International & Global Equity Portfolio Management

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Near Term Focus

International & Global Equity

Portfolio Management

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Firm Profile

Experience

 Established 1981

 32 years managing client portfolios

 Investment team averages 26 years in industry

Independence

 Private and 100% employee-owned

 No affiliation with any other firm

Focus

 Global/International equities is our only business

 Dedicated to providing consistent, competitive results

 Fundamental research is the key to success

Stability

 Investment team in place for over 12 years

 Time-tested, repeatable investment process

Strategy Assets

International Equity Global Equity

Emerging Market Equity

Total Firm Assets – March 31, 2014

$831.5 MM *

Client Assets Advisor/Platform Institutional Mutual Fund 96% 3% 1% 79% 20% 1%

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Gratry Investment Team

Name Role Education Member Voting

Years of Investment

Experience Joined Gratry Jerome R. Gratry Portfolio _Management

 MBA Thunderbird School of Global Management

 BA Lake Forest College Yes 47 1981

Mark A. Anderson, CFA Portfolio _Management  MBA St. Louis University

 BA St. Louis University Yes 29 2000

Gregory A. Tropf, CFA,

CIPM Portfolio Management

 MBA John Carroll University

 BS John Carroll University Yes 27 1997

Robert S. Tynes, CFA Business _Development _ MBA Loyola University-Chicago _{BSBA University of Missouri} No 26 2007

Matthew D. Sinkovitz Portfolio

Management  BA Malone University Yes 12 2002

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Representative Clients

Client Name

Since

Maryland Employees Retirement System 2008

Credit Suisse Private Bank 2009

SunTrust Bank 2007

Heifer International Foundation 2008

Detroit Police & Fire Pension Fund 2009 Wisconsin United Methodist Foundation 2006

Lockwood 2009

Wilmington Trust 2010

Robert W. Baird 1998

Stifel Nicolaus 1998

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Strategy Offerings

Growth* Developed Only

Global Equity International Equity

International ETF Strategy Growth* Developed

Only

Emerging Market Equity

*”Growth” strategies may contain up to 25% emerging market exposure. All strategies, except International ETF and Emerging ADR have 10+ year track records.

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Gratry

Strategy Growth Equity International International Equity ETF Allocation International Global Equity Emerging Markets ADR Universe  Developed and

Emerging Markets (excluding U.S.)

 Developed Markets (excluding U.S. and Emerging Markets)

 Developed and Emerging Markets (excluding U.S.)

 Developed Markets

(including U.S.)  Emerging Markets

Benchmark Index

 MSCI World ex-U.S.  MSCI EAFE  MSCI World ex-U.S.  MSCI World  BNY Emerging Markets ADR Security Selection  Growth Orientation  High Quality  Reasonable Valuations  Growth Orientation  High Quality  Reasonable Valuations  Holdings  Costs  Liquidity/Trade Volume  Structure and Provider  Growth Orientation  High Quality  Reasonable Valuations  Growth Orientation  High Quality  Reasonable Valuations Vehicles  SMA  UMA  Mutual Fund*  SMA  UMA  SMA  UMA  SMA  UMA  SMA  UMA Inception Date  9/30/1997 * 6/28/2013  3/31/1992  6/30/2005  9/30/1997  9/30/2009

Product Overview

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The Benefits of Our Investment Approach

Active Fundamental Investment Process

• Helps manage downside volatility

Synthesis of Top Down & Bottom Up

• Unique approach

Portfolios Broadly Diversified

• Prudent diversification across

country/sector/security to manage risk • Disciplined and repeatable investment

process

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Investment Philosophy

 We believe our disciplined, proven

investment approach can benefit our clients with a higher probability of successfully achieving their objectives.

 We are global investors and believe in maintaining broad diversification in client portfolios across developed and emerging markets.

 Top-down macro-economic analysis determines country and sector allocation decision-making, which are meaningful contributors to our performance.

 Fundamental research helps us identify which companies in each sector are expected to grow fastest while being reasonably valued.

 These growth-oriented companies have high-quality financial attributes and are managed by proven executive teams.

Growth

Reasonable Valuation High Quality

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Country Universe

Argentina Brazil Canada Chile Colombia Mexico Panama Peru United States Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Singapore South Korea Taiwan Thailand Austria Belgium Finland France Germany Greece Luxembourg Ireland Italy Netherlands Portugal Spain Denmark Norway Sweden Switzerland United Kingdom Israel Russia South Africa Turkey

Names in italics are emerging markets *Central & Eastern Europe, Middle East & Africa

Americas

Euro-Zone

Non-Euro Europe

Asia

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A Disciplined and Repeatable Investment Process

Risk Control

 20% Limit/Country

(except when BM weight exceeds 20%)  _{Sovereign/Currency Risk} Top-Down Economic Insight

Fundamental Bottom-Up Research Risk Control  20% limit/sector

(except when BM weight exceeds 20%)  Broad sector diversification

Portfolio Construction Risk Control  Low turnover  6% Limit/Security  Analysis of long-term trends  Proprietary country scoring model: - Macro Economics - Monetary Variables - Valuation Metrics

 _{Macro Analysis Drives} Sector Views Idea Generation & Themes Best Ideas | 35-40 Holdings 2.5% Position at Inception Actively Managed

 Large Cap Focus  Growth Orientation

- Top/Bottom Line - Historical & Peers  Growth Rate to Peers - Catalysts - Expectations  High Quality - Balance Sheet - Management Team - Earnings  Reasonable Valuations - PEG - P/E - P/B

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 Gratry team approach ensures a thorough group vetting of each idea

 Portfolio managers serve as “generalists”

 Majority agreement required to buy/sell a stock

Research Drives Security Selection

|  Fastest growing companies in each sector  Revenue/earnings growth in excess of peers  Margins stable or expanding  Strength of balance sheet  Quality of earnings  Caliber and credibility of management team

 Price relative to future earnings potential of company - PEG Ratio - Price/Equity Ratio - Price/Book Value Growth Reasonable Valuations High Quality

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Sell Discipline

Sell

Criteria

Price Target Achieved Funda-mentals Deteriorate Change in Investment Thesis Country Allocation Shift Milestones Not Achieved Better Risk / Reward Opportunity Valuation Concerns Position Size Limit (Trim) |

We Sell a Security When:

Sell

Criteria

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Summary

People

 Portfolio management team with 100+ years of combined investment experience

 Stable team together for over 12 years

Philosophy

 Global perspective

 Broad diversification

Process

 Active, fundamental investment approach

 Combines top-down and bottom-up analysis

 Consistent

 Repeatable

Performance

 Consistency of alpha

Pricing

 Attractive pricing on separate account and mutual fund vehicles

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Appendix – Investment Team Biographies

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Jerome R. Gratry, Founder, Managing Director & Principal, serves as a Portfolio Manager and is a voting member of the

Investment Committee. Prior to forming Gratry & Company in 1981, Mr. Gratry, a native of Paris, France, spent 13 years with Morgan Guaranty in Paris, Geneva, and New York where he was Vice President in the Trust and Investment Division and for two years the Co-Manager of the Geneva office. Mr. Gratry holds a BA in Economics from Lake Forest College and an MBA in International Management from the Thunderbird School of Global Management. He is a member of the CFA Society of Cleveland.

Mark A. Anderson, CFA, Managing Director & Principal, serves as a Portfolio Manager and is a voting member of the

Investment Committee. Prior to joining Gratry in 2000, Mr. Anderson served as a portfolio manager with Renaissance Investment Management in Cincinnati, OH. Mark earned an MBA (Finance) and a BA in Mathematics and Computer Science from St. Louis University. He is a member of the CFA Institute and the CFA Society of Cleveland.

Gregory A. Tropf, CFA, CIPM Managing Director & Principal, serves as a Portfolio Manager and is a voting member of

the Investment Committee. Greg also directs the research function for the Firm. Prior to joining Gratry in 1998 Greg spent 13 years as a Senior Investment Analyst for Centerior Energy Corporation. Greg earned his MBA (member Beta Gamma Sigma) and a BS in Chemistry from John Carroll University. Greg is a member of the CFA Institute, the CIPM Association and the CFA Society of Cleveland.

Robert S. Tynes, CFA, Managing Director & Principal, directs marketing and business development activities for the firm and is a member of the Investment Committee. Prior to joining Gratry, Robert was a Senior Investment Specialist in the Private Client Group of JPMorgan. He also has served as a product manager for Goldman Sachs Asset Management and as national accounts manager for Ibbotson Associates. Robert earned a MBA from Loyola University of Chicago and a BSBA in Finance/Economics from the University of Missouri. Robert is a member of the CFA Institute.

Matthew D. Sinkovitz, Vice President/Portfolio Manager, is a voting member of the Firm’s Investment Committee. He also supports the client service efforts of the firm. Matt joined Gratry & Company in 2002 as a Research Associate. He has served in his current role since 2006. Matt earned a BA in Business Administration from Malone University in Canton, OH.

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Disclosure

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GRATRY & COMPANY, LLC, a limited liability company founded in 1981, is an independent global portfolio management firm whose expertise lies in the investment of domestic and international securities. Gratry & Company is registered with the Securities and Exchange Commission (SEC) under the Investment Advisors Act of 1940. The firm’s investment mandates include developed market international and global portfolios, international and global portfolios with emerging market exposure, concentrated equity portfolios, emerging market portfolios, and an international Exchange Traded Fund (ETF) strategy. The firm also has tax-efficient and socially responsible overlay programs for these core strategies.

Total firm assets are the aggregate of the market value of all discretionary and nondiscretionary assets managed by Gratry & Company. This total includes both fee-paying and non-fee-paying assets. Firm assets include $483.8 million of assets under consulting arrangements (advisement) where Gratry & Company, LLC acts as a sub advisor.

The views and opinions expressed in this document are those of Gratry & Company, LLC. This commentary is for information/educational purposes only and should not be used as investment advice.

Representative Clients listed on page 4 were selected based on the size of their portfolio(s). Clients were not selected based on the performance of

their investment portfolio(s). Gratry & Company has received permission from all clients listed herein or disclosed verbally. It is not known whether these clients approve or disapproved of Gratry & Company and/or our investment services.

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GRATRY & COMPANY, LLC 320 Tower East 20600 Chagrin Blvd. Shaker Heights, OH 44122 Phone: 216-283-8423 Email: info@gratry.com

For more information on our investment strategies, please contact:

Robert Tynes, CFA Managing Director 216-283-8423, ext. 105

Contact

We welcome any questions or requests for further information about our firm.