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

Our 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

View entire presentation