M I S S I O N S T A T E M E N T

Deliver Exceptional Investment Results and Develop Enduring Client Relationships

4Q 2018

Presented To: Presented By:

Corey N. Bronner, CFAAnalyst and Partner

Michael A. CerviClient Service and Partner

2

Table of Contents

Section Page

Firm Overview 4

Investment Process 9

Appendix 20

3

Disclosure

Certain data contained in this presentation is based on information obtained from sources believed to be accurate, butChamplain Investment Partners cannot guarantee the accuracy of such third party information.

No assurance can be given that Champlain Investment Partners’ [Champlain] investment objectives will be achieved or thatan investor will receive a return of all or any portion of his, her or its investment with Champlain Investment Partners.Investment results may vary substantially over any given time period.

Certain content contained in this presentation constitutes “forward-looking statements,” which may be (but are notnecessarily) identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,”“project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon orcomparable terminology. Due to various risks and uncertainties, actual events or results may vary materially from thosereflected or contemplated in such forward-looking statements. Any such forward-looking statements speak only as of theirdates and reflect the expectation of Champlain, and no obligation is undertaken to update any such statements orexpectations, whether as a result of new information, further events, or otherwise.

Champlain is not undertaking to provide impartial investment advice or give advice in a fiduciary capacity in connection withthis presentation. If hired, Champlain would be paid a percentage of assets under management by the relevant entity. Asoutlined in our ADV 2A brochure, Champlain may also receive indirect compensation in the form of gifts and entertainmentand/or soft dollar benefits.

4

Firm Overview

5

▪ Founded in 2004

▪ Over Twenty-Year Track Record

▪ Disciplined Investment Process

▪ Pre-Defined Assets Per Product

▪ Employee Ownership

Firm Overview

6

Client Assets Under Management $10.05 Billion (as of 12.31.18)

Type of Client Vehicle

Separate Accounts

52%Mutual Funds40%

Commingled Funds5%

Collective Investment

Trust3%

Family Office/RIA

38%

Private Bank27%

Corporate12%

Public10%

Not for Profit6%

Hospital3%

Taft-Hartley2%

Retail2%

7

Corporate▪ Blue Cross and Blue Shield of Kansas, Inc.▪ BlueCross BlueShield of Tennessee▪ Broadcast Music, Inc.▪ Cambridge International, LLC▪ Church Mutual Insurance Company▪ DuPont and Related Companies Defined

Contribution Plan Master Trust▪ Eisenhower Exchange Fellowships, Inc. ▪ Goodville Mutual Casualty Company▪ Hearst Corporation▪ L3 Technologies, Inc.▪ Louisiana-Pacific Corporation▪ National Council of State Boards of Nursing▪ Nordson Corporation▪ Welch Foods, Inc.

Public▪ California Teachers Association Economic

Benefits Trust▪ City of Alexandria Fire Fighters and Police

Officers Pension Plan▪ City of Miami Fire Fighters’ and Police

Officers’ Retirement Trust▪ City of Southfield Employees Retirement

System▪ Första AP-fonden (First Swedish National

Pension Fund)▪ Metropolitan Gov’t of Nashville and

Davidson County Employee Benefit System▪ Ohio Bureau of Workers’ Compensation▪ Oregon Education Association▪ Sioux Falls Retirement System▪ Spokane Employee Retirement System▪ State of Vermont VPIC▪ Texas Municipal Retirement System▪ Tucson Supplemental Retirement System

Not for Profit Endowment/Foundation▪ Amelia Peabody Foundation▪ Association for the Children of New Jersey▪ Association of the Bar of the City of New York▪ Batchelor Foundation▪ Betty and Davis Fitzgerald Foundation, Inc.▪ College Sparks▪ Community Foundation of Herkimer and Oneida

Counties, Inc.▪ Community Foundation of Western North

Carolina▪ Corporation of Yaddo▪ Fairfield County Community Foundation▪ Frederik Meijer Gardens & Sculpture Foundation▪ Glass-Glen Burnie Foundation▪ Greater Milwaukee Foundation▪ Guttman Foundation▪ Hartford Foundation for Public Giving▪ Incourage Community Foundations, Inc.▪ JCRT Foundation▪ Johnson Foundation of the Rockies▪ John W. Anderson Foundation▪ Marin Community Foundation▪ Mitchell Wolfson Sr. Foundation ▪ Nellie Mae Education Foundation▪ Oregon Public Broadcasting▪ Ploughshares Fund▪ Robert Sterling Clark Foundation▪ Robins Foundation▪ Sarkeys Foundation▪ Sharon D. Lund Foundation▪ The Community Foundation for the Greater

Capital Region▪ The Fuller Foundation▪ The Harvest Foundation of the Piedmont▪ The Johnson Charitable Trust▪ The Rosamond Gifford Charitable Corporation▪ The Stark Community Foundation▪ The Vermont Community Foundation▪ Triangle Community Foundation▪ Tull Charitable Foundation▪ Wisconsin Lutheran College

Hospital▪ Community Hospital of Monterey Peninsula▪ Deaconess Hospital▪ Glens Falls Hospital▪ Inspira Health Network, Inc.▪ Northwell Health Systems▪ South Shore Community Hospital▪ Vidant Health System

Private Bank/Financial Co.▪ Bessemer Trust Company▪ Bridge Builder Trust▪ Diversified Trust Company Inc.

▪ Euro Pacific Asset Management, Inc.

▪ Jackson National Asset Management

▪ PFM Multi-Manager Domestic Equity Fund

▪ State Street Global Advisors

Taft-Hartley▪ 32BJ North Pension Fund▪ California Ironworkers Field Pension Trust▪ Minnesota Laborers’ Fringe Benefits Fund▪ Minnesota Teamsters Construction▪ Division Pension Fund▪ Southern California Pipe Trades Retirement Fund

Representative Client List (as of 12.31.18)

Champlain Mutual Funds▪ Mid Cap (CIPMX & CIPIX)▪ Small Cap (CIPSX & CIPNX)▪ Emerging Markets (CIPDX & CIPQX)

The above list includes all institutional clients that allow disclosure of theirrelationship with Champlain Investment Partners, LLC. It is not knownwhether the listed clients approve or disapprove of the adviser or the advisoryservices.

Not For Profit (continued)Religious▪ American Baptist Home Mission Societies▪ Archdiocese of Milwaukee Catholic

Community Foundation, Inc.▪ Diocese of Columbus▪ Diocese of St. Petersburg▪ Diocese of Trenton▪ Reta Trust▪ Sisters of Charity of Saint Elizabeth▪ Sisters of St. Francis▪ Sisters of St. Joseph of Carondelet▪ Sisters of Saint Joseph of Peace▪ Sisters of the Sorrowful Mother▪ The Young Men’s and Young Women’s

Hebrew Association▪ United Methodist Foundation of Western

North Carolina▪ US Conference of Catholic Bishops

College/University▪ Centre College of Kentucky▪ Fordham University▪ Indiana University▪ Miami Dade College▪ Practising Law Institute▪ Regis University▪ Rider University▪ Samford University▪ The Canisius College of Buffalo, NY

8

▪ Seasoned Industry Professionals

▪ Critical Thinkers

▪ Courageous Decision-Makers

Professionals (as of 3.01.19)

Judith W. O’ConnellManaging Partner

Chief Executive Officer

Wendy K. NunezPartner

Chief Operating Officer

Robert D. HalliseyPartner

Health Care Analyst

Corey N. Bronner, CFAPartner

Consumer & Financials Analyst

Joseph J. FarleyPartner

Technology Analyst

Joseph M. Caligiuri, CFAPartner

Industrials & Energy Analyst

Scott T. Brayman, CFAManaging Partner

Chief Investment OfficerSmall and Mid Cap

Andrew J. Hanson, CFAPartner

Technology Analyst

Elizabeth J. WykoffAssociate

Office Administration

Kate R. SaracenoSenior Associate

Client Service

Richard W. HossSenior Associate

Emerging MarketsIndustrials & Energy

Analyst

Russell E. Hoss, CFAPartner

Portfolio ManagerEmerging Markets

Technology& Health Care Analyst

Kelly S. BarnesSenior Associate Business, Finance,

& Human Resources

Margaret C. O’BrienSenior Associate

Client Service

Harriet R. DavisAssociate

Client Service Team Support

Meredith A. AckelAssociate

Client Service

Angie M. Holbrook, CFAPartner

Client Service

Mary E. MichelPartner

Client Service

Matthew S. GarciaPartner

Chief Compliance Officer

Eric P. OdePartner

Chief Financial Officer

Henry C. Sinkula, CFAAssociate

Emerging MarketsFinancials Analyst

Candace C. HamiltonSenior Associate

Compliance

James A. MallonAssociate

Compliance

Jing Z. WangSenior Associate

Emerging MarketsConsumer Analyst

Erik C. Giard-Chase,CFAPartner

Health Care Analyst

Finn R. McCoyPartner

Head Trader

Mary L. ScheyderAssociate

Business Intelligence Developer

Michal JanuszczykAssociate

Director of Technology

Patrick J. McCauleyAssociate

Trader

Lukas A. YasudaAssociate

Operations

Michael A. CerviPartner

Client Service

Lauren C. DolanAssociate

Investment Team Support

Courtney A. WillsonSenior Associate

Consumer Analyst

Jason L. Wyman, Ph.D.Partner

Quantitative Analyst

Bayley S. PalzerAssociate

Client Service

Zachary C. Gill, CFASenior Associate

Emerging MarketsTechnology & Comm.

Services Analyst

9

Investment Process

10

▪ Make Money

▪ Manage Risk

▪ Be Consistent

Investment Goals

11

Rolling 3 Year Relative ReturnsChamplain Mid Cap Composite vs. Russell Midcap (as of 12.31.18)

Source: Champlain Investment Partners, FactSet Research Systems. The returns are net of advisory fees and other expenses. Disclosure: Past performance is not indicative of future results. This information is presented as supplemental to the performance disclosure page included in this presentation.

4Q18 3Q18

2Q18

1Q18

4Q17

3Q172Q17

1Q17

4Q16 3Q162Q16

1Q164Q15

3Q15 2Q15

1Q15

4Q143Q14

2Q14

1Q14

4Q13

3Q13

2Q13

1Q13

4Q123Q12

2Q12

1Q12

4Q11

3Q11

2Q11 1Q11

4Q10

3Q10

2Q101Q10

4Q09

3Q09

2Q091Q09 4Q08

3Q08

2Q08

1Q08

4Q07

-5%

0%

5%

10%

15%

-25% -15% -5% 5% 15% 25% 35%

MC

Co

mp

osit

e R

oll

ing

3

-Y

ear

Re

lati

ve

An

nuali

zed

Net

Re

turn

Russell Midcap Rolling 3-Year Annualized Absolute Return

Champlain Mid Cap CompositeRolling 3-Year Relative Annualized Net Returns compared to Russell Mid Cap: 3Q 2007 - 4Q 2018

Historical α and β of MC

Composite Relative to

Russell Midcap (Based on

Quarterly Annualized 3-Year

Returns, 3Q07-4Q18):

α = 5.15%

β = 0.68

Indicates Positive Absolute Return

Indicates Negative Absolute Return

12

“Investing in companies with sustainable competitive advantages, durablebusiness models, sound balance sheets, capable and sincere managementteams, and that trade at a discount to their Intrinsic or Fair Value can,over time, provide attractive returns with less risk than the overallmarket.”

This philosophy should give investors several paths to wealth creation:

▪ Market May Bid the Shares to a Premium Over Fair Value

▪ Management May Grow the Fair Value Faster Than Market Appreciation

▪ Company May Be Bought by a Larger Company or Private Market Investor

Investment Philosophy

13

▪ We Buy Quality Companies at a Discount

▪ We Sell Overvalued Stocks

Investment Process

14

▪ Industrials Problem SolversInnovators

▪ ConsumerBrand LoyaltyLow Fashion Risk

▪ Health CareMinimize Exposure to Government Payors

▪ TechnologyLow Obsolescence Risk

▪ FinancialsNiche Focus Avoid Spread Business

▪ High Returns

▪ Low Debt

▪ Quality Earnings

▪ Sincere and Capable Management

▪ Superior Relative Growth

▪ Stable Business Models

▪ Historical M & A Activity and Comps

▪ Strategic Value

▪ Discounted Cash Flow

▪ Company Fundamentals

▪ Sector Weight: 25%maximum in any one sector

▪ Average Position Size: 2%

▪ Number of Names:50–75

▪ Market Capitalization at initiation of purchase:Minimum: $1.5BMaximum: $15B unless constituent of S&P 400 or Russell Midcap benchmark

Mid Cap Strategy Buy Discipline

Starting Universe

SectorFactors

Company Attributes

Valuation Analysis

PortfolioConstruction

Benefits: Manage Business Risk | Manage Valuation Risk | Manage Performance Risk | Increase Odds of Success

▪ S&P MidCap 400

▪ Champlain Small Cap Strategy

15

Process Exclusions & Perennial Underweights –Russell Midcap (09.30.04 – 12.31.18)

Source: Factset Research Systems.

-100

0

100

200

300

400

500

600C

um

ula

tive

Ab

so

lute

Re

turn (

%)

Utilities Technology Hardware Storage & Peripherals

Telecommunication Services Consumer Discretionary

Semiconductors & Semiconductor Equipment Metals & Mining

Construction & Engineering Russell Midcap Index

16

Perennial Overweights – Russell Midcap(09.30.04 – 12.31.18)

Source: Factset Research Systems.

-100

0

100

200

300

400

500

600

700

800

900C

um

ula

tive

Ab

so

lute

Re

turn (

%)

Consumer Staples Machinery Health Care Equipment & Supplies Software Insurance Russell Midcap Index

17

Sell

▪ Sell Stocks Above our Estimate of Fair Value

▪ Sell Mistakes

▪ Mid Cap Companies over $20 Billion*

Trim

▪ Trim when Position Size at Market > 5%

▪ Trim when Sector Weights Exceed Rules

Reevaluate

▪ Reevaluate Holdings when 25% Below- Cost

▪ Harvest Gains

▪ Control Losses

▪ Maintain Mid Cap Exposure

▪ Manage Company Specific Risk

Benefits

Mid Cap Strategy Sell Discipline

*The mid cap strategy may hold stocks with market capitalizations above $20 Billion until theyreach Champlain’s estimate of fair value, at which time the firm may opportunistically sell theposition.

18

Top Ten Holdings

Splunk Inc. 2.99%

Everest Re Group, Ltd. 2.99%

Workday, Inc. Class A 2.73%

Red Hat, Inc. 2.67%

Arthur J. Gallagher & Co. 2.60%

Waters Corporation 2.52%

Nordson Corporation 2.51%

Palo Alto Networks, Inc. 2.40%

Aptargroup, Inc. 2.40%

Integra LifeSciences Holdings Corporation 2.25%

Total 26.06%

Portfolio Characteristics − 12.31.18 Champlain Mid Cap Composite

Portfolio Russell Midcap

ROE 10.2% 13.6%

ROE (5 Yr Avg) 13.7% 13.7%

ROE (5 Yr StDev) 6.0% 6.7%

Gross Profitability 33.0% 23.5%

Owners Yield* 3.4% 4.1%

FTM P/E 21.7x 18.5x

Price/Cash Flow 18.9x 14.9x

Debt/Cap 39.2% 46.9%

Sales/Sh 5yr CAGR 12.3% 7.5%

5 Yr CAGR BV/Sh 11.1% 7.6%

Est 3-5Yr EPS Growth 13.2% 11.5%

Wtd. Mkt. Cap (MM) $11,989 $13,557

# of Holdings 64 782

Port. Ending Active Share** 90.5% NA

3 Yr Avg Portfolio Turnover 35.9% NA

*Owner’s Yield Definition: ((Cash for Common Dividends + Cash Used in Acquisitions + Net Cash from Increase/Decrease in Total Debt + Net Cash from Share Issuance/Purchase + YoYNominal Increase/Decrease in R&D Spend) / Shares Outstanding (Diluted Basis))/ Price per Share.

**Active share ranges from 0 to 100 percent and measures the percentage of a portfolio’s holdings which differs from the benchmark.

Source: FactSet and Compustat - All characteristics (with the exception of Market Cap, Active Share and Portfolio Turnover) are calculated on a Weighted Average basis with outliers dampenedvia Inter-quartile methodology. All figures on a TTM Basis. Holdings are subject to change. References to specific issuers or securities are presented to illustrate the application of ourinvestment philosophy only and are not intended to be considered recommendations by Champlain Investment Partners. The specific securities identified and described in this presentation donot represent all of the securities purchased, sold or recommended by Champlain, and it should not be assumed that investments in the securities identified were or will be profitable. Uponrequest, Champlain will provide a list of all securities purchased over the last year. This information is presented as supplemental to the performance disclosure page included in thispresentation.

19

What Makes Champlain Unique?

Alignment

▪ Niche Focus

▪ Co-Investment in Strategies

Discipline

▪ Consistent Quality Bias

▪ Consistent Investment Results

▪ Focus on Absolute Returns

20

Appendix

21

2018 Red Hat, Inc. International Business Machines Corp (pending)Blue Buffalo Pet Products Inc General Mills Inc.

2017 C.R. Bard Becton, Dickinson and Company Mead Johnson Nutrition Company Reckitt Benckiser Group PLCSnyder’s-Lance, Inc. Campbell Soup CoWhole Foods Market, Inc. Amazon.com Inc

2016 Allied World Assurance Company Holdings, AG Fairfax Financial Holdings Cabela’s Incorporated Bass Pro Outdoor World LLC Cepheid Danaher CorpCLARCOR Inc. Parker-Hannifin CorporationCST Brands, Inc. Alimentation Couche-Tard Inc. Endurance Specialty Holdings Ltd. Sompo Holdings Inc. St. Jude Medical, Inc. Abbott Laboratories

2015 Altera Corp. Intel Corp. Informatica Corp. Permira Advisors & Canada Pension Plan Investment Board Sirona Dental Systems, Inc. DENTSPLY International Inc. SolarWinds, Inc. Silver Lake Management LLC & Thomas Bravo LLC

2014 Beam Inc. Suntory HoldingsCareFusion Corp. Becton, Dickinson and Co.Micros Systems OraclePetSmart BC Partners

2013 H.J. Heinz Co. Berkshire Hathaway & 3G Life Technologies Corp. Thermo Fisher Scientific Inc. Lufkin Industries Inc. GE

2012 Ariba Inc. SAP AG Gen-Probe Hologic Inc. Ralcorp Holdings Inc. ConAgra Foods, Inc.

2011 Beckman Coulter Danaher Corp. Brigham Exploration Co. Statoil ASAGoodrich Corp. United Technologies Corp. Nalco Holding Co. Ecolab Inc. Pharmaceutical Product Development Inc. Carlyle Group and Hellman & Friedman

Mid Cap Strategy Acquisition and Mergers (as of 12.31.18)

Holding Acquirer/Merger Partner

Holdings are subject to change. References to specific issuers or securities are presented to illustrate the application ofour investment philosophy only and are not intended to be considered recommendations by Champlain InvestmentPartners. The specific securities identified and described in this presentation do not represent all of the securitiespurchased, sold or recommended by Champlain, and it should not be assumed that investments in the securities identifiedwere or will be profitable. Upon request, Champlain will provide a list of all securities purchased over the last year. Thisinformation is presented as supplemental to the performance disclosure page included in this presentation.

22

2010 Millipore Corp. Merck KGaA

2009 Encore Acquisition Co. Denbury Resources, Inc.

2008 Activision, Inc. VivendiBarr Pharmaceuticals Inc. Teva Pharmaceutical Industries Ltd. Philadelphia Consolidated Holding Corp. Tokio Marine Holdings Inc. WM Wrigley Jr. Co. Mars Inc.

2007 Cytyc Corp. Hologic Inc. Kyphon Inc. MedtronicLaureate Education Inc. Private Equity and Management Respironics Inc. Philips Electronics

2006 Biomet Private Equity ConsortiumEducation Management Corp. Providence Equity Partners/Goldman SachsGTech Holdings Corp. Lottomatica SpAMellon Financial Corp. Bank of New York

Holding Acquirer/Merger Partner

Holdings are subject to change. References to specific issuers or securities are presented to illustrate the application ofour investment philosophy only and are not intended to be considered recommendations by Champlain InvestmentPartners. The specific securities identified and described in this presentation do not represent all of the securitiespurchased, sold or recommended by Champlain, and it should not be assumed that investments in the securities identifiedwere or will be profitable. Upon request, Champlain will provide a list of all securities purchased over the last year. Thisinformation is presented as supplemental to the performance disclosure page included in this presentation.

Mid Cap Strategy Acquisition and Mergers

23

Value Factor Performance – Russell Midcap (09.30.05 – 12.31.18)

Source: Bloomberg, Champlain Investment Partners. Note: Factor Backtest conducted withBloomberg <FTST>. Information Coefficient (IC) is the correlation between the cross section offactor values at each rebalancing and the realized forward returns. A positive IC indicates positivereturns to the factor over the time period and a negative IC indicates negative returns to the factorover the time period. Universe is Russell Midcap, equally weighted. Model is rebalanced monthly.Factors are neutralized on GICS sector, truncated at +/- 4 Standard Deviations and then Winsorizedat +/- 2 Standard Deviations.

-0.1

-0.05

0

0.05

0.1

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Rollin

g 1

2 M

onth

A

verage I

nfo

rm

ati

on C

oeff

icie

nt

Value Factor Performance:

Russell Midcap, 9.30.2005-12.31.2018

Free Cash Flow Yield

Price/Book

P/E (TTM), ex. non-earners

Earnings Yield (TTM)

Factor Backtest conducted with Bloomberg <FTST>. Information Coeficient (IC) is the correlation between the cross section of factor values at each rebalancing and the realized forward returns. A positive IC indicates positive returns to the factor over the time period and a negative IC indicates negative returns to the factor over the time period. Universe is Russell Midcap, equally weighted. Model is rebalanced monthly. Factors are neutralized on GICS sector, truncated at +/- 4 Standard Deviations and then Winsorized at +/- 2 Standard Deviations.

Full Period Information Coefficient:

Free Cash Flow Yield: +0.0146Earnings Yield (TTM): -0.0008

P/E (TTM), ex. non-earners: -0.0036Price/Book: -0.0060

24

*Data not available prior to 2008.

Source: Champlain Investment Partners, FactSet. This information is presented as supplemental to the performance disclosure page included in this presentation.

Champlain Mid Cap Composite Historical Deletion Analysis (2008* – 4Q 2018)

17.2 18.013.7

15.713.4

21.117.8

6.69.8

7.7 8.0

9.5

1.4

1.4

7.6

5.2

6.6

2.4

11.0

12.513.6

3.8

8.15

3.05

0.55

16.8

6.2

8.2

12.7

5.0

6.6

6.3

5.3

4.73.8

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Cu

mu

lati

ve

% o

f T

ota

l P

ort

folio D

ele

ted

Valuation Merger, Acquisiton, or Takeover Market Cap Fundamental / Mistake

2008 Total:51.7%

2010 Total: 23.3%

2009 Total: 28.6%

2008 - 2018 Average Yearly Deletion

Reason for Deletion Avg. Min. Max.

Valuation: 13.5% 6.6% 21.1%Merger/Acquisition/Takeover: 6.8% 1.4% 13.6%Market Cap: 1.1% 0.0% 8.2%Fundamental / Mistake: 6.9% 0.0% 16.8%

2011 Total: 36.1%

2012 Total: 23.5%

2013 Total: 34.3%

2014 Total: 26.5%

2015 Total:22.9%

2017 Total:25.1%

2016 Total:27.0%

2018 Total:12.3%

25

Meredith A. Ackel – Associate Client ServiceMeredith joined Champlain in 2011. Her experience includes internships at Kelliher Samets Volk as a Contact Media Associate and at a global wealthmanagement firm during a semester in Australia, as a part of their event management team.

Meredith graduated magna cum laude from Saint Michael’s College with a Bachelor of Science degree in Business Administration and earned her Masters ofBusiness Administration degree, summa cum laude, from Champlain College. Meredith was awarded the CFA Institute Investment FoundationsTM certificate in2013. Meredith currently serves on the Board of Directors for Special Olympics Vermont.

Kelly S. Barnes – Senior Associate Business, Finance, and Human ResourcesKelly brings more than 31 years of client service, finance, and systems experience to the Champlain team. Prior to joining Champlain in 2007, she was theAdministrative Director of Coburn Insurance Agency where she was responsible for project and team management, as well as computer and systems support.

Kelly graduated from LeMoyne College in Syracuse, New York with a Bachelor of Science degree in Business Administration.

Scott T. Brayman, CFA – Managing Partner & Chief Investment Officer of Small and Mid Cap StrategiesScott has more than 34 years of investment management experience. He is a founding partner and leads the small and mid cap investment team at the firm.Prior to joining Champlain, Scott was a Senior Vice President at NL Capital Management, Inc. and served as a Portfolio Manager with Sentinel Advisors, Inc.where he was responsible for managing small cap and mid cap core strategies. He also spent time as the Portfolio Manager and Director of Marketing for ArgyleCapital Management in Allentown, Pennsylvania, before joining NL Capital Management, Inc. Scott began his career as a Credit Analyst with the First NationalBank of Maryland.

Scott graduated cum laude from the University of Delaware with a Bachelor of Arts degree in Business Administration. He earned his Chartered FinancialAnalyst (CFA) designation in 1995 and is a member of the CFA Institute and the CFA Society Vermont.

Corey N. Bronner, CFA – Partner & AnalystCorey has more than 11 years of financial services experience. He leads the consumer and financial sectors on the small and mid cap investment team. Prior tojoining Champlain in 2010, Corey was an Analyst focusing primarily on the financial services industry at Duff & Phelps Corporation. He also spent time as aCredit Analyst with the commercial lending group at Merchants Bank, a subsidiary of Merchant Bancshares, Inc. (now Community Bank Systems), beforejoining Duff & Phelps Corporation.

Corey graduated magna cum laude from the University of Vermont with a Bachelor of Science degree in Business Administration. Corey was inducted into theUniversity of Vermont Athletic Hall of Fame in 2017 for his athletic achievements in soccer during his undergraduate career. Corey earned his CharteredFinancial Analyst (CFA) designation in 2011 and is a member of the CFA Institute and the CFA Society Vermont.

Joseph M. Caligiuri, CFA – Partner & AnalystJoe joined Champlain in 2008 as an Associate Operations and moved to the small and mid cap investment team in 2010. He leads the industrials and energysectors on the small and mid cap investment team. His experience includes internships at Sheaffer & Roland Consulting Engineers as a Business OperationsAnalyst and Sopher Investment Management as an Assistant Research Analyst.

Joe graduated from Saint Michael’s College with a Bachelor of Arts degree in Philosophy. Joe earned his Chartered Financial Analyst (CFA) designation in 2015and is a member of the CFA Institute and the Vermont CFA Society. Joe currently serves on the Board of Directors for the Boys & Girls Club of Burlington, VT.

Team

26

Michael A. Cervi –Partner & Client ServiceMike brings more than 20 years financial services experience to the firm. Prior to joining Champlain in fall 2017, he spent 17 years at GE Asset Management(now State Street Global Advisors). Most recently, Mike was a Managing Director responsible for manager research and portfolio construction within SSGA’sOCIO group.

Mike graduated from Sacred Heart University with a Bachelor of Science degree in Finance.

Harriet R. Davis – Associate Client Service Team SupportHarriet brings with her over 24 years of executive administrative experience to her role supporting Champlain’s Chief Executive Officer. Prior to joiningChamplain in 2017, Harriet was an Executive Assistant at Burton Snowboards, MTV Networks, and Ralph Lauren Fragrances.

Harriet graduated with a Bachelor of Arts degree in Psychology from the University at Oneonta, State University of New York.

Lauren C. Dolan – Associate Investment Team SupportLauren brings more than 14 years administrative experience to her role supporting Champlain’s Chief Investment Officer. Prior to joining Champlain in 2014,Lauren was an Executive Assistant at various companies including: the Interactive Advertising Bureau, Ford Models, and Sony Music.

Lauren graduated with a Bachelor of Arts degree in Mass Communication from the University of Michigan. Lauren was awarded the CFA Institute InvestmentFoundationsTM certificate in 2017.

Joseph J. Farley – Partner & AnalystJoe has more than 26 years of experience as a securities analyst and leads the technology sector for the small and mid cap investment team. Prior to joiningChamplain in 2014, Joe was a Founder and Portfolio Manager of Kelvingrove Partners, LLC, an investment management firm focused on technology, media,and telecommunications. His investment management career began at Private Capital Management in Naples FL where he was the Managing Director ofInvestment Research and a Portfolio Manager. Joe spent over 10 years as a securities analyst on Wall Street, and held senior investment research andmanagement roles at Morgan Stanley, Donaldson Lufkin & Jenrette, and UBS. Joe began his career as a market analyst with AT&T.

Joe earned Master and Bachelor of Arts degrees in Economics from the University at Albany, State University of New York.

Matthew S. Garcia, IACCP® – Partner & Chief Compliance OfficerMatt brings more than 11 years of financial services experience to his role overseeing compliance at the firm. Prior to joining Champlain in 2011 as anAssociate Compliance, he was an Associate in Goldman Sachs’ Global Compliance division and previously was an Analyst in that firm’s legal department. Healso held internship positions with the offices of U.S. Senator Hillary Rodham Clinton, Mayor Michael R. Bloomberg, and the U.S. Department of the Interior.

Matt graduated from Cornell University with a Bachelor of Arts degree in Government and earned his Masters of Business Administration degree from HarvardBusiness School. Matt earned his Investment Adviser Certified Compliance Professional® (IACCP®) designation in 2014.

Team

27

Erik C. Giard-Chase, CFA – Partner & AnalystErik joined Champlain as an intern in 2008 and was hired as an Associate Quantitative Analyst in 2009. Though he spent part of his time performing analystwork on the small and mid cap investment team in his role as a Quantitative Analyst, in 2012 he moved to a full time Analyst position on the small and midcap investment team. He is an Analyst on the health care sector on the small and mid cap investment team. Prior to joining Champlain, Erik was an intern atWachovia Securities.

Erik graduated cum laude from the University of Vermont with a Bachelor of Science degree in Mathematics. Erik earned his Chartered Financial Analyst (CFA)designation in 2013 and is a member of the CFA Institute and the CFA Society Vermont.

Zachary C. Gill, CFA – Senior Associate AnalystZac joined Champlain in 2018 as an analyst on the firm’s emerging investment team. Zac brings more than 10 years of experience in the investmentmanagement industry, most recently at Trilogy Global Advisors where he headed the emerging markets consumer and technology teams. Prior to Trilogy, Zacworked as the China small cap analyst at CLSA based in Hong Kong. Zac spent a total of 8 years living abroad in China and Hong Kong and speaks fluentMandarin.

Zac graduated from Hamilton College with a Bachelor of Arts degree in Chinese Language and graduated from the Johns Hopkins University – NanjingUniversity Center for Chinese and American Studies one-year program. Zac earned his Chartered Financial Analyst (CFA) designation in 2017 and is a memberof the CFA Institute and the CFA Society New York.

Robert D. Hallisey – Partner & AnalystRob brings more than 25 years of financial services experience to the firm in his role as Analyst for the health care sector on the small and mid cap investmentteam. Prior to joining Champlain in 2016, Rob worked on Fidelity’s fund manager due diligence team for the company’s Workplace Investing clients. Rob’sprevious experience includes coverage of the small and mid cap health care sector at BlackRock, Sirios Capital, and John Hancock Funds.

Rob graduated from Saint Michael’s College with a Bachelor of Science degree in Business Administration and earned his Masters of Business Administrationdegree from Babson College.

Candace C. Hamilton – Senior Associate Emerging Markets Operations and ComplianceCandace began her career in financial services over 21 years ago, working for a German-American broker-dealer in Heidelberg, Germany. Prior to joining thefirm in 2015, Candace has worked with mutual fund advisors, registered investment advisors, large wirehouses, boutique alternative asset firms, and varioustypes of broker-dealers. Her previous experience includes serving in the roles of Chief Compliance Officer, Vice President of Operations and Compliance,National Branch Compliance Manager, and Marketing Director.

Candace received her Bachelor of Arts degree in Liberal Arts/Education from Sonoma State University.

Andrew J. Hanson, CFA – Partner & AnalystAndrew brings more than 12 years of research experience to the firm and is an Analyst for the technology sector on the small and mid cap investment team.Prior to joining Champlain in 2010, Andrew managed IDC’s U.S. PC Tracker, covered network and endpoint security, and supported the network, telecom,communications, and channels research teams.

Andrew graduated from Connecticut College with a Bachelor of Arts degree in International Relations. He earned his Chartered Financial Analyst (CFA)designation in 2015 and is a member of the CFA Institute and the Vermont CFA Society. Andrew currently serves on the Board of Directors’ Finance Committeeof the Committee On Temporary Shelter.

Team

28

Angie M. Holbrook, CFA – Partner & Client ServiceAngie joined Champlain in 2015 and is responsible for client service and consultant relations. Prior to assuming her current role, Angie was Senior VicePresident, Consultant Relations at Pyramis Global Advisors, a Fidelity Investments company. In her 16-year tenure at Fidelity she also worked as a ProductManager responsible for marketing, competitive analysis, and product management for Fidelity’s institutional fixed income products as well as anImplementation Project Manager and an Account Associate at Fidelity Management Trust Company.

Angie earned her Bachelor of Science degree in Business Administration from the University of Vermont and her Masters of Business Administration degreefrom Boston College. Angie earned her Chartered Financial Analyst (CFA) designation in 2006 and is a member of the CFA Institute and the CFA SocietyVermont. Angie currently serves on the Board of Directors of the United Way of Northwest Vermont.

Richard W. Hoss – Senior Associate AnalystRick has more than 12 years of investment management experience and is an Analyst on the firm’s emerging markets investment team. Prior to joiningChamplain in the summer of 2015, Rick was a Managing Partner at New Sheridan Advisors LLC, a boutique emerging and frontier markets investmentspecialist. Prior to New Sheridan Advisors, Rick was a Senior Research Analyst at ROTH Capital Partners, where he led research coverage on the industrialssector.

Rick served for 6 years as an Aircraft Commander after earning his Bachelor of Science degree in Social Sciences from the United States Air Force Academy. Hereceived his Masters of Business Administration degree from the University of Maryland.

Russell E. Hoss, CFA – Partner & Emerging Markets Portfolio ManagerRusty brings more than 16 years of investment management experience to his role as Portfolio Manager for the firm’s two emerging markets strategies. Priorto joining Champlain in the summer of 2015, Rusty was a Founder and Managing Partner at New Sheridan Advisors LLC, a boutique emerging and frontiermarkets investment specialist. Rusty also previously held positions as a Research Analyst at Alder Capital, a San Diego-based hedge fund, and as a SeniorResearch Analyst & Director of Equity Research at ROTH Capital Partners.

Rusty served for 5 years as a Cost Analyst after earning his Bachelor of Science degree in Behavioral Sciences from the United States Air Force Academy. Hereceived his Masters of Business Administration degree from Loyola Marymount University. Rusty earned his Chartered Financial Analyst (CFA) designation in2004 and is a member of the CFA Institute and the CFA Society Orange County.

Michal Januszczyk – Associate Director of TechnologyMichal joined Champlain in 2017 with more than 18 years of experience in the technology field. He was previously the Chief Technical Officer and ChiefEngineer at Rose Computer Technology Services where he spent 7 years designing and implementing technology solutions.

Michal graduated from the University of Vermont with a Bachelor of Science degree in Business Administration with a focus in Management of InformationSystems and also holds an Associate in Science degree in Network Administration from the College of Information Sciences and Technology at Penn StateUniversity. Michal is a VMware and Microsoft certified technology expert. Michal was awarded the CFA Institute Investment FoundationsTM certificate in 2018.

James A. Mallon – Associate ComplianceJames joined Champlain in 2015 as an Associate Operations and Compliance, and transitioned to focus solely on compliance in the fall of 2017. His priorexperience includes a summer internship with LL Global.

James graduated from Colgate University with a Bachelor of Arts degree in Psychology. James was awarded the Investment FoundationsTM certificate by theCFA Institute in 2017.

Team

29

Patrick J. McCauley – Associate TraderPatrick joined the firm in 2017 as an Associate Trader. Prior to joining the firm, Patrick held internships at J.P. Morgan and BNY Mellon. Patrick earned aBachelor of Arts degree in Economics from Boston College.

Finn R. McCoy – Partner & Head TraderFinn brings more than 12 years of financial services experience to the firm. Finn joined Champlain in 2006 as an Associate Operations and moved to thetrading desk in 2008 where he trades for the firm’s domestic equity strategies and is the firm’s Head Trader. His prior experience includes internships with theoffices of United States Senators Patrick Leahy and James Jeffords, as well as a semester studying abroad in Buenos Aires, Argentina.

Finn graduated with honors with a Bachelor of Arts degree in Economics from the University of Vermont.

Mary E. Michel – Partner & Client ServiceMary has more than 31 years of financial services experience. She is a founding partner and is responsible for client service and consultant relations. Prior tojoining Champlain, she was a consultant for NL Capital Management, Inc. working as an Institutional Relationship Manager. She also spent time as a VicePresident at Funds Distributors, Inc. where she worked with Dresdner RCM Global Funds as a Senior Distribution Strategist and Relationship Manager. Beforeher time at Funds Distributors, Inc., she was at Warburg Pincus Asset Management, Inc. where she co-managed the marketing, sales, and key accounts for thefinancial advisor channel.

Mary graduated from Syracuse University with a Bachelor of Arts degree in Political Science and earned her Masters of Business Administration from theUniversity of Connecticut. She was awarded the Investment FoundationsTM certificate by the CFA Institute in 2013.

Wendy K. Nunez – Partner & Chief Operating OfficerWendy has over 31 years of financial services experience. She is a founding partner and oversees compliance and operations at the firm. Prior to joiningChamplain, Wendy was a Registered Principal at Equity Services, Inc., where she managed the home office operations of the broker-dealer. Prior to that, shespent 14 years at Scudder Kemper Investments. In her most recent role at Scudder Kemper, Wendy was Vice President of The Regulatory Oversight Group;her group was responsible for all non-routine regulatory interactions, oversight of the Code of Ethics, as well as the compliance audit function. Wendy also heldmanagement positions in distributor and advisor compliance and investment operations.

Wendy graduated with a Bachelor of Arts degree in Political Science from the University of Vermont and earned her Masters of Business Administration degreefrom Boston University. Wendy currently serves on the boards of University of Vermont’s Grossman School of Business and Friends of Stowe Adaptive Sports.

Margaret C. O’Brien – Senior Associate Client ServiceMeg brings more than 15 years of client service experience to the firm. Prior to joining Champlain in 2010, Meg worked in operations management andcustomer service with Destination Hotels and Resorts. She also held positions in the nonprofit and development field.

Meg graduated with a Bachelor of Arts degree in History from the University of Colorado, Boulder. Meg was awarded the Investment FoundationsTM certificateby the CFA Institute in 2013.

Team

30

Judith W. O’Connell – Managing Partner & Chief Executive OfficerJudy has more than 29 years of financial services experience. She is a founding partner and has responsibility for the strategic direction and overallmanagement of the firm. Prior to joining Champlain, she was a Senior Vice President at NL Capital Management, Inc. where she directed client service,marketing, and operations for the firm’s institutional business. Before this, she was the Director of Mutual Funds/Intermediary Markets at Dresdner RCM CapitalManagement in San Francisco, California, where she had overall responsibility for business management, operations, marketing, sales, and productdevelopment functions for the mutual funds. Early in her career, she held management positions within investment operations, compliance, and treasury at TheBoston Company.

Judy graduated with a Bachelor of Science degree in Finance from the University of Massachusetts-Amherst. Judy currently serves on the boards of theVermont Business Roundtable and Champlain College.

Eric P. Ode – Partner & Chief Financial OfficerEric has more than 10 years of financial services experience. Eric joined Champlain as an intern in 2012 and was hired as a Senior Associate BusinessManagement in 2014; he assumed the role of Chief Financial Officer beginning in 2018. Prior to joining Champlain, Eric was a Vice President at Great HillPartners where he was responsible for originating and evaluating investment opportunities in the business and financial services sectors. He also spent time asa Corporate Private Equity Associate at The Carlyle Group where he evaluated investment opportunities and worked with portfolio companies in the aerospace,defense and government services sectors. Prior to his time at The Carlyle Group, Eric worked at Credit Suisse as an Investment Banking Analyst in the financialsponsors group.

Eric received a Bachelor of Arts degree in Economics from Harvard University and earned his Masters of Business Administration degree from The WhartonSchool at the University of Pennsylvania, where he was a Joseph Wharton Fellow. Eric currently serves on the Board of Directors of the King Street Center.

Bayley S. Palzer – Associate Client ServiceBayley joined the firm in 2018 as an Associate Client Service. Prior to joining the firm, Bayley held internships in London and Shanghai working with IHSMarkitand GreenwaveChina, respectively. Bayley graduated from Champlain College with a Bachelor’s of Science degree in Business Administration and minors inInternational Business and Psychology. Bayley was awarded the CFA Institute Investment FoundationsTM certificate in 2018.

Kate R. Saraceno – Senior Associate Client ServiceKate brings more than 19 years of administrative and client service experience to her role at the firm. Prior to joining Champlain in 2014, Kate spent eightyears at McKinsey & Company in roles in administration, professional development, and communications. She also worked as the Executive Assistant to theCEOs of two investment management firms in Boston.

Kate graduated with a Bachelor of Arts degree in Psychology from Middlebury College. She was awarded the Investment FoundationsTM certificate by the CFAInstitute in 2015.

Henry C. Sinkula, CFA – Associate AnalystHenry joined Champlain as an Intern in 2013 and was hired as an Associate Quantitative Analyst in 2015; in 2018 he transitioned to an Analyst role on theemerging markets investment team. Prior to joining Champlain, Henry was an Intern with the New Listings team within NASDAQ’s Global Corporate ClientGroup.

Henry graduated from the University of Vermont with a Bachelor of Science degree in Finance and a minor in Economics. Henry earned his Chartered FinancialAnalyst (CFA) designation in 2018 and is a member of the CFA Institute and the CFA Society Orange County.

Team

31

Mary L. Scheyder – Associate Business Intelligence Developer

Mary began at Champlain as an Intern in 2015 and joined the team full time as an Associate in the summer of 2017. Mary graduated summa cum laude fromChamplain College with a Bachelor of Science degree in Game Programming and a minor in Foreign Languages. During her time at Champlain College, shespent a semester abroad in Montreal. Mary was awarded the Investment FoundationsTM certificate by the CFA Institute in 2017.

Jing Z. Wang – Senior Associate Analyst

Jing joined Champlain in 2016 as an analyst on the firm’s emerging markets investment team and has 6 years of investment management experience. Prior tojoining the firm, Jing was a Consumer Equity Analyst focusing on the Asia Pacific region for Waypointe Partners in Hong Kong. Jing’s prior experience includestime as Regional Planning and Analysis Manager for Burberry Asia as well as time spent in merchandise planning, product development, and merchandising forCalvin Klein, Ann Taylor, Macy’s, and Abercrombie & Fitch.

Jing graduated from Dartmouth College with a Bachelor of Arts degree in Economics and earned her Masters of Business Administration degree from the HongKong University of Science and Technology.

Courtney A. Willson – Senior Associate Analyst

Courtney brings more than 8 years of equity research experience to her role as a consumer sector analyst on the small and mid cap investment team. Prior tojoining Champlain in 2018, she held Equity Research Associate roles with both Cowen & Company – where she focused on retailing/specialty stores, luxury,broadlines, and department stores – and with RBC Capital Markets, where she focused on apparel retail.

Courtney graduated from Boston College with a Bachelor of Arts degree in Economics and Sociology.

Elizabeth J. Wykoff – Associate Office Administration

Elizabeth has more than 21 years of experience in office administration, client services, and administrative support and is responsible for office managementat the firm. Prior to joining Champlain in 2008, Elizabeth served as Executive Assistant to the Chief Operating Officer and founder of Monitor Group, a strategicconsulting firm in Cambridge, Massachusetts. Elizabeth attended Syracuse University.

Jason L. Wyman, Ph.D. – Partner & Quantitative Analyst

Jason brings more than 11 years of investment management experience to the firm and supports the small and mid cap investment team by improving ourrisk analysis, diagnostic tools, and attribution work. Prior to joining Champlain in 2012, he was a Vice President at Dwight Asset Management where hedeveloped and oversaw the firm’s quantitative risk management platform for forecasting portfolio volatility, projected tracking error and VAR.

Jason graduated summa cum laude with a Bachelor of Arts degree in Physics from Middlebury College and earned his Ph.D. degree in Physics from theUniversity of Chicago. Jason currently serves on the Board of Directors of the Catamount Trail Association.

Lukas A. Yasuda – Associate Operations

Lukas joined the firm in 2017 as an Associate Operations. His prior experience includes summer internships with Heitkamp & Thumann Group and SASS GlobalTravel. Lukas graduated from Colby College with a Bachelor of Arts degree in Mathematical Economics and Physics. Lukas was awarded the InvestmentFoundationsTM certificate by the CFA Institute in 2017.

Team

32

Operational, Risk Management & Compliance Resources▪ ACA Performance Services – Verification of GIPS compliance including composite construction and performance reporting.

▪ Advent/Axys – Portfolio accounting and performance system that interfaces with the order management system andcustodian bank systems to allow straight through processing and automated reconciliation, ensuring accuracy of client accountdata. Champlain works closely with over 15 custodian banks, ensuring the accuracy of account information and the safekeepingof client assets.

▪ Assette – A leading provider of client reporting solutions. Assette client reporting and presentation software enables us toeasily combine data from Advent/Axys and FactSet to quickly produce customized reports and presentations.

▪ Broadridge ProxyEdge® - ProxyEdge is Broadridge's suite of electronic voting services that help simplify the management ofinstitutional proxies. The system manages the process of meeting notifications, voting, tracking, mailing, reporting, recordmaintenance and even vote disclosure rules enacted by the SEC. Champlain uses ProxyEdge® to vote all of our proxies.

▪ Eze Software – An industry leading Order Management System. Eze Software enables us to monitor and analyze portfolios,route orders, receive executions, manage guidelines and restrictions, and integrate directly with our internal systems andexternal parties. Eze Software includes a front-end compliance module through which Champlain monitors account guidelinesand restrictions.

▪ FactSet – Desktop access to comprehensive, highly detailed financial data on all publicly traded U. S. companies. Extensivescreening capabilities and broad array of financial analysis tools including portfolio attribution.

▪ Investment Advisers Association – The IAA represents the interest of SEC-registered investment advisers throughadvocacy, compliance consulting and education.

▪ MATLAB - A high-level programming language and interactive environment for numerical computation, data visualization, andthe development of proprietary custom software. Champlain uses it to automate internal reporting, translate data betweendifferent software vendor systems, build tools used by the investment team and trading desk, and produce original marketresearch which informs the investment process.

▪ MSCI ESG Research – Provides in-depth research and analysis of the environmental, social and governance-related businesspractices of thousands of companies worldwide; Champlain utilizes MSCI ESG Manager to facilitate the creation of restrictedlists for its socially responsible investor (SRI) clients.

▪ National Regulatory Service – An online compliance resource and tool that facilitates communication and training ofChamplain staff.

▪ Omgeo/Oasys and Alert – Oasys and Alert provide the ability to automatically report and affirm trades through DTC, and tocommunicate current account delivery instructions to brokers.

▪ Salesforce – On-demand, cloud-based, client relationship management solution and vertical market sales force automation.

▪ Schwab Compliance Technologies, Inc. – Compliance automation software vendor; includes employee tradingpreclearance, insider trading surveillance, policy affirmations, employee disclosures, gifts and entertainment reporting, andpolitical contribution preclearance and reporting.

33Source: Champlain Investment Partners. See next page for a description of the product, fees and methodology. Past performance is not indicative of future results.

Mid Cap Composite Performance (as of 12.31.18)

Annualized Returns %

Gross Net Russell Midcap

1 Year 4.63 3.90 -9.06

3 Year 14.82 14.02 7.04

5 Year 11.10 10.32 6.26

7 Year 14.98 14.17 11.48

10 Year 15.85 15.04 14.02

Since Inception03.25.04

11.98 11.12 8.82

Annual Returns %

Gross Net Russell Midcap

2018 4.63 3.90 -9.06

2017 20.72 19.90 18.52

2016 19.89 19.04 13.80

2015 2.42 1.67 -2.44

2014 9.19 8.43 13.22

2013 38.92 37.88 34.76

2012 13.05 12.23 17.28

2011 4.04 3.31 -1.55

2010 22.18 21.37 25.48

2009 28.91 28.04 40.48

2008 -25.71 -26.13 -41.46

2007 16.55 15.54 5.60

2006 10.30 9.21 15.26

2005 13.04 11.90 12.65

34

Mid Cap Composite Annual Disclosure (as of 12.31.18)

Year EndTotal Firm

Assets (millions)

Composite Assets Annual Performance Results

USD (millions)Number of Accounts

Composite Gross

Composite NetRussell Midcap

S&P MidCap 400

Composite Dispersion

Composite

3 Year

Standard Deviation

RMidcap

3 Year

Standard Deviation

S&P MidCap 400

3 Year

Standard Deviation

2018 10,048 5,961 37 4.63% 3.90% -9.06% -11.08 0.13% 11.38% 11.98% 13.32%

2017 9,524 4,961 33 20.72% 19.90% 18.52% 16.24% 0.19% 10.39% 10.36% 10.91%

2016 7,572 3,574 30 19.89% 19.04% 13.80% 20.74% 0.18% 11.52% 11.55% 12.23%

2015 6,128 2,361 28 2.42% 1.67% -2.44% -2.18% 0.08% 11.28% 10.85% 11.70%

2014 6,604 2,460 28 9.19% 8.43% 13.22% 9.77% 0.12% 10.77% 10.14% 11.13%

2013 6,032 1,873 27 38.92% 37.88% 34.76% 33.50% 0.23% 13.57% 14.03% 15.01%

2012 4,396 1,336 27 13.05% 12.23% 17.28% 17.88% 0.15% 14.88% 17.20% 17.90%

2011 4,219 1,236 25 4.04% 3.31% -1.55% -1.73% 0.44% 17.87% 21.55% 21.85%

2010 4,146 1,079 25 22.18% 21.37% 25.48% 26.64% 0.25% 21.85% 26.46% 25.80%

2009 3,188 625 17 28.91% 28.04% 40.48% 37.38% 1.28% 20.46% 24.21% 23.50%

2008 1,803 117 7 -25.71% -26.13% -41.46% -36.23% N.A. 16.86% 19.36% 19.02%

2007 1,368 44 3 16.55% 15.54% 5.60% 7.98% N.A. 7.62% 9.48% 10.37%

2006 587 0.60 1 10.30% 9.21% 15.26% 10.32% N.A. N.A. N.A. N.A.

2005 219 0.55 1 13.04% 11.90% 12.65% 12.56% N.A. N.A. N.A. N.A.

2004* 113 0.49 1 13.11% 12.20% 16.84% 13.76% N.A. N.A. N.A. N.A.

N.A. – Dispersion information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. Standard Deviation information is not presented as 36 monthly composite returns are not available to calculate the statistic.*Results shown for the year 2004 represent partial period performance from March 26, 2004 through December 31, 2004.

Mid Cap Composite contains fully discretionary mid cap equity accounts and for comparison purposes is measured against the Russell Midcap and the S&P MidCap 400 indices. The Russell Midcap Index measures the performance of the mid cap segmentof the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index representing approximately 31% of the total market capitalization of that index. It includes approximately 800 of the smallest securities based on a combinationof their market cap and current index membership. The S&P MidCap 400 measures the performance of the mid cap segment of the U.S. equity market. The index includes 400 mid-sized companies based on their market cap. The strategy invests in abroadly diversified portfolio of approximately 50 to 75 common stocks of medium sized companies, and to a lesser extent small and large sized companies, which have attractive long-term fundamentals, appreciation potential, and valuations. Thecomposition of Champlain’s portfolio may differ significantly from the securities that comprise the index due to the firm’s active investment process, sector allocations and valuation analysis, and smaller number of holdings. Champlain’s Mid Capinvestment program does not, and Champlain makes no attempt to, mirror the performance of the indices in the aggregate and the volatility of Champlain’s Mid Cap investment program may be materially different from that of the referenced indices.Champlain’s Mid Cap investment strategy may involve above-average portfolio turnover which could negatively impact the after-tax gain experienced by an investor.

Champlain Investment Partners, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Champlain Investment Partners, LLC has beenindependently verified for the periods September 17, 2004 through September 30, 2018.

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 incompliance with the GIPS standards. The mid cap composite has been examined for the periods September 17, 2004 through September 30, 2018. The verification and performance examination reports are available upon request.

Champlain Investment Partners, LLC is an independent investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net returns are calculated based on actual fees. Actual returns are reduced byinvestment advisory fees including performance based fees and other expenses that may be incurred in the management of the account. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts inthe composite the entire year. Effective September 17, 2004, temporary new accounts are used to mitigate the effect of significant flows. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available uponrequest.

The investment management fee schedule for the composite is 0.85% on the first $50 million, 0.75% on the next $50 million, and 0.65% over $100 million. Actual investment advisory fees incurred by clients may vary. Champlain’s fees are described inPart 2 of its Form ADV.

The Mid Cap Composite was created September 17, 2004. Performance presented prior to September 17, 2004 occurred while the Portfolio Manager was affiliated with a prior firmand the Portfolio Manager was the only individual responsible for selecting the securities to buy and sell. Ashland Partners & Company LLP performed an examination of this trackrecord; an Independent Accountant’s Report is available upon request.

35

(as of 12.31.18)

Communication Services

John Wiley & Sons, Inc. Class A

Consumer Discretionary

Advance Auto Parts, Inc.

Sally Beauty Holdings, Inc.

Tractor Supply Company

Ulta Beauty Inc

Consumer Staples

Brown-Forman Corporation Class B

Campbell Soup Company

Flowers Foods, Inc.

Hormel Foods Corporation

J.M. Smucker Company

McCormick & Company, Incorporated

Molson Coors Brewing Company Class B

TreeHouse Foods, Inc.

Financials

Arthur J. Gallagher & Co.

Commerce Bancshares, Inc.

Cullen/Frost Bankers, Inc.

Everest Re Group, Ltd.

Morningstar, Inc.

Northern Trust Corporation

Prosperity Bancshares, Inc.(R)

SVB Financial Group

Health Care

Bio-Techne Corporation

Cantel Medical Corp.

Catalent Inc

Cooper Companies, Inc.

DENTSPLY SIRONA, Inc.

Edwards Lifesciences Corporation

Henry Schein, Inc.

Integra LifeSciences Holdings Corporation

Laboratory Corporation of America Holdings

Masimo Corporation

Medidata Solutions, Inc.

NuVasive, Inc.

Veeva Systems Inc Class A

Waters Corporation

West Pharmaceutical Services, Inc.

Industrials

AMETEK, Inc.

Fortive Corp.

Gates Industrial Corporation plc

IDEX Corporation

Nordson Corporation

Ritchie Bros. Auctioneers Incorporated

Rockwell Automation, Inc.

Stericycle, Inc.

Verisk Analytics Inc

Information Technology

Akamai Technologies, Inc.

ANSYS, Inc.

Blackbaud, Inc.

Guidewire Software, Inc.

LogMeIn, Inc.

New Relic, Inc.

Nutanix, Inc. Class A

Okta, Inc. Class A

Palo Alto Networks, Inc.

Pure Storage, Inc. Class A

Red Hat, Inc.

ServiceNow, Inc.

Splunk Inc.

Synopsys, Inc.

Tableau Software, Inc. Class A

Workday, Inc. Class A

Materials

Aptargroup, Inc.

International Flavors & Fragrances Inc.

Valvoline Inc.

Champlain Mid Cap CompositePortfolio Holdings -

Source: Champlain Investment Partners. Disclosure: Holdings are subject to change. References tospecific issuers or securities are presented to illustrate the application of our investment philosophyonly and are not intended to be considered recommendations by Champlain Investment Partners. Thespecific securities identified and described in this presentation do not represent all of the securitiespurchased, sold or recommended by Champlain, and it should not be assumed that investments in thesecurities identified were or will be profitable. Upon request, Champlain will provide a list of allsecurities purchased over the last year. This information is presented as supplemental to theperformance disclosure page included in this presentation.