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Microcap Performance

For Periods Ending September 30, 2017

Time Period Cardinal Microcap Gross Cardinal Microcap Net Russell Microcap Value Index Relative Gross Performance
1-Year 27.0 26.4 26.1 22.3
3-Year 9.6 9.0 13.3 12.2
5-Year 14.9 14.1 14.5 13.9
Inception-to-Date* 14.6 13.8 15.0 14.4
*Microcap Inception Date: June 1, 2012

GIPS Performance and Verification Presentation

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Performance shown reflects returns for the firm’s Microcap Value Composite, which includes each of the firm’s accounts that has at least $5 million and has been managed using the Strategy by Cardinal for at least one month. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. No assurances can be made that profits will be achieved or that substantial losses will not be incurred. Net performance reflects the deduction of advisory fees and trading expenses but does not reflect custodial fees, all of which reduce a client’s total investment return. Performance reflects reinvestment of interest and dividend income.

Past performance is not indicative of future results. Please see the important disclosures.