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

APPENDIX 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

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