International Small Companies Bay County Employees’ Retirement System Matthew Dobbs, Head of Global Small Cap Equities, Portfolio Manager

April 2019 For professional advisers only. This material is not suitable for retail clients

Investment philosophy

Philosophical beliefs Deduction Process

Stock selection is key source of value- Inefficiency higher for small stocks Stock selection predominant added

Seek quality and growth – at the Small stocks have higher specific risks Embedded in screens and in-house stock research wrong price

Seek long-term, not short-term Low liquidity an opportunity and a challenge Long-term time horizon valuation anomalies

Opportunity set is global Need for on the ground presence Extensive, dedicated global team

The views and forecasts contained herein are those of the International Small Cap team and are subject to change.

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1 Resources International Small Cap team – a fully resourced and focused team

– 19 specialists in international small Lead Portfolio Manager company research Matthew Dobbs 37 (37) and investment – Core team of Lead Portfolio Manager and Pacific x Jap Pan Europe Small Cap Specialist Small Cap Specialist Small Cap Specialist Regional Specialists have an average of 26 Takuya Furutani 15 (24) Richard Sennitt2 25 (25) Jean Roche 3 (19) years investment experience and an Paul Rathband 7 (27) Andrew Lynch 20 (20) average of 18 years tenure at Schroders Small Cap Analyst Small Cap Analyst Small Cap Analyst Andrew Rose2 37 (37) Rebecca Xu 8 (8) Andy Brough 31 (31) – Local presence and knowledge the key – Ayumi Kobayashi 14 (30) Gina Kim Ji Yong 6 (19) Luke Biermann4 12 (12) Kota Takahashi 6 (12) Siew Ling Tan 5 (9) Iain Staples 7 (20) primary research conducted out of Chuan Yao Lu 1 (10) Hannah Piper4 6(8) Schroder research offices globally Matthew Yang 4 (11) Alexander Deane3 3(8)

– Team can draw on the broader Schroder Cap Team Small International focus list analysts – approximately 20% of holdings covered by focus list analysts – Cross fertilization of investment ideas between regions and with Global Focus list analysts1 ESG* Team Data Insights Unit – Japan – 9 – Team of 12 dedicated ESG – A team of data scientists, data Sector Experts – Pacific ex Japan – 36 specialists consultants and data engineers –Pan Europe –11

Global Sector Specialists – 9 Global Resource # = Number of years with Schroders. (#) = Numbers of years investment experience. Source: Schroders as of March 31, 2019. 1December 31, 2018. 2Located in London. 3Includes other coverage. 4Also a specialist.

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Performance

2 Performance Investment environment

S&P EPAC Small Cap Index vs. MSCI MSCI EAFE and MSCI EAFE Small EAFE Index1 Cap Index Performance in US$(%)2 – Equity markets made gains in Q1, rebounding June 1989 = 100 3 months to 31 March 2019 from a weak end to 2018 as concerns over the China-US trade dispute eased and major 160 16 central banks grew more accommodative. 150 14 – Smaller companies finished modestly ahead of their large cap peers with the MSCI EAFE Small 140 12 Cap index rising +10.7% compared to the 130 MSCI EAFE Index rise of +10.0%. Small caps 10 outperformed in all regions with the United 120 Kingdom and continental Europe making the 8 strongest contributions to relative 110 performance. 6 100 – By sector, smaller companies outperformed in 4 consumer discretionary, communication 90 services and information technology. 80 2 Meanwhile they trailed in materials and consumer staples. 70 0 89 92 95 98 01 04 07 10 13 16 EAFE Cont UK Japan Pacific Europe ex Japan MSCI EAFE MSCI EAFE Small Cap

1Source: Schroders, S&P, MSCI, 31 March 2019. 2Source: Schroders, MSCI. Performance shown is past performance. Past performance is not necessarily a guide to future performance. The value of investment can go down as well as up and is not guaranteed.

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Performance SISCO1 - Bay County Employees’ Retirement System

Value: US$ 31,270,374 as at 31 March 2019 Inception date: June 30, 2006 Performance to 31 March 2019 in US$%) 3 months 1 year 3 year p.a. 5 year p.a. Since Inception p.a.

SISCO (NAV)1 +8.5 -14.7 +6.3 +3.8 +5.8 Bay County Index2 +11.0 -7.9 +9.0 +6.2 +6.8 Fund Index3 +10.7 -9.4 +7.5 +4.7 +5.3 SISCO1 vs Fund Index3 -2.2 -5.3 -1.2 -0.9 +0.5

Calendar year performance against Fund Index3 Contribution from 2018 2017 2016 2015 2014 SISCO (NAV)1 -22.0 +39.3 +1.0 +10.9 -3.9 Bay County Index2 -16.4 +34.5 +3.7 +10.5 -1.6 Fund Index3 -17.9 +33.0 +2.2 +9.0 -3.1 SISCO1 vs Fund Index3 -4.1 +6.3 -1.2 +1.9 -0.8

1Schroder International Small Companies Fund (SISCO). Performance based on JPMorgan NAV and is subject to fair value pricing adjustments applied in periods of elevated market volatility using an independent service. As the benchmark is not subject to this practice, artificial gaps between NAV and index performances can result. 2Fund Index plus 150 basis points 3S&P EPAC SmallCap to 12/31/2015, then MSCI EAFE Small Cap (NDR) Source: Schroders, S&P, MSCI, Factset PA3, gross of fees. Past performance is not an indication of future performance. Please see full disclosures at the end of the presentation 5

3 Performance and performance attribution 3 months to 31 March 2019

S&P EPAC SmallCap to 12/31/2015, then SISCO1 MSCI EAFE Small Cap (NDR) End weight Total return End weight Total return Stock selection Regional allocation Total effect UK 15.8 14.5 18.9 14.8 0.0 -0.1 -0.1 Continental Europe 39.1 8.7 38.5 11.0 -0.8 0.0 -0.8 Japan 28.6 5.7 30.4 7.1 -0.4 0.0 -0.4 Pacific ex Japan 8.3 12.0 12.2 12.5 -0.1 -0.1 -0.2 Emerging Markets 5.2 8.8 - - --0.1-0.1 Cash 2.9-----0.2-0.2 Residual ------0.4 Total 100.0 8.5 100.0 10.7 -1.3 -0.5 -2.2

Top 5 Active Contributors Top 5 Active Detractors 3 months to 31 March 2019 3 months to 31 March 2019 Return (%) Contribution (%) Return (%) Contribution (%) plc 65.8 0.34 STEMMER IMAGING AG -32.8 -0.30 OCI NV 35.1 0.24 Bingo Industries Ltd. -15.9 -0.22 HelloFresh SE 34.7 0.21 Tokai Tokyo Financial Holdings, Inc. -14.6 -0.22 SPIE SA 33.6 0.18 Sif Holding N.V. -15.6 -0.20 Dalata Hotel Group Plc 22.0 0.16 Ai Holdings Corporation -6.6 -0.19

1Schroder International Small Companies Fund (SISCO). Source: Schroders, S&P, MSCI, Factset PA3

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Performance and performance attribution 12 months to 31 March 2019

S&P EPAC SmallCap to 12/31/2015, then SISCO1 MSCI EAFE Small Cap (NDR) End weight Total return End weight Total return Stock selection Regional allocation Total effect UK 15.8 -4.8 18.9 -6.8 0.4 0.0 0.4 Continental Europe 39.1 -19.5 38.5 -10.2 -4.2 0.0 -4.2 Japan 28.6 -13.4 30.4 -11.9 -0.6 0.1 -0.5 Pacific ex Japan 8.3 -14.6 12.2 -3.9 -0.9 -0.1 -1.0 Emerging Markets 5.2 -14.0 - - --0.2-0.2 Cash 2.9----0.20.2 Residual ------0.0 Total 100.0 -14.7 100.0 -9.4 -5.3 0.0 -5.3

Top 5 Active Contributors Top 5 Active Detractors 12 months to 31 March 2019 12 months to 31 March 2019 Return (%) Contribution (%) Return (%) Contribution (%) Dunelm Group plc 59.8 0.45 Senvion SA -88.9 -0.85 Basic-Fit NV 16.6 0.31 Sif Holding N.V. -51.0 -0.51 OCI NV 19.3 0.27 Tokai Tokyo Financial Holdings, Inc. -46.1 -0.49 Nippon Shinyaku Co., Ltd. 9.6 0.24 Bingo Industries Ltd. -46.8 -0.48 PLC 20.4 0.23 Ai Holdings Corporation -39.5 -0.44

1Schroder International Small Companies Fund (SISCO). Source: Schroders, S&P, MSCI, Factset PA3

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4 Fund1 risk characteristics

1Schroder International Small Companies (SISCO). Source: Schroders Risk Report, Style Research, as at March 31, 2019 Portfolio characteristics are subject to change and should not be viewed as an investment recommendation. Please see full disclosures at the end of the presentation

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Fund characteristics Schroders1 vs. MSCI EAFE Small Cap index

As of 31 March 2019 Schroders1 Index Schroders1 Index No of stocks 168 2,331 Percentage>$3Bn 18.6% 22.6% Free Market Capitalization US$M Percentage>$1Bn<$3Bn 41.2% 48.3% Minimum 73 60 Percentage>$0.5Bn<$1Bn 28.5% 18.7% Maximum 9,817 10,334 Percentage<$0.5Bn 11.7% 10.4% Weighted Average 1,961 2,092 Total 100.0% 100.0% Median 1,096 700

Valuation factors Schroders1 Index Valuation factors Schroders1 Index P/E (12mo trailing) 15.0 15.0 3 Year Sales Growth 10.5 8.7 P/CF 11.6 10.6 3 Year Earnings Growth 15.7 13.0 P/BV 1.8 1.5 Dividend Payout Ratio 35.2 39.2 LT Debt/Capital 25.5 27.3 Dividend Yield 2.3 2.6 ROE 15.4 13.1

1Schroder International Small Companies Fund (SISCO). Source: Schroders, Style Research, Factset

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5 Investment strategy Country weightings – Schroder International Small Companies Fund1

We remain modestly overweight continental Europe, but reduced exposure over the most recent quarter. 2 Given the significant recovery in markets over the period, we trimmed selective positions, particularly in Measured against Fund Index industrials, and information technology. The region is depressingly becalmed in terms of growth, with the 10 export sector the main source of weakness. Rising inventories, particularly in Germany, suggest that the Overweight % indigestion could be somewhat prolonged. Domestic sources of growth are somewhat steadier, and the decision by the ECB to defer tightening provides some underpinning to growth and temporary relief to euro 5.4 5.3 5.2 5 tensions. Key over-weights by sector are industrials, materials and consumer discretionary balanced by 2.9 underweights in health care, consumer staples, information technology and real estate. In country terms, 2.1 1.8 1.4 overweights are the Netherlands, Ireland and with underweights in Sweden, Switzerland and 0.7 1.2 Belgium. 0 Essentially no change to our underweight position in the . Despite headlines surrounding job losses to Europe from the City and closures of assembly facilities/deferred investment in the auto -2 -1.5 -1.8 industry, growth is proving resilient if unspectacular. Employment is at record levels, and labour cost -3.3 -3.1 -5 -3 pressures are impinging on lower value-added areas. There is a certain amount of consolidation happening -3.3 -4.1 in areas such as commercial services and retail which should favor the stronger survivors. Management -3.9 comment accompanying results has been unsurprisingly cautious, and capital spending is subdued. We still Underweight % see value among domestically oriented stocks and sectors, so while cautious on market overall, we are -10 overweight consumer cyclicals – almost a third of the UK portfolio. Japan Pacific ex. UK Continental EM Cash As the classic trade sensitive cyclical market, the outlook of subdued exports and slowing global growth is Japan Europe not the most conducive backdrop for the Japanese market. It is unsurprising that the cheap valuations and the longer-term improvement in ROEs by the corporate sector is being largely ignored by investors. The corporate governance story is now widely acknowledged, and perhaps a bit stale. Foreign investors have remained prominent sellers, despite there being a pick-up in private equity activity. Fund remains Fund¹ 30-Sep-18 Fund¹ 31-Dec-18 Fund¹ 31-Mar-19 underweight, with a focus upon more cyclical growth areas of I.T. industrials and materials. Valuations have largely reverted to near the long-term averages in Pacific ex Japan given some strong price Fund1 weight % at 31 March 2019 moves and generally negative earnings revisions. Investors have become comfortable with the view that trade talks will be resolved amicably, and recovery in key industries (eg IT) is a settled fact for the second 28.6 8.3 15.8 39.1 5.2 2.9 half. This makes us a bit nervous, but we have largely retained our positions while remaining markedly underweight Australia. China continues to pursue a tricky balance between credit discipline, but keeping growth intact with a range of measures, some acknowledging the need to support the private sector. We Index weight % at 31 March 2019 continue to avoid more cyclical and/or leveraged companies. Sector focus is upon consumer cyclicals and 30.4 12.2 18.9 38.5 – – industrials.

1Schroder International Small Companies Fund (SISCO). 2S&P EPAC SmallCap to 12/31/2015, then MSCI EAFE Small Cap (NDR) Source: Schroders, S&P, MSCI. Regional weights are subject to change and should not be viewed as an investment recommendation. This slide contains the views of the International Small Cap Team. These views are subject to change and do not necessarily represent the views of Schroders .

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Fund positioning Country sector matrix

MSCI EAFE Small Cap Index as of 31 March 2019 Consumer Consumer Total Discretionary Staples Energy Financials Healthcare Industrials IT Materials Real Estate Communication Utilities Cont. Europe 38.5 2.9 2.2 1.5 5.4 3.9 8.3 4.0 2.5 4.6 2.1 1.2 EM 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Japan 30.4 4.6 3.0 0.2 2.0 2.1 7.4 3.6 2.7 3.6 1.0 0.3 Pacific ex Japan 12.2 1.7 0.6 0.5 0.9 0.6 1.6 0.9 1.6 2.5 0.8 0.5 UK 18.9 3.8 0.8 0.5 2.8 1.1 4.0 1.4 1.4 1.8 0.9 0.3 Total 100.0 12.9 6.5 2.6 11.2 7.6 21.4 9.9 8.3 12.4 4.8 2.4

SISCO1 as of 31 March 2019 Consumer Consumer Total Discretionary Staples Energy Financials Healthcare Industrials IT Materials Real Estate Communication Utilities Cont. Europe 39.1 6.2 0.6 0.4 6.0 1.5 9.9 2.5 5.0 3.4 2.3 1.3 EM 5.2 2.0 0.3 0.0 0.2 0.3 0.9 1.1 0.5 0.0 0.0 0.0 Japan 28.6 4.6 2.2 0.0 1.5 1.9 8.8 4.8 3.2 0.8 0.7 0.0 Pacific ex Japan 8.3 1.7 0.9 0.0 0.3 0.9 1.2 0.9 1.5 0.7 0.2 0.0 UK 15.8 5.3 0.7 0.2 0.9 0.7 3.9 0.8 0.5 1.3 0.7 0.8 Total2 97.1 19.9 4.6 0.6 9.0 5.3 24.7 10.1 10.7 6.1 4.0 2.1 SISCO1 vs. MSCI EAFE Small Cap Index

Consumer Consumer Total Discretionary Staples Energy Financials Healthcare Industrials IT Materials Real Estate Communication Utilities Cont. Europe 0.7 3.3 -1.6 -1.0 0.6 -2.4 1.6 -1.4 2.5 -1.2 0.3 0.0 EM 5.2 2.0 0.3 0.0 0.2 0.3 0.9 1.1 0.5 0.0 0.0 0.0 Japan -1.8 0.1 -0.8 -0.2 -0.5 -0.2 1.4 1.3 0.5 -2.8 -0.3 -0.3 Pacific ex Japan -3.9 0.1 0.3 -0.5 -0.6 0.3 -0.4 0.0 -0.2 -1.8 -0.5 -0.5 UK -3.1 1.5 -0.1 -0.4 -1.9 -0.3 -0.1 -0.6 -0.9 -0.6 -0.2 0.5 Total3 -2.9 7.0 -1.9 -2.0 -2.2 -2.3 3.3 0.3 2.4 -6.3 -0.8 -0.3 1Schroder International Small Companies Fund (SISCO). 2Cash 2.9% 3Difference due to 2.9% cash weighting Source: Schroders, MSCI. Weights by region and sectors are subject to change and should not be viewed as an investment recommendation.

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6 Recent stock transactions SISCO1 – 31 March 2019

Significant New Buys since 31 December 2018 Significant Complete Sales since 31 December 2018

Security Country Weight March 31, 2019 % Security Country Weight December 31, 2018 % Elkem ASA Norway 0.6 Ahlsell AB Sweden 1.4 GMO Internet Inc. Japan 0.6 Wacker Chemie AG Germany 0.6 Borregaard ASA Norway 0.4 Unipres Corporation Japan 0.4 James Hardie Industries PLC Australia 0.4 Senvion SA Germany 0.3 TOMRA Systems ASA Norway 0.3 Durr AG Germany 0.2 United Kingdom 0.3 OVS SpA 0.2 Stabilus SA Germany 0.3 u-blox Holding AG Switzerland 0.2 Arjo AB Class B Sweden 0.2 Naturhouse Health SA 0.1 Kingspan Group Plc Ireland 0.1 windeln.de SE Germany 0.0

1Schroder International Small Companies Fund (SISCO). Source: Schroders

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Top ten holdings by region SISCO1 – 31 March 2019

Europe UK Country Security Weight in fund % Weight in region % Country Security Weight in fund % Weight in region % Ireland Dalata Hotel Group Plc 1.6 4.2 United Kingdom Dunelm Group Plc 1.0 6.5 France Ubisoft Entertainment Sa 1.4 3.7 United Kingdom Telecom Plus Plc 0.8 5.3 Netherlands Oci Nv 1.4 3.6 United Kingdom Plc 0.8 4.9 Italy Mairetecnimont Spa 1.4 3.6 United Kingdom Plc 0.7 4.7 Germany Befesa Sa 1.3 3.3 United Kingdom Group Plc 0.7 4.6 Germany Hellofresh Se 1.2 3.2 United Kingdom 0.7 4.6 Netherlands Advanced Metallurgical Group N.V. 1.2 3.0 United Kingdom Ssp Group Plc 0.7 4.4 Netherlands Van Lanschot Kempen Nv Cert. Of Shs 1.2 3.0 United Kingdom 0.7 4.4 France Spie Sa 1.0 2.6 United Kingdom Plc 0.7 4.3 Spain Aedas Homes, S.A.U. 1.0 2.6 United Kingdom 0.7 4.1 Total 12.7 32.8 Total 7.5 47.8

Japan Asia ex. Japan, Emerging Markets Country Security Weight in fund % Weight in region % Country Security Weight in fund % Weight in region % Japan Nippon Shinyaku Co., Ltd. 1.5 5.2 Hong Kong Techtronic Industries Co., Ltd. 0.9 6.6 Japan Nippon Densetsu Kogyo Co., Ltd. 1.3 4.4 Australia Iluka Resources Limited 0.7 5.3 Japan Koito Manufacturing Co., Ltd. 1.2 4.1 Australia Bingo Industries Ltd. 0.7 5.3 Japan Aica Kogyo Company, Limited 1.1 3.7 Australia Mirvac Group 0.4 3.3 Japan Ai Holdings Corporation 1.1 3.7 Taiwan Chroma Ate Inc. 0.4 3.2 Japan Kureha Corporation 1.0 3.7 Taiwan Merida Industry Co., Ltd. 0.4 2.9 Japan Glory Ltd. 1.0 3.3 New Zealand Fletcher Building Limited 0.4 2.8 Japan Digital Garage, Inc. 0.9 3.1 Australia James Hardie Industries Plc 0.4 2.6 Japan Musashi Seimitsu Industry Co., Ltd. 0.9 3.1 Taiwan Aerospace Industrial Development 0.4 2.6 Japan Nabtesco Corporation 0.9 3.1 Australia Link Administration Holdings Ltd. 0.3 2.6 Total 10.9 37.4 Total 5.0 37.2

1Schroder International Small Companies Fund (SISCO). Source: Schroders. Stocks held and weights are subject to change and should not be viewed as an investment recommendation. Regions are mentioned for illustrative purposes only and should not be viewed as a recommendation to buy/sell. Source: Schroders.

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7 Important information

Risks associated with International Small Companies: All investments, domestic and foreign, involve risks including the risk of possible loss of principal. The market value of the portfolio may decline as a result of a number of factors, including adverse economic and market conditions, prospects of stocks in the portfolio, changing interest rates, and real or perceived adverse competitive industry conditions. Investing overseas involves special risks including among others, risks related to political or economic instability, foreign currency (such as exchange, valuation and fluctuation) risk, market entry or exit restrictions, illiquidity and taxation. These risks exist to a greater extent in emerging markets than in developed markets. Investments in small capitalization companies generally carry greater risk than is customarily associated with larger capitalization companies, which may include, for example, less public information, more limited financial resources and product lines, greater volatility, higher risk of failure than larger companies and less liquidity. The views and forecasts contained herein are those of the International Small Cap team and are subject to change. The information and opinions contained in this document have been obtained from sources we consider to be reliable. No responsibility can be accepted for errors of facts obtained from third parties. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions. The opinions stated in this presentation include some forecasted views. We believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee that any forecasts or opinions will be realized. Past performance is no guarantee of future results. The value of an investment can go down as well as up and is not guaranteed. Schroder Investment Management North America Inc. (“SIMNA Inc.”) is registered as an investment adviser with the US Securities and Exchange Commission and as a Portfolio Manager with the securities regulatory authorities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan. It provides asset management products and services to clients in the United States and Canada. Schroder Fund Advisors LLC (“SFA”) markets certain investment vehicles for which SIMNA Inc. is an investment adviser. SFA is a wholly-owned subsidiary of SIMNA Inc. and is registered as a limited purpose broker-dealer with the Financial Industry Regulatory Authority and as an Exempt Market Dealer with the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan. This document does not purport to provide investment advice and the information contained in this material is for informational purposes and not to engage in a trading activities. It does not purport to describe the business or affairs of any issuer and is not being provided for delivery to or review by any prospective purchaser so as to assist the prospective purchaser to make an investment decision in respect of securities being sold in a distribution. SIMNA Inc. and SFA are indirect, wholly-owned subsidiaries of Schroders plc, a UK public company with shares listed on the . Further information about Schroders can be found at www.schroders.com/us or www.schroders.com/ca.

Schroder Investment Management North America Inc. 7 Bryant Park, New York, NY 10018-3706 (212) 641-3800 www.schroders.com/us

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Disclosure statement

For Professional Investors only. Not Suitable for Private Customers This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroder Investment Management Ltd (Schroders) does not warrant its completeness or accuracy. No responsibility can be accepted for error of fact or opinion. This does not exclude or restrict any duty or liability that Schroders has to its customers under the Financial Services and Markets Act 2000 (as amended from time to time) or any other regulatory system The returns presented represent past performance and are not necessarily representative of future returns which may vary. The value of investments can fall as well as rise as a result of market or currency movements. Exchange rates may cause the value of overseas investments and the income from them to rise or fall. Funds that invest in smaller companies that may be less liquid than in larger companies and price swings may therefore be greater than in larger companies funds Performance Figures Performance figures are presented on a “gross and net basis" not reflecting and reflecting the deduction of investment advisory fees Index Benchmark Comparison Performance is compared to the S&P EPAC SmallCap to 12/31/2015, then MSCI EAFE Small Cap (NDR), widely accepted benchmarks for International equity accounts. The indices are unmanaged and do not reflect the deduction of any fees or expenses Past Performance The returns presented represent past performance and are not necessarily representative of future returns which may vary. The value of investments can fall as well as rise as a result of market or currency movements Opinions Schroders has expressed its own views and opinions in this presentation and these may change Taped Telephone Lines For your security, communications with our London office may be taped or monitored Data Protection For the purposes of the United Kingdom’s Data Protection Act 1998, the data controller in respect of any personal data you supply is Schroder Investment Management North America Limited. Personal information you supply may be processed for the purposes of investment administration by the Schroders Group which may include the transfer of data outside of the European Economic Area. Schroder Investment Management North America Limited may also use such information for marketing activities unless you notify it otherwise in writing April 2019

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8 Contact Schroder Investment Management North America Inc. 7 Bryant Park, New York, NY 10018-3706 (212) 641-3800 www.schroders.com/us

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