International Equity 1Q 2016 Fact Sheet

International Equity Profile Investment Information Inception Date: January 1, 2008 Strategy Description Assets: $352.3 million • We apply a fundamental, bottom-up stock selection process to a universe of companies with market Holdings: 30–40 capitalizations typically in excess of $2 billion at initial investment Benchmarks: MSCI EAFE Index (Net) • Strategy is focused (30-40 positions) and tends to be characterized by high active share and low turnover MSCI ACWI ex USA Index (Net) • The portfolio is composed mainly of non-U.S.-based companies and may invest up to 20% in Vehicles Offered: Separate Account emerging markets, utilizing both American Depository Recepits (ADRs) and foreign ordinary shares Mutual Fund (ARSFX) • The objective is to achieve attractive long-term returns versus the benchmarks while mitigating risk over a complete market cycle All portfolio holdings must meet the following three criteria: Portfolio Managers High Quality Attractive Valuation Compelling Catalysts The investment process begins We then assess the value of Catalysts are actions/events by identifying what we believe the company utilizing a private currently underway that we be- to be high-quality companies equity approach to public mar- lieve will propel a company to in great and/or improving lines kets, as if we were buying the meet its full potential over the of business. entire business. next three to five years. Such quality characteristics may We develop our own financial We seek to identify catalysts that include: models, estimating normalized fall outside the short-term focus Sean Geoffrey Howard sustainable competitive advan- revenues, margins and cash of the market, such as chang- Thorpe Stewart, CFA Gleicher, CFA tages, attractive business fun- flows. Using multiple valuation es in leadership, divestitures/ Industry Exp. Industry Exp. Industry Exp. damentals, leading products or metrics, we then determine a acquisitions, margin improve- 27 Yrs 17 Yrs 31 Yrs services, pricing power and ex- conservative intrinsic value for ments and/or productivity gains. perienced management teams. each business. We believe catalysts are essen- tial to avoiding the “value traps.” Investment Team Performance • Robert Bexton, CFA • Alberto Jimenez Crespo, CFA • Lauren Caston, Ph.D. • Weixin Lin Trailing (%) 15 • William Cram, CFA • Gary Lisenbee 13.0 12.4 9.7 • Jay Cunningham, CFA • Catalina Llinás, CFA 10 9.2

• Howard Gleicher, CFA • Gregory Padilla, CFA 5 4.0 3.5 2.4 1.9 2.2 2.7 2.2 2.3 • Victor Hawley, CFA • Geoffrey Stewart, CFA 0.3 0.3 0 • James Henderson, CFA • Sean Thorpe -1.1 -1.2 -0.4 -0.9 -1.3 -5 -3.0 -3.6 -4.0 • Sandra Incontro, CFA • Kevin Zhang -8.3 -10 -9.2 -15 Int’l MSCI EAFE 1Q16 1 Year 3 Year 5 Year 7 Year Since Inception1 Equity (Net) Characteristics Calendar Year (%)

Number of Holdings 37 915 50 41.6 40.9 41.5 Active Share (%) 89.2 -- 31.8 21.520.8 22.8 21.7 21.2 Annualized Turnover (5 Yrs, %) 26.4 -- 25 18.8 18.217.316.8 15.3 11.2 Dividend Yield (%) 2.2 3.5 7.8 1.0 0.5 Wtd. Avg. Market Cap ($B) 52.0 54.3 0 -0.8 -3.9 Median Market Cap ($B) 34.5 9.0 -5.7 -4.9 -5.4 -4.9 -12.6-13.1-12.1 -13.7 Price/Earnings (NTM) 18.7x 17.7x -25 Price/Book Value (LTM) 3.8x 3.3x -33.1 -33.4 Future 5 Yrs EPS Growth (%) 11.0 8.5 -50 -43.4 -45.5 Return on Equity (5 Yrs, %) 16.0 14.0 2015 2014 2013 2012 2011 2010 2009 2008 Debt/Equity (LTM) 0.89 0.88  Int’l Equity Composite (Gross)  Int’l Equity Composite (Net)  MSCI EAFE Index (Net)  MSCI ACWI ex USA Index (Net)

1The Aristotle International Equity Composite has an inception date of January 1, 2008. Past performance is not indicative of future results. Performance results for periods greater than one year have been annualized. Returns are preliminary pending final account reconciliation. This material is not financial advice or an offer to buy or sell any product. Returns are presented gross and net of investment advisory fees and include the reinvestment of all income. The Characteristics figures shown are based on a representative account. Please see important disclosures at the end of this document.

Los Angeles | Newport Beach | Boston International Equity 1Q 2016 Fact Sheet Largest Holdings1 (%) Regional Allocation1 (%)

Accenture (Ireland) 4.1 60  International Equity  MSCI EAFE Index (Net) KDDI () 3.9 48.4 50 46.2 Heineken () 3.7 Reckitt Benckiser Group () 3.5 40 Compass Group (United Kingdom) 3.4 30 Dassault Systèmes () 3.4 20.9 22.5 Grupo Bimbo (Mexico) 3.2 20 19.3 Brookfield Asset Management (Canada) 3.1 11.8 12.0 10 8.2 4.9 Experian (Ireland) 2.9 2.5 3.3 0.0 0.0 0.0 Toray Industries (Japan) 2.9 0 Dev. United Japan Dev. Asia Emerging United Canada Total 34.1 (ex U.K.) Kingdom (ex Japan) Markets States

Portfolio Risk/Return Statistics2 Sector Allocation1 (%)

Int’l MSCI EAFE 30  International Equity Since Inception (1/1/08) Equity Index (Net)  MSCI EAFE Index (Net) 25 23.8 Annualized Alpha (%) 4.80 --- 20.9 Beta 0.93 1.00 20 Standard Deviation (%) 19.29 20.04 16.5 15 Information Ratio 0.95 --- 13.2 12.6 13.4 13.3 11.5 10.4 Sharpe Ratio 0.19 -0.06 10.3 10 7.8 Tracking Error (%) 5.07 --- 6.5 6.7 4.7 5.2 5.2 5.1 5.0 5 4.0 3.9

0 Cons. Cons. Energy Fin. Health Indus. Info. Mat. Telecom Utilities Discre. Staples Care Tech. Srvcs. Sources: Advent, FactSet, MSCI, eVestment 1Information based on the International Equity model portfolio. 2Information based on the Aristotle International Equity Composite (the Composite). The representative account was chosen since, in our view, it is the account within the Composite which most closely reflects the portfolio management style of the Composite. Not every client’s account will have these exact characteristics. The actual char- acteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capital Management, LLC (Aristotle Capital) makes in the future will be profitable or equal the performance of the securities listed in this report. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account’s portfolio. Aristotle Capital reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This is not a recommendation to buy or sell a particular security. All recommendations for the last 12 months are available upon request. Past per- formance is not indicative of future results. Aristotle Capital claims compliance with the Global Investment Performance Standards (GIPS®). The International Equity Composite includes all discretionary accounts managed in this strategy. The objective of the International Equity strategy is to optimize long-term returns versus the MSCI EAFE Index (Net) with a focus on mitigating market risk. This strategy focuses on what we believe to be high-quality international businesses which appear to be trading at a discount to fair value and have a minimum market capitalization of approximately $2 billion. The Composite was created in January 2008. The International Equity Composite has been examined for the period from January 1, 2012 through December 31, 2014. The examination report is available upon request. A list of composite descriptions is available upon request. Performance is expressed in U.S. dollars. The MSCI EAFE Index (Europe, Australasia, ) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index consists of the following 21 Developed Markets countries: , , , , , France, , , Ireland, , , Japan, the Netherlands, , , , , , , and the United Kingdom. The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 23 Emerging Markets countries. With over 1,800 constituents, the index covers approximately 85% of the global equity opportunity set outside the United States. The volatility (beta) of the Composite may be greater or less than the indices. It is not possible to invest directly in these indices. Composite and index returns reflect the reinvestment of income. Composite returns are presented gross and net of actual investment advisory fees. The index returns are net of withholding taxes. Dividends are recorded gross of withholding taxes. Returns are presented net of trading costs. Net returns reflect the additional deduction of management fees and are based on the actual account level net returns. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations is available upon request. Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Turnover is a ratio of either the total market value of new securities pur- chased or market value of securities sold—whichever is less—over a particular period, divided by the total value of the portfolio. Dividend Yield is the ratio of a firm’s dividends each year relative to its share price. Weighted Average Market Capitalization is a dollar value measurement of the size of companies in portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company relative to their weights in the portfolio or index. Median Market Capitalization is the midpoint of market capitalization (market price multiplied by the number of shares outstanding) of the stocks in a portfolio. Half the stocks in the portfolio will have higher market capitalizations; half will have lower. Price to Earnings is the ratio of a firm’s closing stock price and its trailing 12 months’ earnings/share. Price to Book is a ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Future EPS Growth is the percentage increase or decrease in the next five years’ earnings estimates compared to current year’s earnings estimates. Return on Equity is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. Debt to Equity ratio is used to measure a company’s financial leverage, calculated by dividing a company’s total liabilities by its stockholders’ equity. The ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity. Annualized Alpha is the measure of risk-adjusted excess return over the style index. Beta is used to measure market risk. It is defined as the average relationship, over time, of the portfolio’s rate of return to the style index. Standard Deviation is a measurement of risk or variability of returns over time. Higher deviation represents higher volatility. Information Ratio is a measurement of returns above the benchmark (usually an index) to the volatility of those returns. Sharpe Ratio is a measurement of the standard deviation and its excess return over the risk free rate to determine the reward per unit of risk. Tracking Error is the annualized standard deviation of the differences between the portfolio and index’s returns. Aristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our ADV Part 2, which is available upon request. ACML-16-579 FOR MORE INFORMATION, PLEASE CONTACT: © Aristotle Capital Management, LLC. All rights reserved. Phone: (310) 478-4005 | Email: [email protected] | Web: www.aristotlecap.com