EMERGING MARKETS ADR STRATEGY

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1 Capturing Value Worldwide STRATEGY FACTS Discipline Process Bottom-up/ Active Management Fundamental AUM $174 Million UMA $ 38 Million Strategy $212 Million Inception 3/31/2011 Portfolio Management Team Thomas S. White, Jr. Jinwen Zhang, Ph.D., CFA Douglas M. Jackman, CFA Wei Li, Ph.D., CFA John Wu, Ph.D., CFA Ramkumar Venkatramani, CFA Rex Mathew, CFA, CMA Asset Class Emerging Markets Capitalization Mid-to-Large Cap Style Core/Value Benchmark MSCI Emerging Markets (net) Minimum Initial Investment $100,000 EMERGING MARKETS ADR STRATEGY The Thomas White Emerging Markets ADR Strategy is designed to benefit from opportunities for future economic growth in the world s emerging market countries. Portfolio holdings are principally in securities issued by mid and large emerging market companies across the globe, or whose businesses are closely associated with developing countries. Up to 20% of the investment portfolio may include securities issued by developed market companies, as well as less developed countries, such as frontier markets. AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2018 TOP TEN COUNTRIES Country Weight China 34.5% Brazil 11.2% India 7.4% Russia 6.4% Korea 5.9% Taiwan 5.5% South Africa 5.2% Turkey 3.8% Mexico 3.7% Indonesia 3.4% Total Weight: 87.0% 1 ST QTR YTD 1Yr 3Yrs 5Yrs Since Inception EM ADR Composite (gross) 2.49% 2.49% 27.61% 8.11% 5.15% 4.16% EM ADR Composite (net) 2.23% 2.23% 26.12% 6.97% 3.99% 3.09% MSCI Emerging Markets Index (net) % 1.42% 24.93% 8.81% 4.99% 2.47% 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 complements the Composite Disclosure on Page 5. Performance is preliminary and subject to change. TOP TEN HOLDINGS Company Country GICS Sector Weight Taiwan Semiconductor ADR Taiwan Info Tech 5.5% Tencent Holdings ADR China Info Tech 5.4% Alibaba Group Holding ADR China Info Tech 5.3% Ping An Insurance ADR China Financials 5.1% PT Bank Rakyat Indonesia ADR Indonesia Financials 3.4% Naspers Limited ADR South Africa Cons Disc 3.2% Techtronic Industries ADR Hong Kong Cons Disc 3.0% China Construction Bank ADR China Financials 2.9% China Petro & Chem ADR China Energy 2.7% Lukoil PJSC ADR Russia Energy 2.6% Total Number of Holdings: 48 Top 10 Holdings Weight: 39.1% REGIONAL ALLOCATION EM Asia 58% 73% EM Latin America 18% 12% EM EMEA 16% 15% Dev Markets 6% - Cash 2% - REGIONAL ALLOCATION VS. EM INDEX EM Latin America Dev Markets EM EMEA CONTACT Gabriel J. McNerney, CFA Director of Fund/SMA Relationships gmcnerney@thomaswhite.com EM Asia Percent Under/Overweight (312)

2 The Thomas White Emerging Markets 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 22 years of experience and 18 years together at the firm. SECTOR ALLOCATION Financials 33% 24% Info Tech 26% 27% Cons Disc 10% 10% Energy 10% 7% Materials 9% 8% Industrials 4% 5% Telecom 4% 5% Cons Staples 1% 6% Utilities 1% 2% Health Care - 3% Real Estate - 3% Cash 2% - SECTOR ALLOCATION VS. EM INDEX Financials Energy Materials Cons Disc Utilities Industrials Telecom Info Tech Health Care Real Estate Cons Staples Percent Under/Overweight 10 MARKET CAP EXPOSURE PORTFOLIO Large Cap ( > $15 B) Mid Cap ($2 - $15 B) Small Cap ( < $2 B) 73% 65% 25% 34% 2% 1% Characteristics P/E (Excluding Neg. Earnings) 15.2x 14.7x P/E FY1 Est 12.8x 12.5x Dividend Yield 1.9% 2.3% Price/Book 1.9x 1.8x 3yr Earnings Growth 20.1% 15.6% PEG Ratio 0.8x 0.9x Wtd Avg Mkt Cap $108B $102B Wtd Median Mkt Cap $32B $26B No of Holdings Turnover (1 year) 28% - Data Source: FactSet The securities mentioned herein are intended to be representative of recent holdings in Emerging Markets 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 the model portfolio managed by the firm. 1 The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The index is unmanaged and returns assume the reinvestment of dividends. It is not possible to invest directly in an index. (312) Page 2

3 First Quarter 2018 Commentary The Thomas White Emerging Markets ADR strategy returned +2.23%, net of fees, for the first quarter of 2018 compared to the MSCI Emerging Markets Index (net), which returned +1.42% during the same period. For the trailing one-year, the strategy returned %, net of fees, against % for the benchmark. Despite the heightened volatility, emerging market equities outperformed the developed markets and ended the first three months of the year with moderate gains. Most of the positive returns came at the beginning of the quarter when investors were encouraged by the stronger economic growth trends and earnings outlook. As analysts started reassessing the probability of faster rate increases by the U.S. Federal Reserve, equity prices came under pressure. The increased likelihood of trade frictions between the U.S. and other large countries also made investors cautious in March. Nevertheless, reported earnings for the last quarter of 2017 were healthy. Energy and most commodity prices remained elevated, reflecting a healthy demand outlook. 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 Positive stock selection in the majority of sectors helped the portfolio outperform its benchmark during the review period. The selection effect was the most positive in the energy, telecom, consumer discretionary and technology sectors. On the negative side, the portfolio had weak selection in the financials, healthcare and utilities sectors. Selection effect was positive across most major Asian markets except Korea where investor sentiment remains cautious due to geopolitical uncertainties. Portfolio holdings in South Africa detracted from performance as the country is going through a political transition, after a series of corruption scandals involving the government leadership. The portfolio s higher exposure to energy, relative to the benchmark, helped during the quarter. However, the gains were largely offset by the negative allocation effect from the relative overweight in the industrials sector. The portfolio retains its higher exposure to cyclical sectors such as energy, materials and industrials. We believe the economic growth cycle in emerging countries is well behind the developed markets, especially the U.S. Several of these economies, Brazil, Russia and South Africa in particular, are recovering from recent declines and have more room to accelerate. Governments in emerging countries are also likely to spend more, when compared to the developed economies, as their tax revenues are boosted by higher energy and commodity prices. Borrowing costs remain affordable and should encourage large businesses in these countries to increase capital investments. Improved cash flows should also lead to higher future shareholder payouts, including dividends and share buybacks. As the recently announced merger of two of the largest paper pulp manufacturers in Brazil shows, the appetite for mergers and acquisitions could also be on the rise in emerging countries. Taiwan Semiconductor Manufacturing, the leading manufacturer of chipsets used in cellular phones and other devices, contributed the most to portfolio returns during the quarter on expectations of sustained demand growth and higher earnings. Momo, which provides online video streaming services in China, gained as the industry continues to see strong growth in user base. Brazilian lender Itau Unibanco Holdings advanced on expectations of political stability and a business-friendly government in the country after elections scheduled for later this year. Higher crude oil prices helped the portfolio s energy holdings during the review period, including Russian oil producer Lukoil and China Petroleum and Chemical. Tata Motors declined detracted the most from portfolio returns for the period on concerns about persistent product discounts in its Jaguar and Land Rover division, across major markets, as competition intensifies in the luxury car segment. Nevertheless, the expanding JLR product range and the launch of electric as well as hybrid vehicles should help Tata Motors achieve higher volume growth in the coming quarters. Naspers, a South African investment holding company, declined after its decision to sell part of its investment in Chinese internet company Tencent. Naspers is selling only a small part of its holdings in Tencent to finance other investments while also looking to monetize some of its mature investments. Hong Kong-based Techtronic Industries declined after a strong advance in the fourth quarter. Investors sense the company may be hurt if new tariffs increase the cost of its China-based production. NetEase, which provides online content, entertainment and other services in China, corrected on concerns about the sustainability of high revenue growth rates. The leading Turkish industrial conglomerate Koc Holdings corrected during the review period, despite reporting a more than 40% increase in net income for the most recent quarter, on higher political risks and currency weakness that followed the downgrade of Turkey s sovereign credit rating. Additions to the portfolio during the quarter included Brazilian iron ore miner Vale SA which is likely to see strong cash flows that would help reduce debt levels and increase shareholder payouts. Technology outsourcing company Cognizant Technology Solutions was purchased as the outlook for business spending on technology services has improved. Sugar and agriproduct company Adecoagro SA was sold as the weak sugar prices could hurt earnings in the near term. Latin (312) Page 3

4 American electric utility Enel Chile was sold as a proposed acquisition could distract from operational improvements and potentially weaken margins. The International Monetary Fund estimates that growth in the emerging and developing economies will average close to 5% over the next two years. While the incremental growth is likely to come from resource exporting countries such as Brazil that are recovering from deep recessions, Asia is expected to remain the primary engine of growth. The Chinese government has set a target of 6.5% annual growth for the next few years, and current trends indicate that this is likely to be achieved. TOP FIVE CONTRIBUTORS* TO PORTFOLIO PERFORMANCE DURING Q Security Average Weight % Contribution to Return % Taiwan Semiconductor Momo Inc China Petroleum & Chemical Itau Unibanco Holding S.A Lukoil PJSC BOTTOM FIVE DETRACTORS* TO PORTFOLIO PERFORMANCE DURING Q Security Average Weight % Contribution to Return % Tata Motors Limited Naspers Limited Techtronic Industries Co NetEase, Inc Koc Holding A.S Outlook Compared to 2017, the emerging economies are expected to see faster growth this year as well as in 2019, even as the pace of expansion in the developed economies is likely to remain relatively unchanged. The International Monetary Fund estimates that growth in the emerging and developing economies will average close to 5% over the next two years. While the incremental growth is likely to come from resource exporting countries such as Brazil that are recovering from deep recessions, Asia is expected to remain the primary engine of growth. The Chinese government has set a target of 6.5% annual growth for the next few years, and current trends indicate that this is likely to be achieved. After absorbing the negative effects of disruptive structural and tax regime changes, India s economy is likely to accelerate. Similarly, the South East Asian economies are also seeing healthy growth trends and the region should be able to sustain growth exceeding 5% annually in the near term. While their economic outlook remains bright, investors have recently become apprehensive about capital outflows from emerging markets if central banks in the developed countries tighten their monetary policy. If the feared tightening is quicker than anticipated, it could trigger a rush to exit and cause currency volatility. However, when compared to similar recent episodes of market weakness, the emerging countries appear to be in much better financial health. On average, their fiscal and current account balances are narrower and their currencies are relatively more stable. Though aggregate debt levels in emerging countries have increased since the 2008 financial crisis, a substantially higher share of newly issued debt is financed locally. This helps limit the risk of a systemic credit crisis caused by currency weakness or external shocks. Corporate delinquencies in emerging markets have declined remarkably over the last decade, which reflects improved earnings and more prudent use of capital. Finally, inflation risks remain benign in most major emerging countries and provide central banks more policy flexibility to deal with unexpected market volatility or economic weakness. * 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 measurement period. (312) Page 4

5 Emerging Markets ADR Equity Performance Disclosure The Emerging Markets ADR Composite contains fully discretionary Emerging Markets ADR accounts and for comparison purposes is measured against the MSCI Emerging Markets (net) Index. The MSCI Emerging Markets (net) Index uses 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, 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. The Emerging Markets ADR Composite has been examined for the periods April 1, 2011 through December 31, The verification and performance examination reports are available upon request. 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 Emerging Markets ADR Composite was created April 1, Results are based on fully discretionary accounts under management. 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, 2013, 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 account, 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. 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. This presentation was updated May 14, 2018 to correctly state the percentage of wrap account assets for 2016 and 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, Returns shown above for the year 2011 represent period-to-date returns beginning April 1, 2011 and ending December 31, Net Annual Std. Deviation 2 3-Year Std. Deviation 3 MSCI Emerging Markets (net) 3-Year Std. Deviation (Index) ,592 8% 100% % 33.60% % 37.28% 15.35% ,937 3% 100% % 3.00% % 11.19% 16.07% ,130 2% 99% % % % % 14.05% ,320 1% 99% % -0.06% % -2.19% 15.00% ,277 <1% 97% % 0.19% % ,962 <1% 0% Five or fewer 20.21% 19.04% % ,426 <1% 0% Five or fewer % % % 4 - (312) Thomas White International Ltd, 2018 Page 5