FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USEFOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

INTRODUCTION: WHY GLOBAL MARKET NEUTRAL?

Market Neutral strategies are several decades old, and many were either

burdened with high fees, used leverage inappropriately, or weren’t really

“market neutral” at all. However, there is lasting appeal in generating

profi ts for investors that are highly independent of the direction of

stocks, interest rates and credit spreads, while charging a reasonable fee.

In the search for a team that could deliver this type of return, Lee Munder

Capital Group, LLC (LMCG) recruited Dr. Gordon Johnson and his team

of seasoned professionals in 2006. The quantitative team had already

worked together for over six years and had developed a unique approach

to equity research. They demonstrated that they could not only identify

stocks that would outperform global markets over time, but also those

that would underperform. This led to the development of a market neu-

tral approach that could avoid the market-timing aspects required of oth-

er alternative strategies to be successful. Market neutral takes advantage

of their skill in two separate ways – long and short trading. The team had

also created their own approach to risk management supported by two

external risk management systems.

The LMCG Global Market Neutral strategy (GMN) was ultimately launched

in 2007. The team was backed by a solid foundation of experienced

Operations and Compliance professionals to support this bottom-up

quantitative strategy. Since our fi rm’s inception in 2000, we have been

managing a wide variety of long and short trading, and have been able

to establish consistent trading and settlement functionality in over 35

markets around the world.

Initially available only for internal assets, we believe the LMCG GMN

strategy has demonstrated its validity as a liquid alternative absolute

return investment. This white paper summarizes our experiences in this

strategy since its inception in 2007 through the end of 2013.

Jeff rey P. Davis, CFAChief Investment Offi cer

Godon A. Johnson, PhD, CFALead Portfolio ManagerInternational and GMN Team

Shannon M. Ericson, CFAPortfolio Manager & AnalystInternational and GMN Team

Vikram K. Srimurthy, PhD, CFAPortfolio Manager & AnalystInternational and GMN Team

LMCG Global Market Neutral StrategyA Brief History

Jeff rey P. Davis, CFAChief Investment Offi cer

1

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

THE KEY CHOICES IN CONSTRUCTING GLOBAL MARKET NEUTRAL

In advance of the strategy’s launch in April 2007, the team made several key decisions that continue

to position the strategy as a conservative alternative investment vehicle.

NO LEVERAGE WITH THE CASH RECEIVED FROM SHORTING:Many strategies will take the cash received when short selling a basket of securities and use it to

buy index futures on interest rates or equities, in order to boost returns. While this introduction

of “long beta” can improve returns, it has the potentially negative eff ect of raising correlation with

stocks and bonds – increasing the chance that a portfolio will decline when stability is needed most.

Alternatively, the cash can return the current U.S. Federal Funds Rate (minus a small fee charged by

the prime broker) resulting in almost no duration risk and delivering a higher yield should interest

rates rise. During the history of the strategy, yields on cash fell dramatically, so little of the return we

discuss is related to yield on cash and collateral (meaning returns resulted primarily from long and

short stock selection).

Exhibit 1: With the decline of the Fed Funds rate, the strategy’s returns have been mainly driven by long and short investments.

2

U.S. Federal Funds Target Rate 2007- Present

‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13%

%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

Source: FactSet.

USE AS MANY EQUITY MARKETS AS FEASIBLE:The appeal of global investing is the opportunity to provide greater diversifi cation and increase

return opportunities. Compared to approaches that are wedded to a single market, the diff erence

in the strength of stock selection among markets can be critical in generating consistent returns.

This is true of the experience of the LMCG GMN strategy within the U.S. and outside the U.S. as

seen in Exhibit 2.

6.0%

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

PROTECTING ON THE DOWNSIDE IS PARAMOUNT:The long and short returns of the strategy provide an additional layer of diversifi cation and return

opportunity. Most active portfolio managers attempt to identify long equity investments they

believe will outperform an index. With shorting strategies, managers attempt to identify stocks that

are typically discarded work – the ability to capitalize on a security’s price decline. This method

improves upon approaches that short with ETF Index products or futures in that “short alpha” from

stock selection may also be generated.

Returns from longs and shorts will diff er dramatically depending upon the overall trend of global

equity markets. For example, Exhibit 3 shows that short positions were signifi cant positive

contributors in 2008, while long positions were the leaders in 2013. When the net of the long and

short positions is positive and greater than the fees, the strategy provides a positive absolute re-

turn. The cash and collateral may also provide additional yield.

Source: LMCG data using FactSet.* Inception of the strategy was 04/01/2007. Return contribu-tions shown are calculated using representative account holdings. Gross Performance is net of transaction costs as well as certain borrow costs and tax withholding on foreign dividends. Returns are calculated for the long and short portfolios and added together to get an overall contribution to return. They are aggregated for stocks traded in the U.S. versus those in developed markets and weighted in a representative LMCG Market Neutral account. Past performance is not indicative of future results. Shown as supplemental information only and complements the Global Market NeutralComposite returns and presentation in the Appendix.

Calendar Year Sources of Return U.S. vs. International 2007-2013

Ret

urn

s (%

)

U.S. International

2007* 2008 2009 2010 2011 2012 2013

6

4

2

0

-2

-4

3

Exhibit 2: Since U.S. and International markets don’t move in lockstep, global exposure is critical togenerating consistent returns and diverse sources of alpha.

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

Exhibit 3: Risk exposures can be off set by longs and shorts, particularly exposure to market direction.

Source: LMCG data using FactSet.* Inception of the strategy was 04/1/2007. Return contributions shown to the left are calculated using representative account holdings. Gross Performance is net of transaction costs as well as certain borrow costs and tax withholding on foreign dividends. Returns are calculated for the long and short portfolios and added together to get an overall contribution to return. They are aggregated for stocks traded long and short and weighted in a representative LMCG Market Neutral ac-count. Past performance is not indicative of future results. Shown as supplemental information only and complements the Global Market Neutral Composite returns and presentation in the Appendix.

Ultimately, our team constructed a portfolio that can be represented by this diagram:

Exhibit 4: The Market Neutral return profi le is based on four basic elements,with Long and Short Returns being the primary drivers.

Federal Funds Return

Short Return

Long Return Fees LMCG GMN Return

Ret

urn

s (%

)

2007* 2008 2009 2010 2011 2012 2013

Longs Shorts

60

40

20

0

-20

-40

-60

Calendar Year Sources of Return Longs vs. Shorts 2007-2013

4

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

LESSONS FROM RETURNS AND DRAWDOWNS

The management of the strategy overlapped with one of the most turbulent periods in modern

fi nancial history providing a serious test of management controls. Not only did this period include

the disastrous fourth quarter of 2008, but it also included short periods of extreme stress, such as

the Euro crisis and the shocks in the bond markets in 2007 that preceded the fi nancial crisis. Note

the relative stability and stable growth of the cumulative returns of the LMCG GMN strategy

compared to the S&P 500 Index.

Exhibit 5: The LMCG GMN strategy’s diversifi cation, risk management and alpha generation have provided stable growth relative to the choppier returns of the S&P 500.

Source: LMCG data using FactSet. Inception of the strategy was 04/01/2007. 04/30/07 return is from 04/01/2007-4/30/2007. Net returns are calculated by applying the management fee to the monthly gross returns of the accounts included in the composite. Past performance is not indicative of future results. Shown as supple-mental information only and complements the Global Market Neutral Composite presentation in the Appendix.

One of the key drivers of generating stable returns was the strategy’s ability to avoid signifi cant

drawdowns during market stress periods of the past seven years. Exhibit 6 highlights how the

LMCG GMN strategy fared better than hedge funds in protecting investor capital against equity

declines. In particular, it provided downside protection when it was needed most – during the

fi nancial crisis of 2008.

Exhibit 6: The LMCG GMN strategy provided stable returns by avoiding big drawdowns during periods of market stress, as compared to equity markets and even hedge funds.

July 2007 Stress Periods (First CDO Crisis)

Jan-Dec 2008 (Financial Crisis)

May 2012 (Euro Crisis)

LMCG GMN Composite (Net)*

S&P 500

MSCI AC World IMI

HFRI Equity Hedge

HFRI Fund of Funds

0.4

-3.1

-1.6

0.2

0.3

-4.5

-37.0

-42.3

-26.7

-21.4

-1.0

-6.0

-9.0

-4.7

-1.7

Source: FactSet. *Calculated using composite net returns. Net returns are calculated by applying the management fee to the monthly gross returns of the accounts included in the composite. Shown as supplemental information only and complements the Global Market Neutral Composite presentation in the Appendix.

5

LMCG GMN strategy (Net) S&P 500

Cumulative Composite Returns 04/01/2007 - 12/31/2013

Ret

urn

s (%

)

04/07

12/0

7

08/08

04/09

12/0

9

08/10

04/11

12/11

08/12

04/13

12/13

60

40

20

0

-20

-40

-60

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

In contrast to the declines that equities experienced, fi xed income returns were strong and defensive

throughout the past seven years. They were buoyed by investor confi dence in the stability of U.S.

treasuries when panic set in, as well as by Federal Reserve policy that ultimately pushed interest

rates to historically low levels. However, interest rates reversed in early 2013, which provided an

indication of how the LMCG GMN strategy would perform in a rising interest rate environment.

Exhibit 7: The LMCG GMN strategy produced steady returns and exhibited low correlation relative to interest rates, during the fi rst encounter with a rising interest rate environment.

Composite Performance During a Rising Interest Rate Environment 04/30/2013 to 12/31/2013

Ind

exed

Ret

urn

104

102

100

98

96

94

4/13

5/13

6/13

7/

13

8/13

9/13

10

/13

11/13

3.20

3.00

2.80

2.60

2.40

2.20

2.00

1.80

1.60

12/13

In

tere

st R

ate

(%)

LMCG GMN (Net) U.S. Treasury 10 Year Yield

Source: LMCG data using FactSet. Net returns are calculated by applying the management fee to the monthly gross returns of the accounts included in the composite. Past performance is not indicative of future results. Shown as supplemental information only and complements the Global Market Neutral Composite presentation in the Appendix.

6

One measure of success of a liquid alternative absolute return investment lies in its diversifying

characteristics in terms of correlation. Exhibit 8 shows that over the same timeframe, the

correlation of the LMCG GMN strategy is impressively low relative to stocks and bonds.

Exhibit 8: Since inception, the strategy has demonstrated low correlation to major equity and fi xed income indices.

04/01/2007-12/31/2013

S&P 500

Russell 1000

Russell Mid Cap

Russell 2000

MSCI EAFE

MSCI EAFE Small Cap

MSCI Emerging Markets

Barclays U.S. Govt/Credit

Barclays High Yield

LMCG GMN Correlation Matrix

Source: FactSet. Correlations are calculated using monthly gross returns since the strategy’s inception to display the relationship between the composite returns and benchmark returns. The correlation coeffi cents range between +1 and -1. A +1 implies perfect correlation, 0 implies no correlation and -1 implies perfect negative correlation.

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

Exhibit 9: A target rate of Treasury Bills plus 4% has outperformed the core bond index.

Cumulative Returns 1995-2013

Ret

urn

(%

)

300

250

200

150

100

50

1995

1997

1999

2001

2003

2005

2007

2009

Citigroup 3-Month T-Bill (Plus 4%)

Barclays U.S. Govt/Credit

2011

2013

Source: FactSet. The simulated performance returns for “Citigroup 3-Month T-Bill (Plus 4%)” were created by adding 4 percentage points to each calendar year return of the Citigroup 3-Month T-Bill Index. Subsequently, the returns were compounded on a cumulative basis. This time period was selected (January 1995-December 2013) based on the earliest available data from FactSet. Simulated performance results are shown only for illustration purposes and should not be considered representative of future re-turns and are inherently even less predictive of actual future performance than real-time model results or actual past performance. LMCG is willing to review and discuss the methodology of the simulation in greater detail, if requested.

WHY DELIVERING TREASURY BILLS +4% OVER LONG TIME PERIODS IS AN IMPORTANT OBJECTIVE

The performance goal of the LMCG GMN strategy is to add 4%-5% above the returns of U.S.

Treasury Bills (as represented by the CitiGroup 3-month T-Bill Index). This is an important hurdle to

clear for the investment to be worthwhile for investors. As seen in Exhibit 9, Treasury Bills plus 4%

has historically added value relative to the Barclays U.S. Government/Credit Index over long time

horizons, without exposing the portfolio to extensive equity or credit and interest rate risk. Treasury

Bills plus 4% will also outperform equity markets periodically. The strategy can be instrumental in

helping to stabilize overall portfolio risk, and can be an extremely valuable tool for asset allocation

when equities become overvalued.

7

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

Exhibit 10 is a performance comparison against the U.S. Equity Market Neutral Universe published by

Lipper. Gross returns are utilized (for the strategy as well as the peer universe) in order to make fair

comparisons ex-fees.

Exhibit 10: The LMCG GMN Strategy versus the Lipper U.S. Equity Market Neutral Mutual Fund Universe.

Since Inception04/01/2007

4.6

3.4

1

1 out of 30

4.3

3.3

60

49 out of 82

1 Yr

5.8

4.6

16

11 out of 65

3 Yr

6.0

4.8

31

13 out of 41

5 Yr

LMCG GMN Composite (Gross)**

LMCG GMN Composite (Net)***

Percentile ( Gross)

Rank (Gross)

As of 12/31/2013

Source: Lipper. *The defi nition and additional details on rankings and statistical measures shown above are based on Lipper data and are available upon request. **Gross Performance is net of transaction costs as well as certain borrow costs and tax withholding on foreign dividends. ***Net returns are calculated by applying the management fee to the monthly gross returns of the accounts included in the composite. Shown as supplemental information only and complements the Global Market Neutral Composite presentation in the Appendix.

8

Exhibit 11 summarizes the risk characteristics of the strategy. Interest rate declines

occurred during this period. For example, rates declined from nearly 5% (April 2007) to 2.7%

(December 2013), a scenario which is highly favorable to fi xed income returns and unlikely to be

repeated for some time.

Exhibit 11: Risk Statistics

MaxDrawdown

-13.77

-5.56

-50.95

6.70

4.21

17.09

StdDev

0.09

0.01

1.00

Correlation *

0.23

0.03

1.00

LMCG GMN Strategy

Barclays U.S. Govt/Credit

S&P 500

Period: 04/01/2007-12/31/2013 Beta*

Source: FactSet. Statistics of representative LMCG Market Neutral account. *Relative to S&P 500. Shown as supplemental information only and complements the Global Market Neutral Composite disclosure in the Appendix.

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

Source: FactSet.

SUMMARY

In general, alternative investments should be able to deliver strong absolute returns for a portfolio,

while reducing the risk of declines during periods where traditional asset classes struggle.

Many alternative strategies provide a variation of traditional asset classes through market timing

or leverage of traditional returns. Others merely introduce diff erent forms of beta: commodities

like gold and other precious metals; oil; variations on debt – high yield or emerging markets fi xed

income; subsets of equities – REITs and MLPs. By comparison, the LMCG GMN strategy has been

providing a source of return that is not a commodity, but is chiefl y driven by the stock selection and

risk management skill of a seasoned investment team and experienced operational support.

Why does that matter? Many alternative betas may suff er similar fates as stocks and bonds during

traditional economic declines. More traditional economic cycles involve overheating that creates

poor bond markets and weak equity markets. Rising rates and declining growth may create poor

alternative beta markets as well. Therefore, the need for real market neutral alternatives may be

greater in the next market cycle than in the past period.

Many investors believe that they should not pay for ‘beta’, which can be provided by any number

of mutual funds and ETFs for very low cost. By signifi cantly reducing the correlation to the equity

market and bond market, successful market neutral returns will be comprised largely of pure alpha,

which is valuable to investors over time and worth paying for. We believe the returns of the LMCG

GMN strategy during the 2007-2013 period have established this value.

This material is presented for informational, educational and illustrative purposes only as the views

and opinions of the author are not necessarily those of LMCG as a fi rm.

Exhibit 12: U.S. 10 Year Treasury Yield 03/07/1984-03/07/2014

9

‘85 ‘90 ‘95 ‘00 ‘05 ‘10

2.79

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE 10

1. Benchmark returns have been obtained from an independent source and have not been examined by independent accountants 2. Partial year return beginning April 1, 2007. 3. Not measured in 2007 because of partial year. Not statistically signifi cant in 2008 and beyond due to insuffi cient number of portfolios in the composite.

Global Market Neutral Composite: Portfolios included in this composite are managed in the Global Market Neutral Strategy. The strategy seeks to outperform the Citigroup 3-month

Treasury Bill Index through active stock selection by investing in small- and mid-cap stocks in the U.S. and mid- and large-cap stocks in non-U.S. markets. Long and short positions

are dollar balanced to provide minimal equity market exposure and a low correlation to either the Russell 1000 or MSCI EAFE indexes. Net exposure to beta, sector, market capitaliza-

tion and country is targeted to be neutral. The strategy makes use of leverage (borrowing cash and securities). The gross market exposure of accounts in the composite may be up

to 190% of equity. For comparison purposes, the composite is measured against the Citigroup 3-month T-bill Index. The composite was created in April 2008.

Eff ective July 2009, the fi rm is defi ned for GIPS purposes as Lee Munder Capital Group, LLC (“LMCG”), an investment adviser registered with the Securities and Exchange Commis-

sion. In July 2009, LMCG became an affi liate of Convergent Capital, the Chicago-based diversifi ed asset management holding company subsidiary of City National Corporation.

Prior to July 2009, the fi rm was defi ned as Lee Munder Investments Ltd. (“LMIL”), a majority owned subsidiary of Lee Munder Capital Group and an investment adviser registered with

the Securities and Exchange Commission. The fi rm maintains a complete list and description of composites, which is available upon request.

On January 1, 2013, the investment management fee schedule changed to 1.00% per annum on all assets in the strategy. Prior to January 1, 2013, the investment management fee

schedule was 1.25% per annum on all assets in the strategy. Actual investment advisory fees incurred by clients may vary.

Results are based on fully discretionary accounts under management, including those accounts no longer with the fi rm. Account performance is calculated on a total return basis

including income and realized and unrealized gains and losses. Gross returns are net of transaction costs, certain borrow costs and tax withholding on foreign dividends. Net returns

are calculated by applying the investment management fee schedule noted above to the gross returns of the accounts included in the composite. The annual composite dispersion

presented is an asset weighted standard deviation calculated for the accounts in the composite the entire year. The U.S. Dollar is the currency used to express performance. Policies

for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

LMCG claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. LMCG has

been independently verifi ed for the periods October 1, 2000 through June 30, 2013. The verifi cation report(s) is/are available upon request.

Verifi cation assesses whether (1) the fi rm has complied with all the composite construction requirements of the GIPS standards on a fi rm-wide basis and (2) the fi rm’s policies and

procedures are designed to calculate and present performance in compliance with the GIPS standards. Verifi cation does not ensure the accuracy of any specifi c composite presenta-

tion.

Past performance is not indicative of future results.

APPENDIX

Since Inception04/01/2007

4.6

3.4

0.9

+3.7

4.3

3.3

0.1

+4.2

1 Yr

5.8

4.6

0.1

+5.7

3 Yr

6.0

4.8

0.1

+5.9

5 Yr

LMCG GMN Composite (Gross)*

LMCG GMN Composite (Net)**

Citigroup 3-Month T-Bill Index

LMCG GMN Excess Return over T-Bill Index (Gross)

PerformanceAs of 12/31/2013

Global Market Neutral Composite Schedule of Annual ReturnsApril 1, 2007 (date of inception) through December 31, 2013

2013

2012

2011

2010

2009

2008

2007

4.28

5.87

7.19

6.06

6.70

-3.33

4.56

3.28

4.62

5.91

4.80

5.42

-4.52

3.62

0.1

0.1

0.1

0.1

0.2

1.8

3.5

NA

NA

NA

NA

NA

NA

NA

3.97

3.8

6.9

9.0-

-

-

0.0

0.0

0.0

0.3

-

-

-

1

1

1

1

1

1

1

10.0

1.3

1.3

1.3

1.1

1.1

1.1

5,831.5

4,402.6

4,200.7

4,412.7

4,365.1

2,527.4

4,124.5

0

100

100

100

100

100

100

Gross Returns

(%)

Net Returns

(%)

Benchmark (%)

Standard Deviation3

(bps)

Number Of

Accounts

Total Firm

Assets

($ Millions)

Non-Fee Paying Assets

(%)

Comosite Assetsat end of period

($ Millions)

Composite 3yr ExPost Standard

Deviation(%)

Benchmark 3yr ExPost Standard

Deviation(%)

*Gross Performance is net of transaction costs as well as certain borrow costs and tax withholding on foreign dividends. ** Net returns arecalculated by applying the management fee to the monthly gross returns of the accounts included in the composite. The Citigroup 3-Month T-Bill Index is an unmanaged index of three-month Treasury bills. Past performance is not indicative of future results. Shown as supplemental information only and complements the Global Market Neutral Composite.

2.3

2.0

0.0

+2.3

Q 4

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

APPENDIX - GMN INVESTMENT TEAM MEMBERS

Gordon A. Johnson, PhD, CFA Portfolio ManagerGordon Johnson is the lead portfolio manager for LMCG’s International GMN strategies. Prior to joining LMCG in August 2006, Mr. Johnson spent six years at Evergreen Investments, where he served as senior portfolio manager and Senior Vice President/Director for the fi rm’s Global Structured Products group. Mr. Johnson developed the department’s domestic and international quantitative stock selection models and portfolio construction tools, and managed equity port-folios in the large-cap core, large-cap value, all-cap, small-cap core, small-cap growth, and EAFE asset classes. Prior to joining Evergreen, Mr. Johnson spent seven years at Colonial Manage-ment, where he served as portfolio manager for the Colonial Fund, a quantitative/fundamentally managed global mid-cap balanced fund and was Director and Vice President of Quantitative Research. He has also held teaching positions at the University of Massachusetts and California State University. Mr. Johnson is a graduate of California State University, holds an MBA from the University of Washington, Seattle and a PhD in Finance from the University of Massachusetts, Amherst. He is a CFA charterholder.

Shannon M. Ericson, CFA, Portfolio Manager & AnalystShannon Ericson is a portfolio manager and analyst for LMCG’s International and GMN strate-gies. Prior to joining LMCG in August 2006, Ms. Ericson spent six years at Evergreen Investments Group, where she served as Vice President, Quantitative Equities Analyst for the fi rm’s Global Structural Products group. Shannon’s responsibilities included strategy design, new product development, and the rebalancing and optimization of portfolios. Prior to joining Evergreen, Ms. Ericson spent six years at Independence International Associates, Inc., where she served as Vice President, Quantitative International Equities and Marketing Offi cer, Quantitative International Equities. Prior to joining Independence International Associates, Inc., Ms. Ericson spent four years at Mellon Trust Company, where she served as Investment Communications Offi cer in the Private Asset Management Group. Ms. Ericson is a graduate of Bentley College and holds a BS in Fi-nance and an MBA. She is a CFA charterholder.

Vikram K. Srimurthy, PhD, CFA, Portfolio Manager & AnalystVikram Srimurthy is a portfolio manager and analyst for LMCG’s International and GMN strate-gies. Prior to joining the fi rm in August 2006, Mr. Srimurthy spent six years at Evergreen Invest-ments, where he served as Vice President for the fi rm’s Global Structured Products group and was primarily responsible for quantitative research and developing custom portfolio construction tools. Mr. Srimurthy has extensive experience with alpha models and quantitative research and development. Mr. Srimurthy is a graduate of Dartmouth College and holds a PhD in Mathematics from University of California, San Diego. He is a CFA charterholder.

Daniel M. Getler, AnalystDaniel Getler is an analyst for LMCG’s International and GMN Strategies. He joined the fi rm in May 2010 as an Account Administrator in the Operations group. Mr. Getler joined the Internation-al Team in January 2013 after working on several projects with the team. Prior to joining LMCG, Mr. Getler spent one year at Globe Tax Services, where he served as an International Tax Reclaim Specialist. Mr. Getler is a graduate of Oberlin College and holds an MS in Finance from Boston College. He is a level II CFA candidate.

11

FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC USE

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