Philosophy, Process, Performance, People, Publicity, Portfolios . . . and More!

PHILOSOPHY, PROCESS, PERFORMANCE, PEOPLE, PUBLICITY, PORTFOLIOS . . . AND MORE!

“We study, we plan, we research. And yet, somehow, money still remains more of an art than a science.”

October 2020

AJO reflects a number of distinguishing characteristics that define what we do and how we do it.

INDEPENDENT + GLOBAL

VALUE-DRIVEN + DISCIPLINED

COST-CONSCIOUS + COMMUNICATIVE

Fifty-one clients $10.6 b

United States 9.3 Large cap 6.7 Managed volatility 1.4 Small cap 0.7 Long/short 0.2 All cap 0.2 Top cap 0.1

Emerging markets/Global 1.3 All cap 0.8 Small cap 0.4 Long/short 0.1 China A <0.1 Managed volatility <0.1

As of 9/30/20

2 OUR CLIENTS AND THEIR CONTACTS

PUBLIC

Charlotte Firefighters Louisiana State Police Oklahoma Public Employees Sandy Thiry, 704.626.2728 Kevin Reed, 225.295.8400 Retirement System large cap ‘05 large cap ‘03 Brad Tillberg, 405.858.4874 large cap ‘03

City of Cape Coral Missouri Education Pension Trust Ferrell Jenne, 239.333.4872 Frank Aten, 573.638.2125 Oregon Public Employees large cap ‘13 large cap ‘01, long/short ’05, Retirement Fund all-world managed volatility ’16 Mike Viteri, 503.431.7918 large cap ‘03 City of Tallahassee Kent Olson, 850.891.8133 Missouri Local Government ERS large cap ‘14 Brian Collett, 573.632.6353 West Virginia Investment top cap ‘06, long/short ’07, Management Board emerging markets ’13 Trent Gregory, 304.347.7659 Florida Retirement System small cap ‘99 Tim Taylor, 850.413.1038 large cap ‘93, long/short ‘08 National Pension Service of Korea Fred Jeong, +82.63.711.0604

CORPORATE/ERISA

Aetna Cone Health System Hanford Site Pension Plan Russell Smith, 860.273.1331 John Miller, 336.832.9515 Elaine Cone, 509.372.3323 small cap ‘99 emerging markets ’13, global ’15, large cap ‘04 large cap ‘18 Banco Popular Nordson Corporation Javier Rubio, 787.765.9800 Consolidated Nuclear Security Ray Cushing, 440.892.1580 large cap ‘02 Larry Wiker, 865.576.8500 large cap ‘00 large cap ‘01 Bechtel Plant Machinery Purolator Kimon Andreos, 412.843.6000 Duke Energy Jennifer Boyd, 289.998.6357 large cap ‘05 Kitty McDonough, 908.373.4499 large cap ‘06 small cap ‘98 Canada Post Southern California Edison Mike Butera, 416.204.4327 Fluor Marine Greg Henry, 626.302.1457 large cap ‘01 Barbara LaFountain, 518.395.6539 small cap ‘98 large cap ‘05

3 ENDOWMENT/FOUNDATION

Commonfund Seminole Boosters University of Arkansas Foundation

Kris Kwait, 203.563.5000 J. P. Sinclair, 850.644.3484 Vickie Ferguson, 479.575.3158 all cap ‘85, large cap ‘93 large cap ’16 large cap ’03, emerging markets ’13, (terminated–gulp–’95), top cap ’05, global ‘15 large cap ‘18 St Louis Archdiocesan Fund

Valerie Slaughter, 314.727.7211

Richard King Mellon Foundation emerging markets ’13, large cap ’15

Ed Morgan, 724.238.8471 top cap ’03, large cap ’13

MULTI-EMPLOYER Plumbers & Pipefitters National AFTRA Retirement Fund New England Carpenters Rich Monarca, 978.752.1140 Pension Fund Christine Dubois, 212.499.4821 large cap ‘99 Toni Inscoe, 703.519.4460 ‘02 large cap ‘02

Construction Industry Laborers New Jersey Transit Amalgamated Transit Union Western Washington Laborers Carolyn Papuga, 913.906.7635 Wayne Solomon, 973.378.6151 Michelle Baker, 206.352.9744 large cap ‘06 large cap ‘04 all cap ‘14

IWA – Forest Industry Pension Operating Engineers Local 101 Plan Stephanie McLaughlin, 816.737.5959 Colleen Troelstrup, 604.433.6310 large cap ‘03 large cap ‘07

POOLED

Captive Investors Fund MMBB

Scott Renninger, 847.781.1400 Noradeen Farlekas, 212.870.8017 managed volatility ’15 large cap ‘16

Christian Brothers Investment SEI Investments Services Stephen Beinhacker, 610.676.1000 John Geissinger, 212.490.0800 top cap ‘03, large cap ‘03, managed large cap ‘02 volatility ’04, long/short ’05

N.B. — It is not known whether these clients approve or disapprove of AJO or the advisory services provided. All clients are listed, except those that wish to remain anonymous.

4 CLIENTS BY MANDATE, SIZE, AND TENURE

MANDATE TOP CAP LARGE CAP SMALL CAP MANAGED VOLATILITY Commonfund IWA–Forest Industry Pension Plan Aetna Captive Investors Fund Louisiana State Police Duke Energy LARGE CAP Missouri Education Pension Trust Southern California Edison EMERGING MARKETS Banco Popular MMBB West Virginia Inv Mgt Board Cone Health System New England Carpenters Bechtel Plant Machinery Missouri Local Government ERS NJT Amalgamated Transit Union Canada Post ALL CAP University of Arkansas Foundation Charlotte Firefighters Nordson Corporation Missouri Local Government ERS Oklahoma PERS Christian Brothers Inv Services Western Washington Laborers City of Cape Coral Ret System Operating Engineers Local 101 Oregon PERF City of Tallahassee LONG/SHORT Plumbers & Pipefitters National Commonfund Missouri Education Pension Trust Purolator Consolidated Nuclear Security Missouri Local Government ERS Construction Industry Laborers RK Mellon Foundation Florida Retirement System SEI Investments Fluor Marine Seminole Boosters Hanford Site Pension Plan St Louis Archdiocesan Fund

SIZE > $500MM $50MM – $250MM $50MM – $250MM < $50MM Florida Retirement System Duke Energy City of Tallahassee St Louis Archdiocesan Fund Canada Post Consolidated Nuclear Security Aetna City of Cape Coral Ret System SEI Investments IWA–Forest Industry Pension Plan Southern California Edison Charlotte Firefighters Captive Investors Fund Western Washington Laborers University of Arkansas Foundation $250MM – $500MM Christian Brothers Inv Services Operating Engineers Local 101 New England Carpenters Oregon PERF NJT Amalgamated Transit Union Construction Industry Laborers Bechtel Plant Machinery West Virginia Inv Mgt Board RK Mellon Foundation Purolator Banco Popular Missouri Education Pension Trust Hanford Site Pension Plan Louisiana State Police Nordson Corporation Plumbers & Pipefitters National MMBB Seminole Boosters Oklahoma PERS Commonfund Cone Health System Missouri Local Government ERS Fluor Marine

TENURE > 15 YEARS > 15 YEARS 10 – 15 YEARS < 5 YEARS Florida Retirement System Oregon PERF Purolator Captive Investors Fund Commonfund Operating Engineers Local 101 Construction Industry Laborers MMBB Duke Energy Louisiana State Police IWA–Forest Industry Pension Plan Seminole Boosters Southern California Edison SEI Investments Fluor Marine West Virginia Inv Mgt Board University of Arkansas Foundation 5 – 10 YEARS Aetna RK Mellon Foundation Cone Health System New England Carpenters Oklahoma PERS St Louis Archdiocesan Fund Nordson Corporation NJT Amalgamated Transit Union City of Cape Coral Ret System Canada Post Hanford Site Pension Plan Western Washington Laborers Consolidated Nuclear Security Bechtel Plant Machinery National Pension Service of Korea Missouri Education Pension Trust City of Tallahassee Christian Brothers Inv Services 10 – 15 YEARS Banco Popular Charlotte Firefighters Plumbers & Pipefitters National Missouri Local Government ERS AFTRA Retirement Fund

5 PERFORMANCE-BASED FEES AJO Large Cap – Absolute Value Illustration: $100 million/zero base (Bottom line: fee is 15% of alpha, bounded by 0.0% and 0.6%)

total fee (bp) max fee = 60 bp 60

30 fulcrum = 30/200

min fee = 0 bp alpha (bp) (200) (100) 0 100 200 300 400 500 600

While this example highlights our large-cap value strategy, the formula works with all AJO strategies. In general, we trade a lower minimum or base fee for a higher maximum fee. The tradeoff is usually symmetrical. For instance, if a client desires a base fee of, say, zero, the maximum fee is capped at twice our normal fee. With a minimum and maximum range established, it’s easy to sketch a linear profit-sharing arrangement that runs through the fulcrum (our standard fee and expected excess return).

 Total Fee – The manager’s annual fee is calculated quarterly and is a combination of a base fee plus a performance fee, calculated as shown below, times the average market value of the portfolio.

 Performance-Fee Formula – For annualized excess performance ranging from zero to 400 basis points, where excess performance is defined as the gross, time-weighted total return of the portfolio less the return of the benchmark index for an agreed-on interval, the performance-based fee shall be calculated as follows:

PF = [(NF - BF) ÷ RER] * [PR - BR], where: PF = performance fee NF = normal fee (30 bp on $100 million) BF = base fee RER = required annualized excess return to earn NF (200 bp) PR = portfolio return, gross of fees BR = benchmark return (Russell 1000 Value)

 Minimum and Maximum Percentage Fees Minimum Fee = X% of NF Maximum Fee = (200 - X)% of NF

6 STANDARD FIXED FEES

U.S. EMERGING MARKETS AJO Top Cap AJO Emerging Markets All Cap AJO Top Cap – Absolute Value 0.70% on first $25 million 0.25% on the first $250 million 0.60% on next $25 million 0.15% on the next $250 million 0.50% on next $25 million 0.10% thereafter 0.45% on next $25 million 0.40% on over $100 million AJO Large Cap AJO Large Cap – Absolute Value 500 AJO Emerging Markets Small Cap AJO Large Cap 1000 0.70% on all assets AJO Large Cap – Absolute Value AJO Managed Volatility GLOBAL 0.30% on the first $250 million AJO Global Small Cap 0.20% on the next $250 million 0.65% on all assets 0.15% on the next $500 million 0.125% thereafter ALL-WORLD LOW VOL AJO All-World Managed Volatility AJO Small Cap – Absolute Value 0.40% on all assets 0.60% on all assets

Short-enabled U.S. fees are based AJO follows a most-favored-nation policy on the corresponding long-only regarding fees: no fixed-fee client pays fees, multiplied by gross exposure more than the lowest fixed fee charged (e.g., 130/30 gross exposure is 160%). for a similar mandate of the same size.

FIRM SUMMARY

OVERVIEW. AJO is an independent, registered investment adviser, founded PRINCIPALS in 1984 by Ted Aronson. The firm is a limited partnership, wholly owned by Seth Allen 17 active principals, with offices in Philadelphia and Boston. Our staff of 46 Portfolio Mgmt + Research can be reached at 215.546.7500 or [lastname]@ajopartners.com. Ted Aronson As of 9/30/20, we managed $10.6 billion in value-oriented equity mandates Firm + Portfolio Mgmt for 51 institutional clients, invested around the globe — $9.3 billion U.S. Founding Principal and $1.3 billion emerging markets/global. Matt Austin We offer benchmark-relative and absolute-return strategies across the Portfolio Mgmt + Research market-cap spectrum of U.S., emerging markets, and global equities. Portfolios can be long-only or long/short. We can vary tracking error or Stefani Cranston total volatility. Firm + Portfolio Mgmt

PHILOSOPHY. We believe above-market returns can be achieved with Joe Dietrick a combination of classical security analysis, modern quantitative investment General Counsel techniques, and keen attention to trading. We focus on asset-rich companies, selling at relatively low multiples of earnings, with proven Dan DiSanto and confident management, upward trending momentum, and favorable Operations + Accounting investor sentiment. Doug Dixon PROCESS. We invest in a universe of suitable, liquid stocks. We use our Trading multi-factor valuation model to identify low-priced companies with effective management, positive momentum, and favorable sentiment within industry Michael Dowd peer groups. Portfolios are fully invested, sector-neutral/country-neutral, and Portfolio Mgmt + Research well-diversified in terms of industry, fundamental characteristics, and various statistical measures of risk. Individual bets are controlled; number Rob Louka of positions can range from about 50 to over 200 (per side). Trading

TRADING. We seek to minimize implementation shortfall — the difference Greg McIntire between valuation price and execution price, including commissions (duties), Firm + Portfolio Mgmt spreads, market impact, and opportunity cost. We capture trading results and use them to inform our investment decisions and guide our selection of Gina Moore trading methods and venues. Annual turnover ranges from 50% to 300% Firm + Portfolio Mgmt (per side), depending on the strategy. AJO does not use soft dollars. Claire Noel Portfolio Mgmt + Research

Siddharth Ramesh Portfolio Mgmt + Research

Jocelin Reed Portfolio Mgmt + Research

Greg Rogers Firm + Portfolio Mgmt

Colleen Smith Portfolio Mgmt + Research

Chris Whitehead “Short-term I like cash; mid-term, bonds; Portfolio Mgmt + Research long-term, AJO.”

8 CLIENTS Aetna Hanford Site Pension Plan Seminole Boosters* AFTRA Retirement Fund† IWA–Forest Industry Pension Plan† Southern California Edison Banco Popular Korea National Pension Service St Louis Archdiocesan Fund* Bechtel Plant Machinery Louisiana State Police University of Arkansas Foundation* Bucknell University* Missouri Education Pension Trust West Virginia Inv Mgt Board Canada Post Missouri Local Government ERS Western Washington Laborers P P Captive Investors Fund MMBB Charlotte Firefighters New England Carpenters† P † Christian Brothers Inv Services NJT Amalgamated Transit Union Clients are pension funds (public, City of Cape Coral Ret System Nordson Corporation ERISA, other) unless denoted as: City of Tallahassee Oklahoma Firefighters Ret System

Commonfund* Oklahoma PERS * Endowment/Foundation Cone Health System Operating Engineers Local 101† † Multi-employer Consolidated Nuclear Security Oregon PERF P Pooled Construction Industry Laborers† Plumbers & Pipefitters Natl Pension† Duke Energy Purolator Florida Retirement System Richard King Mellon Foundation* P Fluor Marine SEI Investments

N.B. — It is not known whether these clients approve or disapprove of AJO or the advisory services provided. All clients are listed, except those that wish to remain anonymous.

FEES. Minimum initial investment is $25 million. Performance-based fees are available — indeed, encouraged — and their structure is negotiable.

PHILOSOPHY

Our philosophy encompasses our view of the equity markets, how best to profit from them, how to hold onto profits, and how we run our business.

STOCK MARKET We believe the stock market is reasonably efficient but emotional enough to provide opportunities for the disciplined investor. Because the market is complex, opportunities are best exploited with a systematic, quantitative approach. We use modern investment technology and academic research to complement the wisdom of classical investment thinking and analysis.

INVESTMENT STYLE We are value-oriented but believe superior results are best achieved by considering value, management, momentum, and sentiment. Our work holds security analysis to be most productive when value is gauged relative to a company’s peers. As such, valuation within and diversification among industry peer groups constitute important aspects of our process. We focus on well-managed companies with quality cash profits, relatively low market valuations, positive price and earnings momentum, and favorable market sentiment. We optimize portfolios to diversify multi-faceted risks.

IMPLEMENTATION AND TRADING We believe transaction-cost management is a vital component of the investment process. Transaction costs — the ultimate cost of implementing any investment strategy — are higher and more complicated than generally perceived. Controlling transaction costs is key to exploiting stock-market opportunities.

MANAGEMENT MANAGEMENT* Investing is our only business. We are independent and owner-operated. We practice investment management in an atmosphere of candor and mutual respect, where patience and humor are the norm. We believe it is essential to forge a partnership with clients (and vendors). Detailed, frequent, and complete communication is highly valued. We aim to create goodwill that will help us endure unavoidable periods of subpar investment results.

* Hats off to the late Stan Calderwood (of Trinity Investment Management) for the description.

10 MULTI-FACTOR VALUATION We evaluate securities relative to their peers based on four categories of measures:

VALUE — We favor asset-rich companies with higher earnings compared to price. We compare measures from the balance sheet, cash flow, and income statement to pure and adjusted measures of market value. We derive ratios based on book value, gross profitability, bottom-line cash flow, and forecasted earnings. The lower the multiple — in other words, the higher the fundamental “yield” — the higher the expected return.

MANAGEMENT — We use numerous measures to gauge the longer-term prospects for a corporation: return on operating assets, the trend in sales growth, share repurchase, and earnings quality (as opposed to the earnings quantity we assess in Value).

MOMENTUM — We measure momentum by observing trends in price and forecasted fundamentals. Relative price action and stability are measured over the preceding year; industry and ecosystem momentum over the last six months. Fundamental revision is our own concoction of the trend in analysts’ expectations for a company’s future results.

SENTIMENT — We study the buying and selling behavior of key investor segments. Insider trading, the level of institutional ownership, and the aggregate interest of short “holders” provide multiple layers of insight into future stock performance. We add yet another dimension of understanding by capturing the difference between the implied volatilities of a stock’s open calls and puts and the difference between its options-market and stock- market trading volume. We see the sentiment of these market players as a crucial clue in solving the stock-picking puzzle.

11 INVESTMENT PROCESS

Our bottom-up, utterly disciplined process creates well-diversified portfolios that are fully invested in value-oriented equities across developed, emerging, and frontier countries.

The foundation of our work is a seasoned, suitable, liquid universe of stocks. We evaluate companies relative to their peers using four categories — or pillars — of attractiveness: value, management, momentum, and sentiment. Overarching this multi-factor valuation is a portfolio construction process that optimizes the tradeoff between expected return and multi-faceted risk. Forecasts of transaction costs are used to guide us toward efficient implementation. The integration of research, portfolio management, and trading is the bedrock of our decision-making process.

12 STOCK VALUATION

PEER-RELATIVE VALUATION Region, country, sector, and industry groups Apple to apples!

MORE THAN ONE GAUGE Value — balance sheet, cash-flow and income statement Management — efficiency, growth, signaling, quality Momentum — fundamentals, price, stability Sentiment — equity and options market actions

PROFILE MATTERS Company — region, industry, growth, size Market — beta, volatility Investor — ownership duration

“Oh, if only it were so simple.”

13 PORTFOLIO CONSTRUCTION

OPTIMAL TRADEOFF Emphasize expected return Mitigate risk — predictable and unpredictable

MULTI-FACETED FORECASTS Country and industry Market capitalization Fundamental characteristics Market-based factors Stock-specific variance Statistical risk confirmation

COMMONSENSE CONTROLS Fully invested Country- and sector-neutral (except managed volatility) Industry, beta, and market-cap guardrails Specific-risk and liquidity-limited stock bets

“To hell with a balanced portfolio. I want you to sell my Fenwick Chemical and sell it now.”

14 IMPLEMENTATION

MINIMIZE TOTAL COSTS Implementation shortfall Open-minded Commissions are trivial Stamp duties, swap and borrow costs are not!

NO SOFT DOLLARS Ever! No direction either

MEASURE AND MANAGE Transaction-cost model Incorporate into portfolio construction

“Hello, handsome.”

15 PROCESS DETAIL

INVESTMENT UNIVERSE We begin with every stock that trades on a major exchange in developed, emerging, and frontier countries worldwide. After screening, we end up with an investment universe of companies that are seasoned (no IPOs), suitable (no funds or bankruptcies), and liquid (enough to trade). Our strategies draw on all or parts of this universe.

PEER-GROUP CLASSIFICATION Our research shows multi-factor valuation to be most productive when relative value is assessed on a peer-group basis. We divide our universe by sectors, industry groups, and regions that reflect statistical and fundamental economic relationships among stocks.

INDUSTRY PEER GROUPS We use our own GICS-based industry groups that reflect statistical and fundamental economic relationships among stocks.

GICS Sectors AJO Industry Groups Communication services telecommunication services, media, entertainment

Consumer discretionary specialty retail, consumer services, internet/catalog retail, motor vehicles, consumer durables/apparel, household durables

Consumer staples food/beverage/tobacco, household/personal products, food/staples retailing

Energy drilling, exploration/production, equipment/services, consumable fuels

Financials diversified financials, insurance, life insurance, banks, other financials (EM only)

Health care pharmaceuticals, biopharmaceuticals, biotechnology, health care equipment/ services, managed health care/facilities

Industrials aerospace construction/conglomerates, machinery, transportation, commercial/professional services

Information technology hardware/electronics, software, IT services, semiconductors

Materials gold/precious metals, other materials

Real estate REITs, real estate management/development

Utilities utilities

16 REGION & COUNTRY PEER GROUPS Our non-U.S. strategies are further divided by region and country.

INTERNATIONAL/GLOBAL United States

Japan

Europe Austria, Belgium/Luxembourg, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom

Australasia/Canada Australia, Canada, Hong Kong, Korea*, New Zealand, Singapore

EMERGING MARKETS Emerging Asia: China, India, Indonesia, Korea*, Malaysia, Pakistan, Philippines, Taiwan, Thailand EMEA: Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, Saudi Arabia, South Africa, Turkey, UAE Americas: Argentina, Brazil, Chile, Colombia, Mexico, Peru

Frontier Kuwait, Latvia, Morocco, Nigeria, Vietnam

*Korea is considered an emerging country by MSCI but a developed country by FTSE.

Over time, countries may be reclassified into different regions.

We use peer groups to eliminate structural bias across groups; however, for certain factors that measure change, differences between groups are episodic, indicating opportunities we might exploit.

17 MULTI-FACTOR VALUATION We employ a multi-factor valuation model that emphasizes four categories of variables: value, management, momentum, and sentiment.

VALUE — We examine price-driven measures using the balance sheet, cash flow and income statements. We consider the balance sheet because asset- rich companies resist market declines and are prime takeover targets. On the income statement, earnings yield (the reciprocal of P/E) is among the more robust measures of a stock’s fundamental valuation for U.S. stocks, as the more earnings for every dollar invested, the more attractive the security. On the international front, cash-flow yield (the reciprocal of P/CF) is prized as greater cash earnings indicates higher quality; dividend yield is also influential.

However, value alone is an insufficient investment signal. A company may deserve a low multiple if there’s no prospect for growth or evidence of successful management. Our valuation model considers the relative success of management to be as important as assets, profits, cash flow, and dividends.

MANAGEMENT — Our so-called management factor quantifies management’s operating efficiency and profitability by measuring the basic underlying performance of a going concern. We use a composite of variables to provide a profile of management savvy:

 Return on assets (ROA) is among the best measures of overall corporate performance, reflecting the extent to which all tangible corporate resources are utilized.

 Measures of growth and profitability indicate how efficiently a firm uses its assets and can be tailored to fit industry-specific characteristics.

 Share repurchase (or issuance) and dividend growth indicate a capital structure decision with implications for a firm’s cost of capital and long-term valuation.

 Measures of quality — barometers of corporate fitness — distinguish between companies whose earnings, while similar in quantity, may differ significantly in composition. Quality lends itself well to industry-specific distinctions — within REITs, occupancy levels come into play, while banks lean on loans.

Consistent with the goal of all security analysis, we combine these measures and financial ratios to improve our success in discriminating future corporate performance.

18 MOMENTUM — We rely on momentum to assess Wall Street opinions in real time. We define and measure momentum in three dimensions.

 A comprehensive view of the magnitude and direction of changes in fundamental estimates provides an indication of a stock’s trajectory.  Relative price strength reflects the market’s up-to-the-minute take on a company’s performance — our quantitative equivalent of “Don’t fight the tape.” We evaluate each company’s idiosyncratic price behavior, industry momentum, and the price momentum of its global customer/competitor ecosystem.  Stable price patterns over the preceding year are prized.

Momentum helps anticipate future leaders and laggards.

SENTIMENT — We scrutinize the actions of informed participants — the “smart money,” if you will — to decipher their investment views and derive alpha indications from their purchasing and selling behavior.

 Insider trading is a tangible reflection of the expectations of those “in the know” regarding company prospects. Purchases, in particular, reflect where insiders think their company is headed.  Short “holders” forewarn of declining future returns. Their aggregate short position indicates a level of aversion to a particular stock.  Institutional investors as a whole are the largest market participants, so it is not surprising that their actions influence stock prices. The greater the institutional ownership, the better the forecast for returns.  Stock options offer investors two advantages: the benefit of leverage and the ability to express their views efficiently. Analyzing a stock’s options-market volume alongside its options’ implied volatility spread enables us to tap into an economically intuitive and robust source of insights.

Since quantitative evidence of sentiment isn’t available worldwide, its inclusion is limited to markets with robust data.

CONTEXTUALIZATION — PROFILE MATTERS Each measure varies in influence, determined by a company’s profile, investors, and market. Its profile includes region, industry, size, growth characteristics, beta, volatility, and institutional ownership. For example, gross profits relative to enterprise value is a better indicator of value for software companies than for producers of household durable products; sentiment measures tend to be more powerful among small-cap issues than large-cap; and price-relative strength is a better predictor of future stock prices among higher-growth stocks.

We add yet another layer of understanding by considering the significance of a stock’s global or regional emphasis.

19 WHOLE CABOODLE In the end, we derive an all-in excess expected return for each company. All-in means we boil our multi-factor valuation down to a single number; excess suggests above (or below) the level of the market; expected indicates forward-looking. Each stock’s summary measure of attractiveness carries across all of our strategies.

PORTFOLIO CONSTRUCTION Portfolios are fully invested and optimally diversified. We make controlled, stock-specific bets across many names in each sector and country. Benchmark- relative portfolios are sector- and country-neutral to their target benchmark. However, gross exposure is unconstrained in our managed-volatility and long/short work.

Position size is tethered to the benchmark weight of an issuer and controlled by a combination of specific risk and liquidity risk to provide ample diversification. Portfolios hold anywhere from 50 to 400 names (per side for long/short), depending on the strategy. Generally, the smaller the targeted capitalization of a strategy, the more names held.

Portfolio rebalancing is systematic and disciplined. Purchases and sales are driven by changes in valuations from the ongoing evaluation of our investment universe, tempered by anticipated transaction costs. Portfolios remain fully invested throughout our rebalancing process.

RESPONSIBLE INVESTING Responsible investing at AJO takes the form of integration and screening and covers the majority of our assets.

Our valuation model integrates measures of governance in our assessment of the future operating profitability of each company in our universe. On the screening front, AJO has managed portfolios with exclusionary screens since our 1984 founding. While the types of restrictions are directed by the client, they are almost entirely ESG-related.

Our research team continues to investigate how to best incorporate environmental and social issues into our process.

20 OPTIMAL DIVERSIFICATION Individual security weights are driven by combining our notion of future profits and our forecast of risk, the ultimate process by which we create portfolios. We seek to maximize expected return while minimizing risk — tracking error in our benchmark-relative work; total volatility in the case of our managed-volatility and absolute-return strategies. We employ commonsense rules to minimize risk — sector, industry, country, beta, specific-risk, and market-cap guardrails, as well as liquidity-limited stock positions. In addition, we consider five other categories of factors to manage our active risk exposure:

COUNTRIES — Exposure is controlled or neutralized.

INDUSTRIES — Within sectors, exposure is controlled but is not neutralized.

MARKET CAP — Capitalization risk is managed at the portfolio level.

FUNDAMENTAL CHARACTERISTICS — Elements of value, management, and momentum are used to predict risk associated with stocks’ financial characteristics.

MARKET-BASED FACTORS — Stocks’ sensitivity to broad market movements, volatility, and their responsiveness to fluctuations in the foreign-exchange market matter.

Based on the influence of these factors, risk is controlled at the portfolio level via a predicted beta guardrail.

The most important determinant of a security’s weight (including negative weights on the short side) is our forecast of future profits. Although we seek to squeeze out every penny of excess return, we also seek to balance multi-faceted risk.

“Your mother called to remind you to diversify.”

21 IMPLEMENTATION Cost-effective portfolio implementation is vital to our investment process. Our trading is based strictly on best execution and aims to minimize total transaction costs. We measure transaction costs as implementation shortfall — the difference between valuation price and execution price, including commissions (about 0.5¢ per share on average), spreads, market impact, and opportunity cost. Stamp duties and swap and borrow costs are also considered, where applicable.

We capture actual trading results in our transaction-cost model to guide our selection of trading methods and venues. Direct market access, broker algorithms, passive crossing networks, principal risk packages, agency basket trading, and traditional agency trading are techniques we use, at our traders’ discretion, to achieve best execution. Our transaction-cost model also informs our rebalancing effort: realistic, empirically derived, stock-specific estimates of cost help us assess purchases and sales. Annual turnover ranges from around 50% to 300% (per side), depending on the strategy. AJO does not use soft dollars.

“Three wishes less commission.”

22 ART, SCIENCE, AND ENGINEERING It is said that investment management is neither art nor science but more a matter of engineering. In that spirit (and with tongue firmly planted in cheek), we end this discussion of our disciplined investment process with a flow chart.

23 RESEARCH ENHANCEMENTS return-oriented risk-oriented cost-oriented Highlighting represents more significant enhancements.

2000 2010 Price-stability measure Transaction-cost model update EPS-surprise measure Loan loss reserves Turnover-trend ratio 2011 2001 Energy sector adjustment Sector & industry groups redefined Net operating assets EPS-quality measure (accruals, R&D) 2012 2002 EPS-surprise jettisoned ADRs jettisoned Beta-adjusted relative strength Insider-trading model Optimal principal package construction

2003 2013 EPS-quality measure (debt level) Revised sectors & industries Institutional ownership signal 2004 Conditioning by institutional duration Interest-rate sensitivity measure Retooled AJO risk model Short-interest measure 2014 Options market sentiment Transaction-cost calibration

1990s 2000s 2010s 1995 2005 2015 Share-repurchase measure EPS-quality measure (I/B/E/S to GAAP) Gross profit to enterprise value Insider-trading measure Long-term growth jettisoned Risk model & optimization 2006 OTC volume adjustment 2016 1996 Earnings momentum enhanced Industry specifics for financials Size-within-sector & cluster groups Beta re-adjusted relative strength Variable “rewards” by sector 2007 EPS-growth measure Relative strength volume adjustment 2017 Price/sales measure Ecosystem linkages signal 2008 Analyst-by-analyst forecast EPS Options volume enhancement Transaction-cost optimization Commonsense controls expanded 1997 Emerging markets factor expansion 2009 Analyst rankings “Hot” transaction cost model Transaction-cost model REITs added to model 2018 Target price growth Intangible adjustment to book value 1998 PRNOA + “G” Industry-adjusted measures 1999 2019 R&D enhancement to value Variable “rewards” by industry Extension of fundamental momentum Non-linear modeling included

1. AJO Mid Cap (6/30/95); AJO Large Cap – Absolute Value (12/31/95) 2. AJO Dollar-Neutral Long/Short (1/15/97) 3. AJO Small Cap – Absolute Value (12/31/98) 4. AJO Large Cap – Absolute Value 500 (12/31/99) 5. AJO Top Cap (8/31/01) 6. AJO Large Cap 1000 (10/31/02) 7. AJO Matched Cap (5/31/03); AJO Large Cap – Absolute Value LTE (7/31/03); AJO Mid Cap – Absolute Value (11/30/03) 8. AJO Matched Cap – Absolute Value (3/31/04); AJO Managed Volatilty (10/31/04) 9. AJO Large Cap – Absolute Value 130/30 (4/30/05); AJO Large Cap 1000 130/30 (12/31/05); AJO Dollar-Neutral Long/Short Concentrated (12/31/05) 10. AJO Top Cap – Absolute Value (3/31/06) 11. AJO Top Cap – Absolute Value 130/30 (3/31/07); AJO Matched Cap 130/30 (4/30/07) 12. AJO Large Cap – Dynamic 115/15 (8/31/12); AJO Emerging Markets (12/31/12) 13. AJO All Cap (10/31/13); AJO Managed Volatility Tax Aware (12/31/13) 14. AJO All Cap – Absolute Value (4/30/14); AJO Large Cap – Absolute Value Tax Aware Concentrated (6/30/14) 15. AJO Global/International (5/31/15) 24 P E R F O R M A N C E September 30, 2020

G R O S S A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / ------Annualized------Tracking Years / Clients / Benchmark Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Top Cap 5.6 2.6 10.5 10.7 13.0 14.0 8.0 2.3 19.1 1 Russell Top 200 10.2 9.6 20.3 14.3 15.6 14.5 7.9 8/31/01 66 AJO Large Cap 5.4 (1.2) 5.9 7.6 10.2 13.0 11.0 3.8 28.4 5

OP S&P 500 8.9 5.6 15.2 12.3 14.1 13.7 9.8 4/30/92 302 T

+ AJO Large Cap – Absolute Value 500 3.2 (12.7) (5.9) 2.0 6.8 10.6 7.3 3.5 20.8 3 S&P 500 Value 4.8 (11.5) (2.7) 4.2 8.8 10.3 5.5 12/31/99 241 ARGE ARGE

L AJO Large Cap 1000 4.7 (2.8) 4.3 6.1 9.0 12.3 10.1 3.1 17.9 1 Russell 1000 9.5 6.4 16.0 12.4 14.1 13.7 10.2 10/31/02 440 AJO Large Cap – Absolute Value 2.8 (15.4) (9.9) (0.5) 4.3 9.1 9.7 3.7 24.8 25 Russell 1000 Value 5.6 (11.6) (5.0) 2.6 7.6 9.9 8.2 12/31/95 5,096

AJO Small Cap – Absolute Value 3.8 (21.2) (17.6) (5.3) 1.7 7.7 8.2 4.1 21.8 4 Russell 2500 Value 3.5 (18.4) (12.6) (2.7) 4.7 8.0 7.9 12/31/98 746 S MA LL

AJO Top Cap – Absolute Value 130/30 1.8 (19.2) (14.2) 0.3 6.6 10.6 5.5 3.3 13.5 1 Russell Top 200 Value 5.2 (11.0) (3.9) 3.5 8.3 10.1 5.1 3/31/07 5 AJO Large Cap – Absolute Value 130/30 1.7 (24.6) (20.6) (4.9) 2.3 8.6 5.9 4.7 15.4 1 OLATILITY HORT + HORT V Russell 1000 Value 5.6 (11.6) (5.0) 2.6 7.6 9.9 6.7 4/30/05 220 /S AJO Managed Volatility 3.8 (1.5) 3.5 6.4 9.5 12.2 9.9 15.9 3 ONG

L Russell 1000 9.5 6.4 16.0 12.4 14.1 13.7 9.5 4.9 10/31/04 1,431 ANAGED

M MSCI USA Minimum Volatility 5.8 (1.1) 1.9 10.6 12.5 13.4 10.0 4.8

N.B. — Our strategies aimed at value indices are dubbed “Absolute Value” to distinguish them from strategies aimed at broader benchmarks. Please see accompanying Notes. 25 P E R F O R M A N C E September 30, 2020

N E T A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / ------Annualized------Tracking Years / Clients / Benchmark Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Top Cap 5.6 2.5 10.4 10.6 12.8 13.8 7.8 2.3 19.1 1 Russell Top 200 10.2 9.6 20.3 14.3 15.6 14.5 7.9 8/31/01 66 AJO Large Cap 5.4 (1.3) 5.9 7.5 10.1 12.8 10.7 3.8 28.4 5

OP S&P 500 8.9 5.6 15.2 12.3 14.1 13.7 9.8 4/30/92 302 T

+ AJO Large Cap – Absolute Value 500 3.2 (12.9) (6.0) 1.8 6.6 10.3 6.9 3.5 20.8 3 S&P 500 Value 4.8 (11.5) (2.7) 4.2 8.8 10.3 5.5 12/31/99 241 ARGE ARGE

L AJO Large Cap 1000 4.6 (2.9) 4.0 5.8 8.8 12.0 9.8 3.0 17.9 1 Russell 1000 9.5 6.4 16.0 12.4 14.1 13.7 10.2 10/31/02 440 AJO Large Cap – Absolute Value 2.8 (15.5) (10.0) (0.7) 4.1 8.9 9.4 3.7 24.8 25 Russell 1000 Value 5.6 (11.6) (5.0) 2.6 7.6 9.9 8.2 12/31/95 5,096

AJO Small Cap – Absolute Value 3.7 (21.4) (17.9) (5.6) 1.4 7.2 7.6 4.1 21.8 4

S MA LL Russell 2500 Value 3.5 (18.4) (12.6) (2.7) 4.7 8.0 7.9 12/31/98 746

AJO Top Cap – Absolute Value 130/30 1.8 (19.3) (14.4) 0.0 6.2 10.3 5.2 3.2 13.5 1

Russell Top 200 Value 5.2 (11.0) (3.9) 3.5 8.3 10.1 5.1 3/31/07 5 AJO Large Cap – Absolute Value 130/30 1.7 (24.7) (20.8) (5.0) 2.2 8.3 5.6 4.7 15.4 1 OLATILITY HORT + HORT V Russell 1000 Value 5.6 (11.6) (5.0) 2.6 7.6 9.9 6.7 4/30/05 220 /S AJO Managed Volatility 3.7 (1.6) 3.4 6.3 9.4 12.0 9.6 15.9 3 ONG

L Russell 1000 9.5 6.4 16.0 12.4 14.1 13.7 9.5 4.9 10/31/04 1,431 ANAGED

M MSCI USA Minimum Volatility 5.8 (1.1) 1.9 10.6 12.5 13.4 10.0 4.8

N.B. — Our strategies aimed at value indices are dubbed “Absolute Value” to distinguish them from strategies aimed at broader benchmarks. Please see accompanying Notes. 26 FEES AND ANNUAL RETURN & RISK OBJECTIVES

Composite / Fee Gross Prospective Tracking Benchmark Schedule Added Value Error

AJO Top Cap 0.25% on first $250 million 1% 3% 0.15% on next $250 million Russell Top 200 0.10% thereafter AJO Large Cap S&P 500 AJO Large Cap – Absolute Value 500 S&P 500 Value 0.30% on first $250 million 0.20% on next $250 million 2% 4% AJO Large Cap 1000 0.15% on next $500 million 0.125% thereafter Russell 1000 AJO Large Cap – Absolute Value Russell 1000 Value

AJO Small Cap – Absolute Value 0.60% on all assets 3-4% 4-6% Russell 2500 Value

AJO Top Cap – Absolute Value 130/30 <2% >4% fee rates of corresponding long- Russell Top 200 Value only strategy multiplied by gross exposure (e.g., 130/30 has gross AJO Large Cap – Absolute Value 130/30 exposure of 160%) >3% <6% Russell 1000 Value AJO Managed Volatility fee rates of large-cap mandate 2% 5-6%* MSCI USA Minimum Volatility Russell 1000

This table presents AJO’s return objectives over the benchmark and the anticipated tracking error relative to the benchmark. These objectives do NOT reflect actual account returns and are NOT guaranteed returns. Actual client returns may differ materially, and clients may lose money. The return objectives represent the returns we seek to produce before fees, and they are willingly used to establish performance-based fees.

* Standard deviation of absolute returns is expected to be lower than the broad equity market (Russell 1000 Index) but greater than the MSCI USA Minimum Volatility Index. Historically, our returns are about 20% less volatile relative to the former and about 20% more volatile relative to the latter.

27 A N N U A L G R O S S . . . September 30, 2020

Gross Results & Added Value (%) Qtr YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

AJO Top Cap 5.6 2.6 28.9 (5.1) 24.4 10.2 (0.4) 19.2 33.9 18.3 3.8 10.1 Russell Top 200 10.2 9.6 31.8 (3.1) 23.0 11.3 2.4 13.2 32.4 16.0 2.8 12.5 (4.6) (7.0) (2.9) (2.0) 1.4 (1.1) (2.8) 6.0 1.5 2.3 1.0 (2.4) AJO Large Cap 5.4 (1.2) 26.4 (8.3) 23.9 8.5 0.3 16.1 38.5 18.4 4.4 12.2 S&P 500 8.9 5.6 31.5 (4.4) 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 (3.5) (6.8) (5.1) (3.9) 2.1 (3.5) (1.1) 2.4 6.1 2.4 2.3 (2.9) AJO Large Cap – Absolute Value 500 3.2 (12.7) 27.3 (11.8) 20.1 12.3 (2.2) 14.5 36.9 20.0 2.2 13.8 S&P 500 Value 4.8 (11.5) 31.9 (9.0) 15.4 17.4 (3.1) 12.3 32.0 17.7 (0.5) 15.1 (1.6) (1.2) (4.6) (2.8) 4.7 (5.1) 0.9 2.2 4.9 2.3 2.7 (1.3) AJO Large Cap 1000 4.7 (2.8) 24.7 (9.2) 23.1 8.1 1.2 13.4 39.4 17.6 3.8 15.7 Russell 1000 9.5 6.4 31.4 (4.8) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 (4.8) (9.2) (6.7) (4.4) 1.4 (4.0) 0.3 0.2 6.3 1.2 2.3 (0.4) AJO Large Cap – Absolute Value 2.8 (15.4) 22.1 (11.3) 16.4 10.0 0.0 10.4 38.7 17.7 2.8 15.9 Russell 1000 Value 5.6 (11.6) 26.6 (8.3) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 (2.8) (3.8) (4.5) (3.0) 2.7 (7.3) 3.8 (3.1) 6.2 0.2 2.4 0.4 AJO Small Cap – Absolute Value 3.8 (21.2) 18.0 (12.1) 9.1 20.5 (5.2) 7.5 39.5 16.5 2.3 27.8 Russell 2500 Value 3.5 (18.4) 23.6 (12.3) 10.4 25.2 (5.5) 7.1 33.3 19.2 (3.4) 24.8 0.3 (2.8) (5.6) 0.2 (1.3) (4.7) 0.3 0.4 6.2 (2.7) 5.7 3.0 AJO Top Cap – Absolute Value 130/30 1.8 (19.2) 24.6 (8.1) 19.1 16.4 (1.6) 16.6 35.9 19.8 3.7 7.9 Russell Top 200 Value 5.2 (11.0) 26.4 (6.2) 13.8 16.2 (3.4) 12.9 32.2 17.0 1.1 11.7 (3.4) (8.2) (1.8) (1.9) 5.3 0.2 1.8 3.7 3.7 2.8 2.6 (3.8) AJO Large Cap – Absolute Value 130/30 1.7 (24.6) 20.6 (12.9) 16.9 15.2 0.5 11.6 40.2 17.9 3.0 16.2 Russell 1000 Value 5.6 (11.6) 26.6 (8.3) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 (3.9) (13.0) (6.0) (4.6) 3.2 (2.1) 4.3 (1.9) 7.7 0.4 2.6 0.7 AJO Managed Volatility 3.8 (1.5) 23.2 (6.0) 20.3 12.7 (0.9) 17.5 35.5 11.1 8.6 18.5 Russell 1000 9.5 6.4 31.4 (4.8) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 (5.7) (7.9) (8.2) (1.2) (1.4) 0.6 (1.8) 4.3 2.4 (5.3) 7.1 2.4 MSCI USA Minimum Volatility 5.8 (1.1) 28.0 1.5 19.2 10.7 5.6 16.5 25.3 11.2 12.9 14.7 (2.0) (0.4) (4.8) (7.5) 1.1 2.0 (6.5) 1.0 10.2 (0.1) (4.3) 3.8

28 . . . A N D N E T C O M P O S I T E R E S U L T S

Net Results & Added Value (%) Qtr YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

AJO Top Cap 5.6 2.5 28.7 (5.2) 24.0 10.0 (0.7) 18.9 33.6 18.0 3.6 9.8 Russell Top 200 10.2 9.6 31.8 (3.1) 23.0 11.3 2.4 13.2 32.4 16.0 2.8 12.5 (4.6) (7.1) (3.1) (2.1) 1.0 (1.3) (3.1) 5.7 1.2 2.0 0.8 (2.7) AJO Large Cap 5.4 (1.3) 26.2 (8.5) 23.7 8.3 0.0 15.7 38.1 18.1 4.2 12.0 S&P 500 8.9 5.6 31.5 (4.4) 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 (3.5) (6.9) (5.3) (4.1) 1.9 (3.7) (1.4) 2.0 5.7 2.1 2.1 (3.1) AJO Large Cap – Absolute Value 500 3.2 (12.9) 27.0 (11.9) 20.0 12.1 (2.5) 14.1 36.3 19.7 1.9 13.4 S&P 500 Value 4.8 (11.5) 31.9 (9.0) 15.4 17.4 (3.1) 12.3 32.0 17.7 (0.5) 15.1 (1.6) (1.4) (4.9) (2.9) 4.6 (5.3) 0.6 1.8 4.3 2.0 2.4 (1.7) AJO Large Cap 1000 4.6 (2.9) 24.4 (9.4) 22.8 7.8 0.9 13.1 38.8 17.3 3.5 15.4 Russell 1000 9.5 6.4 31.4 (4.8) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 (4.9) (9.3) (7.0) (4.6) 1.1 (4.3) 0.0 (0.1) 5.7 0.9 2.0 (0.7) AJO Large Cap – Absolute Value 2.8 (15.5) 21.9 (11.5) 16.2 9.8 (0.2) 10.1 38.4 17.5 2.6 15.6 Russell 1000 Value 5.6 (11.6) 26.6 (8.3) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 (2.8) (3.9) (4.7) (3.2) 2.5 (7.5) 3.6 (3.4) 5.9 0.0 2.2 0.1 AJO Small Cap – Absolute Value 3.7 (21.4) 17.6 (12.5) 8.7 20.0 (5.6) 7.0 38.8 16.0 1.8 27.2 Russell 2500 Value 3.5 (18.4) 23.6 (12.3) 10.4 25.2 (5.5) 7.1 33.3 19.2 (3.4) 24.8 0.2 (3.0) (6.0) (0.2) (1.7) (5.2) (0.1) (0.1) 5.5 (3.2) 5.2 2.4 AJO Top Cap – Absolute Value 130/30 1.8 (19.3) 24.2 (8.4) 18.7 16.0 (1.9) 16.2 35.6 19.7 3.5 7.8 Russell Top 200 Value 5.2 (11.0) 26.4 (6.2) 13.8 16.2 (3.4) 12.9 32.2 17.0 1.1 11.7 (3.4) (8.3) (2.2) (2.2) 4.9 (0.2) 1.5 3.3 3.4 2.7 2.4 (3.9) AJO Large Cap – Absolute Value 130/30 1.7 (24.7) 20.5 (13.0) 16.7 15.2 0.0 11.4 39.6 17.3 2.9 15.8 Russell 1000 Value 5.6 (11.6) 26.6 (8.3) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 (3.9) (13.1) (6.1) (4.7) 3.0 (2.1) 3.8 (2.1) 7.1 (0.2) 2.5 0.3 AJO Managed Volatility 3.7 (1.6) 23.1 (6.1) 20.1 12.5 (1.1) 17.2 35.1 10.9 8.4 18.1 Russell 1000 9.5 6.4 31.4 (4.8) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 (5.8) (8.0) (8.3) (1.3) (1.6) 0.4 (2.0) 4.0 2.0 (5.5) 6.9 2.0 MSCI USA Minimum Volatility 5.8 (1.1) 28.0 1.5 19.2 10.7 5.6 16.5 25.3 11.2 12.9 14.7 (2.1) (0.5) (4.9) (7.6) 0.9 1.8 (6.7) 0.7 9.8 (0.3) (4.5) 3.4

29 September 30, 2020 A N N U A L G R O S S . . . September 30, 2020

Gross Results & Added Value (%) 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

AJO Top Cap 21.2 (32.3) 4.6 18.8 4.4 9.1 26.3 (21.4) ------Russell Top 200 24.2 (36.1) 5.9 15.5 3.8 8.3 26.7 (23.4) (3.0) 3.8 (1.3) 3.3 0.6 0.8 (0.4) 2.0 AJO Large Cap 22.9 (34.4) 5.2 17.0 7.7 13.2 29.5 (17.8) 2.4 (5.0) S&P 500 26.4 (37.0) 5.5 15.8 4.9 10.9 28.7 (22.1) (11.9) (9.1) (3.5) 2.6 (0.3) 1.2 2.8 2.3 0.8 4.3 14.3 4.1 AJO Large Cap – Absolute Value 500 20.6 (36.7) 1.3 20.0 11.4 18.4 31.6 (15.2) (0.4) 12.1 S&P 500 Value 21.2 (39.2) 2.0 20.8 5.8 15.7 31.8 (20.8) (11.7) 6.1 (0.6) 2.5 (0.7) (0.8) 5.6 2.7 (0.2) 5.6 11.3 6.0 AJO Large Cap 1000 26.8 (35.6) 3.8 16.4 9.9 15.8 36.4 ------Russell 1000 28.4 (37.6) 5.8 15.5 6.3 11.4 29.9 (1.6) 2.0 (2.0) 0.9 3.6 4.4 6.5 AJO Large Cap – Absolute Value 16.7 (33.0) (0.7) 20.2 10.6 19.1 34.1 (13.0) 2.0 19.9 Russell 1000 Value 19.7 (36.9) (0.2) 22.2 7.0 16.5 30.0 (15.5) (5.6) 7.0 (3.0) 3.9 (0.5) (2.0) 3.6 2.6 4.1 2.5 7.6 12.9 AJO Small Cap – Absolute Value 18.4 (30.8) (8.4) 19.3 11.4 25.8 47.5 (5.4) 13.8 25.1 Russell 2500 Value 27.7 (32.0) (7.3) 20.2 7.7 21.6 44.9 (9.9) 9.7 20.8 (9.3) 1.2 (1.1) (0.9) 3.7 4.2 2.6 4.5 4.1 4.3 AJO Top Cap – Absolute Value 130/30 6.3 (27.0) ------Russell Top 200 Value 14.6 (36.1) (8.3) 9.1 AJO Large Cap – Absolute Value 130/30 14.1 (29.2) (3.2) 20.5 ------Russell 1000 Value 19.7 (36.9) (0.2) 22.2 (5.6) 7.7 (3.0) (1.7) AJO Managed Volatility 21.3 (26.5) 8.3 14.6 8.7 ------Russell 1000 28.4 (37.6) 5.8 15.5 6.3 (7.1) 11.1 2.5 (0.9) 2.4 MSCI USA Minimum Volatility 18.4 (25.6) 4.3 15.0 6.6 2.9 (0.9) 4.0 (0.4) 2.1

30 . . . A N D N E T C O M P O S I T E R E S U L T S

Net Results & Added Value (%) 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

AJO Top Cap 20.9 (32.4) 4.5 18.6 4.2 8.8 26.0 (21.6) ------Russell Top 200 24.2 (36.1) 5.9 15.5 3.8 8.3 26.7 (23.4) (3.3) 3.7 (1.4) 3.1 0.4 0.5 (0.7) 1.8 AJO Large Cap 22.6 (34.5) 5.0 16.6 7.2 13.0 29.1 (18.4) 2.2 (5.2) S&P 500 26.4 (37.0) 5.5 15.8 4.9 10.9 28.7 (22.1) (11.9) (9.1) (3.8) 2.5 (0.5) 0.8 2.3 2.1 0.4 3.7 14.1 3.9 AJO Large Cap – Absolute Value 500 20.1 (36.9) 1.0 19.6 11.0 17.9 31.1 (15.7) (1.1) 11.3 S&P 500 Value 21.2 (39.2) 2.0 20.8 5.8 15.7 31.8 (20.8) (11.7) 6.1 (1.1) 2.3 (1.0) (1.2) 5.2 2.2 (0.7) 5.1 10.6 5.2 AJO Large Cap 1000 26.6 (35.8) 3.5 16.1 9.5 15.5 35.9 ------Russell 1000 28.4 (37.6) 5.8 15.5 6.3 11.4 29.9 (1.8) 1.8 (2.3) 0.6 3.2 4.1 6.0 AJO Large Cap – Absolute Value 16.4 (33.2) (1.0) 19.9 10.3 18.8 33.7 (13.3) 1.5 19.4 Russell 1000 Value 19.7 (36.9) (0.2) 22.2 7.0 16.5 30.0 (15.5) (5.6) 7.0 (3.3) 3.7 (0.8) (2.3) 3.3 2.3 3.7 2.2 7.1 12.4 AJO Small Cap – Absolute Value 17.7 (31.2) (8.9) 18.5 10.5 24.7 46.1 (6.3) 13.0 24.3 Russell 2500 Value 27.7 (32.0) (7.3) 20.2 7.7 21.6 44.9 (9.9) 9.7 20.8 (10.0) 0.8 (1.6) (1.7) 2.8 3.1 1.2 3.6 3.3 3.5 AJO Top Cap – Absolute Value 130/30 5.7 (27.3) ------Russell Top 200 Value 14.6 (36.1) (8.9) 8.8 AJO Large Cap – Absolute Value 130/30 13.6 (29.7) (3.4) 20.4 ------Russell 1000 Value 19.7 (36.9) (0.2) 22.2 (6.1) 7.2 (3.2) (1.8) AJO Managed Volatility 21.0 (26.7) 7.9 13.9 8.1 ------Russell 1000 28.4 (37.6) 5.8 15.5 6.3 (7.4) 10.9 2.1 (1.6) 1.8 MSCI USA Minimum Volatility 18.4 (25.6) 4.3 15.0 6.6 2.6 (1.1) 3.6 (1.1) 1.5

31 September 30, 2020 A N N U A L I Z E D G R O S S . . . September 30, 2020

Gross Results & Added Value (%) QTR YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Top Cap 5.6 2.6 10.5 6.8 10.7 13.3 13.0 10.4 12.3 13.3 15.3 14.0 8.0 / 19.1 Russell Top 200 10.2 9.6 20.3 11.9 14.3 15.7 15.6 12.7 13.7 14.3 16.0 14.5 7.9 (4.6) (7.0) (9.8) (5.1) (3.6) (2.4) (2.6) (2.3) (1.4) (1.0) (0.7) (0.5) 0.1 AJO Large Cap 5.4 (1.2) 5.9 3.1 7.6 10.5 10.2 8.4 10.3 12.0 14.2 13.0 11.0 / 28.4 S&P 500 8.9 5.6 15.2 9.6 12.3 13.8 14.1 11.5 12.7 13.5 15.2 13.7 9.8 (3.5) (6.8) (9.3) (6.5) (4.7) (3.3) (3.9) (3.1) (2.4) (1.5) (1.0) (0.7) 1.2 AJO Large Cap – Absolute Value 500 3.2 (12.7) (5.9) (3.0) 2.0 6.5 6.8 5.2 7.2 9.5 11.9 10.6 7.3 / 20.8 S&P 500 Value 4.8 (11.5) (2.7) 1.4 4.2 7.1 8.8 6.5 8.1 9.7 11.9 10.3 5.5 (1.6) (1.2) (3.2) (4.4) (2.2) (0.6) (2.0) (1.3) (0.9) (0.2) 0.0 0.3 1.8 AJO Large Cap 1000 4.7 (2.8) 4.3 1.7 6.1 9.6 9.0 7.5 9.3 11.2 13.4 12.3 10.1 / 17.9 Russell 1000 9.5 6.4 16.0 9.8 12.4 13.9 14.1 11.5 12.5 13.5 15.3 13.7 10.2 (4.8) (9.2) (11.7) (8.1) (6.3) (4.3) (5.1) (4.0) (3.2) (2.3) (1.9) (1.4) (0.1) AJO Large Cap – Absolute Value 2.8 (15.4) (9.9) (6.0) (0.5) 3.9 4.3 3.3 5.3 7.7 10.2 9.1 9.7 / 24.8 Russell 1000 Value 5.6 (11.6) (5.0) (0.6) 2.6 5.6 7.6 5.5 7.3 9.1 11.3 9.9 8.2 (2.8) (3.8) (4.9) (5.4) (3.1) (1.7) (3.3) (2.2) (2.0) (1.4) (1.1) (0.8) 1.5 AJO Small Cap – Absolute Value 3.8 (21.2) (17.6) (12.8) (5.3) 0.0 1.7 1.2 2.8 5.8 8.4 7.7 8.2 / 21.8 Russell 2500 Value 3.5 (18.4) (12.6) (8.6) (2.7) 1.6 4.7 3.4 4.3 7.0 9.5 8.0 7.9 0.3 (2.8) (5.0) (4.2) (2.6) (1.6) (3.0) (2.2) (1.5) (1.2) (1.1) (0.3) 0.3 AJO Top Cap – Absolute Value 130/30 1.8 (19.2) (14.2) (6.3) 0.3 5.2 6.6 5.1 7.3 9.2 11.8 10.6 5.5 / 13.5 Russell Top 200 Value 5.2 (11.0) (3.9) 0.6 3.5 6.5 8.3 5.9 7.7 9.2 11.5 10.1 5.1 (3.4) (8.2) (10.3) (6.9) (3.2) (1.3) (1.7) (0.8) (0.4) 0.0 0.3 0.5 0.4 AJO Large Cap – Absolute Value 130/30 1.7 (24.6) (20.6) (11.8) (4.9) 0.9 2.3 1.9 4.3 6.9 9.2 8.6 5.9 / 15.4 Russell 1000 Value 5.6 (11.6) (5.0) (0.6) 2.6 5.6 7.6 5.5 7.3 9.1 11.3 9.9 6.7 (3.9) (13.0) (15.6) (11.2) (7.5) (4.7) (5.3) (3.6) (3.0) (2.2) (2.1) (1.3) (0.8) AJO Managed Volatility 3.8 (1.5) 3.5 2.5 6.4 9.2 9.5 8.7 10.2 11.9 13.0 12.2 9.9 / 15.9 Russell 1000 9.5 6.4 16.0 9.8 12.4 13.9 14.1 11.5 12.5 13.5 15.3 13.7 9.5 (5.7) (7.9) (12.5) (7.3) (6.0) (4.7) (4.6) (2.8) (2.3) (1.6) (2.3) (1.5) 0.4 MSCI USA Minimum Volatility 5.8 (1.1) 1.9 8.2 10.6 11.3 12.5 11.6 12.2 12.5 13.8 13.4 10.0 (2.0) (0.4) 1.6 (5.7) (4.2) (2.1) (3.0) (2.9) (2.0) (0.6) (0.8) (1.2) (0.1)

32 Periods less than one year are not annualized. . . . A N D N E T C O M P O S I T E R E S U L T S

Net Results & Added Value (%) QTR YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Top Cap 5.6 2.5 10.4 6.6 10.6 13.1 12.8 10.2 12.1 13.1 15.1 13.8 7.8 / 19.1 Russell Top 200 10.2 9.6 20.3 11.9 14.3 15.7 15.6 12.7 13.7 14.3 16.0 14.5 7.9 (4.6) (7.1) (9.9) (5.3) (3.7) (2.6) (2.8) (2.5) (1.6) (1.2) (0.9) (0.7) (0.1) AJO Large Cap 5.4 (1.3) 5.9 3.0 7.5 10.4 10.1 8.2 10.1 11.8 13.9 12.8 10.7 / 28.4 S&P 500 8.9 5.6 15.2 9.6 12.3 13.8 14.1 11.5 12.7 13.5 15.2 13.7 9.8 (3.5) (6.9) (9.3) (6.6) (4.8) (3.4) (4.0) (3.3) (2.6) (1.7) (1.3) (0.9) 0.9 AJO Large Cap – Absolute Value 500 3.2 (12.9) (6.0) (3.2) 1.8 6.3 6.6 4.9 6.9 9.2 11.6 10.3 6.9 / 20.8 S&P 500 Value 4.8 (11.5) (2.7) 1.4 4.2 7.1 8.8 6.5 8.1 9.7 11.9 10.3 5.5 (1.6) (1.4) (3.3) (4.6) (2.4) (0.8) (2.2) (1.6) (1.2) (0.5) (0.3) 0.0 1.4 AJO Large Cap 1000 4.6 (2.9) 4.0 1.5 5.8 9.3 8.8 7.2 9.0 10.9 13.1 12.0 9.8 / 17.9 Russell 1000 9.5 6.4 16.0 9.8 12.4 13.9 14.1 11.5 12.5 13.5 15.3 13.7 10.2 (4.9) (9.3) (12.0) (8.3) (6.6) (4.6) (5.3) (4.3) (3.5) (2.6) (2.2) (1.7) (0.4) AJO Large Cap – Absolute Value 2.8 (15.5) (10.0) (6.1) (0.7) 3.7 4.1 3.1 5.1 7.5 10.0 8.9 9.4 / 24.8 Russell 1000 Value 5.6 (11.6) (5.0) (0.6) 2.6 5.6 7.6 5.5 7.3 9.1 11.3 9.9 8.2 (2.8) (3.9) (5.0) (5.5) (3.3) (1.9) (3.5) (2.4) (2.2) (1.6) (1.3) (1.0) 1.2 AJO Small Cap – Absolute Value 3.7 (21.4) (17.9) (13.1) (5.6) (0.3) 1.4 0.8 2.4 5.4 8.0 7.2 7.6 / 21.8 Russell 2500 Value 3.5 (18.4) (12.6) (8.6) (2.7) 1.6 4.7 3.4 4.3 7.0 9.5 8.0 7.9 0.2 (3.0) (5.3) (4.5) (2.9) (1.9) (3.3) (2.6) (1.9) (1.6) (1.5) (0.8) (0.3) AJO Top Cap – Absolute Value 130/30 1.8 (19.3) (14.4) (6.5) 0.0 4.9 6.2 4.8 7.0 8.9 11.5 10.3 5.2 / 13.5 Russell Top 200 Value 5.2 (11.0) (3.9) 0.6 3.5 6.5 8.3 5.9 7.7 9.2 11.5 10.1 5.1 (3.4) (8.3) (10.5) (7.1) (3.5) (1.6) (2.1) (1.1) (0.7) (0.3) 0.0 0.2 0.1 AJO Large Cap – Absolute Value 130/30 1.7 (24.7) (20.8) (11.8) (5.0) 0.8 2.2 1.7 4.1 6.7 9.0 8.3 5.6 / 15.4 Russell 1000 Value 5.6 (11.6) (5.0) (0.6) 2.6 5.6 7.6 5.5 7.3 9.1 11.3 9.9 6.7 (3.9) (13.1) (15.8) (11.2) (7.6) (4.8) (5.4) (3.8) (3.2) (2.4) (2.3) (1.6) (1.1) AJO Managed Volatility 3.7 (1.6) 3.4 2.4 6.3 9.1 9.4 8.5 10.1 11.8 12.8 12.0 9.6 / 15.9 Russell 1000 9.5 6.4 16.0 9.8 12.4 13.9 14.1 11.5 12.5 13.5 15.3 13.7 9.5 (5.8) (8.0) (12.6) (7.4) (6.1) (4.8) (4.7) (3.0) (2.4) (1.7) (2.5) (1.7) 0.1 MSCI USA Minimum Volatility 5.8 (1.1) 1.9 8.2 10.6 11.3 12.5 11.6 12.2 12.5 13.8 13.4 10.0 (2.1) (0.5) 1.5 (5.8) (4.3) (2.2) (3.1) (3.1) (2.1) (0.7) (1.0) (1.4) (0.4)

Periods less than one year are not annualized. Data through September 30, 2020. 33 A N N U A L I Z E D G R O S S . . . September 30, 2020

Gross Results & Added Value (%) 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20 Yr ITD / Yrs

AJO Top Cap 13.2 11.3 8.6 9.2 9.3 9.5 9.7 10.3 8.5 --- 8.0 / 19.1 Russell Top 200 13.9 12.0 8.9 9.4 9.5 9.6 9.7 10.4 8.3 7.9 (0.7) (0.7) (0.3) (0.2) (0.2) (0.1) 0.0 (0.1) 0.2 0.1 AJO Large Cap 12.5 10.8 7.9 8.5 8.6 9.1 9.5 10.2 8.7 7.8 11.0 / 28.4 S&P 500 13.4 11.6 8.5 9.1 9.2 9.4 9.6 10.4 8.5 6.4 9.8 (0.9) (0.8) (0.6) (0.6) (0.6) (0.3) (0.1) (0.2) 0.2 1.4 1.2 AJO Large Cap – Absolute Value 500 10.5 8.6 5.7 6.4 6.8 7.5 8.4 9.2 7.9 7.2 7.3 / 20.8 S&P 500 Value 10.2 8.2 5.2 6.0 6.5 7.0 7.7 8.7 6.8 5.5 5.5 0.3 0.4 0.5 0.4 0.3 0.5 0.7 0.5 1.1 1.7 1.8 AJO Large Cap 1000 12.1 10.5 7.6 8.2 8.3 9.0 9.5 ------10.1 / 17.9 Russell 1000 13.5 11.7 8.6 9.2 9.3 9.6 9.8 10.2 (1.4) (1.2) (1.0) (1.0) (1.0) (0.6) (0.3) (0.1) AJO Large Cap – Absolute Value 9.2 7.6 4.8 5.5 5.9 6.8 7.6 8.5 7.4 7.1 9.7 / 24.8 Russell 1000 Value 9.8 8.0 5.1 5.8 6.3 7.0 7.7 8.6 7.1 6.2 8.2 (0.6) (0.4) (0.3) (0.3) (0.4) (0.2) (0.1) (0.1) 0.3 0.9 1.5 AJO Small Cap – Absolute Value 8.4 6.5 4.4 4.7 5.2 6.1 7.4 8.6 8.5 8.4 8.2 / 21.8 Russell 2500 Value 8.6 7.1 5.1 5.4 5.8 6.7 7.6 8.8 8.3 8.0 7.9 (0.2) (0.6) (0.7) (0.7) (0.6) (0.6) (0.2) (0.2) 0.2 0.4 0.3 AJO Top Cap – Absolute Value 130/30 9.7 7.6 5.4 ------5.5 / 13.5 Russell Top 200 Value 9.7 7.7 4.8 5.1 0.0 (0.1) 0.6 0.4 AJO Large Cap – Absolute Value 130/30 8.8 7.1 4.6 5.0 5.4 ------5.9 / 15.4 Russell 1000 Value 9.8 8.0 5.1 5.8 6.3 6.7 (1.0) (0.9) (0.5) (0.8) (0.9) (0.8) AJO Managed Volatility 12.6 10.9 8.9 9.5 9.4 ------9.9 / 15.9 Russell 1000 13.5 11.7 8.6 9.2 9.3 9.5 (0.9) (0.8) 0.3 0.3 0.1 0.4 MSCI USA Minimum Volatility 13.3 11.3 9.4 9.7 9.8 10.0 (0.7) (0.4) (0.5) (0.2) (0.4) (0.1)

34 Periods less than one year are not annualized. . . . A N D N E T C O M P O S I T E R E S U L T S

Net Results & Added Value (%) 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20 Yr ITD / Yrs

AJO Top Cap 13.0 11.1 8.4 8.9 9.1 9.3 9.5 10.0 8.3 --- 7.8 / 19.1 Russell Top 200 13.9 12.0 8.9 9.4 9.5 9.6 9.7 10.4 8.3 7.9 (0.9) (0.9) (0.5) (0.5) (0.4) (0.3) (0.2) (0.4) 0.0 (0.1) AJO Large Cap 12.3 10.6 7.7 8.3 8.4 8.9 9.3 9.9 8.5 7.5 10.7 / 28.4 S&P 500 13.4 11.6 8.5 9.1 9.2 9.4 9.6 10.4 8.5 6.4 9.8 (1.1) (1.0) (0.8) (0.8) (0.8) (0.5) (0.3) (0.5) 0.0 1.1 0.9 AJO Large Cap – Absolute Value 500 10.2 8.3 5.4 6.0 6.5 7.2 8.1 8.9 7.6 6.8 6.9 / 20.8 S&P 500 Value 10.2 8.2 5.2 6.0 6.5 7.0 7.7 8.7 6.8 5.5 5.5 0.0 0.1 0.2 0.0 0.0 0.2 0.4 0.2 0.8 1.3 1.4 AJO Large Cap 1000 11.8 10.3 7.3 7.9 8.0 8.7 9.2 ------9.8 / 17.9 Russell 1000 13.5 11.7 8.6 9.2 9.3 9.6 9.8 10.2 (1.7) (1.4) (1.3) (1.3) (1.3) (0.9) (0.6) (0.4) AJO Large Cap – Absolute Value 9.0 7.3 4.6 5.3 5.7 6.5 7.4 8.3 7.2 6.8 9.4 / 24.8 Russell 1000 Value 9.8 8.0 5.1 5.8 6.3 7.0 7.7 8.6 7.1 6.2 8.2 (0.8) (0.7) (0.5) (0.5) (0.6) (0.5) (0.3) (0.3) 0.1 0.6 1.2 AJO Small Cap – Absolute Value 7.9 6.1 3.9 4.2 4.7 5.6 6.9 8.0 7.9 7.8 7.6 / 21.8 Russell 2500 Value 8.6 7.1 5.1 5.4 5.8 6.7 7.6 8.8 8.3 8.0 7.9 (0.7) (1.0) (1.2) (1.2) (1.1) (1.1) (0.7) (0.8) (0.4) (0.2) (0.3) AJO Top Cap – Absolute Value 130/30 9.4 7.3 5.1 ------5.2 / 13.5 Russell Top 200 Value 9.7 7.7 4.8 5.1 (0.3) (0.4) 0.3 0.1 AJO Large Cap – Absolute Value 130/30 8.5 6.8 4.3 4.7 5.2 ------5.6 / 15.4 Russell 1000 Value 9.8 8.0 5.1 5.8 6.3 6.7 (1.3) (1.2) (0.8) (1.1) (1.1) (1.1) AJO Managed Volatility 12.4 10.7 8.7 9.3 9.1 ------9.6 / 15.9 Russell 1000 13.5 11.7 8.6 9.2 9.3 9.5 (1.1) (1.0) 0.1 0.1 (0.2) 0.1 MSCI USA Minimum Volatility 13.3 11.3 9.4 9.7 9.8 10.0 (0.9) (0.6) (0.7) (0.4) (0.7) (0.4)

Periods less than one year are not annualized. 35 Data through September 30, 2020. M A R K E T P E R F O R M A N C E September 30, 2020

Supplemental Indices (%) Qtr YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Russell Top 200 10.2 9.6 31.8 (3.1) 23.0 11.3 2.4 13.2 32.4 16.0 2.8 12.5 Russell Top 200 Value 5.2 (11.0) 26.4 (6.2) 13.8 16.2 (3.4) 12.9 32.2 17.0 1.1 11.7 Russell Top 200 Growth 14.0 26.9 36.5 (0.5) 31.9 6.9 8.2 13.6 32.7 15.1 4.6 13.2 Russell 1000 9.5 6.4 31.4 (4.8) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 Russell 1000 Value 5.6 (11.6) 26.6 (8.3) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 Russell 1000 Growth 13.2 24.3 36.4 (1.5) 30.2 7.1 5.7 13.1 33.5 15.3 2.6 16.7 Russell 3000 9.2 5.4 31.0 (5.3) 21.1 12.8 0.5 12.6 33.6 16.4 1.0 16.9 Russell 3000 Value 5.4 (12.2) 26.2 (8.6) 13.2 18.4 (4.1) 12.7 32.7 17.6 (0.1) 16.2 Russell 3000 Growth 12.9 23.0 35.9 (2.1) 29.6 7.4 5.1 12.4 34.2 15.2 2.2 17.7 S&P 500 8.9 5.6 31.5 (4.4) 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 S&P 500 Value 4.8 (11.5) 31.9 (9.0) 15.4 17.4 (3.1) 12.3 32.0 17.7 (0.5) 15.1 S&P 500 Growth 11.7 20.6 31.1 0.0 27.4 6.9 5.5 14.9 32.8 14.6 4.6 15.0 MSCI USA Minimum Volatility 5.8 (1.1) 28.0 1.5 19.2 10.7 5.6 16.5 25.3 11.2 12.9 14.7 Wilshire 5000 9.1 5.5 31.1 (5.3) 21.0 13.4 0.7 12.7 33.1 16.1 1.0 17.2 Russell Midcap 7.5 (2.4) 30.5 (9.1) 18.5 13.8 (2.5) 13.2 34.8 17.3 (1.6) 25.5 Russell Midcap Value 6.4 (12.8) 27.1 (12.3) 13.3 20.0 (4.8) 14.8 33.5 18.5 (1.4) 24.8 Russell Midcap Growth 9.4 13.9 35.5 (4.7) 25.3 7.3 (0.2) 11.9 35.8 15.8 (1.7) 26.4 Russell 2000 4.9 (8.7) 25.5 (11.0) 14.7 21.3 (4.4) 4.9 38.8 16.3 (4.2) 26.8 Russell 2000 Value 2.6 (21.5) 22.4 (12.9) 7.8 31.7 (7.5) 4.2 34.5 18.1 (5.5) 24.5 Russell 2000 Growth 7.2 3.9 28.5 (9.3) 22.2 11.3 (1.4) 5.6 43.3 14.6 (2.9) 29.1 Russell 2500 5.9 (5.8) 27.7 (10.0) 16.8 17.6 (2.9) 7.1 36.8 17.9 (2.5) 26.7 Russell 2500 Value 3.5 (18.4) 23.6 (12.3) 10.4 25.2 (5.5) 7.1 33.3 19.2 (3.4) 24.8 Russell 2500 Growth 9.4 11.6 32.7 (7.5) 24.5 9.7 (0.2) 7.0 40.6 16.1 (1.6) 28.9 FTSE 3-Month T-Bill 0.0 0.6 2.3 1.9 0.8 0.3 0.0 0.0 0.0 0.1 0.1 0.1

Annualized Supplemental Indices (%) Qtr YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr Russell Top 200 10.2 9.6 20.3 11.9 14.3 15.7 15.6 12.7 13.7 14.3 16.0 14.5 Russell Top 200 Value 5.2 (11.0) (3.9) 0.6 3.5 6.5 8.3 5.9 7.7 9.2 11.5 10.1 Russell Top 200 Growth 14.0 26.9 41.2 20.7 23.1 23.1 21.4 18.3 18.7 18.4 19.6 18.1 Russell 1000 9.5 6.4 16.0 9.8 12.4 13.9 14.1 11.5 12.5 13.5 15.3 13.7 Russell 1000 Value 5.6 (11.6) (5.0) (0.6) 2.6 5.6 7.6 5.5 7.3 9.1 11.3 9.9 Russell 1000 Growth 13.2 24.3 37.5 19.4 21.7 21.7 20.1 17.1 17.4 17.6 18.8 17.2 Russell 3000 9.2 5.4 15.0 8.8 11.6 13.4 13.7 11.2 12.1 13.2 15.0 13.5 Russell 3000 Value 5.4 (12.2) (5.7) (1.4) 2.1 5.3 7.4 5.4 7.1 8.9 11.2 9.7 Russell 3000 Growth 12.9 23.0 36.1 18.2 20.7 21.0 19.5 16.6 16.8 17.2 18.5 16.9 S&P 500 8.9 5.6 15.2 9.6 12.3 13.8 14.1 11.5 12.7 13.5 15.2 13.7 S&P 500 Value 4.8 (11.5) (2.7) 1.4 4.2 7.1 8.8 6.5 8.1 9.7 11.9 10.3 S&P 500 Growth 11.7 20.6 30.6 16.1 19.1 19.3 18.3 15.6 16.4 16.5 17.9 16.5 MSCI USA Minimum Volatility 5.8 (1.1) 1.9 8.2 10.6 11.3 12.5 11.6 12.2 12.5 13.8 13.4 Wilshire 5000 9.1 5.5 15.1 8.9 11.7 13.5 13.8 11.3 12.2 13.3 15.0 13.5 Russell Midcap 7.5 (2.4) 4.5 3.9 7.1 9.1 10.1 8.3 9.4 11.5 13.2 11.7 Russell Midcap Value 6.4 (12.8) (7.3) (3.0) 0.8 3.8 6.4 4.9 6.6 9.1 11.1 9.7 Russell Midcap Growth 9.4 13.9 23.2 13.9 16.2 16.6 15.5 13.0 13.2 14.9 16.2 14.5 Russell 2000 4.9 (8.7) 0.4 (4.4) 1.8 6.2 8.0 6.8 6.4 9.1 11.4 9.8 Russell 2000 Value 2.6 (21.5) (14.9) (11.6) (5.1) 0.7 4.1 3.1 3.3 6.0 8.6 7.1 Russell 2000 Growth 7.2 3.9 15.7 2.3 8.2 11.3 11.4 10.1 9.2 11.9 13.9 12.3 Russell 2500 5.9 (5.8) 2.2 (1.0) 4.4 7.6 8.9 7.5 7.7 10.2 12.4 10.8 Russell 2500 Value 3.5 (18.4) (12.6) (8.6) (2.7) 1.6 4.7 3.4 4.3 7.0 9.5 8.0 Russell 2500 Growth 9.4 11.6 23.4 8.8 13.4 15.0 14.2 12.3 11.7 14.0 15.6 14.0 FTSE 3-Month T-Bill 0.0 0.6 1.0 1.7 1.6 1.4 1.1 1.0 0.8 0.7 0.7 0.6

Periods less than one year are not annualized. 36 P E R F O R M A N C E September 30, 2020

G R O S S A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / ------Annualized------Tracking Years / Clients / Benchmark Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Emerging Markets All Cap 10.2 (0.8) 11.0 3.3 9.3 --- 5.2 3.6 7.8 2+ MSCI Emerging Markets IMI 9.8 (1.3) 10.1 2.0 8.4 2.3 2.7 12/31/12 782 AJO Emerging Markets Small Cap 8.2 (2.0) 7.1 (0.4) 6.4 --- 6.4 4.1 7.8 2+ M ARKETS

E MERGING MSCI Emerging Markets Small Cap 11.9 (2.4) 6.9 (1.1) 4.6 1.0 1.9 12/31/12 292

AJO Global Small Cap 6.5 (10.2) (1.8) (2.4) 3.9 --- 1.9 3.6 5.3 2 MSCI World Small Cap 7.5 (6.4) 2.8 2.3 7.9 8.7 5.2 5/31/15 102 G LOBAL AJO All-World Managed Volatility 5.0 (3.4) 2.4 4.9 8.1 --- 7.5 5.8 1+ MSCI ACWI 8.1 1.4 10.5 7.1 10.3 8.5 7.5 6.1 12/31/14 13 MSCI ACWI Minimum Volatility 4.7 (3.5) (0.7) 6.4 8.9 9.0 7.3 3.6

N.B. — Please see accompanying Notes. +AJO pooled vehicle available.

37 P E R F O R M A N C E September 30, 2020

N E T A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / ------Annualized------Tracking Years / Clients / Benchmark Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Emerging Markets All Cap 10.1 (1.0) 10.7 3.0 8.9 --- 4.7 3.5 7.8 2+ MSCI Emerging Markets IMI 9.8 (1.3) 10.1 2.0 8.4 2.3 2.7 12/31/12 782 AJO Emerging Markets Small Cap 8.1 (2.1) 6.9 (0.6) 6.0 --- 6.0 4.0 7.8 2+ M ARKETS E MERGING MSCI Emerging Markets Small Cap 11.9 (2.4) 6.9 (1.1) 4.6 1.0 1.9 12/31/12 292

AJO Global Small Cap 6.5 (10.4) (2.1) (2.6) 3.5 --- 1.5 3.6 5.3 2 MSCI World Small Cap 7.5 (6.4) 2.8 2.3 7.9 8.7 5.2 5/31/15 102 G LOBAL AJO All-World Managed Volatility 5.0 (3.4) 2.3 4.8 7.9 --- 7.3 5.8 1+ MSCI ACWI 8.1 1.4 10.5 7.1 10.3 8.5 7.5 6.1 12/31/14 13

L O V OL MSCI ACWI Minimum Volatility 4.7 (3.5) (0.7) 6.4 8.9 9.0 7.3 3.6

N.B. — Please see accompanying Notes. +AJO pooled vehicle available.

38 FEES AND ANNUAL RETURN & RISK OBJECTIVES

Composite / Fee Gross Prospective Tracking Benchmark Schedule Added Value Error

AJO Emerging Markets All Cap 0.70% on first $25mm; 0.60% on next $25mm 3.0% 5.0% 0.50% on next $25mm; 0.45% on next $25mm MSCI Emerging Markets IMI 0.40% thereafter AJO Emerging Markets Small Cap 0.70% on all assets 4.0% 6.0% MSCI Emerging Markets Small Cap

AJO Global Small Cap 0.65% on all assets 3.5% 5.0% MSCI World Small Cap

AJO All-World Managed Volatility 0.40% on all assets 2.5% 10.0% (vol) MSCI ACWI MSCI ACWI Minimum Volatility

39 A N N U A L G R O S S . . . September 30, 2020

Gross Results & Added Value (%) Qtr YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

AJO Emerging Markets All Cap 10.2 (0.8) 22.6 (16.2) 35.6 13.8 (12.6) 5.9 2.0 ------MSCI Emerging Markets IMI 9.8 (1.3) 17.7 (15.0) 36.8 9.9 (13.9) (1.8) (2.2) 0.4 0.5 4.9 (1.2) (1.2) 3.9 1.3 7.7 4.2 AJO Emerging Markets Small Cap 8.2 (2.0) 12.2 (15.9) 34.3 8.9 (2.7) 12.7 8.9 ------MSCI Emerging Markets Small Cap 11.9 (2.4) 11.5 (18.6) 33.8 2.3 (6.8) 1.0 1.1 (3.7) 0.4 0.7 2.7 0.5 6.6 4.1 11.7 7.8 AJO Global Small Cap 6.5 (10.2) 18.6 (14.8) 14.1 15.2 ------MSCI World Small Cap 7.5 (6.4) 26.2 (13.8) 22.7 12.7 (1.0) (3.8) (7.6) (1.0) (8.6) 2.5 AJO All-World Managed Volatility 5.0 (3.4) 19.5 (6.1) 22.3 6.5 7.6 ------MSCI ACWI 8.1 1.4 26.6 (9.4) 24.0 7.9 (2.4) (3.1) (4.8) (7.1) 3.3 (1.7) (1.4) 10.0 MSCI ACWI Minimum Volatility 4.7 (3.5) 21.1 (1.6) 17.9 7.4 2.8 0.3 0.1 (1.6) (4.5) 4.4 (0.9) 4.8

40 . . . A N D N E T C O M P O S I T E R E S U L T S

Net Results & Added Value (%) Qtr YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

AJO Emerging Markets All Cap 10.1 (1.0) 22.2 (16.4) 35.1 13.1 (13.3) 5.1 1.6 ------MSCI Emerging Markets IMI 9.8 (1.3) 17.7 (15.0) 36.8 9.9 (13.9) (1.8) (2.2) 0.3 0.3 4.5 (1.4) (1.7) 3.2 0.6 6.9 3.8 AJO Emerging Markets Small Cap 8.1 (2.1) 12.0 (16.1) 33.8 8.3 (3.1) 12.1 8.5 ------MSCI Emerging Markets Small Cap 11.9 (2.4) 11.5 (18.6) 33.8 2.3 (6.8) 1.0 1.1 (3.8) 0.3 0.5 2.5 0.0 6.0 3.7 11.1 7.4 AJO Global Small Cap 6.5 (10.4) 18.2 (15.1) 13.7 14.7 ------MSCI World Small Cap 7.5 (6.4) 26.2 (13.8) 22.7 12.7 (1.0) (4.0) (8.0) (1.3) (9.0) 2.0 AJO All-World Managed Volatility 5.0 (3.4) 19.5 (6.1) 22.1 6.2 7.0 ------MSCI ACWI 8.1 1.4 26.6 (9.4) 24.0 7.9 (2.4) (3.1) (4.8) (7.1) 3.3 (1.9) (1.7) 9.4 MSCI ACWI Minimum Volatility 4.7 (3.5) 21.1 (1.6) 17.9 7.4 2.8 0.3 0.1 (1.6) (4.5) 4.2 (1.2) 4.2

41 September 30, 2020 A N N U A L I Z E D G R O S S . . . September 30, 2020

Gross Results & Added Value (%) QTR YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Emerging Markets All Cap 10.2 (0.8) 11.0 4.7 3.3 7.7 9.3 5.0 6.1 ------5.2 / 7.8 MSCI Emerging Markets IMI 9.8 (1.3) 10.1 3.7 2.0 6.6 8.4 3.3 3.6 2.7 0.4 0.5 0.9 1.0 1.3 1.1 0.9 1.7 2.5 2.5 AJO Emerging Markets Small Cap 8.2 (2.0) 7.1 0.9 (0.4) 4.2 6.4 4.0 6.4 ------6.4 / 7.8 MSCI Emerging Markets Small Cap 11.9 (2.4) 6.9 0.5 (1.1) 2.7 4.6 1.0 2.1 1.9 (3.7) 0.4 0.2 0.4 0.7 1.5 1.8 3.0 4.3 4.5 AJO Global Small Cap 6.5 (10.2) (1.8) (5.8) (2.4) 2.5 3.9 ------1.9 / 5.3 MSCI World Small Cap 7.5 (6.4) 2.8 (1.4) 2.3 6.4 7.9 5.2 (1.0) (3.8) (4.6) (4.4) (4.7) (3.9) (4.0) (3.3) AJO All-World Managed Volatility 5.0 (3.4) 2.4 2.4 4.9 6.3 8.1 ------7.5 / 5.8 MSCI ACWI 8.1 1.4 10.5 5.8 7.1 9.9 10.3 7.5 (3.1) (4.8) (8.1) (3.4) (2.2) (3.6) (2.2) 0.0 MSCI ACWI Minimum Volatility 4.7 (3.5) (0.7) 4.4 6.4 7.1 8.9 7.3 0.3 0.1 3.1 (2.0) (1.5) (0.8) (0.8) 0.2

42 Periods less than one year are not annualized. . . . A N D N E T C O M P O S I T E R E S U L T S

Net Results & Added Value (%) QTR YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Emerging Markets All Cap 10.1 (1.0) 10.7 4.3 3.0 7.3 8.9 4.5 5.5 ------4.7 / 7.8 MSCI Emerging Markets IMI 9.8 (1.3) 10.1 3.7 2.0 6.6 8.4 3.3 3.6 2.7 0.3 0.3 0.6 0.6 1.0 0.7 0.5 1.2 1.9 2.0 AJO Emerging Markets Small Cap 8.1 (2.1) 6.9 0.7 (0.6) 3.9 6.0 3.7 6.0 ------6.0 / 7.8 MSCI Emerging Markets Small Cap 11.9 (2.4) 6.9 0.5 (1.1) 2.7 4.6 1.0 2.1 1.9 (3.8) 0.3 0.0 0.2 0.5 1.2 1.4 2.7 3.9 4.1 AJO Global Small Cap 6.5 (10.4) (2.1) (6.1) (2.6) 2.2 3.5 ------1.5 / 5.3 MSCI World Small Cap 7.5 (6.4) 2.8 (1.4) 2.3 6.4 7.9 5.2 (1.0) (4.0) (4.9) (4.7) (4.9) (4.2) (4.4) (3.7) AJO All-World Managed Volatility 5.0 (3.4) 2.3 2.4 4.8 6.2 7.9 ------7.3 / 5.8 MSCI ACWI 8.1 1.4 10.5 5.8 7.1 9.9 10.3 7.5 (3.1) (4.8) (8.2) (3.4) (2.3) (3.7) (2.4) (0.2) MSCI ACWI Minimum Volatility 4.7 (3.5) (0.7) 4.4 6.4 7.1 8.9 7.3 0.3 0.1 3.0 (2.0) (1.6) (0.9) (1.0) 0.0

Periods less than one year are not annualized. September 30, 2020 43 M A R K E T P E R F O R M A N C E September 30, 2020

Supplemental Indices (%) Qtr YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 MSCI ACWI Minimum Volatility 4.7 (3.5) 21.1 (1.6) 17.9 7.4 2.8 11.0 16.9 10.0 5.3 14.3 MSCI ACWI 8.1 1.4 26.6 (9.4) 24.0 7.9 (2.4) 4.2 22.8 16.1 (7.4) 12.7 MSCI World 7.9 1.7 27.7 (8.7) 22.4 7.5 (0.9) 4.9 26.7 15.8 (5.5) 11.8 MSCI World ex USA 4.9 (7.2) 22.5 (14.1) 24.2 2.8 (3.0) (4.3) 21.0 16.4 (12.2) 8.9 MSCI World Small Cap 7.5 (6.4) 26.2 (13.8) 22.7 12.7 (0.3) 1.9 32.4 17.6 (9.1) 26.1 MSCI World ex USA Small Cap 10.1 (4.1) 25.4 (18.1) 31.0 4.3 5.5 (5.3) 25.5 17.5 (15.8) 24.5 MSCI World IMI 7.9 0.7 27.5 (9.4) 22.4 8.2 (0.8) 4.5 27.4 16.1 (6.0) 13.5 MSCI Emerging Markets 9.6 (1.1) 18.4 (14.6) 37.3 11.2 (14.9) (2.2) (2.6) 18.2 (18.4) 18.9 MSCI Emerging Markets IMI 9.8 (1.3) 17.7 (15.0) 36.8 9.9 (13.9) (1.8) (2.2) 18.7 (19.5) 19.9 MSCI Emerging Markets Small Cap 11.9 (2.4) 11.5 (18.6) 33.8 2.3 (6.8) 1.0 1.1 22.2 (27.2) 27.2

Annualized Supplemental Indices (%) Qtr YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr MSCI ACWI Minimum Volatility 4.7 (3.5) (0.7) 4.4 6.4 7.1 8.9 7.7 8.1 8.5 9.5 9.0 MSCI ACWI 8.1 1.4 10.5 5.8 7.1 9.9 10.3 7.3 7.8 9.0 10.3 8.5 MSCI World 7.9 1.7 10.4 6.0 7.7 10.3 10.5 7.7 8.3 9.7 11.0 9.4 MSCI World ex USA 4.9 (7.2) 0.1 (0.4) 0.6 4.9 5.3 2.6 2.9 5.0 6.0 4.4 MSCI World Small Cap 7.5 (6.4) 2.8 (1.4) 2.3 6.4 7.9 6.3 6.3 8.8 10.2 8.7 MSCI World ex USA Small Cap 10.1 (4.1) 6.9 0.4 1.4 5.9 7.3 5.4 5.1 7.4 8.0 6.5 MSCI World IMI 7.9 0.7 9.5 5.1 7.0 9.8 10.1 7.5 8.1 9.6 10.9 9.3 MSCI Emerging Markets 9.6 (1.1) 10.6 4.1 2.4 7.1 9.0 3.7 3.7 3.4 4.8 2.5 MSCI Emerging Markets IMI 9.8 (1.3) 10.1 3.7 2.0 6.6 8.4 3.3 3.6 3.3 4.7 2.3 MSCI Emerging Markets Small Cap 11.9 (2.4) 6.9 0.5 (1.1) 2.7 4.6 1.0 2.1 2.4 3.8 1.0

Periods less than one year are not annualized. 44 NOTES

AJO, LP, is an independent, registered investment adviser. AJO claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Prior to 1/1/03, the firm was known as ARONSON+PARTNERS; prior to 6/25/12, the firm was known as ARONSON+JOHNSON+ORTIZ. AJO has been independently verified by Ashland Partners for the period 10/1/85 through 6/30/16 and by ACA Performance Services for the period 7/1/16 through 12/31/19. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firmwide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The following composites have been examined for the periods indicated:

Composite Examination Period Composite Examination Period

AJO Top Cap 9/1/01 – 12/31/19 AJO Large Cap – Absolute Value 130/30 5/1/05 – 12/31/19 AJO Large Cap 5/1/92 – 12/31/19 AJO Managed Volatility 11/1/04 – 12/31/19 AJO Large Cap – Absolute Value 500 1/1/00 – 12/31/19 AJO Emerging Markets All Cap 1/1/13 – 12/31/19 AJO Large Cap 1000 11/1/02 – 12/31/19 AJO Emerging Markets Small Cap 1/1/13 – 12/31/19 AJO Large Cap – Absolute Value 1/1/96 – 12/31/19 AJO Global Small Cap 6/1/15 – 12/31/19 AJO Small Cap – Absolute Value 1/1/99 – 12/31/19 AJO All-World Managed Volatility 1/1/15 – 12/31/19 AJO Top Cap – Absolute Value 130/30 4/1/07 – 12/31/19

The verification and performance examination reports are available upon request.

All composites listed are calculated in US$, asset-weighted, and presented gross and net of investment management fees. All portfolios are fee-paying, fully discretionary accounts included from the first full month following completion of initial funding to the present or to the month prior to termination. Prior to 2011, portfolios with client-directed capital flows of 10% or greater that impacted portfolio performance in a significant and nonrepresentative manner were temporarily removed from composite return calculations. From 2011 onward, a portfolio with any size flow remains in its composite. The performance impact of flows are mitigated using a temporary-new-account methodology. AJO’s quantitative investment process is supported by proprietary computer code, third-party software, and ongoing data feeds from third-party data providers, and may not operate correctly in all market conditions. As with any data-driven model, errors may occur in coding, software, and/or data feeds.

Composite creation date is inception date, except AJO Large Cap – Absolute Value, created 3/31/97. Returns use trade-date accounting and are time-weighted total returns including cash and equivalents and reinvestment of income for portfolios that reinvest. Annual composite dispersion reflects the high-low return spread among portfolios invested for the full year. Tracking error is the annualized standard deviation of monthly value-added relative to the benchmark. When rolling-three-year standard deviation is not presented, it is because the composite does not have a three-year history.

A portfolio’s gross return considers transaction costs but not investment management fees and other expenses incurred in account management. Net returns reflect the deduction of actual investment management and performance-based fees, which are recorded on an accrual basis. For example, based on our U.S. equity large-cap investment strategy, AJO Large Cap, with a 28.4-year track record as of 9/30/20, investment management fees would reduce cumulative returns from 1,849.1% to 1,698.0%, or 11.0% to 10.7% on an annualized basis. For certain periods, accruals for performance-based-fee accounts may cause net returns to be under- or overstated or to exceed gross returns. AJO’s fee schedule is presented below and in the firm’s Form ADV.

45 Benchmark returns are total returns per the benchmark source. The source for MSCI returns is MSCI. The MSCI Emerging Markets, World, and All-World indices listed are net total return indices that reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to nonresident institutional investors who do not benefit from double-taxation treaties. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This presentation is not approved, reviewed, or produced by MSCI.

Composite and benchmark returns of our emerging markets strategies are presented net of withholding tax. 130/30 composites involve a degree of “leverage”: borrowed stocks are sold short; short sale proceeds and long stocks become collateral. For example, a $100mm 130% long / 30% short account may have $129.5mm exposure to long stocks, $29.5mm exposure to short stocks, and $1.0mm cash, totaling $160mm “in play.” 130/30 investing can be riskier than long-only investing since both the long and short sides can simultaneously lose value.

AJO has firm assets invested in the AJO Emerging Markets All Cap composite and the AJO All-World Managed Volatility composite, and one or more AJO employees have personal assets invested in the AJO Emerging Markets Small Cap composite.

To receive a complete list and description of AJO’s composites and details regarding policies for valuing portfolios, the treatment of cash flows, calculating performance, and preparing compliant presentations, or for a copy of AJO’s verification and performance examination reports, contact Joe Caruso at 215.546.7500 or at [email protected].

Returns represent past performance and are not indicative of future results.

STANDARD FIXED FEES U.S. EMERGING MARKETS AJO Top Cap AJO Emerging Markets All Cap AJO Top Cap – Absolute Value 0.70% on the first $25 million 0.25% on the first $250 million 0.60% on the next $25 million 0.15% on the next $250 million 0.50% on the next $25 million 0.10% thereafter 0.45% on the next $25 million 0.40% on over $100 million AJO Large Cap AJO Large Cap – Absolute Value 500 AJO Emerging Markets Small Cap AJO Large Cap 1000 0.70% on all assets AJO Large Cap – Absolute Value AJO Managed Volatility GLOBAL 0.30% on the first $250 million AJO Global Small Cap 0.20% on the next $250 million 0.65% on all assets 0.15% on the next $500 million 0.125% thereafter

AJO Small Cap – Absolute Value 0.60% on all assets Minimum initial investment is $25 million.

Short-enabled U.S. fees are based AJO follows a most-favored-nation policy on the corresponding long-only fees, regarding fees: no fixed-fee client pays multiplied by gross exposure (e.g., more than the lowest fixed fee charged 130/30 gross exposure is 160%). for a similar mandate of the same size.

ALL-WORLD LOW VOL Performance-based fees are also available AJO All-World Managed Volatility — indeed, encouraged — and their structure 0.40% on all assets is negotiable. 46 F I R M H I S T O R Y Annual Rolling-3-Year Composite / Total Return (%) Standard Dev (%) Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Firmwide 2019 ------108 79 18,789 --- 2018 ------143 105 19,794 --- 2017 ------163 116 27,072 --- 2016 ------162 115 28,266 --- 2015 ------153 111 26,281 --- 2014 ------126 94 25,442 --- 2013 ------120 85 23,965 --- 2012 ------116 85 20,138 --- 2011 ------119 88 19,159 --- 2010 ------127 92 19,804 --- 2009 ------143 100 20,138 --- 2008 ------143 99 15,873 --- 2007 ------145 101 27,377 --- 2006 ------138 95 28,293 --- 2005 ------125 90 23,492 --- 2004 ------107 76 19,307 --- 2003 ------95 66 14,581 --- 2002 ------63 51 7,038 --- 2001 ------48 40 5,833 --- 2000 ------39 32 4,290 --- 1999 ------40 34 3,994 --- 1998 ------35 32 2,191 --- 1997 ------17 16 1,004 --- 1996 ------13 12 693 --- 1995 ------12 12 660 --- 1994 ------20 19 761 --- 1993 ------19 18 789 --- 1992 ------15 15 573 --- 1991 ------11 11 441 --- 1990 ------7 7 187 --- 1989 ------5 5 175 --- 1988 ------5 5 139 --- 1987 ------6 6 134 --- 1986 ------5 5 73 --- 1985 ------3 3 29 ---

C O M P O S I T E D E S C R I P T I O N — U . S . Composites include all institutional portfolios invested in U.S.-listed equities using a quantitative process that focuses on low-priced companies with effective management and positive momentum, and favorable sentiment while considering risk and transaction costs. Composites are defined by the benchmark they stalk (except in the case of AJO Managed Volatility where the benchmark listed is for performance comparison only), as well as their investment universe and risk constraints. Gross Prospective Investment Added Tracking Name Benchmark Name Universe Risk Value Error AJO Top Cap Russell Top 200 Index Top cap Baseline 1% 3% AJO Large Cap S&P 500 Index Large cap Baseline 2% 4% AJO Large Cap – Absolute Value 500 S&P 500 Value Index Large cap Baseline 2% 4% AJO Large Cap 1000 Russell 1000 Index Large cap Baseline 2% 4% AJO Large Cap – Absolute Value Russell 1000 Value Index Large cap Baseline 2% 4% AJO Small Cap – Absolute Value Russell 2500 Value Index Small cap Baseline 3-4% 4-6% AJO Top Cap – Absolute Value 130/30 Russell Top 200 Value Index Top cap Short-enabled <2% >4% AJO Large Cap – Absolute Value 130/30 Russell 1000 Value Index Large cap Short-enabled >3% <6% AJO Managed Volatility Russell 1000 Index or MSCI USA Minimum Large cap Reduced volatility 2% 5-6% Volatility Index

Gross prospective added value illustrates AJO's annual return objectives over the benchmark and the anticipated tracking error relative to the benchmark. They do not reflect actual account returns and are NOT guaranteed returns. Actual client returns may differ materially, and clients may lose money. The return objectives represent the returns we seek to produce before fees, and they are willingly used to establish performance-based fees.

47 Performance notes continue on the next page. C O M P O S I T E H I S T O R Y — U . S . Annual Rolling-3-Year Composite / Total Return (%) Standard Dev (%) Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Top Cap 2019 28.9 28.7 31.8 12.4 12.1 ±0.2 4 2 930 5 8/31/01 2018 (5.1) (5.2) (3.1) 11.6 10.9 ±0.3 3 2 542 3 Russell Top 200 2017 24.4 24.0 23.0 11.3 10.2 ±0.2 6 4 574 2 2016 10.2 10.0 11.3 11.8 10.8 ±0.6 3 3 369 1 2015 (0.4) (0.7) 2.4 11.1 10.8 ±0.9 4 3 583 2 2014 19.2 18.9 13.2 9.3 9.1 ±0.4 3 3 432 2 2013 33.9 33.6 32.4 12.0 11.8 ±0.4 3 3 328 1 2012 18.3 18.0 16.0 14.9 15.0 ±0.7 3 3 617 3 2011 3.8 3.6 2.8 17.6 18.4 ±0.7 2 2 494 3 2010 10.1 9.8 12.5 20.3 21.3 ±0.3 2 2 495 2 2009 21.2 20.9 24.2 18.3 19.0 ±0.1 2 2 503 2 2008 (32.3) (32.4) (36.1) 14.6 14.5 --- 1 1 386 2 2007 4.6 4.5 5.9 8.2 7.6 --- 1 1 571 2 2006 18.8 18.6 15.5 7.0 6.5 --- 1 1 546 2 2005 4.4 4.2 3.8 8.5 8.8 --- 1 1 461 2 2004 9.1 8.8 8.3 13.9 15.1 --- 1 1 402 2 2003 26.3 26.0 26.7 ------1 1 347 2 2002 (21.4) (21.6) (23.4) ------1 1 276 4 2001 ------1 1 240 4

AJO Large Cap 2019 26.4 26.2 31.5 12.8 12.1 ±0.7 9 7 1,378 7 4/30/92 2018 (8.3) (8.5) (4.4) 12.1 11.0 ±1.0 13 12 1,533 8 S&P 500 2017 23.9 23.7 21.8 11.5 10.1 ±0.4 13 12 2,082 8 2016 8.5 8.3 12.0 12.2 10.7 ±1.0 12 12 1,632 6 2015 0.3 0.0 1.4 11.3 10.6 ±0.4 10 10 1,565 6 2014 16.1 15.7 13.7 9.8 9.1 ±0.4 10 9 2,093 8 2013 38.5 38.1 32.4 12.6 12.1 ±0.7 12 9 2,160 9 2012 18.4 18.1 16.0 15.4 15.3 ±0.7 10 9 1,680 8 2011 4.4 4.2 2.1 18.2 19.0 ±1.4 12 11 1,724 9 2010 12.2 12.0 15.1 21.2 22.2 ±0.5 13 11 1,688 9 2009 22.9 22.6 26.4 19.2 19.9 ±0.8 17 13 2,249 11 2008 (34.4) (34.5) (37.0) 15.5 15.3 ±1.4 14 11 1,404 9 2007 5.2 5.0 5.5 8.3 7.8 ±0.7 13 9 3,242 12 2006 17.0 16.6 15.8 7.6 6.9 ±0.5 9 5 1,954 7 2005 7.7 7.2 4.9 9.2 9.2 ±0.3 5 4 747 3 2004 13.2 13.0 10.9 13.5 15.1 ±0.3 2 1 87 < 1 2003 29.5 29.1 28.7 15.7 18.3 ±0.7 3 2 89 1 2002 (17.8) (18.4) (22.1) 17.0 18.8 ±0.2 3 2 66 1 2001 2.4 2.2 (11.9) 15.6 16.9 ±5.3 5 3 1,740 30 2000 (5.0) (5.2) (9.1) 18.7 17.7 ±0.6 6 4 1,387 32 1999 23.4 22.4 21.0 18.0 16.8 ±3.7 3 2 1,383 35 1998 29.3 28.8 28.6 17.8 16.2 ±0.7 2 2 509 23 1997 35.0 34.5 33.4 12.0 11.3 ±0.8 2 2 263 26 1996 22.8 22.4 23.0 10.5 9.7 ±0.3 3 3 356 51 1995 36.7 36.3 37.5 8.8 8.3 ±0.2 3 3 311 47 1994 (2.0) (2.3) 1.3 ------±0.5 6 6 264 35 1993 14.2 13.9 10.0 ------±0.0 2 2 36 5 1992 ------1 1 19 3

AJO Large Cap – Absolute Value 500 2019 27.3 27.0 31.9 13.6 12.9 ±0.4 4 4 511 3 12/31/99 2018 (11.8) (11.9) (9.0) 12.8 11.2 ±0.2 4 4 473 2 S&P 500 Value 2017 20.1 20.0 15.4 12.0 10.5 ±0.3 4 4 546 2 2016 12.3 12.1 17.4 12.4 10.9 ±0.3 5 5 613 2 2015 (2.2) (2.5) (3.1) 11.3 10.8 ±0.4 5 5 624 2 2014 14.5 14.1 12.3 10.1 9.6 ±0.2 5 5 664 3 2013 36.9 36.3 32.0 13.4 13.2 ±0.3 5 5 660 3 2012 20.0 19.7 17.7 15.9 16.0 ±0.4 5 5 555 3 2011 2.2 1.9 (0.5) 19.9 21.4 ±0.4 5 5 508 3 2010 13.8 13.4 15.1 23.0 24.2 ±0.2 5 5 500 3 2009 20.6 20.1 21.2 21.3 22.3 ±0.3 5 5 436 2 2008 (36.7) (36.9) (39.2) 16.5 16.1 ±0.3 5 5 347 2 2007 1.3 1.0 2.0 8.9 8.1 ±0.3 4 4 487 2 2006 20.0 19.6 20.8 7.6 6.8 ±0.1 4 4 536 2 2005 11.4 11.0 5.8 9.8 10.5 ±0.3 3 3 410 2 2004 18.4 17.9 15.7 14.3 16.7 ±0.0 3 3 368 2 2003 31.6 31.1 31.8 15.8 19.1 ±0.5 2 2 247 2 2002 (15.2) (15.7) (20.8) 17.9 19.1 ±1.8 2 2 187 3 2001 (0.4) (1.1) (11.7) ------1 1 51 1 2000 12.1 11.3 6.1 ------1 1 49 1

48 Performance notes continue on the next page. C O M P O S I T E H I S T O R Y — U . S . Annual Rolling-3-Year Composite / Total Return (%) Standard Dev (%) Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Large Cap 1000 2019 24.7 24.4 31.4 12.7 12.2 ±0.1 2 2 485 3 10/31/02 2018 (9.2) (9.4) (4.8) 12.1 11.1 ±0.1 2 2 404 2 Russell 1000 2017 23.1 22.8 21.7 11.2 10.1 ±0.2 2 2 446 2 2016 8.1 7.8 12.1 11.9 10.8 ±0.0 2 2 363 1 2015 1.2 0.9 0.9 11.1 10.6 --- 1 1 304 1 2014 13.4 13.1 13.2 10.2 9.3 ±0.4 2 2 441 2 2013 39.4 38.8 33.1 13.3 12.4 --- 1 1 131 1 2012 17.6 17.3 16.4 16.0 15.6 ±0.2 3 3 360 2 2011 3.8 3.5 1.5 18.5 19.2 ±0.2 2 2 187 1 2010 15.7 15.4 16.1 21.8 22.6 ±0.1 2 2 188 1 2009 26.8 26.6 28.4 19.9 20.3 ±0.5 2 2 170 1 2008 (35.6) (35.8) (37.6) 16.2 15.8 ±0.7 3 2 293 2 2007 3.8 3.5 5.8 9.1 7.9 --- 1 1 137 1 2006 16.4 16.1 15.5 8.3 7.2 --- 1 1 142 1 2005 9.9 9.5 6.3 9.8 9.3 --- 1 1 126 1 2004 15.8 15.5 11.4 ------1 1 114 1 2003 36.4 35.9 29.9 ------1 1 104 1 2002 ------1 1 80 1

AJO Large Cap – Absolute Value 2019 22.1 21.9 26.6 12.9 12.0 ±1.9 46 39 8,091 43 12/31/95 2018 (11.3) (11.5) (8.3) 12.7 11.0 ±1.4 67 55 9,795 49 Russell 1000 Value 2017 16.4 16.2 13.7 11.9 10.4 ±1.0 72 58 13,596 50 2016 10.0 9.8 17.3 12.4 10.9 ±1.6 78 62 16,030 57 2015 0.0 (0.2) (3.8) 11.4 10.8 ±0.7 75 61 14,731 56 2014 10.4 10.1 13.5 10.3 9.3 ±0.5 69 55 16,017 63 2013 38.7 38.4 32.5 13.6 12.9 ±1.6 67 53 16,084 67 2012 17.7 17.5 17.5 15.9 15.7 ±1.1 65 51 13,169 65 2011 2.8 2.6 0.4 19.1 21.0 ±0.8 70 55 12,621 66 2010 15.9 15.6 15.5 21.3 23.5 ±1.4 71 57 10,762 54 2009 16.7 16.4 19.7 19.4 21.4 ±1.4 75 59 10,529 52 2008 (33.0) (33.2) (36.9) 15.3 15.6 ±1.1 76 59 8,407 53 2007 (0.7) (1.0) (0.2) 9.4 8.2 ±1.4 78 60 13,908 51 2006 20.2 19.9 22.2 8.1 6.8 ±1.4 78 62 15,902 56 2005 10.6 10.3 7.0 9.8 9.6 ±1.2 69 56 13,658 58 2004 19.1 18.8 16.5 13.4 15.0 ±1.4 57 44 10,154 53 2003 34.1 33.7 30.0 14.4 16.2 ±1.6 51 41 8,248 57 2002 (13.0) (13.3) (15.5) 17.6 17.2 ±1.5 29 25 4,226 60 2001 2.0 1.5 (5.6) 15.9 14.9 ±0.4 15 14 1,281 22 2000 19.9 19.4 7.0 19.7 17.6 ±0.5 6 5 342 8 1999 7.1 6.5 7.4 17.9 16.3 ±0.3 6 5 298 7 1998 20.0 19.5 15.6 17.7 15.3 ±0.2 3 2 65 3 1997 43.1 42.7 35.2 ------±0.6 4 3 275 27 1996 22.8 22.0 21.6 ------±0.0 3 2 52 8

49 Performance notes continue on the next page. C O M P O S I T E H I S T O R Y — U . S . Annual Rolling-3-Year Composite / Total Return (%) Standard Dev (%) Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Small Cap – Absolute Value 2019 18.0 17.6 23.6 15.5 14.4 ±0.6 7 5 932 5 12/31/98 2018 (12.1) (12.5) (12.3) 15.1 13.8 ±0.6 9 6 870 4 Russell 2500 Value 2017 9.1 8.7 10.4 13.2 12.0 ±0.8 9 6 1,079 4 2016 20.5 20.0 25.2 14.3 13.4 ±0.3 9 6 1,115 4 2015 (5.2) (5.6) (5.5) 12.9 12.2 ±0.4 9 6 1,065 4 2014 7.5 7.0 7.1 12.6 11.4 ±0.4 9 6 1,159 5 2013 39.5 38.8 33.3 16.8 15.3 ±0.7 10 6 1,295 5 2012 16.5 16.0 19.2 19.2 18.7 ±1.3 9 6 1,080 5 2011 2.3 1.8 (3.4) 23.4 24.6 ±0.6 8 6 1,046 5 2010 27.8 27.2 24.8 24.9 27.4 ±1.7 8 6 1,120 6 2009 18.4 17.7 27.7 22.6 25.0 ±2.7 9 7 787 4 2008 (30.8) (31.2) (32.0) 17.4 18.6 ±1.2 9 7 703 4 2007 (8.4) (8.9) (7.3) 11.5 11.2 ±2.1 10 8 1,060 4 2006 19.3 18.5 20.2 11.2 11.0 ±1.0 8 7 1,107 4 2005 11.4 10.5 7.7 13.0 13.0 ±0.5 8 7 937 4 2004 25.8 24.7 21.6 15.5 15.9 ±1.9 8 7 913 5 2003 47.5 46.1 44.9 16.6 17.2 ±2.2 8 7 790 5 2002 (5.4) (6.3) (9.9) 17.8 16.5 ±1.3 6 6 444 6 2001 13.8 13.0 9.7 17.0 14.8 ±1.1 5 5 423 7 2000 25.1 24.3 20.8 ------±1.0 3 3 280 7 1999 (4.4) (5.1) 1.5 ------±0.3 3 3 163 4

AJO Top Cap – Absolute Value 130/30 2019 24.6 24.2 26.4 13.0 11.8 --- 1 1 119 1 3/31/07 2018 (8.1) (8.4) (6.2) 12.3 10.7 --- 1 1 91 < 1 Russell Top 200 Value 2017 19.1 18.7 13.8 11.7 10.6 --- 1 1 129 < 1 2016 16.4 16.0 16.2 11.9 11.1 --- 1 1 112 < 1 2015 (1.6) (1.9) (3.4) 11.7 11.2 --- 1 1 97 < 1 2014 16.6 16.2 12.9 10.1 9.4 --- 1 1 104 < 1 2013 35.9 35.6 32.2 13.0 12.6 --- 1 1 116 < 1 2012 19.8 19.7 17.0 15.2 15.3 --- 1 1 111 1 2011 3.7 3.5 1.1 19.9 20.4 --- 1 1 125 1 2010 7.9 7.8 11.7 20.8 22.3 --- 1 1 136 1 2009 6.3 5.7 14.6 ------1 1 95 < 1 2008 (27.0) (27.3) (36.1) ------1 1 90 1 2007 ------1 1 126 < 1

AJO Large Cap – Absolute Value 130/30 2019 20.6 20.5 26.6 13.1 12.0 --- 1 1 318 2 4/30/05 2018 (12.9) (13.0) (8.3) 13.0 11.0 --- 1 1 384 2 Russell 1000 Value 2017 16.9 16.7 13.7 11.9 10.4 --- 1 1 493 2 2016 15.2 15.2 17.3 12.4 10.9 --- 1 1 472 2 2015 0.5 0.0 (3.8) 11.9 10.8 --- 1 1 410 2 2014 11.6 11.4 13.5 10.7 9.3 --- 1 1 408 2 2013 40.2 39.6 32.5 13.9 12.9 --- 1 1 365 2 2012 17.9 17.3 17.5 15.5 15.7 ±0.2 3 2 352 2 2011 3.0 2.9 0.4 18.6 21.0 ±0.3 3 2 296 2 2010 16.2 15.8 15.5 20.1 23.5 ±0.9 4 3 1,092 6 2009 14.1 13.6 19.7 18.1 21.4 ±1.5 4 3 1,090 5 2008 (29.2) (29.7) (36.9) 14.3 15.6 ±1.4 4 3 603 4 2007 (3.2) (3.4) (0.2) ------±0.4 3 2 233 1 2006 20.5 20.4 22.2 ------±1.0 2 1 132 < 1 2005 ------2 1 109 < 1

50 Performance notes continue on the next page. C O M P O S I T E H I S T O R Y — U . S . Annual Rolling-3-Year Composite / Total Return (%) Standard Dev (%) Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Managed Volatility 2019 23.2 23.1 31.4 11.6 12.2 ±0.2 8 7 2,488 13 10/31/04 2018 (6.0) (6.1) (4.8) 10.4 11.1 ±0.3 8 7 2,112 11 Russell 1000 2017 20.3 20.1 21.7 8.0 10.1 ±0.5 10 8 2,640 10 2016 12.7 12.5 12.1 9.5 10.8 ±0.2 7 5 2,168 8 2015 (0.9) (1.1) 0.9 9.9 10.6 ±0.3 7 5 2,219 8 2014 17.5 17.2 13.2 8.8 9.3 ±0.2 4 3 1,008 4 2013 35.5 35.1 33.1 10.2 12.4 ±0.1 4 3 892 4 2012 11.1 10.9 16.4 11.9 15.6 ±0.5 5 3 792 4 2011 8.6 8.4 1.5 15.8 19.2 ±0.5 5 3 597 3 2010 18.5 18.1 16.1 19.6 22.6 ±0.1 3 1 207 1 2009 21.3 21.0 28.4 18.4 20.3 ±0.5 3 1 427 2 2008 (26.5) (26.7) (37.6) 14.8 15.8 ±0.0 2 1 235 1 2007 8.3 7.9 5.8 8.2 7.9 --- 1 1 281 1 2006 14.6 13.9 15.5 ------1 1 163 1 2005 8.7 8.1 6.3 ------1 1 93 < 1 2004 ------1 1 30 < 1

MSCI USA Minimum Volatility 2019 23.2 23.1 28.0 11.6 8.8 ±0.2 8 7 2,488 13 2018 (6.0) (6.1) 1.5 10.4 9.1 ±0.3 8 7 2,112 11 2017 20.3 20.1 19.2 8.0 8.1 ±0.5 10 8 2,640 10 2016 12.7 12.5 10.7 9.5 8.9 ±0.2 7 5 2,168 8 2015 (0.9) (1.1) 5.6 9.9 9.3 ±0.3 7 5 2,219 8 2014 17.5 17.2 16.5 8.8 8.0 ±0.2 4 3 1,008 4 2013 35.5 35.1 25.3 10.2 8.6 ±0.1 4 3 892 4 2012 11.1 10.9 11.2 11.9 9.8 ±0.5 5 3 792 4 2011 8.6 8.4 12.9 15.8 14.5 ±0.5 5 3 597 3 2010 18.5 18.1 14.7 19.6 17.7 ±0.1 3 1 207 1 2009 21.3 21.0 18.4 18.4 16.7 ±0.5 3 1 427 2 2008 (26.5) (26.7) (25.6) 14.8 12.4 ±0.0 2 1 235 1 2007 8.3 7.9 4.3 8.2 6.4 --- 1 1 281 1 2006 14.6 13.9 15.0 ------1 1 163 1 2005 8.7 8.1 6.6 ------1 1 93 < 1 2004 ------1 1 30 < 1

Performance notes continue on the next page. 51 C O M P O S I T E D E S C R I P T I O N — EMERGING MARKETS

Composites include all institutional portfolios that use a quantitative process that focuses on low-priced companies with effective management, positive momentum, and favorable sentiment while considering risk and transaction costs. Composites are defined by the benchmark they stalk investment universe, region, and risk constraints. Portfolios in both composites invest in emerging and frontier markets.

Gross Prospective Investment Added Tracking Name Benchmark Name Universe Risk Value Error AJO Emerging Markets All Cap MSCI Emerging Markets IM Index All cap Baseline 3% 5% AJO Emerging Markets Small Cap MSCI Emerging Markets Small Cap Index Small cap Baseline 4% 6%

C O M P O S I T E H I S T O R Y — EMERGING MARKETS

Annual Rolling-3-Year Composite / Total Return (%) Standard Dev (%) Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Emerging Markets All Cap 2019 22.6 22.2 17.7 13.9 14.1 ±0.5 6 3 1,222 7 12/31/12 2018 (16.2) (16.4) (15.0) 15.0 14.6 ±0.9 6 3 1,071 5 MSCI Emerging Markets IMI 2017 35.6 35.1 36.8 16.1 15.3 ±1.2 6 3 1,900 7 2016 13.8 13.1 9.9 17.0 16.0 ±1.1 6 3 1,797 6 2015 (12.6) (13.3) (13.9) 14.8 14.0 ±0.0 6 3 1,407 5 2014 5.9 5.1 (1.8) ------1 1 686 3 2013 2.0 1.6 (2.2) ------1 1 158 1

AJO Emerging Markets Small Cap 2019 12.2 12.0 11.5 13.2 13.2 ±0.5 2 2 398 2 12/31/12 2018 (15.9) (16.1) (18.6) 14.8 14.2 ±0.6 3 3 410 2 MSCI Emerging Markets Small Cap 2017 34.3 33.8 33.8 15.4 14.6 ±1.2 3 3 480 2 2016 8.9 8.3 2.3 15.6 14.5 ±0.2 4 3 483 2 2015 (2.7) (3.1) (6.8) 13.9 13.7 ±0.1 4 3 391 1 2014 12.7 12.1 1.0 ------±2.2 2 2 165 1 2013 8.9 8.5 1.1 ------±0.0 2 2 166 1

Performance notes continue on the next page. 52 C O M P O S I T E D E S C R I P T I O N — G L O B A L / I N T E R N A T I O N A L Composites include all institutional portfolios that use a quantitative process that focuses on low-priced companies with effective management, positive momentum, and favorable sentiment, while considering risk and transaction costs. Composites are defined by the benchmark they stalk (except in the case of AJO All-World Managed Volatility, where the benchmark listed is for performance comparison only), investment universe, region, and risk constraints. Portfolios in AJO All-World Managed Volatility invest in emerging and frontier markets.

Gross Prospective Investment Added Tracking Name Benchmark Name Universe Risk Value Error AJO International Large Cap MSCI World ex USA Large cap Baseline 2.0% 4.5% AJO International Small Cap MSCI World ex USA Small Cap Small cap Baseline 4.0% 4.5% AJO Global Large Cap MSCI World Large cap Baseline 2.0% 5.0% AJO Global Small Cap MSCI World Small Cap Small cap Baseline 3.5% 5.0% MSCI ACWI Index or MSCI ACWI Minimum AJO All-World Managed Volatility Large cap Reduced volatility 2.5% 10.0% Volatility

C O M P O S I T E H I S T O R Y — G L O B A L / I N T E R N A T I O N A L Annual Rolling-3-Year Composite / Total Return (%) Standard Dev (%) Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO International Large Cap 2019 17.4 17.3 22.5 12.3 11.0 --- 1 1 87 < 1 5/31/15 2018 (15.8) (15.9) (14.1) 12.0 11.2 ±0.0 2 2 114 1 MSCI World ex USA 2017 28.3 27.8 24.2 ------±0.0 2 2 140 1 2016 2.8 2.7 2.8 ------±0.1 2 2 121 < 1 2015* (4.3) (4.5) (9.7) ------1 1 43 < 1

AJO International Small Cap 2019 21.3 21.2 25.4 13.6 11.9 --- 1 1 70 < 1 7/31/15 2018 (23.0) (23.1) (18.1) 14.0 12.7 ±0.1 2 2 86 < 1 MSCI World ex USA Small Cap 2017 37.9 37.3 31.0 ------±0.3 3 3 214 1 2016 8.3 7.7 4.3 ------±0.5 3 3 184 1 2015* (2.8) (2.9) (2.5) ------2 2 107 < 1

AJO Global Large Cap 2019 19.8 19.6 27.7 12.1 11.3 ±0.0 2 2 177 1 6/30/15 2018 (13.3) (13.5) (8.7) 11.7 10.5 ±0.0 2 2 121 1 MSCI World 2017 28.4 28.2 22.4 ------±0.0 2 2 145 1 2016 5.6 5.4 7.5 ------±0.0 2 2 225 1 2015* (0.3) (0.4) (3.4) ------2 2 214 1

AJO Global Small Cap 2019 18.6 18.2 26.2 13.6 13.1 ±0.1 2 2 114 1 5/31/15 2018 (14.8) (15.1) (13.8) 13.6 12.8 ±0.0 2 2 97 < 1 MSCI World Small Cap 2017 14.1 13.7 22.7 ------±0.0 2 2 114 < 1 2016 15.2 14.7 12.7 ------±0.0 2 2 106 < 1 2015* (7.5) (7.7) (6.8) ------2 2 69 < 1

AJO All-World Managed Volatility 2019 19.5 19.5 26.6 8.1 11.4 --- 1 1 123 1 12/31/14 2018 (6.1) (6.1) (9.4) 8.7 10.6 --- 1 1 103 1 MSCI ACWI 2017 22.3 22.1 24.0 8.2 10.5 --- 1 1 126 < 1 2016 6.5 6.2 7.9 ------1 1 103 < 1 2015 7.6 7.0 (2.4) ------1 1 95 < 1 MSCI ACWI Minimum Volatility 2019 19.5 19.5 21.1 8.1 7.5 --- 1 1 123 1 2018 (6.1) (6.1) (1.6) 8.7 8.4 --- 1 1 103 1 2017 22.3 22.1 17.9 8.2 8.1 --- 1 1 126 < 1 2016 6.5 6.2 7.4 ------1 1 103 < 1 2015 7.6 7.0 2.8 ------1 1 95 < 1

*Return provided since inception date indicated.

ORGANIZATION

L EGAL + “MANAGEMENT” M ANAGEMENT C OMPLIANCE

RESEARCH + Ted Aronson (44%) + Gina Moore (12%) Joe Dietrick (2%) PORTFOLIO Co-CEOs General Counsel M ANAGEMENT Kip Moran Greg McIntire (3%) CCO Chris Whitehead (4%) INVESTMENTS Seth Allen (2%) F IRM + H UMAN C LIENTS +

Matt Austin (1%) RESOURCES BUSINESS

Michael Dowd (1%) D EVELOPMENT C LIENT S ERVICE Rob Louka (3%) Greg McIntire (3%) Claire Noel (1%) Stefani Cranston (5%) *Greg Rogers (4%) CIO Allison Goodman Jocelin Reed (1%) Colleen Smith (2%) *Paul Koehler Elaine Johnson-Adams Mario Petrozzi Garence Staraci Grace Ecclestone Jeanne Mulvanerty BUSINESS D EVELOPMENT QUANT F IRM + P ORTFOLIO D EVELOPMENT A CCOUNTING *Ethan Brodie S YSTEMS

Dan DiSanto (2%)

*Siddharth Ramesh (1%) Greg Bennett Jaymes Parker Katie Bui *Cortney Botsch Chris Renehan Chris Cardi Joe Caruso Ed Roche *Vahid Montazerhodjat Dave Colubriale Dan Scholz *Ali Saab Jim Gordon Kristie Woods Amy Lieb *Joon Yang Susan Lodato

T RADING

Doug Dixon (4%)

Joe Finer Ownership (%) Pete Landers *Boston office 10/12/20

54 NOW . . .

55 . . . AND THEN

*Faux faces 56 “Just how long has there been a maraschino cherry at the top of the organizational chart?”

57 PRINCIPALS

AJO is wholly owned and operated by its seventeen active principals.

SETH D. ALLEN (BA, Virginia), 42, began his career at Cambridge Associates prior to joining us in 2005. At Cambridge, he was a resource and performance analyst. A CFA charterholder, Seth is involved with research and portfolio management.

THEODORE R. ARONSON (MBA, BS, Wharton), 68, founded AJO (formerly ARONSON+JOHNSON+ORTIZ; before that ARONSON+PARTNERS; and before that ARONSON+FOGLER) in 1984. While still a graduate student, he joined Drexel Burnham Investment Advisors, where he helped found its Quantitative Equities Group. This group managed the Revere Fund, the first active SEC-registered fund to employ MPT. He is both a Chartered Investment Counselor and a CFA charterholder. He was chairman of the CFA Institute (formerly AIMR) and currently is vice-chair of its Research Foundation. Ted serves as a member of the New Jersey State Investment Council and is also a trustee of Spelman College and chairman of its investment committee. He was a Lecturer in Finance at The Wharton School and is a frequent speaker on Wall Street issues, especially innovations in methods to minimize transaction costs and align fees with performance. Ted is involved with portfolio management, administration, client service, and marketing.

MATTHEW D. AUSTIN (PhD, AM, Harvard; BA, Castleton University), 37, was a quantitative analyst before joining AJO in 2015, most recently at Numeric Investors and before that at State Street Corporation. A CFA charterholder, Matt is involved with research and portfolio management.

STEFANI CRANSTON (BS, Villanova), 53, was a senior accountant at Deloitte & Touche before joining AJO in 1991. At Deloitte, she audited a number of financial institutions, including our firm. A CFA charterholder and a licensed CPA, Stefani is involved with portfolio management and research (lead on funding and flows) and financial and human resources.

JOSEPH F. DIETRICK (JD, Cornell; BS, Penn State), 52, joined AJO in 2003. He previously served as senior counsel and assistant secretary at Vanguard, where he was responsible for commercial transactions and general corporate matters, including corporate governance. Joe is our general counsel and served as our chief compliance officer from 2003 to 2020.

58 DANIEL J. DISANTO (BS, College of New Jersey), 45, was an audit manager at KPMG before joining AJO in 2002. Prior to KPMG, he was a senior accountant at Arthur Andersen, where he audited financial institutions, including our firm. A CFA charterholder and a licensed CPA, Dan is involved with financial and portfolio accounting and performance measurement.

DOUGLAS D. DIXON (BS, Wharton), 49, a CFA charterholder, spent three years at the University of Pennsylvania as a financial analyst before joining our back office in 1997. Three years later, he made the jump to trading. Doug is involved with trading and transaction-cost research.

MICHAEL R. DOWD (MBA, Boston College; BS, William & Mary), 45, joined AJO in 2014 after stints at Putnam and, more recently, at Martingale Asset Management, where he was responsible for research and portfolio management. A CFA charterholder, Michael is involved with research and portfolio management.

ROBERT O. LOUKA (MBA, Wharton; BA, Loyola), 44, joined us in 2006 from CooperNeff, where he worked for eight years in trading, research, and portfolio management, after a stint at Alex Brown. A CFA charterholder, Rob is involved with trading and transaction-cost research.

GREGORY L. MCINTIRE (MS, BA, Illinois), 50, joined AJO in 2020 with over two decades of industry experience in a variety of intersecting roles — from portfolio and risk management to manager selection to quant equity modeling and programming. He spent about half of his Wall Street years at SEI (a long-time client of AJO), and came to us following a three-year stint at AQR. A CFA charterholder, Greg is involved with research, implementation, and trading.

GINA MARIE N. MOORE (BS, BA, Delaware), 50, joined AJO in 1998. She started her investing career as a pension analyst at Scott Paper Company, escaping when “Chainsaw Al” Dunlap began carving up the company. She gained her management management experience in various client-focused and investment roles, first at Brandywine Asset Management, then at Glenmede Trust, and finally at AJO. Gina is a CFA charterholder and earned her CPA during her pre-investing days as an auditor at Price Waterhouse. For fun, she works to revolutionize education as a founder of the Revolution School, an independent high school in Philadelphia. Gina is involved with portfolio management, administration, client service, and marketing.

59 CLAIRE M. NOEL (MS, Pennsylvania; BA, Dartmouth), 34, began her career on the quantitative investments team at Turner Investments prior to joining AJO in 2012. At Turner, she worked on domestic, international, and fixed-income projects. A CFA charterholder, Claire is involved with systems development, research, and portfolio management.

SIDDHARTH RAMESH (MS, Columbia; BT, Indian Institute of Technology, Madras), 32, was a quantitative strategist with Clarity Solutions Group before he joined our firm in 2014. A CFA charterholder, he is involved with systems development, research, and portfolio management in the Boston office.

JOCELIN REED (MBA, Pittsburgh; BS, Penn State), 51, who came to AJO in 2014, spent most of her investment career at Mellon Capital and Mellon Equity. Most recently, she was a member of Independence Asset Advisors. A CFA charterholder, Jocelin is involved with portfolio management and research.

GREGORY J. ROGERS (BS, Wharton; BS, Pennsylvania), 52, began his career at First Boston prior to joining AJO in 1993. He spearheaded our trading operation for well over a decade. He then moved to portfolio management and research. His initial focus was on the domestic front, followed by work on the launch of our emerging markets strategies and global mandates. A CFA charterholder, Greg leads our Boston office and is involved with portfolio management, research, client service, and marketing.

COLLEEN A. SMITH (MBA, Villanova; BA, Bucknell), 48, was an analyst at Chartwell Investment Partners before joining AJO in 2005. She began her career at Simon & Schuster as a financial analyst and later worked at Villanova University as a graduate research assistant. A CFA charterholder, Colleen is involved with research and portfolio management.

CHRISTOPHER J. W. WHITEHEAD (BA, Colby College), 45, was a senior research associate at Cambridge Associates before joining our back office in 2000, just as the internet bubble burst (establishing his distinguished record as a market timer). Over the ensuing years, he moved to research, and then to portfolio management. A CFA charterholder, Chris is involved with portfolio management and research.

“Naturally, I can’t take all the credit. I have a wonderful support group.”

61 ASSOCIATES

Associates draw from Wall Street, research, public accounting, compliance, consulting, marketing, and technology.

GREGORY S. BENNETT (BS, Delaware), 42, joined our back office in 2016. He started his career as a portfolio accountant at Rorer Asset Management and stayed with them in a variety of positions as they evolved into AMG Funds. Greg is involved with portfolio accounting and performance measurement.

CORTNEY BOTSCH (BS, Salve Regina), 33, came to us in 2019 with extensive experience as an operations analyst, first at State Street Bank and then at Highfields Capital Management. Cortney is involved with portfolio accounting and performance measurement in the Boston office.

ETHAN BRODIE (BA, Columbia), 39, was a quant/macro sales director at AllianceBernstein before joining AJO in 2020 as Director of Business Development. His research and sales experience includes stints at Nomura, Instinet, and Bear Stearns. He is an avid football fan, enjoys fishing on Cape Cod, and is passionate about BBQ. Ethan is involved with business and new product development and client service in the Boston office.

KATIE BUI (BA, Georgetown), 26, came to AJO in 2018 from KTL Consulting, where she developed SQL software and supported researchers in their database use. Katie is involved with systems development and database administration.

CHRISTOPHER A. CARDI (MS, Pennsylvania; BS, Penn State), 50, joined AJO in 2017 after a 10-year stint as a software engineer with a proprietary electronic options market-making firm. His work there involved infrastructure and systems development and integration, data analysis, application risk controls, execution engines, and production support. Chris is involved with systems development and research.

JOSEPH R. CARUSO (MBA, BS, Saint Joseph’s), 37, was a financial analyst at Thermo Electron before joining AJO in 2006. A CFA charterholder, Joe is involved with portfolio accounting and performance measurement.

62 DAVID C. COLUBRIALE (BA, Drexel), 40, handled trade operations at BlackRock before joining AJO in 2014. Prior to that, he performed a variety of back-office functions, first at Brandywine Global Investment Management and then at State Street Investment Management Services. Dave is involved with portfolio accounting and performance measurement.

JOSEPH J. FINER (BS, Delaware), 44, joined AJO in 2012 after an eight-year stint with SunGard Data Systems, where he was involved with a number of business groups (FX, derivatives, fixed income). Prior to that, he held positions at Barclays, NYSE, and, briefly, Susquehanna Investment Group. A CFA charterholder, Joe is involved with trading and transaction-cost research.

ALLISON J. GOODMAN (BS, American University), 41, was an institutional marketing associate with Jennison Associates before joining our firm in 2004. A CFA charterholder, Allison is involved with client service and marketing.

JAMES H. GORDON (BS, College of New Jersey), 36, worked as a client relationship administrator and trade support liaison at The Vanguard Group before joining AJO in 2010. Jim is involved with portfolio accounting and performance measurement.

PAUL KOEHLER (PhD, BA, Boston University), 36, was a portfolio manager and senior researcher at FDO Partners before joining us in 2018. Prior to that, he was a quantitative analyst, first with State Street Corporation and then with State Street Associates. A CFA charterholder, Paul is involved with research and portfolio management in the Boston office.

PETER B. LANDERS (BS, Northeastern), 38, joined AJO in 2013 after a brief stint at Glenmede Investment Management and starting his career at GMO. At GMO, his focus was trading emerging markets equities. Pete is involved with trading and transaction-cost research.

AMY B. LIEB (BS, Drexel), 58, was Director of Finance and HR at Philadelphia International Advisors before joining us in 2015. Prior to that, she served at SEI and 1838 Investment Advisors. Amy is a licensed CPA and is SPHR-certified. She is involved with portfolio accounting and operations.

63 VAHID MONTAZERHODJAT (PhD, SM, MIT; BS, Sharif University of Technology), 32, joined AJO in 2019. His years of experience include machine learning and data analysis, programming languages, and financial engineering, most recently as an Assistant Professor of the Practice at Boston College’s Department of Computer Science and prior to that as a senior quantitative risk analyst at Santander Bank. Vahid is involved with systems development and research in the Boston office.

KRISTOPHER J. MORAN (MBA, Philadelphia University; BS, College of New Jersey), 50, began his career at the SEC, where he was a securities compliance examiner for seven years. A licensed CPA, he joined us in 2003 after serving as a compliance officer at Deutsche Asset Management. Kip was named AJO’s chief compliance officer in 2020 after serving on our compliance team for 16 years.

JAYMES D. PARKER, 33, joined our firm in 2016 after working as a network engineer and network administrator, most recently with Brownstein Group and before that with Lantium. Jaymes is involved with IT, network infrastructure, and project management.

MARIO A. PETROZZI (MBA, Indiana; BS, Universidad Ricardo Palma), 49, worked as an investment banker at Mufson Howe Hunter before joining us in 2005. He began his career at Interbank, where he worked as a senior underwriter. Mario is involved with research and portfolio management.

CHRISTOPHER J. RENEHAN, 39, was an IT associate at Philadelphia International Advisors, where his responsibilities ranged from disaster recovery and virtualization to systems monitoring and support. Prior to that, he handled various IT functions for network design and IT consulting service Saber Source. Chris joined AJO in 2015 and is involved with IT and network infrastructure.

EDWARD T. ROCHE (MBA, Virginia Commonwealth; BS, Northeastern), 54, specialized in financial systems implementations with his own consulting firm before joining AJO in 2008. A CFA charterholder, Ed is involved with systems development and business support.

ALI SAAB (SM, MIT; BE, BS, American University of Beirut), 26, joined AJO in 2018 after earning his Masters in Computation for Design and Optimization at MIT. While there, he served as a researcher in the Convex Engineering Group with a focus on Robust Optimization. Ali is involved with systems development and research in the Boston office.

64 DAN R. SCHOLZ (BS, Oregon State), 37, served as data administration manager at IMS Health before joining our firm in 2014. Prior to that, he was a data analyst with TTC in Philadelphia. Dan is involved with systems development and database administration.

GARENCE STARACI (PhD, Yale; MS, Stanford; BS, McGill), 32, came to us in 2020 from AQR, where he was involved with research and portfolio management. Prior to that, he was an economist with the European Central Bank, the International Monetary Fund, and the Banque de France. Garence is involved with research and portfolio management.

KRISTIE WOODS (BA, Temple), 46, came to us in 2017 from Willis Towers Watson, where she served as a Senior Business Intelligence Developer, and before that as a Data Business Analyst at Towers Watson. Kristie has nearly 20 years’ experience in data warehousing, automation, and modeling, and is involved with systems development and database administration.

JOON H. YANG (A.B., Harvard), 25, joined AJO in 2019 after a stint at Boltzmann, where he served as a machine-learning engineer. Before that, he was part of Harvard’s Natural Language Processing (NLP) Research Lab, where he worked on building language models with neural networks. Joon is involved with systems development and research in the Boston office.

SUPPORT STAFF

65 PUBLICITY

AJO gets a lot of press . . . especially on trading, transaction costs, and valuation.

ADVANCED TRADING FORTUNE.COM 2012 Quant Gold Book – Douglas D. Dixon (’12) A word of caution to investors: don’t be . . . (’14) ADVISOR PERSPECTIVES Dividend stocks: buyer beware (’12) Jack Bogle on the limits of the fiduciary rule . . . (’17) GLOBAL INVESTMENT Jack Bogle: The triumph of the index fund (’12) Cost analysis hits its mark (’03) AICIO GLOBAL INVESTOR Low-volatility investing (’11) High flyers (’06) AIMR EXCHANGE Cleaning up the industry (’05) Survival of the fittest firm begins with the client (’01) Awards for investment excellence 2004 (’04) ASSOCIATED PRESS GRANT’S INTEREST RATE OBSERVER Better manufacturing, jobs news send stocks higher (’11) Renaissance of value? (’19) Stocks fall again as Bernanke offers no stimulus (’11) Threat or blessing? (’10) Big drop: Was it all a mistake? (’10) Times like these (’99) Stocks drop as Bernanke warns of uncertain economy (’10) INSTITUTIONAL INVESTOR BARRON’S Renaissance, Cambridge Analytica connection . . . (’18) Dow tumbles 5% in volatile week (’08) Thrifty traders (’12) The large cost of small-caps (’06) Equity Manager of the Year nominees (’08) For hedge funds, is the party over? (’05) Addition by subtraction (’07) Quantify this (’03) Alpha bets (’02) Something for everyone, good and bad (’00) The buy side wakes up (’02) Shifty fifty (’99) David Leinweber’s ‘big iron’ (’99) Indexers trounce active managers . . . (’99) Hedge fund? Who me? (’98) Hedge bet (’98) Independents’ day (’96) By the numbers (’98) An investment TIP for foundations (’94) Risky business? (’98) Why quants need stock pickers (’93) Watery stock (’98) The other side of zero (’92) Changing places (’97) More-profitable trading (’91) The market ends the week modestly up, but . . . (’97) INVESTMENT NEWS High earnings, low inflation and middle growth . . . (’97) Fund manager warns about accounting gimmicks (’06) The larger view of small caps (’95) Softer, gentler version of hedge fund to launch (’05) A future for midcap? (’91) High costs of small-caps hurt returns (’04) BLOOMBERG MARKETS Homing in on fund fees that fly under the radar (’04) Inside Goldman’s hedge fund (’07) With fund fees, devil is in the details (’03) Hedge fund hotshots (’07) Performance fees: What are they good for? (’02) Empire builder (’06) Size really does count with funds (’02) Rising hidden costs put bite on returns (’00) BLOOMBERG WEALTH MANAGER A twist on do-it-yourself trading . . . (’99) The 10-year lesson (’05) Tripping the light schedastic – Opinion (’98) BUSINESS 2.0 Oh, behave! Style’s the rage (’98) What really needs fixing in the mutual fund mess (’04) MARKETWATCH.COM Steady stocks for a scary market (’02) What hedge fund managers know about making money (’11) BUSINESS WEEK Grit and bear it (’09) Smart signals from insiders (’09) Fund industry needs some ‘New Rules’ (’05) Hedging bets in Harrisburg (’06) MONEY What’s the best way to hang on? (’00) Why acting bearish is a dumb move (’08) Dangerous liaisons (’94) How losing less can cost you more (’05) A red-tag special at mercantile stores? (’94) What now, Dow? (’99) Time for market timers to get some respect? (’94) False profits (’99) What to do about the Dow (’93) Confessions of a fund pro (’99) Proof that patience is a virtue when . . . (’92) No dumping (’99) BUYSIDE MORNINGSTAR Highly disciplined “quants” (’99) Give performance fees a chance (’18) CBS.MARKETWATCH.COM When quant funds failed (’10) Being Ted Aronson (’04) MUTUAL FUNDS Laziest winning portfolio of 2003 (’04) Secrets of indexing (’01) CFA MAGAZINE Quant works (’98) Hard stance on soft dollars (’04) NEW YORK POST CHICAGO TRIBUNE Going north (’08) Detached analysis draws a crowd (’02) NEW YORK TIMES DOW JONES ASSET MANAGEMENT From reticence to joining the revolt (’12) Alarming efficiency (’99) Citigroup’s chief rebuffed on pay by shareholders (’12) €URO FONDSXPRESS Waiting for a new blueprint from Bank of America (’11) Value ist wieder im vorteil (Value is again an advantage) Buffett to invest $5 billion in shaky Bank of America (’11) FINANCIAL ADVISOR MAGAZINE The quants are reeling (’10) Bodies in motion (’10) Dow falls 1,000, then rebounds, shaking market (’10) The ease of index funds: no ins and outs to know (’07) FINANCIAL PLANNING Fortune’s fools: Why the rich go broke (’06) Value Line paradox (’05) Know a fund’s cost? Look deeper (’03) FINANCIAL TIMES During 2000, the bursting bubble did not hurt all stocks (’00) When to sell your borrowed stock . . . (’07) A company worth more than Spain? (’99) Leverage is key to hedge fund bubble (’04) 1968 Redux: New issues are hot, value stocks are not (’99) Small company shares rise on Wall Street (’97) Bargain-hunters drive stocks back up (’98) FINANCIAL TIMES MANDATE Behind blue chips, small stocks chip away at bull market (’98) Aronson lays down four-pillar policy (’02) Playing with the house’s money (’98) San Bernardino shake-up costs JP Morgan $470m (’02) Not alpha or omega: risk, small caps and beta (’98) Philadelphia stays local with Aronson (’01) A new trading system may bring a shift . . . (’98) Bull market’s glitter may be blinding investors (’97) FORTUNE Are big stocks really best? (’97) Where do I put my money now? (’11) A small-stock edge, devoured (’95) The incredible shrinking bull (’08) Why companies fail (’02) NEWSDAY Out of the public eye (’06) 66 NEWSWEEK PLANSPONSOR A very private moment (’06) Under valued (’11) Beware the quiet bear (’05) Value judgments (’09) An icon, ready for a takeover (’04) Growth pangs (’06) Want a piece of me? Got $100K? (’04) Value judgments (’05) Bush’s depressing economy (’03) Soft-dollar brokers don’t always come cheap – maybe . . . (’99) Don’t blame it all on Steve Case (’02) Pension sponsors react slowly to SEC . . . (’94) Some sparklers amid the gloom (’02) SMART MONEY A blissful dream, a rude awakening (’01) Value vindicated (’01) Riding the techno bull (’99) THESTREET.COM PENSIONS & INVESTMENTS The world’s most honest money manager . . . (’03) EU threat of soft-dollar ban still alive, raising questions . . . (’14) TIME Funds look for risk protection without sacrificing returns (’13) Bidding their brokers goodbye (’91) Investors adapting portfolios to volatile environment (’13) Biggs remembered as Wall Street ‘dean’ (’12) TRADERS MAGAZINE Managers ignore business-level risk (’10) Managing the Russell recon (’05) Money managers reflect on past turmoil, look ahead (’09) The rise and fall of soft dollars? (’04) A giant loss for investment world (’09) Principal package trading (’03) JPMorgan flies to top of 130/30 asset mountain (’08) TRADING & TECHNOLOGY Fees in flux for 130/30 strategies (’07) CooperNeff’s bid for ‘blind’ business (’00) 130/30 assets surge 77% (’07) WALL STREET & TECHNOLOGY Investors remember that ‘surreal’ day (’07) Making connections (’04) A season of slaughter for quant shops (’07) Compensating the quants (’93) 130/30 strategy payday (’07) Can chaos set the market straight? (’92) 130/30s pull in $30 billion (’07) From stamps to stocks (’92) Breaking the chains (’06) WALL STREET JOURNAL Quant shop taps Citigroup veteran to extend its reach (’06) Warren Buffett and the $300,000 Haircut (’20) Patience is the reward in the NYSE merger (’05) This bull market isn’t as big as you think (’20) Firm challenges conventional wisdom on short interest (’04) Exchanges vie with ultrafast traders for mom-and-pop . . . (’19) Are bigger trades better? (’04) The dumb money is bailing on U.S. stocks (’18) Some silver linings in a gloomy, overcast sky (’02) Patience is a virtue for the value investor (’18) Quants discovering small-cap value is fertile . . . (’02) Emerging markets are on a tear, but trend carefully (’17) Building a better database, by and for investment . . . (’02) Stock pickers’ day yet to dawn (’17) Nicholas-Applegate researchers dispute growth-value . . . (’02) It’s time for fees to decline (’17) Bonds in lead, but equity isn’t all bad news (’01) Why your 401(k) is not safe at home (’16) What the performance data explain (’01) The bubble’s lesson: don’t get taken for a bath (’15) Warning: Danger hidden in those hedges (’01) The trouble with hot stocks (’14) Doing away with the fractions leads to hopes . . . (’01) The decline and fall of fund managers (’14) Market-neutral strategies are back with a vengeance (’00) A new world for investors (’14) Looking for liquidity? Try trading on Tuesdays (’00) Huge returns at low risk? Not so fast (’14) Some pension plans surpass firm’s value (’00) Stocks: Are you nervous yet? (’14) Sneak peek at ‘99 resolutions (’98) Don’t get dazzled by glittering growth (’14) 25 to watch (’98) Beware of ‘bargain’ stocks (’13) Soft-dollar mandate missing (’98) Stocks or bonds? The pros say . . . (’12) Guidance on soft dollars is approved (’98) Safe at home? Not in a 401(k) (’11) Soft-dollar trading is more expensive, new study shows (’98) Forget about black swans, the one floating ahead is neon (’11) Managers like soft-dollar proposals (’98) A simple recipe for investors: Less can often lead to more (’10) Good, bad news on soft dollars (’97) Time to take stock of the recent market rallies (’10) Stock brokerage gets a ‘quant’ look (’97) Tech companies won, investors lost (’10) Market neutral did just what it should (’97) Wall Street’s clearance sale leaves few bargains (’09) Equities bring a dilemma (’97) What history tells us about the market (’08) Stock prices in decimals now closer (’97) Refining stocks still have plenty of fuel for now (’07) Soft-dollars exam given by the SEC (’96) Outside fund managers deliver mixed results (’06) A 2,000 year forging of risk concepts (’96) Small stocks enjoy ‘January effect’ (’06) Dole portfolio prudent, diversified (’96) Crash test: does a housing bust hurt more . . . (’05) Large stocks not immune to big market impact costs (’95) What stock investors need: first, trust in firms’ numbers (’02) Public funds begin to focus on trading costs (’94) Risky business – As security worries intensify . . . (’01) Nasdaq innocent, but no angel (’94) As stocks fall, resist call of the bears (’01) Alternative trading exceeds goals (’94) Value or growth? Don’t play favorites (’01) BARRA demystifies black-box investing (’94) Pros win a round, but results are nothing to brag about (’01) PHILADELPHIA BUSINESS JOURNAL How Nasdaq’s mighty have fallen (’01) Money managers give Bryce advice (’19) 41 ways to accentuate the positive (’01) Local finance exec is a hot stock picker (’01) Our man sticks his neck out — slightly (’01) PHILADELPHIA INQUIRER Valuations are still reaching for the skies . . . (’01) Brilliant stock picker John Neff, who ran Vanguard’s . . . (’19) Darts get smart, picking tech and trouncing professionals (’00) In volatile times, investors seek earnings (’09) Analyst discovers order in the chaos . . . (’99) States, towns cheer muni plan (’09) When bad things happen to big firms (’99) Stock market’s surge defies logic, analysts say (’08) Market mass times velocity = momentum (’99) Economists, experts skeptical of bailout (’08) What’s next? Getting patents for cold calls? (’98) Dow Chemical buys ‘jewel’ Rohm & Haas (’08) Bull market in stocks is trampling . . . (’98) Rendell’s optimism on turnpike has skeptics (’08) Investors may be in tech and not know it (’97) Disappointing global quarter(’06) ‘Mini’ futures may not be for everyone (’97) Keeping it in the family (’06) Manager ‘supermarket’ takes on funds (’96) Bargain-hunting by computer (’06) Nicked at night (’96) Shedding its secrecy (’05) Investors face choice of indexes to measure results (’95) Mutual fund battle (’04) Holiday season can bring payoff to careful investors (’95) That tough job: managing money (’04) Grudge match (’94) Pension’s daredevil strategy hits huge (’04) Big dividends seen as shield against carnage (’94) Tech-bubble anxiety (’03) Per-share net gets murkier . . . (’93) Still trying to teach Wall St. (’03) Hidden costs can put the squeeze . . . (’93) Stocks rocked again; Dow falls 234 (’02) When a hot fund manager’s success . . . (’92) Technology and health care allow for small caps’. . . (’00) WASHINGTON POST Value investing gives no short-term prizes (’99) Taking stock of pension funds and the trouble they’re in (’15) Stock-pickers find their job is a no-brainer (’97) Don’t get caught up in Googlemania (’04) Hedging helps manage risk — and not just investments (’96) Rushing back into stocks may be bad idea (’02) Did Wall Street ignore D.C.? (’95) WELLING@WEEDEN U.S. history buffs are taking stock (’95) Volatility signal? (’08) Dow plunges 63.33; has the party ended? (’94) Looking for value (’02) The “wrap-fee” account: worth what it costs? (’93) Get used to low interest rates (’93) WORTH Bonds away! (’96) Sweet and sour (’96) Advocate (’94)

All articles are available, including many not listed and those published prior to 1991, the earliest date listed. 67 P O R T F O L I O C H A R A C T E R I S T I C S Top Cap — June 30, 2020

AJO Top Cap

Basic universe (# issues) 200 Number of holdings 76 Ten largest holdings 39.3% Market Capitalization Weighted average ($b) 437.5 Median ($b) 53.4

Top 50 $117.55 & Above 46.9% Next 150 28.50 -- 117.55 41.7 Next 300 10.16 -- 28.50 11.4 Next 500 3.37 -- 10.16 0.0 Next 2000 3.37 & Below 0.0 Value P/E (forecast) 17.7 Price/Sales 2.0 Price/Book 3.3 Dividend yield 2.0% Management Sales/Share growth 9.5% Long-term growth (forecast) 9.6% Momentum Rising earnings estimates 57.8% Positive earnings surprise 74.4% Price-relative strength (return) 2.1% Quality/Market risk Debt/Capital 57.2% Predicted beta 0.99 Sector weights Communication services 13.9% Consumer discretionary 12.1 Consumer staples 7.8 Energy 1.9 Financials 9.4 Health care 16.4 Industrials 5.3 Information technology 31.3 Materials 0.7 Real estate 0.0 Utilities 1.2

P/E, Price/Sales, and Price/Book ratios are harmonic means. This information is provided to supplement the composite results presented in the accompanying Performance section. Sources: AJO, BNY Mellon Performance & Risk Analytics, and Wilshire Associates.

68 P O R T F O L I O C H A R A C T E R I S T I C S Large Cap — June 30, 2020

AJO AJO AJO AJO Large Cap Large Cap Large Cap Large Cap Absolute Value 500 1000 Absolute Value

Basic universe (# issues) 500 500 1,000 1,000 Number of holdings 106 111 139 162 Ten largest holdings 31.8% 21.9% 28.4% 20.9% Market capitalization Weighted average ($b) 339.7 106.9 300.3 105.7 Median ($b) 25.2 24.8 13.4 9.1

Top 50 $117.55 & Above 36.8% 22.5% 32.6% 20.6% Next 150 28.50 -- 117.55 28.5 34.9 26.0 27.4 Next 300 10.16 -- 28.50 23.1 30.6 20.5 22.3 Next 500 3.37 -- 10.16 11.1 11.4 17.0 22.6 Next 2000 3.37 & Below 0.5 0.6 3.9 7.1 Value P/E (forecast) 17.0 14.7 16.9 14.9 Price/Sales 1.8 1.3 1.7 1.3 Price/Book 3.1 2.0 2.9 1.9 Dividend yield 2.1% 2.9% 2.0% 2.7% Management Sales/Share growth 8.8% 6.7% 8.8% 6.5% Long-term growth (forecast) 8.8% 5.9% 9.3% 6.1% Momentum Rising earnings estimates 56.4% 46.5% 55.5% 46.0% Positive earnings surprise 76.5% 79.6% 78.5% 80.9% Price-relative strength (return) -1.7% -15.9% -0.6% -15.3% Quality/Market risk Debt/Capital 59.1% 64.2% 58.4% 62.0% Predicted beta 0.99 0.99 0.98 0.99 Sector weights Communication services 12.3% 8.9% 11.8% 10.0% Consumer discretionary 11.5 6.0 11.8 7.3 Consumer staples 7.5 10.2 7.0 8.7 Energy 2.0 5.0 1.8 4.4 Financials 10.3 19.2 10.1 19.1 Health care 15.8 21.8 15.7 15.5 Industrials 7.1 8.7 7.7 11.1 Information technology 28.4 9.9 28.3 10.9 Materials 1.5 2.2 1.8 3.7 Real estate 1.0 2.0 1.7 3.8 Utilities 2.6 6.1 2.3 5.5

69 P O R T F O L I O C H A R A C T E R I S T I C S Small Cap — June 30, 2020

AJO Small Cap Absolute Value

Basic universe (# issues) 2,500 Number of holdings 261 Ten largest holdings 12.1% Market capitalization Weighted average ($b) 3.2 Median ($b) 1.6

Top 50 $117.55 & Above 0.0% Next 150 28.50 -- 117.55 0.0 Next 300 10.16 -- 28.50 0.6 Next 500 3.37 -- 10.16 36.2 Next 2000 3.37 & Below 63.2 Value P/E (forecast) 14.2 Price/Sales 0.9 Price/Book 1.3 Dividend yield 2.2% Management Sales/Share growth 5.9% Long-term growth (forecast) 6.2% Momentum Rising earnings estimates 36.8% Positive earnings surprise 69.2% Price-relative strength (return) -22.5% Quality/Market risk Debt/Capital 52.3% Predicted beta 0.98 Sector weights Communication services 3.0% Consumer discretionary 12.9 Consumer staples 4.2 Energy 3.2 Financials 21.3 Health care 7.9 Industrials 16.2 Information technology 9.9 Materials 6.1 Real estate 11.4 Utilities 3.9

70 P O R T F O L I O C H A R A C T E R I S T I C S 130/30 — June 30, 2020

AJO Top Cap AJO Large Cap Absolute Value 130/30 Absolute Value 130/30 long short combined long short combined

Basic universe (# issues) 350 1,000 Number of holdings 106 48 154 161 78 239 Ten largest holdings 21.8% 30.2% 16.9% 23.9% Market capitalization Weighted average ($b) 141.9 34.6 174.4 93.9 7.3 119.9 Median ($b) 36.7 23.6 29.9 8.7 5.1 6.5

Top 50 $117.55 & Above 37.1% 1.1% 36.0% 22.3% 0.0% 22.3% Next 150 28.50 -- 117.55 52.4 8.4 44.0 29.1 0.6 28.5 Next 300 10.16 -- 28.50 40.5 20.3 20.2 30.6 5.1 25.5 Next 500 3.37 -- 10.16 0.0 0.2 -0.2 36.6 19.4 17.2 Next 2000 3.37 & Below 0.0 0.0 0.0 11.4 4.9 6.5 Value P/E (forecast) 15.5 32.8 14.1 14.9 41.3 14.2 Price/Sales 1.4 3.1 1.2 1.2 4.1 1.0 Price/Book 2.2 4.9 1.8 2.0 3.7 1.7 Dividend yield 2.7% 1.0% 3.2% 2.4% 0.4% 3.0% Management Sales/Share growth 6.3% 17.7% 3.4% 7.0% 15.0% 5.3% Long-term growth (forecast) 6.0% 10.9% 5.0% 7.0% 15.6% 5.8% Momentum Rising earnings estimates 41.0% 40.6% 41.1% 41.1% 29.4% 44.5% Positive earnings surprise 73.8% 61.0% 77.8% 78.3% 59.5% 83.8% Price-relative strength (return) -12.4% 23.4% -23.2% -12.8% 1.2% -16.7% Quality/Market risk Debt/Capital 60.3% 57.0% 61.2% 59.6% 40.9% 65.3% Predicted beta 1.00 1.04 0.99 0.99 0.99 0.99 Sector weights Communication services 14.7% 2.3% 12.4% 11.7% 1.8% 9.9% Consumer discretionary 11.7 6.1 5.6 10.3 3.0 7.3 Consumer staples 11.7 0.9 10.8 9.5 0.7 8.8 Energy 5.5 0.3 5.2 4.7 0.0 4.7 Financials 23.7 4.0 19.7 21.3 3.0 18.3 Health care 21.1 2.5 18.6 24.5 9.2 15.3 Industrials 11.1 1.8 9.3 11.3 0.3 11.0 Information technology 22.2 10.8 11.4 21.8 10.7 11.1 Materials 2.2 0.0 2.2 4.3 0.6 3.7 Real estate 2.1 1.3 0.8 4.4 0.7 3.7 Utilities 4.0 0.0 4.0 6.2 0.0 6.2

71 P O R T F O L I O C H A R A C T E R I S T I C S Managed Volatility — June 30, 2020

AJO Managed Volatility

Basic universe (# issues) 1,000 Number of holdings 147 Ten largest holdings 13.2% Market capitalization Weighted average ($b) 126.2 Median ($b) 17.4

Top 50 $117.55 & Above 25.0% Next 150 28.50 -- 117.55 26.1 Next 300 10.16 -- 28.50 27.9 Next 500 3.37 -- 10.16 17.2 Next 2000 3.37 & Below 3.8 Value P/E (forecast) 18.8 Price/Sales 2.3 Price/Book 4.6 Dividend yield 1.5% Management Sales/Share growth 8.5% Long-term growth (forecast) 9.4% Momentum Rising earnings estimates 41.1% Positive earnings surprise 80.6% Price-relative strength (return) 1.4% Quality/Market risk Debt/Capital 50.3% Predicted beta 0.76 Sector weights Communication services 11.9% Consumer discretionary 6.7 Consumer staples 16.3 Energy 0.2 Financials 1.2 Health care 24.9 Industrials 5.2 Information technology 31.9 Materials 1.3 Real estate 0.0 Utilities 0.4