Important notes - please read

The performance information sets forth composite performance data relating to the historical performance of all accounts managed by the Adviser and a predecessor since January 1, 2001. The Adviser's global emerging market composite is made up of accounts managed by the Adviser that are primarily invested in mid to large capitalization companies in countries in the global emerging market universe.

The data is provided to illustrate the past performance of the Adviser in managing such accounts as measured against a specified market index and should not be considered a prediction of its future performance.

The Adviser claims compliance with the Global Investment Performance Standards (GIPS®). The composite performance data shown is retroactively applied to all time periods presented. (GIPS® serve as guidelines for investment managers to follow when reporting performance to prospective clients and are administered globally by the CFA Centre for Financial Markets Integrity.) Where there is a conflict between GIPS and local laws and regulations, this information has been prepared in accordance with the local laws and regulations.

All returns presented were calculated on a total return basis and include the reinvestment of income dividends and capital gain distributions, accrued income and realized and unrealized gains and losses. “Net Returns” reflect the deduction of investment advisory fees, brokerage commissions and execution costs paid by the accounts, without provision for federal or state income taxes. Custodial fees, if any, were not included in the calculation. “Gross Returns” do not reflect the deduction of any advisory fees, expenses (other than brokerage commissions and other trading expenses, which are included) or taxes. All returns have been adjusted from United Kingdom Pounds to US Dollars using calendar year beginning and end exchange rates (provided by an independent third party) to reflect the change in value of the US Dollar over the course of each calendar year. Such adjustment is necessary to show returns that are capable of being compared with the MSCI Emerging Markets Index benchmark.

The Adviser's composite investment returns presented below are unaudited and are not intended to predict or suggest the returns that might be experienced by the Fund. In addition, the use of a methodology different from that used below to calculate performance could result in different performance data.