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Board of Investment CommissionersEmployees' Retirement System

Providence, RI

Presentation Prepared For

BOARD OF INVESTMENT COMMISSIONERS FOR THE

EMPLOYEES’ RETIREMENT SYSTEM

CITY OF PROVIDENCE RHODE ISLAND

Submitted by

Wainwright Investment Counsel, LLC One Boston Place Boston, MA 02108

AS OF MARCH 31, 2013


Providence, RI

The information provided herein, including, but not limited to, the historical performance information and descriptive strategy information, was provided by third party managers and/or custodians who are independent and not affiliated with Wainwright Investment Counsel, LLC or its affiliates. The information was gathered from sources deemed to be reliable; however, no assurance is made as to the accuracy of the data. This summary and information provided herein does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon in connection with any offer or sale of securities. This summary is qualified in its entirety by, among other things, the disclosures incorporated in any investment management agreement and the disclaimers included herein.

This presentation was prepared for discussion purposes only. Wainwright Investment Counsel, LLC disclaims any and all liability relating to this presentation and makes no express or implied representations or warranties concerning the accuracy or completeness of this presentation, the contents of which may change without notice.

Investment Performance andInvestment Manager Review

Table ofContents Section/Tab

Investment Performance Analysis……………………………………… A

Performance Summary: Total Account…………………………. 1Total Portfolio return information as of March 31, 2013

Portfolio Structure and Performance Summary: Asset Class………………………………… 2

Manager Performance: Benchmarkvs. Manager Analysis……………………………………………… 3

US Equity Managers……………………………… AInternational Equity Managers…………………… BFixed Income Managers…………………………… CHedge Fund Managers…………………………. D

Providence, RI


2B

1

Providence, RI

Investment Performance Analysis March 2013

Board of Investment CommissionersMarket Value Data Source: State Street Bank

Employees' Retirement System

Legend Name

Non-US Equity14.4%

Private Equity1.3%

Cash0.2%

Hedge Funds19.1%

US Large Cap Value7.6%

Non-US Fixed Income5.3%

US Fixed Income20.7%

US Mid/Small Cap Growth6.9%

US Small Cap Value10.1%

US Mid Cap Value9.3%

US Large Cap Growth5.0%

Investment Policy/Asset Allocation at March 31, 2013

3B

2

Returns for more than one year are annualized Actuarial Rate of Return - 8.25%

[1] Investment Policy Benchmark:7/1/96 to 12/31/01: 5% S&P 500/7.5% Wil LCG/7.5% Wil LCV/5% Wil MCG/6.75% Wil MCV/5% Wil SCG/6.75% Wil SCV/8% MSCI EAFE/38% Bar G/C Int/3% Citi Non-US/7.5% 3 Mth T-Bill1/1/02 to 3/31/06: 8.2% Rus 1K Val/8.6% Rus 1K Gr/10.8% R 2K Val/8.1% Rus 2500 Gr/8% Rus MCV/ 11.8% MSCI EAFE/30% Bar G/C Int/3% Citi Non-US/7.5% HFRI Fd of Fds/4% S&P 500 + 4%4/1/06 to 4/30/09: 8.2% Rus 1K Val/8.6% Rus 1K Gr/10.8% R 2K Val/8.1% Rus 2500 Gr/8% Rus MCV/ 11.8% MSCI EAFE/26% Bar G/C Int/3% Citi Non-US/11.5% HFRI Fd of Fds/4% S&P 500 + 4%5/1/09 to 12/31/11: 7% Rus 1K Val/5% Rus 1K Gr/9.5% R 2K Val/7% Rus 2500 Gr/8.5% Rus MCV/ 14% MSCI EAFE/28% Bar G/C Int/6% Citi Non-US/12% HFRI Fd of Fds/3% S&P 500 + 4%1/1/12 to Present: 7.5% Rus 1K Val/5.25% Rus 1K Gr/10% R 2K Val/7.5% Rus 2500 Gr/9% Rus MCV/ 14.75% MSCI EAFE/24% Bar G/C Int/5% Citi Non-US/13% HFRI Fd of Fds/4% S&P 500 + 4%


Providence, RI


DISCLOSURE- The data above was gathered from sources deemed to be reliable, however, no assurance is made as to the data's accuracy. The returns are presented time-weighted and net of investment management and advisory fees. Past performance is not a guarantee of future investment results.

7.2%6.2%

2.2%

9.2%10.0%

6.4% 7.0%

4.9%

10.5%

8.7%

6.2%

2.0%

0%

10%

20%

March-13 YTD Trailing 1 Yr Trailing 3 Yrs Trailing 5 Yrs Since Inception-7/1/96

% R

etur

n

ERS Providence Policy Benchmark [1]

4B

3


Providence, RI


Market Value Data Source: State Street Bank

March 31, 2013



US Mid/Small Cap Growth

6.9%


Hedge Funds19.1%

Private Equity1.3%


Non-US Equity14.4%



Cash0.2%

Investment Policy/Asset Class Mix



US Mid/Small Cap Growth

7.5%

Cash0.0%

Non-US Equity14.8%

US Large Cap Growth5.3% US Large Cap

Value7.5%


Private Equity4.0%Hedge Funds

13.0%


5B

4

Cap Policy Weighted Index:

46% Russell 1000/ 54% Russell 2000Custom Russell 1000

Since Inception to 12/31/01- S & P 500/ 1/1/02 to Present- Russell 1000Custom Russell 2000

Since Inception to 12/31/01- 50% WMSV & 50% WMSG/ 1/1/02 to Present- Russell 2000

Returns for more than one year are annualized


Providence, RI



US Equity Manager Performance

Total US Equity

9.0%

16.1%

14.0%

3.9%

11.5%

8.2%

15.4%

13.2%

11.8%

4.3%

7.9%7.3%

0%

10%

20%


% R

etur

n

US Equity Cap. Policy Weighted

6B

5



Providence, RI



Non-US Equity Manager Performance

Brandes - EAFE Manager

-0.5% -0.9%

4.4%

9.5%

2.1%

4.2%

2.8%4.5%

5.0%

11.3%

5.1%

0.8%

-10%

0%

10%

20%


% R

etur

n

Brandes MS - EAFE

7B

6



Providence, RI



Total Fixed Income

2.3%

5.8%5.4%

-0.3%

5.1%

-0.5%

2.9%

5.7%

4.6%4.7%

0.3%0.1%

3.5%

-3.8%

3.3%

-2.2%

5.1%

-0.5%

-6%

-4%

-2%

0%

2%

4%

6%

8%


% R

etur

n

Fixed Income Managers BC Int. Govt/Corp Citi Non-US Fixed

Fixed Income Managers Performance

8B

7

Investment Manager Performance Analysis


Providence, RI



Legend Name

Non-US Equity14.4%

Private Equity1.3%

Cash0.2%

Hedge Funds19.1%








9B

8

US Equity Manager Review


Providence, RI



Legend Name

Non-US Equity14.4%

Private Equity1.3%

Cash0.2%

Hedge Funds19.1%








10B

9

*Effective 1/1/02, Index was changed from Wilshire Target Large Value to Russell 1000 ValueReturns for more than one year are annualized

Statistics Mar-13Initial Contribution $25,070 Net Flows -37,164 Current Market Value $20,314% of Total Assets 7.62%


Providence, RI



Columbia (formerly Fleet ValuePath) - Large Cap Value

8.0%7.2%

16.1%

3.8%

14.1%

12.0%

6.0%

12.7%

18.8%

12.3%

4.0% 4.8%

0%

10%

20%

30%


% R

etur

n

ValuePath *Custom Russell 1000 Value

11B

10

Statistics Mar-13Initial Contribution $15,967Net Flows -21,701Current Market Value $6,603% of Total Assets 2.48%


Providence, RI



*Effective 1/1/02, Index was changed from Wilshire Target Large Growth to Russell 1000 GrowthReturns for more than one year are annualized

Mellon (formerly The Providence Group) - Large Cap Growth

6.0%

7.3%

5.0%

8.6%9.4%

11.1%

3.7%

7.3%

3.8%

9.5% 10.1%

13.1%

0%

10%

20%


% R

etur

n

Providence Group *Custom Russell 1000 Growth

12B

11

Statistics Mar-13 Initial Contribution $9,434Net Flows -8,950 Current Market Value $6,771 % of Total Assets 2.54%


Providence, RI




SSGA Russell 1000 Growth

7.3% 7.3%

10.1%

3.8%

13.1%

9.5%

7.4%

10.1%

3.8%

13.1%

9.5%

7.4%

0%

10%

20%


% R

etur

n

SSGA Russell 1000 Growth Russell 1000 Growth

13B

12

Statistics Mar-13 Statistics Mar-13Initial Contribution $20,350 Initial Contribution $18,350Net Flows -52,225 Net Flows -37,300BP SCV Market Value $26,909 BP MCV Market Value $24,860% of Total Assets 10.10% % of Total Assets 9.33%


Providence, RI



*Effective 1/1/02, Small Value Index changed from Wilshire Target Small Value to Russell 2000 Value**Effective 1/1/02, Mid Value Index changed from Wilshire Target Mid Value to Russell MidCap Value


Boston Partners - Small/Mid Cap Value

10.4%11.3%

18.0%

12.6%

9.8%

3.1%

10.0%

12.3%

15.8%

12.6%

18.0%

3.8%

7.6%7.3%

12.1%

18.1%

4.2%

11.6%

9.5%8.5%

15.0%

4.5%

14.2%

21.5%

0%

10%

20%

30%


% R

etur

n

Boston Partners SCV Boston Partners MCV *Custom Russell 2000 Value **Custom Russell Mid Cap Value

14B

13

Statistics Mar-13 Statistics Mar-13Initial Contribution $5,500 Initial Contribution $7,972Net Flows -3,361 Net Flows -4,751Vanguard MCG ETF $7,679 SSgA 2000 Growth Fd $10,685% of Total Assets 2.88% % of Total Assets 4.01%


Providence, RI




Vanguard MCG ETF/SSgA Russell 2000 Growth Fund-Mid/Small Growth Managers

14.6%

12.5%

4.1%

12.3%

20.6%

12.8%

4.0%

11.5%

14.2%

20.2%

13.2%

5.1%

14.8%14.7%

20.3%

13.2%

5.1%

14.7%

20.2%

14.5%

0%

10%

20%

30%

March-13 YTD Trailing 1 Yr Trailing 3 Yrs Since Inception-6/1/09

% R

etur

n

Vanguard Mid Cap Growth ETF Russell Mid Cap Growth SSgA Russell 2000 Growth Fd Russell 2000 Growth

15B

14

International Equity Manager Review


Providence, RI



Legend Name

Non-US Equity14.4%

Private Equity1.3%

Cash0.2%

Hedge Funds19.1%








16B

15

Statistics Mar-13Initial Contribution $19,883Net Flows -35,993 Current Market Value $38,457% of Total Assets 14.43%


Providence, RI




Brandes Investment Partners vs. EAFE

-0.5%

9.5%

4.4%4.2%

2.1%

4.5%2.8%

5.0%5.1%

0.8%

11.3%

-0.9%

-10%

0%

10%

20%


% R

etur

n

Brandes MS - EAFE

17B

16

Fixed Income Manager Review


Providence, RI



Legend Name

Non-US Equity14.4%

Private Equity1.3%

Cash0.2%

Hedge Funds19.1%








18B

17

Statistics Mar-13Initial Contribution $85,000 Net Flows -107,851 Current Market Value $55,134% of Total Assets 20.69%


Providence, RI




Loomis - US Fixed Income

6.0% 6.2%

4.6%

5.7%

0.3%0.1%

6.1%

4.9%

0.3%0.1%

4.7%

3.5%

0%

2%

4%

6%

8%

10%


% R

etur

n

Loomis Sayles BC Int. Govt/Credit

US Fixed Income Manager Performance

19B

18

Statistics Mar-13Initial Contribution $8,000Net Flows -4,000Current Market Value $14,182% of Total Assets 5.32%


Providence, RI




Rogge - Non-US Fixed Income

2.3%

4.9%

2.3%

5.1%

-3.3%

-2.0%-1.3%

3.5% 3.3%

-3.8%

-0.5%

-2.2%

-6%

-4%

-2%

0%

2%

4%

6%

8%


% R

etur

n

Rogge Citi Non-US Fixed

International Fixed Income Manager Performance

20B

19

Hedge Fund Manager Review


Providence, RI



Legend Name

Non-US Equity14.4%

Private Equity1.3%

Cash0.2%

Hedge Funds19.1%








21B

20

Statistics Mar-13Initial Contribution $5,000 Net Flows 0 Current Market Value $5,411% of Total Assets 2.03%

Providence, RI

Graham Global Investment Fund II




0.3%

3.2%

8.2%

0.8%1.4%

0.5%

0%

10%

March-13 YTD Since Inception-6/1/12

% R

etur

n

Graham Global Investment Fund II HFR Macro Index

22B

21


Statistics Mar-13Initial Contribution $6,000Net Flows 0Current Market Value $11,098% of Total Assets 4.17%

Providence, RI

Q-BLK (Quellos) Strategic Partners




3.3%

5.3%

-0.2%

3.6%

7.2%6.3%

3.0%

0.8%

2.1%0.9%

3.4%4.8%

-10%

0%

10%


% R

etur

n

Q-BLK (Quellos) Strategic Partners HFR Fund of Funds

23B

22

Statistics Mar-13Initial Contribution $20,000Net Flows 0Current Market Value $34,442% of Total Assets 12.93%

Providence, RI

Renaissance Institutional Equity Fund

March 2013Investment Performance Analysis




10.0%

8.1%

3.7%

11.0%

21.9%

11.7%

2.8%3.6%

2.1%

5.8%5.2%

1.4%

0%

10%

20%

30%


% R

etur

n

RIEF HFR Equity Index

24B

23


Providence, RI

DISCLAIMER The data set forth herein was gathered from sources deemed to be reliable; however, no assurance is made as to the data's accuracy. This summary and information provided herein does not constitute an offer to sell or a solicitation of an offer to buy any securities and may not be used or relied upon in connection with any offer or sale of securities. This summary is qualified in its entirety by, among other things, the disclosures incorporated in any investment management agreement. This presentation was prepared for your financial recordkeeping and discussion purposes only. Wainwright Investment Counsel, LLC disclaims any and all liability relating to this presentation and makes no express or implied representations or warranties concerning the accuracy or completeness of this presentation, the contents of which may change without notice.

25B

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