Massachusetts Water Resources Authority (“MWRA”) Employees’ Retirement System

Baxter 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

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