GLOBAL OPPORTUNITIES FUND INTERNATIONAL OPPORTUNITIES FUND GLOBAL OPPORTUNITIES

GLOBAL OPPORTUNITIES FUND INTERNATIONAL OPPORTUNITIES FUND GLOBAL OPPORTUNITIES FUND (GPGOX / GPGIX) INTERNATIONAL OPPORTUNITIES FUND (GPIOX / GPIIX) Robert Gardiner: Portfolio Manager, CEO & DOR Blake Walker: Portfolio Manager & CIO Eric Huefner: President & COO Mark Siddoway: Head of Client Relations Grandeur Peak Funds are distributed by ALPS, Inc.

Table of Contents Firm Background Research Process Investments Focus Sell Discipline Portfolio Composition Risk Management Global Opportunities Portfolio International Opportunities Portfolio Case for International Micro Caps Why Invest With Grandeur Peak Contact Us Appendix 2 3 11 14 19 20 21 22 25 26 32 33 34

Who We Are • Investment Firm Focused on Global Equities (long) • Long-Term Investment Horizon • Small/Micro Cap Bias – Faster growth – “Undiscovered” companies – Less efficient markets • Repeatable Investment Process – – Disciplined Global Screening Rigorous, Bottom Up Due Diligence Collaborative Analysis Close Attention to Valuation 3

Who We Are • Founded July 1, 2011 by Former Wasatch Advisors Team – Robert Gardiner – Blake Walker – Eric Huefner • 100% Employee Owned – Delaware LLC • Two Initial Strategies – Global Opportunities Fund – International Opportunities Fund • Two Share Classes – Investor ($2000 minimum investment) – Institutional ($100, 000 minimum investment) 4

Grandeur Peak – What’s In A Name? Grandeur Peak is a beautiful mountain peak overlooking the Salt Lake valley which provides stunning vistas of the valley below and beyond. Grandeur Peak reminds us of three important things: – One of the best perspectives comes from a broad, global view; – Successful investing, like climbing, takes preparation, discipline, and passion; – We are hired by our clients in a joint endeavor to ascend the peak, and we will strive to build a trusted friendship throughout the climb. 5

Grandeur Peak – Core Values • Passion – We are thorough and passionate global investors • Quality – We are building what we believe to be the highest quality portfolios • Discipline – We will be consistent in our approach and process • Integrity – We do what we say we will do • Candid – We are candid with each other and our clients 6

Core Investment Beliefs • In today’s connected world investors need to understand the global landscape of each investment. • Great investments exist in every corner of the world, and investors need to be looking there to find them. • The universe of impressive and underfollowed small & micro cap companies around the globe is extensive and growing. 7

Seasoned Team: Founders • Robert Gardiner, Portfolio Manager, CEO & DOR – 28 years of industry experience – Former Founder and Portfolio Manager of: • • Wasatch Global Opportunities Fund (WAGOX): 11/17/2008 – 6/30/2011 Wasatch Micro Cap Fund (WMICX): 6/19/1995 – 1/31/2007 Wasatch Micro Cap Value Fund (WAMVX): 7/28/2003 – 1/31/2005 Wasatch Small Cap Value Fund (WMCVX): 12/17/1997– 1/31/2002 • Blake Walker, Portfolio Manager & CIO – 10 years of industry experience – Former Founder and Portfolio Manager of: • Wasatch International Opportunities Fund (WAIOX): 1/27/2005 – 6/30/2011 • Wasatch Global Opportunities Fund (WAGOX): 11/17/2008 – 6/30/2011 • Eric Huefner, President, COO & CCO – 11 years of industry experience • Former V. P. and Director of Mutual Funds at Wasatch Advisors – 12 years managing businesses for Campbell’s, Kraft/Nabisco & Sara Lee 8

Seasoned Team: Research • • Robert Gardiner, CFA: Analyst, Portfolio Manager & DOR – Began as a Wasatch analyst in 2003 – Previously Goldman private wealth team – Currently lives in Hong Kong & Salt Lake and speaks Mandarin – 25 years of investing experience at Wasatch Advisors – 10 years of international investing experience – Highly acclaimed portfolio manager: profiled in The Wall Street Journal, Forbes, Barron’s, & New York Times. – Lived in France and speaks French • Amy Sunderland, CFA: Sr. Analyst • Randy Pearce, CFA, MBA: Sr. Analyst – Began as a Wasatch analyst in 2005 – Lived in Brazil and speaks Portuguese • Spencer Stewart : Sr. Analyst – From sell side at small cap shop, Sidoti – Previously jr analyst at Wasatch Advisors – Lived in Mexico and France and speaks Spanish and French Blake Walker: Analyst, Portfolio Manager & CIO – 10 years of international investing experience at Wasatch Advisors – Acclaimed international small cap portfolio manager – Lived in France and speaks French • Rob Green, MSF: Quantitative Analyst – Began on the Wasatch Advisors research team in 2006 – Previously at University Venture Fund 9

Research Team: Global Analysts • We believe understanding a sector globally is critical to finding BICs (Best-In-Class Growth Companies). We have an analyst dedicated to each of the six key global sectors: – Technology: Robert Gardiner – Healthcare: Robert Gardiner & Blake Walker – Consumer: Amy Sunderland – Financials: Randy Pearce – Energy & Materials: Blake Walker – Industrials: Spencer Stewart – Quantitative Analyst, All Industries: Rob Green 10

Research Process: Bottom Up • Disciplined Screening via Du. Pont Analysis – 52 week screening schedule keeps us constantly looking at opportunities • Rigorous Due Diligence – Analyzing the company, industry, competitors, and suppliers – Traveling the world to visit companies and meet senior management • Collaborative Vetting – Tapping into the experience and insights of the full team in considering each investment • Build Proprietary Models – Understanding the key drivers and expected returns for each company • Close Attention to Valuation in Purchase Decision – Seeking to avoid P/E compression risk – Valuation being a key factor in position size 11

Research Process Flow Country, Sector, & Proprietary Screens Initial Review & Global Comparisons Management Visit/Call Collaborative BIC Evaluation Build Earnings Model Watch Lists A: BIC, but expensive B: Worth following C: Pass *Q/V/M stands for Quality, Value, and Momentum Q/V/M Matrix* Dashboard Portfolio Construction Continued Onion Peeling Initiate Position Revisions 12

Screening Discipline: Multiple Slices Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Country/State Screen - To be on PM desk Wednesday before he goes home Industry Screen - To be on PMs desk Monday before they go home Standardized Screens- To be on PM desk Monday morning Print Stack of Duponts sorted by NCEBITROA level, quarterly and annual South Africa, Israel Minnesota, Wisconsin Taiwan Michigan, Ohio South Korea Southern California India, Pakistan Washington, Idaho Japan Oregon, Nevada Poland, Slovenia, Czech Republic, Hungary, Russia, Rest of Eastern Europe Utah, Colorado Switzerland, Austria Alaska, Hawaii, Montana Italy, Spain Arizona, New Mexico Australia, New Zealand Texas Hong Kong Oklahoma, Arkansas United Kingdom, Ireland, British Virgin Islands, Guernsey, Scotland Kansas, Missouri Eastern Canada Western Canada Germany, Luxembourg Illinois, Indiana Singapore, Malaysia, Indonesia Northern California Netherlands, Belgium Nebraska, North Dakota, South Dakota, Iowa France, Portugal Louisiana, Mississippi, Alabama China, Philippines, Thailand, Rest of Asia Florida Greece, Turkey Georgia, South Carolina Bermuda, Cayman Islands, Puerto Rico, Bahamas, Netherland Antilles Kentucky, Tennessee, North Carolina Sweden, Faroe Islands Virginia, Wash DC, Maryland Norway, Iceland Pennsylvania, West Virginia Finland, Denmark New Jersey, Delaware Brazil New York Mexico Connecticut, Rhode Island Argentina, Chile, Peru, Columbia, Panama, Rest of Latin America Massachusetts Egypt, Nigeria, Morocco, Jordan, Ghana, Liberia, Rest of MENA Print Stack of Duponts sorted by NCEBITROA level, quarterly and annual Real Estate Investment Trusts Real Estate Management & Development Commercial Banks Thrifts & Mortgage Finance Capital Markets Diversified Financial Services Consumer Finance Insurance Machinery Electrical Equipment Trading Companies & Distributors Aerospace & Defense Building Products Marine Transportation Infrastructure Airlines Commercial Services & Supplies Household Durables Textiles Apparel & Luxury Goods Leisure Equipment & Products Specialty Retail Multiline Retail Internet & Catalog Retail Distributors Hotels Restaurants & Leisure Diversified Consumer Services, Media Auto Components, Automobiles Electronic Equipment & Instruments Communications Equipment Computers & Peripherals, Office Electronics Software It Services Internet Software & Services Semiconductors & Semiconductor Equipment Metals & Mining Chemicals, Containers & Packaging Construction Materials, Paper & Forest Products Biotechnology Pharmaceuticals Life Sciences Tools & Services Health Care Providers & Services Health Care Equipment & Supplies Health Care Technology Oil Gas & Consumable Fuels Energy Equipment & Services Food Products Beverages, Tobacco Food & Staples Retailing Personal Products Household Products All Utility Industries IPO Screen/Lockup Screen HVAL 1 Screen, HVAL 2 Screen, PE/G Net Cash Screen, Most Down Screen, Inside Buying Screen Rising Estimates Screen, ROA 2 Screen (momentum turn) ROA 1 Screen (long term trend), ROA 3 Screen (Level) IPO Screen/Lockup Screen HVAL 1 Screen, HVAL 2 Screen, PE/G Net Cash Screen, Most Down Screen, Inside Buying Screen Rising Estimates Screen, ROA 2 Screen (momentum turn) ROA 1 Screen (long term trend), ROA 3 Screen (Level) IPO Screen/Lockup Screen HVAL 1 Screen, HVAL 2 Screen, PE/G Net Cash Screen, Most Down Screen, Inside Buying Screen Rising Estimates Screen, ROA 2 Screen (momentum turn) ROA 1 Screen (long term trend), ROA 3 Screen (Level) IPO Screen/Lockup Screen Vermont, New Hampshire, Maine Wireless Telecommunication Services, Diversified Telecommunication Services HVAL 1 Screen, HVAL 2 Screen 13

Investment Focus: Quality • High Quality Companies – Financial • High margins with limited volatility • Strong balance sheet with low debt • High returns on capital – Business Model • Sustainable competitive advantage • Steady business – Management • Experienced • Proven • Our focus on Quality may lead to stronger relative performance during bear (not bull) markets 14

Investment Types • BICs (Best-In-Class Growth Companies) • Fallen Angels • Stalwarts “Quality” being a desired characteristic across the portfolio 15

Investment Type: Best-In-Class Growth • BICs – – 15%+ earning growth, with plenty of headroom Quality management team Good business model with sustainable competitive advantage Strong financials • Find them small & undiscovered; buy and hold – Compound the earnings growth – P/E expansion as they become discovered • P/E to Long-Term Growth Rate (“LTG”) as a key valuation metric 16

Investment Type: Fallen Angels • Fallen Angels – – Quality growth companies Hit a bump in the road Temporarily priced as a “value” stock Growth investor background gives us an advantage here • Buy them low and hold through the recovery – Capture earnings growth as it returns – Capture P/E expansion as market’s confidence returns • Price to peak earnings as a key valuation metric 17

Investment Type: Stalwarts • Stalwarts (mature BICs) – – Growth continues (although may only be 10 -15%) Quality management Great business model with very strong competitive advantage High cash flow and solid balance sheet • Often paying dividends and/or buying back stock • Buy them at a good value – Can’t overpay since growth is slowing • P/E to LTG+Yield as a key valuation metric 18

Sell Discipline • Best-in-Class Growth Companies – – • Fallen Angel – – • Valuation: Turn around gets priced into the stock Determine problems are deeper than expected Stalwarts – • Valuation (PE/LTG) no longer attractive Thesis has changed or was wrong Valuation (PE/LTG+Yield) no longer attractive 3 D Matrix Tool – Deterioration in Quality, Value and/or Momentum 19

Portfolio Risk Management • Portfolio Quality – Deep due diligence – Focus on high quality companies • Portfolio Diversification – Sectors – Countries • Position Sizes – Smaller positions as we peel the onion on newer companies – Smaller positions where there is greater valuation risk – Smaller positions on riskier business models 20

Global Opportunities Fund • A Global Go Anywhere Portfolio – – – 30+ developed, emerging, and frontier countries Global view provides better understanding of where opportunities exist Flexibility to shift to where we find the most interesting companies • • Primarily Small and Micro Caps – – – • Country Sector Market Cap Faster growth Less discovered Greater market inefficiencies Two Share Classes – – Investor (GPGOX): 1. 25% fee / 1. 75% expense cap ($2000 minimum) Institutional (GPGIX): 1. 25% fee / 1. 50% expense cap ($100, 000 minimum) The objective of the Global Opportunities Fund is long-term growth of capital. 21

Global Opportunities Fund Composition • Positions – 100 -150 holdings (<0. 5% of Fund’s universe) • • • Broad Country Exposure – – • U. S. , Foreign Developed, Emerging, and some Frontier Weighting based on bottom up opportunities (benchmark agnostic) Broad Industry Exposure – • Bulk of assets in top 50 positions; long portfolio tail Largest positions 2 -3%; could go to 5%+ for special opportunities Weighting based on bottom up opportunities (benchmark agnostic) Low Turnover – – Buy-and-hold philosophy Evaluating companies on 5+ year horizon 22

International Opportunities Fund • An International Small/Micro Cap Portfolio – – – 30+ foreign developed, emerging, and frontier countries Global view provides better understanding of where opportunities exist Flexibility to shift to where we find the most interesting companies • • International Small and Micro Caps: The Single Most Compelling Market Segment Globally – – – • Country Sector Market Cap Faster growth Less discovered Compelling Valuations Two Share Classes – – Investor (GPIOX): 1. 25% fee / 1. 75% expense cap ($2000 minimum) Institutional (GPIIX): 1. 25% fee / 1. 50% expense cap ($100, 000 minimum) The objective of the International Opportunities Fund is long-term growth of capital. 23

International Opportunities Fund Composition • Positions – 100 -150 holdings • • • Broad Country Exposure – – • Foreign Developed, Emerging, and some Frontier Weighting based on bottom up opportunities (benchmark agnostic) Broad Industry Exposure – • Bulk of assets in top 50 positions; long portfolio tail Largest positions 2 -3%; could go to 5%+ for special opportunities Weighting based on bottom up opportunities (benchmark agnostic) Low Turnover – – Buy-and-hold philosophy Evaluating companies on 5+ year horizon 24

Fund Differences • Global Opportunities Fund: More Diversified – Broader Geographic diversification due to significant U. S. component • – Broader Style diversification, including Fallen Angels & Stalwarts • – International Opportunities Fund is focused primarily on Best-in-Class Growth Broader Market Cap diversification, with Stalwarts frequently being SMID • • International Opportunities Fund excludes the U. S. International Opportunities Fund is focused on Small and Micro cap companies International Opportunities Fund: More Aggressive – Exclusive focus on our favorite global market segment: • • Undiscovered and lesser known foreign small and micro cap companies Best-in-Class Growth companies 25

Why Our Favorite Market Segment for the Next Decade is… International Small/Micro Caps 26

Growth is Abroad The Foreign Middle Class is Expected to Grow Dramatically Foreign Economies are Driving Global Growth Source: “The Emerging Middle Class in Developing Countries, ” Organization for Economic Co-operation and Development (OECD), January 2010 Source: International Monetary Fund, 12/31/10. 27

Much Bigger Universe of Opportunities 63, 923 companies 14, 502 companies US Outside US Small/Micro Large/Mid Source: Bloomberg, 12/31/10. Small-Micro names are defined as having market caps of under $3 billion USD. Large-Mid names are defined as having market caps above $3 billion USD 28

More New Companies Foreign Initial Public Offerings (IPOs) have Outpaced U. S. IPOs by Almost 12 -to-1 US: 8% Outside the US, 92% 5631 IPOs Source: Bloomberg, Data for the time period 1/2/05 – 10/31/10 29

Micro/Small Caps Have the Advantage • Growth Advantage – Law of large numbers gives smaller companies the growth edge • For example, $20 M in new revenue is 20% growth for a $100 M company, but only 2% growth for a $1 B company • Undiscovered Advantage – Micro caps are dramatically underfollowed relative to large caps Foreign Micro & Small Cap Stocks are Less Followed Source: Fact. Set 10/31/2010. 30

U. S. Investors Remain Underinvested Abroad Home Country Bias Leads to Under-Allocation to Foreign Stocks 100% 20% 80% 68% 60% 81% 40% 80% 20% 32% 19% 0% GDP Investable Universe US Foreign Sources: GDP PPP (purchasing power parity) comes from the World Bank as of 12/31/10. Investable Universe come from the IMF (International Monetary Fund) as of 12/31/09. 31 Typical Allocation

Why Consider Investing With Grandeur Peak? • Experience – Seasoned, award-winning portfolio managers, with a strong team • Repeatable Investment Process – Disciplined approach • Global Perspective – Better understanding of opportunities • Small/Micro Cap Expertise – Most compelling source of growth • Nimbleness – Small asset base under the guidance of an experienced team Past performance is no guarantee of future results 32

Contact Us Phone: 1. 855. 377. PEAK (7325) E-Mail: grandeurpeakglobal@alpsinc. com Mail: Grandeur Peak Funds P. O. Box 13664 Denver, CO 80201 33

Appendix 34

Biographies Robert T. Gardiner, CFA Portfolio Manager, CEO, & Director of Research Mr. Gardiner is co-manager of the Grandeur Peak Global Opportunities portfolio and the Grandeur Peak Global International Opportunities portfolio. He is also the CEO and Director of Research for Grandeur Peak Global Advisors. Mr. Gardiner was a senior partner, principal shareholder, and portfolio manager at Wasatch Advisors before founding Grandeur Peak Global Advisors in 2011. Mr. Gardiner has been in the Investment Management industry since 1981, and involved in managing equity portfolios since 1986. He is a highly acclaimed portfolio manager with numerous recognitions. Mr. Gardiner’s experience includes: 1986 – 1995 Investment Committee member for the Wasatch Small Cap Growth (WAAEX) and Core Growth (WGROX) funds. 1995 – 2006 Founder and Lead Manager of the Wasatch Micro Cap Fund (WMICX) 1997 – 2001 Founder and Co-Manager of the Wasatch Small Cap Value Fund (WMCVX) 2003 – 2004 Founder and Co-Manager of the Wasatch Micro Cap Value Fund (WAMVX) 2005 – 2007 Wasatch Advisors Director of Research 2008 – 2011 Founder and Lead Manager of the Wasatch Global Opportunities Fund (WAGOX) Mr. Gardiner was a Director of Wasatch Advisors and a member of the Executive Management Team from 1994 – 2007. During his time at Wasatch, the firm grew from 1 to 18 products and from $20 million to $11 billion under management. Mr. Gardiner was also a member of the original investment committee for Cross Creek Capital, a wholly-owned subsidiary of Wasatch Advisors investing in late stage private equity. Mr. Gardiner graduated Magna Cum Laude from the University of Utah with a B. A. in Physics, a B. S. in Mathematics, and minors in Chemistry and French. He speaks French and lived in France for two years. Mr. Gardiner holds the Chartered Financial Analyst designation and is a member of the Salt Lake City Society of Financial Analysts. Robert is a dedicated father of five, an outdoor enthusiast, and currently serves as the local Boy Scout Troup Leader. Past performance is no guarantee of future results 35

Biographies Blake H. Walker Portfolio Manager & Chief Investment Officer Mr. Walker is co-manager of the Grandeur Peak International Opportunities portfolio and the Grandeur Peak Global Opportunities portfolio. He is also the Chief Investment Officer for Grandeur Peak Global Advisors. Mr. Walker was a partner at Wasatch Advisors and a portfolio manager co-managing two funds at Wasatch Advisors before co-founding Grandeur Peak Global Advisors in 2011. Mr. Walker joined the research team at Wasatch Advisors in 2001 and launched the Wasatch International Opportunities Fund (WAIOX) in 2005. He teamed up with Robert Gardiner in 2008 to launch the Wasatch Global Opportunities Fund (WAGOX) while continuing as the lead manager of the International Opportunities Fund. Mr. Walker is an awardwinning international portfolio manager. His experience includes: 2001 – 2005 Research Analyst on the Wasatch Micro Cap Fund (WMICX) and Wasatch International Growth Fund (WAIGX) 2005 – 2011 Founder and Lead Manager of the Wasatch International Opportunities Fund (WAIOX) 2008 – 2011 Founder and Co-Manager of the Wasatch Global Opportunities Fund (WAGOX) Mr. Walker has a B. S. in Accounting from Brigham Young University. He is originally from Toronto, Canada. Mr. Walker speaks French and lived in France for two years. Blake is an engaged father of three who shares with them his passion for skiing, basketball, and hockey. Past performance is no guarantee of future results 36

Biographies Eric W. Huefner, MBA President, COO, & CCO Mr. Huefner is President, COO, and CCO of Grandeur Peak Global Advisors. Before co-founding Grandeur Peak Global Advisors in 2011, Mr. Huefner was a partner, vice president, and the director of the $8 B mutual fund business at Wasatch Advisors. Mr. Huefner was also a vice president of Wasatch Funds. Mr. Huefner’s experience at Wasatch Advisors spanned eleven years. He joined the firm’s operation team in 1980, and then went on to become a research analyst and member of the investment committee before deciding to pursue an MBA. Mr. Huefner returned to Wasatch Advisors in 2006 to manage the mutual fund business and lead the firm’s marketing efforts. Prior to rejoining Wasatch Advisors, Mr. Huefner was a Sr. Business Director managing the V 8 Beverages line for Campbell’s. He spent the prior 12 years in various management positions at Kraft/Nabisco, Sara Lee, and Campbell’s. Before business school, Mr. Huefner spent three years as a middle and upper school math teacher, and a basketball, golf, soccer, and lacrosse coach. Mr. Huefner graduated Magna Cum Laude from Harvard University with an A. B. in Economics. He received an MBA with honors from the University of North Carolina at Chapel Hill. Mr. Huefner has lived in Israel and Switzerland. He currently serves as a Trustee on The Waterford School Board of Trustees. Eric cherishes his role as father to four girls and is often found coaching his daughter’s athletic teams. 37

Biographies Amy H. Sunderland, CFA Sr. Research Analyst Ms. Sunderland is a Sr. Research Analyst at Grandeur Peak Global Advisors, with a specialty focus on the consumer sector. Ms. Sunderland was a junior and later senior research analyst at Wasatch Advisors from 2003 -2011. She was a general analyst on the Wasatch Small Cap Fund (WAAEX) and the Wasatch Micro Cap Fund (WMICX), as well as a consumer sector specialist. Before Wasatch, Ms. Sunderland worked on the Goldman Sachs’ Private Wealth Management team in Salt Lake City, Singapore and Hong Kong. Ms. Sunderland graduated Magna Cum Laude in the top 1% of her class from the University of Utah where she earned a B. S. in Finance and Business Information Systems. Ms. Sunderland was selected as the Outstanding Finance Scholar of the Year by the dean, and a Coca. Cola Scholar. Ms. Sunderland was born in China and is fluent in Mandarin Chinese. She moved to Salt Lake City at age 10, bought her first house at age 12, and built a successful real estate business. Ms. Sunderland began investing in stocks at age 14 and has been a passionate investor ever since. Amy currently resides in Salt Lake City and Hong Kong with her husband son. She enjoys reading, kickboxing, basketball, camping, hiking, and traveling to places that are off the beaten path. Randy E. Pearce, CFA, MBA Sr. Research Analyst Mr. Pearce is a Sr. Research Analyst at Grandeur Peak Global Advisors, with a specialty focus on the financial sector. Mr. Pearce was a junior and later senior research analyst at Wasatch Advisors from 2005 -2009. He was a financial sector specialist and a general analyst on the Wasatch Strategic Income Fund (WASIX)—a global equity product with an emphasis in financial companies. In 2010, Mr. Pearce interned at Thornburg Investment Management as a global equities analyst while earning his MBA. Mr. Pearce has a B. A. in Business Administration from the University of Utah and an MBA from the University of California at Berkley. He holds the CFA designation, having passed each of the three levels on his first attempt. Mr. Pearce speaks Portuguese and lived in Brazil for two years. Randy is the father of three and enjoys skiing, biking, tennis, and reading. 38

Biographies Spencer P. Stewart Sr. Research Analyst Mr. Stewart is a Sr. Research Analyst at Grandeur Peak Global Advisors, with a specialty focus on the industrials sector. Mr. Stewart comes from small cap boutique, Sidoti & Company, in New York City where he was one of the firm’s leading institutional sales people. Mr. Stewart’s investing passion was evident as he was the top stock picker at Sidoti in the alpha capture program in which the firm participated. Previously, Mr. Stewart also spent four years as a Jr. Research Analyst at Wasatch Advisors. Mr. Stewart is the second son of Wasatch Advisors founder and chairman, Sam Stewart, to join his father in the investments profession. Spence has lived in Mexico and France and speaks Spanish and French. He enjoys running marathons and is actively involved with the Boy Scouts of America. Spence has relocated from New York City to Salt Lake City to join the Grandeur Peak team. Robert S. Green, MSF Quantitative Research Analyst Mr. Green is a Quantitative Research Analyst at Grandeur Peak Global Advisors. Mr. Green was a research assistant and then a quantitative portfolio analyst at Wasatch Advisors from 2006 -2011. He worked across the entire research team, as well as having specific roles on the Wasatch Global Science & Technology Fund (WAGTX) and the Wasatch Global Opportunities Fund (WAGOX). Prior to Wasatch, Mr. Green worked as an associate on the University Venture Fund at the University of Utah. Mr. Green graduated Summa Cum Laude from Westminster College in Salt Lake City, UT with a B. S. in Business Finance and a Minor in Economics. He received a Master of Science in Finance from The University of Utah. Mr. Green is a Level 3 CFA candidate. Rob is the father of five and enjoys golfing, running, snowboarding, and travelling. Rob also enjoys volunteering in the community and is actively involved in the neighborhood Cub Scout program. 39

Biographies Mark Siddoway, CFA, CAIA Head of Client Relations Mr. Siddoway is the Head of Client Relations at Grandeur Peak Global Advisors. Before joining Grandeur Peak Global Advisors in 2011, Mr. Siddoway was the Director of Public Markets Investments at Lehigh University, where he was responsible for investing roughly 80% of Lehigh’s $1. 2 B investment portfolio. Prior to his role at Lehigh University, Mr. Siddoway had spent five years as the Deputy CIO at Utah Retirement Systems (URS) , the retirement portfolio for public employees in the state of Utah. His additional industry experience includes roles as a fixed income portfolio manager at Sentry Insurance and as a credit analyst at Beneficial Life Insurance. Mr. Siddoway graduated from Brigham Young University with a B. A. in Music. He earned an MBA from Brigham Young University, where he won the Stoddard Prize as the top finance student. Mr. Siddoway holds the CFA designation and the CAIA (Chartered Alternative Investment Analyst) designation. Mr. Siddoway speaks French and lived in France for two years. Mark is the proud father of six children. He loves the arts, music, and film. In fact, Mark’s first career was as an independent recording engineer, before he returned to business school and moved into finance. 40

Biographies Amy A. Hone, MBA Vice President, Trading & Operations Ms. Hone is the Vice President of Trading & Operations at Grandeur Peak Global Advisors. Before joining Grandeur Peak Global Advisors in 2011, Ms. Hone was the Chief Compliance Officer and Director of Internal Audit at Marlin Business Bank in Salt Lake City. Ms. Hone spent fifteen years in the back office at Wasatch Advisors, including eight years as the Director of Operations, where she helped the firm navigate from being a domestic investment firm to becoming a global investment manager. Ms. Hone’s prior experience also includes two years at American Express as a Senior Manager of Internal Audit. Ms. Hone graduated from the University of Phoenix with a Bachelor’s degree in Business Administration. She earned an MBA from the University of Utah, with a focus on Management. Ms. Hone is the Chairman of the Board for the non-profit organization People Helping People, and was a founding member of the Women’s Financial Network. Amy is an enthusiastic mother of two and loves exploring the Utah outdoors with her family. 41

Stock Screening: Sample Du. Pont Model This is a hypothetical example. This is not a stock recommendation. 42

Disclosures The objective of both the Grandeur Peak Global Opportunities Fund and the Grandeur Peak International Opportunities Fund is long-term growth of capital. These Funds are new and have limited operating history. Mutual fund investing involves risks and loss of principal is possible. Investing in small and micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in emerging markets are subject to the same risks as other foreign securities and may be subject to greater risks than investments in foreign countries with more established economies and securities markets. An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit www. grandeurpeakglobal. com or call 1 -855 -377 -PEAK (7325). Please read it carefully before investing. Grandeur Peak Funds will deduct a 2. 00% redemption proceeds fee on Fund shares held 60 days or less. The Advisor has contractually agreed to limit the expenses on Investor share classes to 1. 75% and on Institutional share classes to 1. 50% until at least 8/31/2013. For more complete information including charges, risks and expenses, read the prospectus carefully. Wasatch Advisors is not affiliated with Grandeur Peak Global Advisors or with ALPS Distributors, Inc. CFA® is a trademark owned by CFA Institute. The Chartered Financial Analyst (CFA) designation is issued by the CFA Institute. Candidates must meet one of the following prerequisites: undergraduate degree and 4 years of professional experience involving investment decisionmaking, or 4 years qualified work experience (full time, but not necessarily investment related). Candidates are then required to undertake extensive self-study programs (250 hours of study for each of the 3 levels) and pass examinations for all 3 levels. Valuation is the process of determining the current worth of an asset or company. P/E is the Price-to-Earnings ratio (the ratio of the current price divided by typically the earnings over the past 12 months). Peak Earnings are the highest level of earnings the company has achieved historically. Du. Pont is a template for statistical analysis of various financial metrics of a company. 43

Disclosures Continued P/E Compression Risk is the risk that a company trading at a high P/E ratio may grow its earnings yet not trade for a higher price due to a declining P/E ratio © 2011 Grandeur Peak Global Advisors, LLC Grandeur Peak Funds are distributed by ALPS Distributors, Inc. (“ADI”). Eric Huefner and Mark Siddoway are registered representatives of ADI. GPG 000119 9/30/2012 44