The Ativo International ADR Composite invests primarily in undervalued international companies trading as ADRs or listed on US exchanges that display above average growth characteristics. Since its February 29, 2012 inception date, net of fee performance was calculated using the highest applicable annual management fee of 0.65%, applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. The Ativo International ADR Composite is measured against the MSCI ACWI ex USA (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 Ativo International All Country ex US Composite invests primarily in undervalued international companies in emerging and developed countries (with the exception of the U.S.) that display above average growth characteristics. The composite net return is based on a 0.96% annual management fee applied monthly since April 1, 2007 (inception). On April 1, 2016 the management fee was decreased to 0.65% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.62% annually applied monthly. On January 1, 2023 the management fee was decreased to 0.49% annually applied monthly. Net of fee performance is calculated using the highest fee charged to a SMA client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo International All Country ex US Composite is measured against the MSCI ACWI ex USA (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 Ativo International Developed Composite invests primarily in undervalued international companies in developed countries that display above average growth characteristics. The composite net return is based on a 0.70% annual management fee applied monthly from August 1, 2009 (inception) to September 30, 2013. On October 1, 2013, the management fee increased to 0.74% annually applied monthly. On April 1, 2016 the management fee was decreased to 0.67% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.65% annually applied monthly. On January 1, 2022 the management fee was decreased to 0.60% annually applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo International Developed Composite is measured against the MSCI EAFE + Canada (Net) index. The MSCI EAFE + Canada (Net) index is an equity index which is designed to capture large and mid-cap representation across developed market countries around the world including Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country. 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 Ativo Global Institutional Composite invests primarily in undervalued domestic and international companies that display above average growth characteristics. The composite net return is based on a 0.74% annual management fee applied monthly since October 1, 2014 (inception). On April 1, 2016 the management fee was decreased to 0.37% annually applied monthly. On February 1, 2023 the firm no longer maintained any management fee-paying accounts. However, a representative fee-paying account would pay a 0.50% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a client within the composite. Due to a policy change, net of fee performance no longer accounts for an additional estimated fee charged to the client by the Manager of Manager. The Ativo Global Institutional Composite is measured against the MSCI ACWI (Net) index. The MSCI ACWI (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 investable equity opportunity set. 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 Ativo International Small Cap Composite invests primarily in undervalued small capitalization international companies that display above average growth characteristics. The composite net return is based on a 0.35% annual management fee applied monthly since October 1, 2015 (inception). On February 1, 2017 the management fee increased to 0.45% annually applied monthly. On January 1, 2020 the management fee was decreased to 0.40% annually, applied monthly. On February 1, 2022 the firm no longer maintained any management fee-paying SMA accounts. However, a representative fee-paying account would pay a 0.75% annual management fee applied monthly. Net of fee performance is calculated using the highest fee charged to a SMA client within the composite. The Ativo International Small Cap Composite is measured against the MSCI EAFE + Canada Small Cap (Net) index. The MSCI EAFE + Canada Small Cap (Net) index is an equity index designed to capture small cap representation across developed markets. The index covers approximately 15% 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.

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 [email protected], 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)

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