Segall Bryant & Hamill, LLC (“SBH”) is a registered investment advisor established in 1994. SBH provides professional portfolio management of domestic and international equity, domestic fixed income and balanced portfolios, and alternative investments, to clients which include foundations, endowments, corporations, public funds, multi-employer plans and wealth management clients. Our client base is geographically diverse with investors in the U.S. and several foreign countries. SBH is principally owned by certain employees of the Firm and affiliates of Thoma Bravo, LLC. SBH is headquartered in Chicago, Illinois, with offices in Denver, Colorado; Naples, Florida; Chesterfield, Missouri; and Ardmore, Pennsylvania. SBH provides fee-based investment management of equity, fixed income and alternative investment portfolios to different client types on a discretionary and non-discretionary basis. SBH manages client portfolios according to a number of investment strategies, including: EQUITY STRATEGIES FIXED INCOME STRATEGIES OTHER INVESTMENT STRATEGIES Micro Cap Short Term Fixed Income Balanced Small Cap Short Term Plus Fixed Income Alternative Investments (fund-of-funds portfolios) Small Cap Value Intermediate Fixed Income Workplace Equality Index®** Small Cap Value Concentrated Municipal Fixed Income Small Cap Value Dividend Core Fixed Income Small Cap Growth Core Plus Fixed Income Smid Cap Quality High Yield Fixed Income Smid Cap Value Dividend Long Term Fixed Income Mid Cap Mid Cap Value Dividend Workplace Equality* All Cap All Cap Concentrated Emerging Markets Small Cap Emerging Markets International Small Cap Fundamental International Small Cap Global Large Cap * The Large Cap Dividend strategy has been renamed to Workplace Equality ** The Workplace Equality Index®, is an index of companies that support lesbian, gay, bisexual and transgender (LGBT) equality in the workplace. Wrap Fee Programs SBH provides investment strategies to accounts under wrap fee programs sponsored by other firms or “wrap sponsors”. The wrap sponsors recommend and assist clients in selecting an appropriate SBH investment strategy, taking into account their financial situation and investment objectives. SBH’s role is to manage the client’s account according to the strategy selected. In a wrap fee program, the wrap sponsor provides investment advisory, execution and custodial services to clients in return for an all-inclusive—or “wrap”—fee paid to the sponsor. SBH receives a portion of the wrap fee for managing these strategies. SBH will allow reasonable investment restrictions if they do not differ materially from a strategy’s investment objectives. Clients who impose investment restrictions should be aware that the performance of their accounts may differ from that of the investment strategies not subject to investment restrictions. Unified Managed Account “UMA” Programs (Model Portfolio Provider) SBH provides investment strategies via model portfolios to other investment advisers. As the model portfolio provider, SBH designs, monitors and updates the portfolio. The investment advisers may then implement the model portfolio for their clients and adjust the model portfolio as recommended by SBH. Model portfolio providers may grant shared trading authority to SBH or “dual-discretion” over the clients’ assets, whereby SBH has discretion to execute trades on behalf of the clients. Separate Managed Account Dual Contract Under these programs, an adviser has a contract with its client to perform investment management and possibly custodian services. SBH may establish a contract directly with the client or contract with the adviser on the client’s behalf. SBH may from time to time establish other such relationships. Managed Mutual Fund Accounts SBH also provides advice to client accounts that are limited to shares in mutual funds. Where a client account is invested solely in shares of the mutual funds (non-Segall Bryant & Hamill Mutual Funds), SBH often charges the client a fee with respect to the special accounting, reporting and investment advisory services rendered to the client. Clients should be aware that, in addition to fees paid to SBH, they are paying an investment management fee to the adviser of the mutual fund which is disclosed in a Fund’s Prospectus. Such charges, fees and commissions are exclusive of and in addition to SBH’s fee, and SBH does not receive any portion of these commissions, fees and costs, except

SBH may receive compensation for providing shareholder services. Private Funds SBH provides investment advice to several privately offered non-registered investment vehicles:
• SBH Global Discovery Fund, LLC; and a related offshore fund
• Lower Wacker Small Cap Investment Fund LLC
• Segall Bryant & Hamill Emerging Markets Small Cap Fund, LP
• Segall Bryant & Hamill Emerging Markets Fund, LP; and a related offshore fund
• International Small-Cap Equity Fund, LLLP
• Private Opportunities Fund, LP; and a related offshore fund SBH Global Discovery Fund, LLC invests in alternative investment funds (i.e., hedge funds). SBH Global Discovery Fund, Ltd. is a member of SBH Global Discovery Fund, LLC and is limited to doing no more than investing in SBH Global Discovery Fund, LLC. Lower Wacker Small Cap Investment Fund LLC invests in marketable securities, primarily domestic common stocks with small market capitalizations in the style of the SBH Small Cap Strategy. Segall Bryant & Hamill Emerging Markets Small Cap Fund, LP invests in marketable securities, primarily common stocks with small market capitalizations tied economically to emerging market countries. The Segall Bryant & Hamill Emerging Markets Fund, LP invests in marketable securities, primarily common stocks tied economically to emerging market countries. Segall Bryant & Hamill Emerging Markets Offshore Fund, LTD will invest all of its assets, except those assets needed for cash-management purposes, into Segall Bryant & Hamill Emerging Markets Fund, LP. The International Small-Cap Equity Fund, LLLP primarily invests in international equity securities following the fundamental international small cap strategy. The Private Opportunities Fund, LP and related offshore fund, was established in October 2018 and seeks primarily to invest in non-traditional asset classes including private equity strategies, private debt strategies, and real asset strategies. When private funds are held in a client account, the value of the investment in private funds is excluded from the billing value for the purpose of calculating the client’s periodic fee due to SBH. Registered Investment Companies SBH provides investment advice to domestic and international mutual funds under the Segall Bryant & Hamill Trust and Investment Manager Series Trust (IMST). SBH also sub-advises several other mutual funds (each, a “Fund,” and collectively, the “Funds”). SBH manages the assets of the Funds in accordance with the Funds’ investment objectives, policies and restrictions as set forth in its registration statements. If these Funds are held in a client account, the value of the investment in the Funds is excluded from the billing value for the purpose of calculating the client’s periodic fee due SBH. This document should not be considered an offering document for the Funds. Please see the respective Fund’s offering materials such as the Prospectus, Statement of Additional Information and other reports to investors for complete disclosures relating to each Fund. Collective Investment Trusts SBH provides investment advice to collective investment trusts. The Segall Bryant & Hamill International Small Cap Trust, the Segall Bryant & Hamill Emerging Markets Trust, and the Segall Bryant & Hamill Emerging Markets Small Cap Trust (the “SBH Trusts”) are trusts for the collective investment of assets or participating tax qualified pension and profit-sharing plans and related trusts, and governmental plans as more fully described in the Declaration of Trust. As bank collective trusts, the SBH Trusts are exempt from registration as an investment company. The SBH Trusts are managed by SEI Trust Company, the trustee, based on the investment advice of SBH, the investment adviser to the trusts. If these SBH Trusts are held in a client account, the value of the investment in the SBH Trusts is excluded from the billing value for the purpose of calculating the client’s periodic fee due SBH. Legal Actions and Class Actions SBH does not take responsibility for filing class action claims on behalf of its clients. However, with regard to class action, SBH has retained an outside company to provide an option for clients to electronically file class action claims. Fees for this service are typically on a contingency basis, as a percentage of the proceeds received. Assets Under Management As of December 31, 2018, SBH’s total assets under management were $18,627,052,791 ($18,383,272,800 discretionary and $243,779,991 non-discretionary).