Disclaimer:
Performance is shown both gross and net of Netols Asset Management's actual fees. Their standard fee schedule is available upon request. Performance shown includes the reinvestment of dividends, income and gains. Past performance is no guarantee of future results, and investing in securities may result in a loss of principal.

Netols Asset Management is a registered investment advisor specializing in small-cap value investment management. Netols Asset Management's investment philosophy is based on a rigorous fundamental, bottom-up research process. With an emphasis on market inefficiencies and under-followed areas in the market, stock selection reflects their belief that changes in a company's financial, organizational, operational, or external environment (i.e. "change factors") create significant opportunities for investment outperformance over time. The Netols Small Cap Value Composite invests in securities that are undervalued and exhibit potential "change factor" characteristics. The Netols Small Cap Value Composite assets as of March 31, 2017, were $627 million, which represented 100.00% of the firm's total assets under management. Non-fee paying accounts represented 0% of the Netols Small Cap Value Composite as of March 31, 2017. Returns are calculated in U.S. Dollars.

These returns are presented as supplemental information to the returns required by the CFA Institute GIPS Advertising Guidelines.

Netols Asset Management claims compliance with Global Investment Performance Standards ("GIPS") and has prepared and presented the attached report in compliance with GIPS Standards. To view the report click on the link below Netols Small Cap Value Performance Presentation.