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ICMA 99th Annual Conference:

Today’s Investment Environment

William A. Muggia President, CEO & CIO

The opinions expressed and portfolio holdings discussed are current as of the date of this presentation; they are subject to change and are not intended to be investment recommendations. Past performance is not indicative of future results. Not all stocks mentioned are necessarily current or past holdings in our client accounts.

No assurance can be given that any estimates or outlooks will prove accurate; they should be neither construed nor relied upon as investment advice. Some of the content in this presentation has been supplied by companies that are not affiliated with Westfield (“third party data”).

Any third party data contained herein has been obtained from sources believed to be reliable but the accuracy of the information cannot be guaranteed.

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U.S. Remains the Most Attractive Market

Major U.S. Trends

A multi-year recovery in housing is still early and will drive growth in consumer durable and discretionary sectors

U.S. Energy independence will stimulate a U.S. manufacturing renaissance and a U.S. capital spending surge

Health Care and Technology are in the early stages of new innovation cycles of organic growth fueled by a decade of R & D investment and creative destruction

Equity flows are reversing and U.S. equities are very attractive relative to other investment opportunities

“Return of Capital” investments combining dividends, share buy-backs, and accretive acquisitions offer significant shareholder opportunity

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U.S. Remains the Most Attractive Market

Recent U.S. Updates

A rise in mortgage rates slowed recent housing start momentum, but did not alter pricing trends or longer term pent up demand dynamics

Despite concerns related to Fed “tapering,” rising oil prices and Syria, the ISM Manufacturing Index increased to 55.7 in August; the increase in “new orders” to 63.2 was the highest level since April 2011

Health Care, particularly those companies offering true innovation, continues to offer market leadership

-3- 3

The Trend & Tail for Housing Remain Bullish

The last four housing cycles have exceeded 2 million starts at peak – a double from current level

After 17 months of double-digit gains, new home sales momentum stalled slightly over the summer due to a spike in mortgage rates

Despite the summer stall, the pent up demand is bullish long-term for the U.S. economy; we expect that starts will reaccelerate next spring

U.S. Housing Starts & Permits

Source: FactSet '61 '64 '67 '70 '73 '76 '79 '82 '85 '88 '91 '94 '97 '00 '03 '06 '09 '120

500

1,000

1,500

2,000

2,500

3,000 Housing Units Started, Total, Sa - United States Housing Units Authorized By Building Permits, Total, Sa - United States

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The Increase in Consumer Wealth has Spurred Car and Truck Buying

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13-40

-30

-20

-10

0

10

20

30 Retail Sales: Autos (3 Mo. Avg. Y/Y%) - United States

Source: FactSet

-5-

But Spending Improvement is Not Yet Broad Based

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13-15

-10

-5

0

5

10

15 Retail Sales: Ex. Motor Vehicle & Parts (3 Mo. Avg. Y/Y%) - United States

Source: FactSet

-6-

U.S. Manufacturing Renaissance / Energy Trends Intact

U.S. manufacturing output as a percentage of national GDP fell to around 12% in 2011; the rate of decline has now bottomed out and is turning

Source: Citi Research, Bureau of Economic Analysis

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U.S. manufacturing, as a contributor to GDP, should see a resurgence aided by a sustainable advantage in natural gas, related inputs, and improved labor competiveness; the list of new factories under construction in the U.S. is growing daily

U.S. Manufacturing Renaissance / Energy Trends Intact

Source: World Bank Commodity Markets. The Washington Post. Published on April 1, 2013

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U.S. Manufacturing Trends Remain Intact U.S. capital project wave continues to build

Capital investment has re-focused on the U.S. market after a decade-long hiatus; Inexpensive natural gas and natural gas liquids have served to reinvigorate U.S. capital project activity

Industry consultant IHS Chemical projects that investments in U.S. petrochemicals will total nearly $120 billion between 2013 and 2030, including $48 billion during a 5 year period between 2013 and 2018

Favor Cyclicals over Defensives

Product Projections Timing Capex $bn Cost Per TonEthylene + derivatives 15+ 2013-2020+ $38 $1,000-1,300₁Propane dehydrogenation (PDH) 7 2015-2018 4 800-1,000Methanol 9 2012-2017 6 200-700₂Nitrogen 14 2012-2019 22Total selected projects 45+ $70Other projects 40-50Forecast to 2030 $110-120

Summary of Selected U.S. Petrochemical Projects

Note 1: Per ton cost shown for ethylene only Note 2: High end reflects green field project cost

Source: Bank of America Merrill Lynch Global Research, HIS Chemical, ICIS

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Health Care & Technology Innovation

Organic growth opportunities in both Health Care and Technology remain very strong

In Health Care, we remain convinced that innovation is strong and pipelines are robust

Technology is undergoing a period of creative deconstruction

Opportunities in the next generation of cloud computing and cyclical and secular opportunities in telecom-related services continue to be of interest

Health Care Cloud Computing Telecom

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=lATxDLYes4hhnM&tbnid=65WSnlIrZKhOiM:&ved=0CAUQjRw&url=http://investing.covestor.com/2011/06/celgene-shareholders-organize-online-to-protest-executive-pay-celgene-spokesman-tries-to-deflect-attention&ei=mPBZUbrCEM-B0QG4iIAw&bvm=bv.44442042,d.dmQ&psig=AFQjCNEJITjgaXH6wJiTHbEMyDkIDH1-aQ&ust=1364935188858671http://www.salesforce.com/http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=nhvsZS-b_uKiBM&tbnid=bt7pCUE5YuylAM:&ved=0CAUQjRw&url=http://en.wikipedia.org/wiki/File:Ixia_logo.gif&ei=dBvoUeIGxv3gA-_zgMgM&bvm=bv.49478099,d.dmg&psig=AFQjCNHaesqiWI0xN0DlWQcNP1_9dMGLMA&ust=1374252270126080http://www.google.com/url?sa=i&source=images&cd=&cad=rja&docid=lStGQbnaaW0C3M&tbnid=diecfylY7ZYvlM:&ved=0CAgQjRwwAA&url=http://utahpeoplespost.com/2013/05/medivation-price-target-raised-to-60-00-at-jmp-securities-mdvn/&ei=PWLtUZbOELeu4APf3oGYDg&psig=AFQjCNGmlPPHd9H6vKYYvczcGh66LwVqVw&ust=1374598077395944http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=w2CO4Sr6Qw4ldM&tbnid=iqsjEUQy7acBLM:&ved=0CAUQjRw&url=http://www.freshersjob.net/xilinx-hiring-freshers-graduates-b-techm-tech-as-software-project-intern-at-hyderabad-june-2013/&ei=Y2vtUbbHM6jC4APC24DwDw&bvm=bv.49478099,d.dmg&psig=AFQjCNEbaESvMA89R2BxA-Ovvof2FRgVyQ&ust=1374600393940973

-10- 9

Return of Capital Themes

Even if yields begin to trend up, we like companies that: Generate free cash Buy back stock and/or increase dividends as long as the company grows core

EPS at competitive rates

Source: FactSet, Morgan Stanley Research

Return of Capital Strategies Have Outperformed, Even Since the 2009 Lows in the S&P 500

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Cumulative Fund Flows, Net New Cash

Source: Furey Research Partners and ICI; as of May 31, 2013

'93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12$-400

$-200

$0

$200

$400

$600

$800

(Bill

ion)

All Bond & Income Funds (Left) All Equity Funds (Left) Recession Periods - United States

Net New Cash Flow into Mutual Funds

-12-

China, Europe and the Rest of the World Stabilizing and Improving Major ROW trends

Global growth is improving

Of 29 PMIs released in August, 26 improved and 19 are in expansion territory

ROW themes

Global telecom capex acceleration lead by China and Europe

Global auto production improvement lead by Europe bottoming and a strong auto market in China and Korea

Global energy and transportation infrastructure development

-13-

China, Europe and the Rest of the World Investing are Stabilizing

Source: Boenning & Scattergood

The Markit Flash Eurozone PMI Composite Index increased +1.0 points to 51.5 in the month of August, which is the highest level since June 2011

The Eurozone Services PMI index increased +0.9 points to 50.7 and indicated growth for the first time since January 2012, the highest level in two years

-14-

Some Better China Data

Source: Cornerstone

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Outlook

Commodity demand in long term decline (commodity boom from 2002 – 2012 could be over)

Inflation in long term decline

Metal Prices in long term decline

Stronger U.S. dollar

P/E multiple expansion for the U.S. stock market

U.S. Companies with foreign exposure saw best earnings growth 2003-2009… the tide is turning

China has “peaked”? Implications:

Conclusions: U.S. equities outperform bonds

U.S. equities outperform International and Emerging Markets

Inflation stays low, P/E’s expand in U.S., U.S. dollar strong

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The information contained in this presentation is current as of the date(s) indicated; they are subject to change without notice. The presentation may contain forward looking statements; there is no guarantee or assurance that these statements will prove accurate or profitable. They are not intended to be investment recommendations. Past performance is not indicative of future results. Some of the content in this presentation has been supplied by companies that are not affiliated with Westfield (“third party data”). Any third party data contained herein has been obtained from sources believed to be reliable but the accuracy of the information cannot be guaranteed.

Important Disclosures

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