GLOBAL ADR STRATEGY STRATEGY FACTS AVERAGE ANNUAL RETURNS AS OF JUNE 30, 2017 TOP TEN HOLDINGS TOP TEN COUNTRIES REGIONAL ALLOCATION

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1 Capturing Value Worldwide STRATEGY FACTS Discipline Bottom-up/ Active Management Process Fundamental Strategy $1.5 Million Inception 10/1/2000 Portfolio Managers Thomas S. White, Jr. Douglas M. Jackman, CFA Wei Li, Ph.D., CFA Jinwen Zhang, Ph.D., CFA John Wu, Ph.D., CFA Ramkumar Venkatramani, CFA Rex Mathew, CM Asset Class Global Equity ADR Capitalization Large-to-Mid Cap Style Core/Value Benchmarks MSCI World (net) MSCI All Country World (net) Minimum Initial Investment $100,000 GLOBAL ADR STRATEGY The Thomas White Global ADR Equity Strategy is designed to benefit from opportunities for future economic growth in developed countries across the globe, as well as the world s emerging market countries. Portfolio holdings are principally in depository receipts issued by large companies located globally. The investment portfolio may also include securities issued by smaller companies. AVERAGE ANNUAL RETURNS AS OF JUNE 30, nd QTR YTD 1Yr 3Yrs 5Yrs 10Yrs Global ADR Composite (gross) 4.22% 10.75% 13.91% 1.44% 7.36% 2.13% Global ADR Composite (net) 4.00% 10.22% 12.84% 0.36% 6.25% 1.21% MSCI World (net) % 10.66% 18.20% 5.24% 11.38% 3.97% MSCI (net) % 11.48% 18.78% 4.82% 10.54% 3.71% Past performance should not be construed as a guarantee of future performance. Performance includes the reinvestment of all income. The presentations above and below are shown as additional/supplemental information only and complement the Composite Disclosure on Page 5. Performance is preliminary and subject to change. TOP TEN COUNTRIES Country Weight United States 54.1% France 7.0% Japan 6.0% United Kingdom 4.8% China 3.7% Denmark 2.6% Netherlands 2.6% Hong Kong 2.2% Germany 2.1% Mexico 1.9% Total Weight: 87.0% TOP TEN HOLDINGS Company Country GICS Sector Weight Top U.S. Holdings UnitedHealth Group U.S. Health Care 2.2% Home Depot, Inc. U.S. Cons Disc 1.9% Visa Inc. Class A U.S. Info Tech 1.8% CVS Health Corporation U.S. Cons Staples 1.8% Altria Group, Inc. U.S. Cons Staples 1.8% Top International Holdings Danske Bank A/S Denmark Financials 1.5% Alibaba Group Holding Ltd. China Info Tech 1.4% Heineken NV Sponsored ADR Netherlands Cons Staples 1.4% Airbus SE Unsponsored ADR France Industrials 1.4% Sekisui House, Ltd. Japan Cons Disc 1.4% Total Number of Holdings: 90 Top 10 Holdings Weight: 16.6% REGIONAL ALLOCATION REGIONAL ALLOCATION VS. AC WORLD INDEX CONTACT Gabriel J. McNerney, CFA Director of Fund/SMA Relationships gmcnerney@thomaswhite.com Developed Markets 87% 89% North America 55% 56% Europe & ME 23% 21% Japan 6% 8% Pacific ex Japan 3% 4% Emerging Markets 12% 11% Asia 6% 8% Latin America 4% 1% EMEA 2% 2% Cash 1% - EM Latin America Dev Europe & ME EM EMEA Pacific ex Japan North America Japan EM Asia Percent Under/Overweight (312)

2 The Thomas White Global ADR strategy is managed by the firm s seven-member Investment Committee, headed by Thomas S. White, Jr. The ethnically and culturally diverse Investment Committee averages 21 years of experience and 17 years together at the firm. SECTOR ALLOCATION Financials 18% 19% Cons Disc 16% 12% Info Tech 16% 17% Industrials 12% 11% Health Care 11% 12% Materials 9% 5% Energy 6% 6% Cons Staples 6% 9% Telecom 3% 3% Utilities 1% 3% Real Estate 1% 3% Cash 1% - SECTOR ALLOCATION VS. AC WORLD INDEX Cons Disc Materials Industrials Energy Telecom Health Care Financials Info Tech Utilities Real Estate Cons Staples Percent Under/Overweight MARKET CAP EXPOSURE PORTFOLIO Large Cap ( > $15 B) Mid Cap ($2 - $15 B) Small Cap ( < $2 B) 71% 80% 29% 20% 0% 0% Characteristics World P/E (Excluding Neg. Earnings) 19.7x 21.4x 20.4x P/E FY1 Est 16.1x 17.2x 16.6x Dividend Yield 1.9% 2.4% 2.4% Price/Book 2.4x 2.3x 2.2x 3yr Earning Growth 9.1% 8.6% 9.0% PEG Ratio 2.2x 2.5x 2.3x Wtd Avg Mkt Cap $88B $118B $114B Wtd Median Mkt Cap $37B $54B $50B No. of Holdings 90 1,656 2,501 Turnover (1 year) 48% - - Data Source: FactSet The securities mentioned herein are intended to be representative of recent holdings in Global ADR portfolios managed by Thomas White International, Ltd. The composition of each individual portfolio is unique and the securities mentioned here may not be included in all accounts. Please consult your investment advisor to discuss the details of your portfolio. This publication is not a solicitation to buy or sell securities. Past performance should not be construed as a guarantee of future performance. Information shown with regards to top ten countries and holdings, regional/sector allocations and weightings, market cap exposure and other portfolio characteristic information is based on a model portfolio managed by the firm. 1 The MSCI is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of both developed and emerging markets. The MSCI World is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets. Both indices are unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index. (312) Page 2

3 Second Quarter 2017 Commentary The Thomas White Global Equity ADR strategy produced investment returns of +4.00%, net of fees, for the quarter ended June 30, 2017, as compared to its benchmarks, the MSCI World (net) and the MSCI (net), returned +4.03% and +4.27%, respectively. Global equity prices continued to advance during the second quarter of the year, helped by the healthier economic growth outlook for major countries in Europe and other regions. While the U.S. government has so far not been successful in implementing most of the promised regulatory and tax changes, investors are still hopeful that some of these will go through next year. Consumer sentiment remained largely positive in most countries while the external trade data continued to show improvement, relative to last year. Despite the favorable economic trends, energy and commodity prices weakened on expectations of larger supplies. Central banks in Europe and Japan remain committed to quantitative easing for this year, before the expected roll back starting in We believe the collective efforts of the managers at the companies we invest in may help reduce the downside risks to the long-term value of the portfolio. Thomas S. White, Jr., Chief Investment Officer PORTFOLIO REVIEW The technology sector attracted the most investor interest during the quarter on sustained revenue and earnings growth that continued to exceed forecasts. The healthcare sector rebounded during the quarter as investor concerns about tighter regulatory controls on drug pricing have somewhat eased. Industrials sector benefited from the sustained momentum in global manufacturing activity as well as early signs of a recovery in capital investments. The energy and materials sector lagged during the review period as prices of oil and industrial commodities moderated after last year s sharp rebound. The telecom sector was hurt by falling margins as competitive pressures have intensified in major markets. Positive stock selection in the technology, healthcare, and telecom sectors benefited the portfolio s relative performance against the benchmark during the review period. Stock selection in energy, consumer discretionary, and utilities sectors detracted from returns. Higher exposure to the materials sector also negatively affected the portfolio s relative performance. At the regional level, stock selection was positive in the developed markets in Asia as well as most emerging markets. Though commodity prices have moderated this year, the portfolio remains overweight in the materials and industrials sectors relative to the benchmark. We believe that most of the recent price correction has been due to unanticipated supply gains, and it is likely that demand growth should support prices during the second half of this year as well as in It is also likely that governments in several Asian countries will increase spending on infrastructure, boosting demand for materials. TOP FIVE CONTRIBUTORS* TO PORTFOLIO PERFORMANCE DURING Q Security Average Weight % Contribution to Portfolio Return % Alibaba Group UnitedHealth Group Tencent Holdings Ltd Edwards Lifesciences Safran SA BOTTOM FIVE DETRACTORS* TO PORTFOLIO PERFORMANCE DURING Q Security Average Weight % Contribution to Portfolio Return % O Reilly Automotive Range Resources Pandora A/S Schlumberger NV Mosaic Company Asian ecommerce leader Alibaba Group Holding was the biggest contributor to portfolio returns during the quarter after the company s revenue growth guidance for this year was well above expectations. Tencent Holdings, the leading provider of online entertainment and mobile messaging services in Asia, continues to expand its revenues and earnings at a rapid pace. UnitedHealth Group advanced as the slow progress of U.S. healthcare regulatory overhaul efforts has reduced revenue growth risks. Medical * The holdings identified do not represent all of the securities purchased, sold or recommended for advisory clients. Please contact us at info@thomaswhite.com to obtain a discussion of the methodology used to calculate and construct this table and a list showing every holding s contribution to the overall representative account performance during the period. (312) Page 3

4 equipment manufacturer Edwards Lifesciences also benefited from lower risk of regulatory changes in the healthcare sector. French aerospace equipment manufacturer Safran SA gained after reducing its acquisition bid for rival Zodiac by 15%. The proposal has been approved by shareholders and would create the third largest aerospace supplier globally. Auto parts retailer O Reilly Automotive, Inc. detracted the most from portfolio returns during the quarter after forecasts for automobile demand in the coming years were reduced. The moderate correction in prices of oil and industrial commodities hurt several of the portfolio s materials and energy holdings. They included oil producer Range Resources as well as oil field services provider Schlumberger NV. Low priced jewelry manufacturer Pandora A/S declined on concerns that same store sales growth is slowing in major markets. Fertilizer manufacturer Mosaic Company declined as lower food prices could restrict demand, and also on a dividend cut announced by the company. The Eurozone has emerged as one of the brightest spots in the global economy as most of the major countries within the common currency area are now seeing healthy growth trends. The region outpaced most other developed countries, including the U.S., in aggregate output during the first three months of this year. Abbot Laboratories was purchased during the quarter as we expect pricing pressures to ease and margins to improve in the medium term. Natural gas distributer National Fuel Gas Company was sold as the relatively higher U.S. natural gas prices, compared to last year, could limit demand and restrict margin expansion. OUTLOOK While the weaker than expected initial estimate of first quarter Gross Domestic Product (GDP) growth raised concerns about the U.S. economy slowing down, more recent data trends have eased some of the fears. The growth rate for the first quarter has now been revised higher to 1.4%, and the economy is now forecast to expand more than 2% for the full year. Domestic consumer spending remains the major driver of growth, helped by the strong labor markets and moderate gains in wage growth. Low fuel prices have also supported consumer sentiment recently, while borrowing costs remain affordable despite the Federal Reserve s modest rate increases. The Eurozone has emerged as one of the brightest spots in the global economy as most of the major countries within the common currency area are now seeing healthy growth trends. The region outpaced most other developed countries, including the U.S., in aggregate output during the first three months of this year. Reduced political risks following the elections in France and the Netherlands have buoyed business sentiment, while falling unemployment and low borrowing costs continue to support consumer demand. Compared to recent years, there appears to be more political consensus about the economic policies to be pursued to strengthen the ongoing recovery. While Brexit could weaken the prospects of the U.K. over the medium to long term, the negative impact on the Eurozone is expected to be limited. The Japanese economy expanded 1% annualized during the first three months of this year, the fifth successive quarter of growth, underlining the effectiveness of the fiscal and monetary measures implemented in recent years. Though tepid wage growth has restrained consumer spending, the Japanese government s assessment of economic conditions has become more optimistic. Further gains in global demand and currency stability should help sustain earnings growth for large Japanese corporations. (312) Page 4

5 Global ADR Performance Disclosure GLOBAL ADR STRATEGY The Global ADR Composite contains fully discretionary Global ADR accounts and for comparison purposes is measured against the MSCI All-Country World (net) and the MSCI World (net). The MSCI (net) is used to represent the global exposure of the strategy in certain regions. The MSCI (net) and the MSCI World (net) indices use withholding tax ranges applicable to Luxembourg based holding companies Thomas White International, Ltd. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Thomas White International, Ltd. has been independently verified for the periods July 1, 1992 through December 31, A copy of the verification report(s) is/ are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Thomas White International, Ltd. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request. The Global ADR Composite was created October 1, Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Non-fee-paying accounts are not included in this composite. Leverage is not used in this composite. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. Foreign withholding taxes on ADR holdings may be deducted from either income or principal cash depending on the policy of the applicable custodian. Beginning January 1, 2006, gross returns are shown as supplemental information. Gross returns for wrap accounts are gross of all fees and transaction costs; gross returns for non-wrap accounts are gross of all fees, but net of transaction costs. Net returns for both wrap and non-wrap accounts are reduced by all fees and transaction costs incurred. For wrap accounts, other than brokerage commissions the fee includes investment management, portfolio monitoring, consulting services, and in some cases, custodial services. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The standard deviation is not presented for 2000 through 2010 because it is not required for periods prior to Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The investment management fee schedule for the composite is as follows: 1.00% on the first $5 million; 0.90% on the next $5 million; 0.75% on the next $15 million; 0.70% on the next $25 million; 0.60% on the next $25 million; 0.55% on the next $25 million; and 0.50% on amounts over $100 million. Actual investment advisory fees incurred by clients may vary. Year End USD Millions Total Firm (millions) % of Firm % of Wrap Accounts at Year End Pure Gross 1 1 Pure gross-of-fees returns do not reflect the deduction of any expenses, including trading costs, and are supplemental to net returns. 2 Composite dispersion is not shown for periods where there are an insufficient number of portfolios in the composite for the entire year. 3 The three-year annualized ex-post standard deviation is not required to be presented for periods prior to January 1, Net Annual Std. Deviation 2 Deviation 3 MSCI AC World (net) Deviation (index) 3 MSCI World (net) ,937 <1% 79% % 1.10% % 7.86% 11.06% 7.51% 10.92% ,130 1% 93% % -3.25% % 10.79% -0.87% 10.80% ,320 <1% 93% % -2.41% % 4.16% 10.50% 4.94% 10.23% ,277 <1% 91% % 17.65% % 22.80% 13.94% 26.68% 13.54% ,962 1% 31% % 15.56% % 16.13% 17.13% 15.83% 16.74% ,426 1% 17% % -6.00% % -7.35% 20.58% -5.54% 20.15% ,435 1% 18% % 12.25% % % ,083 1% 24% % 21.68% % % % 20% % % % % ,010 1% 21% % 8.95% % % % 10% % 22.56% % % % 0% Five or fewer 16.27% 15.42% % % % 0% Five or fewer 14.92% 14.04% % % % 0% Five or fewer 29.31% 28.32% % % % 0% Five or fewer % % % % % 0% Five or fewer % % % % % 0% Five or fewer Deviation (index) 3 (312) Thomas White International Ltd, 2017 Page 5