The Small Cap Concentrated Composite contains discretionary, non-fee paying, wrap equity only accounts that invest primarily in undervalued small cap domestic companies that display above average growth characteristics. For comparison purposes the composite is measured against the MSCI USA Small Cap Index. The MSCI USA Small Cap Index is designed to measure the performance of the small cap segment of the US equity market. The index represents approximately 14% of the free float-adjusted market capitalization in the US. You cannot invest directly in an index. Index results assume the re-investment of all dividends and capital gains.. The composite net return is based on a 0.80% annual management fee applied monthly from December 31, 2018 (inception). Net of fee performance is calculated using the highest fee charged to a client within the composite. Ativo deems the “client” the party in which is compensating the firm directly for its services. This informational document is intended for Ativo clients and potential prospects that would directly engage Ativo for its services. Ativo clients may act as intermediaries for this strategy and additional fees may apply outside the scope of the firm. From December 31, 2018 (inception) the composite maintained no management fee-paying accounts. However, a representative fee-paying account would pay a 0.80% annual management fee applied monthly

The Mid Cap Concentrated Composite contains all discretionary, fee and non-fee paying, wrap equity only accounts that invest primarily in undervalued mid cap domestic companies that display above average growth characteristics. For comparison purposes the composite is measured against the MSCI USA Mid Cap Index. The MSCI USA Mid Cap Index is designed to measure the performance of the mid cap segments of the US market. The index covers approximately 15% of the free float-adjusted market capitalization in the US. You cannot invest directly in an index. Index results assume the re-investment of all dividends and capital gains.The composite net return is based on a 0.60% annual management fee applied monthly from December 31, 2018 (inception). Net of fee performance is calculated using the highest fee charged to a client within the composite. Ativo deems the “client” the party in which is compensating the firm directly for its services. This informational document is intended for Ativo clients and potential prospects that would directly engage Ativo for its services. Ativo clients may act as intermediaries for this strategy and additional fees may apply outside the scope of the firm. From December 31, 2018 (inception) the composite maintained no management fee-paying accounts. However, a representative fee-paying account would pay a 0.60% annual management fee applied monthly.

The Large Cap Concentrated Composite contains discretionary, non-fee paying, wrap equity only accounts that invest primarily in undervalued large cap domestic companies that display above average growth characteristics. For comparison purposes the composite is measured against the MSCI USA Large Cap Index. The MSCI USA Large Cap Index is designed to measure the performance of the large cap segments of the US market. The index covers approximately 70% of the free float-adjusted market capitalization in the US. You cannot invest directly in an index. Index results assume the re-investment of all dividends and capital gains. The composite net return is based on a 0.50% annual management fee applied monthly from December 31, 2018 (inception). Net of fee performance is calculated using the highest fee charged to a client within the composite. From December 31, 2018 (inception) the composite maintained no management fee-paying accounts. However, a representative fee-paying account would pay a 0.50% annual management fee applied monthly. The composite net return is based on a 0.50% annual management fee applied monthly from December 31, 2018 (inception). Net of fee performance is calculated using the highest fee charged to a client within the composite. Ativo deems the “client” the party in which is compensating the firm directly for its services. This informational document is intended for Ativo clients and potential prospects that would directly engage Ativo for its services. Ativo clients may act as intermediaries for this strategy and additional fees may apply outside the scope of the firm. From December 31, 2018 (inception) the composite maintained no management fee-paying accounts. However, a representative fee-paying account would pay a 0.50% annual management fee applied monthly.

The International ADR Concentrated Composite contains discretionary, non-fee paying, wrap equity only accounts that invest primarily in undervalued international companies trading as ADRs or listed on US exchanges that display above average growth characteristics. For comparison purposes the composite is measured against the MSCI ACWI ex US (Net) Index. The MSCI ACWI ex USA (Net) index is a market-capitalization index designed to capture large and mid-cap representation across developed and emerging market countries. The index covers approximately 85% of the global equity opportunity set outside the US. The net total return index reinvests dividends after the deduction of withholdings taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The composite net return is based on a 0.65% annual management fee applied monthly from December 31, 2018 (inception). Net of fee performance is calculated using the highest fee charged to a client within the composite. Ativo deems the “client” the party in which is compensating the firm directly for its services. This informational document is intended for Ativo clients and potential prospects that would directly engage Ativo for its services. Ativo clients may act as intermediaries for this strategy and additional fees may apply outside the scope of the firm. From December 31, 2018 (inception) the composite maintained no management fee-paying accounts. However, a representative fee-paying account would pay a 0.65% annual management fee applied monthly.

Ativo Capital Management, LLC (“Ativo”) is an investment adviser. For the period August 23, 2002 through February 6, 2004 the firm was called Callard Asset Management, LLC. Prior to August 23, 2002, the firm was doing business as Callard Asset Management under Callard, Madden, and Associates. No change in management occurred.

The general investment objective for these composites is to invest in global equity markets through ordinary shares and ADR’s by maintaining a cash balance of 1-2% with the remainder compromised of long-only equities. See below for more detail on the strategy-specific composite investment objectives.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of fees and include the reinvestment of all income and other earnings. From January 1, 2014 to April 27, 2015, and March 1, 2016 to present, all calculated returns included dividend accruals. Net of fee performance was calculated using the highest applicable annual management fee applied monthly. Composite performance is presented net of foreign withholding taxes, where applicable. Past performance is not indicative of future results. Returns are based upon currently available information and subject to change. Periods of less than one year are not annualized.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. From January 1, 2007 to December 31, 2021 composite policy required the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of at least 20% of portfolio assets. As of January 1, 2022 to present, a portfolio is no longer removed due to a client initiated significant cash inflow or outflow. Additional information regarding the treatment of significant cash flows, as well as policies for valuing portfolios, calculating performance, and preparing compliant presentations is available upon request.

Ativo claims compliance with the Global Investment Performance Standards (GIPS ®). To receive a complete list and description of composites and/or a GIPS Composite Report for the composites presented in this advertisement, please contact Michael S. Brooks at 312-263-7600, or e-mail marketing@ativocapital.com, or write to Ativo Capital Management LLC, 120 N. LaSalle Street Suite 1160, Chicago, IL 60602.

Information about indices is provided to allow for comparison of the performance of the Adviser to that of certain well-known and widely recognized indices. There is no representation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index, which also does not take into account trading commissions and costs. The volatility of indices may be materially different from the performance of the Adviser. In addition, the Adviser’s recommendations may differ significantly from the securities that comprise the indices.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of its affiliates and each other person involved in or related to compiling or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.