PCM | Performance

Polaris Capital Management, LLC

A leading global & international money manager

Performance

International Equity Composite Performance As Of 12/31/11

Product	YTD 12/31/11	1 Year	3 Years*	5 Years*	10 Years*	15 Years*	20 Years*	since inception*	inception date
International Equity Composite (Gross of Fees)	-15.12%	-15.12%	16.75%	-4.30%	10.29%	8.05%	9.73%	11.56%	6/30/84
International Equity Composite (Net of Fees)	-15.69%	-15.69%	15.98%	-4.95%	9.47%	7.23%	8.89%	10.66%	6/30/84
MSCI* EAFE Index**	-11.73%	-11.73%	8.16%	-4.26%	5.12%	3.79%	4.94%	9.24%	6/30/84

*Annualized Returns (Data as of 12/31/11)
July 1, 1984 to March 31, 1995 represents portfolio track record established by Portfolio Manager while affiliated with a prior firm.

Global Equity Composite Performance As Of 12/31/11

Product	YTD 12/31/11	1 Year	3 Years*	5 Years*	10 Years*	15 Years*	20 Years*	since inception*	inception date
Global Equity Composite (Gross of Fees)	-8.05%	-8.05%	16.06%	-3.44%	9.08%	8.60%	10.82%	12.07%	9/30/84
Global Equity Composite (Net of Fees)	-8.59%	-8.59%	15.37%	-4.04%	8.24%	7.71%	9.92%	11.11%	9/30/84
MSCI World Index**	-5.02%	-5.02%	11.75%	-1.82%	4.15%	4.68%	6.31%	9.32%	9/30/84

*Annualized Returns (Data as of 12/31/11)
October 1, 1984 to March 31, 1995 represents portfolio track record established by Portfolio Manager while affiliated with a prior firm.

Past performance is not indicative of future results.

** The Morgan Stanley Capital International (MSCI) World Index is an unmanaged capitalization-weighted index of publicly traded companies. The reported index results include returns of securities which U.S. residents may not invest in and also include gross dividends while PGVF results include dividends net of withholding taxes.

*** The Morgan Stanley Capital International (MSCI) indexes: World and Europe, Australasia, Far East (EAFE), are unmanaged capitalization-weighted indexes of publicly traded companies. The reported index results include returns of securities which U.S. residents may not invest in and also include gross dividends while results include dividends net of withholding taxes.

Fully Compliant Presentations

International Equity Composite Annual Disclosure Presentation

Global Equity Composite Annual Disclosure Presentation

Polaris Capital Management, LLC claims compliance with the Global Investment
Performance Standards (GIPS®) and has
prepared and presented this report in
compliance with the GIPS standards. Polaris
Capital Management, LLC has been
independently verified for the period April 1,
1995 through September 30, 2011. A copy of the verification reports are available upon request. 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 in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.