Item No. 8: Annual Presentation by Los Angeles Capital Management – Emerging Markets Equity Manager (May 11, 2016, Regular Retirement Board Meeting)

INVESTMENT MANAGER SUMMARY

MANAGEMENT Firm Name Los Angeles Capital Management Manager Tenure with Fund 3.5 Years Investment Strategy/Vehicle Emerging Markets Equity Contract Expiration N/A

ASSETS Total Firm AUM (03/31/2016) $19.3 Billion Total Firm Assets in Strategy (03/31/2016) $5.0 Billion Total Assets Managed for WPERP (03/31/2016) RP - $230.9 Million HP - $38.4 Million

PERFORMANCE As of 03/31/2016 Calendar 1 Year 3 Year Inception Y-T-D LA Capital Emerging Markets (gross) 7.20% -10.73% -3.49% -1.29% LA Capital Emerging Markets (est. net) 7.03% -11.31% -4.09% -1.92% MSCI Emerging Markets IMI ND 5.04% -11.66% -4.27% -2.44% Difference (net of fees) 1.99% 0.35% 0.18% 0.52%

FEES Schedule 65 bps on all assets

WATCH STATUS N/A

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PRESENTATION FOR LOS ANGELES DEPARTMENT OF WATER & POWER EMPLOYEES’ RETIREMENT PLAN AND RETIREE HEALTH BENEFITS FUND LACM Emerging Markets Fund L.P. May 2016 LEGAL DISCLOSURES

This presentation is for general information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. Past performance is no guarantee of future results and diversification does not guarantee investment returns or eliminate the risk of loss. The strategies described herein have not been recommended by any Federal or State Securities Commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this presentation. Any representation to the contrary is a criminal offense. Moreover, wherever there is the potential for profit there is also the possibility of loss. An investment in a strategy described herein has risks including the risk of losing some or all of the invested capital. Before embarking on any investment program, an investor should carefully consider the risks and suitability of a strategy based on their own investment objectives and financial position. While information and statistical data in this publication are based on sources believed to the reliable, Los Angeles Capital does not represent that it is accurate or complete and should not be relied on as such or be the basis for an investment decision. Any opinions expressed in this publication are current only as of the time made and are subject to change without notice. Los Angeles Capital assumes no duty to update any such statements. 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. Any holdings of a particular company or security discussed herein are under periodic review and are subject to change without notice. TABLE OF CONTENTS

I. Firm Overview

II. Investment Philosophy and Process

III. Market Overview

IV. Portfolio Review

 Performance Review and Attribution

 Portfolio Characteristics

V. Appendix

 Holdings

 Biographies

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CONFIDENTIAL This page has been intentionally left blank | INTRODUCTION |

LOS ANGELES CAPITAL MANAGEMENT

THOMAS D. STEVENS, CFA Chairman and Principal

BBA University of Wisconsin, 1974 MBA University of Wisconsin, 1976

1986 – 2002 Wilshire Asset Management 1980 – 1986 Wilshire Associates 1976 – 1980 National Bank of Detroit

LAINA DRAEGER, CFA Portfolio Manager and Principal

BA Boston College, 2005 MBA University of San Francisco, 2007

2006 – 2007 First Republic Investment Management

4

CONFIDENTIAL | FIRM OVERVIEW |

LOS ANGELES CAPITAL Client Experience PEOPLE  Executive Management with 30+ years of experience through varied markets  Same team manages all portfolios – promotes cross training and diversity of thought  Firm is 100% owned by 27 active employees  Recognized by P&I as one of the “Best Places to Work in Money Management” in 2014 and 2015

INSIGHTS  Employ quantitative techniques to extract the fundamental drivers of stock performance in the current market environment  Dynamically weight factors based on forward looking expected returns

RESULTS  Adaptive portfolios designed to produce positive expected excess return regardless of environment  Alphas uncorrelated with most other equity managers – fundamental and systematic  All 20 composites with track records longer than two years have outperformed since inception

5

CONFIDENTIAL | FIRM OVERVIEW |

ASSETS UNDER MANAGEMENT March 31, 2016*

Global Emerging Markets $5.3 BN World, ACWI, ACWI ex U.S., LACM Emerging Markets Fund L.P Fund: $1.7b EAFE, Europe DWP Retirement Plan: $231m, 13.5% Managed Volatility DWP Health Benefits Fund: $38m, 2.2% 25.9% 29.2% $19.3 BN $5.0 BILLION IN Long/Short U.S. All Cap EMERGING MARKETS Active Extension $2.0 BN $1.4 BN STRATEGY Core, Enhanced U.S., U.S. Value, EAFE 57 Portfolios 10.3% Deep Value 7.2% 37 Clients 3.7% 23.7% U.S. Small/Mid Cap U.S. Large Cap $712 M $4.6 BN Core, Growth, Value Core, Growth, Value

DIVERSIFIED BUSINESS DIVERSIFIED CLIENTS  70% Institutional Plan Sponsors*  30% Sub Advised Funds  64% U.S.  36% Non-U.S. 6 *Preliminary. As of 3/31/2016; Global Assets include ACWI and Global Developed strategies. Active Extension includes U.S. & EAFE applications; Institutional Plan Sponsors include: government and corporate pension plans, foundations, religious organizations, endowments, advised private funds, Taft-Hartley plans, proprietary accounts, and related private funds. Sub-advised funds includes sub-advised U.S. and non-U.S. mutual funds, UCITs and CITs. CONFIDENTIAL | FIRM OVERVIEW | THE FIRM Investment Committee

BOARD OF DIRECTORS

Thomas D. Stevens, CFA Hal W. Reynolds, CFA Daniel E. Allen, CFA Stuart K. Matsuda President, CEO, Chairman Chief Investment Officer Director of Global Equities Director of Trading Portfolio Management Portfolio Management Portfolio Management Trading MBA, Univ. of Wisconsin MBA, Univ. of Pittsburgh MBA, Univ. of Chicago MBA, Cal State University 40 Years Experience/14 With Firm 34 Years Experience/14 With Firm 33 Years Experience/7 With Firm 29 Years Experience/14 With Firm

RESEARCH TRADING

Edward Rackham, Ph.D. Christine M. Kugler Director of Implementation Co-Director of Research BA, Univ. of California at Santa Barbara PhD, Oxford University 23 Years Experience/14 With Firm 11 Years Experience/5 With Firm

Bradford J. Rowe, CFA Co-Director of Research 69 Employees PORTFOLIO MANAGEMENT MBA, Univ. of Wisconsin 15 Years Experience/9 With Firm Laina Draeger, CFA Portfolio Manager 20 Years Average Experience MBA, Univ. of San Francisco Fanesca Young, Ph.D., CFA 9 Years Experience/9 With Firm Director of Quant Research & Managing Director PhD, Columbia University 100% Employee Owned 11 Years Experience/8 With Firm Kristin Ceglar, CFA Portfolio Manager BA, Harvard University Charles Fann, CFA 11 Years Experience/11 With Firm Director of Investment Technology BA, Univ. of California at Los Angeles 13 Years Experience/12 With Firm Daniel Arche, CFA Portfolio Manager BA, Univ. of Southern California Stable & Experienced 10 Years Experience/9 With Firm

7

All Investment Committee members listed above are principals of Los Angeles Capital As of 03/04/2016 CONFIDENTIAL | FIRM OVERVIEW |

ORGANIZATIONAL CHART

BOARD

MANAGEMENT COMMITTEE

COMPLIANCE RESEARCH

LEGAL PORTFOLIO MANAGEMENT

OPERATIONS TRADING

INFORMATION TECHNOLOGY RELATIONSHIP MANAGEMENT

8

CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS |

INVESTOR PREFERENCE THEORY ®

“We believe a stock’s expected return is a function of its risk characteristics and their expected returns in the current market environment.”

Modern Portfolio Theory Arbitrage Pricing Theory Behavioral Finance One Portfolio Maximizes Return Security Prices React to Explains Failure of Theory For any Given Level of Risk Unanticipated Events Investor Preference Theory ® 1950 1975 1990 2000 2010 Capital Asset Pricing Model Adaptive Markets Expected Returns Equal Fama French Model Required Returns Beta, Size, and Style Hypothesis

“In contrast to peers, we believe that expected returns are shaped by current conditions, not past performance.”

9

CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS |

INVESTMENT PROCESS OVERVIEW

Dynamic Alpha Stock Selection Model ® 1 Identify valuation, earnings, financial, management, and market factors that drive equity returns Factor Inputs Incorporate information from multiple high quality data sources

Apply performance attribution techniques to identify recent factor prices 2 Forecast Factors Advanced statistical techniques to forecast factor return based on their level and stability

Develop 3 Estimate stock level alphas by summing the product of each stock’s risk exposures and their Alphas expected returns. Develop 6,000 alphas weekly, globally

Dynamic Portfolio Management and Trading 4 Construct Portfolio Develop investment risk estimates, alpha uncertainties, and trading cost assumptions

Optimize the portfolio to maximize returns subject to client guidelines, penalties for risks and trading execution considerations Execute Trades 5 Compare optimal portfolio to current portfolio to identify trade candidates Use proprietary trading process to minimize implementation shortfall

10

CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS |

EMERGING MARKETS FACTOR INPUTS* Los Angeles Capital’s Dynamic Alpha Stock Selection Model ® Proprietary Factor Research Market Insights Forward looking factor returns Designed to identify factors provide valued by equity investors unique insights

Company Fundamentals

Valuation Earnings Market Financial Management Earnings Yield Analyst Insight Market Cap Distress Earnings Quality Book to Price Profitability One Year Momentum Leverage Yield Torpedo Three Year Momentum Volatility ADR

Market Sectors (# of Companies) Regions/Countries (# of Companies) China Russia Basic Materials Health Care South Korea South Africa Consumer Discretionary Industrials Eastern Europe Consumer Staples Technology India Latin America Energy Telecom Brazil Asia Finance Utilities Mexico Middle East/Africa Asia: Indonesia, Malaysia, Philippines, Thailand Eastern Europe: Czech Republic, Hungary, Poland Latin America: Chile, Colombia, Peru Middle East & Africa: Egypt , Greece, Turkey, UAE, Qatar 11 *This is representative of the emerging markets factor inputs as of 02/29/2016. CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS | PORTFOLIO CONSTRUCTION DYNAMIC RISK BUDGETING

Alpha Investment Uncertainty Transaction Risk Costs Dynamic Alpha Stock Portfolio Optimized to Selection Model Maximize Return & Minimize Risk

RISK MANAGEMENT TEAM

Transaction Volatility and Uncertainty Cost Correlation Estimates Estimates

INVESTMENT GUIDELINES FOR WPERP Performance Objective: 3% Risk Budget: 5% Country: +/-3% versus benchmark Sector: +/-3% versus benchmark Security: +/-1.5% versus benchmark Region: +/-2% versus benchmark Max 350 names No ex-benchmark Approx. 60-85% annual turnover 12

CONFIDENTIAL | INVESTMENT PHILOSOPHY AND PROCESS |

TRADING Los Angeles Capital’s Dynamic Alpha Model®

Axioma Optimizations Generates Portfolio Trade Lists Parameter and Proprietary Algorithms Trade List Capture Market Opportunities Pre-Trade TCA Verification Aggregate Analysis Liquidity Adjustment

Charles River OMS Order Management Compliance Monitoring

Wave ITGITG GlobalTriton Wave Live P&L Analysis Triton EMS OptimizerOptimizer Intraday TCA Aggregated Block Orders Live Prices FIX ProprietaryProprietary Trade List Verification Algorithm Algorithm Connectivity to Multiple Trading Destinations

Post Trade Brokerage and Trade Strategy Review • ITG TCA • Portfolio Review Committee internal review

13 *Wave Opt not available in all markets CONFIDENTIAL MARKET OVERVIEW – EMERGING MARKETS EMERGING MARKETS OVERVIEW After a long period where Growth outperformed, Value has come back into favor with investors in 2016. MSCI EM Value vs Growth Performance

4.00

3.00

2.00

1.00

0.00

(1.00)

(2.00)

(3.00)

% %

14 * Returns as of 3/31/2016 CONFIDENTIAL | MARKET OVERVIEW |

EMERGING MARKETS FACTOR ANALYSIS – ALPHA DRIVERS Correlation Between Factors and Expected Returns* Change in Factor Exposures March 31, 2015 – March 31, 2016

Emerging Emerging

Markets Markets Inc/Dec Mar-15 Mar-16 LEGEND Analyst Insight 0.53 0.34  + Profitability -0.01 0.00 

Earnings Torpedo -0.04 0.20  Market Cap -0.11 -0.26  One Year Momentum 0.28 -0.30  Three Year Momentum 0.20 -0.57  Market Volatility -0.49 -0.12  Distress -0.19 0.07  _ ADR -0.06 0.12 

Financial Leverage -0.40 0.23  Earnings Yield 0.15 0.33  Book to Price -0.16 0.34 

Valuation Yield -0.12 0.09  Earnings Quality 0.33 0.04  Mgmt

15 *Depicts a selection of Factors CONFIDENTIAL PERFORMANCE REVIEW

EMERGING MARKETS PORTFOLIO

 Portfolio is in compliance with the investment guidelines  Dynamic Alpha Model forecasts alpha for all MSCI EM stocks

 Performance Objective: 3% & Risk Budget: 5%  Transaction cost advantage versus larger funds

 Fee schedule: 65 bps  Low turnover (60-85% per year)  Low correlation versus other managers  Investment in all 23 EM countries (+-3% versus benchmark)  Primary driver of alpha is stock selection through  Broadly diversified by sector (+-3%) and security (+-1.5%) fundamental factors

Retirement Plan Health Benefits Initial Contribution (9/10/2012) $93,767,089.65 $32,626,860.00 Contribution - (10/1/2012) $102,342,121.47 Contribution - (09/30/2013) $13,621,790.54 $2,498,971.00 Contribution - (7/31/2015) $28,000,000.00 $4,000,000.00 Contribution - (1/12/2016) $2,000,000.00 Total Contributions $145,963,912.01 $6,498,971.00

Withdrawals $ - $ - Total Withdrawals $ - $ -

Change in Market Value ($8,795,460.87) ($765,105.96)

Market Value (3/31/2016): $230,935,540.79 $38,360,725.04 16

CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

PERFORMANCE SUMMARY March 31, 2016

Portfolio Gross Portfolio Net DWP MSCI Emerging Markets Index (Net) 10.0% 7.1% 7.0% 5.7% 5.0%

0.0%

-1.3% -1.8% -5.0% -3.5% -2.8% -4.0% -4.5% -4.0% -4.4% -6.0% -10.0%

-10.7% -11.2% -12.0% -15.0% 1st Qtr. 2016 1 Year 2 Year 3 Year Since Inception (9/30/2012)* EM Fund EM Fund Composite MSCI EM Index EM Fund Excess (Gross) (Net) (Net) (Net) Return (Net)

1Q15 7.1 7.0 6.69 5.7 1.3 One Year -10.7 -11.2 -11.43 -12.0 0.8 Two Year -4.0 -4.5 -5.00 -6.0 1.5 Three Year -3.5 -4.0 -4.5 -4.4 0.5 Since Inception * -1.3 -1.8 -2.23 -2.8 1.0 17 *Inception Date is 9/7/2012 for partial month; first full month inception date is 9/30/2012 CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

FACTOR BASED ATTRIBUTION: FUNDAMENTALS 3/31/2015 - 3/31/2016 (ANNUALIZED)*

Portfolio Benchmark Net Factor Mgmt Fundamental Factors: Exposure Exposure Exposure Return Cont Valuation Earnings Yield 0.74 0.36 0.38 0.92 0.11 Yield 0.30 0.18 0.11 (1.43) (0.23) Book To Price 0.10 0.14 (0.04) 3.18 (0.31) (0.43) Market One Year Momentum 0.48 0.17 0.31 2.20 0.77 Volatility (0.48) (0.19) (0.28) (3.86) 0.77 Market Cap 1.27 1.40 (0.13) (2.52) 0.69 Three Year Momentum 0.41 0.18 0.22 (4.61) (0.87) 1.35 Earnings Analyst Insight 0.45 0.09 0.36 2.45 0.61 Profitability 0.52 0.51 0.02 1.91 0.07 Torpedo 0.05 (0.09) 0.15 0.92 0.03 0.71 Financial Financial Risk (0.26) (0.21) (0.06) (2.54) 0.14 ADR 0.19 0.22 (0.03) (2.35) 0.03 0.17 Management Earnings Quality 0.51 0.21 0.31 0.92 0.23 0.23

Total 2.02

18 * Attribution versus MSCI Emerging Markets Index using M12gLgnf. Linked daily; USD CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

FACTOR BASED ATTRIBUTION: SECTORS 3/31/2015 - 3/31/2016 (ANNUALIZED)*

Portfolio Benchmark Net Factor Mgmt Sector Factors: (%) (%) (%) Return Cont Health Care 4.17 2.70 1.46 7.20 0.12 Financials 28.72 28.58 0.14 (8.61) 0.12 Consumer Staples 9.85 8.35 1.49 4.95 0.08 Industrials 6.50 7.06 (0.57) (6.12) 0.06 Materials 5.26 6.62 (1.36) 1.64 (0.02) Energy 7.17 7.83 (0.66) 3.39 (0.03) Telecom Services 7.27 7.19 0.07 (3.34) (0.04) Consumer Discretionary 7.43 9.41 (1.97) 2.30 (0.05) Utilities 5.72 3.27 2.45 (4.89) (0.13) Information Technology 17.92 18.98 (1.06) 1.97 (0.32)

Total (0.22)

19 * Attribution versus MSCI Emerging Markets Index using M12gLgnf. Linked daily; USD CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

FACTOR BASED ATTRIBUTION: COUNTRIES 3/31/2015 - 3/31/2016 (ANNUALIZED)*

Portfolio Benchmark Net Factor Mgmt Country Factors: (%) (%) (%) Return Cont Greece 0.00 0.32 (0.32) (52.60) 0.16 Mexico 5.59 4.61 0.98 10.12 0.09 Thailand 2.01 2.24 (0.22) (2.43) 0.04 Hungary 0.48 0.25 0.23 29.89 0.04 Malaysia 3.54 3.30 0.24 (0.39) 0.04 Russia 3.77 3.76 0.01 10.71 0.04 South Korea 15.58 15.13 0.45 3.87 0.04 Turkey 1.81 1.45 0.36 6.33 0.03 Peru 0.20 0.39 (0.18) 4.18 0.03 Egypt 0.00 0.20 (0.19) (13.99) 0.03 China 24.09 24.59 (0.50) (0.22) 0.02 Colombia 0.21 0.53 (0.32) (0.88) 0.01 Cayman Islands 0.07 0.05 0.02 (17.56) 0.01 Qatar 0.20 0.97 (0.77) (3.55) 0.00 Hong Kong 0.00 0.00 0.00 0.00 0.00 United Kingdom 0.01 0.00 0.01 0.00 0.00 Taiwan 13.24 12.40 0.84 0.76 (0.01) Isle of Man 0.00 0.03 (0.03) 15.65 (0.01) Philippines 1.98 1.41 0.58 (2.80) (0.01) Czech Republic 0.28 0.19 0.08 (14.79) (0.01) Poland 1.96 1.44 0.53 (8.05) (0.01) Brazil 7.43 6.59 0.84 (3.54) (0.02) India 7.08 8.09 (1.02) (4.98) (0.02) Chile 0.78 1.28 (0.50) 4.47 (0.04) United Arab Emirates 0.07 0.79 (0.71) 7.37 (0.06) South Africa 7.71 7.50 0.22 4.51 (0.07) Indonesia 1.90 2.51 (0.61) (1.66) (0.08)

Total 0.27

20 * Attribution versus MSCI Emerging Markets Index using M12gLgnf. Linked daily; USD CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

FACTOR BASED ATTRIBUTION: CURRENCIES 3/31/2015 - 3/31/2016 (ANNUALIZED)*

Portfolio Benchmark Net Factor Mgmt Currency Factors: (%) (%) (%) Return Cont Chile 0.78 1.28 (0.50) (6.78) 0.07 Thailand 2.01 2.24 (0.22) (7.48) 0.07 Colombia 0.21 0.53 (0.32) (13.47) 0.06 India 7.08 8.09 (1.02) (5.48) 0.05 Egypt 0.00 0.20 (0.19) (14.04) 0.02 Turkey 1.81 1.45 0.36 (7.76) 0.02 Hungary 0.48 0.25 0.23 1.26 0.00 Hong Kong 23.73 23.63 0.11 (0.05) 0.00 United Arab Emirates 0.07 0.69 (0.62) 0.00 0.00 United States 0.89 2.23 (1.33) 0.00 0.00 Qatar 0.20 0.97 (0.77) 0.00 0.00 Czech Republic 0.28 0.19 0.08 8.07 0.00 Indonesia 1.90 2.51 (0.61) (1.39) 0.00 Russia 3.44 3.01 0.42 (13.03) (0.01) Philippines 1.98 1.41 0.58 (2.91) (0.01) Malaysia 3.54 3.30 0.24 (5.06) (0.01) Poland 1.96 1.44 0.53 1.86 (0.01) Euro 0.00 0.32 (0.32) 6.09 (0.02) Taiwan 13.31 12.42 0.89 (2.77) (0.02) South Korea 15.58 15.13 0.45 (2.98) (0.09) Mexico 5.59 4.61 0.98 (11.08) (0.10) Brazil 7.43 6.59 0.84 (9.79) (0.14) South Africa 7.72 7.52 0.20 (17.58) (0.16)

Total (0.25)

21 * Attribution versus MSCI Emerging Markets Index using M12gLgnf. Linked daily; USD CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND | STOCK LEVEL CONTRIBUTION 3/31/2015 - 3/31/2016 (ANNUALIZED)*

Base Currency : Dollar($) - United States EM Portfolio MSCI EM Index Average Net MSCI Company Name SEDOL Average Return Contrib Average Return Contrib Weight Contrib COUNTRY Weight (%) Weight (%) Diff. Top 10 CHINA Hanergy Thin Film Power BRJ8XY 0.08 (99.86) (0.29) (0.08) 0.29 CHINA China Life Insurance Co 671897 0.26 (23.67) (0.09) 0.74 (42.87) (0.34) (0.48) 0.25 CHINA Petrochina Co 622657 0.50 (38.27) (0.22) (0.50) 0.22 TAIWN Mediatek Inc 637248 0.38 (39.95) (0.19) (0.38) 0.19 SAFR Mtn Group Ltd 656320 0.19 (55.11) (0.09) 0.61 (40.48) (0.29) (0.42) 0.19 BRAZL Cetip Sa - Mercados Org B55DVB 0.41 20.18 0.17 0.06 19.38 0.01 0.35 0.16 CHINA Bank Of China Ltd B15456 1.07 (25.19) (0.11) 1.11 (25.19) (0.27) (0.04) 0.16 INDIA Housing Development Fin 617190 0.78 (19.60) (0.15) (0.78) 0.15 KOREA Dongbu Insurance 615593 0.42 52.20 0.17 0.06 52.20 0.02 0.36 0.14 MEXIC Gruma Sab De Cv 239254 0.63 26.66 0.15 0.08 26.66 0.02 0.56 0.14 Bottom 10 BRAZL Weg Sa 294542 0.19 (25.45) (0.18) 0.07 (18.58) (0.01) 0.12 (0.16) KOREA Daewoo Securities Co 624965 0.51 (35.96) (0.20) 0.05 (35.96) (0.02) 0.46 (0.18) INDIA Tata Motors Limited B611LV 0.24 (11.52) (0.25) 0.14 (32.89) (0.06) 0.11 (0.19) CHINA China Petroleum & Chemi 629181 0.45 (24.03) (0.27) 0.50 (13.96) (0.07) (0.05) (0.20) BRAZL Banco Bradesco Sa B00FM5 0.37 (41.43) (0.30) 0.49 (12.49) (0.09) (0.12) (0.21) KOREA Sk Hynix Inc 645026 0.91 (39.08) (0.47) 0.50 (39.08) (0.23) 0.41 (0.23) INDIA Coal India Ltd B4Z9XF 0.40 (23.27) (0.28) 0.10 (16.95) (0.02) 0.30 (0.26) SAFR Standard Bank Group Lim B030GJ 0.87 (32.31) (0.41) 0.35 (32.31) (0.13) 0.52 (0.28) SAFR Sanlam B0L675 0.82 (25.93) (0.37) 0.23 (25.93) (0.07) 0.59 (0.30) KOREA Hyundai Steel Company 646185 0.63 (25.19) (0.36) 0.11 (25.19) (0.03) 0.53 (0.33)

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CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

PORTFOLIO CHARACTERISTICS March 31, 2016 Portfolio MSCI Emerging Markets Index 32.0% 28.0% 24.0% 20.0% 16.0% 12.0% 8.0% 4.0% 0.0% Energy Utilities Materials Financials Industrials Health Care Health Technology Consumer Information Discretionary Telecom Services Telecom Consumer Staples Consumer

80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Asia Latin America Latin Eastern Europe Eastern Middle East & Africa & East Middle

5yr. EPS Mkt Cap 1 yr. P/E P/B Yield% Beta Growth% (millions) Momentum Leverage Portfolio 11.38 1.27 3.00 1.00 10.67 $34,311 -5.26 42.64 MSCI Emerging Markets Index 12.51 1.39 2.67 1.00 10.45 $39,019 -7.85 56.02 23

CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

ACTIVE FACTOR EXPOSURES* March 31, 2016 3/31/2016 12/31/2015 VALUATION MARKET 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 Book To Price Earnings Yield Yield Market Cap One Year Three Year Volatility Momentum Momentum

EARNINGS FINANCIAL MANAGEMENT 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 Analyst Profitability Torpedo Leverage Distress Earnings Quality Insight

24 * Selected fundamental factors normalized, relative to MSCI Emerging Markets Index CONFIDENTIAL | PORTFOLIO AND PERFORMANCE – DWP: LACM EMERGING MARKETS FUND |

RISK CHARACTERISTICS AND SECURITY WEIGHTS March 31, 2016 Predicted Excess Risk* Realized Risk

3.0% 3.0% 2.34% 2.12% 2.5% 2.5% 1.95% 1.99% 1.71% 2.0% 2.0%

1.5% 1.32% 1.5% 0.84% 1.0% 1.0% 0.33% 0.41% 0.5% 0.5% 0.17% 0.0% 0.0% Realized 1 Yr TE Realized 2 Yr TE Realized 3 Yr TE Realized SI TE

Company Name COUNTRY SECTOR Port Wt BM Wt 1 Taiwan Semiconductor Ma TAIWAN Information Technology 3.46 3.41 2 Electronics Co KOREA Information Technology 3.45 3.49 3 China Mobile Ltd CHINA Telecom 2.26 1.88 4 Tencent Holdings Limite CHINA Information Technology 1.94 2.91 5 China Construction Bank CHINA Finance 1.67 1.48 6 Infosys Ltd INDIA Information Technology 1.61 0.93 7 Hon Hai Precision Indus TAIWAN Information Technology 1.49 1.04 8 Industrial & Commercial CHINA Finance 1.29 1.14 9 Ambev Sa BRAZIL Staples 1.13 0.69 10 Public Bank Berhad MALAYSIA Finance 1.12 0.33 25 * Predicted Risk based on Wilshire GR6 risk model against MSCI Emerging Markets Index CONFIDENTIAL APPENDIX

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CONFIDENTIAL Los Angeles Capital Management PORTFOLIO APPRAISAL LACM Emerging Markets Fund L.P. 31-Mar-16

Pct. Quantity Security Assets

373730 First Gulf Bank 0.1 373730 caaedivacc 0 911400 Cesp-Companhia Energeti 0.2 206300 Cia Brasileira Distr(Pa 0.2 2251600 Cia Energetica Minas Ge 0.3 346200 Cia Paranaense De Energ 0.2 2354300 Gerdau Sa 0.3 1333100 Petroleo Brasileiro Sa 0.2 472000 Suzano Papel E Celulose 0.1 1729837 Vale S.A. 0.3 3529700 Ambev Sa 1.1 1729600 Bm&Fbovespa Sa Bolsa De 0.4 574800 Br Malls Participacoes 0.1 154500 Brf Sa 0.1 1025400 Cetip Sa - Mercados Org 0.7 471900 Cia Saneamento Basico D 0.2 383700 Cosan S A Industria E C 0.2 354700 Fibria Celulose Sa 0.2 1350400 Lojas Renner Sa 0.5 1275500 Odontoprev Sa 0.2 526600 Petroleo Brasileiro Sa 0.1 517500 Porto Seguro Sa 0.2 1026100 Qualicorp Sa 0.3 32300 Raia Drogasil Sa 0 849000 Sul America Sa 0.2 27

CONFIDENTIAL Pct. Quantity Security Assets

463900 Transm Alianca De Energ 0.2 1488661 Vale S.A. 0.4 118249 Sociedad Quimica Y Mine 0.1 4968368 Aguas Andinas S.A. 0.2 46637 Banco De Credito E Inve 0.1 82015 Compania Cervecerias Un 0.1 3872396 Empresa Nacional De Ele 0.3 156955 Empresas Copec Sa 0.1 594608 S.A.C.I Falabella 0.2 249278 Bancolombia Sa 0.1 212756 Gpo De Inversiones Sura 0.2 801500 Aac Technologies Holdin 0.4 7237000 Agricultural Bank Of Ch 0.2 575000 Anta Sports Products 0.1 16132000 Bank Of China Ltd 0.4 5979000 Bank Of Communications 0.2 1382000 Beijing Capital Int Air 0.1 12351000 Belle International Hld 0.4 3726000 China Citic Bank Corpor 0.1 8628000 China Communications Se 0.2 43370000 China Construction Bank 1.6 5408000 China Everbright Bank C 0.2 4086000 China Everbright Limite 0.5 1119000 China Medical System Hl 0.1 1663000 China Merchants Bank 0.2 5136600 China Minsheng Banking 0.3 3365500 China Mobile Ltd 2.2 9146000 China National Building 0.3 986000 China Overseas Land & I 0.2 5560000 China Petroleum & Chemi 0.2 28

CONFIDENTIAL Pct. Quantity Security Assets

1776000 China Resources Power H 0.2 3024000 China Southern Airlines 0.1 1301600 China Taiping Insurance 0.2 1180800 China Vanke Co 0.2 12082000 Chongqing Rural Commerc 0.4 953000 Citic Securities Co Ltd 0.1 4322000 Cnooc Limited 0.3 1720000 Cosco Pacific 0.1 4304000 Cspc Pharmaceutical Gro 0.2 9740000 Geely Automobile Holdin 0.3 11562000 Guangdong Investment 0.9 4704000 Guangzhou R&F Propertie 0.4 555000 Hengan International 0.3 5112000 Huaneng Power Internati 0.3 38360000 Industrial & Commercial 1.3 5034000 Jiangsu Expressway Co 0.4 8398000 Kunlun Energy Company L 0.4 5595000 Longfor Properties Co L 0.5 7636000 Nine Dragons Paper Hold 0.3 21305000 People''s Insurance Co 0.5 3486000 Picc Property & Casualt 0.4 374000 Ping An Insurance(Group 0.1 38169000 Semiconductor Manufactu 0.2 4868000 Shandong Weigao Group M 0.2 560900 Shanghai Pharmaceutical 0.1 2475000 Shimao Property Holding 0.2 16888500 Shui On Land Limited 0.3 5654000 Sino Biopharmaceutical 0.3 13618000 Sinopec Shanghai Petroc 0.4 1926400 Sinopharm Group Co. Ltd 0.5 29

CONFIDENTIAL Pct. Quantity Security Assets

9724500 Soho China Limited 0.3 1579800 Tencent Holdings Limite 1.9 5028000 Yanzhou Coal Mining Co 0.2 21558000 Yuexiu Property Co Ltd 0.2 6970000 Zhejiang Expressway Co 0.4 1314960 Zte Corporation 0.1 64393 Chemical Works Of Gedeo 0.1 55422 Mol Hungarian Oil & Gas 0.2 109575 Otp Bank Plc 0.2 36279000 Adaro Energy Tbk 0.1 3268900 Bank Central Asia 0.2 5336400 Bank Mandiri(Persero) 0.2 728800 Gudang Garam Tbk 0.2 1101300 Indofood Cbp Sukses Mak 0.1 10671200 Pt Bank Negara Indonesi 0.2 2812100 Semen Indonesia (Perser 0.1 62727800 Telekomunikasi Indonesi 0.9 1102099 Ambuja Cements Ltd 0.2 142054 Bajaj Auto Ltd 0.3 875849 Bharat Heavy Electrical 0.1 823580 Bharat Petroleum Corp 0.7 633637 Cairn India 0.1 526221 Cipla 0.2 858160 Coal India Ltd 0.2 79311 Divi''s Laboratories 0.1 60460 Dr Reddys Laboratories 0.2 16554 Glaxosmithkline Consume 0.1 482620 Hcl Technologies 0.4 1865950 Hindalco Industries 0.1 529794 Hindustan Unilever Ltd 0.4 30

CONFIDENTIAL Pct. Quantity Security Assets

1452395 Infosys Ltd 1.6 231421 Marico Ltd 0.1 940109 State Bank Of India 0.2 181967 Tata Consultancy Servic 0.4 661662 Tata Motors Limited 0.2 3943693 Tata Power Company Ltd 0.2 945795 Upl Limited 0.4 3436456 Vedanta Limited 0.3 630732 Wipro 0.3 847208 Zee Entertainment Enter 0.3 6310 Lg Chemical 0.1 7401 Samsung Electronics Co 0.4 5159 Cj Cheiljedang 0.1 69075 Coway Co Ltd 0.3 835623 Daewoo Securities Co 0.4 126388 Dongbu Insurance 0.5 232138 Gs Holdings Corp 0.7 279077 Hana Financial Group In 0.4 104152 Hankook Tire Co 0.3 218650 Hanwha Corporation 0.4 743200 Hanwha Life Insurance 0.3 47299 Hyundai Department Stor 0.3 288575 Hyundai Marine & Fire I 0.5 32403 Hyundai Mobis 0.4 39726 Hyundai Motor Co 0.3 218153 Hyundai Steel Company 0.6 363106 Kangwon Land Inc 0.8 110913 Kb Financial Group Inc 0.2 112020 Kia Motors Corp 0.3 221052 Korea Electric Power Co 0.7 31

CONFIDENTIAL Pct. Quantity Security Assets

64081 Korea Investment Holdin 0.1 152311 Kt Corporation 0.2 110267 Kt&G Corporation 0.6 5625 Lg Chemical 0.1 2312 Lg Household&Healthcare 0.1 14059 Lotte Chemical Corporat 0.3 1551 Lotte Confectionery Co 0.2 74937 S-Oil Corp 0.4 49917 Samsung Electronics Co 3.4 90025 Samsung Life Insurance 0.6 26246 Samsung Sdi 0.1 45310 Samsung Securities Co 0.1 309705 Shinhan Financial Group 0.7 368829 Sk Hynix Inc 0.5 70247 Sk Innovation Co Ltd 0.6 673944 Woori Bank 0.3 16103600 Cemex S.A.B. De C.V. 0.7 3388100 Alfa S.A.B. De C.V. 0.4 5793200 America Movil Sab De Cv 0.3 1414700 Arca Continental Sab De 0.6 3345300 Deutsche Bank Mexico S. 0.5 378900 Fomento Economico Mexic 0.2 3261100 Gentera Sab De Cv 0.4 340200 Gpo Aeroportuario Del P 0.2 271465 Gpo Aeroportuario Del S 0.2 374395 Gruma Sab De Cv 0.4 212700 Grupo Carso Sab De Cv 0.1 643300 Grupo Comercial Chedrau 0.1 1048300 Grupo Financiero Inburs 0.1 1747900 Grupo Lala Sab De Cv 0.3 32

CONFIDENTIAL Pct. Quantity Security Assets

1491900 Kimberly-Clark De Mexic 0.2 3128000 Ohl Mexico Sab De Cv 0.3 845300 Promotora Y Operadora D 0.7 416100 Wal-Mart De Mexico Sab 0.1 5805900 Airasia Bhd 0.2 1224576 Berjaya Sports Toto Ber 0.1 379700 British American Tobacc 0.3 2649800 Digi.Com.Berhad 0.2 546100 Ihh Healthcare Bhd 0.1 1844800 Misc Berhad 0.3 1930000 Petronas Chemicals Grou 0.2 571800 Petronas Dagangan Berha 0.2 1584800 Petronas Gas Berhad 0.5 3852400 Public Bank Berhad 1.1 1725800 Tenaga Nasional Berhad 0.4 1117750 Aboitiz Equity Venture 0.1 5314800 Aboitiz Power Corporati 0.3 2301280 Bank Of The Philippine 0.3 3889540 Bdo Unibank Inc 0.5 63785 Globe Telecom Inc 0.2 943280 Jg Summit Hldgs Inc 0.1 33967800 Metro Pacific Investmen 0.3 119345 Sm Investments Corporat 0.1 672560 Universal Robina Corp 0.2 66813 Commercial Bank Of Qata 0 149545 Masraf Al-Rayan 0.1 513032 Cyfrowy Polsat Sa 0.2 650184 Enea Sa 0.1 289971 Eurocash Sa 0.2 56032 Grupa Azoty Sa 0.1 33

CONFIDENTIAL Pct. Quantity Security Assets

244684 Kghm Polska Miedz Sa 0.3 1566543 Pge Polska Grupa Energe 0.4 592492 Polski Koncern Naftowy 0.7 3255800 Surgutneftegaz PFD 0.1 5191800 Alrosa Public Joint Sto 0.3 3595168 Gazprom Public Joint St 0.5 5538170 Moscow Exchange Micex-R 0.5 300930 Oil Company Lukoil Pjsc 0.7 884320 Rostelecom Public Joint 0.1 536792000 Rushydro Fed Hydro-Gene 0.3 505030 Severstal Public Joint 0.3 1409173 Tatneft Pjsc 0.5 7504800 Bts Group Holdings Nvdr 0.1 590800 0.1 383900 Glow Energy Nvdr 0.1 16350200 Irpc Public Co Ltd 0.1 16337100 Krung Thai Bank Public 0.5 201850 Siam Cement Co Nvdr 0.2 1314300 Siam Commercial Bank 0.3 3601100 Thai Oil Public Co Nvdr 0.4 61371000 Tmb Bank Public Company 0.3 657916 Arcelik 0.3 175482 Bim Birlesik Magazalar 0.2 8761415 Emlak Konut Gayrimenkul 0.5 617964 Enka Insaat 0.1 307797 Ford Otomotiv San 0.2 2766769 Petkim 0.2 739531 Tav Havalimanlari Holdi 0.3 1676505 Turkcell Iletisim Hizme 0.4 63705 Turkiye Petrol Rafineri 0.1 34

CONFIDENTIAL Pct. Quantity Security Assets

1956125 Turkiye Vakiflar Bankas 0.2 495440 Asustek Computer Inc 0.3 15715000 Au Optronics Corporatio 0.3 623000 Casetek Holdings Ltd 0.2 3487920 Chang Hwa Commercial Ba 0.1 4706000 1 11212000 E Sun Financial Holding 0.4 5260000 Eva Airways 0.2 896000 Far Eastone Telecommuni 0.1 8162018 First Financial Holding 0.2 1516000 Formosa Taffeta Co 0.1 2305650 Tech Co 0.3 1501600 Highwealth Construction 0.1 9418668 Hon Hai Precision Indus 1.5 1248000 Htc Corporation 0.2 7921236 Hua Nan Financial Holdi 0.2 35957000 Innolux Corporation 0.7 1929355 Lite-On Technology Corp 0.1 5622000 Mega Financial Holding 0.2 4483000 Corporation 0.6 2105160 Pou Chen 0.2 2539000 Powertech Technology In 0.3 426000 President Chain Store C 0.2 1189000 Ruentex Industries 0.1 742000 Simplo Technology 0.2 20319277 Sinopac Financial Hldgs 0.4 19196000 Taishin Financial Hldgs 0.4 3260847 Taiwan Business Bank 0.1 7368900 Taiwan Cooperative Fina 0.2 3123000 Taiwan Fertilizer Co 0.3 35

CONFIDENTIAL Pct. Quantity Security Assets

11429000 Taiwan Semiconductor Ma 3.4 2051720 Uni-President Enterpris 0.2 9233000 United Micro Electronic 0.2 6065190 Yuanta Financial Holdin 0.1 1089000 Zhen Ding Technology Ho 0.1 252087 Anglogold Ashanti Ltd 0.2 167560 Bidvest Group Ltd 0.3 177584 Brait Se 0.1 893314 Firstrand Limited 0.2 3185879 Growthpoint Properties 0.3 379520 Hyprop Investments 0.2 1214875 Impala Platinum Hldgs 0.2 210230 Investec Limited 0.1 549692 Liberty Hldgs 0.3 1314749 Life Healthcare Group H 0.2 1233396 Mmi Holdings Limited 0.1 310891 Mr.Price Group 0.2 56531 Naspers 0.5 1028665 Netcare Limited 0.2 7013290 Redefine Properties Ltd 0.3 121792 Remgro 0.1 1686448 Sanlam 0.5 453616 Sappi 0.1 68077 Sasol 0.1 318463 Shoprite Holdings 0.2 465268 Spar Group Limited 0.4 1315248 Standard Bank Group Lim 0.7 1730699 Steinhoff International 0.7 586723 Truworths International 0.2 897293 Tsogo Sun Holdings 0.1 64000 Credicorp Ltd 0.5 157800 Alibaba Group Hldg Ltd 0.7 45700 Baidu Com Inc 0.5 630100 Minas Buenaventura 0.3 112500 New Oriental Ed & Te 0.2 36

CONFIDENTIAL | BIOS |

THOMAS D. STEVENS, CFA Chairman and Principal

BBA University of Wisconsin, 1974 MBA University of Wisconsin, 1976

1986 – 2002 Wilshire Asset Management 1980 – 1986 Wilshire Associates 1976 – 1980 National Bank of Detroit

Thomas Stevens is the Chairman and President of Los Angeles Capital. Mr. Stevens is one of the Firm’s co-founders and plays a key role in setting the Firm’s strategic goals and overseeing all departments at Los Angeles Capital with particular focus on Portfolio Management, Finance and Client Servicing. He is a voting member of the Firm’s Investment Committee and also serves on the Firm’s Risk Committee.

Prior to the founding of Los Angeles Capital in 2002, Mr. Stevens was a Senior Managing Director and Principal at Wilshire Associates. Early in his 22 year career at Wilshire, he oversaw the Equity Services Division providing quantitative tools and services to over 120 investment management firms. For 16 years he ran Wilshire Asset Management, a division of the firm, delivering custom asset management solutions to large institutional investment organizations. Before joining Wilshire, Mr. Stevens worked for the National Bank of Detroit as a research analyst and later as a portfolio manager responsible for select major pension fund client relationships.

Mr. Stevens serves on the Board of Directors for the Los Angeles Capital Global Funds plc, a UCITS fund registered in Ireland, and is also on the Board for Special Olympics Southern California. He also serves on the Board for Proxy Parent Foundation providing financial services and personal support assistance to people with mental illness.

Mr. Stevens holds an MBA from the University of Wisconsin.

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CONFIDENTIAL | APENDIX| BIOS |

HAL W. REYNOLDS, CFA Chief Investment Officer and Principal

BA University of Virginia, 1980 MBA University of Pittsburgh, 1982

1998 – 2002 Wilshire Asset Management 1989 – 1998 Wilshire Associates 1982 – 1989 Mellon Bank

As Chief Investment Officer and Chairman of Los Angeles Capital’s Investment Committee, Mr. Reynolds oversees the firm’s investment process. Since co-founding the Firm in 2002, Mr. Reynolds has worked closely with the Research team to develop Investor Preference Theory®, the Dynamic Alpha Stock Selection Model®, and the Forward Attribution® process for developing forwarding looking expected factor returns. Working with the Firm’s Research Directors, he develops the firm’s research goals and provides guidance on key projects to enhance the stock selection, portfolio construction, and trading processes. As a member of the Portfolio Review Committee, he works with senior members of the portfolio management team to establish key portfolio parameters for portfolio construction and rebalancing and developing procedures for monitoring and controlling portfolio risk.

Prior to Los Angeles Capital, Mr. Reynolds was a managing director and principal at Wilshire Associates. Mr. Reynolds joined the consulting division of Wilshire Associates in 1989 where he served as a senior consultant to large ERISA plans. He also designed Wilshire Compass, Wilshire’s asset allocation and manager optimization technology for plan sponsors. In 1996, Mr. Reynolds began consulting for Wilshire Asset Management where he helped develop the Dynamic Alpha Model, which developed into Los Angeles Capital’s Dynamic Alpha Stock Selection Model®, and other quantitative long/short applications for Wilshire Asset Management. In 1998, he joined Wilshire Asset Management as Chief Investment Officer.

Prior to joining Wilshire, Mr. Reynolds was a vice president at Mellon Bank where he was responsible for the design and management of Mellon’s portfolio analysis product for plan sponsors.

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CONFIDENTIAL | BIOS |

DANIEL E. ALLEN, CFA Director of Global Equities and Principal

BBA Pacific Lutheran University, 1982 MBA University of Chicago Booth School of Business, 1991

1993 – 2009 Wilshire Associates 1991 – 1993 Asset Strategy Consulting 1983 – 1989 Wilshire Associates

As Director of Global Equities, Mr. Allen is responsible for developing global equity applications for clients and is a senior member of the Portfolio Management team and a member of the firm’s Investment Committee. Mr. Allen works with clients on managing their portfolios and assisting in setting the strategic direction for the firm. He also serves on the Board of Directors of Los Angeles Capital Global Funds plc.

Prior to joining Los Angeles Capital, Mr. Allen was a senior managing director and board member of Wilshire Associates. For more than twenty years, Mr. Allen held senior positions at Wilshire. Mr. Allen began in the Equity Management division and worked with several members of the Los Angeles Capital team. Mr. Allen assisted 100+ institutional money managers in applying risk models, performance attribution, and portfolio optimization techniques to their equity portfolios. Mr. Allen returned to Wilshire’s Consulting division to advise international investors and to head the firm’s international manager research. In 1998, Mr. Allen moved to Europe and spent the next decade leading Wilshire’s Private Markets group’s asset management activities in the region. In this capacity, he was responsible for sourcing and evaluating private equity opportunities while serving on the Global Investment Committee. Mr. Allen returned to Los Angeles in 2008 as a Management Committee member of the Private Markets group. Mr. Allen joined Los Angeles Capital in 2009.

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CONFIDENTIAL LAINA DRAEGER, CFA Portfolio Manager and Principal

BA Boston College, 2005 MBA University of San Francisco, 2007

2006 – 2007 First Republic Investment Management

As a Portfolio Manager, Ms. Draeger is responsible for select client relationships and managing their accounts in accordance with Los Angeles Capital's investment philosophy and process. Ms. Draeger works to ensure that portfolios reflect the investment outlook of the Model and that portfolios are operating within expected risk tolerances and guidelines. She recommends changes to the process or portfolio parameters that will enhance return or better control risk and plays an integral role in strategy development. Ms. Draeger is a member of the Firm’s Investment Committee and co-chair of the Portfolio Review Committee, which meets monthly to review portfolio performance and positioning.

As Chair of the Responsible Investment Committee, Ms. Draeger oversees the Firm’s ESG activities from a research and product development standpoint and also keeps abreast of the changing political and economic landscape with regard to Responsible Investing. She works closely with clients to understand their RI goals and plays a leading role in ensuring that the Firm adheres to its duties as a signatory of the UN supported Principles for Responsible Investing.

Prior to joining Los Angeles Capital, Ms. Draeger worked as a Research Assistant in the Investment Management Division of First Republic Bank.

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CONFIDENTIAL | BIOS |

LARA L. CLARKE Managing Director and Principal

BS Pennsylvania State University, 1999 MBA UCLA Anderson School of Management, 2012

2006 – 2008 StarMine Corporation 2005 – 2006 Tiburon Research Group 1999 – 2004 Thomson Financial

Ms. Clarke is a director of marketing and business development responsible for relationship management in the Western, Southern, and Midwest regions of the United States. She is responsible for business development with institutional investors including public and corporate pension plans, foundations, and endowments, as well as investment consultants.

Prior to joining Los Angeles Capital, Ms. Clarke was in sales and account management for StarMine Corporation, a quantitative equity analytics company. She was responsible for developing and growing the business to the investment management community on the West Coast. While at Thomson Financial (Baseline), Ms. Clarke was an account executive focusing on equity analytics and portfolio analysis for clients in NYC, Boston, and Europe.

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CONFIDENTIAL Legal and Performance Disclosures

Los Angeles Capital Management and Equity Research, Inc. (“Los Angeles Capital”) is an independent, employee owned investment advisory firm founded in 2002, and registered under the Investment Advisers Act of 1940. Los Angeles Capital is an institutional adviser that offers global equity active management in both developed and emerging markets.

Holdings – Holdings should be considered “Supplemental Information” and are reflective of the date specified. Any issuers or securities noted in this presentation may not form the basis for an investment decision. Los Angeles Capital makes no representation as to whether any security (or the security of any issuer) is currently held in a portfolio or Fund. Los Angeles Capital is not recommending the purchase, sale or holding of any security and is making no representation or indication of its own holdings of any securities. Los Angeles Capital may in fact be currently recommending the purchase of a security or the sale of a security regardless of any statement made about that security or whether Los Angeles Capital owns it or not. Discussions of securities are not intended to serve as investment advice. Any statement made herein, including any statement or implication drawn from any discussion of individual securities, is subject to change at any time, without notice.

Early Track Record - Prior to the establishment of the firm, all investment decision makers were employed by Wilshire Associates, Incorporated, in the Wilshire Asset Management division. Therefore, all performance results prior to April 2002 are from Wilshire Asset Management and have been linked to the current performance record of Los Angeles Capital.

Additional information regarding the firm’s policies and procedures for valuing portfolios, calculating and reporting performance results is available upon request. Total firm assets as of 3/31/2016::$19.3 billion. A complete list and description of all the firm’s composites is available upon request.

Performance is presented both gross and net of fees. Gross returns are gross of investment management and custodial fees but net of non-reclaimable withholding taxes and trading expenses. Net returns are net of the highest applicable investment management fee (based on the fee schedules listed below), non-reclaimable withholding taxes and trading expenses, but gross of custodial fees. Trading expenses are the actual costs of buying or selling investments.

A client’s return will be reduced by advisory fees and other expenses the client may incur.

The management fee schedule is as follows: Large Cap Assignments – 40bps on the first $25 million, 30 bps on the next $175 million, 20 bps thereafter; All Cap Assignments – 55 bps on the first $25 million, 45 bps on the next $175 million, 35 bps thereafter; Mid Cap Assignments – 65 bps on the first $25 million, 50 bps thereafter; Small and SMID Assignments – 75 bps on the first $25 million, 65 bps thereafter; Large Cap Non-US Assignments – 65 bps on the first $25 million, 55 bps on the next $175 million and 40 bps thereafter; Global ACWI Assignments – 60 bps on the first $25 million, 45 bps on the next $175 million, and 35 bps thereafter; Global Developed Assignments – 50 bps on the first $25 million, 40 bps on the next $175 million, and 30 bps thereafter; and Emerging Markets Assignments – 90 bps on the first $25 million, 80 bps on the next $75 million, 70 bps on the next $100 million, and 65 bps thereafter. For all long only developed market portfolios with an alpha target of 3% or greater, there will be an incremental charge of 20 bps per tier. This applies to all global portfolios with at least 80% invested in developed markets. Market Neutral Assignments – 100 bps on the first $25 million, 75 bps on the next $175 million, 50 bps thereafter PLUS 20% performance fee on the excess return; and Active Extension Assignments – 20 bps on all assets PLUS 20% performance fee on the excess return. Fees will reduce account/composite performance over time. For example, for the three years ending 12/31/2012, the L.A. Capital US Large Cap Equity Composite is reduced from 10.56% to 10.12% on an annualized basis. Actual advisory fees may vary among clients with the same investment strategy.

Pricing and Returns--Portfolios are priced daily based on trade date positions, accrued dividends, cash, and cash equivalents. Returns are calculated daily and linked to avoid distortion from cash flows. Returns reflect the reinvestment of dividends and other earnings. Returns are impacted by economic conditions which may or may not persist into the future. The potential for profit is accompanied by the possibility of loss. Each account is managed against an index but the extent to which each account’s risk profile differs from those indexes will vary.

Valuations are computed and performance is reported in US Dollars unless indicated otherwise.

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CONFIDENTIAL