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

Baxter 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

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