International Equity - ADR 2Q 2016 Fact Sheet

International Equity Profile Investment Information Inception Date: January 1, 2008 Strategy Description Assets: $348.9 million • Fundamental, bottom-up stock selection process applied to a universe of companies with market Holdings: 30–40 capitalizations typically in excess of $2 billion at initial investment Benchmarks: MSCI EAFE Index (Net) • Focused (30-40 positions) strategy tends to be characterized by high active share and low turnover MSCI ACWI ex USA Index (Net) • Portfolio is composed mainly of non-U.S.-based companies and may invest up to 20% in emerging Vehicles Offered: Separate Account markets utilizing American Depository Recepits (ADRs) Mutual Fund (ARSFX) • Objective is to achieve attractive long-term returns versus the benchmarks while mitigating risk The profile section reflects overall International Equity over a complete market cycle strategy information. All portfolio holdings must meet the following three criteria: Portfolio Managers High Quality Attractive Valuation Compelling Catalysts The investment process begins We then assess the value of Catalysts are actions/events by identifying what we believe the company utilizing a private currently underway that we to be high-quality companies in equity approach to public believe will propel a company great and/or improving lines markets, as if we were buying to meet its full potential over of business. the entire business. the next three to five years. Such quality characteristics We develop our own financial We seek to identify catalysts may include: sustainable models, estimating normalized that fall outside the short-term Sean Geoffrey Howard competitive advantages, revenues, margins and cash focus of the market, such Thorpe Stewart, CFA Gleicher, CFA attractive business flows. Using multiple valuation as changes in leadership, fundamentals, leading metrics, we determine a divestitures/acquisitions, 28 Yrs* 18 Yrs* 32 Yrs* products or services, pricing conservative intrinsic value for margin improvements and/or *Industry Experience power and experienced the business. productivity gains. We believe management teams. catalysts are essential to avoiding “value traps.” Investment Team Performance • Robert Bexton, CFA • Alberto Jimenez Crespo, CFA Since • Lauren Caston, Ph.D. • Weixin Lin Trailing (%) 2Q16 1 Yr 3 Yrs Inception2 • William Cram, CFA • Gary Lisenbee IE Wrap (ADR) Composite (Pure Gross)1 1.5 -3.9 3.8 7.7 • Jay Cunningham, CFA • Catalina Llinás, CFA IE Wrap (ADR) Composite (Net) 1.0 -5.8 1.2 4.9 • Howard Gleicher, CFA • Gregory Padilla, CFA MSCI EAFE Index (Net) -1.5 -10.2 2.1 6.0 • Victor Hawley, CFA • Geoffrey Stewart, CFA Excess Return (Gross) 3.0 6.3 1.7 1.7 • James Henderson, CFA • Sean Thorpe Excess Return (Net) 2.5 4.4 -0.9 -1.1 • Sandra Incontro, CFA • Kevin Zhang MSCI ACWI ex USA Index (Net) -0.6 -10.2 1.2 4.2 Excess Return (Gross) 2.1 6.3 2.6 3.5 Int’l Excess Return (Net) 1.6 4.4 0.0 0.7 Equity MSCI Characteristics ADR EAFE Calendar Year (%) 2015 2014 2013 20123

Number of Holdings 37 917 IE Wrap (ADR) Composite (Pure Gross)1 1.1 -3.4 22.4 12.2 Active Share (%) 88.8 -- IE Wrap (ADR) Composite (Net) -1.0 -6.3 18.8 10.5 Annualized Turnover (3 Yrs, %) 22.9 -- MSCI EAFE Index (Net) -0.8 -4.9 22.8 14.0 Dividend Yield (%) 2.2 3.5 Excess Return (Gross) 1.9 1.5 -0.4 -1.8 Wtd. Avg. Market Cap ($B) 56.1 56.1 Excess Return (Net) -0.2 -1.4 -4.0 -3.5 Price/Earnings (TTM) 22.0x 21.1x MSCI ACWI ex USA Index (Net) -5.7 -3.9 15.3 13.7 Price/Book Value (TTM) 4.7x 3.4x Excess Return (Gross) 6.8 0.5 7.1 -1.5 Return on Equity (3 Yrs, %) 17.9 14.1 Excess Return (Net) 4.7 -2.4 3.5 -3.2

1The Aristotle International Equity Wrap (ADR) Composite has an inception date of July 1, 2012. 2IE Wrap (ADR) represents the Aristotle International Equity Wrap (ADR) Composite. 32012 is a partial-year period of six months, representing data from July 1, 2012 to December 31, 2012. Past performance is not indicative of future results. Performance results for periods greater than one year have been annualized. Returns are preliminary pending final account reconciliation. This material is not financial advice or an offer to buy or sell any product. Returns are presented gross and net of investment advisory fees and include the reinvestment of all income. The Portfolio Characteristics shown are based on a representative account. Please see important disclosures at the end of this document.

Los Angeles | Newport Beach | Boston International Equity - ADR 2Q 2016 Fact Sheet

Largest Holdings (%) Region Weights (%)

KDDI () 4.4 60  International Equity - ADR Accenture (Ireland) 4.0  MSCI EAFE Index 50 45.9 Heineken () 3.7 45.0 Reckitt Benckiser Group () 3.6 40 Compass Group (United Kingdom) 3.6 30 Dassault Systèmes () 3.3 23.3 21.3 19.6 Mondelēz International (United States) 3.2 20 11.9 12.1 Experian (Ireland) 3.1 8.7 10 Nidec (Japan) 3.1 4.4 2.9 2.4 2.5 0.0 0.0 0.0 Medtronic (Ireland) 3.1 0 Dev. Japan United United Canada Emerging Dev. Asia Cash Total 35.1 (ex U.K.) Kingdom States Markets (ex Japan)

Portfolio Risk/Return Statistics Sector Weights (%)

Int’l MSCI EAFE 30  International Equity - ADR Since Inception (7/1/12) Equity - ADR Index (Net)  MSCI EAFE Index 25 22.3 Annualized Alpha (%) 1.96 -- 20.7 Beta 0.94 1.00 20 15.7 Standard Deviation (%) 12.08 12.50 14.6 15 13.3 13.3 Information Ratio 0.57 -- 12.1 12.4 Sharpe Ratio 0.63 0.47 10 9.4 8.9 7.3 6.3 6.9 Tracking Error (%) 2.97 -- 5.4 5.2 5.2 5.0 5.2 3.9 4.4 5 2.5 0 Cons Indus Fin’l Cons Health Info Energy Utilities Mat’l Telecom Cash Staples Disc Care Tech Svcs

Sources: Advent, FactSet, MSCI, eVestment The Largest Holdings, Region Weights and Sector Weights shown are based on the representative account. The Portfolio Risk/Return Statistics figures shown are gross of fees and based on the Aristotle International Equity Wrap (ADR) Composite (the Composite). The representative account was chosen since, in our view, it is the account within the Composite that most closely reflects the portfolio management style of the Composite. Not every client’s account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors, including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capital Management, LLC (Aristotle Capital) makes in the future will be profitable or equal the performance of the securities listed in this report. There is no assurance that any securities, sectors or industries discussed herein will be included in or excluded from an account’s portfolio. Aristotle Capital reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. This is not a recommendation to buy or sell a particular security. Recommendations made in the last 12 months are available upon request. Past performance is not indicative of future results. Aristotle Capital claims compliance with the Global Investment Performance Standards (GIPS®). The International Equity Wrap (ADR) Composite includes all discretionary accounts managed in this strategy. The objective of the International Equity Wrap (ADR) strategy is to optimize long-term returns versus the MSCI EAFE Index (Net) with a focus on mitigating market risk. This strategy focuses on what we believe to be high-quality international businesses that appear to be trading at a discount to fair value and have a minimum market capitalization of approximately $2 billion. The Composite was created in July 2012. A list of composite descriptions is available upon request. Performance is expressed in U.S. dollars. The MSCI EAFE Index (Europe, Australasia, ) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index consists of the following 21 Developed Markets countries: , , , , , France, , , Ireland, , , Japan, the Netherlands, , , , , , , and the United Kingdom. The MSCI ACWI ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 23 Emerging Markets countries. With over 1,800 constituents, the Index covers approximately 85% of the global equity opportunity set outside the United States. The volatility (beta) of the Composite may be greater or less than that of the benchmarks. It is not possible to invest directly in these indices. Composite and index returns reflect the reinvestment of income. Composite returns are presented gross and net of actual investment advisory fees. The index returns are net of withholding taxes. Dividends are recorded gross of withholding taxes. Returns are presented net of trading costs. Net returns reflect the additional deduction of management fees and are based on the actual account-level net returns. Additional information regarding policies for valuing portfolios, calculating performance and preparing compliant presentations is available upon request. Excess returns are investment returns in excess of the benchmark or index returns. Active Share is a measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Turnover is a ratio of either the total market value of new securities purchased or market value of securities sold—whichever is less—over a particular period, divided by the total value of the portfolio. Dividend Yield is the ratio of a firm’s dividends each year relative to its share price. Weighted Average Market Capitalization is a dollar-value measurement of the size of companies in a portfolio or index. In such a weighting scheme, an average figure is derived from the market capitalizations of each company (their market prices multiplied by the number of shares outstanding) multiplied by their weights in the portfolio or index. Price to Earnings is the ratio of a firm’s closing stock price and its trailing 12 months’ earnings per share.Price to Book is a ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share. Return on Equity is the amount of net income returned as a percentage of shareholders’ equity. Return on equity measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested. Annualized Alpha is the measure of risk-adjusted excess return over the style index. Beta is used to measure market risk. It is defined as the average relationship, over time, of the portfolio’s rate of return to the style index. Standard Deviation is a measurement of risk or variability of returns over time. Higher deviation represents higher volatility. Information Ratio is a measurement of returns above the benchmark (usually an index) relative to the volatility of those returns. Sharpe Ratio is a measurement of the excess return over the risk-free rate relative to standard deviation to determine the reward per unit of risk. Tracking Error is the annualized standard deviation of the differences between the portfolio and index returns. Aristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our ADV Part 2, which is available upon request. 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