PHILOSOPHY, PROCESS, PERFORMANCE, PEOPLE, PUBLICITY, PORTFOLIOS . . . AND MORE!

April 2018

“We study, we plan, we research. And yet, somehow, money still remains more of an art than a science.”

ARONSON JOHNSON ORTIZ | 230 SOUTH BROAD ST, 20TH FLOOR | PHILADELPHIA, PA 19102-4102 | 215.546.7500/7506 FAX | AJOPARTNERS.COM230 SOUTH BROAD STREET, 20TH FLOOR | PHILADELPHIA, PA 19102-4102 | 215.546.7500/7506 FAX | AJOPARTNERS.COM

KEY CHARACTERISTICS

AJO reflects a number of distinguishing characteristics that define what we do and how we do it.

INDEPENDENT + GLOBAL

VALUE-DRIVEN + DISCIPLINED

COST-CONSCIOUS + COMMUNICATIVE

DAVID VERSUS GOLIATH

One hundred fourteen clients $25.4 b

United States 21.9 Large cap 16.2 Managed volatility 2.5 Mid + Small cap 1.5 Top cap 0.8 Long/short 0.8 All cap 0.1

Emerging markets 2.7 All cap 1.8 Small cap 0.5 Long/short 0.2 Large cap 0.2

Global/International 0.8 Small cap 0.3 Large cap 0.3 Managed volatility 0.1 All cap 0.1 Long/short <0.1

As of 3/31/18

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OUR CLIENTS AND THEIR CONTACTS

PUBLIC

Arlington County ERS Danny Zito, 703.228.7934 managed volatility ‘17

Charlotte Firefighters’ Retirement System Sandy Thiry, 704.626.2728 large cap ‘05

City of Cape Coral Retirement System Toni Lozen, 239.333.4872 large cap ‘13

City of Cape Coral Police Richard Manzo, 239.573.4350 large cap ‘14

City of Tallahassee Kent Olson, 850.891.8133 large cap ‘14

Fairfax County Educational ESRS Eli Martinez, 703.426.3953 large cap ‘03

Florida Retirement System Alison Romano, 850.413.1078 large cap ‘93, long/short ‘08

Fresno County Employees’ Retirement Association Donald Kendig, 559.457.0350 large cap ‘95

Los Angeles City Employees’ Retirement System Rod June, 213.473.7124 large cap ‘01

Louisiana State Employees’ Retirement System Bobby Beale, 225.925.7156 large cap ‘02

Louisiana State Police Retirement System Irwin Felps, 225.295.8400 large cap ‘03

Manitoba HEB Ron Queck, 204.975.3431 large cap ‘05

Missouri Education Pension Trust John Tuck, 573.638.1089 large cap ‘01, long/short ’05, all-world managed volatility ’16

Missouri Local Government ERS Brian Collett, 573.632.6353 top cap ‘06, long/short ’07, emerging markets ‘13

Nashville & Davidson County Metro Employee Benefit System Fadi BouSamra, 615.880.2811 small cap ‘98

National Pension Service of Korea Kyung-Sei Park, 212.271.9639

NH Investment & Securities/KTCU HoChul Jung, 822.768.7806 large cap ‘14

Oklahoma Firefighters Retirement System Chase Rankin, 405.522.4600 large cap ‘02

Oklahoma Public Employees Retirement System Brad Tillberg, 405.858.6721 large cap ‘03

Oklahoma Teachers’ Retirement System Kirk Stebbins, 405.521.2387 mid cap ‘98

Oregon Public Employees Retirement Fund Mike Viteri, 503.431.7918 large cap ‘03

Philadelphia Public Employees Retirement System Dominique Cherry, 215.496.3142 large cap ‘01

St Louis County Retirement Plans Sue Daniels, 314.615.7816 large cap ‘04

West Virginia Investment Management Board Jim Herrington, 304.347.7657 small cap ‘99 CORPORATE/ERISA

Aetna Russell Smith, 860.273.1331 small cap ‘99

Banco Popular Javier Rubio, 787.765.9800 large cap ‘02

Baystate Health Valerie Slaughter, 314.727.7211 large cap ’15, emerging markets ‘15

Bechtel Marine/Plant Machinery Barbara LaFountain, 518.395.6539 large cap ‘05

Campbell Soup Gary Biscoll, 856.342.4800 large cap ‘05

Canada Post Doug Greaves, 416.204.4285 large cap ‘01

Conagra Brands Matthew Neisius, 312.549.5538 emerging markets ’14, large cap ’15, int’l ’15

Cone Health System John Miller, 336.832.9515 emerging markets ’13, global ‘15

Consolidated Nuclear Security Larry Wiker, 865.576.8500 large cap ‘01

Cox Enterprises Carol Larner, 678.645.0974 large cap ‘13

DowDuPont Fernando Lopez, 989.638.5596 large cap ‘02, long/short ‘07

Duke Energy Allen Carrick, 704.382.4255 small cap ‘98

Encyclopædia Britannica Peggy Eisen, 917.880.7406 top cap ‘17

Hanford Site Pension Plan Elaine Cone, 509.372.3323 large cap ‘04

Kaiser Permanente Bob Blagden, 510.267.2845 top cap ‘01

MedStar Health Joel Bryan, 410.772.6921 large cap ‘93

Monsanto Company Hank Ehrenreich, 314.694.8081 small cap ‘91 (terminated–gulp–’94), large cap ‘06

National Telecommunications Cooperative Association Melissa Drennan, 828.255.2963 managed volatility ’11, all-world managed volatility ‘14

Nordson Corporation Ray Cushing, 440.892.1580 large cap ‘00

Purolator Jennifer Boyd, 905.712.1084 large cap ‘06

Southern California Edison Greg Henry, 626.302.1457 small cap ‘98

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ENDOWMENT/ FOUNDATION

Baptist Community Ministries Laurie DeCuir, 504.593.2309 large cap ‘96

Boys Town Phil Ruden, 402.498.1017 large cap ‘05

Bucknell University John Luthi, 570.577.3332 large cap ‘16

Catholic Endowment Fund Aprilynne Whitaker, 610.684.8045 large cap ’15, emerging markets ‘15

Commonfund Kris Kwait, 203.563.5000 all cap ‘85, large cap ‘93 (terminated–gulp–’95), top cap ‘05

Fetzer Institute Brad Miller, 269.353.0552 emerging markets ’13, int’l ‘15

Fetzer Memorial Trust Lou Leeburg, 602.548.0092 emerging markets ’13, int’l ‘15

Gonzaga University Joe Smith, 509.313.6801 all cap ‘13

Horatio Alger Endowment Fund Valerie Slaughter, 314.727.7211 emerging markets ‘13, large cap ‘15

Mangham Associates Joel Mangham, 434.973.2223 emerging markets ‘15

Missouri Baptist Foundation Carolyn Blanch, 203.563.5256 top cap ‘12

Nord Family Foundation Sharon White, 440.984.3939 large cap ‘00

Oklahoma School Land Trust Karen Johnson, 405.521.4000 large cap ‘00

Richard King Mellon Foundation Ed Morgan, 724.238.8471 top cap ’03, large cap ’13

Seminole Boosters J. P. Sinclair, 850.644.3484 large cap ’15

St Louis Archdiocesan Fund Valerie Slaughter, 314.727.7211 emerging markets ’13, large cap ’15

The Investment Fund for Foundations Dick Flannery, 610.684.8000 large cap ’98, emerging markets ‘15

University of Arkansas Foundation Vickie Ferguson, 479.575.3158 large cap ’03, emerging markets ’13, global ‘15

University of Toronto Asset Management Daren Smith, 416.673.8495 emerging markets ‘15

Warren Alpert Foundation David Eisen, 215.496.2396 large cap ‘15 MULTI-EMPLOYER

AFTRA Retirement Fund Christine Dubois, 212.499.4821 ‘02

Central Pennsylvania Teamsters Joe Samolewicz, 610.320.5500 large cap ’03, emerging markets ‘15

Construction Industry Laborers Pension Fund Tina Amelung, 913.236.5490 large cap ‘06

IWA – Forest Industry Pension Plan Colleen Troelstrup, 604.433.6310 large cap ‘07

New England Carpenters Jeff Werner, 978.752.1132 large cap ‘99

New Jersey Transit Amalgamated Transit Union Wayne Solomon, 973.378.6151 large cap ‘04

Operating Engineers Local 101 Pension Fund Stephanie McLaughlin, 816.737.5959 large cap ‘03

Plumbers & Pipefitters National Pension Fund Toni Inscoe, 703.519.4460 large cap ‘02

Western Washington Laborers Employers Pension Trust Michelle Baker, 206.352.9744 all cap ‘14

POOLED

Captive Investors Fund Scott Renninger, 847.781.1400 managed volatility ’15

Christian Brothers Investment Services John Geissinger, 212.490.0800 large cap ‘02

Cornerstone Advisors Paul Pedalino, 425.455.8185 emerging markets ’14, global ‘15

GuideStone Funds Matt Peden, 214.720.4704 small cap ‘98, large cap ‘06

Highland Associates Hunter Craig, 205.939.8322 large cap ’15, emerging markets ’15

M Fund Hannah Hasbrook, 503.414.7270 large cap ‘13

MMBB Matt Sherwood, 212.870.8023 large cap ‘16

Mercer Funds Ryan Connelly, 617.747.9335 large cap ‘16

Prudential Retirement Ric Filippelli, 860.534.8443 large cap ‘05

Russell Investment Group Kevin Divney, 206.505.7877 long/short ’01, top cap ‘03, large cap ’12, small cap ‘16

SEI Investments Stephen Beinhacker, 610.676.1000 top cap ‘03, large cap ‘03, managed volatility ’04, long/short ’05

Summit Strategic Solutions Valerie Slaughter, 314.727.7211 emerging markets ’13, large cap ’15

Transamerica Asset Management Chris Staples, 720.493.8033 large cap ‘04

UBP Asset Management André Gigon, 41.58.819.2645 large cap ‘16

N.B. — It is not known whether these clients approve or disapprove of AJO or the advisory services provided. All clients are listed, except those that wish to remain anonymous.

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CLIENTS BY MANDATE, SIZE, AND TENURE

MANDATETOP CAP Commonfund Encyclopædia Britannica Kaiser Permanente Missouri Baptist Foundation Russell Investment Group LARGE CAP Banco Popular Baptist Community Ministries Baystate Health Bechtel Marine/BPMI Boys Town Bucknell University Campbell Soup Canada Post Catholic Endowment Fund Central Pennsylvania Teamsters Charlotte Firefighters Christian Brothers Inv Services City of Cape Coral Police City of Cape Coral Ret System City of Tallahassee Conagra Brands Consolidated Nuclear Security Construction Industry Laborers Cox Enterprises DowDuPont Fairfax County Edu ESRS Florida Retirement System Fresno County ERA

LARGE CAP GuideStone Funds Hanford Site Pension Plan Highland Associates Horatio Alger Endowment Fund IWA – Forest Industry Pension Plan Los Angeles City ERS Louisiana State ERS Louisiana State Police M Fund Manitoba HEB MedStar Health Mercer Funds Missouri Education Pension Trust MMBB Monsanto Company New England Carpenters NH Investment & Securities/KTCU NJT Amalgamated Transit Union Nord Family Foundation Nordson Corporation NY State Common Ret Fund Oklahoma Firefighters Oklahoma PERS Oklahoma School Land Trust Operating Engineers Local 101 Oregon PERF Philadelphia PERS Plumbers & Pipefitters National Prudential Retirement Purolator RK Mellon Foundation

LARGE CAP SEI Investments Seminole Boosters St Louis Archdiocesan Fund St Louis County Retirement Plans Summit Strategic Solutions TIFF Transamerica Asset Management UBP Asset Management Warren Alpert Foundation MID & SMALL CAP Aetna Duke Energy GuideStone Funds Nashville & Davidson County Oklahoma Teachers’ Ret System Russell Investment Group Southern California Edison West Virginia Inv Mgt Board ALL CAP Gonzaga University Western Washington Laborers MANAGED VOLATILITY Arlington County ERS Captive Investors Fund National Telecom Cooperative Assn SEI Investments

LONG/SHORT Missouri Education Pension Trust Missouri Local Government ERS Russell Investment Group EMERGING MARKETS Baystate Health Catholic Endowment Fund Central Pennsylvania Teamsters Conagra Brands Cone Health System Cornerstone Advisors Fetzer Institute Fetzer Memorial Trust Highland Associates Horatio Alger Endowment Fund Mangham Associates Missouri Local Government ERS St Louis Archdiocesan Fund Summit Strategic Solutions TIFF University of Arkansas Foundation University of Toronto Asset Mgmt GLOBAL/INTERNATIONAL Conagra Brands Cone Health System Cornerstone Advisors Fetzer Institute/Memorial Trust National Telecom Cooperative Assn University of Arkansas Foundation

SIZE> $500MM Florida Retirement System Missouri Education Pension Trust Transamerica Asset Management NY State Common Ret Fund Oregon PERF Canada Post GuideStone Funds SEI Investments Highland Associates $250MM – $500MM Manitoba HEB Russell Investment Group Prudential Retirement Oklahoma Teachers’ Ret System Kaiser Permanente Conagra Brands Plumbers & Pipefitters National West Virginia Inv Mgt Board Oklahoma PERS National Telecom Cooperative Assn Central Pennsylvania Teamsters UBP Asset Management

$250MM – $500MM Duke Energy Missouri Local Government ERS Fresno County ERA $50MM – $250MM Louisiana State ERS Baystate Health University of Toronto Asset Mgmt Captive Investors Fund TIFF Monsanto Company IWA – Forest Industry Pension Plan Los Angeles City ERS Summit Strategic Solutions Arlington County ERS Christian Brothers Inv Services Consolidated Nuclear Security NJT Amalgamated Transit Union Cone Health System DowDuPont RK Mellon Foundation Hanford Site Pension Plan Cox Enterprises Mercer Funds

$50MM – $250MM Commonfund Fairfax County Edu ESRS Bechtel Marine/BPMI MedStar Health Aetna Southern California Edison City of Tallahassee Construction Industry Laborers Fetzer Institute/Memorial Trust Purolator Campbell Soup MMBB University of Arkansas Foundation M Fund St Louis Archdiocesan Fund Oklahoma Firefighters Oklahoma School Land Trust Western Washington Laborers Operating Engineers Local 101 St Louis County Retirement Plans Louisiana State Police Nashville & Davidson County Cornerstone Advisors

< $50MM Horatio Alger Endowment Fund Philadelphia PERS Boys Town Bucknell University City of Cape Coral Ret System Charlotte Firefighters Catholic Endowment Fund Warren Alpert Foundation Baptist Community Ministries Missouri Baptist Foundation New England Carpenters Banco Popular NH Investment & Securities/KTCU City of Cape Coral Police Nordson Corporation Gonzaga University Nord Family Foundation Mangham Associates Encyclopædia Britannica Seminole Boosters

TENURE> 15 YEARS MedStar Health Florida Retirement System Commonfund Fresno County ERA Baptist Community Ministries Nashville & Davidson County Duke Energy Oklahoma Teachers’ Ret System Southern California Edison GuideStone Funds TIFF West Virginia Inv Mgt Board Aetna New England Carpenters Nordson Corporation Nord Family Foundation Oklahoma School Land Trust Philadelphia PERS Canada Post Consolidated Nuclear Security Russell Investment Group Kaiser Permanente Los Angeles City ERS Missouri Education Pension Trust Christian Brothers Inv Services Louisiana State ERS

> 15 YEARS Banco Popular Oklahoma Firefighters Plumbers & Pipefitters National DowDuPont Monsanto Company AFTRA Retirement Fund Oregon PERF Operating Engineers Local 101 Louisiana State Police 10 – 15 YEARS SEI Investments University of Arkansas Foundation RK Mellon Foundation Central Pennsylvania Teamsters Fairfax County Edu ESRS Oklahoma PERS Transamerica Asset Management NJT Amalgamated Transit Union St Louis County Retirement Plans NY State Common Ret Fund Hanford Site Pension Plan Prudential Retirement Bechtel Marine/BPMI Campbell Soup

10 – 15 YEARS Charlotte Firefighters Manitoba HEB Boys Town Missouri Local Government ERS Purolator Construction Industry Laborers IWA – Forest Industry Pension Plan 5 – 10 YEARS National Telecom Cooperative Assn Missouri Baptist Foundation Cone Health System Summit Strategic Solutions Fetzer Memorial Trust St Louis Archdiocesan Fund 1 – 5 YEARS M Fund Horatio Alger Endowment Fund City of Cape Coral Ret System Cox Enterprises Fetzer Institute Gonzaga University City of Cape Coral Police Western Washington Laborers

1 – 5 YEARS National Pension Service of Korea Cornerstone Advisors Conagra Brands City of Tallahassee NH Investment & Securities/KTCU Catholic Endowment Fund Warren Alpert Foundation University of Toronto Asset Mgmt Highland Associates Mangham Associates Baystate Health Captive Investors Fund MMBB UBP Asset Management Bucknell University Mercer Funds Seminole Boosters Encyclopædia Britannica < 1 YEAR Arlington County ERS

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Ownership (%)Boston office

ORGANIZATION

N.B. — AJO currently holds a portion of its ownership for future distribution. 3/28/18

FIRM MANAGEMENT Ted Aronson ’84 (44%) Gina Moore ’98 (12%) – US Greg Rogers ’93 (4%) – INT’L

GLOBAL INVESTMENTS STRATEGY + RESEARCH IMPLEMENTATION TRADING

Matt Austin ’15 Seth Allen ’05 (2%) Doug Dixon ’97 (4%)

Michael Dowd ’14 (1%) Stefani Cranston ’91 (5%) Joe Finer ’12

Claire McConnell ’12 (1%) Luke Manley ’17 Pete Landers ’13

César Orosco ’10 (2%) Mario Petrozzi ’05 Rob Louka ’06 (3%)

Siddharth Ramesh ’14 Colleen Smith ’05 (2%) Sean Paylor ’14

Jocelin Reed ’14 (1%) Chris Whitehead ’00 (4%)

Jake Slater ’18

Franz Valencia ’12 (1%)

Billy Wang ’18

INFORMATION TECHNOLOGY

Dru Albright ’02 Oscar Arrington ’05 Chris Cardi ’17

Adam Duda ’15 Gene Gualtieri ’15 Graham McConnell ’15

Kristie McCourt ‘17 Nishant Mittal ’16 Jaymes Parker ’16

Chris Renehan ’15 Ed Roche ’08 Dan Scholz ’14

OPERATIONS + ACCOUNTING

Greg Bennett ’16 Joe Caruso ’06 Adela Cheng ’06

Dave Colubriale ’14 Dan DiSanto ’02 (2%) Paul Dodge ’94 (5%)

Jim Gordon ’10 Jennifer Ho ’13 Chris Huffman ’04

Sylvia Lee ’00 Amy Lieb ’15 Bill MacLellan ’12

Emily Mai ’13 Flavia Rivera ’15 Mike Robles ’17

John Wickersham ’13

CLIENT SERVICE + MARKETING

Allison Goodman ’04 Sheryl Hayduk ’05 Jim Lobb ’90, ’12 (1%)

COMPLIANCE Denise Adamczyk ’04 Joe Dietrick ’03 (2%) Rob Horn ’15 Kip Moran ’03

ADMINISTRATIVE SUPPORT Ezra Benjamin ’99 Eileen Bruno ’93 Kristen Catalano ’13 Grace Ecclestone ’97 Georgia Getz ’15 Elaine Johnson-Adams ’00

Dawn Lai ’16 Susan Lodato ’89 Jeanne Mulvanerty ’17

Pat Richardson ’93 Nancy Sutherland ’99

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“Just how long has there been a maraschino cherry at the top of the organizational chart?”

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PERFORMANCE-BASED FEES AJO Large Cap – Absolute Value Illustration: $100 million/zero base (Bottom line: fee is 15% of alpha, bounded by 0.0% and 0.6%)

While this example highlights our large-cap value strategy, the formula works with all AJO strategies. In general, we trade a lower minimum or base fee for a higher maximum fee. The tradeoff is usually symmetrical. For instance, if a client desires a base fee of, say, zero, the maximum fee is capped at twice our normal fee. With a minimum and maximum range established, it’s easy to sketch a linear profit-sharing arrangement that runs through the fulcrum (our standard fee and expected excess return). Total Fee – The manager’s annual fee is calculated quarterly and is a combination of a base

fee plus a performance fee, calculated as shown below, times the average market value of the portfolio.

Performance-Fee Formula – For annualized excess performance ranging from zero to 400

basis points, where excess performance is defined as the gross, time-weighted total return of the portfolio less the return of the benchmark index for an agreed-on interval, the performance-based fee shall be calculated as follows:

PF = [(NF - BF) ÷ RER] * [PR - BR], where:

PF = performance fee NF = normal fee (30 bp on $100 million) BF = base fee RER = required annualized excess return to earn NF (200 bp) PR = portfolio return, gross of fees BR = benchmark return (Russell 1000 Value)

Minimum and Maximum Percentage Fees

Minimum Fee = X% of NF Maximum Fee = (200 - X)% of NF

total fee (bp)

alpha (bp)

15

30

45

60

(200) (100) 0 100 200 300 400 500 600

min fee = 0 bp

fulcrum = 30/200

max fee = 60 bp

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STANDARD FIXED FEES

U.S. EQUITY

AJO Top Cap AJO Top Cap – Absolute Value 0.25% on the first $250 million 0.15% on the next $250 million 0.10% thereafter

AJO Large Cap AJO Large Cap – Absolute Value 500 AJO Large Cap 1000 AJO Large Cap – Absolute Value AJO Large Cap – Dynamic AJO Managed Volatility 0.30% on the first $250 million 0.20% on the next $250 million 0.15% on the next $500 million 0.125% thereafter

AJO Mid Cap 0.55% on all assets

AJO Small Cap AJO Small Cap – Absolute Value 0.60% on all assets

Short-Enabled U.S. equity fees are based on the corresponding long-only fee rates, multiplied by gross exposure (e.g., 130/30 has gross exposure of 160%).

INTERNATIONAL AJO International Large Cap 0.50% on first $100 million 0.45% on next $150 million 0.40% thereafter

AJO International Small Cap 0.70% on all assets

EMERGING MARKETS

AJO Emerging Markets All Cap 0.70% on first $25 million 0.60% on next $25 million 0.50% on next $25 million 0.45% on next $25 million 0.40% on over $100 million

AJO Emerging Markets Small Cap 0.70% on all assets

AJO Emerging Markets Long/Short* Management fee: 1.2% Performance fee: 12% with a high-water mark

GLOBAL

AJO Global Large Cap 0.40% on first $100 million 0.35% on next $150 million 0.30% thereafter

AJO Global Small Cap 0.65% on all assets

AJO Global All Cap 0.50% on first $100 million 0.45% on next $150 million 0.40% thereafter

AJO Global Market-Neutral Flex* Management fee: 1.2% Performance fee: 12% with a high-water mark

ALL-WORLD LOW VOL

AJO All-World Managed Volatility 0.40% on all assets

*Alternatively, we are willing to charge a 0% management fee plus a 24% performance fee with a high-water mark. AJO follows a most-favored-nation policy regarding fees: no fixed-fee client pays more than the lowest fixed fee charged for a similar mandate of the same size. Minimum initial investment is $25 million.

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PRINCIPALS

“Short-term I like cash; mid-term, bonds;long-term, AJO.”

FIRM SUMMARY

OVERVIEW. AJO is an independent, registered investment adviser, founded in 1984 by Ted Aronson. The firm is a limited partnership, wholly owned by 18 active principals, with offices in Philadelphia and Boston. Our staff of 68 can be reached at 215.546.7500 or [lastname]@ajopartners.com.

As of 3/31/18, we managed $25.4 billion in value-oriented equity mandates for 114 institutional clients, invested around the globe — $21.9 billion U.S., $2.7 billion emerging markets, $0.8 billion global/international.

We offer benchmark-relative and absolute-return strategies across the market-cap spectrum of U.S., emerging markets, and global equities. Portfolios can be long-only or long/short. We can vary tracking error or total volatility.

PHILOSOPHY. We believe above-market returns can be achieved with a combination of classical security analysis, modern quantitative investment techniques, and keen attention to trading. We focus on asset-rich companies, selling at relatively low multiples of earnings, with proven and confident management, earnings and price momentum, and favorable investor sentiment.

PROCESS. We invest in a universe of suitable, liquid stocks. We use our multi-factor valuation model to identify low-priced companies with effective management, positive momentum, and favorable sentiment within industry peer groups. Portfolios are fully invested, sector-neutral/country-neutral, and well-diversified in terms of industry, fundamental characteristics, and various statistical measures of risk. Individual bets are controlled; number of positions can range from almost 50 to over 200 (per side).

TRADING. We seek to minimize implementation shortfall — the difference between valuation price and execution price, including commissions (duties), spreads, market impact, and opportunity cost. We capture trading results and use them to inform our investment decisions and guide our selection of trading methods and venues. Annual turnover ranges from 50% to 300% (per side), depending on the strategy. AJO does not use soft dollars.

Seth Allen Implementation

Ted Aronson Firm Management Founding Principal

Stefani Cranston Firm Management Implementation

Joe Dietrick Compliance

Dan DiSanto Operations + Accounting

Doug Dixon Trading

Paul Dodge Operations + Accounting

Michael Dowd Strategy + Research

Jim Lobb Client Service + Marketing

Rob Louka Trading

Claire McConnell Strategy + Research

Gina Moore Firm Management U.S. Equity

César Orosco Strategy + Research

Jocelin Reed Strategy + Research

Greg Rogers Firm Management International Equity

Colleen Smith Implementation

Franz Valencia Strategy + Research

Chris Whitehead Firm Management Implementation

ARONSON JOHNSON ORTIZ | 230 SOUTH BROAD ST, 20TH FLOOR | PHILADELPHIA, PA 19102-4102 | 215.546.7500/7506 FAX | AJOPARTNERS.COM230 SOUTH BROAD STREET, 20TH FLOOR | PHILADELPHIA, PA 19102-4102 | 215.546.7500/7506 FAX | AJOPARTNERS.COM

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OUR CLIENTSAetna AFTRA Retirement Fund†

Arlington County ERS Banco Popular Baptist Community Ministries* Baystate Health Bechtel Marine/Plant Machinery Boys Town* Bucknell University* Campbell Soup Canada Post Captive Investors Fund P Catholic Endowment Fund* Central Pennsylvania Teamsters† Charlotte Firefighters Christian Brothers Inv Services P City of Cape Coral Police City of Cape Coral Ret System City of Tallahassee Commonfund* Conagra Brands Cone Health System Consolidated Nuclear Security Construction Industry Laborers† Cornerstone AdvisorsP Cox Enterprises DowDuPont Duke Energy Encyclopædia Britannica Fairfax County Educational ESRS Fetzer Institute*

Fetzer Memorial Trust* Florida Retirement System

Fresno County ERA Gonzaga University* GuideStone FundsP Hanford Site Pension Plan Highland AssociatesP Horatio Alger Endowment Fund* IWA–Forest Industry Pension Plan†

Kaiser Permanente Korea National Pension Service Los Angeles City ERS Louisiana State ERS Louisiana State Police M FundP Mangham Associates* Manitoba HEB MedStar Health Mercer FundsP Missouri Baptist Foundation Missouri Education Pension Trust Missouri Local Government ERS MMBBP Monsanto Company Nashville & Davidson County National Telecom Cooperative Assn New England Carpenters† New York State Common Ret Fund NH Investment & Securities/KTCU NJT Amalgamated Transit Union† Nord Family Foundation* Nordson Corporation Oklahoma Firefighters Ret System Oklahoma PERS Oklahoma School Land Trust*

Oklahoma Teachers’ Retirement System Operating Engineers Local 101† Oregon PERF Philadelphia PERS Plumbers & Pipefitters Natl Pension† Prudential RetirementP Purolator

Richard King Mellon Foundation* Russell Investment Group P SEI InvestmentsP Seminole Boosters* Southern California Edison St Louis Archdiocesan Fund* St Louis County Retirement Plans Summit Strategic Solutions P TIFF* Transamerica Asset ManagementP UBP Asset ManagementP University of Arkansas Foundation* University of Toronto Asset Mgmt* Warren Alpert Foundation* West Virginia Inv Mgt Board Western Washington Laborers

Clients are pension funds (public, ERISA, other) unless denoted as: *Endowment/Foundation †Multi-employer PPooled

N.B. — It is not known whether these clients approve or disapprove of AJO or the advisory services provided. All clients are listed, except those that wish to remain anonymous.

STANDARD FIXED FEES AJO Top Cap AJO Top Cap – Absolute Value 0.25% on the first $250 million 0.15% on the next $250 million 0.10% thereafter AJO Large Cap AJO Large Cap – Absolute Value 500 AJO Large Cap 1000 AJO Large Cap – Absolute Value AJO Large Cap – Dynamic AJO Managed Volatility 0.30% on the first $250 million 0.20% on the next $250 million 0.15% on the next $500 million 0.125% thereafter AJO Mid Cap 0.55% on all assets AJO Small Cap AJO Small Cap – Absolute Value 0.60% on all assets

AJO International Large Cap 0.50% on first $100 million 0.45% on next $150 million 0.40% thereafter AJO International Small Cap 0.70% on all assets AJO Emerging Markets All Cap 0.70% on first $25 million 0.60% on next $25 million 0.50% on next $25 million 0.45% on next $25 million 0.40% on over $100 million AJO Emerging Markets Small Cap 0.70% on all assets AJO Emerging Markets Long/Short* Management fee: 1.2% Performance fee: 12% w/high-water mark AJO All-World Managed Volatility 0.40% on all assets

AJO Global Large Cap 0.40% on first $100 million 0.35% on next $150 million 0.30% thereafter AJO Global Small Cap 0.65% on all assets AJO Global All Cap 0.50% on first $100 million 0.45% on next $150 million 0.40% thereafter AJO Global Market-Neutral Flex* Management fee: 1.2% Performance fee: 12% w/high-water mark *Or 0% management fee plus 24% performance fee with a high-water mark. Short-enabled U.S. equity fees are based on the corresponding long-only fees, multiplied by gross exposure (e.g., a 130/30 strategy has gross exposure of 160%).

N.B. — Performance-based fees are available — indeed, encouraged. Minimum initial investment is $25 million.

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PHILOSOPHY

Our philosophy encompasses our view of the equity markets, how best to profit from them, how to hold onto profits, and how we run our business.

STOCK MARKET

We believe the stock market is reasonably efficient but emotional enough to provide opportunities for the disciplined investor. Because the market is complex, opportunities are best exploited with a systematic, quantitative approach. We use modern investment technology and academic research to complement the wisdom of classical investment thinking and analysis.

INVESTMENT STYLE

We are value-oriented but believe superior results are best achieved by considering value, management, momentum, and sentiment. Our work holds security analysis to be most productive when value is gauged relative to a company’s peers. As such, valuation within and diversification among industry peer groups constitute important aspects of our process. We focus on well-managed companies with quality cash profits, relatively low market valuations, positive price and earnings momentum, and favorable market sentiment. We optimize portfolios to diversify multi-faceted risks.

IMPLEMENTATION AND TRADING

We believe transaction-cost management is a vital component of the investment process. Transaction costs — the ultimate cost of implementing any investment strategy — are higher and more complicated than generally perceived. Controlling transaction costs is key to exploiting stock-market opportunities.

MANAGEMENT MANAGEMENT*

Investing is our only business. We are independent and owner-operated. We practice investment management in an atmosphere of candor and mutual respect, where patience and humor are the norm. We believe it is essential to forge a partnership with clients (and vendors). Detailed, frequent, and complete communication is highly valued. We aim to create goodwill that will help us endure unavoidable periods of subpar investment results.

* Hats off to the late Stan Calderwood (of Trinity Investment Management) for the description.

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MULTI-FACTOR VALUATION

We evaluate securities relative to their peers based on four categories of measures:

VALUE — We favor asset-rich companies with higher earnings compared to price. We compare measures from the balance sheet, cash flow, and income statement to pure and adjusted measures of market value. We derive ratios based on book value, gross profitability, bottom-line cash flow, and forecasted earnings. The lower the multiple — in other words, the higher the fundamental “yield” — the higher the expected return.

MANAGEMENT — We use numerous measures to gauge the longer-term prospects for a corporation: return on operating assets, the trend in sales growth, share repurchase, and earnings quality (as opposed to the earnings quantity we assess in Value).

MOMENTUM — We measure momentum by observing changes in price and forecasted earnings. Relative price action and price stability are measured over the preceding year; industry and ecosystem momentum over the last six months. Earnings revision is our own concoction of the trend in analysts’ expectations about a company’s future results.

SENTIMENT — We study the buying and selling behavior of key investor segments. Insider trading, the level of institutional ownership, and the aggregate interest of short “holders” provide multiple layers of insight into future stock performance. We add yet another dimension of understanding by capturing the difference between the implied volatilities of a stock’s open calls and puts and the difference between its options-market and stock-market trading volume. We see the sentiment of these market players as a crucial clue in solving the stock-picking puzzle.

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INVESTMENT PROCESS

Our bottom-up, utterly disciplined process creates well-diversified portfolios that are fully invested in value-oriented equities across developed, emerging, and frontier countries.

The foundation of our work is a seasoned, suitable, liquid universe of stocks. We evaluate companies relative to their peers using four categories — or pillars — of attractiveness: value, management, momentum, and sentiment. Overarching this multi-factor valuation is a portfolio construction process that optimizes the tradeoff between expected return and multi-faceted risk. Forecasts of transaction costs are used to guide us toward efficient implementation. The integration of research, portfolio management, and trading is the bedrock of our decision-making process.

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STOCK VALUATION PEER-RELATIVE VALUATION

Global-player and regional models

Region, country, sector, and industry groups

Apple to apples!

MORE THAN ONE GAUGE

Value — balance sheet, cash-flow and income statement

Management — efficiency, growth, signaling, quality

Momentum — estimates, price, stability

Sentiment — equity and options market actions

PROFILE MATTERS

Company — region, industry, growth, size

Market — beta, volatility

Investor — ownership duration

“Oh, if only it were so simple.”

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“To hell with a balanced portfolio. I want you to sell my Fenwick Chemical and sell it now.”

PORTFOLIO CONSTRUCTION OPTIMAL TRADEOFF

Emphasize expected return

Mitigate risk — predictable and unpredictable

MULTI-FACETED FORECASTS

Country and industry

Market capitalization

Fundamental characteristics

Market-based factors

Stock-specific variance

Statistical risk confirmation

COMMONSENSE CONTROLS

Fully invested

Country- and sector-neutral (except managed volatility)

Industry, beta, and market-cap guardrails

Specific-risk and liquidity-limited stock bets

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IMPLEMENTATION MINIMIZE TOTAL COSTS

Implementation shortfall

Open-minded

Commissions are trivial

Stamp duties, swap and borrow costs are not!

NO SOFT DOLLARS

Ever!

No direction either

MEASURE AND MANAGE

Transaction-cost model

Incorporate into portfolio construction

“Hello, handsome.”

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PROCESS DETAIL

INVESTMENT UNIVERSE

We begin with every stock that trades on a major exchange in developed, emerging, and frontier countries worldwide. After screening, we end up with an investment universe of companies that are seasoned (no IPOs), suitable (no funds or bankruptcies), and liquid (enough to trade). Our strategies draw on all or parts of this universe.

PEER-GROUP CLASSIFICATION

Our research shows multi-factor valuation to be most productive when relative value is assessed on a peer-group basis. We divide our universe by sectors, industry groups, and regions that reflect statistical and fundamental economic relationships among stocks. For global strategies, we consider the global influence on a stock’s valuation to enhance the peer comparison.

INDUSTRY PEER GROUPS

Our U.S. strategies use the GICS-based, AJO-customized industry groups below, while our non-U.S. strategies use standard GICS industry groups.

GICS Sectors AJO Industry Groups

Consumer discretionary media, specialty retail, consumer services, internet/catalog retail, motor vehicles, consumer durables/apparel, household durables

Consumer staples food/beverage/tobacco, household/personal products, food/staples retailing

Energy drilling, exploration/production, equipment/services, consumable fuels

Financials diversified financials, insurance, life insurance, banks

Health care pharmaceuticals, biopharmaceuticals, biotechnology, health care equipment/services, managed health care/facilities

Industrials aerospace construction/conglomerates, machinery, transportation, commercial/professional services

Information technology hardware/electronics, software, IT services, semiconductors

Materials gold/precious metals, other materials

Real estate REITs, real estate management/development

Telecommunications telecommunications

Utilities utilities

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REGION & COUNTRY PEER GROUPS

Our non-U.S. strategies are further divided by region and country.

INTERNATIONAL/GLOBAL United States

Japan

Europe Austria, Belgium/Luxembourg, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom

Australasia/Canada Australia, Canada, Hong Kong, Korea*, New Zealand, Singapore

EMERGING MARKETS Emerging Asia: China, India, Indonesia, Korea*, Malaysia, Pakistan, Philippines, Taiwan, Thailand EMEA: Czech Republic, Egypt, Greece, Hungary, Poland, Qatar, Russia, South Africa, Turkey, UAE Americas: Brazil, Chile, Colombia, Mexico, Peru

Frontier Argentina, Kuwait, Latvia, Morocco, Nigeria, Vietnam

*Korea is considered an emerging country by MSCI but a developed country by FTSE.

Over time, countries may be reclassified into different regions.

We use peer groups to eliminate structural bias across groups; however, for certain factors that measure change, differences between groups are episodic, indicating opportunities we might exploit.

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MULTI-FACTOR VALUATION

We employ a multi-factor valuation model that emphasizes four categories of variables: value, management, momentum, and sentiment.

VALUE — We examine price-driven measures using the balance sheet, cash flow and income statements. We consider the balance sheet because asset-rich companies resist market declines and are prime takeover targets. On the income statement, earnings yield (the reciprocal of P/E) is among the more robust measures of a stock’s fundamental valuation for U.S. stocks, as the more earnings for every dollar invested, the more attractive the security. On the international front, cash-flow yield (the reciprocal of P/CF) is prized as greater cash earnings indicates higher quality; dividend yield is also influential.

However, value alone is an insufficient investment signal. A company may deserve a low multiple if there’s no prospect for growth or evidence of successful management. Our valuation model considers the relative success of management as important as assets, profits, cash flow, and dividends.

MANAGEMENT — Our so-called management factor quantifies management’s operating efficiency and profitability by measuring the basic underlying performance of a going concern. We use a composite of variables to provide a profile of management savvy:

Return on assets (ROA) is among the best measures of overall corporate performance, reflecting the extent to which all tangible corporate resources are utilized.

Measures of growth and profitability indicate how efficiently a firm uses its assets and can be tailored to fit industry-specific characteristics.

Share repurchase (or issuance) and dividend growth indicate a capital structure decision with implications for a firm’s cost of capital and long-term valuation.

Measures of quality — barometers of corporate fitness — distinguish between companies whose earnings, while similar in quantity, may differ significantly in composition. Quality lends itself well to industry-specific distinctions — within REITs, occupancy levels come into play, while banks lean on loans.

Consistent with the goal of all security analysis, we combine these measures and financial ratios to improve our success in discriminating future corporate performance.

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MOMENTUM — We rely on momentum to assess Wall Street opinions in real time. We define and measure momentum in three dimensions:

Relative price strength reflects the market’s up-to-the-minute take on a company’s performance. It is our quantitative equivalent of the maxim “Don’t fight the tape.” We evaluate various region-based metrics, such as a company’s idiosyncratic price behavior, its sub-industry momentum, and the price momentum of its customer and competitor ecosystem.

Revisions to estimated earnings, dividends, and assets are fundamentals-based indicators of a stock’s potential trajectory.

Stable price patterns — over the preceding year — are prized.

Momentum helps anticipate future leaders and laggards.

SENTIMENT — We scrutinize the actions of informed participants — the “smart money,” if you will — to decipher their investment views and derive alpha indications from their purchasing and selling behavior.

Insider trading is a tangible reflection of the expectations of those “in the know” regarding company prospects. Purchases, in particular, reflect where insiders think their company is headed.

Short “holders” forewarn of declining future returns. Their aggregate short position indicates a level of aversion to a particular stock.

Institutional investors as a whole are the largest market participants, so it is not surprising that their actions influence stock prices. The greater the institutional ownership, the better the forecast for returns.

Stock options offer investors two advantages: the benefit of leverage and the ability to express their views efficiently. Analyzing a stock’s options-market volume alongside its options’ implied volatility spread enables us to tap into an economically intuitive and robust source of insights.

Since quantitative evidence of sentiment isn’t available worldwide, its inclusion is limited to markets with robust data.

CONTEXTUALIZATION — PROFILE MATTERS

Each measure varies in influence, determined by a company’s profile, investors, and market. Its profile includes region, industry, size, growth characteristics, beta, volatility, and institutional ownership. For example, gross profits relative

to enterprise value is a better indicator of value for software companies than for producers of household durable products; sentiment measures tend to be more powerful among small-cap issues than large-cap; and price-relative strength is a better predictor of future stock prices among higher-growth stocks.

We add yet another layer of understanding by considering the significance of a stock’s global or regional emphasis.

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WHOLE CABOODLE

In the end, we derive an all-in excess expected return for each company. All-in means we boil our multi-factor valuation down to a single number; excess suggests above (or below) the level of the market; expected indicates forward-looking. Each stock’s summary measure of attractiveness carries across all of our strategies.

PORTFOLIO CONSTRUCTION

Portfolios are fully invested and optimally diversified. We make controlled, stock-specific bets across many names in each sector and country. Benchmark-relative portfolios are sector- and country-neutral to their target benchmark. However, gross exposure is unconstrained in our managed-volatility and long/short work.

Position size is tethered to the benchmark weight of an issuer and controlled by a combination of specific risk and liquidity risk to provide ample diversification. Portfolios hold anywhere from 50 to 400 names (per side for long/short), depending on the strategy. Generally, the smaller the targeted capitalization of a strategy, the more names held.

Portfolio rebalancing is systematic and disciplined. Purchases and sales are driven by changes in valuations from the ongoing evaluation of our investment universe, tempered by anticipated transaction costs. Portfolios remain fully invested throughout our rebalancing process.

RESPONSIBLE INVESTING

While we do not explicitly consider ESG factors in our valuation or risk process at this time, we can (and do) incorporate client-directed exclusionary screens. Our perspective on risk and portfolio management minimizes the variance of these portfolios relative to similarly managed portfolios. Further, our universe breadth provides attractive alternatives with similar risk and alpha prospects. While the types (and lists) of restrictions are directed by the client, they are almost entirely ESG-related.

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OPTIMAL DIVERSIFICATION

Individual security weights are driven by combining our notion of future profits and our forecast of risk, the ultimate process by which we create portfolios. We seek to maximize expected return while minimizing risk — tracking error in our benchmark-relative work; total volatility in the case of our managed-volatility and absolute-return strategies. We employ commonsense rules to minimize risk — sector, industry, country, beta, and market-cap guardrails, as well as specific-risk and liquidity-limited stock positions. In addition, we consider four other categories of factors to manage our active risk exposure:

COUNTRIES — Exposure is controlled or neutralized.

INDUSTRIES — Within sectors, exposure is controlled but is not neutralized.

MARKET CAP — Capitalization risk is managed at the portfolio level.

FUNDAMENTAL CHARACTERISTICS — Elements of value, management, and momentum are used to predict risk associated with stocks’ financial characteristics.

MARKET-BASED FACTORS — Stocks’ sensitivity to broad market movements, volatility, and their responsiveness to fluctuations in the foreign-exchange market matter.

Based on the influence of these factors, risk is controlled at the portfolio level via a predicted beta guardrail.

The most important determinant of a security’s weight (including negative weights on the short side) is our forecast of future profits. Although we seek to squeeze out every penny of excess return, we also seek to balance multi-faceted risk.

“Your mother called to remind you to diversify.”

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IMPLEMENTATION

Cost-effective portfolio implementation is vital to our investment process. Our trading is based strictly on best execution and aims to minimize total transaction costs. We measure transaction costs as implementation shortfall — the difference between valuation price and execution price, including commissions (about 1¢ per share on average), spreads, market impact, and opportunity cost. Stamp duties and swap and borrow costs are also considered, where applicable.

We capture actual trading results in our transaction-cost model to guide our selection of trading methods and venues. Direct market access, broker algorithms, passive crossing networks, principal risk packages, agency basket trading, and traditional agency trading are techniques we use, at our traders’ discretion, to achieve best execution. Our transaction-cost model also informs our rebalancing effort: realistic, empirically derived, stock-specific estimates of cost help us assess purchases and sales. Annual turnover ranges from around 50% to 300% (per side), depending on the strategy. AJO does not use soft dollars.

“Three wishes less commission.”

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ART, SCIENCE, AND ENGINEERING It is said that investment management is neither art nor science but more a matter of engineering. In that spirit (and with tongue firmly planted in cheek), we end this discussion of our disciplined investment process with a flow chart.

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RESEARCH ENHANCEMENTS return-oriented risk-oriented cost-oriented

Highlighting represents more significant enhancements.

1. AJO Mid Cap (6/30/95); AJO Large Cap – Absolute Value (12/31/95) 2. AJO Dollar-Neutral Long/Short (1/15/97) 3. AJO Small Cap – Absolute Value (12/31/98) 4. AJO Large Cap – Absolute Value 500 (12/31/99) 5. AJO Top Cap (8/31/01) 6. AJO Large Cap 1000 (10/31/02) 7. AJO Matched Cap (5/31/03); AJO Large Cap – Absolute Value LTE (7/31/03); AJO Mid Cap – Absolute Value (11/30/03) 8. AJO Matched Cap – Absolute Value (3/31/04); AJO Managed Volatilty (10/31/04) 9. AJO Large Cap – Absolute Value 130/30 (4/30/05); AJO Large Cap 1000 130/30 (12/31/05); AJO Dollar-Neutral Long/Short Concentrated (12/31/05) 10. AJO Top Cap – Absolute Value (3/31/06) 11. AJO Top Cap – Absolute Value 130/30 (3/31/07); AJO Matched Cap 130/30 (4/30/07) 12. AJO Large Cap – Dynamic 115/15 (8/31/12); AJO Emerging Markets (12/31/12) 13. AJO All Cap (10/31/13); AJO Managed Volatility Tax Aware (12/31/13) 14. AJO All Cap – Absolute Value (4/30/14); AJO Large Cap – Absolute Value Tax Aware Concentrated (6/30/14) 15. AJO Global/International (5/31/15)

1990s 2000s 2010s

1995 Share-repurchase measure Insider-trading measure Risk model & optimization

1996 Size-within-sector & cluster groups Variable “rewards” by sector EPS-growth measure Price/sales measure Analyst-by-analyst forecast EPS

1997 Analyst rankings Transaction-cost model

1998 Industry-adjusted measures

1999 Variable “rewards” by industry

2000Price-stability measure EPS-surprise measure

Turnover-trend ratio

2001Sector & industry groups redefined

EPS-quality measure (accruals, R&D)

2002ADRs jettisoned

Insider-trading model

2003EPS-quality measure (debt level)

2004Interest-rate sensitivity measure

Short-interest measure

2010Transaction-cost model update

Loan loss reserves

2011Energy sector adjustment

Net operating assets

2012EPS-surprise jettisoned

Beta-adjusted relative strength Optimal principal package construction

2013Revised sectors & industries

Institutional ownership signal Conditioning by institutional duration

Retooled AJO risk model

2014Options market sentiment

Transaction-cost calibration

2015 Gross profit to enterprise value Long-term growth jettisoned

2016 Industry specifics for financials Beta re-adjusted relative strength

2017 Ecosystem linkages signal Options volume enhancement Commonsense controls expanded Emerging markets factor expansion

2005 EPS-quality measure (I/B/E/S to GAAP)

2006 OTC volume adjustment Earnings momentum enhanced

2007 Relative strength volume adjustment

2008 Transaction-cost optimization

2009 “Hot” transaction cost model REITs added to model Intangible adjustment to book value

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G R O S S A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / ------------Annualized----------- Tracking Years / Clients /Benchmark Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Top Cap (0.8) 16.9 10.2 14.3 10.2 7.7 2.2 16.6 4

Russell Top 200 (0.8) 14.7 11.4 13.6 9.4 6.9 8/31/01 569

AJO Large Cap (0.9) 16.9 9.0 13.9 10.4 11.5 3.9 25.9 12

S&P 500 (0.8) 14.0 10.8 13.3 9.5 9.6 4/30/92 2,025

AJO Large Cap – Absolute Value 500 (2.7) 13.4 8.1 12.2 9.2 8.3 3.5 18.3 4

S&P 500 Value (3.6) 7.7 8.4 10.9 7.4 5.7 12/31/99 528

AJO Large Cap 1000 (1.8) 14.9 8.5 13.2 10.5 11.0 3.0 15.4 2

Russell 1000 (0.7) 14.0 10.4 13.2 9.6 9.8 10/31/02 438

AJO Large Cap – Absolute Value (2.7) 10.9 6.6 11.1 8.8 11.2 3.7 22.3 58

Russell 1000 Value (2.8) 6.9 7.9 10.8 7.8 8.9 12/31/95 12,714

AJO Mid Cap (1.6) 12.6 7.1 12.5 10.7 11.9 5.2 22.8 1

Russell Midcap (0.5) 12.2 8.0 12.1 10.2 10.9 6/30/95 420

AJO Small Cap 0.6 11.0 7.8 11.6 10.3 12.1 6.8 26.5 1

Russell 2000 Blend (0.1) 12.2 8.3 11.5 10.1 10.5 9/30/91 15

AJO Small Cap – Absolute Value (0.9) 7.6 6.3 10.2 9.5 10.4 4.2 19.3 6

Russell 2500 Value (2.7) 5.7 7.3 9.9 9.3 9.6 12/31/98 1,065

AJO Top Cap – Absolute Value 130/30 (2.8) 14.0 9.9 13.5 9.4 7.3 3.3 11.0 1

Russell Top 200 Value (3.0) 7.1 8.2 10.7 7.0 5.5 3/31/07 116

AJO Large Cap – Absolute Value 130/30 (4.0) 11.0 8.1 12.2 10.0 8.7 4.8 12.9 1

Russell 1000 Value (2.8) 6.9 7.9 10.8 7.8 7.6 4/30/05 474

AJO Large Cap – Dynamic 115/15 (1.7) 14.2 8.7 14.0 --- 15.5 4.2 5.6 1

Russell 1000 Dynamic 0.2 15.5 10.6 14.0 9.5 15.3 8/31/12 200

AJO Managed Volatility (1.0) 12.1 8.6 13.1 11.3 10.7 13.4 8

Russell 1000 (0.7) 14.0 10.4 13.2 9.6 9.0 5.0 10/31/04 2,349

MSCI USA Minimum Volatility (1.1) 11.2 10.4 12.2 10.7 9.8 4.6

N.B. — Our strategies aimed at value indices are dubbed “Absolute Value” to distinguish them from strategies aimed at broader benchmarks.Please see accompanying Notes.

P E R F O R M A N C EMarch 31, 2018

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N E T A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / --------------Annualized-------------- Tracking Years / Clients /Benchmark Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Top Cap (0.8) 16.5 10.0 14.0 10.0 7.5 2.2 16.6 4

Russell Top 200 (0.8) 14.7 11.4 13.6 9.4 6.9 8/31/01 569

AJO Large Cap (0.9) 16.7 8.8 13.6 10.2 11.2 3.9 25.9 12

S&P 500 (0.8) 14.0 10.8 13.3 9.5 9.6 4/30/92 2,025

AJO Large Cap – Absolute Value 500 (2.8) 13.2 7.9 11.9 8.8 7.9 3.5 18.3 4

S&P 500 Value (3.6) 7.7 8.4 10.9 7.4 5.7 12/31/99 528

AJO Large Cap 1000 (1.8) 14.6 8.2 12.8 10.2 10.7 3.0 15.4 2

Russell 1000 (0.7) 14.0 10.4 13.2 9.6 9.8 10/31/02 438

AJO Large Cap – Absolute Value (2.7) 10.7 6.4 10.8 8.6 10.9 3.7 22.3 58

Russell 1000 Value (2.8) 6.9 7.9 10.8 7.8 8.9 12/31/95 12,714

AJO Mid Cap (1.7) 12.4 6.9 12.3 10.4 11.5 5.2 22.8 1

Russell Midcap (0.5) 12.2 8.0 12.1 10.2 10.9 6/30/95 420

AJO Small Cap 0.5 10.5 7.2 10.9 9.7 11.2 6.8 26.5 1

Russell 2000 Blend (0.1) 12.2 8.3 11.5 10.1 10.5 9/30/91 15

AJO Small Cap – Absolute Value (1.0) 7.2 5.9 9.7 9.0 9.7 4.2 19.3 6

Russell 2500 Value (2.7) 5.7 7.3 9.9 9.3 9.6 12/31/98 1,065

AJO Top Cap – Absolute Value 130/30 (2.9) 13.5 9.6 13.1 9.1 7.0 3.3 11.0 1

Russell Top 200 Value (3.0) 7.1 8.2 10.7 7.0 5.5 3/31/07 116

AJO Large Cap – Absolute Value 130/30 (3.9) 10.7 7.9 11.9 9.6 8.4 4.7 12.9 1

Russell 1000 Value (2.8) 6.9 7.9 10.8 7.8 7.6 4/30/05 474

AJO Large Cap – Dynamic 115/15 (1.8) 14.0 8.5 13.8 --- 15.2 4.2 5.6 1

Russell 1000 Dynamic 0.2 15.5 10.6 14.0 9.5 15.3 8/31/12 200

AJO Managed Volatility (1.0) 11.9 8.4 12.9 11.1 10.4 13.4 8

Russell 1000 (0.7) 14.0 10.4 13.2 9.6 9.0 5.0 10/31/04 2,349

MSCI USA Minimum Volatility (1.1) 11.2 10.4 12.2 10.7 9.8 4.6

N.B. — Our strategies aimed at value indices are dubbed “Absolute Value” to distinguish them from strategies aimed at broader benchmarks. Please see accompanying Notes.

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FEES AND ANNUAL RETURN & RISK OBJECTIVES

Composite / Fee Tracking Benchmark Schedule

Gross Prospective Added Value Error

1% 3% AJO Top Cap

Russell Top 200

AJO Large Cap

S&P 500

AJO Large Cap – Absolute Value 500

S&P 500 Value

AJO Large Cap 1000

Russell 1000

AJO Large Cap – Absolute Value

Russell 1000 Value

0.55% on all assets 2-3% 4-5%AJO Mid Cap

Russell Midcap

AJO Small Cap

Russell 2000 Blend

AJO Small Cap – Absolute Value

Russell 2500 Value

<2% >4%

>3% <6%

>2% >5%

fee rates of large-cap mandate 2% 5-6%*

AJO Top Cap – Absolute Value 130/30

Russell Top 200 Value

AJO Large Cap – Absolute Value 130/30

Russell 1000 Value

AJO Large Cap – Dynamic 115/15

Russell 1000 Dynamic

AJO Managed Volatility

MSCI USA Minimum Volatility

Russell 1000

This table presents AJO’s return objectives over the benchmark and the anticipated tracking error relative to the benchmark. These objectives do NOT reflect actual account returns and are NOT guaranteed returns. Actual client returns may differ materially, and clients may lose money. The return objectives represent the returns we seek to produce before fees, and they are willingly used to establish performance-based fees.

* Standard deviation of absolute returns is expected to be lower than the broad equity market (Russell 1000 Index) but greater than the MSCI USA Minimum Volatility Index. Historically, our returns are about 20% less volatile relative to the former and about 20% more volatile relative to the latter.

2% 4% 0.30% on first $250 million 0.20% on next $250 million 0.15% on next $500 million 0.125% thereafter

0.25% on first $250 million 0.15% on next $250 million 0.10% thereafter

0.60% on all assets 3-4% 4-6%

fee rates of corresponding long- only strategy multiplied by gross exposure (e.g., 130/30 has gross exposure of 160%)

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Gross Results & Added Value (%) Qtr 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

AJO Top Cap (0.8) 24.4 10.2 (0.4) 19.2 33.9 18.3 3.8 10.1 21.2 (32.3)Russell Top 200 (0.8) 23.0 11.3 2.4 13.2 32.4 16.0 2.8 12.5 24.2 (36.1)

0.0 1.4 (1.1) (2.8) 6.0 1.5 2.3 1.0 (2.4) (3.0) 3.8

AJO Large Cap (0.9) 23.9 8.5 0.3 16.1 38.5 18.4 4.4 12.2 22.9 (34.4)S&P 500 (0.8) 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 26.4 (37.0)

(0.1) 2.1 (3.5) (1.1) 2.4 6.1 2.4 2.3 (2.9) (3.5) 2.6

AJO Large Cap – Absolute Value 500 (2.7) 20.1 12.3 (2.2) 14.5 36.9 20.0 2.2 13.8 20.6 (36.7)S&P 500 Value (3.6) 15.4 17.4 (3.1) 12.3 32.0 17.7 (0.5) 15.1 21.2 (39.2)

0.9 4.7 (5.1) 0.9 2.2 4.9 2.3 2.7 (1.3) (0.6) 2.5

AJO Large Cap 1000 (1.8) 23.1 8.1 1.2 13.4 39.4 17.6 3.8 15.7 26.8 (35.6)Russell 1000 (0.7) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 28.4 (37.6)

(1.1) 1.4 (4.0) 0.3 0.2 6.3 1.2 2.3 (0.4) (1.6) 2.0

AJO Large Cap – Absolute Value (2.7) 16.4 10.0 0.0 10.4 38.7 17.7 2.8 15.9 16.7 (33.0)Russell 1000 Value (2.8) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 19.7 (36.9)

0.1 2.7 (7.3) 3.8 (3.1) 6.2 0.2 2.4 0.4 (3.0) 3.9

AJO Mid Cap (1.6) 19.3 12.5 (3.2) 13.2 42.1 17.1 2.1 22.9 32.9 (37.8)Russell Midcap (0.5) 18.5 13.8 (2.5) 13.2 34.8 17.3 (1.6) 25.5 40.5 (41.5)

(1.1) 0.8 (1.3) (0.7) 0.0 7.3 (0.2) 3.7 (2.6) (7.6) 3.7

AJO Small Cap 0.6 11.7 18.8 (2.0) 7.4 39.7 14.4 1.6 28.4 25.9 (33.2)Russell 2000 Blend (0.1) 15.8 19.5 (3.7) 6.0 37.9 17.1 (3.4) 26.8 30.8 (35.3)

0.7 (4.1) (0.7) 1.7 1.4 1.8 (2.7) 5.0 1.6 (4.9) 2.1

AJO Small Cap – Absolute Value (0.9) 9.1 20.5 (5.2) 7.5 39.5 16.5 2.3 27.8 18.4 (30.8)Russell 2500 Value (2.7) 10.4 25.2 (5.5) 7.1 33.3 19.2 (3.4) 24.8 27.7 (32.0)

1.8 (1.3) (4.7) 0.3 0.4 6.2 (2.7) 5.7 3.0 (9.3) 1.2

AJO Top Cap – Absolute Value 130/30 (2.8) 19.1 16.4 (1.6) 16.6 35.9 19.8 3.7 7.9 6.3 (27.0)Russell Top 200 Value (3.0) 13.8 16.2 (3.4) 12.9 32.2 17.0 1.1 11.7 14.6 (36.1)

0.2 5.3 0.2 1.8 3.7 3.7 2.8 2.6 (3.8) (8.3) 9.1

AJO Large Cap – Absolute Value 130/30 (4.0) 16.9 15.2 0.5 11.6 40.2 17.9 3.0 16.2 14.1 (29.2)Russell 1000 Value (2.8) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 19.7 (36.9)

(1.2) 3.2 (2.1) 4.3 (1.9) 7.7 0.4 2.6 0.7 (5.6) 7.7

AJO Large Cap – Dynamic 115/15 (1.7) 21.4 12.7 (0.4) 16.0 37.3 --- --- --- --- --- Russell 1000 Dynamic 0.2 22.7 13.7 (0.7) 12.6 35.3

(1.9) (1.3) (1.0) 0.3 3.4 2.0

AJO Managed Volatility (1.0) 20.3 12.7 (0.9) 17.5 35.5 11.1 8.6 18.5 21.3 (26.5)Russell 1000 (0.7) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 28.4 (37.6)

(0.3) (1.4) 0.6 (1.8) 4.3 2.4 (5.3) 7.1 2.4 (7.1) 11.1 MSCI USA Minimum Volatility (1.1) 19.2 10.7 5.6 16.5 25.3 11.2 12.9 14.7 18.4 (25.6)

0.1 1.1 2.0 (6.5) 1.0 10.2 (0.1) (4.3) 3.8 2.9 (0.9)

A N N U A L G R O S S . . .March 31, 2018

30

Net Results & Added Value (%) Qtr 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

AJO Top Cap (0.8) 24.0 10.0 (0.7) 18.9 33.6 18.0 3.6 9.8 20.9 (32.4)Russell Top 200 (0.8) 23.0 11.3 2.4 13.2 32.4 16.0 2.8 12.5 24.2 (36.1)

0.0 1.0 (1.3) (3.1) 5.7 1.2 2.0 0.8 (2.7) (3.3) 3.7

AJO Large Cap (0.9) 23.7 8.3 0.0 15.7 38.1 18.1 4.2 12.0 22.6 (34.5)S&P 500 (0.8) 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 26.4 (37.0)

(0.1) 1.9 (3.7) (1.4) 2.0 5.7 2.1 2.1 (3.1) (3.8) 2.5

AJO Large Cap – Absolute Value 500 (2.8) 20.0 12.1 (2.5) 14.1 36.3 19.7 1.9 13.4 20.1 (36.9)S&P 500 Value (3.6) 15.4 17.4 (3.1) 12.3 32.0 17.7 (0.5) 15.1 21.2 (39.2)

0.8 4.6 (5.3) 0.6 1.8 4.3 2.0 2.4 (1.7) (1.1) 2.3

AJO Large Cap 1000 (1.8) 22.8 7.8 0.9 13.1 38.8 17.3 3.5 15.4 26.6 (35.8)Russell 1000 (0.7) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 28.4 (37.6)

(1.1) 1.1 (4.3) 0.0 (0.1) 5.7 0.9 2.0 (0.7) (1.8) 1.8

AJO Large Cap – Absolute Value (2.7) 16.2 9.8 (0.2) 10.1 38.4 17.5 2.6 15.6 16.4 (33.2)Russell 1000 Value (2.8) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 19.7 (36.9)

0.1 2.5 (7.5) 3.6 (3.4) 5.9 0.0 2.2 0.1 (3.3) 3.7

AJO Mid Cap (1.7) 19.0 12.4 (3.4) 12.9 41.9 16.9 1.8 22.8 32.5 (38.0)Russell Midcap (0.5) 18.5 13.8 (2.5) 13.2 34.8 17.3 (1.6) 25.5 40.5 (41.5)

(1.2) 0.5 (1.4) (0.9) (0.3) 7.1 (0.4) 3.4 (2.7) (8.0) 3.5

AJO Small Cap 0.5 11.0 18.0 (2.6) 6.7 38.8 13.6 0.9 27.5 25.2 (33.4)Russell 2000 Blend (0.1) 15.8 19.5 (3.7) 6.0 37.9 17.1 (3.4) 26.8 30.8 (35.3)

0.6 (4.8) (1.5) 1.1 0.7 0.9 (3.5) 4.3 0.7 (5.6) 1.9

AJO Small Cap – Absolute Value (1.0) 8.7 20.0 (5.6) 7.0 38.8 16.0 1.8 27.2 17.7 (31.2)Russell 2500 Value (2.7) 10.4 25.2 (5.5) 7.1 33.3 19.2 (3.4) 24.8 27.7 (32.0)

1.7 (1.7) (5.2) (0.1) (0.1) 5.5 (3.2) 5.2 2.4 (10.0) 0.8

AJO Top Cap – Absolute Value 130/30 (2.9) 18.7 16.0 (1.9) 16.2 35.6 19.7 3.5 7.8 5.7 (27.3)Russell Top 200 Value (3.0) 13.8 16.2 (3.4) 12.9 32.2 17.0 1.1 11.7 14.6 (36.1)

0.1 4.9 (0.2) 1.5 3.3 3.4 2.7 2.4 (3.9) (8.9) 8.8

AJO Large Cap – Absolute Value 130/30 (3.9) 16.7 15.2 0.0 11.4 39.6 17.3 2.9 15.8 13.6 (29.7)Russell 1000 Value (2.8) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 19.7 (36.9)

(1.1) 3.0 (2.1) 3.8 (2.1) 7.1 (0.2) 2.5 0.3 (6.1) 7.2

AJO Large Cap – Dynamic 115/15 (1.8) 21.1 12.4 (0.6) 15.7 37.1 --- --- --- --- --- Russell 1000 Dynamic 0.2 22.7 13.7 (0.7) 12.6 35.3

(2.0) (1.6) (1.3) 0.1 3.1 1.8

AJO Managed Volatility (1.0) 20.1 12.5 (1.1) 17.2 35.1 10.9 8.4 18.1 21.0 (26.7)Russell 1000 (0.7) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 28.4 (37.6)

(0.3) (1.6) 0.4 (2.0) 4.0 2.0 (5.5) 6.9 2.0 (7.4) 10.9 MSCI USA Minimum Volatility (1.1) 19.2 10.7 5.6 16.5 25.3 11.2 12.9 14.7 18.4 (25.6)

0.1 0.9 1.8 (6.7) 0.7 9.8 (0.3) (4.5) 3.4 2.6 (1.1)

March 31, 2018

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Gross Results & Added Value (%) 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998

AJO Top Cap 4.6 18.8 4.4 9.1 26.3 (21.4) --- --- --- --- Russell Top 200 5.9 15.5 3.8 8.3 26.7 (23.4)

(1.3) 3.3 0.6 0.8 (0.4) 2.0

AJO Large Cap 5.2 17.0 7.7 13.2 29.5 (17.8) 2.4 (5.0) 23.4 29.3S&P 500 5.5 15.8 4.9 10.9 28.7 (22.1) (11.9) (9.1) 21.0 28.6

(0.3) 1.2 2.8 2.3 0.8 4.3 14.3 4.1 2.4 0.7

AJO Large Cap – Absolute Value 500 1.3 20.0 11.4 18.4 31.6 (15.2) (0.4) 12.1 --- --- S&P 500 Value 2.0 20.8 5.8 15.7 31.8 (20.8) (11.7) 6.1

(0.7) (0.8) 5.6 2.7 (0.2) 5.6 11.3 6.0

AJO Large Cap 1000 3.8 16.4 9.9 15.8 36.4 --- --- --- --- --- Russell 1000 5.8 15.5 6.3 11.4 29.9

(2.0) 0.9 3.6 4.4 6.5

AJO Large Cap – Absolute Value (0.7) 20.2 10.6 19.1 34.1 (13.0) 2.0 19.9 7.1 20.0Russell 1000 Value (0.2) 22.2 7.0 16.5 30.0 (15.5) (5.6) 7.0 7.4 15.6

(0.5) (2.0) 3.6 2.6 4.1 2.5 7.6 12.9 (0.3) 4.4

AJO Mid Cap 5.6 12.9 13.1 21.2 42.8 (12.7) 2.2 18.8 1.4 8.7Russell Midcap 5.6 15.3 12.6 20.2 40.1 (16.2) (5.6) 8.3 18.2 10.1

0.0 (2.4) 0.5 1.0 2.7 3.5 7.8 10.5 (16.8) (1.4)

(3.4) 18.0 10.8 23.1 50.4 (11.5) 11.1 18.8 3.3 (2.5)AJO Small CapRussell 2000 Blend (0.1) 17.3 6.3 18.3 46.4 (19.1) 1.9 0.6 22.7 (1.1)

(3.3) 0.7 4.5 4.8 4.0 7.6 9.2 18.2 (19.4) (1.4)

AJO Small Cap – Absolute Value (8.4) 19.3 11.4 25.8 47.5 (5.4) 13.8 25.1 (4.4) --- Russell 2500 Value (7.3) 20.2 7.7 21.6 44.9 (9.9) 9.7 20.8 1.5

(1.1) (0.9) 3.7 4.2 2.6 4.5 4.1 4.3 (5.9)

AJO Top Cap – Absolute Value 130/30 --- --- --- --- --- --- --- --- --- --- Russell Top 200 Value

AJO Large Cap – Absolute Value 130/30 (3.2) 20.5 --- --- --- --- --- --- --- --- Russell 1000 Value (0.2) 22.2

(3.0) (1.7)

AJO Large Cap – Dynamic 115/15 --- --- --- --- --- --- --- --- --- ---

AJO Managed Volatility 8.3 14.6 8.7 --- --- --- --- --- --- --- Russell 1000 5.8 15.5 6.3

2.5 (0.9) 2.4 MSCI USA Minimum Volatility 4.3 15.0 6.6

4.0 (0.4) 2.1

A N N U A L G R O S S . . .March 31, 2018

32

Net Results & Added Value (%) 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998

AJO Top Cap 4.5 18.6 4.2 8.8 26.0 (21.6) --- --- --- --- Russell Top 200 5.9 15.5 3.8 8.3 26.7 (23.4)

(1.4) 3.1 0.4 0.5 (0.7) 1.8

AJO Large Cap 5.0 16.6 7.2 13.0 29.1 (18.4) 2.2 (5.2) 22.4 28.8S&P 500 5.5 15.8 4.9 10.9 28.7 (22.1) (11.9) (9.1) 21.0 28.6

(0.5) 0.8 2.3 2.1 0.4 3.7 14.1 3.9 1.4 0.2

AJO Large Cap – Absolute Value 500 1.0 19.6 11.0 17.9 31.1 (15.7) (1.1) 11.3 --- --- S&P 500 Value 2.0 20.8 5.8 15.7 31.8 (20.8) (11.7) 6.1

(1.0) (1.2) 5.2 2.2 (0.7) 5.1 10.6 5.2

AJO Large Cap 1000 3.5 16.1 9.5 15.5 35.9 --- --- --- --- --- Russell 1000 5.8 15.5 6.3 11.4 29.9

(2.3) 0.6 3.2 4.1 6.0

AJO Large Cap – Absolute Value (1.0) 19.9 10.3 18.8 33.7 (13.3) 1.5 19.4 6.5 19.5Russell 1000 Value (0.2) 22.2 7.0 16.5 30.0 (15.5) (5.6) 7.0 7.4 15.6

(0.8) (2.3) 3.3 2.3 3.7 2.2 7.1 12.4 (0.9) 3.9

AJO Mid Cap 5.3 12.6 12.6 20.6 41.8 (13.3) 1.7 18.2 0.9 8.3Russell Midcap 5.6 15.3 12.6 20.2 40.1 (16.2) (5.6) 8.3 18.2 10.1

(0.3) (2.7) 0.0 0.4 1.7 2.9 7.3 9.9 (17.3) (1.8)

(3.8) 17.1 9.7 21.8 48.7 (12.5) 9.8 18.4 2.6 (3.2)AJO Small CapRussell 2000 Blend (0.1) 17.3 6.3 18.3 46.4 (19.1) 1.9 0.6 22.7 (1.1)

(3.7) (0.2) 3.4 3.5 2.3 6.6 7.9 17.8 (20.1) (2.1)

AJO Small Cap – Absolute Value (8.9) 18.5 10.5 24.7 46.1 (6.3) 13.0 24.3 (5.1) --- Russell 2500 Value (7.3) 20.2 7.7 21.6 44.9 (9.9) 9.7 20.8 1.5

(1.6) (1.7) 2.8 3.1 1.2 3.6 3.3 3.5 (6.6)

AJO Top Cap – Absolute Value 130/30 --- --- --- --- --- --- --- --- --- --- Russell Top 200 Value

AJO Large Cap – Absolute Value 130/30 (3.4) 20.4 --- --- --- --- --- --- --- --- Russell 1000 Value (0.2) 22.2

(3.2) (1.8)

AJO Large Cap – Dynamic 115/15 --- --- --- --- --- --- --- --- --- ---

AJO Managed Volatility 7.9 13.9 8.1 --- --- --- --- --- --- --- Russell 1000 5.8 15.5 6.3

2.1 (1.6) 1.8 MSCI USA Minimum Volatility 4.3 15.0 6.6

3.6 (1.1) 1.5

March 31, 2018

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Gross Results & Added Value (%) Qtr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Top Cap (0.8) 16.9 17.3 10.2 12.0 14.3 14.4 14.0 13.8 16.6 10.2 7.7 / 16.6Russell Top 200 (0.8) 14.7 16.1 11.4 11.6 13.6 13.5 13.0 13.1 16.3 9.4 6.9

0.0 2.2 1.2 (1.2) 0.4 0.7 0.9 1.0 0.7 0.3 0.8 0.8

AJO Large Cap (0.9) 16.9 16.1 9.0 11.1 13.9 14.3 13.8 14.0 17.0 10.4 11.5 / 25.9S&P 500 (0.8) 14.0 15.6 10.8 11.3 13.3 13.4 12.7 13.1 16.6 9.5 9.6

(0.1) 2.9 0.5 (1.8) (0.2) 0.6 0.9 1.1 0.9 0.4 0.9 1.9

AJO Large Cap – Absolute Value 500 (2.7) 13.4 15.8 8.1 9.5 12.2 13.3 12.5 12.9 16.6 9.2 8.3 / 18.3S&P 500 Value (3.6) 7.7 13.0 8.4 8.6 10.9 11.8 10.8 11.3 15.5 7.4 5.7

0.9 5.7 2.8 (0.3) 0.9 1.3 1.5 1.7 1.6 1.1 1.8 2.6

AJO Large Cap 1000 (1.8) 14.9 15.1 8.5 10.0 13.2 13.5 13.0 13.8 17.1 10.5 11.0 / 15.4Russell 1000 (0.7) 14.0 15.7 10.4 11.0 13.2 13.4 12.6 13.1 16.8 9.6 9.8

(1.1) 0.9 (0.6) (1.9) (1.0) 0.0 0.1 0.4 0.7 0.3 0.9 1.2

AJO Large Cap – Absolute Value (2.7) 10.9 13.3 6.6 7.6 11.1 12.1 11.4 12.3 15.5 8.8 11.2 / 22.3Russell 1000 Value (2.8) 6.9 12.9 7.9 8.2 10.8 12.1 11.0 11.5 15.5 7.8 8.9

0.1 4.0 0.4 (1.3) (0.6) 0.3 0.0 0.4 0.8 0.0 1.0 2.3

AJO Mid Cap (1.6) 12.6 14.0 7.1 8.8 12.5 13.4 12.2 13.7 18.1 10.7 11.9 / 22.8Russell Midcap (0.5) 12.2 14.6 8.0 9.4 12.1 12.9 11.5 13.0 18.1 10.2 10.9

(1.1) 0.4 (0.6) (0.9) (0.6) 0.4 0.5 0.7 0.7 0.0 0.5 1.0

AJO Small Cap 0.6 11.0 15.7 7.8 8.1 11.6 12.1 10.9 13.4 17.4 10.3 12.1 / 26.5Russell 2000 Blend (0.1) 12.2 17.9 8.3 8.5 11.5 12.4 10.6 12.5 17.3 10.1 10.5

0.7 (1.2) (2.2) (0.5) (0.4) 0.1 (0.3) 0.3 0.9 0.1 0.2 1.6

AJO Small Cap – Absolute Value (0.9) 7.6 13.9 6.3 6.4 10.2 11.4 10.3 12.8 16.7 9.5 10.4 / 19.3Russell 2500 Value (2.7) 5.7 14.1 7.3 7.1 9.9 11.7 9.9 11.5 16.6 9.3 9.6

1.8 1.9 (0.2) (1.0) (0.7) 0.3 (0.3) 0.4 1.3 0.1 0.2 0.8

AJO Top Cap – Absolute Value 130/30 (2.8) 14.0 16.3 9.9 10.7 13.5 14.4 13.5 13.3 15.6 9.4 7.3 / 11.0Russell Top 200 Value (3.0) 7.1 12.9 8.2 8.2 10.7 11.8 10.9 11.0 14.5 7.0 5.5

0.2 6.9 3.4 1.7 2.5 2.8 2.6 2.6 2.3 1.1 2.4 1.8

AJO Large Cap – Absolute Value 130/30 (4.0) 11.0 13.6 8.1 9.2 12.2 13.7 12.5 13.4 16.3 10.0 8.7 / 12.9Russell 1000 Value (2.8) 6.9 12.9 7.9 8.2 10.8 12.1 11.0 11.5 15.5 7.8 7.6

(1.2) 4.1 0.7 0.2 1.0 1.4 1.6 1.5 1.9 0.8 2.2 1.1

AJO Large Cap – Dynamic 115/15 (1.7) 14.2 17.0 8.7 10.9 14.0 --- --- --- --- --- 15.5 / 5.6Russell 1000 Dynamic 0.2 15.5 19.1 10.6 11.2 14.0 15.3

(1.9) (1.3) (2.1) (1.9) (0.3) 0.0 0.2

AJO Managed Volatility (1.0) 12.1 13.2 8.6 10.2 13.1 14.1 13.1 14.0 17.0 11.3 10.7 / 13.4Russell 1000 (0.7) 14.0 15.7 10.4 11.0 13.2 13.4 12.6 13.1 16.8 9.6 9.0

(0.3) (1.9) (2.5) (1.8) (0.8) (0.1) 0.7 0.5 0.9 0.2 1.7 1.7 MSCI USA Minimum Volatility (1.1) 11.2 11.1 10.4 12.0 12.2 13.2 13.4 13.8 16.3 10.7 9.8

0.1 0.9 2.1 (1.8) (1.8) 0.9 0.9 (0.3) 0.2 0.7 0.6 0.9

Periods less than one year are not annualized.

March 31, 2018

A N N U A L I Z E D G R O S S . . .

34

Net Results & Added Value (%) Qtr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Top Cap (0.8) 16.5 16.9 10.0 11.7 14.0 14.2 13.7 13.6 16.4 10.0 7.5 / 16.6Russell Top 200 (0.8) 14.7 16.1 11.4 11.6 13.6 13.5 13.0 13.1 16.3 9.4 6.9

0.0 1.8 0.8 (1.4) 0.1 0.4 0.7 0.7 0.5 0.1 0.6 0.6

AJO Large Cap (0.9) 16.7 15.9 8.8 10.8 13.6 14.0 13.5 13.7 16.7 10.2 11.2 / 25.9S&P 500 (0.8) 14.0 15.6 10.8 11.3 13.3 13.4 12.7 13.1 16.6 9.5 9.6

(0.1) 2.7 0.3 (2.0) (0.5) 0.3 0.6 0.8 0.6 0.1 0.7 1.6

AJO Large Cap – Absolute Value 500 (2.8) 13.2 15.6 7.9 9.2 11.9 13.0 12.2 12.6 16.2 8.8 7.9 / 18.3S&P 500 Value (3.6) 7.7 13.0 8.4 8.6 10.9 11.8 10.8 11.3 15.5 7.4 5.7

0.8 5.5 2.6 (0.5) 0.6 1.0 1.2 1.4 1.3 0.7 1.4 2.2

AJO Large Cap 1000 (1.8) 14.6 14.8 8.2 9.8 12.8 13.2 12.7 13.5 16.8 10.2 10.7 / 15.4Russell 1000 (0.7) 14.0 15.7 10.4 11.0 13.2 13.4 12.6 13.1 16.8 9.6 9.8

(1.1) 0.6 (0.9) (2.2) (1.2) (0.4) (0.2) 0.1 0.4 0.0 0.6 0.9

AJO Large Cap – Absolute Value (2.7) 10.7 13.1 6.4 7.4 10.8 11.9 11.2 12.0 15.2 8.6 10.9 / 22.3Russell 1000 Value (2.8) 6.9 12.9 7.9 8.2 10.8 12.1 11.0 11.5 15.5 7.8 8.9

0.1 3.8 0.2 (1.5) (0.8) 0.0 (0.2) 0.2 0.5 (0.3) 0.8 2.0

AJO Mid Cap (1.7) 12.4 13.8 6.9 8.6 12.3 13.2 12.0 13.5 17.9 10.4 11.5 / 22.8Russell Midcap (0.5) 12.2 14.6 8.0 9.4 12.1 12.9 11.5 13.0 18.1 10.2 10.9

(1.2) 0.2 (0.8) (1.1) (0.8) 0.2 0.3 0.5 0.5 (0.2) 0.2 0.6

AJO Small Cap 0.5 10.5 15.1 7.2 7.4 10.9 11.5 10.2 12.7 16.6 9.7 11.2 / 26.5Russell 2000 Blend (0.1) 12.2 17.9 8.3 8.5 11.5 12.4 10.6 12.5 17.3 10.1 10.5

0.6 (1.7) (2.8) (1.1) (1.1) (0.6) (0.9) (0.4) 0.2 (0.7) (0.4) 0.7

AJO Small Cap – Absolute Value (1.0) 7.2 13.5 5.9 5.9 9.7 11.0 9.8 12.3 16.2 9.0 9.7 / 19.3Russell 2500 Value (2.7) 5.7 14.1 7.3 7.1 9.9 11.7 9.9 11.5 16.6 9.3 9.6

1.7 1.5 (0.6) (1.4) (1.2) (0.2) (0.7) (0.1) 0.8 (0.4) (0.3) 0.1

AJO Top Cap – Absolute Value 130/30 (2.9) 13.5 15.9 9.6 10.4 13.1 14.1 13.2 13.1 15.3 9.1 7.0 / 11.0Russell Top 200 Value (3.0) 7.1 12.9 8.2 8.2 10.7 11.8 10.9 11.0 14.5 7.0 5.5

0.1 6.4 3.0 1.4 2.2 2.4 2.3 2.3 2.1 0.8 2.1 1.5

AJO Large Cap – Absolute Value 130/30 (3.9) 10.7 13.5 7.9 9.0 11.9 13.3 12.2 13.1 15.9 9.6 8.4 / 12.9Russell 1000 Value (2.8) 6.9 12.9 7.9 8.2 10.8 12.1 11.0 11.5 15.5 7.8 7.6

(1.1) 3.8 0.6 0.0 0.8 1.1 1.2 1.2 1.6 0.4 1.8 0.8

AJO Large Cap – Dynamic 115/15 (1.8) 14.0 16.8 8.5 10.7 13.8 --- --- --- --- --- 15.2 / 5.6Russell 1000 Dynamic 0.2 15.5 19.1 10.6 11.2 14.0 15.3

(2.0) (1.5) (2.3) (2.1) (0.5) (0.2) (0.1)

AJO Managed Volatility (1.0) 11.9 13.1 8.4 10.0 12.9 13.9 12.9 13.7 16.7 11.1 10.4 / 13.4Russell 1000 (0.7) 14.0 15.7 10.4 11.0 13.2 13.4 12.6 13.1 16.8 9.6 9.0

(0.3) (2.1) (2.6) (2.0) (1.0) (0.3) 0.5 0.3 0.6 (0.1) 1.5 1.4 MSCI USA Minimum Volatility (1.1) 11.2 11.1 10.4 12.0 12.2 13.2 13.4 13.8 16.3 10.7 9.8

0.1 0.7 2.0 (2.0) (2.0) 0.7 0.7 (0.5) (0.1) 0.4 0.4 0.6

Periods less than one year are not annualized.March 31, 2018

. . . A N D N E T C O M P O S I T E R E S U L T S

35

Gross Results & Added Value (%) 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20 Yr ITD / Yrs

AJO Top Cap 8.7 9.1 9.2 9.1 10.4 7.9 --- --- --- --- 7.7 / 16.6Russell Top 200 8.1 8.4 8.5 8.2 9.7 7.0 6.9

0.6 0.7 0.7 0.9 0.7 0.9 0.8

AJO Large Cap 8.6 9.0 9.3 9.4 11.0 8.6 8.4 7.8 8.1 8.5 11.5 / 25.9S&P 500 8.1 8.4 8.6 8.5 10.1 7.5 7.1 5.2 5.9 6.5 9.6

0.5 0.6 0.7 0.9 0.9 1.1 1.3 2.6 2.2 2.0 1.9

AJO Large Cap – Absolute Value 500 7.1 7.8 8.5 8.8 10.9 8.4 8.4 8.5 --- --- 8.3 / 18.3S&P 500 Value 5.9 6.7 7.3 7.4 9.5 6.9 6.2 5.8 5.7

1.2 1.1 1.2 1.4 1.4 1.5 2.2 2.7 2.6

AJO Large Cap 1000 8.5 8.8 9.3 9.4 11.6 --- --- --- --- --- 11.0 / 15.4Russell 1000 8.1 8.4 8.8 8.7 10.3 9.8

0.4 0.4 0.5 0.7 1.3 1.2

AJO Large Cap – Absolute Value 6.7 7.4 8.0 8.4 10.6 8.3 8.5 8.9 8.9 8.6 11.2 / 22.3Russell 1000 Value 6.0 6.9 7.4 7.8 9.7 7.3 7.1 6.7 6.7 6.6 8.9

0.7 0.5 0.6 0.6 0.9 1.0 1.4 2.2 2.2 2.0 2.3

AJO Mid Cap 8.7 9.0 9.6 10.1 12.5 10.2 10.6 10.5 10.5 9.4 11.9 / 22.8Russell Midcap 8.3 8.6 9.5 9.9 12.2 9.7 9.7 8.4 9.5 8.9 10.9

0.4 0.4 0.1 0.2 0.3 0.5 0.9 2.1 1.0 0.5 1.0

AJO Small Cap 7.9 8.0 9.2 9.4 12.5 10.1 10.9 11.2 11.6 9.4 12.1 / 26.5Russell 2000 Blend 7.8 7.8 9.0 8.9 11.8 9.0 9.3 7.8 9.3 8.0 10.5

0.1 0.2 0.2 0.5 0.7 1.1 1.6 3.4 2.3 1.4 1.6

AJO Small Cap – Absolute Value 6.8 7.1 8.3 8.8 11.7 9.7 10.7 11.5 11.4 --- 10.4 / 19.3Russell 2500 Value 6.7 7.1 8.2 8.5 11.4 9.0 9.7 9.9 10.2 9.6

0.1 0.0 0.1 0.3 0.3 0.7 1.0 1.6 1.2 0.8

AJO Top Cap – Absolute Value 130/30 7.3 --- --- --- --- --- --- --- --- --- 7.3 / 11.0Russell Top 200 Value 5.5 5.5

1.8 1.8

AJO Large Cap – Absolute Value 130/30 7.4 8.1 --- --- --- --- --- --- --- --- 8.7 / 12.9Russell 1000 Value 6.0 6.9 7.6

1.4 1.2 1.1

AJO Large Cap – Dynamic 115/15 --- --- --- --- --- --- --- --- --- --- 15.5 / 5.6Russell 1000 Dynamic 15.3

0.2

AJO Managed Volatility 9.7 10.1 10.5 --- --- --- --- --- --- --- 10.7 / 13.4Russell 1000 8.1 8.4 8.8 9.0

1.6 1.7 1.7 1.7 MSCI USA Minimum Volatility 9.2 9.5 9.6 9.8

0.5 0.6 0.9 0.9

Periods less than one year are not annualized.

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Net Results & Added Value (%) 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20 Yr ITD / Yrs

AJO Top Cap 8.5 8.8 9.0 8.8 10.2 7.7 --- --- --- --- 7.5 / 16.6Russell Top 200 8.1 8.4 8.5 8.2 9.7 7.0 6.9

0.4 0.4 0.5 0.6 0.5 0.7 0.6

AJO Large Cap 8.4 8.7 9.0 9.2 10.8 8.3 8.1 7.5 7.8 8.2 11.2 / 25.9S&P 500 8.1 8.4 8.6 8.5 10.1 7.5 7.1 5.2 5.9 6.5 9.6

0.3 0.3 0.4 0.7 0.7 0.8 1.0 2.3 1.9 1.7 1.6

AJO Large Cap – Absolute Value 500 6.8 7.4 8.2 8.5 10.5 8.0 8.0 8.0 --- --- 7.9 / 18.3S&P 500 Value 5.9 6.7 7.3 7.4 9.5 6.9 6.2 5.8 5.7

0.9 0.7 0.9 1.1 1.0 1.1 1.8 2.2 2.2

AJO Large Cap 1000 8.2 8.5 9.0 9.1 11.2 --- --- --- --- --- 10.7 / 15.4Russell 1000 8.1 8.4 8.8 8.7 10.3 9.8

0.1 0.1 0.2 0.4 0.9 0.9

AJO Large Cap – Absolute Value 6.5 7.1 7.8 8.2 10.4 8.1 8.2 8.6 8.6 8.3 10.9 / 22.3Russell 1000 Value 6.0 6.9 7.4 7.8 9.7 7.3 7.1 6.7 6.7 6.6 8.9

0.5 0.2 0.4 0.4 0.7 0.8 1.1 1.9 1.9 1.7 2.0

AJO Mid Cap 8.5 8.7 9.4 9.8 12.2 9.8 10.2 10.1 10.2 9.0 11.5 / 22.8Russell Midcap 8.3 8.6 9.5 9.9 12.2 9.7 9.7 8.4 9.5 8.9 10.9

0.2 0.1 (0.1) (0.1) 0.0 0.1 0.5 1.7 0.7 0.1 0.6

AJO Small Cap 7.3 7.3 8.6 8.7 11.7 9.3 10.1 10.4 10.8 8.6 11.2 / 26.5Russell 2000 Blend 7.8 7.8 9.0 8.9 11.8 9.0 9.3 7.8 9.3 8.0 10.5

(0.5) (0.5) (0.4) (0.2) (0.1) 0.3 0.8 2.6 1.5 0.6 0.7

AJO Small Cap – Absolute Value 6.3 6.6 7.8 8.2 11.1 9.1 10.0 10.8 10.7 --- 9.7 / 19.3Russell 2500 Value 6.7 7.1 8.2 8.5 11.4 9.0 9.7 9.9 10.2 9.6

(0.4) (0.5) (0.4) (0.3) (0.3) 0.1 0.3 0.9 0.5 0.1

AJO Top Cap – Absolute Value 130/30 7.0 --- --- --- --- --- --- --- --- --- 7.0 / 11.0Russell Top 200 Value 5.5 5.5

1.5 1.5

AJO Large Cap – Absolute Value 130/30 7.1 7.8 --- --- --- --- --- --- --- --- 8.4 / 12.9Russell 1000 Value 6.0 6.9 7.6

1.1 0.9 0.8

AJO Large Cap – Dynamic 115/15 --- --- --- --- --- --- --- --- --- --- 15.2 / 5.6Russell 1000 Dynamic 15.3

(0.1)

AJO Managed Volatility 9.4 9.8 10.2 --- --- --- --- --- --- --- 10.4 / 13.4Russell 1000 8.1 8.4 8.8 9.0

1.3 1.4 1.4 1.4 MSCI USA Minimum Volatility 9.2 9.5 9.6 9.8

0.2 0.3 0.6 0.6

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Supplemental Indices (%) Qtr 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008Russell Top 200 (0.8) 23.0 11.3 2.4 13.2 32.4 16.0 2.8 12.5 24.2 (36.1)Russell Top 200 Value (3.0) 13.8 16.2 (3.4) 12.9 32.2 17.0 1.1 11.7 14.6 (36.1)Russell Top 200 Growth 1.2 31.9 6.9 8.2 13.6 32.7 15.1 4.6 13.2 34.0 (36.1)Russell 1000 (0.7) 21.7 12.1 0.9 13.2 33.1 16.4 1.5 16.1 28.4 (37.6)Russell 1000 Value (2.8) 13.7 17.3 (3.8) 13.5 32.5 17.5 0.4 15.5 19.7 (36.9)Russell 1000 Growth 1.4 30.2 7.1 5.7 13.1 33.5 15.3 2.6 16.7 37.2 (38.4)Russell 3000 (0.7) 21.1 12.8 0.5 12.6 33.6 16.4 1.0 16.9 28.3 (37.3)Russell 3000 Value (2.8) 13.2 18.4 (4.1) 12.7 32.7 17.6 (0.1) 16.2 19.7 (36.2)Russell 3000 Growth 1.5 29.6 7.4 5.1 12.4 34.2 15.2 2.2 17.7 37.0 (38.4)S&P 500 (0.8) 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 26.4 (37.0)S&P 500 Value (3.6) 15.4 17.4 (3.1) 12.3 32.0 17.7 (0.5) 15.1 21.2 (39.2)S&P 500 Growth 1.9 27.4 6.9 5.5 14.9 32.8 14.6 4.6 15.0 31.6 (34.9)MSCI USA Minimum Volatility (1.1) 19.2 10.7 5.6 16.5 25.3 11.2 12.9 14.7 18.4 (25.6)Wilshire 5000 (0.8) 21.0 13.4 0.7 12.7 33.1 16.1 1.0 17.2 28.3 (37.2)Russell Midcap (0.5) 18.5 13.8 (2.5) 13.2 34.8 17.3 (1.6) 25.5 40.5 (41.5)Russell Midcap Value (2.5) 13.3 20.0 (4.8) 14.8 33.5 18.5 (1.4) 24.8 34.2 (38.4)Russell Midcap Growth 2.2 25.3 7.3 (0.2) 11.9 35.8 15.8 (1.7) 26.4 46.3 (44.3)Russell 2000 (0.1) 14.7 21.3 (4.4) 4.9 38.8 16.3 (4.2) 26.8 27.2 (33.8)Russell 2000 Value (2.6) 7.8 31.7 (7.5) 4.2 34.5 18.1 (5.5) 24.5 20.6 (28.9)Russell 2000 Growth 2.3 22.2 11.3 (1.4) 5.6 43.3 14.6 (2.9) 29.1 34.5 (38.5)Russell 2500 (0.2) 16.8 17.6 (2.9) 7.1 36.8 17.9 (2.5) 26.7 34.4 (36.8)Russell 2500 Value (2.7) 10.4 25.2 (5.5) 7.1 33.3 19.2 (3.4) 24.8 27.7 (32.0)Russell 2500 Growth 2.4 24.5 9.7 (0.2) 7.0 40.6 16.1 (1.6) 28.9 41.6 (41.5)Citigroup 3-Month T-Bill 0.4 0.8 0.3 0.0 0.0 0.0 0.1 0.1 0.1 0.2 1.8

Annualized Supplemental Indices (%) Qtr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 YrRussell Top 200 (0.8) 14.7 16.1 11.4 11.6 13.6 13.5 13.0 13.1 16.3 9.4Russell Top 200 Value (3.0) 7.1 12.9 8.2 8.2 10.7 11.8 10.9 11.0 14.5 7.0Russell Top 200 Growth 1.2 21.8 19.0 14.4 14.9 16.4 15.2 15.0 15.0 18.0 11.7Russell 1000 (0.7) 14.0 15.7 10.4 11.0 13.2 13.4 12.6 13.1 16.8 9.6Russell 1000 Value (2.8) 6.9 12.9 7.9 8.2 10.8 12.1 11.0 11.5 15.5 7.8Russell 1000 Growth 1.4 21.3 18.5 12.9 13.7 15.5 14.6 14.1 14.6 18.0 11.3Russell 3000 (0.7) 13.8 15.9 10.2 10.8 13.0 13.3 12.4 13.0 16.8 9.6Russell 3000 Value (2.8) 6.8 13.2 7.9 8.1 10.7 12.0 10.9 11.4 15.6 7.8Russell 3000 Growth 1.5 21.1 18.6 12.6 13.4 15.3 14.5 13.8 14.5 18.0 11.3S&P 500 (0.8) 14.0 15.6 10.8 11.3 13.3 13.4 12.7 13.1 16.6 9.5S&P 500 Value (3.6) 7.7 13.0 8.4 8.6 10.9 11.8 10.8 11.3 15.5 7.4S&P 500 Growth 1.9 19.7 17.5 12.7 13.5 15.4 14.7 14.3 14.6 17.6 11.3MSCI USA Minimum Volatility (1.1) 11.2 11.1 10.4 12.0 12.2 13.2 13.4 13.8 16.3 10.7Wilshire 5000 (0.8) 13.7 16.0 10.5 10.9 13.1 13.3 12.4 13.0 16.8 9.6Russell Midcap (0.5) 12.2 14.6 8.0 9.4 12.1 12.9 11.5 13.0 18.1 10.2Russell Midcap Value (2.5) 6.5 13.0 7.2 8.3 11.1 12.8 11.2 12.5 18.0 9.8Russell Midcap Growth 2.2 19.8 16.9 9.2 10.7 13.3 13.2 11.9 13.6 18.3 10.6Russell 2000 (0.1) 11.8 18.8 8.4 8.3 11.5 12.3 10.4 12.2 16.9 9.8Russell 2000 Value (2.6) 5.1 16.6 7.9 7.0 10.0 11.3 9.4 10.7 15.8 8.6Russell 2000 Growth 2.3 18.6 20.8 8.8 9.6 12.9 13.2 11.3 13.6 18.0 10.9Russell 2500 (0.2) 12.3 16.8 8.2 8.6 11.6 12.6 10.9 12.7 17.6 10.3Russell 2500 Value (2.7) 5.7 14.1 7.3 7.1 9.9 11.7 9.9 11.5 16.6 9.3Russell 2500 Growth 2.4 19.9 19.9 9.1 10.3 13.4 13.4 11.8 13.9 18.6 11.2Citigroup 3-Month T-Bill 0.4 1.1 0.7 0.5 0.4 0.3 0.3 0.2 0.2 0.2 0.3

Periods less than one year are not annualized.

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G R O S S A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / ------------Annualized----------- Tracking Years / Clients /Benchmark Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Emerging Markets All Cap 1.3 22.2 9.3 8.4 --- 7.7 3.3 5.3 3+

MSCI Emerging Markets IMI 1.3 24.1 8.6 4.9 3.2 4.5 12/31/12 1,775

AJO Emerging Markets Small Cap 1.7 18.1 9.9 11.2 --- 11.6 3.7 5.3 3+

MSCI Emerging Markets Small Cap 0.2 18.6 7.2 4.6 4.3 5.2 12/31/12 480

AJO Emerging Markets Long/Short 2.9 3.5 3.4 5.6 --- 6.2 5.3* 5.3 1+

Citigroup 3-Month T-Bill 0.4 1.1 0.5 0.3 0.3 0.3 12/31/12 31

AJO International Large Cap 0.8 18.8 --- --- --- 8.8 3.4 2.8 2

MSCI World ex USA (2.0) 13.9 5.3 6.0 2.6 4.4 5/31/15 136

AJO International Small Cap (1.1) 24.4 --- --- --- 14.5 2.9 2.7 2+

MSCI World ex USA Small Cap (0.5) 21.1 11.3 9.7 5.8 11.1 7/31/15 190

AJO Global Large Cap (0.4) 20.4 --- --- --- 11.4 3.7 2.8 2

MSCI World (1.3) 13.6 8.0 9.7 5.9 8.6 6/30/15 139

AJO Global Small Cap (1.3) 9.9 --- --- --- 6.7 4.1 2.8 2

MSCI World Small Cap (0.6) 15.9 9.5 10.9 8.5 9.1 5/31/15 113

AJO Global All Cap 0.3 18.8 --- --- --- 8.1 3.6 2.7 1+

MSCI World IMI (1.2) 13.9 8.2 9.9 6.2 8.4 7/31/15 66

AJO Global Market-Neutral Flex (2.9) (4.2) --- --- --- 1.7 8.7* 2.8 1+

Citigroup 3-Month T-Bill 0.4 1.1 0.5 0.3 0.3 0.5 6/30/15 12

AJO All-World Managed Volatility 1.0 17.1 9.6 --- --- 11.3 3.3 1

MSCI ACWI (1.0) 14.8 8.1 9.2 5.6 8.2 6.3 12/31/14 127

MSCI ACWI Minimum Volatility (0.7) 10.7 7.5 8.5 7.4 8.2 2.6

N.B. — Please see accompanying Notes.*Volatility+AJO pooled vehicle available.

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N E T A C T U A L C O M P O S I T E R E S U L T S (%)

Composite / --------------Annualized-------------- Tracking Years / Clients /Benchmark Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incep Error Incep $mm

AJO Emerging Markets All Cap 1.2 21.8 8.7 7.7 --- 7.1 3.3 5.3 3+

MSCI Emerging Markets IMI 1.3 24.1 8.6 4.9 3.2 4.5 12/31/12 1,775

AJO Emerging Markets Small Cap 1.6 17.9 9.5 10.7 --- 11.1 3.7 5.3 3+

MSCI Emerging Markets Small Cap 0.2 18.6 7.2 4.6 4.3 5.2 12/31/12 480

AJO Emerging Markets Long/Short 2.7 3.1 2.7 4.4 --- 5.0 5.0* 5.3 1+

Citigroup 3-Month T-Bill 0.4 1.1 0.5 0.3 0.3 0.3 12/31/12 31

AJO International Large Cap 0.7 18.3 --- --- --- 8.5 3.3 2.8 2

MSCI World ex USA (2.0) 13.9 5.3 6.0 2.6 4.4 5/31/15 136

AJO International Small Cap (1.2) 23.9 --- --- --- 14.0 2.9 2.7 2+

MSCI World ex USA Small Cap (0.5) 21.1 11.3 9.7 5.8 11.1 7/31/15 190

AJO Global Large Cap (0.5) 20.3 --- --- --- 11.2 3.7 2.8 2

MSCI World (1.3) 13.6 8.0 9.7 5.9 8.6 6/30/15 139

AJO Global Small Cap (1.3) 9.5 --- --- --- 6.3 4.1 2.8 2

MSCI World Small Cap (0.6) 15.9 9.5 10.9 8.5 9.1 5/31/15 113

AJO Global All Cap 0.3 18.8 --- --- --- 8.1 3.6 2.7 1+

MSCI World IMI (1.2) 13.9 8.2 9.9 6.2 8.4 7/31/15 66

AJO Global Market-Neutral Flex (2.9) (2.5) --- --- --- 1.0 7.3* 2.8 1+

Citigroup 3-Month T-Bill 0.4 1.1 0.5 0.3 0.3 0.5 6/30/15 12

AJO All-World Managed Volatility 1.0 16.9 9.3 --- --- 10.9 3.3 1

MSCI ACWI (1.0) 14.8 8.1 9.2 5.6 8.2 6.3 12/31/14 127

MSCI ACWI Minimum Volatility (0.7) 10.7 7.5 8.5 7.4 8.2 2.6

N.B. — Please see accompanying Notes.*Volatility+AJO pooled vehicle available.

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FEES AND ANNUAL RETURN & RISK OBJECTIVES

Composite / Fee Gross Prospective Tracking Benchmark Schedule Added Value Error

AJO Emerging Markets All Cap 3.0% 5.0%

MSCI Emerging Markets IMI

AJO Emerging Markets Small Cap 0.70% on all assets 4.0% 6.0%

MSCI Emerging Markets Small Cap

AJO Emerging Markets Long/Short 8.0% 8.0% (vol) Citigroup 3-Month T-Bill

AJO International Large Cap

MSCI World ex USA 2.0% 4.5%

AJO International Small Cap 0.70% on all assets 4.0% 4.5%

MSCI World ex USA Small Cap

AJO Global Large Cap 2.0% 5.0%

MSCI World

AJO Global Small Cap 0.65% on all assets 3.5% 5.0%

MSCI World Small Cap

AJO Global All Cap 2.5% 5.0%

MSCI World IMI

AJO Global Market-Neutral Flex 12.0% 12.0% (vol) Citigroup 3-Month T-Bill

AJO All-World Managed Volatility 0.40% on all assets 2.5% 10.0% (vol) MSCI ACWI Minimum VolatilityMSCI ACWI

This table presents AJO’s return objectives over the benchmark and the anticipated tracking error relative to the benchmark. These objectives do NOT reflect actual account returns and are NOT guaranteed returns. Actual client returns may differ materially, and clients may lose money. The return objectives represent the returns we seek to produce before fees, and they are willingly used to establish performance-based fees.

0.40% on first $100mm; 0.35% on next $150mm0.30% thereafter

0.70% on first $25mm; 0.60% on next $25mm0.50% on next $25mm; 0.45% on next $25mm

0.40% thereafter

0.50% on first $100mm; 0.45% on next $150mm0.40% thereafter

1.2% management fee and 12% performance fee (with a high-water mark)

1.2% management fee and 12% performance fee (with a high-water mark)

0.50% on first $100mm; 0.45% on next $150mm0.40% thereafter

41

Gross Results & Added Value (%) Qtr 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

AJO Emerging Markets All Cap 1.3 35.6 13.8 (12.6) 5.9 2.0 --- --- --- --- --- MSCI Emerging Markets IMI 1.3 36.8 9.9 (13.9) (1.8) (2.2)

0.0 (1.2) 3.9 1.3 7.7 4.2

AJO Emerging Markets Small Cap 1.7 34.3 8.9 (2.7) 12.7 8.9 --- --- --- --- --- MSCI Emerging Markets Small Cap 0.2 33.8 2.3 (6.8) 1.0 1.1

1.5 0.5 6.6 4.1 11.7 7.8

AJO Emerging Markets Long/Short 2.9 1.0 7.6 (1.6) 14.5 8.9 --- --- --- --- --- Citigroup 3-Month T-Bill 0.4 0.8 0.3 0.0 0.0 0.0

2.5 0.2 7.3 (1.6) 14.5 8.9

AJO International Large Cap 0.8 28.3 2.8 --- --- --- --- --- --- --- --- MSCI World ex USA (2.0) 24.2 2.8

2.8 4.1 0.0

AJO International Small Cap (1.1) 37.9 8.3 --- --- --- --- --- --- --- --- MSCI World ex USA Small Cap (0.5) 31.0 4.3

(0.6) 6.9 4.0

AJO Global Large Cap (0.4) 28.4 5.6 --- --- --- --- --- --- --- --- MSCI World (1.3) 22.4 7.5

0.9 6.0 (1.9)

AJO Global Small Cap (1.3) 14.1 15.2 --- --- --- --- --- --- --- --- MSCI World Small Cap (0.6) 22.7 12.7

(0.7) (8.6) 2.5

AJO Global All Cap 0.3 24.8 3.4 --- --- --- --- --- --- --- --- MSCI World IMI (1.2) 22.4 8.2

1.5 2.4 (4.8)

AJO Global Market-Neutral Flex (2.9) (7.2) 9.0 --- --- --- --- --- --- --- --- Citigroup 3-Month T-Bill 0.4 0.8 0.3

(3.3) (8.0) 8.7

AJO All-World Managed Volatility 1.0 22.3 6.5 7.6 --- --- --- --- --- --- --- MSCI ACWI (1.0) 24.0 7.9 (2.4)

2.0 (1.7) (1.4) 10.0 MSCI ACWI Minimum Volatility (0.7) 17.9 7.4 2.8

1.7 4.4 (0.9) 4.8

A N N U A L G R O S S . . .March 31, 2018

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Net Results & Added Value (%) Qtr 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

AJO Emerging Markets All Cap 1.2 35.1 13.1 (13.3) 5.1 1.6 --- --- --- --- --- MSCI Emerging Markets IMI 1.3 36.8 9.9 (13.9) (1.8) (2.2)

(0.1) (1.7) 3.2 0.6 6.9 3.8

AJO Emerging Markets Small Cap 1.6 33.8 8.3 (3.1) 12.1 8.5 --- --- --- --- --- MSCI Emerging Markets Small Cap 0.2 33.8 2.3 (6.8) 1.0 1.1

1.4 0.0 6.0 3.7 11.1 7.4

AJO Emerging Markets Long/Short 2.7 0.7 6.3 (2.3) 12.0 7.3 --- --- --- --- --- Citigroup 3-Month T-Bill 0.4 0.8 0.3 0.0 0.0 0.0

2.3 (0.1) 6.0 (2.3) 12.0 7.3

AJO International Large Cap 0.7 27.8 2.7 --- --- --- --- --- --- --- --- MSCI World ex USA (2.0) 24.2 2.8

2.7 3.6 (0.1)

AJO International Small Cap (1.2) 37.3 7.7 --- --- --- --- --- --- --- --- MSCI World ex USA Small Cap (0.5) 31.0 4.3

(0.7) 6.3 3.4

AJO Global Large Cap (0.5) 28.2 5.4 --- --- --- --- --- --- --- --- MSCI World (1.3) 22.4 7.5

0.8 5.8 (2.1)

AJO Global Small Cap (1.3) 13.7 14.7 --- --- --- --- --- --- --- --- MSCI World Small Cap (0.6) 22.7 12.7

(0.7) (9.0) 2.0

AJO Global All Cap 0.3 24.8 3.4 --- --- --- --- --- --- --- --- MSCI World IMI (1.2) 22.4 8.2

1.5 2.4 (4.8)

AJO Global Market-Neutral Flex (2.9) (5.0) 6.6 --- --- --- --- --- --- --- --- Citigroup 3-Month T-Bill 0.4 0.8 0.3

(3.3) (5.8) 6.3

AJO All-World Managed Volatility 1.0 22.1 6.2 7.0 --- --- --- --- --- --- --- MSCI ACWI (1.0) 24.0 7.9 (2.4)

2.0 (1.9) (1.7) 9.4 MSCI ACWI Minimum Volatility (0.7) 17.9 7.4 2.8

1.7 4.2 (1.2) 4.2

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Gross Results & Added Value (%) Qtr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Emerging Markets All Cap 1.3 22.2 23.5 9.3 9.4 8.4 --- --- --- --- --- 7.7 / 5.3MSCI Emerging Markets IMI 1.3 24.1 20.4 8.6 6.5 4.9 4.5

0.0 (1.9) 3.1 0.7 2.9 3.5 3.2

AJO Emerging Markets Small Cap 1.7 18.1 20.0 9.9 11.4 11.2 --- --- --- --- --- 11.6 / 5.3MSCI Emerging Markets Small Cap 0.2 18.6 16.5 7.2 5.6 4.6 5.2

1.5 (0.5) 3.5 2.7 5.8 6.6 6.4

AJO Emerging Markets Long/Short 2.9 3.5 6.2 3.4 5.1 5.6 --- --- --- --- --- 6.2 / 5.3Citigroup 3-Month T-Bill 0.4 1.1 0.7 0.5 0.4 0.3 0.3

2.5 2.4 5.5 2.9 4.7 5.3 5.9

AJO International Large Cap 0.8 18.8 15.5 --- --- --- --- --- --- --- --- 8.8 / 2.8MSCI World ex USA (2.0) 13.9 12.9 4.4

2.8 4.9 2.6 4.4

AJO International Small Cap (1.1) 24.4 21.9 --- --- --- --- --- --- --- --- 14.5 / 2.7MSCI World ex USA Small Cap (0.5) 21.1 16.3 11.1

(0.6) 3.3 5.6 3.4

AJO Global Large Cap (0.4) 20.4 17.3 --- --- --- --- --- --- --- --- 11.4 / 2.8MSCI World (1.3) 13.6 14.2 8.6

0.9 6.8 3.1 2.8

AJO Global Small Cap (1.3) 9.9 14.0 --- --- --- --- --- --- --- --- 6.7 / 2.8MSCI World Small Cap (0.6) 15.9 16.9 9.1

(0.7) (6.0) (2.9) (2.4)

AJO Global All Cap 0.3 18.8 15.2 --- --- --- --- --- --- --- --- 8.1 / 2.7MSCI World IMI (1.2) 13.9 14.5 8.4

1.5 4.9 0.7 (0.3)

AJO Global Market-Neutral Flex (2.9) (4.2) (0.2) --- --- --- --- --- --- --- --- 1.7 / 2.8Citigroup 3-Month T-Bill 0.4 1.1 0.7 0.5

(3.3) (5.3) (0.9) 1.2

AJO All-World Managed Volatility 1.0 17.1 11.1 9.6 --- --- --- --- --- --- --- 11.3 / 3.3MSCI ACWI (1.0) 14.8 14.9 8.1 8.2

2.0 2.3 (3.8) 1.5 3.1 MSCI ACWI Minimum Volatility (0.7) 10.7 9.0 7.5 8.2

1.7 6.4 2.1 2.1 3.1

Periods less than one year are not annualized.

March 31, 2018

A N N U A L I Z E D G R O S S . . .

44

Net Results & Added Value (%) Qtr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr ITD / Yrs

AJO Emerging Markets All Cap 1.2 21.8 22.9 8.7 8.8 7.7 --- --- --- --- --- 7.1 / 5.3MSCI Emerging Markets IMI 1.3 24.1 20.4 8.6 6.5 4.9 4.5

(0.1) (2.3) 2.5 0.1 2.3 2.8 2.6

AJO Emerging Markets Small Cap 1.6 17.9 19.6 9.5 10.9 10.7 --- --- --- --- --- 11.1 / 5.3MSCI Emerging Markets Small Cap 0.2 18.6 16.5 7.2 5.6 4.6 5.2

1.4 (0.7) 3.1 2.3 5.3 6.1 5.9

AJO Emerging Markets Long/Short 2.7 3.1 5.4 2.7 4.0 4.4 --- --- --- --- --- 5.0 / 5.3Citigroup 3-Month T-Bill 0.4 1.1 0.7 0.5 0.4 0.3 0.3

2.3 2.0 4.7 2.2 3.6 4.1 4.7

AJO International Large Cap 0.7 18.3 15.2 --- --- --- --- --- --- --- --- 8.5 / 2.8MSCI World ex USA (2.0) 13.9 12.9 4.4

2.7 4.4 2.3 4.1

AJO International Small Cap (1.2) 23.9 21.4 --- --- --- --- --- --- --- --- 14.0 / 2.7MSCI World ex USA Small Cap (0.5) 21.1 16.3 11.1

(0.7) 2.8 5.1 2.9

AJO Global Large Cap (0.5) 20.3 17.1 --- --- --- --- --- --- --- --- 11.2 / 2.8MSCI World (1.3) 13.6 14.2 8.6

0.8 6.7 2.9 2.6

AJO Global Small Cap (1.3) 9.5 13.6 --- --- --- --- --- --- --- --- 6.3 / 2.8MSCI World Small Cap (0.6) 15.9 16.9 9.1

(0.7) (6.4) (3.3) (2.8)

AJO Global All Cap 0.3 18.8 15.2 --- --- --- --- --- --- --- --- 8.1 / 2.7MSCI World IMI (1.2) 13.9 14.5 8.4

1.5 4.9 0.7 (0.3)

AJO Global Market-Neutral Flex (2.9) (2.5) (0.2) --- --- --- --- --- --- --- --- 1.0 / 2.8Citigroup 3-Month T-Bill 0.4 1.1 0.7 0.5

(3.3) (3.6) (0.9) 0.5

AJO All-World Managed Volatility 1.0 16.9 10.9 9.3 --- --- --- --- --- --- --- 10.9 / 3.3MSCI ACWI (1.0) 14.8 14.9 8.1 8.2

2.0 2.1 (4.0) 1.2 2.7 MSCI ACWI Minimum Volatility (0.7) 10.7 9.0 7.5 8.2

1.7 6.2 1.9 1.8 2.7

Periods less than one year are not annualized.March 31, 2018

. . . A N D N E T C O M P O S I T E R E S U L T S

45

Supplemental Indices (%) Qtr 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008MSCI ACWI Minimum Volatility (0.7) 17.9 7.4 2.8 11.0 16.9 10.0 5.3 14.3 17.2 (25.6)MSCI ACWI (1.0) 24.0 7.9 (2.4) 4.2 22.8 16.1 (7.4) 12.7 34.6 (42.2)MSCI World (1.3) 22.4 7.5 (0.9) 4.9 26.7 15.8 (5.5) 11.8 30.0 (40.7)MSCI World ex USA (2.0) 24.2 2.8 (3.0) (4.3) 21.0 16.4 (12.2) 8.9 33.7 (43.6)MSCI World Small Cap (0.6) 22.7 12.7 (0.3) 1.9 32.4 17.6 (9.1) 26.1 44.1 (41.9)MSCI World ex USA Small Cap (0.5) 31.0 4.3 5.5 (5.3) 25.5 17.5 (15.8) 24.5 50.8 (48.0)MSCI World IMI (1.2) 22.4 8.2 (0.8) 4.5 27.4 16.1 (6.0) 13.5 31.6 (40.8)MSCI Emerging Markets 1.4 37.3 11.2 (14.9) (2.2) (2.6) 18.2 (18.4) 18.9 78.5 (53.3)MSCI Emerging Markets IMI 1.3 36.8 9.9 (13.9) (1.8) (2.2) 18.7 (19.5) 19.9 82.4 (53.8)MSCI Emerging Markets Small Cap 0.2 33.8 2.3 (6.8) 1.0 1.1 22.2 (27.2) 27.2 113.7 (58.2)

Annualized Supplemental Indices (%) Qtr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 YrMSCI ACWI Minimum Volatility (0.7) 10.7 9.0 7.5 9.0 8.5 9.8 9.6 10.1 12.8 7.4MSCI ACWI (1.0) 14.8 14.9 8.1 7.4 9.2 9.4 7.9 8.7 13.1 5.6MSCI World (1.3) 13.6 14.2 8.0 7.5 9.7 10.1 8.6 9.2 13.3 5.9MSCI World ex USA (2.0) 13.9 12.9 5.3 3.6 6.0 6.8 4.7 5.6 10.2 2.6MSCI World Small Cap (0.6) 15.9 16.9 9.5 8.0 10.9 11.4 9.3 11.1 16.7 8.5MSCI World ex USA Small Cap (0.5) 21.1 16.3 11.3 7.0 9.7 9.9 7.2 9.0 14.8 5.8MSCI World IMI (1.2) 13.9 14.5 8.2 7.5 9.9 10.2 8.7 9.5 13.7 6.2MSCI Emerging Markets 1.4 24.9 21.0 8.8 6.7 5.0 4.5 2.5 4.3 10.9 3.0MSCI Emerging Markets IMI 1.3 24.1 20.4 8.6 6.5 4.9 4.6 2.5 4.3 11.2 3.2MSCI Emerging Markets Small Cap 0.2 18.6 16.5 7.2 5.6 4.6 5.3 2.5 4.3 13.2 4.3

Periods less than one year are not annualized.

M A R K E T P E R F O R M A N C EMarch 31, 2018

46

NOTES AJO, LP, is an independent, registered investment adviser. AJO claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Prior to 1/1/03, the firm was known as ARONSON+PARTNERS; prior to 6/25/12, the firm was known as ARONSON+JOHNSON+ORTIZ. AJO has been independently verified by Ashland Partners for the period 10/1/85 through 6/30/16 and by ACA Performance Services for the period 7/1/16 through 12/31/16. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firmwide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The following composites have been examined for the periods indicated: Composite Examination Period Composite Examination Period

AJO Top Cap 9/1/01 – 12/31/16 AJO Managed Volatility 11/1/04 – 12/31/16 AJO Large Cap 5/1/92 – 12/31/16 AJO Emerging Markets All Cap 1/1/13 – 12/31/16 AJO Large Cap – Absolute Value 500 1/1/00 – 12/31/16 AJO Emerging Markets Small Cap 1/1/13 – 12/31/16 AJO Large Cap 1000 11/1/02 – 12/31/16 AJO Emerging Markets Long/Short 1/1/13 – 12/31/16 AJO Large Cap – Absolute Value 1/1/96 – 12/31/16 AJO Global Large Cap 7/1/15 – 12/31/16 AJO Mid Cap 7/1/95 – 12/31/16 AJO International Large Cap 6/1/15 – 12/31/16 AJO Small Cap 10/1/91 – 12/31/16 AJO All-World Managed Volatility 1/1/15 – 12/31/16 AJO Small Cap – Absolute Value 1/1/99 – 12/31/16 AJO Global Small Cap 6/1/15 – 12/31/16 AJO Top Cap – Absolute Value 130/30 4/1/07 – 12/31/16 AJO International Small Cap 8/1/15 – 12/31/16 AJO Large Cap – Absolute Value 130/30 5/1/05 – 12/31/16 AJO Global All Cap 8/1/15 – 12/31/16 AJO Large Cap – Dynamic 115/15 9/1/12 – 12/31/16 AJO Global Market-Neutral Flex 7/1/15 – 12/31/16 The verification and performance examination reports are available upon request. All composites listed are calculated in US$, asset-weighted, and presented gross and net of investment management fees. All portfolios are fee-paying, fully discretionary accounts included from the first full month following completion of initial funding to the present or to the month prior to termination. Prior to 2011, portfolios with client-directed capital flows of 10% or greater that impacted portfolio performance in a significant and nonrepresentative manner were temporarily removed from composite return calculations. From 2011 onward, a portfolio with any size flow remains in its composite. The performance impact of flows are mitigated using a temporary new-account methodology. AJO’s quantitative investment process is supported by proprietary computer code, third-party software, and ongoing data feeds from third-party data providers, and may not operate correctly in all market conditions. As with any data-driven model, errors may occur in coding, software, and/or data feeds. Composite creation date is inception date, except AJO Large Cap – Absolute Value, created 3/31/97. The AJO Global Market-Neutral Flex composite was named the AJO Global Market-Neutral composite from inception through 5/31/16, when it was renamed and redefined to reflect a change in long/short exposure from 100/100 to 150/150 during June 2016, and that the timing and magnitude of this and possible future leverage changes are integral to the investment strategy. The AJO Small Cap composite was redefined to reflect a benchmark change from the Russell 2000/2500 to the Russell 2000, effective 1/1/18. Returns use trade-date accounting and are time-weighted total returns including cash and equivalents and reinvestment of income for portfolios that reinvest. Annual composite dispersion reflects the high-low return spread among portfolios invested for the full year. Tracking error is the annualized standard deviation of monthly value-added relative to the benchmark. When rolling-three-year standard deviation is not presented, it is because the composite does not have a three-year history. A portfolio’s gross return considers transaction costs but not investment management fees and other expenses incurred in account management. Net returns reflect the deduction of actual investment management and performance-based fees, which are recorded on an accrual basis. For example, based on our U.S. equity small-cap investment strategy, with a 26.5-year track record as of 3/31/18, investment management fees would reduce cumulative returns from 1,944.0% to 1,574.2%, or 12.1% to 11.2% on an annualized basis. For certain periods, accruals for performance-based-fee accounts may cause net returns to be under- or overstated or to exceed gross returns. AJO’s fee schedule is presented below and in the firm’s Form ADV. Benchmark returns are total returns per the benchmark source. The Russell 2000 Blend benchmark represents a 50%/50% blend of the Russell 2000/2500 indices from 3/31/94 through 12/31/17 and the Russell 2000 Index thereafter. The AJO Emerging Markets Long/Short and AJO Global Market-Neutral Flex composite performance are compared to the Citigroup 3-Month T-Bill Index, an unmanaged index of short-term debt obligations guaranteed by the U.S. Government that are considerably less risky than emerging markets stocks.

47

The source for MSCI returns is MSCI. The MSCI Emerging Markets, World, and All-World indices listed are net total return indices that reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to nonresident institutional investors who do not benefit from double-taxation treaties. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This presentation is not approved, reviewed, or produced by MSCI. Composite and benchmark returns of our emerging markets strategies are presented net of withholding tax. A significant portion of emerging markets and global levered market-neutral assets may be invested in single-stock equity swaps. A swap agreement is a derivative. Entering into an equity swap may involve a degree of leverage since some equity swaps may not be fully funded. Long/short, market-neutral, and short-enabled composites involve a degree of “leverage”: borrowed stocks are sold short; short sale proceeds and long stocks become collateral. For example, a $100mm long/short account may have $97mm exposure to long stocks, $77mm exposure to short stocks, and $80mm cash ($30mm short sale proceeds + $47mm swap collateral + $3mm cash buffer), totaling $254mm “in play.” Long/short and short-enabled investing can be riskier than long-only investing since both the long and short sides can simultaneously lose value. AJO has firm assets invested in the AJO Emerging Markets Long/Short composite and the AJO Global Market-Neutral Flex composite, and one or more AJO employees have personal assets invested in the AJO Emerging Markets Small Cap composite. To receive a complete list and description of AJO’s composites and details regarding policies for valuing portfolios, the treatment of cash flows, calculating performance, and preparing compliant presentations, or for a copy of AJO’s verification and performance examination reports, please contact Stefani Cranston at 215.546.7500 or at data@ajopartners.com. Returns represent past performance and are not indicative of future results. Fees. Minimum initial investment is $25 million. Performance-based fees are available — indeed, encouraged — and their structure is negotiable.

AJO Top Cap AJO Top Cap – Absolute Value 0.25% on the first $250 million 0.15% on the next $250 million 0.10% thereafter

AJO Large Cap AJO Large Cap – Absolute Value 500 AJO Large Cap 1000 AJO Large Cap – Absolute Value AJO Large Cap – Dynamic AJO Managed Volatility 0.30% on the first $250 million 0.20% on the next $250 million 0.15% on the next $500 million 0.125% thereafter

AJO Mid Cap 0.55% on all assets

AJO Small Cap AJO Small Cap – Absolute Value 0.60% on all assets

Short-enabled U.S. equity fees are based on the corresponding long-only fee rates, multiplied by gross exposure (e.g., 130/30 has gross exposure of 160%).

AJO Emerging Markets All Cap 0.70% on first $25 million 0.60% on next $25 million 0.50% on next $25 million 0.45% on next $25 million 0.40% on over $100 million

AJO Emerging Markets Small Cap 0.70% on all assets

AJO Emerging Markets Long/Short* Management fee: 1.2% Performance fee: 12% with a high-water mark

AJO International Large Cap 0.50% on first $100 million 0.45% on next $150 million 0.40% thereafter

AJO International Small Cap 0.70% on all assets

AJO Global Large Cap 0.40% on first $100 million 0.35% on next $150 million 0.30% thereafter

AJO Global Small Cap 0.65% on all assets

AJO Global All Cap 0.50% on first $100 million 0.45% on next $150 million 0.40% thereafter

AJO Global Market-Neutral Flex* Management fee: 1.2% Performance fee: 12% with a high-water mark

AJO All-World Managed Volatility 0.40% on all assets

*Alternatively, we are willing to charge a 0% management fee plus a 24% performance fee with a high-water mark.

48

F I R M H I S T O R YAnnual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm

Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Firmwide 2017 --- --- --- --- --- --- 163 116 27,072 ---2016 --- --- --- --- --- --- 162 115 28,266 ---2015 --- --- --- --- --- --- 153 111 26,281 ---2014 --- --- --- --- --- --- 126 94 25,442 ---2013 --- --- --- --- --- --- 120 85 23,965 ---2012 --- --- --- --- --- --- 116 85 20,138 ---2011 --- --- --- --- --- --- 119 88 19,159 ---2010 --- --- --- --- --- --- 127 92 19,804 ---2009 --- --- --- --- --- --- 143 100 20,138 ---2008 --- --- --- --- --- --- 143 99 15,873 ---2007 --- --- --- --- --- --- 145 101 27,377 ---2006 --- --- --- --- --- --- 138 95 28,293 ---2005 --- --- --- --- --- --- 125 90 23,492 ---2004 --- --- --- --- --- --- 107 76 19,307 ---2003 --- --- --- --- --- --- 95 66 14,581 ---2002 --- --- --- --- --- --- 63 51 7,038 ---2001 --- --- --- --- --- --- 48 40 5,833 ---2000 --- --- --- --- --- --- 39 32 4,290 ---1999 --- --- --- --- --- --- 40 34 3,994 ---1998 --- --- --- --- --- --- 35 32 2,191 ---1997 --- --- --- --- --- --- 17 16 1,004 ---1996 --- --- --- --- --- --- 13 12 693 ---1995 --- --- --- --- --- --- 12 12 660 ---1994 --- --- --- --- --- --- 20 19 761 ---1993 --- --- --- --- --- --- 19 18 789 ---1992 --- --- --- --- --- --- 15 15 573 ---1991 --- --- --- --- --- --- 11 11 441 ---1990 --- --- --- --- --- --- 7 7 187 ---1989 --- --- --- --- --- --- 5 5 175 ---1988 --- --- --- --- --- --- 5 5 139 ---1987 --- --- --- --- --- --- 6 6 134 ---1986 --- --- --- --- --- --- 5 5 73 ---1985 --- --- --- --- --- --- 3 3 29 ---

C O M P O S I T E D E S C R I P T I O N — U . S .Composites include all institutional portfolios invested in U.S.-listed equities using a quantitative process that focuses on low-priced companies with effective management and positive momentum, and favorable sentiment while considering risk and transaction costs. Composites are defined by the benchmark they stalk (except in the case of AJO Managed Volatility where the benchmark listed is for performance comparison only), as well as their investment universe and risk constraints.

Gross Prospective

Name Benchmark NameInvestment Universe Risk

Added Value

Tracking Error

Russell Top 200 Index Top cap Baseline 1% 3%

Large cap Baseline 2% 4%

Large cap Baseline 2% 4%

Large cap Baseline 2% 4%

Large cap Baseline 2% 4%

Mid cap Baseline 2-3% 4-5%

Small cap Baseline 3-4% 4-6%

Small cap Baseline 3-4% 4-6%

AJO Top Cap

AJO Large Cap

AJO Large Cap – Absolute Value 500

AJO Large Cap 1000

AJO Large Cap – Absolute Value

AJO Mid Cap

AJO Small Cap

AJO Small Cap – Absolute Value

AJO Top Cap – Absolute Value 130/30

S&P 500 Index

S&P 500 Value Index

Russell 1000 Index

Russell 1000 Value Index

Russell Midcap Index

Russell 2000/2500 (50/50 blend)

Russell 2500 Value Index

Russell Top 200 Value Index Top cap Short-enabled <2% >4%AJO Large Cap – Absolute Value 130/30 Russell 1000 Value Index Large cap Short-enabled >3% <6%

AJO Large Cap – Dynamic 115/15 Russell 1000 Dynamic Index Large cap Short-enabled >2% >5%

AJO Managed Volatility Russell 1000 Index or MSCI USA Minimum Volatility Index

Large cap Reduced volatility 2% 5-6%

Performance notes continue on the next page.

Gross prospective added value illustrates AJO's annual return objectives over the benchmark and the anticipated tracking error relative to the benchmark. They do not reflect actual account returns and are NOT guaranteed returns. Actual client returns may differ materially, and clients may lose money. The return objectives represent the returns we seek to produce before fees, and they are willingly used to establish performance-based fees.

49

C O M P O S I T E H I S T O R Y — U . S .Annual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm

Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Top Cap 2017 24.4 24.0 23.0 11.3 10.2 ±0.2 6 4 574 28/31/01 2016 10.2 10.0 11.3 11.8 10.8 ±0.6 3 3 369 1Russell Top 200 2015 (0.4) (0.7) 2.4 11.1 10.8 ±0.9 4 3 583 2

2014 19.2 18.9 13.2 9.3 9.1 ±0.4 3 3 432 22013 33.9 33.6 32.4 12.0 11.8 ±0.4 3 3 328 12012 18.3 18.0 16.0 14.9 15.0 ±0.7 3 3 617 32011 3.8 3.6 2.8 17.6 18.4 ±0.7 2 2 494 32010 10.1 9.8 12.5 20.3 21.3 ±0.3 2 2 495 22009 21.2 20.9 24.2 18.3 19.0 ±0.1 2 2 503 22008 (32.3) (32.4) (36.1) 14.6 14.5 --- 1 1 386 22007 4.6 4.5 5.9 8.2 7.6 --- 1 1 571 22006 18.8 18.6 15.5 7.0 6.5 --- 1 1 546 22005 4.4 4.2 3.8 8.5 8.8 --- 1 1 461 22004 9.1 8.8 8.3 13.9 15.1 --- 1 1 402 22003 26.3 26.0 26.7 --- --- --- 1 1 347 22002 (21.4) (21.6) (23.4) --- --- --- 1 1 276 42001 --- --- --- --- --- --- 1 1 240 4

AJO Large Cap 2017 23.9 23.7 21.8 11.5 10.1 ±0.4 13 12 2,082 84/30/92 2016 8.5 8.3 12.0 12.2 10.7 ±1.0 12 12 1,632 6S&P 500 2015 0.3 0.0 1.4 11.3 10.6 ±0.4 10 10 1,565 6

2014 16.1 15.7 13.7 9.8 9.1 ±0.4 10 9 2,093 82013 38.5 38.1 32.4 12.6 12.1 ±0.7 12 9 2,160 92012 18.4 18.1 16.0 15.4 15.3 ±0.7 10 9 1,680 82011 4.4 4.2 2.1 18.2 19.0 ±1.4 12 11 1,724 92010 12.2 12.0 15.1 21.2 22.2 ±0.5 13 11 1,688 92009 22.9 22.6 26.4 19.2 19.9 ±0.8 17 13 2,249 112008 (34.4) (34.5) (37.0) 15.5 15.3 ±1.4 14 11 1,404 92007 5.2 5.0 5.5 8.3 7.8 ±0.7 13 9 3,242 122006 17.0 16.6 15.8 7.6 6.9 ±0.5 9 5 1,954 72005 7.7 7.2 4.9 9.2 9.2 ±0.3 5 4 747 32004 13.2 13.0 10.9 13.5 15.1 ±0.3 2 1 87 < 12003 29.5 29.1 28.7 15.7 18.3 ±0.7 3 2 89 12002 (17.8) (18.4) (22.1) 17.0 18.8 ±0.2 3 2 66 12001 2.4 2.2 (11.9) 15.6 16.9 ±5.3 5 3 1,740 302000 (5.0) (5.2) (9.1) 18.7 17.7 ±0.6 6 4 1,387 321999 23.4 22.4 21.0 18.0 16.8 ±3.7 3 2 1,383 351998 29.3 28.8 28.6 17.8 16.2 ±0.7 2 2 509 231997 35.0 34.5 33.4 12.0 11.3 ±0.8 2 2 263 261996 22.8 22.4 23.0 10.5 9.7 ±0.3 3 3 356 511995 36.7 36.3 37.5 8.8 8.3 ±0.2 3 3 311 471994 (2.0) (2.3) 1.3 --- --- ±0.5 6 6 264 351993 14.2 13.9 10.0 --- --- ±0.0 2 2 36 51992 --- --- --- --- --- --- 1 1 19 3

AJO Large Cap – Absolute Value 500 2017 20.1 20.0 15.4 12.0 10.5 ±0.3 4 4 546 212/31/99 2016 12.3 12.1 17.4 12.4 10.9 ±0.3 5 5 613 2S&P 500 Value 2015 (2.2) (2.5) (3.1) 11.3 10.8 ±0.4 5 5 624 2

2014 14.5 14.1 12.3 10.1 9.6 ±0.2 5 5 664 32013 36.9 36.3 32.0 13.4 13.2 ±0.3 5 5 660 32012 20.0 19.7 17.7 15.9 16.0 ±0.4 5 5 555 32011 2.2 1.9 (0.5) 19.9 21.4 ±0.4 5 5 508 32010 13.8 13.4 15.1 23.0 24.2 ±0.2 5 5 500 32009 20.6 20.1 21.2 21.3 22.3 ±0.3 5 5 436 22008 (36.7) (36.9) (39.2) 16.5 16.1 ±0.3 5 5 347 22007 1.3 1.0 2.0 8.9 8.1 ±0.3 4 4 487 22006 20.0 19.6 20.8 7.6 6.8 ±0.1 4 4 536 22005 11.4 11.0 5.8 9.8 10.5 ±0.3 3 3 410 22004 18.4 17.9 15.7 14.3 16.7 ±0.0 3 3 368 22003 31.6 31.1 31.8 15.8 19.1 ±0.5 2 2 247 22002 (15.2) (15.7) (20.8) 17.9 19.1 ±1.8 2 2 187 32001 (0.4) (1.1) (11.7) --- --- --- 1 1 51 12000 12.1 11.3 6.1 --- --- --- 1 1 49 1

Performance notes continue on the next page. 50

C O M P O S I T E H I S T O R Y — U . S .Annual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm

Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Large Cap 1000 2017 23.1 22.8 21.7 11.2 10.1 ±0.2 2 2 446 210/31/02 2016 8.1 7.8 12.1 11.9 10.8 ±0.0 2 2 363 1Russell 1000 2015 1.2 0.9 0.9 11.1 10.6 --- 1 1 304 1

2014 13.4 13.1 13.2 10.2 9.3 ±0.4 2 2 441 22013 39.4 38.8 33.1 13.3 12.4 --- 1 1 131 12012 17.6 17.3 16.4 16.0 15.6 ±0.2 3 3 360 22011 3.8 3.5 1.5 18.5 19.2 ±0.2 2 2 187 12010 15.7 15.4 16.1 21.8 22.6 ±0.1 2 2 188 12009 26.8 26.6 28.4 19.9 20.3 ±0.5 2 2 170 12008 (35.6) (35.8) (37.6) 16.2 15.8 ±0.7 3 2 293 22007 3.8 3.5 5.8 9.1 7.9 --- 1 1 137 12006 16.4 16.1 15.5 8.3 7.2 --- 1 1 142 12005 9.9 9.5 6.3 9.8 9.3 --- 1 1 126 12004 15.8 15.5 11.4 --- --- --- 1 1 114 12003 36.4 35.9 29.9 --- --- --- 1 1 104 12002 --- --- --- --- --- --- 1 1 80 1

AJO Large Cap – Absolute Value 2017 16.4 16.2 13.7 11.9 10.4 ±1.0 72 58 13,596 5012/31/95 2016 10.0 9.8 17.3 12.4 10.9 ±1.6 78 62 16,030 57Russell 1000 Value 2015 0.0 (0.2) (3.8) 11.4 10.8 ±0.7 75 61 14,731 56

2014 10.4 10.1 13.5 10.3 9.3 ±0.5 69 55 16,017 632013 38.7 38.4 32.5 13.6 12.9 ±1.6 67 53 16,084 672012 17.7 17.5 17.5 15.9 15.7 ±1.1 65 51 13,169 652011 2.8 2.6 0.4 19.1 21.0 ±0.8 70 55 12,621 662010 15.9 15.6 15.5 21.3 23.5 ±1.4 71 57 10,762 542009 16.7 16.4 19.7 19.4 21.4 ±1.4 75 59 10,529 522008 (33.0) (33.2) (36.9) 15.3 15.6 ±1.1 76 59 8,407 532007 (0.7) (1.0) (0.2) 9.4 8.2 ±1.4 78 60 13,908 512006 20.2 19.9 22.2 8.1 6.8 ±1.4 78 62 15,902 562005 10.6 10.3 7.0 9.8 9.6 ±1.2 69 56 13,658 582004 19.1 18.8 16.5 13.4 15.0 ±1.4 57 44 10,154 532003 34.1 33.7 30.0 14.4 16.2 ±1.6 51 41 8,248 572002 (13.0) (13.3) (15.5) 17.6 17.2 ±1.5 29 25 4,226 602001 2.0 1.5 (5.6) 15.9 14.9 ±0.4 15 14 1,281 222000 19.9 19.4 7.0 19.7 17.6 ±0.5 6 5 342 81999 7.1 6.5 7.4 17.9 16.3 ±0.3 6 5 298 71998 20.0 19.5 15.6 17.7 15.3 ±0.2 3 2 65 31997 43.1 42.7 35.2 --- --- ±0.6 4 3 275 271996 22.8 22.0 21.6 --- --- ±0.0 3 2 52 8

AJO Mid Cap 2017 19.3 19.0 18.5 11.5 10.5 --- 1 1 451 26/30/95 2016 12.5 12.4 13.8 12.5 11.7 --- 1 1 565 2Russell Midcap 2015 (3.2) (3.4) (2.5) 11.8 11.0 --- 1 1 542 2

2014 13.2 12.9 13.2 11.2 10.3 --- 1 1 559 22013 42.1 41.9 34.8 15.8 14.2 --- 1 1 494 22012 17.1 16.9 17.3 18.2 17.4 --- 1 1 350 22011 2.1 1.8 (1.6) 21.3 21.9 --- 1 1 299 22010 22.9 22.8 25.5 25.1 26.8 ±0.5 3 3 479 22009 32.9 32.5 40.5 23.0 24.6 ±0.8 6 6 566 32008 (37.8) (38.0) (41.5) 18.9 19.6 ±0.7 6 6 434 32007 5.6 5.3 5.6 10.1 9.6 ±0.3 7 7 898 32006 12.9 12.6 15.3 10.3 9.8 ±0.4 5 5 1,015 42005 13.1 12.6 12.6 11.6 11.4 ±1.0 4 4 722 32004 21.2 20.6 20.2 14.3 15.5 ±1.1 3 3 590 32003 42.8 41.8 40.1 16.0 18.8 ±1.1 4 4 555 42002 (12.7) (13.3) (16.2) 17.6 19.9 ±1.7 5 5 905 132001 2.2 1.7 (5.6) 16.1 18.6 ±0.4 5 5 1,218 212000 18.8 18.2 8.3 19.4 19.2 ±3.2 5 5 1,129 261999 1.4 0.9 18.2 18.5 17.5 ±0.7 5 5 966 241998 8.7 8.3 10.1 18.2 16.7 ±0.0 4 4 415 191997 37.2 36.5 29.0 --- --- ±0.3 2 2 208 211996 25.7 25.2 19.0 --- --- ±0.2 3 3 161 231995 --- --- --- --- --- --- 3 3 154 23

Performance notes continue on the next page. 51

C O M P O S I T E H I S T O R Y — U . S .Annual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm

Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

2017 11.7 11.0 15.8 13.6 13.2 1 1 29 < 12016 18.8 18.0 19.5 14.7 14.9 --- 1 1 33 < 1

AJO Small Cap9/30/91Russell 2000 Blend 2015 (2.0) (2.6) (3.7) 13.1 13.3 --- 1 1 34 < 1

2014 7.4 6.7 6.0 12.9 12.5 ±0.1 2 2 56 < 12013 39.7 38.8 37.9 17.4 16.2 ±0.4 2 2 64 < 12012 14.4 13.6 17.1 20.1 19.8 ±0.6 3 3 57 < 12011 1.6 0.9 (3.4) 23.5 24.5 ±0.2 2 2 57 < 12010 28.4 27.5 26.8 25.2 27.6 ±1.2 2 2 74 < 12009 25.9 25.2 30.8 22.6 24.8 ±0.5 3 3 153 12008 (33.2) (33.4) (35.3) 18.3 19.8 ±1.5 4 4 327 22007 (3.4) (3.8) (0.1) 12.3 12.5 ±2.6 4 4 446 22006 18.0 17.1 17.3 12.4 13.0 ±0.9 4 4 538 22005 10.8 9.7 6.3 13.9 14.5 ±0.8 4 4 457 22004 23.1 21.8 18.3 16.6 18.2 ±0.7 4 4 344 22003 50.4 48.7 46.4 18.2 21.0 ±1.5 4 4 286 22002 (11.5) (12.5) (19.1) 18.7 23.4 ±1.6 6 5 242 32001 11.1 9.8 1.9 18.2 22.4 ±2.4 5 5 269 52000 18.8 18.4 0.6 21.7 23.6 ±6.9 9 9 510 121999 3.3 2.6 22.7 21.2 20.3 ±2.3 10 10 496 121998 (2.5) (3.2) (1.1) 19.8 19.2 ±0.8 8 8 284 131997 41.1 40.0 23.4 12.5 12.7 ±1.2 2 2 29 31996 24.0 23.0 17.8 11.2 11.6 ±0.1 2 2 20 31995 26.6 25.3 30.1 9.7 10.1 ±0.3 2 2 28 41994 (3.9) (4.7) (1.4) 9.8 11.2 ±0.2 2 2 27 41993 15.4 14.5 17.7 --- --- ±0.4 2 2 119 151992 15.0 14.1 17.3 --- --- ±0.1 2 2 77 131991 --- --- --- --- --- --- 1 1 54 12

AJO Small Cap – Absolute Value 2017 9.1 8.7 10.4 13.2 12.0 ±0.8 9 6 1,079 412/31/98 2016 20.5 20.0 25.2 14.3 13.4 ±0.3 9 6 1,115 4Russell 2500 Value 2015 (5.2) (5.6) (5.5) 12.9 12.2 ±0.4 9 6 1,065 4

2014 7.5 7.0 7.1 12.6 11.4 ±0.4 9 6 1,159 52013 39.5 38.8 33.3 16.8 15.3 ±0.7 10 6 1,295 52012 16.5 16.0 19.2 19.2 18.7 ±1.3 9 6 1,080 52011 2.3 1.8 (3.4) 23.4 24.6 ±0.6 8 6 1,046 52010 27.8 27.2 24.8 24.9 27.4 ±1.7 8 6 1,120 62009 18.4 17.7 27.7 22.6 25.0 ±2.7 9 7 787 42008 (30.8) (31.2) (32.0) 17.4 18.6 ±1.2 9 7 703 42007 (8.4) (8.9) (7.3) 11.5 11.2 ±2.1 10 8 1,060 42006 19.3 18.5 20.2 11.2 11.0 ±1.0 8 7 1,107 42005 11.4 10.5 7.7 13.0 13.0 ±0.5 8 7 937 42004 25.8 24.7 21.6 15.5 15.9 ±1.9 8 7 913 52003 47.5 46.1 44.9 16.6 17.2 ±2.2 8 7 790 52002 (5.4) (6.3) (9.9) 17.8 16.5 ±1.3 6 6 444 62001 13.8 13.0 9.7 17.0 14.8 ±1.1 5 5 423 72000 25.1 24.3 20.8 --- --- ±1.0 3 3 280 71999 (4.4) (5.1) 1.5 --- --- ±0.3 3 3 163 4

AJO Top Cap – Absolute Value 130/30 2017 19.1 18.7 13.8 11.7 10.6 --- 1 1 129 < 13/31/07 2016 16.4 16.0 16.2 11.9 11.1 --- 1 1 112 < 1Russell Top 200 Value 2015 (1.6) (1.9) (3.4) 11.7 11.2 --- 1 1 97 < 1

2014 16.6 16.2 12.9 10.1 9.4 --- 1 1 104 < 12013 35.9 35.6 32.2 13.0 12.6 --- 1 1 116 < 12012 19.8 19.7 17.0 15.2 15.3 --- 1 1 111 12011 3.7 3.5 1.1 19.9 20.4 --- 1 1 125 12010 7.9 7.8 11.7 20.8 22.3 --- 1 1 136 12009 6.3 5.7 14.6 --- --- --- 1 1 95 < 12008 (27.0) (27.3) (36.1) --- --- --- 1 1 90 12007 --- --- --- --- --- --- 1 1 126 < 1

AJO Large Cap – Absolute Value 130/30 2017 16.9 16.7 13.7 11.9 10.4 --- 1 1 493 24/30/05 2016 15.2 15.2 17.3 12.4 10.9 --- 1 1 472 2Russell 1000 Value 2015 0.5 0.0 (3.8) 11.9 10.8 --- 1 1 410 2

2014 11.6 11.4 13.5 10.7 9.3 --- 1 1 408 22013 40.2 39.6 32.5 13.9 12.9 --- 1 1 365 22012 17.9 17.3 17.5 15.5 15.7 ±0.2 3 2 352 22011 3.0 2.9 0.4 18.6 21.0 ±0.3 3 2 296 22010 16.2 15.8 15.5 20.1 23.5 ±0.9 4 3 1,092 62009 14.1 13.6 19.7 18.1 21.4 ±1.5 4 3 1,090 52008 (29.2) (29.7) (36.9) 14.3 15.6 ±1.4 4 3 603 42007 (3.2) (3.4) (0.2) --- --- ±0.4 3 2 233 1

Performance notes continue on the next page.

2006 20.5 20.4 22.2 --- --- ±1.0 2 1 132 < 12005 --- --- --- --- --- --- 2 1 109 < 1

---

52

C O M P O S I T E H I S T O R Y — U . S .Annual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm

Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO Large Cap – Dynamic 115/15 2017 21.4 21.1 22.7 12.4 11.9 ±0.1 2 1 218 18/31/12 2016 12.7 12.4 13.7 13.0 12.7 ±0.2 2 1 367 1Russell 1000 Dynamic 2015 (0.4) (0.6) (0.7) 11.4 11.7 ±0.2 2 1 370 1

2014 16.0 15.7 12.6 --- --- ±0.2 2 1 417 22013 37.3 37.1 35.3 --- --- ±0.5 2 1 444 22012 4.8 4.8 4.7 --- --- --- 2 1 342 2

AJO Managed Volatility 2017 20.3 20.1 21.7 8.0 10.1 ±0.5 10 8 2,640 1010/31/04 2016 12.7 12.5 12.1 9.5 10.8 ±0.2 7 5 2,168 8Russell 1000 2015 (0.9) (1.1) 0.9 9.9 10.6 ±0.3 7 5 2,219 8

2014 17.5 17.2 13.2 8.8 9.3 ±0.2 4 3 1,008 42013 35.5 35.1 33.1 10.2 12.4 ±0.1 4 3 892 42012 11.1 10.9 16.4 11.9 15.6 ±0.5 5 3 792 42011 8.6 8.4 1.5 15.8 19.2 ±0.5 5 3 597 32010 18.5 18.1 16.1 19.6 22.6 ±0.1 3 1 207 12009 21.3 21.0 28.4 18.4 20.3 ±0.5 3 1 427 22008 (26.5) (26.7) (37.6) 14.8 15.8 ±0.0 2 1 235 12007 8.3 7.9 5.8 8.2 7.9 --- 1 1 281 12006 14.6 13.9 15.5 --- --- --- 1 1 163 12005 8.7 8.1 6.3 --- --- --- 1 1 93 < 12004 --- --- --- --- --- --- 1 1 30 < 1

MSCI USA Minimum Volatility 2017 20.3 20.1 19.2 8.0 8.1 ±0.5 10 8 2,640 102016 12.7 12.5 10.7 9.5 8.9 ±0.2 7 5 2,168 82015 (0.9) (1.1) 5.6 9.9 9.3 ±0.3 7 5 2,219 82014 17.5 17.2 16.5 8.8 8.0 ±0.2 4 3 1,008 42013 35.5 35.1 25.3 10.2 8.6 ±0.1 4 3 892 42012 11.1 10.9 11.2 11.9 9.8 ±0.5 5 3 792 42011 8.6 8.4 12.9 15.8 14.5 ±0.5 5 3 597 32010 18.5 18.1 14.7 19.6 17.7 ±0.1 3 1 207 12009 21.3 21.0 18.4 18.4 16.7 ±0.5 3 1 427 22008 (26.5) (26.7) (25.6) 14.8 12.4 ±0.0 2 1 235 12007 8.3 7.9 4.3 8.2 6.4 --- 1 1 281 12006 14.6 13.9 15.0 --- --- --- 1 1 163 12005 8.7 8.1 6.6 --- --- --- 1 1 93 < 12004 --- --- --- --- --- --- 1 1 30 < 1

Composites include all institutional portfolios that use a quantitative process that focuses on low-priced companies with effective management, positive momentum, and favorable sentiment while considering risk and transaction costs. Composites are defined by the benchmark they stalk (except in the case of AJO Emerging Markets Long/Short, where the benchmark listed is for performance comparison only), investment universe, region, and risk constraints. Portfolios in all three composites invest in emerging and frontier markets, and portfolios in AJO Emerging Markets Long/Short also invest in non-U.S. developed markets.

Gross Prospective

Name Benchmark NameInvestment Universe Risk

Added Value

Tracking Error

Baseline 3% 5%

Baseline 4% 6%

AJO Emerging Markets All Cap

AJO Emerging Markets Small Cap

AJO Emerging Markets Long/Short

MSCI Emerging Markets IM Index All cap

MSCI Emerging Markets Small Cap Index Small cap

Citigroup 3-Month T-Bill Index All cap Long/short 8% 8%

C O M P O S I T E D E S C R I P T I O N — E M E R G I N G M A R K E T S

Gross prospective added value illustrates AJO's annual return objectives over the benchmark and the anticipated tracking error relative to the benchmark. They do not reflect actual account returns and are NOT guaranteed returns. Actual client returns may differ materially, and clients may lose money. The return objectives represent the returns we seek to produce before fees, and they are willingly used to establish performance-based fees.

C O M P O S I T E H I S T O R Y — E M E R G I N G M A R K E T SAnnual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm

Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

2017 35.6 35.1 36.8 16.1 15.3 ±1.2 6 3 1,900 72016 13.8 13.1 9.9 17.0 16.0 ±1.1 6 3 1,797 6

AJO Emerging Markets All Cap12/31/12MSCI Emerging Markets IMI 2015 (12.6) (13.3) (13.9) 14.8 14.0 ±0.0 6 3 1,407 5

2014 5.9 5.1 (1.8) --- --- --- 1 1 686 32013 2.0 1.6 (2.2) --- --- --- 1 1 158 1

2017 34.3 33.8 33.8 15.4 14.6 ±1.2 3 3 480 22016 8.9 8.3 2.3 15.6 14.5 ±0.2 4 3 483 2

AJO Emerging Markets Small Cap12/31/12MSCI Emerging Markets Small Cap 2015 (2.7) (3.1) (6.8) 13.9 13.7 ±0.1 4 3 391 1

2014 12.7 12.1 1.0 --- --- ±2.2 2 2 165 12013 8.9 8.5 1.1 --- --- ±0.0 2 2 166 1 53

C O M P O S I T E D E S C R I P T I O N — G L O B A L / I N T E R N A T I O N A LComposites include all institutional portfolios that use a quantitative process that focuses on low-priced companies with effective management, positive momentum, and favorable sentiment, while considering risk and transaction costs. Composites are defined by the benchmark they stalk (except in the case of AJO All-World Managed Volatility and AJO Global Market-Neutral Flex, where the benchmark listed is for performance comparison only), investment universe, region, and risk constraints. Portfolios in the all-world invest in emerging and frontier markets, and portfolios in AJO Emerging Markets Long/Short composite also invest in non-U.S. developed markets.

Gross Prospective

Name Benchmark NameInvestment Universe Risk

Added Value

Tracking Error

AJO International Large Cap MSCI World ex USA Large cap Baseline 2.0% 4.5%

AJO International Small Cap MSCI World ex USA Small Cap Small cap Baseline 4.0% 4.5%

AJO Global Large Cap MSCI World Large cap Baseline 2.0% 5.0%

AJO Global Small Cap MSCI World Small Cap Small cap Baseline 3.5% 5.0%

AJO Global All Cap MSCI World Investable Markets Index All cap Baseline 2.5% 5.0%

AJO Global Market-Neutral Flex Citigroup 3-Month T-Bill Index All cap Long/short 12.0% 12.0%

AJO All-World Managed Volatility MSCI ACWI Index or MSCI ACWI Minimum Volatility

Large cap Reduced volatility 2.5% 10.0%

C O M P O S I T E H I S T O R Y — G L O B A L / I N T E R N A T I O N A LAnnual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % FirmBenchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

AJO International Large Cap 2017 28.3 27.8 24.2 --- --- ±0.0 2 2 140 15/31/15 2016 2.8 2.7 2.8 --- --- ±0.1 2 2 121 < 1MSCI World ex USA 2015* (4.3) (4.5) (9.7) --- --- --- 1 1 43 < 1

AJO International Small Cap 2017 37.9 37.3 31.0 --- --- ±0.3 3 3 214 17/31/15 2016 8.3 7.7 4.3 --- --- ±0.5 3 3 184 1MSCI World ex USA Small Cap 2015* (2.8) (2.9) (2.5) --- --- --- 2 2 107 < 1

AJO Global Large Cap 2017 28.4 28.2 22.4 --- --- ±0.0 2 2 145 16/30/15 2016 5.6 5.4 7.5 --- --- ±0.0 2 2 225 1MSCI World 2015* (0.3) (0.4) (3.4) --- --- --- 2 2 214 1

AJO Global Small Cap 2017 14.1 13.7 22.7 --- --- ±0.0 2 2 114 < 15/31/15 2016 15.2 14.7 12.7 --- --- ±0.0 2 2 106 < 1MSCI World Small Cap 2015* (7.5) (7.7) (6.8) --- --- --- 2 2 69 < 1

AJO Global All Cap 2017 24.8 24.8 22.4 --- --- --- 1 1 66 < 17/31/15 2016 3.4 3.4 8.2 --- --- --- 1 1 63 < 1MSCI World IMI 2015* (4.7) (4.8) (5.2) --- --- --- 1 1 22 < 1

AJO Global Market-Neutral Flex 2017 (7.2) (5.0) 0.8 --- --- --- 1 1 13 < 16/30/15 2016 9.0 6.6 0.3 --- --- --- 1 1 12 < 1Citigroup 3-Month T-Bill 2015* 6.6 4.7 0.0 --- --- --- 1 1 11 < 1

AJO All-World Managed Volatility 2017 22.3 22.1 24.0 8.2 10.5 --- 1 1 126 < 112/31/14 2016 6.5 6.2 7.9 --- --- --- 1 1 103 < 1MSCI ACWI 2015 7.6 7.0 (2.4) --- --- --- 1 1 95 < 1MSCI ACWI Minimum Volatility 2017 22.3 22.1 17.9 8.2 8.1 --- 1 1 126 < 1

2016 6.5 6.2 7.4 --- --- --- 1 1 103 < 12015 7.6 7.0 2.8 --- --- --- 1 1 95 < 1

*Return provided since inception date indicated.

Gross prospective added value illustrates AJO's annual return objectives over the benchmark and the anticipated tracking error relative to the benchmark. They do not reflect actual account returns and are NOT guaranteed returns. Actual client returns may differ materially, and clients may lose money. The return objectives represent the returns we seek to produce before fees, and they are willingly used to establish performance-based fees. The AJO Global Market-Neutral Flex objectives changed in June 2016 to reflect current positioning and will be adjusted if we change exposure again.

C O M P O S I T E H I S T O R Y — E M E R G I N G M A R K E T SAnnual Rolling-3-Year

Composite / Total Return (%) Standard Dev (%)

Inception / AJO AJO AJO Dispersion Accounts Clients Assets % Firm

Benchmark Year Gross Net Bench Gross Bench (%) (#) (#) ($mm) Assets

2017 1.0 0.7 0.8 4.7 0.1 ±0.0 1 1 31 < 12016 7.6 6.3 0.3 5.9 0.0 ±0.0 2 2 119 < 1

AJO Emerging Markets Long/Short12/31/12Citigroup 3-Month T-Bill 2015 (1.6) (2.3) 0.0 5.6 0.0 ±0.1 2 2 114 < 1

2014 14.5 12.0 0.0 --- --- ±0.0 2 2 118 < 12013 8.9 7.3 0.0 --- --- --- 1 1 49 < 1

54

55

PRINCIPALS

AJO is wholly owned and operated by its eighteen active principals.

SETH D. ALLEN (BA, Virginia), 40, began his career at Cambridge Associates prior to joining us in 2005. At Cambridge, he was a resource and performance analyst. A CFA charterholder, Seth is involved with research and portfolio management.

THEODORE R. ARONSON (MBA, BS, Wharton), 66, founded AJO (formerly

ARONSON+JOHNSON+ORTIZ; before that ARONSON+PARTNERS; and before that ARONSON+FOGLER) in 1984. While still a graduate student, Ted joined Drexel Burnham Investment Advisors, where he helped found its Quantitative Equities Group. This group managed the Revere Fund, the first active SEC-registered fund to employ MPT. Ted was chair of the CFA Institute (formerly AIMR) and is both a CFA charterholder and a Chartered Investment Counselor. He is a trustee of Spelman College and chair of its investment committee. He was a Lecturer in Finance at The Wharton School. Ted is involved with portfolio management, administration, client service, and marketing.

STEFANI CRANSTON (BS, Villanova), 51, was a senior accountant at Deloitte & Touche before joining AJO in 1991. At Deloitte, she audited a number of financial institutions, including our firm. A CFA charterholder and a licensed CPA, Stefani is involved with portfolio management and research (lead on funding and flows) and financial accounting.

JOSEPH F. DIETRICK (JD, Cornell; BS, Penn State), 48, joined AJO in 2003. He previously served as senior counsel and assistant secretary at Vanguard, where he was responsible for commercial transactions and general corporate matters, including corporate governance. Joe is our chief compliance officer.

DANIEL J. DISANTO (BS, College of New Jersey), 42, was an audit manager at KPMG before joining AJO in 2002. Prior to KPMG, Dan was a senior accountant at Arthur Andersen, where he audited financial institutions, including AJO. A CFA charterholder and a licensed CPA, Dan is involved with financial and portfolio accounting and performance measurement.

DOUGLAS D. DIXON (BS, Wharton), 46, a CFA charterholder, spent three years at the University of Pennsylvania as a financial analyst before joining our back office in 1997. Three years later, he made the jump to trading. Doug is involved with trading and transaction-cost research.

56

PAUL DODGE (BBA, William & Mary), 52, was a senior research analyst with Cambridge Associates before joining us in 1994. While at Cambridge, Paul designed performance-measurement systems and created stock-analysis programs. A CFA charterholder, he is involved with portfolio accounting and performance measurement.

MICHAEL R. DOWD (MBA, Boston College; BS, William & Mary), 43, joined AJO in 2014 after stints at Putnam and, more recently, at Martingale Asset Management, where he was responsible for research and portfolio management. A CFA charterholder, Michael is involved with research and portfolio management.

JAMES S. LOBB (MBA, William & Mary; BA, South Carolina), 65, first joined us in 1990, left the firm in 1996, and rejoined us in 2012. During his unfortunate hiatus (16 years!), he was a founder and partner of Philadelphia International Advisors. Jim is involved with client service and marketing.

ROBERT O. LOUKA (MBA, Wharton; BA, Loyola), 42, joined us in 2006 from CooperNeff, where he worked for eight years in trading, research, and portfolio management, after a stint at Alex Brown. A CFA charterholder, Rob is involved with trading and transaction-cost research.

CLAIRE C. MCCONNELL (MS, Pennsylvania; BA, Dartmouth), 31, began her career on the quantitative investments team at Turner Investments prior to joining AJO in 2012. At Turner, she worked on domestic, international, and fixed-income projects. A CFA charterholder, Claire is involved with systems development, research, and portfolio management.

GINA MARIE N. MOORE (BS, BA, Delaware), 48, joined AJO in 1998. She began her career as a licensed CPA at Price Waterhouse and then joined Scott Paper as a pension analyst. She became involved in institutional investment management, first at Brandywine Asset Management and then at Glenmede Trust. She is a CFA charterholder and served on the board of the CFA Society of Philadelphia. Gina is involved with portfolio management, research, client service, and marketing.

57

CÉSAR A. OROSCO (PhD, MA, Pennsylvania; BA, Universidad de Lima), 45, joined AJO in 2010. Just prior, he was a researcher with State Street Associates, a partnership between State Street Global Markets and academia. Prior to that, he was an analyst and fund manager at Credicorp and a consultant at the World Bank. A CFA charterholder, César is involved with research and portfolio management.

JOCELIN REED (MBA, Pittsburgh; BS, Penn State), 48, who came to AJO in 2014, spent most of her investment career at Mellon Capital and Mellon Equity. Most recently, she was a member of Independence Asset Advisors. A CFA charterholder, Jocelin is involved with portfolio management and research.

GREGORY J. ROGERS (BS, Wharton; BS, Pennsylvania), 49, began his career at First Boston prior to joining AJO in 1993. Greg spearheaded our trading operation for well over a decade. He then moved to portfolio management and research. His initial focus was on the domestic front, followed by work on the launch of our emerging markets strategies and global mandates. A CFA charterholder, Greg leads our Boston office and is involved with portfolio management, research, client service, and marketing.

COLLEEN A. SMITH (MBA, Villanova; BA, Bucknell), 45, was an analyst at Chartwell Investment Partners before joining AJO in 2005. She began her career at Simon & Schuster as a financial analyst and later worked at Villanova University as a graduate research assistant. A CFA charterholder, Colleen is involved with research and portfolio management.

FRANZ VALENCIA (MS, Boston College; BS, Northeastern), 42, joined AJO in 2012 from Agriya Investors. He was a quantitative analyst at Columbia Management, specializing in emerging markets and EAFE regions. Prior to that, he was a portfolio manager of domestic and international mandates at Putnam Investments. Franz is involved with research and portfolio management in the Boston office.

CHRISTOPHER J. W. WHITEHEAD (BA, Colby College), 43, was a senior research associate at Cambridge Associates before joining our back office in 2000, just as the internet bubble burst (establishing his distinguished record as a market timer). Over the ensuing years, he moved to research, and then to portfolio management. A CFA charterholder, Chris is involved with portfolio management and research.

58

ASSOCIATES

Associates draw from Wall Street, research, public accounting, compliance, consulting, marketing, and technology.

DENISE M. ADAMCZYK (BS, La Salle), 44, supervised the corporate actions group at Delaware Investments before joining AJO in 2004. She began her career at PFPC as an investment accountant. At AJO, she has served in compliance, research, and the back office. A CFA charterholder, Denise is currently involved with compliance.

DRU E. ALBRIGHT (BS, Drexel), 49, is an MCP and MCSE with experience in network management, including design, implementation, and security. He has worked in a variety of industries, for companies such as Pilgrim Baxter, DataZed, Softmart, and Pepper Hamilton. Dru joined us in 2002 and is involved with systems operations.

OSCAR J. ARRINGTON, 36, joined AJO in 2005. Prior to coming on board at AJO, he worked for a City of Philadelphia agency, where he helped maintain the GPS system. Oscar is involved with systems operations.

MATTHEW D. AUSTIN (PhD, AM, Harvard; BA, Castleton University), 34, was a quantitative analyst before joining AJO in 2015, most recently at Numeric Investors and before that at State Street Corporation. A CFA charterholder, Matt is involved with research and portfolio management.

GREGORY S. BENNETT (BS, Delaware), 39, joined our back office in 2016. He started his career as a portfolio accountant at Rorer Asset Management and stayed with them in a variety of positions as they evolved into AMG Funds. Greg is involved with portfolio accounting and performance measurement.

CHRISTOPHER A. CARDI (MS, Pennsylvania; BS, Penn State), 48, joined AJO in 2017 after a 10-year stint as a software engineer with a proprietary electronic options market-making firm. His work there involved infrastructure and systems development and integration, data analysis, application risk controls, execution engines, and production support. Chris is involved with systems development and research.

JOSEPH R. CARUSO (MBA, BS, Saint Joseph’s), 35, was a financial analyst at Thermo Electron before joining AJO in 2006. A CFA charterholder, Joe is involved with portfolio accounting and performance measurement.

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ADELA W. CHENG (BA, James Madison), 35, was a performance analyst at Cambridge Associates before she joined our firm in 2006. Adela is involved with portfolio accounting and performance measurement.

DAVID C. COLUBRIALE (BA, Drexel), 37, handled trade operations at BlackRock before joining AJO in 2014. Prior to that, he performed a variety of back-office functions, first at Brandywine Global Investment Management and then at State Street Investment Management Services. Dave is involved with portfolio accounting and performance measurement.

ADAM J. DUDA (BS, Boston University), 25, served as an IT intern at Unifrax prior to joining AJO in 2015. Adam is involved with systems operations in the Boston office.

JOSEPH J. FINER (BS, Delaware), 41, joined AJO in 2012 after an eight-year stint with SunGard Data Systems, where he was involved with a number of business groups (FX, derivatives, fixed income). Prior to that, he held positions at Barclays, NYSE, and, briefly, Susquehanna Investment Group. A CFA charterholder, Joe is involved with trading and transaction-cost research.

ALLISON J. GOODMAN (BS, American University), 39, was an institutional marketing associate with Jennison Associates before joining our firm in 2004. A CFA charterholder, Allison is involved with client service and marketing.

JAMES H. GORDON (BS, College of New Jersey), 34, worked as a client relationship administrator and trade support liaison at The Vanguard Group before joining AJO in 2010. Jim is involved with portfolio accounting and performance measurement.

GENE GUALTIERI (PhD, Michigan State; BA, Pennsylvania), 50, was an Assistant Research Professor/Senior Research Scientist at Drexel University before joining AJO in 2015. Prior to that, he was focused on software development and applied research in the medical imaging field. Gene is involved with systems development and research.

SHERYL L. HAYDUK (BS, Villanova), 42, joined our firm in 2005 after performing a variety of back-office functions at PFPC, 1838 Investment Advisors, and SEI. After five years in our back office, Sheryl shifted her focus to client service and marketing.

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JENNIFER Y. HO (BA, William Smith College), 30, was a wealth management associate at Merrill Lynch before joining our firm in 2013. Jennifer is involved with portfolio accounting and performance measurement in the Boston office.

ROBERT N. HORN (BA, Montclair State), 52, joined AJO in 2015. Just prior, he was head of Portfolio Management and Trading Surveillance, first at Barclays Wealth American and then at Prudential Investment Management. Prior to that, he served as a compliance officer at various financial institutions, including Morgan Stanley, Deutsche Bank, and UBS/Paine Webber. Rob is involved with compliance.

CHRISTIAN S. N. HUFFMAN (BA, Haverford), 39, began his career as a fund analyst with Sage Financial Group. He joined AJO in 2004 after serving as an investment performance analyst at Cambridge Associates. A CFA charterholder, Chris is involved with portfolio accounting and performance measurement.

PETER B. LANDERS (BS, Northeastern), 35, joined AJO in 2013 after a brief stint at Glenmede Investment Management and starting his career at GMO. At GMO, his focus was trading emerging markets equities. Pete is involved with trading and transaction-cost research.

SYLVIA K. M. LEE (BS, Drexel), 56, was an assistant trader and assistant analyst with Clarion/CRA Real Estate Securities before joining AJO in 2000. Her prior experience includes BBH, Schroder Butcher and Singer, and the Meritor Group. Sylvia is involved with portfolio accounting and performance measurement.

AMY B. LIEB (BS, Drexel), 56, was Director of Finance and HR at Philadelphia International Advisors before joining us in 2015. Prior to that, she served at SEI and 1838 Investment Advisors. Amy is a licensed CPA and is SPHR-certified. She is involved with portfolio accounting and operations.

WILLIAM T. MACLELLAN (BS, Northeastern), 55, joined AJO in 2012 from Agriya Investors. Bill has extensive experience as Chief Operating Officer at SDK Capital and Chief Compliance Officer at Kaintuck Capital, as well as positions at other firms. He began his career at Arthur Andersen. Bill is involved with portfolio accounting, business management, and compliance in the Boston office.

EMILY MAI (MBA, BS, Drexel), 34, joined AJO in 2013. Just prior, she was a global fixed income associate with Brandywine Global Investment Management. Prior to that, she served as a corporate action administrator and a fund financial analyst with The Vanguard Group. Emily is involved with portfolio accounting and performance measurement.

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LUKE MANLEY (MS, Boston University; BS, Northeastern), 36, was a quantitative analyst and global equity portfolio manager at Batterymarch for 10 years, and then joined QS Investors when it merged with Batterymarch. He joined AJO in late 2017. A CFA charterholder, Luke is involved with research and portfolio management in the Boston office.

GRAHAM N. MCCONNELL (BA, Dartmouth), 26, joined AJO in 2015 after stints at Relay Network, TA Instruments, and Savana Inc., where he was responsible for software development and testing. Graham is involved with systems development.

KRISTIE MCCOURT (BA, Temple), 44, came to AJO in 2017 from Willis Towers Watson, where she served as a Senior Business Intelligence Developer, and before that as a Data Business Analyst at Towers Watson. Kristie has nearly 20 years’ experience in data warehousing, automation, and modeling, and is involved with systems development and database administration.

NISHANT MITTAL (MS, UCSD; BT, Indian Institute of Technology, Kanpur), 40, designed and developed portfolio management and trading platforms for 10 years before joining us in 2016, most recently at Bloomberg and before that at Rosenblatt Securities. Nishant is involved with systems development and research.

KRISTOPHER J. MORAN (MBA, Philadelphia University; BS, College of New Jersey), 47, began his career at the SEC, where he was a securities compliance examiner for seven years. A licensed CPA, he joined us in 2003 after serving as a compliance officer at Deutsche Asset Management. Kip is involved with compliance.

JAYMES D. PARKER, 30, joined our firm in 2016 after working as a network engineer and network administrator, most recently with Brownstein Group and before that with Lantium. Jaymes is involved with IT and network infrastructure.

SEAN D. PAYLOR (BA, Princeton), 33, joined AJO in 2014 after trading domestic and international equities for six years, first at Arrowstreet Capital and then at Geode Capital. Prior to that, he had a brief stint as market maker on Kellogg Group’s ETF proprietary desk. Sean is involved with trading and transaction-cost research.

MARIO A. PETROZZI (MBA, Indiana; BS, Universidad Ricardo Palma), 46, worked as an investment banker at Mufson Howe Hunter before joining us in 2005. He began his career at Interbank, where he worked as a senior underwriter. Mario is involved with research and portfolio management.

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SIDDHARTH RAMESH (MS, Columbia; BT, Indian Institute of Technology, Madras), 29, was a quantitative strategist with Clarity Solutions Group before he joined our firm in 2014. Siddharth is involved with systems development, research, and portfolio management in the Boston office.

CHRISTOPHER J. RENEHAN, 36, was an IT associate at Philadelphia International Advisors, where his responsibilities ranged from disaster recovery and virtualization to systems monitoring and support. Prior to that, he handled various IT functions for network design and IT consulting service Saber Source. Chris joined AJO in 2015 and is involved with IT and network infrastructure.

FLAVIA M. RIVERA (BBA, Temple), 25, joined AJO in 2015 immediately after earning her finance degree. (Not surprisingly, she was an analyst of the Fox Fund!) Flavia is involved with portfolio accounting and performance measurement.

MICHAEL W. ROBLES (BBA, West Virginia), 33, joined AJO in 2017. Before joining our firm, he was an accountant at various financial institutions, most recently at Barclays and Bank of New York Mellon. Mike is involved with portfolio accounting and performance measurement.

EDWARD T. ROCHE (MBA, Virginia Commonwealth; BS, Northeastern), 52, specialized in financial systems implementations with his own consulting firm before joining AJO in 2008. A CFA charterholder, Ed is involved with systems development and business support.

DAN R. SCHOLZ (BS, Oregon State), 34, served as data administration manager at IMS Health before joining our firm in 2014. Prior to that, he was a data analyst with TTC in Philadelphia. Dan is involved with systems development.

JACOB R. SLATER (BA, Williams College), 25, was an equity quantitative researcher with Fidelity Management and Research before joining us in 2018. Jake is involved with research and portfolio management in the Boston office.

JOHN WICKERSHAM (MBA, Saint Joseph’s; BS, La Salle), 33, joined our firm in 2013. Before joining our firm, John was an operations analyst, first at Lockwood Advisors and then at Clearbrook Global Advisors. He is involved with portfolio accounting and performance measurement.

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WILLIAM WANG (BA, Dartmouth), 24, joined AJO in 2018. He began his career at Fidelity Investments conducting quantitative research in domestic and international equities, focusing on the former. Billy is involved with research and portfolio management in the Boston office.

SUPPORT STAFF

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PUBLICITY

AJO gets a lot of press . . . especially on trading, transaction costs, and valuation. ADVANCED TRADING 2012 Quant Gold Book – Douglas D. Dixon (’12) ADVISOR PERSPECTIVES Jack Bogle on the limits of the fiduciary rule . . . (’17) Jack Bogle: The triumph of the index fund (’12) AICIO Low-volatility investing (’11) AIMR EXCHANGE Survival of the fittest firm begins with the client (’01) ASSOCIATED PRESS Better manufacturing, jobs news send stocks higher (’11) Stocks fall again as Bernanke offers no stimulus (’11) Big drop: Was it all a mistake? (’10) Stocks drop as Bernanke warns of uncertain economy (’10) BARRON’S Dow tumbles 5% in volatile week (’08) The large cost of small-caps (’06) For hedge funds, is the party over? (’05) Quantify this (’03) Something for everyone, good and bad (’00) Shifty fifty (’99) Indexers trounce active managers . . . (’99) Hedge bet (’98) By the numbers (’98) Risky business? (’98) Watery stock (’98) Changing places (’97) The market ends the week modestly up, but . . . (’97) High earnings, low inflation and middle growth . . . (’97) The larger view of small caps (’95) A future for midcap? (’91) BLOOMBERG MARKETS Inside Goldman’s hedge fund (’07) Hedge fund hotshots (’07) Empire builder (’06) BLOOMBERG WEALTH MANAGER The 10-year lesson (’05) BUSINESS 2.0 What really needs fixing in the mutual fund mess (’04) Steady stocks for a scary market (’02) BUSINESS WEEK Smart signals from insiders (’09) Hedging bets in Harrisburg (’06) What’s the best way to hang on? (’00) Dangerous liaisons (’94) A red-tag special at mercantile stores? (’94) Time for market timers to get some respect? (’94) What to do about the Dow (’93) Proof that patience is a virtue when . . . (’92) BUYSIDE Highly disciplined “quants” (’99) CBS.MARKETWATCH.COM Being Ted Aronson (’04) Laziest winning portfolio of 2003 (’04) CFA MAGAZINE Hard stance on soft dollars (’04) CHICAGO TRIBUNE Detached analysis draws a crowd (’02) DOW JONES ASSET MANAGEMENT Alarming efficiency (’99) €URO FONDSXPRESS Value ist wieder im vorteil (Value is again an advantage) FINANCIAL ADVISOR MAGAZINE Bodies in motion (’10) FINANCIAL PLANNING Value Line paradox (’05) FINANCIAL TIMES When to sell your borrowed stock . . . (’07) Leverage is key to hedge fund bubble (’04) Small company shares rise on Wall Street (’97) FINANCIAL TIMES MANDATE Aronson lays down four-pillar policy (’02) San Bernardino shake-up costs JP Morgan $470m (’02) Philadelphia stays local with Aronson (’01) FORTUNE Where do I put my money now? (’11) The incredible shrinking bull (’08) Why companies fail (’02)

FORTUNE.COM A word of caution to investors: don’t be . . . (’14) Dividend stocks: buyer beware (’12) GLOBAL INVESTMENT Cost analysis hits its mark (’03) GLOBAL INVESTOR High flyers (’06) Cleaning up the industry (’05) Awards for investment excellence 2004 (’04) GRANT’S INTEREST RATE OBSERVER Threat or blessing? (’10) Times like these (’99) INSTITUTIONAL INVESTOR Thrifty traders (’12) Equity Manager of the Year nominees (’08) Addition by subtraction (’07) Alpha bets (’02) The buy side wakes up (’02) David Leinweber’s ‘big iron’ (’99) Hedge fund? Who me? (’98) Independents’ day (’96) An investment TIP for foundations (’94) Why quants need stock pickers (’93) The other side of zero (’92) More-profitable trading (’91) INVESTMENT NEWS Fund manager warns about accounting gimmicks (’06) Softer, gentler version of hedge fund to launch (’05) High costs of small-caps hurt returns (’04) Homing in on fund fees that fly under the radar (’04) With fund fees, devil is in the details (’03) Performance fees: What are they good for? (’02) Size really does count with funds (’02) Rising hidden costs put bite on returns (’00) A twist on do-it-yourself trading . . . (’99) Tripping the light schedastic – Opinion (’98) Oh, behave! Style’s the rage (’98) MARKETWATCH.COM What hedge fund managers know about making money (’11) Grit and bear it (’09) Fund industry needs some ‘New Rules’ (’05) MONEY Why acting bearish is a dumb move (’08) How losing less can cost you more (’05) What now, Dow? (’99) False profits (’99) Confessions of a fund pro (’99) No dumping (’99) MORNINGSTAR When quant funds failed (’10) MUTUAL FUNDS Secrets of indexing (’01) Quant works (’98) NEW YORK POST Going north (’08) NEW YORK TIMES From reticence to joining the revolt (’12) Citigroup’s chief rebuffed on pay by shareholders (’12) Waiting for a new blueprint from Bank of America (’11) Buffett to invest $5 billion in shaky Bank of America (’11) The quants are reeling (’10) Dow falls 1,000, then rebounds, shaking market (’10) The ease of index funds: no ins and outs to know (’07) Fortune’s fools: Why the rich go broke (’06) Know a fund’s cost? Look deeper (’03) During 2000, the bursting bubble did not hurt all stocks (’00) A company worth more than Spain? (’99) 1968 Redux: New issues are hot, value stocks are not (’99) Bargain-hunters drive stocks back up (’98) Behind blue chips, small stocks chip away at bull market (’98) Playing with the house’s money (’98) Not alpha or omega: risk, small caps and beta (’98) A new trading system may bring a shift . . . (’98) Bull market’s glitter may be blinding investors (’97) Are big stocks really best? (’97) A small-stock edge, devoured (’95) NEWSDAY Out of the public eye (’06)

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NEWSWEEK A very private moment (’06) Beware the quiet bear (’05) An icon, ready for a takeover (’04) Want a piece of me? Got $100K? (’04) Bush’s depressing economy (’03) Don’t blame it all on Steve Case (’02) Some sparklers amid the gloom (’02) A blissful dream, a rude awakening (’01) Riding the techno bull (’99) PENSIONS & INVESTMENTS EU threat of soft-dollar ban still alive, raising questions . . . (’14) Funds look for risk protection without sacrificing returns (’13) Investors adapting portfolios to volatile environment (’13) Biggs remembered as Wall Street ‘dean’ (’12) Managers ignore business-level risk (’10) Money managers reflect on past turmoil, look ahead (’09) A giant loss for investment world (’09) JPMorgan flies to top of 130/30 asset mountain (’08) Fees in flux for 130/30 strategies (’07) 130/30 assets surge 77% (’07) Investors remember that ‘surreal’ day (’07) A season of slaughter for quant shops (’07) 130/30 strategy payday (’07) 130/30s pull in $30 billion (’07) Breaking the chains (’06) Quant shop taps Citigroup veteran to extend its reach (’06) Patience is the reward in the NYSE merger (’05) Firm challenges conventional wisdom on short interest (’04) Are bigger trades better? (’04) Some silver linings in a gloomy, overcast sky (’02) Quants discovering small-cap value is fertile . . . (’02) Building a better database, by and for investment . . . (’02) Nicholas-Applegate researchers dispute growth-value . . . (’02) Bonds in lead, but equity isn’t all bad news (’01) What the performance data explain (’01) Warning: Danger hidden in those hedges (’01) Doing away with the fractions leads to hopes . . . (’01) Market-neutral strategies are back with a vengeance (’00) Looking for liquidity? Try trading on Tuesdays (’00) Some pension plans surpass firm’s value (’00) Sneak peek at ‘99 resolutions (’98) 25 to watch (’98) Soft-dollar mandate missing (’98) Guidance on soft dollars is approved (’98) Soft-dollar trading is more expensive, new study shows (’98) Managers like soft-dollar proposals (’98) Good, bad news on soft dollars (’97) Stock brokerage gets a ‘quant’ look (’97) Market neutral did just what it should (’97) Equities bring a dilemma (’97) Stock prices in decimals now closer (’97) Soft-dollars exam given by the SEC (’96) A 2,000 year forging of risk concepts (’96) Dole portfolio prudent, diversified (’96) Large stocks not immune to big market impact costs (’95) Public funds begin to focus on trading costs (’94) Nasdaq innocent, but no angel (’94) Alternative trading exceeds goals (’94) BARRA demystifies black-box investing (’94) PHILADELPHIA BUSINESS JOURNAL Local finance exec is a hot stock picker (’01) PHILADELPHIA INQUIRER In volatile times, investors seek earnings (’09) States, towns cheer muni plan (’09) Stock market’s surge defies logic, analysts say (’08) Economists, experts skeptical of bailout (’08) Dow Chemical buys ‘jewel’ Rohm & Haas (’08) Rendell’s optimism on turnpike has skeptics (’08) Disappointing global quarter(’06) Keeping it in the family (’06) Bargain-hunting by computer (’06) Shedding its secrecy (’05) Mutual fund battle (’04) That tough job: managing money (’04) Pension’s daredevil strategy hits huge (’04) Tech-bubble anxiety (’03) Still trying to teach Wall St. (’03) Stocks rocked again; Dow falls 234 (’02) Technology and health care allow for small caps’. . . (’00) Value investing gives no short-term prizes (’99) Stock-pickers find their job is a no-brainer (’97) Hedging helps manage risk — and not just investments (’96) Did Wall Street ignore D.C.? (’95) U.S. history buffs are taking stock (’95) Dow plunges 63.33; has the party ended? (’94) The “wrap-fee” account: worth what it costs? (’93) Get used to low interest rates (’93)

PLANSPONSOR Under valued (’11) Value judgments (’09) Growth pangs (’06) Value judgments (’05) Soft-dollar brokers don’t always come cheap – maybe . . . (’99) Pension sponsors react slowly to SEC . . . (’94) SMART MONEY Value vindicated (’01) THESTREET.COM The world’s most honest money manager . . . (’03) TIME Bidding their brokers goodbye (’91) TRADERS MAGAZINE Managing the Russell recon (’05) The rise and fall of soft dollars? (’04) Principal package trading (’03) TRADING & TECHNOLOGY CooperNeff’s bid for ‘blind’ business (’00) WALL STREET & TECHNOLOGY Making connections (’04) Compensating the quants (’93) Can chaos set the market straight? (’92) From stamps to stocks (’92) WALL STREET JOURNAL Emerging markets are on a tear, but trend carefully (’17) Stock pickers’ day yet to dawn (’17) It’s time for fees to decline (’17) Why your 401(k) is not safe at home (’16) The bubble’s lesson: don’t get taken for a bath (’15) The trouble with hot stocks (’14) The decline and fall of fund managers (’14) A new world for investors (’14) Huge returns at low risk? Not so fast (’14) Stocks: Are you nervous yet? (’14) Don’t get dazzled by glittering growth (’14) Beware of ‘bargain’ stocks (’13) Stocks or bonds? The pros say . . . (’12) Safe at home? Not in a 401(k) (’11) Forget about black swans, the one floating ahead is neon (’11) A simple recipe for investors: Less can often lead to more (’10) Time to take stock of the recent market rallies (’10) Tech companies won, investors lost (’10) Wall Street’s clearance sale leaves few bargains (’09) What history tells us about the market (’08) Refining stocks still have plenty of fuel for now (’07) Outside fund managers deliver mixed results (’06) Small stocks enjoy ‘January effect’ (’06) Crash test: does a housing bust hurt more . . . (’05) What stock investors need: first, trust in firms’ numbers (’02) Risky business – As security worries intensify . . . (’01) As stocks fall, resist call of the bears (’01) Value or growth? Don’t play favorites (’01) Pros win a round, but results are nothing to brag about (’01) How Nasdaq’s mighty have fallen (’01) 41 ways to accentuate the positive (’01) Our man sticks his neck out — slightly (’01) Valuations are still reaching for the skies . . . (’01) Darts get smart, picking tech and trouncing professionals (’00) Analyst discovers order in the chaos . . . (’99) When bad things happen to big firms (’99) Market mass times velocity = momentum (’99) What’s next? Getting patents for cold calls? (’98) Bull market in stocks is trampling . . . (’98) Investors may be in tech and not know it (’97) ‘Mini’ futures may not be for everyone (’97) Manager ‘supermarket’ takes on funds (’96) Nicked at night (’96) Investors face choice of indexes to measure results (’95) Holiday season can bring payoff to careful investors (’95) Grudge match (’94) Big dividends seen as shield against carnage (’94) Per-share net gets murkier . . . (’93) Hidden costs can put the squeeze . . . (’93) When a hot fund manager’s success . . . (’92) WASHINGTON POST Taking stock of pension funds and the trouble they’re in (’15) Don’t get caught up in Googlemania (’04) Rushing back into stocks may be bad idea (’02) WELLING@WEEDEN Volatility signal? (’08) Looking for value (’02) WORTH Bonds away! (’96) Sweet and sour (’96) Advocate (’94) Green indicates article follows. All articles are available, including many not listed and those published prior to 1991, the earliest date listed.

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AJOTop Cap

Basic universe (# issues) 200Number of holdings 86Ten largest holdings 29.7%

Market capitalizationWeighted average ($b) 202.8Median ($b) 49.7

Top 50 $103.98 & Above 49.2%Next 150 28.69 -- 103.98 44.1Next 300 10.28 -- 28.69 6.7Next 500 3.56 -- 10.28 0.0Next 2000 3.56 & Below 0.0

ValueP/E (forecast) 14.7Price/Sales 1.8Price/Book 3.1Dividend yield 2.1%

ManagementSales/Share growth 10.5%Long-term growth (forecast) 12.3%

MomentumRising earnings estimates 33.5%Positive earnings surprise 82.2%Price-relative strength (return) 0.5%

Quality/Market riskDebt/Capital 56.6%Predicted beta 0.97

Sector weightsConsumer discretionary 12.4%Consumer staples 7.8Energy 6.6Financials 15.6Health care 15.0Industrials 9.2Information technology 28.2Materials 1.7Real estate 0.0Telecommunication services 2.5Utilities 1.0

P/E, Price/Sales, and Price/Book ratios are harmonic means.This information is provided to supplement the composite results presented in the accompanying Performance section.Sources: AJO, BNY Mellon Performance & Risk Analytics, and Wilshire Associates.

P O R T F O L I O C H A R A C T E R I S T I C STop Cap — March 31, 2018

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AJOLarge Cap

AJOLarge Cap

Absolute Value 500

AJOLarge Cap

1000

AJOLarge Cap

Absolute Value

Basic universe (# issues) 500 500 1,000 1,000Number of holdings 117 106 129 139Ten largest holdings 22.6% 25.4% 23.3% 23.8%

Market capitalizationWeighted average ($b) 120.2 98.9 125.8 82.7Median ($b) 26.1 25.1 12.0 9.2

Top 50 $103.98 & Above 26.3% 29.4% 26.8% 25.8%Next 150 28.69 -- 103.98 30.0 28.6 24.3 18.9Next 300 10.28 -- 28.69 34.6 33.3 19.4 19.5Next 500 3.56 -- 10.28 8.6 7.9 23.5 28.1Next 2000 3.56 & Below 0.5 0.8 6.0 7.7

ValueP/E (forecast) 13.8 12.9 13.7 13.5Price/Sales 1.3 1.2 1.3 1.2Price/Book 2.8 2.2 2.7 2.1Dividend yield 1.9% 2.2% 1.8% 2.1%

ManagementSales/Share growth 10.7% 10.7% 10.8% 9.7%Long-term growth (forecast) 12.6% 12.2% 12.6% 12.2%

MomentumRising earnings estimates 39.3% 45.4% 35.6% 39.7%Positive earnings surprise 84.8% 78.6% 83.9% 79.9%Price-relative strength (return) 1.7% -2.5% 2.9% -0.4%

Quality/Market riskDebt/Capital 56.1% 59.5% 55.7% 56.3%Predicted beta 0.98 0.99 0.99 0.98

Sector weightsConsumer discretionary 13.4% 9.5% 12.8% 7.7%Consumer staples 6.8 10.0 6.5 7.1Energy 6.6 12.6 5.8 10.3Financials 15.3 24.2 14.7 26.6Health care 14.6 11.2 13.8 14.4Industrials 10.3 10.2 11.0 8.8Information technology 24.6 7.8 25.0 10.1Materials 2.8 4.6 3.1 3.5Real estate 1.4 1.7 3.2 4.2Telecommunication services 2.0 3.6 2.3 2.4Utilities 2.2 4.6 1.8 4.9

P/E, Price/Sales, and Price/Book ratios are harmonic means.This information is provided to supplement the composite results presented in the accompanying Performance section.Sources: AJO, BNY Mellon Performance & Risk Analytics, and Wilshire Associates.

P O R T F O L I O C H A R A C T E R I S T I C SLarge Cap — March 31, 2018

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AJOMid Cap

AJOSmall Cap

AJOSmall Cap

Absolute Value

Basic universe (# issues) 800 2,000 2,500Number of holdings 143 205 206Ten largest holdings 15.1% 10.4% 11.9%

Market capitalizationWeighted average ($b) 11.3 1.4 2.6Median ($b) 6.3 0.7 1.0

Top 50 $103.98 & Above 0.0% 0.0% 0.0%Next 150 28.69 -- 103.98 8.1 0.0 0.0Next 300 10.28 -- 28.69 32.0 0.0 0.0Next 500 3.56 -- 10.28 48.3 8.2 29.1Next 2000 3.56 & Below 11.6 91.8 70.9

ValueP/E (forecast) 13.9 13.6 13.7Price/Sales 1.2 1.1 1.1Price/Book 2.3 2.0 1.9Dividend yield 1.6% 1.5% 1.9%

Management

Sales/Share growth 11.1% 8.5% 8.9%Long-term growth (forecast) 13.1% 10.4% 10.7%

MomentumRising earnings estimates 38.8% 33.5% 33.9%Positive earnings surprise 83.4% 77.4% 76.5%Price-relative strength (return) 3.8% 10.0% 2.7%

Quality/Market riskDebt/Capital 52.0% 40.8% 46.7%Predicted beta 1.04 1.02 1.03

Sector weightsConsumer discretionary 14.8% 12.9% 11.3%Consumer staples 3.8 2.0 2.7Energy 5.7 3.6 6.5Financials 14.5 17.1 24.7Health care 10.2 17.1 6.4Industrials 14.3 15.7 14.3Materials 6.1 5.0 6.2Information technology 17.6 17.1 9.3Real estate 7.3 6.3 12.9Telecommunication services 0.8 1.1 0.3Utilities 4.9 2.1 5.4

P/E, Price/Sales, and Price/Book ratios are harmonic means.This information is provided to supplement the composite results presented in the accompanying Performance section.Sources: AJO, BNY Mellon Performance & Risk Analytics, and Wilshire Associates.

P O R T F O L I O C H A R A C T E R I S T I C SMid & Small Cap — March 31, 2018

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AJO Top Cap AJO Large CapAbsolute Value 130/30 Absolute Value 130/30

long short combined long short combined

Basic universe (# issues) 350 1,000Number of holdings 113 72 185 168 113 281Ten largest holdings 27.9% 25.0% 20.3% 19.6%

Market capitalization

Weighted average ($b) 136.6 37.2 76.0 9.1Median ($b) 39.1 26.6 9.0 5.5

Top 50 $103.98 & Above 53.6% 1.2% 52.4% 28.0% 0.2% 27.8%Next 150 28.69 -- 103.98 50.6 10.9 39.7 25.4 0.6 24.8Next 300 10.28 -- 28.69 25.8 17.6 8.2 28.5 7.5 21.0Next 500 3.56 -- 10.28 0.0 0.3 -0.3 36.9 15.1 21.8Next 2000 3.56 & Below 0.0 0.0 0.0 11.2 6.6 4.6

ValueP/E (forecast) 13.8 22.6 12.4 13.4 22.9 12.3Price/Sales 1.5 3.4 1.3 1.3 2.8 1.1Price/Book 2.3 3.0 2.1 2.1 2.8 2.0Dividend yield 2.3% 2.1% 2.4% 2.0% 1.9% 2.1%

ManagementSales/Share growth 10.6% 9.1% 11.0% 10.9% 8.0% 11.7%Long-term growth (forecast) 12.2% 15.0% 11.3% 12.3% 14.0% 12.0%

MomentumRising earnings estimates 39.4% 37.1% 40.2% 39.2% 32.3% 41.3%Positive earnings surprise 76.0% 74.6% 76.4% 80.6% 64.2% 85.3%Price-relative strength (return) -2.1% -3.6% -1.6% -0.1% -1.8% 0.4%

Quality/Market riskDebt/Capital 58.5% 53.1% 60.1% 55.7% 49.5% 57.6%Predicted beta 0.96 0.86 1.00 0.99 0.96 1.01

Sector weights

Consumer discretionary 7.4% 2.3% 5.1% 11.2% 3.6% 7.6%Consumer staples 10.4 1.1 9.3 7.8 0.6 7.2Energy 15.9 3.2 12.7 11.7 1.2 10.5Financials 35.8 5.3 30.5 31.1 4.8 26.3Health care 20.8 2.8 18.0 17.2 2.7 14.5Industrials 8.8 3.1 5.7 12.0 3.2 8.8Information technology 17.6 6.2 11.4 17.3 7.2 10.1Materials 3.1 2.0 1.1 6.4 2.7 3.7Real estate 0.5 1.4 -0.9 7.3 3.5 3.8Telecommunication services 4.8 0.9 3.9 2.9 0.5 2.4Utilities 4.9 1.7 3.2 5.1 0.0 5.1

P/E, Price/Sales, and Price/Book ratios are harmonic means.This information is provided to supplement the composite results presented in the accompanying Performance section.Sources: AJO, BNY Mellon Performance & Risk Analytics, and Wilshire Associates.

P O R T F O L I O C H A R A C T E R I S T I C S130/30 — March 31, 2018

167.134.0

96.4 7.0

70

AJO Large Cap

Dynamic 115/15

long short combined

Basic universe (# issues) 850Number of holdings 154 59 213Ten largest holdings 17.7% 35.1%

Market capitalization

Weighted average ($b) 93.3 10.9Median ($b) 9.2 5.3

Top 50 $103.98 & Above 22.2% 0.0% 22.2%Next 150 28.69 -- 103.98 26.7 0.8 25.9Next 300 10.28 -- 28.69 24.5 4.2 20.3Next 500 3.56 -- 10.28 31.2 7.1 24.1Next 2000 3.56 & Below 10.4 2.9 7.5

ValueP/E (forecast) 13.4 21.2 12.9Price/Sales 1.3 2.8 1.2Price/Book 2.3 2.4 2.3Dividend yield 1.7% 2.3% 1.6%

ManagementSales/Share growth 11.7% 6.2% 12.5%Long-term growth (forecast) 13.2% 12.1% 13.3%

MomentumRising earnings estimates 40.8% 25.5% 43.1%Positive earnings surprise 83.9% 58.3% 87.8%Price-relative strength (return) 3.5% -12.3% 5.9%

Quality/Market riskDebt/Capital 54.4% 49.2% 55.2%Predicted beta 0.97 0.93 0.97

Sector weights

Consumer discretionary 18.4% 1.4% 17.0%Consumer staples 3.2 1.1 2.1Energy 6.8 0.7 6.1Financials 21.8 3.6 18.2Health care 16.2 1.9 14.3Industrials 12.3 1.6 10.7Information technology 23.2 2.0 21.2Materials 5.2 1.0 4.2Real estate 5.1 1.5 3.6Telecommunication services 2.2 0.2 2.0Utilities 0.6 0.0 0.6

P/E, Price/Sales, and Price/Book ratios are harmonic means.This information is provided to supplement the composite results presented in the accompanying Performance section.Sources: AJO, BNY Mellon Performance & Risk Analytics, and Wilshire Associates.

P O R T F O L I O C H A R A C T E R I S T I C S115/15 — March 31, 2018

106.28.2

71

AJOManagedVolatility

Basic universe (# issues) 1,000Number of holdings 162Ten largest holdings 12.9%

Market capitalizationWeighted average ($b) 62.1Median ($b) 14.1

Top 50 $103.98 & Above 16.5%Next 150 28.69 -- 103.98 27.5Next 300 10.28 -- 28.69 23.5Next 500 3.56 -- 10.28 28.8Next 2000 3.56 & Below 3.7

ValueP/E (forecast) 15.4Price/Sales 1.5Price/Book 2.8Dividend yield 2.0%

ManagementSales/Share growth 9.3%Long-term growth (forecast) 10.8%

MomentumRising earnings estimates 30.6%Positive earnings surprise 80.7%Price-relative strength (return) -0.5%

Quality/Market riskDebt/Capital 54.9%Predicted beta 0.84

Sector weightsConsumer discretionary 8.6%Consumer staples 4.9Energy 6.3Financials 8.0Health care 21.9Industrials 6.0Information technology 19.4Materials 4.4Real estate 5.7Telecommunication services 2.0Utilities 12.8

P/E, Price/Sales, and Price/Book ratios are harmonic means.This information is provided to supplement the composite results presented in the accompanying Performance section.Sources: AJO, BNY Mellon Performance & Risk Analytics, and Wilshire Associates.

P O R T F O L I O C H A R A C T E R I S T I C SManaged Volatility — March 31, 2018

72

“I’ll tell you why we were put on this planet. We were put on this planet to outperform the market!”

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