#1January 28, 2021 SELECT EQUITY Rigorous Research, Disciplined Investing BAXTER STREET International Long-Only Massachusetts Water Resources Authority ("MWRA") Employees' Retirement System Select Equity Group, L.P. 380 Lafayette Street New York, New York 10003 212.601.9675#2Executive Summary Select Equity Group ("SEG” or the "Firm") was founded in 1990 on the premise that RIGOROUS RESEARCH and DISCIPLINED INVESTING will generate superior returns for our clients. The Firm is EMPLOYEE OWNED and manages over $38 billion across long/short and long-only equity strategies that invest in companies across geographies and market capitalizations. Our Research Team of 65 professionals identifies what we believe to be the HIGHEST-QUALITY BUSINESSES that exhibit sustainable competitive advantages. We have no interest in owning the vast majority of public companies at any price. We consider our research process to be FIERCELY INDEPENDENT, which we believe results in highly differentiated portfolios. We make almost no use of Wall Street research in our analysis on the long side, and we do not actively share our ideas with other managers. Our location at 380 Lafayette Street in NoHo is far from most peers. FIELD RESEARCH is a critical component of what we do. SEG employs a team of 16 former financial journalists and sourcing specialists that conducts deep-dive studies on companies, value chains and management teams. Our dedicated Data & Analytics Team applies alternative DATA ANALYTICS to complement and add valuable context to our fundamental research and qualitative field research. We are LONG-TERM INVESTORS. We seek to understand competitive dynamics that will play out over three to five years, rather than predict quarterly earnings. We share a common cultural imperative for excellence embodied in the CORE PRINCIPLES (see Appendix) that shape our identity as a Firm and inform our actions. As of December 31, 2020. 1#3Our History Firm founded 1990 Moved to current offices at 380 Lafayette Street 1991 1993 Mulberry Street (US long-only strategy) launched Firm commences research on small and mid cap companies Select Equity Foundation established 1998 SEG Partners (US long/short strategy) launched 2000 Firm dedicates coverage to international companies 2003 Great Jones (concentrated opportunistic long-only strategy) launched Firm dedicates coverage to large cap companies 2005 2006 First Qualitative Field Analyst hired 2007 Baxter Street (international long-only strategy) launched 2011 2012 Cooper Square (international long/short strategy) launched 100th employee hired 2015 Astor Place Holdings (private investing arm) established Firm manages $20 billion 2017 Crosby Street (global large cap long-only strategy) launched 2018 Sheridan Square (international large cap long-only strategy) launched 2019 Established Data & Analytics Team Firm takes over management of Shinbone Alley (Mobility-focused long/short strategy) 2020 Hudson Street (US small cap strategy) launched 2#4Baxter Street Overview Strategy Portfolio Management Process Exposures Differentiation Launched in 2012, Baxter Street is the Firm's international equity long-only strategy with $11.0 billion in assets. Chad Clark has been Portfolio Manager since inception, and Matthew Pickering additionally assumed the role of Portfolio Manager in 2017. Chad and Matthew have worked together since inception. Brian Vollmer has served as the strategy's Associate Portfolio Manager since 2017. We employ a disciplined fundamental research process to identify high-quality businesses. Typical exposure is 70%-100%. Baxter Street is a high-conviction strategy with the top 15 positions often comprising nearly half of the Fund's assets. We are geographically agnostic, which we believe is a competitive advantage vs. peers. We take advantage of the inherent volatility of international markets and deploy capital wherever discounts to intrinsic values have widened and the opportunity is greatest. As of December 31, 2020. The most current month-end AUM numbers are estimated. 3#5Baxter Street Performance Summary Since the strategy's inception, Baxter Street has outperformed the MSCI ACWI ex US by +4.0% annually on a net basis with less volatility. $2,400 $2,200 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 9/1/12 3/31/13 10/31/13 Net Return (Annualized) Volatility Active Share Since Inception Net Performance Statistics Baxter Street Net 11.0% 13.0% 87% Upside Capture Downside Capture Baxter Street Fund Cumulative Net Return 5/31/14 12/31/14 7/31/15 Growth of $1,000 2/29/16 0.97 0.72 9/30/16 4/30/17 MSCI ACWI ex US 7.0% 14.0% 11/30/17 MSCI ACWI ex US Cumulative Return 6/30/18 1/31/19 8/31/19 3/31/20 10/31/20 As of December 31, 2020. The most current month-end performance numbers are estimated. Past performance is not indicative of future results, which may vary. Index performance is shown for illustrative purposes-it is not possible to invest in an Index. See important performance and other disclosures included at the back of this presentation. Volatility is calculated using the standard deviation, or variance between monthly return streams. Active Share measures the percentage of the most current quarter-end portfolio (based on position weights) that differs from the MSCI ACWI ex US. Upside/Downside Capture is calculated versus the MSCI ACWI ex US. $2,389 $1,760#6Baxter Street Drawdown Analysis During periods in which the MSCI AWCI ex US Index has experienced large drawdowns, Baxter Street consistently outperformed the market. MSCI ACWI ex US Index Five Largest Drawdowns Since Baxter Street's Inception MSCI ACWI ex US ■Baxter Street Fund Net 0% -5% -10% -15% -20% -25% May 2013 June 2013 -6.5% -2.7% Global equity "taper tantrum" triggered by discussion of scaling back quantitative easing July 2014 January 2015 -9.1% -4.8% Stalling global economic recovery outside of the US and the UK. Time Period May 2013 June 2013 July 2014 January 2015 May 2015 February 2016 February 2018 - December 2018 January 2020 March 2020 May 2015 February 2016 February 2018 - December 2018 January 2020 - March 2020 -20.1% -11.5% Collapse in oil and commodity prices. Capitulation in emerging markets equities. Correction in Chinese equity markets and yuan devaluation. MSCI ACWI ex US -6.5% -9.1% -20.1% -18.7% -23.4% -18.7% -13.1% Mounting concerns over monetary tightening, post-QE normalization and potential global trade war, combined with softening developed-world economic growth (outside the US) and rising political risk in Europe. Baxter Street Fund Net -2.7% -4.8% -11.5% -13.1% -21.4% -21.4% -23.4% COVID-19 spreads from regional epidemic to the worst global pandemic since Spanish flu in 1918, causing governments throughout the world to voluntarily bring economic activity to a halt by ordering citizens to shelter at home. As of December 31, 2020. The most current month-end performance numbers are estimated. Past performance is not indicative of future results, which may vary. Index performance is shown for illustrative purposes-it is not possible to invest in an Index. Drawdown analysis calculations based on month-end data. Source: MSCI. The time periods represent the five largest peak-to-trough drawdowns in the MSCI ACWI ex US Index since inception of the Baxter Street Fund. See important performance and other disclosures included at the back of this presentation. 5#7Baxter Street Portfolio Construction Typical Exposure Typical Position Count Typical Position Size Median Market Capitalization Typical Top 10 Concentration Average Holding Period Typical Regional Maximum Typical Country Maximum Typical Industry Maximum 70%-100% 30-60 1%-10% $34.1 billion ~40% >2 years 70% 30% 25% As of December 31, 2020. The above figures represent ranges the Manager intends generally not to exceed. The Fund's offering documents, which control any investment, may not mandate that the Fund's portfolio be within these ranges. 6#8Investment Philosophy Our investment philosophy is grounded in three elemental tenets. Great Businesses Rigorous Research Disciplined Investing We are focused on owning only what we believe are the world's best businesses. We are committed to understanding our businesses better than our peers through independent, granular and continuous research. We generate investment ideas internally and vet them with the assistance of our dedicated Qualitative Field Research and Data & Analytics Teams. We wait patiently for the market to present opportunities to deploy capital at attractive discounts to intrinsic values. 7#9How We Define Great Businesses We are focused on owning businesses that share the following characteristics: PREDICTABLE GROWTH Predictable and growing streams of cash earnings with annual earnings growth typically in excess of 10%. HIGH ROICS High or rapidly improving returns on invested capital. EXPANDING BARRIERS TO COMPETITION Consistent share gainers that increase their franchise values and distance themselves meaningfully from competitors. CLEAN BALANCE SHEETS Businesses with little debt or the clear ability to reduce debt rapidly. OUTSTANDING CULTURES Companies with excellent cultures that wow their customers. STRONG LEADERSHIP Management teams that we believe to be ethical, outstanding operators and good stewards of capital. We seek companies exhibiting the 5Ps: The industry PIE is grow Company's PIECE OF THE PIE (market share) is growing Company has PRICING POWER Business has a high level of PREDICTABILITY Company is managed by PEOPLE who have created a culture of excellence 8#10Businesses We Generally Avoid We are not interested in owning roughly two-thirds of public companies regardless of price. We typically have less exposure to the following types of businesses given a lack of predictability or an inability to defend their competitive moats: COMMODITY-LINKED BUSINESSES CAPITAL-INTENSIVE BUSINESSES WITH UNDIFFERENTIATED PRODUCTS HIGHLY REGULATED BUSINESSES BUSINESSES WITH UNPREDICTABLE PRODUCT LIFECYCLES 9#11Our Universe: The "SEG International 300" In more than 20 years of investment research, we have identified roughly 300 businesses and multiple value chains-narrow slivers/subsets of the economy-that meet our criteria out of approximately 10,000 international public companies. Our team covers these businesses whether we own them or not and maintains intrinsic value estimates for each. The Approved List changes by 5%-10% annually as companies are added (IPOs, spin-offs, business transformations) and removed (M&A, shifts in competitive landscape). North America 6% Latin America 8% Australia & New Zealand 5% Geography Japan 7% Switzerland 10% Africa & Middle East 2% Asia ex Japan 13% DENTAL Europe 34% United Kingdom 15% AEROSPACE SEG International 300 Breakdown Industry Energy 1% Communication Services 5% Materials 6% Consumer Discretionary 10% Financials 4% Information Technology 12% APPLICATION SOFTWARE B2B SERVICES Real Estate 1% Healthcare 16% Industrials 24% Examples of SEG Value Chains Consumer Staples 20% LIFE SCIENCES TESTING & INSPECTION Developed Market/Emerging Market Emerging 22% Developed 78% FREIGHT FORWARDING NICHE INDUSTRIALS As of August 2020. SEG International 300 is our focus list of stocks that meet all SEG criteria. Numbers may not foot due to rounding. Geographic exposure is determined by using the MSCI Global Investable Market Indices (GIMI) Methodology. Source: Bloomberg using GICS sector classification. 10#12Our Coverage Universe Geographies Industries EMEA Asia Americas As of December 31, 2020. Matthew Pickering Flavors & Fragrances Food Services & QSR Hearing Aids Spain United Kingdom Malaysia Singapore Brian Vollmer Freight Forwarders Online Services Emerging EU Hong Kong/China Loren Lewallen Factory Automation Life Sciences Value-Added Distributors France South Africa Chad Clark International Team CIO Japan Alex Apanovitch Asia Life Insurance Optical Retail & Mfg. Benelux Germany India South Korea Michael Archer Business & Info Svcs. Payments Processing Semiconductors Italy Taiwan Thailand Canada Mexico Joseph Buser Aerospace Diagnostic Equipment FMCG Switzerland Australia/ New Zealand Brazil Pawel Kaczmarek Testing & Inspection Spirits & Beer Scandinavia Indonesia Philippines Chief International Strategist Jonathan Allen 11#13Qualitative Field Research What is Qualitative Field Research? Why is it important? Who is on the team? Results As of December 31, 2020. Performing in-depth due diligence and delivery of proprietary investment insights to the Analyst team, resulting in a better understanding of the long-term dynamics of industries and value chains. We are not seeking to predict short-term outcomes, such as next quarter's earnings. Qualitative field research is in our DNA: Select Equity was founded as a research firm, and we made our first hire of a former Wall Street Journal reporter in 2006. We believe field research provides insights that help us make better investment decisions. ● ● Nine Qualitative Field Analysts: former investigative and business journalists with over 50 years of combined experience in investment management and over 110 years in journalism. The team covers the globe with individuals based in five US cities, London and Hong Kong. Seven sourcing specialists. In the first nine months of 2020, our Research Team conducted interviews with over 1,600 industry contacts and authored approximately 270 field research reports. 12#14Data & Analytics In June 2019, we established a dedicated Data & Analytics Team (the "Data Team") to apply alternative data analytics to our research process. The Data Team sources and analyzes data to develop independent views on the long-term drivers for individual companies and value chains as well as macroeconomic trends. Our analysis is not focused on predicting short-term trading opportunities. We aim to minimize confirmation bias by answering targeted questions, rather than corroborating specific investment theses. We use data analytics to complement and add valuable context to our fundamental research and qualitative field research. Our Data Team is led by Alvin Mok, who has both an engineering degree and an M.B.A., as well as over a decade of valuable prior experience including at Microsoft and McKinsey & Company. Most recently, Alvin built and led a data team of over 10 individuals at an asset management firm. Alvin is uniquely qualified to build and lead our growing team, which together brings relevant experience in data science, consulting and fundamental research, in addition to educational backgrounds in engineering, mathematics and information sciences. As of September 30, 2020. IN THE FIRST NINE MONTHS OF 2020, THE DATA TEAM HAS COMPLETED APPROXIMATELY 300 PROJECTS ON COMPANIES AND VARIOUS TOPICS SPANNING MULTIPLE VALUE CHAINS AND GEOGRAPHIES. 13#15Data & Analytics Process Our vertically integrated approach to acquiring, processing and analyzing data enables our Team to reach independent, unique conclusions. ● ● ● Acquisition Our differentiated approach begins with data acquisition-we focus on gathering data to understand the long-term competitive advantages of companies and value chains. We initiated robust due diligence on over 130 potential data vendors to select, so far, more than 25 diverse datasets, including those generated by consumer credit card transactions, app and web usage and airline schedules. In addition, we generate proprietary data internally through custom surveys. For example, have conducted an ongoing dental survey to assess trends in practice consolidation and its impact on industry pricing. As of September 30, 2020. ● ● Data Acquisition Data Analytics Data Processing Processing We have developed machine learning tools, which include Natural Language Processing models, to help us enrich and process data. These models will enable deeper analyses, ranging from the ability to assess the sentiment and authenticity of employee reviews to matching products across websites at scale. We have built a scalable cloud infrastructure to ingest and quickly analyze our considerable-and growing- amount of data (over 25 terabytes). Analytics We collaborate with investment Analysts and the Qualitative Field Research Team to triangulate information from multiple sources and inform investment decisions. Examples include analyzing customer churn in online streaming services using US consumer transaction data, as well as surveying over 100 US veterinarians to understand various aspects of the value chain including shifting market share dynamics and the impact of COVID-19. In addition to Analyst-directed data projects, we have created over 30 custom dashboards to date that enable Analysts to directly access data. For example, the Team built models to study COVID-19 infection curves, which helped us to navigate the global spread, control and economic implications of the virus. In the first nine months of 2020, we have completed projects on approximately 40% of the top 10 positions across the Firm's strategies. 14#16Investment Process ● ● Idea Generation Our process is driven by internally generated and researched ideas. The Firm makes almost no use of Wall Street research for our long process, and we do not actively share our insights with other managers. While all Analysts are generalists, they often focus on specific value chains-studying suppliers, manufacturers, distributors and customers within a specialized area of the economy across market capitalizations. The team additionally generates new ideas through its on-the-ground worldwide travel. Analysts share timely ideas with the entire investment team on our daily 8:30am conference call. These ideas are later reviewed in detail during weekly group meetings. Fundamental Research In addition to detailed analysis of a company's SEC filings and call transcripts, we generally visit key facilities and meet with the top executives. We often approach the final vetting of potential new investments as a team that includes one or more Portfolio Managers, dedicated Qualitative Field Analysts and our Data & Analytics Team. Qualitative Field Research & Data Analytics Our due diligence process often includes fieldwork conducted by research Analysts in conjunction with our internal Qualitative Field Analysts, our sourcing specialists and, for select projects in limited circumstances, outside sourcing consultants. Such research can include interviews with a company's former employees, competitors, suppliers, distributors and customers. In addition, our dedicated Data & Analytics Team sources and analyzes data to develop views on the long-term drivers for individual companies and value chains as well as macroeconomic trends. Based on fundamental analysis, in-house fieldwork and data analytics, we formulate proprietary, actionable investment theses. Every step of the process adheres to rigid compliance guidelines in order to prevent exposure to material nonpublic information. Portfolio Management The "SEG International 300": We actively monitor approximately 300 international companies that have been fully vetted through our research process and formally approved by our Investment Committee. Once we approve a business that meets our investment criteria, we wait for an opportunity to buy it at a compelling discount to its intrinsic value. We consistently update and maintain intrinsic value estimates for all Approved List businesses, whether we own the company or not. Individual position weightings vary based on several factors including quality of business, discount to intrinsic value and liquidity. We will often establish a new position at a small weighting and build the position opportunistically. Portfolio Managers hold sole discretion over all investment decisions. Associate Portfolio Managers' primary responsibilities include playing devil's advocate on the portfolio. 15#17Risk Management TOP DOWN BOTTOM UP Portfolio Managers have primary responsibility to oversee and manage risk, including liquidity, within clear portfolio- specific guidelines. We typically will not own more than 10% of an underlying company. We monitor regional, country and industry exposures and ensure we do not breach maximum allocations. Approximately 96% of the portfolio can be liquidated in 30 days.¹ Positions are reviewed for the value impact of macroeconomic circumstances. Baxter Street employs FX hedging when the strategy has a large exposure to a given currency that is overvalued relative to long-term purchasing power parity, and it is cost effective to hedge. The Firm's Investment Committee, consisting of all Portfolio Managers, meets quarterly to conduct portfolio reviews including analysis of business quality, investment theses, exposures, counterparties and liquidity. Members of our team present opposing arguments and play devil's advocate for each investment. Our most valuable risk management tool is the deep understanding we have of our businesses. We typically study a business for over two years before establishing a core position. We believe our investment strategy is relatively defensive due to our investments in the highest-quality, predictable businesses with sustainable barriers to competition. We weigh downside risk more heavily than upside reward, and our focus is on protecting against a permanent loss of capital. Position sizing is determined by our estimates of upside to intrinsic value and downside risk, which are derived from cash flow analysis. ¹As of December 31, 2020. The above liquidity analysis is based on gross exposure and derived using information from Bloomberg, assuming a six-month look back for average daily volume (ADV) and limiting our participation rate to 20% of ADV. The liquidity analysis excludes listed indices, custom basket swaps and options. The manager reserves the right to exclude any other securities, which either do not show volume on Bloomberg or, in the manager's opinion, show inaccurate volume. See additional disclosures at the end of this document. Nothing herein is intended to imply that an investment in the Funds or the Funds' investment strategies may be considered conservative. Investment losses may occur, and there can be no assurance that any investment objectives will be achieved. 16#18Environmental, Social and Governance (ESG) Policy The consideration of ESG factors is a central component of our investment process. We are unlikely to invest in a business if significant ESG issues are not adequately recognized and addressed. ESG PHILOSOPHY Select Equity adopts an "ESG Integration" approach to responsible investing. We analyze ESG factors solely as they relate to the financial risk and return of a company, focusing on dynamics that could impact a company's future earnings power and investor perceptions. We believe ESG Integration is aligned with our fiduciary duty to maximize returns for our clients. OVERSIGHT We established an ESG Committee responsible for overseeing the integration of ESG into our research process. RESEARCH Our detailed analysis on companies includes, among other issues, assessing a company's ethics and culture, consumer perceptions and performance relative to ESG issues. Our Qualitative Field Research Team is an integral part of this process. We also subscribe to MSCI's ESG research, which is analyzed and documented in Tamale, our research management system. RISK MANAGEMENT We try to highlight potential ESG red flags early in our diligence process so that we can carefully evaluate risk before we purchase a stock. Once we initiate a position, ESG risks are monitored through ongoing qualitative and quantitative analysis. We also subscribe to ISS proxy governance reports and review and vote proxies annually. ENGAGEMENT We communicate regularly with management teams and convey our concerns and questions regarding any issues, including ESG risks, that we identify during our research. ESG Issues of Focus: ENVIRONMENTAL Contribution to climate change, costly negative externalities, collateral environmental damage, natural resources usage, pollution or waste and use of clean technology or renewable energy. SOCIAL Human capital development, equal employment opportunity, fair compensation, risks to the health and safety of employees and the public, sourcing of raw materials and labor from developing nations, human rights and product liability. GOVERNANCE Management, the Board of Directors, conflicts of interest, executive compensation, transparency, bribery and corruption, reporting and disclosure, shareholder rights, accounting/tax avoidance and risk management. IN NOVEMBER 2020, SELECT EQUITY BECAME A SIGNATORY TO THE UN-SUPPORTED PRINCIPLES FOR RESPONSIBLE INVESTMENT (UN PRI), A GLOBAL ORGANIZATION THAT ENCOURAGES RESPONSIBLE INVESTMENT PRACTICES. 17#19Baxter Street Investment Team Chad M. Clark, Portfolio Manager, Analyst, Principal Mr. Clark joined Select Equity in August 2010. He has been responsible for the portfolio management of the Cooper Square strategy (the Firm's international long/short strategy) since its inception in January 2011 and of the Baxter Street strategy (the Firm's international long- only strategy) since its inception in September 2012. Mr. Clark is a member of the Firm's Management Committee. Prior to joining Select Equity, Mr. Clark spent 14 years at Harris Associates, where he was a Partner and co-managed the Oakmark International Small Cap Fund and Harris International Value L.P. Prior to Harris Associates, he was an Analyst in Corporate Finance at William Blair & Company. Mr. Clark is a CFA® charterholder. Mr. Clark received a B.S. from Carnegie Mellon University (summa cum laude). Matthew C. Pickering, Portfolio Manager, Analyst, Principal Mr. Pickering joined Select Equity in December 2010. He is the Portfolio Manager of the Cooper Square strategy and the Baxter Street strategy. Prior to joining Select Equity, Mr. Pickering was an Analyst with Harris Associates for four years. Prior to Harris Associates, he worked for six years as an Analyst and Associate Portfolio Manager with Institutional Capital. Mr. Pickering is a CFA® charterholder. Mr. Pickering received a B.S. from Miami University (magna cum laude). Brian M. Vollmer, Crosby Street Portfolio Manager, Analyst, Principal Mr. Vollmer began at Select Equity as an intern in 2005 and joined the Firm full time in August 2006. He has been responsible for the portfolio management of the Crosby Street strategy (the Firm's global large cap long-only strategy) since its inception and is responsible for the day-to-day management of the Sheridan Square strategy (the Firm's international large cap long-only strategy). He is also an Associate Portfolio Manager of the Baxter Street strategy and is a member of the Firm's Management Committee. Prior to joining Select Equity, Mr. Vollmer worked as a private equity Investment Analyst for Hicks, Muse, Tate & Furst. Prior to Hicks, Muse, Tate & Furst, he worked in the Investment Banking Division at Goldman Sachs. Mr. Vollmer received a B.S. from the University of Virginia (with distinction) and an M.B.A. from the Stanford Graduate School of Business, where he graduated as an Arjay Miller Scholar. Loren S. Lewallen, Cooper Square Associate Portfolio Manager, Analyst, Principal Mr. Lewallen began at Select Equity as an intern in 2006 and joined the Firm full time in September 2007. He is an Associate Portfolio Manager of the Cooper Square strategy. Mr. Lewallen is a CFA® charterholder. Mr. Lewallen received a B.A. from Columbia University (magna cum laude). Jonathan D. Allen, Chief International Strategist, Senior Analyst Mr. Allen joined Select Equity in April 2010. He is the Firm's Chief International Strategist. Prior to joining Select Equity, Mr. Allen was a Principal, Portfolio Manager and Analyst with Clay Finlay for 16 years. Mr. Allen is a CFA® charterholder. Mr. Allen received a B.A. from the University of Pennsylvania. Alex Apanovitch, Analyst Mr. Apanovitch joined Select Equity in March 2018. Prior to joining Select Equity, Mr. Apanovitch was a Research Analyst at King Street Capital Management. Prior to King Street, he worked in the Investment Banking Division at Goldman Sachs. Mr. Apanovitch received a B.A. and B.Sc. from Western University in London, Ontario (with distinction). As of December 31, 2020. 18#20Baxter Street Investment Team Michael T. Archer, Analyst Mr. Archer joined Select Equity in August 2015. Prior to joining Select Equity, Mr. Archer was an Analyst in the Restructuring Group at Lazard. Mr. Archer received a B.S. from the University of Virginia (with distinction). Joseph E. Buser, Analyst Mr. Buser joined Select Equity in August 2016. Prior to joining Select Equity, Mr. Buser was an Associate in the Americas Private Equity Group at KKR. Prior to KKR, he worked in the Investment Banking Division at UBS. Mr. Buser received a B.S. and a B.A. from Indiana University (with highest distinction). Kyle W. Gibson, Analyst Mr. Gibson joined Select Equity in May 2018. Prior to joining Select Equity, Mr. Gibson worked at Tiger Global Management. Prior to Tiger Global, Mr. Gibson was an Investment Analyst at Tiger Veda Management. Mr. Gibson received B.B.A. from the University of Texas at Arlington (magna cum laude). Pawel Kaczmarek, Analyst Mr. Kaczmarek joined Select Equity in September 2016. Prior to joining Select Equity, Mr. Kaczmarek was a multi-industry Research Associate on the Domestic team at Harris Associates. Prior to Harris Associates, he worked as an Associate Analyst at Advisory Research, an institutional investment manager in Chicago. Mr. Kaczmarek also worked as a sell-side Research Associate covering Industrial Distribution at William Blair & Co. Mr. Kaczmarek is a CFA® charterholder. Mr. Kaczmarek received a B.S. from Indiana University (with distinction and with honors in business). Vrajesh Shah, Analyst Mr. Shah joined Select Equity in February 2020. Prior to joining Select Equity, Mr. Shah was an Analyst at Partner Fund Management. Prior to Partner Fund Management, Mr. Shah was an Analyst at Conatus Capital. Prior to Conatus, he was an Associate at Apollo Global Management. Mr. Shah received an H.B.A. from Western University in London, Ontario. Pranay Gosalia, Associate Analyst Mr. Gosalia joined Select Equity in October 2020. Prior to joining Select Equity, Mr. Gosalia was an Investment Analyst at Kensico Capital Management. Prior to Kensico Capital Management, he was a Private Equity Analyst at Brookfield Asset Management. Prior to Brookfield Asset Management, he worked in the Financial Restructuring Group at Houlihan Lokey. Mr. Gosalia received a B.S. from Indiana University (with distinction) and an M.B.A. from the Kelley School of Business at Indiana University. As of December 31, 2020. INTEGRATED WITH THE ENTIRE SELECT EQUITY GROUP RESEARCH TEAM OF 65. 19#21Terms and Service Providers Minimum Subscription Fiscal Year Reporting Management Fee Lockup Liquidity Notice Period Administrator Prime Broker Auditor Legal Counsel Terms above are for the strategy's 3(c)(1) domestic limited partnership. $1,000,000 Calendar Monthly performance and attribution, quarterly commentaries and annual audited financials Net Asset Value $0-$24,999,999 $25,000,000-$99,999,999 $100,000,000 or greater None Monthly 30 days written notice SEI Global Services, Inc. Morgan Stanley & Co. PricewaterhouseCoopers LLP Willkie Farr & Gallagher LLP Management Fee Rate 1.50% per annum (0.125% per month) 1.25% (0.1041% per month) 1.00% (0.0833% per month) 20#22APPENDIX 21#23Select Equity Investment Strategies Strategy Focus Status Portfolio Managers Inception Assets (in millions)³ Positions & Portfolio Weightings Long Positions Long Weightings Short Positions Short Weightings Gross Exposure Geographic Exposure Typical International Exposure+ Portfolio Performance & Statistics Annualized Net Performance Volatility5 Active Share (LO) & Beta (L/S)6 Mulberry Street US Long-Only Open George Loening Laura McKenna 1991 $6,886 25-40 0.5% -10% 80%-100% US 5% 15.3% 16.2% 95% Great Jones Concentrated Opportunistic Long-Only Open Abigail Schumer 2007 $1,298 10-20 1% - 25% 70% - 100% Flexible <30% 10.6% 17.6% 98% LONG-ONLY STRATEGIES Baxter Street International Long-Only Hard Closed Chad Clark Matthew Pickering 2012 $11,030 30-60 1% - 10% APPENDIX 70% - 100% Non-US 100% 11.0% 13.0% 87% Sheridan Square' International Large Cap Long-Only Open Brian Vollmer 2017 $3,755 30-50 0.75% -6% 80% - 100% Non-US 100% 14.1% 15.2% 86% Crosby Street Global Large Cap Long-Only Open Brian Vollmer 2018 $1,871 40-55 0.5% -6% 80% - 100% Global 50% 18.5% 17.5% 89% Hudson Street² US Small Cap Open Nancy Walker 2020 $20 30-60 1% -8% 80% - 100% US 10% 98.1% N/A 97% SEG Partners US Long/Short Nearing Capacity George Loening 1998 LONG/SHORT STRATEGIES $6,685 50-80 0.25% -7.5% 55-85 0.25% -4% 160% - 200% Flexible <20% 12.1% 11.1% 0.41 Shinbone Alley Mobility-Focused Long/Short Open J.D. Delafield 2003 $170 10 - 20 2% -15% 1-5 1% -3% 90%-100% Flexible <20% 16.6% 16.9% 0.77 Cooper Square International Long/Short Open Chad Clark Matthew Pickering 2011 $1,755 40-60 1% - 10% 30-60 0% - 5% 140% - 180% Non-US Figures as of December 31, 2020. The most current month-end performance and AUM numbers are estimated. Past performance is not indicative of future results, which may vary. Portfolio characteristics are subject to change. The above assets include separately managed accounts. See important performance and other disclosures included at the back of this presentation. The historical performance shown above is that of a composite that includes the performance of the Sheridan Square Funds and two portfolios managed substantially similarly. Composite performance and Volatility are provided only as a reference and are estimated. The net composite performance is calculated using gross composite performance and modeled with a 1% management fee since inception of the composite on February 24, 2017. Brian Vollmer has primary responsibility for the day-to-day portfolio management and trading of Sheridan Square. ² Please note the returns presented for the Fund include both the restricted and non-restricted interests/share classes. Performance between the restricted and non-restricted classes may differ due to allocations of new issues. The Since Inception net returns for the restricted and non-restricted share classes are +86.9% and +155.9%, respectively. Additional information regarding the allocation and impact of specific new issues on the restricted and non-restricted interest/share class performance is available upon request. 3 In addition to the above listed strategies, SEG manages the Blackwall strategy representing approximately $1,229 million and a variety of customized strategies representing approximately $4,176 million as of December 31, 2020.4 The above figures represent ranges the Manager intends generally not to exceed. The Fund's offering documents, which control any investment, may not mandate that the Fund's portfolio be within these ranges. 5 Volatility is calculated using the standard deviation, or variance between monthly net return streams. Active Share measures the percentage of the most current quarter-end portfolio (based on position weights) that differs from the strategy's relevant benchmark. Active Share and Net Beta are calculated versus the S&P 500 for Great Jones, SEG Partners and Shinbone Alley. Mulberry Street is calculated versus the Russell Midcap. Baxter Street, Sheridan Square and Cooper Square are calculated versus the MSCI ACWI ex US. Crosby Street is calculated versus the MSCI ACWI. Hudson Street is calculated versus the Russell 2000. 100% 9.8% 11.1% 0.66 22#24Baxter Street Performance Summary 2020 Last 3 Years Last 5 Years Since Inception Years 2012 2013 2014 2015 2016 2017 2018 2019 1 Baxter Street Fund Gross Return 17.1% 12.3% 13.1% APPENDIX 12.6% 10.3% 26.2% 0.2% 4.7% 3.5% 26.0% -7.2% 30.3% Baxter Street Fund Net Return 15.4% 10.7% 11.4% 11.0% 9.8% 24.6% -1.2% 3.2% 1.9% 24.2% -8.6% 28.4% MSCI ACWI ex US 10.7% 4.9% 8.9% 7.0% 9.8% 15.3% -3.9% -5.7% 4.5% 27.2% -14.2% 21.5% ¹2012 performance represents performance for the year beginning September 1, 2012, the inception of the Fund. As of December 31, 2020. The most current month-end and 2020 performance numbers are estimated. Past performance is not indicative of future results, which may vary. Index performance is shown for illustrative purposes-it is not possible to invest in an Index. See important performance and other disclosures included at the back of this presentation. 23#25MWRA Performance Summary Year 2016 2017 2018 2019 2020 Account MWRA Employees' Retirement System Ending Value $28,103,461 $28,789,288 $26,476,414 $34,180,021 $40,962,049 Returns QTD 2020 Inception Date Last 3 Years (Annualized) Since Inception (Annualized) Net Capital Flows $27,500,000 ($6,000,000) May 2016 APPENDIX $1,000,000 Year-End Assets & Performance Account Gross 3.9% 25.8% -7.1% 30.4% 17.4% Account Gross 13.8% 17.4% 12.5% Fund Name 14.2% Baxter Street Offshore Fund, Ltd. Account Net 3.2% 24.6% -8.0% 29.1% 16.2% Account Net 13.5% 16.2% 11.3% 13.1% Reporting Date 12/31/2020 MSCI ACWI ex US 2.2% 27.2% -14.2% 21.5% 10.7% MSCI ACWI ex US 17.0% 10.7% 4.9% 9.1% Net Excess 1.0% -2.6% 6.2% 7.6% 5.6% Net Excess -3.5% 5.6% 6.5% 4.0% As of December 31, 2020. Please refer to performance and other disclosures included at the end of the NEPC Manager Due Diligence Questionnaire -Update, provided separately. For internal use only-unaudited figures. Client should contact their administrator for official performance figures. Most recent MTD & 2020 performance and AUM figures are estimates. 24#26Baxter Street Exposure Summary Geographic Exposure¹ Australia & New Zealand Asia ex Japan Japan Europe Switzerland United Kingdom Latin America North America Africa & Middle East Multi-Country Total Market Cap Exposure³ $15B+ $5-$15B $1-$5B $0-$1B Total Baxter Street MSCI ACWI ex US 5% 28% 16% 26% 6% 9% 2% 6% 3% 0% 100% 3% 10% 6% 36% 9% 11% 0% 16% 0% 0% 92% Baxter Street 72% 20% 0% 0% 92% MSCI ACWI ex US 77% 19% 3% 0% 100% APPENDIX ¹ Geographic exposure is determined by using the MSCI Global Investable Market Indices (GIMI) Methodology for country classification. ² Source: FactSet using GICS sector classification. 3 Market Cap Exposures do not include any non-equity-based positions and portfolio insurance investments. Sector Exposure² Energy Materials Industrials Consumer Discretionary Consumer Staples Healthcare Financials Information Technology Communication Services Utilities Real Estate Multi-Sector Total Developed/Emerging Markets Exposure¹ Developed Markets Emerging Markets Total December 31, 2020 exposure is internal and subject to change. Numbers may not foot due to rounding. See important performance and other disclosures included at the back of this presentation. Baxter Street Fund, L.P. exposure figures do not include forward hedge positions. Baxter Street 0% 6% 18% 3% 11% 14% 8% 26% 6% 0% 0% 0% 92% Baxter Street 82% 10% 92% MSCI ACWI ex US 4% 8% 12% 14% 9% 10% 18% 13% 7% 3% 3% 0% 100% MSCI ACWI ex US 69% 31% 100% 25#27Different Ways to View the World Market Capitalization North America 42% Latin America 2% Africa/Middle East 3% Australia/New Zealand 2% Emerging Europe 1% Source: The World Bank as of 2018, Bloomberg. Developed Asia 14% Developed Europe 17% Emerging Asia 18% APPENDIX Emerging Europe 5% Population North America Latin America 5% 9% Emerging Asia 53% Africa/Middle East 20% Australia/New Zealand 1% Developed Asia 2% Developed Europe 6% North America 27% Latin America 7% Emerging Europe 5% GDP Africa/Middle East 6% Australia/New Zealand 2% Developed Asia 7% Emerging Asia 25% Developed Europe 21% 26#28Baxter Street: Top 15 Equity Holdings Equity Holdings SAP Tencent Holdings Edenred AIA Group Alibaba Group¹ ASML Holding FIS Merck KGaA Alcon Melrose Industries Shiseido Adyen Pernod Ricard PerkinElmer Taiwan Semiconductor Median Mkt Cap ($ in bn) $191 $632 $11 $118 $795 $157 $91 $64 $28 $7 $23 $56 $42 $14 $388 Mkt Cap $64 Tr Op Mgn 25% 25% 36% 14% 21% 26% 36% 22% 13% 7% 5% 48% 27% 23% 40% Op Mgn 25% Tr ROE 16% 28% NMF 16% 22% 23% 11% 13% NMF NMF 8% 33% 10% 19% 28% ROE 17% Top 15 Baxter Street Portfolio Equity Holdings 9/30/2020 3-5-Yr Avg 2021 Est EPS A Est P/E 21.4 36.2 28.9 22.5 24.1 31.2 24.5 18.4 13% 20% 17% 11% 25% 19% 12% 8% 15% 8% 20% 35% 11% 14% 16% EPS A 15% APPENDIX 31.8 14.0 54.6 100.1 25.2 22.9 22.4 P/E 24.5 3-Yr FCF/NI 91% 119% 137% 69% 109% 85% 70% 62% NMF 65% 90% NMF 75% 65% 63% FCF/NI 75% Company Descriptions #1 Global developer of business enterprise resource planning software Chinese leader in online video games (#1), social networking (#1), financial technology (#2) and cloud computing (#2) Global B2B provider of employee benefits, fuel & fleet cards and payment services Emerging Asia's oldest life insurer, with leading positions in 17 growth markets #1 E-commerce company in China #1 Global producer of lithography equipment used to manufacture semiconductors Leading provider of outsourced processing services and software to US banks and payment-processing services to global merchants Global provider of life science consumables, pharmaceuticals and specialty chemicals #1 Global maker of surgical equipment and consumables for the eyecare industry Hybrid private equity/industrial turnaround specialist Global maker and marketer of beauty and personal care products with a focus on prestige skincare, cosmetics and fragrances Global online and omnichannel payment processor Producer of wines and spirits Provider of consumables, services and equipment in the areas of human diagnostics, food/environmental safety and life sciences research #1 Semiconductor foundry Please note, 2021 Est P/E reflects (stock price less net cash and value of Ant Financial)/estimated annual earnings. Op Mgn is operating margin or earnings before interest and tax as a percent of sales. Trailing operating margin has been adjusted to exclude non-cash amortization when we view it as material and not reflective of ongoing capital requirements. The operating margin and return on equity ratios are trailing based on company financials. Average EPS A is our estimate of normalized three- to five-year EPS growth. Average EPS growth and 2021 Est P/E are based on our internal estimates. 2021 Est P/E multiples are based on 9/30/20 equity prices. FCF/NI is all operating cash flow from the last three years, minus all cap ex, compared to adjusted net income over that time. As of September 30, 2020. All information provided in this report is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The above information represents the 15 largest equity positions, by market value (equity swap positions are reflected as fully paid), in Baxter Street Fund, L.P. as of quarter end. Each quarter, Select Equity Group, L.P., the investment adviser to the Fund, uses the same objective, non-performance-based criteria to select the 15 largest holdings. The securities listed above do not represent all of the securities purchased or sold for SEG's clients, and the reader should not assume that investments in the securities identified were or would be profitable. 27#29APPENDIX Representative Investment ASML Holding (ASML NA) World's dominant producer of semiconductor lithography machines ASML is the world's dominant producer of semiconductor lithography machines, which "project" ever-more complex and miniature circuit patterns onto silicon wafers, thus effectively sustaining Moore's Law (which states that the number of components and transistors on a chip should double every two years). Free float is 95%. Semiconductors sit at the core of the digital revolution, which will make possible the Internet of Things and advanced Al. As the ubiquity of electronic devices increases (with automotive, industrial, consumer and communications infrastructure gaining share from the traditional end markets of PCs and smartphones), Gartner estimates the semiconductor market will sustain high- single-digit revenue growth with reduced cyclicality for at least the next decade. Growth: Over the last decade, ASML has delivered respective revenue, EBITA and EPS CAGRs of 14%, 26% and 23%. Five-year respective CAGRs have been 16%, 23% and 21%. Returns: Gross margin is 46%, EBITA margin is 28%, operating ROCE is 95% and overall ROCE is 32%. FCF is 90% of net income, and the Company has a net cash position. Competitive Moat: Oligopolist becoming a monopolist in the latest technology process (extreme ultraviolet or "EUV"), where rivals Nikon and Canon have chosen not to compete. Barriers to entry are as high as any business we've ever come across with substitution risk close to zero. ASML is crucial to its customers who even helped finance ASML's R&D costs for EUV. Extraordinary pricing power - ASML has achieved annual average ASP growth of 8% for the last decade, yet customers have fully participated in the fruits of its innovation, having achieved an average annual decline in cost per function of 21%. This means that ASML is steadily gaining share of customer capex, funded by the value it creates for them. Despite ongoing concerns over the semiconductor cycle (which we believe are mistaking an inventory correction for a cyclical downturn), ASML significantly raised medium-term and long- term guidance at its November 2018 investor day. We expect 6%-7% annual revenue growth for the next decade, gross and operating margin expansion from superior EUV economics and greater service revenue attachment rates and likely buybacks leading to double-digit annual cash EPS growth. Mobile and PC maturing Smartphones, B$ Tablets, BS PCs, B$ FI-2 2.3% Gartner's Long-Term Growth Projections by End Market Continued growth in cloud applications Wired & wireless Infrastructure, B$ 1997-2010 2018 total value €8,259 million 87 +6% CAGR 110 123 128 125 16 18 +3% CAGR 42 45 42 -1% CAGR 20 19 ArF Immersion 58% Lithography Capex/ Semiconductor Revenue 2.1% 2010-2017 17 16 17 18E 19E '20E ¹25E ArF Dry 3% 145 43 KrF 11% 15 2.3% 2017-2025E I-line 1% Metrolog Inspecti 4% EUV 23% Servers, Datacenters & Storage, B$ +12% CAGR 30 31 +4% CAGR Logic 45% 34 36 78 91 86 42 Revenue Splits End-Use 120 16 17 18E 19E '20E 25E 100.0% 10.0% 1.0% 0.1% Emerging connected devices market Automotive, B$ Memory 55% 2004 Source: ASML Holding November 2018 and January 2019 Corporate Presentations. Industrial Electronics, B$ INTERNET THINGS Relative Cost Per Function (indexed at 2004 levels) 35 41 +10% CAGR 53 43 48 Korea 35% Taiwan 19% +11% CAGR 48 54 58 16 17 18E 19E 20E ¹25E 2008 2012 2016 2:02:0 2024 Source: SEG research as of February 2019. All information provided in this slide is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The presentation is intended to effectively convey SEG's investment methodologies and representative investments held in the Fund. The specific securities identified and discussed do not represent all of the securities purchased, sold or recommended for the Fund or its related accounts, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. Region (ship to location) 90 China 19% USA 16% Japan 4% EMEA 6% Rest of Asia 1% 28#30APPENDIX Representative Investment Edenred (EDEN FP) Global Provider of prepaid corporate services EDEN is the world's largest provider of prepaid benefits (~2/3 of revenues, mostly food and child care vouchers) and expense management solutions (~1/3, mostly fuel and fleet), which improve efficiency for its 680,000 corporate clients, increase the purchasing power of their 42 million employees and drive business to 1.4 million merchant affiliates. EDEN demerged from global hotel chain Accor and listed in 2011. Free float is 100%. The employee benefits addressable market is worth €180 billion annually and growing 5%-7% annually, but still only 22% penetrated. EDEN has 36% share of this (see middle chart). Annual corporate spend on fuel & fleet in EDEN's two key regions, Europe and Latin America, is €400 billion, with penetration below 20%. EDEN is #1 in Brazil and Mexico and #2 in Europe. Growth: Over the last five years, EDEN has delivered revenue, EBITA and EPS CAGRs of 2%, 1% and -2%, respectively, due to erosion from Latin American FX depreciation and falling interest rates. However, on a constant currency basis revenue growth has consistently been 8% -9% annually, and operating EBITA (excluding financial income) 11%-17% annually. Financial income will rebound with interest rates and drop almost 100% to EBITA. Returns: 33% EBITA margin, infinite ROCE and ROE because the entire business is funded by corporate prepayments. FCF>150% of NI. Net debt is 1.3x EBITDA. Competitive Moat: Scale and Network Economics - Fees per beneficiary are very small, requiring large volumes to recover commercial fixed costs. Corporate clients want access to the most affiliates, and affiliates want access to the most beneficiaries. Scale across all stakeholders maximizes negotiating with each. Trust and Reputation - EDEN invented the meal voucher 50 years ago, and its solutions are central to employee retention. HR departments want a partner that's trustworthy and dependable; affiliates want to know they'll be paid. Net Promoter Scores are far ahead of rivals'. Digitization makes possible new products (including a possible new segment in corporate payments) and also leads to greater stickiness through integration with corporate customer IT platforms. EDEN began investing earlier and has spent more than all rivals. We expect annual revenue growth of 6%-8% in benefits and >10% in expense management, with EBITA margin rising towards 39% over the next five years on operating leverage, resulting in double- digit EBITA and EPS growth with high visibility for the foreseeable future. SHOP 200 MAY illa Total workforce Formal workforce Eligible workforce Managing transactional flows efficiently for corporates Driving business and generating incremental revenues for merchants Improving performance and making employees' life easier How Edenred Adds Value Improving effectiveness of public institutions' policies Workforce equipped with Meal and Food Employee Benefits solutions Request reimbursement EMPLOYEE BENEFITS I Tax-effective employee compensation booster Exchange the card or voucher for goods and services I Increasing purchasing power I Positive impact on health & work-life balance I Business volume & revenue driver for affiliate network I Formalization of economy I Job creation I Lower health spending Employee Benefits (Meal and Food) Issue Volume Benefits Market Size Informal economy Potential market €340bn Addressable market €180bn Addressed market €40bn Affiliates 0.0.0 ATTEN D Participating merchants Benefits Business Model Marchant fors Edenred Ensure that the allocated funds are used as intended TAKE-UP RATE 4%-5% Beneficiaries 400 MATAY Employees Client fors I Anti-fraud & cost-effective transactional solutions I Ensure expense tax deductibility EXPENSE MANAGEMENT I No need to advance cash Simplified reporting procedure €40bn 39% I Formalization of economy | Carbon emission control Clients 61% Sells the solution Companies and public sector Developed countries Emerging countries Distribute purpose- directed purchasing power via a card or a voucher Estimated annual L/L growth Source: Edenred Corporate Presentation, November 2016. Source: SEG research as of August 2017. All information provided in this slide is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. The presentation is intended to effectively convey SEG's investment methodologies and representative investments held in the Fund. The specific securities identified and discussed do not represent all of the securities purchased, sold or recommended for the Fund or its related accounts, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. ++ 29#31Qualitative Field Research Case Study Objective Background Process APPENDIX Result To understand how political tensions between Seoul and Beijing were impacting the market for Korean cosmetics in China. In retaliation for South Korea's deployment of the THAAD missile defense system, the Chinese government has been tightening its customs enforcement, making it more difficult for Korean companies to reach Chinese customers. For Korean cosmetics companies, this has affected sales in Chinese department stores, and also, potentially, through the movement of goods through the grey market ("parallel traders" or "daigou" in Chinese). Our goal was to determine the impact on cosmetic sales. Agents operating in the grey market in China are not enthusiastic about sharing the details of their businesses, so we turned to the wholesale markets that sell to parallel traders in Seoul, one rung higher on the supply chain. In an outer suburb, we interviewed eight store managers. As an indication of how much these wholesalers depend on the “daigou" business, they nearly all spoke Chinese and none spoke English. A clear picture emerged-the grey market was suffering heavily from heightened customs enforcement at China's borders. The Chinese "daigou" were buying far less than previously, as they could no longer get the products into China. While additional fieldwork indicated that political tensions were unlikely to dampen long-term demand for Korean cosmetics in China, the trip to Seoul helped us understand the impact of Beijing's actions. 30#32Data & Analytics Case Study We sought to better understand the competitive positioning of e-commerce and brick-and-mortar pet food retailers during the COVID-19 pandemic. Key Questions We reviewed consumer credit card panel data and leveraged a custom survey on US consumers that we initiated during the COVID-19 pandemic to answer the following questions: ● What is the potential impact of e-commerce retailers on brick-and-mortar players? Were there any material changes in the competitive landscape due to COVID-19- related lockdowns and store closures? Have pet food retailers experienced customer turnover? Key Findings "Company A," a brick-and-mortar retailer (which carries essential goods and remained open throughout the pandemic), added more new customers than other retailers that struggled with industry-wide shutdowns. APPENDIX ● ● "Company B," an e-commerce pet-food retailer, benefitted from the shift to online shopping, more than doubling its customer additions during this period. Company A has a large share of pet-food spend in rural areas, particularly in the South, and Company B continues to gain share across geographies with more than 20% share in most states. Company B has experienced less customer turnover than its brick-and-mortar competitors (including Company A), and our survey suggested that its customer profile skews wealthier, potentially making it more economically resilient. Investment Implications We invested in Company A because we expected it to take market share and emerge from the COVID-19 pandemic in a stronger position. Data showed the shift in the consumer spending pie away from travel and entertainment, which created strong tailwinds for product categories that represent a large portion of Company A's sales. We were encouraged that Company A experienced accelerated customer growth during the pandemic, which we expect to translate into permanent market share gains. Negative findings for our thesis were that Company A and Company B's customer overlap has been increasing over time. In addition, Company A's customers acquired during the pandemic had an even greater propensity to also shop at Company B, indicating a growing threat from e-commerce for one of Company A's key product categories. As of May 31, 2020. Source: SEG research. Number of Additions Number of Additions Share of Spend 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 100% 80% 60% 40% 20% 0 1/2017 0% 0 1/2017 Monthly New Customer Additions -Company A -Company B 5/2017 9/2017 1/2018 5/2018 9/2018 1/2019 5/2019 9/2019 1/2020 Monthly New E-Commerce Customer Additions -Company A Company B Company C-Company D 5/2017 1% 30% 12% 30% 27% Midwest 9/2017 1/2018 5/2018 9/2018 1/2019 5/2019 9/2019 Share of Spend by Geographic Region Company A Company B 3% Company D Company E 1% 22% Company C-Company D-Company E 14% 39% 22% Northeast Company C 34% 11% 23% 31% South 1/2020 37% 21% 26% 16% West 31#33Our Culture We strive to be recognized as a Firm of excellence, not individuals of excellence. Client Focus People APPENDIX Select Equity Group Foundation We serve our clients first, the Firm second, our teams third and our individual selves last. Our culture is defined by our Core Principles (outlined on the following page) that reflect who we are and inform our actions and goals. We attract, develop and empower extraordinary talent. We seek to hire smart, motivated individuals of differing backgrounds, experiences and perspectives. We believe that fostering a diverse and inclusive work environment benefits our clients and the Firm. Established in 2000, the mission of the Select Equity Group Foundation is to make a positive impact by actively engaging all employees in identifying, supporting and participating in charitable organizations of excellence. To date, over $40 million in grants have been awarded to local, national and international not-for-profit organizations. 32#34APPENDIX Select Equity Group Core Principles ORIGINALITY We generate our own ideas and never deploy common practice without skepticism. We strive to avoid the herd. INNATE CURIOSITY There are no dumb questions. We challenge universally accepted beliefs and seek new angles of understanding. CHARITY We recognize our good fortune and give back to society in meaningful and thoughtful ways. CONTINUOUS IMPROVEMENT We always strive to improve our performance and measure ourselves absolutely, not relatively. HUMILITY We seek no acclaim individually or as a Firm other than earning the gratitude of our clients. TEAMWORK We trust our colleagues and communicate with transparency and respect. Ours is a culture of giving credit, not seeking credit. 33#35Select Equity Principals INVESTMENT MANAGEMENT & RESEARCH APPENDIX PORTFOLIO MANAGEMENT George S. Loening, Chairman, Portfolio Manager, Analyst, Principal Mr. Loening founded Select Equity in January 1990. He has been responsible for the portfolio management of the Mulberry Street strategy (the Firm's US long-only strategy) since its inception in January 1991, of SEG Partners (the Firm's US long/short strategy) since its inception in April 1998 and of the SEG Blackwall strategy (the Firm's US core long-only strategy) since its inception in January 2008. Mr. Loening is a member of the Firm's Management Committee. Mr. Loening received a B.A. from Columbia University. Chad M. Clark, Portfolio Manager, Analyst, Principal Mr. Clark joined Select Equity in August 2010. He has been responsible for the portfolio management of the Cooper Square strategy (the Firm's international long/short strategy) since its inception in January 2011 and of the Baxter Street strategy (the Firm's international long-only strategy) since its inception in September 2012. Mr. Clark is a member of the Firm's Management Committee. Prior to joining Select Equity, Mr. Clark spent 14 years at Harris Associates, where he was a Partner and co-managed the Oakmark International Small Cap Fund and Harris International Value L.P. Prior to Harris Associates, he was an Analyst in Corporate Finance at William Blair & Company. Mr. Clark is a CFA® charterholder. Mr. Clark received a B.S. from Carnegie Mellon University (summa cum laude). Laura S. McKenna, Portfolio Manager, Analyst, Principal Ms. McKenna began at Select Equity as an intern in 1993 and later joined the Firm full time in September 2001. She is the Portfolio Manager of the Mulberry Street strategy and is a member of the Firm's Management Committee. Ms. McKenna served as Director of Research from 2010 to 2013. Prior to joining Select Equity, Ms. McKenna was a Senior Analyst and Managing Director at Wanger Asset Management. Ms. McKenna is a CFA® charterholder. Ms. McKenna received a B.A. from the University of Virginia and an M.B.A. from the University of Michigan (with high distinction). Matthew C. Pickering, Portfolio Manager, Analyst, Principal Mr. Pickering joined Select Equity in December 2010. He is the Portfolio Manager of the Cooper Square strategy and the Baxter Street strategy. Prior to joining Select Equity, Mr. Pickering was an Analyst with Harris Associates for four years. Prior to Harris Associates, he worked for six years as an Analyst and Associate Portfolio Manager with Institutional Capital. Mr. Pickering is a CFAⓇ charterholder. Mr. Pickering received a B.S. from Miami University (magna cum laude). Abigail E. Schumer, Portfolio Manager, Co-Director of Research, Analyst, Principal Ms. Schumer joined Select Equity in September 2005. She is the Portfolio Manager of the Great Jones strategy (the Firm's concentrated opportunistic long-only strategy) and is a member of the Firm's Management and Executive Committees. Ms. Schumer received a B.A. from Yale College (cum laude). Brian M. Vollmer, Portfolio Manager, Analyst, Principal Mr. Vollmer began at Select Equity as an intern in 2005 and joined the Firm full time in August 2006. He has been responsible for the portfolio management of the Crosby Street strategy (the Firm's global large cap long-only strategy) since its inception and is responsible for the day-to-day management of the Sheridan Square strategy (the Firm's international large cap long-only strategy). He is also an Associate Portfolio Manager of the Baxter Street strategy and is a member of the Firm's Management Committee. Prior to joining Select Equity, Mr. Vollmer worked as a private equity Investment Analyst for Hicks, Muse, Tate & Furst. Prior to Hicks, Muse, Tate & Furst, he worked in the Investment Banking Division at Goldman Sachs. Mr. Vollmer received a B.S. from the University of Virginia (with distinction) and an M.B.A. from the Stanford Graduate School of Business, where he graduated as an Arjay Miller Scholar. As of December 31, 2020. 34#36Select Equity Principals Nancy D. Walker, Portfolio Manager, Analyst, Principal Ms. Walker joined Select Equity in July 2002. She has been responsible for the portfolio management of the Hudson Street strategy (the Firm's US small cap strategy) since its inception. Ms. Walker served as Director of Research from 2014 to 2016. Prior to joining Select Equity, Ms. Walker was an Associate at Goldman Sachs Asset Management and worked in the Investment Banking Division at Goldman Sachs. Ms. Walker received a B.A. from the University of Chicago (with honors). RESEARCH Evan C. Guillemin, Co-Director of Research, Associate Portfolio Manager, Analyst, Principal Mr. Guillemin joined Select Equity in April 2004 as the Firm's Chief Financial Officer. He is an Associate Portfolio Manager of the Crosby Street strategy and is a member of the Firm's Management and Executive Committees. Prior to joining Select Equity, Mr. Guillemin was Chief Financial Officer and then Chief Operating Officer of Delia's Inc., a publicly traded retailing company. He also served as Director of Acquisitions at Primedia. Mr. Guillemin received a B.A. from Yale College and an M.B.A. from Harvard Business School (with distinction). APPENDIX Loren S. Lewallen, Associate Portfolio Manager, Analyst, Principal Mr. Lewallen began at Select Equity as an intern in 2006 and joined the Firm full time in September 2007. He is an Associate Portfolio Manager of the Cooper Square strategy. Mr. Lewallen is a CFA® charterholder. Mr. Lewallen received a B.A. from Columbia University (magna cum laude). QUALITATIVE FIELD RESEARCH James R. Hagy, Director of Qualitative Field Research, Qualitative Field Analyst, Principal Mr. Hagy joined Select Equity in September 2007. Prior to joining Select Equity, Mr. Hagy worked at CBM Capital as a Research Analyst for nine years. Prior to CBM Capital, he worked as a journalist for 11 years, including two years at Smart Money magazine. Mr. Hagy received a B.A. from the University of Florida. OPERATIONS James R. Berman, Executive Vice President, Principal Mr. Berman joined Select Equity in May 1999 as General Counsel and served as Chief Operating Officer from 2013 to 2017. Mr. Berman is a member of the Firm's Management Committee. Prior to joining Select Equity, Mr. Berman was an attorney with White & Case in New York. Mr. Berman received a B.A. from the University of Pennsylvania, an M.I.A. from Columbia University and a J.D. from New York University. FINANCE David D. Conover, Chief Financial Officer, Principal Mr. Conover joined Select Equity in July 2007. Mr. Conover is a member of the Firm's Executive Committee. Prior to joining Select Equity, Mr. Conover spent seven years working in the PricewaterhouseCoopers Hedge Fund Group. Mr. Conover received a B.S. from Penn State University. TRADING Jonathan M. Bearman, Head of Global Trading, Principal Mr. Bearman joined Select Equity in August 2003. Mr. Bearman is a member of the Firm's Executive Committee. Prior to joining Select Equity, Mr. Bearman was a Trader at Merrill Lynch. Mr. Bearman received a B.A. from the University of Vermont. As of December 31, 2020. 35#37Disclosures APPENDIX IMPORTANT DISCLOSURES The attached presentation of Select Equity Group, L.P. ("SEG" or "Manager"), the private funds it manages (the "Funds"), the investment strategies discussed and any other materials provided to you are intended only for pre-qualification and discussion purposes and are not intended as an offer or solicitation of an offer with respect to the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities. SEG is an investment adviser registered with the US Securities and Exchange Commission. The information contained in these materials is expected to change over time and is represented as accurate only as of the date of this presentation, and the Manager is under no obligation to update these materials after such date. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation. If you express an interest in investing in a private fund, you will be provided with an offering memorandum, limited partnership agreement (if a domestic fund) and subscription agreement for the applicable fund (the "Fund Documents"). You must review the Fund Documents and risk factors disclosed in the Fund Documents prior to making a decision to invest. You should rely only on the information contained in the Fund Documents in making your decision to invest. Neither the domestic private funds ("Domestic Funds") nor the offshore private funds ("Offshore Funds") are registered as investment companies under the US Investment Company Act of 1940, as amended (the "Investment Company Act"), in reliance upon the exemptions under either Section 3(c)(1) or Section 3(c)(7) thereunder and, accordingly, the provisions of the Investment Company Act are not applicable to the Funds. An investment in a Domestic Fund or an Offshore Fund is suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment. Such an investment provides limited liquidity because interests in the Funds are not freely transferable and may be withdrawn only under the limited circumstances set forth in the Fund Documents. There is no public or secondary market for interests in the Domestic Funds or the Offshore Funds, and it is not expected that a public or secondary market will develop. Investing in financial markets involves a substantial degree of risk. There can be no assurance that the investment objectives described herein will be achieved. Investment losses may occur, and investors could lose some or all of their investment. Nothing herein is intended to imply that an investment in the Funds or the Funds' investment strategies may be considered "conservative," "safe," "risk free" or "risk averse." No regulatory authority has passed upon or endorsed the merits of an investment in the Funds. Any discussions regarding potential future events and their impact on any Fund are based solely on historic information and SEG's estimates and/or opinions, are provided for illustrative purposes only, and are subject to further limitations as specified elsewhere in this material. No guarantee can be made of the occurrence of such events or the actual impact such events would have on any Fund's future performance. PERFORMANCE AND OTHER DISCLOSURES APPLICABLE TO ALL FUNDS: SEG is a US-based investment management firm registered as an investment adviser with the Securities and Exchange Commission. The performance data if referred to in this letter/report refers to returns for Funds over which SEG maintains discretionary authority. Separate performance schedules are available for each of the Funds. The performance data herein represent past performance, which is not indicative of future results. Performance is expressed in US dollars. Unless otherwise stated, for long-only Funds, performance results for an individual Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. For long/short Funds, as of January 31, 2017 we have changed the methodology for calculating fund's performance. Performance results for an individual Fund reflect the performance earned by a Fund investor using loss carry forward under a model fee structure of the highest fee structure in place for each year. Should you have any questions with regards to this calculation please contact [email protected]. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. The Funds' cumulative rates of return are calculated by linking the Funds' annual rates of return. Fund average annualized rates of return are equivalent to the annual rate of return which, if earned in each year of the indicated multi-year period, would produce the actual cumulative rate of return over the time period. 36#38APPENDIX Disclosures All computations assume the reinvestment of dividends, interest and capital gains. Much of the data and other information contained in this letter/report is unaudited and is collected, in whole or in part, from a source believed by SEG to be reliable. SEG cannot guarantee the accuracy of the data/information and therefore shall not be held liable for inaccurate data/information. Assets are as of month end. Unless otherwise indicated, certain marketing analytics (e.g., tracking error, beta) use data drawn from only one of the Fund vehicles (Data referring to market cap exposure, positions and weightings are derived from the Firm's internal systems or prime brokerage/admin statements generally referring to only one of the Fund vehicles. The Fund vehicles in each strategy, however, are managed substantially similarly on a portfolio weightings basis. The average long/short exposure is calculated using daily exposures and such average exposures and the resulting internal return calculations are approximations. Geographic exposure is determined by using the MSCI Global Investable Market Indices ("GIMI") Methodology for country classification. Sector exposure is derived from FactSet which uses GICS industry classification. Manager reserves the right to use a different or internal methodology for classification if a security is not classified by MSCI/GICS or if it does not agree with the assigned classification. Securities may currently be held in the portfolio where the manager used internal classification." For each Fund, performance is calculated monthly using the net asset value appreciation (net of fees and expenses) as a percentage of beginning-of-month net asset value (appropriately adjusted for any capital activity). Beginning 12/1/2015, third party expenses are no longer included in calculating net performance. Purchases and sales of securities are recorded on a trade date basis. Unrealized gains and losses from investment transactions are recognized as income. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. The Funds' annual returns are calculated by linking the monthly performance through compounded multiplication. Realized gains and losses from security transactions are generally determined using the specific identification method. At various points in this letter/report, the returns of the Funds may be compared to the S&P 500 Index, the S&P 400 Mid Cap Index, the Russell Midcap Index and/or the Russell 2000. The S&P 500, which is a market capitalization-weighted index, contains the 500 most widely held companies chosen with respect to market size, liquidity and industry. The S&P 400 MidCap Index contains the 400 domestic companies immediately below the top 500 companies as listed in the S&P 500 Index. The Russell Midcap Index is intended to measure the performance of the mid cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The MSCI All Country World Index (ACWI) is market capitalization weighted index designed to provide a broad measure of performance throughout the world. The MSCI ACWI ex USA captures large, mid and small cap representation across various Developed Markets (DM) countries (excluding the United States) and Emerging Markets (EM) countries (lists available upon request). The volatility of these indices may be materially different from that of the Funds'. In addition, the holdings in the Funds will generally differ significantly from the securities that make up the indices. These indices have not been selected to represent an appropriate benchmark to compare the Funds' performance, but rather are used to allow for comparison to well-known and widely recognized indices. Neither S&P nor its third-party information providers shall be liable with respect to the data and information contained in this report or the context from which it is drawn. "S&P," "S&P 500" and "S&P 400" are registered trademarks of Standard & Poor's. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits), even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent. The HFRI Equity Hedge (EH) Total Index is an equally weighted performance index. It uses the HFR database and consists only of Equity Hedge funds with a minimum of US $50 million AUM or a 12-month track record and that report assets in USD. It is calculated and rebalanced monthly and shown net of all fees and expenses. Equity Hedge strategies invest in a core holding of long equities at all times with short sales of stocks and/or stock index options. HFR compiles the performance numbers from sources it believes to be reliable but makes no representations and assumes no responsibility or liability, express or implied, as to the accuracy or completeness of these numbers. Source: Hedge Fund Research, Inc., www.hedgefundresearch.com, © 2020 Hedge Fund Research, Inc. All rights reserved. Any investor who subscribes, or proposes to subscribe, for an investment in an unregistered pooled investment fund must be able to bear the risks involved and must meet an unregistered pooled investment fund's suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that an unregistered pooled investment fund's investment objectives will be achieved. Such investments are typically speculative and involve a substantial degree of risk. An unregistered pooled investment fund may use leverage and/or engage in other speculative investment practices that may increase the risk of investment loss. Past results of the unregistered pooled investment fund's investment manager are not indicative of future performance of the fund, and the fund's performance may be volatile. An investor must realize that he or she could lose all or a substantial amount of his or her investment in an unregistered pooled investment fund. The investment manager has total trading authority over the unregistered pooled investment fund, and the fund is dependent upon the services of the investment manager. The use of a single adviser could mean lack of diversification and, consequently, higher risk. Unregistered pooled investment funds are generally highly illiquid. There is no secondary market for an 37#39APPENDIX Disclosures investor's interest in an unregistered pooled investment fund and none should be expected to develop. There are restrictions on transferring interests in an unregistered pooled investment fund. The instruments in which an unregistered pooled investment fund invests may involve complex tax structures and there may be delays in distributing important tax information. Certain of the trades executed for an unregistered pooled investment fund may take place on foreign markets, which inherently involves a greater degree of risk. An unregistered pooled investment fund is subject to various other risk factors and conflicts of interest. For further information regarding the risk factors and conflicts of interest with respect to an unregistered pooled investment fund in which you propose to invest or currently invest, please refer to the unregistered pooled investment fund's offering memorandum. This document may be issued in the United Kingdom by Select Equity Group, L.P. to, and/or directed at, only persons to or at whom it may lawfully be issued or directed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, including persons who are authorized under the Financial Services and Markets Act 2000 ("FSMA"), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts or persons who qualify as certified sophisticated investors. Interests in the Fund are only available to such persons in the United Kingdom and this document must not be relied or acted upon by any other persons in the United Kingdom. In order to qualify as a certified sophisticated investor a person must: (a) have a certificate in writing or other legible form signed by an authorized person to the effect that he is sufficiently knowledgeable to understand the risks associated with a particular type of investment; and (b) have signed, within the last 12 months, a statement in a prescribed form declaring, amongst other things, that he qualifies as a sophisticated investor in relation to such investments. This document is exempt from the general restriction in Section 21 of FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. The content of this document has not been approved by an authorized person and such approval is, save where this document is directed at or issued to the types of person referred to above, required by Section 21 of FSMA. An investment in the Fund may expose an investor to a significant risk of losing all of the amount invested. The Fund is a Limited Partnership (while offshore funds are Limited Companies) and any person who acquires interests in the Fund will not thereby be exposed to any significant risk of incurring additional liability. Any person who is in any doubt about investing in the Fund should consult an authorized person specializing in advising on such investments. Please note the returns presented are inclusive of both the restricted and non-restricted interest/share classes. Performance between the restricted and non-restricted classes may differ due to allocations of new issues. Additional information regarding the allocation of specific IPOs, and their effect on the restricted and non-restricted interest/share class performance, is available upon request. The Funds may invest in debt securities, options, privately negotiated derivative instruments and other private transactions and, as of the date of this report, may currently be invested in these instruments. Exposure to these instruments may not be reflected in the data presented in this report (e.g., certain named securities may be owned via swap). APPLICABLE TO SEG PARTNERS ONLY: Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor inclusive of loss carry forward, if applicable, under a model fee structure of the highest fee structure in place for the respective fiscal years. The Fund's performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and a performance allocation/fee of 15% (from 1998 through 2001) and 20% (from 2002-thereafter) of profits. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. Actual management fees for the Funds were charged quarterly in advance through 2009 and monthly in arrears from 2010 onwards. APPLICABLE TO THE GREAT JONES FUNDS ONLY: Modeled since inception to date the net performance numbers, unless otherwise stated, are presented net of an annualized base management fee of 0.5% of asset value charged monthly in arrears and a performance allocation/fee of 15% over the S&P 500 ("the Hurdle"). The performance allocation/fee is applied on a year-by-year basis. The Hurdle is calculated on a cumulative basis and the underperformance relative to the Hurdle (if any) from prior year(s) is included in the performance allocation/fee calculation. Prior to September 2017 performance was modeled under a different methodology that used the highest fee on offer during the applicable measurement periods. We believe the inclusion of multiple fee structures (only one of which is currently on offer), while conservative, is of limited utility to current and prospective investors as no single investor could have experienced such a performance history since inception. We believe the consistent application of a singular fee structure (that is currently on offer and which the great majority of our existing investors have selected) would be more relevant and useful to both current and prospective investors. The prior performance calculation methodology is discussed in the following paragraph. 38#40APPENDIX Disclosures Under the performance calculation model used prior to September 2017, net performance numbers were net of the highest performance fee and (where applicable) management fee offered for the period reported and assumed investment at the beginning of each year. Unless otherwise indicated in those reports, for 2007, the performance of the Fund was presented net of a 10% performance allocation/fee and all other expenses such as commissions, custodial fees and legal and accounting fees. For 2008 and 2009, the performance of the Fund was presented net of an annualized base management fee of 0.5% of asset value charged monthly in arrears and a performance allocation/fee of 15%. From 2010 to November 2013, the performance of the Fund was presented net of an annualized base management fee of 1% of asset value charged monthly in arrears and a performance allocation/fee of 10% over the S&P 500. The actual returns reflecting the preceding fee structures that were on offer from inception to December 2013, while not reflected in this report, are available upon request. From December 2013 until August 2017, the performance of the Fund was presented net of an annualized base management fee of 0.5% of asset value charged monthly in arrears and performance allocation/fee of 15% over the S&P 500. The performance allocation/fee was applied on a year-by-year basis and the underperformance relative to the Hurdle (if any) from prior year was not considered in the performance allocation/fee calculation. Actual management fees for the funds were charged quarterly in advance through 2009 and monthly in arrears from 2010 onward. APPLICABLE TO THE COOPER SQUARE FUNDS ONLY: Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor inclusive of loss carry forward, if applicable, under a model fee structure of the highest fee structure in place for the respective fiscal years. The Fund's performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and a performance allocation of 20% of profits. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. Actual management fees for the funds are charged monthly in arrears. APPLICABLE TO THE BAXTER STREET FUNDS ONLY: Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. From inception through September 2013, the Fund's performance is presented net of an annualized base management fee of 1.25% of net asset value charged monthly in arrears. From October 2013 onwards, the performance is presented net of an annualized management fee of 1.50%. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. APPLICABLE TO THE SHERIDAN SQUARE FUNDS ONLY: Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. Fund's performance is presented net of an annualized base management fee of 1.00% of net asset value charged monthly in arrears. For historical performance purposes, we may also show performance of International Large Cap Composite ("Composite"). The Composite includes return of the Funds and two individual portfolios which are managed substantially similarly. The historical performance is shown only as a representative example. The Composite performance is calculated using gross performance of the two individual portfolios and the Funds, net of annualized model base management fee of 1.00% of net asset value. APPLICABLE TO THE CROSBY STREET FUND ONLY: Unless otherwise stated, performance results for the Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. Fund's performance is presented net of an annualized base management fee of 0.80% of net asset value charged monthly in arrears. APPLICABLE TO THE HUDSON STREET FUND ONLY: Unless otherwise stated, performance results for the Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. Fund's performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and performance allocation/fee of 20% of profits over the Russell 2000 Index. 39#41Disclosures APPENDIX APPLICABLE TO SHINBONE ALLEY ONLY: Performance results for the Fund from inception through June 30, 2020 are hypothetical showing returns for an investor who invested at Fund inception with no subsequent capital contributions or withdrawals. Net Hypothetical performance shown includes the deduction of a management fee of 1% of net asset value charged monthly in arrears and a performance allocation/fee of 20% of profits accrued monthly and crystalized annually. Hypothetical performance also includes brokerage or other commissions, and any other expenses that a client would have paid. Monthly gross returns were calculated by grossing up the actual net monthly returns using 1% annual management fee and 20% annual incentive fee applied to the Year-to-Date net return. Loss carry forward from previous year, if applicable, was taken into consideration. No representation is being made that any investor will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between day 1 investor performance results and the actual results achieved by investors, depending upon, among other things, the timing of capital contributions and withdrawals. Aggregate performance of the fund may also differ materially from the hypothetical day 1 investor performance reflected herein. Hypothetical day 1 investor performance shown prior to July 1, 2020 is calculated by assuming a day 1 penny investor. Allocations of gains/losses and expenses and fees are applied to the penny investor monthly and a new hypothetical NAV is calculated monthly. Starting July 1, 2020 Performance results for the Fund reflect the performance earned by a Fund investor using loss carry forward under a model fee structure of the highest fee structure in place for each year. The Funds' performance is presented net of an annualized base management fee of 1% of net asset value charged monthly in arrears and a performance allocation/fee of 20% of profits. Returns post July 1, 2020 are inclusive of both the restricted and non-restricted interest/share classes. APPLICABLE TO MULBERRY STREET (AND, IF APPLICABLE, SELECT EQUITY FUNDS) ONLY: Unless otherwise stated, the performance data referred to in this letter/report reflects the returns of SEG's Mulberry Street composite which includes all individually-managed accounts in this Strategy (other than those managed for less than a calendar month or where certain portfolio or account customizations effected at the request of the client would, in SEG's reasonable determination, warrant exclusion). The performance of the composite may differ from the performance achieved by the individual client accounts due to moderate differences in weightings of individual securities, the timing of individual transactions, different fee arrangements, the influence of additions and withdrawals and restrictions that clients may have placed on individual accounts. Most annual advisory fees collected from client accounts included in the composite ranged from 0% to 2.0% during the period depicted. Certain accounts included in the composite have other fee arrangements including performance-based fee arrangements. Additionally, Mulberry Street composite performance may vary from the performance of Select Equity Fund, L.P. and Select Equity Offshore, Ltd. (Mulberry Street private funds). Beginning 12/1/2015, the following additional changes have been implemented: Dividends are accrued daily, management fees are accrued on the last business day of each quarter, performance fees, if applicable, are accrued on the last business day of the fiscal year, cash flow weighting for subscriptions and redemptions is at beginning of day and 2015 YTD returns for the composite are calculated by geometrically linking the eleven monthly returns under the cash basis of accounting and the final month under the accrual basis of accounting. Unless otherwise stated, performance results for an individual Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of 1.5% annual management fee (2% before November 2012), accrued monthly. The Funds' performance is presented net of an annualized base management fee of 1.5% (2% before November 2012) of net asset value charged monthly in arrears. Individual investor performance as well as the aggregate performance of each Fund may differ from the performance reflected herein. Beginning January 2010, the Funds also started offering the option of a 1% management fee and 20% performance allocation over the Russell Midcap (the "Hurdle"). Actual returns reflecting the deduction of 1% management fee and 20% performance allocation over the Hurdle are available upon request. The performance allocation is applied on an annual basis. The Hurdle is calculated on a cumulative basis and any underperformance relative to the Hurdle from prior year(s) is included in the performance allocation calculation. Prior to September 2017, performance returns for this fee structure were calculated using beginning of year investment and any underperformance relative to the Hurdle from prior year(s) was not included in the performance allocation calculation. Distribution of this information to any person (unless required by law or legal/regulatory process) other than the person to whom this information was originally delivered and to such person's advisers is unauthorized and any reproduction of these materials, in whole or in part, or the disclosure of any of the contents without the prior consent of the Investment Manager is prohibited. A COPY OF PART 2 OF SEG'S FORM ADV IS AVAILABLE UPON REQUEST 40#42Baxter Street International Long-Only STRATEGY INCEPTION | SEPTEMBER 2012 DECEMBER 2020 Strategy Assets (in millions)¹ Monthly Performance (Net) Baxter Street, LP Baxter Street II Baxter Street Offshore 2019 Last 3 Years Last 5 Years Since Inception HISTORICAL PERFORMANCE (Net, Annualized) Baxter Street, LP Energy Materials Industrials Consumer Discretionary Consumer Staples Healthcare Financials Information Technology Communication Services SECTOR EXPOSURE & ATTRIBUTION EXPOSURE Utilities Real Estate Multi-Sector Total 28.4% 0% 6% 18% 3% 11% 10.7% 11.4% 11.0% 14% 8% 26% 6% 0% 0% 0% 13.0% Baxter Street 92% $11,030 JAN-20 -1.8% -1.8% -1.9% Volatility Full history since inception (9/2012) on reverse. Volatility is calculated using the standard deviation, or variance between monthly return streams since inception. MSCI ACWI ex US ¹ Includes assets held in separately managed accounts. The performance data herein represents past performance, which is not indicative of future results. Comparisons to a financial index are provided for illustrative purposes only. It is not possible to invest directly in an index. -2.7% FEB-20 MAR-20 APR-20 -6.6% -14.3% -6.6% -14.2% -6.6% -14.1% MSCI ACWI ex US 4% 8% 12% 14% 9% 10% 18% 13% 7% 3% 3% 0% 100% -7.9% -14.5% Edenred SAP AIA Group Alcon 21.5% 4.9% 8.9% 7.0% MSCI ACWI ex US 14.0% -4% -2% -10% PerkinElmer Melrose Industries FIS Merck KGaA CRH ASML Holding -10% -2% -3% -3% PORTFOLIO SNAPSHOT TOP 10 EQUITY HOLDINGS 7.0% 7.1% 7.2% MAY-20 JUN-20 7.6% 6.2% 6.2% 6.0% 3.3% EXPOSURES GEOGRAPHIC EXPOSURE Australia & New Zealand Asia ex Japan Japan Europe Switzerland 5.1% 5.1% 5.1% United Kingdom Latin America North America Africa & Middle East Multi-Country 4.5% EXPOSURE VS. MSCI ACWI ex US Baxter Street 3% 10% 6% 36% 9% 11% 0% 16% 0% 0% 7% JUL-20 AUG-20 SEP-20 2% 4% 13% 6.2% 6.3% 6.2% 4.5% Equity Holdings Top Holding Top 5 Holdings Top 10 Holdings Portfolio Insurance² Cash 3.9% 3.9% 3.9% MSCI ACWI ex US 5% 28% 16% 26% 6% 9% 2% 6% 3% 0% 4.3% Total -1.6% -1.6% -1.6% -2.5% POSITIONS & PORTFOLIO WEIGHTINGS Energy Materials Industrials Consumer Discretionary Consumer Staples Healthcare $15B+ $5-$15B $1-$5B <$1B MONTHLY ATTRIBUTION 46 5.0% 21.4% 36.9% 0.0% 8.2% OCT-20 NOV-20 DEC-20 YTD Financials Information Technology Communication Services Utilities Real Estate Multi-Sector SELECT EQUITY -2.5% -2.5% -2.5% MARKET CAP EXPOSURE -2.1% Developed Markets Emerging Markets ²Portfolio insurance may include ETNs and/or put spread options intended to protect capital in the event of a market sell-off. The information above represents the 10 largest equity holdings by market value (equity swap positions are reflected as fully paid) in the Baxter Street Fund, L.P. as of the most current month end. Each month, Select Equity Group, L.P. uses the same objective, non-performance-based criteria to select the 10 largest long equity holdings. The securities listed above do not represent all of the securities purchased or sold for SEG's clients, and the reader should not assume that investments in the securities identified were or would be profitable. Geographic Exposure is determined by using the MSCI Global Investable Market Indices (GIMI) Methodology. Market Cap Exposures do not include any non-equity-based positions and portfolio insurance investments. See additional disclosures at the end. 11.8% 11.9% 11.8% Baxter Street 0.0% 0.3% 0.8% -0.5% 0.3% 0.7% 0.7% 1.5% 0.3% 0.0% 0.0% 0.0% 13.5% DEVELOPED/EMERGING MARKETS EXPOSURE 4.1% Baxter Street 3.9% 4.0% 4.0% 82% 10% 5.4% 72% 20% 0% 0% 69% 31% MSCI ACWI ex US Source: FactSet using GICS sector classification. Multi-Sector includes portfolio insurance investments. Portfolio insurance may include exchange traded notes (ETNS) and/or put spread options intended to protect capital in the event of a market sell-off. For attribution purposes, performance is stated gross of fees. Attribution figures do not include approximately 0.0% of contribution from the hedge positions. See additional disclosures at the end. 15.4% 15.9% 15.7% 10.7% 0.2% 0.7% 0.5% 0.6% 0.4% 0.3% 0.8% 1.4% MSCI ACWI ex US 0.3% 0.1% 0.0% 0.0% 5.4% Numbers may not foot due to rounding. The most current month-end and YTD performance, weightings and AUM numbers are estimated. Exposure figures do not include forward hedge positions. With respect to net performance calculations, see disclosures at the end.#43Select Equity Group, L.P. manages over $38 billion across long-only and long/short equity strategies. The Firm was founded on the premise that rigorous, independent research and disciplined investing will generate superior long-term returns for our clients. Baxter Street is an international long-only equity strategy that invests primarily in non- US-domiciled companies across the market cap spectrum. The portfolio generally has 30-60 positions with weightings that range from 1%-10%. The above figures represent ranges the Manager intends generally not to exceed. The Fund's offering documents, which control any investment, may not mandate that the Fund's portfolio be within these ranges. HISTORICAL PERFORMANCE Since Inception Year 12/31/2020 YTD 2019 2018 2017 2016 2015 2014 2013 2012 Baxter Street Gross Return 12.6% 17.1% 30.3% -7.2% 26.0% 3.5% 4.7% 0.2% 26.2% 10.3% Baxter Street Net Return 11.0% 15.4% 28.4% -8.6% 24.2% 1.9% 3.2% -1.2% 24.6% 9.8% IMPORTANT PERFORMANCE DISCLOSURES You are urged to compare the information contained in this report to the account statements of your Administrator, which are the official books and records. The information contained in this report is provided for informational purposes only and is not intended as an offer or solici- tation of an offer for the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities. Select Equity Group, L.P. ("SEG" or "Manager") is a US-based investment management firm registered as an investment adviser with the Securities and Exchange Commission. Unless otherwise indicated, the performance and other data referred to in this letter/report represents the returns of Baxter Street Fund, L.P., which closely tracks Baxter Street Offshore Fund, Ltd. and Baxter Street Fund II, L.P., since their inceptions (collectively, the "Fund" or "Funds"). While the three Funds are managed in parallel, performance may differ among the entities due to the timing of fund flows and other factors. Each of the Funds is an unregistered pooled investment vehicle over which SEG maintains discretionary authority. Separate performance schedules are available for Baxter Street Offshore Fund, Ltd. and Baxter Street Fund II, L.P. The performance data herein represents past performance, which is not indicative of future results. Performance is expressed in US dollars. Unless otherwise stated, performance results for the Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. From inception through September 2013, the Fund's performance is presented net of an annualized base management fee of 1.25% of net asset value charged monthly in arrears. From October 2013 onward, the performance is presented net of an annualized management fee of 1.50%. Separately managed accounts may be subject to different fee structures set forth in their investment management agreements. Please note the returns presented in the attached for the Fund are inclusive of both the restricted and non-restricted interest/share classes. Performance between the restricted and non-restricted classes may differ due to allocations of new issues. Additional information regarding the allocation of specific IPOs, and their effect on the restricted and non-restricted interest/share class performance, is available upon request. Fund performance is calculated monthly using the net asset value appreciation (net of all fees and expenses including a model fee structure described above) as a percentage of beginning-of-month net asset value (appropriately adjusted for any capital activity). Purchases and sales of securities are recorded on a trade date basis. Realized gains and losses from security transactions are generally determined using the specific identification method. Unrealized gains and losses from investment transactions are recognized as income. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. The Fund's annual returns are calculated by linking the monthly performance through compounded multiplication. Exposure to certain derivative instruments may not always be reflected in the data presented in this report (e.g., certain named securities may be owned via swap). The Fund's cumulative rate of return is calculated by linking the Fund's annual rates of return. Fund average annualized rates of return are equivalent to the annual rate of return which, if earned in each year of the indicated multi-year period, would produce the actual cumulative rate of return over the time period. Computations assume reinvestment of all dividends, interest and capital gains. Geographic exposure is determined by using the MSCI Global Investable Market Indices ("GIMI") Methodology for country classification. Sector exposure is derived from FactSet which uses GICS industry classification. Manager reserves the right to use a different or internal methodology for classification if a security is not classified by MSCI/GICS or if it does not agree with the assigned classification. Securities may currently be held in the portfolio where the manager used internal classification. Much of the data and other information contained in this letter/report is unaudited and is collected, in whole or in part, from a source believed by SEG to be reliable. SEG cannot guarantee the accuracy of the data/information and therefore shall not be held liable for inaccuracies. Assets are as of month end. The average exposure is calculated using daily exposures and such average exposures and the resulting internal return calculations are approximations. The cash position, if shown, is from our accounting system which assumes full payment of equity swaps. The actual cash held in the portfolio may differ significantly from this report. Any discussions regarding potential future events and their impact on any Fund are based solely on historic information and SEG's estimates and/or opinions, are provided for illustrative purposes only, and are subject to further limitations as specified elsewhere in this material. No guarantee can be made of the occurrence of such events or the actual impact such events would have on any Fund's future performance. This document may be issued in the United Kingdom by Select Equity Group, L.P. to, and/or directed at, only persons to or at whom it may lawfully be issued or directed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, including persons who are authorized under the Financial Services and Markets Act 2000 ("FSMA"), certain persons having professional experience in matters relating inves nents, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts or persons who qualify as certified sophisticated MSCI ACWI ex US 7.0% 10.7% 21.5% -14.2% 27.2% 4.5% -5.7% -3.9% 15.3% 9.8% SELECT EQUITY GROUP, L.P. 380 Lafayette Street New York, New York 10003 212.601.9675 [email protected] PORTFOLIO MANAGEMENT Chad M. Clark, Portfolio Manager Matthew C. Pickering, Portfolio Manager Brian M. Vollmer, Associate Portfolio Manager TERMS³ Management Fee: Incentive Fee: Lockup: Liquidity: Notice Period: 1.50% N/A None Monthly 30 days written notice Administrator: SEI Global Services, Inc. Prime Broker: Morgan Stanley & Co. Auditor: PricewaterhouseCoopers LLP Legal Counsel: Willkie Farr & Gallagher LLP ³The highest fee on offer is shown above. A fee schedule is available upon request. investors. Interests in the Fund are only available to such persons in the United Kingdom and this document must not be relied or acted upon by any other persons in the United Kingdom. In order to qualify as a certified sophisticated investor a person must: (a) have a certificate in writing or other legible form signed by an authorized person to the effect that he is sufficiently knowledgeable to understand the risks associated with a particular type of investment; and (b) have signed, within the last 12 months, a statement in a prescribed form declaring, amongst other things, that he qualifies as a sophisticated investor in relation to such investments. This document is exempt from the general restriction in Section 21 of FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. The content of this document has not been approved by an authorized person and such approval is, save where this document is directed at or issued to the types of person referred to above, required by Section 21 of FSMA. An investment in the Fund may expose an investor to a significant risk of losing all of the amount invested. The Fund is a Limited Partnership (while offshore funds are Limited Companies) and any person who acquires interests in the Fund will not thereby be exposed to any significant risk of incurring additional liabilit Any person who is in any doubt about investing in the Fund should consult an authorized person specializing in advising on such investments. At various points in this letter/report, the returns of the Fund may be compared to the MSCI ACWI (All Country World Index) ex USA or the S&P 500. The MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 21 Emerging Markets (EM) countries (lists available upon request). The S&P 500, which is a market capitalization-weighted index, contains the 500 most widely held companies chosen with respect to market size, liquidity and industry. The volatility of this index may be materially different from that of the Fund. Neither S&P nor its third party information providers shall be liable with respect to the data and information contained in this report or the context from which it is drawn. "S&P," "S&P 500" and "S&P 400" are registered trademarks of Standard & Poor's. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI/S&P data is permitted without MSCI's/S&P's express written consent. Any investor who subscribes, or proposes to subscribe, for an investment in an unregistered pooled investment fund must be able to bear the risks involved and must meet an unregistered pooled investment fund's suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that an unregistered pooled investment fund's investment objectives will be achieved. Such investments are typically speculative and involve a substantial degree of risk. An investor must realize that he or she could lose all or a substantial amount of his or her investment in an unregistered pooled investment fund. The investment manager has total trading authority over the unregistered pooled investment fund, and the fund is dependent upon the services of the investment manager. The use of a single adviser could mean lack of diversification and, consequently, higher risk. Unregistered pooled investment funds are generally highly illiquid. There is no secondary market for an investor's interest in an unregistered pooled investment fund and none should be expected to develop. There are restrictions on transferring interests in an unregistered pooled investment fund. The instruments in which an unregistered pooled investment fund invests may involve complex tax structures and there may be delays in distributing important tax information. Certain of the trades executed for an unregistered pooled investment fund may take place on foreign markets, which inherently involves a greater degree of risk. For a complete list of the risk factors and conflicts of interest with respect to an unregistered pooled investment fund in which you propose to invest or currently invest, please refer to the unregistered pooled investment fund's offering memorandum. THE INFORMATION CONTAINED IN THIS REPORT IS CONFIDENTIAL AND IS INTENDED ONLY FOR THE PERSON TO WHOM IT HAS BEEN SENT. UNDER NO CIRCUMSTANCES MAY A COPY OF THIS REPORT BE SHOWN, COPIED OR TRANSMITTED OR OTHERWISE GIVEN TO ANY PERSON OTHER THAN THE ORIGINALLY INTENDED RECIPIENT. A COPY OF PART 2 OF SEG'S FORM ADV IS AVAILABLE UPON REQUEST#44Baxter Street International Long-Only STRATEGY INCEPTION | SEPTEMBER 2012 FOURTH QUARTER 2020 Energy Materials Utilities Real Estate Multi-Sector Total TOP CONTRIBUTORS Gross Exposure Equities Options/Other Q4 2020 Median Market Cap Active Share ¹Portfolio insurance may include exchange traded notes (ETNS) and/or put spread options intended to protect capital in the event of a market sell-off. See additional disclosures at the end. For comparative purposes, performance for the most current quarter for Baxter Street Fund II, L.P. was +13.9% gross of fees and +13.5% net of fees and for Baxter Street Fund Offshore was +13.8% gross of fees and +13.4% net of fees. The performance data herein represents past performance, which is not indicative of future results. Comparisons to a financial index are provided for illustrative purposes only. It is not possible to invest directly in an index. Melrose Industries Edenred AIA Group ASML Holding CTS Eventim FY 2020 Adyen Tencent Holdings Contribution Q4 2020 1.8% SAP 1.3% Alibaba Group 1.1% Scout24 1.0% FIS 0.8% Chr. Hansen Holding MIRA Contribution FY 2020 3.1% Eicher Motors 2.1% Accor 2.1% Gildan Activewear 1.6% Capgemini 1.4% Credit Suisse Group ASML Holding Industrials Consumer Discretionary Consumer Staples Healthcare Financials Information Technology Communication Services Merck KGaA SECTOR EXPOSURE & ATTRIBUTION QUARTER-END EXPOSURE PerkinElmer Performance (Baxter Street, LP) Baxter Street Gross Baxter Street Net MSCI ACWI ex US Average Exposure Long Exposure Portfolio Insurance¹ CHARACTERISTICS Average Weight 92% 0% $34.1B 87% 3.3% Baxter Street 0% 6% 18% 3% 11% 14% 8% 26% 6% 0% 0% 0% 5.1% 92% 4.5% Average Weight 3.1% 2.1% 2.4% 4.6% 3.9% 3.2% 1.9% 12/31/20 12/31/19 12/31/18 12/31/17 MSCI ACWI ex US 4% 8% 83% 0% 95% 0% $27.8B $14.8B 12% 14% 9% 100% 82% 0% 10% 18% $12.6B 13% 7% 3% 3% 0% Q4 2020 13.8% 13.4% 17.0% 92% 0% Source: FactSet. Equities include custom equity basket swaps, and Options/Other include options and any non-equity based positions. Active Share measures the percentage of the most current quarter-end portfolio (based on position weights) that differs from the MSCI ACWI ex US. EUR GBP JPY Other FY 2020 17.1% 15.4% 10.7% 0.0% 0.1% Q4 ATTRIBUTION Baxter Street 0.0% 0.5% 4.7% -0.2% 1.6% 2.0% 1.5% 2.5% 1.2% 0.0% 13.8% For more information with respect to the methodology used in the attribution analysis above and/or how to obtain a list showing each holding's contribution to the overall Fund's performance for the most current quarter and FY, please contact us. The securities listed above do not represent all of the securities purchased or sold for Select Equity Group's clients. Past performance does not guarantee future results. 91% 0% CURRENCY HEDGES 3-Yr CAGR BOTTOM CONTRIBUTORS 12.3% 10.7% 4.9% 0% 0% 0% 0% The Other category represents all other currencies invested in the portfolio. 5-Yr CAGR 2.2% 0.8% 0.7% 4.2% 2.9% 1.0% 0.5% 0.3% 0.0% 13.1% 11.4% 8.9% 17.0% MSCI ACWI ex US 0.9% 1.6% 1.9% Average Weight 5.1% Firm Total 3.4% 2.0% 3.6% Separate Accounts Baxter Street Total 1.0% Average Weight Source: FactSet using GICS sector classification. Multi-Sector includes portfolio insurance investments. For attribution purposes, performance is stated gross of fees. Attribution figures do not include approximately 0.0% of contribution from the hedge positions. See additional disclosures on reverse. 1.0% 0.8% 0.5% Since Inception 12.6% 11.0% 7.0% 1.4% 0.5% ASSETS (in millions) Baxter Street, LP Baxter Street II Baxter Street Offshore SELECT EQUITY Baxter Street -0.1% 2.0% 2.7% -4.7% 1.6% 3.0% 0.7% 8.0% FY ATTRIBUTION 3.8% 0.0% 0.0% 0.1% Contribution -1.1% -0.7% -0.1% -0.1% -0.1% 17.1% Contribution -1.6% -1.3% -1.2% -1.0% -1.0% MSCI ACWI ex US -1.6% 1.6% 1.2% 2.9% 0.6% 1.4% -1.1% 4.3% 1.2% 0.3% -0.3% 0.0% 10.7% 12/31/20 $1,211 $1,591 $2,219 $6,008 $4,784 $11,030 $8,624 $6,654 $38,876 $28,532 12/31/19 12/31/18 12/31/17 $737 $906 $746 $1,206 $864 $908 $1,728 $1,398 $1,760 $3,655 $3,801 $7,214 $21,295 $23,150 Numbers may not foot due to rounding. The most current quarter-end and FY performance, weightings and AUM numbers are estimated. Exposure figures do not include forward hedge positions. With respect to net performance calculations, see disclosures on reverse.#45IMPORTANT PERFORMANCE DISCLOSURES You are urged to compare the information contained in this report to the account statements of your Administrator, which are the official books and records. The information contained in this report is provided for informational purposes only and is not intended as an offer or solicitation of an offer for the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities. Select Equity Group, L.P. ("SEG" or "Manager") is a US-based investment management firm registered as an investment adviser with the Securities and Exchange Commission. Unless otherwise indicated, the performance and other data referred to in this letter/report represents the returns of Baxter Street Fund, L.P., which closely tracks Baxter Street Offshore Fund, Ltd. and Baxter Street Fund II, L.P., since their inceptions (collectively, the "Fund" or "Funds"). While the three Funds are managed in parallel, performance may differ among the entities due to the timing of fund flows and other factors. Each of the Funds is an unregistered pooled investment vehicle over which SEG maintains discretionary authority. Separate performance schedules are available for Baxter Street Offshore Fund, Ltd. and Baxter Street Fund II, L.P. The performance data herein represents past performance, which is not indicative of future results. Performance is expressed in US dollars. Unless otherwise stated, performance results for the Fund reflect the performance earned by a Fund investor who had invested at the beginning of each year under a model fee structure of the highest fee structure in place for the respective fiscal years. From inception through September 2013, the Fund's performance is presented net of an annualized base management fee of 1.25% of net asset value charged monthly in arrears. From October 2013 onward, the performance is presented net of an annualized management fee of 1.50%. Separately managed accounts may be subject to different fee structures set forth in their investment management agreements. Please note the returns presented in the attached for the Fund are inclusive of both the restricted and non-restricted interest/share classes. Performance between the restricted and non-restricted classes may differ due to allocations of new issues. Additional information regarding the allocation of specific IPOs, and their effect on the restricted and non-restricted interest/share class performance, is available upon request. Fund performance is calculated monthly using the net asset value appreciation (net of all fees and expenses including a model fee structure described above) as a percentage of beginning-of-month net asset value (appropriately adjusted for any capital activity). Purchases and sales of securities are recorded on a trade date basis. Realized gains and losses from security transactions are generally determined using the specific identification method. Unrealized gains and losses from investment transactions are recognized as income. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. The Fund's annual returns are calculated by linking the monthly performance through compounded multiplication. Exposure to certain derivative instruments may not always be reflected in the data presented in this report (e.g., certain named securities may be owned via swap). The Fund's cumulative rate of return is calculated by linking the Fund's annual rates of return. Fund average annualized rates of return are equivalent to the annual rate of return which, if earned in each year of the indicated multi-year period, would produce the actual cumulative rate of return over the time period. Computations assume reinvestment of all dividends, interest and capital gains. Geographic exposure is determined by using the MSCI Global Investable Market Indices ("GIMI") Methodology for country classification. Sector exposure is derived from FactSet which uses GICS industry classification. Manager reserves the right to use a different or internal methodology for classification if a security is not classified by MSCI/GICS or if it does not agree with the assigned classification. Securities may currently be held in the portfolio where the manager used internal classification. Much of the data and other information contained in this letter/report is unaudited and is collected, in whole or in part, from a source believed by SEG to be reliable. SEG cannot guarantee the accuracy of the data/information and therefore shall not be held liable for inaccuracies. Assets are as of month end. The average exposure is calculated using daily exposures and such average exposures and the resulting internal return calculations are approximations. The cash position, if shown, is from our accounting system which assumes full payment of equity swaps. The actual cash held in the portfolio may differ significantly from this report. Any discussions regarding potential future events and their impact on any Fund are based solely on historic information and SEG's estimates and/or opinions, are provided for illustrative purposes only, and are subject to further limitations as specified elsewhere in this material. No guarantee can be made of the occurrence of such events or the actual impact such events would have on any Fund's future performance. This document may be issued in the United Kingdom by Select Equity Group, L.P. to, and/or directed at, only persons to or at whom it may lawfully be issued or directed under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, including persons who are authorized under the Financial Services SELECT EQUITY GROUP, L.P. 380 Lafayette Street New York, New York 10003 212.601.9675 [email protected] and Markets Act 2000 ("FSMA"), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations or partnerships, trustees of high value trusts or persons who qualify as certified sophisticated investors. Interests in the Fund are only available to such persons in the United Kingdom and this document must not be relied or acted upon by any other persons in the United Kingdom. In order to qualify as a certified sophisticated investor a person must: (a) have a certificate in writing or other legible form signed by an authorized person to the effect that he is sufficiently knowledgeable to understand the risks associated with a particular type of investment; and (b) have signed, within the last 12 months, a statement in a prescribed form declaring, amongst other things, that he qualifies as a sophisticated investor in relation to such investments. This document is exempt from the general restriction in Section 21 of FSMA on the communication of invitations or inducements to engage in investment activity on the grounds that it is being issued to and/or directed at only the types of person referred to above. The content of this document has not been approved by an authorized person and such approval is, save where this document is directed at or issued to the types of person referred to above, required by Section 21 of FSMA. An investment in the Fund may expose an investor to a significant risk of losing all of the amount invested. The Fund is a Limited Partnership (while offshore funds are Limited Companies) and any person who acquires interests in the Fund will not thereby be exposed to any significant risk of incurring additional liability. Any person who is in any doubt about investing in the Fund should consult an authorized person specializing in advising on such investments. At various points in this letter/report, the returns of the Fund may be compared to the MSCI ACWI (AII Country World Index) ex USA or the S&P 500. The MSCI ACWI ex USA Investable Market Index (IMI) captures large, mid and small cap representation across 22 of 23 Developed Markets (DM) countries (excluding the United States) and 21 Emerging Markets (EM) countries (lists available upon request). The S&P 500, which is a market capitalization-weighted index, contains the 500 most widely held companies chosen with respect to market size, liquidity and industry. The volatility of this index may be materially different from that of the Fund. Neither S&P nor its third party information providers shall be liable with respect to the data and information contained in this report or the context from which it is drawn. "S&P," "S&P 500" and "S&P 400" are registered trademarks of Standard & Poor's. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI/S&P data is permitted without MSCI's/S&P's express written consent. Any investor who subscribes, or proposes to subscribe, for an investment in an unregistered pooled investment fund must be able to bear the risks involved and must meet an unregistered pooled investment fund's suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that an unregistered pooled investment fund's investment objectives will be achieved. Such investments are typically speculative and involve a substantial degree of risk. An investor must realize that he or she could lose all or a substantial amount of his or her investment in an unregistered pooled investment fund. The investment manager has total trading authority over the unregistered pooled investment fund, and the fund is dependent upon the services of the investment manager. The use of a single adviser could mean lack of diversification and, consequently, higher risk. Unregistered pooled investment funds are generally highly illiquid. There is no secondary market for an investor's interest in an unregistered pooled investment fund and none should be expected to develop. There are restrictions on transferring interests in an unregistered pooled investment fund. The instruments in which an unregistered pooled investment fund invests may involve complex tax structures and there may be delays in distributing important tax information. Certain of the trades executed for an unregistered pooled investment fund may take place on foreign markets, which inherently involves a greater degree of risk. For a complete list of the risk factors and conflicts of interest with respect to an unregistered pooled investment fund in which you propose to invest or currently invest, please refer to the unregistered pooled investment fund's offering memorandum. THE INFORMATION CONTAINED IN THIS REPORT IS CONFIDENTIAL AND IS INTENDED ONLY FOR THE PERSON TO WHOM IT HAS BEEN SENT. UNDER NO CIRCUMSTANCES MAY A COPY OF THIS REPORT BE SHOWN, COPIED OR TRANSMITTED OR OTHERWISE GIVEN TO ANY PERSON OTHER THAN THE ORIGINALLY INTENDED RECIPIENT. A COPY OF PART 2 OF SEG'S FORM ADV IS AVAILABLE UPON REQUEST