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Small Capitalization Value Equity Management D. Kirk Henry, CFA Senior Portfolio Manager (617) 722-7051 John D. Havens Senior Relationship Manager (617) 722-7031 Los Angeles Water and Power Employees’ Retirement Plan P R E S E N T S World-ex US Value Equity Management October 13, 2010 LADWP 10/13/10 Table of Contents Section A: Company Overview 3 Section B: Investment Process and Discipline 11 Section C: Market Overview 18 Section D: Performance Review 22 Section E: Country Weights and Portfolio Structure 35 Section F: Portfolio Holdings, Fees, Disclosures & Exhibits 38 2 LADWP 10/13/10 Company Overview 3 LADWP 10/13/10 The Boston Company Asset Management, LLC Company Overview as of June 30, 2010 Total Assets Under Management: $32.5 billion Boston Safe Deposit Company incorporated in 1867, The Boston Company Asset Management, LLC established 1970 A fundamental research approach to global equity management – 85 investment professionals – 7 investment teams – 16 core research analysts Consistent stock selection methodology US Equity Non-US Equity Large Cap $8.2 billion Large Cap $5.7 billion Mid Cap $3.1 billion Small Cap $74.4 million Small Mid Cap $1.9 billion Emerging Markets $8.2 billion Small Cap $4.3 billion Balanced $83.4 million Sector Strategies $460.1 million Global Equity Absolute Return Large Cap $176.9 million Market Neutral $132.2 million* Small Cap $40.4 million Micro Cap Absolute $194.2 million Absolute Return Growth $4.5 million Absolute Return Opportunistic $8.6 million *As of August 31, 2010 approximately $37 million of the Market Neutral assets have been placed in administration in the UK and are currently unavailable. 4 Includes assets managed by investment personnel of The Boston Company Asset Management, LLC acting in their capacity as officers of affiliated entities. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. 525 LADWP 10/13/10 The Boston Company Asset Management, LLC: Representative Client List Corporate Endowments/Foundations Public Ta f t -Hartley American Airlines, Inc. American Honda Foundation California Public Employees’ Retirement System Actors Equity Association American Beacon Advisors Care First, Inc. City of Boston Retirement System Connecticut Carpenters Baker Hughes Incorporated College of the Holy Cross City of Brockton Retirement Board Graphic Arts Industry Barnes Group, Inc. CommonFund City of Clearwater Firefighters National Electric Benefit Fund Care First, Inc. Michigan State University City of Delray Beach Rhode Island Laborers CIBC Society of Jesus of New England City of Miramar Police & Fire Citizens Financial Group, Inc. The College of William & Mary Foundation City of New Bedford Retirement Board Continental Airlines, Inc. The Jewish Federation of Metropolitan Detroit City of North Miami Retirement System Eastern Connecticut Health Network, Inc. The Lubrizol Corporation City of Phoenix Employees Retirement System Ericsson, Inc. University of Alabama Health Services City of Sarasota Police Officers General Conference Corp. of Seventh-Day Adventists University of the Redlands City of Taunton Retirement Board Goodrich Corporation Villanova University Fireman's Annuity & Benefit Fund of Chicago Intermountain Healthcare Los Angeles City Employees' Retirement System MAFCO Holdings, Inc. Massachusetts Water Resources Authority Motorola, Inc. Mississippi Healthcare Trust Fund PacifiCorp, Inc. Mississippi Prepaid College Tuition Public Service Enterprise Group, Incorporated Mississippi Public Employees Scripps Health Norfolk County Retirement Board The Bank of NY Mellon (Mellon Pension Services) Norwood Retirement System The Lubrizol Corporation Pennsylvania Public Schools Retirement System Torstar Corporation Plymouth County Retirement System Verizon Investment Management Corporation San Jose Retirement System - Police and Fire Waste Management, Inc. St. Louis Police St. Paul's Teacher's Retirement Fund St. Petersburg Fireman's Pension Fund Teachers’ Retirement System of the State of Illinois Town of Fairfield Retirement System Virginia Retirement System 5 TBCAM representative client list consists of clients invested in separately managed and commingled accounts through an affiliate. The client list represents a cross section of clients by type, product and geographic region. The client list was not determined based upon performance-based criteria. It is not known whether the listed clients approve or disapprove of the adviser or the advisory services provided. LADWP 10/13/10 The Boston Company Asset Management, LLC Organizational Chart David H. Cameron, CFA Chairman, President & Chief Executive Officer John Truschel, CFA Joseph P. Gennaco Richard K. Watson, Jr. Executive Vice President & Executive Vice President & Executive Vice President & Chief Investment Officer Chief Operating Officer Head of Distribution Product Portfolio Teams Compliance Operations Development & Management Global Equity Investment Relationship Administration Trading Systems & Data Management Marketing & Core Research Finance Portfolio Implementation Communications Quantitative Research Distribution Support Portfolio Strategy 6 LADWP 10/13/10 Equity Teams Organizational Chart John Truschel, CFA Executive Vice President & Chief Investment Officer Portfolio Team Strategy Team Members Joseph M. Corrado, CFA US Small Cap & Small Mid Cap Value 6 David A. Daglio, CFA US Small & Mid Cap Opportunistic 8 Brian C. Ferguson US Large Cap Value 5 Sean P. Fitzgibbon, CFA Global Core & Market Neutral 12 D. Kirk Henry, CFA Non-US Value 17 Elizabeth Slover US Large Cap Growth 16 B. Randall Watts, Jr. CFA US Micro Cap, Small Cap & Small Mid Cap Growth 8 Shared Resources Strategy Team Members Elizabeth Slover Core Research 16 Martin D. Stephan, CFA Quantitative Research 6 William Adams and George Saffaye Portfolio Strategy 6 David L. Brooks Trading 8 7 LADWP 10/13/10 EAFE Value Equity: Investment Team Research and Management Industry Years at Title Region/Sector Coverage Experience Firm* D. Kirk Henry, CFA Senior Managing Director, Senior Portfolio Manager, BA, Stanford University; 29 16 Europe, Asia ex-Japan Director of International Value Equity MBA, University of Chicago Clifford A. Smith, CFA BS, Pennsylvania State University; 15 15 Senior Managing Director, Senior Portfolio Manager Japan, Australia, US MS, Princeton University; MBA, Carnegie Mellon University William C. Jurik, CFA 16 16 Managing Director, Senior Portfolio Manager Europe, US/Global Financials BS & MBA, Carnegie Mellon University Andrea M. Clark, CFA BS & MBA, Suffolk University 24 11 Director, Senior International Research Analyst Europe, US William J. Adams BA, Boston College 15 5 Director, Portfolio Strategist MBA, University of Maryland Carolyn M. Kedersha, CFA, CPA BA, George Washington University; 29 22 Managing Director, Senior Portfolio Manager Emerging Small Cap, Latin America MBA, Rutgers University C. Warren Skillman BA, Boston College; 17 5 Managing Director, Senior Portfolio Manager Latin America, EMEA, Emerging Asia MSc, London Business School Parameswari Roychoudhury, CFA BSc, St. Xavier’s College, Kolkata, India; 19 19 Director, Senior International Research Analyst Europe, India MA, Tufts University Alain L. Chinca, CFA BS, Université de Nice; 19 10 Director, Senior Quantitative Analyst MS, Université de Paris IX; MBA, Babson Graduate School of Business Michelle Y. Chan, CFA BA, University of Hong Kong; 19 9 Director, Senior International Research Analyst Asia ex-Japan MS, Purdue University Takamune Fujikawa, CFA 16 2 Director, Senior International Research Analyst Japan BS, NYU Stern School of Business 8 *Includes tenure at The Bank of New York Mellon Corporation affiliates. LADWP 10/13/10 EAFE Value Equity: Investment Team continued Research and Management Industry Years at Title Region/Sector Coverage Experience Firm* Frank J. Goguen, CFA Japan, Europe, Australia/ Director, Senior International Research Analyst BS, Boston College; 15 15 Global Pharmaceuticals MBA, Bentley College Ranjit Rajamani B.Com., Loyola College, Madras, India; Emerging Asia, Europe/ 15 3 Director, Senior International Research Analyst M.Com., Loyola College, Madras, India; Global Materials & Industrials MBA, University of Texas Derek M. Thieme BA, Assumption College; 12 10 Director, Senior International Research Analyst Emerging Asia, EMEA MBA, FW Olin Graduate School Anthony J. Ryan, CFA BSc, University of Sheffield, UK; 8 5 Director, Senior International Research Analyst Canada/Global Energy & Technology MSc, Imperial College, London; MBA, Boston College Thomas D. Grant, CFA BA, Williams College; 10 4 Vice President, International Research Analyst EMEA, Emerging Small Cap MBA, MIT Sloan School of Management Lawrence R. Curran, JR. BA, Middlebury College 9 9 Vice President, International Research Analyst Latin America, Japan Trading David L. Brooks 19 12 Managing Director, Head of Trading Cecelia L. Mead 18 6 Vice President, Senior Trader Elisabeth P. Thayer 13 13 Vice President, Trader Christopher Dorin 9 2 Vice President, Trader Ian Johnston, CFA 9 7 Senior Associate, Portfolio Coordinator 9 *Includes tenure at The Bank of New York Mellon Corporation affiliates. LADWP 10/13/10 Key Contacts Portfolio Management Executive Management Relationship Management D. Kirk Henry, CFA David H. Cameron, CFA John D. Havens Director of Non-US Value Equity President & Chief Executive Officer Senior Relationship Manager BNY Mellon Center, Suite 024-0146 BNY Mellon Center, Suite 024-0146 BNY Mellon Center, Suite 024-0146 201 Washington St. 201
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