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

Executive 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

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