Polaris Capital Management

Organization
Pure global investment discipline Focused on investment performance; administration and marketing are handled by affiliated experts Business model focuses management on performance Polaris still has the capacity to grow Firm goals aligned with clients management team is invested in firms products

Performance
Management track record proves adherence to value discipline One of the longest performance records among global/international equity managers Nationally recognized

Investment Process
Invest in companies that generate high cash flow that sell at modest valuations Process is disciplined, scaleable, consistently applied and repeatable Seek above average returns with lower than market risk
2

Assets Under Management: $4.3 billion

As of June 30, 2011 ($ millions)

Sector Fund $11 International $1,540

International Small Cap Mutual Fund, $104 US Sector Fund, $11 International Mutual Funds, $597 Private Placements, $81 Global Mutual Fund, $186 Separate Accounts, $774

Global $2,712

Non US Fund Distributors, $2,510

3

Investment Objective/Philosophy
Objective
Seek to deliver above average returns with lower than market risk

Philosophy
Valuation Criteria
Companies exist to deliver cash to shareholders Cash is the primary metric used to measure value PCM process seeks to invest in companies with strong sustainable cash flow Priced at a discount to the present value of future cash flows

Required Rate of Return

A company = a stream of cash flow Only make positive NPV (Net Present Value) investments Compute company valuations based PCM Global Cost of Equity
1. 2. 3. Long-term equity market return + active mgt. premium (target alpha) + country risk premium (real interest rates)

Purchase the most undervalued streams of free cash flow - anywhere

Investment Technology Screens

As of June 30, 2011

Global Universe 32,000 Companies

Cash Flow from Operations > 0 Maintenance Cash Flow (MCF) > 0 MCF / Market Value> 8% Real MCFROMV > 8% FCF Per Share Slope/FCF Margin 0 Debt/Assets < 50% Mkt Val > $50 M
+/-

Results
21,200 16,800 6,700 5,800 3,300 2,900 1,900
Mkt Val > $250 M Mkt Val > $500 M 1,000 700

50 stock International Portfolio +/- 75 stock International Small Cap Portfolio +/- 75 stock Global Portfolio

Historic Portfolio Turnover ~ 30%

20-25 New Investments Per Year

100

120

140

160

20

40

60

80

Global Country & Sector Screens

Argentina Australia Austria Barbados Belgium Bermuda Brazil Canada Cayman Islands Chile China Colombia Croatia Czech Republic Denmark Finland France Germany Greece Hong Kong Hungary India Indonesia Israel Italy Japan Korea Luxembourg Malaysia Mexico Netherlands Norway Pakistan Peru Philippines Poland Portugal Russia Singapore South Africa Spain Sweden Switzerland Taiwan Thailand Turkey UK USA

As of June 30, 2011

>$500 mil. Market Cap

Energy Cons. Stap. Cons. Disc.

Info. Tech. Industrials Health Care Financials

Utilities Telco Service Materials

Global Sector Screens by Market Cap

As of June 30, 2011

400 350 300 250 200 150 100 50 0 Cons. Disc. Cons. Stap. Energy Financials Health Care Industrials Info. Tech. Materials Telco Service Utilities > $500 million > $50 million

Step 3 - Fundamental Analysis

Fundamental Graham & Dodd Style Research
Primary source data, in-depth financial statement analyses Sustainable Free Cash Flow and sustainable business model Before and after working capital changes Market capitalization based on full dilution Profitability, operating and financial leverage, quality of management

Management Contact Research Trips

Suppliers, customers, competitors Industry structure, competitive advantages

Global Equity Composite - Beta

PCM Global Beta Vs MSCI World
1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 0.4
Dec-83 Dec-84 Dec-85 Dec-86 Dec-87 Dec-88 Dec-89 Dec-90 Dec-91 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11

Polaris Global Equity Composite Beta gross of fee s vs. MSCI World e Inception thru June 30, 2011

0.3

Past performance is not indicative of future results. See disclosure in the Appendix.

Global Equity Composite - Alpha

PCM Global Alpha vs MSCI World

Polaris Global Equity Composite gross of fees Alpha Inception thru June 30, 2011
6 4 2 0 -2 -4 -6 -8
Dec-83 Dec-84 Dec-85 Dec-86 Dec-87 Dec-88 Dec-89 Dec-90 Dec-91 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11
10

-10

Past performance is not indicative of future results. See disclosure in the Appendix.

Defensive Companies

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Nichirei Corp.
Industry
#1 frozen food manufacturer and logistics company (refrigerated storage and transport) in Japan Fragmented market

Valuation Current stock price 360 / $ 4.7 Target stock price 420 / $ 5.5 2011 estimates: MCF 9B / $ 0.117B Market cap. 110B / $ 1.43B MCF yield 8%

Opportunities
Growing consumer demand for food convenience and of food logistics outsourcing by retailers Logistics is fastest growth segment Stabilizing margins in processed food segment with increased in-house poultry processing ratio Yen strength a net positive

Risks
Overcapacity Aging demographics

12

Nichirei Corp. - Selected quotes from annual report

While we succeeded in meeting our company-wide numerical targets in the first year of our Medium-Term plan, segment results were mixed, and we found a number of issues that need to be resolved. We do not view such issues in a negative light, but rather take them as positive opportunities to prepare for the next growth phase. By the same token, rather than getting overly excited about our successes in the first year, we must identify even more areas where we can improve and link these improvements to new growth. (p. 9) Additionally, we anticipate that lease renewals will cause our Real Estate business operating income to decline by 1.5 billion in the fiscal year through March 2012, so we need other businesses to make up for that shortfall. (p. 9) Unless we succeed in overseas markets, sustainable growth in unlikely (p. 11)

13

Cyclical Companies

14

Methanex Corporation
Industry
Largest global methanol producer High cost Chinese producers provide a floor to pricing Oil and gas prices establish a ceiling for price PCM long-term price assumption $230/tonne Current price $400/tonne

Valuation Current stock price $ 20 Target stock price $ 47 2012-2013 estimates: MCF $ 175M to $ 225M Market cap. $ 2B MCF yield 10%

Opportunities
Consolidated industry Methanol - Alternative source of energy One of the lowest cost producers Strong Chinese demand New Egypt facility

Risks
Chilean production

15

Trevi Finanziaria Industriale S.p.A.

Industry
Foundation equipment Foundation engineering Oil & gas drilling equipment Oil & gas drilling services 3 global foundation players Valuation Current stock price 7 Target stock price 15 2011 estimates: MCF 66M Market cap. 450M MCF yield 15%

Opportunities
Global infrastructure spending Strong demand in on-shore equipment for drilling

Risks
Volatile order pattern Weak commercial real estate

16

Smurfit Kappa
Industry
Packaging materials Demand supply in balance Fragmented European market

Valuation Current stock price 4 Target stock price 9 2012 estimates: MCF 260M Market cap. 890M MCF yield 20%+ after reaching target leverage Gross Debt 3.6B Net Debt 3B Total Assets 8.1B

Opportunities
Price increases Consolidation Growing South America assets Cost saving efforts results in higher operating margin over the cycle

Risks
Financial leverage Uncertain demand outlook, margin pressure Private players with deep pockets Cost pressure: Chinese buying of OCC Pricing lags cost increases European manufacturing capacity moving east

17

YIT OYJ
Industry
Building & Industrial Services 50% Construction Finland 40% Construction Intl. 10% Valuation Current stock price 11 Target stock price 21 2011 estimates: MCF 180M Market cap. 1.35B MCF yield 13%

Opportunities
Stable markets in Nordics Strong growth in Russia New growth in services in Germany and Switzerland

Risks
Slowdown in construction Lower margins in services in Denmark Russian competition

18

Imerys
Industry
Industrial (refractory and abrasives) Paper (pigments) Construction (French housing) Valuation Current stock price 36.5 Target stock price 50 2011 estimates: MCF 260M Market cap. 2.8B MCF yield 9.3%

Opportunities
Leading player with pricing power Controls their supply base Low substitution risk Product innovation

Risks
Uncertainty on demand Customer inventories

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Fallen Angels

20

Ameris Bancorp
Industry
Community banks experiencing elevated NPA levels South Georgia market weak Many potential bank failures Valuation Current stock price $ 9 Target stock price $ 19 2011-2012 estimates: MCF $ 19M to $30M Market cap. $ 210M MCF yield 9% to 14% P/BV ratio 0.94

Opportunities
FDIC assisted deals Adjustments to earnings for
Lower FDIC premiums Normalized LLP Repay/eliminate TARP Pref. Div.

Tangible Common Equity/Asset ratio 7.8% (ex. TARP)

Risks
Lower loan growth OREO portfolio

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Special Situations

22

Transgene SA
Special situation Bio tech Low risk model
Major development cost born by partners with milestone payments to Transgene 56% of market cap in cash enough to take them to the next milestone payment Valuation Current stock price 8 Target stock price 20 2011 estimates: MCF -40m Market cap. 250m Cash 140m Milestone payments on 1 of 5 drugs 1Q13: 100m (Novartis) After: 700m + royalties Tax loss carry forward 300m

Significant news flow in next 18 months Strong family shareholder (Institut Mrieux)

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Appendix
Country Yields Country/Industry Weightings Historical PCE Ratios Fee Schedules What is the Optimum Size? Investment Team Biographies Composite Disclosures
24

Country Yields
As of June 30, 2011

Country ARGENTINA AUSTRAL AUSTRIA BELG_LUX BRAZIL CANADA CHILE CHINA - DOMESTIC FREE CZECH REPUBLIC DENMARK FINLAND FRANCE GERMANY GREECE HONGKONG HUNGARY INDIA INDONESIA IRELAND ISRAEL ITALY JAPAN

Bond Yield 12.19 5.19 3.50 4.10 12.46 3.08 5.64 6.80 3.94 3.19 3.34 3.39 2.98 16.34 1.96 7.35 8.46 7.55 8.39 4.52 4.95 1.10

CPI 9.70 3.30 3.70 3.70 6.60 3.70 3.30 5.50 2.00 3.10 3.30 2.00 2.30 3.10 5.20 3.90 9.10 6.00 2.70 4.10 2.60 0.30

Real Yield 2.49 1.89 -0.20 0.40 5.86 -0.62 2.34 1.30 1.94 0.09 0.04 1.39 0.68 13.24 -3.24 3.45 -0.64 1.55 5.69 0.42 2.35 0.80

Country KOREA MALAYSIA MEXICO NETHLNDS NEWZLAND NORWAY PAKISTAN PERU PHILIPPINES POLAND PORTUGAL RUSSIA SPORE SOAFRICA SPAIN SWEDEN SWTZRLND TAIWAN THAILAND TURKEY UK USA

Bond Yield 4.21 3.93 6.77 3.34 5.07 3.41 14.09 4.25 6.56 5.83 10.90 4.73 2.09 8.34 5.45 2.88 1.63 1.41 3.79 9.54 3.24 3.10

CPI 4.10 3.30 3.30 2.30 4.50 1.60 13.20 2.91 4.50 5.00 3.78 9.60 4.50 4.60 3.20 3.30 0.40 1.70 4.20 7.20 4.50 3.60

Real Yield 0.11 0.63 3.47 1.04 0.57 1.81 0.89 1.34 2.06 0.83 7.12 -4.87 -2.41 3.74 2.25 -0.42 1.23 -0.29 -0.41 2.34 -1.26 -0.50

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Regional/Sector Weightings
As of June 30, 2011
Representative Global Portfolio MSCI Portfolio World Consumer Consumer Information Utilities Materials Industrials Discretionary Health Care Financials Technology Weight Weighting Energy Staples 54.78% 38.32% 1.98% 2.74% 3.23% 6.13% 1.39% 2.70% 6.05% 9.07% 2.65% 9.06% 9.91% 0.00% 1.01% 1.44% 2.18% 0.00% 3.90% 0.00% 0.00% 0.00% Telecom. Services 2.38% 1.38% 0.80% 1.40% 0.00% 0.00% 0.00% 5.96% Cash 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.93% 2.93% N. America Japan Other Asia Europe Scandinavia Africa & Middle East Cash Portfolio Totals

5.96% 27.13% 2.75% 0.32% 0.00%

7.11% 27.75% 10.56% 3.43% 2.93% 100.00%

1.16% 1.38% 0.00% 1.39% 0.00% 5.90%

0.45% 0.00% 0.00% 0.00% 0.00% 4.21%

1.42% 9.50% 0.00% 0.78% 0.00% 16.36%

0.00% 4.41% 5.14% 0.00% 0.00% 17.86%

0.00% 4.03% 1.40% 0.00% 0.00% 6.82%

0.00% 0.72% 0.00% 0.00% 0.00% 7.32%

0.00% 1.64% 0.00% 1.26% 0.00% 8.96%

1.35% 3.41% 4.02% 0.00% 0.00% 17.85%

1.92% 1.25% 0.00% 0.00% 0.00% 5.83%

MSCI World Weighting

100.00%

11.38%

3.80%

8.18%

11.52%

10.51%

9.90%

9.81%

19.56%

11.17%

4.17%

0.00%

Representative International Portfolio

N. America Japan Other Asia Europe Scandinavia Africa & Middle East Cash Portfolio Totals

MSCI EAFE Weight 0.00% 20.03% 13.18% 60.01% 6.08% 0.71% 0.00%

Portfolio Consumer Consumer Telecom. Information Weight Energy Utilities Materials Industrials Discretionary Staples Health Care Financials Technology Services 2.38% 0.00% 0.00% 2.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.78% 0.00% 1.53% 2.17% 3.01% 0.00% 5.98% 0.00% 0.00% 0.00% 2.09% 11.81% 1.71% 0.69% 2.17% 0.00% 0.00% 0.00% 0.00% 1.99% 3.51% 1.74% 46.94% 2.06% 0.00% 12.28% 7.73% 10.92% 1.55% 2.43% 5.77% 2.12% 2.09% 16.62% 0.00% 0.00% 0.00% 6.58% 2.54% 0.00% 0.00% 7.50% 0.00% 0.00% 5.42% 2.23% 0.00% 1.27% 0.00% 0.00% 0.00% 1.91% 0.00% 0.00% 0.00% 2.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 6.00% 2.22% 20.28% 17.33% 13.45% 7.53% 4.34% 15.25% 5.63% 5.93%

Cash 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.06% 2.06%

MSCI EAFE iShares

100.00%

8.21%

4.65%

11.33%

12.63%

10.49%

10.25%

8.84%

23.45%

4.65%

5.51%

0.00%

26

Information presented is supplemental to the annual disclosure presentation in the appendix

What is the optimum size?

If the Assets Under Management at an investment firm are... r And the maximum % of $0.5b $1.0b $5.0b $10.0b $25.0b $50.0b $100.0 b 0 each company the firm r is willing to hold is.. And the firm has a 50 stock portfolio, ethen, th of non number -o US companies the firm can invest in, is 3127 2029 629 329 129 69 48 1.0% 2.0% 3.0% 4448 5360 3127 3852 1060 1437 629 872 256 379 129 203 69 91

A. Example: Firm assets under management - $10.0 billion. B. If the firm invests in a 50 company portfolio, then each position is 2% of $10 billion or $200 million per company. C. If the client wants to own no more than 1% of each company in the portfolio, then the market capitalization of each company in the portfolio must be greater than $20 billion. (1% of $20b = $200m) D. So, how many non-US companies are there in the world that are larger than $20b? Only 329 E. And how many of these 329 companies satisfy the Polaris Global Cost of Equity? Only 28
27

Investment Team
Bernard R. Horn, Jr., President, Portfolio Manager
More than 25 years managing global equity portfolios Developed proprietary quantitative analysis for screening prospective companies Alfred P. Sloan School of Management, MIT S.M. Management Northeastern University, B.S. Business Administration

Sumanta Biswas, CFA, Vice President & Assistant Portfolio Manager

More than 10 years of experience in global equity research Boston College, MS in Finance and Calcutta University, MBA North Bengal University in India, B.S. Engineering Officer, Securities & Exchange Board of India Engineer, Bridge & Roof Co.

28

Investment Team
Andry Sutanto, CFA, Analyst

(continued)

Research and teaching assistant for finance and MIS departments at Northeastern University Northeastern University, Master of Finance and Masters of Business Administration Boston University, B.S. Business Administration, minor in Computer Science Former computer engineer at Cambridge Research Group

Bin Xiao, CFA, Analyst

Internship at HSBC Global Investment Banking and Polaris Capital Management MIT Sloan School of Management, MBA and Rochester Institute of Technology, Master of Science in Computer Science Beijing Institute of Technology in China, Undergraduate degree Project Manager at PNC Financial Services and Information System Engineer at Vanguard Group

Eleanor Marsh, Analyst

More than 20 years of experience in international and global equity research Analyst & Portfolio Manager at State Street Global Advisors & State Street Research Stanford University, MA and Yale University, B.A. in East Asian Studies
29

Global Composite Disclosure

Total Firm Year End 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995* 1994* 1993* 1992* 1991* 1990* 1989* 1988* 1987* 1986* 1985* 1984 * Assets (millions ) 3,724.2 2,867.9 1,845.8 4,288.1 2,617.5 1,260.9 484.6 237.2 174.4 113.7 87.9 92.7 84.8 52.8 31.0 17.8 Composite Assets U.S. Dollars (millions) 1,984.3 1,189.7 623.0 765.3 58.0 31.3 13.6 10.9 7.5 7.3 16.1 18.1 20.5 14.7 11.0 4.1 41.3 41.8 32.1 1.9 1.2 1.5 1.5 1.2 1.0 0.5 0. 1 Number of Accounts 7 9 9 8 6 6 2 2 2 2 3 4 5 4 4 3 4 4 6 4 3 4 4 4 3 2 1 Composite Gross 20.85% 40.68% (45.04%) (2.29% ) 25.55% 13.40% 27.67% 48.87% 5.00% 5.45% (8.25% ) 17.69% (5.64% ) 34.56% 25.08% 33.73% (0.89 %) 24.00 % 10.06 % 17.86% (7.68% ) 12.61 % 14.38% 8.00 % 38.6 3% 34.30 % Net 20.14% 39.82% (45.41%) (2.94%) 24.66% 12.38% 26.49% 47.54% 3.81% 4.72% (9.14%) 16.53% (6.57%) 33.25% 23.86% 32.45% (1.45%) 23.35% 9.06% 16.71% (8.62%) 11.52% 13.27% 6.96% 37.28% 33.00% MSCI World 12.34% 30.79% (40.33 %) 9.57% 20.65% 10.02% 15.25% 33.76% (19.54% ) (16.52% ) (12.92% ) 25.34% 24.80% 16.23% 14.00% 21.32% 5.58% 23.13% (4.66% ) 18.97% (16.52% ) 17.19% 23.95% 16.76% 42.80% 41.77% AW STD 0.95 2.14% 1.01% 1.35% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

(Page 1 of 2)

Quarterly / Annual Performance Results Composite Dispersion EW STD 2.04 5.75% 1.77% 1.54% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. High 26.22 52.47% (42.49%) 0.74% 27.9 8% 16.8 0% 28.53% 50.0 1% 5.2 2% 5.7 4% (3.49 %) 22.19 % (2.82 %) 41.51% 29.22% 34.92% 0.79% 25.99% 13.33% 18.53% (6.35%) 14.63% 17.2 0% 11.93% 45.57% N.A. Low 19.87 30.93% (47.70%) (3.16%) 23.95 % 12.34 % 25.58% 46.13 % 4.32 % 4.83 % (9.44 %) 7.79 % (9.57 %) 25.79% 25.93% 31.80% (1.35%) 23.66% 8.64% 15.12% (9.14%) 11.36% 9.78 % 1.81 % 40.99% N.A.

N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire period . * Information presented prior to April 1, 1995 pertains to portfolios managed by the Portfolio Manager while affiliated with a prior firm. The presentation conforms to GIP S guidelines regarding the portability of investment results.

30

Global Composite Disclosure

(Page 2 of 2)

Polaris Capital Management, LLC claims compliance with the Global Investment Performance Standards (GIPS and has prepared and presented this report in ) compliance with the GIPS standards. Polaris Capital Management, LLC has been independently verified for the1, 1995through April period December 312010. , Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm -wide basis and (2) the firms policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Polar is Capital Global Equity composite has been examined for the period April 1, 1995 through September 30, 2010. The verification and performance examination repo rts are available upon request. The Global Equity Composite was created April 1, 1995 ; performan ce presented prior to this date occurred while the Portfolio Manager was affiliated with another firm and the Portfolio Manager was the only individual responsible for selecting the securities to buy and sell. Ashland Partners examined the portability of this track record from October 1, 1984 through March 31, 1995. The composite includes all fee -paying, discretionary accounts managed according to the Polaris Global Equity strategy. Composite portfolios are globally diversified portfolios of equity or eq uity related securities and for comparative purposes is measured against the MSCI World Index. The investment universe for the portfolios in this composite includes companies from any country in the world, including emerging markets. Investment in less re gulated markets may carry increased political, economic and issuer risk. Composite portfolios are managed according to the firms value oriented philosophy. The f irm seeks to invest in the most under valued companies with strong sustainable cash flows. All the portfolios are managed using a mode l portfolio however; the timing of cash flows may differ among po rtfolios. A minimum account size of $75 million for separately managed accounts was established in December 2006 however, it may be waived at the firm s discretion. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. With holding taxes may vary according to an investors domicile. Composite returns include the effect of foreign currency exchange rates . Additional information regarding the percentage of the composite which may not be invested in countries or regions include d in the index, is available upon request. Past performance is not indicative of future results. Options may be used in composite portfolios to the extent that client/portfolio investment guidelines permit such transactions. The options program is not investment strategy of the firm; it is a complimentary approach aimed at improving portfolio risk/return profiles. central to the overall

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance is calculated using actual management fees. The composite dispersion presented is an asset -weighted and equal -weighted standard deviation calculated for the accounts in the composite for the entire year, or period presented. The High and Low dispersion represents the highest and lowest returning accounts for the period indicated . Policies for valuing portfolios, calculating performance and preparing compliant presentations are availa ble upon request. Polaris Capital Management, LLC is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request. Prior to 12/14/07 the firm was known as Polaris Capital Management, Inc. The investment management fee schedule for the composite is 1% on the first $25 million; 0.75% on the next $25 million; 0.60% on the next $1 billion; 0.55% on the next $2 billion, and 0.50% thereafter. Actual investment advisory fees in curred by clients may vary. Polaris Capital Management LLC's compliance with the GIPS Standards has been verified by Ashland Partners & Company LLP.

31

International Composite Disclosure

Total Firm Year End 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995* 1994* 1993* 1992* 1991* 1990* 1989* 1988* 1987* 1986* 1985* 1984 * Assets (millions) 3,724.2 2,867.9 1,845.8 4,288.1 2,617. 5 1,260.9 484.6 237.2 174.4 113.7 87 .9 92.7 84.8 52.8 31.0 17.8 Composite Assets U.S. Dollars (millions) 937.9 889.3 675.9 1,444.1 1,197.8 594.4 13 9.6 52.0 32.1 29.7 23.2 26.6 24.1 7.1 4.1 1.2 3.9 3.9 3.1 2.8 0.7 0.8 0.6 0.5 0.5 0.3 0.2 Number of Accounts 17 19 22 26 26 17 9 6 5 5 5 7 8 7 5 3 5 5 5 5 4 4 4 4 2 2 1 Composite Gross 20.83% 55.17% (50.19%) 1.25% 34.17% 16.83% 29.61% 53.63% 6.27% (0.29%) (5.26%) 21.71% (5.88%) 10.93% 24.00% 19.01% 0.75% 26.69% 6.39% 5.81% (4.57%) 25.77% 15.99% 1.45% 49.22% 33.53% Net 20.03% 54.15% (50.57%) 0.62% 33.39% 15.86% 28.51% 52.29% 5.27% (1.17%) (5.95 %) 20.93 % (6. 59%) 9.86% 22.79% 17.86% 0.08% 25.89% 5.71% 5.15% (5.54%) 24.56% 14.87% 0.46% 47.77% 32.22% Quarterly / Annual Performance Results MSCI EAFE 8.21% 32.46% (43.06%) 11.63% 26.86 % 14.02% 20.70% 39.17% (15.66%) (21.21%) (13.96%) 27.30% 20.33% 2.06% 6.36% 11.55% 8.06% 32.95% (11.85%) 12.50% (23.20%) 10.80% 28.59% 24.93% 69.94% 56.72% AW STD 0.73% 2. 51% 0.71% 0.75% 0.60 % 0.70 % 0.68% N.A. N.A. N.A. N.A. 2.16% 2.06% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. EW STD 1.66% 5.52% 1.01% 1.15% 0.79% 1.29% 2.74% N.A. N.A. N.A. N.A. 7.20% 2.47% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

(Page 1 of 2)

Composite Dispersion High 27.17 72.56% (48.63%) 4.65% 36.27 % 19.9 4% 30.66% 55.36% 10.07% 0.79% (2.54%) 39.55% (3. 24%) 14.28% 26.18% 20.87% 1.65% 28.22% 9.35% 12.23% (3.57%) 31.09% 20.68% 9.98% 57.00% N.A. Low 19.52 45.78% (52.90%) (1.38%) 33.29 % 15.1 9% 22.64% 36.79% 6.02% (3.58%) (6.78%) 17.27% (11.48%) 7.32% 23.02% 14.25% (2.43%) 22.92% 3.42% 3.96% (5.79%) 20.37% 11.29% 0.37% 47.61% N.A.

32
period . * Information presented prior to April 1, 1995 pertains to guidelines regarding the portability of investment results.

N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire portfolios managed by the Portfolio Manager while affiliated wit h a prior firm. The presentation conforms to GIPS

International Composite Disclosure

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Polaris Capital Management, LLC c compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this repor laims compliance with the GIPS standards. Polaris Capital Management, LLC has been independently verified for the1, 1995through April period December 31, 2010 Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm -wide basis and (2) the firms policies and procedures are designed to calculate and present perform ance in compliance with the GIPS standards. The Polaris Capital International Equity composite has been examined for the period April 1, 1995 through September 30, 2010. The verification and performance examination repo rts are available upon request. The International Equity Composite was created April 1, 1995; performance presented prior to this date occurred while the Portfolio Manager was affiliated with another firm and the Portfolio Manager was the only individual responsible for selecting the securit ies to buy and sell. Ashland Partners examined the portability of this track record from July 1, 1984 through March 31, 1995. The composite includes all fee -paying, discretionary accounts managed according to the Polaris International Equity strategy. C omposite portfolios are diversified portfolios of equity or equity related securities and for comparative purposes is measured against the MSCI EAFE Index. The investment universe for the portfolios in this composite includes companies from any country in the world except the United States. Composite portfolios include investments in emerging markets. Investment in less regulated markets may carry increased political, economic and issuer risk. Composite portfolios are managed according to the firms value oriented philosophy. The firm seeks to invest in the most under valued companies with strong sustainable cash flows. Portfolios are managed using a model portfolio however; the timing of cash flows may differ among portfolios. A minimum account size of $7 5 million for separately managed accounts was established in December 2006 however, it may be waived at the firms discretion. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Returns include the effect of foreign currency exchange rates. Withholding taxes may vary according to an investors domicile. Additional informat ion regarding the percentage of the composite which may not be invested in countries or regions included in the index, is available upon request. Past performance is not indicative of future results. Options may be used in composite portfolios to the extent that client/portfolio investment guidelines permit such transactions. The options program is not central to the overall investment strategy of the firm; it is a complimentary approach aimed at improving portfolio risk/return profiles. The U.S. Dol lar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance is calculated using actual management fees. The composite dispersion presented is an asset -weighted and equal -weighted standard deviation calculated for the accounts in the composite for the entire year or period presented . The High and Low dispersion represents the highest and lowest returning accounts for the indicated period Polici es for valuing portfolios , calculating performance and preparing compliant presentations is available upon request. Polaris Capital Management, LLC is an independent registered investment adviser. The firm maintains a complete list and description of com request. Prior to 12/14/07 the firm was known as Polaris Capital Management, Inc. The investment management fee schedule for the composite is 1% on the first $25million; 0.75% on the next $25 million; 0.60% on the next $1 billion, and 0.50% thereafter. Actual investment advisory fees incurred by clients may vary. posites, which is available upon

billion; 0.55% on the next $2

Polaris Capital Management LLC's compliance with the GIPS Standards has been verified by Ashland Partners & Company LLP.

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