Demand for Depositary Receipts AN ANALYSIS OF INSTITUTIONAL INVESTORS

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1 Demand for Depositary Receipts AN ANALYSIS OF INSTITUTIONAL INVESTORS MID YEAR 2018

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3 Table of Contents 1 Executive Summary DR Investors Top 25 Tier 1 DR Investors Top 25 Tier 1 DR Investors: Underlying Funds Containing DRs DRs in Separately Managed Accounts (SMAs) Select DR Investment Fact Sheets BNY Mellon DR Value-Added Solutions The BNY Mellon DR Team... 52

4 SECTION 1: Executive Summary DR MARKET LIQUIDITY 2 Asia-Pacific Africa Western Europe Eastern Europe Latin America Middle East DEMAND FOR DEPOSITARY RECEIPTS Equity investors today are increasingly pursuing global portfolio diversification as evidenced by the year-over-year 19% increase in AUM benchmarked to the MSCI ACWI Index series, standing at $3.7 trillion as of December 31, Depositary Receipts (DRs) are a well understood financial instrument that can facilitate international equity trading, with over 74 billion DR shares traded in the first half of 2018, valued at more than $2 trillion. 2 DR Volume Traded (bn) (as of June 30, 2018) < The growth of the DR universe over the years has given investors access to a broad range of companies across multiple sectors and geographies with the convenience of DRs. DRs help investors wanting to diversify globally overcome a number of challenges faced when investing outside their home markets, such as settlement, currency conversion, unfamiliar market practices, and investment policies that may not allow them to invest otherwise. Demand for DRs increased in absolute terms in the first half of In the first half of 2017, 4,970 institutions held over $863 billion in DRs; during the first half of 2018 that number grew to 5,363 institutions holding over $1.1 trillion in DRs, a 27.76% increase year-over-year. 3 DR MARKET OVERVIEW In the first half of 2018, DR Issuers raised $8 billion of equity capital. During that time, 48 new sponsored DR programs were established, as issuers continued to tap into the U.S. Markets with NYSE and Nasdaq listed programs. 2 DR Value Traded (bn) (Value Traded = Volume Traded x DR Price at Time of Trade) (as of June 30, 2018) DR PROGRAMS 2 3,122 Total DR Programs CAPITAL RAISINGS THROUGH DRS 2 $8bn Total Capital Raised through DRs $56 $36 $2 48 New DR Programs Established $5.4bn Initial Public Offerings $2.6bn Follow-on Offerings $264 $584 $2,177 $1,235 TOP VENUES BY DR VOLUME TRADED (bn) 2 (as of June 30, 2018) LSE 3 OTC 5 TOP DR PROGRAMS BY VALUE TRADED 2 (as of June 30, 2018) DR Value DR Program Traded (bn) Alibaba $927 Baidu $194 Nasdaq 12 JD.com $159 NetEase $105 Teva Pharmaceuticals $92 Royal Dutch Shell $90 Vale $86 NYSE 54 Petrobras $80 Taiwan Semiconductor $70 CTrip.com $62 1

5 SECTION 2: DR Investors Examining DR investors by investor tier, large, midsize and small investment fund managers alike use DRs as a cross-border equity investment instrument. While Tier 1 investors held the most of any tier (67.27%), Tier 3 investors held the highest concentration of their International Equity AUM in DR form (9.66%). 3 THE DR INVESTOR UNIVERSE 3 Investor Tiers Tier 1 (>$25bn ) Tier 2 ($10-$25bn ) Tier 3 (<$10bn ) Total (bn) Total Int l (bn) Total (bn) % of Total DR AUM % of Int l Inst. DR Holders $27,106 $9,750 $ % 7.61% 216 $4,104 $1,963 $ % 7.18% 260 $5,118 $2,266 $ % 9.66% 4,887 Total $36,328 $13,980 $1, % 7.89% 5,363 YEAR-OVER-YEAR GROWTH IN DR HOLDINGS 3 reached $1.1 trillion in the first half of 2018, an increase of 27.76% since the first half of Globally and regionally, is increasing. North American investors held the most DRs exceeding $775 billion during that same time, a 24.43% year-over-year increase and representing 70% of global DR holdings. Region 1H 2017 DR AUM 1H 2018 DR AUM % of Total YoY Change Global $863,824 $1,103, % 27.76% North America $623,550 $775,906 70% 24.43% Europe $180,570 $238,048 22% 31.83% Asia $45,890 $70,288 6% 53.17% Pacific $5,831 $8,519 1% 46.10% Central America/Caribbean $2,983 $3,656 <1% 22.53% Africa $3,031 $3,300 <1% 8.85% South America $816 $2,147 <1% % Middle East $1,151 $1,782 <1% 54.82% When we examine the year-over-year growth across all equity assets, we note that the growth in tracks closely to the growth in International with a differential of only 3.31%. Far more telling is that the growth in (27.76%) and International (31.07%) exceeded the growth in total (18.21%). 3 DR Securities Held (YoY Change) (YoY Change) Int. (YoY Change) (YoY Change) Tier % 28.35% 31.57% 18.87% Tier % 20.19% 27.32% 14.88% Tier % 31.08% 32.03% 17.48% Total 8.61% 27.76% 31.07% 18.21% 2

6 SECTION 3: Top 25 Tier 1 DR Investors 3 The Top 25 Tier 1 DR Investors are some of the largest equity investors globally. Here we examine the percentage of international that is held in DR form and year-over-year growth of equity and DR holdings. Rank Institution Name as a % of Int l Int l Change YoY Change YoY Metro Region 1 Capital World Investors (U.S.) $33, % $303,893 $699, % 19.10% Los Angeles CA 2 Fisher Investments $27, % $42,887 $81, % 24.35% San Francisco CA 3 Fidelity Management & Research Company $25, % $212,253 $923, % 9.34% Boston MA 4 Baillie Gifford & Company, LTD $25, % $101,602 $154, % 35.35% Edinburgh UK 5 BlackRock Fund Advisors $25, % $536,709 $2,000, % 23.55% San Francisco CA 6 The Vanguard Group, Inc. $23, % $758,487 $2,920, % 21.37% Philadelphia PA 7 T. Rowe Price Associates, Inc. $21, % $108,307 $686, % 18.64% Baltimore MD 8 Wellington Management Company, LLP $19, % $115,325 $500, % 8.43% Boston MA 9 Capital Research Global Investors (U.S.) $18, % $168,620 $482, % 13.03% Los Angeles CA 10 Dodge & Cox $16, % $82,859 $182, % 7.67% San Francisco CA 11 State Street Global Advisors (SSgA) $16, % $122,738 $1,254, % 6.02% Boston MA 12 Dimensional Fund Advisors, L.P. (U.S.) $13, % $206,703 $424, % 19.74% Austin TX 13 Harding Loevner, L.P. $13, % $35,393 $41, % 41.17% New York NY 14 Parametric Portfolio Associates, LLC $12, % $23,717 $109, % 49.89% Seattle WA 15 BlackRock Investment Management (U.K.), LTD $12, % $175,355 $399, % 23.94% London UK 16 Managed Account Advisors, LLC $11, % $18,435 $223, % 40.51% New York NY 17 OppenheimerFunds, Inc $11, % $108,700 $168, % 13.63% New York NY 18 Lazard Asset Management, LLC (U.S.) $11, % $58,970 $98, % 14.64% New York NY 19 Primecap Management Company $10, % $22,031 $135, % 19.70% Los Angeles CA 20 Northern Trust Investments, Inc. $9, % $44,995 $368, % 12.57% Chicago IL 21 Temasek Holdings Pte., LTD $8, % $118,837 $128, % % Singapore SGP 22 Schroder Investment Management, LTD $8, % $103,199 $131, % 28.48% London UK 23 Renaissance Technologies, LLC $7, % $15,516 $91, % 19.10% New York NY 24 BlackRock Advisors, LLC $7, % $66,618 $282, % 7.77% New York NY 25 Aberdeen Asset Managers, LTD (U.K.) $7, % $78,574 $96, % 9.74% Edinburgh UK 3

7 SECTION 4: Top 25 Tier 1 DR Investors: Underlying Funds Containing DRs 3 Next we will look at the publicly reported funds of the Top 25 Tier 1 DR Investors to better understand each fund s dominant style and orientation. Aberdeen Asset Managers, LTD (U.K.) Style Aberdeen Emerging Markets Fund GARP Active $859 $7,956 Aberdeen Global - Latin American Equity Fund Growth Active $537 $2,750 Aberdeen Global - Emerging Markets Equity Fund GARP Active $455 $4,014 Murray International Trust Plc Yield Active $267 $1,828 Scottish Widows Tracker and Specialist Investment Funds ICVC - Emerging Markets Index Passive $257 $1,719 SWIP Tracker & Specialist ICVC - Emerging Markets Fund Index Passive $225 $1,735 Aberdeen Investment Funds ICVC - Aberdeen Emerging Markets Equity Fund Value Active $209 $1,946 Scottish Widows Investment Solutions Funds ICVC - Fundamental Index Emerging Markets Equity Fund Index Passive $150 $1,399 Scottish Widows Multi-Manager International Equity Fund Value Active $137 $3,688 Multi-Manager ICVC- Multi-Manager International Equity Fund Value Active $129 $3,321 Danske Invest Engros Emerging Markets Value Active $112 $1,092 Aberdeen Emerging Opportunities Fund Yield Active $102 $748 Aberdeen Global - Emerging Markets Smaller Companies Fund Yield Active $72 $904 Aberdeen Investment Funds ICVC - Aberdeen Latin American Equity Fund Aggressive Growth Active $68 $272 Aberdeen Advantage Emerging Opportunities Fund - - $67 $208 Aberdeen International Equity Fund GARP Active $55 $525 Aberdeen Life World Equity Fund GARP Active $53 $785 Desjardins Emerging Markets Fund Value Active $52 $499 Desjardins Global Equity Value Fund Yield Active $50 $479 Scottish Widows European Growth Fund Growth Active $48 $1,390 Danske Invest SICAV - Global Emerging Markets Value Active $44 $399 Desjardins Overseas Equity Value Fund Deep Value Active $41 $582 Aberdeen Actively Hedged International Equities Fund GARP Active $40 $476 Aberdeen Canada - Global Equity Fund GARP Active $38 $386 Scottish Widows Investment Solutions Funds ICVC - Fundamental Index Global Equity Fund Index Passive $37 $4,222 Aberdeen Global Fund - World Equity Fund Yield Active $35 $594 St. James s Place Ethical Unit Trust Yield Active $34 $328 Scottish Widows European Select Growth Fund Growth Active $29 $332 Aberdeen Investment Funds ICVC - Aberdeen World Equity Fund Value Active $29 $478 Scottish Widows UK and Income Investment Funds ICVC - UK Equity Income Fund Yield Active $28 $794 Aberdeen Global Emerging Markets Quantitative Equity Fund Yield Active $27 $224 Danske Invest Nye Markeder GARP Active $27 $259 Aberdeen Life Global (ex UK) Equity Fund Deep Value Active $23 $208 Windsor Life Managed Pension Value Active $23 $7,715 HBOS International Investment Funds ICVC - Far Eastern Value Active $21 $321 Aberdeen Investment Funds ICVC - Aberdeen World Equity Income Fund Yield Active $21 $117 4

8 Aberdeen Asset Managers, LTD (U.K.) Style Danske Invest Nye Markeder - Akkumulerende GARP Active $20 $212 Aberdeen Global - SRI Emerging Markets Equity Fund Specialty Active $20 $90 Aberdeen Investment Funds ICVC - Aberdeen Ethical World Equity Fund Yield Active $19 $196 Scottish Widows Overseas Growth Investment Funds ICVC - European Growth Fund Value Active $18 $1,274 Aberdeen Global World Resources Equity Fund GARP Active $18 $113 Aberdeen Global Technology Equity Fund Growth Active $18 $180 Aberdeen Select International Equity Fund Value Active $16 $191 Aberdeen Asia Pacific Equity Enhanced Index Fund Index Passive $16 $236 RL360 Services Continental European Equity EUR - SR Specialty Active $15 $893 Aberdeen Capital Trust Growth Active $14 $1,346 Aberdeen Global Emerging Markets Infrastructure Equity Fund Growth Active $13 $202 Halifax Ethical Fund Aggressive Growth Active $13 $239 Aberdeen Global - Frontier Markets Equity Growth Active $11 $111 Halifax European Fund Value Active $11 $560 Aberdeen Investment Funds ICVC - Aberdeen European Equity Fund Yield Active $11 $265 Aberdeen International Equity Fund Value Active $11 $93 Scottish Widows Pacific Growth Fund Growth Active $11 $161 Scottish Widows UK and Income Investment Funds ICVC - High Reserve Fund - - $11 $316 Thrivent Series Fund-Partner Emerging Markets Equity Portfolio Growth Active $9 $98 LF Greenmount Fund Yield Active $9 $88 Danske Invest SICAV - Global Emerging Markets Small Cap Yield Active $8 $97 Aberdeen Global - European Equity Fund Value Active $8 $194 Danske Invest Latin America Fund (FI) GARP Active $7 $45 Aberdeen Global - Eastern European Equity Fund GARP Active $7 $38 Aberdeen Select International Equity Fund II Value Active $7 $79 RL360 Services Pacific Basin Equity USD - SR Deep Value Active $6 $99 CMI Pacific Basin Enhanced Equity Value Active $6 $99 Scottish Widows Investment Solutions Funds ICVC- European (ex UK) Equity Fund Growth Active $6 $2,035 Aberdeen Investment Funds ICVC - Aberdeen Eastern European Equity Fund Value Active $5 $26 Scottish Widows Overseas Growth Investment Funds ICVC - European Select Growth Fund Growth Active $5 $277 Aberdeen Islamic Global Equity Deep Value Active $5 $145 Danske Invest Latinamerika GARP Active $5 $21 Aberdeen Emerging Markets Equity Income Fund, Inc. Value Active $5 $92 First Trust Aberdeen Emerging Opportunity Fund Yield Active $5 $43 Danske Invest Nye Markeder Small Cap GARP Active $4 $64 Aberdeen Global Equity Fund Value Active $4 $39 Aberdeen Global - European Equity (ex-uk) Fund Yield Active $4 $102 Aberdeen Global Russian Equity GARP Active $4 $19 Aberdeen European Equity Enhanced Index Fund Index Passive $4 $215 Aberdeen Global - European Equity Dividend Fund Yield Active $3 $62 Lloyds Investment Funds Ltd. - International Fund GARP Active $3 $28 Aberdeen (Swiss) Funds European Opportunities Equity Fund Value Active $3 $64 5

9 Aberdeen Asset Managers, LTD (U.K.) Style Aberdeen Islamic World Equity Fund Specialty Active $3 $43 Universe CMI Global Network - CMI Global Mixed Fund Value Active $3 $46 RL360 Services Global Mixed GBP - OR GARP Active $3 $45 Aberdeen Select Portfolio - Aberdeen Global Technology Fund Growth Active $2 $34 Scottish Widows Overseas Growth Investment Funds ICVC - Global Growth Fund Value Active $2 $1,129 Windsor Life Managed Life Value Active $2 $860 Aberdeen (Swiss) Funds Global Opportunities Equity Fund Value Active $2 $29 Aberdeen Financial Equity Fund Specialty Active $2 $67 Scottish Widows Investment Solutions Funds ICVC - Asia Pacific (ex Japan) Equity Fund Deep Value Active $2 $462 Aberdeen Global - Asia Pacific Multi Asset Fund - - $2 $41 Multi-Manager ICVC- Multi-Manager UK Equity Focus Fund Value Active $2 $1,577 Aberdeen Investment Funds ICVC - Aberdeen Multi-Asset Fund Value Active $2 $127 Aberdeen International Small Cap Fund Growth Active $2 $81 Scottish Widows Latin American Fund Index Passive $2 $11 Scottish Widows Investment Partnership MM UK Equity Focus Value Active $1 $1,517 Universe CMI Global Network - CMI Global Equity Fund Growth Active $1 $22 Scottish Widows Global Select Growth Fund GARP Active $1 $18 Lloyds Investment Funds Limited Europ Fund GARP Active $1 $20 Aberdeen Charity Select Global ex-uk Equity Deep Value Active $1 $8 Aberdeen Global - Responsible World Equity Fund Yield Active $1 $9 Aberdeen Global - World Smaller Companies Fund Growth Active $1 $36 Aberdeen Global - Brazil Equity Fund Growth Active <$1 $19 Old Mutual Aberdeen Asia Pacific Fund Value Active <$1 $197 Investeringsforeningen Danske Invest - Nye Markeder Small Cap - Akkumulerende Kl Growth Active <$1 $5 Scottish Widows American Growth Fund Growth Active <$1 $820 Windsor Life International Growth Life Growth Active <$1 $61 RL360 Services Euro Index Tracker EUR - SR Index Passive <$1 $6 Windsor NM Global Equity Tracker Pension Index Passive <$1 $51 Windsor NM European Equity Tracker Pension Index Passive <$1 $7 Windsor Life European Growth Life Growth Active <$1 $7 Windsor NM European Equity Select Pension Growth Active <$1 $5 Windsor NM Stockmarket Managed Pension Value Active <$1 $24 Windsor Life Specific situations Growth Pension Growth Active <$1 $24 Aberdeen Northern American Equity Enhanced Index Fund Index Passive <$1 $219 Windsor Life Specific situations Growth Life Growth Active <$1 $7 Windsor NM Global Equity Select Pension Growth Active <$1 $1 6

10 Baillie Gifford & Company, LTD Style Scottish Mortgage Investment Trust Plc Growth Active $1,318 $8,200 Baillie Gifford Uk & Balanced Funds ICVC - Baillie Gifford Global Alpha Growth Fund Growth Active $729 $6,309 Baillie Gifford Investment Funds ICVC - Baillie Gifford Long Term Global Growth Investment Fund Growth Active $724 $4,186 Baillie Gifford Funds - The Emerging Markets Fund Specialty Active $408 $1,764 Baillie Gifford Funds - The EAFE Fund Growth Active $354 $2,849 Baillie Gifford Overseas Growth Funds ICVC - Baillie Gifford Emerging Markets Growth Fund Growth Active $226 $968 Florida State Board of Administration - Baillie Gifford & Company Growth Active $194 $1,752 Ohio Public Employees Retirement System - Baillie Gifford & Company Growth Active $191 $560 Baillie Gifford Funds - The International Equity Fund Growth Active $175 $2,065 California Public Employees Retirement System - Baillie Gifford & Company Growth Active $169 $2,180 Monks Investment Trust Plc Growth Active $164 $2,388 Baillie Gifford Overseas Growth Funds ICVC - Baillie Gifford Emerging Markets Leading Companies Fund GARP Active $151 $691 Baillie Gifford Worldwide Funds PLC - Baillie Gifford Worldwide Global Alpha Fund Growth Active $143 $1,087 Baillie Gifford Uk & Balanced Funds ICVC - Baillie Gifford International Fund Value Active $137 $1,155 Brighthouse Funds Trust II - Baillie Gifford International Stock Portfolio Value Active $134 $1,747 Scotia Global Growth Fund Growth Active $132 $840 Baillie Gifford Funds - The Global Alpha Equity Fund Growth Active $130 $1,060 Baillie Gifford UK & Balanced Fund - Managed Fund Growth Active $122 $3,273 Baillie Gifford Overseas Growth Fund-Long Term Global Growth Aggressive Growth Active $101 $782 Desjardins Overseas Equity Growth Aggressive Growth Active $76 $629 Baillie Gifford Overseas Growth Fund-Pacific Fund Aggressive Growth Active $71 $533 Harbor International Growth Fund Growth Active $69 $554 Baillie Gifford Worldwide Global Alpha Choice Fund GARP Active $68 $513 Baillie Gifford International Choice Fund GARP Active $66 $525 Desjardins Financiall Baillie Gifford International Equity Aggressive Growth Active $62 $344 Alaska Retirement Management Board - Baillie Gifford & Company, LTD Growth Active $61 $476 Oklahoma Public Employees Retirement System - Baillie Gifford & Company, LTD Growth Active $43 $310 Pacific Horizon Investment Trust Plc Growth Active $41 $281 Baillie Gifford Overseas Growth Funds ICVC - Baillie Gifford Greater China Fund Growth Active $40 $182 Baillie Gifford Funds - The Long Term Global Growth Equity Fund Growth Active $36 $193 San Mateo County Employees' Retirement Association - Baillie Gifford & Company Growth Active $35 $240 Baillie Gifford Worldwide Funds PLC - Long Term Global Growth Fund Growth Active $31 $178 Baillie Gifford Investment Funds ICVC - Baillie Gifford Diversified Growth Fund Growth Active $25 $2,149 Baillie Gifford Worldwide Emerging Markets Leading Companies Fund GARP Active $25 $115 Baillie Gifford Funds - The EAFE Choice Fund Value Active $24 $290 Baillie Gifford Overseas Growth Funds ICVC - Baillie Gifford Global Discovery Fund Aggressive Growth Active $20 $478 Baillie Gifford Investment Funds II ICVC - Baillie Gifford Global Select Fund Aggressive Growth Active $19 $330 Baillie Gifford Uk & Balanced Funds ICVC - Baillie Gifford Global Income Growth Fund Value Active $18 $692 Laborers & Retirement Board Employees Annuity & Benefit Fund of Chicago - Baillie Gifford & Company Growth Active $17 $91 Edinburgh Worldwide Investment Trust plc Aggressive Growth Active $16 $552 SAINTS Scottish American Investment Company Plc Yield Active $14 $643 Scotiabank Global Growth Fund Growth Active $9 $49 7

11 Baillie Gifford & Company, LTD Style RBC Regent Strategy Fund Ltd. - UK Equity Class Growth Active <$1 $36 Baillie Gifford Worldwide Funds PLC - Baillie Gifford Worldwide Diversified Return Yen Fund Deep Value Active <$1 $42 Baillie Gifford Worldwide Funds PLC - Baillie Gifford Worldwide Diversified Return US Dollar Fund - - <$1 $42 Baillie Gifford Funds - The Global Select Equity Fund - - <$1 $3 Baillie Gifford Worldwide Funds PLC - Baillie Gifford Worldwide Discovery Fund - - <$1 $9 Baillie Gifford Funds - The International Concentrated Growth Fund Growth Active <$1 $1 Baillie Gifford Funds - The Positive Change Equity Fund - - <$1 $1 BlackRock Advisors, LLC Style BlackRock Equity Dividend Fund Yield Active $1,116 $19,565 BlackRock Global Funds - Latin American Fund GARP Active $862 $1,592 BlackRock Global Allocation Fund Value Active $547 $22,569 BlackRock Global Funds - Global Allocation Fund Value Active $318 $11,342 BlackRock Health Sciences Opportunities Portfolio Specialty Active $247 $5,761 Blackrock Resources & Commodities Strategy Trust Specialty Active $232 $971 BlackRock Basic Value Fund Deep Value Active $207 $2,579 BlackRock Global Allocation V.I. Fund Value Active $179 $6,210 BlackRock Latin American Investment Trust Plc Growth Active $149 $302 Texas Municipal Retirement System - BlackRock Advisors, LLC - - $143 $3,978 BlackRock Enhanced Equity Dividend Trust Yield Active $133 $1,888 BlackRock Latin America Fund Growth Active $108 $198 BlackRock Multi-Asset Income Portfolio Value Active $100 $6,386 JNL/BlackRock Large Cap Select Growth Fund Aggressive Growth Active $76 $3,187 BlackRock Global Funds - US Basic Value Fund Deep Value Active $71 $854 BlackRock Capital Appreciation Fund, Inc. Growth Active $71 $2,966 JNL/BlackRock Global Allocation Fund GARP Active $70 $2,349 BlackRock Global Funds - World Technology Fund Aggressive Growth Active $52 $669 Florida State Board of Administration - BlackRock Advisors, LLC Value Active $52 $5,837 BlackRock Technology Opportunities Fund Aggressive Growth Active $49 $786 BlackRock Energy & Resources Trust Specialty Active $47 $476 BlackRock Global Funds US Flexible Equity Fund Value Active $46 $1,134 Laudus U.S. Large Cap Growth Fund Growth Active $45 $1,908 BlackRock Science & Technology Trust Specialty Active $44 $606 Brighthouse Funds Trust II - BlackRock Capital Appreciation Portfolio Aggressive Growth Active $43 $1,812 BlackRock Basic Value V.I. Fund Deep Value Active $37 $451 Transamerica BlackRock Global Allocation VP GARP Active $35 $1,043 Pacific Select Fund - Large-Cap Growth Portfolio Growth Active $33 $1,482 BlackRock High Equity Income Fund GARP Active $32 $440 BlackRock Enhanced Capital & Income Fund, Inc. Deep Value Active $28 $766 BlackRock Global Funds - US Growth Fund Aggressive Growth Active $28 $462 8

12 BlackRock Advisors, LLC Style BlackRock Equity Dividend V.I. Fund Yield Active $21 $296 BlackRock Enhanced International Dividend Trust GARP Active $21 $758 BlackRock Global Funds - Global Dynamic Equity Fund Value Active $20 $629 BlackRock NVIT Equity Dividend Fund Value Active $20 $279 BlackRock Global Funds - World Healthscience Fund Specialty Active $16 $3,084 Pacific Select Fund - Health Sciences Portfolio Specialty Active $15 $367 BlackRock Health Sciences Trust Specialty Active $14 $318 BlackRock North American Income Trust Value Active $13 $149 BlackRock Exchange Portfolio Index Passive $11 $168 MassMutual Select BlackRock Global Allocation Fund GARP Active $10 $334 VALIC Company I - Core Equity Fund Value Active $10 $249 BlackRock Capital Appreciation V.I. Aggressive Growth Active $9 $399 Thrivent Variable Product-Partner Healthcare Portfolio Specialty Active $8 $190 AZL BlackRock Global Allocation Fund GARP Active $7 $244 BlackRock US Dynamic Fund Value Active $6 $158 BlackRock Large Cap Focus Growth Fund Growth Active $6 $674 BlackRock Mid Cap Dividend Fund Deep Value Active $6 $360 BlackRock Global Funds - North American Equity Income Fund Value Active $5 $97 FDP BlackRock Equity Dividend Fund Deep Value Active $5 $72 BlackRock Global Funds - US Small & MidCap Opportunities Fund GARP Active $4 $292 BlackRock Strategic Funds - Latin American Opportunities Fund Aggressive Growth Active $4 $28 BlackRock Capital Appreciation Portfolio Aggressive Growth Active $4 $176 BlackRock Large Cap Focus Growth V.I. Fund GARP Active $4 $160 BlackRock Global Allocation Portfolio Value Active $4 $124 BlackRock US Opportunities Fund Aggressive Growth Active $2 $133 FDP BlackRock Capital Appreciation Fund Aggressive Growth Active $2 $80 SunAmerica Series Trust - SA BlackRock VCP Global Multi Asset Portfolio Value Active $1 $291 BlackRock Focus Growth Fund Aggressive Growth Active $1 $146 IBM 401 (k) Plus Plan International Real Estate Index Fund Value Active $1 $320 Managed Account Series - Mid Cap Dividend Fund Deep Value Active $1 $77 BlackRock Tactical Opportunities Fund Value Active $1 $365 PF Large-Cap Growth Fund Aggressive Growth Active $1 $50 BlackRock Global Opportunities VI Fund Growth Active $1 $23 BlackRock Strategic Funds - Global Event Driven Fund - - <$1 $72 BlackRock GA Disciplined Volatility Equity Fund - - <$1 $5 BlackRock GA Enhanced Equity Fund - - <$1 $5 BlackRock Real Estate Securities Fund Specialty Active <$1 $21 9

13 BlackRock Fund Advisors Style ishares Core MSCI Emerging Markets ETF Index Passive $5,340 $49,508 ishares MSCI Emerging Markets ETF Index Passive $4,262 $39,178 ishares Latin America 40 ETF Index Passive $1,038 $2,012 ishares MSCI China ETF Index Passive $915 $3,695 ishares MSCI EAFE ETF Index Passive $747 $77,033 ishares MSCI EM UCITS ETF USD (Dist) Index Passive $699 $5,937 ishares U.S. Preferred Stock ETF Index Passive $549 $15,742 ishares MSCI All Country Asia ex Japan ETF Index Passive $541 $4,781 ishares Core MSCI EAFE ETF Index Passive $525 $58,690 ishares Edge MSCI Minimum Volatility Emerging Markets ETF Index Passive $495 $4,682 ishares MSCI Thailand Capped ETF Index Passive $417 $455 ishares Nasdaq Biotechnology ETF Index Passive $387 $8,661 ishares Core MSCI Total International Stock ETF Index Passive $346 $9,990 ishares MSCI Eurozone ETF Index Passive $297 $12,795 ishares MSCI ACWI ETF Index Passive $241 $8,467 ishares MSCI ACWI ex US ETF Index Passive $199 $3,255 ishares MSCI Russia Capped ETF Index Passive $117 $480 ishares PHLX Semiconductor ETF Index Passive $114 $1,780 ishares MSCI Frontier 100 ETF Index Passive $111 $620 ishares International Select Dividend ETF Index Passive $110 $4,803 ishares MSCI EAFE International Index Fund Index Passive $107 $11,410 ishares Global Infrastructure ETF Index Passive $88 $2,608 ishares MSCI China Index ETF Index Passive $87 $352 ishares S&P/TSX Global Gold Index ETF Index Passive $79 $582 ishares MSCI Emerging Markets Asia ETF Index Passive $71 $537 ishares MSCI Emerging Markets ESG Optimized ETF Index Passive $64 $329 ishares Emerging Markets Dividend ETF Index Passive $56 $437 ishares MSCI BRIC ETF Index Passive $55 $309 ishares Trust - ishares Exponential Technologies ETF Index Passive $53 $2,261 ishares Global 100 ETF Index Passive $51 $1,816 ishares MSCI EAFE Growth ETF Index Passive $49 $3,510 ishares Edge MSCI Minimum Volatility Global ETF Index Passive $48 $3,429 ishares VII PLC - MSCI EMU UCITS ETF Index Passive $46 $2,020 ishares III PLC - MSCI World UCITS ETF (Acc) Index Passive $45 $14,573 ishares MSCI Hong Kong ETF Index Passive $42 $2,789 AXA/Franklin Balanced Managed Volatility Portfolio Deep Value Active $40 $528 ishares Europe ETF Index Passive $39 $2,734 AZL MSCI Emerging Markets Equity Index Fund Yield Active $38 $353 ishares Edge MSCI Minimum Volatility EAFE ETF Index Passive $37 $8,885 ishares MSCI EAFE Small Cap ETF Index Passive $37 $11,217 BlackRock Total International (ex-us) Index Master Portfolio Index Passive $37 $1,035 BlackRock Funds III - ishares MSCI Total International Index Fund Index Passive $36 $956 ishares MSCI Netherlands ETF Index Passive $35 $186 10

14 BlackRock Fund Advisors Style ishares Global Energy ETF Index Passive $35 $1,723 ishares Core MSCI Europe ETF Index Passive $33 $2,768 ishares India 50 ETF Index Passive $32 $922 ishares Commodities Strategy Cayman ETF Index Passive $32 $169 ishares MSCI EAFE Value ETF Index Passive $30 $5,812 ishares Edge MSCI Multifactor Emerging Markets ETF Index Passive $30 $270 ishares Global Timber & Forestry ETF Index Passive $22 $565 ishares MSCI Argentina & Global Exposure ETF Index Passive $20 $54 ishares MSCI Emerging Markets Small-Cap ETF Index Passive $20 $330 ishares MSCI All Peru Capped ETF Index Passive $20 $210 ishares Global Consumer Staples ETF Index Passive $20 $503 Nationwide VIT-International Index Fund Index Passive $19 $1,969 ishares MSCI Israel Capped ETF Index Passive $18 $105 ishares Emerging Markets Infrastructure ETF Index Passive $18 $39 Allianz VIP Trust-AZL International Index Fund Index Passive $18 $1,889 ishares MSCI World UCITS ETF (Acc) Index Passive $15 $5,332 ishares MSCI ACWI Low Carbon Target ETF Index Passive $15 $553 Nationwide International Index Fund Index Passive $15 $1,578 ishares Core MSCI EAFE IMI Index ETF Index Passive $13 $1,573 ishares Trust - ishares Global Clean Energy ETF Index Passive $13 $186 ishares Global Financials ETF Index Passive $13 $561 ishares MSCI Europe Financials ETF Index Passive $13 $2,037 ishares MSCI Global Metals & Mining Producers ETF Index Passive $12 $635 ishares MSCI Pacific ex Japan ETF Index Passive $12 $2,636 ishares Global Materials ETF Index Passive $12 $430 ishares MSCI Global Gold Miners ETF Index Passive $10 $334 BlackRock Strategic Funds - Emerging Markets Allocation Fund Specialty Active $10 $65 ishares Dow Jones Global Titans 50 UCITS ETF (DE) Index Passive $8 $252 BlackRock Strategic Funds - Asia Extension Fund GARP Active $8 $140 Forethought Variable Insurance Trust - Global Atlantic BlackRock Disciplined Core Portfolio - - $7 $600 ishares PLC - ishares Core MSCI International Developed Markets ETF Index Passive $7 $909 ishares MSCI Asia ex Japan Index Fund Index Passive $7 $36 ishares Global Telecom ETF Index Passive $6 $354 Forethought Variable Insurance Trust - Global Atlantic BlackRock Disciplined International Core Portfolio - - $5 $167 Bsf Blackrock Systematic Global Equity Fund Value Active $4 $514 ishares MSCI Europe IMI Index ETF Index Passive $3 $314 ishares MSCI Sweden Capped ETF Index Passive $3 $268 ishares MSCI France ETF Index Passive $3 $881 ishares MSCI Developed World Index Fund Index Passive $3 $849 State Farm International Index Fund Index Passive $3 $298 ishares MSCI Global Silver Miners ETF Index Passive $3 $66 ishares Edge MSCI International Value Factor ETF Index Passive $3 $175 11

15 BlackRock Fund Advisors Style ishares MSCI EAFE ESG Optimized ETF Index Passive $3 $277 ishares Trust - ishares International Dividend Growth ETF Index Passive $2 $59 ishares MSCI China Small-Cap ETF Index Passive $2 $25 ishares MSCI Ireland ETF Index Passive $2 $65 ishares Developed Real Estate Index Fund Index Passive $2 $1,670 ishares MSCI World ETF Index Passive $2 $541 ishares Edge MSCI Multifactor Global ETF Index Passive $2 $56 ishares Global Consumer Discretionary ETF Index Passive $2 $259 ishares Global REIT ETF Index Passive $2 $974 ishares MSCI Europe Small-Cap ETF Index Passive $2 $270 ishares Global Utilities ETF Index Passive $2 $163 ishares International Developed Real Estate ETF Index Passive $2 $524 ishares Edge MSCI International Quality Factor ETF Index Passive $1 $93 ishares MSCI Global Energy Producers ETF Index Passive $1 $41 ishares Edge MSCI Min Vol Asia ex Japan ETF Index Passive $1 $7 ishares Core MSCI Pacific ETF Index Passive $1 $913 ishares Global Industrials ETF Index Passive $1 $259 State Farm Variable Product Trust - International Equity Index Index Passive $1 $329 Master Investment Portfolio - International Tilts Master Portfolio Yield Active $1 $160 Ishares Global 100 AUD Hedged ETF Index Passive $1 $28 ishares Edge MSCI Min Vol EAFE Index Fund Index Passive $1 $146 LVIP - BlackRock Scientific Allocation Fund Value Active $1 $38 ishares MSCI Kokusai ETF Index Passive $1 $148 ishares MSCI Emerging Markets Ex China ETF Index Passive $1 $10 AZL Global Equity Index Fund Deep Value Active $1 $147 BlackRock Strategic Funds - Global Long/Short Equity Fund Growth Active <$1 $199 ishares Edge MSCI Min Volatility Europe ETF Index Passive <$1 $39 ishares MSCI Global Agriculture Producers ETF Index Passive <$1 $32 ishares International Developed Property ETF Index Passive <$1 $156 ishares Europe Developed Real Estate ETF Index Passive <$1 $42 ishares Edge MSCI International Momentum Factor ETF Index Passive <$1 $139 ishares MSCI Global Impact ETF Index Passive <$1 $35 BlackRock Strategic Funds - Impact World Equity Value Active <$1 $241 Shinkin Asset Global REIT Mother Fund Specialty Active <$1 $33 ishares MSCI China A ETF Index Passive <$1 $11 ishares Edge MSCI International Size Factor ETF Index Passive <$1 $6 BlackRock International Alpha Tilts Fund GARP Active <$1 $1,001 12

16 BlackRock Investment Management (U.K.), LTD Style ishares Emerging Markets Index Fund (IE) Index Passive $1,606 $12,090 BlackRock Global Funds - World Mining Fund Specialty Active $907 $6,609 BlackRock Global Funds - World Gold Fund Specialty Active $674 $4,594 BlackRock Global Funds - Emerging Europe Fund GARP Active $569 $1,248 BlackRock Global Funds - Euro Markets Fund Value Active $263 $4,654 ishares Emerging Markets Equity Index Fund (UK) Index Passive $192 $1,544 BlackRock Gold & General Fund Specialty Active $181 $1,459 BlackRock Continental European Income Fund Growth Active $164 $2,651 Länsförsäkringar Tillväxtmarknad Indexnära Index Passive $123 $842 BlackRock Emerging Europe Plc Growth Active $103 $199 BlackRock World Mining Trust plc Specialty Active $94 $1,072 BlackRock Frontiers Investment Trust GARP Active $92 $285 ishares Continental European Equity Index Fund (UK) Index Passive $78 $5,462 BlackRock Global Index Funds Emerging Markets Equity Index Fund Index Passive $75 $558 BlackRock Global Funds - Global Multi Asset Income Fund GARP Active $70 $2,723 ishares Pacific ex Japan Equity Index Fund (UK) Index Passive $63 $1,918 BlackRock Global Funds - European Value Fund Value Active $60 $3,225 BGF European Equity Income Yield Active $60 $3,210 BlackRock Emerging Markets Fund (U.S.) GARP Active $59 $336 BlackRock Continental European Fund Value Active $56 $837 BlackRock Global Funds - World Financials Fund Specialty Active $54 $1,524 BlackRock Emerging Markets Fund (U.K.) Yield Active $44 $227 BlackRock Greater Europe Investment Trust Plc Yield Active $44 $415 Old Mutual Specialist Funds ICVC - BlackRock Gold & General Fund Aggressive Growth Active $41 $294 BlackRock (Japan) BlackRock Gold Metal Open Mother Fund Specialty Active $40 $327 BlackRock International Fund - - $36 $608 BlackRock Authorised Contractual Scheme I - ACS 50:50 Global Equity Tracker Fund Index Passive $30 $11,388 BlackRock (Japan) Gold Fund Specialty Active $23 $169 BlackRock Strategic Funds - European Opportunities Extension Fund Growth Active $22 $1,194 BlackRock Strategic Funds - Emerging Markets Equity Strategies Fund GARP Active $21 $84 BlackRock Authorised Contractual Scheme - ACS Continental European Equity Tracker Fund Index Passive $14 $948 NEF - Euro Equity Value Active $12 $403 BlackRock Institutional Pooled Funds PLC - BlackRock Europe Equity 1 Fund - - $12 $1,007 BlackRock International V.I. Fund Value Active $9 $109 BlackRock Authorised Contractual Scheme I - ACS 30:70 Global Equity Tracker Fund Index Passive $8 $4,247 BlackRock Funds - BlackRock Emerging Markets Equity Strategies Fund - - $8 $34 BlackRock Authorised Contractual Scheme I - ACS 60:40 Global Equity Tracker Fund Index Passive $7 $3,684 BlackRock Commodity Strategies Fund Specialty Active $6 $134 Challenge Funds - Challenge Counter Cyclical Equity Fund Specialty Active $6 $705 ishares Europe Equity Index Fund (LU) Index Passive $6 $517 BlackRock Commodities Income Investment Trust Plc Specialty Active $6 $124 Länsförsäkringar Global Index Index Passive $5 $1,523 BlackRock Global Funds - Fixed Income Global Opportunities Fund Specialty Active $5 $458 13

17 BlackRock Investment Management (U.K.), LTD Style BlackRock Global Index Funds BlackRock World Equity Index Fund Index Passive $5 $1,350 BlackRock Natural Resources Growth & Income Fund Value Active $5 $81 ishares Developed Markets Property Yield UCITS ETF Index Passive $5 $3,037 BlackRock Global Funds - Natural Resources Growth & Income Fund Deep Value Active $4 $67 BlackRock Strategic Funds - Emerging Markets Absolute Return Fund GARP Active $4 $19 BlackRock Unit Trust - Global Equity Fund Growth Active $3 $156 BlackRock Global Funds - China Flexible Equity Fund - - $3 $15 BlackRock Armed Forces Common Investment Fund (The) Value Active $2 $289 BlackRock Global Funds - World Agriculture Fund Growth Active $2 $86 BlackRock Authorised Contractual Scheme I - ACS World Low Carbon Equity Tracker Fund Index Passive $2 $649 ishares IV PLC - MSCI World SRI UCITS ETF - - $2 $216 BlackRock Global Index Funds BlackRock Pacific ex Japan Equity Index Index Passive $1 $371 Mediolanum Challenge Cyclical Equity Specialty Active $1 $769 Blackrock Emerging Markets Absolute Alpha Fund - - $1 $6 BG Selection SICAV - Blackrock Global MultiAsset - Active $1 $185 BlackRock Strategic Funds - Americas Diversified Equity Absolute Return Yield Active $1 $14 BlackRock Dynamic Diversified Growth Fund Value Active $1 $1,248 BlackRock Dynamic Allocation Fund - - $1 $165 FDC SICAV Actions Monde Small Cap Indexé Index Passive <$1 $220 BlackRock Dynamic Return Strategy Fund Aggressive Growth Active <$1 $67 BlackRock Global Funds - Global Long-Horizon Equity Fund - - <$1 $6 BlackRock Systematic Continental European Fund GARP Active <$1 $13 BlackRock Investment Funds - Dynamic Return Strategy Fund - - <$1 $23 BlackRock UCITS Funds - BlackRock Dynamic Allocation Fund - - <$1 $44 Capital Research Global Investors (U.S.) Style American Funds Capital World Growth and Income Fund Yield Active $3,044 $84,264 American Funds - American Mutual Fund Deep Value Active $1,483 $42,401 American Funds Capital Income Builder Fund Yield Active $1,247 $73,214 American Funds Investment Company of America Fund Value Active $838 $80,583 American Funds New Economy Fund Growth Active $818 $16,711 American Funds SMALLCAP World Fund Growth Active $815 $33,326 American Funds Insurance Series - Growth Income Fund Value Active $484 $26,981 American Funds Insurance Series - Blue Chip Income & Growth Fund Value Active $437 $7,289 American Funds AmCap Fund Growth Active $232 $52,856 American Funds Insurance Series - Global Small Capitalization Fund Aggressive Growth Active $131 $3,394 American Funds Insurance Series - International Growth & Income Fund Value Active $83 $1,255 Capital Group U.S. Equity Fund (Canada) Growth Active $2 $95 14

18 Capital World Investors (U.S.) Style American Funds EuroPacific Growth Fund Growth Active $14,085 $142,631 American Funds Growth Fund of America Fund GARP Active $5,092 $160,021 American Funds Washington Mutual Investors Fund Yield Active $4,516 $92,484 American Funds Fundamental Investors Value Active $3,683 $85,613 American Funds American Balanced Value Active $3,407 $66,645 American Funds New Perspective Fund Value Active $3,207 $71,443 American Funds Income Fund Of America Fund Yield Active $1,656 $67,044 American Funds Insurance Series - Asset Allocation Fund Value Active $1,347 $14,706 American Funds Insurance Series - Growth Fund GARP Active $781 $22,766 American Funds International Growth & Income Fund GARP Active $633 $12,003 Capital Group Global Equity Fund (Canada) Value Active $178 $4,390 American Funds Insurance Series - Global Growth & Income Fund Value Active $60 $1,754 Capital Group Global Growth and Income Fund (LUX) Value Active $9 $310 Dimensional Fund Advisors, L.P. (U.S.) Style DFA Emerging Markets Core Equity Portfolio GARP Passive $3,016 $29,322 DFA Emerging Markets Value Portfolio Value Passive $2,300 $18,857 DFA International Core Equity Portfolio Deep Value Passive $1,767 $27,392 DFA International Value Series Value Passive $1,589 $13,698 DFA International Value Portfolio Deep Value Passive $1,218 $9,335 DFA Investment Trust Company - Emerging Markets Series GARP Passive $833 $6,178 DFA Tax-Managed International Value Portfolio Deep Value Passive $461 $3,950 DFA Large Cap International Portfolio Value Passive $421 $4,697 Dimensional Investment Trust Group - DFA International Value Portfolio III Value Passive $296 $2,323 DFA TA World ex US Core Equity Portfolio GARP Passive $256 $3,619 Dimensional Funds ICVC - Emerging Markets Core Equity Fund Growth Passive $205 $1,932 Dimensional Funds Plc - Emerging Markets Value Fund Value Passive $193 $2,147 CTIVP - DFA International Value Fund Value Passive $178 $1,717 DFA Emerging Markets Social Core Equity Portfolio GARP Passive $172 $1,482 DFA Investment Dimensions - World ex U.S. Core Equity Portfolio Value Active $171 $3,133 DFA International Core Equity Fund Deep Value Passive $111 $1,465 DFA International Vector Equity Portfolio Value Passive $106 $2,602 SA International Value Fund Deep Value Passive $93 $760 DFA Investment Trust Company - Emerging Markets Small Cap Series Yield Passive $88 $7,731 John Hancock Funds II - Emerging Markets Fund Value Passive $86 $1,159 John Hancock Variable Insurance Trust - Emerging Markets Value Trust Specialty Passive $78 $760 Dimensional Funds PLC - Emerging Markets Large Cap Core Equity Value Active $61 $481 DFA Continental Small Company Portfolio Growth Passive $53 $6,397 Florida State Board of Administration - Dimensional Fund Advisors, L.P. (U.S.) Value Passive $48 $922 DFA International Sustainability Core 1 Portfolio Value Active $45 $ // DEMAND FOR DEPOSITARY RECEIPTS: AN ANALYSIS OF INSTITUTIONAL INVESTORS 15

19 Dimensional Fund Advisors, L.P. (U.S.) Style DFA Investment Dimensons Group- International Social Core Equity Portfolio GARP Passive $43 $937 DFA International Small Company Portfolio Yield Passive $40 $13,733 DFA International Vector Equity Fund Deep Value Passive $39 $676 DFA Variable-International Value Portfolio Deep Value Passive $37 $277 Pacific Select Fund - PD International Large Cap Portfolio Yield Passive $35 $476 DFA International Real Estate Securities Portfolio Specialty Passive $25 $5,577 Dimensional Investment Trust Group - DFA International Value Portfolio IV Value Passive $25 $190 DFA World ex U.S. Value Portfolio Value Passive $25 $209 SA Emerging Markets Value Fund Value Passive $23 $231 Dfa Investment Dimensions Group-International Large Cap Growth Portfolio Growth Passive $20 $327 DFA International Small Cap Value Portfolio Value Passive $14 $15,708 AZL DFA Emerging Markets Core Equity Fund GARP Active $14 $62 LVIP - LVIP Dimensional International Core Equity Fund Value Active $13 $273 DFA Emerging Markets II Portfolio GARP Passive $12 $91 Los Angeles City Employees Retirement System - Dimensional Fund Advisors, L.P. (U.S.) Value Active $12 $399 DFA International High Relative Profitability Portfolio - - $11 $167 Pacific Select Fund - PD Emerging Markets Portfolio GARP Passive $10 $210 AZL DFA International Core Equity Fund Value Active $10 $243 Dimensional Funds II Plc - Emerging Markets Targeted Value Fd Value Passive $9 $310 Dimensional Funds Plc - Global Core Equity Fund GARP Passive $7 $2,598 DFA Investment Dimensions Group Inc. - CSTG & E International Social Core Equity Portfolio Value Active $7 $98 DFA Investment Dimensions Group - World ex U.S. Targeted Value Portfolio Value Passive $3 $513 WTFSC International Value Portfolio GARP Active $2 $21 Brighthouse Funds Trust II - Brighthouse/Dimensional International Small Company Portfolio Growth Passive $2 $701 John Hancock Funds II - International Small Company Fund Value Passive $2 $631 Dimensional Funds Plc - European Small Companies Fund Value Passive $1 $210 Dimensional Funds ICVC - International Value Fund Deep Value Passive $1 $673 Dfa Investment Dimensions Group-International Small Cap Growth Portfolio Growth Passive $1 $189 DFA Variable-International Small Portfolio Growth Passive $1 $239 Dimensional European Value Deep Value Passive <$1 $113 John Hancock Variable Insurance Trust - International Small Company Trust Value Passive <$1 $149 DFA Global Real Estate Securities Fund Specialty Passive <$1 $271 Teachers Retirement System of the State of Illinois - Dimensional Fund Advisors, L.P. Value Active <$1 $417 Manulife Multifactor Developed International Index ETF - - <$1 $74 John Hancock Multifactor Developed International ETF Index Passive <$1 $66 United Church Of Christ - Small Cap Equity Fund Growth Active <$1 $25 DFA Investment Dimensions Group, Inc. - Global Small Company Portfolio - - <$1 $11 16

20 Dodge & Cox Style Dodge & Cox Stock Fund Value Active $7,678 $68,242 Dodge & Cox International Stock Fund Deep Value Active $4,367 $63,381 Dodge & Cox Balanced Fund Value Active $1,200 $11,553 Dodge & Cox Global Stock Fund GARP Active $499 $9,503 Dodge & Cox Worldwide Global Stock Fund (UCITS) Yield Active $239 $3,011 Illinois Municipal Retirement Fund - Dodge & Cox Deep Value Active $135 $1,345 Dodge & Cox Worldwide U.S. Stock Fund Yield Active $50 $1,021 San Diego City Employees Retirement System - Dodge & Cox Deep Value Active $29 $279 Stanislaus County Employees' Retirement Association - Dodge & Cox Deep Value Active $11 $108 Dodge & Cox Worldwide Funds - International Stock Fund GARP Active $7 $66 Fidelity Management & Research Company Style Fidelity Series Emerging Markets Fund GARP Active $3,408 $14,751 Fidelity Growth Company Fund Growth Active $1,516 $40,985 Fidelity Contrafund Growth Active $1,378 $118,921 Fidelity Diversified International Fund Value Active $1,305 $17,110 Fidelity Growth Company Commingled Pool Growth Active $1,022 $27,476 Fidelity Series International Growth Fund Growth Active $919 $14,282 Fidelity Blue Chip Growth Fund Growth Active $789 $23,246 Fidelity Series Growth & Income Fund Yield Active $759 $12,413 Fidelity Balanced Fund GARP Active $695 $20,899 Fidelity VIP - Contrafund Portfolio Growth Active $609 $18,935 Fidelity Emerging Markets Fund GARP Active $566 $5,403 Fidelity Advisor New Insights Fund Growth Active $493 $26,576 Fidelity Series International Value Fund GARP Active $456 $14,923 Fidelity Series Growth Company Fund Growth Active $422 $11,337 Fidelity Growth & Income Portfolio GARP Active $396 $6,497 Fidelity Diversified International Commingled Pool - - $393 $5,140 Fidelity Puritan Fund Growth Active $359 $17,623 Fidelity OTC Portfolio Aggressive Growth Active $328 $17,815 Fidelity Equity Dividend Income Fund Yield Active $280 $5,200 Fidelity Stock Selector All Cap Fund Growth Active $260 $8,994 Fidelity Series Intrinsic Opportunities Fund Deep Value Active $258 $13,307 Fidelity VIP - Growth Portfolio Growth Active $244 $5,323 Fidelity Series Value Discovery Fund Deep Value Active $221 $6,763 Fidelity Select Health Care Portfolio Specialty Active $221 $6,715 Fidelity Magellan Fund Growth Active $219 $16,677 Fidelity Select Pharmaceuticals Portfolio Specialty Active $215 $715 Fidelity Select Biotechnology Portfolio Specialty Active $207 $7,828 Fidelity Series Blue Chip Growth Fund Aggressive Growth Active $193 $5,483 E AUM 17

21 Fidelity Management & Research Company Style Fidelity Capital Appreciation Fund Growth Active $193 $7,016 Fidelity Capital & Income Fund GARP Active $187 $2,784 Fidelity Overseas Fund GARP Active $184 $7,546 Fidelity Commonwealth Trust - Fidelity Large Cap Stock Fund GARP Active $177 $3,745 Fidelity Emerging Markets Equity Central Investment Portfolio Growth Active $175 $786 Fidelity Select Gold Portfolio Specialty Active $167 $1,157 Fidelity Asset Manager 50% Fund Growth Active $162 $4,593 Fidelity Leveraged Company Stock Fund Value Active $156 $3,095 Fidelity International Growth Fund Growth Active $153 $2,384 Fidelity Total Emerging Markets Fund Growth Active $149 $649 Fidelity International Capital Appreciation Fund Growth Active $146 $2,315 Fidelity Advisor Capital Development Fund GARP Active $145 $3,063 Fidelity Advisor Equity Growth Fund Aggressive Growth Active $141 $3,060 Fidelity Asset Manager 70% Fund Growth Active $136 $3,727 Fidelity Advisor Diversified International Fund Deep Value Active $135 $2,158 Fidelity Mega Cap Stock Fund Value Active $129 $2,080 Fidelity Diversified International K6 Fund - - $125 $1,640 Fidelity Strategic Dividend & Income Fund Yield Active $115 $3,413 Fidelity Advisor Series Growth & Income Fund Yield Active $99 $1,626 Fidelity Advisor International Capital Appreciation Fund GARP Active $98 $1,540 Fidelity Advisor Equity Income Fund Deep Value Active $93 $1,757 Fidelity Value Discovery Fund Deep Value Active $91 $2,412 Fidelity VIP - Balanced Portfolio GARP Active $90 $2,583 Fidelity Select Consumer Staples Portfolio Specialty Active $89 $1,669 Fidelity Equity Income Fund Deep Value Active $88 $6,367 Fidelity Advisor Health Care Fund Specialty Active $88 $2,744 Fidelity VIP - Growth & Income Portfolio Yield Active $81 $1,334 Fidelity Advisor Leveraged Company Stock Fund GARP Active $80 $2,210 Fidelity Growth Discovery Fund Aggressive Growth Active $80 $1,739 Fidelity Advisor Growth Opportunities Fund Growth Active $79 $2,882 Fidelity Series Opportunistic Insights Fund Aggressive Growth Active $78 $6,037 Fidelity Advisor Emerging Markets Fund Growth Active $76 $723 Fidelity Asset Manager 85% Fund GARP Active $75 $2,052 Fidelity Commonwealth Trust - Fidelity Mid Cap Stock Fund GARP Active $73 $7,361 Fidelity VIP - Mid Cap Portfolio GARP Active $72 $8,557 Fidelity VIP - Equity-Income Portfolio Deep Value Active $70 $5,025 Fidelity Worldwide Fund Growth Active $69 $1,815 Fidelity Advisor Biotechnology Fund Aggressive Growth Active $67 $2,458 Fidelity Independence Fund GARP Active $67 $3,831 Fidelity Advisor Balanced Fund GARP Active $65 $1,939 Fidelity Series Small Cap Opportunities Fund Growth Active $63 $5,710 Fidelity Value Fund Value Active $61 $7,953 E AUM 18

22 Fidelity Management & Research Company Style Fidelity Advisor Large Cap Fund GARP Active $59 $1,256 Fidelity New Markets Income Fund Yield Active $55 $59 Fidelity Balanced Private Pool Cl Growth Active $52 $1,648 Fidelity Asset Manager 60% Fund Growth Active $50 $1,364 Fidelity Advisor Series VIII - Fidelity Advisor Emerging Markets Income Fund Yield Active $49 $53 Fidelity International Growth Investment Trust Growth Active $47 $700 Fidelity Advisor Diversified Stock Fund Growth Active $46 $2,054 Fidelity Select IT Services Portfolio Specialty Active $43 $2,310 Northwestern Mutual Series - International Growth Portfolio Growth Active $43 $662 Fidelity Advisor Series Equity Growth Fund Aggressive Growth Active $43 $927 Fidelity Advisor Small Cap Growth Fund Aggressive Growth Active $42 $4,215 Fidelity VIP Emerging Markets Portfolio Growth Active $41 $393 Fidelity Blue Chip Growth K6 Fund Growth Active $41 $1,217 Fidelity Dividend Growth Fund Yield Active $41 $6,363 Fidelity Contrafund K6 - - $39 $3,362 Fidelity Select Wireless Portfolio Specialty Active $39 $246 Fidelity Health Care Central Investment Portfolio Specialty Active $37 $2,400 Fidelity Global Commodity Stock Fund Specialty Active $36 $601 Fidelity Advisor Series Equity Value Fund Deep Value Active $35 $1,057 Fidelity Balanced Income Private Pool Yield Active $35 $982 Fidelity Advisor Growth & Income Fund Yield Active $35 $568 Fidelity Low Priced Stock Commingled Pool Value Active $31 $4,577 Fidelity Consumer Staples Central Investment Portfolio Growth Active $29 $1,223 Fidelity Asset Manager 20% Fund Growth Active $27 $1,089 Fidelity Global Intrinsic Value Class Value Active $26 $1,388 Fidelity Trend Fund Aggressive Growth Active $25 $1,753 Fidelity New Millennium Fund Growth Active $25 $3,061 Fidelity Select Communications Equipment Portfolio Specialty Active $25 $209 Fidelity VIP Health Care Portfolio Specialty Active $24 $728 Fidelity Global Monthly Income Fund Yield Active $24 $1,212 Fidelity Global Intrinsic Value Currency Neutral Class Value Active $24 $1,251 Fidelity VIP - International Capital Appreciation Portfolio GARP Active $23 $352 Fidelity Select Software and IT Services Portfolio Specialty Active $22 $5,231 Fidelity Asset Manager 40% Fund Index Passive $22 $658 Fidelity Advisor Series I - Fidelity Advisor Mid Cap II Fund GARP Active $22 $2,553 Fidelity US Dividend Investment Trust GARP Active $20 $1,353 Fidelity Select Natural Resources Portfolio Specialty Active $20 $1,023 Fidelity VIP - Growth Opportunities Portfolio Aggressive Growth Active $20 $722 Fidelity Variable Insurance Products Fund V - Asset Manager Portfolio Growth Active $19 $581 Fidelity VIP - Value Portfolio Value Active $18 $328 Fidelity Select Materials Portfolio Specialty Active $18 $1,600 Fidelity Stock Selector Small Cap Fund Aggressive Growth Active $17 $1,599 Fidelity International Capital Appreciation K6 Fund - - $17 $246 E AUM 19

23 Fidelity Management & Research Company Style Fidelity International Small Cap Opportunities Fund Growth Active $17 $1,217 Fidelity Advisor Series Growth Opportunities Fund Growth Active $16 $603 Fidelity Blue Chip Value Fund Deep Value Active $16 $372 Fidelity International Value Fund Deep Value Active $16 $508 Fidelity Income Allocation Fund Value Active $15 $621 Fidelity US High Yield Mother GARP Active $14 $477 Fidelity Asset Manager 30% Fund Index Passive $14 $457 Fidelity Advisor High Income Advantage Fund Yield Active $13 $381 Fidelity VIP Consumer Staples Portfolio Specialty Active $12 $228 Fidelity Value Discovery K6 Fund Value Active $12 $314 Fidelity Advisor Series Opportunistic Insights Fund Aggressive Growth Active $11 $832 Fidelity Growth Strategies Fund Aggressive Growth Active $10 $2,703 Fidelity Advisor Equity Value Fund Deep Value Active $10 $263 Fidelity Select Automotive Portfolio Specialty Active $9 $48 Fidelity U.S. Dividend Fund GARP Active $9 $542 Fidelity Funds SICAV - US High Yield Yield Active $8 $190 Fidelity Select Defense & Aerospace Portfolio Specialty Active $7 $2,903 Fidelity Small Cap Growth K6 Fund Growth Active $7 $444 Fidelity Select Computers Portfolio Specialty Active $7 $333 Fidelity Export & Multinational Fund Aggressive Growth Active $7 $1,620 Fidelity Commonwealth Trust - Fidelity Event Driven Opportunities Fund GARP Active $7 $421 Fidelity Materials Central Fund Value Active $7 $471 Fidelity Total International Equity Fund Value Active $6 $120 Fidelity NorthStar Fund Value Active $6 $5,758 Fidelity VIP V - Asset Manager Growth Portfolio Growth Active $6 $160 Fidelity Advisor Dividend Growth Fund GARP Active $6 $919 Fidelity Industrials Central Investment Portfolio Specialty Active $6 $1,767 Fidelity Advisor Value Strategies Fund Value Active $5 $991 Fidelity Advisor Global Capital Appreciation Fund GARP Active $5 $151 Fidelity Consumer Discretionary Central Fund Growth Active $4 $1,838 Fidelity International Growth Fund (Canada) Deep Value Active $4 $63 Fidelity VIP - Dynamic Capital Appreciation Portfolio Growth Active $4 $159 Fidelity Select Environment and Alternative Energy Portfolio Specialty Active $4 $152 Fidelity Large Cap Stock K6 Fund - - $4 $82 Fidelity U.S. Dividend Registered Fund GARP Active $4 $256 Fidelity U.S. All Cap Class Growth Active $3 $653 Fidelity Financials Central Investment Portfolio Specialty Active $3 $3,315 Fidelity Tactical High Income Fund Yield Active $3 $73 Fidelity Flex International Fund - - $3 $54 Fidelity VIP - Value Strategies Portfolio Value Active $2 $418 Fidelity Advisor Communications Equipment Fund Specialty Active $2 $17 Fidelity U.S. Multi-Cap Investment Trust Growth Active $2 $365 Fidelity Event Driven Opportunities Fund (Canada) GARP Active $2 $105 E AUM 20

24 Fidelity Management & Research Company Style Fidelity Funds SICAV - FAWF Equity Growth Fund GARP Active $2 $37 Fidelity Advisor Value Leaders Fund Deep Value Active $1 $30 Fidelity U.S. Growth and Income Private Pool Aggressive Growth Active $1 $66 Fidelity NorthStar Balanced Fund Deep Value Active $1 $1,088 Fidelity VIP Materials Portfolio Specialty Active $1 $88 Fidelity Select Consumer Discretionary Portfolio Specialty Active $1 $379 Fidelity Select Semiconductors Portfolio Specialty Active $1 $3,583 Fidelity Advisor Value Fund Value Active $1 $99 Fidelity Advisor Consumer Discretionary Fund Specialty Active $1 $342 Fidelity Advisor World Funds (Bermuda) Ltd. - Emerging Markets Fund Growth Active $1 $5 Fidelity U.S. Dividend Private Pool Yield Active $1 $43 Fidelity Commonwealth Trust - Fidelity Advisor Event Driven Opportunities Fund Growth Active $1 $42 Orange County Employees Retirement System - Fidelity Management & Research Company Growth Active $1 $161 Fidelity Global Equity Income Fund Value Active $1 $76 Fidelity Growth Strategies K6 Fund Growth Active <$1 $137 Fidelity Flex Opportunistic Insights Fund - - <$1 $30 Fidelity Flex Large Cap Growth Fund Growth Active <$1 $13 Fidelity VIP Consumer Discretionary Portfolio Specialty Active <$1 $170 Fidelity Select Leisure Portfolio Specialty Active <$1 $503 Fidelity Flex Intrinsic Opportunities Fund - - <$1 $17 Fidelity Japan Leveraged Company Stock Mother Fund GARP Active <$1 $20 Fidelity Advisor World US High Income Fund (Bermuda) Ltd Yield Active <$1 $4 Fidelity Advisor World Funds (Bermuda) Ltd. - Mega Cap Stock Fund GARP Active <$1 $3 Fidelity Advisor Global Equity Income Fund Value Active <$1 $18 Fidelity Advisor Semiconductors Fund Specialty Active <$1 $291 Fidelity International Low Volatility Equity Institutional Trust - - <$1 $3 Fidelity Flex Mid Cap Value Fund Value Active <$1 $3 Fidelity Event Driven Opportunities Currency Neutral Class - - <$1 $1 Fidelity Flex Mid Cap Growth Fund Growth Active <$1 $1 Fidelity Flex Small Cap Fund - - <$1 $1 Fidelity ABLE Income 30% Portfolio Yield Active <$1 <$1 E AUM 21

25 Fisher Investments Style Fisher Investments Institutional Funds Plc - Emerging Markets Equity Fund Growth Active $1,082 $2,677 Fisher Investments Institutional Funds plc - Emerging Markets Equity ESG Fund Specialty Active $229 $652 Fisher Investments Collective Trust - Fisher Investments Emerging Markets Equity Collective Fund - - $151 $371 Purisima Investment Funds - Purisima Global Total Return Fund GARP Active $129 $3,868 Ohio Public Employees Retirement System - Fisher Asset Management, LLC GARP Active $107 $831 Old Mutual Global Investors Series plc - Global Emerging Markets Fund Yield Active $79 $357 Employees Retirement System of Texas - Fisher Asset Management, LLC Growth Active $66 $544 Fisher Investments Institutional Funds PLC - Emerging Markets Small Cap Equity ESG Fund Specialty Active $62 $285 Boston City Retirement System - Fisher Asset Management, LLC GARP Active $13 $224 Fisher Investments Foreign Equity Collective Fund Value Active $8 $120 Fisher Investments Institutional Funds PLC - Frontier Markets Equity Fund - - $2 $9 CF Purisima EAFE Total Return Fund Growth Active $1 $7 Fisher Investments Institutional Funds PLC - Global Equity High Yield Fund - - <$1 $2 Fisher Investments Institutional Funds PLC - Fisher Investments Institutional Asia ex-japan Equity Fund Fisher Investments Institutional Funds PLC - Fisher Investments Institutional Global Small Cap Equity Fund Fisher Investment Institutional Funds PLC - Fisher Investments Institutional Global Equity Focused Fund - - <$1 <$1 - - <$1 <$1 - - <$1 <$1 Harding Loevner, L.P. Style Harding Loevner International Equity Portfolio Growth Active $2,522 $13,176 Harding Loevner Institutional Emerging Markets Portfolio Yield Active $1,906 $5,378 Harding Loevner Emerging Markets Portfolio Yield Active $1,386 $4,268 Harding Loevner Funds PLC - Emerging Markets Equity Fund Yield Active $225 $693 Harding Loevner Frontier Emerging Markets Portfolio Yield Active $107 $507 Harding Loevner Global Equity Portfolio Growth Active $91 $796 Harding Loevner Funds PLC - Global Equity Fund GARP Active $76 $621 MMI Globale Aktier - Harding Loevner Akk Yield Active $42 $387 Harding Loevner Funds PLC - International Equity Fund Value Active $39 $196 City of Grand Rapids Police and Fire Retirement System - Harding Loevner, L.P. - - $33 $36 City of Grand Rapids General Retirement System - Harding Loevner, L.P. - - $32 $34 Scotia Private Global Equity Pool Growth Active $23 $304 MMI Globale Aktier Harding Loevner Yield Active $15 $138 Nykredit Invest Engros Globale Aktier - Harding Loevner - - $9 $86 Homestead International Equity Fund GARP Active $6 $70 Harding Loevner Emerging Markets Equity Fund (Top 10 Holdings) GARP Active $4 $9 Harding Loevner Emerging Markets Research Portfolio - - $2 $7 Harding Loevner Funds Inc - International Equity Research Portfolio GARP Active $2 $11 Harding Loevner Global Equity Research Portfolio - - $1 $6 E AUM 22

26 Lazard Asset Management, LLC (U.S.) Style Lazard Emerging Markets Equity Portfolio Value Active $2,588 $12,937 California Public Employees Retirement System - Lazard Asset Management, LLC (U.S.) Value Active $428 $1,419 Lazard Global Active Funds Plc - Emerging Markets Equity Fund Yield Active $402 $1,667 New Jersey Division of Investment - Lazard Asset Management, LLC (U.S.) Value Active $303 $947 Lazard Investment Funds - Emerging Markets Fund Yield Active $300 $1,510 JNL/Lazard Emerging Markets Fund Yield Active $273 $970 Lazard Retirement Emerging Markets Equity Portfolio Yield Active $229 $1,146 Lazard International Equity Fund Value Active $168 $3,556 Lazard Emerging Markets Equity Blend Portfolio GARP Active $118 $378 Lazard Emerging Markets Core Equity Portfolio Aggressive Growth Active $111 $289 Lazard Actions Emergentes GARP Active $76 $343 Lazard Developing Markets Equity Portfolio Growth Active $71 $290 Lazard Emerging Markets Multi Asset Portfolio Value Active $62 $179 State Teachers Retirement System of Ohio - Lazard Asset Management, LLC (U.S.) Value Active $51 $630 Lazard Emerging Markets Core Equity Fund Specialty Active $32 $78 Policemen's Annuity and Benefit Fund of Chicago - Lazard Asset Management, LLC (U.S.) Value Active $31 $118 Lazard Retirement Global Dynamic Multi Asset Portfolio Value Active $29 $292 Lazard Developing Markets Equity Fund Yield Active $29 $109 Lazard International Strategic Equity (ACW ex-u.s.) Trust Alternative Active $26 $411 Skandia Tillväxtmarknadsfond UL GARP Active $25 $64 Manulife Lazard Global Infrastructure Fund Specialty Active $23 $571 Public School Teachers' Pension & Retirement Fund of Chicago - Lazard Asset Management, LLC (U.S.) Value Active $17 $395 Employees Retirement System of Texas - Lazard Asset Management, LLC (U.S.) Growth Active $15 $431 Lazard Investment Funds - Global Equity Income Fund Yield Active $14 $167 Los Angeles City Employees Retirement System - Lazard Asset Management, LLC (U.S.) Value Active $14 $568 Lazard Investment Funds - Developing Markets Fund Aggressive Growth Active $14 $52 Alaska Retirement Management Board - Lazard Asset Management, LLC (U.S.) Value Active $11 $626 Lazard World Trust Fund Specialty Active $11 $193 Lazard Retirement International Equity Portfolio Value Active $10 $206 Skandia Världen Value Active $10 $510 Nationwide VIT-International Equity Fund Value Active $8 $116 Illinois Municipal Retirement Fund - Lazard Asset Management, LLC (U.S.) Value Active $8 $101 Ferique European Fund Yield Active $8 $189 Lazard Global Equity Income Fund GARP Active $8 $82 Lazard World Dividend & Income Fund Inc Deep Value Active $8 $81 Lazard Emerging Markets Multi Asset Fund GARP Active $8 $21 Desjardins Global Small Cap Equity Fund Growth Active $7 $978 Lazard Investment Funds - European Smaller Companies Fund Growth Active $5 $427 Lazard Global Dynamic Multi Asset Portfolio Value Active $5 $51 Ohio Public Employees Retirement System - Lazard Asset Management, LLC (U.S.) Value Active $5 $488 Lazard Global Total Return & Income Fund, Inc. Value Active $4 $183 Lazard Emg Markets Eq Blend Asia ADR - - $3 $3 23

27 Lazard Asset Management, LLC (U.S.) Style Manulife Lazard Global Small-Cap Equity Fund GARP Active $3 $336 Lazard Global Active Funds Plc - Thematic Global Fund Value Active $3 $68 Lazard Global Active Fund PLC - Lazard Pan European Small Cap Fund $2 $134 Lazard International Small Cap Equity Fund Value Active $1 $76 Lazard US Small-Mid Cap Equity Portfolio Growth Active $1 $194 Lazard Global Active Funds plc - Lazard Global Equity Income Fund Yield Active $1 $9 JNL/Lazard International Strategic Equity Fund Value Active $1 $56 Lazard Global Active Funds Plc - Global Strategic Equity Fund Value Active $1 $14 Lazard Global Investment Funds PLC - Lazard Diversified Return Fund - - $1 $25 Lazard/Wilmington Managed Volatility Collective Trust - Lazard/Wilmington Global Managed Volatility Portfolio - - $1 $175 Lazard Retirement U.S. Small-Mid Cap Equity Portfolio Growth Active <$1 $62 Lazard Global Equity Select Fund GARP Active <$1 $12 Lazard Global Balanced Income Fund Yield Active <$1 $12 The Lazard Funds, Inc. - Lazard Real Assets and Pricing Opportunities Portfolio - - <$1 $11 Lazard US Fundamental Alternative Fund Alternative Active <$1 $5 Lazard Global Low Volatility Fund Value Active <$1 $18 Lazard Enhanced Opportunities Portfolio - - <$1 $14 Northern Trust Investments, Inc. Style Northern Emerging Markets Equity Index Fund Index Passive $363 $3,212 FlexShares Morningstar Global Upstream Natural Resources Index Fund Index Passive $109 $5,720 Northern International Equity Index Fund Index Passive $57 $6,136 USAA Nasdaq 100 Index Fund Index Passive $41 $1,707 FlexShares International Quality Dividend Index Fund Index Passive $41 $1,048 Teachers Retirement System of the State of Illinois - Northern Trust Investments, Inc Value Active $26 $2,048 Flexshares Morningstar Emerging Markets Factor Tilt Index Fund Index Passive $15 $694 FlexShares STOXX Global Broad Infrastructure Index Fund Index Passive $12 $820 Northern Global Real Estate Index Fund Index Passive $12 $1,852 MM Select Equity Asset Fund Value Active $9 $1,082 Illinois Municipal Retirement Fund - Northern Trust Investments, Inc. Index Passive $8 $3,283 Northern Engage360 Fund - - $6 $94 Flexshares Morningstar Developed Markets ex-us Factor Tilt Index Fund Index Passive $5 $1,085 Northern Active M U.S. Equity Fund - - $4 $447 Northern International Equity Fund Growth Active $4 $258 Public School Teachers' Pension & Retirement Fund of Chicago - Northern Trust Investments, Inc. E AUM Index Passive $3 $1,030 FlexShares International Quality Dividend Defensive Index Fund Index Passive $2 $96 MassMutual Select MSCI EAFE International Index Fund Index Passive $2 $222 Northern Global Sustainability Index Fund Index Passive $2 $388 FlexShares International Quality Dividend Dynamic Index Fund Index Passive $1 $85 Green Century MSCI International Index Fund Index Passive $1 $43 24

28 Northern Trust Investments, Inc. Style FlexShares Global Quality Real Estate Index Fund Index Passive $1 $270 FlexShares STOXX Global ESG Impact Index Fund Index Passive <$1 $71 Deutsche EAFE Equity Index Fund Index Passive <$1 $51 E AUM OppenheimerFunds, Inc Style Oppenheimer Developing Markets Fund Growth Active $6,976 $38,077 Oppenheimer International Growth Fund Growth Active $1,019 $27,577 Oppenheimer International Small-Mid Company Fund GARP Active $475 $9,595 Oppenheimer Global Fund Growth Active $346 $11,101 Pacific Select Fund - Emerging Markets Portfolio Growth Active $343 $1,895 Oppenheimer International Diversified Fund Growth Active $336 $4,098 Transamerica Developing Markets Equity Growth Active $217 $1,130 Oppenheimer Equity Income Fund Deep Value Active $139 $3,402 Oppenheimer International Equity Fund Value Active $102 $1,813 Oppenheimer Variable Account Funds - Oppenheimer Global Fund/VA Growth Active $83 $2,668 JNL/Oppenheimer Global Growth Fund Growth Active $82 $2,612 Oppenheimer Global Value Fund Value Active $67 $572 CTIVP - Oppenheimer International Growth Fund Growth Active $64 $1,616 JNL Series Trust - JNL/Oppenheimer Emerging Markets Innovator Fund Growth Active $63 $572 Oppenheimer Portfolio Series - Active Allocation Fund Aggressive Growth Active $59 $1,991 Oppenheimer Global Opportunities Fund Growth Active $57 $8,685 VY Oppenheimer Global Portfolio Growth Active $53 $1,698 Oppenheimer Emerging Markets Innovators Fund Aggressive Growth Active $52 $476 Oppenheimer Gold & Special Minerals Fund Specialty Active $49 $931 Heptagon Fund PLC - Oppenheimer Developing Markets Equity Growth Active $48 $168 MassMutual Premier Strategic Emerging Markets Fund Growth Active $47 $263 Brighthouse Funds Trust I - Oppenheimer Global Equity Portfolio Growth Active $44 $1,400 Oppenheimer Capital Income Fund Value Active $41 $949 Oppenheimer Global Allocation Fund Growth Active $40 $991 Oppenheimer Portfolio Series - Equity Investor Fund Growth Active $33 $867 PF Emerging Markets Fund Growth Active $31 $168 Oppenheimer Fundamental Alternatives Fund Deep Value Active $29 $751 Oppenheimer Master International Value Fund Value Active $22 $410 Oppenheimer Portfolio Series - Moderate Investor Fund Growth Active $22 $983 Oppenheimer Variable Account Funds - Oppenheimer International Growth Fund/VA Growth Active $21 $571 MML Series Investment Fund II Strategic Emerging Markets Fund Growth Active $21 $117 Heptagon Fund PLC - Oppenheimer Developing Markets Equity SRI Fund Specialty Active $20 $117 Oppenheimer Dividend Opportunity Fund Deep Value Active $18 $256 Oppenheimer Mid Cap Value Fund Value Active $16 $1,260 Oppenheimer Value Fund Value Active $14 $1,975 E AUM 25

29 OppenheimerFunds, Inc Style MassMutual Premier Global Fund Growth Active $10 $315 EQ/Oppenheimer Global Portfolio Growth Active $9 $279 OppenheimerFunds ICAV - Oppenheimer Global Value Equity UCITS Fund Value Active $6 $47 Oppenheimer Portfolio Series - Conservative Investor Fund Growth Active $3 $202 OppenheimerFunds ICAV - Oppenheimer Global Equity UCITS Fund - - $3 $107 Oppenheimer Global Multi-Asset Growth Fund Growth Active $2 $44 Oppenheimer Emerging Markets Revenue ETF Index Passive $2 $13 OppenheimerFunds ICAV - Oppenheimer Emerging Markets Innovators UCITS Fund Aggressive Growth Active $2 $14 Oppenheimer Variable Account Funds - Oppenheimer Conservative Balanced Fund/VA Yield Active $1 $72 Oppenheimer Global Revenue ETF Index Passive <$1 $14 Oppenheimer Global ESG Revenue ETF Index Passive <$1 $23 Oppenheimer Variable Account Funds - Oppenheimer Equity Income Fund/VA Yield Active <$1 $8 Oppenheimer International Growth and Income Fund - - <$1 $12 Oppenheimer Global Multi-Asset Income Fund GARP Active <$1 $29 Oppenheimer International Revenue ETF Index Passive <$1 $14 E AUM Parametric Portfolio Associates, LLC Style Parametric Tax-Managed Emerging Markets Fund Specialty Passive $235 $3,635 Parametric Emerging Markets Fund Specialty Passive $149 $2,756 PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF Index Passive $78 $367 AST Parametric Emerging Markets Equity Portfolio Specialty Passive $55 $479 Eaton Vance International (Ireland) Parametric Emerging Markets Fund GARP Passive $45 $693 Parametric International Equity Fund Yield Passive $3 $242 Calvert VP EAFE International Index Portfolio Index Passive $1 $142 Parametric Tax-Managed International Equity Fund Value Active $1 $73 Eaton Vance International (Ireland) Parametric Emerging Markets Core Fund Yield Passive <$1 $6 PIMCO RAFI Dynamic Multi-Factor International Equity ETF Index Passive <$1 $30 Primecap Management Company Style Vanguard PRIMECAP Fund GARP Active $4,820 $60,506 Vanguard Capital Opportunity Fund Growth Active $990 $16,257 Vanguard PRIMECAP Core Fund Growth Active $877 $10,208 Primecap Odyssey Growth Fund Growth Active $797 $11,704 Primecap Odyssey Stock Fund Growth Active $750 $9,340 Primecap Odyssey Aggressive Growth Fund Growth Active $580 $10,427 Vanguard Variable Insurance Fund - Capital Growth Portfolio GARP Active $108 $1,362 Vanguard U.S. Opportunities Fund Aggressive Growth Active $98 $2,705 26

30 Schroder Investment Management, LTD Style Schroder International Selection Fund Emerging Markets GARP Active $1,301 $5,521 Schroder International Selection Fund Emerging Europe GARP Active $707 $1,396 Hartford Schroders Emerging Markets Equity Fund - - $655 $2,852 Schroder International Selection Fund BRlC Growth Active $361 $1,108 Schroder Global Emerging Markets Fund GARP Active $309 $1,324 Schroder International Selection Fund EURO Equity Yield Active $222 $7,091 Schroder International Selection Fund Global Emerging Market Opportunities Value Active $191 $1,051 Schroder International Selection Fund QEP Global Emerging Markets Yield Active $179 $997 Schroder QEP Global Emerging Markets Fund Value Active $169 $954 Aviva Schroder Pacific Int Yield Active $158 $1,143 Schroder Asian Alpha Plus Fund Growth Active $158 $1,137 Schroder Institutional QEP Global Active Value Fund Deep Value Passive $153 $3,206 Schroder AsiaPacific Fund Plc Value Active $131 $1,189 Schroder International Selection Fund Latin American Yield Active $115 $260 Schroder International Selection Fund QEP Global Active Value Deep Value Active $93 $1,992 Russell Ventura - International Shares Fund (Top 10 Holdings) GARP Active $92 $2,203 Schroder European Alpha Income Fund Growth Active $83 $1,838 Sun Life Schroder Emerging Markets Fund GARP Active $76 $331 Schroder International Selection Fund Global Dividend Maximiser Value Active $70 $4,010 Schroder International Selection Fund Global Multi-Asset Income Value Active $69 $2,222 Schroder European Fund Value Active $61 $2,113 Schroder International Selection Fund SICAV - European Alpha Absolute Return - - $58 $517 Schroder International Selection Fund SICAV - Emerging Multi-Asset Income Yield Active $56 $336 Schroder International Selection Fund Global Equity Alpha Value Active $49 $1,061 Schroder Institutional Diversified Growth Fund Growth Active $47 $1,822 Florida State Board of Administration - Schroder Investment Management, LTD GARP Active $46 $962 Schroder (Japan) BRICS Equity Mother Fund Growth Active $40 $142 St. James s Place Managed Growth Unit Trust Growth Active $40 $3,049 Schroder International Selection Fund QEP Global Quality GARP Active $39 $1,409 Schroder International Selection Fund QEP Global Core Value Active $37 $2,542 Schroder International Selection Fund - European Value Value Active $31 $986 Schroder International Selection Fund European Dividend Maximiser Deep Value Active $29 $1,142 Schroder European Alpha Plus Fund Value Active $28 $556 Schroder Institutional QEP Global Core Fund Value Active $24 $1,572 Schroder European Opportunities Fund Value Active $22 $695 Schroder Frontier Markets Equity Portfolio Yield Active $22 $72 Schroder Multi Cap Emerging Market Portfolio Yield Active $22 $122 Schroder Unit Trusts, LTD - Global Multi Factor Equity Fund - - $21 $789 Schroder Oriental Income Fund Limited Deep Value Active $20 $909 Schroder International Selection Fund QEP Global Blend Value Active $18 $459 Schroder Asian Income Maximiser Yield Active $16 $532 Schroder Small Cap Discovery Fund Growth Active $15 $275 Schroder International Selection Fund European Large Cap Value Active $14 $378 E AUM 27

31 Schroder Investment Management, LTD Style Schroder European Smaller Companies Fund Growth Active $13 $253 Schroder Global Equity Fund Value Active $13 $521 Schroder International Selection Fund Global Equity Yield Yield Active $11 $420 Schroder International Selection Fund Asian Dividend Maximiser Yield Active $11 $276 Schroder International Selection Fund SICAV - European Opportunities GARP Active $11 $357 Schroder International Selection Fund European Smaller Companies Growth Active $11 $413 Schroder International Selection Fund - Global Gold - - $10 $125 Schroder Global Cities Real Estate Specialty Active $10 $895 Schroder International Selection Fund Global Climate Change Equity Specialty Active $10 $469 Schroder International Selection Fund SICAV - Global Emerging Markets Smaller Companies GARP Active $9 $118 Schroder Global Multi Cap Value Portfolio Value Active $8 $151 Hartford Schroders International Stock Fund - - $8 $186 Schroder Alternative Solutions Commodity Fund Specialty Active $8 $116 Schroder Global Equity Income Fund Value Active $7 $270 Schroder International Selection Fund - QEP Global ESG Specialty Active $6 $231 Schroder International Selection Fund SICAV - Global Recovery Specialty Active $6 $267 Schroder International Selection Fund European Equity Yield Deep Value Active $5 $138 Brighthouse Funds Trust I - Schroders Global Multi-Asset Portfolio Value Active $5 $457 Transamerica International Small Cap Value Active $4 $147 Schroder (Japan) European Open Mother Fund Value Active $4 $121 Schroder International Selection Fund European Alpha Focus Growth Active $4 $75 Schroder UTL - Global Recovery Fund Value Active $3 $153 Schroder International Selection Fund - Global Cities Real Estate Specialty Active $3 $276 Schroder Special Situations Fund International Equity Value Active $3 $65 SunAmerica Series Trust - SA Schroders VCP Global Allocation Portfolio Value Active $2 $209 Schroder International Selection Fund Global Smaller Companies Growth Active $2 $299 Schroder International Selection Fund Global Equity Value Active $2 $95 Schroder Strategic Beta Portfolio,L.P. Alternative Active $2 $70 Schroder Global Alpha Plus Fund Value Active $2 $38 Schroder European Equity Absolute Return Fund Deep Value Active $1 $24 Schroder Advanced Beta Global Equity Value Fund Value Active $1 $96 Schroder Global Cities Real Estate Income Fund Yield Active $1 $73 Old Mutual Specialist Funds - Old Mutual Schroder European Alpha Income Fund Yield Active $1 $118 BG SICAV - Schroder - High Dividend Europe Yield Active $1 $65 Schroder International Selection Fund SICAV - QEP Global Absolute - - $1 $102 Schroder International Selection Fund Global Multi-Asset Allocation Value Active $1 $55 Schroder ISF European Total Return fund Growth Active $1 $30 FP Verbatim Portfolio 5 Income Fund Value Active $1 $10 Schroder Umbrella Fund II - Schroder Global Allocator Fund - - $1 $28 Danske Invest KlimaTrends Growth Active <$1 $21 Schroder Alternative Solutions Agriculture Fund - Active <$1 <$1 Schroder International Selection Fund QEP Global Value Plus Deep Value Active <$1 $52 Schroder International Selection Fund Wealth Preservation Aggressive Growth Active <$1 $13 E AUM 28

32 Schroder Investment Management, LTD Style Schroder Global Multi Asset Income Fund Yield Active <$1 $12 ACTIAM Opkomende Landen Index Aandelenfonds - Active <$1 $2 Schroder Emerging Markets Small Cap Fund Growth Active <$1 $2 Schroder Alternative Solutions - Commodity Total Return Fund Specialty Active <$1 $2 E AUM State Street Global Advisors (SSgA) Style SPDR Portfolio Emerging Markets ETF Index Passive $368 $1,721 SPDR S&P China ETF Index Passive $271 $1,194 SPDR EURO STOXX 50 ETF Index Passive $187 $4,111 SPDR MSCI ACWI ex-us ETF Index Passive $145 $1,618 SPDR NYSE Technology ETF Index Passive $120 $975 SPDR S&P Emerging Asia Pacific ETF Index Passive $99 $508 SSgA Active Emerging Markets Select Strategy GARP Passive $93 $1,377 SPDR S&P Emerging Markets Dividend ETF Index Passive $86 $470 SPDR S&P Global Natural Resources ETF Index Passive $78 $1,531 SPDR Portfolio Developed World ex-us ETF Index Passive $72 $2,759 Wells Fargo Diversified Stock Portfolio Index Passive $61 $4,187 State Street Global Equity ex-us Index Portfolio Index Passive $50 $1,830 State Street Emerging Markets Equity Index Fund Index Passive $46 $603 SPDR MSCI Emerging Markets StrategicFactors ETF Index Passive $45 $311 SPDR S&P Emerging Markets Small Cap ETF Index Passive $42 $540 SPDR Dow Jones International Real Estate ETF Index Passive $41 $3,615 SPDR S&P BRIC 40 ETF Index Passive $34 $73 John Hancock Variable Insurance Trust - International Equity Index Trust Index Passive $34 $771 Elfun Trusts Aggressive Growth Active $30 $2,596 LVIP - SSgA International Index Fund Index Passive $30 $2,815 Nevada Public Employees Retirement System - State Street Global Advisors (SSgA) Index Passive $29 $2,861 LVIP - SSgA Emerging Markets 100 Fund Value Active $27 $763 State Street Master Funds - State Street International Developed Equity Index Portfolio Index Passive $25 $2,785 SPDR S&P International Dividend ETF Index Passive $24 $1,189 State Street Variable Insurance Series Funds, Inc. - State Street Total Return V.I.S. Fund Growth Active $20 $1,476 State Street Institutional Funds - State Street Institutional International Equity Fund Growth Active $19 $1,182 GinsGlobal European Equity Index Fund Index Passive $19 $835 FDP Emerging Markets Equity Portfolio GARP Active $18 $32 GinsGlobal Emerging Markets Index Fund Index Passive $18 $216 State Street Global Advisors Luxembourg SICAV - State Street Emerging Markets Small Cap Equity Fund - - $15 $194 GinsGlobal Global Equity Index Fund Index Passive $14 $4,152 LVIP - SSgA Developed International 150 Fund Yield Active $13 $1,010 SPDR Dow Jones Global Real Estate ETF (U.S.) Index Passive $13 $2,614 Kentucky Teachers' Retirement System - GE Asset Management, Inc. (U.S.) Growth Active $9 $642 29

33 State Street Global Advisors (SSgA) Style SPDR S&P Global Infrastructure ETF Index Passive $7 $209 Alaska Retirement Management Board - State Street Global Advisors (SSgA) Index Passive $7 $3,530 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations Index Passive $7 $734 State Street Institutional Funds - State Street Institutional Premier Growth Equity Fund Growth Active $6 $361 SPDR Wells Fargo Preferred Stock ETF Index Passive $5 $517 SPDR MSCI ACWI IMI ETF Index Passive $5 $102 SPDR STOXX Europe 50 ETF Index Passive $5 $230 SPDR Global Dow ETF Index Passive $4 $94 SPDR S&P International Small Cap ETF Index Passive $4 $919 State Street Global Advisors Luxembourg SICAV - State Street Emerging Markets Select Equity Fund GARP Passive $4 $60 Elfun International Equity Fund Growth Active $4 $226 SPDR MSCI EAFE StrategicFactors ETF Index Passive $3 $259 SPDR MSCI Emerging Markets Fossil Fuel Free ETF Index Passive $3 $27 SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF Index Passive $3 $23 SPDR MSCI ACWI Low Carbon Target ETF Index Passive $3 $153 SSGA International Stock Selection Fund Yield Active $2 $276 State Street Disciplined Emerging Markets Equity Fund Specialty Active $2 $75 SPDR FactSet Innovative Technology ETF Index Passive $2 $19 United Church Of Christ - Domestic Core Equity Fund Value Active $2 $169 SPDR S&P Global Dividend ETF Index Passive $1 $193 Penn Series Developed International Index Fund Index Passive $1 $113 Oklahoma Public Employees Retirement System - State Street Global Advisors (SSgA) Index Passive $1 $526 Tangerine Equity Growth Portfolio GARP Passive $1 $560 GinsGlobal Consumer Staples Index Fund Index Passive $1 $27 Tangerine Balanced Portfolio GARP Active $1 $582 Marin County Employees Retirement Association - State Street Global Advisors (SSgA) Index Passive $1 $529 Tangerine Balanced Growth Portfolio GARP Active $1 $526 Fidelity Global Equity Currency Neutral Private Pool B Growth Active $1 $19 SPDR MSCI EAFE Fossil Fuel Reserves Free ETF Index Passive $1 $72 SPDR MSCI EAFE Fossil Fuel Free ETF Index Passive $1 $71 SSgA SPDR ETFs Europe II Plc - MSCI Europe Small Cap UCITS ETF Index Passive $1 $106 State Street Variable Insurance Series Funds, Inc. - State Street Premier Growth Equity V.I.S. Fund Growth Active $1 $35 SPDR Kensho Smart Mobility ETF - - <$1 $5 SPDR Kensho Intelligent Structures ETF - - <$1 $4 Fidelity International Equity Currency Neutral Private Pool GARP Active <$1 $8 SPDR Dow Jones Global Real Estate ETF (Ireland) Index Passive <$1 $152 Fidelity American Disciplined Equity Currency Neutral Class Growth Active <$1 $24 SPDR Kensho Future Security ETF - - <$1 $8 State Street Global Advisors Luxembourg SICAV - State Street Asia Pacific Enhanced Equity Fund Value Active <$1 $58 Fidelity US Equity Currency Neutral Private Pool Growth Active <$1 $15 LI Aktier Globale Indeks Value Active <$1 $47 SPDR MSCI World StrategicFactors ETF Index Passive <$1 $30 30

34 State Street Global Advisors (SSgA) Style Transamerica Series Trust - Transamerica International Equity Index VP Index Passive <$1 $14 Tangerine Balanced Income Portfolio GARP Passive <$1 $86 SPDR MSCI EM Beyond BRIC UCITS ETF Index Passive <$1 $4 State Street Institutional Investment Trust - State Street Disciplined International Equity Fund Deep Value Active <$1 $3 LPI Aktier Asien Value Active <$1 $18 State Street Equity 500 Index Portfolio Index Passive <$1 $1,492 T. Rowe Price Associates, Inc. Style T. Rowe Price Blue Chip Growth Fund Growth Active $1,971 $49,937 T. Rowe Price Growth Stock Fund Growth Active $1,810 $50,572 T. Rowe Price Overseas Stock Fund Deep Value Active $1,106 $15,358 T. Rowe Price International Stock Fund Growth Active $710 $15,005 T. Rowe Price Institutional Large Cap Growth Fund Growth Active $696 $16,461 T. Rowe Price Global Technology Fund Growth Active $527 $6,679 T. Rowe Price Science & Technology Fund Specialty Active $525 $5,339 T. Rowe Price Communications & Technology Fund Specialty Active $525 $4,914 T. Rowe Price Health Sciences Fund Specialty Active $477 $11,000 T. Rowe Price Value Fund Value Active $446 $25,046 JNL/T. Rowe Price Established Growth Fund Growth Active $320 $9,008 T. Rowe Price International Core Equity Trust - - $302 $4,229 AST T. Rowe Price Asset Allocation Portfolio Value Active $182 $7,828 T. Rowe Price New Horizons Fund Aggressive Growth Active $176 $20,471 T. Rowe Price Institutional Large Cap Core Growth Fund Aggressive Growth Active $132 $3,339 T. Rowe Price Funds SICAV - Global Technology Equity Fund Specialty Active $132 $1,606 Ohio Public Employees Retirement System - T. Rowe Price Associates, Inc. Growth Active $119 $695 AST T. Rowe Price Large-Cap Growth Portfolio Growth Active $112 $2,640 John Hancock Funds II - Blue Chip Growth Fund Growth Active $108 $2,863 T. Rowe Price Institutional Large Cap Value Fund Deep Value Active $99 $3,737 T. Rowe Price Equity Income Fund Deep Value Active $97 $20,449 TD US Blue Chip Equity Fund Growth Active $95 $2,347 T. Rowe Price Balanced Fund Value Active $92 $2,445 Brighthouse Funds Trust I - T.Rowe Price Large Cap Value Portfolio Deep Value Active $90 $3,396 Brighthouse Funds Trust II - T. Rowe Price Large Cap Growth Portfolio Growth Active $86 $2,424 JNL/T. Rowe Price Value Fund Value Active $86 $4,805 Walter Scott Global Strategy Value Active $78 $2,284 T Rowe Price Funds - Global Equity Fund - - $72 $1,372 John Hancock Variable Insurance Trust - Blue Chip Growth Trust Growth Active $70 $1,792 CTIVP - T. Rowe Price Large Cap Value Fund Yield Active $65 $2,297 TD Science & Technology Fund Aggressive Growth Active $64 $631 T. Rowe Price Personal Strategy Growth Fund Growth Active $62 $1,602 31

35 T. Rowe Price Associates, Inc. Style VY T. Rowe Price Growth Equity Portfolio Growth Active $61 $1,716 T. Rowe Price Blue Chip Growth Portfolio Aggressive Growth Active $55 $1,389 T. Rowe Price New America Growth Fund Growth Active $54 $4,431 T. Rowe Price Global Stock Fund Aggressive Growth Active $53 $1,058 State Universities Retirement System of Illinois - T. Rowe Price Associates, Inc. Growth Active $52 $954 EQ/T.Rowe Price Growth Stock Portfolio Aggressive Growth Active $48 $1,354 T. Rowe Price Personal Strategy Balanced Fund Growth Active $48 $1,262 TD Entertainment & Communications Fund Specialty Active $47 $443 T. Rowe Price Small Cap Stock Fund Growth Active $44 $9,029 John Hancock Funds II - Equity Income Fund Deep Value Active $43 $1,603 LVIP - T. Rowe Price Growth Stock Fund Aggressive Growth Active $43 $1,211 AST T. Rowe Price Growth Opportunities Portfolio Growth Active $36 $1,161 T Rowe Price Funds SICAV - Global Growth Equity Fund GARP Active $33 $570 AST T. Rowe Price Large-Cap Value Portfolio Deep Value Active $33 $1,244 VALIC Company I - Health Sciences Fund Specialty Active $31 $737 VALIC Company I - Blue Chip Growth Fund Aggressive Growth Active $30 $753 Teachers Retirement System of the State of Illinois - T. Rowe Price Associates, Inc. Growth Active $29 $615 T. Rowe Price Personal Strategy Income Fund Growth Active $29 $751 T. Rowe Price Health Sciences Portfolio Specialty Active $29 $661 T. Rowe Price Institutional Global Growth Equity Fund Growth Active $26 $451 SunAmerica Series Trust - SA T. Rowe Price VCP Balanced Portfolio - - $26 $689 VY T. Rowe Price Equity Income Portfolio Deep Value Active $23 $887 TD Health Sciences Fund Specialty Active $23 $606 Daiwa SB International Equity Mother Fund GARP Active $21 $463 T. Rowe Price Institutional Small Cap Stock Fund Growth Active $21 $4,250 T. Rowe Price Global Growth Stock Fund Growth Active $18 $311 T. Rowe Price Funds OEIC - Global Technology Equity Fund Specialty Active $16 $195 T. Rowe Price International Stock Portfolio Growth Active $16 $330 MML Series Investment Fund Blue Chip Growth Initial Aggressive Growth Active $15 $375 Seasons Series Trust - SA T. Rowe Price Growth Stock Portfolio Aggressive Growth Active $14 $402 T. Rowe Price Institutional International Core Equity Fund Value Active $13 $187 John Hancock Funds II Health Sciences Fund Aggressive Growth Active $13 $304 VY T. Rowe Price International Stock Portfolio Growth Active $12 $237 John Hancock Variable Insurance Trust - Health Sciences Trust Specialty Active $12 $286 T. Rowe Price Global Growth Equity Pool Growth Active $11 $158 Penn Series Large Growth Stock Fund Aggressive Growth Active $11 $307 T. Rowe Price Global Allocation Fund Growth Active $11 $196 John Hancock Funds II - Mid Value Fund Value Active $9 $1,321 John Hancock Variable Insurance Trust - Equity Income Trust Deep Value Active $8 $1,691 Homestead Growth Fund Aggressive Growth Active $7 $176 T. Rowe Price U.S. Large-Cap Core Growth Equity Pool Growth Active $7 $294 Thrivent Variable Product-Partner Growth Stock Portfolio Aggressive Growth Active $7 $201 T. Rowe Price Real Assets Fund Growth Active $6 $3,041 32

36 T. Rowe Price Associates, Inc. Style T. Rowe Price U.S. Small-Cap Core Equity Trust - - $6 $1,260 T. Rowe Price Tax-Efficient Equity Fund Aggressive Growth Active $5 $305 John Hancock Variable Insurance Trust - Mid Value Trust Value Active $5 $741 T. Rowe Price Capital Opportunity Fund Value Active $4 $627 SFT T. Rowe Price Value Fund GARP Active $4 $212 T. Rowe Price Personal Strategy Balanced Portfolio Growth Active $4 $95 T. Rowe Price Institutional US Structured Research Fund Value Active $4 $579 Great-West T. Rowe Price Equity Income Fund Yield Active $3 $871 MainStay VP T. Rowe Price Equity Income Portfolio Yield Active $3 $762 T. Rowe Price Equity Income Portfolio Deep Value Active $3 $692 T. Rowe Price Institutional International Growth Equity Fund Growth Active $3 $57 T. Rowe Price New America Growth Portfolio Aggressive Growth Active $3 $225 VY T. Rowe Price Diversified Mid Cap Growth Portfolio Growth Active $3 $993 Daiwa SB Investments Global Best Mother Fund Growth Active $3 $34 T. Rowe Price Real Assets Trust I - - $2 $1,161 T. Rowe Price Institutional Global Focused Growth Equity Fund Aggressive Growth Active $2 $48 MML Series Investment Fund Equity Income Fund Deep Value Active $2 $480 T. Rowe Price Diversified Mid-Cap Growth Fund Growth Active $2 $884 LVIP - T. Rowe Price Structured Mid-Cap Growth Fund Growth Active $2 $793 T. Rowe Price Funds SICAV - U.S. Smaller Companies Equity Fund Growth Active $2 $1,313 Kern County Employees Retirement Association - T. Rowe Price Associates, Inc. Growth Active $2 $145 T. Rowe Price Funds SICAV - Global Allocation Fund - - $2 $32 AST T. Rowe Price Diversified Real Growth Portfolio Growth Active $1 $43 Employees' Retirement Fund of the City of Dallas - T. Rowe Price Associates, Inc. Growth Active $1 $145 T. Rowe Price Funds OEIC - Global Focused Growth Equity Fund Growth Active $1 $13 Tucson Supplemental Retirement System - T. Rowe Price Associates, Inc. Aggressive Growth Active $1 $49 T. Rowe Price Global Consumer Fund Specialty Active $1 $16 SA T. Rowe Price Asset Allocation Growth Portfolio Growth Active $1 $22 John Hancock Funds II - Spectrum Income Fund Deep Value Active <$1 $96 T. Rowe Price QM Global Equity Fund Value Passive <$1 $19 T. Rowe Price Funds SICAV - Global Allocation Extended Fund - - <$1 $6 T. Rowe Price Global Industrials Fund Specialty Active <$1 $26 T. Rowe Price Funds OEIC - US Large Cap Value Equity Fund Value Active <$1 $8 TD US Small Cap Equity Fund Aggressive Growth Active <$1 $311 T. Rowe Price Funds OEIC - US Smaller Companies Equity Fund - - <$1 $5 The Vanguard Group, Inc. Style Vanguard Emerging Markets Stock Index Fund Index Passive $9,779 $91,577 Vanguard Total International Stock Index Fund Index Passive $7,712 $343,811 Vanguard FTSE All-World Ex-US Index Fund Index Passive $2,084 $38,607 E AUM 33

37 The Vanguard Group, Inc. Style Vanguard Developed Markets Index Fund Index Passive $904 $110,067 Vanguard Investment Series Plc - Emerging Markets Stock Index Index Passive $818 $10,548 Vanguard Total World Stock Index Fund Index Passive $363 $17,693 Vanguard European Stock Index Fund Index Passive $277 $25,591 Vanguard Global Minimum Volatility Fund Index Passive $185 $2,302 Vanguard Investment Series Plc - European Stock Index Fund Index Passive $61 $4,927 Vanguard International Dividend Appreciation Index Fund Index Passive $57 $1,096 CVW WF - Vanguard Emerging Markets Index (Top 10 Holdings) Index Passive $54 $214 Vanguard FTSE All World ex-us Small Cap Index Fund Index Passive $47 $6,155 Vanguard International High Dividend Yield Index Fund Index Passive $40 $1,143 Vanguard Investment Series Plc - Global Stock Index Fund Index Passive $38 $10,879 Vanguard FTSE Developed Europe UCITS ETF Index Passive $22 $2,053 Vanguard Global ex-u.s. Real Estate Index Fund Index Passive $21 $6,864 Vanguard FTSE Developed Europe ex UK UCITS ETF Index Passive $20 $1,279 Vanguard Investments Funds ICVC-FTSE Developed World ex-u.k. Equity Index Fund Index Passive $16 $5,769 Vanguard Pacific Ex-Japan Stock Index Fund Index Passive $15 $3,429 Vanguard Fiduciary Trust Company - Vanguard European Stock Index Trust Index Passive $7 $553 Vanguard Investments Common Contractual Fund - Vanguard FTSE Developed Europe EX UK Common Contractual Fund E AUM - - $5 $361 Vanguard FTSE All-World High Dividend Yield UCITS ETF Index Passive $4 $686 Vanguard Investments II Common Contractual Fund - FTSE Developed World - - $3 $1,190 Vanguard FTSE Developed All Cap ex North America Index ETF Index Passive $3 $442 Vanguard Investments Common Contractual Fund - Vanguard FTSE Developed World Ex UK Common Contractual Fund - - $3 $1,009 Vanguard SRI FTSE Developed Europe II Common Contractual Fund Specialty Active $3 $218 Vanguard FTSE Developed Europe All Cap Index ETF Index Passive $2 $229 Vanguard Investment Series Plc - Global Enhanced Equity Fund Deep Value Passive $2 $268 Vanguard SRI Global Stock Index Passive $2 $801 Vanguard Global Minimum Volatility Fund - - $2 $20 Vanguard FTSE Developed World II Common Contractual Fund - - $2 $581 Vanguard Investment Series Plc - Global Small-Cap Index Fund Index Passive $2 $1,521 Vanguard Investments II Common Contractual Fund - SRI FTSE Developed World Specialty Active $2 $718 Vanguard ETF Series - Vanguard FTSE Asia ex Japan Index ETF Index Passive $2 $30 Vanguard Global Minimum Volatility ETF Index Passive $2 $18 Vanguard Investments Funds ICVC - Vanguard FTSE Global All Cap Index Fund Index Passive $2 $73 Vanguard FTSE Europe Shares ETF Index Passive $2 $142 Vanguard Funds PLC - Vanguard Global Minimum Volatility UCITS ETF Index Passive $1 $14 Vanguard FTSE Developed World Common Contractual Fund GARP Active $1 $488 Vanguard Pacific Stock Index Fund Index Passive $1 $8,187 Vanguard Pacific Stock Index Trust Index Passive $1 $405 Vanguard Funds PLC - Vanguard Global Value Factor UCITS ETF Index Passive $1 $158 Vanguard FTSE Developed World UCITS ETF Index Passive <$1 $184 Vanguard Euro STOXX 50 ETF Index Passive <$1 $12 Vanguard Funds PLC - EURO STOXX 50 UCITS ETF Index Passive <$1 $12 34

38 The Vanguard Group, Inc. Style Vanguard ETF Series - FTSE Developed Europe Index ETF (3101) Index Passive <$1 $26 Vanguard Total Stock Market Index Fund Index Passive <$1 $676,556 Vanguard Developed All Cap ex North America Equity Index Pooled Fund Index Passive <$1 $25 Vanguard Global Value Factor ETF Index Passive <$1 $50 Vanguard Funds PLC - Vanguard Global Momentum Factor UCITS ETF Index Passive <$1 $28 Vanguard Global Momentum Factor ETF Index Passive <$1 $15 Vanguard FTSE Developed Asia Pacific All Cap Index ETF Index Passive <$1 $105 Vanguard Funds PLC - Vanguard Global Liquidity Factor UCITS ETF Index Passive <$1 $20 Vanguard Global Liquidity Factor ETF Index Passive <$1 $15 Vanguard Extended Market Index Fund Index Passive <$1 $63,057 Vanguard Tax-Managed Capital Appreciation Fund Value Passive <$1 $9,146 E AUM Wellington Management Company, LLP Style Vanguard Wellington Fund Yield Active $2,595 $66,712 John Hancock III International Growth Fund Growth Active $1,121 $9,860 Vanguard Wellesley Income Fund Yield Active $565 $21,556 Vanguard Health Care Fund Specialty Active $530 $44,644 Hartford Dividend & Growth Fund Yield Active $498 $8,043 Hartford International Opportunities Fund Value Active $386 $3,681 Hartford Dividend & Growth HLS Fund Yield Active $207 $3,337 JNL/WMC Balanced Fund Deep Value Active $199 $4,892 Hartford Growth Opportunities Fund GARP Active $170 $4,452 Hartford Capital Appreciation Fund GARP Active $158 $7,328 Hartford Capital Appreciation HLS Fund GARP Active $156 $4,624 Hartford International Opportunities HLS Fund Value Active $156 $1,476 Hartford Balanced Income Fund Deep Value Active $149 $5,505 Wellington Emerging Markets Local Equity Portfolio Yield Active $138 $795 Pacific Select Fund - International Value Portfolio Deep Value Active $122 $1,919 New Jersey Division of Investment - Wellington Management Company, LLP Value Active $117 $373 Hartford Equity Income Fund Deep Value Active $107 $4,161 Wellington MF (Lux) - Global Quality Growth GARP Active $97 $1,406 Hartford International Value Fund Value Active $96 $2,735 Hartford Mid Cap Fund Growth Active $91 $11,509 California Public Employees Retirement System - Wellington Management Company, LLP Value Active $90 $2,048 Brighthouse Funds Trust I - Wellington Large Cap Research Portfolio Value Active $77 $2,393 State Teachers Retirement System of Ohio - Wellington Management Company, LLP (U.S.) GARP Active $77 $660 Vanguard Variable Insurance Fund - Balanced Portfolio Deep Value Active $71 $1,844 Oklahoma Teachers Retirement System - Wellington Management Company, LLP Value Active $63 $1,130 Nationwide Fund Value Active $56 $1,039 JNL/WMC Value Fund Deep Value Active $54 $1,481 Hartford Growth Opportunities HLS Fund GARP Active $54 $1,416 35

39 Wellington Management Company, LLP Style Desjardins American Equity Value Fund Deep Value Active $52 $814 Hartford Global Capital Appreciation Fund Value Active $51 $1,013 AST Wellington Management Hedged Equity Portfolio Value Active $49 $1,817 Hartford Healthcare Fund Specialty Active $44 $1,382 Wellington Emerging Markets Equity Fund GARP Active $44 $190 Domini Impact Equity Fund Value Active $41 $828 First Investors Global Fund Value Active $39 $606 Wellington Global Health Care Equity Portfolio Growth Active $38 $1,798 Wellington Diversified Inflation Hedges Fund Yield Active $37 $282 Hartford International Growth Fund GARP Active $34 $307 Hartford Balanced HLS Fund GARP Active $33 $1,482 Vanguard Capital Value Fund GARP Active $33 $855 John Hancock Funds II - Technical Opportunities Fund Growth Passive $32 $406 Wellington Management Portfolios (Dublin) PLC - Emerging Markets Opportunities Portfolio Specialty Active $29 $251 Hartford Global Real Asset Fund Specialty Active $27 $190 Brighthouse Funds Trust II - Brighthouse/Wellington Balanced Portfolio Value Active $25 $763 State Universities Retirement System of Illinois - Wellington Management Company, LLP Value Active $25 $523 Northwestern Mutual Series - Large Cap Core Stock Portfolio Growth Active $25 $632 Wellington Diversified Inflation Hedges GARP Active $24 $188 John Hancock Funds II - Mid Cap Stock Fund Growth Active $24 $1,390 Anchor Series Trust - SA Wellington Capital Appreciation Portfolio Growth Active $22 $1,300 Wellington Management Funds (Luxembourg) - US Research Equity Fund Value Active $21 $2,825 Wellington Global Opportunities Portfolio Value Active $21 $511 Hartford Global Growth HLS Fund Growth Active $20 $525 Hartford Midcap Value Fund Value Active $19 $685 PrivilEdge - Wellington Large Cap US Research Value Active $19 $426 Hartford Quality Value Fund Deep Value Active $19 $293 Hartford MidCap HLS Fund GARP Active $18 $2,256 Nykredit Invest Engros Global Opportunities Udb Value Active $17 $261 Hartford Emerging Markets Equity Fund Aggressive Growth Active $17 $140 Domini Impact International Equity Fund GARP Active $16 $1,334 Wellington Management Portfolios (Dublin) Plc - Emerging Markets Systematic Equity Portfolio - - $16 $139 Wellington Management Portfolios (Luxembourg) IV SICAV - FIS - ALTA Portfolio - - $15 $617 Wellington Global Opportunities Ex-Japan Fund - - $15 $306 Hartford Value HLS Fund Deep Value Active $15 $486 Hartford Balanced Fund Value Active $14 $623 Wellington Global Value Equity Fund Value Active $14 $336 Desjardins American Equity Growth Fund Aggressive Growth Active $13 $1,063 John Hancock Variable Insurance Trust - Small Cap Value Trust Deep Value Active $12 $588 John Hancock Variable Insurance Trust - Mid Cap Stock Trust Aggressive Growth Active $12 $674 Wellington Management Portfolios (Luxembourg)-Global Research Equity Portfolio Value Active $12 $418 John Hancock Funds II - Small Cap Value Fund Value Active $10 $485 Wellington Mgmt Port (Canada) - Global Perspectives - - $10 $626 36

40 Wellington Management Company, LLP Style Vanguard Global Wellesley Income Fund Yield Active $10 $195 Hartford Healthcare HLS Fund Specialty Active $10 $308 Hartford Midcap Value HLS Fund Value Active $10 $344 PF International Value Fund Deep Value Active $9 $144 Northwestern Mutual Series - Mid Cap Growth Stock Portfolio GARP Active $9 $1,111 Anchor Series Trust - SA Wellington Growth Portfolio GARP Active $9 $368 Hartford Global Equity Income Fund Growth Active $8 $160 MML Fundamental Value Fund Value Active $8 $214 Vanguard Global Wellington Fund - - $8 $563 John Hancock Worldwide Investors PLC - John Hancock Global Quality Growth (Ex-U.S.) Fund Growth Active $7 $38 Wellington Management Portfolios (Luxembourg) -Emerging Markets Research Equity Fund GARP Active $7 $44 John Hancock Hedged Equity & Income Fund Yield Active $7 $170 LVIP - Wellington Capital Growth Fund Aggressive Growth Active $7 $521 LVIP - Wellington Mid-Cap Value Fund Value Active $6 $206 Wellington Global Select Capital Appreciation Equity Fund Growth Active $6 $52 Employees Retirement Fund of the City of Dallas - Wellington Management Company, LLP Growth Active $6 $93 Anchor Series Trust - SA Wellington Natural Resources Portfolio Specialty Active $6 $102 Harbor Mid Cap Growth Fund Aggressive Growth Active $6 $323 Wellington Management Portfolios (Luxembourg) Iv Sicav - Fis - Global Multi-Asset Target Return Portfolio - - $6 $145 Hartford Small Company HLS Fund Aggressive Growth Active $6 $568 Hartford Global All-Asset Fund GARP Active $5 $186 Nationwide International Small Cap Fund - - $5 $478 Hartford Small Company Fund Aggressive Growth Active $5 $460 Wellington Mgmt. Funds (Ireland) plc - Wellington Multi-Asset Absolute Return Fund GARP Active $5 $132 MassMutual Select Fundamental Growth Fund Index Passive $5 $152 Wellington Asian Opportunities Portfolio Growth Active $5 $54 Desjardins Global Balanced Strategic Income Fund Yield Active $5 $73 John Hancock Variable Insurance Trust - Small Cap Stock Trust Aggressive Growth Active $4 $435 Hartford International Equity Fund Growth Active $4 $70 Renaissance Global Health Care Fund Specialty Active $3 $430 MML Series Investment Fund Fundamental Growth Fund Growth Active $3 $117 Financial Investors Trust - ALPS/WMC Research Value Fund Value Active $3 $93 Wellington Management Portfolio (Dublin) Plc - Global Perspective Portfolio - - $3 $197 Wellington Global Perspectives Fund - - $3 $198 VALIC Company I - Value Fund Value Active $3 $108 FÉRIQUE World Dividend Fund Yield Active $3 $91 Oddo US Mid Cap Aggressive Growth Active $3 $320 Wellington Management Funds (Ireland) PLC - Global Impact Fund - - $3 $122 Hartford Real Total Return Fund Value Active $2 $52 John Hancock Funds II - Small Cap Stock Fund Aggressive Growth Active $2 $219 Hartford International Small Company Fund Aggressive Growth Active $2 $373 Madison Small Cap Fund Deep Value Active $2 $84 Wellington Global Contrarian Equity Fund Growth Active $2 $48 37

41 Wellington Management Company, LLP Style Anchor Series Trust - SA Wellington Multi-Asset Income Portfolio Growth Active $1 $23 VALIC Company II-Mid Cap Growth Fund Aggressive Growth Active $1 $159 Hartford Multi-Asset Income Fund Yield Active $1 $21 Hartford Long/Short Global Equity Fund Growth Active $1 $72 GAM Star Fund PLC - GAM Star Capital Appreciation US Equity Growth Active $1 $91 First Investors Hedged U.S. Equity Opportunities Fund - - $1 $86 MML Series Investment Fund - MML Small Cap Growth Equity Aggressive Growth Active $1 $209 Wellington Management Portfolios (Lux) Global Health Care Long-Short Portfolio Aggressive Growth Active $1 $36 Orlando Pension Funds - Wellington Management Company, LLP Value Active $1 $19 Wellington Management Funds (Luxembourg) - Wellington Global Innovation Fund $1 $19 Nikko Asset Best Balance Overseas Equity Mother Fund Growth Active $1 $19 Wellington Opportunistic Themes Portfolio Yield Active $1 $28 The Hartford Mutual Funds, Inc. - Hartford Global Impact Fund - - $1 $35 Hartford Global Impact Master Portfolio - - <$1 $35 Wellington Global Quality Equity Fund Deep Value Active <$1 $17 Vanguard Investments Funds ICVC - Vanguard Global Balanced Fund Value Active <$1 $29 AST Wellington Management Real Total Return Portfolio Growth Active <$1 $10 Wellington Management Portfolios (Luxembourg) - Us Equity Long-Short Portfolio Aggressive Growth Active <$1 $3 Norinchukin Zenkyoren Asset JA Overseas Equity Mother Fund Yield Active <$1 $241 Wellington US Capital Appreciation Equity Fund Growth Active <$1 $12 Wellington Management Portfolios (Dublin) Plc - Dynamic Diversified Income Yield Active <$1 $4 Wellington Management Funds (Ireland) PLC - European Contrarian Value Value Active <$1 $1 Wellington Management Funds (Luxembourg) - Strategic European Equity Long Short Fund - - <$1 $35 Wellington Management Portfolios (Luxembourg) - Global Capital Cycles Long-Short Portfolio - - <$1 $3 Virtus WMC Global Factor Opportunities ETF Index Passive <$1 $5 Wellington Management Portfolios (Dublin) Plc - Hedged Alpha Opportunities Portfolio - - <$1 $9 38

42 SECTION 5: DRs in Separately Managed Accounts (SMAs) THE GROWTH OF MANAGED ACCOUNTS IN THE U.S. 4 The growth of separately managed accounts (SMAs) and unified managed accounts (UMAs) in the United States has been exceptional. The market s use of American Depositary Receipts (ADRs) to build or create international and global equity managed account products has also increased. Managed accounts have grown from $681 billion AUM at the end of 2010 to $1,953 billion AUM at the end of 2017, a 186% increase. A managed account is a portfolio of securities directly owned by the investor and managed according to a specific discipline and/ or style by a professional investment manager. One asset-based fee covers all separate account program services, including asset management, trading and custody. Account owners have the ability to customize their accounts by excluding certain securities or industries, or employing tax advantaged strategies. Managed accounts provide investors with access to leading portfolio managers who in the past may have exclusively managed very large private and institutional accounts. Managed accounts with international equity strategies typically include American Depositary Receipts (ADRs) because the investor is able to hold the individual security, they are DTC eligible and trade and pay dividends in USD. Below is a sample list of international and global ADR managed accounts: 4 Institution Name Fund Name City State AllianceBernstein, L.P. (U.S.) AllianceBernstein MA - Global Value ADR New York New York AllianceBernstein, L.P. (U.S.) AllianceBernstein MA-International Value ADR New York New York Cambiar Investors, LLC Cambiar International Equity ADR Denver Colorado ClearBridge Investments, LLC ClearBridge International ADR ESG New York New York Delaware Investments Delaware Investments International Equity ADR (SMA) Philadelphia Pennsylvania Federated Investment Management Company Federated International ADR Pittsburgh Pennsylvania Federated Investment Management Company Federated International Strategy Value Dividend ADR Pittsburgh Pennsylvania Forward Management, LLC/Salient Partners, L.P. Forward International Dividend ADR San Francisco California Franklin Templeton Investments Templeton International ADR Equity SMA San Mateo California Harding Loevner, L.P. Harding Loevner Global Equity ADR Bridgewater New Jersey Harding Loevner, L.P. Harding Loevner International Equity ADR Bridgewater New Jersey Invesco Advisors, Inc. Invesco Global Core Equity ADR SMA Atlanta Georgia Invesco Advisors, Inc. Invesco International Core Equity ADR SMA Atlanta Georgia Lazard Asset Management, LLC (U.S.) Lazard Developing Markets Equity Select ADR SMA New York New York Lazard Asset Management, LLC (U.S.) Lazard Emerging Markets Equity Select ADR SMA New York New York Lazard Asset Management, LLC (U.S.) Lazard Global Balanced Select ADR SMA New York New York Lazard Asset Management, LLC (U.S.) Lazard Global Eq Select ADR SMA New York New York Lazard Asset Management, LLC (U.S.) Lazard Global Equity Income ADR SMA New York New York Lazard Asset Management, LLC (U.S.) Lazard International Equity Select ADR SMA New York New York Lazard Asset Management, LLC (U.S.) Lazard International Equity Select w/ EM ADR SMA New York New York MFS Investment Management MFS Research International ADR (SMA) Boston Massachusetts Neuberger Berman Management, LLC Neuberger Berman International ADR (SMA) New York New York O'Shaughnessy Asset Management, LLC O'Shaughnessy International ADR Stamford Connecticut Schafer Cullen Capital Management, Inc. Schafer Cullen International High Dividend ADR New York New York Schroder Investment Management North America Inc International Alpha ADR New York New York Scout Investments, Inc. Scout International Equity ADR Kansas City Missouri Thornburg Investment Management, Inc. Thornburg International ADR Strategy Santa Fe New Mexico Thornburg Investment Management, Inc. Thornburg International Growth ADR Strategy Santa Fe New Mexico Thomas White International, LTD Thomas White Emerging Markets ADR Equity SMA Chicago Illinois Thomas White International, LTD Thomas White International ADR Equity SMA Chicago Illinois 39

43 SECTION 6: Select DR Investment Fact Sheets International/Global Value 2Q International/Global Value 2Q AB GLOBAL VALUE ADR PORTFOLIO Separately Managed Accounts AB INTERNATIONAL VALUE ADR PORTFOLIO Separately Managed Accounts PRIMARY INVESTMENTS + Geographically diverse mix of US and non-us stocks across a range of industries, including firms based in emerging markets PORTFOLIO OVERVIEW + Seeks attractive long-term earnings prospects from out-of-favor large-cap stocks globally PORTFOLIO MANAGEMENT + Tawhid Ali, 25 Years + Takeo Aso, 27 Years PRIMARY INVESTMENTS + Geographically diverse mix of non-us stocks across a range of industries, including firms based in emerging markets PORTFOLIO OVERVIEW + Seeks attractive long-term earnings prospects from out-of-favor large-cap stocks outside the US PORTFOLIO MANAGEMENT + Tawhid Ali, 25 Years + Takeo Aso, 27 Years + Consistent, established value-oriented approach + Avi Lavi, 30 Years + Consistent, established value-oriented approach + Avi Lavi, 30 Years + Experienced team draws on global research to build a portfolio of high-conviction investment ideas + Experienced team draws on global research to build a portfolio of high-conviction investment ideas Top Ten Holdings 1 Portfolio 1 Sector Weights Portfolio MSCI World Top Ten Holdings 1 Portfolio 1 Sector Weights Portfolio MSCI EAFE Royal Dutch Shell 3.9% Financials 20.8% 16.8% Royal Dutch Shell 5.5% Financials 20.9% 19.8% Airbus 2.5 Information Technology Nippon Telegraph & Telephone 4.0 Consumer Discretionary Magna International 2.0 Consumer Discretionary British American Tobacco 3.2 Information Technology Apple 2.0 Energy Airbus 3.0 Consumer Staples Oracle 1.9 Consumer Staples Credit Suisse 2.8 Energy Nokia 1.9 Industrials Panasonic 2.6 Materials Goldman Sachs 1.8 Materials Magna International 2.6 Industrials China Unicom 1.7 Health Care Erste Group Bank 2.6 Telecommunication Services AIG 1.7 Telecommunication Services Nokia 2.6 Health Care Philip Morris International 1.7 Utilities Peugeot 2.5 Utilities Real Estate Real Estate Country Breakdown Portfolio MSCI World 1 Country Breakdown Portfolio MSCI EAFE United States 57.1% 60.7% 1 Portfolio Characteristics Portfolio MSCI World Japan 29.2% 24.0% 1 Portfolio Characteristics Portfolio MSCI EAFE Japan Number of Holdings 91 1,641 United Kingdom Number of Holdings United Kingdom Weighted Market Cap ($ Billions) France Weighted Market Cap ($ Billions) China Price/Book 1.77x 2.38x China Price/Book 1.07x 1.65x France Forward P/E Ratio (2018) 12.72x 15.98x Norway Forward P/E Ratio (2018) 12.07x 14.15x Canada Dividend Yield 2.26% 2.41% Germany Dividend Yield 3.03% 3.16% Finland Annual Turnover Range 30-50% Canada Annual Turnover Range 30-50% Korea Switzerland Switzerland Austria Other Other You should not assume that these securities or investments we make in the future were or will be profitable or will equal the performance of the securities discussed in this document. Market Risk: The market values of the portfolio s holdings rise and fall from day to day, so investments may lose value. Foreign (Non-US) Risk: Non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets. 1 Based on a representative account as of 6/30/18. Portfolio holdings, characteristics and weightings will vary over time. Contact your financial advisor for a complete list of portfolio holdings. These are not recommendations to buy or sell any security. 2 Current analysis and estimates do not guarantee future results. Based on calendar year earnings. Sources: MSCI and AB. This is supplemental information to the Global Value Equity ADR Managed Account Composite Performance Disclosure which can be found on the next page. InvestmentProductsOffered AreNotFDICInsured MayLoseValue AreNotBankGuaranteed You should not assume that these securities or investments we make in the future were or will be profitable or will equal the performance of the securities discussed in this document. Market Risk: The market values of the portfolio s holdings rise and fall from day to day, so investments may lose value. Foreign (Non-US) Risk: Non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange rates may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets. 1 Based on a representative account as of 6/30/18. Portfolio holdings, characteristics and weightings will vary over time. Contact your financial advisor for a complete list of portfolio holdings. These are not recommendations to buy or sell any security. 2 Current analysis and estimates do not guarantee future results. Based on calendar year earnings. Sources: MSCI and AB. This is supplemental information to the International Value Equity ADR Managed Account Composite Performance Disclosure which can be found on the next page. InvestmentProductsOffered AreNotFDICInsured MayLoseValue AreNotBankGuaranteed Fixed Income Maturity Unconstrained Fixed Income As of 06/30/2018 Growth of $100,000 International ADR as of June 30, 2018 Portfolio Date: 6/30/2018 Time Period: 1/1/2003 to 6/30/2018 % 3-6 Mo Mo Yr Yr , , , ,000 STRATEGY DESCRIPTION Focused on international equities, this approach seeks both stable and emerging growth companies within industries and sectors poised to benefit from global secular growth trends. ANNUALIZED PERFORMANCE (%) 5-7 Yr 17.8 Total , ,000 2Q18 YTD 1 YR 2 YRS 3 YRS 4 YRS 5 YRS Since Incept 1 Fiera International ADR (Gross) Strategy Highlights Top-down strategy focus on yield curve positioning, sector rotation, duration management and credit risk management. Bottom-up selection process derived from our proprietary fundamental analysis of income statement and cash flow generation seeking issues with above average income potential. Invests primarily in U.S. dollar-denominated investment grade and high yield corporate issues. Risk Premium Management - pursues an attractive yield spread relative to a five year treasury within acceptable levels of portfolio risk. Top 10 Holdings* Portfolio Weighting % Treehouse Foods 1.28 AMC Entertainment 1.27 Oppenheimer 1.25 Tempur Sealy 1.24 Lifepoint Health 1.23 Quad/Graphics 1.22 Centurylink 1.20 NCR Corporation 1.20 Infor 1.20 Coeur Mining 1.19 Fixed Income Country Exposure Portfolio Date: 6/30/2018 % United States 94.7 United Kingdom 2.2 Germany 1.2 Other Countries 1.1 Netherlands 0.3 Canada 0.2 Switzerland 0.2 Venezuela 0.1 Total Portfolio Statistics Altrius AGG Fixed Inc Style Box Í È # of Bond Holdings 179 6, Mo Yield Yield to Maturity Average Eff Duration Average Coupon Average Price Average Credit Quality B+ A Source: Morningstar Direct 140, , , Trailing Returns Since Inception: 1/1/2003 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 15 Yrs Incpt Altrius Unconstrained Fixed Income (Gross) Altrius Unconstrained Fixed Income (Net) BBgBarc US Agg Bond TR USD ICE BofAML US High Yield TR USD US Fund Nontraditional Bond Altrius Unconstrained Fixed Income - Calendar Year Returns Return Risk-Reward Time Period: 7/1/2008 to 6/30/ Return Std Dev Altrius Unconstrained Fixed Income BBgBarc US Agg Bond TR USD ICE BofAML US High Yield TR USD US Fund Nontraditional Bond Risk/Reward Statistics Time Period: 7/1/2008 to 6/30/2018 Firm Data Founded: 1997 Return Correlation Alpha Beta Sharpe Sortino Ratio Ratio Ownership: 100% Employee Form: S Corporation Altrius Unconstrained Fixed Income SEC Registered RIA GIPS compliant/verified BBgBarc US Agg Bond TR USD Firm Assets: $364 million ICE BofAML US High Yield TR USD US Fund Nontraditional Bond Fiera International ADR (Net) MSCI ACWI ex U.S SINCE INCEPT 1 STAT. VS. BENCHMARK PRODUCT INFORMATION Inception date Alpha Oct R-Squared 0.85 Wtd. average market cap $73 B Correlation 0.92 Median market cap $40 B Coefficient Sharpe Ratio 0.95 No. of holdings (range) Information Ratio 0.98 Minimum account size $1M Up / Down 1.28 / Source: Morningstar SUPPLEMENTAL INFORMATION Sector Weights vs. Benchmark Consumer Disc. Consumer Staples Energy Financials Healthcare Industrials Information Tech. Materials Real Estate Telecom. Services Utilities MSCI ACWI ex U.S. Fiera International ADR 0% 5% 10% 15% 20% 25% This is not an offer to purchase or sell securities. PLEASE SEE IMPORTANT DISCLOSURES ON THE REVERSE SIDE. Fiera Capital Inc International Innovation ADR Drive, Strategy Suite 120, Dayton, OH T Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. Gross performance is shown before the deduction of management fees. Net performance is shown after the deduction of management fees of 1.00%. Actual investment advisory fees incurred by clients may vary. Performance results include the reinvestment of dividends and interest. Dividends received from ADRs are included net of foreign withholding taxes. Returns for periods less than one year are not annualized. Investment Team Nitin Kumbhani Vice Chairman, Chief of Growth Equity Strategies Amit Dugar, CFA SVP, Portfolio Manager Michael Kalbfleisch, CFA, CPA SVP, Portfolio Manager Kamal Kumbhani SVP, Portfolio Manager Sunil Reddy, CFA SVP, Portfolio Manager Bhavik Kothari, CFA VP, Portfolio Manager James Brown, CFA AVP, Research Analyst TOP 10 HOLDINGS 30.0% HDFC Bank Ltd ADR 3.7 Aptiv PLC 3.3 Alibaba Group Holdings ADR 3.2 L Oreal Co ADR 3.0 Dassault Systémes 3.0 Sony Corp 3.0 Moet Hennessy Louis Vuitt 2.8 Interxion Holding 2.7 Tencent Hldgs Ltd ADR 2.6 Safran S.A. 2.6 The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 40

44 2Q2018 Separately Managed Accounts CLEARBRIDGE INTERNATIONAL GROWTH ADR ESG PORTFOLIOS 2Q2018 Separately Managed Accounts CLEARBRIDGE INTERNATIONAL GROWTH ADR PORTFOLIOS Investment overview ClearBridge International Growth ADR ESG Portfolios were designed to allow investors to diversify their portfolios by participating in the potential growth of international markets. The portfolios invest approximately 80-90% in larger companies and primarily in ADRs. The ESG Investment Program actively incorporates environmental, social and governance (ESG) factors into the fundamental research platform and into the stock-selection process. In addition, ongoing company engagement and shareholder advocacy are key components of the Program. A few examples of the ESG considerations include: Innovative workplace policies, employee benefits and programs Environmental management system strength, eco-efficiency and life-cycle analysis Community involvement, strategic philanthropy and reputation management Strong corporate governance and independence on the board ClearBridge is a Signatory to the UN Principles for Responsible Investment, and is affiliated with the Investor Network on Climate Risk, the Carbon Disclosure Project, the Interfaith Center on Corporate Responsibility, the Global Impact Investing Network, and the US Forum for Sustainable and Responsible Investment. Investment philosophy We believe that: International equities may vary significantly from fair value due to macroeconomic/exogenous factors and companyspecific endogenous issues. Through fundamental analysis, we seek to identify companies with superior capital appreciation prospects and competitive risk-adjusted returns achieved by capitalizing on the convergence between a company s investment potential and its ESG management aspects. Portfolio positioning Core international developed market portfolio Low turnover seeks tax efficiency Key differentiators High, quality developed markets focus Focus on companies able to grow through a variety of economic market conditions as a result of product or service leadership 80% + of portfolio in large cap (more than $10b franchises) Usually no more than 10% in emerging markets domiciled exposure Will usually have names in portfolio Explicit limits at sector, country and position level Investment objective Seeks: Long-term capital appreciation, complemented by issuer and portfolio risk management. Our strategy aims to outperform the MSCI EAFE Index over a full market cycle. To actively evaluate a company s ESG drivers of business performance to gauge its level of social awareness. Management team ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 50 years of experience building portfolios for clients seeking income solutions, high active share or low volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure. Investment management team Elisa Mazen Managing Director, Head of Global Growth Equity Portfolio Manager industry since 1986 Thor Olsson Director Portfolio Manager Industry since 1997 Michael Testorf, CFA Managing Director Portfolio Manager Industry since 1987 Pawel Wroblewski, CFA Director Portfolio Manager Industry since 1996 Mary Jane McQuillen Managing Director Portfolio Manager Head of Environmental, Social and Governance Investment Industry since 1996 Investment overview The ClearBridge International Growth ADR Portfolios were designed to allow investors to diversify their portfolios by participating in the potential growth of international markets. The portfolios invest approximately 80-90% in larger companies and primarily in ADRs. Investment objective Seeks: Long-term capital appreciation, complemented by issuer and portfolio risk management. Our strategy aims to outperform the MSCI EAFE Index over a full market cycle. Investment philosophy We believe that: International equities may vary significantly from fair value due to macroeconomic/exogenous factors and companyspecific endogenous issues. Through fundamental analysis, we seek to identify companies with superior capital appreciation prospects. Portfolio positioning Core international developed market portfolio. Low turnover seeks tax efficiency. Key differentiators High, quality developed markets focus Focus on companies able to grow through a variety of economic market conditions as a result of product or service leadership. Focus on sound financial structure and how these companies will finance future growth. 80% + of portfolio in large cap (more than $10b franchises). Usually no more than 10% in emerging markets domiciled exposure. Patient, concentrated approach to security selection Will usually have names in portfolio. Take deliberate approach to understand a company s ecosystem. Seek multi-year opportunities. Will have lower turnover vs. peer group. Defined risk management at security and portfolio level De-risk stock via understanding downside case. Explicit limits at sector, country and position level. Strategy inception: 1996 Management team ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 50 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure. Investment management team Elisa Mazen Managing Director, Head of Global Growth Equity Portfolio Manager industry since 1986 Thor Olsson Director Portfolio Manager Industry since 1997 Michael Testorf, CFA Managing Director Portfolio Manager Industry since 1987 Pawel Wroblewski, CFA Director Portfolio Manager Industry since 1996 Strategy Inception: 1996 Risks: All investments involve risk, including loss of principal and there is no guarantee that investment objectives will be met. The managers invest the portfolios primarily in ADRs, but may also make limited investments in U.S.-traded stocks of non-u.s. and U.S. companies engaged in significant non-u.s. business. These limited investments may include U.S.-traded stocks that result from the conversion of ADRs, as well as other U.S.-traded stocks. The portfolios investments in non-u.s. companies may include companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in U.S.-traded stocks, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in audition and other financial standards. These risks are magnified in emerging markets. Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. ADRs are U.S. traded securities that represent shares of a foreign-based corporation held by a custodian and they entitle the shareholder to all dividends, net of any applicable local withholding taxes, and capital gains that would be paid on the company s ordinary shares. Diversification does not assure a profit or protect against market loss. There is no guarantee low turnover will continue. Actual percentages may vary due to economic conditions and other factors. Managers may deviate from these allocations in order to seek to meet these objectives. INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Risks: All investments involve risk, including loss of principal and there is no guarantee that investment objectives will be met. The managers invest the portfolios primarily in ADRs, but may also make limited investments in U.S.-traded stocks of non-u.s. and U.S. companies engaged in significant non-u.s. business. These limited investments may include U.S.-traded stocks that result from the conversion of ADRs, as well as other U.S.-traded stocks. The portfolios investments in non-u.s. companies may include companies in developed and emerging markets which involve risks in addition to those ordinarily associated with investing in U.S.-traded stocks, including the potentially negative effects of currency fluctuation, political and economic developments, foreign taxation and differences in audition and other financial standards. These risks are magnified in emerging markets. Investments may be made in small- and mid-cap companies, which involve a higher degree of risk and volatility than investments in large-cap companies. ADRs are U.S. traded securities that represent shares of a foreign-based corporation held by a custodian and they entitle the shareholder to all dividends, net of any applicable local withholding taxes, and capital gains that would be paid on the company s ordinary shares. Diversification does not assure a profit or protect against market loss. Active share is a measure of the percentage of stock holdings in a manager s portfolio that differs from the benchmark index. There is no guarantee low turnover will continue. Actual percentages may vary due to economic conditions and other factors. Managers may deviate from these allocations in order to seek to meet these objectives. INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 41

45 QUARTERLY COMMENTARY March 31, 2018 J.P. Morgan International ADR Strategy Separately Managed Account TOPLINE (1Q 2018) Strategy -2.26% Benchmark -1.53% Benchmark: MSCI EAFE Index (net of foreign withholding taxes) Markets Following an extremely benign 2017, volatility returned in the first quarter of 2018 as the combined impacts of fiscal stimulus and continued gradual Federal Reserve (Fed) tightening put upward pressure on interest rates. Following the sell-off in February, prompted by strong U.S. wage growth and a suggested faster pace of Fed monetary tightening, investors in March turned their concerns to a potential trade war between the U.S. and China. The U.S. administration initially announced tariffs on steel and aluminum imports. This was followed by a 25% tariff on $60 billion of Chinese imports. In response, the Chinese announced increased tariffs on U.S. imports. Despite these concerns, economic fundamentals remain robust as data releases continue to point to synchronized global economic growth and stable inflation. The earnings season reaffirmed the strong profit outlook and rising intentions of business investment. Against this backdrop, defensive sectors outperformed cyclical sectors and emerging markets outperformed developed markets. Helped Stock selection in financials and consumer discretionary contributed to returns. At the regional level, stock selection in Pacific ex-japan and an overweight to emerging markets had a positive impact due to stock selection. Hurt Stock selection in consumer staples and health care detracted from performance. At the regional level, Japan and Europe ex-uk detracted due to stock selection. Outlook We continue to expect a synchronized global recovery in economic growth and earnings in Past performance is not indicative of future returns. Performance is shown gross of fees. If fees were included, returns would be lower. Please see following page for additional performance. STRATEGY OVERVIEW Designed to provide total return from a portfolio of foreign companies across a range of countries and sectors. APPROACH Invests in foreign developed markets and, opportunistically, in emerging markets Leverages insights generated by a team of global sector specialists Employs a bottom-up, active approach focusing on proprietary fundamental research at the local and global sector levels Purchases securities through American Depositary Receipts (ADRs) which represent shares of foreign stocks in U.S. dollars QUARTER IN REVIEW The JPMorgan International ADR Strategy underperformed its benchmark, the MSCI EAFE Index (net of foreign withholding taxes), in the quarter ended March 31, ASML Holding N.V. (Europe ex-uk, information technology) develops, produces, sells and services semiconductor equipment systems. The stock performed well during the quarter after a strong earnings release in January, where revenues came in about 20% ahead of expectations. ASML management highlighted that semiconductor industry capital intensity has been on the rise recently and this trend will likely continue over the next couple of years, driven by leading-edge logic devices, DRAM process migration and 3D NAND transition. Our analysts view the company as a monopoly provider of leading-edge lithography equipment, which is critical in the process for making semiconductors. Additionally, we believe that an introduction of EUV (extreme ultraviolet lithography) will lead to higher earnings power. British American Tobacco plc (UK, consumer staples), the UK tobacco manufacturer, detracted from performance in the quarter. Shares fell as a result of a slight revenue miss in the fourth quarter and uncertainty surrounding the future of the tobacco industry. The underlying strength of the business remains robust, with the strong price mix more than offsetting the negative volume trends. Next Generation Products (NGPs) are becoming an increasing feature for tobacco companies. British American Tobacco is very well placed to leverage the new technologies in this area, which should help to offset the declining volume trends in the industry of more traditional tobacco products. LOOKING AHEAD The depth and breadth of global growth, as evidenced by multi-year highs in regional manufacturing Purchasing Managers Indexes, is prompting accelerating gross domestic product expectations. Corporate and consumer sentiment remain high, and we still see positive momentum globally in analyst corporate earnings revisions. This environment is very positive for equity investing, particularly outside the U.S., where valuations seem a lot more reasonable and high operational leverage, particularly in Europe and Japan, will see companies benefit from better nominal growth. In the U.S., growth remains healthy and, while fiscal stimulus runs the risk of eventually overheating the economy, the chance of an imminent recession appears low and forecasts of continued earnings growth in 2018 look to be very much on course. The key question for the rest of this economic cycle remains the interplay between inflation, bond yields and the gradual reduction in monetary stimulus and how this will impact the economy and equity market. However, while this creates uncertainty, a healthy environment for the global economy and corporate profits will keep driving equity markets forward. The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 42

46 Investment Focus An Unconstrained Approach to Generating Equity Income The economic and capital market volatility in recent years has reduced the attractiveness of equities to many investors, and it has led to unprecedented flows into fixed income. However, the yields available in fixed-income markets were already low by historical standards, and additional capital flows have further reduced those yields. Conversely, dividends have been rising as corporate earnings continue to recover and investors increasingly demand dividends from a wider variety of companies. In our view, equities can be a means of securing a high yield, and a global portfolio of equities can be an effective method of achieving that yield. Even more, an unconstrained portfolio that looks beyond large, mature, defensive businesses can access the most attractive high-yielding stocks globally, thus potentially maximizing both income and capital appreciation. International Dividend ADR Firm Background ^Total Firm Assets: $1,958 Million ^Strategy Assets: $140 Million Benchmark: MSCI EAFE Net 2Q18 6/30/18 Logan Capital Management, Inc. is an independent, employee-owned Registered Investment Advisor founded in 1993 and headquartered in Ardmore, Pennsylvania -- a Philadelphia suburb. Originally started as a growth-focused equity manager, a value-focused equity team was added in Common to all Logan investment strategies is a true active management approach that builds concentrated, high conviction portfolios with high active share and low average annual turnover. Portfolio Holdings % of Investment Philosophy Portfolio Top Ten (as of 6/30/18) Research by Logan Capital and others show that large-cap, Royal Dutch Shell 4.3 high dividend yield international equity strategies have the Total 4.2 potential to outperform their respective benchmarks with Siemens 3.2 lower risk over time. Final stock selection is primarily driven Imperial Brands 3.0 by dividend rank within investable universe, sector, and BAE Systems 3.0 country; other valuation metrics are considered. HSBC Holdings 2.9 Allianz 2.9 Investment Process NTT Docomo 2.8 Sanofi 2.8 Screen ADR universe for dividend-paying stocks with Roche Holding 2.8 minimum market caps of $10 billion--approximately companies Equity Sector Allocation^ Utilities Research investable universe for low payout ratios, Materials 2.5% strong balance sheets, and strong cash flows Consumer 5.9% Discretionary Financials 6.9% 23.0% Extensively analyze financial statements and company fundamentals Telecomm 9.8% holdings diversified across seven to eleven sectors Health Care and at least ten countries; emerging markets exposure Industrials 14.9% is minimal 11.2% Portfolio Highlights Consumer Energy Staples 13.2% 12.6% Higher than average dividend yield* -- currently 4.6% as of Q vs. Portfolio Total Return Total Return MSCI EAFE MSCI EAFE ishares MSCI EAFE index: 3.2% Performance^ Net of Fees Gross of Fees Net High Dividend Yield Net Tax-friendly 15% average annual portfolio turnover and Annualized Returns (as of 6/30/18) excellent downside protection Quarter-to-Date -0.6% -0.5% -1.2% -1.0% Has outperformed the MSCI EAFE index with less volatility Year-to-Date -4.3% -4.0% -2.8% -2.8% 1 Year 2.1% 2.6% 6.8% 4.1% Portfolio Management 3 Years 5.4% 5.8% 4.9% 3.7% 5 Years 6.2% 6.6% 6.4% 5.0% Rich Buchwald, CFA and Marvin Kline, CFA have over thirty 10 Years 3.8% 4.1% 2.8% 2.9% years of investment experience, and have co-managed the Since Inception 3.2% 3.6% 2.4% 2.0% Logan International Dividend ADR portfolio since its inception. Inception of 12/31/06 Please reference the performance disclosure on page 2. ^The information shown is supplemental and complements the International Dividend ADR Composite complete disclosures, which are located on page 2. Six Coulter Avenue Suite 2000 Suburban Square Ardmore, PA fax The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 43

47 International All Cap ADR June 30, 2018 Global All Cap ADR June 30, 2018 Firm Overview Fundamental Value Investors Founded in 2004 The Neosho International ADR strategy invests in the shares of undervalued non U.S. companies and seeks to generate strong returns over a full market cycle. By focusing on fundamental company analysis, the Investment Team invests in international companies exhibiting strong historic track records, attractive valuations, and sustainable balance sheets. Firm Overview Fundamental Value Investors Founded in 2004 The Neosho Global ADR strategy invests in the shares of undervalued companies around the world and seeks to generate strong returns over a full market cycle. By focusing on fundamental company analysis, the Investment Team invests in global companies exhibiting strong historic track records, attractive valuations, and sustainable balance sheets. 100% Employee Owned Asset management, supervisory, and sub-advisory services on a fee-only basis to institutions and high net worth individuals Strategies: International, Emerging Markets and Global Equity SEC-Registered Investment Advisory Firm GIPS Certified Performance Certified Minority-Owned Business Enterprise Investment Process Identify companies with strong historic track records and sustainable balance sheets Focus on fundamental company analysis of undervalued non-u.s. companies Build an efficiently diversified portfolio of equities Hold companies typically for 3-5 years Portfolio Characteristics as of 6/30/2018 ishares ACWI Portfolio ex-us ETF 1 P/E 12.0x 14.8x Forward P/E 10.6x 12.8x P/B 1.2x 1.6x Net Debt/Equity 28.0% 44.0% Dividend Yield 3.7% 3.1% Active Share 95% - # of Holdings 32 1,206 Highest Weight 3.9% 1.3% Large Cap 91.0% 95.0% Mid Cap 6.0% 4.0% Small Cap 0.0% 0.2% Wtd. Avg. Market $50.0 $70.0 Cap ($B) Source: Bloomberg Risk and Portfolio Analytics Top Ten Holdings as of 6/30/2018 Company Weight % WPP Plc 3.9% Koninklijke Ahold Delhaize 3.9% Intl Cons Airlines Ltd 3.5% DBS Group 3.5% Royal Dutch Shell Plc 3.4% Volkswagen AG 3.4% Singapore Telecom 3.4% Bayer AG 3.3% Cemex SAB 3.2% China Unicom 3.2% 100% Employee Owned Asset management, supervisory, and sub-advisory services on a fee-only basis to institutions and high net worth individuals Strategies: International, Emerging Markets and Global Equity SEC-Registered Investment Advisory Firm GIPS Certified Performance Certified Minority-Owned Business Enterprise Investment Process Identify companies with strong historic track records and sustainable balance sheets Focus on fundamental company analysis of undervalued non-u.s. companies Build an efficiently diversified portfolio of equities Hold companies typically for 3-5 years Portfolio Characteristics as of 6/30/2018 Portfolio ishares ACWI ETF 1 P/E 11.8x 17.6x Forward P/E 11.2x 14.6x P/B 1.5x 2.2x Net Debt/Equity 24.0% 62.0% Dividend Yield 3.7% 2.4% Active Share 96% - # of Holdings 32 1,404 Highest Weight 4.3% 2.1% Large Cap 88.0% 98.0% Mid Cap 9.0% 1.6% Small Cap 0.0% 0.2% Wtd. Avg. Market Cap ($B) $61.0 $105.0 Source: Bloomberg Risk and Portfolio Analytics Top Ten Holdings as of 6/30/2018 Company Weight % Walt Disney 4.3% Koninklijke Ahold Delhaize 3.9% Dick's Sporting Goods 3.8% WPP Group Plc 3.7% Blackstone Group 3.7% Corning Inc 3.7% Bayer AG 3.6% Volkswagen AG 3.6% Archer Daniels Midland 3.5% Molson Coors 3.4% The Neosho Difference Experienced investment team Strict adherence to Graham and Dodd value investing principles A focus on long-term multi-year capital appreciation and wealth preservation Disciplined, consistent, and repeatable Annualized Returns through 6/30/2018 (%, gross of fees) The Neosho Difference Experienced investment team Strict adherence to Graham and Dodd value investing principles A focus on long-term multi-year capital appreciation and wealth preservation Disciplined, consistent, and repeatable Annualized Returns through 6/30/2018 (%, gross of fees) The Neosho Team -6.4 QTD 1 Year NEOSHO International ADR (gross) ACWI ex-us Index (net) Since Inception (3/31/2016) The Neosho Team -3.1 QTD 1 Year NEOSHO Global All Cap ADR (gross) ACWI Index (net) Since Inception (3/31/2016) Member Years Industry Experience Christopher Richey JD, CFA 29 Alphonse Chan, Jr., CFA 31 Robert Choi, CFA 31 Vincent G. Pandes 22 Calendar Year Returns (%) as of June 30, Neosho International ADR (gross) MSCI ACWI ex-us Index Performance is presented gross of fees, and reported in US Dollars. Please refer to the Performance Disclosure section for additional information, including net-of-fees results. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. 1 The ishares (by BlackRock) MSCI ACWI ex-us ETF seeks to track the investment results of an index composed of large- and mid-capitalization International equities. 2 Performance returns from March 31, 2016 to December 31, Member Years Industry Experience Christopher Richey JD, CFA 29 Alphonse Chan, Jr., CFA 31 Robert Choi, CFA 31 Vincent G. Pandes 22 Calendar Year Returns (%) as of June 30, Neosho Global All Cap ADR (gross) MSCI ACWI Index Performance is presented gross of fees, and reported in US Dollars. Please refer to the Performance Disclosure section for additional information, including net-of-fees results. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. 1 The ishares (by BlackRock) MSCI ACWI seeks to track the investment results of an index composed of large- and mid-capitalization global equities. 2 Performance returns from March 31, 2016 to December 31, Emerging Markets ADR June 30, 2018 Managed Account Platform Fact Sheet 2Q 2018 Firm Overview Fundamental Value Investors Founded in % Employee Owned Asset management, supervisory, and sub-advisory services on a fee-only basis to institutions and high net worth individuals Strategies: International, Emerging Markets and Global Equity SEC-Registered Investment Advisory Firm GIPS Certified Performance Certified Minority-Owned Business Enterprise Investment Process Identify companies with strong historic track records and sustainable balance sheets Focus on fundamental company analysis of undervalued non-u.s. companies Build an efficiently diversified portfolio of equities Hold companies typically for 3-5 years The Neosho Difference Experienced investment team Strict adherence to Graham and Dodd value investing principles A focus on long-term multi-year capital appreciation and wealth preservation Disciplined, consistent, and repeatable The Neosho Team Member Years Industry Experience Christopher Richey JD, CFA 29 Alphonse Chan, Jr., CFA 31 Robert Choi, CFA 31 Vincent G. Pandes 22 The Neosho Emerging Markets ADR strategy invests in the shares of undervalued companies domiciled in emerging countries around the world. Focusing on fundamental company analysis, the portfolio typically holds companies exhibiting strong historic track records and market position, low P/B, low P/E, low P/FCF, and sustainable balance sheets. The strategy also has the flexibility to invest up to 20% of the portfolio in ETF s in order to remain fully invested. Portfolio Characteristics as of 6/30/2018 ishares Portfolio MSCI Emerging Mkts ETF 1 P/E 13.5x 13.4x Forward P/E 11.1x 11.2x P/B 1.1x 1.5x Net Debt/Equity 32.0% 22.5% Dividend Yield 3.9% 2.6% Active Share 94% - # of Holdings Highest Weight 5.3% 5.4% Large Cap 68.0% 88.0% Mid Cap 21.0% 11.0% Small Cap 8.0% 1.0% Wtd. Avg. Market Cap ($B) $27.0 $96.0 Source: Bloomberg Risk and Portfolio Analytics Annualized Returns through 6/30/2018 (%, gross of fees) QTD Year NEOSHO Emerging Markets ADR (gross) Top Ten Holdings as of 6/30/2018 Company Weight % IShares MSCI South Korea 5.4% Infosys Ltd 4.5% Industrias Bachoco SAB 4.2% Cemex SAB 4.1% Banco Latinoamericano 3.9% Enel Chile SA 3.7% Shinhan Financial 3.7% DBS Group 3.6% Compania Brasileria Dist 3.5% Singapore Telecom 3.5% MSCI Emerging Markets (net) 3 Years Since Inception (6/30/2015) Calendar Year Returns (%) as of June 30, Neosho Emerging Markets ADR (gross) MSCI Emerging Markets Index Performance is presented gross of fees, and reported in US Dollars. Please refer to the Performance Disclosure section for additional information, including net-of-fees results. The performance quoted represents past performance. Past performance is not a reliable indicator of future results. 1 The ishares (by BlackRock) MSCI Emerging Markets ETF seeks to track the investment results of an index composed of large- and mid-capitalization emerging markets equities. 2 Performance returns from June 30, 2015 to December 31, Neuberger Berman International ADR Portfolio Portfolio Highlights Investment Performance (%) 1 Annualized Returns (Period Ended 6/30/18) Key Features QTD YTD 1 Year 3 Years 5 Years 10 Years A flexible all-cap International ADR portfolio with an International ADR (Gross of Fees) attractive risk/return profile with experienced International ADR (Net of Fees) management, focused on Quality-at-a-Reasonable Price (QuaRP) investing and driven by fundamental research. MSCI EAFE Index (Europe, Australasia, Far East) S&P ADR Index Seeks differentiated businesses with an enduring competitive advantage, regardless of market cap, Past performance is no guarantee of future results. trading at QuaRP Fee schedule: maximum fee 300 bps annually; 75 bps quarterly. Disciplined investment approach focused on strategic bottom-up fundamental analysis and valuation Portfolio Characteristics Top Ten Holdings (%) assessment with significant commitment to nonbenchmark companies International ADR MSCI EAFE Index Country % Comprehensive risk management embedded in portfolio Weighted Average Capitalization ($Mil) 62,579 60,988 ASML Holding NV ADR Netherlands 3.18 construction and oversight processes while seeking to P/E Ratio- Current Cal Yr Alibaba Group Holding Ltd. Sponsored ADR China 2.85 control standard deviation and beta Long Term Growth Rate (Forward) Roche Holding Ltd Sponsored ADR Switzerland 2.30 Dividend Yield RELX PLC Sponsored ADR United Kingdom 2.26 Return on Equity (Current) DAIKIN INDUSTRIES, LTD. Unsponsored ADR Japan 2.07 SAP SE Sponsored ADR Germany 2.07 Sector Weightings (%) L'Oreal SA Unsponsored ADR France 2.01 Bridgestone Corporation Unsponsored ADR Japan 2.00 International ADR MSCI EAFE Index Henkel AG & Co. KGaA Sponsored ADR Pfd Germany 1.98 Consumer Discretionary SMC Corp Sponsored ADR Japan 1.92 Consumer Staples Total Energy Regional Breakdown (%) Financials Health Care International ADR MSCI EAFE Index Industrials Europe Information Technology Pacific Basin Management Team Materials Canada Benjamin Segal, CFA Real Estate Emerging Managing Director, Senior Portfolio Manager, Head of Telecommunication Services Africa/Mideast Global Equity Team Utilities United States Cash Cash Maria Llerena, CFA Managing Director, Associate Portfolio Manager Source: FactSet and Neuberger Berman. 1 This Portfolio is available only through a wrap fee or similar program sponsored by a third-party intermediary ( Sponsor ) that has engaged Neuberger Berman Investment Advisers LLC ("NBIA") to manage certain of the Sponsor s client accounts on a discretionary basis or to provide the Sponsor with recommendations in the form of model portfolio. Please refer to the attached GIPS compliant composite presentation, which reflects NBIA's calculations with respect to the Portfolio that are not specific to any Sponsor or client account ( Composite ). Specific client account performance is reflected in the official books and records maintained by the Sponsor or other custodian selected by the Sponsor or client. Performance reflects reinvestment of any dividends and distributions. Representative portfolio information (characteristics, holdings, weightings, etc.) is based upon the Composite. Gross return is shown as supplemental and does not reflect the deduction of advisory fees and other expenses. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. Please see Additional Disclosures on page 2, which are a required part of this factsheet. FOR INVESTMENT PROFESSIONAL, BROKER-DEALER AND INSTITUTIONAL USE ONLY. NOT FOR USE WITH OR DISTRIBUTION TO THE GENERAL PUBLIC. The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 44

48 GLOBAL EQUITY INCOME ADR SEPARATELY MANAGED ACCOUNTS Separately Managed Accounts 2018 Profile FIRM FACTS Los Angeles, California based value equity manager founded in 1982, subsidiary of Nuveen, LLC. since 2002 Total employees: 36 / Investment Professionals: 18 1 Key Investment Professionals: James Stephenson, CFA, Thomas J. Ray, CFA KEY PORTFOLIO FEATURES Seeks undervalued U.S.- and non-u.s. companies Diversified portfolio of companies, each selected for its risk/return characteristics Most positions weighted at 1-4% with no issue greater than 5% at cost Generally invests at least 80% in equity securities of U.S. and non-u.s. based companies Non-U.S. equity exposure typically > 40% including up to 20% in emerging markets Non-U.S. debt exposure typically < 20% Invests up to 10% in below investment grade (high yield) bonds WHY NWQ? NWQ seeks to provide risk-adjusted returns through an analystdriven, value-oriented process. This gives us the ability to capitalize on opportunities that may have been overlooked elsewhere and invest in undervalued companies with positive catalysts all while seeking to provide downside protection* by emphasizing the risk/reward of each investment. ANNUALIZED PERFORMANCE 2,3,4,5 Global Equity Income ADR (Gross) MSCI World 15% 10% 5% 0% -5% SECOND QUARTER 2018 (AS OF 06/30/18) Global Equity Income ADR (Net) QTD 1 Yr 2 Yrs 3 Yrs 4 Yrs Since Inception -1.64% 3.58% 9.82% 4.70% 4.22% 6.02% PORTFOLIO CHARACTERISTICS 4,6 NWQ MSCI World Trailing P/E Ratio 1 Yr 14.0x 17.0x Forward P/E Ratio 1 Yr 12.3x 15.2x Price/Book Ratio 1.4x 2.4x Dividend Yield 2.7% 1.5% Avg. Wtd. Market Cap. $78.8B $148.7B Median Market Cap. $24.8B $59.2B % Large Cap % 73.7% 7 % Mid Cap 42.9% 26.2% % Small Cap 7 5.3% 0.1% CALENDAR YEAR PERFORMANCE 3,4 NWQ (Gross) NWQ (Net) MSCI World YTD -3.61% -5.06% -0.43% International Growth ADR Seeks to provide long-term capital appreciation by investing in non-u.s. equity securities of varying market capitalizations INVESTMENT PHILOSOPHY Thematically driven investment process based on the belief that worldwide demand growth can be explained by secular themes and cyclical trends Growth portfolio unbound by constraints of country, sector or market capitalization Active management that employs rigorous, integrated sell discipline to refresh portfolio PORTFOLIO GUIDELINES Investable Universe At least 80% capitalization non-u.s. companies 1 Emerging Markets Up to 30% 1 Themes What themes describe global economic change? 2 Opportunity set What are the goods and services that could benefit from these themes? PORTFOLIO MANAGER 3 Fundamental analysis Fundamentally, which companies are best positioned to benefit? Reed Walters 27 years investment experience Joseph O Flaherty 18 years investment experience Effective 02 Oct 2017, Reed Walters and Joseph O Flaherty were added as portfolio managers to the Nuveen International Growth Fund. Effective 01 Jan 2018, Tracy Stouffer retired from Nuveen Asset Management, LLC. INVESTMENT PROCESS Utilizing a four step process, the strategy is built across a geographic, economic and demographic diversified set of international companies with the strong potential for stock price appreciation due to earnings growth. The process seeks to identify companies benefiting from secular themes and cyclical trends followed by bottom-up fundamental analysis. 2 4 Portfolio construction How do these companies fit into the overall portfolio? * There is no assurance that downside protection will be achieved. 1 As of 06/30/18. 2 Periods greater than one year are annualized. 3 The inception date is 02/1/14. All manager performance shown in this profile is based on performance of NWQ Investment Management Company, LLC institutional composite and does not reflect any returns of accounts managed by NWQ in separately managed accounts programs. The results explanation on the second page of this profile is an integral part of the performance presentation. Past performance is no guarantee of future results. 4 MSCI World return source is RIMES and characteristics source: FactSet. 5 Preliminary. Final numbers are available upon request by contacting Nuveen Investments Advisers, LLC. 6 Portfolio characteristics represent data from the underlying securities of the equity portion of the new account model portfolio as of 06/30/18. Individual accounts may vary due to restrictions, substitutions and other factors. 7 Market capitalization breakdown is based on data from FactSet. 8 Returns are for the period from 02/1/14 through 12/31/14. Search for growth Identify global goods based on themes and services that and trends that may benefit from drive global long-term change economic change 1 Majority of assets are outside of the U.S. 2 It should not be assumed that investment in the themes listed above will be profitable, are owned, or will be owned. This is not a recommendation to purchase or sell a particular security and should not be considered investment advice of any kind. All investing entails risk. Evaluate companies based on fundamental factors Construct active portfolio with growth companies using conviction-based weightings and risk management NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INTERNATIONAL VALUE ADR¹ SEPARATELY MANAGED ACCOUNTS SECOND QUARTER 2018 (AS OF 06/30/18) O Shaughnessy International ADR June 30, 2018 osam.com FIRM FACTS Los Angeles, California based value equity manager founded in 1982, subsidiary of Nuveen, LLC. since 2002 Total employees: 36 / Investment Professionals: 18 2 Key Investment Professionals: Peter Boardman and Jim Stephenson KEY PORTFOLIO FEATURES Invests in intrinsically undervalued non-u.s. companies, with a market capitalization of greater than $1 billion Diversified portfolio of companies, with most positions weighted 1 4% Holdings and sector/regional weights can diverge significantly from the index Will invest up to 15% in emerging market securities WHY NWQ? NWQ seeks to provide risk-adjusted returns through an analystdriven, value-oriented process. This gives us the ability to capitalize on opportunities that may have been overlooked elsewhere and invest in undervalued companies with positive catalysts all while seeking to provide downside protection* by emphasizing the risk/reward of each investment. PORTFOLIO CHARACTERISTICS 6,7 NWQ MSCI EAFE 8 Trailing P/E Ratio 14.2x 14.3x 8 Forward P/E Ratio 11.8x 13.5x 8 Price/Book Ratio 1.2x 1.7x Weighted Avg. Market Cap. $47.2B $61.0B Median Weighted Market Cap. $22.9B $37.1B % Large Cap % 64.5% 9 % Mid Cap 50.4% 35.3% 9 % Small Cap 2.7% 0.3% Top Five Regions/Countries 10 Europe & Middle East ex. United Kingdom 41.9% 45.0% Japan United Kingdom Emerging Markets United States CALENDAR YEAR PERFORMANCE 4,5 NWQ (Gross) NWQ (Net) MSCI EAFE US$ (Net Dividends) YTD -3.96% -5.41% -2.75% % 18.00% 25.03% Investment Philosophy We believe in applying empirical, fundamental research to uncover strong quantitative equity strategies. We have conducted research covering more than 50 years of market data to identify the characteristics that historically have led to strong stock selection. This research forms the basis of each of our strategies. Our process is generally transparent. We select stocks in a logical, unemotional way, appealing to common sense. We do not allow short-term market events to distract us from our discipline. Investment Strategy Seeks to provide long-term appreciation through exposure to international equities, primarily using American Depository Receipts (ADRs), that the manager believes rank favorably on the themes of quality, valuation, momentum and yield. Stocks are selected and weighted based on conviction and are broadly constrained by region, sector and industry. Characteristics MSCI AC World Portfolio Ex Holdings Based 1 Price/Earnings Ratio 11.6 US Index 14.0 Price/Sales Ratio Trailing 12-Month Price Appreciation (%) Market Cap (Weighted Average) 43,418 69,710 Market Cap (Median) 24,011 8,702 Dividend Yield (%) Approximate Number of Holdings 99 2,154 Approximate Turnover (% LTM) 64.5 Active Share (%) 87.5 Returns Based 2 Standard Deviation (%) Downside Standard Deviation (%) Sharpe Ratio Beta Information Ratio 0.49 Tracking Error (%) 4.5 Downside Capture (%) Upside Capture (%) Based on the O Shaughnessy International ADR Advisor Composite. 2 Since inception: January 1, ANNUALIZED PERFORMANCE 3,4,5,6 NWQ International Value ADR (Gross) NWQ International Value ADR (Net) MSCI EAFE US$ (Net Dividends) 10% 5% 0% Annualized Rates*of Return (%) (For periods ending 06/30/2018) O Shaughnessy International ADR Gross Net** MSCI AC World Ex US Index % QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs 10 Yrs -2.06% 4.95% 3.23% 5.28% 2.73% 2.32% MTD 2Q18 YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since inception *There is no assurance that downside protection will be achieved. 1 Effective 7/1/16, the portfolio manager of the Tradewinds International Value ADR strategy, managed by Tradewinds Global Investors, LLC ( Tradewinds ), an affiliated investment adviser, was hired by NWQ to serve as portfolio manager for the NWQ International Value ADR strategy. Portfolio and performance information presented herein may have occurred while the portfolio management team was employed by Tradewinds. 2 As of 6/30/18. 3 Periods greater than one year are annualized. 4 The performance presented is based on performance of the institutional composite and does not reflect any returns of accounts in managed accounts programs. The inception date is 5/1/01. The results explanation on the second page of this profile is an integral part of the performance presentation. Past performance is no guarantee of NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE future results. 5 The MSCI EAFE Returns Source is RIMES. MSCI EAFE Characteristics Source: MSCI Barra, calculated using FactSet Software. NWQ International Value ADR portfolio does not seek to replicate an index. 6 Preliminary. Final numbers are available upon request by contacting Nuveen Investments Advisers, LLC. 7 Portfolio characteristics represent data from the underlying securities of the model of portfolio holdings as of 6/30/18. Individual accounts may vary due to restrictions, substitutions and other factors. 8 Negative P/Es are excluded in the calculation of the P/E ratio. 9 Market capitalization breakdown is based on the following ranges: Small Cap below $3.0 B; Mid Cap $3.0 - $24.3 B; Large Cap above $24.3 B. 10 Regional rankings are U.S. dollar based with net dividends reinvested, presented in the order according to the rankings in the portfolio. Annual Rates of Return (%) YTD 2018 International ADR (Gross) International ADR (Net)** MSCI AC World Ex US Index * Any time period longer than one year is annualized. ** For composite presentation, returns are net at 3% annually, which reflects the highest applicable wrap fee charged by any sponsor across our distribution channel. Actual fees may vary account by account. Investment characteristics and performance are based on O Shaughnessy Asset Management s Separately Managed Accounts. Should OSAM have another product or investment vehicle with a similar name, investment characteristics and performance may differ. Stocks with small and mid-sized market capitalizations (those defined by OSAM as less than $10 billion) may have greater risk and volatility than those with larger market capitalizations. Past performance is no guarantee of future results. Please see important information at the end of this presentation. The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 45

49 The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 46

50 Quarter Ending 6/30/18 International Equity ADR Strategy International Dividend Signal ADR Portfolio June 30, 2018 Fact Sheet STRATEGY DESCRIPTION & HIGHLIGHTS Our International Equity ADR Strategy seeks to invest in companies exhibiting above-average profitability and earnings growth trading at reasonable valuations. Exposure to these companies is gained through the purchase of American Depositary Receipts (ADRs) and U.S. listed shares of foreign companies. As a result, our clients have the opportunity to invest in companies in developed and emerging markets without the operational burdens inherent to owning ordinary shares. Our objective is to outperform comparable international stock indices over a full market cycle. Outperformed the MSCI ACWI ex US Index (1) over the past 5, 15 and 20-year periods and since inception (2), net of fees, on an annualized basis. Efficient and cost effective method to achieve international diversification. A consistent and disciplined investment style. Exposure to potentially higher growth emerging markets (33% maximum weighting at cost) (6). Source: Renaissance Research, Bloomberg, MSCI Source: Renaissance Research, FactSet, MSCI Source: Renaissance Research, Bloomberg, MSCI Source: Renaissance Research, FactSet, Bloomberg, MSCI ANNUALIZED PERFORMANCE Institutional Composite Since YTD Inception 2Q Year 3 Years 5 Years 10 Years 15 Years 20 Years (7/1/94) Renaissance (Gross) -4.6% -3.9% 4.4% 4.3% 7.8% 2.5% 10.3% 7.2% 8.6% (Net) -4.7% -4.2% 3.8% 3.7% 7.2% 1.9% 9.7% 6.6% 7.9% (1) MSCI ACWI ex US -2.5% -3.8% 7.3% 5.1% 6.0% 2.5% 7.7% 4.9% 5.4% ANNUAL RETURNS REGIONAL ALLOCATION (4)(6) Institutional Composite International Equity MSCI ACWI International Equity ADR (3) ex US Under/Overweight % (5) ADR MSCI ACWI North America 11.2% 7.4% Year (Gross) (Net) ex US (1) Western Europe 45.5% 43.5% +2.0 YTD % -4.2% -3.8% Eastern Europe 2.0% 1.5% Central & South America 1.9% 2.0% Middle East & Africa 1.6% 2.3% Asia/Pacific 37.8% 43.3% Developed Markets 75.4% 73.2% Emerging Markets 24.6% 26.8% STATISTICS Since Inception Through 6/30/18 (2) International Equity MSCI ACWI ADR ex US (1) (3) Number of Holdings as of 6/30/ ,857 Institutional Composite Best Quarter (net) 48.2% 27.6% Institutional Composite Worst Quarter (net) -32.4% -22.3% (3) 5-Year Average Annual Turnover Rate 39.1% (3) Active Share as of 6/30/ % (7) Alpha 3.11% (7) Beta 1.18 (7) Ratio Sharpe (8) (7) Correlation 0.89 (1) Primary benchmark. and benchmark ending weights due to rounding of percentages to the nearest decimal place. (2) (6) Inception date: 7/1/94. Renaissance determines an issuer s country classification based on company filings and data (3) Based on a representative account of the strategy discussed and shown as supplemental provided by third-party sources such as Bloomberg or FactSet. Renaissance considers an information to the GIPS compliant presentation. Portfolio characteristics (e.g., sector weights, issuer to be located in an emerging market country if the issuer is domiciled or incorporated valuation, growth rate) are based on a representative account that we believe is illustrative of the in an emerging market country (as defined by the MSCI Emerging Market Index) or exhibits strategy. Characteristics and/or holdings may not be the same for all accounts invested in the risk characteristics (e.g., economic, geopolitical and regulatory risks) similar to emerging strategy due to factors such as pending trades or account restrictions. market countries. (4) (7) Weights as of the end of the presentation period, which only include the equity portion of the Statistics based on gross returns calculated quarterly. The calculation methodology for each portfolio. Cumulative total weighting may not add up to 100% due to weights being rounded to the statistic is available upon request. (8) nearest decimal place. Performance shown represents results from the inception date of 7/1/94 through 12/31/94. (5) Underweight/overweight percentages may not match the actual difference between the composite All references to Renaissance composite performance in this presentation are net of fees unless otherwise stated. Past performance is not indicative of future results. Performance for periods of less than a year is not annualized. All returns are shown in U.S. dollars. Please refer to the full composite presentation and GIPS disclosure on the last page for additional information including the calculation of net of fees performance. For 1Q18, Renaissance returns are for the period ending 3/29/18 and benchmark returns are for the period ending 3/30/18, due to the observance of a holiday. Philosophy The Salient International Dividend Signal ADR investment philosophy is based on the belief that by emphasizing higher-yielding stocks, the portfolio can participate in stock market advances and protect capital better than competing strategies during stock market declines. Investment Process The Salient International Dividend Signal ADR portfolio seeks to provide longterm capital appreciation and income by investing in dividend-paying companies located outside of the United States. The portfolio invests primarily in ADRs that regularly pay dividends. Investments are selected based on higher-relative dividend yields, dividend growth potential and anticipated stock price appreciation. This internationally oriented portfolio is typically structured with 30 to 50 stocks diversified across seven to 10 sectors. Geographically, the portfolio is diversified across eight or more countries. Buy Process Screen for companies with an absolute dividend yield higher than the local market or the S&P 500 Identify companies with an unusually high historical relative yield (one standard deviation above its historical average) Qualitatively review resulting universe to identify the most attractive candidates Determine weighting based upon perceived risk and strength of the investment catalyst Sell Discipline A stock may be sold for any of the following reasons: A stock s historical relative yield becomes unusually low (one standard deviation below its historical average) A stock s yield declines to an unattractive level A company s cash flow no longer adequately covers the dividend Future stock price appreciation appears limited Performance (%) Q2 Since YTD 1 YR 3 YR 5 YR 10 YR 2018* Inception International Dividend Signal ADR - Gross International Dividend Signal ADR - Net MSCI ACWI ex-usa - Net (Primary) MSCI ACWI ex-usa High Dividend Yield (HDY) Index - Net (Secondary) STANDARD DEVIATION International Dividend Signal ADR MSCI ACWI ex-usa MSCI ACWI ex-usa HDY Periods greater than one year are annualized. Net returns are calculated using a highest management * Returns are preliminary. fee of 2.00%, applied monthly. Prior to January 1, 2010, net returns are calculated using a highest management fee of Inception Date 07/01/ %, applied monthly. Prior to July 1, 2008, net returns Shown as supplemental information. Please see are calculated using a management fee of 0.50%, applied important disclosure on reverse side. monthly. Portfolio Characteristics MSCI ACWI MSCI ACWI ex-usa Characteristics Portfolio ex-usa* HDY Number of Stocks Dividend Yield 3.5% 3.1% 4.8% Price-Earnings Price-Book Price-Cash Flow Weighted Avg Market Cap $30.2B $69.7B $87.8B Source: Bloomberg * Based on ishares MSCI ACWI ex-usa Fund data Based on an international high-quality dividend portfolio that approximates the MSCI ACWI ex-usa HDY The manager believes that these are appropriate proxies for the benchmarks given their overall portfolio composition, but the holdings materially differ and will have different levels of volatility. Shown as supplemental information. Please see important disclosures on the reverse side. Sector Allocation (% ex-cash) Industrials Financials Consumer Staples Consumer Discretionary Information Technology Top 10 Holdings (%) Security % of Net Assets Guangdong Investm - Unspon. ADR 4.00 LVMH Moet Hennessy - Unspon. ADR 3.66 Marine Harvest ASA - Spon. ADR 3.60 Disco Corp. - Unspon. ADR 3.42 Givaudan - Unspon. ADR 3.39 Lukoil PJSC - Spon. ADR 3.37 D&L Industries Inc. - Unspon. ADR 2.97 China Yuchai Intl Ltd Vopak - Unspon. ADR 2.73 Taiwan Semiconductor - Spon. ADR 2.68 Portfolio holdings are subject to change at any time. Shown as supplemental information. Please see important disclosures on the reverse side. Portfolio MSCI ACWI ex-usa MSCI ACWI ex-usa HDY Materials Utilities Healthcare Energy Real Estate Telecom Services These allocations may not reflect the current or future holdings of the portfolio. Shown as supplemental information. Please see important disclosures on the reverse side. Percentages may not add up to 100% due to rounding salientpartners.com separately managed accounts separately managed accounts International Dividend Growth ADR second quarter 2018 (as of 06/30/2018) Global Dividend Growth ADR second quarter 2018 (as of 06/30/2018) Firm Facts 1 High-conviction equity manager focused on high-quality dividend growth companies, founded in 1987, subsidiary of Nuveen, LLC. since 2005 $11.8 billion in Assets Under Management Total Employees: 16 Investment Professionals: 7 Key Investment Professional: James Boothe, CFA, CIO & Portfolio Manager Strategy Overview 1 The Santa Barbara International Dividend Growth ADR strategy invests in high-quality international companies that exhibit a commitment to sustainable and growing dividends. The portfolio is structured with three key elements in mind: dividend growth faster than the MSCI EAFE Index an aggregate portfolio beta lower than the MSCI EAFE Index a portfolio dividend yield 1-2 times that of the MSCI EAFE Index The security selection process is based on bottom-up fundamental analysis. The Dividend Growth team evaluates companies based on their balance sheet strength, earnings growth, return on equity, quality of management and their commitment to returning cash to shareholders. The fundamental research is then geared to identify those companies that appear positioned to grow their dividends over time. We strive to diversify the portfolio across several different sectors, industries, and countries. Due to the focus on dividend-paying stocks, country and sector weights held in the portfolio will mostly be affected by any given country or sector s absolute yield and our assessment of the opportunity for prospective dividend growth. 2 Portfolio Guidelines 3 Number of Holdings Initial Position Size 1 3% (Approx. equally weighted at cost) Maximum Position Size 5% Minimum Market Cap $3 Billion Industry Maximum 25% Country Maximum 30% Annualized Performance 4,5,6 Santa Barbara International Dividend Growth (Gross) MSCI EAFE Index 7 Santa Barbara International Dividend Growth (Net) 8% 6% 4% 2% 0% -2% QTD 1 Yr 3 Yrs 5 Yrs 7 Yrs NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Since Inception 0.60% 3.87% 4.26% 5.95% 5.45% 5.45% Portfolio Characteristics 8 Santa Barbara MSCI EAFE Index 7 Number of Holdings Median Market Cap ($B) $37.3 $11.2 Wtd. Avg. Market Cap ($B) $49.7 $61.0 Dividend Growth 5 Years* 11.1% 9.1% Beta Trailing 1 Year Dividend Yield* 3.2% 3.2% EPS Growth 5 Years 13.3% 8.2% P/E Forward 4 Quarters 12.6x 13.6x Price/Book 1.8x 1.7x Price/Cash Flows 8.3x 8.4x Return on Equity 20.5% 14.9% Active Share 9 92% Performance Metrics 6,10 5 Years 7 Years Since Inception Alpha Beta Up Market Capture Down Market Capture Standard Deviation Santa Barbara MSCI EAFE Index Sharpe Ratio Santa Barbara MSCI EAFE Index Calendar Year Performance 4 Santa Barbara (Gross) Santa Barbara (Net) MSCI EAFE Index YTD -2.33% -3.79% -2.75% *The International Dividend Growth ADR portfolio dividend growth rate and dividend yield are being impacted due to local currencies and tax withholdings. Data is as of 06/30/18, unless otherwise indicated. 1 AUM as of 03/31/18. AUM data is reported one quarter in arrears. Santa Barbara s AUM of $11.76 billion includes approximately $6.75 billion in UMA assets. 2 Dividends are not guaranteed and will fluctuate. Dividend yield is one component of performance and should not be the only consideration for investment. 3 Relates to the underlying securities in which the portfolio seeks to invest. 4 The inception date is 07/01/11. Performance presented is based on the performance of Santa Barbara s institutional composite for this strategy, which consists of two proprietary seed accounts and the international dividend growth sleeve of a closed-end fund sub-advised by Santa Barbara Asset Management, LLC, for this strategy, and does not reflect any returns of accounts man aged by Santa Barbara in separately managed accounts. Effective 01/01/12, Santa Barbara redefined discretionary assets and began excluding Unified Managed Account (UMA) assets from this composite. The results explanation on the second page of this profile is an integral part of the performance presentation and also provides a description of the indices. Past performance is no guarantee of future results. 5 Periods greater than one year are annualized. 6 Returns are preliminary. Final numbers are available upon request by contacting Nuveen Investments Advisers, LLC. 7 Benchmark returns source is RIMES 8 Source: FactSet. Portfolio characteristics are based on the underlying securities of the model portfolio and are dollar weighted measures, except for weighted average market cap. Performance statistics are based on composite data. Individual accounts may vary due to restrictions, substitutions and other factors. 9 Active Share is a measure of the percentage of stock holdings in a manager s portfolio that differ from the benchmark index. 10 Source: evestment, LLC. Performance statistics are based on quarterly composite return data versus the MSCI EAFE Index. 11 Results shown for the year 2011 represent partial period performance from 07/01/11 through 12/31/11. 1 Firm Facts 1 High-conviction equity manager focused on high-quality dividend growth companies, founded in 1987, subsidiary of Nuveen, LLC. since 2005 $11.8 billion in Assets Under Management Total Employees: 16 Investment Professionals: 7 Key Investment Professional: James Boothe, CFA, CIO & Portfolio Manager Strategy Overview 2 The Santa Barbara Global Dividend Growth ADR strategy invests in high-quality global companies that exhibit a com mitment to sustainable and growing dividends. The portfolio is structured with three key elements in mind: dividend growth faster than the MSCI World Index an aggregate portfolio beta lower than the MSCI World Index a portfolio dividend yield 1-2 times that of the MSCI World Index The security selection process is based on bottom-up fundamental analysis. The Dividend Growth team evaluates companies based on their balance sheet strength, earnings growth, return on equity, quality of management and their commitment to returning cash to shareholders. The fundamental research is then geared to identify those companies that appear positioned to grow their dividends over time. We strive to diversify the portfolio across several different sectors, industries, and countries. Due to the focus on dividend-paying stocks, country and sector weights held in the portfolio will mostly be affected by any given country or sector s absolute yield and our assessment of the opportunity for prospective dividend growth. Portfolio Guidelines 3 Number of Holdings Initial Position Size 1 3% (Approx. equally weighted at cost) Maximum Position Size 5% Minimum Market Cap $3 Billion Industry Maximum 25% Country Maximum (ex-u.s.) 30% Non-U.S. Weight Range 40-75% Annualized Performance 4,5,6 Santa Barbara Global Dividend Growth ADR (Gross) MSCI World Index 7 Santa Barbara Global Dividend Growth ADR (Net) 15% 10% 5% 0% Since Inception QTD 1 Yr 3 Yrs 5 Yrs 2.91% 9.44% 8.18% 9.74% 10.74% NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Portfolio Characteristics 8 Santa Barbara MSCI World Index 7 Number of Holdings 54 1,643 Median Market Cap ($B) $64.4 $13.3 Wtd. Avg. Market Cap ($B) $144.3 $148.7 Dividend Growth 5 Years* 10.7% 11.4% Beta Trailing 1 Year Dividend Yield* 2.8% 2.4% EPS Growth 5 Years 10.3% 11.2% P/E Forward 4 Quarters 14.6x 15.2x Price/Book 2.3x 2.3x Price/Cash Flows 10.3x 11.0x Return on Equity 22.1% 17.3% Active Share 9 88% Performance Metrics 6,10 3 Years 5 Years Since Inception Alpha Beta Up Market Capture Down Market Capture Standard Deviation Santa Barbara MSCI World Index Sharpe Ratio Santa Barbara MSCI World Index Calendar Year Performance 4 Santa Barbara (Gross) Santa Barbara (Net) MSCI World Index YTD 0.28% -1.22% 0.43% * The Global Dividend Growth ADR portfolio dividend growth rate and dividend yield are being impacted due to local currencies and tax withholdings. Data is as of 06/30/18, unless otherwise indicated. 1 AUM as of 03/31/18. AUM data is reported one quarter in arrears. Santa Barbara s AUM of $11.76 billion includes approximately $6.75 billion in UMA assets.2 Dividends are not guaranteed and will fluctuate. Dividend yield is one component of performance and should not be the only consideration for investment. 3 Relates to the underlying securities in which the portfolio seeks to invest. 4 The inception date is 07/1/12. Performance presented is based on the performance of Santa Barbara s institutional composite for this strategy, and does not reflect any returns of accounts managed by Santa Barbara in separately managed accounts programs. Unified Managed Account (UMA) assets are excluded from this composite. The results explanation on the second page of this profile is an integral part of the performance presentation and also provides a description of the indices. Past performance is no guarantee of future results. 5 Periods greater than one year are annualized. 6 Returns are preliminary. Final numbers are available upon request by contacting Nuveen Investments Advisers, LLC. 7 Benchmark returns source is RIMES. 8 Source: FactSet. Portfolio characteristics are based on the underlying securities of the model portfolio and are dollar weighted measures, except for weighted average market cap. Performance statistics are based on composite data. Individual accounts may vary due to restrictions, substitutions and other factors. 9 Active Share is a measure of the percentage of stock holdings in a manager s portfolio that differ from the benchmark index. 10 Source: evestment, LLC. Performance statistics are based on quarterly composite return data versus the MSCI World Index. 11 Results shown for the year 2012 represent partial period performance from 07/1/12 through 12/31/12. 1 The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 47

51 2Q 2018 SCHAFER CULLEN CAPITAL MANAGEMENT 2Q 2018 SCHAFER CULLEN CAPITAL MANAGEMENT FIRM PROFILE Independent & Registered Investment Advisor 34 Years of Experience as a Value Investment Management Firm Approx. $21.1 Billion 1 Assets Under Advisement 59 Employees 17 Investment 20 Client Service 22 Operational STRATEGIES International High Dividend Value ADR High Dividend Value Equity Value Equity International High Dividend Value ADR STRATEGY OVERVIEW In 1994, for investors more concerned with risk, Schafer Cullen Capital Management began managing portfolios with the Schafer Cullen High Dividend Value Equity strategy. The High Dividend strategy takes a conservative approach by including a high yield component to our low P/E discipline. Over time, significant allocations of our portfolios were invested in ADRs of international companies which added, what we considered, outstanding risk adjusted performance to our portfolios. In 2004, for investors seeking current income and international exposure, we began managing the Schafer Cullen High Dividend Value ADR Equity portfolio. This strategy gives investors a way to participate in the long-term upside potential of international equities while at the same time providing greater than average downside protection, given dividend yield support. Here, we select international stocks that combine the following: LOW P/E DISCIPLINE Firm Profile Independent & Registered Investment Advisor 34 Years of Experience as a Value Investment Management Firm Approx. $21.1 Billion Assets Under Advisement 1 59 Employees 17 Investment 20 Client Service 22 Operational Strategies Global High Dividend } Value Equity ADR High Dividend Value Equity International High Dividend Value Equity Global High Dividend Value ADR Strategy Overview In 1994, for investors more concerned with risk, Schafer Cullen Capital Management began managing portfolios with the Schafer Cullen High Dividend Value Equity strategy. The High Dividend strategy takes a more conservative approach by including a high yield component to our low P/E discipline. In 2001, for investors seeking higher levels of current income and global equity exposure we began the SCCM Global High Dividend strategy. This strategy provides investors with a way to participate in the upside potential of global equities while at the same time generating current income and benefiting from greater than average downside protection, given dividend yield support. Here, we select global stocks that combine the following: HIGH DIVIDEND YIELDS Value Equity STYLE International Value Equity Income BENCHMARK MSCI EAFE Index OBJECTIVE Long Term Capital Growth Current Income STRONG DPS & EPS GROWTH We invest primarily in non-us companies who offer ADRs that trade on US exchanges or local shares that trade on Canadian exchanges. By applying the Schafer Cullen High Dividend Equity investment process to an international universe, investors gain exposure to the stronger diversification and valuation characteristics of these equities, as well as the higher dividend yields and dividend growth that international equities often offer relative to US stocks. While the foreign markets provide considerable upside potential, they are also exposed to additional political and currency risk. We believe the combination of low P/E, high dividend yield and dividend growth should offset this risk and reduce the overall volatility of the portfolio. Style Global Value Equity Income Benchmarks S&P Global 1200 Index Objective Long Term Capital Growth Current Income } low P/e DisciPline } high DiviDenD yields } strong DiviDenD growth We invest primarily in U.S. companies & International companies that trade on global exchanges with market capitalizations in excess of $1 billion. While the global markets provide considerable upside potential, they are also exposed to additional political and currency risk. We believe the combination of low P/E, high dividend yield and dividend growth should mitigate this risk and reduce the overall volatility of the portfolio. Capturing Value Worldwide Capturing Value Worldwide STRATEGY FACTS Discipline Bottom-up/ Active Management Process Fundamental AUM $176 Million UMA $122 Million Strategy Assets $298 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 JUNE 30, 2018 TOP TEN COUNTRIES Country Weight China 38.7% Brazil 9.4% India 7.1% Russia 5.9% Korea 5.5% Taiwan 5.4% South Africa 5.0% Mexico 3.9% Hong Kong 3.0% Turkey 2.9% Total Weight: 86.8% 2 ND QTR YTD 1Yr 3Yrs 5Yrs Since Inception EM ADR Composite (gross) -6.34% -3.93% 12.71% 6.62% 5.49% 3.09% EM ADR Composite (net) -6.62% -4.48% 11.40% 5.47% 4.31% 2.02% 1 MSCI Emerging Markets Index (net) -7.96% -6.66% 8.20% 5.60% 5.01% 1.22% 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 Tencent Holdings ADR China Info Tech 6.6% Alibaba Group Holding ADR China Info Tech 5.8% Taiwan Semiconductor ADR Taiwan Info Tech 5.4% Ping An Insurance ADR China Financials 4.8% Naspers Limited ADR South Africa Cons Disc 3.4% ZTO Express (Cayman) China Industrials 3.1% Inc. ADR Techtronic Industries ADR Hong Kong Cons Disc 3.0% China Petro & Chemical ADR China Energy 3.0% China Construction Bank ADR China Financials 2.8% LUKOIL PJSC ADR Russia Energy 2.8% Total Number of Holdings: 48 Top 10 Holdings Weight: 40.7% STRATEGY FACTS Discipline Bottom-up/ Active Management Process Fundamental AUM $252 Million UMA $152 Million Strategy Assets $404 Million Inception 10/1/2000 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, CMA, CFA Minimum Initial Investment $100,000 Asset Class Non-U.S. Equity ADR Capitalization Large-to-Mid Cap Style Core/Value Benchmarks MSCI All Country World ex U.S. (net) MSCI EAFE (net) INTERNATIONAL ADR WRAP STRATEGY The Thomas White International ADR Equity Strategy is designed to benefit from opportunities for future economic growth in developed countries outside the United States, as well as the world s emerging market countries. Portfolio holdings are principally in depository receipts issued by large companies located in non-u.s. markets, or whose businesses are closely associated with overseas markets. 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 International ADR Wrap Composite (gross) -2.23% -2.99% 8.18% 4.29% 5.43% 2.87% International ADR Wrap Composite (net) -2.50% -3.51% 7.07% 3.24% 4.35% 1.80% 1 MSCI AC World ex U.S. Index (net) -2.61% -3.77% 7.28% 5.07% 5.99% 2.54% 1 MSCI EAFE Index (net) -1.24% -2.75% 6.84% 4.90% 6.44% 2.84% 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 6. Performance is preliminary and subject to change. TOP TEN COUNTRIES Country Weight Japan 15.5% United Kingdom 12.4% China 8.6% France 6.3% Australia 6.3% Canada 5.7% India 4.0% Sweden 3.4% Russia 2.7% Indonesia 2.6% Total Weight: 67.5% TOP TEN HOLDINGS Company Country GICS Sector Weight BHP Billiton Ltd Sponsored ADR Australia Materials 3.0% Alibaba Group Hldg Ltd. ADR China Info Tech 2.8% Hoya Corp. Sponsored ADR Japan Health Care 2.6% Royal Dutch Shell plc ADR United Kingdom Energy 2.6% LVMH Moet Hennessy ADR France Cons Disc 2.4% CSL Limited Unsponsored ADR Australia Health Care 2.3% Taiwan Semiconductor ADR Taiwan Info Tech 2.2% HDFC Bank Ltd ADR India Financials 2.1% Itau Unibanco Hldg S.A. ADR Brazil Financials 2.0% Ryohin Keikaku Co., Ltd. ADR Japan Cons Disc 1.8% Total Number of Holdings: Holdings 23.8% Top Weight: REGIONAL ALLOCATION REGIONAL ALLOCATION VS. EM INDEX REGIONAL ALLOCATION REGIONAL ALLOCATION VS. AC WORLD ex U.S. INDEX CONTACT Gabriel J. McNerney, CFA Director of Fund/SMA Relationships gmcnerney@thomaswhite.com TWI Index 75% EM Asia 61% EM Latin America 16% 11% EM EMEA 14% 14% Dev Markets 7% - Cash 2% - Dev Markets EM Latin America EM EMEA EM Asia Percent Under/Overweight CONTACT Gabriel J. McNerney, CFA Director of Fund/SMA Relationships gmcnerney@thomaswhite.com AC World EAFE TWI ex U.S. Index Index Developed Markets 64% 75% 100% Europe & ME 32% 44% 64% Japan 15% 16% 24% Pacific Ex-Japan 11% 8% 12% North America 6% 7% - Emerging Markets 33% 25% 0% Asia 21% 19% - Latin America 6% 3% - EMEA 6% 3% - Cash 3% - - Pacific Ex-Japan EM Latin America EM EMEA EM Asia Japan North America Dev Europe & ME Percent Under/Overweight For investment professionals only (312) For investment professionals only (312) The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 48

52 Thornburg International ADR Strategy Thornburg International Growth ADR Strategy JUNE 30, 2018 JUNE 30, 2018 WRAP FEE Investment Strategy Annualized Returns (as of June 30, 2018) Investment Strategy Annualized Returns (as of 6/30/18) The Strategy is invested in a limited number of ADRs or dollar-denominated securities that are economically tied to international markets selected on a value basis using fundamental research. The strategy is diversified to include basic value stocks, but also includes stocks of companies with consistent earning characteristics and emerging franchises when these issues are value priced. The strategy may invest in companies of any size. Investment Objective The Strategy seeks long-term capital appreciation by investing in a concentrated yet diversified portfolio of American Depositary Receipts (ADRs) or other dollar-denominated securities that are economically tied to international markets. There is no guarantee that the Strategy will meet its objectives. Portfolio Managers Lei Wang, cfa Di Zhou, cfa, frm Supported by the entire Thornburg investment team. SINCE INCEPTION (8/1/03) QTD YTD 1-YR 3-YR 5-YR 10-YR International ADR Composite (NET) -5.66% -7.03% -2.07% 1.54% 3.80% 2.54% 7.52% International ADR Composite (GROSS) -5.54% -6.79% -1.56% 2.09% 4.38% 3.17% 8.19% MSCI All Country World Index ex-u.s % -3.77% 7.28% 5.07% 5.99% 2.54% 7.60% MSCI EAFE Index -1.24% -2.75% 6.84% 4.90% 6.44% 2.84% 7.13% Returns are annualized for periods greater than one year. Performance data for the International ADR Strategy is from the International ADR Composite, inception date of August 1, The International ADR Composite includes discretionary institutional and high net worth accounts that are not part of a broker-sponsored or wrap program. Effective January 1, 2014, the composite includes separately managed institutional and high net worth accounts. Prior to January 1, 2014, the composite also included broker-sponsored accounts that paid transaction costs. The composite was redefined to include broker-sponsored accounts in the same composite. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Returns are annualized for periods greater than one year. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. Thornburg Investment Management Inc. s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of.75%, this increase would be 142%. Risk Metrics vs. MSCI ACWI ex-u.s. Risk Metrics vs. MSCI EAFE Index 3-YR 5-YR 10-YR 3-YR 5-YR 10-YR Annualized Alpha Annualized Alpha Beta Beta Sharpe Sharpe Ratio Ratio Info Ratio Info Ratio Tracking Error Tracking Error R-Squared R-Squared Past performance does not guarantee future results. Selected Characteristics REP. ACCT. MSCI ACWI EX-U.S. MSCI EAFE Weighted Avg. Dividend Yield 2.02% 2.98% 3.19% Weighted Avg. Forward Est. P/E 12.9x 13.4x 14.0x Median Market Cap. $37.8 B $8.5 B $11.2 B Weighted Avg. Market Cap. $55.3 B $68.4 B $61.0 B Number of Securities 41 2, Emerging Market Exposure 20.3% 25.0% 0.0% Active Share 1 (vs. MSCI AC World ex-u.s. Index) 92% Active Share 1 (vs. MSCI EAFE Index) 92% The Strategy invests in ADRs or dollar-denominated securities that are economically tied to international markets. The Strategy typically invests in a selection of growth stocks that management believes will have growing revenues and earnings. A flexible mandate allows the Strategy to pursue long-term performance using a broad approach to geography, investing style, and market capitalization. The Strategy may invest in companies of any size, from large well established firms to small, emerging growth franchises. Investment Objective The Strategy seeks long-term growth of capital by investing in American Depositary Receipts (ADRs) or other dollar-denominated securities that are selected for their growth potential. There is no guarantee that the Strategy will meet its objectives. Portfolio Managers Greg Dunn Sean Koung Sun, cfa Supported by the entire Thornburg investment team. SINCE INCEPTION (5/1/10) QTD YTD 1-YR 3-YR 5-YR 7.79% International Growth ADR Wrap Composite (NET) 0.16% 1.50% 11.14% 7.19% 6.30% International Growth ADR Wrap Composite ( PURE 0.90% 3.01% 14.44% 10.39% 9.48% 11.01% GROSS) MSCI All Country World Index (ACWI) ex-u.s. Growth -1.43% -2.28% 9.90% 6.56% 7.18% 6.09% Returns are annualized for periods greater than one year. Performance data for the International Growth ADR Strategy is from the International Growth ADR Wrap Composite, inception date of May 1, The International Growth ADR Wrap Composite includes discretionary wrap accounts invested in the International ADR Growth Strategy. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Returns are annualized for periods greater than one year. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Pure Gross returns do not reflect the deduction of any expenses, including trading costs and are supplemental to net returns. Beginning January 1, 2009, net returns reflect the deduction of the maximum total wrap fee which is currently 3% per annum. Net returns are derived from subtracting 1/12th of 3% from each account's monthly gross return. The total wrap fee includes all charges for the trading costs, portfolio management, custody and other administrative fees. Prior to January 1, 2009 net returns reflect actual wrap fees for each account in the composite. Beginning January 1, 2014 returns reflect the deduction of transaction costs for some accounts in the composite. The standard fee schedule currently in effect is: 1% to 3% on all assets. Fees may be negotiated in lieu of the standard fee schedule. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. The firm's fees are available upon request and also may be found in Part II of its Form ADV. Risk Metrics vs. MSCI ACWI ex-u.s. Growth Index Market Cap Breakout 3-YR 5-YR MSCI ACWI EX-U.S. Annualized Alpha REP. ACCT. GROWTH 77.8% Beta Large Cap > $12 B 60.4% Mid Cap $2.5-$12 B 33.6% 21.7% Sharpe Ratio Small Cap < $2.5 B 5.9% 0.5% Info Ratio Tracking Error Sector Allocation R-Squared Past performance does not guarantee future results. MSCI ACWI EX-U.S. REP. ACCT. GROWTH Selected Characteristics Consumer Discretionary 31.5% 14.2% Information Technology 28.4% 19.1% MSCI ACWI EX-U.S. GROWTH Health Care 13.2% 9.6% REP. ACCT. Weighted Avg. Dividend Yield 1.26% 1.96% Consumer Staples 11.0% 15.0% Financials 6.9% 10.2% Weighted Avg. Forward Est. P/E 23.0x 17.7x Industrials 4.3% 15.7% Median Market Cap. $12.4 B $8.9 B Energy 2.4% 2.9% Weighted Avg. Market Cap. $57.4 B $71.1 B Number of Securities 50 1,142 Cash, Cash Equivalents & Currency Forwards 2.3% Emerging Market Exposure 17.4% 25.1% Active Share 1 (vs. MSCI ACWI ex-u.s. Growth) 92% Thornburg Investment Management 2300 North Ridgetop Road Santa Fe, New Mexico /26/18 TH481 Thornburg Investment Management 2300 North Ridgetop Road Santa Fe, New Mexico /26/18 TH2466 Wells Capital Management Marketing Communication MetWest Capital International Intrinsic Equity ADR-Only Portfolio benchmark: MSCI EAFE (Net) Index As of June 30, 2018 Investment philosophy MetWest Capital s International Intrinsic Equity ADR-Only strategy is driven by fundamental company research from a global perspective, utilizing a long-term focus that takes advantage of opportunities presented by short-term anomalies in high-quality businesses. The investment team concentrates on selecting unique individual investments utilizing a low-risk, value-oriented methodology. They require the existence of multiple factors, or catalysts, which the team considers an impetus for change at the companies in which to invest. Quality Investment performance 1 Historical returns (%) Valuation Catalysts 3 Months YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception (10/1/04) MWCM International Intrinsic Equity ADR-Only Composite - Gross MWCM International Intrinsic Equity ADR-Only Composite - Net MSCI EAFE (Net) Index Business quality criteria Sustainable Business Model Exceptional Management Financial Strength Valuation metrics Valuation analysis unique to each industry and company Multi-faceted metrics approach Normalized earnings/cash flow Potential catalysts Productive use of strong free cash flow Change in management or control Resolution of ancillary problems Distinguishing characteristics Adherence to the Intrinsic Value philosophy and process since 2004 generates confidence in process. Emphasis on quality and catalysts minimizes downside risk. Global perspective allows investment team to deepen its knowledge of companies and broadens clients investment opportunities. Focused, yet diverse portfolio producing results with high active share and modest tracking error. Long-term focus seeking to capitalize on market inefficiencies and shorter term market/sector volatility. Past performance is not indicative of future results. Calendar year composite performance (%) 1 Gross Net Benchmark Investment team Position Team Leader, Jean-Baptiste Nadal, CFA Senior Portfolio Manager Paige Henderson, CFA, CFP Senior Portfolio Manager Miguel Giaconi, CFA Portfolio Manager, Director of Research Associate Portfolio Manager Jen Robertson, CFA and Senior Analyst Associate Portfolio Manager Amit Kumar and Senior Analyst Associate Portfolio Manager Andrew Kieley, CFA and Senior Analyst Associate Portfolio Manager Jonathan Drexel, CFA and Senior Analyst Linden Letcher Senior Analyst Christina Xanthos, CFA Senior Analyst Neal Karchem Senior Analyst All returns for periods greater than one year are annualized. 1 Source: Wells Capital Management. Note: CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. Note: The GIPS compliant presentation can be found at the end of this presentation, including information on net returns. FOR PROFESSIONAL INVESTORS ONLY 1 The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 49

53 International Equity ADR Page 1 COMPOSITE PERFORMANCE December 31, 2017 AUM (in millions): $2,056 Firm International Strategies ANNUALIZED Composite Since Tracking Inception Benchmark Monthly 3 Month YTD 1 YR 3 YR 5 YR 7 YR Inception Error Date Product AUM, MM Ativo International ADR Gross 1.81% 2.67% 21.91% 21.91% 7.11% 9.89% 7.73% 14.17% 8.91% 7/1/2003 $101.6 Net 1.75% 2.51% 21.13% 21.13% 6.32% 8.37% 5.94% 12.24% MSCI ACWI ex US Net 2.24% 5.00% 27.19% 27.19% 7.83% 6.80% 4.93% 8.29% Excess Return (net of fees) -0.48% -2.50% -6.06% -6.06% -1.51% 1.56% 1.00% 3.95% Ativo International All Country ex US Gross 2.16% 4.85% 26.25% 26.25% 7.43% 8.11% 6.03% 5.40% 4.62% 4/1/2007 $679.6 Net 2.11% 4.68% 25.44% 25.44% 6.60% 7.20% 5.11% 4.45% MSCI ACWI ex US Net 2.24% 5.00% 27.19% 27.19% 7.83% 6.80% 4.93% 2.82% Excess Return (net of fees) -0.13% -0.32% -1.75% -1.75% -1.23% 0.39% 0.17% 1.63% Capital Group Style: International Equities Sub-Style: Blend 333 South Hope Street Firm AUM: $1,336.6 billion^ Los Angeles, California Firm Strategy AUM: $864.4 million^ PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS The Capital Group International Equity ADR SMA invests primarily in Number of stock holdings: 60 to 80 equity and equity-related securities of non-u.s. issuers that trade in the Average dividend yield: Similar to the S&P 500 U.S. such as American Depositary Receipts (ADRs), with the goal of Cash level over market cycle: preserving your investment while providing growth. Takes a tax-aware Risk (standard deviation): Similar to/below the S&P 500 approach and may invest up to 15% at the time of purchase in securities Average turnover rate: of emerging market issuers. Capitalization: Emerging markets exposure: Fiduciary Services Year Founded: 1968 GIMA Status: Approved Firm Ownership: Privately-Owned Professional-Staff: 7628^^^ PORTFOLIO STATISTICS * / /15 Capital Index*** Capital Group Group Number of stock holdings Wtd avg dividend yield 2.4% 3.4% 2.4% Wtd avg portfolio beta 0.85 Mega capitalization + 0.0% 13.7% 0.0% Large capitalization + 0.0% 63.6% 0.0% Medium capitalization + 0.0% 22.4% 0.0% Small capitalization + 0.0% 0.3% 0.0% Micro capitalization + 0.0% 0.0% 0.0% Ativo International Developed Gross 1.26% 4.69% 26.58% 26.58% 9.28% 10.33% 7.70% 10.62% 4.39% 8/1/2009 $718.8 Net 1.20% 4.52% 25.75% 25.75% 8.53% 9.56% 6.95% 9.85% MSCI EAFE + Canada Net 1.80% 4.23% 24.21% 24.21% 7.36% 7.46% 5.60% 7.11% Excess Return (net of fees) -0.60% 0.28% 1.54% 1.54% 1.17% 2.10% 1.35% 2.74% Ativo International Emerging Gross 3.86% 6.22% 34.65% 34.65% 5.15% % 4.35% 10/1/2013 $95.8 Net 3.82% 6.11% 34.09% 34.09% 4.51% % MSCI Emerging Net 3.59% 7.44% 37.28% 37.28% 9.10% % Excess Return (net of fees) 0.23% -1.33% -3.19% -3.19% -4.59% % Ativo Global Institutional Gross 0.22% 5.31% 24.37% 24.37% 10.27% % 3.59% 10/1/2014 $151.8 Net 0.15% 5.12% 23.47% 23.47% 9.46% % MSCI ACWI World Net 1.61% 5.73% 23.97% 23.97% 9.30% % Excess Return (net of fees) -1.46% -0.61% -0.51% -0.51% 0.16% % Ativo International Small Cap (All) Gross 2.38% 5.76% 33.85% 33.85% % 3.69% 10/1/2015 $135.5 Net 2.35% 5.67% 33.40% 33.40% % MSCI EAFE + Canada Small Cap 3.65% 5.83% 31.05% 31.05% % Excess Return (net of fees) -1.29% -0.16% 2.35% 2.35% % MSCI ACWI ex US Small Cap 3.07% 6.56% 31.65% 31.65% % Net Excess Return (net of fees) -0.72% -0.89% 1.75% 1.75% % MANAGER'S INVESTMENT STRATEGY Top-down / portfolio structures based on economic trends Bottom-up / portfolio structure based on individual securities ^As of 09/30/2015. Information as of 03/31/2016 is not yet available. ^^^As of 06/30/2015. Information as of 03/31/2016 is not yet available. PORTFOLIO'S EQUITY SECTOR WEIGHTINGS + * / /15 Sector Capital Index*** Capital Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecomm Services Utilities Miscellaneous Cash/Cash Equivalents Total may not equal 100% due to rounding. *As represented by Capital Group. ***Index : MSCI EAFE Net PORTFOLIO'S TOP FIVE EQUITY HOLDINGS * % % PROCESS BASED ON 0 Country Weightings 0 Currency Decision 0 Currency Hedge 0 Industry/Sector Selection 0 Asset Allocation 0 Issue Selection Past performance is no guarantee of future results. This profile is not complete without the pages, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2016, unless otherwise noted. All data are subject to change. Page 1 of 6 The included fact sheets are samples of sheets prepared by various institutional investors and are included for informational and illustrative purposes only. It is not, and should not be regarded, as investment advice or as a recommendation or endorsement regarding a course of action, investment or strategy. 50

54 SECTION 7: BNY Mellon DR Value-Added Solutions BNY Mellon looks at the equity capital markets from a unique perspective, independent from the influence of investment banking, trading and equity research functions. This allows us to connect our issuer clients with the full range of potential investors. UNDERSTANDING DR INVESTORS BNY Mellon s Depositary Receipts Global Investor Relations (IR) Advisory, DR Investor Solutions and DR Broker Solutions teams focus on issuer clients long-term interests. We help increase the visibility of their DR programs and help clients capitalize on appropriate investor opportunities. These teams are staffed by dedicated professionals located in New York and London. GLOBAL INVESTOR RELATIONS (IR) ADVISORY Our Global Investor Relations Advisory (GIRA) team seeks to enhance our clients connectivity to the markets focusing on four key areas: Investor Relations Advisory, Market Connect (corporate access), Capital Markets IR Advisory and ESG/ Governance Advisory. Our team looks at issuer needs on a global basis, delivering cross-regional expertise and experience to educate and implement best practices, manage market access and events, and provide investor targeting, benchmarking, and analysis of DR program dynamics. DR INVESTOR SOLUTIONS Our DR Investor Solutions team interacts with global asset managers and asset owners on strategic and tactical levels to maintain awareness of DRs as a desirable international investing solution, and brings insights gathered from the buyside directly to our DR issuers. We engage with investors on trends in global investing, specific investment products and the ways in which DRs can be utilized, as well as the expansion of the DR universe, global regulatory changes and the technical use and the benefit of DRs. DR BROKER SOLUTIONS Our DR Broker Solutions team is staffed by specialists in DR conversions, trading and operations and seek to generate growth and liquidity of DR programs by enabling optimal interaction between DR programs and local markets. We interact with the sell-side community around the mechanics and dynamics of DR securities and cross-border trading. 51

55 SECTION 8: The BNY Mellon DR Team ISSUER SOLUTIONS Christopher Kearns CEO, Depositary Receipts Anthony Moro Head, Europe, Middle East & Africa Edgar Piedra Head, Latin America Mahmoud Salem Regional Head, Middle East & Africa David Stueber Business Development, Western Europe Neil Atkinson Regional Manager, EMEA Frank Giglio Head, Asia-Pacific Veronica Sheung Business Development, Asia Pacific GLOBAL IR ADVISORY Guy Gresham Head, Global IR Advisory Karen Bodner Senior Capital Markets Advisory Parichat Charoenkitnapa Investor Relations Specialist com Gina Doogue Market Access Specialist Laura Riley Market Access Specialist Diana Soto Market Access Specialist Michael O Brien Corporate Governance Specialist michael.o brien@bnymellon.com Ludmila Lell Senior ESG Specialist ludmila.leliavskaia@bnymellon.com DR INVESTOR SOLUTIONS Emily Gamble Bush-Brown Senior Investor Solutions Specialist emily.gamble@bnymellon.com Paul Hruby Investor Solutions Specialist paul.hruby@bnymellon.com DR BROKER SOLUTIONS Richard Maehr Head, Broker Solutions, New York richard.maehr@bnymellon.com Mark Lewis Head, Broker Solutions, London mark.lewis@bnymellon.com 52

56 SOURCES 1. Assets in Global Equity ETFs linked to MSCI Indexes Reach All-Time High of $707 Billion MSCI Inc. ( (Accessed June 27, 2018). 2. BNY Mellon and other depositary receipt websites, as of June 30, Ipreo, information from public filings as of June 30, Money Management Institute, MMI Central 4Q 2017 MMI Central: 2Q 2017, (subscription required). The rounding of numbers in graphs and tables provided throughout this report may cause sums of subsidiary numbers to vary from the total. bnymellon.com BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of June 30, 2018, BNY Mellon had $33.6 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on com. Follow us on or visit our newsroom at for the latest company news. This document, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. BNY Mellon does not warrant or guarantee the accuracy or completeness of, nor undertake to update or amend the information or data contained herein. We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. If distributed in the UK or EMEA, this document may be a financial promotion and is for distribution only to persons to whom it may be communicated without breach of applicable law. This document is not intended for distribution to, or use by, any person or entity in any jurisdiction in which such distribution or use would be contrary to local law or regulation. Similarly, this document may not be distributed or used for the purpose of offers or solicitations in any jurisdiction or in any circumstances in which such offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. Persons into whose possession this document comes are required to inform themselves about and to observe any restrictions that apply to the distribution of this document in their jurisdiction. The information contained in this document is for use by wholesale clients only and is not to be relied upon by retail clients. BNY Mellon has various subsidiaries, affiliates, branches and representative offices in the Asia Pacific Region that are subject to regulation by the relevant local regulator in that jurisdiction. Not all products and services are offered in all locations. This material may not be reproduced or disseminated in any form without the prior written permission of BNY Mellon. Depositary Receipts: NOT FDIC, STATE OR FEDERAL AGENCY INSURED MAY LOSE VALUE NO BANK, STATE OR FEDERAL AGENCY GUARANTEE Trademarks and logos belong to their respective owners The Bank of New York Mellon Corporation. All rights reserved. 9/2018