Oberweis Asset Management EMERGING MARKETS OVERVIEW PERFORMANCE COUNTRY ALLOCATION HOLDINGS OBJECTIVE Seeks maximum long-term capital appreciation through investments in smaller-capitalization companies based in emerging markets. INVESTMENT STRATEGY The Oberweis Emerging Markets strategy invests principally in the common stocks of small-cap companies in developing markets that Oberweis believes have the potential for significant long-term growth in market value. The team believes that companies in emerging markets positioned to generate significant market-value growth exhibit four key attributes: strong balance sheets, durable sales growth driven by secular tailwinds, robust competitive advantages and seasoned, prudent management teams. Oberweis seeks to invest in companies with those attributes when they trade at attractive valuations, which the team determines by estimating future earnings, margins and free cash flows in a proprietary valuation model. We believe that patient ownership of growing, resilient firms with ample opportunities to reinvest capital at high returns generates attractive risk-adjusted results over a full market cycle. Our goal is to provide our investors an all-weather approach to emerging markets small-cap. BENEFITS The potential key benefits of the Emerging Markets strategy are: Opportunity to capture growth — Emerging markets are estimated to grow 50% and 20% faster than developed nations in 2021 and 2022, respectively, and a rapidly growing middle class is expected to increase spending and consumption. Diversification — Emerging markets represent almost one-quarter of international markets outside of the United States and provide further opportunity to find quality companies. Potential for higher returns — Emerging markets have outperformed the broad global equity market in 13 of the last 20 calendar years. Access to active portfolio management — Less efficient markets may create opportunities for active managers. A long-term, disciplined investment approach — The strategy focuses on high-quality, well-capitalized companies with sustainable competitive advantages and secular growth tailwinds. All-weather approach to emerging markets small-cap. LEAD PORTFOLIO MANAGER(S) Mark Weber, CFA THIRD QUARTER 2021 COMMENTARY THIRD QUARTER 2021 FACT SHEET STRATEGY BASICS Inception Date: Assets in Strategy: Performance Benchmark: Portfolio Status: Minimum Account Size: 6/1/2018 $13.0 million (as of 9/30/2021) MSCI Emerging Markets Small-Cap 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 Emerging Markets strategy. FOR THE QUARTER ENDED 6/30/20212 See pricing for all funds Performance OAM Emerging Markets (Gross of Fees) OAM Emerging Markets (Net of Fees) MSCI Emerging Markets Small-Cap Index Current Quarter Year to Date 1 Year 2 Year Since Inception* -10 0 10 20 30 40 50 Calendar Years OAM Emerging Markets (Gross of Fees) OAM Emerging Markets (Net of Fees) MSCI Emerging Markets Small-Cap Index 2020 2019 0 5 10 15 20 25 30 35 40 45 50 Downloadable .pdf GIPS® Compliance Annual Disclosure Presentation for the Emerging Markets Strategy *Inception of the Emerging Markets Small-Cap Composite is June 1, 2018. The MSCI Emerging Markets Small-Cap Index is a free-float-adjusted market capitalization-weighted index that measures the performance of small-cap stocks in 24 emerging markets. 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. 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 Emerging Markets India 17.1% China 16.0% Taiwan 15.6% South Korea 11.3% Indonesia 4.5% Brazil 4.3% South Africa 3.7% Cyprus 2.9% Russia 2.5% Australia 2.4% Philippines 2.3% Thailand 1.2% Malaysia 1.0% Saudi Arabia 0.0% MSCI Emerging Markets Small-Cap Index India 20.4% China 8.3% Taiwan 21.2% South Korea 17.3% Indonesia 1.6% Brazil 6.0% South Africa 3.8% Cyprus 0.0% Russia 1.0% Australia 0.0% Philippines 0.9% Thailand 3.4% Malaysia 3.1% Saudi Arabia 2.4% 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 Communication Services 9.0% Consumer Discretionary 19.4% Consumer Staples 11.3% Energy 4.6% Financials 6.9% Healthcare 9.3% Industrials 11.3% Information Technology 22.9% Materials 3.1% Real Estate 1.1% Utilities 0.0% Cash 1.1% Communication Services 4.4% Consumer Discretionary 13.0% Consumer Staples 6.9% Energy 1.2% Financials 6.7% Healthcare 12.2% Industrials 15.1% Information Technology 23.5% Materials 12.0% Real Estate 3.1% Utilities 1.9% Cash 0.0% Sector Weightings as a % of Total Net Assets TOP 10 HOLDINGS AS OF 9/30/21 Affle (India) Ltd. 3.1% Afreeca TV 3.0% TCS Group Holding PLC 2.9% Dada Nexus Limited 2.6% Headhunter Group PLC 2.5% Leeno Industrial, Inc. 2.4% IDP Education Ltd. 2.4% M31 Technology Corporation 2.4% Varun Beverages 2.4% Wilcon Depot, Inc. 2.3% TOTAL 26.0% Source: Eikon 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. 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.