Fiduciary Management Associates, LLC

Fiduciary Management Associates, LLC ("FMA") is an independent employee-owned investment management firm based in Chicago. FMA manages separate account portfolios for a national client base that includes public funds, corporate pension funds, Taft-Hartley funds, charitable organizations and police and fire pension funds. FMA has two principal products—small cap value and small-mid cap value. Approximately two-thirds of the firm’s equity is women and minority owned. FMA was founded in October 1980 and has been 100% owned by its employees since 2002. Throughout its history FMA has maintained the same investment philosophy and process.

At FMA, we pursue three main investment objectives on behalf of our clients:

• Generate attractive risk-adjusted returns
• Consistently outperform the benchmark over a full market cycle
• Participate in up markets and protect in down markets

We believe these objectives can best be achieved by finding securities with:

• Attractive valuation relative to sector and industry peers
• Identifiable catalysts that point toward…
• Accelerating earnings and cash flow growth

These beliefs are at the heart of FMA’s relative value investment philosophy, and have led us to develop a consistent, repeatable investment discipline which we apply across investment strategies and products.