u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e

u003cpu003eThe characters described and stories told herein are often, but not always, based on true incidents. Poetic license is taken to dramatize a point about an investment topic. Not all securities mentioned herein are necessarily owned in all Aristotle Capital portfolios. Differences due to restrictions, tax considerations, cash flows and other factors may have impacted the decisions to buy and/or sell certain securities at specific times. Inclusion does not imply that investments in these securities have been profitable and it should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities listed. A list of at least five contributors to and five detractors from performance is available upon request.u003c/pu003enu003cpu003eThe Essence is published by the investment management team at Aristotle Capital Management, LLC (Aristotle Capital). This report is published solely for information purposes and is not to be construed as the solicitation of an offer to sell or an offer to buy any security. The report is based on data obtained from sources believed to be reliable but is not guaranteed as being accurate and does not purport to be a complete summary of the available data. Officers and employees of Aristotle Capital, its affiliates or members of their families may have a position in securities mentioned herein. The companies identified in the investment activity section are examples of holdings that may be in one or more of Aristotle Capital Equity strategies. The companies have been selected to help illustrate the investment process described herein. Recently added (sold) positions represent positions added (liquidated) during the previous 12 months. A complete list of holdings is available upon request.u003c/pu003enu003cpu003ePast performance is not indicative of future results. The opinions expressed herein are those of Aristotle Capital and are subject to change without notice. This material is not financial advice or an offer to buy or sell any product. Not every clientu0026rsquo;s account will have these exact market exigencies at the time of investment. Aristotle Capital reserves the right to modify its current investment strategies based on changing market dynamics or client needs. Recommendations made in the last 12 months are available upon request.u003c/pu003enu003cpu003eAristotle Capital Management, LLC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Aristotle Capital, including our investment strategies, fees and objectives, can be found in our Form ADV Part 2, which is available upon request.u003c/pu003e