Aristotle Capital Management, LLC Global Opportunities Update - PowerPoint PPT Presentation

1Q 2015 Aristotle Capital Management, LLC Global Opportunities Update www.aristotlecap.com Los Angeles • Newport Beach

Aristotle/Saul Global Opportunities Fund Class I: ARSOX Frequently Asked Questions What is this fund?  Absolute return ‐ oriented global equity fund with a broad and flexible mandate What do you do?  Focus on what we believe to be well ‐ established companies with a moat and/or improving fundamentals  Manage a concentrated portfolio of 40 ‐ 50 companies with various attributes and exposures  Maintain a deep understanding of companies, buy at a sufficient discount and remain diversified What am I getting?  Global fund with high active share*  Significant non ‐ U.S. equity exposure with dampened forex (FX) exposure  Quarterly income distributions  Portfolio Managers with majority of liquid net worth invested in Fund *95% Active Share as of 3/31/2015 There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including the potential loss of principal. 2

Aristotle/Saul Global Opportunities Fund Class I: ARSOX As of March 31, 2015 PORTFOLIO OVERVIEW Sector Allocation 1 (%) Fund Composition (%) Aristotle MSCI ACWI Under I Over Cash ETFs Consumer Discretionary 12.5 6.5 ‐ 6.0 10.4% Consumer Staples 13.5 9.7 1.5% 3.8 Corporate Bonds Energy 10.8 7.5 3.3 4.2% Financials 10.6 21.5 ‐ 10.9 U.S. Equity Emerging Markets Health Care 3.6 12.2 ‐ 8.6 24.0% 3.0% Industrials 7.3 10.5 ‐ 3.2 Information Technology 12.4 14.0 ‐ 1.6 Developed Materials 12.2 5.3 6.9 Non-U.S. Equity Telecommunication Services 2.0 3.6 ‐ 1.6 56.9% Utilities 5.0 3.2 1.8 Cash ‐‐‐ 10.4 10.4 Corporate Bonds/ETFs ‐‐‐ 5.7 5.7 ‐ 30 0 30 Regional Allocation 1 (%) Top 10 Holdings (%) Royal Dutch Shell Plc 3.0 Aristotle MSCI ACWI Under I Over Samsung Electronics 3.0 Europe (ex United Kingdom) 19.4 15.7 3.7 Newcrest Mining Ltd. 3.0 United Kingdom 6.9 5.7 ‐ 1.2 Unilever N V 2.9 Japan 16.2 7.7 8.5 Kurita Water Industries Ltd. 2.7 Asia (ex Japan) 3.2 5.4 ‐ 2.2 Toyo Suisan Kaisha Ltd. 2.5 Emerging Markets 3.0 9.0 ‐ 6.0 Canadian Natural Resources 2.4 United States 51.6 24.0 ‐ 27.5 Walgreens Boots Alliance, Inc. 2.3 Canada 3.3 12.4 9.1 Lennar Corp. 2.3 Other Countries --- 0.4 ‐ 0.4 Cash 10.4 ‐‐‐ Diageo Plc 2.3 10.4 TOTAL 26.4 Corporate Bonds/ETFs 5.7 ‐‐‐ 5.7 ‐ 30 0 30 Holdings and allocations will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations. Recommendations for the last 12 months are available upon request. 3

Risk Management “Diversification, after all, is not how many different things you own, but how different the things you do own are in the risks they entail.” ~Margin of Safety by Seth Klarman 0% 10% Discount to Appraised Value Underappreciated 20% Quality 30% Overlooked / 40% Misunderstood 50% Quality 60% Controversial / 70% Out-of-Favor Quality 80% 90% 99% Level of Certainty 4

Portfolio Holdings Aristotle/Saul Global Opportunities Fund as of 3/31/2015 Underappreciated Quality Overlooked Quality Out-of-Favor Quality Bank of America Corp. adidas AG Arch Coal Inc.* Canadian Natural Resources Ltd. AES Corp. Cameco Corp. Compass Group plc Banco Santander SA Centamin plc Dassault Systèmes SA Continental Resources Inc. Centerra Gold Inc. Diageo plc Daiichi Sankyo Co. Ltd. Dundee Precious Metals eBay Inc. ITC Holdings Erste Group Bank AG EMC Corp. Kurita Water Industries Ltd. Goodrich Petroleum Corp .* Givaudan SA KDDI Corp. IAMGOLD Corp.* Medtronic Inc. Lennar Corp. Kinross Gold Corp. Microsoft Corp. Mitsubishi UFJ Financial Inc. Newcrest Mining Ltd. Mondelez International Inc. MS&AD Insurance Group Ltd. Uranium Participation Corp. Oracle Corp. National Fuel Gas Company Royal Dutch Shell plc Oshkosh Corp. Unilever NV Peyto Exploration Corp. Walgreen Co. Samsung Electronics Co. Ltd. Stock Spirits Group Toray Industries Inc. Toto Ltd. Toyo Suisan Kaisha Ltd. Vallourec SA ↑ 0.9% YTD † ↑ 2.5% YTD † ↑ 0.7% YTD † Allocation to respective bucket as a % of total portfolio: 31% 36% 21% *Fixed income positions in italics † Year to date, YTD, contribution to return excludes currency impacts ( ↓ 2.5%) and fees Past performance is not indicative of future results. You should not assume that any of the securities transactions, sectors or holdings discussed in this report are or will be profitable, or that recommendations Aristotle Capital makes in the future will be profitable or equal the performance of the securities listed in this report. Allocations are subject to change. Recommendations for the last 12 months are available upon request. Please see important 5 disclosures at the end of this document.

ARSOX Performance Performance as of Quarter-End as of 3/31/2015 Quarter 1 Year 3 Years Since End Inception* Aristotle/Saul Global Opportunities 1.32% -6.59% 4.33% 4.32% Fund Class I MSCI ACWI (Net) 2.31% 5.42% 10.75% 10.74% *Inception date is 3/30/12 Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month ‐ end please call 1 ‐ 888 ‐ 661 ‐ 6691. The Fund’s advisor has contractually agreed to waive certain fees and/or absorb expenses, through April 30, 2015, to the extent that the total annual operating expenses do not exceed 1.10% of average daily net assets of the Fund. The Fund’s advisor may seek reimbursement from the Fund for waived fees and/or expenses paid for three years from the date of the waiver or payment. Without these reductions, the Fund’s performance would have been lower. A redemption fee of 1.00% will be imposed on redemptions of shares within 30 days of purchase. Gross expense ratio is 2.54%. Net expense ratio is 1.15%. Sources: Advent, MSCI 6

1Q15 Performance Review Top-5 Detractors (138bps): Absolute-return breakdown:  Europe & AsiaPac helped  Commodity-related helped  U.S. tech & utilities hurt  Currency hurt (particularly CAD$) Europe 1.92% Japan + Samsung 1.85% Gold-related 0.86% Other commodity-related 0.12% Top-5 Contributors (260bps): U.S. -0.65% Other 0.09% Portfolio Contribution (Local) 4.19% FX Impact, gross -3.10% FX Hedges 0.56% FX Impact -2.54% Fees/Other charges -0.29% ARSOX 1Q15 Total Return 1.36% Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month ‐ end please call 1 ‐ 888 ‐ 661 ‐ 6691. Sources: Factset, Bloomberg A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document. 7

1Q15 Activity Buys: Reinitiated position (sold in summer 2014) after new management team cut dividend to sustainable level. Leading Spanish bank with focus on retail business. Dominant position in Latin America. We believe profitability has been masked by cyclically high credit losses . Sells: Observation that Singapore may be transforming into the Switzerland of Asia seems to be widely held as stock price reached our estimate of fair value . Better risk-reward in Banco Santander. Lacked sufficient visibility on the competitive dynamics of the evolving telecom equipment industry and no longer held a well-founded differentiated view. Transition to higher margin embedded and analog chips has largely played out (45% in ’06 to 80% currently). The company was a strong contributor and was approaching our fair value estimate . More optimal investments in the portfolio with similar attributes and exposures in the semiconductor memory and nuclear power businesses (Samsung Electronics and Cameco). Fundamentals continue to deteriorate . We entered this investment with eyes wide open to the capital intensive, cyclical nature of the business but we underestimated the increasing supply-demand imbalance and the vulnerability of the contract backlog. Sources: Factset, Bloomberg A complete list of holdings is available upon request. This information should not be considered a recommendation to purchase or sell any particular security. Please see important disclosures at the end of this document. 8