Small Cap Growth Portfolios February 11, 2015

James A. Colgan G. Michael Novak, Jr. Co-Portfolio Managers Leigh Anne Yoo Vice President, Marketing & Client Service

TABLE OF CONTENTS Page A. Firm Overview

2

B. Investment Process and Discipline

8

C. Market Overview

14

D. Performance Review

32

E. Portfolio Review and Characteristics

46

F. Fee Schedule

56

G. Biographies and Disclosures

57

H. Glossary of Investment Terms

65

1

SECTION A: FIRM OVERVIEW

INTRODUCTION James A. Colgan Co-Portfolio Manager, Frontier Small Cap Growth Portfolio • 17 years with Frontier • 23 years experience Prior Experience Manager, Digital Equipment Corporation Program Manager, United Technologies Corporation Education B.S. University of Connecticut M.S. University of Massachusetts M.S., M.B.A. MIT Sloan School of Management Leigh Anne Yoo Vice President, Institutional Marketing and Client Service • 7 years with Frontier • 14 years experience Prior Experience Vice President, Lazard Asset Management Education B.B.A. University of Georgia

3

STABLE FIRM & STRATEGY, IMPROVING CONDITIONS Stable Organization     

No changes to the organizational structure of the firm. With more than 15 years of continuity, we do not anticipate any significant changes to our ownership structure. As of December 31, 2014, Frontier managed $13.9 Billion for 118 Clients. For the last five years, Frontier has maintained a stable base of clients ranging from 115-120. We maintain a deep investment team of 17 investment professionals and two dedicated traders, constituting half of our firm’s 38 employees. Since your investment, we have increased our research staff with the addition of two analyst positions. Furthermore, we have experienced minimal personnel turnover including only one key departure among our operations, sales, and investment teams during this time.

Stable Strategy    

No changes to the Small Cap Growth Equity team responsible for WPERP’s portfolio. As of December 31, 2014, Frontier’s Small Cap Growth strategy managed $3.0 Billion for 21 Clients, more than half of which have been investors for over 20 years. The number of clients is consistent with the 21 composite portfolios that we managed in November 2009 when we presented to you as a Small Cap Growth finalist. In January 2010, the Frontier Small Cap Growth strategy closed to new investors; thus no new clients were added.

Consistent Investment Philosophy with Long Term Orientation   

We continue to employ the same investment philosophy and process that has benefitted our clients for over 30 years. Beat Russell 2000 Growth in 24 of 30 calendar years (gross of fees ending December 31, 2014). Positive stock selection over 1, 3, 5, 7 and 10 year periods (gross of fees ending December 31, 2014).

Improving Environment   

Trend of outperformance by the unprofitable firms appears to be subsiding. Valuations for highest growth stocks are increasingly stretched; ultimately, valuations matter. Conditions are favorable for Frontier’s GARP style of investing.

4

INVESTMENT STRATEGIES SUMMARY Stable and consistent base of clients Strategy

Managers

Capitalization Emphasis

Inception

Peer Ranking* (Since Inception)

Ending 3Q 2009 Assets

Clients

Ending 4Q 2014 Assets

Clients

Portfolio Manager Strategies - portfolio managers with authority to buy/sell Small Cap Growth

Jim Colgan / Mike Novak

Small

1985

First Quartile

$2.1B

19

$3.0B

21

Capital Appreciation

Mike Cavarretta / Drew Bennett

Small/Mid

1987

First Quartile

$1.7B

27

$2.8B

23

Mid Cap Growth

Steve Knightly / Chris Scarpa

Mid

1992

First Quartile

$1.9B

30

$5.4B

39

Small Cap Value

T.J. Duncan / Bill Teichner

Small

1999

First Quartile

$86M

7

$2.0B

23

Research Strategies - concentrated portfolios managed by analyst team Smid

Research Team

Small/Mid

2000

First Quartile

$320M

6

$414M

10

All Cap

Research Team

All Cap

2006

Second Quartile

$181M

3

$161M

2

*Peer rankings were for periods ending 12/31/14 using eVestment Alliance universes. The eVestment Alliance small cap growth universe was used to rank the Frontier Small Growth strategy. The eVestment Alliance small mid cap growth universe was used to rank the Frontier Capital Appreciation strategy and Smid Research strategy. The eVestment Alliance mid cap growth universe was used to rank the Frontier Mid Growth strategy. The eVestment Alliance small cap value universe was used to rank the Frontier Small Value strategy. . The eVestment Alliance all cap equity universe was used to rank the Frontier All Cap Research strategy.

5

INVESTMENT TEAM

 Employee owners

MICHAEL A. CAVARRETTA, CFA

STEPHEN M. KNIGHTLY, CFA

WILLIAM A. TEICHNER, CFA

THOMAS W. DUNCAN, JR.

CHAIRMAN

PRESIDENT

Portfolio Manager – Capital Appreciation Team Leader – Research Portfolios BA – University of Maine MBA – Harvard University  27 years with Frontier  31 years experience

Portfolio Manager – Mid Cap Growth BS – Lehigh University MBA – University of Pennsylvania  22 years with Frontier  25 years experience

Portfolio Manager – Small Cap Value BA – Columbia University MBA – Harvard University  22 years with Frontier  25 years experience

Portfolio Manager – Small Cap Value BA – Skidmore College MBA – Cornell University  22 years with Frontier  24 years experience

JAMES A. COLGAN

G. MICHAEL NOVAK, JR.

CHRISTOPHER J. SCARPA

ANDREW B. BENNETT, CFA

Portfolio Manager – Small Cap Growth BS – University of Connecticut MS – University of Massachusetts MS, MBA – MIT  17 years with Frontier  23 years experience

Portfolio Manager – Small Cap Growth BS – US Military Academy MBA – Harvard University  17 years with Frontier  17 years experience

Portfolio Manager – Mid Cap Growth BA – Tufts University MBA – Harvard University  14 years with Frontier  16 years experience

Portfolio Manager – Capital Appreciation Analyst – Special Situations BA – Wheaton College  14 years with Frontier  19 years experience

PETER G. KUECHLE

JONATHAN M. LEVIN, MD

RUSHAN (GREG) JIANG, CFA

RAVI DABAS

Team Leader – Research Portfolios Analyst – Financial Services / Software BA – Dartmouth College MBA – Harvard University  12 years with Frontier  19 years experience

Analyst – Health Care BA – Yale University MD – Emory University School of Medicine MPH – Harvard School of Public Health MBA – MIT  10 years with Frontier  12 years experience

Analyst – Industrials BS – The University of Texas at Austin MS – Stanford University MBA – MIT  10 years with Frontier  12 years experience

Analyst – Computer Services / Technology BE – University of New Delhi MS – University of Houston MBA – University of Pennsylvania  7 years with Frontier  16 years experience

NATHAN A. HAYMAN

KRISTIN S. KING, CFA

MICHAEL E. GARGANO

EMMANUEL FRANJUL

Analyst – Aerospace / Transport. / Housing LLB – Hebrew University Law School MBA – Dartmouth College  7 years with Frontier  7 years experience

Analyst – Consumer BS – University of Notre Dame MBA – University of Pennsylvania  6 years with Frontier  10 years experience

Analyst – Health Care Services / Technology Hardware BS – Boston College  5 years with Frontier  17 years experience

Analyst – Financial Services / Business Services BS – Cornell University MBA – Cornell University  4 years with Frontier  4 years experience

DANIEL SCHÄFER

LISA A. TURLEY

CAROLYN C. SHEA

Analyst – Materials / Industrials BA – University of Cooperative Education MBA – Dartmouth College  joined Frontier in September 2014  3 years experience

Senior Trader BA – University of Massachusetts  24 years with Frontier  24 years experience

Senior Trader BA – St. Lawrence University  14 years with Frontier  24 years experience

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REPRESENTATIVE CLIENT LIST

Highlighted names indicate Frontier Small Cap Growth clients

Corporate

Public Funds

Endowments and Foundations

Archdiocese of Boston

Alaska Retirement Management Board

The Academy of American Poets

Norwich University

Archdiocese of Los Angeles

City of Pittsburgh

Akron Community Foundation

ProMedica Health System

Archdiocese of New York

The Andrew W. Mellon Foundation

Purdue University

Archdiocese of Washington

County Employees’ and Officers’ Annuity and Benefit Fund of Cook County

Baptist Hospitals and Health Systems

QueensCare

Bristol Myers Squibb

CPS Energy

Boston College

Richard Nixon Library

CareGroup

Illinois Municipal Retirement Fund

Bowdoin College

L.A. County Employee Retirement Association

San Diego Museum of Art

The Church Pension Fund

Bryn Mawr College

Santa Barbara Museum of Art

Case Alumni Foundation

Searle Family Trusts

Catholic Schools Foundation

Segerstrom Center for the Arts

Catholic Society of Religious

Society of Jesus, New England

Comprehensive Healthcare of Ohio Delta Air Lines Erie Insurance General Motors Hartford HealthCare Marsh & McLennan Companies Inc. Mary Kay Inc. Massachusetts Eye & Ear Infirmary National Grid NV Energy Pension Plan for Insurance Organizations RPM Inc. R.R. Donnelley & Sons Company South County Hospital Tufts Associated Health Maintenance Organization Inc. United States Tennis Association University of Pittsburgh Medical Center

L.A. Fire & Police MA Pension Reserves Investment Management Teachers’ Retirement System of Oklahoma

Multi-Employer

& Literary Education

Southcoast Health System

Columbus Medical Association Foundation

Susquehanna Health System

Airconditioning and Refrigeration Industry

Crotched Mountain Foundation

Tulane University

International Association of Machinists

Dr. Scholl Foundation

University of Nebraska Foundation

Iron Workers of New England

Elyria Memorial Hospital

University of Redlands

Local 863 Pension Fund

The First Church of Christ, Scientist

University of San Diego

New England Carpenters

Hampton University

University of San Francisco

New York State Teamsters

International Tennis Hall of Fame

University of Scranton

Northwest Ohio Carpenters, Millwrights and Pile Drivers Supplemental Pension Plan

Lewis & Clark College

University of the Pacific

Sheet Metal #9 Pension

Los Angeles Orthopedic Foundation

Steelworkers Pension Trust

Michigan State University

Sub Advisory

Library of Congress

Mount Union College Naples Community Hospital

Hirtle Callaghan Trust

National Gallery of Art

MassMutual Financial Group

The New York Community Trust

Prudential Retirement The Northern Trust Company The Vanguard Group The representative client list is a partial list of Frontier's institutional clients regardless of investment product utilized and without regard to performance criteria. Inclusion on such a list is not intended as an endorsement by any such client of Frontier or the advisory services provided to such client and is intended to provide a meaningful distribution of Frontier's clients.

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KEY CONTACTS FRONTIER CAPITAL MANAGEMENT COMPANY, LLC 99 Summer Street Boston, MA 02110 (617) 261-0777 CLIENT SERVICE Leigh Anne Yoo, Vice President (617) 261-0777 x134 [email protected] Sarah J. Jankowski, Chief Administrative Officer (617) 261-0777 x136 [email protected] OPERATIONS Group Email: [email protected] Corporate Actions/Tender Offers/Trades Operations: Primary Contact Edward Vasquez, Operations Associate (617) 261-0670 (direct) Operations: Secondary & Escalation Contacts Forrest LeTarte, Operations Manager (617) 261-4405 (direct) Cynthia Treggiari, Assistant Vice President (617) 261-7570 (direct) Brett Morrison, Operations Associate (617) 261-0680 (direct)

ACCOUNTING Richard Binder, Chief Financial Officer (617) 261-0777 x111 [email protected] Christina Abadier, Assistant Vice President (617) 261-0777 x234 [email protected] INFORMATION TECHNOLOGY Skip Carino, Network / IT Manager (617) 261-0777 x114 [email protected] LEGAL / COMPLIANCE William J. Ballou, Chief Operating/Compliance Officer (617) 261-0777 x279 [email protected]

8

SECTION B: INVESTMENT PROCESS & DISCIPLINE

INVESTMENT PHILOSOPHY – WHAT WE BUY We believe there are three key drivers of long-term consistent performance

SOLID BUSINESS MODEL

UNRECOGNIZED EARNINGS POWER

BUY

ATTRACTIVE VALUATION

PHILOSOPHY

PROCESS

SELL DISCIPLINE

10

INVESTMENT PROCESS – HOW WE BUY Frontier Value Added

INITIAL UNIVERSE 2,000 Stocks

Market Cap Appropriate • 2,000 stocks (within the range of the Russell 2000® Index)

TARGET MARKET ~500 Stocks

Quantitative Assessment

INVESTABLE

PORTFOLIO

~250 Stocks

90-110 Stocks

Investable Criteria

Winning Qualities

• Reasonable EV/Sales

• Sound business model

• Unrecognized EPS power

• Good balance sheets

• Solid management

• Value creating catalysts

• Underlying growth

• Competitive advantage

• Attractive valuations

• Appealing revenue growth

• Multiple ways to win

• Potential margin expansion

CONTINUOUS RESEARCH PROCESS

Ongoing Assessment • Traction toward projected EPS power • Price target realization • Change in thesis • Portfolio optimization

• Attractive ROC opportunity

80% of investment effort focused on 15% of the universe PHILOSOPHY

PROCESS

SELL DISCIPLINE

11

SELL DISCIPLINE Capital preservation is critical to superior long-term performance

BREAKDOWN OF BUSINESS MODEL

NO UPSIDE TO EARNINGS POWER

UNATTRACTIVE VALUATION

PHILOSOPHY

PROCESS

SELL DISCIPLINE

12

RISK CONTROL Risk management is embedded in our culture and investment approach

RISK

MANAGEMENT

Stages and Descriptions

FIRM

PORTFOLIO

STOCK

Culture of Risk Management

Structural Risk Controls*

Stylistic Risk Controls

Management committee oversight

Sector weight limits

Valuation discipline

Senior chief compliance officer

No stock weight greater than 5%

Price target assessment: risk/reward

Firm-wide compliance training

Approximately 90 – 110 holdings

Automated testing systems

Performance analytics

Balance sheet and accounting reviews

State-of-the-industry policies

Monthly attribution review

Periodic capacity assessment

Multiple ways to win Avoid binary events Client guidelines assessment

*This is a brief summary of certain investment guidelines by which the strategy is managed. Actual investment guidelines for any client account may differ.

13

LADWP INVESTMENT GUIDELINES Yes

No

􀀹􀀹



The Portfolio shall be equity securities of companies doing business in the United States. It is expected that the Portfolio will be fully invested (