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

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