Finding Value Outside The Bounds Of Conventional Wisdom Since 1972 M.D. Sass is a boutique asset management firm that has been creating highly differentiated investment strategies for over 49 years. We manage portfolios directly and also partner with early stage managers to build new and innovative investment businesses. We take pride in identifying undiscovered and misperceived opportunities through rigorous research. Form CRS

Launched in 2019, M.D Sass Government Agency Portable Alpha (“Portable Alpha” or the ”strategy”) seeks to consistently outperform the S&P 500 (the “index’) in a risk controlled fashion. Portable Alpha uses the specialized, government-backed Short Term U.S. Agency Fixed Income strategy M.D. Sass has managed for 28 years with positive returns in each year to generate excess returns over the index. M.D. Sass’s Agency strategy is particularly well suited for Portable Alpha because of its consistent, income-driven return profile, high quality, lack of correlation, defensive nature and liquidity. The strategy offers an alternative to index and active equity allocations with the potential to outperform while maintaining an index-like risk profile. Please find the latest quarterly fact sheet for Portable Alpha below. MDSPA Fact Sheet 3-31-21 For more information on Portable Alpha, please call 212.730.0000 or complete the short template in the Contact Us page. Past performance is not indicative of future results. Form CRS

Concentrated Value (“CV”), our high conviction, opportunistic U.S. equity strategy, owns a focused portfolio of up to 25 predominantly large and mid-cap stocks. Our Equity team seeks out-of-favor and/or misunderstood investment situations where perception lags reality. We utilize intensive, bottoms-up fundamental research to validate our investment thesis, build conviction and quantify the disconnect between market consensus and our own view. We aim to materially outperform, not mimic, a benchmark. Concentrated Value Guiding Principles We believe a concentrated portfolio of stocks we understand extremely well provides greater risk-adjusted returns. We believe investing in situations where we have a high degree of conviction enables us to exploit periods of market dislocations even when it feels uncomfortable. Intellectual honesty is essential for building trust and confidence in our fellow team members and optimizing outcomes. As long term investors, a deep understanding of business fundamentals is paramount. Other considerations, such as valuation and catalysts, are secondary. We strive to continuously improve our process by reflecting on past successes and failures and how luck played a part in the outcome. Foster a culture of support and commitment to one another’s success. Encourage healthy debate, motivate team members to be their best, respect opposing viewpoints and collaborate on ideas rather than compete with each other. Please find the latest quarterly fact sheet and memo for CV below. CV Fact Sheet 9-30-21 CV Qtrly Memo 9-30-21 For more information on CV, please call 212.730.2000 or complete the short template in the Contact Us page. Form CRS