Fisher Investments Company Background

Fisher Investments oversees financial assets for prominent institutions and affluent individuals. We take an active approach to portfolio management and believe capital markets are effective discounters of publicly available information. At Fisher Investments, we start with the simple notion that supply and demand of securities are the sole determinants of securities pricing and use these ideas to enhance our portfolio performance. To add value, we leverage capital markets technology in an effort to help identify new information and interpret publicly known information correctly and differently from others. Fisher Investments performance is attained through this approach, seeking to exploit unique investment opportunities to broaden Fisher Investments performance opportunities while managing risk relative to a global benchmark. Fisher Investments History Over three decades ago, Ken Fisher, son of legendary investor Philip A. Fisher, began managing discretionary assets based on a fundamental belief in capitalism and how free capital markets function. Since it was first founded in 1979, Fisher Investments has continued to develop capital markets science for the primary purpose of seeking excess return. In the early 1980s, Ken Fisher pioneered the use of the Price to Sales Ratio and detailed its relevance as a tool for investment analysis in his landmark book, Super Stocks, a best seller published by Dow Jones-Irwin. Now a common metric in financial analysis, this tool is still used to help manage small cap portfolios for Fisher Investments' institutional clients. Fisher Investments Performance Fisher Investments uses a variety of benchmarks depending on the strategy, including the MSCI World Index, when conducting performance analysis. The MSCI World is a free float-adjusted market capitalization weighted index consisting of 24 developed market country indexes designed to measure global developed market equity performance.1 For institutions, Fisher Investments offers a broad variety of mandates with performance analysis dating back to inception. For individuals, Fisher Investments’ performance analysis is available since the inception of Fisher Investments Private Client Group in 1995. Qualified investors can request performance analysis when meeting with a Fisher Investments representative. To arrange an appointment with a Fisher Investments representative, please call Fisher Investments at 1-800-587-5512. Fisher Investments Strategies Since 1979, Fisher Investments has been a pioneer in Small Cap Value equity management. It has since broadened into a full-scale management firm with an array of institutional strategies oriented toward specific styles. In the early 1990s, Fisher Investments contributed to the recognition of distinct investment styles and cycles and used these advancements as the foundation for a new series of broad mandate strategies: Global Total Return, US Total Return, Foreign Equity and Mid Cap Value. Fisher Investments Private Client Group In 1995, Fisher Investments began offering global equity management directly to high net worth individuals through its Private Client Group. Qualified investors can request performance analysis when meeting with a Fisher Investments representative.2 Fisher Investments Experience Fisher Investments' innovations are backed by industry experience, and its investment management team has over 100 years of combined industry experience. The most recent focus has been on the emerging field of behavioral finance and understanding not just the tools of finance, but also how investors use these tools. Fisher Investments' different perspective and financial research has led to the development of practical applications of behavioral finance that currently play an active role in its portfolio management process as it continues the tradition of innovation in developing new capital market technologies. Fisher Investments in the Press Throughout the company's history, Ken Fisher's research has been showcased in numerous financial journals, including The Financial Analysts Journal and The Journal of Portfolio Management. In addition, in 1984, Ken Fisher began writing the "Portfolio Strategy" financial investment column for Forbes magazine, offering his unique market perspectives to the public. Throughout the years in the pages of Forbes, Ken has made numerous high profile market calls--which has earned him a reputation for forecasting market trends.3Currently, Ken is the third longest-running columnist in Forbes' history. Fisher Investments US Locations Fisher Investments has US locations in the Pacific Northwest (Camas, WA) and the San Francisco Bay Area (Woodside and San Mateo, CA).  Sales representatives are also located throughout the US. Fisher Investments UK and Germany Locations Fisher Investments UK is located in London, England, and is Fisher Investments’ wholly-owned subsidiary in the UK. Fisher Investments UK was founded in 2000, markets the company's wealth management services to investors located in the UK. Fisher Investments UK offers a wide range of wealth management strategies, working with each client to deliver an investment strategy designed to meet their long-term goals. Fisher Investments UK calls upon Fisher Investments to provide discretionary asset management to clients. Fisher Investments is experienced in managing a variety of international investment structures in a tax-sensitive environment. Each client works with a dedicated investment professional, an approach allowing clients to reap the benefits of an overall investment strategy, while retaining specific goals. Fisher Investments UK is overseen by Miles Standish, who joined as Managing Director in 2007. Miles has 26 years of experience in the provision of financial advice and running businesses offering tailored solutions in today’s complex tax and investment environment. Grüner Fisher Investments GmbH, Fisher Investments' joint venture affiliate in Germany was developed out of a decade long relationship between Ken Fisher, of US based Fisher Investments and Thomas Grüner, of Germany based Thomas Grüner Vermoegensmanagement GmbH. Grüner Fisher Investments GmbH was founded in mid 2007 and provides wealth management services to German investors. The operation is located in Germany.

1 The MSCI World Index consists of the following 24 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. As of May 31, 2012;http://www.msci.com/products/indices/tools/index.html#WORLD. 2 For qualified investors with at least $500,000 in investable assets. 3 Ken Fisher's Forbes columns represent descriptions of Ken Fisher's personal forecast of the overall market and do not represent the performance of Fisher Investments or its clients. Past forecasts of market performance are no guarantee of future performance. Not all forecasts may be as accurate as those in the past.