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Total Return Performance %as of December 31, 2017 1 Month 3 Months YTD 1 Year 3 Years

Since Inception (01-OCT-14) 2016 2015

GQG Global Equity Composite (gross) 0.68 4.88 26.99 26.99 14.15 13.79 12.09 4.49

GQG Global Equity Composite (net) 0.62 4.70 26.10 26.10 13.36 13.00 11.32 3.76

MSCI ACWI (Net) 1.61 5.73 23.97 23.97 9.30 8.69 7.86 -2.36

Difference (net versus benchmark) bps -99 -103 +213 +213 +406 +432 +346 +612

Past performance does not guarantee future results and future performance may be lower or higher than the performance presented, including the possibility of loss of principal. Please see the end of this document for addi-tional disclosures and important information, including a GIPS-compliant presentation for the composite. Returns for periods greater than one year are annualized.

Equity returns in the fourth quarter of 2017 — and for the full calendar year — were strong and prospects for 2018 look quite decent. While we gave back a bit in the final quarter of the year, we’re pleased to have kept pace over the full course of the year.

The sharp rise in share prices last year was a direct result of improved earnings in markets around the world. Estimates were adjusted upward through much of the year as analysts digested the data coming in. At the start of the new year, there’s ample reason to believe that 2018 will be another year of healthy economic activity around the globe. While markets will undoubtedly face headwinds over the next 12 months, we expect corporate earnings to continue their ascent, reflecting growth in corporate investment and consumer spending.

We aren’t economists and our investment decisions certainly aren’t dictated by top-down, macro considerations. Still, the direction and pace of change in economic activity is one of the things that we take into account in evaluating prospects for earnings growth over the coming three to five years. Most of the evidence we see nowadays points to an acceleration of growth in almost every corner of the globe. We expect economic growth to fuel earnings growth in the coming year in all major economies.

4Q 2017 COMMENTARYAS OF DECEMBER 31 2017

Accelerating Growth in Global Markets

GQG Global Equity

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We are active managers, so it’s only natural that the holdings in our Global Equity portfolios changed significantly over the course of 2017. I feel I should discuss areas of the market where we’ve found many promising investments over the past year to year and a half. In particular, I’m referring to our overweight positions in information technology and financials.

We closed 2017 with approximately 37% of assets invested in IT stocks, up substantially versus an approximately 23% stake a year earlier. IT accounts for 18% of the benchmark, so this is a significant position versus the index and versus many other asset managers. This is a broad sector per MSCI’s classification system, encompassing seven related, yet distinct, industries, including: Internet Software and Services; IT Services; Software; Communications Equipment; Technology Hardware, Storage & Peripherals; Electronic Equipment, Instruments & Components; and Semiconductors & Semiconductor Equipment.

Notably, we have found attractive investments in the Internet Software and Services industry. Many of our holdings are household names, companies with almost unassailable competitive advantages against new entrants in their primary fields of endeavor. Indeed, a number of companies in this industry operate with what seem to be almost monopolistic advantages— to the point, in fact, that one of the biggest concerns for some of these companies is increased regulatory scrutiny and interference.

Another industry in which we are heavily overweight versus the index is the Semiconductors & Semiconductor Equipment industry. Over the past year or so, our bottom-up approach to investing has led us to several companies in this industry. Our research into individual names has convinced us that the industry itself has undergone fundamental change over the past decade, as professional management instituted structural changes to business models resulting in much improved supply chain management and a significantly muted product cycle. The benefits of a more sustainable business model have been supplemented by the impact of industry consolidation, an inevitable process given the ever-growing capital requirements in this rapidly evolving and technologically challenging industry. All of this has occurred at the same time that manufacturers around the globe have found new uses for semiconductors, driving an increase in demand that we believe is, in some senses, only in its infancy. We are bullish on our holdings in this industry, and here’s why: it’s all about earnings! Exhibit 1 shows forward earnings estimates for the Philadelphia Stock Exchange Semiconductor Index versus estimates for the MSCI All Country World Index, indexed to the start of 2007, approximately the last peak in worldwide economic activity. Earnings strength exhibited by many semiconductor companies is by no means a short-term phenomenon.

Exhibit 1: Global and Semiconductor EPS EstimatesSemiconductor earnings strength is not a short-term phenomenon

Source: Bloomberg.

-50

0

50

100

150

200

250

300

350

201720152013201120092007

Philadelphia Stock Exchange Semiconductor Index EPS

MSCI ACWI EPS

Globally, demand patterns in the industrial world are shifting towards more IT, which is basically Software and Semiconductors. We feel Semiconductors will be far less cyclical going forward than they have been in the past, presenting a much more secular growth story than markets are currently discounting. We expect that cycles will be less deep than before in part because of fragmentation of demand.

Some on Wall Street have looked at the recent performance of technology stocks and come to the conclusion that the sector as a whole is overvalued. Information Technology companies did indeed outpace the benchmark in 2017, but we feel that the earnings growth these companies generated and their prospects for continued strength over the next several years justify the high multiples that some of the IT stocks command. In fact, at 17.7x, the

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4Q 2017 COMMENTARYAS OF DECEMBER 31 2017

weighted average forward P/E on our portfolio has barely changed over the past year and a half. Indeed, work by Credit Suisse shows that global technology stocks are trading around their average P/E ex the tech bubble (see Exhibit 2).

The other sector in which we ended 2017 significantly overweight is financials. This, too, is a broad sector, also encompassing seven industries. One industry within this sector in which we are significantly overweight the benchmark is the Capital Markets industry. Companies within this industry perform a wide range of financial services, including asset management, investment banking, brokerage, lending and the operation of financial exchanges. As is the case regarding our IT holdings, many of our holdings in this industry enjoy very wide moats, some having to do with regulatory issues, some having to do with the successful creation of highly esteemed brand quality.

Exhibit 3: Large Cap Financials and Technology StocksCorrelation of relative returns, 1960 through 2017

Sources: National Bureau of Economic Research and Empirical Research Partners Analysis. One-month relative returns computed over a 12-month window.

-100

-80

-60

-40

-20

0

20

40

60

80%

'17'14'11'08'05'02'99'96'93'90'87'84'81'78'75'72'69'66'63'60

Corre

latio

n %

MO

RELE

SS

US Recession

The portfolio was overweight both IT and financials over the full course of 2017, and both sectors generated a positive total effect during the year. It’s interesting to note that, even though both have outperformed over the longer time frame, the two sectors are negatively correlated in a mark-to-market sense; this can be seen in Exhibit 3, which illustrates the correlation of one-month relative returns.

By definition, an active portfolio is overweight some sectors versus the benchmark and underweight others. In discussing position size by sectors, I feel it’s important to stress that we

build our portfolios one stock at a time, a fact that distinguishes us from ETFs that buy stocks in order to gain “exposure” to some specific sector or factor (or country or region), be it finance, tech, consumer staples, etc. in the case of sectors, or high-yield, low-volatility, low-P/E, etc. in the case of factors. Our positions reflect careful consideration of company-specific issues. We’re not buying and selling exposure — we’re buying and selling stocks.

With the above in mind, I’d like to discuss one stock as an example of how we evaluate potential investments. It’s not just tech and financials that we like. For example, we like companies like Charter Communications. In general, we like cable’s recurring-revenue model that is utility-like, but with fewer regulations. The revenue model also offers upside potential and resilience through economic downturns. Charter is led by the solid combination of industry winners John Malone and Tom Rutledge. We like Charter’s potential for share gains vs. legacy communications services players, particularly copper-based, in both residential and business markets. Cable Hybrid Fiber Coax enables high Internet speeds and bandwidth deployed through lower cost plant and customer premise equipment. Charter should be able to upgrade to gigabit-plus speeds via DOCSIS 3.1, but at a cost substantially lower than fiber-based deployments. DOCSIS 3.1 will handily beat copper that maxes out around 25 megabits per second. We

Average +/- Std Dev(ex-bubble)

Exhibit 2: Forward P/E Relative of Global TechNearing its ex-bubble average, 32% premium to market

Sources: Thomson Reuters and Credit Suisse research.

80%

130%

180%

230%

280%

20152005199519851975

Global Tech P/E Relative the Market

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4Q 2017 COMMENTARYAS OF DECEMBER 31 2017

expect broadband to increase as a percentage of Charter’s mix versus video, partially a result of cord-cutting, but also because of growth in broadband. We estimate that Charter carries 2x or more EBITDA margin in broadband versus video. Charter has the potential for five-year high-teens-plus free cash flow CAGR, but the shares trade at only a mid- to-high-teens multiple. Leverage pay-down over time should also provide upside to shares.

Contributors and Detractors

ContributorsAverage

Weight %Contrib. to Return bps Detractors

Average Weight %

Contrib. to Return bps

Tencent Holdings Limited 4.9 +91 Celgene Corporation 1.2 -55

UnitedHealth Group Inc. 5.6 +69 Charter Communications, Inc. 2.8 -27

Bank of America Corp. 3.7 +56 BNP Paribas SA 3.2 -26

Sberbank of Russia PJSC 3.2 +51 Allergan plc 0.4 -18

Alphabet Inc. 5.4 +47 Merck & Co., Inc. 0.4 -17

Source: Northern Trust for the three months ending December 31, 2017. The data presented above is based upon a representative port-folio, which is an account in the Composite that GQG Partners LLC believes most closely reflects the current portfolio management style for this strategy. The holdings identified and described do not represent all securities purchased, sold, or recommended for clients in the Composite and no assumption should be made that such securities or future recommendations were or will be profitable in the future. Portfolio holdings are subject to change without notice. Please see the end of this document for additional disclosures and important information.

Among the top contributors to performance in the quarter were Tencent Holdings, UnitedHealth Group and Bank of America. Tencent posted tremendous results in 2017 — this tech powerhouse grew revenue 61% in the third quarter, reaching its fastest pace of growth since 2010. UnitedHealth has been gaining share as an insurance provider, the business line for which the company is best known. It’s less well known for the pharmacy benefit management and products and services available through its Optum health services platform. Both parts of the business performed well in 2017 and are expected to post double-digit gains in revenues and earnings over the next few years. Bank of America, a leading U.S. bank, is likely to benefit from rising interest rates as well as from any pickup in economic activity.

Celgene is at the top of the list of detractors on the quarter. The company disappointed on earnings recently and also brought down guidance on its product pipeline. Charter Communications grew its subscriber base at a lower-than-anticipated rate and Q3 earnings fell short of expectations. BNP Paribas reported revenues below the consensus estimate, a shortfall that good cost management did not recover.

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4Q 2017 COMMENTARYAS OF DECEMBER 31 2017

Sector Attribution %

GQG Global Equity MSCI ACWI

Average Weight

Total Return

Contrib. to Return

Average Weight

Total Return

Contrib. to Return

Allocation Effect

Selection Effect

Total Effect

Financials 29.25 7.73 2.23 18.64 6.05 1.13 0.05 0.58 0.55

Utilities 0.00 0.00 0.00 3.04 -0.27 -0.01 0.19 0.00 0.18

Industrials 0.97 8.17 0.08 10.76 5.17 0.56 0.05 0.02 0.08

Telecommunication Services 0.90 -1.84 -0.01 3.03 1.97 0.06 0.08 -0.02 0.05

Real Estate 0.00 0.00 0.00 3.09 4.25 0.13 0.04 0.00 0.05

Consumer Staples 2.88 7.47 0.23 8.71 5.87 0.51 -0.04 0.08 0.04

Energy 0.00 0.00 0.00 6.28 6.81 0.42 -0.07 0.00 -0.07

Cash 1.89 1.08 0.00 0.00 0.00 0.00 -0.06 0.00 -0.09

Materials 3.67 4.85 0.20 5.39 7.93 0.42 0.01 -0.15 -0.13

Health Care 14.62 -0.02 0.00 10.89 1.26 0.14 -0.16 -0.21 -0.39

Consumer Discretionary 7.29 3.18 0.22 11.93 7.74 0.92 -0.11 -0.33 -0.45

Information Technology 38.53 5.38 1.86 18.23 8.10 1.45 0.35 -1.48 -0.74

Total 100.00 4.82 4.82 100.00 5.73 5.73 0.32 -1.52 -0.91

Source: Northern Trust for the three months ending December 31, 2017. The data presented above is based upon a representative port-folio, which is an account in the Composite that GQG Partners LLC believes most closely reflects the current portfolio management style for this strategy. Please see the end of this document for additional disclosures and important information.

In looking at sector attribution, on the plus side, the only sector that really stands out is Financials, where the portfolio’s holdings in Banks, Capital Markets and Insurance all generated a positive total effect.

Our overweight position in Information Technology was not a problem in the fourth quarter, as that sector generated a positive allocation effect. Unfortunately, our holdings as a group underperformed the benchmark IT holdings, so we generated negative selection effect and a negative total effect. Largely, as a consequence of our Charter Communications position, Consumer Discretionary also generated a negative effect.

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Country Attribution %

GQG Global Equity MSCI ACWI

Top 5Average Weight

Total Return

Contrib. to Return

Average Weight

Total Return

Contrib. to Return

Allocation Effect

Selection Effect

Total Effect

China 8.20 16.75 1.24 3.52 7.62 0.26 0.05 0.52 0.73

Russian Federation 3.47 14.16 0.41 0.39 4.26 0.02 -0.07 0.30 0.22

United Kingdom 4.81 8.52 0.42 5.76 5.72 0.33 0.03 0.16 0.16

Switzerland 2.27 6.25 0.13 2.65 1.78 0.05 0.02 0.08 0.09

Sweden 0.00 0.00 0.00 0.93 -3.81 -0.04 0.08 0.00 0.09

Bottom 5

South Africa 0.00 0.00 0.00 0.77 21.37 0.16 -0.04 0.00 -0.11

Brazil 1.66 -8.20 -0.15 0.83 -1.99 -0.02 -0.03 -0.11 -0.19

Japan 0.90 -1.84 -0.01 7.87 8.49 0.65 -0.21 -0.10 -0.28

France 4.47 -3.92 -0.19 3.52 1.50 0.05 -0.07 -0.27 -0.31

United States 54.99 3.69 2.04 52.26 6.40 3.34 0.02 -1.50 -1.48

Total 100.00 4.82 4.82 100.00 5.73 5.73 -0.07 -1.13 -0.91

Source: Northern Trust (“NT”) for the three months ending December 31, 2017. The data presented above is based upon a representative portfolio, which is an account in the Composite that GQG Partners LLC (“GQG”) believes most closely reflects the current portfolio management style for this strategy. Country allocations shown reflect the country of risk of the securities in the portfolio as assigned by NT, though GQG’s portfolios are constructed based upon GQG’s assessment of each issuer’s country of risk exposure, which may not be the same as NT’s country assignment. Please see the end of this document for additional disclosures and important information.

In assessing relative performance by country, the only really remarkable contributor was China, where Tencent Holdings generated a significant total effect.

In terms of country allocations detracting from relative return, the standout is the United States, where we were slightly overweight the index and in which our positions, on average, lagged the benchmark in the fourth quarter.

All of us here at GQG Partners look forward to 2018, and we sincerely thank you for your continued interest and support.

Rajiv Jain

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GIPS-COMPLIANT PRESENTATIONGQG PARTNERS LLC

GLOBAL EQUITY COMPOSITEANNUAL DISCLOSURE PRESENTATION

Year End

Total Firm Assets (USD)

(millions)

Composite Assets (USD)

(millions)Number of Accounts

% of Non-Fee-Paying

% of Carve-Outs

Annual Performance Results Composite

MSCI ACWI

Composite Dispersion

Composite 3 Yr St Dev

Benchmark 3 Yr St DevGross Net

2016 $763.00 $16.30 1 100 0 12.09% 11.32% 7.86% NM NA NA

2015 $8.12 1 100 0 4.49% 3.76% -2.36% NM NA NA

2014* $7.77 1 100 0 2.32% 2.13% 0.41% NM NA NA

*Composite and benchmark performance are for the period October 1, 2014 through December 31, 2014NM – Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.NA – The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The composite track record does not span three years; therefore, this number is not available.

Global Equity Composite includes all fully discretionary institutional portfolios that invest in equity investments in companies whose securities are principally traded, or whose principal revenues, operations or business risk are attributable to, in the aggregate across the entire portfolio, at least 4 countries. For comparison purposes, the Composite is measured against the MSCI All Country World Index (net of withholding taxes). Returns include the effect of foreign currency exchange rates. The Global Equity Composite was created June 1, 2016.

GQG Partners LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. GQG has been independently verified for the periods June 1, 2016 – December 31, 2016. The verification report(s) is/are available upon request.

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 firm’s policies and procedures are designed to calculate and present performance in compliance with GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

GQG Partners LLC is an investment advisor registered with the U.S. Securities and Exchange Commission. The firm maintains a complete list and description of composites, which is available upon request.

Performance presented prior to June 1, 2016 occurred while the Portfolio Manager was affiliated with a prior firm and the Portfolio Manager was the only individual responsible for selecting the securities to buy and sell. The prior firm track record has been reviewed by Ashland Partners and conforms to the portability requirements of the GIPS standards.

The US dollar is the currency used to express performance. Returns are presented both gross and net of management fees and include the reinvestment of all income. Gross and Net performance are calculated after the deduction of actual trading expenses and other administrative fees (custody, legal, admin, audit and organization fees). Net returns are calculated using the highest/model rack rate fee. Gross and Net performance are net of foreign withholding taxes.

The investment management fee schedule for the composite is 0.70%. Actual investment advisory fees incurred by clients may vary.

Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. GQG Partners calculates asset weighted standard deviation. Past performance is not indicative of future results.

IMPORTANT INFORMATIONGQG Partners LLC (“GQG”) is an investment advisor registered with the U.S. Securities and Exchange Commission. The information provided in this document does not constitute investment advice and no investment decision should be made based on any information provided. Information provided reflects the views of GQG as of a particular time. The information has been gathered from sources that GQG believes to be reliable and in good faith. Such views are sub-ject to change without notice. Information regarding holdings, allocations, and other characteristics are for illustrative purposes only and may not be representative of current or future investments or allocations. This information is not a recommendation to purchase or sell a security or follow any strategy or allocation. Any forward-looking statements or forecasts are based on assumptions and actual results may vary from any statements or forecasts. While GQG has used reasonable efforts to obtain information from reliable sources, no representations or warranties are made as to the accuracy, reliability or completeness of third-party information presented in this material. The information contained in this document is unaudited. This material is published for the assistance of recipients, but is not to be relied upon as authoritative and is not to be substituted for the exercise of one’s own judgment. GQG is not required to update the information contained in these materials, unless otherwise required by applicable law. Please see GQG’s Form ADV Part II, which is available upon request, for more information. The contents of this docu-ment are confidential and intended solely for the recipient. No portion of this document and/or its attachments may be reproduced, quoted or distributed without the prior written consent of GQG.

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4Q 2017 COMMENTARYAS OF DECEMBER 31 2017

GQG is providing this material for informational purposes only. It should not be construed as an offer or solicitation to sell or buy any securities or for the acquisition or the subscription of shares in any fund or for the establishment of any separately managed account. Before making any investment decision, you should seek expert, professional advice and obtain information regarding the legal, fiscal, regulatory and foreign currency requirements for any investment accord-ing to the laws of your home country, place of residence or current abode. Past performance may not be indicative of future results, and there is no guarantee that targeted performance will be achieved. Any account or fund advised by GQG involves significant risks and is suitable only for those persons who can bear the economic risk of the complete loss of their investment. There can be no assurance that any account or fund will achieve its investment objectives. Accounts are subject to price volatility and the value of an account’s portfolio will change as the prices of investments go up or down. Before investing in a strategy, you should consider the risks of the strategy as well as whether the strategy is suitable based upon your investment objectives. There may be additional risks associated with international investing involving foreign, economic, political, monetary, and/or legal factors. International investing may not be for everyone. It is possible to lose money by investing in secu-rities. Portfolio characteristics, holdings, allocations and attributions are based on a representative portfolio, which is an ac-count in the composite that GQG believes most closely reflects current portfolio management style for this strategy. Performance is not a consideration in the selection of the representative portfolio. The information of the representa-tive portfolio shown may differ from that of the composite. The top 10 holdings identified and described do not repre-sent all securities purchased, sold, or recommended for clients in the composite and no assumption should be made that such securities or future recommendations were or will be profitable in the future. Portfolio holdings are subject to change without notice. Country allocations shown reflect the country of risk of the securities in the portfolio as assigned by Northern Trust (“NT”), though GQG’s portfolios are constructed based upon GQG’s assessment of each issuer’s country of risk expo-sure, which may not be the same as NT’s country assignment. GQG assesses the country’s economic fortunes and risks to which it believes the issuer’s assets, operations and revenues are most exposed by considering such factors as the issuer’s country of incorporation, actual physical location of its operations, the primary exchange on which its securities are traded and the country in which the greatest percentage of its revenue is generated.Notice to Canadian InvestorsThis document has been prepared solely for information purposes and is not an offering memorandum nor any other kind of an offer to buy or sell or a solicitation of an offer to buy or sell any security, instrument or investment product or to participate in any particular trading strategy. It is not intended and should not be taken as any form of advertising, recommendation or investment advice. This information is confidential and for the use of the intended recipients only. The distribution of this document in Canada is restricted to recipients in certain Canadian jurisdictions who are eligible “permitted clients” for purposes of National Instrument 31-103  Registration Requirements, Exemptions and Ongoing Registrant Obligations.Notice to United Kingdom InvestorsGQG is not an authorised person for purposes of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) and the distribution of this document in the United Kingdom is restricted by law. This document is provided only for and is directed only at persons in the United Kingdom reasonably believed to be permissible pursuant to the FSMA (Financial Promotion) Order 2005 (the “FPO”), including: (a) persons having professional experience in matters relating to investments; and (b) high net worth bodies corporate, partnerships, unincorporated associations, trusts, etc. falling within Article 49 of the FPO. The services provided and investment opportunities described are available only to such persons, and no other persons may rely on this document. Most or all of the rules under the FSMA for the pro-tection of retail clients will not apply, and compensation under the United Kingdom Financial Services Compensation Scheme will not be available.The MSCI ACWI (Net) is a global equity index, which tracks stocks from 23 developed and 24 emerging markets coun-tries. Developed countries include Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK, and the US. Emerging markets countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hun-gary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. With 2,499 constituents (as of December 31, 2017), the index covers approximately 85% of the global equity opportunity. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Information about any benchmark index is provided to allow for comparison of the performance of the related GQG strategy to that of a well-known and widely recognized index. There is no rep-resentation that such index is an appropriate benchmark for such comparison. You cannot invest directly in an index, which also does not take into account trading commissions and costs. The volatility and performance of indexes may be materially different from the volatility and performance of GQG managed accounts and funds. In addition, GQG’s recommendations may differ significantly from the securities that comprise an index. The figures for any index reflect the reinvestment of dividends and other earnings but do not reflect the deduction of advisory fees, transaction costs and other expenses a client or investor would have paid, which would reduce returns.© 2018 GQG Partners LLC. All rights reserved. Data and content presented is as of December 31, 2017 and in US dollars (US$) unless otherwise stated.

CGE 4Q17QC (exp. 30-APR-18)