*Firm-wide GIPS compliance and GIPS Verification:
  1. Firm Definition: Applied Research Investments is an investment management firm that includes the following entities: 1) Applied Research Investments, LLC (“ARI”) is an US based investment adviser and a Delaware limited liability corporation. The entity is a registered investment advisor with the SEC under the Investment Adviser Act of 1940; and 2) Applied Research Investment Advisors Corporation, a Canadian investment advisor incorporated under the Canada Business Corporations Act. Registration with the SEC does not imply any level of expertise or training.
  2. Applied Research Investments (“ARI”) claims compliance with the Global Investment Performance Standards (GIPS®). Applied Research Investments (“ARI”) has been independently verified for the periods 04/01/2017 – 09/30/2017. The verification report(s) is/are available upon request. To obtain a compliant presentation and the firm’s list of composite descriptions, please contact Amira Strasser at (212) 419-0573 or by email: strasser@arinvgroup.com.
  3. The Firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards as of September 30,2017; and the Firm has complied with the portability requirements of the GIPS standards for the composites listed below. Ashland Partners has reviewed the performance record for compliance with the portability requirements of the GIPS standards for the following composites: 1. ARI EAFE Composite for the periods from July 1, 2012, to April 30, 2017. 2. ARI Asia Pacific Composite for the periods from May 1, 2007, to April 30, 2017. 3. ARI Global Opportunities Composite for the periods from September 1, 2009, to April 30, 2017.
  4. Account returns Composites are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the Composites is calculated monthly by weighting monthly account returns by the beginning market values. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated gross of management and custodial fees but net of non-reclaimable withholding taxes on dividends, interest income and capital gains at trade date. Past performance is no guarantee of future performance.
    **Composite Description:
  1. ARI Asia Pacific Composite Description: The investment objective of ARI Asia Pacific Composite is to seek long-term growth of capital through investment primarily in equity securities of companies in Asia, the Pacific Rim, Australasia, and the Indian subcontinent. The strategy may invest a portion of total assets in companies in emerging markets. ARI follows a proprietary investment process to identify attractive opportunities and ideas. The process includes quantitative stock screening followed by extensive internal fundamental bottom-up research process, proprietary portfolio construction and risk management, which is regularly monitored. The Composite creation date is 3/1/2017.
  2. ARI EAFE Composite Description: The investment objective of ARI EAFE Composite is to seek long-term growth of capital through investment primarily in equity securities of companies in developed countries located outside the U.S and Canada. The strategy may invest a portion of total assets in companies in emerging markets. ARI follows a proprietary investment process to identify attractive opportunities and ideas. The process includes quantitative stock screening followed by extensive internal fundamental bottom-up research process, proprietary portfolio construction and risk management, which is regularly monitored. The Composite creation date is 3/1/2017.
  3. ARI Emerging Markets Composite Description: The investment objective of ARI Emerging Markets Composite is to seek long-term growth of capital through investment primarily in equity securities of companies in emerging markets and other investments that are tied economically to emerging markets. ARI follows a proprietary investment process to identify attractive opportunities and ideas. The process includes quantitative stock screening followed by extensive internal fundamental bottom-up research process, proprietary portfolio construction and risk management, which is regularly monitored. The Composite creation date is 4/1/2017.
  4. ARI Global Composite Description: The investment objective of ARI Global Composite is to seek long-term growth of capital through investment primarily in equity securities of companies in Europe, the Far East, and the Pacific Basin, and the Americas. The strategy may invest a portion of total assets in companies in emerging markets. ARI follows a proprietary investment process to identify attractive opportunities and ideas. The process includes quantitative stock screening followed by extensive internal fundamental bottom-up research process, proprietary portfolio construction and risk management, which is regularly monitored. The Composite creation date is 3/1/2017.
  5. ARI Global Opportunities Composite Description: The investment objective of ARI Global Opportunities Composite is to seek long-term growth of capital through investment primarily in equity securities of companies that are involved in the development, application, production, or distribution of scientific and technology-based products and services as well as the mid and large cap companies classified in the healthcare sector. ARI follows a proprietary investment process to identify attractive opportunities and ideas. The process includes quantitative stock screening followed by extensive internal fundamental bottom-up research process, proprietary portfolio construction and risk management, which is regularly monitored. The Composite creation date is 3/1/2017.
    ***Other Disclaimer
  1. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. MSCI Index detailed information can be found on https://www.msci.com/indexes.
  2. Applied Research Investments, LLC basic management fee schedules are described in its firm brochure pursuant to Form ADV Part 2.
  3. Investing involves risk including loss of capital. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. International markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses.