QUARTERLY LETTERS

with current and historical reports online, we offer transparency to our global value investing decisions

investment commentaries dating back to 2008

We have compiled a comprehensive listing of global and international value investment commentaries that our clients may find relevant. We want to provide unfettered access and understanding to Polaris’ fundamental investment approach: from our global investing philosophy… to our bottom-up research… to our decision making process… to stock buy/sell discipline… to our outlook for coming quarters. There is no better way to offer this information than through the commentaries for the current year. The commentaries detail quarterly performance via country and sector, as well as high-level analysis surrounding individual holdings. Each report ends with an outlook for coming quarters, and how Polaris is positioning portfolios to potentially maximize both short- and long-term success.

For historical perspective on the global and international value equity portfolios, please browse the firm’s investment commentaries dating back to 2008, which show not only Polaris’ global and international investing commitment, but also the long industry performance track record. In fact, Polaris has one of the longest global and international track records of any firm presently in operation and continuously managed by the same individuals. Should you require additional information about the global or international value portfolios, please don’t hesitate to contact Client Service via e-mail or send us a note through the Contact Our Team page.

INTERNATIONAL EQUITY COMPOSITE COMMENTARIES

from the team at Polaris Capital...

IMPORTANT INFO: RETIREMENT CALCULATOR

The retirement calculator is a model or tool intended for informational and educational purposes only, and does not constitute professional, financial or investment advice. This model may be helpful in formulating your future plans, but does not constitute a complete financial plan. We strongly recommend that you seek the advice of a financial services professional who has a fiduciary relationship with you before making any type of investment or significant financial decision. We, at Polaris Capital, do not serve in this role for you. We also encourage you to review your investment strategy periodically as your financial circumstances change.

This model is provided as a rough approximation of future financial performance that you may encounter in reaching your retirement goals. The results presented by this model are hypothetical and may not reflect the actual growth of your own investments. Polaris strives to keep its information and tools accurate and up-to-date.

The information presented is based on objective analysis, but may not be the same that you find at a particular financial institution, service provider or specific product’s site. Polaris Capital and its employees are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this tool. Polaris is not responsible for any human or mechanical errors or omissions. All content, calculations, estimates, and forecasts are presented without express or implied warranties, including, but not limited to, any implied warranties of merchantability and fitness for a particular purpose or otherwise.

Please confirm your agreement/understanding of this disclaimer.

from the team at Polaris Capital...

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