Ativo Capital Management LLC claims compliance with the Global Investment Performance Standards (GIPS®). Ativo Capital Management LLC's compliance with the GIPS® standards has been verified for the period from January 1, 2001 through December 31st, 2007 by Ashland Partners & Company LLP. We provide our performance data to a number of industry databases including the Morningstar Separate Account/Commingled Fund Database.

Ativo Capital Management LLC GIPS Independent Verifier's Report

Ativo Small Dynamic Composite GIPS Independent Verifier's Report

Investors and prospective investors should be aware that past performance is not indicative of future performance.