Oberweis Asset Management CHINA OPPORTUNITIES OVERVIEW PERFORMANCE COUNTRY ALLOCATION HOLDINGS OBJECTIVE Realize a total return exceeding the MSCI China Index over a full market cycle. INVESTMENT STRATEGY The Oberweis China Opportunities (All-Cap) strategy seeks to identify and capitalize on investment opportunities across the market capitalization spectrum, with the flexibility to invest in China A-shares, H-shares and ADRs. The strategy seeks to identify companies undergoing significant positive and transformational change likely to improve future fundamentals, earnings power and cash flow generation, particularly when the change remains misunderstood by the market. We believe our process repeatably and successfully capitalizes on these situations. Our approach to investing is differentiated and combines empirically-documented sources of alpha (backed by empirical evidence from research in behavioral finance) with rigorous fundamental bottom-up research. BENEFITS Participation in China’s economic transformation from a focus on investment and exports to a focus on consumption and technological innovation, leading to a more resilient and sustainable economic growth model Given the magnitude of China’s economy and its velocity of change, opportunities for large-scale secular growth stories are more tangible than in most other markets Relatively less efficient market with many companies under-researched, resulting in significant alpha opportunities Disciplined and repeatable investment process that combines empirically-documented behavioral finance principles with high quality fundamental bottom-up research Globally-experienced and educated investment team based in China and Hong Kong with local cultural and language understanding All-Cap focus allows our team to take advantage of misunderstood Chinese companies throughout the capitalization spectrum Flexibility to invest and take advantage of valuation disparities in China A-shares, H-shares and, to a lesser extent, ADRs Team operates in a non-bureaucratic culture and can act nimbly and quickly on important investment decisions We are a high active share manager LEAD PORTFOLIO MANAGER(S) Barry Wang, CFA James W. Oberweis, CFA THIRD QUARTER 2021 COMMENTARY THIRD QUARTER 2021 FACT SHEET STRATEGY BASICS Inception Date: Assets in Strategy: Performance Benchmark: Portfolio Status: Minimum Account Size: 10/1/05 $102.9 million (As of 9/30/2021) MSCI China Index Strategy open to new investors $5 million for separate account management OUR PROCESS Our process rests on our firmwide commitment to uncovering and capitalizing on the persistent and recurring stock pricing inefficiencies in global equities caused by a lag in investor response to new information. This lag in recognizing the catalysts likely to positively impact future earnings growth drives the security selection across all our strategies and mutual funds. The criteria used within each product, however, can differ. This is how our investment team implements our philosophy in the China Opportunities strategy. FOR THE QUARTER ENDED 6/30/20212 See pricing for all funds Performance OAM China Opportunities (Gross of Fees) OAM China Opportunities (Net of Fees) MSCI China Index Current Quarter Year to Date 1 Year 3 Year 5 Year 10 Year Since Inception* -30 -20 -10 0 10 20 30 Calendar Years OAM China Opportunities (Gross of Fees) OAM China Opportunities (Net of Fees) MSCI China Index 2020 2019 2018 2017 -30 -20 -10 0 10 20 30 40 50 60 70 • Downloadable .xls Composite Returns on the China Opportunities Strategy *OAM China Opportunities composite inception date: 10/1/05. The MSCI China Index (Net) is a free float-adjusted market capitalization-weighted Index of Chinese equities that include China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges and P chips and foreign listings with minimum dividends reinvested net of withholding tax. Advisory fees are disclosed in Part II of Form ADV. Performance is historical and includes the reinvestment of dividends and other income. Performance is calculated and presented in U.S. dollars. Past performance is not necessarily indicative of future results. You cannot invest directly in these indexes. Oberweis Asset Management, Inc. (OAM) claims compliance with the Global Investment Performance Standards (GIPS® standards). To receive a complete list and description of Oberweis’ composites and/or a presentation that adheres to the GIPS® standards, contact Laura Dombro at 800-323-6166; write Oberweis Asset Management, Inc., 3333 Warrenville Road, Suite 500, Lisle, IL 60532; or e-mail laura.dombro@oberweis.net. FOR THE QUARTER ENDED 9/30/21 Oberweis China Opportunities China (includes The Peoples of Republic of China and Ho… Taiwan 4.8% Other Countries* 0.0% MSCI China Index China (includes The Peoples of Republic of China and Ho… Taiwan 0.0% Other Countries* 0.0% Source: Eikon Country Allocation as a % of Total Net Assets *Country Allocation is defined using MSCI's Country Classification methodology and represents countries whose allocation in the Strategy or Index is 2% or More. Country allocations representing less than 2% are categorized in "Other Countries". SECTOR ALLOCATION AS OF 9/30/21 OAM China Opportunities Energy 2.0% Materials 18.2% Industrials 17.4% Consumer Discretionary 10.7% Consumer Staples 4.5% Healthcare 8.8% Financials 4.2% Information Technology 19.5% Telecomm Services 2.0% Utilities 7.7% Real Estate 4.9% Cash 0.1% MSCI China Index Energy 1.6% Materials 3.1% Industrials 5.1% Consumer Discretionary 31.4% Consumer Staples 5.2% Healthcare 8.3% Financials 13.9% Information Technology 6.9% Telecomm Services 17.6% Utilities 2.6% Real Estate 4.3% Cash 0.0% Top 10 Holdings as a % of Total Net Assets Portfolio Holdings are subject to change at any time. References to specific securities should not be construed as a recommendation to buy or sell and should not be assumed profitable. TOP 10 HOLDINGS AS OF 9/30/21 LiNing 3.6% China Longyuan Power Group 2.5% Luzhou Laojiao Co., Ltd. 2.0% Gangenf Lithium 1.9% Jiangsu Shuangxing Color Plastic New Mater 1.9% China Resources Power Holdings 1.8% Conch Cement 1.8% China Suntien Green Energy 1.7% Zhejiang Jingsheng Mechanical & Electrical 1.7% eMemory Technology Inc. 1.7% TOTAL 20.6% Source: Eikon. Sector data based on MSCI’s revised Global Industry Classification Standards. For more details, visit www.msci.com. Sector Weightings as a % of Total Net Assets INVEST NOW Contact Us ©2021 Oberweis Asset Management Privacy Legal Terms of Use DISCLOSURE: Before investing, consider the Fund’s investment objectives, risks, charges, and expenses. To obtain a copy of the prospectus or summary prospectus containing this and other information, call 800-323-6166. Read it carefully before investing. The Oberweis Funds invest in rapidly growing smaller and medium-sized companies that may offer greater return potential. However, these investments often involve greater risks and volatility. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. There is no guarantee that the Funds can achieve their objectives. The products described on this website are intended to be made available only to persons residing in the United States. Performance of our products is historical and does not guarantee future results. This website should not be considered a solicitation or an offering of any of the Oberweis Asset Management, Inc. ("OAM") products to investors residing outside of the United States. Please review the Terms and Conditions for using this website as well as our Privacy Notice. The Oberweis Funds are distributed by Oberweis Securities, Inc. Member: FINRA and SIPC.