Aristotle Capital Management, LLC Global Opportunities Update

1Q 2015

Los Angeles • Newport Beach www.aristotlecap.com Aristotle/Saul Global Opportunities Fund Class I: ARSOX

Frequently Asked Questions

What is this fund?

. Absolute return‐oriented global equity fund with a broad and flexible mandate

What do you do?

. Focus on what we believe to be well‐established companies with a moat and/or improving fundamentals . Manage a concentrated portfolio of 40‐50 companies with various attributes and exposures . Maintain a deep understanding of companies, buy at a sufficient discount and remain diversified

What am I getting?

 Global fund with high active share*  Significant non‐U.S. equity exposure with dampened forex (FX) exposure  Quarterly income distributions  Portfolio Managers with majority of liquid net worth invested in Fund

*95% Active Share as of 3/31/2015 There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including the potential loss of principal.

2 Aristotle/Saul Global Opportunities Fund Class I: ARSOX PORTFOLIO OVERVIEW As of March 31, 2015

Fund Composition (%) Sector Allocation1 (%)

Cash Aristotle MSCI ACWI Under I Over ETFs 10.4% Consumer Discretionary 6.5 12.5 ‐6.0 1.5% Consumer Staples 13.5 9.7 3.8 Corporate Bonds Energy 10.8 7.5 3.3 4.2% U.S. Equity Financials 10.6 21.5 ‐10.9 Emerging Markets Health Care 3.6 12.2 ‐8.6 24.0% 3.0% Industrials 7.3 10.5 ‐3.2 Information Technology 12.4 14.0 ‐1.6 Developed Materials 12.2 5.3 6.9 Non-U.S. Equity Telecommunication Services 2.0 3.6 ‐1.6 56.9% Utilities 5.0 3.2 1.8 Cash 10.4 ‐‐‐ 10.4 Corporate Bonds/ETFs 5.7 ‐‐‐ 5.7 ‐30 0 30 Top 10 Holdings (%) Regional Allocation1 (%) Royal Dutch Shell Plc 3.0 Aristotle MSCI ACWI Under I Over Samsung Electronics 3.0 Europe (ex United Kingdom) 19.4 15.7 3.7 Newcrest Mining Ltd. 3.0 United Kingdom 5.7 6.9 ‐1.2 Unilever N V 2.9 Japan 16.2 7.7 8.5 Kurita Water Industries Ltd. 2.7 Asia (ex Japan) 3.2 5.4 ‐2.2 Toyo Suisan Kaisha Ltd. 2.5 Emerging Markets 3.0 9.0 ‐6.0 Canadian Natural Resources 2.4 United States 24.0 51.6 ‐27.5 Walgreens Boots Alliance, Inc. 2.3 Canada 12.4 3.3 9.1 Lennar Corp. 2.3 Other Countries --- 0.4 ‐0.4 Diageo Plc 2.3 Cash 10.4 ‐‐‐ 10.4 TOTAL 26.4 Corporate Bonds/ETFs 5.7 ‐‐‐ 5.7

‐30 0 30

Holdings and allocations will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations. Recommendations for the last 12 months are available upon request.

3 Risk Management

“Diversification, after all, is not how many different things you own, but how different the things you do own are in the risks they entail.” ~Margin of Safety by Seth Klarman

10% Underappreciated 20% Quality 30%

40% Overlooked / Misunderstood 50% Quality 60% Controversial / 70% Out-of-Favor

80% Quality Discount to Appraised Value Discount to Appraised 90%

99% Level of Certainty

4 Portfolio Holdings Aristotle/Saul Global Opportunities Fund as of 3/31/2015 Underappreciated Quality Overlooked Quality Out-of-Favor Quality Bank of America Corp. adidas AG Arch Coal Inc.* Canadian Natural Resources Ltd. AES Corp. Cameco Corp. Compass Group plc Banco Santander SA Centamin plc Dassault Systèmes SA Continental Resources Inc. Centerra Gold Inc. Diageo plc Daiichi Sankyo Co. Ltd. Dundee Precious Metals eBay Inc. ITC Holdings Erste Group Bank AG EMC Corp. Kurita Water Industries Ltd. Goodrich Petroleum Corp.* Givaudan SA KDDI Corp. IAMGOLD Corp.* Medtronic Inc. Lennar Corp. Kinross Gold Corp. Microsoft Corp. Mitsubishi UFJ Financial Inc. Newcrest Mining Ltd. Mondelez International Inc. MS&AD Insurance Group Ltd. Uranium Participation Corp. Oracle Corp. National Fuel Gas Company Royal Dutch Shell plc Oshkosh Corp. Unilever NV Peyto Exploration Corp. Walgreen Co. Samsung Electronics Co. Ltd. Stock Spirits Group Toray Industries Inc. Toto Ltd. Toyo Suisan Kaisha Ltd. Vallourec SA

↑ 0.9% YTD † ↑ 2.5% YTD † ↑ 0.7% YTD †

Allocation to respective bucket as a % of total portfolio:

31% 36% 21% *Fixed income positions in italics † Year to date, YTD, contribution to return excludes currency impacts (↓2.5%) and fees Past performance is not indicative of future results. 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 makes in the future will be profitable or equal the performance of the securities listed in this report. Allocations are subject to change. Recommendations for the last 12 months are available upon request. Please see important 5 disclosures at the end of this document. ARSOX Performance

Performance as of Quarter-End as of 3/31/2015

Quarter 1 Year 3 Years Since End Inception*

Aristotle/Saul Global Opportunities 1.32% -6.59% 4.33% 4.32% Fund Class I

MSCI ACWI (Net) 2.31% 5.42% 10.75% 10.74%

*Inception date is 3/30/12

Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month‐end please call 1‐888‐661‐6691. The Fund’s advisor has contractually agreed to waive certain fees and/or absorb expenses, through April 30, 2015, to the extent that the total annual operating expenses do not exceed 1.10% of average daily net assets of the Fund. The Fund’s advisor may seek reimbursement from the Fund for waived fees and/or expenses paid for three years from the date of the waiver or payment. Without these reductions, the Fund’s performance would have been lower. A redemption fee of 1.00% will be imposed on redemptions of shares within 30 days of purchase.

Gross expense ratio is 2.54%. Net expense ratio is 1.15%.

Sources: Advent, MSCI 6 1Q15 Performance Review

Top-5 Detractors (138bps): Absolute-return breakdown: . Europe & AsiaPac helped . Commodity-related helped . U.S. tech & utilities hurt . Currency hurt (particularly CAD$)

Europe 1.92% Japan + Samsung 1.85% Gold-related 0.86% Other commodity-related 0.12% Top-5 Contributors (260bps): U.S. -0.65% Other 0.09% Portfolio Contribution (Local) 4.19%

FX Impact, gross -3.10% FX Hedges 0.56% FX Impact -2.54%

Fees/Other charges -0.29%

ARSOX 1Q15 Total Return 1.36%

Sources: Factset, Bloomberg A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document. 7 1Q15 Activity

Buys: Reinitiated position (sold in summer 2014) after new management team cut dividend to sustainable level. Leading Spanish bank with focus on retail business. Dominant position in Latin America. We believe profitability has been masked by cyclically high credit losses. Sells: Observation that Singapore may be transforming into the Switzerland of Asia seems to be widely held as stock price reached our estimate of fair value. Better risk-reward in Banco Santander.

Lacked sufficient visibility on the competitive dynamics of the evolving telecom equipment industry and no longer held a well-founded differentiated view.

Transition to higher margin embedded and analog chips has largely played out (45% in ’06 to 80% currently). The company was a strong contributor and was approaching our fair value estimate.

More optimal investments in the portfolio with similar attributes and exposures in the semiconductor memory and nuclear power businesses (Samsung Electronics and Cameco).

Fundamentals continue to deteriorate. We entered this investment with eyes wide open to the capital intensive, cyclical nature of the business but we underestimated the increasing supply-demand imbalance and the vulnerability of the contract backlog. Sources: Factset, Bloomberg A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document. 8 Underappreciated Quality

Mondelez International . $55 billion market capitalization, U.S. company . The remaining entity of the original Kraft Inc., which spun out its North American grocery business in 2012 . Unique products in the global snacks and confectionary business

What is underappreciated? . #1 or #2 market position in most products and geographies in which it competes . Extraordinarily high barriers to entry and relatively low exposure to private label threats . Exceptional management team as evidenced by savvy deal making . Building state of the art production lines with the goal to reduce manufacturing costs & optimize operations . Sale of European coffee business into JV while maintaining exposure to the coffee business . Emerging markets represent over 40% of sales where market share could improve over time . “Snacking”, once thought of an indulgence, is becoming more accepted as a “healthy” way of eating . Potential to double earnings per share over next 3‐5 years through 500bps of margin expansion

Sources: Company Annual Reports, Bloomberg The company identified above is an example of a holding and is subject to change without notice. The company was selected to help illustrate the investment process described herein. A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document. 9 Overlooked / Misunderstood Quality

adidas AG . $16 billion market capitalization, German company . Established in 1949 by Adi Dassler . 2nd largest sporting goods company in the world and global leader outside the U.S.; >40% of sales from emerging markets & <25% from U.S.

What is overlooked / misunderstood? . Strong brand portfolio, long history of product innovation and market leadership in emerging markets . Refocusing on heartbeat sports (soccer, cricket, rugby) after losing touch to chase trendy apparel margin . While Under Armour has taken over #2 in the U.S., adidas remains the global leader outside the U.S. . Innovative former head of TaylorMade, Mark King, has taken over the floundering North American business . We believe recent sale of non‐core shoe business, Rockport ($280 million), is evidence the company is on the right path . Board of Directors have begun the search for a new CEO to succeed long‐serving Herbert Hainer . Franchise has the potential to generate over $1.6 billion of free cash flow to owners on a normalized basis (~€6/share in earnings per share)

Kurita Water Industries Ltd. . $3 billion market capitalization, Japanese company . Established in 1949 . Leader in the global industrial water field . Only water company in the world that provides water treatment chemicals, water treatment hardware and service (maintenance, cleaning, etc.)

What is overlooked / misunderstood? . 20+ straight years of profitability . 10 consecutive years of dividend increases . Recently (2012) bought back 6% of shares outstanding and has $600 million of net cash on balance sheet . Transitioning from an average business (hardware/service) to a good business (solutions/service) . Transforming to a truly global company with expanding overseas sales . Ancillary issues resolved with resolution of troubled overseas water treatment project . Steady and expanding free cash flow as services business now represents 85% of company‐wide sales . Our analysis indicates the company can generate $250 million in free cash flow on a normalized basis

Important Information:

The views in this report were as of the date stated and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the Fund’s investment methodology and do not constitute investment advice.

Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

An investment in the Fund is subject to risks and you could lose money on your investment in the Fund. The principal risks of investing in the Fund include, but are not limited to, investing in foreign securities, emerging markets, short sales, derivatives, below investment grade bonds, convertible securities, and ETFs.

Foreign securities have additional risks including currency rate changes, political and economic instability, lack of comprehensive company information, less market liquidity, less efficient trading markets, and differing auditing controls and legal standards.

Investments in emerging markets involve even greater risks. The use of short sales and ETFs may cause the Fund to have higher expenses than those of other equity funds. Short sales are speculative transactions and involve special risks, including a greater reliance on the investment team's ability to accurately anticipate the future value of a security. The Fund’s losses are potentially unlimited in a short sale transaction. The Fund’s use of short sales and futures contracts leverages the Fund’s portfolio. The Fund’s use of leverage can make the Fund more volatile and magnify the effect of any losses. There is no assurance that a leveraging strategy will be successful.

The Fund may invest in derivatives which can be highly volatile, illiquid, difficult to value, and changes in the value of a derivative may not correlate with the underlying securities or other securities held directly by the Fund. Such risks include gains or losses which, as a result of leverage, can be substantially greater than the derivatives' original cost. There is also a possibility that derivatives may not perform as intended which can reduce opportunity for gain or result in losses by offsetting positive returns in other securities the Fund owns.

Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus or summary prospectus that contains this and other information about the Fund is available by calling 1‐888‐661‐6691 or by visiting aristotlefunds.com and should be read carefully prior to investing.

The Aristotle/Saul Global Opportunities Fund is distributed by IMST Distributors, LLC.

12 Disclosures

Definitions:

•The MSCI All Country World Index (ACWI) captures large and mid cap representation across 23 Developed Markets and 21 Emerging Markets countries. With over 2,400 constituents, the index covers approximately 85% of the global investable equity opportunity set. •Free Cash Flow (FCF): a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. Free cash flow is important because it allows a company to pursue opportunities that enhance shareholder value.

The volatility (beta) of the account may be greater or less than the benchmarks. An investor cannot invest directly in these indices.

13 Disclosures

Effective January 17, 2014, Aristotle/Saul Opportunity Fund has been renamed Aristotle/Saul Global Opportunities Fund. In addition, the Fund’s investment strategy has been updated.

Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor.

As of March 31, 2015, the Fund held the following positions as a percent of total net assets: adidas Ag ‐ Spon Adr 0.91%; Banco Santander Sa ‐ Spon Adr 2.04%; Daiichi Sankyo Co ‐ Spon Adr 0.40%; Dbs Group Holdings ‐ Spon Adr 0.00%; Diageo Plc ‐ Spon Adr 2.28%; Mitsubishi Ufj Finl Grp ‐ Spon Ad 1.56%; Newcrest Mining Ltd ‐ Spon Adr 0.20%; Royal Dutch Shell Plc ‐ Spon Adr 3.00%; Unilever N V ‐ Ny Shares 2.93%; Aes Corp 1.33%; Bank Of America Corp 1.66%; Cameco Corp 2.08%; Canadian Natural Resources 2.43%; Continental Resources Inc/Ok 1.39%; ebay Inc 2.09%; Emc Corp/Ma 1.83%; Itc Holdings Corp 1.82%; Kinross Gold Corp 1.19%; Lennar Corp‐A 2.31%; Medtronic Plc 1.99%; Microsoft Corp 1.88%; Mondelez International Inc‐A 1.97%; National Fuel Gas Co 1.83%; Oracle Corp 1.47%; Oshkosh Corp 2.03%; Walgreens Boots Alliance Inc 2.32%; Centamin Plc 1.51%; Compass Group Plc 1.95%; Stock Spirits Group Plc 1.43%; Centerra Gold Inc 1.47%; Dundee Precious Metals Inc 1.56%; Peyto Exploration & Dev Corp 1.88%; Uranium Participation Corp 1.73%; Adidas Ag 1.32%; Dassault Systemes Sa 2.08%; Erste Group Bank Ag 1.42%; Vallourec Sa 0.80%; Daiichi Sankyo Co Ltd 1.16%; Kddi Corp 1.97%; Kurita Water Industries Ltd 2.65%; Ms&Ad Insurance Group Holdings 2.19%; Toray Industries Inc 1.95%; Toto Ltd 1.80%; Toyo Suisan Kaisha Ltd 2.54%; Newcrest Mining Ltd 2.95%; Givaudan‐Reg 1.39%; Samsung Electronics‐Pref 3.00%; Arch Coal Inc 1.21%; Goodrich Petroleum Corp 0.45%; Arch Coal Inc 0.25%; Arch Coal Inc 0.40%; Iamgold Corp 1.93%; and Etfs Platinum Trust 1.46%. Portfolio composition will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Fund, its Advisor or Distributor. ACML‐15‐232