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  • 1. CRM Global Opportunity March 2011 Cramer Rosenthal McGlynn, LLC 520 Madison Avenue New York, NY 10022 T 212.326.5325 www crmllc.com www crmfunds.com
  • 2. Table of Contents Organization one Philosophy & Process two Strategy three Summary four Appendix five
  • 3. CRM Global Opportunity As of March 2011 Investing with Clarity for Over Three Decades Distinguishing Characteristics Experience—more than three decades Founded 1973 Founders Gerald Cramer, Edward Rosenthal Origination as All Cap investors & Ronald McGlynn Time tested investment results Chairman Ronald McGlynn Institutional knowledge base President Jay Abramson Commitment Assets $15.3 billion Philosophy & Process—identifiable and repeatable As of March 2011 High quality research team Ownership Cramer Rosenthal McGlynn, Inc. 19 Active Employees Team environment—strong culture and continuity Wilmington Trust Company Staff 65 Employees Our Clients 25 Investment Analysts Alignment of Interests 4 Traders 9 Client ServiceOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 4
  • 4. CRM Global Opportunity As of March 2011 Our Greatest Asset: Our Globally Diverse Client Base Client BaseStrategy Inception Assets Status Institutional Mutual FundsSmall/Mid Cap Value 1973 $3,259 million Soft-ClosedSmall Cap Value 1995 $1,759 million Soft-ClosedMid Cap Value 1998 $7,839 million Soft-ClosedAll Cap Value 2002 $536 million OpenLarge Cap Opportunity 2005 $1,392 million* OpenGlobal Opportunity 2009 $114 million OpenInternational Opportunity 2009 $22 million OpenAlternatives 1993 $343 million Open*includes assets of CRMs Private Client Group IndividualUCITS Offerings Inception Assets Strategy Institutional SMA ClientsCRM U.S. Equity Opportunities Fund 2010 $475 million All Cap Value Sub-Advisory CorporationsCRM Global Opportunities Fund 2011 $2 million Global Opportunity Public & Taft-Hartley Endowments & Foundations Foreign One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 5
  • 5. CRM Global Opportunity As of March 2011 Why CRM Global Opportunity Strategy? Competitive Advantage Boutique culture, intense research driven process Equity investing is our sole focus. As a firm, we have invested according to same philosophy for 38 years while carefully managing asset growth. True active management 1 Our active share has consistently been above 90% since the inception of the global opportunity strategy . Stock selection has been primary source of alpha generation – a differentiator amongst global equity managers which tend to rely on allocation effect. Deep team with diverse experience A team of more than 20 analysts many who were previously practitioners in their fields and have an average of 16 years of financial experience. Unique, relatively concentrated portfolio Across our universe of approximately 50 global actively managed equity funds, the majority of our portfolio 2 (over 50%) is not currently held by any other fund . We seek to invest in 50-70 holdings, allowing stock picking to drive performance. 1 Active share is defined as a measure of the percentage of the portfolio that differs from its benchmark 2 Based on analysis of data from Morningstar as of March 31, 2011One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 6
  • 6. CRM Global Opportunity As of March 2011 Meet the Team Investment Research Strategy Leads Investment Team 2 Global Opportunity Jay Abramson Kevin Chin Brian Harvey, CFA Thad Pollock Jay Abramson 26 Years Financial Experience 25 Years Financial Experience 18 Years Financial Experience 11 Years Financial Experience Milu Komer BSE The Wharton School of the BS Columbia University BS Fairfield University BS Yale University University of Pennsylvania International Opportunity JD University of Pennsylvania Law School Sackett Cook Milu Komer Jeff Reich, MD Milu Komer 20 Years Financial Experience 17 Years Financial Experience 10 Years Financial Experience Adriano Almeida, CFA BA Tulane University BA Wellesley College BA Binghamton University 12 Years Financial Experience MBA The Wharton School of the MD Weill Medical College of Cornell Small Cap Value MS Embry-Riddle Aeronautical University Tom DeBourcy University of Pennsylvania University Mike Caputo MBA Columbia Business School 6 Years Financial Experience Kevin Chin BS The Wharton School of the Rob Maina Chip Rewey, CFA Andrey Belov, Ph.D. University of Pennsylvania 18 Years Financial Experience 21 Years Financial Experience 14 Years Financial Experience BS Fairfield University BS Boston College Small/Mid Cap Value MS Moscow Institute of Physics and Brittain Ezzes MBA Duke University Mid Cap Value Technology 14 Years Financial Experience Ron McGlynn Jay Abramson PhD Princeton University BA Brown University 44 Years Financial Experience Jonathan Ruch Chip Rewey BA Williams College 10 Years Financial Experience Ian Bitner Ryan Fox MBA Columbia Business School BA Cornell University 9 Years Financial Experience 14 Years Financial Experience Large Cap Opportunity BS Indiana University BA Connecticut College Mimi Morris Andrew Singer, CFA Jay Abramson 10 Years Financial Experience 12 Years Financial Experience Mike Caputo Bernard Frojmovich BA Williams College BA Tufts University All Cap Value 16 Years Financial Experience 12 Years Financial Experience MBA Columbia Business School MBA Babson College F.W. Olin Graduate Jay Abramson BA University of Notre Dame BS CUNY Brooklyn College School of Business Mike Caputo MBA The Wharton School of the MBA NYU Stern School of Business Madison Nazamy Kevin Chin University of Pennsylvania 10 Years Financial Experience Martin Teng, CFA Chip Rewey BBA Baruch College 12 Years Financial Experience MS, BS University of Illinois 1. Financial experience may include experience in the financial services or consulting sector, including, among other areas, tax consulting, investment banking, research analysis. MBA MIT Sloan School of ManagementOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 7
  • 7. CRM Global Opportunity As of March 2011 Opportunistic Value Investors Equity Style Spectrum CRM’s Global and International focus is core, with a value bias. A fair label would be relative value, which allows for thoughtful, opportunistic investing within the framework of our valuation discipline. Deep Value GARP Momentum Core Bankruptcy / ankruptcy Value Growth Venture DistressedOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 8
  • 8. CRM Global Opportunity As of March 2011 Investing at the Intersection of Change & Neglect Investment Philosophy The intellectual coherence of our investment philosophy is a genuine strength. Every company we buy and hold is characterized by three attributes: change, neglect and valuation. Change The global financial markets are rich with change. Every day the markets present investors with mergers, divestitures, restructurings, new management teams or new products and expanded markets. Neglect Especially in its early stages, change tends to be greeted with uncertainty, expressed as investor neglect - manifested through behavioral finance, low analytical coverage, negative to neutral stock ratings and low institutional ownership. Valuation When change meets neglect, the intrinsic value of a company may exceed the current stock price. At the intersection of change and neglect with attractive valuation, CRM seeks the potential for substantial outperformance with lower downside risk. The conviction to invest before the rewards of change are realized requires an investment process grounded in intensive original research.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 9
  • 9. CRM Global Opportunity As of March 2011 The Identifiable & Repeatable Process Investment Process Overview The dedicated leadership of our CIO and Portfolio Manager “As investors, we believe that a catapults the intensive and collaborative research process and carefully constructed portfolio strategy management at the Firm. consisting of high quality stocks at low valuation should outperform at Idea Generation a relatively low level of risk. With our dedication to in-depth company Team Structure analysis, this level of performance Work-in-Process List is what we strive for within our Due Diligence strategies.” Investment Decision The Portfolio Milu Komer Senior Portfolio Manager Sell Discipline Risk ManagementOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 10
  • 10. CRM Global Opportunity As of March 2011 Investment Universe for CRM Global Opportunity Investment Process Through a series of screens we are able to generate the investible universe of stocks. These 1,600 stocks are the starting block for our sector teams to source CRMs investment ideas. 1,600 Stocks Idea Generation Universe 42,000 Stocks Intial Global Equity Universe Tailored Sector Team Screens Special Situation Screens Market Capitalization greater than $1 billion Daily Turnover > $1 million USD 4,200 Stocks Practical Universe for Global strategyOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 11
  • 11. CRM Global Opportunity As of March 2011 The Teams Idea Generation Investment Process CRM Strategies Initial Stock Universe & Market Cap Ranges (in billions) Uncovering Change, Neglect & Low Valuation $400 Quantitative Screens Negative Investor Sentiment & Minimal Wall Street Coverage Price & Neglect $12 Performance Disappointments Qualitative Leverage Themes Across Strategies - Horizontally & Vertically $6 Companys Business Plan Management Decision Making 1,300- 1,500 Industry Dynamics Stocks 4,000- 2,000- $3 1,000- 4,200 2,200 Due Diligence on Existing Holdings 1,300 Global Non-U.S. $1.5 Stocks Stocks Stocks Institutional Knowledge Base 1,500- $1 1,800 CRM 2,800- Stocks Stocks $0.5 3,000 Stocks $0.1 Small Small/Mid Mid Large All Global InternationalOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 12
  • 12. CRM Global Opportunity As of March 2011 Leveraging the CRM Sector Teams Investment Process Strategies Sector Leads Global Opportunity Business Services Rob Maina Sector Teams International Opportunity Business Services Financial Technology & Consumer Discretionary Kevin Chin Sackett Cook Telecommunications Mike Caputo Tom DeBourcy Bernard Frojmovich Andey Belov, Ph.D. Milu Komer Brian Harvey, CFA Kevin Chin Rob Maina Thad Pollock Tom DeBourcy Consumer Staples Jonathan Ruch Chip Rewey, CFA The strength of the CRM Sector Teams Thad Pollock Brittain Ezzes Rob Maina will be relied upon for, research and Consumer Discretionary Healthcare Jonathan Ruch contribution to the Global strategy, lead Financial Mike Caputo Andey Belov, Ph.D. Brian Harvey Kevin Chin Tom DeBourcy by Jay Abramson and Milu Komer. Utilities Ryan Fox Thad Pollock Jay Abramson Healthcare Mimi Morris Jeff Reich, MD Adriano Almeida, CFA Jeff Reich Jonathan Ruch Chip Rewey, CFA The International strategy is lead by Industrials Milu Komer and a dedicated investment Utilities Consumer Staples Adriano Almeida, CFA *Please note that the analysts Jay Abramson Jay Abramson Ian Bitner highlighted in red are part of our team. Mike Caputo Brittain Ezzes international team: Ryan Fox Milu Komer Energy & International Mimi Morris Chip Rewey, CFA Industrials Thad Pollock Andrew Singer, CFA Andey Belov, Ph.D. Chip Rewey Sackett Cook Ryan Fox Energy Technology & Adriano Almeida, CFA Milu Komer Telecommunications Madison Nazamy Milu Komer Kevin Chin Martin Teng, CFA Rob Maina Chip Rewey, CFA Martin Teng, CFAOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 13
  • 13. CRM Global Opportunity As of March 2011 The Decision to Invest Investment Process An Investment Case is established for holdings in the The final decision to invest is made by the Portfolio Managers CRM Global Opportunity, which identifies the expected who generally consider the following: quality, neglect, valuation and risk. The Investment Case is key in maintaining our sell discipline. Emphasize bottom-up, fundamental analysis Sample Company CRM Investment Case Create a proprietary financial model and assess the valuation Analyst: Milu Komer Country: Luxembourg Sector: Energy Sensitivity to core assumptions Company Description Company is one of the leading seamless pipes manufactur- ers globally. The company is a key supplier to both the inde- Conduct all level management interviews and company visits pendent oil majors and state owned oil companies providing value added and highly customized products. Company has production facilities strategically positioned across the world Contact customers, suppliers and competitors which gives the company a competitive advantage in a more flexible production and cost effective structure. Company has a superior sales and distribution network and is a leader in technology versus its peers. Company is achieving over Establish the Investment Case and Target Price, seeking at least 30% EBITDA margins and ROIC of over 20% which we believe is sustainable over the medium term. We expect the 50% upside over a 2 year investment horizon capex spending will continue to increase over the next few years especially in the unconventional areas like oil sands, deepwater, and the Caspian region which are the key focus areas for Company. Through its global platform, Tenaris provides a complete solution to investors which includes the seamless pipe, premium connection and servicing. Tenaris presents a compelling investment opportunity and we be- lieve that the shares are worth $40, representing significant upside from current levels. Past performance is not indicative of future results.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 14
  • 14. CRM Global Opportunity As of March 2011 Portfolio Construction Investment Process Both our buy and sell disciplines revolve around our Investment Case for each individual investment. The final decision to invest/sell is made by the Portfolio Managers: Buy Discipline Focus on bottom-up fundamental company research, identifying a high quality of management and overall business franchise Understand the investment’s risks and rewards subject to strategy’s risk controls and existing holdings. Portfolio Holdings: 50-70 stocks with an investment horizon of about 2 years Conviction Weighting: 1-5% position size Sell Discipline Dependence on the original Investment Case A stock will be sold when one of more of the following occurs: • Target price is attained, company reaches our fair valuation • Company’s loss of pricing power and erosion of margin of returns • Management complacency and fundamentals of the Investment Case deteriorate After a decision to sell is made, investment is replaced by a higher conviction stock or one with a greater risk/ reward profile.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 15
  • 15. CRM Global Opportunity As of March 2011 Managing the Risk with Fundamental and Quantitative Controls Investment Process Risk is controlled within the following framework: The weights in the portfolio are determined by the trade off between risk and return. Portfolio Holdings 50-70 stocks Upside Potential to Target Price Conviction Weighting 1-5% position size Sensitivity of Valuation to Key Assumptions Country Exposure +/- 15% benchmark FACTSET - Northfield Portfolio Optimizer Sector Exposure +/- 15% benchmark Impact on Portfolio Risk Parameters Emerging Markets Exposure 25% maximum in Global strategyOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 16
  • 16. CRM Global Opportunity As of March 2011 The Strategy and Top Positions Global Opportunity Strategy Inception Date December 31, 2008 Market Capitalization Focus Greater than $1 billion Total Assets in Strategy $114 million Number of Holdings 50 - 70 Products Separately Managed Account, CRM Global Opportunity Fund, UCITS Maximum Security Position, Country & Sector Exposure 5% at market, +/- 15% MSCI World Mutual Fund Tickers CRIWX, CRMWX Portfolio Fully invested at all time UCITS ISINs: IE00B5QLZN93, IE00B5LDGW66, IE00B3WKDY34 The Top Ten Country Sector % in Strategy KURARAY CO., LTD. Japan Materials 2.0 St. Jude Medical, Inc. United States Health Care 2.0 SeaDrill Limited Norway Energy 1.9 Vallourec SA France Industrials 1.9 Tyco International Ltd. United States Industrials 1.9 Barratt Developments PLC United Kingdom Consumer Discretionary 1.9 Credicorp Ltd. Peru Financials 1.9 NIKON CORPORATION Japan Consumer Discretionary 1.8 Teck Resources Limited Canada Industrials 1.7 JGC CORPORATION Japan Materials 1.7 Total 18.6 The Top Ten Holdings list above is presented to illustrate examples of the securities which were held in the Global Opportunity strategy on the date indicated and may not be representative of the current or future investment of the strategy. It should not be assumed that investments in the securities not identified on this list were or will be profitable. CRM will furnish, upon request, a list of all securities purchased, sold or held in the strategy during the 12 months preceding the date indicated.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 17
  • 17. CRM Global Opportunity As of March 2011 GICS Sectors & Regional Exposures CRM Global Opportunity MSCI World Index Global Opportunity 20 15 10 5 Consumer Consumer Energy Financials Health Care Industrials Information Materials Telecommunication Utilities Discretionary Staples Technology Services The sector breakdown chart above is presented to illustrate examples of sectors which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolios current or future investments. Source: FactSet Research Systems Inc. 50 40 30 20 10 Africa/Middle Asia/Pacific Canada Emerging Europe Japan United Kingdom United States East ex-Japan Markets ex-UK The regional breakdown chart above is presented to illustrate examples of regions which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolios current or future investments. Source: FactSet Research Systems Inc.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 18
  • 18. CRM Global Opportunity As of March 2011 GICS Sectors & Regional Exposures CRM Global Opportunity MSCI ACWI Index Global Opportunity 20 15 10 5 Consumer Consumer Energy Financials Health Care Industrials Information Materials Telecommunication Utilities Discretionary Staples Technology Services The sector breakdown chart above is presented to illustrate examples of sectors which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolios current or future investments. Source: FactSet Research Systems Inc. 50 40 30 20 10 Africa/Middle Asia Asia/Pacific Canada Emerging Europe Japan Latin America United Kingdom United States East ex-Japan Markets ex-UK The regional breakdown chart above is presented to illustrate examples of regions which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolios current or future investments. Source: FactSet Research Systems Inc.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 19
  • 19. CRM Global Opportunity As of March 2011 Annualized & Calendar Year Performance Global Opportunity CRM Global Opportunity Fund MTD QTD YTD 1 Year ICD* Institutional Shares 0.79 2.40 2.40 20.22 31.09 MSCI World Index -0.99 4.80 4.80 13.45 20.57 MSCI ACWI Index -0.10 4.42 4.42 14.08 22.72 The information on the Funds’ performance represent past performance, which does not guarantee future results. If you invest in a Fund, your investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. The Funds’ current performance may be lower or higher than the performance listed. Performance data current to the most recent month-end may be obtained at www.crmfunds.com. Performance of this fund reflects fee waivers in effect. The performance information includes a comparison to various benchmarks, which are rebalanced annually.*This is an annualized performance number. Investors should carefully consider the investment objectives, risks, charges and expenses of the CRM Funds before investing. To request a prospectus with this and other information about the Funds, please call 800.276.2883 or visit www.crmfunds.com. It should be read carefully before investing. The Fund is subject to risks, which are described in the prospectus. In particular, when compared to mutual funds that focus on larger capitalization companies, shares of the Fund may be more volatile because of the exposure to smaller and mid capitalization companies, which may have more limited product lines and fewer capital resources. The Fund’s value investing strategy also involves risks. The benchmarks referenced are as follows: MSCI World Index is the Fund’s benchmark.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 20
  • 20. CRM Global Opportunity As of March 2011 Stock Selection The Primary Driver of Performance Sources of Alpha by Region Sources of Alpha by SectorAttribution information is presented for the CRM Global Opportunity Fund Institutional Shares and may not be representative of the strategy’s current or future investments. The source of the information for all attribution is FactSet Research Systems, Russell Sectors and holdings based.Holdings are subject to change at any time. Please see page 27 for statistic definitions. One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 21
  • 21. CRM Global Opportunity As of March 2011 Risk and Return Statistics March 31, 2011 Rolling 6-month Performance Since Inception Return vs. Risk Rolling M ulti-Horizon Chart Tracking Error Vs Annualize d Re turn 01/2009 to 03/2011 01/2009 to 03/2011 50 30 40 25 30 Annualized Return 20 20 10 15 0 10 -10 09 10 -6 -4 -2 0 2 4 6 CRM Global Opportunity - Ins t MSCI The World Index - Net Return MSCI AC World Index - Net Return Tracking Error Rolling 6 Month W indows CRM Global Opportunity - Ins t MSCI AC World Index - Net Return MSCI The World Index - Net Return Risk/Return vs. MSCI World Index Risk/Return vs. MSCI ACWI Index M ulti-Statistic Chart M ulti-Statistic Chart 01/2009 to 03/2011 01/2009 to 03/2011 30 30 20 20 10 10 0 0 -10 -10 -20 Anlzd Anlzd Sharpe Max Tracking Info -20 Anlzd Anlzd Sharpe Max Tracking Info Return StdDev Ratio Drawdown Error Ratio Return StdDev Ratio Drawdown Error Ratio CRM Global Opportunity - Ins t MSCI The World Index - Net Return CRM Global Opportunity - Ins t MSCI AC World Index - Net ReturnSource: FactSet Research SystemsPlease see performance disclosure language found on page 23 and page 27 for statistic definitions. One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 22
  • 22. CRM Global Opportunity As of March 2011 Risk and Return Statistics March 31, 2011 CRM Global Opportunity vs. MSCI World Index Annualized Tracking Sharpe Ratio Beta Annualized Annualized Annualized Active Share April 2010 - March 2011 Excess Error Return Standard Alpha (Avg.) Returns Deviation CRM Global Opportunity 6.80 6.37 0.92 1.13 20.25 21.84 4.71 94.00 MSCI World Index - - 0.72 1.00 13.45 18.54 - - January 2009 - March 2011 CRM Global Opportunity 10.50 5.79 1.47 1.01 31.04 21.06 8.90 93.00 MSCI World Index - - 1.01 1.00 20.54 20.12 - - CRM Global Opportunity vs. MSCI ACWI Index Annualized Tracking Sharpe Ratio Beta Annualized Annualized Annualized Active Share April 2010 - March 2011 Excess Error Return Standard Alpha (Avg.) Returns Deviation CRM Global Opportunity 6.17 5.79 0.92 1.16 20.25 21.84 3.65 95.00 MSCI ACWI Index - - 0.76 1.00 14.08 18.26 - - January 2009 - March 2011 CRM Global Opportunity 8.36 5.46 1.47 1.00 31.04 21.06 7.05 94.00 MSCI ACWI Index - - 1.11 1.00 22.68 20.31 - - Source: FactSet Research Systems Please see performance disclosure language found on page 23. Please see page 27 for statistic definitions.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 23
  • 23. CRM Global Opportunity As of March 2011 The Definitions Active Share A measure of the percentage of the portfolio that differs from its benchmark. Allocation Effect Portion of excess return attributable to the PM’s ability to effectively allocate assets relative to the passive index. Annualized Alpha A measure of the incremental return of a product when the market is stationary. Annualized Excess Return The calculated returns in excess of a benchmark. Annualized Return The geometric mean of the products returns with respect to one year. Annualized Standard Deviation A measure of the average deviations of a return series from its mean. Beta The measure of the portfolios volatility in reference to the benchmark. Tracking Error A measure of the amount of active risk that is being taken by a manager. Sharpe Ratio A measurement of efficiency utilizing the relationship between annualized risk-free return and standard deviation. Downside Capture % A measure of the products performance in down markets relative to the market itself. Upside Capture % A measure of the products performance in up markets relative to the market itself. Selection Effect Portion of excess return attributable to the PM’s ability to effectively pick better performing securities relative to the passive index. Interaction Effect Portion of excess return resulting from the interaction of the asset allocation and security selection decisions. Total Effect The total effect is the summation of the Allocation Effect, Selection Effect and the Interaction Effect.One-on-One Presentation Not for Distribution
  • 24. CRM Global Opportunity As of March 2011 Investing With Clarity for Over Three Decades History of the Firm Cramer Rosenthal McGlynn, LLC is a leading value manager. We believe our track record, spanning almost 40 years, is testament to our success in serving clients and providing strong investment performance. Clients benefit from consistent application of one cohesive philosophy and process, implemented by a team with diverse experience in appraising the intrinsic value of companies. CRM’s founding partners, Gerry Cramer, Ed Rosenthal and Ron McGlynn, met in the 1970s. Sharing a fascination for investing in changing companies neglected by other investors, they founded CRM in 1973 as a value investment specialist. To implement their vision, they created an investment process designed to capitalize on the returns and minimize the risks inherent in changing companies. After the painful market decline of 1973-1974, many investors lost interest in stocks, creating a climate of neglect. The challenges of the early 1970s led the founders of our firm to formulate the rationale for investing we follow today. They saw firsthand the opportunities inherent in companies experiencing change while operating in an environment of low investor expectations. While inspired by personal experience, the validity of CRM’s strategy is supported by numerous academic studies dating from the genesis of the modern stock market to the present. By the early 1980s, the success of CRM’s investment process led to several positive developments. Our track record attracted institutional clients, helping our firm to grow assets under management and build resources. Jay Abramson joined the firm, and over time expanded our team of talented research analysts. The advent of institutional investors and a new generation of talent in turn brought improvements to the investment process. Specifically, we developed more in-depth approaches to due diligence and formalized valuation techniques. What began as a collective gleam in three investors’ eyes has turned into an investment company with a 38-year track record based on a proven investment process. While we have grown as an organization, we nonetheless remain true to our entrepreneurial origins, evident in the shared excitement with which analysts team up to pursue a new opportunity.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 25
  • 25. CRM Global Opportunity As of March 2011 Capitalizing on Change and Neglect Investment Philosophy Our track record, spanning almost 40 years, is testament to our success in serving clients and providing strong investment performance. Clients benefit from consistent application of one cohesive philosophy and process, implemented by a team with diverse experience in appraising the intrinsic value of companies. The intellectual coherence of our investment philosophy is a genuine strength. Companies we buy and hold are typically characterized by three attributes: change, neglect and valuation. Change The global financial markets are rich with change. Every day the markets present investors with mergers, divestitures, restructurings, new management teams or new products and expanded markets. Neglect Especially in its early stages, change tends to be greeted with uncertainty, expressed as investor neglect — manifested through behavioral finance, low analytical coverage, negative to neutral stock ratings and low institutional ownership. Valuation When change meets neglect, the intrinsic value of a company may exceed the current stock price. At the intersection of change and neglect with attractive valuation, CRM finds the potential for substantial outperformance. The conviction to invest before the rewards of change are realized requires an investment process grounded in intensive original research.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 26
  • 26. CRM Global Opportunity As of March 2011 Biographies of Investment Professionals Executives Jay B. Abramson – President Jay has been with CRM since 1985. As Chief Investment Officer, he maintains overall responsibility for the firm’s investment team. Prior to CRM, Jay earned his CPA. He received a BSE from The Wharton School of the University of Pennsylvania and a JD from the University of Pennsylvania Law School. Jay is a Trustee and Chairman of the Investment Committee for Montefiore Medical Center. Christopher C. Barnett – Executive Vice President Chris joined CRM in 1997 and as Director of Marketing, he is responsible for marketing and client service, as well as maintaining relationships with the consulting community. Prior to CRM, Chris worked in the fixed income department at Ark Asset Management. He received a BA in history from the University of Richmond. Carlos A. Leal, CPA – Executive Vice President, Chief Financial Officer Carlos joined the firm in 1999. Prior to CRM, Carlos was an Audit Senior Manager within the Financial Service Group of Ernst & Young LLP. He received a BBA from Iona College. Ronald H. McGlynn – Chairman Ron is one of the cofounders of CRM and his primary role is Chief Executive Officer at the firm. Before CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard & Poor’s InterCapital and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as chairman of the Investment Committee on the Board of Trustees at Winthrop University Hospital. Steven A. Yadegari, Esq. – Senior Vice President, General Counsel Steve joined the firm in 2005. Prior to CRM, he worked at the New York offices of K&L Gates and Proskauer Rose. Steve also has served as Senior Counsel at the U.S. Securities and Exchange Commission. Steve sits on the Board of Directors of the Association for Conflict Resolution of Greater New York, where he is currently serving as President of the organization. Steve is an adjunct professor at the Benjamin N. Cardoza School of Law and NYU School of Continuing Education and Professional Studies. Steve has received a BA from Brandeis University and earned his JD from the Benjamin N. Cardozo School of Law.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 27
  • 27. CRM Global Opportunity As of March 2011 Biographies of Investment Professionals Research & Trading Jay B. Abramson – President Jay has been with CRM since 1985. As Chief Investment Officer, he maintains overall responsibility for the firm’s investment team. Prior to CRM, Jay earned his CPA. He received a BSE from The Wharton School of the University of Pennsylvania and a JD from the University of Pennsylvania Law School. Jay is a Trustee and Chairman of the Investment Committee for Montefiore Medical Center. Adriano F. Almeida, CFA Adriano joined the firm in 2010 and his primary role is research analyst in CRM’s investment group. Previously, he was a portfolio manager with Louis Dreyfus Highbridge Energy and Dalton, Greiner, Hartman, Maher & Co. Adriano has additional experience as a senior managing analyst with The Dreyfus Corporation and as the Head of Research and Applications at Physical Acoustics Corporation. He received a MS from Embry-Riddle Aeronautical University and an MBA from Columbia Business School. Andrey A. Belov, Ph.D. - Vice President Andrey joined CRM in 2009 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was a senior research analyst responsible for global technology investments at Bernstein Global Value Equities, a unit of AllianceBernstein. Prior to Bernstein, Andrey was a management consultant at McKinsey & Company, where he led projects in the high technology, telecommunications and aerospace industries. He earned a MS from Moscow Institute of Physics and Technology and a PhD from Princeton University. Ian Bitner Ian joined the firm in 2010 and his primary role is research analyst in CRM’s investment group. Previously, he was a senior analyst at BroadArch Capital; and prior to BroadArch, Ian covered financial ser- vices as an investment banking analyst at Banc of America Securities. He earned a BS from Indiana Universitys Kelley School of Business. Michael J. Caputo – Senior Vice President Mike joined CRM in 2002 and he currently serves as a portfolio manager and senior research analyst in our investment group. Prior to CRM, Mike was a vice president in Corporate Finance at Morgan Stanley. He earned a BA from the University of Notre Dame and an MBA from The Wharton School of the University of Pennsylvania. Kevin M. Chin – Senior Vice President Kevin has been with the firm since 1989 and he currently serves as a portfolio manager and senior research analyst in our investment group. Prior to CRM, Kevin was a financial analyst for the Mergers and Acquisitions Department of Morgan Stanley and a risk arbitrager with Credit Suisse First Boston. He received a BS from Columbia University. Sackett S. Cook Sackett joined the firm in 2010 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was a senior analyst and portfolio manager with Dia- mondback Capital and MENEMSHA Capital Group, respectively. He has additional experience as a global financial analyst with Execution Ltd., UBS Warburg and Fox-Pitt, Kelton. He received a BA from Tulane University. Thomas P. Cook – Vice President Tom joined CRM in 1996 and he is a trader for CRM’s investment team. Previously, he was employed as a trader at Gabelli Asset Management. Tom attended Fordham University where he earned a CBA BS in accounting. He is a member of St. Francis Prep Alumni Board of Directors. Thomas DeBourcy Tom joined the firm in 2007 and his primary role is a research analyst in CRM’s investment group. Previously, he was an analyst at Deutsche Bank Securities in the health care group. Tom received a BS from The Wharton School of the University of Pennsylvania.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 28
  • 28. CRM Global Opportunity As of March 2011 Biographies of Investment Professionals Research & Trading Brittain Ezzes Brittain joined the firm in 2010 and her primary role is researched analyst in CRM’s investment group. Previously, she was an analyst and Managing Director with MissionPoint Capital Partners and Iridian Asset Management, respectively. Brittain has additional experiences as an associate at the merchant banking fund SG Capital Partners, and as a business analyst with Price Waterhouse, LLP. She received a BA from Brown University. Ryan D. Fox Ryan joined the firm in 2010 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was an assistant portfolio manager and equity analyst at GE Asset Management. He received a BA from Connecticut College and is a Level 2 CFA candidate and a Certified GE Black Belt. Bernard C. Frojmovich Bernie joined the firm in 2009 and his primary role is research analyst in CRM’s investment group. Previously, he was a vice president and investor on the U.S. Small and Mid-Cap Value Equity Team at BlackRock Investment Management. Prior to BlackRock, Bernie covered financial services as an investment analyst at Morgan Stanley Investment Management and a credit analyst at JPMorgan Chase. He earned a BS from CUNY, Brooklyn College and an MBA from New York Universitys Leonard N. Stern School of Business. Scott L. Geller – Senior Vice President Scott joined CRM in 1993 and he is Director of Trading. Before CRM, Scott was an assistant vice president on the trading desk at Rothschild, Inc. Scott earned a BBA from Baruch College of the City University of New York. Scott is a member of the National Organization of Investment Professionals. Brian M. Harvey, CFA – Vice President Brian joined the firm in 2005 and he is a senior research analyst in CRMs investment group. Prior to CRM, he was an equity research analyst at Fox-Pitt, Kelton. Brian also spent four years as accountant in the financial services audit practice at KPMG LLP and earned his CPA designation. He received a BS from Fairfield University. Milu E. Komer – Senior Vice President Milu joined CRM in 2008 and she serves as a portfolio manager and senior research analyst in the firm’s investment group, focusing on the international and global strategies. Prior to joining the firm, Milu was Vice President at Neuberger Berman Management Inc. and Neuberger Berman, LLC where she served as an analyst, associate portfolio manager and portfolio manager since 2001. In addition, she previously served as an associate in the J.P. Morgan Securities Debt Capital Markets Group and as a Foreign Exchange Trader in the Emerging Markets Group at Citibank. Milu began her career as a Financial Analyst in the International Equity Research and Asset Management Divisions of Goldman Sachs’ London office. She received a BA from Wellesley College and an MBA from The Wharton School of the Univer- sity of Pennsylvania. Robert Maina – Vice President Rob joined the firm in 2005 and his primary role is a senior research analyst in CRM’s investment group. Previously, Rob worked at Copper Beech Capital Management, a long/short fund focusing on the technology sector, and also CIBC World Markets, Donaldson, Lufkin & Jenrette and Arthur Andersen & Company LLP. He received a BS from Fairfield Universitys School of Business. Rosanna Mangone – Assistant Vice President Rosanna joined CRM in 2006 and she is a trader at the firm. Most recently, she worked at Moon Capital Management trading orders in the U.S., Europe and emerging markets. Rosanna also worked in trading at The Dreyfus Corporation, S.A.C. Capital Advisors LLC, Gordon Haskett Capital Corp. and Soros Fund Management. Rosanna received a B.A. in business from St. Johns University. Ronald H. McGlynn – CEO and Chairman Ron is one of the cofounders of CRM and his primary role is Chief Executive Officer at the firm. Before CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard & Poors InterCapital and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as chairman of the Investment Committee on the Board of Trustees at Winthrop University Hospital.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 29
  • 29. CRM Global Opportunity As of March 2011 Biographies of Investment Professionals Research & Trading Mimi B. Morris Mimi Morris joined the firm in 2010 and her primary role is a research analyst in CRM’s investment group. Prior to CRM, Mimi was a Director at Telsey Advisory Group where she was an equity analyst and consultant. She has additional financial experience from Merrill Lynch, Columbia House Company and Donaldson, Lufkin, and Jenrette. She received a BA from Williams College and an MBA from Columbia Business School. Madison Nazamy Madison joined the firm in 2008 and her primary role is research associate in CRMs investment group focusing on international equities. Prior to CRM, Madison was at Neuberger Berman, LLC; and previous to Neuberger, she worked as a hedge fund and mutual fund accountant. She received a BBA from Baruch College. Thaddeus D. Pollock – Vice President Thad joined the firm in 2003 and his primary role is a senior research analyst in CRM’s investment group. Prior to CRM, he spent three years as an analyst in Corporate Finance at Lehman Brothers. Thad received a BS from Yale University. Jeffrey B. Reich, MD – Vice President Jeff joined CRM in 2007 and his primary role is a senior research analyst in CRM’s investment group. Prior to CRM, Jeff was a portfolio manager/senior analyst and principal at Merlin Bio Med Group. He earned his BA from Binghamton University and his MD from Weill Medical College of Cornell University, where he was also an Assistant Clinical Professor in the Department of Neurology and Neuroscience for 10 years. Robert ‘Chip’ L. Rewey, III, CFA – Senior Vice President Chip joined CRM in 2003 and he is a senior portfolio manager and senior research analyst on our investment team. Before joining CRM, he was a portfolio manager/senior analyst at Sloate, Weisman, Murray & Co., Inc., a boutique money management firm. He received a BA from the Carroll School of Management, Boston College and an MBA from Fuqua School of Business at Duke University. Jonathan Ruch - Vice President Jon joined the firm in 2005 and his primary role is a research analyst in CRMs investment group. Prior to CRM, he spent two years with Morgan Stanleys Venture Capital group and two years as an analyst in the Corporate Finance division at Morgan Stanley. Jon earned a BA in economics from Cornell University. Andrew Singer, CFA Andrew joined the firm in 2009 and his primary role is research analyst in CRM’s investment group. Previously, he was an equity analyst at BlackRock; and prior to BlackRock, Andrew was an equity analyst at Evergreen Investments and a senior associate within equity research at Credit Suisse First Boston. He earned a BA from Tufts University and an MBA from F.W. Olin Graduate School of Business at Babson College. Martin Teng, CFA Martin joined the firm in 2006 and his primary role is a research analyst in CRM’s investment group. Prior to CRM, he was a research analyst at SG Cowen and Needham & Company. Martin received a BS and MS from the University of Illinois and an MBA from MIT’s Sloan School of Management.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 30
  • 30. CRM Global Opportunity As of March 2011 Biographies of Investment Professionals Marketing & Client Service Christopher C. Barnett – Executive Vice President Chris joined CRM in 1997 and as Director of Marketing, he is responsible for marketing and client service, as well as maintaining relationships with the consulting community. Prior to CRM, Chris worked in the fixed income department at Ark Asset Management. He received a BA in history from the University of Richmond. James D. Brown – Assistant Vice President James joined CRM in 2008. His primary role at CRM is in marketing mutual funds and separately managed accounts through Broker-Dealers. For the past thirteen years, Jimmy worked in marketing at Scotsman Capital Management, Lazard Asset Management and J.M. Hartwell. He received a BA in Human and Organizational Development from Vanderbilt University. Maura McNulty – Vice President Maura joined the firm in 2001. Her primary responsibility at CRM is providing client service. Prior to joining the firm, she was an institutional equity sales associate at AG Edwards & Sons, Inc. She earned a BA in mathematical economics from Colgate University. Serra Sonmez, CFA – Vice President Serra joined CRM in 2005. She is responsible for client service. Previously, Serra was a manager of Client Service at Meridian Capital Partners, Inc. Serra also worked at Advent Capital Management, LLC. She received a BBA in finance from the College of William & Mary. Harris Swenson, CFA – Vice President Harris joined the firm in 2003 and he is responsible for marketing at CRM. Prior to joining CRM, Harris worked in the commercial real estate group at Cravath, Swain & Moore, LLP. He received a BA from the University of North Carolina at Chapel Hill. Addison R. West – Vice President Addison joined CRM in 2004. His primary role is in mutual fund distribution for the firm. Prior to joining CRM, Addison worked for three years in sales and marketing at Pilgrim Baxter & Associates. He received a BA in political science from Amherst College.One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 31
  • 31. CRM Global Opportunity As of March 2011 GIPS® Compliance Verification Statement Beacon Verification Services GIPS® Compliance Verification Statement Cramer Rosenthal McGlynn, LLC Issued March 17, 2011 The following report issued by Beacon Verification Services, (“Beacon”) is for a firm-wide GIPS® Verification of Cramer Rosenthal McGlynn, LLC’s (“CRM”) claim of compliance with the Global Investment Performance Standards (GIPS®) for the period December 31, 2004 through September 30, 2010. CRM received a firm-wide GIPS® Verification for the period January 1, 1989 to December 31, 2004 from predecessor verifiers. As dictated by the GIPS®, we are relying on the work of the predecessor verifiers in formulating our opinion. The firm’s composite presentations include returns prior to December 31, 2004 that were verified by the predecessor verifiers; however, the scope of our verification is limited to the period December 31, 2004 through September 30, 2010. We have examined whether CRM (1) complied with all the composite construction requirements of the GIPS® on a firm-wide basis and (2) designed its processes and procedures to calculate and present performance results in compliance with the GIPS® for the period December 31, 2004 through September 30, 2010. CRM’s management is responsible for compliance with the GIPS® and the design of the processes and procedures that present the firm’s performance results in accordance with the GIPS®. Beacon’s responsibility is to express an opinion on CRM’s compliance based on its verification procedures. Beacon has completed this firm-wide GIPS® Verification in accordance with the verification procedures set forth in the GIPS®. It is Beacon’s opinion that CRM has complied with all the composite construction requirements of the GIPS® on a firm-wide basis. Furthermore, it is Beacon’s opinion that CRM’s processes and procedures were designed to calculate and present performance results in compliance with the GIPS® for the period December 31, 2004 through September 30, 2010. In performing the firm-wide verification addressed above, it is not Beacon’s responsibility to express an opinion on any particular composite presentation. CRM is responsible for the production and distribution of materials presented in conformity with the GIPS®. In performing the firm-wide verification addressed above, it is not Beacon’s responsibility to express an opinion on any particular composite presentation. CRM is responsible for the production and distribution of materials presented in conformity with the GIPS®. Beacon Verification ServicesOne-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 32
  • 32. CRM Global Opportunity As of March 2011 CRM Global Opportunity Strategy Funds, Terms and Conditions Separately Managed Accounts Minimum Size: $25 million Funds Name of Fund: CRM Global Opportunities Fund CRM Global Opportunity Fund Type of Fund: UCITS Open-Ended Mutual Fund Administrator: Citi Fund Services (Ireland), Ltd. BNY Mellon Custodian: Citibank International plc Ireland PFPC/BNY Mellon Auditors: KPMG KPMG Legal Counsel: Maples and Calder Bingham LLP Listing: Ireland U.S. Subscription: Daily Daily Fiscal Year End: December June Share Class Currency: USD USD Share Classes: A B C Individual Institutional Minimum Investment: $1,000 $100,000 $100,000 $1,000 $1 million Redemption Fee: 1.00% None None 1.50% 1.50% ISIN: IE00B5QLZN93 IE00B5LDGW66 IE00B3WKDY34 US12628J6001 US12628J5011One-on-One Presentation Not for Distribution Organization Philosophy & Process Strategy Summary Appendix 33
  • 33. Cramer Rosenthal McGlynn, LLC520 Madison AvenueNew York, NY 10022T 212.326.5325www crmllc.comwww crmfunds.com