Market multiples have thus moved lower in response to a shorter and less predictable pattern for business activity. We expect those same multiples to drift higher under a more normalized policy environment whereby market based interest rates once again influence the broad economic cycle. Second, profit volatility during the financial crisis and subsequent recovery was the highest on record since the 1930s. This had a profound and lingering impact on the equity risk premium embedded in multiples over the past few years. While we don’t expect an immediate decline in profit volatility, we do anticipate that earnings behavior will eventually normalize and result in higher multiples, especially if price inflation drifts higher in a managed way. Third, the current relationship between bond yields and equity multiples has reversed when compared to that of the 1990s such that higher bond yields are now positively correlated with higher multiples (vs. negatively correlated prior to 1999). This means that modestly higher interest rates no longer always translate into lower present values of cash flows, but rather reflect improving economic prospects and the increasing availability of positive real returns. We submit that these improved prospects will be reflected in higher valuation multiples and higher stock prices over time. Finally, the large U.S. fiscal imbalances over the past several years have clearly contributed to the valuation malaise attached to stock prices. Difficult to explain, then, is the current year-to-date stock market advance (best 9-month return in over 10 years) in the face of growing concern around the U.S. “fiscal cliff.” We attribute this strength to the negative contribution to GDP growth coming from government spending beginning in early 2011. In other words, markets have rewarded government austerity even when it results in subpar economic activity. Indeed, market multiples have historically correlated well with shrinking budget deficits and we would expect any improvement in the U.S. fiscal position to further support equity valuations.

We therefore remain constructive on stock prices over the intermediate term. In our view, an improving U.S. cyclical story is being overshadowed by the severe Eurozone recession, the potential for a hard economic landing in China, and the U.S. fiscal cliff. Underneath these valid concerns, however, is a collection of economic indicators hitting new cycle highs. Consumer sentiment is improving on the back of a slowly recovering housing market (National Association of Homebuilders Index hitting a 6-year high). Record setting volume in corporate credit new issuance together with solid trends in commercial loan demand suggests healthy availability of capital for new projects. Despite a jobs picture that still reflects structural weakness, employment data appear to be holding their recovery trend. Corporate profits continue to make new all-time highs, notwithstanding the flattish year-over-year growth likely to come during the third quarter.

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Quarterly Review (cont’d) As of September 30, 2012

Considering all factors that could influence performance through year-end, we believe the portfolio is set up exceptionally well. The strategy’s healthy mix of high-quality growth businesses across a wide range of industries provides good exposure to compelling opportunities without being overly levered to one sector or theme. Our portfolio companies all enjoy healthy end markets, strong balance sheets, consistent market share capture, and attractive cash flow profiles. When viewed collectively, the group also appears well prepared for potential CPI volatility with a strict focus on cost control and pricing power across the portfolio. We remain confident that these same features will continue to produce strong long-term results for many years to come.

We thank you for your continued trust and support.

Craig C. Blum, CFA Portfolio Manager Group Managing Director U.S. Equities

The full composite performance for the strategy is available on the strategy detail page on www.tcw.com. Annualized returns are contained at the bottom of the page and calendar year returns are contained in the Performance Footnotes at the top of the page. You may also contact your TCW Client Relations Officer at 213 244 0000. An investment in the strategy described herein has risks, including the risk of losing some or all of the invested capital. This publication is for general information purposes only. Any opinions expressed are current only as of the time made; are subject to change without notice; are solely those of the author and do not represent the views of TCW as a firm or of any other portfolio manager or employee of TCW. While the information and statistical data contained herein are based on sources believed to be reliable, we do not represent that it is accurate and should not be relied on as such or be the basis for an investment decision. This report may include estimates, projections and other "forward-looking statements."Due to numerous factors, actual events may differ substantially from those presented. TCW assumes no duty to update any such statements. Past performance is no guarantee of future results. Any holdings of a particular company or security discussed herein are under periodic review by the author and are subject to change at any time, without notice. In addition, TCW manages a number of separate strategies and portfolio managers in those strategies may have differing views or analysis with respect to a particular company, security or the economy than the views expressed herein. This publication is not to be used or considered as an offer to sell, or a solicitation to an offer to buy, any security. Nothing contained herein should be considered a recommendation or advice to purchase or sell any security. TCW, its officers, directors, employees or clients may have positions in securities or investments mentioned in this publication, which positions may change at any time, without notice. Copyright 2012 TCW

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Biographies Portfolio Management

Craig C. Blum, CFA Brandon D. Bond, CFA Portfolio Manager Managing Director Group Managing Director Senior Analyst U.S. Equities U.S. Equities Mr. Blum is portfolio manager of the TCW Concentrated Core Mr. Bond is a Senior Analyst with generalist research respon- strategy and the TCW Select Equities and TCW Growth Funds. sibilities for the Concentrated Core investment strategy, He joined TCW in 1999 as a research analyst in the U.S. Equity including the TCW Select Equities Fund. Previously, he was a Research group covering data networking, communications Senior Equity Analyst on the U.S. Equity Research team equipment, and enterprise technology companies. In 2002, Mr. covering the financial services sector. He first joined TCW in Blum became a member of the Concentrated Core/Select 2003 as part of the firm's Summer Associate Program. He Equities group and was subsequently named portfolio manager rejoined the firm full-time in 2004 after completing his MBA in 2004. Prior to TCW, Mr. Blum was a commercial mortgage- in Finance and Accounting from the UCLA Anderson School backed securities analyst at FMAC Capital Markets and of Management where he was a Student Investment Fund PaineWebber. Mr. Blum began his investment career in 1994 as Fellow and Edward W. Carter Fellow. Prior to business a financial advisor for Merrill Lynch. He received his BS in school, he worked as a consultant in Accenture's Electronics Applied Mathematics and Computer Science from the and High-Tech Practice. Mr. Bond graduated Summa Cum University of California at Los Angeles (UCLA), and his MBA Laude from Brigham Young University with a BA in from the UCLA Anderson Graduate School of Management. Marketing Communications and minors in Business Mr. Blum is a CFA charterholder. Management and Japanese. He is a CFA charterholder.

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Biographies Portfolio Management (cont’d)

Brian M. McNamara Managing Director U.S. Equities Mr. McNamara joined TCW in 2012 as a Managing Director for the Concentrated Core investment strategy, including the TCW Select Equities Fund. He brings over 15 years of investment acumen to TCW, including experience as an analyst, investment banker, and institutional salesman. Prior to joining TCW, Mr. McNamara was a regional head of sales for Jefferies, where he successfully covered major mutual fund and hedge fund accounts and managed a staff of 20 professionals in San Francisco and Los Angeles. Preceding Jefferies, he worked as an institutional equity salesman in the San Francisco office of both Deutsche Bank and JPMorgan. Mr. McNamara began his investment career as an investment banking analyst at Jefferies and later worked as an analyst at JPMorgan before moving into institutional sales. Mr. McNamara received his BA from the University of California at Los Angeles (UCLA) and his MBA from the Anderson School of Management at UCLA.

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Biographies U.S. Equity Research

Michael P. Reilly, CFA Jason S. Maxwell, CFA Chief Investment Officer–Equities Managing Director Director of U.S. Equity Research Senior Equity Analyst Group Managing Director U.S. Equity Research Mr. Reilly is the Chief Investment Officer of the Equities Mr. Maxwell is a Senior Analyst covering the energy & Group and Director of U.S. Equity Research. He joined TCW utilities sectors. He joined TCW in 2000 as an Analyst in the in 1992 as an Equity Analyst after working four years in U.S. Equity Research group and served as Portfolio Manager corporate finance at Security Pacific Bank. In 1995, he for the TCW Spectrum strategy from 2002 through 2008. assumed co-portfolio management responsibility for TCW’s Prior to joining TCW, he worked as an Engineer at Anatech Latin America, Emerging Markets and International Equities Corporation from 1991 to 1998. Mr. Maxwell holds a BS in investment strategies. Subsequently, from 2002-2005, he Structural Engineering from the University of California, San was co-Portfolio Manager of the Société Générale Asset Diego (1992) and an MBA, with an emphasis in Investment Management (SGAM) global equities team prior to Management, from the University of Southern California assuming leadership of the U.S. Equity Research department (2000). He is a licensed Professional Engineer and a CFA in 2006. Mr. Reilly graduated valedictorian of the University charterholder. of Southern California with a BS in Finance and a BA in Spanish and also received his MBA from the University of Southern California. He was recipient of the Rotary Foundation Ambassadorial Fellowship for a year of postgraduate studies at Universidad Complutense in Madrid, Spain. He is a CFA charterholder.

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Biographies U.S. Equity Research (cont’d)

Anthony S. Valencia, CFA Iman H. Brivanlou, PhD Managing Director Senior Vice President Senior Equity Analyst Senior Equity Analyst U.S. Equity Research U.S. Equity Research Mr. Valencia is a Managing Director and Senior Equity Dr. Brivanlou is a Senior Analyst in TCW’s Equity Research Analyst within the TCW Equity Department. Mr. Valencia is Department where his coverage includes the real estate, responsible for coverage of stocks in the media, enter- insurance, business services, transports, and consumer tainment, and hotel & gaming industries. In addition to U.S. staples sectors. He sits on the Investment Product Review traded securities, he also follows international stocks Committee for Buchanan Street Partners, TCW’s direct real including Chinese internet and gaming companies. He is a estate investment unit. He joined TCW in 2005 as an intern, co-portfolio manager on the TCW Growth Fund and is and full time as an Equity Analyst in 2006 after completing frequently quoted in the news media and has appeared on his MBA in Finance and Strategy from UCLA’s Anderson CNBC, PBS, and Bloomberg TV. Prior to joining TCW in School of Management. While at UCLA, he developed and 2001, Mr. Valencia was an Equity Analyst at a Los Angeles tested quantitative models aimed at predicting the sizes of based investment management firm where he followed catalyst “events” for Kayne Anderson, a hedge fund in health care and consumer staple stocks. He has also held Century City. Prior to UCLA, he worked as a lead consultant positions at Drexel Burnham Lambert, Merrill Lynch, and for APS, where he founded the firm’s Southern California Prudential California. Mr. Valencia received his BS in Healthcare practice. Economics from the University of California at Los Angeles Dr. Brivanlou holds a BS in Physics from MIT, a PhD in and his MBA from the University of Southern California Computational Neuroscience from Harvard, and was a Marshall School of Business where he majored in Finance Howard Hughes post-doctoral fellow in Molecular and Investments. Mr. Valencia is a CFA charterholder. Neurobiology at the Salk Institute in La Jolla.

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Biographies U.S. Equity Research (cont’d)

Haicheng Li, CFA Jeffrey W. Lin, CFA Senior Vice President Senior Vice President Senior Equity Analyst Senior Equity Analyst U.S. Equity Research U.S. Equity Research Ms. Li first joined TCW in 2001 as part of the firm's Summer Mr. Lin joined TCW in 2006 as an Equity Analyst. He joined Associate Program. She rejoined the firm full-time in 2002 TCW with over 14 years of experience in the technology after completing her MBA from Stanford Business School. sector with roles as Engineer, buy and sell-side Analyst, Previously, she was a Senior Business Analyst at Capital One venture capitalist, CFO of a communications equipment Financial, a consumer finance company. Ms. Li graduated start-up and Co-Portfolio Manager of a technology sector Phi Beta Kappa from Rutgers College with a BA in Molecular hedge fund. Mr. Lin began his investment career at Biology and Biochemistry. She also holds an MA in Montgomery Securities in 1994 following electronics Biomedical Research and a Master's degree in Medicine manufacturing and computer storage. He joined Paul Allen's from Harvard University. She is a CFA charterholder. Vulcan Ventures in 1999. At Vulcan, three of his investments went public and three were acquired by publicly traded companies. In 2001, he served as the CFO of Zaffire, an optical equipment company funded by Kleiner Perkins, until the company's sale to Centerpoint Broadband. From 2002- 2004, he was an Analyst at Provident Investment Counsel and followed computer and communications equipment as well as communications services. Most recently, he was a Co-Portfolio Manager of Conquistador Ventures, a technology sector focused hedged fund. Mr. Lin holds a BS in Electrical Engineering with an emphasis in Communications and Computer Architecture and an MBA from the University of Southern California. He is a CFA charterholder.

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Biographies U.S. Equity Research (cont’d)

Nirav S. Parikh John M. Campagnolo, CFA Senior Vice President Senior Vice President Senior Equity Analyst U.S. Equity Research U.S. Equity Research Mr. Campagnolo rejoined TCW in 2009 as an Equity Analyst in Mr. Parikh joined TCW in 2003 as an Equity Analyst. He was the U.S. Equity Research Department, with industry coverage promoted to Senior Equity Analyst in 2009. Prior to TCW, he responsibility for the financial services sector, excluding spent seven years working as an Equity and High Yield insurance. He most recently worked for Lehman Brothers as a Analyst at Wall Street investment banks. At Dresdner Portfolio Manager on a proprietary hedge fund focused on the Kleinwort Wasserstein, he worked as an Equity Analyst financial services sector. Prior to Lehman, he worked for covering wireless services. Prior to that, he was a High Yield American Express Financial Corporation as a Financial Services Analyst covering the telecommunications industry at Analyst supporting the Growth Spectrum team. He originally Morgan Stanley, and the media and telecommunications joined TCW in 1993, became a part of the U.S. Equities Research Department in 1995 and was promoted to Equities Analyst in industries at Donaldson Lufkin & Jenrette. Prior to receiving 1996. Mr. Campagnolo received his BS in Accounting from the his MBA, he worked as a Securities Accountant at Pacific Life University of Southern California. He is a CFA charterholder. Insurance Company. Mr. Parikh holds a BA in Accounting and Finance from the California State University, Fullerton and an MBA in Finance from the University of Southern Vera Z. Kahn California. He speaks fluent Gujarati and is conversational in Senior Vice President Hindi, both languages of India. U.S. Equity Research Ms. Kahn joined TCW in 2007 as an Equity Analyst with Robert J. Park, CFA coverage responsibility for the retail industry. She brings Senior Vice President seven years of investment experience to TCW, having most Senior Equity Analyst recently served as a Director at Telsey Advisory Group, an U.S. Equity Research independent equity research firm in New York, following specialty retail stocks. She has also covered In 2007, Mr. Park was promoted to the position of Senior Equity footwear/apparel companies at Wedbush Morgan Securities Analyst. Prior to joining TCW in 2001, Mr. Park was an Analyst at Newell Associates, a Palo Alto based investment in Los Angeles, where she served as a Vice President. She management firm. While attending the University of Chicago began her research career at Morgan Stanley in New York Graduate School of Business, he interned at Wanger Asset where she followed specialty retail companies. Ms. Kahn Management. Mr. Park holds a BA in Economics from Stanford holds a BA in Russian Studies from Bryn Mawr College and University and an MBA from the University of Chicago Graduate an MBA from American University with a concentration in School of Business. He is a CFA charterholder. Finance. Ms. Kahn is fluent in Russian and Ukrainian. 53 DEcc2457 10/29/12 TCW Concentrated Core Marketable Securities Division

Biographies U.S. Equity Research (cont’d)

Joseph Shaposhnik Assistant Vice President U.S. Equity Research Mr. Shaposhnik joined TCW in 2011 as an equity analyst responsible for following the industrials and basic materials sectors. Prior to joining TCW he was an equity analyst at Fidelity Management and Research Company where he followed the semiconductor and entertainment software sectors for the firm's US domestic equity funds. He has held positions at Microsoft, Citigroup and Morgan Stanley. Mr. Shaposhnik holds a BS in Business Administration from the Haas School of Business at the University of California, Berkeley and an MBA from the Anderson School of Management at the University of California, Los Angeles.

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Biographies Relationship Management

Jack C. Lazzaro Vice President Institutional Client Group Mr. Lazzaro is focused on managing relationships with institutional clients in the fixed income, equity, and alternative asset classes and provides customized solutions to meet clients' investment objectives. He is based in the New York office. He has a strong background in client services after helping to establish the TCW Institutional Client Services Group where he spent over five years as a Client Service Associate. Previously he was a proposal coordinator in the Client Relations group at TCW. Mr. Lazzaro is a graduate of the University of Southern California and received his BA in Economics with an emphasis in Business Finance. He holds NASD Series 7 and 66 licenses.

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TCW Concentrated Core Performance Asset-Weighted and Time-Weighted Rates of Return

Total Composite Assets at Composite Composite 3-Year Benchmark 3-Year Total Firm Annual Return Russell 1000 # of End of Period % of Non-Fee Internal Standard Deviation Standard Deviation Assets (MSD)* Gross (%) Net (%) Growth (%) Portfolios (U.S.$ millions) Paying Assets Dispersion Annualized Annualized (U.S.$ millions) 2002 -28.81 -29.22 -27.88 100 8,570.20 – 0.82 31.14 25.58 50,623 2003 51.49 50.66 29.75 119 15,471.56 – 1.06 29.64 22.98 59,334 2004 13.53 12.75 6.30 126 19,062.81 – 0.47 22.48 15.66 73,954 2005 4.91 4.19 5.26 110 17,655.52 – 0.52 15.42 9.67 77,615 2006 -4.29 -4.95 9.07 84 13,448.63 – 0.39 14.12 8.43 83,334 2007 14.91 14.12 11.81 59 9,867.22 – 0.44 13.41 8.66 79,656 2008 -36.45 -36.91 -38.44 33 2,961.78 – 0.83 17.35 16.63 52,919 2009 43.81 42.84 37.21 29 3,222.99 – 0.74 19.74 20.01 59,123 2010 17.75 16.92 16.71 32 2,741.00 – 0.29 21.95 22.42 40,805 2011 5.01 4.27 2.64 40 3,450.14 – 0.40 17.04 18.01 81,764

The TCW Group, Inc. is divided into three divisions: the Marketable Securities Division; the Alternative Products Division; and the Managed Accounts Division. On February 23, 2010, The TCW Group, Inc. acquired Metropolitan West Asset Management. On January 1, 2011, the Marketable Securities Division and Metropolitan West Asset Management completed a merger. Accordingly, effective January 1, that past performance foretells future performance. 2011, Metropolitan West Asset Management was included within the Firm definition. 12. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. 13. There is a minimum asset level® for portfoliosthe periods included shown inbeginning the composite: in January $5,000,000 1988. Results effective 2Q 2000. 1. Effective January 1, 2000, the Marketable Securities Division (MSD) was established to provide investmentprior advisory to this servicesdate are innot the in compliance 14.as we These are unable results to have show been “composite prepared asand a percentagepresented in of compliance Firm assets” with information GIPS due to the marketable securities area. *The Marketable Securities Division is defined as the Firm for purposes of lackreporting of Marketable performance Securities in Division assets data. The first account managed in this fashion and included in the composite had an accordance with the Global Investment Performance Standards. inception date of October 1, 1987. 2. The Marketable Securities Division of TCW Group, Inc. claims compliance with the Global Investment15. This Performance GIPS-compliant Standards composite was created in 1Q 2002. (GIPS 16. The Composite is comprised of portfolios whose objective is to outperform the benchmark over the long term by investing in a ®) and has prepared and presented this report in compliance with the GIPS standards. The Marketableconcentrated Securities Division portfolio has of large capitalization companies with strong and enduring business models and unique business franchise been independently verified for the periods January 2000 through December 2011. The verification reports are availablecharacteristics. upon req Whileuest. TCW’s objective is to outperform the stated benchmark, it does not imply that this strategy shall share, or Verification assesses whether (1) the Firm has complied with all the composite construction requirements of theattempt GIPS to standards share, the on same a or similar characteristics of the benchmark or attempt to track the benchmark. firm-wide basis and (2) the Firm’s policies and procedures are designed to calculate and present performance17. The in compliancebenchmark withis the the Russell 1000 Growth. The Russell 1000 Growth Index measures the performance of those Russell 1000 GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. companies with higher price-to-book ratios and higher forecasted growth values. 3. From January 2010 onward, results are for portfolios present for an entire month. Prior to 2010, results18. The were Composite’s calculated U.S. usin institutionalg fee schedule is as follows: .70% on all assets portfolios present for an entire quarter. The Composite includes all portfolios, except for those subject to19. material Leverage client or derivativesrestrictions, are not used in the management of this composite. which are, therefore, deemed non-discretionary. 20. Withholding tax is not deducted from the portfolios contained in the composite. 4. Results are time-weighted and geometrically linked to yield quarterly returns, and include all items of income, gain and loss. 21. There are not any known inconsistencies between the local laws that the composite adheres to and the GIPS 5. Results are based on trade-date transactions. 6. A complete list and description of Firm composites is available upon request.

7. The internal dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented ® within the composite for the full year. Periods with five or fewer portfolios are not statistically representative and are not presented. . 8. Asset-weighted results use beginning of period market values. Unless stated otherwise, asset-weighted22. results There are are not shown any knownfor the inconsistenciesentire between the chosen source of exchange rates and those of the benchmark. period. Equal-weighted results represent the simple average of all composite portfolios present for 23.the entire The performance period. of the Concentrated Core composite for the period from inception to March 1998 reflects performance of portfolios 9. The currency used to express performance is U.S. dollars. greater than $5,000,000 that were managed by Glen Bickerstaff while at Transamerica Investment Services. Thereafter, it represents the performance while at TCW. The original TCW Concentrated Core performance is available upon request. For the period from 10. Gross results do not reflect the deduction of management fees and other custodial fees. Including Novemberthese costs 1998 would to reduceDecember the 31, 2004, a team of portfolio managers under the guidance and oversight of Glen Bickerstaff, who shown returns. Net results reflect the deduction of the maximum standard fee charged U.S. institutionalretained clients final without authority taking for intoall buy and sell decisions, were responsible for the Concentrated Core strategy. As of January 1, 2005, Mr. account breakpoints. Certain clients could pay a significantly higher or lower fee which would result in Bickerstaffdifferent net became returns. senior Non-U.S. portfolio advisor to the strategy, and the remaining team members assumed full responsibility for managing clients will generally pay a higher fee than the U.S. institutional fee. A fee which is 0.50% higher than thethe standard portfolios U.S. in ins thetitutional composite. fee As of February 6, 2008 Craig Blum became sole portfolio manager. will result in the total return being reduced, over five years, by 2.53% on a compound basis. Net results do not include the deduction of custodial fees or other administrative expenses, which will also reduce the returns shown. Prior24. to TheAugust benchmark 2010 net changed returns from were the S&P 500 to the Russell 1000 Growth, effective 3Q 2002, because based on a statistical assessment calculated arithmetically, afterwards net returns were calculated geometrically. of the investment style the new index better reflects the strategy. 11. TCW makes no representation that future investment performance will conform to past performance25. and Effective it should 1/1/06 never portfolios be assu medwith a security limitation of 7.5% or less were excluded from the composite. Prior to this date, the limitation was 5%.

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This publication is for general information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Any holdings of a particular company or security discussed herein are under periodic review by the portfolio management group and are subject to change without notice. In addition, TCW manages a number of separate strategies, and portfolio managers in those strategies may have differing views or analysis with respect to a particular company, security or the economy than the views expressed herein. An investment in the strategy described herein has risks, including the risk of losing some or all of the invested capital. Before embarking on the described investment program, an investor should carefully consider the risks and suitability of the described strategy based on their own investment objectives and financial position. Past performance is no guarantee of future results. The information contained herein may include estimates, projections and other “forward-looking statements.” Due to numerous factors, actual events may differ substantially from those presented herein. TCW assumes no duty to update any such forward-looking statements or any other information or opinions in this document. Any information and statistical data contained herein derived from third party sources are believed to be reliable, but TCW does not represent that they are accurate, and they should not be relied on as such or be the basis for an investment decision. Copyright 2012 TCW

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