1. Equity Portfolio Management Amit Khandwala Wright Investors’ Service Senior Vice President - International Equity Management

2. 2 Investment Philosophy We Believe: Investment behavior creates opportunities that passive management does not fully capture A systematic disciplined investment process incorporating both quantitative and qualitative elements identifies companies with above average return potential

3. 3 Price Momentum / Earnings Outlook /Exogenous Factors Capture Quality Ratings and Fundamental Ratios Appropriate Style Universe Quantitative Analysis Portfolio Optimization Qualitative Analysis Portfolio Monitoring Re-optimization Sell Disciplines Investment Process: A Disciplined Approach P O R T F O L I O

4. 4 Quantitative Ranking Model 1.Proprietary Quality Rating 32 specific standards in four categories including liquidity, financial strength, profitability and growth 2.Earned Return A measure of return to investors 3.Valuation-Adjusted Earned Return Historic R.O.I. adjusted for current valuation 4.Earnings Momentum Combines Wright’s historic earnings measures and projected consensus earnings Factor weightings are dynamic and are regularly reviewed to validate predictive strength.

5. 5 INVESTMENT ACCEPTANCE + FINANCIAL STRENGTH + PROFITABILITY & STABILITY + GROWTH = INVESTMENT QUALITY 32 SCREENS OF THE WRIGHT QUALITY RATINGS Quality Rating QUALITY RATING: 28,000 names are screened through a proprietary process to assign a quality rating

6. 6 Quantitative Ranking Model 1.Proprietary Quality Rating 32 specific standards in four categories including liquidity, financial strength, profitability and growth 2.Earned Return A measure of return to investors 3.Valuation-Adjusted Earned Return Historic R.O.I. adjusted for current valuation 4.Earnings Momentum Combines Wright’s historic earnings measures and projected consensus earnings Factor weightings are dynamic and are regularly reviewed to validate predictive strength.

7. 7 Qualitative Analysis – Porter’s Five Forces Threat of new entrants Bargaining power of buyers Bargaining power of suppliers Rivalry among existing firms Availability of substitutes

8. 8 Sector/Country Allocation Economic outlook Political environment Regulatory issues

9. 9 Portfolio Construction Portfolio optimizer seeks to minimize benchmark variance Portfolios are monitored constantly and re- balanced periodically

10. 10 Summary Quality Rankings Ranking Model Optimization Porter’s Five Forces Market trends Technical trends Exogenous Factors Q U A N T I T A T I V E Q U A L I T A T I V E F I N A L P O R T F O L I O Sell Discipline P O R T F O L I O R E V I E W

11. 11 Questions