Global small cap equity mar-kets started off the year on a positive note with both de-

veloped and emerging market indices in the black. Europe witnessed a re-surgence of investment activity dur-ing the first part of 2015 driven by the European Central Bank’s (ECB) decision in January to begin a 60 bil-lion euro per month quantitative easing program. The program, which started in March and is expected to last at least until September 2016, boosted risk taking within European equities with the MSCI All Country Europe Small Cap Index up 13.1% in local currency terms in the first quarter. In addition to the ECB’s support, economic indicators such as the Euro Area Economic Sentiment Indicator are beginning to reaccelerate, implying that the currency bloc is recovering economically. With a commitment to low interest rates from the ECB and positive economic data, investors have increased their appetite for European equities thus far in 2015. According to Lipper data through the first week of March, European stock mutual funds and exchange-traded funds had inflows totaling $4.3B, up from $1.3B of inflows in all of 2014. Nevertheless, in spite of the strong equity market returns this year, we believe European equities offer value relative to the United States, as the MSCI All Country Europe Small Cap Index continues to trade at a dis-count to the MSCI USA Small Cap Index.

Although the market environment in Europe appears to be improving, one counterweight to the positive effects of the eurozone’s quantitative easing program and the improving equity fund flows is the Grecian financial crisis where the anti-austerity Syriza party attempts to renegotiate the country’s bailout terms. Though Greece’s economic impact to the eurozone is small, there is a fear

Quarter Ending 3/31/15

International Small Cap EquityQuarter-End Performance Review—1Q15

P E R F O R M A N C E Quarter Ending3/31/15

Institutional Composite (gross) 3.80%

(net) 3.61%

MSCI ACWI ex US Small Cap(4) 3.93%

Source: Renaissance Research, Bloomberg, MSCI

(1)Based on the model account of the strategy discussed and shown as supplemental information to the GIPS compliant presentation.(2)Weights as of the end of the presentation period excluding cash.(3)Any securities referenced should not be considered a recommendation to purchase or sell a particular security. These securities may represent a portion or all of the companies held in a representative account in this strategy as of the date stated and are intended for informational purposes only. Non-perfor-mance based criteria have been used to select the securities listed. The past performance of these securities is no guarantee of future results. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for this strategy. The reader should not assume that investments in the securities identified or discussed were or will prove to be profitable. Portfolio holdings may or may not be current recommendations to buy or sell any security, and may no longer be held in the representative account. To request a complete list of portfolio holdings recommendations for the past year, please contact Renaissance at compliance@reninv.com.(4)Primary benchmark.

Please refer to the full GIPS Compliant Presentation on the last page, which is an integral part of this presentation. All references to Renaissance composite performance in this presentation are net of fees unless otherwise stated. Past performance is not indicative of future results.

Performance for periods of less than a year is not annualized. All returns are shown in U.S. dollars.

G E O G R A P H I C A L E X P O S U R E & P O R T F O L I O C H A N G E S ( 1 )

Ending Change from International Small Cap Equity AdditionsRegion Weight(2) 12/31/14 (International Small Cap Equity Deletions)(3)

North America 34.0%

Asia-Pacific 28.0%

Western Europe 22.0%

Middle East & Africa 10.0%

Central & South America 6.0%

Eastern Europe 0.0%

Developed Markets 64.0%

Emerging Markets 36.0%

Robinsons Retail Holdings

Debenhams, Eros, Greencore, Ubisoft Entertainment(Luxfer Holdings)

(North American Energy Partners, Precision Drilling)

(Elbit Systems)

(Cosan)

+6.0%

0.0%

-4.0%

+2.0%

-2.0%

0.0%

0.0%

-2.0%

Source: Renaissance Research, FactSet

Source: Renaissance Research, FactSet

C O N T R I B U T O R S T O R E T U R N ( 1 ) ( 3 )

Company Average ContributionName Weight(2) to Return Comments

T O P F I V E C O N T R I B U T O R S — I N T E R N A T I O N A L S M A L L C A P E Q U I T Y

Cott 2.31% 0.85% Growth and diversification from acquisitions and a less aggressive pricing en-vironment contributed to an unexpectedly strong fourth quarter and helped shares of the private label beverage manufacturer to rise during the quarter.

ICON 2.33% 0.79% A strong fourth quarter earnings report for the contract research organization was highlighted by rapidly expanding margins and the potential that their high customer concentration will diminish going forward, as bookings from smaller customers continue to grow faster than bookings from large customers.

China Eastern Airlines 2.88% 0.70% Cost benefits from falling fuel prices, which the company does not hedge, and growth in year-over-year passenger traffic helped drive shares of the Chinese airline higher. The company should also benefit from increased traffic when Shanghai Disneyland opens in early 2016.

FirstService 2.29% 0.59% Shares of the commercial real estate service provider rose after the company announced that they would split into two independent companies: a global commercial real estate firm and a North American residential property man-agement and service firm.

MDC Partners 2.41% 0.57% A favorable earnings report highlighted by stronger than expected organic growth and a quarterly record for net new business helped shares of the mar-keter rise during the quarter.

B O T T O M F I V E C O N T R I B U T O R S — I N T E R N A T I O N A L S M A L L C A P E Q U I T Y

China Lodging Group 1.91% -0.62% A record number of new hotels added in 2014 and an increasing weight towards high-margin manachised hotels was not enough to offset weaker than expected mature hotel revenue per available room in the fourth quarter.

Himax Technologies 2.27% -0.51% The Taiwanese semiconductor company delivered strong fourth quarter re-sults, boosted by rising 4KTV penetration, but guided below expectations for the first quarter due to weakness in the Chinese smartphone and tablet market.

Companhia Paranaense 1.84% -0.45% Shares of the Brazilian electric utility fell as investors fear that rationing ofde Energia electricity in some parts of Brazil may be necessary, as some dam reservoirs are

below levels that led to widespread rationing in 2001.

Gran Tierra Energy 0.79% -0.34% Disappointing results in the exploration and production company’s Bretana Sur well in Peru caused shares to fall, as the well was expected to provide future production growth for the company.

Bellatrix Exploration 0.71% -0.34% Shares of the Canadian oil and gas exploration and production company con-tinued to be hurt by the steep drop in energy prices, leading the company to lower its 2015 capital expenditure budget by 33%.

that other weaker southern European nations, such as Spain, will also try to reverse some of their austerity measures, leading to more uncertainty.

Similar to Europe, Japan continues to make front-page news. Japanese equities have also been positive in 2015, with the MSCI Japan Small Cap Index up 9.2% in local currency terms for the first quarter. Japanese equities are benefitting from improving corporate earnings as a result of the weaker yen, continued support from monetary easing, the announcement by the Japanese Government Pension Investment Fund (GPIF) to increase its allocation to domes-tic equities, and the precipitous decline in oil prices. In addition, the recent drop in global oil prices will further help Japanese corporations and consumers, as the country is a major

Quarter Ending 3/31/15

International Small Cap EquityQuarter-End Performance Review—1Q15

(1)Based on a representative account of the strategy discussed and shown as supplemental information to the GIPS compliant presentation..(2)Average weights over the presentation period excluding cash.(3)The securities listed should not be considered a recommendation to purchase or sell a particular security. These securities represent the top five and bottom five contributors by weight to the performance of a representative account in this strategy as of the date stated and are intended for informational purposes only. The past performance of these securities is no guarantee of future results. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for this strategy. The reader should not assume that investments in the securities identified or discussed were or will prove to be profitable. Portfolio holdings may or may not be current recommendations to buy or sell a security and may no longer be held in the representative account. To request a complete list of portfolio holdings recommendations for the past year, the calculation methodology, or a list showing the contribution of every holding to the representative account’s performance for the time period stated, please contact Renaissance at compliance@reninv.com.

importer of the commodity and lower energy prices should help reduce input costs for goods produced in Japan.

Performance for the International Small Cap Strategy was positive but slightly below the MSCI ACWI ex US Small Cap Index for the quarter. Returns were driven by good stock selection in Financials and Health Care. From an allocation perspective, our overweight to Information Technology helped relative returns, although this was offset by weak stock selection within the sector. Our overweight to the Energy sector also detracted from performance. During the quar-ter, we were active in paring our exposure to the Energy sector by selling our positions in North American Energy Partners and Precision Drilling, ending the quarter at a slight overweight position in the sector.

The first-quarter portfolio returns by country were influenced by our strong stock selection within developed markets, where our average developed market stock rose 4.8%. Our average emerging market stock gained only 2.3% for the quarter, but we continue to be focused on these markets as we believe in the expected long-term growth of middle-class consumers around the globe. Accord-ing to Organisation for Economic Co-operation and Development (OECD) data, it is expected that by 2030, 66% of the world’s middle-class will reside in the Asia-Pacific region. Chinese con-sumers are forecasted to make up a large percentage of the global middle-class in 2030. However, other countries will also be beneficiaries, and we are actively looking for new opportunities that will benefit from this trend. Our emerging market weight at the end of the quarter stood at 36%, unchanged from the beginning of the year.

During the quarter, we made a number of changes to the portfolio, adding Eros International PLC, Debenhams PLC, Greencore Group, Robinsons Retail Holdings and Ubisoft Entertain-ment. We exited our positions in Cosan, North American Energy Partners, Precision Drilling, Luxfer Holdings and Elbit Systems.

Our outlook for international small cap equities remains cautiously optimistic. The eurozone ap-pears on the right path to restarting growth. Japan’s outlook is improving due to its own monetary easing program, and corporate profits are expected to benefit from the weaker yen and lower oil prices. The Chinese economy continues to slow, and we expect more bumps in the road as it shifts its focus from investment to consumer-led growth. Within China, we remain focused on consumer-driven names and have avoided banks, property developers and housing related com-panies, as we see more downside risk going forward in these industry groups.

Though there are several areas of concern facing global investors today, we believe our process of focusing on quality growth companies trading at reasonable valuation provides valuable diversifica-tion and long-term growth potential while mitigating many of the risks present in today’s market.

Renaissance Investment Management8 0 0 . 8 3 7 . 3 8 6 3 n 5 1 3 . 7 2 3 . 4 5 0 0 n F a x : 5 1 3 . 7 2 3 . 4 5 1 2 n w w w . r e n i n v . c o m

Quarter Ending 3/31/15

International Small Cap EquityQuarter-End Performance Review—1Q15

The opinions stated in this presentation are those of the authors as of the date listed on this presentation and are subject to change at any time due to changes in market or economic conditions.

If securities are referenced, they should not be considered a recommendation to purchase or sell a particular security. These securities may represent a portion or all of the companies held in a representative account in this strategy as of the date stated and are intended for informational purposes only. Non-performance based criteria have been used to select the securities listed. The past performance of these securities is no guarantee of future results. The specific securities identified and described do not represent all of the securities purchased, sold or recommended for this strategy. The reader should not assume that investments in the securities identified or discussed were or will prove to be profitable. Portfolio holdings may or may not be current recommen-dations to buy or sell any security, and may no longer be held in the representative account. To request a complete list of portfolio holdings recommendations for the past year, please contact Renaissance at compliance@reninv.com.

GIPS Compliant Presentation International Small Cap Equity Institutional Composite

Renaissance Investment Management (RIM) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Renaissance has been independently verified for the periods January 1, 2006 through December 31, 2014.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 the GIPS standards. The International Small Cap Equity Institutional Composite has been examined for the periods January 1, 2006 through December 31, 2014. The verification and performance examination reports are available upon request.Firm Definition: The Renaissance Group LLC, which does business as Renaissance Investment Management (RIM), is a registered investment advisor established in 1978, with an office in Covington, KY. RIM is an affiliate of Affiliated Managers Group based in Prides Crossing, MA. RIM manages equity, tactical, balanced and fixed income assets for a variety of clients including high net worth, institutional and sub-advisory relationships. A complete list and description of the Firm’s composites is available upon request. Composite Composition: The International Small Cap Equity Institutional Composite portfolios consist of approximately 45-55 equities chosen from and initial universe of all American Depositary Receipts (ADRs) and U.S. listed foreign corporations with a market capitalization under $3 billion exhibiting a combination of strong earnings growth, reasonable valuation, rising earnings expectations and profitability. The International Small Cap Equity Institutional Composite was created on November 1, 2005 and includes all fee paying, fully discretionary, non-tax managed, non-wrap International Small Cap Equity accounts. RIM does not have non-fee paying portfolios. RIM will add new fully discretionary portfolios to the composite at the first full month under management. RIM will exclude terminated portfolios from the composite after the last full month they were under management. Composite dispersion is measured using an asset-weighted standard deviation of returns of the portfolios. In February 2013, we discovered a material error in the annual return for 2012. The error has been corrected and this presentation has been updated accordingly.Calculation of Performance Returns: Performance is calculated using total returns. Monthly composite performance is asset-weighted using beginning-of-period values. Rates of return are time-weighted with geometric linking of monthly returns. Valuations and returns are computed and stated in U.S. dollars. Account performance is based on total assets in the account, including cash and cash equivalents. Performance is actual performance. RIM has chosen to present performance both gross- and net-of-fees. The gross-of-fee performance returns are presented before deduction of management and custodial fees but after the deduction of all trading expenses. Net performance is reported after the deduction of all trading costs and actual RIM management fees. These gross- and net-of-fee investment results for the Renaissance International Small Cap Equity Institutional Composite include reinvestment of dividends and other earnings. Clients’ returns will be reduced by the advisory fee and any other expenses that may be incurred in the management of the client’s investment advisory account. For example, if the gross annualized return of an account over a five-year period were 5.0%, deducting one twelfth of an annual advisory fee of 90 basis points each month on the ending monthly account balance would produce a cumulative net return of 22.7%. The cumulative gross return at 5.0% per annum over a five-year period would be 28.3%. A $1 million starting portfolio would thus have an ending net market value of $1,227,096, $56,262 less than the gross return ending value of $1,283,359. There is no minimum asset size for inclusion in the composite. RIM uses trade date accounting and income is accrued. Actual performance may differ from returns, depending on the size of the account, brokerage commissions, investment guidelines and/or restrictions, inception date and other factors. After-tax results will vary from the returns presented herein for those accounts that are subject to taxation. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.Standard Deviation: The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. According to the GIPS Standards, this is not required for periods prior to 2011.Investment Management Fees: RIM’s fees are based on account size. The standard RIM fee schedule for the International Small Cap Equity Strategy for direct-managed accounts is as follows: All amounts – 1.00%. Investment advisory fees are described in Part 2A of RIM’s Form ADV.Benchmark: The MSCI All Country World ex USA Small Cap Index (net of foreign withholding taxes) is a free float-adjusted market capitalization index that is designed to measure equity market performance of small cap stocks in the global developed and emerging markets, excluding the United States. RIM compares its composite returns to a variety of market indices such as the MSCI All Country World ex USA Small Cap. This index is shown for comparison purposes only. We are not trying to explicitly manage to this benchmark. This index represents unmanaged portfolios whose characteristics differ from the composite portfolios; however, they tend to represent the investment environment existing during the time periods shown. The index cannot be invested in directly. The returns of the index do not include any transaction costs, management fees or other costs. The holdings of the client portfolios in our composites may differ significantly from the securities that comprise the index shown. The index has been selected to represent what RIM believes is an appropriate benchmark with which to compare the composite performance.Other: Performance data quoted in any Renaissance presentation represents historically achieved results, and is no guarantee of future performance. Future investments may be made under materially different economic conditions, in different securities and using different investment strategies and these differences may have a significant effect on the results portrayed. Each of these material market or economic conditions may or may not be repeated. Therefore, there may be sharp differences between the performance shown and the actual performance results achieved by any particular client. The value of an investment may fall as well as rise. Please note that different types of investments involve varying degrees of risk and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client’s investment portfolio. Investor principal is not guaranteed and investors may not receive the full amount of their investment at the time of sale if asset values have fallen. No assurance can be given that an investor will not lose invested capital. Consultants supplied with these performance results are advised to use this data in accordance with SEC guidelines. The actual performance achieved by a client portfolio may be affected by a variety of factors, including the initial balance of the account, the timing and amount of any additions to or withdrawals from the portfolio, changes made to the account to reflect the specific investment needs or preferences of the client, duration and timing of participation as a RIM client, and a client portfolio’s risk tolerance, investment objectives, and investment time horizon. All investments carry a certain degree of risk, including the loss of principal and not guaranteed by the U.S. government.Risks of International Small Cap Equity Strategy: International Small Cap Equity Institutional Composite returns may show a high level of variability. In addition to market risk, the majority of any additional risk in these portfolios is related to specific stock selection, and RIM will have significant exposure to individual securities. Sources: The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

MSCI-ACWI ex USA Net Composite Benchmark Annual Market MarketInternational Small Cap Equity International Small Cap Equity Small Cap 3 Year Annualized 3 Year Annualized Asset Weighted Number of Value of Value of

Institutional Composite Institutional Composite Benchmark Standard Standard Composite Portfolios Composite Firm's AssetsYear Gross-of-Fee Return Net-of-Fee Return Return Deviation Deviation Dispersion in Composite (Millions) (Millions)2005* 6.80%* 6.74% 10.91% NMF** 1 $0.1 $2,796.62006 28.18% 27.70% 26.70% NMF** 1 $0.1 $5,450.22007 52.24% 51.70% 10.74% NMF** 2 $0.2 $7,661.82008 -45.21% -45.35% -50.23% NMF** 3 $0.2 $4,358.62009 76.92% 76.50% 62.91% NMF** 3 $0.3 $4,403.02010 23.97% 23.80% 25.21% NMF** 2 $0.3 $3,800.22011 -16.40% -16.47% -18.50% 25.93% 23.86% NMF** 6 $0.4 $2,862.32012 19.95% 19.84% 18.52% 20.15% 19.98% 0.40 6 $0.5 $2,409.82013 48.27% 48.13% 19.73% 19.51% 16.67% 0.56 7 $0.9 $2,767.72014 -11.58% -11.95% -4.03% 15.05% 13.15% 0.34 9 $11.8 $2,986.2

FINAL 12/31/2014* For period November 1, 2005 through December 31, 2005

** Not Meaningful Figure - due to five or fewer accounts invested for the entire year

As of Year End or Current Quarter

Renaissance Investment Management 153103